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You exercise the options before they vest and the company maintains a right to repurchase the options that expires over time.

From the perspective of the company, it is like reverse vesting.

Talk to a lawyer for the myriad details but if you ever hire someone who knows his stuff, he will want to exercise his options immediately.

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I did exactly this when I joined justin.tv - it's not very difficult to arrange. The hardest part was actually finding a CPA who had any availability to work with me, and who I felt I could trust (he came recommended by a friend).

It's obviously important to keep in mind that to exercise your options you'll need some cash. If your share is big and the company has been well funded already, you might need a lot of cash. And you need to be prepared to lose it all if the company fails.

Can you please write a post that covers this? Thanks, Nivi!

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