Well he's not going to have them sign anything now, of course, he's checking to make sure they even want the contents of the contract before he spends a lot of time drawing that up!

Equity allocations:  74% Keltham, 1.3% Carissa, 0.25% Ione, 0.2% Asmodia/Meritxell, 0.15% Pilar, 0.1% Gregoria/Peranza/Tonia, the remainder is for the Project to give its many future researchers and employees their own stakes, though they get smaller as people join later at higher base salaries and with reduced uncertainty of those shares' future values, or for Cheliax or other investors to convert its loan-shares into later.

Plans like this are generally drawn up with an intention that goes something like, if the Project is taking slower or needing larger investments and needs to sell more shares than expected, it first starts to come out of Keltham's reserve, especially if the delay looks like it's because Keltham is being less valuable or having less output than he was supposed to, but if the Project gets into bad-enough shape it may have to issue and sell additional shares that dilute everyone.  This is part of the risk.

Conversely if the Project gets visibly on track to be hugely successful and starts earning early profits fast, which might be as simple as figuring out an early and general anti-plague sanitation measure that reduces the incidence of all plagues in all Chelish cities by 10% in a way that doesn't just restore to the equilibrium, they can expect that fewer total shares than Keltham currently anticipates will be issued, and their own shares will be accordingly more valuable.

Blah blah vesting schedules, these initial allocations will at their slowest vest over four years; hitting milestones can result in faster vesting, Keltham will draw up relatively informal milestones for them that he judges, and set more formal ones for himself and truthspell himself about them.

Even after shares vest, you shouldn't expect to be able to sell them to an outside buyer for what they're probably worth; people outside the Project know that people inside the Project have private information about how likely the Project is to do over the future, and they'll discount apparent prices accordingly if the person inside the Project seems to want to sell.  This difficulty in reselling causes researchers to expect to hold their shares for longer, which in turn helps to align incentives as the researchers think about how to make the Project actually be valuable in 15 years and not just look valuable at the time their shares vest.  This is probably a much bigger factor here than it would be in Civilization; in Civilization any large project let alone this one would have Nemamel looking at it, if she were alive, or people only slightly worse than her if not, and people wouldn't expect apparent values to get away from actual prices by much.

It is proverbial in Civilization that no amount of clever planning can eliminate a very very large residual probability that all your Project's shares end up being worth exactly zero, which is half the reason why they're being paid Cheerful-Plus base salaries

.It's also considered stupid in Civilization if the rest of your reasoning doesn't end up at a point where your valuable researchers can spend money right now in a way that gives them Slack, doesn't cause them to be distracted by silly things, buy productivity-related magic items and have somebody else organize their house for them, etcetera.  Though obviously all negotiations are conducted on the basis of 'I have this valuable labor and I'm not giving it to you unless I'm paid and then once I have my money it's my own business what I do with it', not 'give me more money in the expectation that I'll spend it on myself in a way that makes me more productive', if the Project starts needing to do the latter it will probably indicate something wrong but the repair algorithm would involve the Project paying for productivity things directly.

Though, in this case, there's stuff like intelligence headbands where Cheliax rents those to the Project, gets preferred shares accordingly, the Project loans them to people while they work, and they can use their salaries to buy them if they wish so they'll still have them afterwards and then loan them to the Project themselves.

Anyways, don't get emotionally wrapped up in the sense that you'll be worth a million gold pieces in 15 years, based on your unvested equity allocations.  That's not a thing that has happened to you, that's what's being written into a collective plan to achieve something not yet achieved.

Well he's not going to have them sign anything now, of course, he's checking to make sure they even want the contents of the contract before he spends a lot of time drawing that up!

Equity allocations:  74% Keltham, 1.3% Carissa, 0.25% Ione, 0.2% Asmodia/Meritxell, 0.15% Pilar, 0.1% Gregoria/Peranza/Tonia, the remainder is for the Project to give its many future researchers and employees their own stakes, though they get smaller as people join later at higher base salaries and with reduced uncertainty of those shares' future values, or for Cheliax or other investors to convert its loan-shares into later.

