id	sid	tid	token	lemma	pos
cblr-5117	1	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1	2	(	(	PUNCT
cblr-5117	1	3	do	do	AUX
cblr-5117	1	4	not	not	PART
cblr-5117	1	5	delete	delete	VERB
cblr-5117	1	6	)	)	PUNCT
cblr-5117	1	7	1/8/2020	1/8/2020	NUM
cblr-5117	1	8	4:44	4:44	NUM
cblr-5117	1	9	pm	pm	NOUN
cblr-5117	1	10	making	make	VERB
cblr-5117	1	11	disclosure	disclosure	NOUN
cblr-5117	1	12	work	work	NOUN
cblr-5117	1	13	for	for	ADP
cblr-5117	1	14	startup	startup	NOUN
cblr-5117	1	15	employees	employee	NOUN
cblr-5117	1	16	yifat	yifat	VERB
cblr-5117	1	17	aran	aran	NOUN
cblr-5117	1	18	*	*	PUNCT
cblr-5117	1	19	equity	equity	NOUN
cblr-5117	1	20	-	-	PUNCT
cblr-5117	1	21	based	base	VERB
cblr-5117	1	22	compensation	compensation	NOUN
cblr-5117	1	23	of	of	ADP
cblr-5117	1	24	startup	startup	NOUN
cblr-5117	1	25	employees	employee	NOUN
cblr-5117	1	26	is	be	AUX
cblr-5117	1	27	attracting	attract	VERB
cblr-5117	1	28	growing	grow	VERB
cblr-5117	1	29	and	and	CCONJ
cblr-5117	1	30	skeptical	skeptical	ADJ
cblr-5117	1	31	attention	attention	NOUN
cblr-5117	1	32	in	in	ADP
cblr-5117	1	33	academia	academia	NOUN
cblr-5117	1	34	and	and	CCONJ
cblr-5117	1	35	the	the	DET
cblr-5117	1	36	media	medium	NOUN
cblr-5117	1	37	.	.	PUNCT
cblr-5117	2	1	legal	legal	ADJ
cblr-5117	2	2	and	and	CCONJ
cblr-5117	2	3	finance	finance	NOUN
cblr-5117	2	4	scholars	scholar	NOUN
cblr-5117	2	5	have	have	AUX
cblr-5117	2	6	raised	raise	VERB
cblr-5117	2	7	concerns	concern	NOUN
cblr-5117	2	8	that	that	SCONJ
cblr-5117	2	9	employees	employee	NOUN
cblr-5117	2	10	are	be	AUX
cblr-5117	2	11	misinformed	misinformed	ADJ
cblr-5117	2	12	regarding	regard	VERB
cblr-5117	2	13	the	the	DET
cblr-5117	2	14	value	value	NOUN
cblr-5117	2	15	of	of	ADP
cblr-5117	2	16	their	their	PRON
cblr-5117	2	17	equity	equity	NOUN
cblr-5117	2	18	grants	grant	NOUN
cblr-5117	2	19	in	in	ADP
cblr-5117	2	20	a	a	DET
cblr-5117	2	21	manner	manner	NOUN
cblr-5117	2	22	that	that	PRON
cblr-5117	2	23	could	could	AUX
cblr-5117	2	24	distort	distort	VERB
cblr-5117	2	25	their	their	PRON
cblr-5117	2	26	employment	employment	NOUN
cblr-5117	2	27	and	and	CCONJ
cblr-5117	2	28	investment	investment	NOUN
cblr-5117	2	29	decisions	decision	NOUN
cblr-5117	2	30	.	.	PUNCT
cblr-5117	3	1	this	this	DET
cblr-5117	3	2	article	article	NOUN
cblr-5117	3	3	addresses	address	VERB
cblr-5117	3	4	these	these	DET
cblr-5117	3	5	emerging	emerge	VERB
cblr-5117	3	6	concerns	concern	NOUN
cblr-5117	3	7	by	by	ADP
cblr-5117	3	8	articulating	articulate	VERB
cblr-5117	3	9	a	a	DET
cblr-5117	3	10	theoretical	theoretical	ADJ
cblr-5117	3	11	and	and	CCONJ
cblr-5117	3	12	practical	practical	ADJ
cblr-5117	3	13	framework	framework	NOUN
cblr-5117	3	14	for	for	ADP
cblr-5117	3	15	the	the	DET
cblr-5117	3	16	regulation	regulation	NOUN
cblr-5117	3	17	of	of	ADP
cblr-5117	3	18	start	start	NOUN
cblr-5117	3	19	-	-	PUNCT
cblr-5117	3	20	up	up	ADP
cblr-5117	3	21	employees	employee	NOUN
cblr-5117	3	22	’	'	PUNCT
cblr-5117	3	23	human	human	ADJ
cblr-5117	3	24	capital	capital	NOUN
cblr-5117	3	25	investments	investment	NOUN
cblr-5117	3	26	.	.	PUNCT
cblr-5117	4	1	this	this	DET
cblr-5117	4	2	framework	framework	NOUN
cblr-5117	4	3	balances	balance	VERB
cblr-5117	4	4	the	the	DET
cblr-5117	4	5	confidentiality	confidentiality	NOUN
cblr-5117	4	6	interests	interest	NOUN
cblr-5117	4	7	of	of	ADP
cblr-5117	4	8	employers	employer	NOUN
cblr-5117	4	9	with	with	ADP
cblr-5117	4	10	employees	employee	NOUN
cblr-5117	4	11	’	'	PUNCT
cblr-5117	4	12	need	need	VERB
cblr-5117	4	13	for	for	ADP
cblr-5117	4	14	ongoing	ongoing	ADJ
cblr-5117	4	15	and	and	CCONJ
cblr-5117	4	16	realistic	realistic	ADJ
cblr-5117	4	17	valuation	valuation	NOUN
cblr-5117	4	18	of	of	ADP
cblr-5117	4	19	the	the	DET
cblr-5117	4	20	return	return	NOUN
cblr-5117	4	21	on	on	ADP
cblr-5117	4	22	their	their	PRON
cblr-5117	4	23	labor	labor	NOUN
cblr-5117	4	24	.	.	PUNCT
cblr-5117	5	1	start	start	NOUN
cblr-5117	5	2	-	-	PUNCT
cblr-5117	5	3	ups	up	NOUN
cblr-5117	5	4	commonly	commonly	ADV
cblr-5117	5	5	rely	rely	VERB
cblr-5117	5	6	on	on	ADP
cblr-5117	5	7	rule	rule	NOUN
cblr-5117	5	8	701	701	NUM
cblr-5117	5	9	of	of	ADP
cblr-5117	5	10	the	the	DET
cblr-5117	5	11	securities	security	NOUN
cblr-5117	5	12	act	act	NOUN
cblr-5117	5	13	to	to	PART
cblr-5117	5	14	grant	grant	VERB
cblr-5117	5	15	equity	equity	NOUN
cblr-5117	5	16	-	-	PUNCT
cblr-5117	5	17	based	base	VERB
cblr-5117	5	18	compensation	compensation	NOUN
cblr-5117	5	19	to	to	ADP
cblr-5117	5	20	their	their	PRON
cblr-5117	5	21	employees	employee	NOUN
cblr-5117	5	22	without	without	ADP
cblr-5117	5	23	registering	register	VERB
cblr-5117	5	24	these	these	DET
cblr-5117	5	25	securities	security	NOUN
cblr-5117	5	26	with	with	ADP
cblr-5117	5	27	the	the	DET
cblr-5117	5	28	securities	securities	PROPN
cblr-5117	5	29	and	and	CCONJ
cblr-5117	5	30	exchange	exchange	PROPN
cblr-5117	5	31	commission	commission	PROPN
cblr-5117	5	32	.	.	PUNCT
cblr-5117	6	1	this	this	DET
cblr-5117	6	2	article	article	NOUN
cblr-5117	6	3	describes	describe	VERB
cblr-5117	6	4	the	the	DET
cblr-5117	6	5	flaws	flaw	NOUN
cblr-5117	6	6	of	of	ADP
cblr-5117	6	7	the	the	DET
cblr-5117	6	8	current	current	ADJ
cblr-5117	6	9	regulation	regulation	NOUN
cblr-5117	6	10	and	and	CCONJ
cblr-5117	6	11	proposes	propose	VERB
cblr-5117	6	12	concrete	concrete	ADJ
cblr-5117	6	13	amendments	amendment	NOUN
cblr-5117	6	14	including	include	VERB
cblr-5117	6	15	(	(	PUNCT
cblr-5117	6	16	1	1	X
cblr-5117	6	17	)	)	PUNCT
cblr-5117	6	18	replacing	replace	VERB
cblr-5117	6	19	the	the	DET
cblr-5117	6	20	requirement	requirement	NOUN
cblr-5117	6	21	to	to	PART
cblr-5117	6	22	disclose	disclose	VERB
cblr-5117	6	23	the	the	DET
cblr-5117	6	24	issuer	issuer	NOUN
cblr-5117	6	25	’s	’s	PART
cblr-5117	6	26	financial	financial	ADJ
cblr-5117	6	27	statements	statement	NOUN
cblr-5117	6	28	with	with	ADP
cblr-5117	6	29	a	a	DET
cblr-5117	6	30	requirement	requirement	NOUN
cblr-5117	6	31	to	to	PART
cblr-5117	6	32	disclose	disclose	VERB
cblr-5117	6	33	fair	fair	ADJ
cblr-5117	6	34	market	market	NOUN
cblr-5117	6	35	valuation	valuation	NOUN
cblr-5117	6	36	and	and	CCONJ
cblr-5117	6	37	exit	exit	NOUN
cblr-5117	6	38	waterfall	waterfall	NOUN
cblr-5117	6	39	analysis	analysis	NOUN
cblr-5117	6	40	;	;	PUNCT
cblr-5117	6	41	(	(	PUNCT
cblr-5117	6	42	2	2	X
cblr-5117	6	43	)	)	PUNCT
cblr-5117	6	44	changing	change	VERB
cblr-5117	6	45	the	the	DET
cblr-5117	6	46	threshold	threshold	NOUN
cblr-5117	6	47	that	that	PRON
cblr-5117	6	48	triggers	trigger	VERB
cblr-5117	6	49	the	the	DET
cblr-5117	6	50	enhanced	enhanced	ADJ
cblr-5117	6	51	disclosure	disclosure	NOUN
cblr-5117	6	52	requirement	requirement	NOUN
cblr-5117	6	53	from	from	ADP
cblr-5117	6	54	when	when	SCONJ
cblr-5117	6	55	the	the	DET
cblr-5117	6	56	company	company	NOUN
cblr-5117	6	57	issues	issue	VERB
cblr-5117	6	58	equity	equity	NOUN
cblr-5117	6	59	-	-	PUNCT
cblr-5117	6	60	based	base	VERB
cblr-5117	6	61	compensation	compensation	NOUN
cblr-5117	6	62	*	*	PUNCT
cblr-5117	6	63	jsd	jsd	PROPN
cblr-5117	6	64	candidate	candidate	NOUN
cblr-5117	6	65	and	and	CCONJ
cblr-5117	6	66	donna	donna	PROPN
cblr-5117	6	67	schweers	schweer	NOUN
cblr-5117	6	68	and	and	CCONJ
cblr-5117	6	69	thomas	thomas	PROPN
cblr-5117	6	70	geiser	geiser	PROPN
cblr-5117	6	71	interdisciplinary	interdisciplinary	PROPN
cblr-5117	6	72	graduate	graduate	NOUN
cblr-5117	6	73	fellow	fellow	NOUN
cblr-5117	6	74	(	(	PUNCT
cblr-5117	6	75	sigf	sigf	PROPN
cblr-5117	6	76	)	)	PUNCT
cblr-5117	6	77	,	,	PUNCT
cblr-5117	6	78	stanford	stanford	PROPN
cblr-5117	6	79	law	law	PROPN
cblr-5117	6	80	school	school	NOUN
cblr-5117	6	81	.	.	PUNCT
cblr-5117	7	1	thanks	thank	NOUN
cblr-5117	7	2	to	to	ADP
cblr-5117	7	3	joseph	joseph	PROPN
cblr-5117	7	4	grundfest	grundfest	PROPN
cblr-5117	7	5	,	,	PUNCT
cblr-5117	7	6	colleen	colleen	PROPN
cblr-5117	7	7	honigsberg	honigsberg	PROPN
cblr-5117	7	8	,	,	PUNCT
cblr-5117	7	9	elizabeth	elizabeth	PROPN
cblr-5117	7	10	pollman	pollman	PROPN
cblr-5117	7	11	,	,	PUNCT
cblr-5117	7	12	omri	omri	PROPN
cblr-5117	7	13	benshahar	benshahar	PROPN
cblr-5117	7	14	,	,	PUNCT
cblr-5117	7	15	scott	scott	PROPN
cblr-5117	7	16	kupor	kupor	PROPN
cblr-5117	7	17	,	,	PUNCT
cblr-5117	7	18	and	and	CCONJ
cblr-5117	7	19	ami	ami	VERB
cblr-5117	7	20	hordes	horde	NOUN
cblr-5117	7	21	for	for	ADP
cblr-5117	7	22	thoughtful	thoughtful	ADJ
cblr-5117	7	23	comments	comment	NOUN
cblr-5117	7	24	and	and	CCONJ
cblr-5117	7	25	suggestions	suggestion	NOUN
cblr-5117	7	26	on	on	ADP
cblr-5117	7	27	earlier	early	ADJ
cblr-5117	7	28	drafts	draft	NOUN
cblr-5117	7	29	of	of	ADP
cblr-5117	7	30	this	this	DET
cblr-5117	7	31	paper	paper	NOUN
cblr-5117	7	32	.	.	PUNCT
cblr-5117	8	1	a	a	DET
cblr-5117	8	2	heartfelt	heartfelt	ADJ
cblr-5117	8	3	thanks	thank	NOUN
cblr-5117	8	4	to	to	ADP
cblr-5117	8	5	all	all	DET
cblr-5117	8	6	my	my	PRON
cblr-5117	8	7	interviewees	interviewee	NOUN
cblr-5117	8	8	:	:	PUNCT
cblr-5117	8	9	entrepreneurs	entrepreneur	NOUN
cblr-5117	8	10	,	,	PUNCT
cblr-5117	8	11	employees	employee	NOUN
cblr-5117	8	12	,	,	PUNCT
cblr-5117	8	13	lawyers	lawyer	NOUN
cblr-5117	8	14	,	,	PUNCT
cblr-5117	8	15	and	and	CCONJ
cblr-5117	8	16	investors	investor	NOUN
cblr-5117	8	17	who	who	PRON
cblr-5117	8	18	have	have	AUX
cblr-5117	8	19	shared	share	VERB
cblr-5117	8	20	their	their	PRON
cblr-5117	8	21	professional	professional	ADJ
cblr-5117	8	22	and	and	CCONJ
cblr-5117	8	23	personal	personal	ADJ
cblr-5117	8	24	experiences	experience	NOUN
cblr-5117	8	25	with	with	ADP
cblr-5117	8	26	me	i	PRON
cblr-5117	8	27	.	.	PUNCT
cblr-5117	9	1	this	this	DET
cblr-5117	9	2	research	research	NOUN
cblr-5117	9	3	project	project	NOUN
cblr-5117	9	4	was	be	AUX
cblr-5117	9	5	made	make	VERB
cblr-5117	9	6	possible	possible	ADJ
cblr-5117	9	7	thanks	thank	NOUN
cblr-5117	9	8	to	to	ADP
cblr-5117	9	9	the	the	DET
cblr-5117	9	10	generous	generous	ADJ
cblr-5117	9	11	financial	financial	ADJ
cblr-5117	9	12	support	support	NOUN
cblr-5117	9	13	of	of	ADP
cblr-5117	9	14	the	the	DET
cblr-5117	9	15	e.	e.	PROPN
cblr-5117	9	16	david	david	PROPN
cblr-5117	9	17	fischman	fischman	PROPN
cblr-5117	9	18	scholarship	scholarship	PROPN
cblr-5117	9	19	fund	fund	PROPN
cblr-5117	9	20	,	,	PUNCT
cblr-5117	9	21	the	the	DET
cblr-5117	9	22	peo	peo	PROPN
cblr-5117	9	23	international	international	PROPN
cblr-5117	9	24	peace	peace	NOUN
cblr-5117	9	25	scholarship	scholarship	NOUN
cblr-5117	9	26	fund	fund	NOUN
cblr-5117	9	27	,	,	PUNCT
cblr-5117	9	28	and	and	CCONJ
cblr-5117	9	29	the	the	DET
cblr-5117	9	30	john	john	PROPN
cblr-5117	9	31	m.	m.	PROPN
cblr-5117	9	32	olin	olin	PROPN
cblr-5117	9	33	program	program	PROPN
cblr-5117	9	34	in	in	ADP
cblr-5117	9	35	law	law	NOUN
cblr-5117	9	36	and	and	CCONJ
cblr-5117	9	37	economics	economic	NOUN
cblr-5117	9	38	.	.	PUNCT
cblr-5117	10	1	this	this	DET
cblr-5117	10	2	article	article	NOUN
cblr-5117	10	3	is	be	AUX
cblr-5117	10	4	dedicated	dedicate	VERB
cblr-5117	10	5	to	to	ADP
cblr-5117	10	6	my	my	PRON
cblr-5117	10	7	daughter	daughter	NOUN
cblr-5117	10	8	aviv	aviv	PROPN
cblr-5117	10	9	who	who	PRON
cblr-5117	10	10	was	be	AUX
cblr-5117	10	11	born	bear	VERB
cblr-5117	10	12	on	on	ADP
cblr-5117	10	13	the	the	DET
cblr-5117	10	14	same	same	ADJ
cblr-5117	10	15	day	day	NOUN
cblr-5117	10	16	as	as	ADP
cblr-5117	10	17	the	the	DET
cblr-5117	10	18	first	first	ADJ
cblr-5117	10	19	draft	draft	NOUN
cblr-5117	10	20	of	of	ADP
cblr-5117	10	21	this	this	DET
cblr-5117	10	22	paper	paper	NOUN
cblr-5117	10	23	.	.	PUNCT
cblr-5117	11	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	11	2	(	(	PUNCT
cblr-5117	11	3	do	do	AUX
cblr-5117	11	4	not	not	PART
cblr-5117	11	5	delte	delte	VERB
cblr-5117	11	6	)	)	PUNCT
cblr-5117	11	7	1/8/2020	1/8/2020	NUM
cblr-5117	11	8	4:44	4:44	NUM
cblr-5117	11	9	pm	pm	NOUN
cblr-5117	11	10	868	868	NUM
cblr-5117	11	11	columbia	columbia	PROPN
cblr-5117	11	12	business	business	NOUN
cblr-5117	11	13	law	law	NOUN
cblr-5117	11	14	review	review	NOUN
cblr-5117	11	15	[	[	X
cblr-5117	11	16	vol	vol	NOUN
cblr-5117	11	17	.	.	PUNCT
cblr-5117	11	18	2019	2019	NUM
cblr-5117	11	19	exceeding	exceed	VERB
cblr-5117	11	20	$	$	SYM
cblr-5117	11	21	10	10	NUM
cblr-5117	11	22	million	million	NUM
cblr-5117	11	23	within	within	ADP
cblr-5117	11	24	a	a	DET
cblr-5117	11	25	twelve	twelve	NUM
cblr-5117	11	26	month	month	NOUN
cblr-5117	11	27	period	period	NOUN
cblr-5117	11	28	,	,	PUNCT
cblr-5117	11	29	to	to	ADP
cblr-5117	11	30	when	when	SCONJ
cblr-5117	11	31	the	the	DET
cblr-5117	11	32	company	company	NOUN
cblr-5117	11	33	issues	issue	VERB
cblr-5117	11	34	securities	security	NOUN
cblr-5117	11	35	to	to	ADP
cblr-5117	11	36	at	at	ADV
cblr-5117	11	37	least	least	ADV
cblr-5117	11	38	100	100	NUM
cblr-5117	11	39	employees	employee	NOUN
cblr-5117	11	40	,	,	PUNCT
cblr-5117	11	41	and	and	CCONJ
cblr-5117	11	42	these	these	DET
cblr-5117	11	43	securities	security	NOUN
cblr-5117	11	44	aggregately	aggregately	ADV
cblr-5117	11	45	convey	convey	VERB
cblr-5117	11	46	over	over	ADP
cblr-5117	11	47	10	10	NUM
cblr-5117	11	48	%	%	NOUN
cblr-5117	11	49	ownership	ownership	NOUN
cblr-5117	11	50	in	in	ADP
cblr-5117	11	51	any	any	DET
cblr-5117	11	52	class	class	NOUN
cblr-5117	11	53	of	of	ADP
cblr-5117	11	54	shares	share	NOUN
cblr-5117	11	55	;	;	PUNCT
cblr-5117	11	56	and	and	CCONJ
cblr-5117	11	57	(	(	PUNCT
cblr-5117	11	58	3	3	X
cblr-5117	11	59	)	)	PUNCT
cblr-5117	11	60	advancing	advance	VERB
cblr-5117	11	61	the	the	DET
cblr-5117	11	62	timing	timing	NOUN
cblr-5117	11	63	of	of	ADP
cblr-5117	11	64	the	the	DET
cblr-5117	11	65	disclosure	disclosure	NOUN
cblr-5117	11	66	from	from	ADP
cblr-5117	11	67	its	its	PRON
cblr-5117	11	68	current	current	ADJ
cblr-5117	11	69	post	post	ADJ
cblr-5117	11	70	-	-	ADJ
cblr-5117	11	71	employment	employment	ADJ
cblr-5117	11	72	stage	stage	NOUN
cblr-5117	11	73	to	to	ADP
cblr-5117	11	74	the	the	DET
cblr-5117	11	75	offer	offer	NOUN
cblr-5117	11	76	letter	letter	NOUN
cblr-5117	11	77	stage	stage	NOUN
cblr-5117	11	78	.	.	PUNCT
cblr-5117	12	1	i.	i.	PROPN
cblr-5117	12	2	introduction	introduction	NOUN
cblr-5117	12	3	...............................................................	...............................................................	PUNCT
cblr-5117	12	4	869	869	NUM
cblr-5117	12	5	ii	ii	NOUN
cblr-5117	12	6	.	.	PUNCT
cblr-5117	13	1	employee	employee	NOUN
cblr-5117	13	2	-	-	PUNCT
cblr-5117	13	3	equity	equity	NOUN
cblr-5117	13	4	holders	holder	NOUN
cblr-5117	13	5	and	and	CCONJ
cblr-5117	13	6	the	the	DET
cblr-5117	13	7	securities	security	NOUN
cblr-5117	13	8	disclosure	disclosure	NOUN
cblr-5117	13	9	regime	regime	NOUN
cblr-5117	13	10	......................................................	......................................................	PUNCT
cblr-5117	13	11	877	877	NUM
cblr-5117	13	12	a.	a.	NOUN
cblr-5117	13	13	daniel	daniel	PROPN
cblr-5117	13	14	and	and	CCONJ
cblr-5117	13	15	the	the	DET
cblr-5117	13	16	“	"	PUNCT
cblr-5117	13	17	no	no	DET
cblr-5117	13	18	-	-	PUNCT
cblr-5117	13	19	sale	sale	NOUN
cblr-5117	13	20	”	"	PUNCT
cblr-5117	13	21	doctrine	doctrine	NOUN
cblr-5117	13	22	......................	......................	PUNCT
cblr-5117	13	23	878	878	NUM
cblr-5117	13	24	b	b	NOUN
cblr-5117	13	25	private	private	ADJ
cblr-5117	13	26	offering	offering	NOUN
cblr-5117	13	27	exemptions	exemption	NOUN
cblr-5117	13	28	and	and	CCONJ
cblr-5117	13	29	the	the	DET
cblr-5117	13	30	“	"	PUNCT
cblr-5117	13	31	fend	fend	NOUN
cblr-5117	13	32	-	-	PUNCT
cblr-5117	13	33	forthemselves	forthemselve	NOUN
cblr-5117	13	34	”	"	PUNCT
cblr-5117	13	35	test	test	NOUN
cblr-5117	13	36	.................................................	.................................................	PUNCT
cblr-5117	13	37	884	884	NUM
cblr-5117	13	38	c.	c.	NOUN
cblr-5117	13	39	rule	rule	VERB
cblr-5117	13	40	701	701	NUM
cblr-5117	13	41	exemption	exemption	NOUN
cblr-5117	13	42	for	for	ADP
cblr-5117	13	43	compensatory	compensatory	ADJ
cblr-5117	13	44	arrangements	arrangement	NOUN
cblr-5117	13	45	......................................................	......................................................	PUNCT
cblr-5117	13	46	888	888	NUM
cblr-5117	13	47	iii	iii	NOUN
cblr-5117	13	48	.	.	PUNCT
cblr-5117	13	49	policy	policy	NOUN
cblr-5117	13	50	rationales	rationale	NOUN
cblr-5117	13	51	and	and	CCONJ
cblr-5117	13	52	objectives	objective	NOUN
cblr-5117	13	53	for	for	ADP
cblr-5117	13	54	disclosure	disclosure	NOUN
cblr-5117	13	55	to	to	PART
cblr-5117	13	56	start	start	VERB
cblr-5117	13	57	-	-	PUNCT
cblr-5117	13	58	up	up	ADP
cblr-5117	13	59	employees	employee	NOUN
cblr-5117	13	60	...................................................	...................................................	PUNCT
cblr-5117	13	61	895	895	NUM
cblr-5117	13	62	a.	a.	NOUN
cblr-5117	13	63	regulation	regulation	NOUN
cblr-5117	13	64	in	in	ADP
cblr-5117	13	65	search	search	NOUN
cblr-5117	13	66	of	of	ADP
cblr-5117	13	67	policy	policy	NOUN
cblr-5117	13	68	objectives	objective	NOUN
cblr-5117	13	69	...........	...........	PUNCT
cblr-5117	13	70	896	896	NUM
cblr-5117	13	71	b.	b.	NOUN
cblr-5117	13	72	weakness	weakness	NOUN
cblr-5117	13	73	in	in	ADP
cblr-5117	13	74	the	the	DET
cblr-5117	13	75	sec	sec	PROPN
cblr-5117	13	76	’s	’s	PART
cblr-5117	13	77	reasoning	reasoning	NOUN
cblr-5117	13	78	......................	......................	PUNCT
cblr-5117	13	79	898	898	NUM
cblr-5117	13	80	c.	c.	NOUN
cblr-5117	13	81	alternative	alternative	ADJ
cblr-5117	13	82	reasoning	reasoning	NOUN
cblr-5117	13	83	for	for	ADP
cblr-5117	13	84	regulating	regulate	VERB
cblr-5117	13	85	start	start	NOUN
cblr-5117	13	86	-	-	PUNCT
cblr-5117	13	87	up	up	ADP
cblr-5117	13	88	equity	equity	NOUN
cblr-5117	13	89	compensation	compensation	NOUN
cblr-5117	13	90	..........................................	..........................................	PUNCT
cblr-5117	14	1	902	902	NUM
cblr-5117	14	2	1	1	NUM
cblr-5117	14	3	.	.	PUNCT
cblr-5117	15	1	employees	employee	NOUN
cblr-5117	15	2	are	be	AUX
cblr-5117	15	3	(	(	PUNCT
cblr-5117	15	4	generally	generally	ADV
cblr-5117	15	5	)	)	PUNCT
cblr-5117	15	6	unsophisticated	unsophisticated	ADJ
cblr-5117	15	7	investors	investor	NOUN
cblr-5117	15	8	.........................................................	.........................................................	PUNCT
cblr-5117	16	1	902	902	NUM
cblr-5117	16	2	2	2	NUM
cblr-5117	16	3	.	.	PUNCT
cblr-5117	17	1	the	the	DET
cblr-5117	17	2	complexity	complexity	NOUN
cblr-5117	17	3	of	of	ADP
cblr-5117	17	4	startups	startup	NOUN
cblr-5117	17	5	’	'	PUNCT
cblr-5117	17	6	capital	capital	NOUN
cblr-5117	17	7	structures	structure	NOUN
cblr-5117	17	8	.......................................................	.......................................................	PUNCT
cblr-5117	18	1	905	905	NUM
cblr-5117	18	2	3	3	NUM
cblr-5117	18	3	.	.	PUNCT
cblr-5117	18	4	price	price	NOUN
cblr-5117	18	5	signaling	signaling	NOUN
cblr-5117	18	6	and	and	CCONJ
cblr-5117	18	7	overvaluation	overvaluation	NOUN
cblr-5117	18	8	in	in	ADP
cblr-5117	18	9	startup	startup	NOUN
cblr-5117	18	10	equity	equity	NOUN
cblr-5117	18	11	markets	market	NOUN
cblr-5117	18	12	.........................................	.........................................	PUNCT
cblr-5117	19	1	908	908	NUM
cblr-5117	19	2	iii	iii	NOUN
cblr-5117	19	3	.	.	PUNCT
cblr-5117	19	4	consequences	consequence	NOUN
cblr-5117	19	5	of	of	ADP
cblr-5117	19	6	information	information	NOUN
cblr-5117	19	7	asymmetry	asymmetry	NOUN
cblr-5117	19	8	in	in	ADP
cblr-5117	19	9	start	start	NOUN
cblr-5117	19	10	-	-	PUNCT
cblr-5117	19	11	up	up	ADP
cblr-5117	19	12	labor	labor	NOUN
cblr-5117	19	13	markets	market	NOUN
cblr-5117	19	14	............................................................	............................................................	PUNCT
cblr-5117	19	15	914	914	NUM
cblr-5117	19	16	a.	a.	NOUN
cblr-5117	19	17	misallocation	misallocation	NOUN
cblr-5117	19	18	of	of	ADP
cblr-5117	19	19	human	human	ADJ
cblr-5117	19	20	capital	capital	NOUN
cblr-5117	19	21	.........................	.........................	PUNCT
cblr-5117	19	22	914	914	NUM
cblr-5117	19	23	b.	b.	PROPN
cblr-5117	19	24	equity	equity	PROPN
cblr-5117	19	25	compensation	compensation	PROPN
cblr-5117	19	26	as	as	ADP
cblr-5117	19	27	lemons	lemon	NOUN
cblr-5117	19	28	market	market	NOUN
cblr-5117	19	29	...........	...........	PUNCT
cblr-5117	19	30	919	919	NUM
cblr-5117	19	31	c.	c.	NOUN
cblr-5117	19	32	agency	agency	NOUN
cblr-5117	19	33	costs	cost	NOUN
cblr-5117	19	34	and	and	CCONJ
cblr-5117	19	35	human	human	ADJ
cblr-5117	19	36	capital	capital	NOUN
cblr-5117	19	37	expropriation	expropriation	NOUN
cblr-5117	19	38	924	924	NUM
cblr-5117	19	39	iv	iv	NUM
cblr-5117	19	40	.	.	PUNCT
cblr-5117	19	41	practical	practical	ADJ
cblr-5117	19	42	problems	problem	NOUN
cblr-5117	19	43	with	with	ADP
cblr-5117	19	44	rule	rule	NOUN
cblr-5117	19	45	701	701	NUM
cblr-5117	19	46	.............................	.............................	PUNCT
cblr-5117	19	47	930	930	NUM
cblr-5117	19	48	a.	a.	NOUN
cblr-5117	19	49	too	too	ADV
cblr-5117	19	50	much	much	ADV
cblr-5117	19	51	.............................................................	.............................................................	PUNCT
cblr-5117	20	1	930	930	NUM
cblr-5117	20	2	b.	b.	X
cblr-5117	20	3	too	too	ADV
cblr-5117	20	4	little	little	ADJ
cblr-5117	20	5	..............................................................	..............................................................	PUNCT
cblr-5117	20	6	937	937	NUM
cblr-5117	20	7	c.	c.	NOUN
cblr-5117	20	8	too	too	ADV
cblr-5117	20	9	late	late	ADV
cblr-5117	20	10	...............................................................	...............................................................	PUNCT
cblr-5117	20	11	942	942	NUM
cblr-5117	21	1	v.	v.	ADP
cblr-5117	21	2	rewriting	rewrite	VERB
cblr-5117	21	3	rule	rule	NOUN
cblr-5117	21	4	701	701	NUM
cblr-5117	21	5	....................................................	....................................................	SYM
cblr-5117	21	6	944	944	NUM
cblr-5117	21	7	a.	a.	NOUN
cblr-5117	21	8	existing	exist	VERB
