David Weekly

--

26, 2012
Kindle ( .):
amazon.com/dp/B0055PQ4H8

oguryanov@gmail.com


. ,
? . ? , .
, .
, , , "", ,
, , ,
, .
, , 25 ,
.
: .
, .
.
, ,
- ,
, - , ,
.
,
Pillsbury Winthrop,
.

?
, NSO ISO1.
, 83(b) Election2.
?
, ISO NSO,
83(b) Election2.

. ,
(
, ..), 51% ,
. !
____________________________________________________________________________
1. NSO ISO - . ISO ,
, NSO
non-ISO. (http://en.wikipedia.org/wiki/Non-qualified_stock_option)
(http://en.wikipedia.org/wiki/Incentive_stock_option).
2. , . (http://83belection.com/what-is-an83b-election/)


,
,
.
, .
.
, :
, .
, .
()
; .
, .
, ,
,
,
, .
, , ,
. ,
,

( A), (
B) , ,
. ,
, .
, (
) : .
, ,
, , ,
.
- (,

),
, .

.
,
( 24-48 ) ()
( /Skype).
, , ,
, (-

). ,

, .


, .. ,
,
. , ~0.5% .

.
() .
, ; ,
, , ( ) ,
(Cap table).
, ,
,
.
(
): .
. ,
500 . 1000
, , 500 ,
. , ,
. , ,
. ( ) 100 ,
1100 ,
50% (500/1000) 45% (500/1100),
500 .
: , ,
10%, 9% (
100/1100) , 45%
.

,
. Microsoft ,
Microsoft.

, , , ,
. (
) . ,
,
, .
,
$ 2,000,000 $8,000,000,

. ($1,000,000 )
,
, . ,
, . , ,
, .
.

, ,
( ), -2.

, .
, .
( ,
, )
. ,
.
. , ,
( )
, ,
,
2 . ,
2
.
,
( - SEC)
. SEC , ,

. , ,
$50 .
(IPO)
( ),

. ,
,
, 180 . ,
IPO, ..
,
. , ,
, ,
. ,
. ,
Microsoft. ,
, ,
Microsoft .

 IPO ,
, .
($10 . ,
, ..). -,
( ),
. , SecondMarket SharesPost .
, ,
,
- ,
, .
,
, .
, ,
, ..
. , ,
,
: ,
,
, ,
. ,
- ?
Digital Sky Technologies (DST),
,
Facebook .
DST Twitter Yelp. ,
, ,
.
,
, - .
, ,
.

. :
, ..
. ,
(Cap table) ( , ).
, ,
. ,


.
,
( , )
, ,
.

, , , : ,
,
- . , -;
, .
( ,
), ,
. ,
. ,
( ,
, , ,
, 2, 3 )
(

,
). ,
: ,
( ,
)
, , ,

,
( 1:1).
,
( )
(
, 1:1). ,
.
,
, , ,
, , -
. ,
(
(convertible notes) . ).

, : , ,
. , (
, $1 , $200+
, $300+ ) .
: ,
. ,
, ,
(mentor). , , ,
( ). ,
- , , ,
.
, ; ,
: -,
, , , .

 ,
, . ,
NASDAQ, .
, - :
, ,
, . ,
, -
: .
, : ,
, ,
.
. , .
,
($10 - $100K) 3 6
. ,
. - Y Combinator ,
. , GST
, Y Combinator`
$150. , (convertible
note) , 3,
, ,
. ( , .)
,
.
, Founders Institute, .
, . !
,
,
.
, (, ),
, . ,
,
( - ), ,
, .
( ),
.
1-2% ( ), 20%
( ). 80%
. ,
,
.
____________________________________________________________________________
3. , , ,
,
, ,

 , , ,
- ,
( ). , ,
, ,
.
. ,
. , ,
- .
, , - , .
, .
, , ,
.
,
. , ,
.

( )
2 :
( ), .
, ($50k - $500k),
; ($500k - $5m+) .
2012 ,
, $2m+, ,
.

,
. ( , 6% ),
(12 18 ), . (
, ,
, Western Technology Investment.)
, , . ,
,
6%.
, ,
, ,
( ),
. , ( +
)
( 20 25%),
,
,
, 20-25% . (
,
,
, .) ,
;

 , ,
.
, ,
, $4m $8m.

, ,
.
.
,
, ,
( ) .
, 2
. ,
(2 3). , $100,000
3 ,
$306,000 12 206% !
,
( ,
).
,

,
.
, ,
. .
, ,
() ,
, - .

, ,

. !
,
; ,
, .
, : ,
, .
,
, ,
.
, ,
, .. , ,
($5k-$10k) , $50k,
$350k.

 ,
.
, : -
(pre-money valuation) -
(post-money valuation) .
, . $100
10% , , - $900 ,
, $100 10% .
- $100 $900 ($100 on a $900 pre).
,
. $20M,
? , :

,
.
- ,
- , . :
, .
: , Gomez.com
. , ,
.
:
, ,
. ( ,
, ,
.) , , ,
, ,
.
, , ,
.
(term sheet), 3-5
, ,
, ( ) ..
, 48 ,
,
. ,
. ( (exploding) .) ,
, ..
, .
, ,
30 60 , ,
.
,
. . : http://techcrunch.com/2009/08/23/the-fundedpublishes-ideal-rst-round-term-sheet

 ,
, , .

