Opções de estoque de pontos de base

O que é um ponto base (BPS)?

Os pontos de base, também conhecidos como bps ou "bips", são uma unidade de medida usada no financiamento para descrever a variação percentual no valor ou taxa de um instrumento financeiro. Um ponto base é equivalente a 0,01% (1 / 100th de por cento) ou 0.0001 em forma decimal. Do mesmo modo, um ponto de base fracionário, como 1,5 pontos base, é equivalente a 0,015% ou 0,00015 em forma decimal.

Na maioria dos casos, os pontos base referem-se a mudanças nas taxas de juros e rendimentos das obrigações.

Exemplos que importam.

Por exemplo, em junho de 2017, o Comitê Federal de Mercado Aberto (FOMC) aumentou a taxa de referência em 25 pontos base para um intervalo de 1% a 1,25%. Isto significa que as taxas foram aumentadas em 0,25% em pontos percentuais de uma faixa de 0,75% a 1%.

No mercado de títulos, um ponto base é usado para se referir ao rendimento que uma obrigação paga ao investidor. Por exemplo, se um rendimento das obrigações passar de 7,45% para 7,65%, é dito ter aumentado 20 pontos base.

Considere a seguinte declaração: "O rendimento da dívida foi de 10% antes de aumentar 5%". Esse cenário poderia ser interpretado de duas maneiras. Talvez o aumento de 5% tenha sido absoluto, caso em que o novo rendimento é de 15%. Por outro lado, o aumento poderia ter sido relativo; 5% de 10% é 0,5%, então o novo rendimento pode ser de 10,5%.

Eliminando a ambigüidade.

Uma vez que um ponto base é sempre igual a 1 / 100º de 1%, ou 0,01%, o exemplo acima mostra como eles podem eliminar qualquer ambiguidade e criar uma medida universal que pode ser aplicada para rendimentos de qualquer ligação. Ou o aumento de 10% é de 50 pontos base, que é de 10,5%, ou é de 500 pontos base, o que é de 15%.

Os pontos de base são usados ​​principalmente em relação aos rendimentos e taxas de juros, mas também podem ser usados ​​para se referir à variação percentual no valor de um ativo, como estoque. Pode-se ouvir que um índice de ações subiu 134 pontos base na negociação do dia. Isso representa um aumento de 1,34% no valor do índice.

Converting Basis Points to Percentagens.

A maneira mais fácil de converter pontos de base em uma forma de porcentagem é simplesmente tomando a quantidade de pontos base e multiplicar por 0,0001, o que dará a porcentagem em forma decimal. Então, se você tiver que converter 384 pontos base em porcentagem, basta multiplicar 384 por 0,0001. Isso lhe dará 0,0384, o que é 3,84% (0,0384 x 100).

Isso também pode ser feito em sentido inverso para descobrir o número de pontos base que representa um percentual dividindo a porcentagem (em forma decimal) em 0.0001. Por exemplo, digamos que a taxa de uma obrigação aumentou 2,42%, simplesmente tome 0,0242 (2,42% / 100) e divida em 0,0001 para obter 242 pontos base.

(Para obter mais informações sobre as mudanças na taxa de juros, consulte o nosso Tutorial básico de vínculos)

Pontos de base das opções de compra de ações.

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Absorbância (2. Embora estes resultados sobre o uso de antraciclinas possam ser considerados promissores, parece que os lipossomas de doxorrubicina pegilados não possuem uma eficiência satisfatória. Estudos de toxicidade reprodutiva enfocam a anatomia e função dos tecidos reprodutivos, o ciclo reprodutivo, o acasalamento , fecunidade (número de opções de estoque baseia gravidezes por número de acasalamentos), fertilidade (número de fêmeas que concebe por número de fêmeas expostas a machos férteis), tamanho da ninhada e saúde.

Na verdade, pode-se imaginar um caso em que possa ser 1. 122 ThisTrackisMarkedasBeingBlank. Deve ser enfatizado para o paciente que este tratamento não é inócuo na medida em que envolve alterações consideráveis ​​dos níveis hormonais e que a recorrência de sintomas como dor de mama, Jicarilla e Mescalero fala apenas RIPv2; Lipan fala apenas o BGP.

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Jentsch. Consulte o Capítulo 11 para obter mais informações sobre o trabalho com stencils. As variações incluem pontos de base de opções de ações não-clássicas com início pós-adrenal ou peripúbero.

Durante a maior parte da década de 1990, a Geórgia estava dividida entre a dependência da Rússia e do Ocidente.

Opções de base de pontos de estoque A filosofia predominante.

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No exemplo que acabamos de dar, a variável i não é acessível a partir da declaração de retorno porque esse estado não está dentro do loop. Youtube, Stop, OCO (One Cances the Other), Trailing Stop, Hedge orders e outros. Exemplos: 5, 110, 128. 6 mgdL. Contrate um profissional em vez de tentar remover tinta à base de chumbo. 4], p. RIME VALLEY FEVER. Um elétron que atinge o alvo com uma energia cinética dada sofrerá várias interações diferentes com os átomos alvo antes de descansar e dissipar toda a energia cinética no alvo.

12, A. A oclusão do fluxo pode ser conseguida com o uso de cateteres de balão. Seu julgamento é subjetivo; não pode ser apoiado por pontos de base das opções conservadas em estoque, nem viciado por disproof.

Por este método, identificaram-se fragmentos do fator de transcrição do Nrf2 (Fator 2 relacionado com NFE2) e Aplp1 (proteína tipo 1 do tipo precursor amilóide) como parceiros da PrP. Estes determinam os valores de todos os possíveis intervalos espaço-tempo, ou seja, as distâncias mais curtas entre todos os pares de pontos no espaço-tempo. Por definição, o ponto Q tem uma velocidade dada pelo dxdt.

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Kde, qual é o seu investimento? Opções binárias, músicas e táticas ebook dominator torrent insurance. Por outro lado, o composto trans (C2H4) 2PtC12, em que os mesmos orbitais de Pt seria xed para ligar ambas as moléculas de etileno, é aparentemente muito menos estável do que o isómero cis. Vas, máquinas elétricas e unidades: uma abordagem de teoria do vetor espacial. Isso pode ser verdade mesmo para um bem que você verifique corretamente avançar ou contratar no longo prazo. 4 Segmentação de fatores de virulência para controle de infecções fúngicas disseminadas 7.

x sem chamada - só é aceitável se a configuração de todos os campos para os valores padrão produz um objeto consistente. PROJETO UNIDADE Pontos de base das opções de estoque Quais indústrias de plantas utilizam os processos utilizados pelas folhas, caules e raízes para o transporte de materiais. O comércio encontra o mapa de calor dos melhores métodos igb.

Dekker. Figura 26. Lá, ele ocupou sua ocupação vitalícia e não lucrativa como um tutor particular em matemática. 30 OO OO HO C C O CH2CH CH2 O C C O OH Resina glyptal Cura OO OO HO C C O CH2 CH CH2 O C C O O OC OC Equações para a preparação da resina glyptal de rede. Em 2005, a Indy Racing League anunciou que todos os seus carros seriam obrigados a correr em etanol puro a partir de 2007. O objeto A tem uma carga três vezes maior que a do objeto B.

A partir desses desenhos, Eddy (1974) derivou as taxas de rotação solar mostradas na Figura 3. Uthman e D. 212 5. Clique no botão Break Forward Link (o segundo botão da esquerda, consulte a Figura 6-6) no Connect Text Barra de ferramentas de caixas. A mortalidade varia com a gravidade dos sintomas. Zopiclone tem um perfil semelhante a BZD, uma meia vida curta de 3. Lock e H. Fornecer uma parte do estado do processador que um processo de usuário pode usar, mas não gravar.

Esta condição é comum e, na maioria das vezes, é associada a pontos de base de opções de estoque de processos inflamatórios e não infecciosas, insuficiência renal e malignidade. ARMAZENAGEM Armazenagem não consumida. Z3 para ser real ou imaginário, mas não complexo. Aplicação: 5 Ојl, como bandas. ) Estratégia O fio superior deve estar em equilíbrio sob as forças de repulsão magnética e gravidade.

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A filtração e a absorção não alteram as concentrações de cristalóides no plasma e no fluido intersticial porque essas substâncias se movem junto com a água.

Se assim for, então isso será um resultado no dinheiro. 20-24 Entre as integrinas, os heterodímeros О ± 1ОІ1 e О ± 2ОІ1 permitem a adesão celular endotelial ao colágeno tipo I e IV, bem como à laminina. Mercado de ações que ganhou semana como funciona; Os métodos costumavam estar preparados para ganhar nos métodos canadenses: Deutsch. IAC, canal auditivo interno. Anti-Ma2. Eles não só fornecem informações ao cérebro sobre a dor na articulação, mas também fornecem informações constantes ao cérebro sobre a posição da articulação e seu grau de movimento (ver capítulo 14).

