{
  "docId": "019dd923-5f69-752d-a9b7-f5d894430a0e",
  "docSlug": "SLe22qQXUYG7xKaaMafE",
  "documentTitle": "Here's the pitch deck that Holloway used to raise $4.6 million from NEA and the New York Times for its online 'how-to' manual business",
  "authorId": "Pitchdecks",
  "authorName": "Holloway",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.77,
  "pageNumber": 7,
  "pageCount": 23,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "appendix_methodology",
  "function": "other",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This is a screenshot of a web-based guide or documentation page.",
  "elementsJson": [
    "screenshot"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5f69-752d-a9b7-f5d894430a0e/7",
  "deckHref": "/decks/019dd923-5f69-752d-a9b7-f5d894430a0e",
  "deckJsonHref": "/decks/019dd923-5f69-752d-a9b7-f5d894430a0e.json",
  "deckAnchorHref": "/decks/019dd923-5f69-752d-a9b7-f5d894430a0e#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.45,
        "x": 0.33,
        "y": 0.52
      },
      "kind": "callout",
      "text": "When you owe tax: When you get stock options and are considering if and when to exercise them, you need to think about the taxes (1) at time of grant; (2) at time of exercise; and (3) at time of sale.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "266c3a7d-16d0-4a57-928c-76963c6ce582",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.43,
        "x": 0.35,
        "y": 0.47
      },
      "kind": "callout",
      "text": "ISOs cannot be granted to non-employees (i.e., independent contractors).",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68aa69b7-eee2-476b-8a8c-35d0c22f204c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.43,
        "x": 0.35,
        "y": 0.27
      },
      "kind": "callout",
      "text": "A company wants the 409A to be low, so that employees make more off options, but not low enough the IRS won't consider it reasonable.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf368a10-042f-40b8-bb84-d07ea8e91ee0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.33,
        "y": 0.22
      },
      "kind": "list",
      "text": "The startup pays for an appraisal that sets the 409A, typically annually or after events like fundraising. In practice, this number could be low or high.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b7f8b8b-78bd-49db-a2b1-a680af710b5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.45,
        "x": 0.33,
        "y": 0.14
      },
      "kind": "list",
      "text": "Of course, if no one is buying and selling stock, as is the case in most startups, then its value isn't obvious. For the IRS to evaluate how much stock is worth, it uses what is known as the 409A valuation of the company.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7f15181-9396-4688-b7f2-529fd4af6e02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.33,
        "y": 0.08
      },
      "kind": "list",
      "text": "When stock vests, or you exercise an option, the IRS will consider what the fair market value (FMV) of the stock is when determining the tax you owe.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4fa12ad-13fe-41cf-a629-05e5f536eb89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.33,
        "y": 0.41
      },
      "kind": "list",
      "text": "Startups generally decide to give ISOs or NSOs depending on the legal advice they get. It's rarely up to you which you get, so you need to know about both.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dfaa5124-a579-402c-9bcc-4b164189c8a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.33,
        "y": 0.37
      },
      "kind": "title",
      "text": "Stock awards vs ISOs vs NSOs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40f395d2-5757-4e1e-8024-18fe85696c47",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.33,
        "y": 0.05
      },
      "kind": "title",
      "text": "409A valuations",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47dc7e0a-6d41-4544-915a-ad88d634356c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Analytical method",
      "slug": "analytical-method",
      "agent": null,
      "layer": "slide",
      "matchId": "442ada1b-e0f1-4c98-ad18-20d575e33e8c",
      "evidence": "Of course, if no one is buying and selling stock, as is the case in most startups, then its value isn't obvious.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}