.
, ( ) ,
. , , ,
.
. ,
.
- , ,
. ( :
,
, Key Man Insurance
, )
-
. ,
. - ,
.
15 ,
.
, , ?
? . (4-10 )
,
,
. :
, ,
( ) !

, . , ,
. ! $350k
$50k . .
,
: 150 , -,
, , ,
, - . , ,
. , ,
. : ,
. ,
.
, ,
1 . -
1:45 , ,
, ,
. , , ,
- . ,
$14,213.87, $2,114,213.87,
, $14k . (
, .)


, , ,
. , .
,
, .
, . ,
,

. /
( ), ,
- , .
( $3bn , $37bn .)
? : ,
.) ,
, , ,

.

, .
,
, -
. ,
, :
. , ,
, ? , :
,
. ,
,
; ,
, (IRS) ,
. !
, ,
-
, , ,
, . .
, ,
,
4 . ( . vest.)
,
;
,
.
, ,
. , ,
, 1/48
4 .
, , (

 4 , )
. , .
,
.
,
, , .
. . ,
, .
,
90 .

! ,
, . ,
, (
AMT ,
,
(http://en.wikipedia.org/wiki/Alternative_Minimum_Tax));
.
, ,
, , ..
3 , .
,
$0.03 , .
-, 100,000 . ,
, $3.00 . !
100 ! , -
, ,
. , $0.03 * (3/4 * 100,000)= $2,250
75,000 , ( 3 ), -
$225,000. ! , . .
, , $2,250
$225,000 , AMT
(Alternative Minimum Tax) 28%, ($225,000 - $2,250) * 0.28 = $62,370
(IRS) . ,
. ,
, 10 . ... :
, . !
? 2 .
-, . ,
4 $4 .
($4.00 - $0.03)
* 100,000 = $397,000 ( ,
3 , 4 ).
,
. 35% ,

 $138,950 $36,127 9.1%.

$221,923. , .
-
(83(b) Election).
, ,
. . ,
4 ? ,
, ,
. , ,
,
.
.
( )
. , ,
( ),
.
, 100% , 25%
.
, :
(83(b) Election).
,
,

, .
(, ),
,
,
, . ,

, ! ,
.
(83(b)Election), . 30
83(b)Election
.
: (ISO) ,
(NSO). ,
83(b) Election, ISO: ,
ISO
. ISO
(, ),

. :
NSO. ,
ISO NSO.
, NSO.
,
ISO NSO.
, .


, ,
,
, . ,
( 15%
2012), .
, $4.00 ?
$3000 , ,
$221,923, $303,600! ,
(,
) -
,
( ,
!), , 60 .
,
,
.
,
. Enron` ( Enron 2001 -
) ,
, ,
, .
, 100% ,
, .
( ) , .
,
. ,
( S-1), 6 ; ,

6
, ,
, , ,
. ,
IPO, , ,
!

, ,

.
, .
- ?
. ? ,
, ,
, ,
,
: ,

. , 1/10
.
Enron, , ,
, ,
409(a) (,
) 12 .
,
, 20% -

. $8000
, .
( ) ,
, , ,
, 1/6 - ,
. ,
, . (
, , ,
.) ,
, ) ,
)
,
( ).
, ,
- . , ,
, ,
( : Variable Spread Prepaid Forward Options),
.

(The Pool)
,
, ,
. ( ,
, ..
). , , 1020% , , ,
,
.

. ,
.

;
.
, , .
;
, .
, ,

 , ,
, ..
,
.
, ,
. ,
;
, . ,
, ,
. ,
( ),
10% .
: , ,
! ,
. ,
, .

,
. , , - ,
. ,
, . , ,
, , ,
, 25%
. ,
, , ISO,
NSO. NSO,
ISO, NSO.
0.1% 2% (
, )
.

(, )
.
, . , ,
,
.
; 50%
, .
,
,
12 .
,
,
. ,
, ,
,

 . ,
100% , ,
.

( )
, ? : ,
,
. ,
: (,
) . 5
.
, ,
.
, ,
. (,
, .) ,
$300,000 ,
, , - .
.
-/, ,
.
$85,000 , ,
$60,000 ( ). ,
, , ,
, 3% , ,
.
2% 1% ,
-/.

,
- ,
. Y Combinator,
.
- 500 Startups, Founder Institute,TechStars . ,

, , ,
.
,
-. ,
-, . ,
CodeYear, Codecademy, Udacity: Python Rails.
, . (
, !) . . ,
, -. ,
, .


10 , 21 , 2011. ,
PBworks ( . )
. ,
, ,
. Scribd.
, , 3 ( ,
!) Hacker News
20,00 . ,
.
:
! , Chris
Yeh , ,
. Jasmine de Fieldsent AMT
( ) . 25
.
26 2012,
160,000 , (!),
, : Michael Sullivan Pillsbury
Winthrop, George Grellas Grellas Shah LLP, William Marshall Versa Law Group.
Wendkos Max, Larry Gadea, Mikko
Vedru, Max Samis, Julia Grace, Brent Tubbs, Vineet Buch, Joshua McKenty, Scott Heller,
Nicolas Dudebout, Mike Brown. GigaOM & Hacker News
.
(Greg) Hacker News;
.
Webprendedor,
, 2011 , .
, ,
.
, . ,
, , , , -
. Email david@weekly.org @dweekly
, . ,
,
. ?
.
: http://dweek.ly/stock