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Form DEF 14A STEVEN MADDEN, LTD For: Dec 31
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Form DEF 14A EVERBRIDGE, INC
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was right in line with soapbox s philosophy. i would rather be in a company of company who want more of the pie and are willing to work for that. when stephanie decided to leave the company the owners bought her shares back. at what value? well, again, since they didn t formally value the company, they arbitrarily valued each share. something david cautions other entrepreneurs not to do. the most dramatic change was next. it completely came out of the blue. and it was devastating. eric announced his exit. i knew in my position as a co-founder, with the amount of equity i had, i needed to be all in. and i couldn t commit to that. in a pretty unusual move, he dave his shares back to the company. who gives away all their equity, like 9 largest piece tied with your co-founder of the company back for free? essentially for free. and while david could have become the majority owner, he didn t. he shared it with dan, instead. he is basically saying,
story. in lieu of a salary, which they couldn t afford to pay they gave him a stake in the company. he was doing a lot of work for us but we felt the pressure to be protective of our equity. but they decided his work was worth more than just 10% and that motivating him with ownership was more important than retaining equity themselves so they gave him 20%. they didn t value the company at the time, which they should have, but looking back, david says the company was new, and worth about nothing. he saw problems, he went and fixed them. he saw opportunities, he went for them. and i think more importantly he saw a partner. the team also saw potential in volunteer stephanie appiah. there was blogging, rewriting of web content. again there was no money to pay stephanie. but there was ownership. stephanie just came in and started kicking butt at everything. so, after awhile, we said well we did this for dan. so we should do this for stephanie. not knowing the intricacies
it s always tense to speak about money and talk about money. you balance company interest versus self-interest. after weeks of negotiations, they gave stephanie 3% more. again, without valuing the company. but this time the owners were diluted proportionally. dan contributed slightly less to bring stephanie up to 6% and i felt like that was a 4ri8 bit more equitable and fair. soon after another equity negotiation was on the horizon. the stakes were higher, too. when dan was renegotiating, it was really going to be the last arbitrary rebalancing of equity that we expected. i was starting to get a little concerned because all of a sudden once we gain investment our portions of the company are actually worth something. dan knew that, too, and believed he was worth more. i was acting as if i was a co-founder, but wasn t being compensated as if i was. dan s share went up to 23%. he also became president and coo. he needed to be absolutely viewed as the leader in a leadersh
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