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by thom
4402 days ago
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It's also important to check what the provisions actually are when a founder leaves with unvested shares. In the UK it's standard to require them to offer back the unvested shares at their nominal or par value (pennies, or fractions of). However, at least once I've seen lawyers use _market value_ as the phrase, which basically defeats the entire purpose. |
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THIS.
One of the most important things my attorney did for me is when I wanted to bring on a partner, we sat down for a few hours and hammered out every possible scenario that could happen. Where he would leave the company, if he dies and his wife thinks his shares are worth a million dollars. If the company is doing great and BAM! my partner decided to just up and leave the company, if the company gets bought out, how much does he get, etc.
Now every time I see these stories, I think my attorney for watching my back and protecting my interests as well as my company. It's this due diligence I never would have thought to do, but am glad I hired a good attorney.