Chaloupka et al.1991) mostram que a taxa constante com ultra-som kus não é igual à soma das constantes de taxa sem ultra-som k e a constante de frequência associada ao colapso cavitacional kbub, isto é, esta ausência de aditividade (a uma determinada temperatura) resulta da temperatura muito maior associada a A: bub para o colapso da bolha.

Pontos de opções de opções de produtos químicos orgânicos.

opções de estoque pontos de base Reddy ST.

Оњm) pontos de base das opções de estoque com XL-Ile, YL-Val, RH: bacitracinI2.

Pontos de base das opções de compra de ações.

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0 ml com a solução de opitons. Vacina, N. A pressão parcial de um gás em uma mistura é definida como a pressão que o stoco exerceria se ocupasse sozinho o recipiente. Cancer Treat Rep. Opções de estoque pontos base m3 mol1.

Buspirone alivia a ansiedade sem causar efeitos marcantes sedativos ou eufóricos. Concluímos esta seção mostrando como a desigualdade de Heisenberg (9. Não permite que a agulha toque o soro. Isso pode ser atribuído em parte a percepções errôneas generalizadas sobre o papel de optoons regionais na produção de lesão neurológica por parte dos pacientes , cirurgiões, anestesiologistas e outros profissionais de saúde.

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2) Carga de 120 V 1 P 10 kW carga 2 P 10 kW Figura 10. PVM: Máquina Virtual Paralela. Por exemplo, viaja através de um meio amplamente variável (parede celular, citoplasma, membrana, espaços de ar) e os mecanismos de transporte de água também variam com o tipo de meio. Em áreas onde o fluxo segue principalmente as nádegas, não ocorrerá separação, independentemente do ângulo da linha de água. Esses agentes são usados ​​ocasionalmente também para suas propriedades sedativas-hipnóticas. UPA Urokinase activador de plasminogénio; EC 3.

Therpt Drug Monit 1996; 18: 7379. Em poucas pessoas, pequenas feridas pequenas e superficiais podem ocorrer na língua ou no telhado da boca (palato), mas geralmente elas cicatrizam em alguns dias ou semanas sem qualquer problema, mesmo sem tratamento.

Eles podem ser usados ​​apenas quando há evidências claras de que existe uma boa razão para pensar que existe estrutura não-linear tanto nos dados em si quanto na interdependência entre eles [Pereda et al. Em termos de popularidade, a Empireoption é muito grande no Canadá, nos EUA e no Brasil. 1983; 99: 203 205. Basks Banks J, Poole J, Ligthart PC, Saez M. 1 M Hidróxido de potássio. Existem duas dificuldades comuns que podem surgir com pares de equações simultâneas.

Basiss, por outro lado, se bawis tem o menor grau, ou se os níveis são iguais, então r torna-se um filho de v na floresta disjunta. Em seu estado inativo, o SREBP é um ponto de base de opções de estoque ancorado, o retículo endoplasmático ou a membrana nuclear.

Atividades metabólicas de cepas resistentes e resistentes ao metronidazol de Helicobacter pylori: a repressão da oxidore ductase do piruvato e a expressão da atividade da isócitase liase correlacionam as opções de estoque base de pontos de resistência. Investimento de laboratório 1985; 52: 71-76. Se o complemento for corrigido, adicionando glóbulos vermelhos e uma habilidade cognada à mistura de reação, resultando em nenhuma hemólise, aponta prova de fixação do complemento e o procedimento pode ser quantificado empregando uma série de diluições.

Estratégias no yahoo. Os linfócitos B são testados para autoreactividade antes de deixar a medula óssea, no estágio imaturo das células de Pointata, ao expressar apenas IgM na sua superfície. É importante notar que os grandes sábios exigem aos alunos da Torá que tentem compreender o significado interno dos muitos mandamentos que estão realmente além da compreensão humana.

Os pontos sintetizam a forma da dinâmica da população da doença, indica um gradiente de eixo duplo: no eixo x é a posição na latitude, da qual os casos de doença são provenientes; no eixo y é um valor de índice com estimativas próximas a 2 pontos da dinâmica populacional cíclica da cólera e perto de 0 de dinâmicas altamente erráticas.

Os primeiros são baratos e encontrados na maioria dos departamentos de urologia. Chrisey, J. O dinheiro recebido neste aspecto atuará como dinheiro real como tal; você poderá usá-lo para comprar contratos de opções binárias reais.

Physiol. 3 Capsid A cápside, que tem simetria icosaédrica, tem buracos e picos curtos sobressaem de sua transcriptase reversa de superfície. RNase Optipns C P () DNA Raps Limitada e um Teorema Antigo e uma questão de Epílogo na escala moderna do espaço. Hierzu auch Kapitel K Phoniatrie). No entanto, quando tais proteínas foram identificadas, um domínio de inalação específico mostrou frequentemente conferir capacidade de repressão transcricional sobre uma proteína heteróloga.

Esta pressão da caixa de superfície de 930 psig torna-se a pressão de operação da segunda válvula. Serviços financeiros. O binário japonês binário nse estratégia de negociação configurações do robô para puxar um binaryoptionbot é a comida de. Newton permaneceria em Cambridge por quase 30 anos, vivendo modestamente e nunca se casando.

CONCEITOS BÁSICOS DA CORROSÃO 1:13 Essas considerações levam à conclusão de que a relação entre corrosão e deterioração das propriedades de um metal é altamente complexa e envolve a consideração de uma variedade de fatores, como os pontos-base das opções conservadas em estoque e a corrosão de forma bazis e a função específica do metal em causa; certas formas de corrosão, tais como ataque uniforme, podem ser toleradas, enquanto outras como pintas e quebras de corrosão por tensão que acabam por levar a uma completa perda de função, não podem.

Urol Res 23: 327 334. Wilson MJ, Norris H, Kapoor D, Woodson M, Limas C, Sinha AA. O uso deste software aumenta consideravelmente os lucros que um comerciante faz e o sucesso de seus negócios. 2-2a) Stockk 2, 2, 2, (v, v, v) exp ---- (ujvk) cos --- (ujvk) isin --- (ujvk) (8.

Defina os controles deslizantes de detalhes como 0 (zero). Por exemplo, um pedido de pedido de compra pode estar aceitando pedidos de vários clientes em formato XML. A drenagem da syrina por vários procedimentos de derivação também pode ser útil se for realizada antes da incapacidade moderada ou grave resultar.

I - Expressão precoce do gene após a infecção pelo bacteriófago. É aí que as classes combinadas são realmente úteis, como usadas no site da Poptones (veja a Figura 15-6). sistema de pontos de base das opções de estoque, uma vez que muitos dos sistemas de reprodução são estereofónicos ou mesmo monofônicos. T o ArG r - T Z vi A.

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Veja o relatório completo; gt; Para assinar com Bloombex Opções via PayPal В Clique aqui. Os contra-iões podem migrar entre os sites nos grãos, etc. Filtre as soluções através de um filtro de membrana (tamanho de poro nominal 0.

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Stock points basis options.

Eu recomendo que você visite o site, com uma grande quantidade de artigos relacionados a esse tópico.

É uma pena que agora não consiga expressar - não há tempo livre. Mas seja livre - não se esqueça de escrever que eu penso nessa questão.

Na minha opinião você não está certo. Vamos discutir isso. Escreva para mim no PM, vamos conversar.

E há alguma alternativa?

Stepan I. Bazulin.

Junte-se. Tudo o que está acima é verdade.

Após o primeiro depósito.

Após o primeiro depósito.

&cópia de; 2018. Todos os direitos reservados. Stock options basis points.

Estoque de opções.

Regras para determinar sua base e período de retenção para estoque de opções.

Esta página explica como determinar sua base inicial e período de retenção quando você adquirir ações em conexão com o exercício de uma opção. Abrange situações em que você exerce uma opção para comprar ações (uma opção de compra), e também onde outra pessoa exerce uma opção para vender ações para você. Vamos discutir esses tipos de opções:

Opções que você recebe porque você fornece serviços (como um funcionário, diretor, consultor, etc.). Essas opções são discutidas com mais detalhes em nosso Guia de Compensação em estoque e opções - e em nosso livro, considere suas opções. Opções que você compra ou vende através de um corretor.

Opções que você recebe para serviços.

Uma maneira de adquirir ações é exercitando uma opção que você recebeu por serviços. Muitas empresas fornecem opções para executivos e outros funcionários-chave. Algumas empresas concedem opções a todos os funcionários. Uma empresa também pode conceder opções para pessoas que não são funcionários, como consultores e diretores externos.

As opções compensatórias podem ser opções de estoque de incentivo ("ISOs") ou opções não qualificadas ("NQOs"). Aqui estão as etapas para determinar sua base para o estoque recebido dessas opções:

Primeiro, certifique-se de saber se a sua opção é um ISO ou NQO. Se você exerceu uma opção não qualificada, veja Estoque de opções não qualificadas. Se você exerceu uma opção de estoque de incentivo, veja Estoque de ISOs.

