Datasets:

manishmlv50
/

adios-transcripts-sample

{"text": " 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.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 8.700000000000001, "text": " When you design your own stock options strategy, don't start with the shareholders resolution.", "tokens": [50363, 1649, 345, 1486, 534, 898, 4283, 3689, 4811, 11, 836, 470, 923, 351, 262, 19195, 6323, 13, 50798], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 1, "seek": 0, "start": 8.700000000000001, "end": 11.120000000000001, "text": " Start with the sandbox.", "tokens": [50798, 7253, 351, 262, 35204, 13, 50919], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 2, "seek": 0, "start": 11.120000000000001, "end": 15.64, "text": " Create some scenarios that will help you decide broadly how many stock options you need to", "tokens": [50919, 13610, 617, 13858, 326, 481, 1037, 345, 5409, 18633, 703, 867, 4283, 3689, 345, 761, 284, 51145], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 3, "seek": 0, "start": 15.64, "end": 22.2, "text": " grant to how many people and at what terms to achieve your vision.", "tokens": [51145, 7264, 284, 703, 867, 661, 290, 379, 644, 2846, 284, 4620, 534, 5761, 13, 51473], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 4, "seek": 0, "start": 22.2, "end": 28.8, "text": " Think about whether you would like to grant Grasius options too and if yes, at what terms.", "tokens": [51473, 11382, 546, 1771, 345, 561, 588, 284, 7264, 1902, 292, 3754, 3689, 1165, 290, 611, 3763, 11, 379, 644, 2846, 13, 51803], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 5, "seek": 2880, "start": 28.8, "end": 33.42, "text": " If you decide to grant Grasius options with a lower exercise price, you would need an", "tokens": [50363, 1002, 345, 5409, 284, 7264, 1902, 292, 3754, 3689, 351, 257, 2793, 5517, 2756, 11, 345, 561, 761, 281, 50594], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 6, "seek": 2880, "start": 33.42, "end": 40.0, "text": " additional separate approval from the shareholders for Grasius options.", "tokens": [50594, 3224, 4553, 7546, 422, 262, 19195, 329, 1902, 292, 3754, 3689, 13, 50923], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 7, "seek": 2880, "start": 40.0, "end": 45.42, "text": " This sandboxing will give you an estimate of the total stock options you might need for", "tokens": [50923, 770, 35204, 278, 481, 1577, 345, 281, 8636, 286, 262, 2472, 4283, 3689, 345, 1244, 761, 329, 51194], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 8, "seek": 2880, "start": 45.42, "end": 50.58, "text": " the next few years and the terms at which you would like to grant them.", "tokens": [51194, 262, 1306, 1178, 812, 290, 262, 2846, 379, 543, 345, 561, 588, 284, 7264, 606, 13, 51452], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 9, "seek": 2880, "start": 50.58, "end": 56.72, "text": " Get this estimate first and then go to the shareholders for their approval of these broad", "tokens": [51452, 3497, 428, 8636, 717, 290, 788, 467, 284, 262, 19195, 329, 511, 7546, 286, 777, 3154, 51759], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 10, "seek": 5672, "start": 56.72, "end": 59.16, "text": " terms.", "tokens": [50363, 2846, 13, 50485], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 11, "seek": 5672, "start": 59.16, "end": 64.02, "text": " You don't need these specific numbers per employee at this stage.", "tokens": [50485, 921, 836, 470, 761, 777, 2176, 3146, 583, 6538, 379, 428, 3800, 13, 50728], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 12, "seek": 5672, "start": 64.02, "end": 69.52, "text": " You only need broad terms such as the total stock options pool, your exercise price or", "tokens": [50728, 921, 691, 761, 3154, 2846, 884, 355, 262, 2472, 4283, 3689, 5933, 11, 534, 5517, 2756, 393, 51003], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 13, "seek": 5672, "start": 69.52, "end": 75.75999999999999, "text": " the pricing formula you wish to use, minimum and maximum investing period etc.", "tokens": [51003, 262, 13045, 10451, 345, 4601, 284, 779, 11, 5288, 290, 5415, 14771, 2278, 3503, 13, 51315], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 14, "seek": 5672, "start": 75.75999999999999, "end": 80.82, "text": " You can find these terms in the explanatory statement of the shareholders approval under", "tokens": [51315, 921, 460, 1064, 777, 2846, 287, 