I read the stock option plan linked to here. There is a term in there that makes it sound like the company can repurchase all vested shares of an employee when the employee leaves the company for the exercise price, effectively cancelling all stock compensation for the employee.
“(i) General. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable upon the voluntary or involuntary termination of the Participant’s Continuous Service Status for any reason (including death or Disability) at a purchase price for Shares equal to the original purchase price paid by the purchaser to the Company for such Shares and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may determine.”
Is this an instance of the “repurchase right” that Sam Altman said are “horrible for employees” in http://stockoptioncounsel.com/blog/standards-ownership-canthecomanytakebackmyvestedshares ?