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The third dimension is how many. The how many dimension has two parts to it. How many options per employee and how many options in total as in the total stock options pool. How many options should you grant per employee? What number is the right number and how do you decide that? Well, here we use the principle of attractiveness. In a certain growth rate, what amount would be an attractive amount for an employee at a particular role criticality? We will discuss this in detail when we do the numbers, but broadly what you need to ensure is that the number of options must be such that they are attractive to the recipient. The second part is how many overall meaning what must be the total stock options pool of the company and out of that how many do you give out today and how many do you reserve for the future. Here you might have your own restrictions or those placed by your investors in some cases. Now look at the interplay between this dimension and the last one. You have a certain overall limit that you cannot exceed. Within that limit, you need to ensure that whoever gets stock options should get a number that is attractive enough for that role. If you are ever in a situation where the stock options pool is too small and you cannot cover all your people adequately, then consider reducing your coverage. You can try reducing the individual number of stock options so you try and cover as many people but beyond a point it does not make sense to give them out to a large number of people. Because that might mean giving out peanuts to everyone and it may not motivate anyone at all. Attractiveness also depends significantly on your growth rate over the next few years and we will see how when we do the numbers. As a founder, you need to balance these forces and customize your scheme so that it is right for you. | [
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The fourth dimension is what price? The price dimension has multiple alternatives to consider. Should you grant them at the current pay market value, or a small discount to the F&V, or a deep discount to the F&V, which could even mean granting them at face value? There are accounting implications to consider here as well. As of now, any discount to the current F&V you provide on stock options needs to be written off as an expense in your P&L account, which reduces your profits. So for instance, if your current F&V is $30, but you grant your options at $20, the difference or discount of $10 multiplied by the total options granted needs to be written off as an expense in your profit and loss account. But these guidelines can change, so you need to check with your accountant at the time of granting these stock options. You also need to consider why you would like to grant them at a discount. Do you have a compelling reason to do so? For instance, let us say you have team members who have been with you for the last two years and have created value from, say, $10 per share to $30 per share. Now a new group of people joins and you offer them options at $20 per share. Should they board the bus at $20 or should they board it at $30 and gain only to the extent of value they add beyond $30, since they probably did not contribute to bringing the value up to $30 in the past. These are the perspectives you need to balance while deciding on the strike price of the options. | [
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The fifth dimension is what conditions. The dimension of what conditions usually refers to the Westing and Exercise conditions. Westing has three elements. Period, Schedule and Conditions. You need to decide over what period the options must vest. The most common Westing period is four years with a one-year cliff, which means that no options can vest before the expiry of 12 months from the date of grant. That is also the minimum Westing period as per the Indian loss today, though it might change in the future. While four years is the most common Westing period, they could also vest over three or five years, or even longer if your vision dictates so. The second element is the Westing Schedule. Should they vest equally every year or in a back-ended manner, such as 10% in the first year, 20% in the second, 30% in the third, and 40% in the fourth. You could also vest them quarterly. This would again depend upon your vision and your business strategy. The third element is Westing Conditions. The options could vest merely on the basis of an employee continuing to remain in employment with the company. This is called Westing based on tenure. The options could also vest based on certain performance conditions being met. These conditions could be company levels such as revenue, profits, number of users, etc., or employee level performance parameters. So you need to define the Westing period, the Westing Schedule, and the Westing Conditions. We will talk more about this and also exercise conditions later on in our course. | [
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To be able to calculate the number of options for each employee, you need your financial projections. Recall our X by Y formula. If we intend to pass on a benefit of $100 over 4 years, and if each equity share provides a profit of $20, then we would need to grant 5 options to deliver the intended benefit of $100. Now to do these calculations, you need your financial projections. You could either make them yourself or take the assistance of your financial advisor or investor. But you need to pay attention to the implications of your financial projections on the number of stock options you will decide to grant. Let us say you wish to provide an intended benefit of $100,000 to an employee in 4 years. When you think about value created for the purpose of stock options, this is what you're asking yourself. By how much should the company value increase for the intended benefit of $100,000 to be justified to that employee? Should the employee make $100,000 as stock options profit, even if the company value does not increase at all? Should the employee make $100,000 as profit, only when the company increases in value to a billion dollars? Here you need to consider what is reasonable. If you do see a reasonable increase in the equity value, then the employee must also make a reasonable profit. Scribble a few numbers on a page as you listen to this. If your financial projections show the current share price at $20 and the share price after 4 years at $100,020, that's $100,000 to $0,000. Because let's say your company is worth a billion dollars, well then the profit for each share over 4 years would be $100,000. And since your intended benefit is also $100,000, you would conclude that you only need to grant that employee a single stock option, because each share