cblr-5117	21	9	proposals	proposal	NOUN
cblr-5117	21	10	...............................................	...............................................	PUNCT
cblr-5117	21	11	944	944	NUM
cblr-5117	21	12	1	1	X
cblr-5117	21	13	.	.	PUNCT
cblr-5117	22	1	the	the	DET
cblr-5117	22	2	maximalist	maximalist	ADJ
cblr-5117	22	3	approach	approach	NOUN
cblr-5117	22	4	..............................	..............................	PUNCT
cblr-5117	22	5	945	945	NUM
cblr-5117	22	6	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	22	7	(	(	PUNCT
cblr-5117	22	8	do	do	AUX
cblr-5117	22	9	not	not	PART
cblr-5117	22	10	delete	delete	VERB
cblr-5117	22	11	)	)	PUNCT
cblr-5117	22	12	1/8/2020	1/8/2020	NUM
cblr-5117	22	13	4:44	4:44	NUM
cblr-5117	22	14	pm	pm	NOUN
cblr-5117	22	15	no	no	INTJ
cblr-5117	22	16	.	.	PUNCT
cblr-5117	23	1	3:867	3:867	NUM
cblr-5117	23	2	]	]	PUNCT
cblr-5117	23	3	making	make	VERB
cblr-5117	23	4	disclosure	disclosure	NOUN
cblr-5117	23	5	work	work	NOUN
cblr-5117	23	6	869	869	NUM
cblr-5117	23	7	2	2	NUM
cblr-5117	23	8	.	.	PUNCT
cblr-5117	24	1	the	the	DET
cblr-5117	24	2	minimalist	minimalist	ADJ
cblr-5117	24	3	approach	approach	NOUN
cblr-5117	24	4	..............................	..............................	PUNCT
cblr-5117	24	5	946	946	NUM
cblr-5117	24	6	b.	b.	PROPN
cblr-5117	24	7	an	an	DET
cblr-5117	24	8	intermediate	intermediate	ADJ
cblr-5117	24	9	approach	approach	NOUN
cblr-5117	24	10	to	to	ADP
cblr-5117	24	11	disclosure	disclosure	NOUN
cblr-5117	24	12	............	............	PUNCT
cblr-5117	24	13	952	952	NUM
cblr-5117	24	14	1	1	NUM
cblr-5117	24	15	.	.	PUNCT
cblr-5117	24	16	content	content	NOUN
cblr-5117	24	17	of	of	ADP
cblr-5117	24	18	the	the	DET
cblr-5117	24	19	disclosure	disclosure	NOUN
cblr-5117	24	20	...............................	...............................	PUNCT
cblr-5117	24	21	952	952	NUM
cblr-5117	24	22	2	2	X
cblr-5117	24	23	.	.	PUNCT
cblr-5117	24	24	timing	timing	NOUN
cblr-5117	24	25	of	of	ADP
cblr-5117	24	26	the	the	DET
cblr-5117	24	27	disclosure	disclosure	NOUN
cblr-5117	24	28	................................	................................	PUNCT
cblr-5117	24	29	955	955	NUM
cblr-5117	24	30	3	3	NUM
cblr-5117	24	31	.	.	PUNCT
cblr-5117	24	32	enhanced	enhance	VERB
cblr-5117	24	33	disclosure	disclosure	NOUN
cblr-5117	24	34	threshold	threshold	NOUN
cblr-5117	24	35	....................	....................	PUNCT
cblr-5117	24	36	958	958	NUM
cblr-5117	24	37	vi	vi	NOUN
cblr-5117	24	38	.	.	NOUN
cblr-5117	24	39	conclusion	conclusion	NOUN
cblr-5117	24	40	..................................................................	..................................................................	PUNCT
cblr-5117	24	41	962	962	NUM
cblr-5117	24	42	i.	i.	PROPN
cblr-5117	24	43	introduction	introduction	PROPN
cblr-5117	24	44	equity	equity	NOUN
cblr-5117	24	45	-	-	PUNCT
cblr-5117	24	46	based	base	VERB
cblr-5117	24	47	compensation1	compensation1	NOUN
cblr-5117	24	48	is	be	AUX
cblr-5117	24	49	prevalent	prevalent	ADJ
cblr-5117	24	50	among	among	ADP
cblr-5117	24	51	us	us	PROPN
cblr-5117	24	52	corporations	corporation	NOUN
cblr-5117	24	53	,	,	PUNCT
cblr-5117	24	54	whether	whether	SCONJ
cblr-5117	24	55	privately	privately	ADV
cblr-5117	24	56	held	hold	VERB
cblr-5117	24	57	or	or	CCONJ
cblr-5117	24	58	publicly	publicly	ADV
cblr-5117	24	59	traded.2	traded.2	PRON
cblr-5117	24	60	indeed	indeed	ADV
cblr-5117	24	61	,	,	PUNCT
cblr-5117	24	62	it	it	PRON
cblr-5117	24	63	is	be	AUX
cblr-5117	24	64	the	the	DET
cblr-5117	24	65	norm	norm	NOUN
cblr-5117	24	66	among	among	ADP
cblr-5117	24	67	privately	privately	ADV
cblr-5117	24	68	-	-	PUNCT
cblr-5117	24	69	held	hold	VERB
cblr-5117	24	70	venture	venture	NOUN
cblr-5117	24	71	-	-	PUNCT
cblr-5117	24	72	backed	back	VERB
cblr-5117	24	73	start	start	NOUN
cblr-5117	24	74	-	-	PUNCT
cblr-5117	24	75	ups3	ups3	PROPN
cblr-5117	24	76	and	and	CCONJ
cblr-5117	24	77	an	an	DET
cblr-5117	24	78	inherent	inherent	ADJ
cblr-5117	24	79	part	part	NOUN
cblr-5117	24	80	of	of	ADP
cblr-5117	24	81	the	the	DET
cblr-5117	24	82	business	business	NOUN
cblr-5117	24	83	culture	culture	NOUN
cblr-5117	24	84	of	of	ADP
cblr-5117	24	85	1	1	NUM
cblr-5117	24	86	this	this	DET
cblr-5117	24	87	article	article	NOUN
cblr-5117	24	88	uses	use	VERB
cblr-5117	24	89	the	the	DET
cblr-5117	24	90	terms	term	NOUN
cblr-5117	24	91	equity	equity	NOUN
cblr-5117	24	92	-	-	PUNCT
cblr-5117	24	93	based	base	VERB
cblr-5117	24	94	compensation	compensation	NOUN
cblr-5117	24	95	,	,	PUNCT
cblr-5117	24	96	equity	equity	NOUN
cblr-5117	24	97	compensation	compensation	NOUN
cblr-5117	24	98	,	,	PUNCT
cblr-5117	24	99	and	and	CCONJ
cblr-5117	24	100	equity	equity	NOUN
cblr-5117	24	101	incentives	incentive	NOUN
cblr-5117	24	102	interchangeably	interchangeably	ADV
cblr-5117	24	103	.	.	PUNCT
cblr-5117	25	1	it	it	PRON
cblr-5117	25	2	thereby	thereby	ADV
cblr-5117	25	3	refers	refer	VERB
cblr-5117	25	4	to	to	ADP
cblr-5117	25	5	stock	stock	NOUN
cblr-5117	25	6	options	option	NOUN
cblr-5117	25	7	,	,	PUNCT
cblr-5117	25	8	restricted	restrict	VERB
cblr-5117	25	9	stock	stock	NOUN
cblr-5117	25	10	units	unit	NOUN
cblr-5117	25	11	,	,	PUNCT
cblr-5117	25	12	and	and	CCONJ
cblr-5117	25	13	other	other	ADJ
cblr-5117	25	14	securities	security	NOUN
cblr-5117	25	15	commonly	commonly	ADV
cblr-5117	25	16	issued	issue	VERB
cblr-5117	25	17	as	as	ADP
cblr-5117	25	18	employee	employee	NOUN
cblr-5117	25	19	compensation	compensation	NOUN
cblr-5117	25	20	.	.	PUNCT
cblr-5117	26	1	2	2	NUM
cblr-5117	26	2	see	see	VERB
cblr-5117	26	3	loren	loren	PROPN
cblr-5117	26	4	rodgers	rodgers	PROPN
cblr-5117	26	5	,	,	PUNCT
cblr-5117	26	6	the	the	DET
cblr-5117	26	7	employee	employee	NOUN
cblr-5117	26	8	ownership	ownership	NOUN
cblr-5117	26	9	update	update	NOUN
cblr-5117	26	10	,	,	PUNCT
cblr-5117	26	11	nat’l	nat’l	PROPN
cblr-5117	26	12	ctr	ctr	PROPN
cblr-5117	26	13	.	.	PUNCT
cblr-5117	27	1	for	for	ADP
cblr-5117	27	2	emp	emp	PROPN
cblr-5117	27	3	.	.	PUNCT
cblr-5117	28	1	ownership	ownership	NOUN
cblr-5117	28	2	(	(	PUNCT
cblr-5117	28	3	june	june	PROPN
cblr-5117	28	4	3	3	NUM
cblr-5117	28	5	,	,	PUNCT
cblr-5117	28	6	2019	2019	NUM
cblr-5117	28	7	)	)	PUNCT
cblr-5117	28	8	,	,	PUNCT
cblr-5117	28	9	https://www.nceo.org/article/new-dataemployee-ownership-general-social-survey	https://www.nceo.org/article/new-dataemployee-ownership-general-social-survey	PROPN
cblr-5117	29	1	[	[	X
cblr-5117	29	2	https://perma.cc/k2tl-5ezr	https://perma.cc/k2tl-5ezr	NOUN
cblr-5117	29	3	]	]	PUNCT
cblr-5117	29	4	(	(	PUNCT
cblr-5117	29	5	reporting	report	VERB
cblr-5117	29	6	the	the	DET
cblr-5117	29	7	results	result	NOUN
cblr-5117	29	8	of	of	ADP
cblr-5117	29	9	the	the	DET
cblr-5117	29	10	2018	2018	NUM
cblr-5117	29	11	administration	administration	NOUN
cblr-5117	29	12	of	of	ADP
cblr-5117	29	13	the	the	DET
cblr-5117	29	14	general	general	ADJ
cblr-5117	29	15	social	social	ADJ
cblr-5117	29	16	survey	survey	NOUN
cblr-5117	29	17	(	(	PUNCT
cblr-5117	29	18	gss	gss	PROPN
cblr-5117	29	19	)	)	PUNCT
cblr-5117	29	20	data	datum	NOUN
cblr-5117	29	21	:	:	PUNCT
cblr-5117	29	22	“	"	PUNCT
cblr-5117	29	23	20	20	NUM
cblr-5117	29	24	%	%	NOUN
cblr-5117	29	25	of	of	ADP
cblr-5117	29	26	private	private	ADJ
cblr-5117	29	27	-	-	PUNCT
cblr-5117	29	28	sector	sector	NOUN
cblr-5117	29	29	workers	worker	NOUN
cblr-5117	29	30	in	in	ADP
cblr-5117	29	31	the	the	DET
cblr-5117	29	32	u.s	u.s	PROPN
cblr-5117	29	33	.	.	PROPN
cblr-5117	29	34	have	have	VERB
cblr-5117	29	35	some	some	DET
cblr-5117	29	36	level	level	NOUN
cblr-5117	29	37	of	of	ADP
cblr-5117	29	38	ownership	ownership	NOUN
cblr-5117	29	39	in	in	ADP
cblr-5117	29	40	the	the	DET
cblr-5117	29	41	companies	company	NOUN
cblr-5117	29	42	where	where	SCONJ
cblr-5117	29	43	they	they	PRON
cblr-5117	29	44	work	work	VERB
cblr-5117	29	45	,	,	PUNCT
cblr-5117	29	46	including	include	VERB
cblr-5117	29	47	11	11	NUM
cblr-5117	29	48	million	million	NUM
cblr-5117	29	49	who	who	PRON
cblr-5117	29	50	participate	participate	VERB
cblr-5117	29	51	in	in	ADP
cblr-5117	29	52	esops	esop	NOUN
cblr-5117	29	53	and	and	CCONJ
cblr-5117	29	54	25	25	NUM
cblr-5117	29	55	million	million	NUM
cblr-5117	29	56	with	with	ADP
cblr-5117	29	57	some	some	DET
cblr-5117	29	58	other	other	ADJ
cblr-5117	29	59	form	form	NOUN
cblr-5117	29	60	of	of	ADP
cblr-5117	29	61	stockbased	stockbase	VERB
cblr-5117	29	62	compensation	compensation	NOUN
cblr-5117	29	63	.	.	PUNCT
cblr-5117	29	64	”	"	PUNCT
cblr-5117	29	65	)	)	PUNCT
cblr-5117	29	66	;	;	PUNCT
cblr-5117	29	67	see	see	VERB
cblr-5117	29	68	also	also	ADV
cblr-5117	29	69	a	a	DET
cblr-5117	29	70	statistical	statistical	ADJ
cblr-5117	29	71	profile	profile	NOUN
cblr-5117	29	72	of	of	ADP
cblr-5117	29	73	employee	employee	NOUN
cblr-5117	29	74	ownership	ownership	NOUN
cblr-5117	29	75	,	,	PUNCT
cblr-5117	29	76	nat’l	nat’l	PROPN
cblr-5117	29	77	ctr	ctr	PROPN
cblr-5117	29	78	.	.	PUNCT
cblr-5117	30	1	for	for	ADP
cblr-5117	30	2	emp	emp	PROPN
cblr-5117	30	3	.	.	PUNCT
cblr-5117	31	1	ownership	ownership	NOUN
cblr-5117	31	2	(	(	PUNCT
cblr-5117	31	3	dec	dec	PROPN
cblr-5117	31	4	.	.	PROPN
cblr-5117	31	5	2015	2015	NUM
cblr-5117	31	6	)	)	PUNCT
cblr-5117	31	7	,	,	PUNCT
cblr-5117	31	8	https://www.nceo.org/articles/employee-ownership-by-the-numbers	https://www.nceo.org/articles/employee-ownership-by-the-number	NOUN
cblr-5117	32	1	[	[	X
cblr-5117	32	2	https://perma.cc/bxp9-y6hp	https://perma.cc/bxp9-y6hp	NOUN
cblr-5117	32	3	]	]	X
cblr-5117	32	4	;	;	PUNCT
cblr-5117	32	5	david	david	PROPN
cblr-5117	32	6	f.	f.	PROPN
cblr-5117	32	7	larcker	larcker	PROPN
cblr-5117	32	8	et	et	PROPN
cblr-5117	32	9	al	al	PROPN
cblr-5117	32	10	.	.	PROPN
cblr-5117	32	11	,	,	PUNCT
cblr-5117	32	12	cashing	cash	VERB
cblr-5117	32	13	it	it	PRON
cblr-5117	32	14	in	in	ADP
cblr-5117	32	15	:	:	PUNCT
cblr-5117	32	16	private	private	ADJ
cblr-5117	32	17	-	-	PUNCT
cblr-5117	32	18	company	company	NOUN
cblr-5117	32	19	exchanges	exchange	NOUN
cblr-5117	32	20	and	and	CCONJ
cblr-5117	32	21	employee	employee	NOUN
cblr-5117	32	22	stock	stock	NOUN
cblr-5117	32	23	sales	sale	NOUN
cblr-5117	32	24	prior	prior	ADV
cblr-5117	32	25	to	to	ADP
cblr-5117	32	26	ipo	ipo	PROPN
cblr-5117	32	27	,	,	PUNCT
cblr-5117	32	28	harv	harv	PROPN
cblr-5117	32	29	.	.	PUNCT
cblr-5117	33	1	l.	l.	PROPN
cblr-5117	33	2	sch	sch	PROPN
cblr-5117	33	3	.	.	PUNCT
cblr-5117	34	1	f.	f.	PROPN
cblr-5117	34	2	on	on	ADP
cblr-5117	34	3	corp	corp	PROPN
cblr-5117	34	4	.	.	PROPN
cblr-5117	34	5	governance	governance	PROPN
cblr-5117	34	6	&	&	CCONJ
cblr-5117	34	7	fin	fin	PROPN
cblr-5117	34	8	.	.	PUNCT
cblr-5117	35	1	reg	reg	PROPN
cblr-5117	35	2	.	.	PUNCT
cblr-5117	36	1	(	(	PUNCT
cblr-5117	36	2	october	october	PROPN
cblr-5117	36	3	9	9	NUM
cblr-5117	36	4	,	,	PUNCT
cblr-5117	36	5	2018	2018	NUM
cblr-5117	36	6	)	)	PUNCT
cblr-5117	36	7	,	,	PUNCT
cblr-5117	36	8	https://corpgov.law.harvard.edu/2018/10/09/cashing-it-in-private-companyexchanges-and-employee-stock-sales-prior-to-ipo/	https://corpgov.law.harvard.edu/2018/10/09/cashing-it-in-private-companyexchanges-and-employee-stock-sales-prior-to-ipo/	X
cblr-5117	37	1	[	[	X
cblr-5117	37	2	https://perma.cc/2mezw7q9	https://perma.cc/2mezw7q9	X
cblr-5117	37	3	]	]	X
cblr-5117	37	4	(	(	PUNCT
cblr-5117	37	5	“	"	PUNCT
cblr-5117	37	6	the	the	DET
cblr-5117	37	7	practice	practice	NOUN
cblr-5117	37	8	of	of	ADP
cblr-5117	37	9	granting	grant	VERB
cblr-5117	37	10	equity	equity	NOUN
cblr-5117	37	11	-	-	PUNCT
cblr-5117	37	12	based	base	VERB
cblr-5117	37	13	compensation	compensation	NOUN
cblr-5117	37	14	is	be	AUX
cblr-5117	37	15	common	common	ADJ
cblr-5117	37	16	among	among	ADP
cblr-5117	37	17	the	the	DET
cblr-5117	37	18	private	private	ADJ
cblr-5117	37	19	companies	company	NOUN
cblr-5117	37	20	.	.	PUNCT
cblr-5117	37	21	.	.	PUNCT
cblr-5117	37	22	.	.	PUNCT
cblr-5117	38	1	the	the	DET
cblr-5117	38	2	majority	majority	NOUN
cblr-5117	38	3	of	of	ADP
cblr-5117	38	4	companies	company	NOUN
cblr-5117	38	5	grant	grant	VERB
cblr-5117	38	6	equitybased	equitybase	VERB
cblr-5117	38	7	awards	award	NOUN
cblr-5117	38	8	to	to	ADP
cblr-5117	38	9	a	a	DET
cblr-5117	38	10	large	large	ADJ
cblr-5117	38	11	percentage	percentage	NOUN
cblr-5117	38	12	of	of	ADP
cblr-5117	38	13	their	their	PRON
cblr-5117	38	14	employee	employee	NOUN
cblr-5117	38	15	base	base	NOUN
cblr-5117	38	16	”	"	PUNCT
cblr-5117	39	1	[	[	X
cblr-5117	39	2	and	and	CCONJ
cblr-5117	39	3	]	]	PUNCT
cblr-5117	39	4	“	"	PUNCT
cblr-5117	39	5	these	these	DET
cblr-5117	39	6	awards	award	NOUN
cblr-5117	39	7	are	be	AUX
cblr-5117	39	8	an	an	DET
cblr-5117	39	9	important	important	ADJ
cblr-5117	39	10	part	part	NOUN
cblr-5117	39	11	of	of	ADP
cblr-5117	39	12	their	their	PRON
cblr-5117	39	13	overall	overall	ADJ
cblr-5117	39	14	compensation	compensation	NOUN
cblr-5117	39	15	program	program	NOUN
cblr-5117	39	16	.	.	PUNCT
cblr-5117	39	17	.	.	PUNCT
cblr-5117	39	18	.	.	PUNCT
cblr-5117	39	19	”	"	PUNCT
cblr-5117	39	20	)	)	PUNCT
cblr-5117	39	21	.	.	PUNCT
cblr-5117	40	1	3	3	NUM
cblr-5117	40	2	the	the	DET
cblr-5117	40	3	term	term	NOUN
cblr-5117	40	4	“	"	PUNCT
cblr-5117	40	5	start	start	VERB
cblr-5117	40	6	-	-	PUNCT
cblr-5117	40	7	up	up	NOUN
cblr-5117	40	8	”	"	PUNCT
cblr-5117	40	9	has	have	VERB
cblr-5117	40	10	different	different	ADJ
cblr-5117	40	11	meanings	meaning	NOUN
cblr-5117	40	12	in	in	ADP
cblr-5117	40	13	different	different	ADJ
cblr-5117	40	14	contexts	contexts	NOUN
cblr-5117	40	15	.	.	PUNCT
cblr-5117	41	1	for	for	ADP
cblr-5117	41	2	the	the	DET
cblr-5117	41	3	purposes	purpose	NOUN
cblr-5117	41	4	of	of	ADP
cblr-5117	41	5	this	this	DET
cblr-5117	41	6	article	article	NOUN
cblr-5117	41	7	the	the	DET
cblr-5117	41	8	following	follow	VERB
cblr-5117	41	9	definition	definition	NOUN
cblr-5117	41	10	by	by	ADP
cblr-5117	41	11	the	the	DET
cblr-5117	41	12	u.s	u.s	PROPN
cblr-5117	41	13	.	.	PROPN
cblr-5117	41	14	small	small	PROPN
cblr-5117	41	15	business	business	PROPN
cblr-5117	41	16	administration	administration	NOUN
cblr-5117	41	17	is	be	AUX
cblr-5117	41	18	useful	useful	ADJ
cblr-5117	41	19	:	:	PUNCT
cblr-5117	41	20	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	41	21	(	(	PUNCT
cblr-5117	41	22	do	do	AUX
cblr-5117	41	23	not	not	PART
cblr-5117	41	24	delte	delte	VERB
cblr-5117	41	25	)	)	PUNCT
cblr-5117	41	26	1/8/2020	1/8/2020	NUM
cblr-5117	42	1	4:44	4:44	NUM
cblr-5117	42	2	pm	pm	NOUN
cblr-5117	42	3	870	870	NUM
cblr-5117	42	4	columbia	columbia	PROPN
cblr-5117	42	5	business	business	NOUN
cblr-5117	42	6	law	law	PROPN
cblr-5117	42	7	review	review	NOUN
cblr-5117	42	8	[	[	X
cblr-5117	42	9	vol	vol	NOUN
cblr-5117	42	10	.	.	PUNCT
cblr-5117	42	11	2019	2019	NUM
cblr-5117	43	1	these	these	DET
cblr-5117	43	2	companies.4	companies.4	PROPN
cblr-5117	43	3	equity	equity	NOUN
cblr-5117	43	4	-	-	PUNCT
cblr-5117	43	5	based	base	VERB
cblr-5117	43	6	compensation	compensation	NOUN
cblr-5117	43	7	at	at	ADP
cblr-5117	43	8	privately	privately	ADV
cblr-5117	43	9	held	hold	VERB
cblr-5117	43	10	firms	firm	NOUN
cblr-5117	43	11	is	be	AUX
cblr-5117	43	12	,	,	PUNCT
cblr-5117	43	13	however	however	ADV
cblr-5117	43	14	,	,	PUNCT
cblr-5117	43	15	problematic	problematic	ADJ
cblr-5117	43	16	from	from	ADP
cblr-5117	43	17	a	a	DET
cblr-5117	43	18	securities	security	NOUN
cblr-5117	43	19	law	law	NOUN
cblr-5117	43	20	perspective.5	perspective.5	VERB
cblr-5117	43	21	employee	employee	NOUN
cblr-5117	43	22	recipients	recipient	NOUN
cblr-5117	43	23	of	of	ADP
cblr-5117	43	24	equity	equity	NOUN
cblr-5117	43	25	compensation	compensation	NOUN
cblr-5117	43	26	are	be	AUX
cblr-5117	43	27	generally	generally	ADV
cblr-5117	43	28	not	not	PART
cblr-5117	43	29	financially	financially	ADV
cblr-5117	43	30	sophisticated	sophisticated	ADJ
cblr-5117	43	31	,	,	PUNCT
cblr-5117	43	32	and	and	CCONJ
cblr-5117	43	33	,	,	PUNCT
cblr-5117	43	34	typically	typically	ADV
cblr-5117	43	35	,	,	PUNCT
cblr-5117	43	36	they	they	PRON
cblr-5117	43	37	do	do	AUX
cblr-5117	43	38	not	not	PART
cblr-5117	43	39	qualify	qualify	VERB
cblr-5117	43	40	as	as	ADP
cblr-5117	43	41	accredited	accredit	VERB
cblr-5117	43	42	investors	investor	NOUN
cblr-5117	43	43	who	who	PRON
cblr-5117	43	44	would	would	AUX
cblr-5117	43	45	be	be	AUX
cblr-5117	43	46	permitted	permit	VERB
cblr-5117	43	47	to	to	PART
cblr-5117	43	48	participate	participate	VERB
cblr-5117	43	49	in	in	ADP
cblr-5117	43	50	a	a	DET
cblr-5117	43	51	private	private	ADJ
cblr-5117	43	52	placement	placement	NOUN
cblr-5117	43	53	of	of	ADP
cblr-5117	43	54	their	their	PRON
cblr-5117	43	55	employers	employer	NOUN
cblr-5117	43	56	’	'	PUNCT
cblr-5117	43	57	securities.6	securities.6	PROPN
cblr-5117	43	58	to	to	PART
cblr-5117	43	59	solve	solve	VERB
cblr-5117	43	60	this	this	DET
cblr-5117	43	61	problem	problem	NOUN
cblr-5117	43	62	,	,	PUNCT
cblr-5117	43	63	the	the	DET
cblr-5117	43	64	securities	securities	PROPN
cblr-5117	43	65	and	and	CCONJ
cblr-5117	43	66	exchange	exchange	PROPN
cblr-5117	43	67	commission	commission	PROPN
cblr-5117	43	68	(	(	PUNCT
cblr-5117	43	69	sec	sec	PROPN
cblr-5117	43	70	)	)	PUNCT
cblr-5117	43	71	adopted	adopt	VERB
cblr-5117	43	72	rule	rule	NOUN
cblr-5117	43	73	701,7	701,7	NOUN
cblr-5117	43	74	which	which	PRON
cblr-5117	43	75	,	,	PUNCT
cblr-5117	43	76	permits	permit	VERB
cblr-5117	43	77	the	the	DET
cblr-5117	43	78	issuance	issuance	NOUN
cblr-5117	43	79	of	of	ADP
cblr-5117	43	80	equity	equity	NOUN
cblr-5117	43	81	-	-	PUNCT
cblr-5117	43	82	based	base	VERB
cblr-5117	43	83	compensation	compensation	NOUN
cblr-5117	43	84	to	to	ADP
cblr-5117	43	85	employees	employee	NOUN
cblr-5117	43	86	and	and	CCONJ
cblr-5117	43	87	in	in	ADP
cblr-5117	43	88	the	the	DET
cblr-5117	43	89	world	world	NOUN
cblr-5117	43	90	of	of	ADP
cblr-5117	43	91	business	business	NOUN
cblr-5117	43	92	,	,	PUNCT
cblr-5117	43	93	the	the	DET
cblr-5117	43	94	word	word	NOUN
cblr-5117	43	95	“	"	PUNCT
cblr-5117	43	96	startup	startup	NOUN
cblr-5117	43	97	”	"	PUNCT
cblr-5117	43	98	goes	go	VERB
cblr-5117	43	99	beyond	beyond	ADP
cblr-5117	43	100	a	a	DET
cblr-5117	43	101	company	company	NOUN
cblr-5117	43	102	just	just	ADV
cblr-5117	43	103	getting	get	VERB
cblr-5117	43	104	off	off	ADP
cblr-5117	43	105	the	the	DET
cblr-5117	43	106	ground	ground	NOUN
cblr-5117	43	107	.	.	PUNCT
cblr-5117	44	1	the	the	DET
cblr-5117	44	2	term	term	NOUN
cblr-5117	44	3	startup	startup	NOUN
cblr-5117	44	4	is	be	AUX
cblr-5117	44	5	also	also	ADV
cblr-5117	44	6	associated	associate	VERB
cblr-5117	44	7	with	with	ADP
cblr-5117	44	8	a	a	DET
cblr-5117	44	9	business	business	NOUN
cblr-5117	44	10	that	that	PRON
cblr-5117	44	11	is	be	AUX
cblr-5117	44	12	typically	typically	ADV
cblr-5117	44	13	technology	technology	NOUN
cblr-5117	44	14	oriented	orient	VERB
cblr-5117	44	15	and	and	CCONJ
cblr-5117	44	16	has	have	VERB
cblr-5117	44	17	high	high	ADJ
cblr-5117	44	18	growth	growth	NOUN
cblr-5117	44	19	potential	potential	NOUN
cblr-5117	44	20	.	.	PUNCT
cblr-5117	45	1	startups	startup	NOUN
cblr-5117	45	2	have	have	VERB
cblr-5117	45	3	some	some	DET
cblr-5117	45	4	unique	unique	ADJ
cblr-5117	45	5	struggles	struggle	NOUN
cblr-5117	45	6	,	,	PUNCT
cblr-5117	45	7	especially	especially	ADV
cblr-5117	45	8	in	in	ADP
cblr-5117	45	9	regard	regard	NOUN
cblr-5117	45	10	to	to	ADP
cblr-5117	45	11	financing	financing	NOUN
cblr-5117	45	12	.	.	PUNCT
cblr-5117	46	1	that	that	PRON
cblr-5117	46	2	’s	’	VERB
cblr-5117	46	3	because	because	SCONJ
cblr-5117	46	4	investors	investor	NOUN
cblr-5117	46	5	are	be	AUX
cblr-5117	46	6	looking	look	VERB
cblr-5117	46	7	for	for	ADP
cblr-5117	46	8	the	the	DET
cblr-5117	46	9	highest	high	ADJ
cblr-5117	46	10	potential	potential	ADJ
cblr-5117	46	11	return	return	NOUN
cblr-5117	46	12	on	on	ADP
cblr-5117	46	13	investment	investment	NOUN
cblr-5117	46	14	,	,	PUNCT
cblr-5117	46	15	while	while	SCONJ
cblr-5117	46	16	balancing	balance	VERB
cblr-5117	46	17	the	the	DET
cblr-5117	46	18	associated	associated	ADJ
cblr-5117	46	19	risks	risk	NOUN
cblr-5117	46	20	.	.	PUNCT
cblr-5117	47	1	high	high	ADJ
cblr-5117	47	2	growth	growth	NOUN
cblr-5117	47	3	&	&	CCONJ
cblr-5117	47	4	high	high	ADJ
cblr-5117	47	5	tech	tech	NOUN
cblr-5117	47	6	,	,	PUNCT
cblr-5117	47	7	u.s	u.s	PROPN
cblr-5117	47	8	.	.	PROPN
cblr-5117	47	9	small	small	ADJ
cblr-5117	47	10	bus	bus	NOUN
cblr-5117	47	11	.	.	PUNCT
cblr-5117	48	1	admin	admin	PROPN
cblr-5117	48	2	.	.	PROPN
cblr-5117	48	3	,	,	PUNCT
cblr-5117	48	4	https://www.sba.gov/category/types-businesses/high-growth-high-tech	https://www.sba.gov/category/types-businesses/high-growth-high-tech	PUNCT
cblr-5117	48	5	[	[	X
cblr-5117	48	6	https://perma.cc/8qbl-n8zk	https://perma.cc/8qbl-n8zk	X
cblr-5117	48	7	]	]	X
cblr-5117	48	8	.	.	PUNCT
cblr-5117	49	1	4	4	NUM
cblr-5117	49	2	see	see	VERB
cblr-5117	49	3	joseph	joseph	PROPN
cblr-5117	49	4	r.	r.	PROPN
cblr-5117	49	5	blasi	blasi	PROPN
cblr-5117	49	6	et	et	PROPN
cblr-5117	49	7	al	al	PROPN
cblr-5117	49	8	.	.	PROPN
cblr-5117	49	9	,	,	PUNCT
cblr-5117	49	10	the	the	DET
cblr-5117	49	11	citizen	citizen	NOUN
cblr-5117	49	12	’s	’s	PART
cblr-5117	49	13	share	share	NOUN
cblr-5117	49	14	:	:	PUNCT
cblr-5117	49	15	putting	put	VERB
cblr-5117	49	16	ownership	ownership	NOUN
cblr-5117	49	17	back	back	ADV
cblr-5117	49	18	into	into	ADP
cblr-5117	49	19	democracy	democracy	NOUN
cblr-5117	49	20	94	94	NUM
cblr-5117	49	21	(	(	PUNCT
cblr-5117	49	22	2013	2013	NUM
cblr-5117	49	23	)	)	PUNCT
cblr-5117	49	24	(	(	PUNCT
cblr-5117	49	25	describing	describe	VERB
cblr-5117	49	26	equity	equity	NOUN
cblr-5117	49	27	compensation	compensation	NOUN
cblr-5117	49	28	as	as	ADP
cblr-5117	49	29	“	"	PUNCT
cblr-5117	49	30	central	central	ADJ
cblr-5117	49	31	to	to	ADP
cblr-5117	49	32	the	the	DET
cblr-5117	49	33	culture	culture	NOUN
cblr-5117	49	34	of	of	ADP
cblr-5117	49	35	start	start	NOUN
cblr-5117	49	36	-	-	PUNCT
cblr-5117	49	37	ups	up	NOUN
cblr-5117	49	38	”	"	PUNCT
cblr-5117	49	39	)	)	PUNCT
cblr-5117	49	40	;	;	PUNCT
cblr-5117	49	41	see	see	VERB
cblr-5117	49	42	also	also	ADV
cblr-5117	49	43	christopher	christopher	PROPN
cblr-5117	49	44	geczy	geczy	PROPN
cblr-5117	49	45	et	et	PROPN
cblr-5117	49	46	al	al	PROPN
cblr-5117	49	47	.	.	PROPN