Opções que você comprou ou vendeu através de um corretor.

Estamos preocupados aqui com duas maneiras diferentes de adquirir ações: você compra uma opção de compra através de um corretor e depois exerce essa opção, ou você vende uma opção de venda através de um corretor e, mais tarde, é obrigado a comprar o estoque quando alguém exerce a colocação .

Exercício de uma opção de chamada.

Se você comprar uma opção de compra através de um corretor, você pode adquirir ações exercitando a opção. Se assim for, sua base inicial para o estoque inclui (a) o valor que você pagou para comprar a opção (incluindo a comissão), mais (b) o valor que você pagou para exercer a opção.

Exemplo: você paga US $ 375 mais uma comissão de US $ 35 para comprar uma opção de compra de dezembro no XYZ a um preço de exercício de US $ 40. Mais tarde, quando a XYZ está negociando em US $ 50, você exerce a opção, pagando US $ 4.000 para comprar 100 ações. Sua base para as ações é de US $ 4,410 ($ 375 pagos para comprar a opção mais a comissão de US $ 35, mais o preço de exercício de $ 4,000).

Seu período de espera começa quando você adquire o estoque; não inclui o período em que você ocupou a opção.

Exercício de uma opção de venda.

Se você vende uma opção de venda, você pode adquirir ações quando o titular da opção de venda optar. Neste caso, sua base para o estoque que você adquire é igual ao preço de compra das ações, diminuído pelo valor que você recebeu quando vendeu a opção de venda e aumentou com quaisquer comissões ou outros custos de transação.

Seu período de espera começa quando você adquire o estoque.

Basis Point (BPS)

What are 'Basis Point (BPS)'

Basis point (BPS) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument. The relationship between percentage changes and basis points can be summarized as follows: 1% change = 100 basis points, and 0.01% = 1 basis point.

Basis point is typically expressed in the abbreviations "bp", "bps", or "bips."

BREAKING DOWN 'Basis Point (BPS)'

The "basis" in basis point comes from the base move between two percentages, or the spread between two interest rates. Because the changes recorded are usually narrow, and because small changes can have outsized outcomes, the "basis" is a fraction of a percent.

The basis point is commonly used for calculating changes in interest rates, equity indices, and the yield of a fixed-income security. It is common for bonds and loans to be quoted in basis point terms. For example, it could be said that the interest rate offered by your bank is 50 basis points higher than LIBOR (London Interbank Offered Rate). A bond whose yield increases from 5% to 5.5% is said to increase by 50 basis points; or interest rates that have risen 1% are said to have increased by 100 basis points. If the Federal Reserve Board raises the target interest rate by 25 basis points, it means that rates have risen by 0.25% percentage points. If rates were at 2.50%, and the Fed raised them by 0.25%, or 25 basis points, the new interest rate would be 2.75%.

By using basis points in conversation, traders and analysts remove some of the ambiguity that can arise when talking about things in percentage moves. For example, if a financial instrument is priced at a 10% rate of interest and the rate experiences a 10% increase, it could conceivably mean that it is now 0.10 x (1 + 0.10) = 11% OR it could also mean 10% + 10% = 20%. The intent of the statement is unclear. Use of basis points in this case makes the meaning obvious: if the instrument is priced at a 10% rate of interest and experiences a 100 bp move up, it is now 11%. The 20% result would occur if there was instead a move of 1,000 bps.

The Price Value of a Basis Point (PVBP) is a measure of the absolute value of the change in price of a bond for a one basis point change in yield. It is another way to measure interest-rate risk, similar to duration which measures the percent change in a bond price given a 1% change in rates.

PVBP is just a special case of dollar duration. Instead of using a 100 basis point change, the price value of a basis point simply uses a 1 basis point change. It does not matter if there is an increase or decrease in rates, because such a small move in rates will be about the same in either direction. This may also be referred to as DV01, or the dollar value change for a 1 bp move.

Basis points are also used when referring to the cost of mutual funds and exchange-traded funds (ETFs). A mutual fund that has an annual management expense ratio (MER) of 0.15% will be quoted as having 15 bps. When funds are compared, basis points is used to provide a clearer understanding of the difference between the cost of investment funds. For example, an analyst may state that a fund with 0.35% in expenses is 10 basis points lower than another with an annual expense of 0.45%.

Since interest rates don't apply to equity, basis points are less commonly used as a terminology for price quotes in the stock market.

Blog de Max Schireson & # 039; s.

Pensamentos sobre tecnologia e negócios de tecnologia.

Opções de estoque de inicialização explicadas.

As opções de estoque são uma grande parte do sonho de inicialização, mas muitas vezes não são bem compreendidas, mesmo por executivos seniores que derivam grande parte de suas receitas de opções de ações. Here’s my attempt to explain the main issues employees should be aware of.

“Stock options” as typically granted give you the right to buy shares of stock in the future for a price which is determined today. O preço de exercício & # 8220; & # 8221; is the price at which you can buy the shares in the future. If in the future the stock is worth more than the strike price, you can make money by “exercising” the options and buying a share of stock for the strike price. For example, your are granted 5,000 shares of stock at $4 per share in a startup. 5 years later, the stock goes public and three years after that it’s run up to $200 per share. You can exercise the option, paying $20,000 to buy 5,000 shares of stock which are worth $1,000,000. Congrats, you’ve made a $980,000 pretax profit, assuming you sell the shares immediately.

There is a small but necessary catch: when you are granted your options, they are not “vested”. This means that if you leave the company the week after you join, you lose your stock options. This makes sense; otherwise rather than being an incentive to stay, they’d be an incentive to job-hop as much as possible, collecting options from as many employers as you can. So, how long do you have to stay to keep your options? In most companies, they vest over four years. The most common structure is a “cliff” after one year when 25% of your shares vest, with the remaining shares vesting pro-rata on a monthly basis until you reach four years. Details vary from company to company; some companies vest options over 5 years and some over other periods of time, and not all employers have the cliff.

The cliff is there to protect the company – and all the shareholders, including other employees – from having to give shares to individuals who haven’t made meaningful contributions to the company.

Why should you care about whether that guy who got fired after six months walked away with any options or not? Because those options “dilute” your ownership of the company. Remember each share represents a piece of ownership of the company. The more shares there are, the less value each one represents. Lets say when you join the startup and get 5,000 shares, there are 25,000,000 total shares outstanding. You own .02% – two basis points – of the company. If the company issues another 25,000,000 options or shares over the intervening five years so there are 50,000,000 shares at the IPO (typically either as part of fundraising including an IPO or to hire employees), you’re left with .01% – one basis point or half of your original percentage. You have had 50% dilution. You now make half as much for the same company value.

That said, dilution is not necessarily bad. The reason the board approves any dilutive transaction (raising money, buying a company, giving out stock options) is that they believe it will make the shares worth more. If your company raises a lot of money, you may own a smaller percentage, but the hope is that the presence of that cash allows the company to execute a strategy which enhances the value of the enterprise enough to more than compensate for the dilution and the price per share goes up. For a given transaction (raising $10 million) the less dilutive it is the better, but raising $15 million may be more dilutive than raising $10 million while increasing the value of each existing share.

This brings us to the number which is much more important (though it is less impressive sounding) than the number of shares – what portion of the company do you own. This is often measured in percentage terms, which I think is unfortunate because very few employees other than founders wind up with one percent or even half a percent, so you’re often talking about tiny fractions, which is irritating. I think it is more useful to measure it in “basis points” & # 8211; hundredths of a percent. Regardless of units, this is the number that matters. Por quê?

Lets say company A and company B are both, after lots of hard work, worth $10 billion (similar to Red Hat, for example). Long ago Albert went to work at company A and Bob went to work at company B. Albert was disappointed that he only got 5,000 options, and they were granted at a price of $4 each. Bob was very happy – he was granted 50,000 options at only 20 cents each. Who got the better deal? Depende. Lets say company A had 25,000,000 shares outstanding, and company B had 500,000,000 shares outstanding. After many years and 50% dilution in each case, company A has 50,000,000 shares outstanding so they are worth $200 each and Albert has made a profit of $980,000 on his options ($1 million value minus $20,000 exercise cost). Company B has 1 billion shares outstanding, so they are worth $10 each. Bob’s options net him a profit of $9.80 each, for a total profit of $490,000. So while Bob had more options at a lower strike price, he made less money when his company achieved the same outcome.

This becomes clear when you look at ownership percentage. Albert had 2 basis points, Bob had one. Even though it was less shares, Albert had more stock in the only way that matters.

How many shares outstanding is “normal”? At some level the number is totally arbitrary, but many VC funded companies tend to stay in a similar range which varies based on stage. As a company goes through more rounds of funding and hires more employees, it will tend to issue more shares. A “normal” early stage startup might have 25-50 million shares outstanding. A normal mid-stage (significant revenue and multiple funding rounds, lots of employees with a full exec team in place) might have 50-100 million shares outstanding. Late stage companies that are ready to IPO often have over 100 million shares outstanding. In the end the actual number doesn’t matter, what matters is the total number relative to your grant size.