would give them a profit of $100,000. They would really need only one share to be able to make the intended benefit of $100,000. You need to be careful when you make assumptions in your financial projections, because if you consider very optimistic numbers in your projections and decide the number of options based off those projections, then the employee may end up making almost nothing, even if you grew by a reasonable amount over 4 years. So to keep it reasonable you could say that the employee should make an intended benefit of $100,000. If the share price were to grow from $20 to say $200 or $300 or $500, which is still a growth of 10x, 15x or 25x in 4 years. If you consider an approximate profit per share of $500 in 4 years, for an intended benefit of $100,000, you would need to grant them 200 options, 100,000 divided by 500, rather than granting them only one option in the case of highly optimistic projections. Now we are not saying that you have to pair your ambitions down. What we are saying is, don't plan your stock options numbers on the basis of a moon projection. Plan them on the basis of something reasonable. So if there is a reasonable value creation, the team also makes a reasonable profit, which is fair, which automatically means that should there be an unreasonably high value creation, the team would also make an unreasonably high profit, which is exactly how it should be. So work on average reasonable projections and not highly optimistic projections when you calculate the number of options per employee. Time for the moon, sure. But ensure that should you reach only the top floor of a skyscraper, your team is still rewarded appropriately. When you plan the option numbers as per the skyscraper, but end up reaching the moon, then every stock option recipient will be over the moon too. So be careful when defining these projections. Talk it over with your advisors in detail. This is very, very crucial since this affects the number of options you would give to your team members today. You could have one set of projections as your dream numbers and another set to decide the stock option grants. Team motivation is very important, so get that right. | [
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If you have a team operating out of multiple countries, it is quite likely that the salary of a certain role might be very different when converted into a common currency. So should you grant both these people who have the exact same roles, the same number of options or should you consider the difference in their salary and work out the intended benefit accordingly? In most cases, you would not grant them the same number of options and would work out their intended benefit as per their salary in their currency. This is because they view their worth in that particular currency and hence would also view what is attractive only with respect to the salary paid in that currency. The difference in salary could be due to a variety of reasons such as the relative purchasing power or the availability of specific resources in a country. The business plan needs to ensure that if you are paying a salary in a certain currency which after conversion is much higher than the salary for the same role in another currency, the output from that geography or from that role in terms of revenue or growth should also be proportionately higher to justify such costs. But when you calculate the number of stock options, you would consider their actual salary in the currency or geography it is paid and not an adjusted salary. You could make an exception only if you have a very specific reason that applies in your case to keep the numbers the same irrespective of the geography. If you choose to do that, please consider the difference in the attractiveness of the financial benefit that this might cause to the concerned individuals and its impact on their morale and motivation. | [
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Yes, the most common vesting period is 4 years, but you aren't supposed to accept anything at face value. So think about it. Based on what you have thought about as your company's long-term objective, what blocks of period sound right and just fit much better? Try to arrive at a very natural sense of that period. You see, you can adopt 4 years because that is the norm, but it really won't be yours. If after having thought about your long-term goals, you have come to the conclusion that yes, 4 years works for us, then it is yours. You could feel that 5 years sounds much better to you. Could there be some resistance from the employees? Possibly. Why are you doing 5 when most others do 4, they might ask? Your conviction about your vision helps you answer that. And most people don't mind when they see that there is some substance behind that thought. Also, do not think for a moment that the longer you keep the vesting period, the longer you people will stay. So let me vest the options over 10 years. In that case, you may not find any good people to begin with. People tend to stay longer when they are excited about the goal they are pursuing. If people are staying only for the options to vest, you have a not-so-interested team working for you, which is not good. Keep it at a reasonable level that can be justified by your long-term vision. Even the long-term vision can usually be divided up into blocks of time. But whatever that number is, make it yours. Own your vesting period. | [
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If you choose to add performance conditions to your Westing, please ensure that the performance matrix is simple and easy to understand. You could link them to company performance or individual performance or a combination of the two. For senior roles, it is better to use either only company performance parameters or if you should use individual performance, assign a much higher weight to the company performance. For junior roles, you might do the opposite. Either only individual performance or a much higher weight attached to it. Depending upon your long-term objective, you might even consider everyone linked only to company performance. The message you send out here is that the fortunes of everyone ultimately depend upon the fortunes of the company. So we all sink or swim together. We all have one not-star. Let us focus on how the company performs overall and not how you perform individually. Again, this will depend upon how your work is structured within your company, the interdependencies it has and the work culture you have decided to create based upon your vision. You may consider a scale or ranges of performance rather than a binary performance matrix. A binary matrix would mean a yes or a no. If we hit this number, the options west, if we are shot by even one, nothing rests. A range, on the other