(I'd like to make this a standard thing; would be happy to help with this. Would need to find a lawyer willing to contribute time. I'd love a Standard Human Readable Offer Letter Builder.)
> Every employee will be offered 41,963 Clef stock options (~.9% of outstanding shares, including the option pool these are drawn from). As mentioned above, they can also choose to reduce their salary by $5k/year in exchange for 4,663 more options (totalling ~1% of outstanding shares).
This is a genuinely impressive commitment to transparency.
I want there to be an offer letter plus other materials which explain it. It's meaningless to say something like "12000 shares of stock, vesting over 4 years." That may be the legally binding part, but there should be an appendix or model which shows what that actually means.
The problem with making that a separate unsigned/etc. document is it isn't legally binding in the same way an offer letter is.
There's additionally the insanity around "stock options must be approved by the board at the next meeting after you're hired", which could be a quarter. That seems stupid. There should be some cleaner way to handle that.