A previous place I worked had this situation of employees in countries like Australia getting options because of the tax laws there. Company IPO’d at a price be

A previous place I worked had this situation of employees in countries like Australia getting options because of the tax laws there. Company IPO’d at a price below the last 409a. By the time lockup was over, options going back several years were underwater. Those employees’ equity was worthless while those on RSUs in the US (and many other countries) still got something.