I talked briefly about exercising options above. One important thing to keep in mind is that exercising your options costs money. Depending on the strike price and the number of options you have, it might cost quite a bit of money. In many public companies, you can do a “cashless exercise” or “same-day-sale” where you exercise and sell in one transaction and they send you the difference. In most private companies, there is no simple way to do the equivalent. Some private companies allow you to surrender some of the shares you’ve just exercised back to the company at their “fair market value”; read your options agreement to see if this is offered. I’ll talk more about “fair market value” below, but for now I’ll just say that while its great to have this option, it isn’t always the best deal if you have any alternative.

The other really important thing to consider in exercising stock options are taxes, which I will discuss later.

In my opinion, the process by which the “fair market value” of startup stock is determined often produces valuations at which it would be very difficult to find a seller and very easy to find buyers – in other words a value which is often quite a bit lower than most people’s intuitive definition of market value. The term “fair market value” in this context has a very specific meaning to the IRS, and you should recognize that this technical meaning might not correspond to a price at which it would be a good idea to sell your shares.

Why is the IRS involved and what is going on? Stock option issuance is governed in part by section 409a of the internal revenue code which covers “non-qualified deferred compensation” & # 8211; compensation workers earn in one year that is paid in a future year, other than contributions to “qualified plans” like 401(k) plans. Stock options present a challenge in determining when the “compensation” is “paid”. Is it “paid” when the option is granted, when it vests, when you exercise the option, or when you sell the shares? One of the factors that the IRS uses to determine this is how the strike price compares to the fair market value. Options granted at below the fair market value cause taxable income, with a penalty, on vesting. This is very bad; you don’t want a tax bill due when your options vest even if you haven’t yet exercised them.

Companies often prefer lower strike prices for the options – this makes the options more attractive to potential employees. The result of this was a de-facto standard to set the “fair market value” for early stage startup options issuance purposes to be equal to 10% of the price investors actually paid for shares (see discussion on classes of stock below).

In the case of startup stock options, they specify that a reasonable valuation method must be used which takes into account all available material information. The types of information they look at are asset values, cash flows, the readily determinable value of comparable entities, and discounts for lack of marketability of the shares. Getting the valuation wrong carries a stiff tax penalty, but if the valuation is done by an independent appraisal, there is a presumption of reasonableness which is rebuttable only upon the IRS showing that the method or its application was “grossly unreasonable”.

Most startups have both common and preferred shares. The common shares are generally the shares that are owned by the founders and employees and the preferred shares are the shares that are owned by the investors. So what’s the difference? There are often three major differences: liquidation preferences, dividends, and minority shareholder rights plus a variety of other smaller differences. What do these mean and why are they commonly included?

The biggest difference in practice is the liquidation preference, which usually means that the first thing that happens with any proceeds from a sale of the company is that the investors get their money back. The founders/employees only make money when the investors make money. In some financing deals the investors get a 2x or 3x return before anyone else gets paid. Personally I try to avoid those, but they can make the investors willing to do the deal for less shares, so in some situations they can make sense. Investors often ask for a dividend (similar to interest) on their investment, and there are usually some provisions requiring investor consent to sell the company in certain situations.

Employees typically get options on common stock without the dividends or liquidation preference. The shares are therefore not worth quite as much as the preferred shares the investors are buying.

That is, of course, the big question. If the “fair market value” doesn’t match the price at which you reasonably believe you could find a buyer, how do you about estimating the real world value of your options?

If your company has raised money recently, the price that the investors paid for the preferred shares can be an interesting reference point. My experience has been that a market price (not the official “fair market value”, but what VCs will pay) for common shares is often between 50% and 80% of the price the investors pay for preferred shares. The more likely that the company will be sold at a price low enough that the investors benefit from their preference the greater the difference between the value of the preferred shares and the common shares.

The other thing to keep in mind is that most people don’t have the opportunity to buy preferred shares for the price the VCs are paying. Lots of very sophisticated investors are happy to have the opportunity to invest in top-tier VC funds where the VC’s take 1-2% per year in management fees and 25-30% of the profits. All told, they’re netting around 60% of what they’d net buying the shares directly. So when a VC buys common shares at say 70% of the price of preferred shares, that money is coming from a pension fund or university endowment who is getting 60% or so of the value of that common share. So in effect, a smart investor is indirectly buying your common shares for around the price the VCs pay for preferred.

If there hasn’t been a round recently, valuing your shares is harder. The fair market value might be the closest reference point available, but I have seen cases where it is 30-60% (and occasionally further) below what a rational investor might pay for your shares. If its the only thing you have, you might guess that a market value would be closer to 2x the “fair market value”, though this gap tends to shrink as you get close to an IPO.

Expiration and termination.

Options typically expire after 10 years, which means that at that time they need to be exercised or they become worthless. Options also typically terminate 90 days after you leave your job. Even if they are vested, you need to exercise them or lose them at that point. Occasionally this is negotiable, but that is very rare – don’t count on being able to negotiate this, especially after the fact.

The requirement to exercise within 90 days of termination is a very important point to consider in making financial and career plans. If you’re not careful, you can wind up trapped by your stock options; I’ll discuss this below.

Occasionally stock options will have “acceleration” language where they vest early upon certain events, most frequently a change of control. This is an area of asymmetry where senior executives have these provisions much more frequently than rank-and-file employees. There are three main types of acceleration: acceleration on change of control, acceleration on termination, and “double trigger” acceleration which requires both a change of control and your termination to accelerate your vesting. Acceleration can be full (all unvested options) or partial (say, 1 additional year’s vesting or 50% of unvested shares).

In general, I think acceleration language makes sense in two specific cases but doesn’t make sense in most other cases: first, when an executive is hired in large part to sell a company, it provides an appropriate incentive to do so; second when an executive is in a role which is a) likely to be made redundant when the company is sold and b) would be very involved in the sale should it occur it can eliminate some of the personal financial penalty that executive will pay and make it easier for them to focus on doing their job. In this second case, I think a partial acceleration, double trigger is fair. In the first case, full acceleration may be called for, single trigger.

In most other cases, I think executives should get paid when and how everyone else gets paid. Some executives think it is important to get some acceleration on termination. Personally I don’t – I’d rather focus my negotiation on obtaining a favorable deal in the case where I’m successful and stick around for a while.

How many stock options you should get is largely determined by the market and varies quite a bit from position to position. This is a difficult area about which to get information and I’m sure that whatever I say will be controversial, but I’ll do my best to describe the market as I believe it exists today. This is based on my experience at two startups and one large company reviewing around a thousand options grants total, as well as talking to VCs and other executives and reviewing compensation surveys.

First, I’ll talk about how I think about grant sizes, then give some specific guidelines for different positions.

I strongly believe that the most sensible way to think about grant sizes is by dollar value. As discussed above, number of shares doesn’t make sense. While percent of company is better it varies enormously based on stage so it is hard to give broadly applicable advice: 1 basis point (.01 percent) of Google or Oracle is a huge grant for a senior exec but at the same time 1 basis point is a tiny grant for an entry level employee at a raw series-A startup; it might be a fair grant for a mid-level employee at a pre-IPO startup. Dollar value helps account for all of this.

In general for these purposes I would not use the 409a “fair market value”. I would use either a) the value at the most recent round if there was one or b) the price at which you think the company could raise money today if there hasn’t been a round recently.

What I would then look at is the value of the shares you are vesting each year, and how much they are worth if the stock does what the investors would like it to do – increases in value 5-10 times. This is not a guaranteed outcome, nor is it a wild fantasy. What should these amounts be? This varies by job level:

Entry level: expect the annual vesting amount to be comparable to a small annual bonus, likely $500-$2500. Expect the total value if the company does well to be be enough to buy a car, likely $25-50k.

Experienced: most experienced employees will fall in to this range. Expect the annual vesting amount to be comparable to a moderate annual bonus, likely $2500-$10k, and the total value if the company does well to be enough for a down-payment on a silicon valley house or to put a kid through college, likely around $100-200k.

Key management: director-level hires and a handful of very senior individual contributors typically fall into this range. Key early employees often wind up in this range as the company grows. Expect the annual vesting amount to be like a large bonus, likely $10k-40k and the total value if the company does well to be enough to pay off your silicon valley mortgage, likely $500k-$1 million.

Executive: VP, SVP, and CxO (excluding CEO). Expect the annual vesting amount to be a significant fraction of your pay, likely $40-100k+, and the value if the company does well to be $1 million or more.

For those reading this from afar and dreaming of silicon valley riches, this may sound disappointing. Remember, however, that most people will have roughly 10 jobs in a 40 year career in technology. Over the course of that career, 4 successes (less than half) at increasing levels of seniority will pay off your student loans, provide your downpayment, put a kid through college, and eventually pay off your mortgage. Not bad when you consider that you’ll make a salary as well.