cblr-5117	49	48	,	,	PUNCT
cblr-5117	49	49	in	in	ADP
cblr-5117	49	50	pursuit	pursuit	NOUN
cblr-5117	49	51	of	of	ADP
cblr-5117	49	52	good	good	PROPN
cblr-5117	49	53	&	&	CCONJ
cblr-5117	49	54	gold	gold	NOUN
cblr-5117	49	55	:	:	PUNCT
cblr-5117	49	56	data	datum	NOUN
cblr-5117	49	57	observations	observation	NOUN
cblr-5117	49	58	of	of	ADP
cblr-5117	49	59	employee	employee	NOUN
cblr-5117	49	60	ownership	ownership	NOUN
cblr-5117	49	61	&	&	CCONJ
cblr-5117	49	62	impact	impact	PROPN
cblr-5117	49	63	investment	investment	NOUN
cblr-5117	49	64	,	,	PUNCT
cblr-5117	49	65	40	40	NUM
cblr-5117	49	66	seattle	seattle	PROPN
cblr-5117	49	67	u.	u.	PROPN
cblr-5117	49	68	l.	l.	PROPN
cblr-5117	49	69	rev	rev	PROPN
cblr-5117	49	70	.	.	PROPN
cblr-5117	49	71	555	555	NUM
cblr-5117	49	72	,	,	PUNCT
cblr-5117	49	73	555	555	NUM
cblr-5117	49	74	(	(	PUNCT
cblr-5117	49	75	2017	2017	NUM
cblr-5117	49	76	)	)	PUNCT
cblr-5117	49	77	(	(	PUNCT
cblr-5117	49	78	noting	note	VERB
cblr-5117	49	79	that	that	SCONJ
cblr-5117	49	80	equity	equity	NOUN
cblr-5117	49	81	ownership	ownership	NOUN
cblr-5117	49	82	“	"	PUNCT
cblr-5117	49	83	appears	appear	VERB
cblr-5117	49	84	in	in	ADP
cblr-5117	49	85	many	many	ADJ
cblr-5117	49	86	ways	way	NOUN
cblr-5117	49	87	to	to	PART
cblr-5117	49	88	be	be	AUX
cblr-5117	49	89	fundamental	fundamental	ADJ
cblr-5117	49	90	to	to	ADP
cblr-5117	49	91	today	today	NOUN
cblr-5117	49	92	’s	’s	PART
cblr-5117	49	93	startup	startup	PROPN
cblr-5117	49	94	culture	culture	NOUN
cblr-5117	49	95	”	"	PUNCT
cblr-5117	49	96	)	)	PUNCT
cblr-5117	49	97	;	;	PUNCT
cblr-5117	49	98	yifat	yifat	NOUN
cblr-5117	49	99	aran	aran	NOUN
cblr-5117	49	100	,	,	PUNCT
cblr-5117	49	101	note	note	VERB
cblr-5117	49	102	,	,	PUNCT
cblr-5117	49	103	beyond	beyond	ADP
cblr-5117	49	104	covenants	covenant	NOUN
cblr-5117	49	105	not	not	PART
cblr-5117	49	106	to	to	PART
cblr-5117	49	107	compete	compete	VERB
cblr-5117	49	108	:	:	PUNCT
cblr-5117	49	109	equilibrium	equilibrium	NOUN
cblr-5117	49	110	in	in	ADP
cblr-5117	49	111	high	high	ADJ
cblr-5117	49	112	-	-	PUNCT
cblr-5117	49	113	tech	tech	NOUN
cblr-5117	49	114	startup	startup	NOUN
cblr-5117	49	115	labor	labor	NOUN
cblr-5117	49	116	markets	market	VERB
cblr-5117	49	117	70	70	NUM
cblr-5117	49	118	stan	stan	PROPN
cblr-5117	49	119	.	.	PUNCT
cblr-5117	50	1	l.	l.	PROPN
cblr-5117	50	2	rev	rev	PROPN
cblr-5117	50	3	.	.	PROPN
cblr-5117	50	4	1235	1235	NUM
cblr-5117	50	5	,	,	PUNCT
cblr-5117	50	6	1261–63	1261–63	NUM
cblr-5117	50	7	(	(	PUNCT
cblr-5117	50	8	2018	2018	NUM
cblr-5117	50	9	)	)	PUNCT
cblr-5117	50	10	(	(	PUNCT
cblr-5117	50	11	describing	describe	VERB
cblr-5117	50	12	the	the	DET
cblr-5117	50	13	origin	origin	NOUN
cblr-5117	50	14	of	of	ADP
cblr-5117	50	15	equity	equity	NOUN
cblr-5117	50	16	-	-	PUNCT
cblr-5117	50	17	based	base	VERB
cblr-5117	50	18	compensation	compensation	NOUN
cblr-5117	50	19	in	in	ADP
cblr-5117	50	20	silicon	silicon	PROPN
cblr-5117	50	21	valley	valley	PROPN
cblr-5117	50	22	venture	venture	PROPN
cblr-5117	50	23	capital	capital	NOUN
cblr-5117	50	24	-	-	PUNCT
cblr-5117	50	25	backed	back	VERB
cblr-5117	50	26	start	start	NOUN
cblr-5117	50	27	-	-	PUNCT
cblr-5117	50	28	ups	up	NOUN
cblr-5117	50	29	)	)	PUNCT
cblr-5117	50	30	.	.	PUNCT
cblr-5117	51	1	5	5	NUM
cblr-5117	51	2	see	see	VERB
cblr-5117	51	3	abraham	abraham	PROPN
cblr-5117	51	4	j.b	j.b	PROPN
cblr-5117	51	5	.	.	PROPN
cblr-5117	51	6	cable	cable	NOUN
cblr-5117	51	7	,	,	PUNCT
cblr-5117	51	8	fool	fool	NOUN
cblr-5117	51	9	’s	’s	PART
cblr-5117	51	10	gold	gold	NOUN
cblr-5117	51	11	?	?	PUNCT
cblr-5117	51	12	:	:	PUNCT
cblr-5117	51	13	equity	equity	NOUN
cblr-5117	51	14	compensation	compensation	PROPN
cblr-5117	51	15	&	&	CCONJ
cblr-5117	51	16	the	the	DET
cblr-5117	51	17	mature	mature	ADJ
cblr-5117	51	18	startup	startup	NOUN
cblr-5117	51	19	,	,	PUNCT
cblr-5117	51	20	11	11	NUM
cblr-5117	51	21	va	va	NOUN
cblr-5117	51	22	.	.	PUNCT
cblr-5117	51	23	l.	l.	PROPN
cblr-5117	51	24	&	&	CCONJ
cblr-5117	51	25	bus	bus	PROPN
cblr-5117	51	26	.	.	PUNCT
cblr-5117	52	1	rev	rev	PROPN
cblr-5117	52	2	.	.	PROPN
cblr-5117	52	3	613	613	NUM
cblr-5117	52	4	,	,	PUNCT
cblr-5117	52	5	618	618	NUM
cblr-5117	52	6	(	(	PUNCT
cblr-5117	52	7	2017	2017	NUM
cblr-5117	52	8	)	)	PUNCT
cblr-5117	52	9	(	(	PUNCT
cblr-5117	52	10	private	private	ADJ
cblr-5117	52	11	placement	placement	NOUN
cblr-5117	52	12	regulation	regulation	NOUN
cblr-5117	52	13	traditionally	traditionally	ADV
cblr-5117	52	14	viewed	view	VERB
cblr-5117	52	15	employees	employee	NOUN
cblr-5117	52	16	as	as	ADP
cblr-5117	52	17	vulnerable	vulnerable	ADJ
cblr-5117	52	18	)	)	PUNCT
cblr-5117	52	19	.	.	PUNCT
cblr-5117	53	1	6	6	NUM
cblr-5117	53	2	see	see	VERB
cblr-5117	53	3	infra	infra	NOUN
cblr-5117	53	4	section	section	NOUN
cblr-5117	53	5	ii.b	ii.b	NOUN
cblr-5117	53	6	.	.	PUNCT
cblr-5117	54	1	7	7	NUM
cblr-5117	54	2	exemption	exemption	NOUN
cblr-5117	54	3	for	for	ADP
cblr-5117	54	4	offers	offer	NOUN
cblr-5117	54	5	and	and	CCONJ
cblr-5117	54	6	sales	sale	NOUN
cblr-5117	54	7	of	of	ADP
cblr-5117	54	8	securities	security	NOUN
cblr-5117	54	9	pursuant	pursuant	ADJ
cblr-5117	54	10	to	to	ADP
cblr-5117	54	11	certain	certain	ADJ
cblr-5117	54	12	compensatory	compensatory	ADJ
cblr-5117	54	13	benefit	benefit	NOUN
cblr-5117	54	14	plans	plan	NOUN
cblr-5117	54	15	and	and	CCONJ
cblr-5117	54	16	contracts	contract	NOUN
cblr-5117	54	17	relating	relate	VERB
cblr-5117	54	18	to	to	ADP
cblr-5117	54	19	compensation	compensation	NOUN
cblr-5117	54	20	,	,	PUNCT
cblr-5117	54	21	17	17	NUM
cblr-5117	54	22	c.f.r	c.f.r	NOUN
cblr-5117	54	23	.	.	PUNCT
cblr-5117	55	1	§	§	PROPN
cblr-5117	55	2	230.701	230.701	NUM
cblr-5117	55	3	(	(	PUNCT
cblr-5117	55	4	2018	2018	NUM
cblr-5117	55	5	)	)	PUNCT
cblr-5117	55	6	.	.	PUNCT
cblr-5117	56	1	see	see	VERB
cblr-5117	56	2	infra	infra	NOUN
cblr-5117	56	3	section	section	NOUN
cblr-5117	56	4	ii.c	ii.c	VERB
cblr-5117	56	5	.	.	PUNCT
cblr-5117	57	1	https://www.sba.gov/category/types-businesses/high-growth-high-tech	https://www.sba.gov/category/types-businesses/high-growth-high-tech	X
cblr-5117	57	2	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	57	3	(	(	PUNCT
cblr-5117	57	4	do	do	AUX
cblr-5117	57	5	not	not	PART
cblr-5117	57	6	delete	delete	VERB
cblr-5117	57	7	)	)	PUNCT
cblr-5117	57	8	1/8/2020	1/8/2020	NUM
cblr-5117	57	9	4:44	4:44	NUM
cblr-5117	57	10	pm	pm	NOUN
cblr-5117	57	11	no	no	INTJ
cblr-5117	57	12	.	.	PUNCT
cblr-5117	58	1	3:867	3:867	NUM
cblr-5117	58	2	]	]	PUNCT
cblr-5117	58	3	making	make	VERB
cblr-5117	58	4	disclosure	disclosure	NOUN
cblr-5117	58	5	work	work	NOUN
cblr-5117	58	6	871	871	NUM
cblr-5117	58	7	service	service	NOUN
cblr-5117	58	8	providers,8	providers,8	NOUN
cblr-5117	58	9	in	in	ADP
cblr-5117	58	10	limited	limited	ADJ
cblr-5117	58	11	amounts,9	amounts,9	NOUN
cblr-5117	58	12	without	without	ADP
cblr-5117	58	13	having	have	VERB
cblr-5117	58	14	to	to	PART
cblr-5117	58	15	register	register	VERB
cblr-5117	58	16	the	the	DET
cblr-5117	58	17	offering	offering	NOUN
cblr-5117	58	18	with	with	ADP
cblr-5117	58	19	the	the	DET
cblr-5117	58	20	sec	sec	PROPN
cblr-5117	58	21	.	.	PUNCT
cblr-5117	59	1	once	once	SCONJ
cblr-5117	59	2	a	a	DET
cblr-5117	59	3	company	company	NOUN
cblr-5117	59	4	issues	issue	VERB
cblr-5117	59	5	equity	equity	NOUN
cblr-5117	59	6	-	-	PUNCT
cblr-5117	59	7	based	base	VERB
cblr-5117	59	8	compensation	compensation	NOUN
cblr-5117	59	9	exceeding	exceed	VERB
cblr-5117	59	10	$	$	SYM
cblr-5117	59	11	10	10	NUM
cblr-5117	59	12	million	million	NUM
cblr-5117	59	13	within	within	ADP
cblr-5117	59	14	a	a	DET
cblr-5117	59	15	twelve	twelve	NUM
cblr-5117	59	16	month	month	NOUN
cblr-5117	59	17	period	period	NOUN
cblr-5117	59	18	,	,	PUNCT
cblr-5117	59	19	the	the	DET
cblr-5117	59	20	statutory	statutory	ADJ
cblr-5117	59	21	exemption	exemption	NOUN
cblr-5117	59	22	requires	require	VERB
cblr-5117	59	23	the	the	DET
cblr-5117	59	24	disclosure	disclosure	NOUN
cblr-5117	59	25	of	of	ADP
cblr-5117	59	26	,	,	PUNCT
cblr-5117	59	27	inter	inter	PROPN
cblr-5117	59	28	alia	alia	PROPN
cblr-5117	59	29	,	,	PUNCT
cblr-5117	59	30	the	the	DET
cblr-5117	59	31	issuer	issuer	NOUN
cblr-5117	59	32	’s	’s	PART
cblr-5117	59	33	financial	financial	ADJ
cblr-5117	59	34	statements	statement	NOUN
cblr-5117	59	35	and	and	CCONJ
cblr-5117	59	36	a	a	DET
cblr-5117	59	37	list	list	NOUN
cblr-5117	59	38	of	of	ADP
cblr-5117	59	39	risk	risk	NOUN
cblr-5117	59	40	factors	factor	NOUN
cblr-5117	59	41	associated	associate	VERB
cblr-5117	59	42	with	with	ADP
cblr-5117	59	43	the	the	DET
cblr-5117	59	44	investment.10	investment.10	ADJ
cblr-5117	59	45	rule	rule	NOUN
cblr-5117	59	46	701	701	NUM
cblr-5117	59	47	is	be	AUX
cblr-5117	59	48	,	,	PUNCT
cblr-5117	59	49	however	however	ADV
cblr-5117	59	50	,	,	PUNCT
cblr-5117	59	51	profoundly	profoundly	ADV
cblr-5117	59	52	flawed	flawed	ADJ
cblr-5117	59	53	.	.	PUNCT
cblr-5117	60	1	the	the	DET
cblr-5117	60	2	sec	sec	PROPN
cblr-5117	60	3	adopted	adopt	VERB
cblr-5117	60	4	the	the	DET
cblr-5117	60	5	rule	rule	NOUN
cblr-5117	60	6	in	in	ADP
cblr-5117	60	7	1988	1988	NUM
cblr-5117	60	8	to	to	PART
cblr-5117	60	9	accommodate	accommodate	VERB
cblr-5117	60	10	the	the	DET
cblr-5117	60	11	growing	grow	VERB
cblr-5117	60	12	need	need	NOUN
cblr-5117	60	13	of	of	ADP
cblr-5117	60	14	start	start	VERB
cblr-5117	60	15	-	-	PUNCT
cblr-5117	60	16	up	up	ADP
cblr-5117	60	17	companies	company	NOUN
cblr-5117	60	18	to	to	PART
cblr-5117	60	19	rely	rely	VERB
cblr-5117	60	20	on	on	ADP
cblr-5117	60	21	equity	equity	NOUN
cblr-5117	60	22	incentives	incentive	NOUN
cblr-5117	60	23	as	as	ADP
cblr-5117	60	24	a	a	DET
cblr-5117	60	25	means	means	NOUN
cblr-5117	60	26	to	to	PART
cblr-5117	60	27	attract	attract	VERB
cblr-5117	60	28	and	and	CCONJ
cblr-5117	60	29	retain	retain	VERB
cblr-5117	60	30	a	a	DET
cblr-5117	60	31	highly	highly	ADV
cblr-5117	60	32	-	-	PUNCT
cblr-5117	60	33	skilled	skilled	ADJ
cblr-5117	60	34	workforce.11	workforce.11	NOUN
cblr-5117	60	35	however	however	ADV
cblr-5117	60	36	,	,	PUNCT
cblr-5117	60	37	the	the	DET
cblr-5117	60	38	sec	sec	PROPN
cblr-5117	60	39	has	have	AUX
cblr-5117	60	40	paid	pay	VERB
cblr-5117	60	41	little	little	ADJ
cblr-5117	60	42	attention	attention	NOUN
cblr-5117	60	43	to	to	ADP
cblr-5117	60	44	the	the	DET
cblr-5117	60	45	other	other	ADJ
cblr-5117	60	46	side	side	NOUN
cblr-5117	60	47	of	of	ADP
cblr-5117	60	48	the	the	DET
cblr-5117	60	49	employment	employment	NOUN
cblr-5117	60	50	equation	equation	NOUN
cblr-5117	60	51	—	—	PUNCT
cblr-5117	60	52	employees	employee	NOUN
cblr-5117	60	53	’	'	PUNCT
cblr-5117	60	54	need	need	VERB
cblr-5117	60	55	for	for	ADP
cblr-5117	60	56	information	information	NOUN
cblr-5117	60	57	regarding	regard	VERB
cblr-5117	60	58	the	the	DET
cblr-5117	60	59	value	value	NOUN
cblr-5117	60	60	of	of	ADP
cblr-5117	60	61	their	their	PRON
cblr-5117	60	62	equity	equity	NOUN
cblr-5117	60	63	compensation.12	compensation.12	NOUN
cblr-5117	60	64	the	the	DET
cblr-5117	60	65	rule	rule	NOUN
cblr-5117	60	66	fails	fail	VERB
cblr-5117	60	67	to	to	PART
cblr-5117	60	68	inform	inform	VERB
cblr-5117	60	69	employees	employee	NOUN
cblr-5117	60	70	because	because	SCONJ
cblr-5117	60	71	it	it	PRON
cblr-5117	60	72	does	do	AUX
cblr-5117	60	73	not	not	PART
cblr-5117	60	74	require	require	VERB
cblr-5117	60	75	that	that	SCONJ
cblr-5117	60	76	prospective	prospective	ADJ
cblr-5117	60	77	employees	employee	NOUN
cblr-5117	60	78	receive	receive	VERB
cblr-5117	60	79	information	information	NOUN
cblr-5117	60	80	before	before	ADP
cblr-5117	60	81	accepting	accept	VERB
cblr-5117	60	82	an	an	DET
cblr-5117	60	83	employment	employment	NOUN
cblr-5117	60	84	offer	offer	NOUN
cblr-5117	60	85	that	that	PRON
cblr-5117	60	86	contains	contain	VERB
cblr-5117	60	87	an	an	DET
cblr-5117	60	88	equity	equity	NOUN
cblr-5117	60	89	compensation	compensation	NOUN
cblr-5117	60	90	component.13	component.13	PROPN
cblr-5117	60	91	furthermore	furthermore	ADV
cblr-5117	60	92	,	,	PUNCT
cblr-5117	60	93	rule	rule	VERB
cblr-5117	60	94	701	701	NUM
cblr-5117	60	95	does	do	AUX
cblr-5117	60	96	not	not	PART
cblr-5117	60	97	call	call	VERB
cblr-5117	60	98	for	for	ADP
cblr-5117	60	99	the	the	DET
cblr-5117	60	100	disclosure	disclosure	NOUN
cblr-5117	60	101	of	of	ADP
cblr-5117	60	102	the	the	DET
cblr-5117	60	103	most	most	ADV
cblr-5117	60	104	salient	salient	ADJ
cblr-5117	60	105	form	form	NOUN
cblr-5117	60	106	of	of	ADP
cblr-5117	60	107	start	start	NOUN
cblr-5117	60	108	-	-	PUNCT
cblr-5117	60	109	up	up	ADP
cblr-5117	60	110	8	8	NUM
cblr-5117	60	111	service	service	NOUN
cblr-5117	60	112	providers	provider	NOUN
cblr-5117	60	113	are	be	AUX
cblr-5117	60	114	“	"	PUNCT
cblr-5117	60	115	consultants	consultant	NOUN
cblr-5117	60	116	and	and	CCONJ
cblr-5117	60	117	advisors	advisor	NOUN
cblr-5117	60	118	”	"	PUNCT
cblr-5117	60	119	who	who	PRON
cblr-5117	60	120	are	be	AUX
cblr-5117	60	121	“	"	PUNCT
cblr-5117	60	122	natural	natural	ADJ
cblr-5117	60	123	persons	person	NOUN
cblr-5117	60	124	”	"	PUNCT
cblr-5117	60	125	that	that	PRON
cblr-5117	60	126	“	"	PUNCT
cblr-5117	60	127	provide	provide	VERB
cblr-5117	60	128	bona	bona	ADJ
cblr-5117	60	129	fide	fide	ADJ
cblr-5117	60	130	services	service	NOUN
cblr-5117	60	131	”	"	PUNCT
cblr-5117	60	132	to	to	ADP
cblr-5117	60	133	the	the	DET
cblr-5117	60	134	company	company	NOUN
cblr-5117	60	135	.	.	PUNCT
cblr-5117	61	1	17	17	NUM
cblr-5117	61	2	c.f.r	c.f.r	NOUN
cblr-5117	61	3	.	.	PUNCT
cblr-5117	62	1	§	§	PROPN
cblr-5117	62	2	230.701(c)(1	230.701(c)(1	NUM
cblr-5117	62	3	)	)	PUNCT
cblr-5117	62	4	.	.	PUNCT
cblr-5117	63	1	9	9	NUM
cblr-5117	63	2	the	the	DET
cblr-5117	63	3	aggregate	aggregate	ADJ
cblr-5117	63	4	sales	sale	NOUN
cblr-5117	63	5	price	price	NOUN
cblr-5117	63	6	or	or	CCONJ
cblr-5117	63	7	amount	amount	NOUN
cblr-5117	63	8	of	of	ADP
cblr-5117	63	9	securities	security	NOUN
cblr-5117	63	10	that	that	PRON
cblr-5117	63	11	could	could	AUX
cblr-5117	63	12	be	be	AUX
cblr-5117	63	13	sold	sell	VERB
cblr-5117	63	14	under	under	ADP
cblr-5117	63	15	rule	rule	NOUN
cblr-5117	63	16	701	701	NUM
cblr-5117	63	17	is	be	AUX
cblr-5117	63	18	the	the	DET
cblr-5117	63	19	greatest	great	ADJ
cblr-5117	63	20	of	of	ADP
cblr-5117	63	21	the	the	DET
cblr-5117	63	22	following	following	NOUN
cblr-5117	63	23	:	:	PUNCT
cblr-5117	63	24	$	$	SYM
cblr-5117	63	25	1	1	NUM
cblr-5117	63	26	million	million	NUM
cblr-5117	63	27	;	;	PUNCT
cblr-5117	63	28	15	15	NUM
cblr-5117	63	29	%	%	NOUN
cblr-5117	63	30	of	of	ADP
cblr-5117	63	31	the	the	DET
cblr-5117	63	32	total	total	ADJ
cblr-5117	63	33	assets	asset	NOUN
cblr-5117	63	34	of	of	ADP
cblr-5117	63	35	the	the	DET
cblr-5117	63	36	issuer	issuer	NOUN
cblr-5117	63	37	,	,	PUNCT
cblr-5117	63	38	measured	measure	VERB
cblr-5117	63	39	as	as	ADP
cblr-5117	63	40	of	of	ADP
cblr-5117	63	41	the	the	DET
cblr-5117	63	42	date	date	NOUN
cblr-5117	63	43	of	of	ADP
cblr-5117	63	44	the	the	DET
cblr-5117	63	45	issuer	issuer	NOUN
cblr-5117	63	46	’s	’s	PART
cblr-5117	63	47	most	most	ADV
cblr-5117	63	48	recent	recent	ADJ
cblr-5117	63	49	balance	balance	NOUN
cblr-5117	63	50	sheet	sheet	NOUN
cblr-5117	63	51	;	;	PUNCT
cblr-5117	63	52	or	or	CCONJ
cblr-5117	63	53	15	15	NUM
cblr-5117	63	54	%	%	NOUN
cblr-5117	63	55	of	of	ADP
cblr-5117	63	56	the	the	DET
cblr-5117	63	57	outstanding	outstanding	ADJ
cblr-5117	63	58	amount	amount	NOUN
cblr-5117	63	59	of	of	ADP
cblr-5117	63	60	the	the	DET
cblr-5117	63	61	class	class	NOUN
cblr-5117	63	62	of	of	ADP
cblr-5117	63	63	securities	security	NOUN
cblr-5117	63	64	being	be	AUX
cblr-5117	63	65	offered	offer	VERB
cblr-5117	63	66	and	and	CCONJ
cblr-5117	63	67	sold	sell	VERB
cblr-5117	63	68	in	in	ADP
cblr-5117	63	69	reliance	reliance	NOUN
cblr-5117	63	70	on	on	ADP
cblr-5117	63	71	rule	rule	NOUN
cblr-5117	63	72	701	701	NUM
cblr-5117	63	73	,	,	PUNCT
cblr-5117	63	74	measured	measure	VERB
cblr-5117	63	75	as	as	ADP
cblr-5117	63	76	of	of	ADP
cblr-5117	63	77	the	the	DET
cblr-5117	63	78	date	date	NOUN
cblr-5117	63	79	of	of	ADP
cblr-5117	63	80	the	the	DET
cblr-5117	63	81	issuer	issuer	NOUN
cblr-5117	63	82	’s	’s	PART
cblr-5117	63	83	most	most	ADV
cblr-5117	63	84	recent	recent	ADJ
cblr-5117	63	85	balance	balance	NOUN
cblr-5117	63	86	sheet	sheet	NOUN
cblr-5117	63	87	.	.	PUNCT
cblr-5117	64	1	see	see	VERB
cblr-5117	64	2	17	17	NUM
cblr-5117	64	3	c.f.r	c.f.r	NOUN
cblr-5117	64	4	.	.	PUNCT
cblr-5117	65	1	§	§	PROPN
cblr-5117	65	2	230.701(d)(2	230.701(d)(2	NUM
cblr-5117	65	3	)	)	PUNCT
cblr-5117	65	4	.	.	PUNCT
cblr-5117	66	1	these	these	DET
cblr-5117	66	2	limitations	limitation	NOUN
cblr-5117	66	3	are	be	AUX
cblr-5117	66	4	calculated	calculate	VERB
cblr-5117	66	5	for	for	ADP
cblr-5117	66	6	the	the	DET
cblr-5117	66	7	aggregate	aggregate	ADJ
cblr-5117	66	8	sales	sale	NOUN
cblr-5117	66	9	price	price	NOUN
cblr-5117	66	10	or	or	CCONJ
cblr-5117	66	11	amount	amount	NOUN
cblr-5117	66	12	of	of	ADP
cblr-5117	66	13	securities	security	NOUN
cblr-5117	66	14	sold	sell	VERB
cblr-5117	66	15	in	in	ADP
cblr-5117	66	16	reliance	reliance	NOUN
cblr-5117	66	17	on	on	ADP
cblr-5117	66	18	rule	rule	NOUN
cblr-5117	66	19	701	701	NUM
cblr-5117	66	20	in	in	ADP
cblr-5117	66	21	a	a	DET
cblr-5117	66	22	consecutive	consecutive	ADJ
cblr-5117	66	23	twelve	twelve	NUM
cblr-5117	66	24	month	month	NOUN
cblr-5117	66	25	period	period	NOUN
cblr-5117	66	26	.	.	PUNCT
cblr-5117	67	1	i	i	PRON
cblr-5117	67	2	d.	d.	PROPN
cblr-5117	67	3	10	10	NUM
cblr-5117	67	4	issuers	issuer	NOUN
cblr-5117	67	5	that	that	PRON
cblr-5117	67	6	sell	sell	VERB
cblr-5117	67	7	more	more	ADJ
cblr-5117	67	8	than	than	ADP
cblr-5117	67	9	$	$	SYM
cblr-5117	67	10	10	10	NUM
cblr-5117	67	11	million	million	NUM
cblr-5117	67	12	worth	worth	NOUN
cblr-5117	67	13	of	of	ADP
cblr-5117	67	14	securities	security	NOUN
cblr-5117	67	15	under	under	ADP
cblr-5117	67	16	the	the	DET
cblr-5117	67	17	exemption	exemption	NOUN
cblr-5117	67	18	in	in	ADP
cblr-5117	67	19	a	a	DET
cblr-5117	67	20	twelve	twelve	NUM
cblr-5117	67	21	month	month	NOUN
cblr-5117	67	22	period	period	NOUN
cblr-5117	67	23	,	,	PUNCT
cblr-5117	67	24	are	be	AUX
cblr-5117	67	25	required	require	VERB
cblr-5117	67	26	to	to	PART
cblr-5117	67	27	provide	provide	VERB
cblr-5117	67	28	to	to	ADP
cblr-5117	67	29	the	the	DET
cblr-5117	67	30	persons	person	NOUN
cblr-5117	67	31	that	that	PRON
cblr-5117	67	32	received	receive	VERB
cblr-5117	67	33	the	the	DET
cblr-5117	67	34	securities	security	NOUN
cblr-5117	67	35	in	in	ADP
cblr-5117	67	36	that	that	DET
cblr-5117	67	37	period	period	NOUN
cblr-5117	67	38	enhanced	enhance	VERB
cblr-5117	67	39	disclosure	disclosure	NOUN
cblr-5117	67	40	,	,	PUNCT
cblr-5117	67	41	including	include	VERB
cblr-5117	67	42	:	:	PUNCT
cblr-5117	67	43	a	a	DET
cblr-5117	67	44	summary	summary	NOUN
cblr-5117	67	45	of	of	ADP
cblr-5117	67	46	the	the	DET
cblr-5117	67	47	material	material	ADJ
cblr-5117	67	48	terms	term	NOUN
cblr-5117	67	49	of	of	ADP
cblr-5117	67	50	the	the	DET
cblr-5117	67	51	compensatory	compensatory	ADJ
cblr-5117	67	52	plan	plan	NOUN
cblr-5117	67	53	or	or	CCONJ
cblr-5117	67	54	compensatory	compensatory	ADJ
cblr-5117	67	55	contract	contract	NOUN
cblr-5117	67	56	;	;	PUNCT
cblr-5117	67	57	a	a	DET
cblr-5117	67	58	list	list	NOUN
cblr-5117	67	59	of	of	ADP
cblr-5117	67	60	risk	risk	NOUN
cblr-5117	67	61	factors	factor	NOUN
cblr-5117	67	62	associated	associate	VERB
cblr-5117	67	63	with	with	ADP
cblr-5117	67	64	investing	invest	VERB
cblr-5117	67	65	in	in	ADP
cblr-5117	67	66	the	the	DET
cblr-5117	67	67	issuer	issuer	NOUN
cblr-5117	67	68	’s	’s	PART
cblr-5117	67	69	securities	security	NOUN
cblr-5117	67	70	;	;	PUNCT
cblr-5117	67	71	and	and	CCONJ
cblr-5117	67	72	financial	financial	ADJ
cblr-5117	67	73	statements	statement	NOUN
cblr-5117	67	74	of	of	ADP
cblr-5117	67	75	the	the	DET
cblr-5117	67	76	issuer	issuer	NOUN
cblr-5117	67	77	prepared	prepare	VERB
cblr-5117	67	78	in	in	ADP
cblr-5117	67	79	accordance	accordance	NOUN
cblr-5117	67	80	with	with	ADP
cblr-5117	67	81	u.s	u.s	PROPN
cblr-5117	67	82	.	.	PROPN
cblr-5117	67	83	generally	generally	ADV
cblr-5117	67	84	accepted	accept	VERB
cblr-5117	67	85	accounting	accounting	NOUN
cblr-5117	67	86	principles	principle	NOUN
cblr-5117	67	87	(	(	PUNCT
cblr-5117	67	88	gaap	gaap	NOUN
cblr-5117	67	89	)	)	PUNCT
cblr-5117	67	90	dated	date	VERB
cblr-5117	67	91	not	not	PART
cblr-5117	67	92	more	more	ADJ
cblr-5117	67	93	than	than	ADP
cblr-5117	67	94	180	180	NUM
cblr-5117	67	95	days	day	NOUN
cblr-5117	67	96	before	before	ADP
cblr-5117	67	97	the	the	DET
cblr-5117	67	98	sale	sale	NOUN
cblr-5117	67	99	.	.	PUNCT
cblr-5117	68	1	see	see	VERB
cblr-5117	68	2	17	17	NUM
cblr-5117	68	3	c.f.r	c.f.r	NOUN
cblr-5117	68	4	.	.	PUNCT
cblr-5117	69	1	§	§	PROPN
cblr-5117	69	2	230.701(e	230.701(e	NUM
cblr-5117	69	3	)	)	PUNCT
cblr-5117	69	4	11	11	NUM
cblr-5117	69	5	see	see	NOUN
cblr-5117	69	6	infra	infra	NOUN
cblr-5117	69	7	section	section	NOUN
cblr-5117	69	8	ii.c	ii.c	VERB
cblr-5117	69	9	.	.	PUNCT
cblr-5117	70	1	12	12	NUM
cblr-5117	70	2	see	see	NOUN
cblr-5117	70	3	infra	infra	NOUN
cblr-5117	70	4	section	section	NOUN
cblr-5117	70	5	iii.a	iii.a	PROPN
cblr-5117	70	6	.	.	PROPN
cblr-5117	71	1	13	13	NUM
cblr-5117	71	2	see	see	VERB
cblr-5117	71	3	infra	infra	NOUN
cblr-5117	71	4	section	section	NOUN
cblr-5117	71	5	v.c	v.c	PROPN
cblr-5117	71	6	.	.	PROPN
cblr-5117	71	7	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	71	8	(	(	PUNCT
cblr-5117	71	9	do	do	AUX
cblr-5117	71	10	not	not	PART
cblr-5117	71	11	delte	delte	VERB
cblr-5117	71	12	)	)	PUNCT
cblr-5117	71	13	1/8/2020	1/8/2020	NUM
cblr-5117	71	14	4:44	4:44	NUM
cblr-5117	71	15	pm	pm	NOUN
cblr-5117	71	16	872	872	NUM
cblr-5117	71	17	columbia	columbia	PROPN
cblr-5117	71	18	business	business	NOUN
cblr-5117	71	19	law	law	PROPN
cblr-5117	71	20	review	review	NOUN
cblr-5117	72	1	[	[	X
cblr-5117	72	2	vol	vol	NOUN
cblr-5117	72	3	.	.	NOUN
cblr-5117	72	4	2019	2019	NUM
cblr-5117	72	5	valuation	valuation	NOUN
cblr-5117	72	6	information	information	NOUN
cblr-5117	72	7	—	—	PUNCT
cblr-5117	72	8	data	datum	NOUN
cblr-5117	72	9	describing	describe	VERB
cblr-5117	72	10	the	the	DET
cblr-5117	72	11	firm	firm	NOUN
