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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 12 Jan 2018
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      This is your periodic reminder that, if you have people who depend on you or causes that you support, 10 year term-life insurance is a product which is easy to buy when you are young and healthy and very inexpensive. Got married? Had a kid? Add a new policy on top of old one.

      8 replies 10 retweets 111 likes
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    2. Patrick McKenzie‏ @patio11 12 Jan 2018
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      "How much?" That depends on a lot of personal circumstances but, if you're reading this [+], the correct answer is probably denominated in millions. [+] Assumptions: "substantial earning power", "relatively young", "peak earning years well ahead of you", "low liquid net worth."

      5 replies 2 retweets 34 likes
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    3. Colin Percival‏ @cperciva 12 Jan 2018
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      Replying to @patio11

      Speaking of low liquidity, I'm curious -- any idea what the norm is in the event that someone with an equity grant dies? Do incentive options evaporate? Heirs have to decide whether to exercise within N days? Or something more generous?

      1 reply 0 retweets 1 like
    4. Patrick McKenzie‏ @patio11 13 Jan 2018
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      Replying to @cperciva

      The norm is that your contract has anticipated this and you can expect the company to perform as per the contract, neither above nor below it. I'll follow this tweet with my understanding of what I would assume a contract prepared by professionals for a US tech company would be.

      2 replies 0 retweets 1 like
      Patrick McKenzie‏ @patio11 13 Jan 2018
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      Replying to @patio11 @cperciva

      1) We're going to repurchase your unvested options. 2) The vesting clock stops at death; we don't accelerate vesting. 3) Normally, you would have X time to purchase options, but in event of death (or maybe severe disability), your heirs have Y, which is materially longer.

      1:02 AM - 13 Jan 2018
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        2. Patrick McKenzie‏ @patio11 13 Jan 2018
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          Replying to @patio11 @cperciva

          Note that most people with options that are worth material amounts of money or would cost a material amount of money to exercise will also be covered by employer-provided life insurance, which is a standard US tech industry perk for companies old enough to have HR folks.

          1 reply 0 retweets 1 like
        3. Patrick McKenzie‏ @patio11 13 Jan 2018
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          Replying to @patio11 @cperciva

          I'd also expect, as a matter of social concern, that someone at the company would have a quick chat with your heirs which would mention that you had vested, unexercised options, provide heirs a copy of the legal agreements, and then say "Strongly suggest you talk to an attorney."

          0 replies 0 retweets 3 likes
        4. End of conversation
        1. Steve Canon‏ @stephentyrone 13 Jan 2018
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          Replying to @patio11 @cperciva

          FWIW Apple accelerates (RSU) vest when an employee dies. Not sure about the other bigcos.

          0 replies 0 retweets 2 likes
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        1. Scatman Balladeersay‏ @RummaTumTums 13 Jan 2018
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          Replying to @patio11 @cperciva

          In our case, after the death of our CEO during fund-raising, VCs wanted us to absorb his unvested shares. We wanted to accelerate his vesting to ensure his family had something. You don't have to do business with those VCs. We didn't.

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        1. Colin Percival‏ @cperciva 13 Jan 2018
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          Replying to @patio11

          Got it. Good to hear the Y >> X bit -- I could imagine employees not thinking to ask for this (since they're not planning on dying) and companies not offering (since they don't want non-employee shareholders).

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