If a company wants to control it’s cap table, the answer should not be to take any possibility of liquidity off the table. The answer should be the opposite: The company should be proactive in creating liquidity for employees by raising a round or part of a round solely for employees to sell their vested shares. This way, the company can keep control of their cap table, and employees have liquidity. Everyone wins. Why doesn’t this happen? Because it’s hard and extra overhead for founders/exec teams/board rooms, and they have very little incentive to do so. It’s easier to just so “No” — this is sad and unfair.