[Shatnerz]

> They are currently worth $200,000

According to whom? Is there a secondary market or is this just the FMV from the last valuation? If there is no liquidity, they might be "worth" $200k for tax purposes, but as with most startups there is a chance that everything falls apart and that there is no liquidity event.

> exercising them would cost me $25,000

I would double check what your expected tax bill would be, because it sounds like you might have $175k worth of paper gains. The effective cost to exercise might be much higher depending on where you live and your tax situation.

Lastly, if you are the Head of Product at a startup, I would assume that you could find a high enough paying job so that $25k isn't a significant burden on you, assuming you don't live above your means. Getting some offers may help you decide in the end.

[marloc]

Good point. The $200,000 are calculated on a "share price" communicated internally but on Carta, the FMV is lower. I'll check the tax bill, thank you.