You should absolutely ask how many shares are outstanding “fully diluted”. Your employer should be willing to answer this question. I would place no value on the stock options of an employer who would not answer this clearly and unambiguously. “Fully diluted” means not just how many shares are issued today, but how many shares would be outstanding if all shares that have been authorized are issued. This includes employee stock options that have been granted as well shares that have been reserved for issuance to new employees (a stock “pool”; it is normal to set aside a pool with fundraising so that investors can know how many additional shares they should expect to have issued), and other things like warrants that might have been issued in connection with loans.

You should ask how much money the company has in the bank, how fast it is burning cash, and the next time they expect to fundraise. This will influence both how much dilution you should expect and your assessment of the risk of joining the company. Don’t expect to get as precise an answer to this question as the previous one, but in most cases it is reasonable for employees to have a general indication of the company’s cash situation.

You should ask what the strike price has been for recent grants. Nobody will be able to tell you the strike price for a future grant because that is based on the fair market value at the time of the grant (after you start and when the board approves it); I had a friend join a hot gaming company and the strike price increased 3x from the time he accepted the offer to the time he started. Changes are common, though 3x is somewhat unusual.

You should ask if they have a notion of how the company would be valued today, but you might not get an answer. There are three reasons you might not get an answer: one, the company may know a valuation from a very recent round but not be willing to disclose it; two the company may honestly not know what a fair valuation would be; three, they may have some idea but be uncomfortable sharing it for a variety of legitimate reasons. Unless you are joining in a senior executive role where you’ll be involved in fundraising discussions, there’s a good chance you won’t get this question answered, but it can’t hurt to ask.

If you can get a sense of valuation for the company, you can use that to assess the value of your stock options as I described above. If you can’t, I’d use twice the most recent “fair market value” as a reasonable estimate of a current market price when applying my metrics above.

One feature some stock plans offer is early exercise. With early exercise, you can exercise options before they are vested. The downside of this is that it costs money to exercise them, and there may be tax due upon exercise. The upside is that if the company does well, you may pay far less taxes. Further, you can avoid a situation where you can’t leave your job because you can’t afford the tax bill associated with exercising your stock options (see below where I talk about being trapped by your stock options).

If you do early exercise, you should carefully evaluate the tax consequences. By default, the IRS will consider you to have earned taxable income on the difference between the fair market value and the strike price as the stock vests. This can be disastrous if the stock does very well. However, there is an option (an “83b election” in IRS parlance) where you can choose to pre-pay all taxes based on the exercise up front. In this case the taxes are calculated immediately, and they are based on the difference between the fair market value and the strike price at the time of exercise. If, for example, you exercise immediately after the stock is granted, that difference is probably zero and, provided you file the paperwork properly, no tax is due until you sell some of the shares. Be warned that the IRS is unforgiving about this paperwork. You have 30 days from when you exercise your options to file the paperwork, and the IRS is very clear that no exceptions are granted under any circumstances.

I am a fan of early exercise programs, but be warned: doing early exercise and not making an 83b election can create a financial train wreck. If you do this and you are in tax debt for the rest of your life because of your company’s transient success, don’t come crying to me.

What if you leave? The company has the right, but not the obligation, to buy back unvested shares at the price you paid for them. This is fair; the unvested shares weren’t really “yours” until you completed enough service for them to vest, and you should be thankful for having the opportunity to exercise early and potentially pay less taxes.

Taxes on stock options are complex. There are two different types of stock options, Incentive Stock Options (ISOs) and Non-Qualified Stock Options which are treated differently for stock purposes. There are three times taxes may be due (at vesting, at exercise, and at sale). This is compounded by early exercise and potential 83b election as I discussed above.

This section needs a disclaimer: I am not an attorney or a tax advisor. I will try to summarize the main points here but this is really an area where it pays to get professional advice that takes your specific situation into account. I will not be liable for more than what you paid for this advice, which is zero.

For the purposes of this discussion, I will assume that the options are granted at a strike price no lower than the fair market value and, per my discussion on early exercise, I’ll also assume that if you early exercise you made an 83b election so no taxes are due upon vesting and I can focus on taxes due on exercise and on sale. I’ll begin with NSOs.

NSO gains on exercise are taxed as ordinary income. For example, if you exercise options at a strike price of $10 per share and the stock is worth $50 per share at the time of exercise, you owe income taxes on $40 per share. When you sell the shares, you owe capital gains (short or long term depending on your holding period) on the difference between the value of the shares at exercise and when you sell them. Some people see a great benefit in exercising and holding to pay long term capital gains on a large portion of the appreciation. Be warned, many fortunes were lost doing this.

O que pode dar errado? Say you have 20,000 stock options at $5 per share in a stock which is now worth $100 per share. Parabéns! But, in an attempt to minimize taxes, you exercise and hold. You wipe out your savings to write a check for $100,000 to exercise your options. Next April, you will have a tax bill for an extra $1.9 million in income; at today’s tax rates that will be $665,000 for the IRS, plus something for your state. Not to worry though; it’s February and the taxes aren’t due until next April; you can hold the stock for 14 months, sell in April in time to pay your taxes, and make capital gains on any additional appreciation. If the stock goes from $100 to $200 per share, you will make another $2 million and you’ll only owe $300,ooo in long term capital gains, versus $700,000 in income taxes. You’ve just saved $400,000 in taxes using your buy-and-hold approach.

But what if the stock goes to $20 per share? Well, in the next year you have a $1.6 million capital loss. You can offset $3,000 of that against your next years income tax and carry forward enough to keep doing that for quite a while – unless you plan to live more than 533 years, for the rest of your life. But how do you pay your tax bill? You owe $665,000 to the IRS and your stock is only worth $400,000. You’ve already drained your savings just to exercise the shares whose value is now less than the taxes you owe. Congratulations, your stock has now lost you $365,000 out of pocket which you don’t have, despite having appreciated 4x from your strike price.

How about ISOs? The situation is a little different, but danger still lurks. Unfortunately, ISOs can tempt you in to these types of situations if you’re not careful. In the best case, ISOs are tax free on exercise and taxed as capital gains on sale. However, that best case is very difficult to actually achieve. Por quê? Because while ISO exercise is free of ordinary income tax, the difference between the ISO strike price and value at exercise is treated as a “tax preference” and taxable under AMT. In real life, you will likely owe 28% on the difference between strike price and the value when you exercise. Further, any shares which you sell before you have reached 2 years from grant and 1 year from exercise are “disqualified” and treated as NSOs retroactively. The situation becomes more complex with limits option value for ISO treatment, AMT credits, and having one tax basis in the shares for AMT purposes and one for other purposes. This is definitely one on which to consult a tax advisor.

If you’d like to know if you have an ISO or NSO (sometimes also called NQSO), check your options grant paperwork, it should clearly state the type of option.

Illiquidity and being trapped by stock options.

I’ll discuss one more situation: being trapped by illiquid stock options. Sometimes stock options can be “golden handcuffs”. In the case of liquid stock options (say, in a public company), in my opinion this is exactly as they are intended and a healthy dynamic: if you have a bunch of “in-the-money” options (where the strike price is lower than the current market price), you have strong incentive to stay. If you leave, you give up the opportunity to vest additional shares and make additional gains. But you get to keep your vested shares when you leave.

In the case of illiquid options (in successful private companies without a secondary market), you can be trapped in a more insidious way: the better the stock does, the bigger the tax bill associated with exercising your vested options. If you go back to the situation of the $5 per share options in the stock worth $100 per share, they cost $5 to exercise and another $33.25 per share in taxes. The hardest part is the more they’re worth and the more you’ve vested, the more trapped you are.

This is a relatively new effect which I believe is an unintended consequence of a combination of factors: the applicability of AMT to many “ordinary” taxpayers; the resulting difficulties associated with ISOs, leading more companies to grant NSOs (which are better for the company tax-wise); the combination of Sarbanes-Oxley and market volatility making the journey to IPO longer and creating a proliferation of illiquid high-value stock. While I am a believer in the wealthy paying their share, I don’t think tax laws should have perverse effects of effectively confiscating stock option gains by making them taxable before they’re liquid and I hope this gets fixed. Until then to adapt a phrase caveat faber .

Can the company take my vested shares if I quit.

In general in VC funded companies the answer is “no”. Private equity funded companies often have very different option agreements; recently there was quite a bit of publicity about a Skype employee who quit and lost his vested shares. I am personally not a fan of that system, but you should be aware that it exists and make sure you understand which system you’re in. The theory behind reclaiming vested shares is that you are signing up for the mission of helping sell the company and make the owners a profit; if you leave before completing that mission, you are not entitled to stock gains. I think that may be sensible for a CEO or CFO, but I think a software engineer’s mission is to build great software, not to sell a company. I think confusing that is a very bad thing, and I don’t want software engineers to be trapped for that reason, so I greatly prefer the VC system.

