August 12, 2016
SAN FRANCISCO — Private companies such as Pinterest and SpaceX are increasingly arriving at the same solution: They are giving employees some controlled opportunities to sell their start-up shares — but in return, workers now must agree to more explicit restrictions on what they can and cannot do with their remaining stock. This type of bargain was recently struck at Airbnb, the online room rental start-up. In July, the San Francisco-based company offered employees an opportunity to sell a percentage of their Airbnb stock as part of a deal that let investors buy those shares, according to two people who spoke on the condition of anonymity. In exchange, Airbnb employees had to agree to prohibitions on their remaining stock, including more categorical language that they could not trade or sell the shares, these people said. While Airbnb has long had a blanket restriction preventing workers from selling or transferring shares, it recently detailed these rules point-by-point, these people said….