My general rule is don't exercise stock from an early stage company because they have so many more rounds to go through that by the time you are able to liquida

My general rule is don't exercise stock from an early stage company because they have so many more rounds to go through that by the time you are able to liquidate them your original .3% that you exercised will be a fraction of that amount that rarely is worth it. Of course, there are exceptions. FWIW from what I know and understand, there are different rules for shareholders of private organizations that haven't raised money and those that have which are required to register with the SEC. Anyone who raised a proper round had to file with the SEC so that changes the rules some, also the number of investors involved changes it, class of stock etc. Read your original Agreement and write the company and ask for a current standing of your equity (do not call, write). If they fail to respond in 30-45 days then I'd likely report them for failing to discharge their duties for shareholders. From what I understand it doesn't really get them in trouble but they will get a letter from the SEC stating they've been contacted with a complaint about failure to do XYZ and they have X period to correct it. Of course, IANAL and my information may be out of date with all the new changes over the past 3-5 years with the SEC.