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The valuation

Why the strike price has to be defensible

When to refresh it

Check your understanding

Vesting and acceleration

The cliff exists for a reason

Single versus double trigger

Sweat equity and advisors

Sweat equity has a tax bill

What advisors should actually get

Close

The checklist

How equity grants actually work — the 409A valuation, vesting and the cliff, single versus double trigger acceleration, sweat equity and its tax bill, and what advisors should actually get.

A handshake grant, a round number, and a vague promise of "points" costs nothing on the day. The bill arrives at the next financing, when an investor reads the cap table, or at tax time, when someone discovers that receiving equity was a taxable event.

Equity Without the Tax Trap

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