Sure: famously, a bunch of people that paid to exercise their @stake options (@stake was one of the first large security consulting firms, funded by Battery Ventures) after they left the firm got zero when @stake was eventually acquired by Symantec; the deal carved out retention grants for existing employees, which of course weren't extended to former employees. A bunch of people were out 5 figures, as I recall.
When I left Arbor Networks, I didn't exercise my options, in large part because of that horror story (further rationalized by having started a company of my own --- Matasano --- and deciding that if I was going to put money down on any company, it might as well be mine). I probably would have made some money when Arbor eventually sold! So: bad stories in both directions. :)
When I left Arbor Networks, I didn't exercise my options, in large part because of that horror story (further rationalized by having started a company of my own --- Matasano --- and deciding that if I was going to put money down on any company, it might as well be mine). I probably would have made some money when Arbor eventually sold! So: bad stories in both directions. :)