No, the keywords are “also” and 'equivelent" which denotes that “also paying him a share of the FR” is different from “limited liability company ownership equivalent in option membership units”
Also depends on whether this is on paper, word-of-mouth Agreements are privileges we share with our friends and loved ones because in the world of law they’re unenforceable
doubtful they’ll be able to say anything about this publicly until the suit is settled.
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It’s worth noting that this lawsuit/service is a one-sided document making allegations and presenting documents which may or may not be true, and may or may not have merit.
It will be up to the lawyers/judge to examine all the facts and decide who is in the right and what should be done about it.
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Thx for quoting the interesting part as i indeed missed the FR mention.
It’s interesting as i personally think, due several online resoures that employees/devs/others/ get a share of the founders reward and this is exactly the reason why i asked for transparency on how the FR is distributed exactly belong employees and whomever. Obviously i did not get and answer so far yet which again indicates (at least to me) that there is something uncomfortable with this question.
Now, after Simon (bitcartel) has even claims about share of the FR my personal suspection gets another indicator that this might be indeed the case.
Below one of the FR online mentions that made me wonder who gets how much from the FR:
- 80% of issued Zcash is rewarded to miners (175,000 ZEC per month).
- 3% is going to the Zcash Foundation (6,563 ZEC per month).
- 2.8% is going to the Zcash Company (6,125 ZEC per month).
- The remaining 14.2% is allocated to 44 employees, advisors, and founders. 0.9%, or 2,033 ZEC per month, is for Zooko (this works out to roughly $4.2M/year based on $170/ZEC). This was the primary point of contention for many people.
My English is neither native nor perfect, but from what i understand employee get same share from the FR.
Resources: Zcash & the founder incentive trilemma | by Arjun Balaji | Medium
I believe employees are given the option of receiving %part of their pay in zcash if they choose
I am not a lawyer, but a substantial part of the lawsuit is that “units” are actually “stocks” - This is something for the courts to decide. If they decide units are stocks as has been alleged in the document, then the EEC has much bigger issues than 2020 FR ending.
ECC has pretty good representation, These membership units or stocks are almost certainly not Zcash, I have a little stock in my company but its only an option, a voucher of a % valuation of the Co. in whole, not a value of what we work with
But idk
actually I do know, read the factual allegations again and it will explain what an option is
Could these membership units be based on the number of zcash that the ECC has received? Sure why not but it’s not the same thing
Lastly, it’s really none of our business, it’s all between the lawyers now
Have you read the latest transparency report as it seems it addresses many of these questions: Transparency-Report-Q22019.pdf - Google Drive?
From page 5 (emphasis mine):
The company’s founders — including the founding scientists, Zooko Wilcox, and others — receive a share of FR for their work on the initial build of the Zcash protocol. Employees of the Electric Coin Company also receive a share of the Founders Reward as part of their compensation. The Electric Coin Company offers its employees Electric Coin Company LLC membership units on a vesting schedule. A share of the FR is paid to employees in proportion to their LLC ownership equivalent in option membership units. Employees that were part of the founding team are fully vested. Employees that were not part of the founding team are on a vesting schedule. As time passes, the ratio of vested to unvested for a given employee (and, therefore, the ratio of coins that are reported in this category versus the “Additional ECC Employee Compensation” category) will increase.
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My shares are subject to a vesting period as well, it’s nothing special, prior to the vesting period maturing it’s based on my employment status, if I quit or get terminated it goes away
And yes I do recognize bitcartel as being a tremendous contributor to the community and that’s why it seems strange that something couldn’t have been handled out of court
Of course i have read it, doesn’t answer the question how it’s distributed. Could be anything from 1 ZEC to 10000 ZEC. Are these ZEC additionally, whole wage, what % per employee and and and.
All we know there is obviously some distribution of the FR, which actually backs up claims Simon has, not?
Again, how is the FR distributed. We only know it IS distributed, but not how.
Employee compensation is a private financial affair between the company payor and said employee, revealing that information would be inappropriate, highly irresponsible and probably illegal
Seriously? Nobody is asking for names here. It would be enough to bring some light into the structure of FR distribution, that’s all. IF you for example don’t mind if an engineer gets from the FR 200k or 2M per year and than the company runs out of funds, ok. Especially in a discussion about a new FR or DevFee this should be of real interest in my opinion.
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It’s actually exactly what you need to do because it’s a personal affair, if somebody chooses to reveal that PRIVATE information to you in full understanding that you will go on publicly about it, ok
and then that would probably heavily depend on the company’s policy with employees publicly discussing wages which I have no idea what that is
I understand absolutly where you are coming from and it makes some sense IF the funds/profit are generated by the company itself. But that’s not the case, it’s a community/miner fund they (ECC) are asking for.
If you ask for something someone has to reveal some details without revealing someone’s personal privacy rights to what i fully agree.
For example out of air: 200,000 ZEC per year are needed for 40 employees. 50,000 ZEC for advisors and so on.
It’s anyway a strange situation that a for-profit company has to ask for funds and never generated any own income. Such behaviour is foundation-like.
Edit: How do you think a company would get a multi-million dollar financing from a bank? Not sure about the US, but here where i live the company has to reveal ALL data, beginning from monthly employee insurance rates up to where each cent went/goes…
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Reasonable expectation of privacy in the workplace isnt super clearly defined, some instances are obviously like cameras in bathrooms but for subjective definitions its
“Reasonable expectation of privacy in the workplace is determined by the claim of right to privacy by an individual in the context which the privacy was allegedly violated and if that expectation of the individual is reasonable.”
Guaranteed 100% reasonable
No individual rights get hurt with this:
Nobody is talking about an individual.
Just out of curiousity, you would support a new new fund for example of an estiminated $200M (again a number out of air) without knowing if $190M go to employees and $10M to R&D and developement or $20M to employees and $180M to R&D and developement? It really doesn’t matter where it goes?
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sorry, you can’t clip 8 words out of a 37 word law and expect the missing 29 to not mean anything
If the ECC did what you were asking them to do and any of the employees felt their right to privacy was violated they would probably have a better case against the ECC than the one up there
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Here is a question that I doubt can be answered in these forums, was or are there any other ECC employee’s who were also promised shares/units as part of their compensation package? I wonder how long before other ECC employee’s join Mr. Liu’s suit or file an additional suit against ECC.
The end results for ECC could be that of the Dodo bird (if found liable).
Your hypothetical conclusions based on a question you doubt can be answered means your intention is fud, real classy
- its the blackpill thread, it’s all doom and gloom here
- If you took the time to think about it is not fud, since it can only be answered by employee’s of ECC and the likelihood of them answering it in a public forums is about as likely as getting struck by lighting while riding your motorcycle on I95 in Florida
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