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2019 Colum. Bus. L. Rev. 107 (2019)
Unicorn Stock Options - Golden Goose Or Trojan Horse

handle is hein.journals/colb2019 and id is 113 raw text is: UNICORN STOCK OPTIONS-GOLDEN GOOSE OR TROJAN HORSE? Anat Alon-Beck* Large privately held startups valued at $1 billion or more (unicorns') are grappling with how to deal with employees' expectations caused by the illiquidity of the shares of stock acquired upon exercise of their options. Until about eight years ago, many talented workers chose to work for a startup company for a lower cash salary combined with a substantial stock option grant and the dream of cashing out for a large sum of money after an initial public offering (IPO) of the startup's stock. * Jacobson Postdoctoral Research Fellow in Law and Business, New York University School of Law. I will be joining Case Western Reserve University School of Law as an Assistant Professor in the fall of 2019. This paper is dedicated to my amazing mentor Lynn Stout, Distinguished Professor of Corporate and Business Law at Cornell Law School, who will be sorely missed. For comments and suggestions, thanks are due to Jonathan Adler, Yakov Amihud, Constance Bagley, Oren Bar-Gill, Jordan Barry, Michal Barzuza, Lucian Bebchuk, Karen Brenner, Brian Broughman, Emiliano Catan, Sergey Chernenko, Steven Choi, Alma Cohen, Patrick Corrigan, Ofer Eldar, Mirit Eyal-Cohen, Mireia Gin6, Elisabeth de Fontenay, Itai Fiegenbaum, Jill Fisch, Edward Fox, Jessie Fried, Itay Goldstein, Will Gornall, Zohar Goshen, Asaf Hamdani, Sharon Hannes, Henry Hansmann, Joan Heminway, Robert Hockett, Joseph Kalmenovitz, William Kang, Kobi Kastiel, Charlie Korsmo, Josh Lerner, Saul Levmore, Martin Lipton, Paul Mahoney, John Morley, Yaron Nih, Nizan Packin, Elizabeth Pollman, Adam Pritchard, Avraham Ravid, Edward Rock, Usha Rodrigez, Roberta Romano, Jerry Rosenfeld, Jeff Schwartz, Helen Scott, Gal Shemer, Steven Davidoff Solomon, Ilya Strebulaev, Joshua Teitelbaum, David Webber, Emily Winston, David Yermack, Yao Zeng, and the participants at the 2018 National Business Law Scholars Conference, University of Georgia School of Law; 2018 International Meeting, Law and Society Association, Toronto, Canada; 2018 Mid-Atlantic Junior Faculty Forum, Richmond School of Law; 2018 Corporate Governance Lunch, New York University Stern School of Business; and the 2018 Annual Law and Entrepreneurship Retreat, University of Alabama School of Law. All errors are my own.

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