What happened to the stock option program?

4.19K

J.K. Trotter

08/26/14 10:44AM

Filed to: mysteries

I’m pretty sure I elected my stock options a few months ago but haven’t received any correspondence about it since July 30. What’s going on?

Also: A former Gawker employee recently posed an interesting question to me: Which legal entity do the stock options entitle us to a share of? Gawker Media LLC (which is incorporated in Delaware) or Gawker Media Group (which is incorporated in the Cayman Islands)? Or do we get shares in Kinja Korlátolt Felelősségű Társaság, which is apparently based in Hungary? The internal employee wiki detailing the stock option plan does not make this clear.

Update: VP of Operations Scott Kidder has answered my questions here.

NoIDontThinkYouUnderstand J.K. Trotter 08/26/14 12:17PM

That's actually not how it works at all, so good luck with that. Also don't forget to file your 34B form. Is that what it is? I forgot. It's too late anyway they're due a month after filing. Keeps the gov from taking 30% instead of 15.

J.K. Trotter NoIDontThinkYouUnderstand 08/26/14 12:18PM

What are you responding to?

NoIDontThinkYouUnderstand J.K. Trotter 08/26/14 12:19PM

nothing

Scott Kidder J.K. Trotter 08/26/14 11:14AM

Hi, Keenan! All stock options / grants from current / former employees is in GMGI, the parent corporation of both Gawker Media, LLC and Kinja, Kft. (Separately, I'd encourage any current / former employees with questions around their equity interest in the Company to contact me, but alas.)

As my email mentioned, we haven't finalized the valuation yet but are truly almost done.

J.K. Trotter Scott Kidder 08/26/14 11:16AM

Thank you Scott!

Tom Scocca J.K. Trotter 08/26/14 10:55AM

I think they said the next step would be in October.

J.K. Trotter Tom Scocca 08/26/14 11:05AM

Was this in an email?

I’m looking though my old emails, and apparently the required IRS valuation was supposed to wrap up in June or so.

J.K. Trotter J.K. Trotter 08/26/14 11:02AM

For reference, this is the email I received on July 30 from our VP of operations:

Employees — I wanted to send an update on our employee equity plans.
As you may know, we have two different plans to choose from: the Stock Purchase Plan and the Stock Option Plan. Each plan has its advantages and disadvantages, and employees may participate in one or both or none. You can see details and a comparison between the two on our wiki at [internal link]
Stock Purchase Plan
Next week, I’ll be asking for Q2 elections for the Stock Purchase Plan. You don’t need to do anything until you hear from me.
Stock Option Plan
Separately, many of you said you wanted to enroll in the Stock Option Plan in June but haven’t heard back from me. This is because a new formal valuation of our stock (as required by the IRS) took longer than I would have liked, but we're almost finished. I’ll be emailing those of you who told me you want to participate once everything is ready.
If you didn’t elect to participate in the Stock Option Plan previously, but want to now, reply to this note.