262, 44742, 2643, 286, 262, 19195, 7546, 739, 51568], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 15, "seek": 5672, "start": 80.82, "end": 83.4, "text": " the legal section in atom.", "tokens": [51568, 262, 2742, 2665, 287, 22037, 13, 51697], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 16, "seek": 8340, "start": 83.4, "end": 89.36, "text": " You can continue sandboxing to refine the numbers but once you have a broad estimate,", "tokens": [50363, 921, 460, 2555, 35204, 278, 284, 35139, 262, 3146, 475, 1752, 345, 423, 257, 3154, 8636, 11, 50661], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 17, "seek": 8340, "start": 89.36, "end": 94.2, "text": " you can start the legal process of obtaining a shareholders approval because that might", "tokens": [50661, 345, 460, 923, 262, 2742, 1429, 286, 16727, 257, 19195, 7546, 780, 326, 1244, 50903], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 18, "seek": 8340, "start": 94.2, "end": 96.44000000000001, "text": " also take some time.", "tokens": [50903, 635, 1011, 617, 640, 13, 51015], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 19, "seek": 8340, "start": 96.44000000000001, "end": 101.68, "text": " Your legal counsel will guide you on how to call and hold a shareholders meeting.", "tokens": [51015, 3406, 2742, 7739, 481, 5698, 345, 319, 703, 284, 869, 290, 1745, 257, 19195, 3249, 13, 51277], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 20, "seek": 8340, "start": 101.68, "end": 106.72, "text": " While you do this, continue to fine tune the numbers in the sandbox.", "tokens": [51277, 2893, 345, 466, 428, 11, 2555, 284, 3734, 14009, 262, 3146, 287, 262, 35204, 13, 51529], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 21, "seek": 10672, "start": 106.72, "end": 113.64, "text": " Your objective is to arrive at a final list of specific employee names and specific options", "tokens": [50363, 3406, 9432, 318, 284, 9240, 379, 257, 2457, 1351, 286, 2176, 6538, 3891, 290, 2176, 3689, 50709], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 22, "seek": 10672, "start": 113.64, "end": 120.68, "text": " to be granted to each employee, both under the growth and the Grasius schemes.", "tokens": [50709, 284, 307, 7520, 284, 1123, 6538, 11, 1111, 739, 262, 3349, 290, 262, 1902, 292, 3754, 16546, 13, 51061], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 23, "seek": 10672, "start": 120.68, "end": 125.92, "text": " Once the shareholders approve the broad terms, the board then needs to create a legal stock", "tokens": [51061, 4874, 262, 19195, 14762, 262, 3154, 2846, 11, 262, 3096, 788, 2476, 284, 2251, 257, 2742, 4283, 51323], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 24, "seek": 10672, "start": 125.92, "end": 129.48, "text": " options scheme under those broad terms.", "tokens": [51323, 3689, 7791, 739, 883, 3154, 2846, 13, 51501], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 25, "seek": 10672, "start": 129.48, "end": 134.2, "text": " So the board then passes a resolution to create a growth stock options scheme and a Grasius", "tokens": [51501, 1406, 262, 3096, 788, 8318, 257, 6323, 284, 2251, 257, 3349, 4283, 3689, 7791, 290, 257, 1902, 292, 3754, 51737], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 26, "seek": 13420, "start": 134.2, "end": 137.0, "text": " stock options scheme.", "tokens": [50363, 4283, 3689, 7791, 13, 50503], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 27, "seek": 13420, "start": 137.0, "end": 142.79999999999998, "text": " These schemes have specific terms and not general broad terms of grant.", "tokens": [50503, 2312, 16546, 423, 2176, 2846, 290, 407, 2276, 3154, 2846, 286, 7264, 13, 50793], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 28, "seek": 13420, "start": 142.79999999999998, "end": 147.39999999999998, "text": " For instance, at the shareholders approval, you could have said that the investing period", "tokens": [50793, 1114, 4554, 11, 379, 262, 19195, 7546, 11, 345, 714, 423, 531, 326, 262, 14771, 2278, 51023], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 29, "seek": 13420, "start": 147.39999999999998, "end": 150.83999999999997, "text": " would be between 1 and 5 years from the rate of grant.", "tokens": [51023, 561, 307, 1022, 352, 290, 642, 812, 422, 262, 2494, 286, 7264, 13, 51195], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 30, "seek": 13420, "start": 