Negotiate Like a CEO by Stein Jotham S
Author:Stein, Jotham S.
Language: eng
Format: epub
Publisher: Political Animal Press
Published: 2022-02-24T00:00:00+00:00
I Want to Diversify
âWhatâs the best way to get myself fired?â Cactus Subi was a long-time client, going back maybe fifteen years.
âGuess what?â I responded.
âWhat?â
âYou donât see the use in communicating with me when things are going good.â It was my joke to myself. Cactus was the number two guy over at QAK Security, Inc. He had started as a coder and worked his way up from there. About ten years before, while times were good, I had asked Cactus to dinner. He had declined telling me, âI donât see the use in that.â
âWhatâs the problem this time?â I asked.
âMy CEO and his two favorite Board members are a three-headed hydra. Theyâre monsters. I canât stand dealing with them anymore,â Cactus replied.
âAnd thanks to you I donât have to! Iâve been here three years so if they fire me now, the rest of my unvested stock all accelerates, and best of all, I have five years to decide whether to exercise my fully vested stock option! Plus, I get six monthsâ severance.â
âIâm going to go somewhere else and diversify,â Cactus explained. âIf this company goes public, Iâm rich.â
âBut thereâs no reason to have all your eggs in one hydraâs basket. I love you man!â
âIf I remember correctly,â I responded, âyou get five years after the last day of your employment to exercise your option regardless of why your employment terminates.â
âBut not all my stock. I need to get fired for that. You know Iâm a greedy capitalist. I want it all!â
âSo how do you recommend I go about getting myself fired so I can collect on that jewel you negotiated for me?
Clauses Thatâll Help You Protect Your Equity
Donât let anyone steal back your stock.
If your employment is terminated without Cause by your employer or for Good Reason by you, then you want:
Accelerated vesting of your equity;
An extended post-termination exercise period (for options);
No forfeiture clauses; and
Probably, although not always, no forced repurchase clauses (best is you have a right to require your employer to repurchase your shares â a âputâ option â but your employer has no right to require you to sell them).
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