Model vesting, liquidation preferences, dilution, Black-Scholes fair value, break-even and US tax in one place. No account needed.
Everything here is editable. Ask HR for the 409A price and the last round's post-money.
Common stock fair market value
Sits ahead of common at exit
1× is standard
Exit value → preferences paid first → common price per share → your options (20,000 vested by exit) · 20% further dilution
| Exit value | Common $/share | Gross | Exercise cost | Pre-tax gain | Net · exercise at exit | Net · exercise now & hold | Cash needed now |
|---|---|---|---|---|---|---|---|
| $20M0.5× | $1.14 | $22,857 | $18,000 | $4,857 | $3,060 | $3,701 | $19,680 |
| $40M1.0× | $3.05 | $60,952 | $18,000 | $42,952 | $27,060 | $32,730 | $19,680 |
| $80M2.0× | $6.40 | $128,000 | $18,000 | $110,000 | $69,300 | $83,820 | $19,680 |
| $200M5.0× | $16.00 | $320,000 | $18,000 | $302,000 | $190,260 | $230,124 | $19,680 |
| $400M10.0× | $32.00 | $640,000 | $18,000 | $622,000 | $391,860 | $473,964 | $19,680 |
Pick a date: how many options are vested, what it costs, what tax hits that day, and when your gains turn long-term.
TenX turns your cap table into a private equity page per grant — vesting, scenarios and tax, always current.
Estimates only. Exit values, dilution, volatility and tax rates are assumptions, not predictions. Tax treatment is simplified US federal guidance and ignores state specifics, payroll taxes, AMT credits, 83(b), early exercise and QSBS. Talk to a tax professional before exercising or selling.
Most option calculators multiply your percentage by an exit value. Real outcomes are shaped by preferences, dilution, timing and tax. Here is what each control above is doing.
Preferred investors are usually paid back their investment (1× is standard, sometimes more) before common stockholders and option holders see anything. Non-participating preferred takes the greater of that preference or its as-converted share. This calculator pays preferences first, then splits what is left across common — which is why a $20M exit can be worth far less to you than "my percent × $20M".
Every future round issues new shares, so the same option grant owns a smaller percentage at exit. A typical priced round dilutes existing holders 15–25%. The dilution slider applies that haircut to your options before computing the common price per share.
Intrinsic value is simply (current 409A price − strike) × options — what they would be worth exercised and sold today. Black-Scholes fair value adds the value of time and volatility: an option that is out of the money today can still be worth real money if the company might grow. Auditors value employee options this way (ASC 718).
The exit value at which the common price per share equals your strike. Below it your options are worth $0 after preferences; above it every additional dollar of exit value flows partly to you.
Incentive stock options (ISOs) have no regular income tax at exercise; if you hold the shares ≥1 year after exercise and ≥2 years after grant, the whole gain is a long-term capital gain — but the spread at exercise counts for the Alternative Minimum Tax. Non-qualified options (NSOs) tax the spread as ordinary income the day you exercise; growth after that is a capital gain.
When you exercise ISOs and hold, the spread (409A − strike) × options is added to your AMT income. If that pushes your AMT above regular tax, you pay the difference now (roughly 26–28% of the spread), often recoverable later as a credit. Exercising early while the spread is small is how people avoid a large AMT bill.