{"action":"created","comment":{"url":"https://api.github.com/repos/jlevy/og-equity-compensation/pulls/comments/203279939","pull_request_review_id":138135686,"id":203279939,"node_id":"MDI0OlB1bGxSZXF1ZXN0UmV2aWV3Q29tbWVudDIwMzI3OTkzOQ==","diff_hunk":"@@ -5,48 +5,55 @@\n ### Why equity compensation matters\n \n **Equity compensation** is the practice of granting ownership in a company in exchange for\n-work. In its ideal form, it aligns the interests of individual employees with the goals of\n-a company, which can yield dramatic effects in creativity, team building, longevity of\n-employment, and in the creation of value—for the company, for its users and customers, and\n-for the individuals who work to make it a success.\n+work. In its ideal form, equity compensation aligns the interests of individual employees\n+with the goals of the company they work for, which can yield dramatic results in team\n+building, innovation, and longevity of employment.\n+Each of these contributes to the creation of value—for the company, for its users and\n+customers, and for the individuals who work to make it a success.\n \n Companies ranging from two-person startups to\n [the Fortune 500](http://fortune.com/fortune500/) have found that granting partial ownership\n in a company is among the best methods to attract and retain exceptional talent.\n In the United States,\n [since the 1950s](https://corpgov.law.harvard.edu/2014/10/02/what-has-happened-to-stock-options/),\n-[stock options](#stock-options) have been a key part of pay for executives and other\n-employees. In the United States, **7.2%** of all private sector employees (**8.5 million**\n-people) and **13.1%** of *all* employees of companies with stock held stock options (from a\n-2014 [NCEO analysis](https://www.nceo.org/assets/pdf/articles/GSS-2014-data.pdf)). Many\n-believe employee ownership has\n+partial ownership through [stock options](#stock-options) has been a key part of pay for\n+executives and other employees.\n+In the United States, **7.2%** of all private sector employees (**8.5 million** people) and\n+**13.1%** of *all* employees of companies with stock held stock options (from a 2014\n+[NCEO analysis](https://www.nceo.org/assets/pdf/articles/GSS-2014-data.pdf)). Many believe\n+employee ownership has\n [fostered innovations in technology](https://www.wsj.com/articles/reviving-the-flagging-spirit-of-silicon-valley-1428706671),\n especially in [Silicon Valley](https://en.wikipedia.org/wiki/Silicon_Valley), from the\n [early days of Hewlett-Packard](http://www.hp.com/hpinfo/abouthp/histnfacts/publications/measure/pdf/1976_07.pdf)\n-to recent examples like [Facebook](https://en.wikipedia.org/wiki/Facebook). Dramatically,\n-the first 3,000 employees of Facebook split roughly **$23 billion** at the time the company\n-became public ([Financial Times](https://www.ft.com/content/d6599ae0-5738-11e1-869b-00144feabdc0)).\n-\n-Unfortunately, the ways equity is granted for compensation, including\n-[restricted stock, stock options, and restricted stock units](#how-equity-is-granted), are\n-notoriously complex, with confounding terminology and high-stakes decisions.\n-If you talk to enough employees and hiring managers, and you’ll hear stories of how they\n-or their colleagues met with the painful consequences of not learning enough up front.\n-How an individual negotiates their equity-based compensation or when they choose to make\n-certain decisions, such as exercise stock options, can have **major positive or negative**\n-financial outcomes.\n-If a company fails, an employee may get no value at all for what they own in a company, or\n-may lose money they paid for the stock or for taxes.\n-Even if a company succeeds, an employee may fall into\n-[catastrophic tax pitfalls](#tax-dangers) because they didn’t properly understand tax\n-consequences.\n-\n-Many people learn the basic ideas of from personal experience or from colleagues or\n-helpful friends who have been through it before.\n-But it is well understood primarily by tax attorneys, corporate lawyers, and other\n-[professionals](#seeking-professional-advice). Many are daunted by legalities and tax\n-planning, a challenge even more acute when faced with a short window in which to make a\n-key decision, like accept a job offer or exercise stock options.\n+to recent examples like [Facebook](https://en.wikipedia.org/wiki/Facebook). Stock options\n+helped the first 3,000 employees of Facebook split roughly **$23 billion** at the time the\n+company became public ([Financial Times](https://www.ft.com/content/d6599ae0-5738-11e1-869b-00144feabdc0)).\n+\n+But the ways equity can be granted as compensation—in the [forms of](#how-equity-is-granted)\n+restricted stock, stock options, and restricted stock units—are **notoriously complex**.\n+Equity compensation involves confounding terminology, legal obscurities, and many\n+high-stakes decisions for those who give and receive it.\n+\n+If you talk to enough employees and hiring managers, you’ll hear stories of how they or\n+their colleagues met with the painful consequences of not learning enough up front.\n+Though many people learn the basic ideas from personal experience or from colleagues or\n+helpful friends who have been through it before, equity compensation is best understood by\n+tax attorneys, corporate lawyers, and [other professionals](#seeking-professional-advice).\n+Understanding tax planning and other legalities is daunting to many individuals, a\n+challenge made even more acute when facing a short window in which to make a key decision,\n+like accepting a [job offer](#offers-and-negotiations) or\n+[exercising stock options](#stock-options).\n+\n+[What to negotiate](#negotiation-tips) and [when to exercise](#some-stock-option-scenarios) are\n+among the many decisions individuals have to make when it comes to equity compensation,\n+any or all of which can have **major financial outcomes.**\n+Because the value of employee equity is determined by the fate of the company, when a\n+company does not succeed, an employee’s equity may be\n+[worth nothing](#what-is-private-stock-worth?), and the [costs](#taxes-on-equity-compensation) of\n+[exercising](#stock-options) may not be recouped.\n+When a company does succeed, an employee may fall into","path":"README.md","position":83,"original_position":83,"commit_id":"28a6ef747d3988a6cf456e1270780cbc4771b088","original_commit_id":"28a6ef747d3988a6cf456e1270780cbc4771b088","user":{"login":"jlevy","id":2058167,"node_id":"MDQ6VXNlcjIwNTgxNjc=","avatar_url":"https://avatars1.githubusercontent.com/u/2058167?v=4","gravatar_id":"","url":"https://api.github.com/users/jlevy","html_url":"https://github.com/jlevy","followers_url":"https://api.github.com/users/jlevy/followers","following_url":"https://api.github.com/users/jlevy/following{/other_user}","gists_url":"https://api.github.com/users/jlevy/gists{/gist_id}","starred_url":"https://api.github.com/users/jlevy/starred{/owner}{/repo}","subscriptions_url":"https://api.github.com/users/jlevy/subscriptions","organizations_url":"https://api.github.com/users/jlevy/orgs","repos_url":"https://api.github.com/users/jlevy/repos","events_url":"https://api.github.com/users/jlevy/events{/privacy}","received_events_url":"https://api.github.com/users/jlevy/received_events","type":"User","site_admin":false},"body":"Even when... \r\n\r\n(moving from #124 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PR to r-copy shows older commits from others as well 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