https://theyonder.land/scratches/Recent content in Scratches on yonderland.Hugoen-usWed, 12 Aug 2026 00:00:00 +0000https://theyonder.land/scratches/equity-grant-valuator/Wed, 12 Aug 2026 00:00:00 +0000https://theyonder.land/scratches/equity-grant-valuator/<p>The offer is 40,000 options, four-year vest, one-year cliff, struck at $1.15. The last round priced the stock at $4.20. The recruiter does the subtraction out loud: $122,000, sitting there already, and a multiple of that if things go well.</p> <p>The other job pays about $60,000 a year more.</p> <p>The $122,000 is not money. It is the gap between two prices on a cap table, and four things stand between it and a bank account. Investors are repaid first. Later rounds shrink the stake. The shares have to be bought. The gain is taxed.</p>