Do not join this company. We have a clawback for any new hires since dec 2020 that you will lose all vested equity if you quit or are fired before ipo happens. The general sentiment is this will delay ipo even further
The key legal term is "substantial risk of forfeiture". If RSUs do not meet this criteria then they are immediately taxable. When it seems clear than an IPO is likely to happen soon, then the RSUs are no longer considered to have a substantial risk of forfeiture unless the company adds a "double vest". The same has happened for many of the large unicorn IPOs including Facebook, Dropbox, Lyft, Uber, Pinterest. For more details you can read https://www.parkworth.com/blogs/pre-ipo-tech-giants-using-double-trigger-rsu-vesting
if you loom on levels.fyi you'll see that a 6 at instacart overlaps with level 5 at lyft or facebook. That seems roughly correct from my perspective going from FB to instacart.
“The shakeup, which Mehta says was entirely his idea and not forced by investors, gives Instacart a leader with a decade of experience working at a publicly traded technology giant.”
In short, CEO got PIP’d by the Board. Brought in a FB VP to sit on the board starting Jan’21 to shadow his job for half a year and and now he’s out.
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If you're an E4 only join if you get L6 offer
In short, CEO got PIP’d by the Board. Brought in a FB VP to sit on the board starting Jan’21 to shadow his job for half a year and and now he’s out.