hand, means if we reach between this and this, then 100% of those options rest. If we reach between 90 and 100% of that number, then only 80% options rest and so on. You should have a reasonable minimum below which nothing rests. You may not waste all the options based on performance. Some could waste only on tenure or continued employment with the company. You see now we are talking about multiple layers. The challenge is to balance fairness with simplicity. So try a few alternatives. Consider how each fits with your long-term objective and then make a decision. Here are a few examples. Let's start with the simplest. Standard options granted with the 10, 20, 30, 40 Westing but all options west only on tenure, no performance condition. Second, all options west on performance. Third, 100 options with the 10, 20, 30, 40 Westing but 70% options west on performance and 30% west on tenure. So after the first year, when the first 10 options are due to west, three of them will west automatically due to tenure. There is the balance seven would west based upon some performance parameters. Now that performance condition could have more layers. Is everything linked only to the company performance or is it also split between company and individual performance in a certain proportion? What weights are assigned to company performance versus individual performance? And the last layer is the performance matrix structure. Is it a yes, no binary kind of a matrix or is it a range matrix? So you could have 10 options due to west in the first year but seven of them west based on performance which is then split as 50% individual and 50% company performance. But individual performance has a scale that says that if you achieve the highest rating A, all of that 50% chunk, if B, then 75% of those 50% options west and so on. The company performance could have a similar range with respect to company parameters. Be careful about adding layers. Add new layers only when you are absolutely convinced that you must do it because it furthers your long term objective or the culture you are trying to create. Simple is always more beautiful. You could also create milestone options. As the name suggests, these do not west annually or quarterly but west only on meeting a certain milestone or an event occurring. This might sound very interesting but be very very careful about these. Use them only if you can define your milestone really, really, clearly and objectively. The milestone need not be the achievement of an entire product or the discovery of a molecule. It is a milestone so should be a certain critical and a very clearly definable stage you reach in your journey. Creative milestones are better than subjective milestones. So you could west simply based on continued employment or west based on performance. Choose whatever fits best with your vision and the culture you wish to create. | [
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"text": " Let us focus on how the company performs overall and not how you perform individually.",
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"text": " Some could waste only on tenure or continued employment with the company.",
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"text": " Consider how each fits with your long-term objective and then make a decision.",
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"text": " Standard options granted with the 10, 20, 30, 40 Westing but all options west only on",
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"text": " So after the first year, when the first 10 options are due to west, three of them will",
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"text": " Now that performance condition could have more layers.",
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"text": " Is everything linked only to the company performance or is it also split between company",
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"text": " What weights are assigned to company performance versus individual performance?",
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Stock options are well known and frequently used by startups to attract and retain talented team members with the company. But sometimes one hears that employees don't really value stock options and hence they are not effective. Let us understand why that happens. If you purchase a piano and keep it in your living room, it will not start to play by itself. You need to learn the skill to draw the music out of that instrument. If you do not learn how to play it, you will never derive any true pleasure or inspiration from it. The key word here is learn. You need to learn how to play it. You can purchase a piano anytime, but you own a piano only when you have put in the effort to learn how to create music with that instrument. Stock options work the same way. Because they are so widely used by startups around the world, you tend to take them for granted. You start to believe that all you need to do is just grant them to your team members. Just place the piano in the living room and they will somehow start to play music on their own. A light will magically pass through every team member and they will suddenly start to feel like an owner of the company and will begin to act accordingly. And that must be because that article on stock options said so. So I as a founder have played my part by granting you stock options and now you the team members need to play yours. It does not work that way. It never has and it never will. If you use stock options without knowing how to really use them without learning how to draw music out of them, they will almost never work for you. They might, in a few rare cases, provide financial success to your team members if you create a business that becomes very valuable. But that does not mean you made them work for you. You did not put in any effort in making them work for you, which means you left it to chance and it worked. But that does not happen in most cases. Besides, let us first understand what it means to make stock options work for you. What does work for you really mean? Work for you does not mean that they make a lot of money for the team members. When stock options truly work for you, it means that they strengthen the sense of ownership in the hearts of the team members. That sense of ownership drives them to stare at their ceilings when they lay on their bed at night, thinking about what more they can do to succeed. That sense of ownership inspires them to keep going, keep improving and create something that others will be inspired by. If your people feel none of that, then you are missing out on a tool that is very powerful. You are not truly harnessing the power of stock options. And if despite this, you are financially successful. Imagine what you could have