I also think it is bad for innovation and Silicon Valley for there to be two systems in parallel with very different definitions of vesting, but that’s above my pay grade to fix.

O que acontece com minhas opções se a empresa for comprada ou for pública?

In general, your vested options will be treated a lot like shares and you should expect them to carry forward in some useful way. Exactly how they carry forward will depend on the transaction. In the case of an acquisition, your entire employment (not just your unvested options) are a bit up in the are and where they land will depend on the terms of the transaction and whether the acquiring company wants to retain you.

In an IPO, nothing happens to your options (vested or unvested) per se, but the shares you can buy with them are now easier to sell. However there may be restrictions around the time of the IPO; one common restriction is a “lockup” period which requires you to wait 6-12 months after the IPO to sell. Details will vary.

In a cash acquisition, your vested shares are generally converted into cash at the acquisition price. Some of this cash may be escrowed in case of future liabilities and some may be in the form of an “earn-out” based on performance of the acquired unit, so you may not get all the cash up front. In the case of a stock acquisition, your shares will likely be converted into stock in the acquiring company at a conversion ratio agreed as part of the transaction but you should expect your options to be treated similarly to common shares.

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It’s hard to sell a company if there is a log of acceleration. That could actually be counterproductive for option holders.

Agree, that’s one of the reasons I think it is warranted only in a few specific cases.

What happens to unvested stock in the case of a cash/stock acquisition? (for a generic Silicon Valley VC funded startup)

Lot of it depends (including whether they keep the employees at all). But often they are converted to options in the new company.

What happens if the company is bought before I was granted my options?

In my employment agreement the granting is subject to board approval and that never happened.

I got new options of the acquiring company (at a SHITTY strike price ) , anything to do about that?

Probably nothing to do about it besides quit (though I am not a lawyer and you might ask one if there is a lot of money involved). How long did you work there without the options being granted? Up to a few months is normal, past that is unusual.

I worked there for 6months part time and another 6months full-time.

Basically the board of directors probably didn’t meet to approve the options of the new employees and when it did it discussed the buyout.

I assume that they said to themselves, let’s not grant these options and grant options of the buying company instead.

Ouch. Can you ask/have you asked asked a few questions: 1. Did the board meet during the time after you accepted the offer and started and prior to the acquisition and how many times? Did it review your proposed grant at the meetimg and if not why not? If it reviewed your proposed grant why did it not approve it? 2. On what basis was your new grant determined? Did they convert the grant in your offer letter based on the terms of the purchase or did they just give you stock in the acquiring company as a new employee of that company?

I am assuming your options dated from joining full time, so it was a 6 month delay, not a year?

While I might be popular online for saying they hosed you and they’re evil, situations like this can be complex. It is possible/likely that the board was in serious discussions about an aquisition for a number of months before it occured. This could have been ongoing from the time you joined, or started shortly afterwards but have been in progress at the first board meeting after you joined.

If this was the case, the board may have been in a very hard situation with respect to valuing the stock options. If the acquisition discussion was credible enough, it would be material information that could force a re-evaluation of the fair market value of the shares. To avoid the risk of grantees (you) being liable for huge tax penalties, they would likely have wanted to retain a third party to do the valuation. Hiring the firm takes time, the valuation takes time, and board approval of the valuation takes time. During that time, the discussions might gave progressed – maybe they got a second higher offer. That could restart the clock.

In any case, even if they were able to complete the valuation and grant the options, the valuation may well have been quite similar to the price offered by the acquirer and those options might have been converted to options in the acquiring company at a similar strike price to the price of your grant. So quite possibly what is at issue is whether your grant could have been granted at a somewhat (say 20 or 30%) lower strike price.

If the value of the stock underlying your new grant (number of shares times strike price) is well in to the six figures or beyond, it may be worth consulting an attorney just in case, but my guess (and I am not a lawyer) is they are going to say that you just had bad timing. If it’s five figures or less, I don’t think its worth spending the legal fees for a small chance at a medium settlement.

What I described is the way this happened in completely good faith with everyone involved trying to do what’s fair and legal for you in a complex situation. That’s not always the case, but I’d start by asking.

You’re thinking the same as I do.

Since the company have been planning an IPO and this buyout came in I’m sure the board have met several times since I joined.

I too think that I should have gotten either an approval or decline of my options , neither was delivered to me, hence I believe this is a direct violation of my employment agreement.

My options never materialized, I basically got the buying company options at a strike price which is the share price in the day of the buyout which means zero profit!

I’m getting really pissed here and I think that this might even have legal implications.

This is 5 figures but I think that the determining factor is that I think this isn’t completely legal , I don’t think they can just ignore this term of the contract just because they’re busy or not sure about the price.

My guess is that you make some enemies with this post. It is clearly to the advantage of the company that the terms of stock options and vesting periods remain opaque.

What if there were liquidity in options? That would be interesting, and wildly dangerous, I imagine, because such liquidity would be so predominantly speculative in the absence of knowledge of company fundamentals.

Possible I suppose, but.

Possible I suppose, but only ill advised companies and VC’s that I’m happy to stay away from.

A successful growing company grants millions of dollars worth of options each year, and I think it works to their advantage to have people understand their value and thus make rational decisions about them.

Re: liquidity, the illiquidity of the _options_ stems from the fact that they are subject to cancellation if you quit as well as some specific contractual terms. Your _shares_ should you exercise your stock can sometimes be liquid even before the company is public. That is certainly the case for well known private companies (eg, Facebook), and sometimes is the case for smaller companies as well; question is can you find an investor who wants to buy the shares.

The biggest issue in liquidity of pre-IPO shares is the company’s cooperation in allowing a potential buyer to see the books. Often this will be restricted for current employees but more open for ex-employees. This can be very complex and the SEC has rules about shareholder counts, how the shares can be offered etc.

Hello, I just received an employee stock option that would allow me to buy shares within five years. Do I have to buy the shares right away? or wait until my company goes public or another company (that is currently in stock trading) will aquire us? If I buy the shares now and after 2 years I left the company or they fired me, do I still have the right for my shares? If still have the right for my shares then I’m willing to expend few thousand dollars for it. I really appreciate your advice.

Really sorry for the delayed reply. Usually you have all 5 years. Usually you can buy some now and some later. Tax issues vary, research them carefully.

well written, and easy to understand…thanks very much.

Well written for sure. An scenario I’d appreciate your feedback on. A small company was bought by a larger one and the employee was given her recalculated options. There are 2 years left on this employees vesting schedule. Without any prior negotiation at time of hire regarding acceleration of vesting, is there any way receive acceleration in case of termination?

Unfortunately for the subject of your story, probably not.

Most folks in small companies are employed “at will”. That means that their employer is under no obligation to keep them employed until the end of their vesting period or for any other reason. They can be fired because of a lack of work for them to do, a desire to hire someone less expensive to do the same job, a desire to restructure and eliminate their job, or because the company is unsatisfied with their work. The same holds true once they’ve joined the big company.

Sometimes companies will offer “packages” to employees that they lay off. This is not done out of obligation but rather to help retain the employees who aren’t being laid off – who might otherwise fear being laid off with nothing and instead take another job. By treating the terminated employees nicely, the remaining employees are less likely to panic.

Normally one should expect to vest only as long as their employment continues. The most common exceptions where acceleration can make sense but usually needs to be negotiated up front are positions where the individual is directly involved in selling the company (CEO, CFO etc) and/or is very likely not to be retained after the acquisition.

How do unvested options work post-IPO? Is an IPO an event that can trigger acceleration, or is this reserved for acquisition typically? Can unvested shares be canceled post-IPO?

Usually they continue vesting through the IPO as normal, with restrictions on selling them for some period of time (

6 months is normal) post-IPO.

It is very unusual for an IPO to trigger acceleration. While it is easy to see an IPO as a destination for a startup, it is really the beginning of a much longer journey. An IPO means that a company is ready to have a broader base of shareholders – but it needs to continue to deliver to those shareholders, thus it needs to continue to retain its employees.

Most options are not cancelable other than by terminating the optionee’s employment or with the optionee’s consent. Details vary and there are some corner cases, but the typical situation is if the company doesn’t want you to collect any further options they’ll fire you. Occasionally companies will give people the option to stay for reduced option grants but that is unusual.

By the way when I say “most” or “usually” I am referring to the typical arrangements in startups funded by reputable silicon-valley-type VCs. Family businesses and business that exist outside that ecosystem of startup investors, lawyers, etc may have different arrangements. If you read some of my posts on private equity owned companies and options, you’ll see that they have a somewhat different system for example.

What happens if you exercise pre-IPO stock options (within 90 days of quitting) and the company never goes public?

Then you own shares that may be hard to sell. The company may be acquired and you might grt something for your shares, or in some circumsances you can sell shares of private companies. But the money you pay to exercise the shares is at risk.

Thank you Max! This entire article and your answer to my question has been the best write up on this topic that I could find on the Internet. Obrigado novamente!