Plans like this are generally drawn up with an intention that goes something like, if the Project is taking slower or needing larger investments and needs to sell more shares than expected, it first starts to come out of Keltham's reserve, especially if the delay looks like it's because Keltham is being less valuable or having less output than he was supposed to, but if the Project gets into bad-enough shape it may have to issue and sell additional shares that dilute everyone.  This is part of the risk.

Conversely if the Project gets visibly on track to be hugely successful and starts earning early profits fast, which might be as simple as figuring out an early and general anti-plague sanitation measure that reduces the incidence of all plagues in all Chelish cities by 10% in a way that doesn't just restore to the equilibrium, they can expect that fewer total shares than Keltham currently anticipates will be issued, and their own shares will be accordingly more valuable.

Blah blah vesting schedules, these initial allocations will at their slowest vest over four years; hitting milestones can result in faster vesting, Keltham will draw up relatively informal milestones for them that he judges, and set more formal ones for himself and truthspell himself about them.

Even after shares vest, you shouldn't expect to be able to sell them to an outside buyer for what they're probably worth; people outside the Project know that people inside the Project have private information about how likely the Project is to do over the future, and they'll discount apparent prices accordingly if the person inside the Project seems to want to sell.  This difficulty in reselling causes researchers to expect to hold their shares for longer, which in turn helps to align incentives as the researchers think about how to make the Project actually be valuable in 15 years and not just look valuable at the time their shares vest.  This is probably a much bigger factor here than it would be in Civilization; in Civilization any large project let alone this one would have Nemamel looking at it, if she were alive, or people only slightly worse than her if not, and people wouldn't expect apparent values to get away from actual prices by much.

It is proverbial in Civilization that no amount of clever planning can eliminate a very very large residual probability that all your Project's shares end up being worth exactly zero, which is half the reason why they're being paid Cheerful-Plus base salaries

It's also considered stupid in Civilization if the rest of your reasoning doesn't end up at a point where your valuable researchers can spend money right now in a way that gives them Slack, doesn't cause them to be distracted by silly things, buy productivity-related magic items and have somebody else organize their house for them, etcetera.  Though obviously all negotiations are conducted on the basis of 'I have this valuable labor and I'm not giving it to you unless I'm paid and then once I have my money it's my own business what I do with it', not 'give me more money in the expectation that I'll spend it on myself in a way that makes me more productive', if the Project starts needing to do the latter it will probably indicate something wrong but the repair algorithm would involve the Project paying for productivity things directly.

Though, in this case, there's stuff like intelligence headbands where Cheliax rents those to the Project, gets preferred shares accordingly, the Project loans them to people while they work, and they can use their salaries to buy them if they wish so they'll still have them afterwards and then loan them to the Project themselves.

Anyways, don't get emotionally wrapped up in the sense that you'll be worth a million gold pieces in 15 years, based on your unvested equity allocations.  That's not a thing that has happened to you, that's what's being written into a collective plan to achieve something not yet achieved.

Well he's not going to have them sign anything now, of course, he's checking to make sure they even want the contents of the contract before he spends a lot of time drawing that up!

Equity allocations:  74% Keltham, 1.3% Carissa, 0.25% Ione, 0.2% Asmodia/Meritxell, 0.15% Pilar, 0.1% Gregoria/Peranza/Tonia, the remainder is for the Project to give its many future researchers and employees their own stakes, though they get smaller as people join later at higher base salaries and with reduced uncertainty of those shares' future values, or for Cheliax or other investors to convert its loan-shares into later.

Plans like this are generally drawn up with an intention that goes something like, if the Project is taking slower or needing larger investments and needs to sell more shares than expected, it first starts to come out of Keltham's reserve, especially if the delay looks like it's because Keltham is being less valuable or having less output than he was supposed to, but if the Project gets into bad-enough shape it may have to issue and sell additional shares that dilute everyone.  This is part of the risk.

Conversely if the Project gets visibly on track to be hugely successful and starts earning early profits fast, which might be as simple as figuring out an early and general anti-plague sanitation measure that reduces the incidence of all plagues in all Chelish cities by 10% in a way that doesn't just restore to the equilibrium, they can expect that fewer total shares than Keltham currently anticipates will be issued, and their own shares will be accordingly more valuable.

Blah blah vesting schedules, these initial allocations will at their slowest vest over four years; hitting milestones can result in faster vesting, Keltham will draw up relatively informal milestones for them that he judges, and set more formal ones for himself and truthspell himself about them.