cblr-5117	72	12	’s	’s	PART
cblr-5117	72	13	capitalization	capitalization	NOUN
cblr-5117	72	14	table	table	NOUN
cblr-5117	72	15	and	and	CCONJ
cblr-5117	72	16	aggregate	aggregate	ADJ
cblr-5117	72	17	liquidation	liquidation	NOUN
cblr-5117	72	18	preferences.14	preferences.14	PROPN
cblr-5117	72	19	instead	instead	ADV
cblr-5117	72	20	,	,	PUNCT
cblr-5117	72	21	once	once	ADV
cblr-5117	72	22	the	the	DET
cblr-5117	72	23	$	$	SYM
cblr-5117	72	24	10	10	NUM
cblr-5117	72	25	million	million	NUM
cblr-5117	72	26	threshold	threshold	NOUN
cblr-5117	72	27	is	be	AUX
cblr-5117	72	28	crossed	cross	VERB
cblr-5117	72	29	,	,	PUNCT
cblr-5117	72	30	the	the	DET
cblr-5117	72	31	rule	rule	NOUN
cblr-5117	72	32	mandates	mandate	VERB
cblr-5117	72	33	the	the	DET
cblr-5117	72	34	disclosure	disclosure	NOUN
cblr-5117	72	35	of	of	ADP
cblr-5117	72	36	financial	financial	ADJ
cblr-5117	72	37	statements	statement	NOUN
cblr-5117	72	38	,	,	PUNCT
cblr-5117	72	39	which	which	PRON
cblr-5117	72	40	are	be	AUX
cblr-5117	72	41	likely	likely	ADJ
cblr-5117	72	42	to	to	PART
cblr-5117	72	43	contain	contain	VERB
cblr-5117	72	44	sensitive	sensitive	ADJ
cblr-5117	72	45	information	information	NOUN
cblr-5117	72	46	of	of	ADP
cblr-5117	72	47	the	the	DET
cblr-5117	72	48	start	start	NOUN
cblr-5117	72	49	-	-	PUNCT
cblr-5117	72	50	up15	up15	PROPN
cblr-5117	72	51	and	and	CCONJ
cblr-5117	72	52	are	be	AUX
cblr-5117	72	53	only	only	ADV
cblr-5117	72	54	remotely	remotely	ADV
cblr-5117	72	55	related	relate	VERB
cblr-5117	72	56	to	to	ADP
cblr-5117	72	57	the	the	DET
cblr-5117	72	58	valuation	valuation	NOUN
cblr-5117	72	59	challenges	challenge	NOUN
cblr-5117	72	60	facing	face	VERB
cblr-5117	72	61	employees.16	employees.16	NOUN
cblr-5117	72	62	the	the	DET
cblr-5117	72	63	rule	rule	NOUN
cblr-5117	72	64	thus	thus	ADV
cblr-5117	72	65	creates	create	VERB
cblr-5117	72	66	an	an	DET
cblr-5117	72	67	inconsistent	inconsistent	ADJ
cblr-5117	72	68	and	and	CCONJ
cblr-5117	72	69	,	,	PUNCT
cblr-5117	72	70	at	at	ADP
cblr-5117	72	71	times	time	NOUN
cblr-5117	72	72	,	,	PUNCT
cblr-5117	72	73	absurd	absurd	ADJ
cblr-5117	72	74	disclosure	disclosure	NOUN
cblr-5117	72	75	regime	regime	NOUN
cblr-5117	72	76	that	that	PRON
cblr-5117	72	77	puts	put	VERB
cblr-5117	72	78	certain	certain	ADJ
cblr-5117	72	79	issuers	issuer	NOUN
cblr-5117	72	80	at	at	ADP
cblr-5117	72	81	unnecessary	unnecessary	ADJ
cblr-5117	72	82	risk	risk	NOUN
cblr-5117	72	83	by	by	ADP
cblr-5117	72	84	exposing	expose	VERB
cblr-5117	72	85	financial	financial	ADJ
cblr-5117	72	86	information	information	NOUN
cblr-5117	72	87	that	that	PRON
cblr-5117	72	88	could	could	AUX
cblr-5117	72	89	be	be	AUX
cblr-5117	72	90	valuable	valuable	ADJ
cblr-5117	72	91	to	to	ADP
cblr-5117	72	92	competitors	competitor	NOUN
cblr-5117	72	93	but	but	CCONJ
cblr-5117	72	94	is	be	AUX
cblr-5117	72	95	of	of	ADP
cblr-5117	72	96	only	only	ADJ
cblr-5117	72	97	marginal	marginal	ADJ
cblr-5117	72	98	value	value	NOUN
cblr-5117	72	99	to	to	ADP
cblr-5117	72	100	employees	employee	NOUN
cblr-5117	72	101	.	.	PUNCT
cblr-5117	73	1	when	when	SCONJ
cblr-5117	73	2	the	the	DET
cblr-5117	73	3	sec	sec	PROPN
cblr-5117	73	4	adopted	adopt	VERB
cblr-5117	73	5	rule	rule	NOUN
cblr-5117	73	6	701	701	NUM
cblr-5117	73	7	,	,	PUNCT
cblr-5117	73	8	private	private	ADJ
cblr-5117	73	9	issuers	issuer	NOUN
cblr-5117	73	10	had	have	VERB
cblr-5117	73	11	a	a	DET
cblr-5117	73	12	limited	limited	ADJ
cblr-5117	73	13	ability	ability	NOUN
cblr-5117	73	14	to	to	PART
cblr-5117	73	15	rely	rely	VERB
cblr-5117	73	16	on	on	ADP
cblr-5117	73	17	this	this	DET
cblr-5117	73	18	exemption	exemption	NOUN
cblr-5117	73	19	due	due	ADP
cblr-5117	73	20	to	to	ADP
cblr-5117	73	21	securities	security	NOUN
cblr-5117	73	22	laws	law	NOUN
cblr-5117	73	23	restrictions	restriction	NOUN
cblr-5117	73	24	on	on	ADP
cblr-5117	73	25	the	the	DET
cblr-5117	73	26	volume	volume	NOUN
cblr-5117	73	27	of	of	ADP
cblr-5117	73	28	the	the	DET
cblr-5117	73	29	securities	security	NOUN
cblr-5117	73	30	that	that	PRON
cblr-5117	73	31	could	could	AUX
cblr-5117	73	32	be	be	AUX
cblr-5117	73	33	offered	offer	VERB
cblr-5117	73	34	and	and	CCONJ
cblr-5117	73	35	sold	sell	VERB
cblr-5117	73	36	and	and	CCONJ
cblr-5117	73	37	the	the	DET
cblr-5117	73	38	number	number	NOUN
cblr-5117	73	39	of	of	ADP
cblr-5117	73	40	employees	employee	NOUN
cblr-5117	73	41	that	that	PRON
cblr-5117	73	42	could	could	AUX
cblr-5117	73	43	participate	participate	VERB
cblr-5117	73	44	in	in	ADP
cblr-5117	73	45	such	such	ADJ
cblr-5117	73	46	offerings.17	offerings.17	NOUN
cblr-5117	73	47	however	however	ADV
cblr-5117	73	48	,	,	PUNCT
cblr-5117	73	49	over	over	ADP
cblr-5117	73	50	the	the	DET
cblr-5117	73	51	years	year	NOUN
cblr-5117	73	52	,	,	PUNCT
cblr-5117	73	53	the	the	DET
cblr-5117	73	54	legal	legal	ADJ
cblr-5117	73	55	limitations	limitation	NOUN
cblr-5117	73	56	on	on	ADP
cblr-5117	73	57	start	start	NOUN
cblr-5117	73	58	-	-	PUNCT
cblr-5117	73	59	ups	up	NOUN
cblr-5117	73	60	’	'	PUNCT
cblr-5117	73	61	ability	ability	NOUN
cblr-5117	73	62	to	to	PART
cblr-5117	73	63	issue	issue	VERB
cblr-5117	73	64	securities	security	NOUN
cblr-5117	73	65	for	for	ADP
cblr-5117	73	66	compensation	compensation	NOUN
cblr-5117	73	67	purposes	purpose	NOUN
cblr-5117	73	68	were	be	AUX
cblr-5117	73	69	gradually	gradually	ADV
cblr-5117	73	70	curtailed	curtail	VERB
cblr-5117	73	71	,	,	PUNCT
cblr-5117	73	72	thereby	thereby	ADV
cblr-5117	73	73	turning	turn	VERB
cblr-5117	73	74	this	this	DET
cblr-5117	73	75	small	small	ADJ
cblr-5117	73	76	exemption	exemption	NOUN
cblr-5117	73	77	into	into	ADP
cblr-5117	73	78	a	a	DET
cblr-5117	73	79	significant	significant	ADJ
cblr-5117	73	80	channel	channel	NOUN
cblr-5117	73	81	of	of	ADP
cblr-5117	73	82	securities	security	NOUN
cblr-5117	73	83	offerings	offering	NOUN
cblr-5117	73	84	to	to	AUX
cblr-5117	73	85	household	household	NOUN
cblr-5117	73	86	investors.18	investors.18	NOUN
cblr-5117	73	87	at	at	ADP
cblr-5117	73	88	the	the	DET
cblr-5117	73	89	same	same	ADJ
cblr-5117	73	90	time	time	NOUN
cblr-5117	73	91	,	,	PUNCT
cblr-5117	73	92	the	the	DET
cblr-5117	73	93	widespread	widespread	ADJ
cblr-5117	73	94	and	and	CCONJ
cblr-5117	73	95	growing	grow	VERB
cblr-5117	73	96	practice	practice	NOUN
cblr-5117	73	97	of	of	ADP
cblr-5117	73	98	providing	provide	VERB
cblr-5117	73	99	equitybased	equitybased	ADJ
cblr-5117	73	100	compensation	compensation	NOUN
cblr-5117	73	101	has	have	AUX
cblr-5117	73	102	transformed	transform	VERB
cblr-5117	73	103	the	the	DET
cblr-5117	73	104	relationship	relationship	NOUN
cblr-5117	73	105	between	between	ADP
cblr-5117	73	106	high	high	ADV
cblr-5117	73	107	-	-	PUNCT
cblr-5117	73	108	skilled	skilled	ADJ
cblr-5117	73	109	employees	employee	NOUN
cblr-5117	73	110	and	and	CCONJ
cblr-5117	73	111	their	their	PRON
cblr-5117	73	112	employers	employer	NOUN
cblr-5117	73	113	from	from	ADP
cblr-5117	73	114	a	a	DET
cblr-5117	73	115	pure	pure	ADJ
cblr-5117	73	116	employment	employment	NOUN
cblr-5117	73	117	relationship	relationship	NOUN
cblr-5117	73	118	into	into	ADP
cblr-5117	73	119	one	one	NUM
cblr-5117	73	120	that	that	PRON
cblr-5117	73	121	involves	involve	VERB
cblr-5117	73	122	a	a	DET
cblr-5117	73	123	significant	significant	ADJ
cblr-5117	73	124	investment	investment	NOUN
cblr-5117	73	125	component.19	component.19	NOUN
cblr-5117	73	126	while	while	SCONJ
cblr-5117	73	127	household	household	NOUN
cblr-5117	73	128	investors	investor	NOUN
cblr-5117	73	129	are	be	AUX
cblr-5117	73	130	moving	move	VERB
cblr-5117	73	131	their	their	PRON
cblr-5117	73	132	investment	investment	NOUN
cblr-5117	73	133	activities	activity	NOUN
cblr-5117	73	134	towards	towards	ADP
cblr-5117	73	135	14	14	NUM
cblr-5117	73	136	see	see	NOUN
cblr-5117	73	137	infra	infra	NOUN
cblr-5117	73	138	section	section	NOUN
cblr-5117	73	139	v.b	v.b	PROPN
cblr-5117	73	140	.	.	PROPN
cblr-5117	73	141	15	15	NUM
cblr-5117	73	142	see	see	NOUN
cblr-5117	73	143	infra	infra	NOUN
cblr-5117	73	144	section	section	NOUN
cblr-5117	73	145	v.a	v.a	PROPN
cblr-5117	73	146	.	.	PROPN
cblr-5117	73	147	16	16	NUM
cblr-5117	73	148	see	see	VERB
cblr-5117	73	149	infra	infra	NOUN
cblr-5117	73	150	section	section	NOUN
cblr-5117	73	151	iii.c	iii.c	PROPN
cblr-5117	73	152	.	.	PUNCT
cblr-5117	73	153	17	17	NUM
cblr-5117	73	154	see	see	NOUN
cblr-5117	73	155	infra	infra	NOUN
cblr-5117	73	156	section	section	NOUN
cblr-5117	73	157	ii.c	ii.c	VERB
cblr-5117	73	158	.	.	PUNCT
cblr-5117	74	1	18	18	NUM
cblr-5117	74	2	i	i	NOUN
cblr-5117	74	3	d.	d.	PROPN
cblr-5117	74	4	19	19	NUM
cblr-5117	74	5	see	see	VERB
cblr-5117	74	6	andrea	andrea	PROPN
cblr-5117	74	7	l.	l.	PROPN
cblr-5117	74	8	eisfeldt	eisfeldt	PROPN
cblr-5117	74	9	et	et	PROPN
cblr-5117	74	10	.	.	PUNCT
cblr-5117	75	1	al	al	PROPN
cblr-5117	75	2	.	.	PROPN
cblr-5117	75	3	,	,	PUNCT
cblr-5117	75	4	human	human	ADJ
cblr-5117	75	5	capitalists	capitalist	NOUN
cblr-5117	75	6	2	2	NUM
cblr-5117	75	7	(	(	PUNCT
cblr-5117	75	8	apr	apr	PROPN
cblr-5117	75	9	.	.	PROPN
cblr-5117	75	10	29	29	NUM
cblr-5117	75	11	,	,	PUNCT
cblr-5117	75	12	2019	2019	NUM
cblr-5117	75	13	)	)	PUNCT
cblr-5117	75	14	(	(	PUNCT
cblr-5117	75	15	unpublished	unpublished	ADJ
cblr-5117	75	16	working	working	NOUN
cblr-5117	75	17	paper	paper	NOUN
cblr-5117	75	18	)	)	PUNCT
cblr-5117	75	19	,	,	PUNCT
cblr-5117	75	20	http://web.stanford.edu/class/econ310/eisfeldtapril29	http://web.stanford.edu/class/econ310/eisfeldtapril29	PROPN
cblr-5117	76	1	[	[	X
cblr-5117	76	2	https://perma.cc/n7kr-juxb	https://perma.cc/n7kr-juxb	X
cblr-5117	76	3	]	]	X
cblr-5117	76	4	(	(	PUNCT
cblr-5117	76	5	defining	define	VERB
cblr-5117	76	6	“	"	PUNCT
cblr-5117	76	7	human	human	ADJ
cblr-5117	76	8	capitalists	capitalist	NOUN
cblr-5117	76	9	”	"	PUNCT
cblr-5117	76	10	as	as	ADP
cblr-5117	76	11	“	"	PUNCT
cblr-5117	76	12	corporate	corporate	ADJ
cblr-5117	76	13	employees	employee	NOUN
cblr-5117	76	14	who	who	PRON
cblr-5117	76	15	receive	receive	VERB
cblr-5117	76	16	significant	significant	ADJ
cblr-5117	76	17	equity	equity	NOUN
cblr-5117	76	18	-	-	PUNCT
cblr-5117	76	19	based	base	VERB
cblr-5117	76	20	compensation	compensation	NOUN
cblr-5117	76	21	,	,	PUNCT
cblr-5117	76	22	for	for	ADP
cblr-5117	76	23	example	example	NOUN
cblr-5117	76	24	in	in	ADP
cblr-5117	76	25	the	the	DET
cblr-5117	76	26	form	form	NOUN
cblr-5117	76	27	of	of	ADP
cblr-5117	76	28	equity	equity	NOUN
cblr-5117	76	29	grants	grant	NOUN
cblr-5117	76	30	or	or	CCONJ
cblr-5117	76	31	stock	stock	NOUN
cblr-5117	76	32	options	option	NOUN
cblr-5117	76	33	,	,	PUNCT
cblr-5117	76	34	”	"	PUNCT
cblr-5117	76	35	demonstrating	demonstrate	VERB
cblr-5117	76	36	that	that	SCONJ
cblr-5117	76	37	human	human	ADJ
cblr-5117	76	38	capitalists	capitalist	NOUN
cblr-5117	76	39	have	have	AUX
cblr-5117	76	40	become	become	VERB
cblr-5117	76	41	an	an	DET
cblr-5117	76	42	increasingly	increasingly	ADV
cblr-5117	76	43	important	important	ADJ
cblr-5117	76	44	class	class	NOUN
cblr-5117	76	45	of	of	ADP
cblr-5117	76	46	corporate	corporate	ADJ
cblr-5117	76	47	income	income	NOUN
cblr-5117	76	48	earners	earner	NOUN
cblr-5117	76	49	,	,	PUNCT
cblr-5117	76	50	and	and	CCONJ
cblr-5117	76	51	finding	find	VERB
cblr-5117	76	52	that	that	SCONJ
cblr-5117	76	53	“	"	PUNCT
cblr-5117	76	54	[	[	PUNCT
cblr-5117	76	55	e]quity	e]quity	NOUN
cblr-5117	76	56	-	-	PUNCT
cblr-5117	76	57	based	base	VERB
cblr-5117	76	58	compensation	compensation	NOUN
cblr-5117	76	59	represents	represent	VERB
cblr-5117	76	60	almost	almost	ADV
cblr-5117	76	61	45	45	NUM
cblr-5117	76	62	%	%	NOUN
cblr-5117	76	63	of	of	ADP
cblr-5117	76	64	compensation	compensation	NOUN
cblr-5117	76	65	to	to	ADP
cblr-5117	76	66	human	human	ADJ
cblr-5117	76	67	capitalists	capitalist	NOUN
cblr-5117	76	68	”	"	PUNCT
cblr-5117	76	69	)	)	PUNCT
cblr-5117	76	70	.	.	PUNCT
cblr-5117	77	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	77	2	(	(	PUNCT
cblr-5117	77	3	do	do	AUX
cblr-5117	77	4	not	not	PART
cblr-5117	77	5	delete	delete	VERB
cblr-5117	77	6	)	)	PUNCT
cblr-5117	77	7	1/8/2020	1/8/2020	NUM
cblr-5117	77	8	4:44	4:44	NUM
cblr-5117	77	9	pm	pm	NOUN
cblr-5117	77	10	no	no	INTJ
cblr-5117	77	11	.	.	PUNCT
cblr-5117	78	1	3:867	3:867	NUM
cblr-5117	78	2	]	]	PUNCT
cblr-5117	78	3	making	make	VERB
cblr-5117	78	4	disclosure	disclosure	NOUN
cblr-5117	78	5	work	work	NOUN
cblr-5117	78	6	873	873	NUM
cblr-5117	78	7	institutional	institutional	ADJ
cblr-5117	78	8	investors	investor	NOUN
cblr-5117	78	9	that	that	PRON
cblr-5117	78	10	offer	offer	VERB
cblr-5117	78	11	diversified	diversified	ADJ
cblr-5117	78	12	portfolios	portfolio	NOUN
cblr-5117	78	13	of	of	ADP
cblr-5117	78	14	securities,20	securities,20	NOUN
cblr-5117	78	15	equity	equity	NOUN
cblr-5117	78	16	-	-	PUNCT
cblr-5117	78	17	based	base	VERB
cblr-5117	78	18	compensation	compensation	NOUN
cblr-5117	78	19	still	still	ADV
cblr-5117	78	20	ties	tie	VERB
cblr-5117	78	21	a	a	DET
cblr-5117	78	22	significant	significant	ADJ
cblr-5117	78	23	portion	portion	NOUN
cblr-5117	78	24	of	of	ADP
cblr-5117	78	25	the	the	DET
cblr-5117	78	26	employee	employee	NOUN
cblr-5117	78	27	’s	’s	PART
cblr-5117	78	28	wealth	wealth	NOUN
cblr-5117	78	29	to	to	ADP
cblr-5117	78	30	the	the	DET
cblr-5117	78	31	stock	stock	NOUN
cblr-5117	78	32	of	of	ADP
cblr-5117	78	33	single	single	ADJ
cblr-5117	78	34	company.21	company.21	NOUN
cblr-5117	78	35	in	in	ADP
cblr-5117	78	36	light	light	NOUN
cblr-5117	78	37	of	of	ADP
cblr-5117	78	38	the	the	DET
cblr-5117	78	39	rule	rule	NOUN
cblr-5117	78	40	’s	’s	PART
cblr-5117	78	41	multiple	multiple	ADJ
cblr-5117	78	42	shortcomings	shortcoming	NOUN
cblr-5117	78	43	,	,	PUNCT
cblr-5117	78	44	the	the	DET
cblr-5117	78	45	commission	commission	NOUN
cblr-5117	78	46	’s	’s	PART
cblr-5117	78	47	regulation	regulation	NOUN
cblr-5117	78	48	thus	thus	ADV
cblr-5117	78	49	fails	fail	VERB
cblr-5117	78	50	to	to	PART
cblr-5117	78	51	provide	provide	VERB
cblr-5117	78	52	start	start	VERB
cblr-5117	78	53	-	-	PUNCT
cblr-5117	78	54	up	up	ADP
cblr-5117	78	55	employees	employee	NOUN
cblr-5117	78	56	with	with	ADP
cblr-5117	78	57	material	material	NOUN
cblr-5117	78	58	information	information	NOUN
cblr-5117	78	59	concerning	concern	VERB
cblr-5117	78	60	one	one	NUM
cblr-5117	78	61	of	of	ADP
cblr-5117	78	62	the	the	DET
cblr-5117	78	63	most	most	ADV
cblr-5117	78	64	important	important	ADJ
cblr-5117	78	65	investment	investment	NOUN
cblr-5117	78	66	decisions	decision	NOUN
cblr-5117	78	67	they	they	PRON
cblr-5117	78	68	make	make	VERB
cblr-5117	78	69	.	.	PUNCT
cblr-5117	79	1	the	the	DET
cblr-5117	79	2	sec	sec	PROPN
cblr-5117	79	3	is	be	AUX
cblr-5117	79	4	aware	aware	ADJ
cblr-5117	79	5	that	that	SCONJ
cblr-5117	79	6	rule	rule	NOUN
cblr-5117	79	7	701	701	NUM
cblr-5117	79	8	may	may	AUX
cblr-5117	79	9	need	need	VERB
cblr-5117	79	10	an	an	DET
cblr-5117	79	11	update	update	NOUN
cblr-5117	79	12	.	.	PUNCT
cblr-5117	80	1	on	on	ADP
cblr-5117	80	2	july	july	PROPN
cblr-5117	80	3	18	18	NUM
cblr-5117	80	4	,	,	PUNCT
cblr-5117	80	5	2018	2018	NUM
cblr-5117	80	6	,	,	PUNCT
cblr-5117	80	7	it	it	PRON
cblr-5117	80	8	issued	issue	VERB
cblr-5117	80	9	a	a	DET
cblr-5117	80	10	concept	concept	NOUN
cblr-5117	80	11	release	release	NOUN
cblr-5117	80	12	soliciting	solicit	VERB
cblr-5117	80	13	public	public	ADJ
cblr-5117	80	14	comment	comment	NOUN
cblr-5117	80	15	about	about	ADP
cblr-5117	80	16	ways	way	NOUN
cblr-5117	80	17	to	to	PART
cblr-5117	80	18	modernize	modernize	VERB
cblr-5117	80	19	it.22	it.22	NOUN
cblr-5117	80	20	this	this	DET
cblr-5117	80	21	article	article	NOUN
cblr-5117	80	22	responds	respond	VERB
cblr-5117	80	23	to	to	ADP
cblr-5117	80	24	that	that	DET
cblr-5117	80	25	call	call	NOUN
cblr-5117	80	26	by	by	ADP
cblr-5117	80	27	offering	offer	VERB
cblr-5117	80	28	practical	practical	ADJ
cblr-5117	80	29	recommendations	recommendation	NOUN
cblr-5117	80	30	for	for	ADP
cblr-5117	80	31	significant	significant	ADJ
cblr-5117	80	32	amendment	amendment	NOUN
cblr-5117	80	33	of	of	ADP
cblr-5117	80	34	the	the	DET
cblr-5117	80	35	disclosure	disclosure	NOUN
cblr-5117	80	36	regime.23	regime.23	VERB
cblr-5117	80	37	furthermore	furthermore	ADV
cblr-5117	80	38	,	,	PUNCT
cblr-5117	80	39	this	this	DET
cblr-5117	80	40	article	article	NOUN
cblr-5117	80	41	offers	offer	VERB
cblr-5117	80	42	a	a	DET
cblr-5117	80	43	much	much	ADV
cblr-5117	80	44	-	-	PUNCT
cblr-5117	80	45	needed	need	VERB
cblr-5117	80	46	underlying	underlying	ADJ
cblr-5117	80	47	theoretical	theoretical	ADJ
cblr-5117	80	48	framework	framework	NOUN
cblr-5117	80	49	to	to	PART
cblr-5117	80	50	guide	guide	VERB
cblr-5117	80	51	the	the	DET
cblr-5117	80	52	regulation	regulation	NOUN
cblr-5117	80	53	of	of	ADP
cblr-5117	80	54	start	start	NOUN
cblr-5117	80	55	-	-	PUNCT
cblr-5117	80	56	up	up	ADP
cblr-5117	80	57	equity	equity	NOUN
cblr-5117	80	58	compensation	compensation	NOUN
cblr-5117	80	59	—	—	PUNCT
cblr-5117	80	60	a	a	DET
cblr-5117	80	61	foundation	foundation	NOUN
cblr-5117	80	62	that	that	PRON
cblr-5117	80	63	is	be	AUX
cblr-5117	80	64	currently	currently	ADV
cblr-5117	80	65	missing	miss	VERB
cblr-5117	80	66	from	from	ADP
cblr-5117	80	67	the	the	DET
cblr-5117	80	68	literature.24	literature.24	NOUN
cblr-5117	80	69	start	start	VERB
cblr-5117	80	70	-	-	PUNCT
cblr-5117	80	71	up	up	ADP
cblr-5117	80	72	employees	employee	NOUN
cblr-5117	80	73	often	often	ADV
cblr-5117	80	74	fail	fail	VERB
cblr-5117	80	75	to	to	PART
cblr-5117	80	76	fit	fit	VERB
cblr-5117	80	77	the	the	DET
cblr-5117	80	78	mold	mold	NOUN
cblr-5117	80	79	of	of	ADP
cblr-5117	80	80	the	the	DET
cblr-5117	80	81	nonaccredited	nonaccredite	VERB
cblr-5117	80	82	capital	capital	NOUN
cblr-5117	80	83	investor	investor	NOUN
cblr-5117	80	84	because	because	SCONJ
cblr-5117	80	85	,	,	PUNCT
cblr-5117	80	86	until	until	ADP
cblr-5117	80	87	exercising	exercise	VERB
cblr-5117	80	88	their	their	PRON
cblr-5117	80	89	stock	stock	NOUN
cblr-5117	80	90	options	option	NOUN
cblr-5117	80	91	,	,	PUNCT
cblr-5117	80	92	they	they	PRON
cblr-5117	80	93	do	do	AUX
cblr-5117	80	94	not	not	PART
cblr-5117	80	95	bear	bear	VERB
cblr-5117	80	96	out	out	ADV
cblr-5117	80	97	-	-	PUNCT
cblr-5117	80	98	of	of	ADP
cblr-5117	80	99	-	-	PUNCT
cblr-5117	80	100	pocket	pocket	NOUN
cblr-5117	80	101	costs	cost	NOUN
cblr-5117	80	102	(	(	PUNCT
cblr-5117	80	103	they	they	PRON
cblr-5117	80	104	invest	invest	VERB
cblr-5117	80	105	labor	labor	NOUN
cblr-5117	80	106	rather	rather	ADV
cblr-5117	80	107	than	than	ADP
cblr-5117	80	108	cash	cash	NOUN
cblr-5117	80	109	)	)	PUNCT
cblr-5117	80	110	.	.	PUNCT
cblr-5117	81	1	deregulation	deregulation	NOUN
cblr-5117	81	2	advocates	advocate	NOUN
cblr-5117	81	3	were	be	AUX
cblr-5117	81	4	,	,	PUNCT
cblr-5117	81	5	therefore	therefore	ADV
cblr-5117	81	6	,	,	PUNCT
cblr-5117	81	7	able	able	ADJ
cblr-5117	81	8	to	to	PART
cblr-5117	81	9	promote	promote	VERB
cblr-5117	81	10	the	the	DET
cblr-5117	81	11	perception	perception	NOUN
cblr-5117	81	12	that	that	SCONJ
cblr-5117	81	13	equity	equity	NOUN
cblr-5117	81	14	compensation	compensation	NOUN
cblr-5117	81	15	is	be	AUX
cblr-5117	81	16	merely	merely	ADV
cblr-5117	81	17	a	a	DET
cblr-5117	81	18	benefit	benefit	NOUN
cblr-5117	81	19	to	to	ADP
cblr-5117	81	20	employees	employee	NOUN
cblr-5117	81	21	.	.	PUNCT
cblr-5117	82	1	as	as	ADP
cblr-5117	82	2	a	a	DET
cblr-5117	82	3	result	result	NOUN
cblr-5117	82	4	,	,	PUNCT
cblr-5117	82	5	under	under	ADP
cblr-5117	82	6	the	the	DET
cblr-5117	82	7	current	current	ADJ
cblr-5117	82	8	disclosure	disclosure	NOUN
cblr-5117	82	9	regime	regime	NOUN
cblr-5117	82	10	,	,	PUNCT
cblr-5117	82	11	employee	employee	NOUN
cblr-5117	82	12	equityholders	equityholder	NOUN
cblr-5117	82	13	are	be	AUX
cblr-5117	82	14	effectively	effectively	ADV
cblr-5117	82	15	treated	treat	VERB
cblr-5117	82	16	as	as	ADP
cblr-5117	82	17	investors	investor	NOUN
cblr-5117	82	18	who	who	PRON
cblr-5117	82	19	are	be	AUX
cblr-5117	82	20	less	less	ADV
cblr-5117	82	21	20	20	NUM
cblr-5117	82	22	see	see	NOUN
cblr-5117	82	23	,	,	PUNCT
cblr-5117	82	24	e.g.	e.g.	ADV
cblr-5117	82	25	,	,	PUNCT
cblr-5117	82	26	ronald	ronald	PROPN
cblr-5117	82	27	j.	j.	PROPN
cblr-5117	82	28	gilson	gilson	PROPN
cblr-5117	82	29	&	&	CCONJ
cblr-5117	82	30	jeffrey	jeffrey	PROPN
cblr-5117	82	31	n.	n.	PROPN
cblr-5117	82	32	gordon	gordon	PROPN
cblr-5117	82	33	,	,	PUNCT
cblr-5117	82	34	agency	agency	NOUN
cblr-5117	82	35	capitalism	capitalism	NOUN
cblr-5117	82	36	:	:	PUNCT
cblr-5117	82	37	further	further	ADJ
cblr-5117	82	38	implications	implication	NOUN
cblr-5117	82	39	of	of	ADP
cblr-5117	82	40	equity	equity	NOUN
cblr-5117	82	41	intermediation	intermediation	NOUN
cblr-5117	82	42	,	,	PUNCT
cblr-5117	82	43	in	in	ADP
cblr-5117	82	44	research	research	NOUN
cblr-5117	82	45	handbook	handbook	NOUN
cblr-5117	82	46	on	on	ADP
cblr-5117	82	47	shareholder	shareholder	NOUN
cblr-5117	82	48	power	power	NOUN
cblr-5117	82	49	37–38	37–38	PROPN
cblr-5117	82	50	(	(	PUNCT
cblr-5117	82	51	jennifer	jennifer	PROPN
cblr-5117	82	52	g.	g.	PROPN
cblr-5117	82	53	hill	hill	PROPN
cblr-5117	82	54	&	&	CCONJ
cblr-5117	82	55	randall	randall	PROPN
cblr-5117	82	56	s.	s.	PROPN
cblr-5117	82	57	thomas	thomas	PROPN
cblr-5117	82	58	eds	eds	PROPN
cblr-5117	82	59	.	.	PROPN
cblr-5117	82	60	,	,	PUNCT
cblr-5117	82	61	2015	2015	NUM
cblr-5117	82	62	)	)	PUNCT
cblr-5117	82	63	(	(	PUNCT
cblr-5117	82	64	describing	describe	VERB
cblr-5117	82	65	the	the	DET
cblr-5117	82	66	implications	implication	NOUN
cblr-5117	82	67	of	of	ADP
cblr-5117	82	68	modern	modern	ADJ
cblr-5117	82	69	portfolio	portfolio	NOUN
cblr-5117	82	70	theory	theory	NOUN
cblr-5117	82	71	on	on	ADP
cblr-5117	82	72	household	household	NOUN
cblr-5117	82	73	investors	investor	NOUN
cblr-5117	82	74	investment	investment	NOUN
cblr-5117	82	75	pattern	pattern	NOUN
cblr-5117	82	76	)	)	PUNCT
cblr-5117	82	77	.	.	PUNCT
cblr-5117	83	1	21	21	NUM
cblr-5117	83	2	larcker	larcker	NOUN
cblr-5117	83	3	et	et	PROPN
cblr-5117	83	4	al	al	PROPN
cblr-5117	83	5	.	.	PROPN
cblr-5117	83	6	,	,	PUNCT
cblr-5117	83	7	supra	supra	PROPN
cblr-5117	83	8	note	note	NOUN
cblr-5117	83	9	2	2	NUM
cblr-5117	83	10	(	(	PUNCT
cblr-5117	83	11	“	"	PUNCT
cblr-5117	83	12	[	[	X
