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Kudos for trying to think outside the box here.

I couldn't see any explanation on how this idea compares to one of the biggest issue with options, namely leaving the company before it gets sold.

So say I work at basecamp for 5 years, and then leave to work somewhere else. What happens to my 5 units?

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Looks like you lose them. "It should reward current employees. This was about who was at the company at the time of a sale/IPO, not people who worked here years ago."

This plan seems more similar to a profit sharing plan, but the profit in this case is 0 until a sale of the business occurs.

The system aims to reward current employees not past ones, so it looks like they get nothing.

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