[mikebenfield]

"Terminal level" doesn't mean the highest level.

[jefftk]

Interesting! I don't think I'd seen the term before, but it does seem standard: https://rachelbythebay.com/w/2018/04/23/pace/

With that usage, the point at which the company stops being "up or out", it was L5 when I joined, and L4 when I left.