[encoderer]

In some ways, yes, but I think if you game it out, you see how the company loses in a number of ways. First, repetitional risk. Second, it’s likely that a liquidity provider would emerge who could offer, basically, to buy call options from individual holders for enough premium to cover the taxes due on exercise. (Stripe would not want an unaffiliated 3rd party accumulating a large position)

[winphone1974]

Transfer and using them as collateral are typically prohibited explicitly in the agreement, so I'd be surprised if this could happen

[encoderer]

Then call it a promisary note.