Call —
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0:00 Caller: Hi, Judd. Sorry. Just as a quick one, I spoke to Ben. And one of the things he came back saying is, obviously, in the first brief that we sent out to Elliot, we let them know that you'd be starting conversations off up 400.
0:00 You: This call will be recorded.
0:04 You: Hello?
0:20 Caller: K, total com. So just so we get an idea of where you're at, Ben wanted me to get a number nailed down for you first.
0:20 You: Okay, so the framework that I don't remember if I gave you the framework
0:40 Caller: Mm-hmm.
0:40 You: so allow me to repeat.
0:41 You: The frameworks that all the processes have is 300,000 base.
0:42 Caller: Mm-hmm.
0:43 Caller: Mm-hmm.
0:47 You: If comp is liquid, defined as can convert to cash within 30 days.
0:53 You: $450,000 total comp is where I'm targeting, or rather my floor.
0:57 You: If the total comp is illiquid.
1:00 Caller: Mm-hmm.
1:00 You: RSUs, ISOs, NSOs, options, PPUs, that kind of stuff, typically startups, the total comp effectively
1:07 Caller: Mm-hmm.
1:08 You: becomes 600,000 floor, which represents a $1.2 million grant over four years, and then with
1:10 Caller: Mm.
1:12 Caller: Mm.
1:13 Caller: Mm.
1:14 Caller: Mm.
1:14 You: diligence into the cap table, the preference.
1:16 Caller: Mm.
1:17 Caller: Mm.
1:18 Caller: Mm.
1:19 Caller: Thank you.
1:20 Caller: Okay. So if the comp is liquid, I just need that layout down. If the comp is liquid, liquid is the non.
1:20 You: stack and the employee incentive plan so that's the that's the field where all the
1:26 You: four remaining processes are evaluating my candidacy I don't charge a risk
1:37 You: premium for liquid if it's illiquid that
1:40 Caller: Yeah, so just to get the number nailed down.
1:40 You: and I have a risk premium.
1:45 You: But they're a hedge fund.
1:46 You: They understand risk and premiums.
1:53 Caller: 400,000 total pump if it's Eliquid and risk premium.
2:00 Caller: Okay, perfect.
2:00 You: 450 is for liquid 600 is if there is illiquid compensation in there and then it's
2:11 Caller: All right, I'll let them know.
2:11 You: diligence against the thing shared earlier so the one start it only really
2:16 Caller: And it's...
2:16 You: applies to the one startup that's still in contention
2:20 Caller: okay so there's up okay perfect all right thanks for that i will share that with bed all right have a
2:20 You: because I assume the P funds and the hedge funds are all liquid.
2:24 You: And if they're not, then they understand what the illiquid premium is.
2:29 You: Perfect. Thanks, Graham.
2:36 Caller: going