150.83999999999997, "end": 156.64, "text": " In the scheme however, you will say that the options under this growth scheme will waste", "tokens": [51195, 554, 262, 7791, 2158, 11, 345, 481, 910, 326, 262, 3689, 739, 428, 3349, 7791, 481, 7030, 51485], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 31, "seek": 15664, "start": 157.0, "end": 165.32, "text": " 25% each year over 4 years, with the first wasting after 12 months from the rate of grant.", "tokens": [50381, 1679, 4, 1123, 614, 625, 604, 812, 11, 351, 262, 717, 24430, 706, 1105, 1933, 422, 262, 2494, 286, 7264, 13, 50797], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 32, "seek": 15664, "start": 165.32, "end": 170.32, "text": " In the Grasius scheme, you might say that these options waste after 12 months from the", "tokens": [50797, 554, 262, 1902, 292, 3754, 7791, 11, 345, 1244, 910, 326, 777, 3689, 7030, 706, 1105, 1933, 422, 262, 51047], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 33, "seek": 15664, "start": 170.32, "end": 172.67999999999998, "text": " rate of grant.", "tokens": [51047, 2494, 286, 7264, 13, 51165], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 34, "seek": 15664, "start": 172.67999999999998, "end": 178.32, "text": " The growth scheme might bear an exercise price equal to the current fair market value, while", "tokens": [51165, 383, 3349, 7791, 1244, 6842, 281, 5517, 2756, 4961, 284, 262, 1459, 3148, 1910, 1988, 11, 981, 51447], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 35, "seek": 15664, "start": 178.32, "end": 184.76, "text": " the Grasius scheme might be at a certain discount to the fair market value or at a flat discounted", "tokens": [51447, 262, 1902, 292, 3754, 7791, 1244, 307, 379, 257, 1728, 9780, 284, 262, 3148, 1910, 1988, 393, 379, 257, 6228, 29686, 51769], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 36, "seek": 18476, "start": 184.76, "end": 188.67999999999998, "text": " price, say 1 cent per option.", "tokens": [50363, 2756, 11, 910, 352, 1247, 583, 3038, 13, 50559], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 37, "seek": 18476, "start": 188.67999999999998, "end": 194.39999999999998, "text": " So once the shareholders approve the broad legal terms, the board then needs to approve", "tokens": [50559, 1406, 1752, 262, 19195, 14762, 262, 3154, 2742, 2846, 11, 262, 3096, 788, 2476, 284, 14762, 50845], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 38, "seek": 18476, "start": 194.39999999999998, "end": 201.64, "text": " these specific stock options schemes with specific terms, not broad terms anymore.", "tokens": [50845, 777, 2176, 4283, 3689, 16546, 351, 2176, 2846, 11, 407, 3154, 2846, 7471, 13, 51207], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 39, "seek": 18476, "start": 201.64, "end": 206.88, "text": " Now that the schemes have been created legally, the next step is to grant the options to the", "tokens": [51207, 2735, 326, 262, 16546, 423, 587, 2727, 11119, 11, 262, 1306, 2239, 318, 284, 7264, 262, 3689, 284, 262, 51469], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 40, "seek": 18476, "start": 206.88, "end": 208.68, "text": " employees.", "tokens": [51469, 4409, 13, 51559], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 41, "seek": 18476, "start": 208.68, "end": 214.32, "text": " By this time, you should have fine-tuned the numbers in the sandbox and should be ready", "tokens": [51559, 2750, 428, 640, 11, 345, 815, 423, 3734, 12, 28286, 276, 262, 3146, 287, 262, 35204, 290, 815, 307, 3492, 51841], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 42, "seek": 21432, "start": 214.4, "end": 220.56, "text": " with the specific growth in Grasius options to be granted to specific employees.", "tokens": [50367, 351, 262, 2176, 3349, 287, 1902, 292, 3754, 3689, 284, 307, 7520, 284, 2176, 4409, 13, 50675], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 43, "seek": 21432, "start": 220.56, "end": 225.35999999999999, "text": " Please make the final adjustments to the numbers if required, as discussed in another", "tokens": [50675, 4222, 787, 262, 2457, 16895, 284, 262, 3146, 611, 2672, 11, 355, 6693, 287, 1194, 50915], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 44, "seek": 21432, "start": 225.35999999999999, "end": 226.35999999999999, "text": " lesson.", "tokens": [50915, 11483, 13, 50965], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 45, "seek": 