Your description seems directionally correct, but I don’t understand this part:

> You are making an investment … just like any other investor, albeit with a lot less favorable terms. The best part is..guess what? If your circumstances change and you want to move on to a different job, you are now getting to choose between staying with the company until it has a liquidation event..or you have to effectively invest in it. Pretty shitty deal!

Why would you have to stay with the company after you vest? Is there some kind of clause that strips you of your share ownership or forces you to sell if you leave the company?