Does anybody know of a startup where common stock is issued right away (or let&#x27;s say after a probation period), and then the employee issues options back to the startup, which expire at fixed intervals corresponding to the vesting schedule?<p>For an early startup, this would mean when there is a liquidity event, almost all of the gain would be capital gains.<p>In Canada, it would be even better: people can defer taxes on stock and option grants until disposition (sale&#x2F;bankruptcy). And the stock could be placed in a registered (i.e. tax-sheltered) account.