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In technical legal terms, this isn't strictly must not as "vesting." Technically, the stock is owned but tend to be forfeited by what called a "repurchase option" held using the company.

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Remember, don't be discouraged if you don't understand legal technicalities. Your main is in order to not master subtleties. It is to get a working knowledge. Place a top quality on anything that gives you that view. This is what the serial entrepreneur has skills down. It is what you will need to master as well if you are to be optimally effective as a businessman in managing legal matters to further your business goals.