Ed the Serial CEO hits a problem. In this week's diary entry he discloses that he's just discovered that his shares don't fully vest until two years after the date proposed for the IPO.
'Shit' writes Ed, 'the whole family seems to be expecting me to spend like a drunken sailor when we hold the IPO, and now it seems they'll have to wait a couple of years. By which time the shares will probably have sunk well below their hyped-up IPO value.'
'After phoning the office of the lead VC,' writes Ed, 'it seems that the only way to change this is to get the board to vote on a motion bringing forward the date of my vesting to the date of the IPO.'
'The little shit at the VCs then adds: "Hope you've got a good relationship with the board - because all of them have been there long enough to have their shares fully vested already. The motion will only apply to you."'
'The little shit knows my relations with the board are at rock-bottom since I sacked the CTO. No way are they going to vote through a motion which helps me, and only me.'
'"There is another way", adds the little shit, "you could include in the motion bringing forward your vesting, a further proposal that lifts restrictions on the other board members' restricted stock. All the other board members have restricted stock in addition to their fully vested stock".'
'I breathe a sigh of relief. The little shit has got me off the hook. Now, in 263 days time, the IPO should dump enough wonga on me to keep the wife happy, and let me tell the little shits of this world where to bugger off to.'
Looks like if this latest plan of Ed's comes to fruition the tax man will want a word with him :-)
I know Mike, poor old Ed is stumbling from one pratfall to the next.