New ask Hacker News story: Ask HN: Any recourse for a f***ed contract?
Ask HN: Any recourse for a f***ed contract?
8 by mpnagle | 0 comments on Hacker News.
Hi HN! Way back in ~2011 I advised a startup, Ginger.io, and got a contract for a small portion of equity in exchanging for advising them. I did some r&d work for them and completed the contract. They moved to SF, I moved to SF, we had a conversation: hey the contract is done, but please keep coming by, after all this only has value if there’s an exit. I did off and on for maybe 1-2 years after end of contract. THE DUMB THING I DID: I misread the contract. I needed to execute the contract right at the end of the 2y advising window. It had a clause, options would be good for ~7 years. I misread that as time to execute. I was wrong. The big moral: get legal advice. Ginger is about to merge with Headspace for a $3bn valuation. I don’t think there’s any recourse at this point (I had a talk with a founder two years ago who was apologetic but said there was nothing to be done,) and I wonder - is there any recourse at this point? Or can I just write up the story and share it so that someone else new to advising doesn’t get f**ed the way I did? Clearly the mistake is mine. Curious if there any avenues I am missing. Thanks!
8 by mpnagle | 0 comments on Hacker News.
Hi HN! Way back in ~2011 I advised a startup, Ginger.io, and got a contract for a small portion of equity in exchanging for advising them. I did some r&d work for them and completed the contract. They moved to SF, I moved to SF, we had a conversation: hey the contract is done, but please keep coming by, after all this only has value if there’s an exit. I did off and on for maybe 1-2 years after end of contract. THE DUMB THING I DID: I misread the contract. I needed to execute the contract right at the end of the 2y advising window. It had a clause, options would be good for ~7 years. I misread that as time to execute. I was wrong. The big moral: get legal advice. Ginger is about to merge with Headspace for a $3bn valuation. I don’t think there’s any recourse at this point (I had a talk with a founder two years ago who was apologetic but said there was nothing to be done,) and I wonder - is there any recourse at this point? Or can I just write up the story and share it so that someone else new to advising doesn’t get f**ed the way I did? Clearly the mistake is mine. Curious if there any avenues I am missing. Thanks!
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