what needs to be explained, a several hundred million exit is LOWWWWWW. If they had a series B for 20 million or so, or a series C for close to or above 100 million, then the valuation itself was WAY more than that.

A few hundred million exit will result in ZILCH (almost $zero) for any common stock shareholder every single time, unless the company was in series A or lower.

VCs have a separate share class called Preferred, and they also negotiate "Liquidation Preferences" with a multiple. So a Liquidation Preference x1 means they get their money back, as much as possible. A Liquidation Preference x2 means they get double their money no matter what, before anybody else - like common stockholders - get paid.

And this is before your stock options' strike price matters.

Its a shitty deal, investor protection laws should be extended to cover this, because the information and transparency is lacking.