Real Ownership, Not the Story of It

When a founder says "we're all owners here," the word is doing a lot of work.
The stock option plan and grant notice are where you find out if they mean it.
Three terms that tell you the truth: cliff at transaction (shares don't pay out unless you're still there at exit), clawbacks (they can buy back your vested shares at cost — Skype did this to engineers when Microsoft acquired them for $8.5B), and golden handcuffs (any term whose only job is making leaving expensive).
A founder who builds those terms is using the language of partnership to buy your nights and weekends at a discount. Calibrate accordingly: don't accept equity as compensation if it's wrapped in clawbacks. Don't sacrifice past the deal you actually have.
Full piece: https://imacto.com/writing/real-ownership-not-the-story-of-it