Exercise strategy & timing
Deciding whether to exercise, when, and how to fund it — before an IPO, a tender or a departure.
When should I exercise my stock options?
There's no single rule for when to exercise stock options. It depends on concentration, remaining time value, and your cash-flow needs.
Should I exercise my stock options before an IPO?
Exercising stock options before IPO means paying now for an illiquid, uncertain asset. Here's the real trade-off, with worked numbers.
Stock option valuation and Black-Scholes
Why an option is worth more than its intrinsic value, and what you give up by exercising.
Exercise financing, explained
Non-recourse loans, cashless exercise and secondary sales for funding an exercise.
What happens to your options if you are laid off?
Post-termination exercise windows, ISO conversion and the 90-day cliff.