cblr-5117	83	13	employees	employee	NOUN
cblr-5117	83	14	of	of	ADP
cblr-5117	83	15	pre	pre	ADJ
cblr-5117	83	16	-	-	ADJ
cblr-5117	83	17	ipo	ipo	ADJ
cblr-5117	83	18	companies	company	NOUN
cblr-5117	83	19	]	]	PUNCT
cblr-5117	83	20	are	be	AUX
cblr-5117	83	21	also	also	ADV
cblr-5117	83	22	exposed	expose	VERB
cblr-5117	83	23	to	to	ADP
cblr-5117	83	24	a	a	DET
cblr-5117	83	25	concentrated	concentrated	ADJ
cblr-5117	83	26	investment	investment	NOUN
cblr-5117	83	27	portfolio	portfolio	NOUN
cblr-5117	83	28	with	with	ADP
cblr-5117	83	29	a	a	DET
cblr-5117	83	30	significant	significant	ADJ
cblr-5117	83	31	portion	portion	NOUN
cblr-5117	83	32	of	of	ADP
cblr-5117	83	33	their	their	PRON
cblr-5117	83	34	net	net	ADJ
cblr-5117	83	35	worth	worth	NOUN
cblr-5117	83	36	invested	invest	VERB
cblr-5117	83	37	in	in	ADP
cblr-5117	83	38	a	a	DET
cblr-5117	83	39	single	single	ADJ
cblr-5117	83	40	company	company	NOUN
cblr-5117	83	41	and	and	CCONJ
cblr-5117	83	42	no	no	DET
cblr-5117	83	43	readily	readily	ADV
cblr-5117	83	44	accessible	accessible	ADJ
cblr-5117	83	45	public	public	ADJ
cblr-5117	83	46	market	market	NOUN
cblr-5117	83	47	mechanism	mechanism	NOUN
cblr-5117	83	48	through	through	ADP
cblr-5117	83	49	which	which	PRON
cblr-5117	83	50	to	to	PART
cblr-5117	83	51	diversify	diversify	VERB
cblr-5117	83	52	.	.	PUNCT
cblr-5117	83	53	”	"	PUNCT
cblr-5117	83	54	)	)	PUNCT
cblr-5117	83	55	.	.	PUNCT
cblr-5117	84	1	22	22	NUM
cblr-5117	84	2	see	see	VERB
cblr-5117	84	3	concept	concept	NOUN
cblr-5117	84	4	release	release	NOUN
cblr-5117	84	5	on	on	ADP
cblr-5117	84	6	compensatory	compensatory	ADJ
cblr-5117	84	7	securities	security	NOUN
cblr-5117	84	8	offerings	offering	NOUN
cblr-5117	84	9	and	and	CCONJ
cblr-5117	84	10	sales	sale	NOUN
cblr-5117	84	11	,	,	PUNCT
cblr-5117	84	12	securities	security	NOUN
cblr-5117	84	13	act	act	NOUN
cblr-5117	84	14	release	release	VERB
cblr-5117	84	15	no	no	PRON
cblr-5117	84	16	.	.	NOUN
cblr-5117	84	17	10521	10521	NUM
cblr-5117	84	18	,	,	PUNCT
cblr-5117	84	19	83	83	NUM
cblr-5117	84	20	fed	feed	VERB
cblr-5117	84	21	.	.	PUNCT
cblr-5117	85	1	reg	reg	PROPN
cblr-5117	85	2	.	.	PROPN
cblr-5117	85	3	34,958	34,958	NUM
cblr-5117	85	4	,	,	PUNCT
cblr-5117	85	5	34,958	34,958	NUM
cblr-5117	85	6	(	(	PUNCT
cblr-5117	85	7	proposed	propose	VERB
cblr-5117	85	8	july	july	PROPN
cblr-5117	85	9	24	24	NUM
cblr-5117	85	10	,	,	PUNCT
cblr-5117	85	11	2018	2018	NUM
cblr-5117	85	12	)	)	PUNCT
cblr-5117	86	1	(	(	PUNCT
cblr-5117	86	2	to	to	PART
cblr-5117	86	3	be	be	AUX
cblr-5117	86	4	codified	codify	VERB
cblr-5117	86	5	at	at	ADP
cblr-5117	86	6	17	17	NUM
cblr-5117	86	7	c.f.r	c.f.r	NOUN
cblr-5117	86	8	.	.	PUNCT
cblr-5117	87	1	pt	pt	PROPN
cblr-5117	87	2	.	.	PROPN
cblr-5117	87	3	230	230	NUM
cblr-5117	87	4	)	)	PUNCT
cblr-5117	87	5	.	.	PUNCT
cblr-5117	88	1	23	23	NUM
cblr-5117	88	2	see	see	VERB
cblr-5117	88	3	infra	infra	NOUN
cblr-5117	88	4	part	part	NOUN
cblr-5117	88	5	vi	vi	NOUN
cblr-5117	88	6	.	.	PROPN
cblr-5117	88	7	24	24	NUM
cblr-5117	88	8	see	see	VERB
cblr-5117	88	9	cable	cable	NOUN
cblr-5117	88	10	,	,	PUNCT
cblr-5117	88	11	supra	supra	PROPN
cblr-5117	88	12	note	note	NOUN
cblr-5117	88	13	5	5	NUM
cblr-5117	88	14	at	at	ADP
cblr-5117	88	15	639	639	NUM
cblr-5117	88	16	,	,	PUNCT
cblr-5117	88	17	641	641	NUM
cblr-5117	88	18	(	(	PUNCT
cblr-5117	88	19	arguing	argue	VERB
cblr-5117	88	20	that	that	SCONJ
cblr-5117	88	21	“	"	PUNCT
cblr-5117	88	22	one	one	PRON
cblr-5117	88	23	can	can	AUX
cblr-5117	88	24	view	view	VERB
cblr-5117	88	25	rule	rule	VERB
cblr-5117	88	26	701	701	NUM
cblr-5117	88	27	as	as	ADP
cblr-5117	88	28	a	a	DET
cblr-5117	88	29	triumph	triumph	NOUN
cblr-5117	88	30	of	of	ADP
cblr-5117	88	31	incremental	incremental	ADJ
cblr-5117	88	32	regulation	regulation	NOUN
cblr-5117	88	33	”	"	PUNCT
cblr-5117	88	34	and	and	CCONJ
cblr-5117	88	35	that	that	SCONJ
cblr-5117	88	36	“	"	PUNCT
cblr-5117	88	37	[	[	X
cblr-5117	88	38	t]he	t]he	X
cblr-5117	88	39	sec	sec	PROPN
cblr-5117	88	40	played	play	VERB
cblr-5117	88	41	a	a	DET
cblr-5117	88	42	hunch	hunch	NOUN
cblr-5117	88	43	”	"	PUNCT
cblr-5117	88	44	in	in	ADP
cblr-5117	88	45	promulgating	promulgate	VERB
cblr-5117	88	46	the	the	DET
cblr-5117	88	47	rule	rule	NOUN
cblr-5117	88	48	,	,	PUNCT
cblr-5117	88	49	and	and	CCONJ
cblr-5117	88	50	concluding	conclude	VERB
cblr-5117	88	51	that	that	SCONJ
cblr-5117	88	52	“	"	PUNCT
cblr-5117	88	53	our	our	PRON
cblr-5117	88	54	priority	priority	NOUN
cblr-5117	88	55	should	should	AUX
cblr-5117	88	56	be	be	AUX
cblr-5117	88	57	a	a	DET
cblr-5117	88	58	research	research	NOUN
cblr-5117	88	59	agenda	agenda	NOUN
cblr-5117	88	60	that	that	PRON
cblr-5117	88	61	takes	take	VERB
cblr-5117	88	62	seriously	seriously	ADV
cblr-5117	88	63	startup	startup	ADJ
cblr-5117	88	64	employees	employee	NOUN
cblr-5117	88	65	’	’	PART
cblr-5117	88	66	status	status	NOUN
cblr-5117	88	67	as	as	ADP
cblr-5117	88	68	investors	investor	NOUN
cblr-5117	88	69	”	"	PUNCT
cblr-5117	88	70	)	)	PUNCT
cblr-5117	88	71	.	.	PUNCT
cblr-5117	89	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	89	2	(	(	PUNCT
cblr-5117	89	3	do	do	AUX
cblr-5117	89	4	not	not	PART
cblr-5117	89	5	delte	delte	VERB
cblr-5117	89	6	)	)	PUNCT
cblr-5117	89	7	1/8/2020	1/8/2020	NUM
cblr-5117	89	8	4:44	4:44	NUM
cblr-5117	89	9	pm	pm	NOUN
cblr-5117	89	10	874	874	NUM
cblr-5117	89	11	columbia	columbia	PROPN
cblr-5117	89	12	business	business	NOUN
cblr-5117	89	13	law	law	PROPN
cblr-5117	89	14	review	review	NOUN
cblr-5117	89	15	[	[	X
cblr-5117	89	16	vol	vol	NOUN
cblr-5117	89	17	.	.	PUNCT
cblr-5117	89	18	2019	2019	NUM
cblr-5117	89	19	worthy	worthy	ADJ
cblr-5117	89	20	of	of	ADP
cblr-5117	89	21	protection	protection	NOUN
cblr-5117	89	22	compared	compare	VERB
cblr-5117	89	23	to	to	ADP
cblr-5117	89	24	nonaccredited	nonaccredite	VERB
cblr-5117	89	25	capital	capital	NOUN
cblr-5117	89	26	investors.25	investors.25	NOUN
cblr-5117	89	27	this	this	DET
cblr-5117	89	28	article	article	NOUN
cblr-5117	89	29	offers	offer	VERB
cblr-5117	89	30	an	an	DET
cblr-5117	89	31	alternative	alternative	ADJ
cblr-5117	89	32	organizing	organizing	NOUN
cblr-5117	89	33	principle	principle	NOUN
cblr-5117	89	34	to	to	ADP
cblr-5117	89	35	the	the	DET
cblr-5117	89	36	regulation	regulation	NOUN
cblr-5117	89	37	of	of	ADP
cblr-5117	89	38	equity	equity	NOUN
cblr-5117	89	39	compensation	compensation	NOUN
cblr-5117	89	40	:	:	PUNCT
cblr-5117	89	41	pre	pre	ADJ
cblr-5117	89	42	-	-	ADJ
cblr-5117	89	43	negotiated	negotiate	VERB
cblr-5117	89	44	equitybased	equitybased	ADJ
cblr-5117	89	45	compensation	compensation	NOUN
cblr-5117	89	46	is	be	AUX
cblr-5117	89	47	and	and	CCONJ
cblr-5117	89	48	ought	ought	AUX
cblr-5117	89	49	to	to	PART
cblr-5117	89	50	be	be	AUX
cblr-5117	89	51	treated	treat	VERB
cblr-5117	89	52	by	by	ADP
cblr-5117	89	53	regulators	regulator	NOUN
cblr-5117	89	54	as	as	ADP
cblr-5117	89	55	an	an	DET
cblr-5117	89	56	arrangement	arrangement	NOUN
cblr-5117	89	57	that	that	PRON
cblr-5117	89	58	allows	allow	VERB
cblr-5117	89	59	workers	worker	NOUN
cblr-5117	89	60	to	to	PART
cblr-5117	89	61	invest	invest	VERB
cblr-5117	89	62	human	human	ADJ
cblr-5117	89	63	capital	capital	NOUN
cblr-5117	89	64	in	in	ADP
cblr-5117	89	65	return	return	NOUN
cblr-5117	89	66	for	for	ADP
cblr-5117	89	67	an	an	DET
cblr-5117	89	68	equity	equity	NOUN
cblr-5117	89	69	stake	stake	NOUN
cblr-5117	89	70	in	in	ADP
cblr-5117	89	71	their	their	PRON
cblr-5117	89	72	employer.26	employer.26	ADJ
cblr-5117	89	73	based	base	VERB
cblr-5117	89	74	on	on	ADP
cblr-5117	89	75	the	the	DET
cblr-5117	89	76	simple	simple	ADJ
cblr-5117	89	77	premise	premise	NOUN
cblr-5117	89	78	that	that	SCONJ
cblr-5117	89	79	human	human	ADJ
cblr-5117	89	80	capital	capital	NOUN
cblr-5117	89	81	is	be	AUX
cblr-5117	89	82	a	a	DET
cblr-5117	89	83	scarce	scarce	ADJ
cblr-5117	89	84	resource	resource	NOUN
cblr-5117	89	85	whose	whose	DET
cblr-5117	89	86	allocation	allocation	NOUN
cblr-5117	89	87	responds	respond	VERB
cblr-5117	89	88	to	to	ADP
cblr-5117	89	89	equity	equity	NOUN
cblr-5117	89	90	incentives	incentive	NOUN
cblr-5117	89	91	,	,	PUNCT
cblr-5117	89	92	this	this	DET
cblr-5117	89	93	article	article	NOUN
cblr-5117	89	94	argues	argue	VERB
cblr-5117	89	95	that	that	SCONJ
cblr-5117	89	96	a	a	DET
cblr-5117	89	97	better	well	ADJ
cblr-5117	89	98	disclosure	disclosure	NOUN
cblr-5117	89	99	regime	regime	NOUN
cblr-5117	89	100	is	be	AUX
cblr-5117	89	101	needed	need	VERB
cblr-5117	89	102	to	to	PART
cblr-5117	89	103	facilitate	facilitate	VERB
cblr-5117	89	104	the	the	DET
cblr-5117	89	105	efficient	efficient	ADJ
cblr-5117	89	106	allocation	allocation	NOUN
cblr-5117	89	107	of	of	ADP
cblr-5117	89	108	talent.27	talent.27	PROPN
cblr-5117	89	109	this	this	DET
cblr-5117	89	110	article	article	NOUN
cblr-5117	89	111	further	far	ADV
cblr-5117	89	112	argues	argue	VERB
cblr-5117	89	113	that	that	SCONJ
cblr-5117	89	114	similar	similar	ADJ
cblr-5117	89	115	to	to	ADP
cblr-5117	89	116	capital	capital	NOUN
cblr-5117	89	117	investments	investment	NOUN
cblr-5117	89	118	,	,	PUNCT
cblr-5117	89	119	human	human	ADJ
cblr-5117	89	120	capital	capital	NOUN
cblr-5117	89	121	investments	investment	NOUN
cblr-5117	89	122	are	be	AUX
cblr-5117	89	123	subject	subject	ADJ
cblr-5117	89	124	to	to	ADP
cblr-5117	89	125	information	information	NOUN
cblr-5117	89	126	asymmetry	asymmetry	NOUN
cblr-5117	89	127	and	and	CCONJ
cblr-5117	89	128	agency	agency	NOUN
cblr-5117	89	129	problems	problem	NOUN
cblr-5117	89	130	that	that	PRON
cblr-5117	89	131	can	can	AUX
cblr-5117	89	132	disrupt	disrupt	VERB
cblr-5117	89	133	market	market	NOUN
cblr-5117	89	134	efficiency.28	efficiency.28	PROPN
cblr-5117	89	135	mandatory	mandatory	ADJ
cblr-5117	89	136	disclosure	disclosure	NOUN
cblr-5117	89	137	is	be	AUX
cblr-5117	89	138	therefore	therefore	ADV
cblr-5117	89	139	an	an	DET
cblr-5117	89	140	appropriate	appropriate	ADJ
cblr-5117	89	141	response	response	NOUN
cblr-5117	89	142	to	to	ADP
cblr-5117	89	143	market	market	NOUN
cblr-5117	89	144	failures	failure	NOUN
cblr-5117	89	145	that	that	PRON
cblr-5117	89	146	impede	impede	VERB
cblr-5117	89	147	competitive	competitive	ADJ
cblr-5117	89	148	forces	force	NOUN
cblr-5117	89	149	in	in	ADP
cblr-5117	89	150	the	the	DET
cblr-5117	89	151	labor	labor	NOUN
cblr-5117	89	152	market	market	NOUN
cblr-5117	89	153	.	.	PUNCT
cblr-5117	90	1	the	the	DET
cblr-5117	90	2	theoretical	theoretical	ADJ
cblr-5117	90	3	and	and	CCONJ
cblr-5117	90	4	doctrinal	doctrinal	ADJ
cblr-5117	90	5	inquiry	inquiry	NOUN
cblr-5117	90	6	on	on	ADP
cblr-5117	90	7	which	which	PRON
cblr-5117	90	8	this	this	DET
cblr-5117	90	9	article	article	NOUN
cblr-5117	90	10	is	be	AUX
cblr-5117	90	11	based	base	VERB
cblr-5117	90	12	is	be	AUX
cblr-5117	90	13	supplemented	supplement	VERB
cblr-5117	90	14	by	by	ADP
cblr-5117	90	15	practical	practical	ADJ
cblr-5117	90	16	insights	insight	NOUN
cblr-5117	90	17	gathered	gather	VERB
cblr-5117	90	18	through	through	ADP
cblr-5117	90	19	a	a	DET
cblr-5117	90	20	series	series	NOUN
cblr-5117	90	21	of	of	ADP
cblr-5117	90	22	semistructured	semistructure	VERB
cblr-5117	90	23	interviews	interview	NOUN
cblr-5117	90	24	with	with	ADP
cblr-5117	90	25	silicon	silicon	PROPN
cblr-5117	90	26	valley	valley	PROPN
cblr-5117	90	27	employees	employee	NOUN
cblr-5117	90	28	,	,	PUNCT
cblr-5117	90	29	founders	founder	NOUN
cblr-5117	90	30	,	,	PUNCT
cblr-5117	90	31	venture	venture	NOUN
cblr-5117	90	32	capital	capital	NOUN
cblr-5117	90	33	investors	investor	NOUN
cblr-5117	90	34	,	,	PUNCT
cblr-5117	90	35	and	and	CCONJ
cblr-5117	90	36	attorneys29	attorneys29	ADJ
cblr-5117	90	37	along	along	ADP
cblr-5117	90	38	with	with	ADP
cblr-5117	90	39	survey	survey	NOUN
cblr-5117	90	40	data	datum	NOUN
cblr-5117	90	41	collected	collect	VERB
cblr-5117	90	42	using	use	VERB
cblr-5117	90	43	an	an	DET
cblr-5117	90	44	internet	internet	NOUN
cblr-5117	90	45	panel	panel	NOUN
cblr-5117	90	46	survey	survey	NOUN
cblr-5117	90	47	of	of	ADP
cblr-5117	90	48	1,114	1,114	NUM
cblr-5117	90	49	college	college	NOUN
cblr-5117	90	50	-	-	PUNCT
cblr-5117	90	51	educated	educate	VERB
cblr-5117	90	52	tech	tech	NOUN
cblr-5117	90	53	workers.30	workers.30	VERB
cblr-5117	90	54	these	these	DET
cblr-5117	90	55	25	25	NUM
cblr-5117	90	56	see	see	NOUN
cblr-5117	90	57	infra	infra	NOUN
cblr-5117	90	58	section	section	NOUN
cblr-5117	90	59	iii.a	iii.a	PROPN
cblr-5117	90	60	.	.	PROPN
cblr-5117	90	61	26	26	NUM
cblr-5117	90	62	see	see	VERB
cblr-5117	90	63	infra	infra	NOUN
cblr-5117	90	64	sections	section	NOUN
cblr-5117	90	65	ii.a	ii.a	VERB
cblr-5117	90	66	.	.	PROPN
cblr-5117	90	67	,	,	PUNCT
cblr-5117	90	68	iv.a	iv.a	PROPN
cblr-5117	90	69	.	.	PUNCT
cblr-5117	91	1	27	27	NUM
cblr-5117	91	2	see	see	VERB
cblr-5117	91	3	infra	infra	NOUN
cblr-5117	91	4	section	section	NOUN
cblr-5117	91	5	iv.a	iv.a	VERB
cblr-5117	91	6	.	.	PUNCT
cblr-5117	92	1	28	28	NUM
cblr-5117	92	2	see	see	VERB
cblr-5117	92	3	infra	infra	NOUN
cblr-5117	92	4	part	part	NOUN
cblr-5117	92	5	iv	iv	NUM
cblr-5117	92	6	.	.	PROPN
cblr-5117	92	7	29	29	NUM
cblr-5117	92	8	interviews	interview	NOUN
cblr-5117	92	9	with	with	ADP
cblr-5117	92	10	lawyers	lawyer	NOUN
cblr-5117	92	11	,	,	PUNCT
cblr-5117	92	12	venture	venture	NOUN
cblr-5117	92	13	capitalists	capitalist	NOUN
cblr-5117	92	14	,	,	PUNCT
cblr-5117	92	15	founders	founder	NOUN
cblr-5117	92	16	,	,	PUNCT
cblr-5117	92	17	and	and	CCONJ
cblr-5117	92	18	employees	employee	NOUN
cblr-5117	92	19	(	(	PUNCT
cblr-5117	92	20	june	june	PROPN
cblr-5117	92	21	2017	2017	NUM
cblr-5117	92	22	to	to	PART
cblr-5117	92	23	apr	apr	PROPN
cblr-5117	92	24	.	.	PROPN
cblr-5117	92	25	2019	2019	NUM
cblr-5117	92	26	)	)	PUNCT
cblr-5117	93	1	[	[	X
cblr-5117	93	2	hereinafter	hereinafter	NOUN
cblr-5117	93	3	interviews	interview	NOUN
cblr-5117	93	4	]	]	PUNCT
cblr-5117	93	5	.	.	PUNCT
cblr-5117	94	1	this	this	DET
cblr-5117	94	2	account	account	NOUN
cblr-5117	94	3	is	be	AUX
cblr-5117	94	4	based	base	VERB
cblr-5117	94	5	on	on	ADP
cblr-5117	94	6	thirty	thirty	NUM
cblr-5117	94	7	semi	semi	ADJ
cblr-5117	94	8	-	-	ADJ
cblr-5117	94	9	structured	structured	ADJ
cblr-5117	94	10	interviews	interview	NOUN
cblr-5117	94	11	conducted	conduct	VERB
cblr-5117	94	12	by	by	ADP
cblr-5117	94	13	the	the	DET
cblr-5117	94	14	author	author	NOUN
cblr-5117	94	15	between	between	ADP
cblr-5117	94	16	june	june	PROPN
cblr-5117	94	17	2017	2017	NUM
cblr-5117	94	18	and	and	CCONJ
cblr-5117	94	19	april	april	PROPN
cblr-5117	94	20	2019	2019	NUM
cblr-5117	94	21	,	,	PUNCT
cblr-5117	94	22	mostly	mostly	ADV
cblr-5117	94	23	in	in	ADP
cblr-5117	94	24	person	person	NOUN
cblr-5117	94	25	,	,	PUNCT
cblr-5117	94	26	and	and	CCONJ
cblr-5117	94	27	occasionally	occasionally	ADV
cblr-5117	94	28	via	via	ADP
cblr-5117	94	29	phone	phone	NOUN
cblr-5117	94	30	or	or	CCONJ
cblr-5117	94	31	skype	skype	NOUN
cblr-5117	94	32	calls	call	NOUN
cblr-5117	94	33	.	.	PUNCT
cblr-5117	95	1	when	when	SCONJ
cblr-5117	95	2	interviewees	interviewee	NOUN
cblr-5117	95	3	consented	consent	VERB
cblr-5117	95	4	,	,	PUNCT
cblr-5117	95	5	the	the	DET
cblr-5117	95	6	interview	interview	NOUN
cblr-5117	95	7	was	be	AUX
cblr-5117	95	8	recorded	record	VERB
cblr-5117	95	9	and	and	CCONJ
cblr-5117	95	10	transcribed	transcribe	VERB
cblr-5117	95	11	.	.	PUNCT
cblr-5117	96	1	when	when	SCONJ
cblr-5117	96	2	they	they	PRON
cblr-5117	96	3	did	do	VERB
cblr-5117	96	4	not	not	PART
cblr-5117	96	5	,	,	PUNCT
cblr-5117	96	6	notes	note	NOUN
cblr-5117	96	7	were	be	AUX
cblr-5117	96	8	taken	take	VERB
cblr-5117	96	9	during	during	ADP
cblr-5117	96	10	the	the	DET
cblr-5117	96	11	interview	interview	NOUN
cblr-5117	96	12	.	.	PUNCT
cblr-5117	97	1	all	all	DET
cblr-5117	97	2	interviews	interview	NOUN
cblr-5117	97	3	were	be	AUX
cblr-5117	97	4	anonymized	anonymize	VERB
cblr-5117	97	5	.	.	PUNCT
cblr-5117	98	1	lawyers	lawyer	NOUN
cblr-5117	98	2	are	be	AUX
cblr-5117	98	3	quoted	quote	VERB
cblr-5117	98	4	in	in	ADP
cblr-5117	98	5	this	this	DET
cblr-5117	98	6	article	article	NOUN
cblr-5117	98	7	as	as	ADP
cblr-5117	98	8	(	(	PUNCT
cblr-5117	98	9	“	"	PUNCT
cblr-5117	98	10	l	l	NOUN
cblr-5117	98	11	”	"	PUNCT
cblr-5117	98	12	)	)	PUNCT
cblr-5117	98	13	,	,	PUNCT
cblr-5117	98	14	venture	venture	NOUN
cblr-5117	98	15	capitalist	capitalist	NOUN
cblr-5117	98	16	are	be	AUX
cblr-5117	98	17	quoted	quote	VERB
cblr-5117	98	18	as	as	ADP
cblr-5117	98	19	(	(	PUNCT
cblr-5117	98	20	“	"	PUNCT
cblr-5117	98	21	vc	vc	NOUN
cblr-5117	98	22	”	"	PUNCT
cblr-5117	98	23	)	)	PUNCT
cblr-5117	98	24	,	,	PUNCT
cblr-5117	98	25	founders	founder	NOUN
cblr-5117	98	26	are	be	AUX
cblr-5117	98	27	quoted	quote	VERB
cblr-5117	98	28	as	as	ADP
cblr-5117	98	29	(	(	PUNCT
cblr-5117	98	30	“	"	PUNCT
cblr-5117	98	31	f	f	NOUN
cblr-5117	98	32	”	"	PUNCT
cblr-5117	98	33	)	)	PUNCT
cblr-5117	98	34	,	,	PUNCT
cblr-5117	98	35	and	and	CCONJ
cblr-5117	98	36	employees	employee	NOUN
cblr-5117	98	37	are	be	AUX
cblr-5117	98	38	quoted	quote	VERB
cblr-5117	98	39	as	as	ADP
cblr-5117	98	40	(	(	PUNCT
cblr-5117	98	41	“	"	PUNCT
cblr-5117	98	42	e	e	NOUN
cblr-5117	98	43	”	"	PUNCT
cblr-5117	98	44	)	)	PUNCT
cblr-5117	98	45	.	.	PUNCT
cblr-5117	99	1	30	30	NUM
cblr-5117	99	2	yifat	yifat	NOUN
cblr-5117	99	3	aran	aran	NOUN
cblr-5117	99	4	,	,	PUNCT
cblr-5117	99	5	equity	equity	NOUN
cblr-5117	99	6	compensation	compensation	NOUN
cblr-5117	99	7	study	study	NOUN
cblr-5117	99	8	(	(	PUNCT
cblr-5117	99	9	2019	2019	NUM
cblr-5117	99	10	)	)	PUNCT
cblr-5117	99	11	(	(	PUNCT
cblr-5117	99	12	unpublished	unpublished	ADJ
cblr-5117	99	13	survey	survey	NOUN
cblr-5117	99	14	data	datum	NOUN
cblr-5117	99	15	)	)	PUNCT
cblr-5117	99	16	(	(	PUNCT
cblr-5117	99	17	on	on	ADP
cblr-5117	99	18	file	file	NOUN
cblr-5117	99	19	with	with	ADP
cblr-5117	99	20	author	author	NOUN
cblr-5117	99	21	)	)	PUNCT
cblr-5117	99	22	(	(	PUNCT
cblr-5117	99	23	the	the	DET
cblr-5117	99	24	survey	survey	NOUN
cblr-5117	99	25	was	be	AUX
cblr-5117	99	26	conducted	conduct	VERB
cblr-5117	99	27	online	online	ADV
cblr-5117	99	28	between	between	ADP
cblr-5117	99	29	march	march	PROPN
cblr-5117	99	30	and	and	CCONJ
cblr-5117	99	31	october	october	PROPN
cblr-5117	99	32	2019	2019	NUM
cblr-5117	99	33	through	through	ADP
cblr-5117	99	34	the	the	DET
cblr-5117	99	35	polling	polling	NOUN
cblr-5117	99	36	platform	platform	NOUN
cblr-5117	99	37	lucid	lucid	ADJ
cblr-5117	99	38	among	among	ADP
cblr-5117	99	39	workers	worker	NOUN
cblr-5117	99	40	in	in	ADP
cblr-5117	99	41	the	the	DET
cblr-5117	99	42	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	99	43	(	(	PUNCT
cblr-5117	99	44	do	do	AUX
cblr-5117	99	45	not	not	PART
cblr-5117	99	46	delete	delete	VERB
cblr-5117	99	47	)	)	PUNCT
cblr-5117	99	48	1/8/2020	1/8/2020	NUM
cblr-5117	99	49	4:44	4:44	NUM
cblr-5117	99	50	pm	pm	NOUN
cblr-5117	100	1	no	no	INTJ
cblr-5117	100	2	.	.	PUNCT
cblr-5117	101	1	3:867	3:867	NUM
cblr-5117	101	2	]	]	PUNCT
cblr-5117	101	3	making	make	VERB
cblr-5117	101	4	disclosure	disclosure	NOUN
cblr-5117	101	5	work	work	VERB
cblr-5117	101	6	875	875	NUM
cblr-5117	101	7	empirical	empirical	ADJ
cblr-5117	101	8	insights	insight	NOUN
cblr-5117	101	9	describe	describe	VERB
cblr-5117	101	10	the	the	DET
cblr-5117	101	11	real	real	ADJ
cblr-5117	101	12	-	-	PUNCT
cblr-5117	101	13	world	world	NOUN
cblr-5117	101	14	operations	operation	NOUN
cblr-5117	101	15	of	of	ADP
cblr-5117	101	16	rule	rule	NOUN
cblr-5117	101	17	701	701	NUM
cblr-5117	101	18	and	and	CCONJ
cblr-5117	101	19	shed	shed	VERB
cblr-5117	101	20	light	light	NOUN
cblr-5117	101	21	on	on	ADP
cblr-5117	101	22	contemporary	contemporary	ADJ
cblr-5117	101	23	challenges	challenge	NOUN
cblr-5117	101	24	in	in	ADP
cblr-5117	101	25	the	the	DET
cblr-5117	101	26	employee	employee	NOUN
cblr-5117	101	27	equity	equity	NOUN
cblr-5117	101	28	compensation	compensation	PROPN
cblr-5117	101	29	domain	domain	NOUN
cblr-5117	101	30	.	.	PUNCT
cblr-5117	102	1	based	base	VERB
cblr-5117	102	2	on	on	ADP
cblr-5117	102	3	both	both	CCONJ
cblr-5117	102	4	theoretical	theoretical	ADJ
cblr-5117	102	5	and	and	CCONJ
cblr-5117	102	6	practical	practical	ADJ
cblr-5117	102	7	considerations	consideration	NOUN
cblr-5117	102	8	,	,	PUNCT
cblr-5117	102	9	the	the	DET
cblr-5117	102	10	article	article	NOUN
cblr-5117	102	11	calls	call	VERB
cblr-5117	102	12	for	for	ADP
cblr-5117	102	13	a	a	DET
cblr-5117	102	14	new	new	ADJ
cblr-5117	102	15	securities	security	NOUN
cblr-5117	102	16	regulation	regulation	NOUN
cblr-5117	102	17	approach	approach	NOUN
cblr-5117	102	18	to	to	ADP
cblr-5117	102	19	equity	equity	NOUN
cblr-5117	102	20	compensation	compensation	NOUN
cblr-5117	102	21	that	that	PRON
cblr-5117	102	22	differs	differ	VERB
cblr-5117	102	23	from	from	ADP
cblr-5117	102	24	the	the	DET
cblr-5117	102	25	current	current	ADJ
cblr-5117	102	26	regime	regime	NOUN
cblr-5117	102	27	in	in	ADP
cblr-5117	102	28	at	at	ADV
cblr-5117	102	29	least	least	ADV
cblr-5117	102	30	three	three	NUM
cblr-5117	102	31	major	major	ADJ
cblr-5117	102	32	aspects	aspect	NOUN
cblr-5117	102	33	.	.	PUNCT
cblr-5117	103	1	first	first	ADV
cblr-5117	103	2	,	,	PUNCT
cblr-5117	103	3	the	the	DET
cblr-5117	103	4	regulatory	regulatory	ADJ
cblr-5117	103	5	regime	regime	NOUN
cblr-5117	103	6	should	should	AUX
cblr-5117	103	7	acknowledge	acknowledge	VERB
cblr-5117	103	8	that	that	SCONJ
cblr-5117	103	9	employees	employee	NOUN
cblr-5117	103	10	who	who	PRON
cblr-5117	103	11	negotiate	negotiate	VERB
cblr-5117	103	12	equity	equity	NOUN
cblr-5117	103	13	compensation	compensation	NOUN
cblr-5117	103	14	as	as	ADP
cblr-5117	103	15	part	part	NOUN
cblr-5117	103	16	of	of	ADP
cblr-5117	103	17	their	their	PRON
cblr-5117	103	18	total	total	ADJ
cblr-5117	103	19	compensation	compensation	NOUN
cblr-5117	103	20	packages	package	NOUN
cblr-5117	103	21	,	,	PUNCT
cblr-5117	103	22	transfer	transfer	NOUN
cblr-5117	103	23	value	value	NOUN
cblr-5117	103	24	to	to	ADP
cblr-5117	103	25	their	their	PRON
cblr-5117	103	26	employers	employer	NOUN
cblr-5117	103	27	primarily	primarily	ADV
cblr-5117	103	28	through	through	ADP
cblr-5117	103	29	their	their	PRON
cblr-5117	103	30	human	human	ADJ
cblr-5117	103	31	capital	capital	NOUN
cblr-5117	103	32	(	(	PUNCT
