6/12    Are stock option "repurchase plans" normal?  I have an offer
        from a pre-IPO startup, where my options expire 90 days after I
        leave the company.  The repurchase plan says that the company
        has the right to "repurchase at exercise price" (i.e., take away)
        all my stock if they haven't gone IPO by then.  Is this common? i.e.,

        (1) I work for three years and leave the company.
        (2) I've exercised every option I got as soon as it became available.
        (3) The company hasn't gone anywhere yet.
        (4) The company elects to buy back all my stock at the same price
            I paid, + 10% interest. (i.e., I'm even)
        (5) The company hits it big six months later and I have no stock.
        \_ Read it again.  Normally companies have option to purchase
           back unvested shares that you have exercised at the exercise
           price.  Anything that's vested belongs to you if you want it.
           \_ "The Company shall have the right to repurchase any or all
              of the Shares acquired pursuant to the exercise of this Option
              following the termination of the Optionee's employment.
              The Repurchase Right may be exercised by the Company at any
              time during the period commencing on the date of termination
              of employment and ending 90 days thereafter."
              \_ This is not typical of startup companies. Make them
                 change it or take your skills somewhere else.
              \_ Cool, so I can fire you right before the IPO, and won't
                 suffer any of the share dilution your options would've
                 caused.
              \_ YANAL
                 \_ "YANAL"=?

              \_ Thanks.  Has anyone heard of this sort of deal before?