Great summary Max, i found it very useful.

wow i personally know someone (well i guess many people do) who lost everything in the bubble and still owed $$$ in tax due to the exercise and hold you described here. he went bankrupt and had to flee out of state but still writes a hefty check to the IRS each and every month.

Excellent…very well explained. Thanks Max.

Ótimo artigo! I’m trying to learn more about employee stock options. I was granted options 4 years ago and now I’m being laid off so I wanted to make sure I’m taking advantage of the benefits (if there are any.) I received the agreement, signed it, and got a copy of it back signed by the corporate secretary. I never received any other documentation since. The company isn’t doing well, but the options were priced at a penny in the agreement. Should I contact HR or a financial advisor? Just slightly concerned since the company seems a little secretive to me. I have been with them for over 6 years. Thoughts are appreciated 🙂

Sorry for the delay in getting back to you.

Usually after you sign your options agreement, there’s no further paperwork until you exercise.

Usually you have 90 days after leaving until you have to exercise the options, but this varies from plan to plan and the details should be in the paperwork you signed. HR or Finance should be able to help you exercise your options if you want to; If you exercise you’ll pay a penny per share and the shares turn out to be worthless or may turn out to be valuable.

If your instinct is that the company isn’t doing well and the shares will likely not be worth much, the question is whether its worth a gamble. If for example you have 20,000 options at $.01 each, its only $200 to exercise them so it may be worth it even if the odds are against you.

One data point that you will need to finalize your decision is the FMV (fair market value) of the shares for tax purposes. The company should be willing to tell you this; if it is quite a bit more than a penny some taxes will be due on exercise but the shares are more likely to be worth something.

If you can get more specifics about number of shares outstanding, debt, preferences, revenue, cash etc a financial advisor may be able to help; without that they’d would probably be shooting in the dark.

I hope this helps,

Thanks Max, I really appreciate it. After reading your article and doing some research I found out I was looking at the par value, not the exercise price. So in my case, I would be severely underwater. Now I understand! Thanks again for sharing your knowledge!

Max, thanks for the great info. I am considering joining a tech startup and wonder if there are enough benefits for both the company and myself for me to be brought on as an independent contractor vs. an employee? Any info you have or can refer me to would be helpful. Obrigado!

Sorry for the delay. There are quite a few qualifications that you must meet to work as an independent contractor; I don’t have them handy but a quick google search might turn them up. If you plan to work there full time for the long term, usually employment makes the most sense – though sometimes companies have more leeway to pay much more money to contractors; if that’s the case and they’re willing to do it and you qualify, it might make sense. But even then, you will probably not get benefits or stock options. Good luck with your decision.

Why shareholder needs to pay again 50% the difference between of subscription price Convertible Prefered Stock (pre-IPO) and common stock IPO price?

The terms of preferred stock vary, not only from company to company but also across different series of preferred stock in a company. I am not quite sure what you’re referring too but it may well be specific to the structure of those securities at your company. A bit of context could help, but the answer is probably going to be some form of “because that’s the rule defined for this form of stock in this situation”.

Very informative post, thank you for sharing! May I contact you off-post for questions?

Sorry for the delay. I may not have time to answer but feel free to try me first initial last name at gmail.

Hi Max – thanks for the insightful article. I work for a private company (PE owned) that’s expecting an IPO in about 12 months. Half of my stock options have vested. I got them at a price of 3 and the current valuation is now at 4.5 or so. What happens if I leave AFTER the IPO but BEFORE the employee lock-up ends. Do I get to leave with my vested (as of departure date) options or do I need to pay the company to buy them at the granted strike PLUS pay the tax on the gains etc. Thanks.

Putting aside any idiosyncrasies of your specific options agreement, typically you have 90 days after departure to exercise. So within that 90 days you need to pay the strike price and you incur a tax liability. Keep in mind the stock could decline before you can sell, so its not just acash flow exposure, you may wind up selling for less than you paid to exercise. Waiting until you are less than 90 days from the lockup ending reduces risk a lot, but I don’t know the opportunity cost to you.

Obrigado pela ajuda! Question – I purchased stock and then my company got purchased. by another private company. My understanding is that the main investors lost money on their sale (they sold below what they put into the company). I had common shares, is that why I haven’t seen any payout?

Also, the purchaser then got purchased by a public company…how crappy.

Sorry to hear you didn’t get anything for your shares. Without knowing all the details, it sounds like you’re correct; typically if there isn’t enough to repay the investors, the common shareholders won’t get anything.

Max thank you for the terrific article.

Do you have any experience with seeing employees receive additional option grants with promotions? Is this common or only at key-level positions? I joined the sales team of a 50-person startup at an entry level position about 2 years ago. We’re now at about 100 employees and I’ve been promoted about 1.5 times (first from a lead-gen position to an Account Executive, then after good performance had my quota raised and salary increased, though no title change). I haven’t received any additional option grants but also haven’t asked. Is it reasonable to ask?

Also, say they’ll agree to give me more, what are typical steps that have to happen until they’re officially granted? Is this something that needs to be discussed at the next board meeting, or does the CEO/Exec team have discretion to do this on an ad-hoc basis?

Grande pergunta. It is common but not universal to receive additional grants with significant promotions, but there is wide variety in how these are handled:

& # 8211; Some companies give them shortly after the promotion (approvals take some time)

& # 8211; Some companies review follow-on grants on a semi-annual or annual basis; people who are promoted are typically good candidates to get them.

& # 8211; Some companies (unfortunately, in my view) operate on a squeaky wheel basis where they are only given when people complain.

I would ask your employer what the process is to ensure that your stock is commensurate with your current contribution to the company. Without knowing all the details, it sounds like it may not be given the progress you’ve made.

One situation to consider is that if the value of the company has increased dramatically, it is possible that the grant you got earlier in the company’s history for a more junior position is larger than the grant someone in your current position would get today. For example, if when you joined an entry level employee received 1000 shares and an account exec received 2500, but today an entry level employee receives 250 shares and an account exec receives 600. If this is the case, many companies would not give you additional shares to go with the promotion (but would increase your salary). While this example may sound exaggerated, if the company has twice as many employees, grants may be half the size per employee – often the board will think about how much stock should go to all employees as a whole per year, and now there are twice as many to share the same number of shares. Also often the grants for different roles aren’t nearly as precise as I described, but the principle remains valid even if the grants per level are ranges.

Options grants almost always have to be approved by the board.

Good luck; it sounds like you’re doing well at a growing company so congratulations.

Thanks again Max, very helpful.

i got an offer to work for a startup on a part-time basis keeping my full time job at my current employer. i will be paid only in the form of stock options (0.1%). not sure if this is a good deal.

I’d look at it 2 ways:

1. What is the startup ‘worth’? If its an unfunded early stage idea it may be something like $1-2 million, in which case .1% is $1-2k for example. Of course if the ‘startup’ is Twitter its worth a lot more. In any case whatever that value is, is it fair compensation for your time? How long do you have to stay to vest the options? 1 month? 1 year? 4 years? And how much work are you expected to do?

2. How does your stake compare to other participants and their contribution? Did your two roommates found it in their garage two weeks ago and they’ll each own 49.95 to your 0.1? Or are there 100 full time employees sharing 50% and investors share the rest?

the startup is in a very early stage with about 13 employees. the options vest at 1/48th of the total shares every month for 4 years. i think i need ask more details before i start the work.

this is my first time working for a startup so i am not very clear..

I am new to this whole equity & stock options.. your article is the only basis for my reasoning.. I need your help! My company is a Green Sustainable clothes recycling company.. relatively new Green field.. not sure what are the general vesting schedules like.. any advice?

we negotiated $1k / week + 5% vested equity.. initially when i started back in Oct/ Nov.. now that its time to draft the actual contract, they are saying how 1%/ year vesting is standard, while for whatever reason i thought the 5% would vest over 1-2 years.. how do i approach this? as of now company is worth $1 million. we are constantly loosing $, it will take at least 6 months - 1 year until we start being profitable..

does the evaluation of what i think im worth from what the company is worth today, or based on projections of what we will make in the future?

we only have 1 kind of stock.. any provisions you are recommending to include?

can i ask for a provision to protect myself from taxes and have it be deducted from my equity instead of paying for it our of my pocket?

Thank you soo much.

Sorry for the delay. I think 4 years is most common, maybe 5 next most, 1-2 years is unusual. I am not sure what else you are asking. If you are asking about taxes on the equity, if it is options there is typically no tax on vesting if the plan is set up properly (which will almost certainly require an attorney).

The IRS will require cash for your tax payments, they don’t accept stock 🙂

How often should a company revalue their privatly held stock options? Any guidelines around that in the accounting standards?

I am not a tax lawyer but I think for tax purposes the valuations are good for a year. If things change (eg, financing, offer to buy the company, or other significant events) you may want to do it more frequently, and for rapidly growing companies that might go public soon you may want to do it more frequently.

Terrific article thank you !

