Looks interesting. I'm not a lawyer, but: 1) I'd consider Restricted Stock/Founders Stock instead of options for pre-A employees. 2) Early exercise should be

Looks interesting. I'm not a lawyer, but: 1) I'd consider Restricted Stock/Founders Stock instead of options for pre-A employees. 2) Early exercise should be an option; I'd personally not work at a pre-$50mm val company without EE as an option. 3) Whoa you survived a long time before getting a 409A. 4) Should let your employees exercise options for years after leaving.