Well it depends on how the RSU is set up of course. All the equity I’ve apparently received in my time is still waiting on “defined liquidity event” before I can do anything at all.
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No, not from a startup. It might be worth mentioning that I’m in the U.K. so the terms and lingo may differ from yours.
I’ve had RSUs from series D scale ups. I’ve had options from start ups. Typically in the UK they’re wrapped as an investment you make on entry (using a loan the company offers you) to only pay capital gains tax (25% in the UK). And I’ve had RSUs from big, established enterprises.
What’s common to them all, for me, is that they’ve broadly not paid out what they were advertised to, either because the stock falls (Unity springs to mind), you leave before anything material vests (and the hiring company matches your RSUs) or there’s no liquidity event.
I trust cash, paid into my bank account. The rest, IMHO, is just trumps (US: farts) in the wind.