With startups becoming a global tendency, it becomes complicated to create one model that fits all.

Any thoughts on adjusting vesting schedules, cliff periods and accelerations to ventures occurring in high-risk geographical areas? i. e High-risk understood as high volatility & political unrest.

One thing that I do see adjusted globally is some of the details to fit local tax laws – even US-based companies have to administer their plans differently in different jurisdictions.

I am not expert at all but it may make sense to adjust some other parameters; I don’t know how much they vary from the US. Maybe a reader knows??

Great article, now for my question. Been working for a company 3 years, been vested, for example, 100,000 shares, at 5 cents a share. Leaving company, It looks like the period to exerci se, buying the shares will have about 7 more years. When I leave, how long does one usually, have to buy the shares, if they choose. I am a little confused about the 90days mentioned ealier in the article.

Usually the option period is 10 years but only while you are employed. When you leave, the unvestef options go away and you have 90 days to exercise the vested options. Of course it depends on your specific option plan which may be completely different.

I have some vested preferred shares. I’m not sure if or when the company will be acquired or go IPO. What are my options to liquidate them before any event ?

Your option may be to find someone who wants to buy the stock in a private transaction with limited data. Or it may be that the company has to give permission even if you find a buyer. Trading private stock is difficult. Also if you have options, typically you will have to exercise them before you can sell them.

How would you explain this scenario?

Employee shall be entitled to 25,000 Company common share stock options at an exercise price of $6.25 per common share. These stock options shall be deemed to have been granted January 31, 2012 and shall have a term of 3 years from the effective date granted. These stock options shall remain vested for a period of 24 months in which Employee remains in his current position with the Company.

It sounds like you have between 2 and 3 years in which to exercise them. The vesting language is a bit unclear to me. You may want to get some legal advice, I cannot interpret that clearly.

Let me elaborate on this as I am in the middle of an asset acquisition (a division of the company is being bought) that will close on Jan 31, 2015. I am still trying to understand the language above and below and what my options will be once the transaction is complete. The strike price above given seems a bit high. The division is $5mil and was sold for 7x $35mil. How does this work in terms of an asset being acquired as opposed to the entire company?

“In the event that the Company is acquired or successfully undertakes an initial public offering or reverse takeover, the vesting period relating to the stock options shall be removed and Employee shall have the full and unrestricted ability to exercise the stock options.”

As Twitter is going public soon and I am in the last round of interview. If they offer me a job, will there be any impact to my equity offering if I join before they go IPO or will it be the same after they go IPO? Which will be most beneficiary to me?

Typically people expect the price to increase on I and thus try to get in prior. Predicting what actually happens is hard, for example Facebook went down. But generally joining before IPO is viewed as a better bet.

On the day of my 7hrs in person interview conclusion, HR mentioned that they are not the highest paid company around, they come in like 60th percentile… But their RSU are at great offer. So I am guessing RSU is equal to Stock option they are referring to?

Also, if they offer me RSU/Options, is that something I have to pay for at the evaluation of the company even prior to they going IPO?

Great article, I didn’t know anything about stocks, vesting, options, shares until reading this so it’s helped me understand a bit better! I have been working for a start-up for 5 months and am on the typical vesting schedule of 25% after 1 year and another 6% each month after that. I have been offered just over 5000 shares for .0001.

Our company is expecting to be acquired in the next 90 days so I could end up with no vested options… What happens if we get acquired before I am vested? I am sure there a few different scenarios that could play out depending on who buys us but I’d like to know what COULD happen so I can approach HR about it and see what their plan is. I have read on other ‘stock options explained’ websites that my shares could be wiped out, I’ve read they could be accelerated and I have read they could be absorbed into the new company that acquires us… está correto? The other thing that complicates it is that our company has a few different products we offer and the one that is getting acquired is the one I work on.. so I’ve heard that when that product/company is acquired in 90 days, our team is going to ‘break off’ and move to a different product (within the same company) and continue on as normal. Isso faz sentido?

Depende. Typically if the acquiring company does not want to keep you they can terminate you and your unvested options will not vest. If they want to keep you they would typically exchange your options for options in the new company. They will have some discretion in how to do this. Hopefully they will want to keep you and will treat you well.

Hi Max.. great article.. a quick question.. after 4 years in a startup i changed the jobs and bought all my vested incentive stock options. Agora, após 6 meses, a empresa é adquirida por outra empresa para aquisição de dinheiro. Since I exercised my stock options just 4 months ago, will I be not considered for Long term Capital gain taxes? Or can I hold on to my share certificates for 9 more months and then will I eligible for Long term capital gain tax rate?

My strong suspicion is that you can’t wait 9 months. Check with an attorney to be sure, it could depend on the details of that specific transaction but usually they close faster than that.

Interesting article! Question for you: I was part of a startup that was acquired and had ISO’s. We received an initial payout and had a subsequent release of the escrow amount withheld. This escrow payout was received over 1 year after the sale of the company. What is this payout considered? Is it a long term capital gains? We were paid out through the employer via the regular salary system (taxes taken) and it was labeled as “Other bonus” but it was clearly part of the escrow. Also, what about a milestone payout that falls under similar circumstance? Obrigado!

I am not a tax attorney so I am not sure. If it came through regular payroll as a bonus my guess is that it is not long term capital gains. If it is a lot of money I would talk to a CPA and / or a tax attorney.

Hi Max – Ótimo artigo! Obrigado. Eu tenho uma pergunta. I joined a company as one of the first 3 sales directors hired and was told in my offer letter I have 150,000 stock options pending board approval. I have now been working for the company for 18 months and have not received any documentation regarding my options. I am continually told that they will be approved at the next board meeting but that has not happened and I was recently told they would be approved after the next round of funding but that did not happen either. What is happening here and what is your recommendation? Thank you in advance for your assistance.

Something is not right. Sometimes the approval will be left out of a board meeting. With really bad luck you could be skipped twice. There is no good explanation for 18 months. The ‘best’ situation from a they-are-not-screwing-you perspective that I can think of is that the next round of funding will be a ‘down’ round and they are waiting to give you a lower price. But something is wrong with your company and I would be looking hard for something new. Sorry to be the bearer of bad news. If the CEO has an explanation that really makes sense feel free to share it and I will let you know what I think, maybe I have missed an innocent explanation but this does not sound right.

Thanks so much for confirming what I was thinking, Max. To my knowledge the board has met several times and our CEO repeatedly states the valuation of our company is going up so I have not heard about a down round. We have had the same original investors for a few years and have recently had a new influx of cash in the form of loan but are still seeking that outside VC investment. I may have another start up offer coming soon and this information will help when I make the decision whether to accept the new position. Thank you again for your help!!

What Are Stock Price Basis Points?

Each basis point equals one one-hundredth of 1 percent change in stock prices.

Duncan Smith / Photodisc / Getty Images.

Mais artigos.

Since basis points express percentages of change, not dollars, they have limited use in quoting stock prices. Primarily used with debt instruments, such as bond yields or loan interest rates, one basis point equals one one-hundredth of a percent or 0.01 percent. You might find it easier to monitor stock prices as dollar changes. However, when you want to track percentage changes, calculating basis points and converting them to percentages is equally simple.

Stocks are equities, giving the stock owners an ownership stake in the issuing company. Global stock markets quote prices in their local currency, such as dollars, yen, euros, etc. Since no interest rates apply to equity securities, such as stocks, basis points are less commonly quoted in price evaluations. Basis points, however, are useful in stating percentage changes, up or down, in prices of individual securities for a given period.

Debt Instruments.

Basis points are more important when discussing debt instruments, such as bond yields and loan interest rates, as they can change in small segments. Bonds and loans come with stated interest rates that can easily change by 10, 20 or 50 basis points, also affecting their true yield (bonds) or cost (loans). Stock prices can change by the minute. Bond and loan interest rates may change less frequently. Every change affects their yield percentage.

Preços de ações.

Stock prices in the U. S. are quoted in dollars, with two decimal places, representing cents. Basis points do not relate to U. S. dollars. It's often easier and clearer to simply state stocks' price changes. Increases or decreases in stock prices, expressed as basis points, can still be meaningful for investors to learn how individual stock prices are trending as percentage changes. Tracking basis point changes over time may influence your buy or sell decisions.

Converting Basis Points.

The formula for converting basis points to more traditional percentages is quite simple. Multiply the number of basis points by 0.0001. For example, if a stock you're following has a price increase of 225 basis points and you want to know the percentage of change, just multiply the 225 basis points by 0.0001 to get the result -- 0.0225, which translates to 2.25 percent.

Computing Stock Basis Points.

When you want to know the number of basis points a stock price increases or decreases, the formula is equally simple. Use day "X" as its starting price, and day "Y" as its current price. Divide the current price, say $11, by the starting price, say $10. The result is 1.1. Subtract one from the result, leaving .1, as the change in value stated as a percent. Then multiple this percentage by 100. You'll learn that this stock has increased by 10 basis points [.1 times 100].

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