[Passed] NSR options for key contributors


#1

Motion Hash to place in Nu client: e0bd84ba5907260b9ca6ba45ed9a7ce6aae11e08

This motion is stored on GitHub. To verify the RIPEMD-160 hash, the GitHub version should be copied using a RIPEMD-160 calculator like Browserling. The text is included below for convenience.

—Begin Motion—
Stock options are a common way startups reward key players to stay as they grow. Nu’s key players (myself, Esko, Mike, woolly_sammoth, and Cybnate) are very important to its success. We need to retain them. One of the best ways to do this is to give them stock options. I have the right to offer stock options to others, just as I am authorized to give compensation to others, but I need direct shareholder authorization to receive them myself. Accordingly, this motion is primarily being advanced to authorize my own NSR options. However, the motion will also serve to clarify publicly how the other key players are to receive their options.

Options have a number of key features that make them attractive in our case: they don’t cost anything if the organization doesn’t do well and the asset price does not increase. The cost is in proportion to the success of the organization: it only has to pay a lot if it is very successfully, which is precisely when it can afford to pay a lot. They persuade key players to stay once the options become favorably priced due to asset appreciation. Once that happens, option recipients can’t leave Nu without leaving a lot of money on the table, which they are unlikely to do. I am trying to set up a multisig group, and these options will be helpful in ensuring signers have a stake.

NuShare options will be granted in the following amounts:

Phoenix 5200 voting NSR (52 million NSR)
Esko Esko 2800 voting NSR (28 million NSR)
Woolly_Sammoth 1600 voting NSR (16 million NSR)
Mike 1200 voting NSR (12 million NSR
Cybnate 600 voting NSR (6 milllion NSR)

Options will vest over a 4 year period, 25% per year each December 4th. Options will expire December 3rd, 2022. To remain eligible for the them, full time workers Esko and Woolly_Sammoth must bill at least 300 hours each quarter. Mike and myself must bill at least 60 hours each quarter to remain eligible. Cybnate must continue to actively build and support NuDroid, or bill at least 60 hours per quarter.

The time for option pricing is the same for everyone: we will take the midpoint of the range of pricing for NSR on December 4th, 2017 UTC. If pricing seems irregular on that day (manipulated due to the option pricing, then the average pricing of November 27, December 4th and December 11th will be used.

Exercize of options: 25% of options granted to each person will become available for exercise on December 4th each year, from 2018 until 2021. All these options expire on December 3rd 2022. Cash payment for the NSR at option price need not be made. If cash payment at option price is not made, we will use the formula ((exercisePrice – optionPrice) / exercisePrice) as the amount of NSR they are granted. By way of example, if the option price is $20 per voting NSR, and the decision to exercise is made when voting NSR is $100, the recipient can elect to receive 0.8 voting NSR for each option ((100 – 20) / 100), using the formula ((exercisePrice – optionPrice) / exercisePrice) as the amount of NSR they are to granted.

It is expected that Liquidity Operations NSR will be used to allow option exercise.
—End Motion—


[NEW] Cryptog's Nu data feeds - BETA
[NEW] Cryptog's Nu data feeds - BETA
#2

I would like to be part of the key contributors.

My achievements so far:

  • co-owning nubits.jp
  • co-owning nuventures,org
  • contributing to recruiting (helped recruit @Eleven )
  • contributing to liquidity provision (on NBT/USD , FLOT)
  • providing a data feed for Nu and BCE
  • providing a reputed signer for BCE
  • being an admin of discuss.nubits.com
  • participated into all the public PR videos of Nu. The list is here: http://nubits.jp/nubits

I have been always a believer of Nu and never jumped ship.
I have been a supporter of the liquidity engine.

I am for the long run for Nu. And I would like to continue contributing, focusing on public PR (Nu would need a lot of it to get of the dark anonymous nature of its network) and recruiting (engineers, exchanges etc…)

For these reasons, I believe I deserve to be part of this list of key contributors.


#3

I am backing @cryptog initiative


#4

My concern with these options is we will not be able to easily predict the strength of our USNBT buy side reserves so far out. I think we can all agree that the current NSR price is very low for the current state of crypto markets. There are certain scenarios that can play out where these options could have a severely negative effect on the reliability of tier 6 reserves. Unlike other companies who issue options, our customers’ depend on deep liquidity in NSR. NSR liquidity besides Nu funded NSR orders has been very thin on the buy side. I am happy that it is not a handout like was done in the “Performance bonuses”, though. Many of those rewarded for their loyalty to @Phoenix seem to have disappeared after receiving their bonuses.


#5

Myself too desire to be part of the key contributors.
Basically
I have recruited engineers in the past that have worked for Nu development in 2016/2017
I have negotiated and obtained interviews with major media to promote Nubits in 2016/2017.

Why? I am probably one the most connected recruiters in the world, regarding cryptos and blockchain tech
Of course I was in Nu from the start in 2014.

My public profile:

https://www.linkedin.com/in/gbboy


#6

Wooow I will be Market Making NuShares NSR at OpenLedger (BitShares)


#7

Voting has begun.

Motion Hash to place in Nu client: e0bd84ba5907260b9ca6ba45ed9a7ce6aae11e08

Because I can offer others options in the future, those that weren’t included in this motion may still receive NSR options later, if that is negotiated.


#8

Though I am not sure 100% about whether or not the number of granted of stock options is appropriate, I am voting for this motion because I believe we need dedicated members to make the NU DAC work and thrive.
I wish to see more people granted the same way because we need to foster the decentralizedness of NU over time.


#9

This has passed.

The option price is $38.04 per voting NSR ($0.003804 per NSR). This is the midpoint between the high and the low on December 4th.

The passed motion gives me the authority to offer others NSR options. If you feel your contribution warrants options, contact me to negotiate.


#10

Is this seriously still happening? Are you billing those hours to remain eligible for the options? @jooize?