[aneesh]

Some thoughts (I'm neither a CPA nor a lawyer, so caveat emptor):

0) Make sure you understand 409a valuation and Alternative Minimum Tax. These two concepts will materially impact the post-tax value of late-stage private company options.

1) Clarify what the $1300 price is. Is it a 409a price, or the latest preferred share price, or something else? Also, get an exact number if $1300 is approximate.

2) Make sure your options are ISOs (and not NSOs). Ask for the count of total outstanding shares.

3) Try to get a history of the company's recent 409a valuations. This will give you some idea of how fast the fair market value is growing. Fair market value at time of exercise affects the taxes you owe.

4) If you leave the company, check how long you have to exercise your options or lose them. The standard is 90 days - this is something to be aware of so it doesn't surprise you.