done. Had you used stock options in the right manner. So how do you make your stock options work for you? To make them do wonders, the conversation must not start with stock options. It must start with your values and your vision. That is what inspires people. A piece of paper that you hand out to them with the promise that this will make you rich, inspires no one. It can seduce them, perhaps. It can make them greedy. But it can never really inspire them in the true sense. If you want to use the real power of stock options, you must start from your personal values. And that must lead to a healthy non-financial vision that you are passionate about. It is that non-financial vision that inspires people to go beyond their call of duty and create something that you can be proud of. If your vision says, let's become a billion dollar company, you are essentially saying that I have no vision beyond making money. But that is usually not true. If you only think about a financial vision today, and that is not uncommon, you have probably been swayed and misguided by the external environment that wants you to believe that it is the valuation that matters. But the truth is, values and not valuation inspire people. Vision and not valuation inspires people. Do not use stock options merely as a financial tool to attract or retain people or to lure them into taking a pay cut by showing them an imaginary pot of gold. Give them something much more substantial to resonate with, something they can latch on to and believe along with you. If you have been influenced by the environment around you and you have begun to believe that your core purpose is to raise the next round of funding and create a unicorn, it is understandable. Our environment plays a huge role in shaping our thoughts. Because you are a victim of such an environment, it might also fuel your energy of greed. Now the energy of greed may work once in a while, but at its core, it is an inferior, a much weaker and a negative form of energy. And even if it does work, it might leave you richer, but it will also, in all likelihood, leave you less peaceful. You can simply transform the same energy into a much stronger form, the energy of your values and your vision. Use stock options as a proxy, as a symbol for your values and for the vision that you stand for. That is where your conversation needs to start, from your heart, not from your head. That is what inspires people. That is what will differentiate your venture from 10 others down the road. That is what will make you start up successful. Stock options are dead pieces of paper. It is your vision that infuses life into them. It is your vision that infuses energy in your people. Don't look at ESOPs as employee stock options. Look at them as emotional stock options. Put in the effort, and they will work for you. If you don't, why should they work for you? If you put in the effort, your chances of success increase dramatically. Stock options are a proxy for the values and the non-financial vision you have. And that should be the guiding principle of your stock options strategy for your startup. But before we talk about the stock options strategy, we first need to understand what a startup itself should be. So let us start there. | [
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When you design your own stock options strategy, don't start with the shareholders resolution. Start with the sandbox. Create some scenarios that will help you decide broadly how many stock options you need to grant to how many people and at what terms to achieve your vision. Think about whether you would like to grant Grasius options too and if yes, at what terms. If you decide to grant Grasius options with a lower exercise price, you would need an additional separate approval from the shareholders for Grasius options. This sandboxing will give you an estimate of the total stock options you might need for the next few years and the terms at which you would like to grant them. Get this estimate first and then go to the shareholders for their approval of these broad terms. You don't need these specific numbers per employee at this stage. You only need broad terms such as the total stock options pool, your exercise price or the pricing formula you wish to use, minimum and maximum investing period etc. You can find these terms in the explanatory statement of the shareholders approval under the legal section in atom. You can continue sandboxing to refine the numbers but once you have a broad estimate, you can start the legal process of obtaining a shareholders approval because that might also take some time. Your legal counsel will guide you on how to call and hold a shareholders meeting. While you do this, continue to fine tune the numbers in the sandbox. Your objective is to arrive at a final list of specific employee names and specific options to be granted to each employee, both under the growth and the Grasius schemes. Once the shareholders approve the broad terms, the board then needs to create a legal stock options scheme under those broad terms. So the board then passes a resolution to create a growth stock options scheme and a Grasius stock options scheme. These schemes have specific terms and not general broad terms of grant. For instance, at the shareholders approval, you could have said that the investing period would be between 1 and 5 years from the rate of grant. In the scheme however, you will say that the options under this growth scheme will waste 25% each year over 4 years, with the first wasting after 12 months from the rate of grant. In the Grasius scheme, you might say that these options waste after 12 months from the rate of grant. The growth scheme might bear an exercise price equal to the current fair market value, while the Grasius scheme might be at a certain discount to the fair market value or at a flat discounted price, say 1 cent per option. So once the shareholders approve the broad legal terms, the board then needs to approve these specific stock options schemes with specific terms, not broad terms anymore. Now that the schemes have been created legally, the next step is to grant the options to the employees. By this time, you should have fine-tuned the numbers in the sandbox and should be ready with the specific growth in Grasius options to be granted to specific employees. Please make the final adjustments to the numbers if required, as discussed in another lesson. When all this is ready, you call another board meeting where the specific grant to identify your employees is approved by the board at specific terms. Please remember that you can grant stock options only to employees who have joined the company and not to someone who has agreed but not yet joined. So please don't make any such promises at the time of hiring people. Like we