Because the founders took all the risk, sounds so much better than you showed up late to the party, sorry all the good stuff is gone, we've got some PBRs left though.

Fundamentally though businesses are designed around the risk of employees leaving, therefore you're in a pretty shitty point of leverage.

People will tell you whatever you'll believe in order to pay you less. It's not a VC thing, it's not a CEO thing, it's a people thing.