Startup terminating me. No strike price set yet. Am I screwed or "future proof" on my equity?
I need a reality check on my stock options. I’m being terminated from an early-stage startup on December 15th. I have a 0.5% equity grant in my offer letter, and based on my time worked, I have vested 0.33%.
Here is the specific situation that has me confused:
1. No Formal Grant or Plan Documents
My offer letter states the grant is "Subject to Board Approval", but I never received a formal Stock Option Agreement or a copy of the Equity Incentive Plan. The offer letter itself is the only document I have regarding equity.
2. No Strike Price Exists
The company has only raised money via SAFEs. They have not done a priced equity round or a 409A valuation. Because of this, there is no Strike Price (Exercise Price) established for my options.
3. The "Silence" in the Contract
My offer letter does not mention a "90-day post-termination exercise window" or any deadline for when I must exercise my options after leaving. It is completely silent on expiration terms.
My Theory (Am I wrong?):
Since there is no strike price, I physically cannot exercise my options right now even if I wanted to (I can't write a check for an unknown amount). Because the offer letter doesn't list an expiration date, I’m assuming I can just wait indefinitely until a strike price is set in the future to exercise. Essentially, I feel like I'm "future proof."
My Fear:
Is this a trap? If I leave on Dec 15th without a specific agreement, does standard startup law (or the unseen "Company Plan") default to a 90-day window? If so, does that mean my options will expire worthless in March because I still won't be able to buy them?
The Question:
Does the silence in my offer letter actually protect me, or do I need to force them to sign a "tolling agreement" or extension before I leave to ensure my equity doesn't vanish?
Thanks for the help.
Posted Dec 10, 2025, 2:53 AM UTC