discussed under the how often dimension of the ATOM 60 framework, follow a quarterly grant schedule for your company. Once the board has approved a specific grant by passing a board resolution with the details of the grant attached to that board resolution, that is when the grant becomes legally valid. Then you proceed to give out the stock options grant letter and the agreement to your employees. As new people join the company, you make a list of those who according to you should be granted stock options and grant them at the next quarterly board meeting. The cycle continues until you decide to overhaul your projections and believe you need a new sandbox. This will happen a few months down the line when the company changes its phase of growth. You will feel it when it is time to sandbox all over again. Just be aware of it. And when it is time, follow the same process. Remember to recap, bring clarity to your vision. Decide what kind of people you want on the team to achieve that vision. Start with the sandbox to get clarity in terms of the numbers. Then go to the shareholders for an approval of broad stock option terms. Then create a legal growth or grassier stock options scheme through a board approval. Finalize the option grantees list in the sandbox. Add the board to approve the specific grant to specific people and finally distribute the grant documentation. We strongly recommend that as a best practice, you make your schemes specific with respect to the exercise price, investing period and investing schedule. Investing in exercise conditions and such other terms and refrain from using clauses such as as decided by the board for these terms in the scheme. | [
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"text": " While you do this, continue to fine tune the numbers in the sandbox.",
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"text": " So the board then passes a resolution to create a growth stock options scheme and a Grasius",
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"text": " For instance, at the shareholders approval, you could have said that the investing period",
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"text": " In the scheme however, you will say that the options under this growth scheme will waste",
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"text": " 25% each year over 4 years, with the first wasting after 12 months from the rate of grant.",
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"text": " In the Grasius scheme, you might say that these options waste after 12 months from the",
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"text": " The growth scheme might bear an exercise price equal to the current fair market value, while",
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"text": " Now that the schemes have been created legally, the next step is to grant the options to the",
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"text": " with the specific growth in Grasius options to be granted to specific employees.",
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"text": " Please make the final adjustments to the numbers if required, as discussed in another",
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"text": " When all this is ready, you call another board meeting where the specific grant to identify",
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"text": " Please remember that you can grant stock options only to employees who have joined the company",
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If you are currently a small team, you may need to hire people in the future once you pick up pace, because then you may not be able to handle everything. To hire the right people, stock options will come in handy. But as we have discussed earlier, you need to use them in the right manner. If you are only offering them as another component of compensation, it might not inspire your team. If you haven't learned how to use them in the best situation, they may fail to work for you, and in the worst case, they may even demotivate your team, or create an unhealthy culture. If you treat them as just another letter to be granted to the employee, then it is just a dead piece of paper, with no life infused into it. And they will listen to you, watch your stock options presentation, take the letter, and forget all about it. Those stock options will fail to work for you, meaning they will fail to inspire those people. In the worst case, if you haven't thought through your values and your vision, and have held out stock options only as a ticket to getting rich quickly, you would have poisoned your culture. You would have encouraged your people to only think about money. Thinking about money constantly makes one greedy. When greed is not met, it leads to discontent, which very soon leads to anger. If you are struggling in your venture for some reason, it would feel much better if your team is aligned with your values and your vision. Most of them will understand you, stand by you, and work with you shoulder to shoulder. To get out of that situation. But if money is all they can think about, then the only thing on their mind might be, oh, I was promised that pot of gold, and now it seems to be disappearing. Give them something non-financial to latch on to, to resonate with, to be inspired by. That creates the right culture, and significantly increases your odds of success. Stock options are like rough diamonds, but it is your responsibility to polish them, to extract their shine out of them. Your values and vision do that for you. Attract people because of your passion for your values and your vision, and then offer them stock options as an added bonus. Your vision needs to be genuine, because sometimes when a founder says, I am really passionate about this space. What they actually mean is, I think a lot of money can be made here, and your people can hear that, even if you haven't said it aloud. Focusing on a non-financial vision also improves the quality of your journey. The journey lasts much longer than the destination. The journey is your customer, not the destination. Focus on customer experience, not on the product launch party. So do you really need to grant stock options? Well, if you learn how to use them well, you will have a very strong tool that will work in your favor. Once you have such a tool, you will want to grant them. If you are granting them only because you need to, because everyone else is doing it, and you do it without putting in any thought, then you are not really utilizing their power. So put in the time and energy to learn how to use stock options to your advantage, so you want to grant them. | [
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] | en |
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