5 ms·

Carta (from the article) posted the benefits for employees who got laid off. They're pretty amazing relative to others. https://medium.com/@henrysward/cartas-co

Carta (from the article) posted the benefits for employees who got laid off. They're pretty amazing relative to others. https://medium.com/@henrysward/cartas-covid-19-layoff-cbb80e3e8a5d https://medium.com/@henrysward/cartas-covid-19-layoff-cbb80e...

alteria 6y ago
Having been through several rounds of layoffs, Henry's letter/statement seems incredibly humane and thoughtful given the circumstances.
wtvanhest 6y ago
I didn't see anything about stock options in the announcement. Is it in there and I missed it?
- ralph84 6y ago
  > Third, if you have been with us for less than one year, we have removed your cliff and extended your PTE to 1 year from today. You joined Carta to create owners and to become one. Everyone affected today will be an owner of Carta. PTE = Post-termination Exercise
  - wtvanhest 6y ago
    I saw that, but what does that mean for an employee who has been there for 3 years and has a significant amount of equity vested? Do they have to buy it immediately? If so, they might as well not even bother since cash is going to be king for those employees and risking cash + tax liability is probably far from ideal.
    - VintageLight 6y ago
      Carta's policy is that your PTE period is the length of your tenure. So those employees with > 3 years have > 3 years to exercise.
      - wtvanhest 6y ago
        That is a solid policy. Very fair.
      - adrr 6y ago
        If they are non-qual options, why not make them 10 years like other companies. Why the short expiration? I'd rather have ISOs and the chance to cut my tax burden in half. More importantly not having to pay taxes upfront to exercise the options. Doesn't seem employee friendly.
        VintageLight 6y ago
        They are ISOs. The standard PTE for most companies is 90 days.
        adrr 6y ago
        Because 90 days is the IRS rule for options to qualify as ISOs.
adrr 6y ago
3 months severance is California law and part of the CA-Warn act. Nice they covered cobra till the end of the year.
- jtrider 6y ago
  I didn't know this existed. However it seems California’s Governor, Gavin Newsom, has issued an Executive Order to suspend the state’s WARN Act until the end of the COVID-19 emergency.
- VintageLight 6y ago
  The WARN Act is not severance! It requires that the company notify employees 60 days in advance of a mass layoff. They don't have to specifically notify the individuals being laid off. There is no requirement for severance in California!
  - adrr 6y ago
    Most companies forgo notification and pay out two months of pay. So it becomes a defacto severance. Do you know any company that actually gave notice and kept the employees on for two months?

alteria 6y ago

Having been through several rounds of layoffs, Henry's letter/statement seems incredibly humane and thoughtful given the circumstances.

wtvanhest 6y ago

I didn't see anything about stock options in the announcement. Is it in there and I missed it?

ralph84 6y ago
> Third, if you have been with us for less than one year, we have removed your cliff and extended your PTE to 1 year from today. You joined Carta to create owners and to become one. Everyone affected today will be an owner of Carta. PTE = Post-termination Exercise
- wtvanhest 6y ago
  I saw that, but what does that mean for an employee who has been there for 3 years and has a significant amount of equity vested? Do they have to buy it immediately? If so, they might as well not even bother since cash is going to be king for those employees and risking cash + tax liability is probably far from ideal.
  - VintageLight 6y ago
    Carta's policy is that your PTE period is the length of your tenure. So those employees with > 3 years have > 3 years to exercise.
    - wtvanhest 6y ago
      That is a solid policy. Very fair.
    - adrr 6y ago
      If they are non-qual options, why not make them 10 years like other companies. Why the short expiration? I'd rather have ISOs and the chance to cut my tax burden in half. More importantly not having to pay taxes upfront to exercise the options. Doesn't seem employee friendly.
      - VintageLight 6y ago
        They are ISOs. The standard PTE for most companies is 90 days.
        adrr 6y ago
        Because 90 days is the IRS rule for options to qualify as ISOs.

adrr 6y ago

3 months severance is California law and part of the CA-Warn act. Nice they covered cobra till the end of the year.

jtrider 6y ago
I didn't know this existed. However it seems California’s Governor, Gavin Newsom, has issued an Executive Order to suspend the state’s WARN Act until the end of the COVID-19 emergency.
VintageLight 6y ago
The WARN Act is not severance! It requires that the company notify employees 60 days in advance of a mass layoff. They don't have to specifically notify the individuals being laid off. There is no requirement for severance in California!
- adrr 6y ago
  Most companies forgo notification and pay out two months of pay. So it becomes a defacto severance. Do you know any company that actually gave notice and kept the employees on for two months?