Even after shares vest, you shouldn't expect to be able to sell them to an outside buyer for what they're probably worth; people outside the Project know that people inside the Project have private information about how well the Project is likely to do over the future, and they'll discount apparent prices accordingly if the person inside the Project seems to want to sell.  This difficulty in reselling causes researchers to expect to hold their shares for longer, which in turn helps to align incentives as the researchers think about how to make the Project actually be valuable in 15 years and not just look valuable at the time their shares vest.  This is probably a much bigger factor here than it would be in Civilization; in Civilization any large project let alone this one would have Nemamel looking at it, if she were alive, or people only slightly worse than her if not, and people wouldn't expect apparent values to get away from actual prices by much.

It is proverbial in Civilization that no amount of clever planning can eliminate a very very large residual probability that all your Project's shares end up being worth exactly zero, which is half the reason why they're being paid Cheerful-Plus base salaries

It's also considered stupid in Civilization if the rest of your reasoning doesn't end up at a point where your valuable researchers can spend money right now in a way that gives them Slack, doesn't cause them to be distracted by silly things, buy productivity-related magic items and have somebody else organize their house for them, etcetera.  Though obviously all negotiations are conducted on the basis of 'I have this valuable labor and I'm not giving it to you unless I'm paid and then once I have my money it's my own business what I do with it', not 'give me more money in the expectation that I'll spend it on myself in a way that makes me more productive', if the Project starts needing to do the latter it will probably indicate something wrong but the repair algorithm would involve the Project paying for productivity things directly.

Though, in this case, there's stuff like intelligence headbands where Cheliax rents those to the Project, gets preferred shares accordingly, the Project loans them to people while they work, and they can use their salaries to buy them if they wish so they'll still have them afterwards and then loan them to the Project themselves.

Anyways, don't get emotionally wrapped up in the sense that you'll be worth a million gold pieces in 15 years, based on your unvested equity allocations.  That's not a thing that has happened to you, that's what's being written into a collective plan to achieve something not yet achieved.

Well he's not going to have them sign anything now, of course, he's checking to make sure they even want the contents of the contract before he spends a lot of time drawing that up!

Equity allocations:  74% Keltham, 1.3% Carissa, 0.25% Ione, 0.2% Asmodia/Meritxell, 0.15% Pilar, 0.1% Gregoria/Peranza/Tonia, the remainder is for the Project to give its many future researchers and employees their own stakes, though they get smaller as people join later at higher base salaries and with reduced uncertainty of those shares' future values, or for Cheliax or other investors to convert its loan-shares into later.

Plans like this are generally drawn up with an intention that goes something like, if the Project is taking slower or needing larger investments and needs to sell more shares than expected, it first starts to come out of Keltham's reserve, especially if the delay looks like it's because Keltham is being less valuable or having less output than he was supposed to, but if the Project gets into bad-enough shape it may have to issue and sell additional shares that dilute everyone.  This is part of the risk.

Conversely if the Project gets visibly on track to be hugely successful and starts earning early profits fast, which might be as simple as figuring out an early and general anti-plague sanitation measure that reduces the incidence of all plagues in all Chelish cities by 10% in a way that doesn't just restore to the equilibrium, they can expect that fewer total shares than Keltham currently anticipates will be issued, and their own shares will be accordingly more valuable.

Blah blah vesting schedules, these initial allocations will at their slowest vest over four years; hitting milestones can result in faster vesting, Keltham will draw up relatively informal milestones for them that he judges, and set more formal ones for himself and truthspell himself about them.

Even after shares vest, you shouldn't expect to be able to sell them to an outside buyer for what they're probably worth; people outside the Project know that people inside the Project have private information about how well the Project is likely to do over the future, and they'll discount apparent prices accordingly if the person inside the Project seems to want to sell.  This difficulty in reselling causes researchers to expect to hold their shares for longer, which in turn helps to align incentives as the researchers think about how to make the Project actually be valuable in 15 years and not just look valuable at the time their shares vest.  This is probably a much bigger factor here than it would be in Civilization; in Civilization any large project let alone this one would have Nemamel looking at it, if she were alive, or people only slightly worse than her if not, and people wouldn't expect apparent values to get away from actual prices by much.