cblr-5117	103	33	as	as	SCONJ
cblr-5117	103	34	opposed	oppose	VERB
cblr-5117	103	35	to	to	ADP
cblr-5117	103	36	cash	cash	NOUN
cblr-5117	103	37	)	)	PUNCT
cblr-5117	103	38	.	.	PUNCT
cblr-5117	104	1	as	as	ADP
cblr-5117	104	2	such	such	ADJ
cblr-5117	104	3	,	,	PUNCT
cblr-5117	104	4	they	they	PRON
cblr-5117	104	5	incur	incur	VERB
cblr-5117	104	6	an	an	DET
cblr-5117	104	7	opportunity	opportunity	NOUN
cblr-5117	104	8	cost	cost	NOUN
cblr-5117	104	9	for	for	ADP
cblr-5117	104	10	their	their	PRON
cblr-5117	104	11	investment	investment	NOUN
cblr-5117	104	12	regardless	regardless	ADV
cblr-5117	104	13	of	of	ADP
cblr-5117	104	14	whether	whether	SCONJ
cblr-5117	104	15	they	they	PRON
cblr-5117	104	16	incur	incur	VERB
cblr-5117	104	17	additional	additional	ADJ
cblr-5117	104	18	,	,	PUNCT
cblr-5117	104	19	outof	outof	NOUN
cblr-5117	104	20	-	-	PUNCT
cblr-5117	104	21	pocket	pocket	NOUN
cblr-5117	104	22	,	,	PUNCT
cblr-5117	104	23	costs	cost	VERB
cblr-5117	104	24	down	down	ADP
cblr-5117	104	25	the	the	DET
cblr-5117	104	26	road	road	NOUN
cblr-5117	104	27	.	.	PUNCT
cblr-5117	105	1	these	these	DET
cblr-5117	105	2	employees	employee	NOUN
cblr-5117	105	3	make	make	VERB
cblr-5117	105	4	an	an	DET
cblr-5117	105	5	investment	investment	NOUN
cblr-5117	105	6	decision	decision	NOUN
cblr-5117	105	7	when	when	SCONJ
cblr-5117	105	8	accepting	accept	VERB
cblr-5117	105	9	a	a	DET
cblr-5117	105	10	job	job	NOUN
cblr-5117	105	11	offer	offer	NOUN
cblr-5117	105	12	that	that	PRON
cblr-5117	105	13	includes	include	VERB
cblr-5117	105	14	an	an	DET
cblr-5117	105	15	equity	equity	NOUN
cblr-5117	105	16	compensation	compensation	NOUN
cblr-5117	105	17	component	component	NOUN
cblr-5117	105	18	,	,	PUNCT
cblr-5117	105	19	not	not	PART
cblr-5117	105	20	only	only	ADV
cblr-5117	105	21	upon	upon	SCONJ
cblr-5117	105	22	exercising	exercise	VERB
cblr-5117	105	23	their	their	PRON
cblr-5117	105	24	stock	stock	NOUN
cblr-5117	105	25	options	option	NOUN
cblr-5117	105	26	and	and	CCONJ
cblr-5117	105	27	paying	pay	VERB
cblr-5117	105	28	the	the	DET
cblr-5117	105	29	exercise	exercise	NOUN
cblr-5117	105	30	price	price	NOUN
cblr-5117	105	31	.	.	PUNCT
cblr-5117	106	1	it	it	PRON
cblr-5117	106	2	follows	follow	VERB
cblr-5117	106	3	that	that	SCONJ
cblr-5117	106	4	capital	capital	NOUN
cblr-5117	106	5	and	and	CCONJ
cblr-5117	106	6	labor	labor	NOUN
cblr-5117	106	7	market	market	NOUN
cblr-5117	106	8	efficiency	efficiency	NOUN
cblr-5117	106	9	will	will	AUX
cblr-5117	106	10	be	be	AUX
cblr-5117	106	11	enhanced	enhance	VERB
cblr-5117	106	12	if	if	SCONJ
cblr-5117	106	13	those	those	DET
cblr-5117	106	14	employees	employee	NOUN
cblr-5117	106	15	gain	gain	VERB
cblr-5117	106	16	access	access	NOUN
cblr-5117	106	17	to	to	ADP
cblr-5117	106	18	relevant	relevant	ADJ
cblr-5117	106	19	material	material	NOUN
cblr-5117	106	20	information	information	NOUN
cblr-5117	106	21	before	before	ADP
cblr-5117	106	22	making	make	VERB
cblr-5117	106	23	this	this	DET
cblr-5117	106	24	employment	employment	NOUN
cblr-5117	106	25	-	-	PUNCT
cblr-5117	106	26	investment	investment	NOUN
cblr-5117	106	27	decision.31	decision.31	NOUN
cblr-5117	106	28	second	second	ADV
cblr-5117	106	29	,	,	PUNCT
cblr-5117	106	30	the	the	DET
cblr-5117	106	31	regulatory	regulatory	ADJ
cblr-5117	106	32	regime	regime	NOUN
cblr-5117	106	33	should	should	AUX
cblr-5117	106	34	acknowledge	acknowledge	VERB
cblr-5117	106	35	that	that	SCONJ
cblr-5117	106	36	the	the	DET
cblr-5117	106	37	valuation	valuation	NOUN
cblr-5117	106	38	of	of	ADP
cblr-5117	106	39	a	a	DET
cblr-5117	106	40	venture	venture	NOUN
cblr-5117	106	41	capital	capital	NOUN
cblr-5117	106	42	-	-	PUNCT
cblr-5117	106	43	backed	back	VERB
cblr-5117	106	44	start	start	NOUN
cblr-5117	106	45	-	-	PUNCT
cblr-5117	106	46	up	up	NOUN
cblr-5117	106	47	is	be	AUX
cblr-5117	106	48	often	often	ADV
cblr-5117	106	49	remote	remote	ADJ
cblr-5117	106	50	from	from	ADP
cblr-5117	106	51	traditional	traditional	ADJ
cblr-5117	106	52	financial	financial	ADJ
cblr-5117	106	53	metrics	metric	NOUN
cblr-5117	106	54	reflected	reflect	VERB
cblr-5117	106	55	on	on	ADP
cblr-5117	106	56	the	the	DET
cblr-5117	106	57	balance	balance	NOUN
cblr-5117	106	58	sheet	sheet	NOUN
cblr-5117	106	59	,	,	PUNCT
cblr-5117	106	60	income	income	NOUN
cblr-5117	106	61	statement	statement	NOUN
cblr-5117	106	62	,	,	PUNCT
cblr-5117	106	63	and	and	CCONJ
cblr-5117	106	64	cash	cash	NOUN
cblr-5117	106	65	flow	flow	NOUN
cblr-5117	106	66	statement	statement	NOUN
cblr-5117	106	67	of	of	ADP
cblr-5117	106	68	the	the	DET
cblr-5117	106	69	start	start	NOUN
cblr-5117	106	70	-	-	PUNCT
cblr-5117	106	71	up.32	up.32	NOUN
cblr-5117	106	72	the	the	DET
cblr-5117	106	73	company	company	NOUN
cblr-5117	106	74	’s	’s	PART
cblr-5117	106	75	most	most	ADV
cblr-5117	106	76	recent	recent	ADJ
cblr-5117	106	77	fair	fair	ADJ
cblr-5117	106	78	market	market	NOUN
cblr-5117	106	79	valuation	valuation	NOUN
cblr-5117	106	80	and	and	CCONJ
cblr-5117	106	81	the	the	DET
cblr-5117	106	82	description	description	NOUN
cblr-5117	106	83	of	of	ADP
cblr-5117	106	84	its	its	PRON
cblr-5117	106	85	capital	capital	NOUN
cblr-5117	106	86	structure	structure	NOUN
cblr-5117	106	87	convey	convey	VERB
cblr-5117	106	88	far	far	ADV
cblr-5117	106	89	more	more	ADV
cblr-5117	106	90	useful	useful	ADJ
cblr-5117	106	91	information.33	information.33	NOUN
cblr-5117	106	92	a	a	DET
cblr-5117	106	93	simple	simple	ADJ
cblr-5117	106	94	method	method	NOUN
cblr-5117	106	95	for	for	ADP
cblr-5117	106	96	providing	provide	VERB
cblr-5117	106	97	this	this	DET
cblr-5117	106	98	more	more	ADV
cblr-5117	106	99	relevant	relevant	ADJ
cblr-5117	106	100	information	information	NOUN
cblr-5117	106	101	is	be	AUX
cblr-5117	106	102	through	through	ADP
cblr-5117	106	103	disclosing	disclose	VERB
cblr-5117	106	104	an	an	DET
cblr-5117	106	105	exit	exit	NOUN
cblr-5117	106	106	waterfall	waterfall	NOUN
cblr-5117	106	107	analysis	analysis	NOUN
cblr-5117	106	108	that	that	PRON
cblr-5117	106	109	describes	describe	VERB
cblr-5117	106	110	the	the	DET
cblr-5117	106	111	employee	employee	NOUN
cblr-5117	106	112	’s	’s	PART
cblr-5117	106	113	personalized	personalize	VERB
cblr-5117	106	114	expected	expect	VERB
cblr-5117	106	115	payout	payout	NOUN
cblr-5117	106	116	in	in	ADP
cblr-5117	106	117	various	various	ADJ
cblr-5117	106	118	exit	exit	NOUN
cblr-5117	106	119	scenarios	scenario	NOUN
cblr-5117	106	120	(	(	PUNCT
cblr-5117	106	121	accompanied	accompany	VERB
cblr-5117	106	122	by	by	ADP
cblr-5117	106	123	appropriate	appropriate	ADJ
cblr-5117	106	124	caveats	caveat	NOUN
cblr-5117	106	125	about	about	ADP
cblr-5117	106	126	the	the	DET
cblr-5117	106	127	investment	investment	NOUN
cblr-5117	106	128	’s	’s	PART
cblr-5117	106	129	associated	associate	VERB
cblr-5117	106	130	united	united	PROPN
cblr-5117	106	131	states	states	PROPN
cblr-5117	106	132	who	who	PRON
cblr-5117	106	133	have	have	AUX
cblr-5117	106	134	earned	earn	VERB
cblr-5117	106	135	at	at	ADP
cblr-5117	106	136	least	least	ADJ
cblr-5117	106	137	a	a	DET
cblr-5117	106	138	bachelor	bachelor	NOUN
cblr-5117	106	139	’s	’s	PART
cblr-5117	106	140	degree	degree	NOUN
cblr-5117	106	141	in	in	ADP
cblr-5117	106	142	stem	stem	NOUN
cblr-5117	106	143	professions	profession	NOUN
cblr-5117	106	144	.	.	PUNCT
cblr-5117	107	1	this	this	DET
cblr-5117	107	2	article	article	NOUN
cblr-5117	107	3	incorporates	incorporate	VERB
cblr-5117	107	4	some	some	DET
cblr-5117	107	5	initial	initial	ADJ
cblr-5117	107	6	findings	finding	NOUN
cblr-5117	107	7	and	and	CCONJ
cblr-5117	107	8	qualitative	qualitative	ADJ
cblr-5117	107	9	data	datum	NOUN
cblr-5117	107	10	from	from	ADP
cblr-5117	107	11	the	the	DET
cblr-5117	107	12	survey	survey	NOUN
cblr-5117	107	13	.	.	PUNCT
cblr-5117	108	1	survey	survey	NOUN
cblr-5117	108	2	data	datum	NOUN
cblr-5117	108	3	are	be	AUX
cblr-5117	108	4	available	available	ADJ
cblr-5117	108	5	from	from	ADP
cblr-5117	108	6	the	the	DET
cblr-5117	108	7	author	author	NOUN
cblr-5117	108	8	upon	upon	SCONJ
cblr-5117	108	9	reasonable	reasonable	ADJ
cblr-5117	108	10	request	request	NOUN
cblr-5117	108	11	.	.	PUNCT
cblr-5117	109	1	all	all	DET
cblr-5117	109	2	survey	survey	NOUN
cblr-5117	109	3	answers	answer	NOUN
cblr-5117	109	4	were	be	AUX
cblr-5117	109	5	anonymized	anonymize	VERB
cblr-5117	109	6	.	.	PUNCT
cblr-5117	109	7	)	)	PUNCT
cblr-5117	109	8	.	.	PUNCT
cblr-5117	110	1	31	31	NUM
cblr-5117	110	2	see	see	VERB
cblr-5117	110	3	infra	infra	NOUN
cblr-5117	110	4	section	section	NOUN
cblr-5117	110	5	vi.b	vi.b	X
cblr-5117	110	6	.	.	PUNCT
cblr-5117	111	1	32	32	NUM
cblr-5117	111	2	see	see	VERB
cblr-5117	111	3	infra	infra	NOUN
cblr-5117	111	4	sections	section	NOUN
cblr-5117	111	5	iii.b	iii.b	PROPN
cblr-5117	111	6	.	.	PUNCT
cblr-5117	111	7	,	,	PUNCT
cblr-5117	111	8	v.c	v.c	PROPN
cblr-5117	111	9	.	.	PROPN
cblr-5117	111	10	33	33	NUM
cblr-5117	111	11	see	see	NOUN
cblr-5117	111	12	infra	infra	NOUN
cblr-5117	111	13	section	section	NOUN
cblr-5117	111	14	iii.c	iii.c	PROPN
cblr-5117	111	15	.	.	PUNCT
cblr-5117	112	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	112	2	(	(	PUNCT
cblr-5117	112	3	do	do	AUX
cblr-5117	112	4	not	not	PART
cblr-5117	112	5	delte	delte	VERB
cblr-5117	112	6	)	)	PUNCT
cblr-5117	112	7	1/8/2020	1/8/2020	NUM
cblr-5117	112	8	4:44	4:44	NUM
cblr-5117	112	9	pm	pm	NOUN
cblr-5117	112	10	876	876	NUM
cblr-5117	112	11	columbia	columbia	PROPN
cblr-5117	112	12	business	business	NOUN
cblr-5117	112	13	law	law	PROPN
cblr-5117	112	14	review	review	NOUN
cblr-5117	113	1	[	[	X
cblr-5117	113	2	vol	vol	NOUN
cblr-5117	113	3	.	.	NOUN
cblr-5117	113	4	2019	2019	NUM
cblr-5117	113	5	risks).34	risks).34	NOUN
cblr-5117	113	6	armed	arm	VERB
cblr-5117	113	7	with	with	ADP
cblr-5117	113	8	this	this	DET
cblr-5117	113	9	information	information	NOUN
cblr-5117	113	10	,	,	PUNCT
cblr-5117	113	11	employees	employee	NOUN
cblr-5117	113	12	would	would	AUX
cblr-5117	113	13	not	not	PART
cblr-5117	113	14	need	need	VERB
cblr-5117	113	15	the	the	DET
cblr-5117	113	16	traditional	traditional	ADJ
cblr-5117	113	17	forms	form	NOUN
cblr-5117	113	18	of	of	ADP
cblr-5117	113	19	disclosures	disclosure	NOUN
cblr-5117	113	20	now	now	ADV
cblr-5117	113	21	mandated	mandate	VERB
cblr-5117	113	22	by	by	ADP
cblr-5117	113	23	rule	rule	NOUN
cblr-5117	113	24	701	701	NUM
cblr-5117	113	25	,	,	PUNCT
cblr-5117	113	26	and	and	CCONJ
cblr-5117	113	27	issuers	issuer	NOUN
cblr-5117	113	28	could	could	AUX
cblr-5117	113	29	be	be	AUX
cblr-5117	113	30	relieved	relieve	VERB
cblr-5117	113	31	of	of	ADP
cblr-5117	113	32	the	the	DET
cblr-5117	113	33	risk	risk	NOUN
cblr-5117	113	34	that	that	SCONJ
cblr-5117	113	35	the	the	DET
cblr-5117	113	36	information	information	NOUN
cblr-5117	113	37	contained	contain	VERB
cblr-5117	113	38	in	in	ADP
cblr-5117	113	39	financial	financial	ADJ
cblr-5117	113	40	statements	statement	NOUN
cblr-5117	113	41	would	would	AUX
cblr-5117	113	42	fall	fall	VERB
cblr-5117	113	43	into	into	ADP
cblr-5117	113	44	the	the	DET
cblr-5117	113	45	wrong	wrong	ADJ
cblr-5117	113	46	hands	hand	NOUN
cblr-5117	113	47	.	.	PUNCT
cblr-5117	114	1	finally	finally	ADV
cblr-5117	114	2	,	,	PUNCT
cblr-5117	114	3	the	the	DET
cblr-5117	114	4	threshold	threshold	NOUN
cblr-5117	114	5	triggering	trigger	VERB
cblr-5117	114	6	the	the	DET
cblr-5117	114	7	disclosure	disclosure	NOUN
cblr-5117	114	8	requirements	requirement	NOUN
cblr-5117	114	9	of	of	ADP
cblr-5117	114	10	this	this	DET
cblr-5117	114	11	financial	financial	ADJ
cblr-5117	114	12	information	information	NOUN
cblr-5117	114	13	should	should	AUX
cblr-5117	114	14	be	be	AUX
cblr-5117	114	15	amended	amend	VERB
cblr-5117	114	16	.	.	PUNCT
cblr-5117	115	1	currently	currently	ADV
cblr-5117	115	2	,	,	PUNCT
cblr-5117	115	3	the	the	DET
cblr-5117	115	4	disclosure	disclosure	NOUN
cblr-5117	115	5	requirements	requirement	NOUN
cblr-5117	115	6	are	be	AUX
cblr-5117	115	7	triggered	trigger	VERB
cblr-5117	115	8	when	when	SCONJ
cblr-5117	115	9	the	the	DET
cblr-5117	115	10	total	total	ADJ
cblr-5117	115	11	sales	sale	NOUN
cblr-5117	115	12	of	of	ADP
cblr-5117	115	13	securities	security	NOUN
cblr-5117	115	14	under	under	ADP
cblr-5117	115	15	the	the	DET
cblr-5117	115	16	exemption	exemption	NOUN
cblr-5117	115	17	exceed	exceed	VERB
cblr-5117	115	18	$	$	SYM
cblr-5117	115	19	10	10	NUM
cblr-5117	115	20	million	million	NUM
cblr-5117	115	21	within	within	ADP
cblr-5117	115	22	any	any	DET
cblr-5117	115	23	period	period	NOUN
cblr-5117	115	24	of	of	ADP
cblr-5117	115	25	twelve	twelve	NUM
cblr-5117	115	26	months	month	NOUN
cblr-5117	115	27	(	(	PUNCT
cblr-5117	115	28	either	either	CCONJ
cblr-5117	115	29	on	on	ADP
cblr-5117	115	30	a	a	DET
cblr-5117	115	31	rolling	rolling	NOUN
cblr-5117	115	32	or	or	CCONJ
cblr-5117	115	33	an	an	DET
cblr-5117	115	34	annual	annual	ADJ
cblr-5117	115	35	basis).35	basis).35	PROPN
cblr-5117	115	36	this	this	DET
cblr-5117	115	37	trigger	trigger	NOUN
cblr-5117	115	38	is	be	AUX
cblr-5117	115	39	problematic	problematic	ADJ
cblr-5117	115	40	for	for	ADP
cblr-5117	115	41	both	both	CCONJ
cblr-5117	115	42	practical	practical	ADJ
cblr-5117	115	43	and	and	CCONJ
cblr-5117	115	44	material	material	NOUN
cblr-5117	115	45	reasons	reason	NOUN
cblr-5117	115	46	:	:	PUNCT
cblr-5117	115	47	it	it	PRON
cblr-5117	115	48	applies	apply	VERB
cblr-5117	115	49	retroactively	retroactively	ADV
cblr-5117	115	50	to	to	ADP
cblr-5117	115	51	sales	sale	NOUN
cblr-5117	115	52	that	that	PRON
cblr-5117	115	53	occurred	occur	VERB
cblr-5117	115	54	during	during	ADP
cblr-5117	115	55	the	the	DET
cblr-5117	115	56	twelve	twelve	NUM
cblr-5117	115	57	months	month	NOUN
cblr-5117	115	58	even	even	ADV
cblr-5117	115	59	before	before	SCONJ
cblr-5117	115	60	the	the	DET
cblr-5117	115	61	disclosure	disclosure	NOUN
cblr-5117	115	62	threshold	threshold	NOUN
cblr-5117	115	63	has	have	AUX
cblr-5117	115	64	been	be	AUX
cblr-5117	115	65	exceeded	exceed	VERB
cblr-5117	115	66	,	,	PUNCT
cblr-5117	115	67	and	and	CCONJ
cblr-5117	115	68	it	it	PRON
cblr-5117	115	69	releases	release	VERB
cblr-5117	115	70	the	the	DET
cblr-5117	115	71	vast	vast	ADJ
cblr-5117	115	72	majority	majority	NOUN
cblr-5117	115	73	of	of	ADP
cblr-5117	115	74	the	the	DET
cblr-5117	115	75	start	start	VERB
cblr-5117	115	76	-	-	PUNCT
cblr-5117	115	77	up	up	ADP
cblr-5117	115	78	equity	equity	NOUN
cblr-5117	115	79	compensation	compensation	NOUN
cblr-5117	115	80	market	market	NOUN
cblr-5117	115	81	from	from	ADP
cblr-5117	115	82	any	any	DET
cblr-5117	115	83	meaningful	meaningful	ADJ
cblr-5117	115	84	regulatory	regulatory	ADJ
cblr-5117	115	85	oversight.36	oversight.36	NOUN
cblr-5117	115	86	this	this	DET
cblr-5117	115	87	article	article	NOUN
cblr-5117	115	88	calls	call	VERB
cblr-5117	115	89	for	for	ADP
cblr-5117	115	90	adaptation	adaptation	NOUN
cblr-5117	115	91	of	of	ADP
cblr-5117	115	92	the	the	DET
cblr-5117	115	93	disclosure	disclosure	NOUN
cblr-5117	115	94	trigger	trigger	NOUN
cblr-5117	115	95	from	from	ADP
cblr-5117	115	96	the	the	DET
cblr-5117	115	97	total	total	ADJ
cblr-5117	115	98	sales	sale	NOUN
cblr-5117	115	99	of	of	ADP
cblr-5117	115	100	securities	security	NOUN
cblr-5117	115	101	to	to	ADP
cblr-5117	115	102	the	the	DET
cblr-5117	115	103	number	number	NOUN
cblr-5117	115	104	of	of	ADP
cblr-5117	115	105	equity	equity	NOUN
cblr-5117	115	106	-	-	PUNCT
cblr-5117	115	107	compensated	compensate	VERB
cblr-5117	115	108	employees	employee	NOUN
cblr-5117	115	109	and	and	CCONJ
cblr-5117	115	110	their	their	PRON
cblr-5117	115	111	aggregate	aggregate	ADJ
cblr-5117	115	112	ownership	ownership	NOUN
cblr-5117	115	113	stake	stake	NOUN
cblr-5117	115	114	—	—	PUNCT
cblr-5117	115	115	and	and	CCONJ
cblr-5117	115	116	proposes	propose	VERB
cblr-5117	115	117	the	the	DET
cblr-5117	115	118	following	follow	VERB
cblr-5117	115	119	threshold	threshold	NOUN
cblr-5117	115	120	:	:	PUNCT
cblr-5117	115	121	100	100	NUM
cblr-5117	115	122	employees	employee	NOUN
cblr-5117	115	123	who	who	PRON
cblr-5117	115	124	collectively	collectively	ADV
cblr-5117	115	125	hold	hold	VERB
cblr-5117	115	126	over	over	ADP
cblr-5117	115	127	10	10	NUM
cblr-5117	115	128	%	%	NOUN
cblr-5117	115	129	of	of	ADP
cblr-5117	115	130	any	any	DET
cblr-5117	115	131	class	class	NOUN
cblr-5117	115	132	of	of	ADP
cblr-5117	115	133	the	the	DET
cblr-5117	115	134	company	company	NOUN
cblr-5117	115	135	’s	’s	PART
cblr-5117	115	136	shares	share	NOUN
cblr-5117	115	137	.	.	PUNCT
cblr-5117	116	1	thus	thus	ADV
cblr-5117	116	2	,	,	PUNCT
cblr-5117	116	3	the	the	DET
cblr-5117	116	4	article	article	NOUN
cblr-5117	116	5	responds	respond	VERB
cblr-5117	116	6	to	to	PART
cblr-5117	116	7	rule	rule	VERB
cblr-5117	116	8	701	701	NUM
cblr-5117	116	9	’s	’s	PART
cblr-5117	116	10	suboptimal	suboptimal	ADJ
cblr-5117	116	11	structure	structure	NOUN
cblr-5117	116	12	by	by	ADP
cblr-5117	116	13	suggesting	suggest	VERB
cblr-5117	116	14	several	several	ADJ
cblr-5117	116	15	concrete	concrete	ADJ
cblr-5117	116	16	changes	change	NOUN
cblr-5117	116	17	that	that	PRON
cblr-5117	116	18	should	should	AUX
cblr-5117	116	19	be	be	AUX
cblr-5117	116	20	welcomed	welcome	VERB
cblr-5117	116	21	by	by	ADP
cblr-5117	116	22	issuers	issuer	NOUN
cblr-5117	116	23	and	and	CCONJ
cblr-5117	116	24	employees	employee	NOUN
cblr-5117	116	25	alike	alike	ADV
cblr-5117	116	26	.	.	PUNCT
cblr-5117	117	1	the	the	DET
cblr-5117	117	2	article	article	NOUN
cblr-5117	117	3	proceeds	proceed	VERB
cblr-5117	117	4	as	as	SCONJ
cblr-5117	117	5	follows	follow	VERB
cblr-5117	117	6	.	.	PUNCT
cblr-5117	118	1	part	part	NOUN
cblr-5117	118	2	ii	ii	PROPN
cblr-5117	118	3	places	place	NOUN
cblr-5117	118	4	rule	rule	VERB
cblr-5117	118	5	701	701	NUM
cblr-5117	118	6	in	in	ADP
cblr-5117	118	7	the	the	DET
cblr-5117	118	8	broader	broad	ADJ
cblr-5117	118	9	context	context	NOUN
cblr-5117	118	10	of	of	ADP
cblr-5117	118	11	other	other	ADJ
cblr-5117	118	12	exemptions	exemption	NOUN
cblr-5117	118	13	available	available	ADJ
cblr-5117	118	14	to	to	ADP
cblr-5117	118	15	private	private	ADJ
cblr-5117	118	16	issuers	issuer	NOUN
cblr-5117	118	17	in	in	ADP
cblr-5117	118	18	compensating	compensate	VERB
cblr-5117	118	19	employees	employee	NOUN
cblr-5117	118	20	.	.	PUNCT
cblr-5117	119	1	it	it	PRON
cblr-5117	119	2	establishes	establish	VERB
cblr-5117	119	3	that	that	SCONJ
cblr-5117	119	4	this	this	DET
cblr-5117	119	5	exemption	exemption	NOUN
cblr-5117	119	6	is	be	AUX
cblr-5117	119	7	designed	design	VERB
cblr-5117	119	8	to	to	PART
cblr-5117	119	9	address	address	VERB
cblr-5117	119	10	securities	security	NOUN
cblr-5117	119	11	offerings	offering	NOUN
cblr-5117	119	12	to	to	ADP
cblr-5117	119	13	employees	employee	NOUN
cblr-5117	119	14	who	who	PRON
cblr-5117	119	15	are	be	AUX
cblr-5117	119	16	presumed	presume	VERB
cblr-5117	119	17	to	to	PART
cblr-5117	119	18	need	need	VERB
cblr-5117	119	19	the	the	DET
cblr-5117	119	20	securities	security	NOUN
cblr-5117	119	21	laws	law	NOUN
cblr-5117	119	22	’	'	PUNCT
cblr-5117	119	23	investor	investor	NOUN
cblr-5117	119	24	protection	protection	NOUN
cblr-5117	119	25	provisions	provision	NOUN
cblr-5117	119	26	(	(	PUNCT
cblr-5117	119	27	i.e.	i.e.	X
cblr-5117	119	28	,	,	PUNCT
cblr-5117	119	29	they	they	PRON
cblr-5117	119	30	are	be	AUX
cblr-5117	119	31	neither	neither	CCONJ
cblr-5117	119	32	accredited	accredit	VERB
cblr-5117	119	33	nor	nor	CCONJ
cblr-5117	119	34	otherwise	otherwise	ADV
cblr-5117	119	35	sophisticated	sophisticated	ADJ
cblr-5117	119	36	)	)	PUNCT
cblr-5117	119	37	as	as	ADP
cblr-5117	119	38	part	part	NOUN
cblr-5117	119	39	of	of	ADP
cblr-5117	119	40	a	a	DET
cblr-5117	119	41	transaction	transaction	NOUN
cblr-5117	119	42	that	that	SCONJ
cblr-5117	119	43	34	34	NUM
cblr-5117	119	44	“	"	PUNCT
cblr-5117	119	45	waterfall	waterfall	NOUN
cblr-5117	119	46	analysis	analysis	NOUN
cblr-5117	119	47	”	"	PUNCT
cblr-5117	119	48	is	be	AUX
cblr-5117	119	49	a	a	DET
cblr-5117	119	50	term	term	NOUN
cblr-5117	119	51	commonly	commonly	ADV
cblr-5117	119	52	used	use	VERB
cblr-5117	119	53	to	to	PART
cblr-5117	119	54	describe	describe	VERB
cblr-5117	119	55	the	the	DET
cblr-5117	119	56	breakdown	breakdown	NOUN
cblr-5117	119	57	of	of	ADP
cblr-5117	119	58	cash	cash	NOUN
cblr-5117	119	59	flow	flow	NOUN
cblr-5117	119	60	distribution	distribution	NOUN
cblr-5117	119	61	arrangements	arrangement	NOUN
cblr-5117	119	62	.	.	PUNCT
cblr-5117	120	1	see	see	VERB
cblr-5117	120	2	,	,	PUNCT
cblr-5117	120	3	e.g.	e.g.	ADV
cblr-5117	120	4	,	,	PUNCT
cblr-5117	120	5	inna	inna	PROPN
cblr-5117	120	6	j.	j.	PROPN
cblr-5117	120	7	efimchik	efimchik	PROPN
cblr-5117	120	8	,	,	PUNCT
cblr-5117	120	9	waterfall	waterfall	NOUN
cblr-5117	120	10	analysis	analysis	NOUN
cblr-5117	120	11	(	(	PUNCT
cblr-5117	120	12	how	how	SCONJ
cblr-5117	120	13	vcs	vcs	PROPN
cblr-5117	120	14	see	see	VERB
cblr-5117	120	15	the	the	DET
cblr-5117	120	16	world	world	NOUN
cblr-5117	120	17	)	)	PUNCT
cblr-5117	120	18	,	,	PUNCT
cblr-5117	120	19	avvo	avvo	NOUN
cblr-5117	120	20	(	(	PUNCT
cblr-5117	120	21	may	may	PROPN
cblr-5117	120	22	2	2	NUM
cblr-5117	120	23	,	,	PUNCT
cblr-5117	120	24	2012	2012	NUM
cblr-5117	120	25	)	)	PUNCT
cblr-5117	120	26	,	,	PUNCT
cblr-5117	120	27	https://www.avvo.com/legal-guides/ugc/waterfall-analysis-how-vcs-see-theworld	https://www.avvo.com/legal-guides/ugc/waterfall-analysis-how-vcs-see-theworld	PROPN
cblr-5117	121	1	[	[	X
cblr-5117	121	2	https://perma.cc/k5g3-72xg	https://perma.cc/k5g3-72xg	PROPN
cblr-5117	121	3	]	]	X
cblr-5117	121	4	.	.	PUNCT
cblr-5117	121	5	35	35	NUM
cblr-5117	121	6	see	see	NOUN
cblr-5117	121	7	infra	infra	NOUN
cblr-5117	121	8	section	section	NOUN
cblr-5117	121	9	ii.c	ii.c	VERB
cblr-5117	121	10	.	.	PUNCT
cblr-5117	122	1	36	36	NUM
cblr-5117	122	2	see	see	VERB
cblr-5117	122	3	infra	infra	NOUN
cblr-5117	122	4	notes	note	VERB
cblr-5117	122	5	300–03	300–03	NOUN
cblr-5117	122	6	and	and	CCONJ
cblr-5117	122	7	accompanying	accompany	VERB
cblr-5117	122	8	text	text	NOUN
cblr-5117	122	9	.	.	PUNCT
cblr-5117	123	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	123	2	(	(	PUNCT
cblr-5117	123	3	do	do	AUX
cblr-5117	123	4	not	not	PART
cblr-5117	123	5	delete	delete	VERB
