1. Investors are often criticized for insisting that a vesting schedule be put in place for stock that’s issued to employees. After reading this feature, do you think this criticism is justified? If a company anticipated that it will never take money from an investor, is it still a good idea to establish a vesting schedule? Explain your answer.

2. Why do you think start-ups launch and distribute stock to founders and others members of their new-venture team without vesting schedules?

3. Is it typically necessary to hire an attorney to establish a vesting schedule for an entrepreneurial venture or can the new firm do it on its own?

4. Given your reading of this feature, explain how you think employees who own shares of a newly-launched firm would view themselves as partners in such a situation?