21432, "start": 226.35999999999999, "end": 232.35999999999999, "text": " When all this is ready, you call another board meeting where the specific grant to identify", "tokens": [50965, 1649, 477, 428, 318, 3492, 11, 345, 869, 1194, 3096, 3249, 810, 262, 2176, 7264, 284, 5911, 51265], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 46, "seek": 21432, "start": 232.35999999999999, "end": 237.04, "text": " your employees is approved by the board at specific terms.", "tokens": [51265, 534, 4409, 318, 6325, 416, 262, 3096, 379, 2176, 2846, 13, 51499], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 47, "seek": 21432, "start": 237.04, "end": 242.44, "text": " Please remember that you can grant stock options only to employees who have joined the company", "tokens": [51499, 4222, 3505, 326, 345, 460, 7264, 4283, 3689, 691, 284, 4409, 508, 423, 5399, 262, 1664, 51769], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 48, "seek": 24244, "start": 242.48, "end": 246.32, "text": " and not to someone who has agreed but not yet joined.", "tokens": [50365, 290, 407, 284, 2130, 508, 468, 4987, 475, 407, 1865, 5399, 13, 50557], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 49, "seek": 24244, "start": 246.32, "end": 251.32, "text": " So please don't make any such promises at the time of hiring people.", "tokens": [50557, 1406, 3387, 836, 470, 787, 597, 884, 10497, 379, 262, 640, 286, 12965, 661, 13, 50807], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 50, "seek": 24244, "start": 251.32, "end": 258.28, "text": " Like we discussed under the how often dimension of the ATOM 60 framework, follow a quarterly", "tokens": [50807, 4525, 356, 6693, 739, 262, 703, 1690, 15793, 286, 262, 5161, 2662, 3126, 9355, 11, 1061, 257, 27868, 51155], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 51, "seek": 24244, "start": 258.28, "end": 261.32, "text": " grant schedule for your company.", "tokens": [51155, 7264, 7269, 329, 534, 1664, 13, 51307], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 52, "seek": 24244, "start": 261.32, "end": 267.2, "text": " Once the board has approved a specific grant by passing a board resolution with the details", "tokens": [51307, 4874, 262, 3096, 468, 6325, 257, 2176, 7264, 416, 6427, 257, 3096, 6323, 351, 262, 3307, 51601], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 53, "seek": 26720, "start": 267.2, "end": 274.84, "text": " of the grant attached to that board resolution, that is when the grant becomes legally valid.", "tokens": [50363, 286, 262, 7264, 7223, 284, 326, 3096, 6323, 11, 326, 318, 618, 262, 7264, 4329, 11119, 4938, 13, 50745], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 54, "seek": 26720, "start": 274.84, "end": 281.12, "text": " Then you proceed to give out the stock options grant letter and the agreement to your employees.", "tokens": [50745, 3244, 345, 5120, 284, 1577, 503, 262, 4283, 3689, 7264, 3850, 290, 262, 4381, 284, 534, 4409, 13, 51059], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 55, "seek": 26720, "start": 281.12, "end": 285.91999999999996, "text": " As new people join the company, you make a list of those who according to you should", "tokens": [51059, 1081, 649, 661, 4654, 262, 1664, 11, 345, 787, 257, 1351, 286, 883, 508, 1864, 284, 345, 815, 51299], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 56, "seek": 26720, "start": 285.91999999999996, "end": 292.4, "text": " be granted stock options and grant them at the next quarterly board meeting.", "tokens": [51299, 307, 7520, 4283, 3689, 290, 7264, 606, 379, 262, 1306, 27868, 3096, 3249, 13, 51623], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 57, "seek": 29240, "start": 292.4, "end": 298.35999999999996, "text": " The cycle continues until you decide to overhaul your projections and believe you need a new", "tokens": [50363, 383, 6772, 4477, 1566, 345, 5409, 284, 18708, 534, 19887, 290, 1975, 345, 761, 257, 649, 50661], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 58, "seek": 29240, "start": 298.35999999999996, "end": 300.85999999999996, "text": " sandbox.", "tokens": [50661, 35204, 13, 50786], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 59, "seek": 29240, "start": 300.85999999999996, "end": 306.71999999999997, "text": " This will happen a few months down the line when the company changes its phase of growth.", "tokens": [50786, 770, 481, 1645, 257, 1178, 1933, 866, 262, 1627, 