It is proverbial in Civilization that no amount of clever planning can eliminate a very very large residual probability that all your Project's shares end up being worth exactly zero, which is half the reason why they're being paid Cheerful-Plus base salaries

It's also considered stupid in Civilization if the rest of your reasoning doesn't end up at a point where your valuable researchers can spend money right now in a way that gives them Slack, doesn't cause them to be distracted by silly things, buy productivity-related magic items and have somebody else organize their house for them, etcetera.  Though obviously all negotiations are conducted on the basis of 'I have this valuable labor and I'm not giving it to you unless I'm paid and then once I have my money it's my own business what I do with it', not 'give me more money in the expectation that I'll spend it on myself in a way that makes me more productive'.  If the Project starts needing to do the latter, it will probably indicate something wrong, but the repair algorithm would involve the Project paying for productivity things directly.

Though, in this case, there's stuff like intelligence headbands where Cheliax rents those to the Project, gets preferred shares accordingly, the Project loans them to people while they work, and they can use their salaries to buy them if they wish so they'll still have them afterwards and then loan them to the Project themselves.

Anyways, don't get emotionally wrapped up in the sense that you'll be worth a million gold pieces in 15 years, based on your unvested equity allocations.  That's not a thing that has happened to you, that's what's being written into a collective plan to achieve something not yet achieved.

Well he's not going to have them sign anything now, of course, he's checking to make sure they even want the contents of the contract before he spends a lot of time drawing that up!

Equity allocations:  74% Keltham, 1.3% Carissa, 0.25% Ione, 0.2% Asmodia/Meritxell, 0.15% Pilar, 0.1% Gregoria/Peranza/Tonia, the remainder is for the Project to give its many future researchers and employees their own stakes, though they get smaller as people join later at higher base salaries and with reduced uncertainty of those shares' future values, or for Cheliax or other investors to convert its loan-shares into later.

Plans like this are generally drawn up with an intention that goes something like, if the Project is taking slower or needing larger investments and needs to sell more shares than expected, it first starts to come out of Keltham's reserve, especially if the delay looks like it's because Keltham is being less valuable or having less output than he was supposed to, but if the Project gets into bad-enough shape it may have to issue and sell additional shares that dilute everyone.  This is part of the risk.

Conversely if the Project gets visibly on track to be hugely successful and starts earning early profits fast, which might be as simple as figuring out an early and general anti-plague sanitation measure that reduces the incidence of all plagues in all Chelish cities by 10% in a way that doesn't just restore to the equilibrium, they can expect that fewer total shares than Keltham currently anticipates will be issued, and their own shares will be accordingly more valuable.

Blah blah vesting schedules, these initial allocations will at their slowest vest over four years; hitting milestones can result in faster vesting, Keltham will draw up relatively informal milestones for them that he judges, and set more formal ones for himself and truthspell himself about them.

Even after shares vest, you shouldn't expect to be able to sell them to an outside buyer for what they're probably worth; people outside the Project know that people inside the Project have private information about how well the Project is likely to do over the future, and they'll discount apparent prices accordingly if the person inside the Project seems to want to sell.  This difficulty in reselling causes researchers to expect to hold their shares for longer, which in turn helps to align incentives as the researchers think about how to make the Project actually be valuable in 15 years and not just look valuable at the time their shares vest.  This is probably a much bigger factor here than it would be in Civilization; in Civilization any large project let alone this one would have Nemamel looking at it, if she were alive, or people only slightly worse than her if not, and people wouldn't expect apparent values to get away from actual prices by much.

It is proverbial in Civilization that no amount of clever planning can eliminate a very very large residual probability that all your Project's shares end up being worth exactly zero, which is half the reason why they're being paid Cheerful-Plus base salaries

It's also considered stupid in Civilization if the rest of your reasoning doesn't end up at a point where your valuable researchers can spend money right now in a way that gives them Slack, doesn't cause them to be distracted by silly things, buy productivity-related magic items and have somebody else organize their house for them, etcetera.  Though obviously all negotiations are conducted on the basis of 'I have this valuable labor and I'm not giving it to you unless I'm paid and then once I have my money it's my own business what I do with it', not 'give me more money in the expectation that I'll spend it on myself in a way that makes me more productive'.  If the Project starts needing to do the latter, it will probably indicate something wrong, but the repair algorithm would involve the Project paying for productivity things directly.

