[jzl]

Good point, but properly priced ISOs should have a discount of about 2/3rd the value of the preferred stock (as determined by the previous Series-* funding round) at the time of grant. So even if the valuation hasn't changed, most peoples' options should still mint a pretty penny if they were priced according to typical practice. I don't know anything about Uber.

For reference, "What’s a Fair 409A Discount?": https://www.sethlevine.com/archives/2018/08/whats-a-fair-409...

[mm202018]

Uber started awarding RSUs at end of 2014

[jzl]

Ohh, right, RSUs. Never been at a pre-IPO company that granted those. So, if I understand correctly, people will be getting the full value of their grant, you're just saying that people won't be getting huge multipliers of their grant. Based on various blog posts from around 2015-2016 I'd guess the average grant for a non-junior engineer was in the $1 million range.