618, 262, 1664, 2458, 663, 7108, 286, 3349, 13, 51079], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 60, "seek": 29240, "start": 306.71999999999997, "end": 310.56, "text": " You will feel it when it is time to sandbox all over again.", "tokens": [51079, 921, 481, 1254, 340, 618, 340, 318, 640, 284, 35204, 477, 625, 757, 13, 51271], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 61, "seek": 29240, "start": 310.56, "end": 312.79999999999995, "text": " Just be aware of it.", "tokens": [51271, 2329, 307, 3910, 286, 340, 13, 51383], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 62, "seek": 29240, "start": 312.79999999999995, "end": 317.28, "text": " And when it is time, follow the same process.", "tokens": [51383, 843, 618, 340, 318, 640, 11, 1061, 262, 976, 1429, 13, 51607], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 63, "seek": 31728, "start": 317.28, "end": 322.47999999999996, "text": " Remember to recap, bring clarity to your vision.", "tokens": [50363, 11436, 284, 26871, 11, 2222, 16287, 284, 534, 5761, 13, 50623], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 64, "seek": 31728, "start": 322.47999999999996, "end": 327.2, "text": " Decide what kind of people you want on the team to achieve that vision.", "tokens": [50623, 4280, 485, 644, 1611, 286, 661, 345, 765, 319, 262, 1074, 284, 4620, 326, 5761, 13, 50859], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 65, "seek": 31728, "start": 327.2, "end": 332.2, "text": " Start with the sandbox to get clarity in terms of the numbers.", "tokens": [50859, 7253, 351, 262, 35204, 284, 651, 16287, 287, 2846, 286, 262, 3146, 13, 51109], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 66, "seek": 31728, "start": 332.2, "end": 337.58, "text": " Then go to the shareholders for an approval of broad stock option terms.", "tokens": [51109, 3244, 467, 284, 262, 19195, 329, 281, 7546, 286, 3154, 4283, 3038, 2846, 13, 51378], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 67, "seek": 31728, "start": 337.58, "end": 343.2, "text": " Then create a legal growth or grassier stock options scheme through a board approval.", "tokens": [51378, 3244, 2251, 257, 2742, 3349, 393, 8701, 959, 4283, 3689, 7791, 832, 257, 3096, 7546, 13, 51659], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 68, "seek": 31728, "start": 343.2, "end": 347.0, "text": " Finalize the option grantees list in the sandbox.", "tokens": [51659, 8125, 1096, 262, 3038, 7264, 2841, 1351, 287, 262, 35204, 13, 51849], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 69, "seek": 34700, "start": 347.0, "end": 353.56, "text": " Add the board to approve the specific grant to specific people and finally distribute", "tokens": [50363, 3060, 262, 3096, 284, 14762, 262, 2176, 7264, 284, 2176, 661, 290, 3443, 14983, 50691], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 70, "seek": 34700, "start": 353.56, "end": 360.04, "text": " the grant documentation.", "tokens": [50691, 262, 7264, 10314, 13, 51015], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 71, "seek": 34700, "start": 360.04, "end": 366.76, "text": " We strongly recommend that as a best practice, you make your schemes specific with respect", "tokens": [51015, 775, 7634, 4313, 326, 355, 257, 1266, 3357, 11, 345, 787, 534, 16546, 2176, 351, 2461, 51351], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 72, "seek": 34700, "start": 366.76, "end": 376.0, "text": " to the exercise price, investing period and investing schedule.", "tokens": [51351, 284, 262, 5517, 2756, 11, 14771, 2278, 290, 14771, 7269, 13, 51813], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 73, "seek": 37600, "start": 376.0, "end": 384.04, "text": " Investing in exercise conditions and such other terms and refrain from using clauses", "tokens": [50363, 7488, 278, 287, 5517, 3403, 290, 884, 584, 2846, 290, 25133, 422, 1262, 31485, 50765], "temperature": 0.0, "avg_logprob": -0.24657327478582208, "compression_ratio": 1.348623853211009, "no_speech_prob": 0.18197892606258392}, {"id": 74, "seek": 37600, "start": 384.04, "end": 388.56, "text": " such as as decided by the board for these terms in the scheme.", "tokens": [50765, 884, 355, 355, 3066, 416, 262, 3096, 329, 777, 2846, 287, 262, 7791, 13, 50991], "temperature": 0.0, "avg_logprob": -0.24657327478582208, "compression_ratio": 1.348623853211009, "no_speech_prob": 0.18197892606258392}], "language": "en"}