cblr-5117	123	6	)	)	PUNCT
cblr-5117	123	7	1/8/2020	1/8/2020	NUM
cblr-5117	123	8	4:44	4:44	NUM
cblr-5117	123	9	pm	pm	NOUN
cblr-5117	123	10	no	no	INTJ
cblr-5117	123	11	.	.	PUNCT
cblr-5117	124	1	3:867	3:867	NUM
cblr-5117	124	2	]	]	PUNCT
cblr-5117	124	3	making	make	VERB
cblr-5117	124	4	disclosure	disclosure	NOUN
cblr-5117	124	5	work	work	NOUN
cblr-5117	124	6	877	877	NUM
cblr-5117	124	7	involves	involve	VERB
cblr-5117	124	8	value	value	NOUN
cblr-5117	124	9	transfer	transfer	NOUN
cblr-5117	124	10	from	from	ADP
cblr-5117	124	11	the	the	DET
cblr-5117	124	12	employee	employee	NOUN
cblr-5117	124	13	to	to	ADP
cblr-5117	124	14	the	the	DET
cblr-5117	124	15	issuer	issuer	NOUN
cblr-5117	124	16	in	in	ADP
cblr-5117	124	17	exchange	exchange	NOUN
cblr-5117	124	18	for	for	ADP
cblr-5117	124	19	the	the	DET
cblr-5117	124	20	securities	security	NOUN
cblr-5117	124	21	.	.	PUNCT
cblr-5117	125	1	this	this	DET
cblr-5117	125	2	overview	overview	NOUN
cblr-5117	125	3	establishes	establish	VERB
cblr-5117	125	4	that	that	SCONJ
cblr-5117	125	5	rule	rule	NOUN
cblr-5117	125	6	701	701	NUM
cblr-5117	125	7	issuances	issuance	NOUN
cblr-5117	125	8	are	be	AUX
cblr-5117	125	9	a	a	DET
cblr-5117	125	10	form	form	NOUN
cblr-5117	125	11	of	of	ADP
cblr-5117	125	12	investment	investment	NOUN
cblr-5117	125	13	by	by	ADP
cblr-5117	125	14	employees	employee	NOUN
cblr-5117	125	15	rather	rather	ADV
cblr-5117	125	16	than	than	ADP
cblr-5117	125	17	merely	merely	ADV
cblr-5117	125	18	a	a	DET
cblr-5117	125	19	benefit	benefit	NOUN
cblr-5117	125	20	bestowed	bestow	VERB
cblr-5117	125	21	upon	upon	SCONJ
cblr-5117	125	22	them	they	PRON
cblr-5117	125	23	—	—	PUNCT
cblr-5117	125	24	an	an	DET
cblr-5117	125	25	argument	argument	NOUN
cblr-5117	125	26	promoted	promote	VERB
cblr-5117	125	27	by	by	ADP
cblr-5117	125	28	advocates	advocate	NOUN
cblr-5117	125	29	of	of	ADP
cblr-5117	125	30	deregulation	deregulation	NOUN
cblr-5117	125	31	.	.	PUNCT
cblr-5117	126	1	part	part	NOUN
cblr-5117	126	2	iii	iii	NUM
cblr-5117	126	3	briefly	briefly	NOUN
cblr-5117	126	4	reviews	review	VERB
cblr-5117	126	5	some	some	PRON
cblr-5117	126	6	of	of	ADP
cblr-5117	126	7	the	the	DET
cblr-5117	126	8	explanations	explanation	NOUN
cblr-5117	126	9	that	that	PRON
cblr-5117	126	10	the	the	DET
cblr-5117	126	11	sec	sec	PROPN
cblr-5117	126	12	has	have	AUX
cblr-5117	126	13	provided	provide	VERB
cblr-5117	126	14	over	over	ADP
cblr-5117	126	15	the	the	DET
cblr-5117	126	16	years	year	NOUN
cblr-5117	126	17	for	for	ADP
cblr-5117	126	18	deregulating	deregulate	VERB
cblr-5117	126	19	equity	equity	NOUN
cblr-5117	126	20	compensation	compensation	NOUN
cblr-5117	126	21	,	,	PUNCT
cblr-5117	126	22	and	and	CCONJ
cblr-5117	126	23	casts	cast	VERB
cblr-5117	126	24	doubt	doubt	NOUN
cblr-5117	126	25	on	on	ADP
cblr-5117	126	26	these	these	DET
cblr-5117	126	27	arguments	argument	NOUN
cblr-5117	126	28	.	.	PUNCT
cblr-5117	127	1	it	it	PRON
cblr-5117	127	2	goes	go	VERB
cblr-5117	127	3	on	on	ADP
cblr-5117	127	4	to	to	PART
cblr-5117	127	5	offer	offer	VERB
cblr-5117	127	6	an	an	DET
cblr-5117	127	7	alternative	alternative	ADJ
cblr-5117	127	8	framework	framework	NOUN
cblr-5117	127	9	for	for	ADP
cblr-5117	127	10	the	the	DET
cblr-5117	127	11	regulation	regulation	NOUN
cblr-5117	127	12	of	of	ADP
cblr-5117	127	13	equity	equity	NOUN
cblr-5117	127	14	compensation	compensation	NOUN
cblr-5117	127	15	,	,	PUNCT
cblr-5117	127	16	which	which	PRON
cblr-5117	127	17	recognizes	recognize	VERB
cblr-5117	127	18	employees	employee	NOUN
cblr-5117	127	19	’	’	PART
cblr-5117	127	20	unique	unique	ADJ
cblr-5117	127	21	needs	need	NOUN
cblr-5117	127	22	and	and	CCONJ
cblr-5117	127	23	vulnerabilities	vulnerability	NOUN
cblr-5117	127	24	,	,	PUNCT
cblr-5117	127	25	given	give	VERB
cblr-5117	127	26	their	their	PRON
cblr-5117	127	27	lack	lack	NOUN
cblr-5117	127	28	of	of	ADP
cblr-5117	127	29	sophistication	sophistication	NOUN
cblr-5117	127	30	as	as	ADP
cblr-5117	127	31	investors	investor	NOUN
cblr-5117	127	32	and	and	CCONJ
cblr-5117	127	33	the	the	DET
cblr-5117	127	34	immense	immense	ADJ
cblr-5117	127	35	complexity	complexity	NOUN
cblr-5117	127	36	of	of	ADP
cblr-5117	127	37	start	start	NOUN
cblr-5117	127	38	-	-	PUNCT
cblr-5117	127	39	ups	up	NOUN
cblr-5117	127	40	’	'	PUNCT
cblr-5117	127	41	capital	capital	NOUN
cblr-5117	127	42	structures	structure	NOUN
cblr-5117	127	43	.	.	PUNCT
cblr-5117	128	1	part	part	NOUN
cblr-5117	128	2	iv	iv	NUM
cblr-5117	128	3	discusses	discuss	VERB
cblr-5117	128	4	the	the	DET
cblr-5117	128	5	theoretical	theoretical	ADJ
cblr-5117	128	6	justifications	justification	NOUN
cblr-5117	128	7	for	for	ADP
cblr-5117	128	8	mandatory	mandatory	ADJ
cblr-5117	128	9	disclosure	disclosure	NOUN
cblr-5117	128	10	to	to	ADP
cblr-5117	128	11	equity	equity	NOUN
cblr-5117	128	12	-	-	PUNCT
cblr-5117	128	13	compensated	compensate	VERB
cblr-5117	128	14	employees	employee	NOUN
cblr-5117	128	15	by	by	ADP
cblr-5117	128	16	describing	describe	VERB
cblr-5117	128	17	the	the	DET
cblr-5117	128	18	inefficiencies	inefficiency	NOUN
cblr-5117	128	19	caused	cause	VERB
cblr-5117	128	20	by	by	ADP
cblr-5117	128	21	information	information	NOUN
cblr-5117	128	22	asymmetry	asymmetry	NOUN
cblr-5117	128	23	in	in	ADP
cblr-5117	128	24	the	the	DET
cblr-5117	128	25	start	start	VERB
cblr-5117	128	26	-	-	PUNCT
cblr-5117	128	27	up	up	ADP
cblr-5117	128	28	equity	equity	NOUN
cblr-5117	128	29	compensation	compensation	NOUN
cblr-5117	128	30	market	market	NOUN
cblr-5117	128	31	.	.	PUNCT
cblr-5117	129	1	part	part	NOUN
cblr-5117	129	2	v	v	NOUN
cblr-5117	129	3	describes	describe	VERB
cblr-5117	129	4	the	the	DET
cblr-5117	129	5	practical	practical	ADJ
cblr-5117	129	6	problems	problem	NOUN
cblr-5117	129	7	currently	currently	ADV
cblr-5117	129	8	created	create	VERB
cblr-5117	129	9	by	by	ADP
cblr-5117	129	10	rule	rule	NOUN
cblr-5117	129	11	701	701	NUM
cblr-5117	129	12	.	.	PUNCT
cblr-5117	130	1	specifically	specifically	ADV
cblr-5117	130	2	,	,	PUNCT
cblr-5117	130	3	this	this	DET
cblr-5117	130	4	part	part	NOUN
cblr-5117	130	5	describes	describe	VERB
cblr-5117	130	6	three	three	NUM
cblr-5117	130	7	categories	category	NOUN
cblr-5117	130	8	of	of	ADP
cblr-5117	130	9	problems	problem	NOUN
cblr-5117	130	10	with	with	ADP
cblr-5117	130	11	the	the	DET
cblr-5117	130	12	disclosure	disclosure	NOUN
cblr-5117	130	13	requirements	requirement	NOUN
cblr-5117	130	14	:	:	PUNCT
cblr-5117	130	15	too	too	ADV
cblr-5117	130	16	much	much	ADJ
cblr-5117	130	17	,	,	PUNCT
cblr-5117	130	18	too	too	ADV
cblr-5117	130	19	little	little	ADJ
cblr-5117	130	20	,	,	PUNCT
cblr-5117	130	21	too	too	ADV
cblr-5117	130	22	late	late	ADV
cblr-5117	130	23	.	.	PUNCT
cblr-5117	131	1	that	that	PRON
cblr-5117	131	2	is	be	AUX
cblr-5117	131	3	to	to	PART
cblr-5117	131	4	say	say	VERB
cblr-5117	131	5	,	,	PUNCT
cblr-5117	131	6	the	the	DET
cblr-5117	131	7	regulation	regulation	NOUN
cblr-5117	131	8	mandates	mandate	VERB
cblr-5117	131	9	the	the	DET
cblr-5117	131	10	disclosure	disclosure	NOUN
cblr-5117	131	11	of	of	ADP
cblr-5117	131	12	too	too	ADV
cblr-5117	131	13	much	much	ADV
cblr-5117	131	14	irrelevant	irrelevant	ADJ
cblr-5117	131	15	and	and	CCONJ
cblr-5117	131	16	potentially	potentially	ADV
cblr-5117	131	17	harmful	harmful	ADJ
cblr-5117	131	18	information	information	NOUN
cblr-5117	131	19	,	,	PUNCT
cblr-5117	131	20	too	too	ADV
cblr-5117	131	21	little	little	ADJ
cblr-5117	131	22	material	material	NOUN
cblr-5117	131	23	information	information	NOUN
cblr-5117	131	24	,	,	PUNCT
cblr-5117	131	25	in	in	ADP
cblr-5117	131	26	a	a	DET
cblr-5117	131	27	timeframe	timeframe	NOUN
cblr-5117	131	28	that	that	PRON
cblr-5117	131	29	does	do	AUX
cblr-5117	131	30	not	not	PART
cblr-5117	131	31	permit	permit	VERB
cblr-5117	131	32	efficient	efficient	ADJ
cblr-5117	131	33	decisionmaking	decisionmaking	NOUN
cblr-5117	131	34	by	by	ADP
cblr-5117	131	35	employees	employee	NOUN
cblr-5117	131	36	.	.	PUNCT
cblr-5117	132	1	part	part	NOUN
cblr-5117	132	2	vi	vi	PROPN
cblr-5117	132	3	offers	offer	VERB
cblr-5117	132	4	concrete	concrete	ADJ
cblr-5117	132	5	amendments	amendment	NOUN
cblr-5117	132	6	to	to	PART
cblr-5117	132	7	rule	rule	VERB
cblr-5117	132	8	701	701	NUM
cblr-5117	132	9	that	that	PRON
cblr-5117	132	10	will	will	AUX
cblr-5117	132	11	help	help	VERB
cblr-5117	132	12	close	close	VERB
cblr-5117	132	13	the	the	DET
cblr-5117	132	14	information	information	NOUN
cblr-5117	132	15	gap	gap	NOUN
cblr-5117	132	16	and	and	CCONJ
cblr-5117	132	17	contribute	contribute	VERB
cblr-5117	132	18	to	to	ADP
cblr-5117	132	19	better	well	ADV
cblr-5117	132	20	decisionmaking	decisionmake	VERB
cblr-5117	132	21	by	by	ADP
cblr-5117	132	22	employees	employee	NOUN
cblr-5117	132	23	without	without	ADP
cblr-5117	132	24	imposing	impose	VERB
cblr-5117	132	25	undue	undue	ADJ
cblr-5117	132	26	costs	cost	NOUN
cblr-5117	132	27	on	on	ADP
cblr-5117	132	28	the	the	DET
cblr-5117	132	29	issuer	issuer	NOUN
cblr-5117	132	30	.	.	PUNCT
cblr-5117	133	1	ii	ii	PROPN
cblr-5117	133	2	.	.	PUNCT
cblr-5117	134	1	employee	employee	NOUN
cblr-5117	134	2	-	-	PUNCT
cblr-5117	134	3	equity	equity	NOUN
cblr-5117	134	4	holders	holder	NOUN
cblr-5117	134	5	and	and	CCONJ
cblr-5117	134	6	the	the	DET
cblr-5117	134	7	securities	security	NOUN
cblr-5117	134	8	disclosure	disclosure	NOUN
cblr-5117	134	9	regime	regime	NOUN
cblr-5117	134	10	although	although	SCONJ
cblr-5117	134	11	cast	cast	VERB
cblr-5117	134	12	as	as	ADP
cblr-5117	134	13	a	a	DET
cblr-5117	134	14	contemporary	contemporary	ADJ
cblr-5117	134	15	issue	issue	NOUN
cblr-5117	134	16	of	of	ADP
cblr-5117	134	17	the	the	DET
cblr-5117	134	18	upper	upper	ADJ
cblr-5117	134	19	-	-	PUNCT
cblr-5117	134	20	middle	middle	ADJ
cblr-5117	134	21	class	class	NOUN
cblr-5117	134	22	,	,	PUNCT
cblr-5117	134	23	the	the	DET
cblr-5117	134	24	regulation	regulation	NOUN
cblr-5117	134	25	of	of	ADP
cblr-5117	134	26	equity	equity	NOUN
cblr-5117	134	27	-	-	PUNCT
cblr-5117	134	28	based	base	VERB
cblr-5117	134	29	compensation	compensation	NOUN
cblr-5117	134	30	has	have	VERB
cblr-5117	134	31	its	its	PRON
cblr-5117	134	32	roots	root	NOUN
cblr-5117	134	33	in	in	ADP
cblr-5117	134	34	long	long	ADV
cblr-5117	134	35	-	-	PUNCT
cblr-5117	134	36	standing	stand	VERB
cblr-5117	134	37	case	case	NOUN
cblr-5117	134	38	law	law	NOUN
cblr-5117	134	39	regarding	regard	VERB
cblr-5117	134	40	blue	blue	ADJ
cblr-5117	134	41	-	-	PUNCT
cblr-5117	134	42	collar	collar	NOUN
cblr-5117	134	43	workers	worker	NOUN
cblr-5117	134	44	.	.	PUNCT
cblr-5117	135	1	the	the	DET
cblr-5117	135	2	case	case	NOUN
cblr-5117	135	3	law	law	NOUN
cblr-5117	135	4	does	do	AUX
cblr-5117	135	5	not	not	PART
cblr-5117	135	6	provide	provide	VERB
cblr-5117	135	7	a	a	DET
cblr-5117	135	8	single	single	ADJ
cblr-5117	135	9	straightforward	straightforward	ADJ
cblr-5117	135	10	answer	answer	NOUN
cblr-5117	135	11	to	to	ADP
cblr-5117	135	12	the	the	DET
cblr-5117	135	13	question	question	NOUN
cblr-5117	135	14	of	of	ADP
cblr-5117	135	15	what	what	PRON
cblr-5117	135	16	the	the	DET
cblr-5117	135	17	required	require	VERB
cblr-5117	135	18	disclosures	disclosure	NOUN
cblr-5117	135	19	in	in	ADP
cblr-5117	135	20	an	an	DET
cblr-5117	135	21	offering	offering	NOUN
cblr-5117	135	22	of	of	ADP
cblr-5117	135	23	unregistered	unregistered	ADJ
cblr-5117	135	24	securities	security	NOUN
cblr-5117	135	25	to	to	ADP
cblr-5117	135	26	the	the	DET
cblr-5117	135	27	issuer	issuer	NOUN
cblr-5117	135	28	’s	’s	PART
cblr-5117	135	29	employees	employee	NOUN
cblr-5117	135	30	are	be	AUX
cblr-5117	135	31	.	.	PUNCT
cblr-5117	136	1	it	it	PRON
cblr-5117	136	2	instead	instead	ADV
cblr-5117	136	3	offers	offer	VERB
cblr-5117	136	4	a	a	DET
cblr-5117	136	5	continuum	continuum	NOUN
cblr-5117	136	6	of	of	ADP
cblr-5117	136	7	disclosure	disclosure	NOUN
cblr-5117	136	8	levels	level	NOUN
cblr-5117	136	9	that	that	PRON
cblr-5117	136	10	starts	start	VERB
cblr-5117	136	11	with	with	ADP
cblr-5117	136	12	full	full	ADJ
cblr-5117	136	13	disclosure	disclosure	NOUN
cblr-5117	136	14	in	in	ADP
cblr-5117	136	15	the	the	DET
cblr-5117	136	16	form	form	NOUN
cblr-5117	136	17	of	of	ADP
cblr-5117	136	18	a	a	DET
cblr-5117	136	19	registration	registration	NOUN
cblr-5117	136	20	statement	statement	NOUN
cblr-5117	136	21	and	and	CCONJ
cblr-5117	136	22	ends	end	VERB
cblr-5117	136	23	with	with	ADP
cblr-5117	136	24	no	no	DET
cblr-5117	136	25	need	need	NOUN
cblr-5117	136	26	to	to	PART
cblr-5117	136	27	disclose	disclose	VERB
cblr-5117	136	28	any	any	DET
cblr-5117	136	29	information	information	NOUN
cblr-5117	136	30	at	at	ADV
cblr-5117	136	31	all	all	ADV
cblr-5117	136	32	.	.	PUNCT
cblr-5117	137	1	two	two	NUM
cblr-5117	137	2	supreme	supreme	ADJ
cblr-5117	137	3	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	137	4	(	(	PUNCT
cblr-5117	137	5	do	do	AUX
cblr-5117	137	6	not	not	PART
cblr-5117	137	7	delte	delte	VERB
cblr-5117	137	8	)	)	PUNCT
cblr-5117	137	9	1/8/2020	1/8/2020	NUM
cblr-5117	137	10	4:44	4:44	NUM
cblr-5117	137	11	pm	pm	NOUN
cblr-5117	137	12	878	878	NUM
cblr-5117	137	13	columbia	columbia	PROPN
cblr-5117	137	14	business	business	NOUN
cblr-5117	137	15	law	law	PROPN
cblr-5117	137	16	review	review	NOUN
cblr-5117	138	1	[	[	X
cblr-5117	138	2	vol	vol	NOUN
cblr-5117	138	3	.	.	NOUN
cblr-5117	138	4	2019	2019	NUM
cblr-5117	138	5	court	court	NOUN
cblr-5117	138	6	decisions	decision	NOUN
cblr-5117	138	7	mark	mark	VERB
cblr-5117	138	8	the	the	DET
cblr-5117	138	9	edges	edge	NOUN
cblr-5117	138	10	of	of	ADP
cblr-5117	138	11	this	this	DET
cblr-5117	138	12	continuum	continuum	ADJ
cblr-5117	138	13	:	:	PUNCT
cblr-5117	138	14	international	international	ADJ
cblr-5117	138	15	brotherhood	brotherhood	NOUN
cblr-5117	138	16	of	of	ADP
cblr-5117	138	17	teamsters	teamster	NOUN
cblr-5117	138	18	v.	v.	ADP
cblr-5117	138	19	daniel37	daniel37	NOUN
cblr-5117	138	20	and	and	CCONJ
cblr-5117	138	21	sec	sec	PROPN
cblr-5117	138	22	v.	v.	PROPN
cblr-5117	138	23	ralston	ralston	PROPN
cblr-5117	138	24	purina	purina	PROPN
cblr-5117	138	25	co.38	co.38	PROPN
cblr-5117	139	1	the	the	DET
cblr-5117	139	2	decisions	decision	NOUN
cblr-5117	139	3	in	in	ADP
cblr-5117	139	4	both	both	CCONJ
cblr-5117	139	5	daniel	daniel	PROPN
cblr-5117	139	6	and	and	CCONJ
cblr-5117	139	7	ralston	ralston	PROPN
cblr-5117	139	8	purina	purina	PROPN
cblr-5117	139	9	were	be	AUX
cblr-5117	139	10	given	give	VERB
cblr-5117	139	11	in	in	ADP
cblr-5117	139	12	another	another	DET
cblr-5117	139	13	era	era	NOUN
cblr-5117	139	14	and	and	CCONJ
cblr-5117	139	15	involved	involve	VERB
cblr-5117	139	16	a	a	DET
cblr-5117	139	17	different	different	ADJ
cblr-5117	139	18	class	class	NOUN
cblr-5117	139	19	of	of	ADP
cblr-5117	139	20	workers	worker	NOUN
cblr-5117	139	21	,	,	PUNCT
cblr-5117	139	22	but	but	CCONJ
cblr-5117	139	23	their	their	PRON
cblr-5117	139	24	holdings	holding	NOUN
cblr-5117	139	25	do	do	AUX
cblr-5117	139	26	bear	bear	VERB
cblr-5117	139	27	directly	directly	ADV
cblr-5117	139	28	on	on	ADP
cblr-5117	139	29	the	the	DET
cblr-5117	139	30	compensation	compensation	NOUN
cblr-5117	139	31	of	of	ADP
cblr-5117	139	32	start	start	NOUN
cblr-5117	139	33	-	-	PUNCT
cblr-5117	139	34	up	up	ADP
cblr-5117	139	35	employees	employee	NOUN
cblr-5117	139	36	today	today	NOUN
cblr-5117	139	37	.	.	PUNCT
cblr-5117	140	1	the	the	DET
cblr-5117	140	2	intermediate	intermediate	ADJ
cblr-5117	140	3	cases	case	NOUN
cblr-5117	140	4	,	,	PUNCT
cblr-5117	140	5	positioned	position	VERB
cblr-5117	140	6	between	between	ADP
cblr-5117	140	7	those	those	DET
cblr-5117	140	8	two	two	NUM
cblr-5117	140	9	extremes	extreme	NOUN
cblr-5117	140	10	of	of	ADP
cblr-5117	140	11	no	no	DET
cblr-5117	140	12	disclosure	disclosure	NOUN
cblr-5117	140	13	(	(	PUNCT
cblr-5117	140	14	daniel	daniel	PROPN
cblr-5117	140	15	)	)	PUNCT
cblr-5117	140	16	and	and	CCONJ
cblr-5117	140	17	full	full	ADJ
cblr-5117	140	18	disclosure	disclosure	NOUN
cblr-5117	140	19	(	(	PUNCT
cblr-5117	140	20	ralston	ralston	PROPN
cblr-5117	140	21	purina	purina	PROPN
cblr-5117	140	22	)	)	PUNCT
cblr-5117	140	23	,	,	PUNCT
cblr-5117	140	24	are	be	AUX
cblr-5117	140	25	governed	govern	VERB
cblr-5117	140	26	by	by	ADP
cblr-5117	140	27	a	a	DET
cblr-5117	140	28	series	series	NOUN
cblr-5117	140	29	of	of	ADP
cblr-5117	140	30	rules	rule	NOUN
cblr-5117	140	31	and	and	CCONJ
cblr-5117	140	32	regulations	regulation	NOUN
cblr-5117	140	33	that	that	PRON
cblr-5117	140	34	the	the	DET
cblr-5117	140	35	sec	sec	PROPN
cblr-5117	140	36	adopted	adopt	VERB
cblr-5117	140	37	over	over	ADP
cblr-5117	140	38	the	the	DET
cblr-5117	140	39	years	year	NOUN
cblr-5117	140	40	,	,	PUNCT
cblr-5117	140	41	primarily	primarily	ADV
cblr-5117	140	42	rule	rule	VERB
cblr-5117	140	43	701	701	NUM
cblr-5117	140	44	.	.	PUNCT
cblr-5117	141	1	the	the	DET
cblr-5117	141	2	economic	economic	ADJ
cblr-5117	141	3	realities	reality	NOUN
cblr-5117	141	4	underpinning	underpin	VERB
cblr-5117	141	5	rule	rule	VERB
cblr-5117	141	6	701	701	NUM
cblr-5117	141	7	offerings	offering	NOUN
cblr-5117	141	8	and	and	CCONJ
cblr-5117	141	9	the	the	DET
cblr-5117	141	10	policy	policy	NOUN
cblr-5117	141	11	goals	goal	NOUN
cblr-5117	141	12	of	of	ADP
cblr-5117	141	13	their	their	PRON
cblr-5117	141	14	regulation	regulation	NOUN
cblr-5117	141	15	can	can	AUX
cblr-5117	141	16	only	only	ADV
cblr-5117	141	17	be	be	AUX
cblr-5117	141	18	evaluated	evaluate	VERB
cblr-5117	141	19	when	when	SCONJ
cblr-5117	141	20	such	such	ADJ
cblr-5117	141	21	offerings	offering	NOUN
cblr-5117	141	22	are	be	AUX
cblr-5117	141	23	distinguished	distinguish	VERB
cblr-5117	141	24	from	from	ADP
cblr-5117	141	25	a	a	DET
cblr-5117	141	26	host	host	NOUN
cblr-5117	141	27	of	of	ADP
cblr-5117	141	28	cases	case	NOUN
cblr-5117	141	29	that	that	PRON
cblr-5117	141	30	are	be	AUX
cblr-5117	141	31	governed	govern	VERB
cblr-5117	141	32	by	by	ADP
cblr-5117	141	33	other	other	ADJ
cblr-5117	141	34	provisions	provision	NOUN
cblr-5117	141	35	.	.	PUNCT
cblr-5117	142	1	first	first	ADV
cblr-5117	142	2	and	and	CCONJ
cblr-5117	142	3	foremost	foremost	ADV
cblr-5117	142	4	,	,	PUNCT
cblr-5117	142	5	a	a	DET
cblr-5117	142	6	distinction	distinction	NOUN
cblr-5117	142	7	must	must	AUX
cblr-5117	142	8	be	be	AUX
cblr-5117	142	9	drawn	draw	VERB
cblr-5117	142	10	from	from	ADP
cblr-5117	142	11	situations	situation	NOUN
cblr-5117	142	12	that	that	PRON
cblr-5117	142	13	do	do	AUX
cblr-5117	142	14	not	not	PART
cblr-5117	142	15	involve	involve	VERB
cblr-5117	142	16	any	any	DET
cblr-5117	142	17	offer	offer	NOUN
cblr-5117	142	18	or	or	CCONJ
cblr-5117	142	19	sale	sale	NOUN
cblr-5117	142	20	of	of	ADP
cblr-5117	142	21	securities	security	NOUN
cblr-5117	142	22	.	.	PUNCT
cblr-5117	143	1	a.	a.	PROPN
cblr-5117	143	2	daniel	daniel	PROPN
cblr-5117	143	3	and	and	CCONJ
cblr-5117	143	4	the	the	DET
cblr-5117	143	5	“	"	PUNCT
cblr-5117	143	6	no	no	DET
cblr-5117	143	7	-	-	PUNCT
cblr-5117	143	8	sale	sale	NOUN
cblr-5117	143	9	”	"	PUNCT
cblr-5117	143	10	doctrine	doctrine	NOUN
cblr-5117	143	11	from	from	ADP
cblr-5117	143	12	a	a	DET
cblr-5117	143	13	legal	legal	ADJ
cblr-5117	143	14	standpoint	standpoint	NOUN
cblr-5117	143	15	,	,	PUNCT
cblr-5117	143	16	the	the	DET
cblr-5117	143	17	use	use	NOUN
cblr-5117	143	18	of	of	ADP
cblr-5117	143	19	equity	equity	NOUN
cblr-5117	143	20	-	-	PUNCT
cblr-5117	143	21	based	base	VERB
cblr-5117	143	22	incentives	incentive	NOUN
cblr-5117	143	23	is	be	AUX
cblr-5117	143	24	subject	subject	ADJ
cblr-5117	143	25	to	to	ADP
cblr-5117	143	26	the	the	DET
cblr-5117	143	27	requirements	requirement	NOUN
cblr-5117	143	28	of	of	ADP
cblr-5117	143	29	the	the	DET
cblr-5117	143	30	federal	federal	ADJ
cblr-5117	143	31	securities	security	NOUN
cblr-5117	143	32	laws	law	NOUN
cblr-5117	143	33	.	.	PUNCT
cblr-5117	144	1	section	section	NOUN
cblr-5117	144	2	5	5	NUM
cblr-5117	144	3	of	of	ADP
cblr-5117	144	4	the	the	DET
cblr-5117	144	5	securities	security	NOUN
cblr-5117	144	6	act	act	NOUN
cblr-5117	144	7	of	of	ADP
cblr-5117	144	8	1933	1933	NUM
cblr-5117	144	9	(	(	PUNCT
cblr-5117	144	10	“	"	PUNCT
cblr-5117	144	11	securities	securities	PROPN
cblr-5117	144	12	act	act	PROPN
cblr-5117	144	13	”	"	PUNCT
cblr-5117	144	14	)	)	PUNCT
cblr-5117	144	15	mandates	mandate	NOUN
cblr-5117	144	16	that	that	PRON
cblr-5117	144	17	all	all	DET
cblr-5117	144	18	securities	security	NOUN
cblr-5117	144	19	offered	offer	VERB
cblr-5117	144	20	and	and	CCONJ
cblr-5117	144	21	sold	sell	VERB
cblr-5117	144	22	in	in	ADP
cblr-5117	144	23	the	the	DET
cblr-5117	144	24	united	united	PROPN
cblr-5117	144	25	states	states	PROPN
cblr-5117	144	26	be	be	AUX
cblr-5117	144	27	registered	register	VERB
cblr-5117	144	28	with	with	ADP
cblr-5117	144	29	the	the	DET
cblr-5117	144	30	sec	sec	PROPN
cblr-5117	144	31	or	or	CCONJ
cblr-5117	144	32	qualify	qualify	VERB
cblr-5117	144	33	for	for	ADP
cblr-5117	144	34	an	an	DET
cblr-5117	144	35	exemption	exemption	NOUN
cblr-5117	144	36	from	from	ADP
cblr-5117	144	37	the	the	DET
cblr-5117	144	38	registration	registration	NOUN
cblr-5117	144	39	requirement.39	requirement.39	NOUN
cblr-5117	144	40	however	however	ADV
cblr-5117	144	41	,	,	PUNCT
cblr-5117	144	42	what	what	PRON
cblr-5117	144	43	constitutes	constitute	VERB
cblr-5117	144	44	an	an	DET
cblr-5117	144	45	offer	offer	NOUN
cblr-5117	144	46	to	to	PART
cblr-5117	144	47	sell	sell	VERB
cblr-5117	144	48	securities	security	NOUN
cblr-5117	144	49	?	?	PUNCT
cblr-5117	145	1	oddly	oddly	ADV
cblr-5117	145	2	enough	enough	ADV
cblr-5117	145	3	,	,	PUNCT
cblr-5117	145	4	this	this	DET
cblr-5117	145	5	question	question	NOUN
cblr-5117	145	6	was	be	AUX
cblr-5117	145	7	brought	bring	VERB
cblr-5117	145	8	before	before	ADP
cblr-5117	145	9	the	the	DET
cblr-5117	145	10	supreme	supreme	PROPN
cblr-5117	145	11	court	court	PROPN
cblr-5117	145	12	by	by	ADP
cblr-5117	145	13	a	a	DET
cblr-5117	145	14	retired	retire	VERB
cblr-5117	145	15	trucker	trucker	NOUN
cblr-5117	145	16	.	.	PUNCT
cblr-5117	146	1	in	in	ADP
cblr-5117	146	2	1973	1973	NUM
cblr-5117	146	3	,	,	PUNCT
cblr-5117	146	4	a	a	DET
cblr-5117	146	5	63	63	NUM
cblr-5117	146	6	-	-	PUNCT
cblr-5117	146	7	year	year	NOUN
cblr-5117	146	8	old	old	ADJ
cblr-5117	146	9	truck	truck	NOUN
