Yes, I am certain that was the case. It was the case in my examples too… Every now and then someone gets through and gets a couple units to vest, but the majority are gone and so is that compensation. It’s disgusting.
I assume they have to cash in some. Or else the SEC comes sniffing around like “you guys have given out 3 million shares over ten years but no one has ever cashed a singled one out, hmmmmm”. So those are likely the rare few. And a few units tracks because they aren’t giving $2m in stock to some entry level tech.
I always liken those practices to the same shit they flash musicians or sports figures during negotiations. Wave a mansion, Lambo, gold, some ladies making all kinds of promised. But in the end, some contractual loop hole says that you’re just “borrowing” it all. Fake money.
