note №.002 · 2025 · 12 · 035 min - or one careful tea

Reading the cap table like an offer letter.

A short, opinionated field guide to the part of an offer most engineers try not to read.

The part of the offer most engineers try not to read is often the part that explains the real offer.

Vesting, cliff, refresh, RSU vs ISO, strike price, dilution: none of this is romantic, but all of it changes what the number on the first page actually means.

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