Off the top of my head, let's do some math (keeping it simple, I have no idea of actual #s):

Before fundraising: 84%: 3 Co-founders @ 28% each 16%: option pool

1st round - $750k @ $3.75M post. No liquidation prefs or ratcheting. Now the cap table looks like this:

67.2%: 3 Co-founders @ 22.4% each 12.8%: option pool 20%: Angels

2nd round - $3M @ 10M post. 1x straight preferred liquidation pref (not participating), no ratcheting.

Cap table:

47.04%: 3 co-founders @ 15.68% each 8.96%: option pool 14%: Angels 30%: Blue Run

A $10M exit looks like this: $3M: Blue Run $4.70M: 3 co-founders @ $1.568M each $896k: option pool payout $1.4M: Angels

Not bad, not great, but that assumes no participating preferred preference, which would have everybody but Blue Run doing a heck of a lot worse.