It adjusts to the price on that day far in the future when employees get out of lockup, but if it spans tax years you're still screwed. Basically, when you hav

It adjusts to the price on that day far in the future when employees get out of lockup, but if it spans tax years you're still screwed. Basically, when you have gains, you only ensure realistic taxes when you exercise and sell within the same tax year; otherwise you take a huge risk.