Though, in this case, there's stuff like intelligence headbands where Cheliax rents those to the Project, gets convertible debt accordingly, the Project loans headbands to people while they work, and they can use their salaries to buy those headbands if they wish so they'll still have them afterwards and then loan them to the Project themselves.

Anyways, don't get emotionally wrapped up in the sense that you'll be worth a million gold pieces in 15 years, based on your unvested equity allocations.  That's not a thing that has happened to you, it's a collective plan to achieve something not yet achieved.

Well he's not going to have them sign anything now, of course, he's checking to make sure they even want the contents of the contract before he spends a lot of time drawing that up!

Equity allocations:  74% Keltham, 1.3% Carissa, 0.25% Ione, 0.2% Asmodia/Meritxell, 0.15% Pilar, 0.1% Gregoria/Peranza/Tonia, the remainder is for the Project to give its many future researchers and employees their own stakes, though they get smaller as people join later at higher base salaries and with reduced uncertainty of those shares' future values, or for Cheliax or other investors to convert its loan-shares into later.

Plans like this are generally drawn up with an intention that goes something like, if the Project is taking slower or needing larger investments and needs to sell more shares than expected, it first starts to come out of Keltham's reserve, especially if the delay looks like it's because Keltham is being less valuable or having less output than he was supposed to, but if the Project gets into bad-enough shape it may have to issue and sell additional shares that dilute everyone.  This is part of the risk.

Conversely if the Project gets visibly on track to be hugely successful and starts earning early profits fast, which might be as simple as figuring out an early and general anti-plague sanitation measure that reduces the incidence of all plagues in all Chelish cities by 10% in a way that doesn't just restore to the equilibrium, they can expect that fewer total shares than Keltham currently anticipates will be issued, and their own shares will be accordingly more valuable.

Blah blah vesting schedules, these initial allocations will at their slowest vest over four years; hitting milestones can result in faster vesting, Keltham will draw up relatively informal milestones for them that he judges, and set more formal ones for himself and truthspell himself about them.

Even after shares vest, you shouldn't expect to be able to sell them to an outside buyer for what they're probably worth; people outside the Project know that people inside the Project have private information about how well the Project is likely to do over the future, and they'll discount apparent prices accordingly if the person inside the Project seems to want to sell.  This difficulty in reselling causes researchers to expect to hold their shares for longer, which in turn helps to align incentives as the researchers think about how to make the Project actually be valuable in 15 years and not just look valuable at the time their shares vest.  This is probably a much bigger factor here than it would be in Civilization; in Civilization any large project let alone this one would have Nemamel looking at it, if she were alive, or people only slightly worse than her if not, and people wouldn't expect apparent values to get away from actual prices by much.

It is proverbial in Civilization that no amount of clever planning can eliminate a very very large residual probability that all your Project's shares end up being worth exactly zero, which scary thought should be handled by meditating on your Cheerful-Plus base salaries that you arrived at without considering your equity.

It's also considered stupid in Civilization if the rest of your reasoning doesn't end up at a point where your valuable researchers can spend money right now in a way that gives them Slack, doesn't cause them to be distracted by silly things, buy productivity-related magic items and have somebody else organize their house for them, etcetera.  Though obviously all negotiations are conducted on the basis of 'I have this valuable labor and I'm not giving it to you unless I'm paid and then once I have my money it's my own business what I do with it', not 'give me more money in the expectation that I'll spend it on myself in a way that makes me more productive'.  If the Project starts needing to do the latter, it will probably indicate something wrong, but the repair algorithm would involve the Project paying for productivity things directly.

Though, in this case, there's stuff like intelligence headbands where Cheliax rents those to the Project, gets convertible debt accordingly, the Project loans headbands to people while they work, and they can use their salaries to buy those headbands if they wish so they'll still have them afterwards and then loan them to the Project themselves.

Anyways, don't get emotionally wrapped up in the sense that you'll be worth a million gold pieces in 15 years, based on your unvested equity allocations.  That's not a thing that has happened to you, it's a collective plan to achieve something not yet achieved.