4 ms·
In the email that was posted, the "Legal Eagle" says: "This approach is standard practice. During my time at Fenwick, virtually every startup I helped incorpor
by cantreadgood 10y ago
In the email that was posted, the "Legal Eagle" says:
"This approach is standard practice. During my time at Fenwick, virtually every startup I helped incorporate decided to structure themselves in this way. Other startups that restrict shares include: Airbnb, Dropbox and Tanium. Many Y Combinator startups do this as well and Sam Altman, President of Y Combinator, explains why in this http://blog.samaltman.com/employee-equity." http://blog.samaltman.com/employee-equity."
I read the Sam Altman blog. Direct quote:
"I think it’s fair that if founders sell stock, they should offer an opportunity to employees that have been at the company for more than a certain number of years to sell some portion of their shares."
Sooooo I dunno I can't really read good so maybe someone else who can read good should tell me if she just sent the whole company an email citing a source that explicitly disagrees with Gusto's approach? I dunno. I don't read good.
- fgage 10y agoWhat in the email tells you they can't sell some portion of shares after a certain number of years?
- cantreadgood 10y agoI was thinking this part: "That means all stockholders (common and preferred) cannot sell their stock to unaffiliated entities without the Board’s consent." She said it by not saying it. I don't read that good though so not sure. What you think fgage?
- fgage 10y agoI would think the unaffiliated part is key here. But that's just me, I read good.
- deleted 10y ago[deleted]