Selling any “secondary” shares, via FF shares or any structure, at a valuation < $100m is pretty much a Red Flag for venture investors, either in the current round or down the road.
If an ex-employee sells cheap, that’s fine, even good sometimes.
But if the CEO sells even one share at < a $100m valuation … usually … I’m out.
She should think the shares are way to cheap to sell before then.
