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