cblr-5117	146	10	driver	driver	NOUN
cblr-5117	146	11	named	name	VERB
cblr-5117	146	12	daniel	daniel	PROPN
cblr-5117	146	13	(	(	PUNCT
cblr-5117	146	14	court	court	NOUN
cblr-5117	146	15	decisions	decision	NOUN
cblr-5117	146	16	do	do	AUX
cblr-5117	146	17	not	not	PART
cblr-5117	146	18	mention	mention	VERB
cblr-5117	146	19	his	his	PRON
cblr-5117	146	20	full	full	ADJ
cblr-5117	146	21	name	name	NOUN
cblr-5117	146	22	)	)	PUNCT
cblr-5117	146	23	retired	retire	VERB
cblr-5117	146	24	after	after	ADP
cblr-5117	146	25	more	more	ADJ
cblr-5117	146	26	37	37	NUM
cblr-5117	146	27	int’l	int’l	NUM
cblr-5117	146	28	bhd	bhd	NOUN
cblr-5117	146	29	.	.	PUNCT
cblr-5117	147	1	of	of	ADP
cblr-5117	147	2	teamsters	teamster	NOUN
cblr-5117	147	3	v.	v.	ADP
cblr-5117	147	4	daniel	daniel	PROPN
cblr-5117	147	5	,	,	PUNCT
cblr-5117	147	6	439	439	PROPN
cblr-5117	147	7	u.s	u.s	PROPN
cblr-5117	147	8	.	.	PROPN
cblr-5117	147	9	551	551	NUM
cblr-5117	147	10	(	(	PUNCT
cblr-5117	147	11	1979	1979	NUM
cblr-5117	147	12	)	)	PUNCT
cblr-5117	147	13	.	.	PUNCT
cblr-5117	148	1	38	38	NUM
cblr-5117	148	2	sec	sec	PROPN
cblr-5117	148	3	v.	v.	PROPN
cblr-5117	148	4	ralston	ralston	PROPN
cblr-5117	148	5	purina	purina	PROPN
cblr-5117	148	6	co.	co.	PROPN
cblr-5117	148	7	,	,	PUNCT
cblr-5117	148	8	346	346	NUM
cblr-5117	148	9	u.s	u.s	PROPN
cblr-5117	148	10	.	.	PROPN
cblr-5117	148	11	119	119	NUM
cblr-5117	148	12	(	(	PUNCT
cblr-5117	148	13	1953	1953	NUM
cblr-5117	148	14	)	)	PUNCT
cblr-5117	148	15	.	.	PUNCT
cblr-5117	149	1	39	39	NUM
cblr-5117	149	2	sections	section	NOUN
cblr-5117	149	3	5(a	5(a	NUM
cblr-5117	149	4	)	)	PUNCT
cblr-5117	149	5	of	of	ADP
cblr-5117	149	6	the	the	DET
cblr-5117	149	7	securities	security	NOUN
cblr-5117	149	8	act	act	NOUN
cblr-5117	149	9	of	of	ADP
cblr-5117	149	10	1933	1933	NUM
cblr-5117	149	11	prohibits	prohibit	VERB
cblr-5117	149	12	the	the	DET
cblr-5117	149	13	sale	sale	NOUN
cblr-5117	149	14	or	or	CCONJ
cblr-5117	149	15	delivery	delivery	NOUN
cblr-5117	149	16	after	after	ADP
cblr-5117	149	17	sale	sale	NOUN
cblr-5117	149	18	of	of	ADP
cblr-5117	149	19	unregistered	unregistered	ADJ
cblr-5117	149	20	securities	security	NOUN
cblr-5117	149	21	.	.	PUNCT
cblr-5117	150	1	15	15	NUM
cblr-5117	150	2	u.s.c	u.s.c	NOUN
cblr-5117	150	3	.	.	PUNCT
cblr-5117	151	1	§	§	PROPN
cblr-5117	151	2	77e(a	77e(a	NUM
cblr-5117	151	3	)	)	PUNCT
cblr-5117	151	4	(	(	PUNCT
cblr-5117	151	5	2012	2012	NUM
cblr-5117	151	6	)	)	PUNCT
cblr-5117	151	7	.	.	PUNCT
cblr-5117	152	1	section	section	NOUN
cblr-5117	152	2	5(c	5(c	NUM
cblr-5117	152	3	)	)	PUNCT
cblr-5117	152	4	of	of	ADP
cblr-5117	152	5	the	the	DET
cblr-5117	152	6	securities	security	NOUN
cblr-5117	152	7	act	act	NOUN
cblr-5117	152	8	of	of	ADP
cblr-5117	152	9	1933	1933	NUM
cblr-5117	152	10	prohibits	prohibit	VERB
cblr-5117	152	11	the	the	DET
cblr-5117	152	12	offer	offer	NOUN
cblr-5117	152	13	of	of	ADP
cblr-5117	152	14	securities	security	NOUN
cblr-5117	152	15	by	by	ADP
cblr-5117	152	16	federal	federal	ADJ
cblr-5117	152	17	jurisdictional	jurisdictional	PROPN
cblr-5117	152	18	means	mean	NOUN
cblr-5117	152	19	without	without	ADP
cblr-5117	152	20	first	first	ADJ
cblr-5117	152	21	filing	file	VERB
cblr-5117	152	22	a	a	DET
cblr-5117	152	23	registration	registration	NOUN
cblr-5117	152	24	statement	statement	NOUN
cblr-5117	152	25	for	for	ADP
cblr-5117	152	26	them	they	PRON
cblr-5117	152	27	with	with	ADP
cblr-5117	152	28	the	the	DET
cblr-5117	152	29	sec	sec	PROPN
cblr-5117	152	30	.	.	PROPN
cblr-5117	152	31	15	15	NUM
cblr-5117	152	32	u.s.c	u.s.c	NOUN
cblr-5117	152	33	.	.	PUNCT
cblr-5117	153	1	§	§	PROPN
cblr-5117	153	2	77e(c	77e(c	NUM
cblr-5117	153	3	)	)	PUNCT
cblr-5117	153	4	.	.	PUNCT
cblr-5117	154	1	see	see	VERB
cblr-5117	154	2	also	also	ADV
cblr-5117	154	3	securities	security	NOUN
cblr-5117	154	4	act	act	NOUN
cblr-5117	154	5	of	of	ADP
cblr-5117	154	6	1933	1933	NUM
cblr-5117	154	7	,	,	PUNCT
cblr-5117	154	8	ch	ch	NOUN
cblr-5117	154	9	.	.	PROPN
cblr-5117	154	10	38	38	NUM
cblr-5117	154	11	,	,	PUNCT
cblr-5117	154	12	48	48	NUM
cblr-5117	154	13	stat	stat	NOUN
cblr-5117	154	14	.	.	PUNCT
cblr-5117	155	1	74	74	NUM
cblr-5117	155	2	(	(	PUNCT
cblr-5117	155	3	codified	codify	VERB
cblr-5117	155	4	as	as	SCONJ
cblr-5117	155	5	amended	amend	VERB
cblr-5117	155	6	at	at	ADP
cblr-5117	155	7	15	15	NUM
cblr-5117	155	8	u.s.c	u.s.c	ADJ
cblr-5117	155	9	.	.	PUNCT
cblr-5117	156	1	§	§	PROPN
cblr-5117	156	2	77b(a)(3	77b(a)(3	PROPN
cblr-5117	156	3	)	)	PUNCT
cblr-5117	156	4	(	(	PUNCT
cblr-5117	156	5	2012	2012	NUM
cblr-5117	156	6	)	)	PUNCT
cblr-5117	156	7	)	)	PUNCT
cblr-5117	157	1	(	(	PUNCT
cblr-5117	157	2	defining	define	VERB
cblr-5117	157	3	“	"	PUNCT
cblr-5117	157	4	offer	offer	NOUN
cblr-5117	157	5	”	"	PUNCT
cblr-5117	157	6	as	as	ADP
cblr-5117	157	7	including	include	VERB
cblr-5117	157	8	“	"	PUNCT
cblr-5117	157	9	every	every	DET
cblr-5117	157	10	attempt	attempt	NOUN
cblr-5117	157	11	or	or	CCONJ
cblr-5117	157	12	offer	offer	VERB
cblr-5117	157	13	to	to	PART
cblr-5117	157	14	dispose	dispose	VERB
cblr-5117	157	15	of	of	ADP
cblr-5117	157	16	,	,	PUNCT
cblr-5117	157	17	or	or	CCONJ
cblr-5117	157	18	solicitation	solicitation	NOUN
cblr-5117	157	19	of	of	ADP
cblr-5117	157	20	an	an	DET
cblr-5117	157	21	offer	offer	NOUN
cblr-5117	157	22	to	to	PART
cblr-5117	157	23	buy	buy	VERB
cblr-5117	157	24	,	,	PUNCT
cblr-5117	157	25	a	a	DET
cblr-5117	157	26	security	security	NOUN
cblr-5117	157	27	or	or	CCONJ
cblr-5117	157	28	interest	interest	NOUN
cblr-5117	157	29	in	in	ADP
cblr-5117	157	30	a	a	DET
cblr-5117	157	31	security	security	NOUN
cblr-5117	157	32	,	,	PUNCT
cblr-5117	157	33	for	for	ADP
cblr-5117	157	34	value	value	NOUN
cblr-5117	157	35	”	"	PUNCT
cblr-5117	157	36	)	)	PUNCT
cblr-5117	157	37	.	.	PUNCT
cblr-5117	158	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	158	2	(	(	PUNCT
cblr-5117	158	3	do	do	AUX
cblr-5117	158	4	not	not	PART
cblr-5117	158	5	delete	delete	VERB
cblr-5117	158	6	)	)	PUNCT
cblr-5117	158	7	1/8/2020	1/8/2020	NUM
cblr-5117	158	8	4:44	4:44	NUM
cblr-5117	158	9	pm	pm	NOUN
cblr-5117	158	10	no	no	INTJ
cblr-5117	158	11	.	.	PUNCT
cblr-5117	159	1	3:867	3:867	NUM
cblr-5117	159	2	]	]	PUNCT
cblr-5117	159	3	making	make	VERB
cblr-5117	159	4	disclosure	disclosure	NOUN
cblr-5117	159	5	work	work	NOUN
cblr-5117	159	6	879	879	NUM
cblr-5117	159	7	than	than	ADP
cblr-5117	159	8	twenty	twenty	NUM
cblr-5117	159	9	-	-	PUNCT
cblr-5117	159	10	two	two	NUM
cblr-5117	159	11	years	year	NOUN
cblr-5117	159	12	of	of	ADP
cblr-5117	159	13	service.40	service.40	NOUN
cblr-5117	159	14	to	to	PART
cblr-5117	159	15	be	be	AUX
cblr-5117	159	16	precise	precise	ADJ
cblr-5117	159	17	,	,	PUNCT
cblr-5117	159	18	it	it	PRON
cblr-5117	159	19	was	be	AUX
cblr-5117	159	20	twenty	twenty	NUM
cblr-5117	159	21	-	-	PUNCT
cblr-5117	159	22	two	two	NUM
cblr-5117	159	23	and	and	CCONJ
cblr-5117	159	24	a	a	DET
cblr-5117	159	25	half	half	NOUN
cblr-5117	159	26	years	year	NOUN
cblr-5117	159	27	,	,	PUNCT
cblr-5117	159	28	minus	minus	CCONJ
cblr-5117	159	29	a	a	DET
cblr-5117	159	30	four	four	NUM
cblr-5117	159	31	-	-	PUNCT
cblr-5117	159	32	month	month	NOUN
cblr-5117	159	33	involuntary	involuntary	ADJ
cblr-5117	159	34	break	break	NOUN
cblr-5117	159	35	in	in	ADP
cblr-5117	159	36	his	his	PRON
cblr-5117	159	37	service	service	NOUN
cblr-5117	159	38	that	that	PRON
cblr-5117	159	39	had	have	AUX
cblr-5117	159	40	occurred	occur	VERB
cblr-5117	159	41	thirteen	thirteen	NUM
cblr-5117	159	42	years	year	NOUN
cblr-5117	159	43	earlier	early	ADV
cblr-5117	159	44	.	.	PUNCT
cblr-5117	160	1	unfortunately	unfortunately	ADV
cblr-5117	160	2	for	for	ADP
cblr-5117	160	3	him	he	PRON
cblr-5117	160	4	,	,	PUNCT
cblr-5117	160	5	those	those	DET
cblr-5117	160	6	four	four	NUM
cblr-5117	160	7	missing	missing	ADJ
cblr-5117	160	8	months	month	NOUN
cblr-5117	160	9	were	be	AUX
cblr-5117	160	10	soon	soon	ADV
cblr-5117	160	11	proven	prove	VERB
cblr-5117	160	12	crucial	crucial	ADJ
cblr-5117	160	13	to	to	ADP
cblr-5117	160	14	his	his	PRON
cblr-5117	160	15	future.41	future.41	NOUN
cblr-5117	160	16	after	after	SCONJ
cblr-5117	160	17	daniel	daniel	PROPN
cblr-5117	160	18	was	be	AUX
cblr-5117	160	19	hired	hire	VERB
cblr-5117	160	20	,	,	PUNCT
cblr-5117	160	21	the	the	DET
cblr-5117	160	22	union	union	NOUN
cblr-5117	160	23	he	he	PRON
cblr-5117	160	24	was	be	AUX
cblr-5117	160	25	affiliated	affiliate	VERB
cblr-5117	160	26	with	with	ADP
cblr-5117	160	27	negotiated	negotiate	VERB
cblr-5117	160	28	a	a	DET
cblr-5117	160	29	collective	collective	ADJ
cblr-5117	160	30	bargaining	bargaining	NOUN
cblr-5117	160	31	agreement	agreement	NOUN
cblr-5117	160	32	with	with	ADP
cblr-5117	160	33	some	some	DET
cblr-5117	160	34	trucking	trucking	NOUN
cblr-5117	160	35	companies	company	NOUN
cblr-5117	160	36	,	,	PUNCT
cblr-5117	160	37	including	include	VERB
cblr-5117	160	38	daniel	daniel	PROPN
cblr-5117	160	39	’s	’s	PART
cblr-5117	160	40	employer	employer	NOUN
cblr-5117	160	41	,	,	PUNCT
cblr-5117	160	42	to	to	PART
cblr-5117	160	43	establish	establish	VERB
cblr-5117	160	44	a	a	DET
cblr-5117	160	45	pension	pension	NOUN
cblr-5117	160	46	plan	plan	NOUN
cblr-5117	160	47	for	for	ADP
cblr-5117	160	48	the	the	DET
cblr-5117	160	49	union	union	NOUN
cblr-5117	160	50	’s	’s	PART
cblr-5117	160	51	members.42	members.42	NOUN
cblr-5117	160	52	as	as	ADP
cblr-5117	160	53	part	part	NOUN
cblr-5117	160	54	of	of	ADP
cblr-5117	160	55	this	this	DET
cblr-5117	160	56	agreement	agreement	NOUN
cblr-5117	160	57	,	,	PUNCT
cblr-5117	160	58	the	the	DET
cblr-5117	160	59	trucking	trucking	NOUN
cblr-5117	160	60	companies	company	NOUN
cblr-5117	160	61	were	be	AUX
cblr-5117	160	62	required	require	VERB
cblr-5117	160	63	to	to	PART
cblr-5117	160	64	fund	fund	VERB
cblr-5117	160	65	the	the	DET
cblr-5117	160	66	employee	employee	NOUN
cblr-5117	160	67	pension	pension	NOUN
cblr-5117	160	68	plan	plan	NOUN
cblr-5117	160	69	without	without	ADP
cblr-5117	160	70	employees	employee	NOUN
cblr-5117	160	71	making	make	VERB
cblr-5117	160	72	monetary	monetary	ADJ
cblr-5117	160	73	contributions	contribution	NOUN
cblr-5117	160	74	from	from	ADP
cblr-5117	160	75	their	their	PRON
cblr-5117	160	76	wages	wage	NOUN
cblr-5117	160	77	(	(	PUNCT
cblr-5117	160	78	namely	namely	ADV
cblr-5117	160	79	,	,	PUNCT
cblr-5117	160	80	a	a	DET
cblr-5117	160	81	noncontributory	noncontributory	ADJ
cblr-5117	160	82	compulsory	compulsory	ADJ
cblr-5117	160	83	pension	pension	NOUN
cblr-5117	160	84	plan	plan	NOUN
cblr-5117	160	85	)	)	PUNCT
cblr-5117	160	86	.	.	PUNCT
cblr-5117	161	1	to	to	PART
cblr-5117	161	2	be	be	AUX
cblr-5117	161	3	eligible	eligible	ADJ
cblr-5117	161	4	for	for	ADP
cblr-5117	161	5	a	a	DET
cblr-5117	161	6	pension	pension	NOUN
cblr-5117	161	7	,	,	PUNCT
cblr-5117	161	8	daniel	daniel	PROPN
cblr-5117	161	9	was	be	AUX
cblr-5117	161	10	required	require	VERB
cblr-5117	161	11	to	to	PART
cblr-5117	161	12	provide	provide	VERB
cblr-5117	161	13	twenty	twenty	NUM
cblr-5117	161	14	years	year	NOUN
cblr-5117	161	15	of	of	ADP
cblr-5117	161	16	continuous	continuous	ADJ
cblr-5117	161	17	service	service	NOUN
cblr-5117	161	18	;	;	PUNCT
cblr-5117	161	19	as	as	ADP
cblr-5117	161	20	such	such	ADJ
cblr-5117	161	21	,	,	PUNCT
cblr-5117	161	22	due	due	ADP
cblr-5117	161	23	to	to	ADP
cblr-5117	161	24	the	the	DET
cblr-5117	161	25	four	four	NUM
cblr-5117	161	26	months	month	NOUN
cblr-5117	161	27	of	of	ADP
cblr-5117	161	28	involuntary	involuntary	ADJ
cblr-5117	161	29	break	break	NOUN
cblr-5117	161	30	in	in	ADP
cblr-5117	161	31	his	his	PRON
cblr-5117	161	32	service	service	NOUN
cblr-5117	161	33	,	,	PUNCT
cblr-5117	161	34	his	his	PRON
cblr-5117	161	35	local	local	ADJ
cblr-5117	161	36	union	union	NOUN
cblr-5117	161	37	had	have	AUX
cblr-5117	161	38	refused	refuse	VERB
cblr-5117	161	39	to	to	PART
cblr-5117	161	40	pay	pay	VERB
cblr-5117	161	41	him	he	PRON
cblr-5117	161	42	any	any	DET
cblr-5117	161	43	pension	pension	NOUN
cblr-5117	161	44	benefits	benefit	NOUN
cblr-5117	161	45	whatsoever	whatsoever	ADV
cblr-5117	161	46	,	,	PUNCT
cblr-5117	161	47	and	and	CCONJ
cblr-5117	161	48	his	his	PRON
cblr-5117	161	49	retirement	retirement	NOUN
cblr-5117	161	50	account	account	NOUN
cblr-5117	161	51	had	have	AUX
cblr-5117	161	52	thus	thus	ADV
cblr-5117	161	53	been	be	AUX
cblr-5117	161	54	forfeited.43	forfeited.43	PROPN
cblr-5117	161	55	daniel	daniel	PROPN
cblr-5117	161	56	sued	sue	VERB
cblr-5117	161	57	the	the	DET
cblr-5117	161	58	union	union	NOUN
cblr-5117	161	59	and	and	CCONJ
cblr-5117	161	60	the	the	DET
cblr-5117	161	61	trustee	trustee	NOUN
cblr-5117	161	62	of	of	ADP
cblr-5117	161	63	the	the	DET
cblr-5117	161	64	pension	pension	NOUN
cblr-5117	161	65	fund	fund	NOUN
cblr-5117	161	66	claiming	claiming	NOUN
cblr-5117	161	67	,	,	PUNCT
cblr-5117	161	68	among	among	ADP
cblr-5117	161	69	other	other	ADJ
cblr-5117	161	70	things	thing	NOUN
cblr-5117	161	71	,	,	PUNCT
cblr-5117	161	72	that	that	SCONJ
cblr-5117	161	73	they	they	PRON
cblr-5117	161	74	had	have	AUX
cblr-5117	161	75	misrepresented	misrepresent	VERB
cblr-5117	161	76	and	and	CCONJ
cblr-5117	161	77	omitted	omit	VERB
cblr-5117	161	78	material	material	NOUN
cblr-5117	161	79	facts	fact	NOUN
cblr-5117	161	80	concerning	concern	VERB
cblr-5117	161	81	his	his	PRON
cblr-5117	161	82	interest	interest	NOUN
cblr-5117	161	83	in	in	ADP
cblr-5117	161	84	the	the	DET
cblr-5117	161	85	pension	pension	NOUN
cblr-5117	161	86	plan	plan	NOUN
cblr-5117	161	87	,	,	PUNCT
cblr-5117	161	88	thereby	thereby	ADV
cblr-5117	161	89	committing	commit	VERB
cblr-5117	161	90	securities	security	NOUN
cblr-5117	161	91	fraud.44	fraud.44	PROPN
cblr-5117	161	92	he	he	PRON
cblr-5117	161	93	also	also	ADV
cblr-5117	161	94	argued	argue	VERB
cblr-5117	161	95	that	that	SCONJ
cblr-5117	161	96	even	even	ADV
cblr-5117	161	97	though	though	SCONJ
cblr-5117	161	98	he	he	PRON
cblr-5117	161	99	did	do	AUX
cblr-5117	161	100	not	not	PART
cblr-5117	161	101	make	make	VERB
cblr-5117	161	102	monetary	monetary	ADJ
cblr-5117	161	103	contributions	contribution	NOUN
cblr-5117	161	104	to	to	ADP
cblr-5117	161	105	the	the	DET
cblr-5117	161	106	pension	pension	NOUN
cblr-5117	161	107	fund	fund	NOUN
cblr-5117	161	108	,	,	PUNCT
cblr-5117	161	109	he	he	PRON
cblr-5117	161	110	had	have	AUX
cblr-5117	161	111	bought	buy	VERB
cblr-5117	161	112	securities	security	NOUN
cblr-5117	161	113	by	by	ADP
cblr-5117	161	114	means	mean	NOUN
cblr-5117	161	115	of	of	ADP
cblr-5117	161	116	his	his	PRON
cblr-5117	161	117	labor.45	labor.45	NOUN
cblr-5117	161	118	the	the	DET
cblr-5117	161	119	district	district	NOUN
cblr-5117	161	120	court	court	NOUN
cblr-5117	161	121	for	for	ADP
cblr-5117	161	122	the	the	DET
cblr-5117	161	123	northern	northern	ADJ
cblr-5117	161	124	district	district	PROPN
cblr-5117	161	125	of	of	ADP
cblr-5117	161	126	illinois	illinois	PROPN
cblr-5117	161	127	,	,	PUNCT
cblr-5117	161	128	eastern	eastern	ADJ
cblr-5117	161	129	division	division	NOUN
cblr-5117	161	130	,	,	PUNCT
cblr-5117	161	131	and	and	CCONJ
cblr-5117	161	132	later	later	ADV
cblr-5117	161	133	the	the	DET
cblr-5117	161	134	seventh	seventh	ADJ
cblr-5117	161	135	circuit	circuit	NOUN
cblr-5117	161	136	court	court	NOUN
cblr-5117	161	137	of	of	ADP
cblr-5117	161	138	appeals	appeals	PROPN
cblr-5117	161	139	accepted	accept	VERB
cblr-5117	161	140	this	this	DET
cblr-5117	161	141	line	line	NOUN
cblr-5117	161	142	of	of	ADP
cblr-5117	161	143	reasoning	reasoning	NOUN
cblr-5117	161	144	and	and	CCONJ
cblr-5117	161	145	40	40	NUM
cblr-5117	161	146	daniel	daniel	PROPN
cblr-5117	161	147	,	,	PUNCT
cblr-5117	162	1	439	439	NUM
cblr-5117	162	2	u.s	u.s	PROPN
cblr-5117	162	3	.	.	PROPN
cblr-5117	162	4	at	at	ADP
cblr-5117	162	5	555	555	NUM
cblr-5117	162	6	.	.	PUNCT
cblr-5117	163	1	41	41	NUM
cblr-5117	163	2	see	see	VERB
cblr-5117	163	3	i	i	PRON
cblr-5117	163	4	d.	d.	PROPN
cblr-5117	163	5	42	42	NUM
cblr-5117	163	6	see	see	VERB
cblr-5117	163	7	i	i	PROPN
cblr-5117	163	8	d	d	PROPN
cblr-5117	163	9	at	at	ADP
cblr-5117	163	10	553–54	553–54	NUM
cblr-5117	163	11	.	.	PUNCT
cblr-5117	164	1	43	43	NUM
cblr-5117	165	1	i	i	PRON
cblr-5117	165	2	d.	d.	PROPN
cblr-5117	165	3	at	at	ADP
cblr-5117	165	4	553–55	553–55	NUM
cblr-5117	165	5	.	.	PUNCT
cblr-5117	166	1	44	44	NUM
cblr-5117	167	1	i	i	PRON
cblr-5117	167	2	d.	d.	PROPN
cblr-5117	167	3	at	at	ADP
cblr-5117	167	4	555	555	NUM
cblr-5117	167	5	.	.	PUNCT
cblr-5117	168	1	45	45	NUM
cblr-5117	169	1	i	i	PRON
cblr-5117	169	2	d.	d.	PROPN
cblr-5117	169	3	at	at	ADP
cblr-5117	169	4	559	559	NUM
cblr-5117	169	5	(	(	PUNCT
cblr-5117	169	6	“	"	PUNCT
cblr-5117	169	7	by	by	ADP
cblr-5117	169	8	allowing	allow	VERB
cblr-5117	169	9	his	his	PRON
cblr-5117	169	10	employer	employer	NOUN
cblr-5117	169	11	to	to	PART
cblr-5117	169	12	pay	pay	VERB
cblr-5117	169	13	money	money	NOUN
cblr-5117	169	14	into	into	ADP
cblr-5117	169	15	the	the	DET
cblr-5117	169	16	[	[	NOUN
cblr-5117	169	17	pension	pension	NOUN
cblr-5117	169	18	]	]	PUNCT
cblr-5117	169	19	fund	fund	NOUN
cblr-5117	169	20	,	,	PUNCT
cblr-5117	169	21	and	and	CCONJ
cblr-5117	169	22	by	by	ADP
cblr-5117	169	23	contributing	contribute	VERB
cblr-5117	169	24	his	his	PRON
cblr-5117	169	25	labor	labor	NOUN
cblr-5117	169	26	to	to	ADP
cblr-5117	169	27	his	his	PRON
cblr-5117	169	28	employer	employer	NOUN
cblr-5117	169	29	in	in	ADP
cblr-5117	169	30	return	return	NOUN
cblr-5117	169	31	for	for	ADP
cblr-5117	169	32	these	these	DET
cblr-5117	169	33	payments	payment	NOUN
cblr-5117	169	34	,	,	PUNCT
cblr-5117	169	35	respondent	respondent	NOUN
cblr-5117	169	36	asserts	assert	VERB
cblr-5117	169	37	he	he	PRON
cblr-5117	169	38	has	have	AUX
cblr-5117	169	39	made	make	VERB
cblr-5117	169	40	the	the	DET
cblr-5117	169	41	kind	kind	NOUN
cblr-5117	169	42	of	of	ADP
cblr-5117	169	43	investment	investment	NOUN
cblr-5117	169	44	which	which	PRON
cblr-5117	169	45	the	the	DET
cblr-5117	169	46	securities	security	NOUN
cblr-5117	169	47	acts	act	NOUN
cblr-5117	169	48	were	be	AUX
cblr-5117	169	49	intended	intend	VERB
cblr-5117	169	50	to	to	PART
cblr-5117	169	51	regulate	regulate	VERB
cblr-5117	169	52	.	.	PUNCT
cblr-5117	169	53	”	"	PUNCT
cblr-5117	169	54	)	)	PUNCT
cblr-5117	169	55	.	.	PUNCT
cblr-5117	170	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	170	2	(	(	PUNCT
cblr-5117	170	3	do	do	AUX
cblr-5117	170	4	not	not	PART
cblr-5117	170	5	delte	delte	VERB
cblr-5117	170	6	)	)	PUNCT
cblr-5117	170	7	1/8/2020	1/8/2020	NUM
cblr-5117	170	8	4:44	4:44	NUM
cblr-5117	170	9	pm	pm	NOUN
cblr-5117	170	10	880	880	NUM
cblr-5117	170	11	columbia	columbia	PROPN
cblr-5117	170	12	business	business	NOUN
cblr-5117	170	13	law	law	PROPN
cblr-5117	170	14	review	review	NOUN
cblr-5117	171	1	[	[	X
cblr-5117	171	2	vol	vol	NOUN
cblr-5117	171	3	.	.	PUNCT
cblr-5117	171	4	2019	2019	NUM
cblr-5117	171	5	denied	deny	VERB
cblr-5117	171	6	the	the	DET
cblr-5117	171	7	defendants	defendant	NOUN
cblr-5117	171	8	’	'	PUNCT
cblr-5117	171	9	motion	motion	NOUN
cblr-5117	171	10	to	to	PART
cblr-5117	171	11	dismiss	dismiss	VERB
cblr-5117	171	12	the	the	DET
cblr-5117	171	13	securities	security	NOUN
cblr-5117	171	14	’	'	PUNCT
cblr-5117	171	15	counts	count	NOUN
cblr-5117	171	16	of	of	ADP
cblr-5117	171	17	the	the	DET
cblr-5117	171	18	plaintiff	plaintiff	NOUN
cblr-5117	171	19	’s	’s	PART
cblr-5117	171	20	complaints.46	complaints.46	NOUN
cblr-5117	171	21	however	however	ADV
cblr-5117	171	22	,	,	PUNCT
cblr-5117	171	23	the	the	DET
cblr-5117	171	24	supreme	supreme	PROPN
cblr-5117	171	25	court	court	PROPN
cblr-5117	171	26	reversed	reverse	VERB
cblr-5117	171	27	,	,	PUNCT
cblr-5117	171	28	holding	hold	VERB
cblr-5117	171	29	that	that	PRON
cblr-5117	171	30	to	to	PART
cblr-5117	171	31	become	become	VERB
cblr-5117	171	32	an	an	DET
cblr-5117	171	33	investor	investor	NOUN
cblr-5117	171	34	,	,	PUNCT
cblr-5117	171	35	a	a	DET
cblr-5117	171	36	person	person	NOUN
cblr-5117	171	37	must	must	AUX
cblr-5117	171	38	“	"	PUNCT
cblr-5117	171	39	choose	choose	VERB
cblr-5117	171	40	to	to	PART
cblr-5117	171	41	give	give	VERB
cblr-5117	171	42	up	up	ADP
cblr-5117	171	43	a	a	DET
cblr-5117	171	44	specific	specific	ADJ
cblr-5117	171	45	consideration	consideration	NOUN
cblr-5117	171	46	in	in	ADP
cblr-5117	171	47	return	return	NOUN
cblr-5117	171	48	for	for	ADP
cblr-5117	171	49	a	a	DET
cblr-5117	171	50	separable	separable	ADJ
cblr-5117	171	51	financial	financial	ADJ
cblr-5117	171	52	interest	interest	NOUN
cblr-5117	171	53	with	with	ADP
cblr-5117	171	54	the	the	DET
cblr-5117	171	55	characteristics	characteristic	NOUN
cblr-5117	171	56	of	of	ADP
cblr-5117	171	57	a	a	DET
cblr-5117	171	58	security	security	NOUN
cblr-5117	171	59	.	.	PUNCT
cblr-5117	172	1	”47	”47	PROPN
cblr-5117	173	1	the	the	DET
cblr-5117	173	2	supreme	supreme	PROPN
cblr-5117	173	3	court	court	PROPN
cblr-5117	173	4	did	do	AUX
cblr-5117	173	5	not	not	PART
cblr-5117	173	6	reject	reject	VERB
cblr-5117	173	7	the	the	DET
cblr-5117	173	8	idea	idea	NOUN
cblr-5117	173	9	that	that	SCONJ
cblr-5117	173	10	a	a	DET
cblr-5117	173	11	security	security	NOUN
cblr-5117	173	12	could	could	AUX
cblr-5117	173	13	be	be	AUX
cblr-5117	173	14	bought	buy	VERB
cblr-5117	173	15	in	in	ADP
cblr-5117	173	16	exchange	exchange	NOUN
cblr-5117	173	17	for	for	ADP
cblr-5117	173	18	employee	employee	NOUN
cblr-5117	173	19	labor—“[t]his	labor—“[t]his	PROPN
cblr-5117	173	20	is	be	AUX
cblr-5117	173	21	not	not	PART
cblr-5117	173	22	to	to	PART
cblr-5117	173	23	say	say	VERB
cblr-5117	173	24	that	that	SCONJ
cblr-5117	173	25	a	a	DET
cblr-5117	173	26	person	person	NOUN
cblr-5117	173	27	’s	’s	PART
cblr-5117	173	28	‘	'	PUNCT
cblr-5117	173	29	investment	investment	NOUN
cblr-5117	173	30	,	,	PUNCT
cblr-5117	173	31	’	'	PUNCT
cblr-5117	173	32	in	in	ADP
cblr-5117	173	33	order	order	NOUN
cblr-5117	173	34	to	to	PART
cblr-5117	173	35	meet	meet	VERB
cblr-5117	173	36	the	the	DET
cblr-5117	173	37	definition	definition	NOUN
cblr-5117	173	38	of	of	ADP
cblr-5117	173	39	an	an	DET
cblr-5117	173	40	investment	investment	NOUN
cblr-5117	173	41	contract	contract	NOUN
cblr-5117	173	42	,	,	PUNCT
cblr-5117	173	43	must	must	AUX
cblr-5117	173	44	take	take	VERB
cblr-5117	173	45	the	the	DET
cblr-5117	173	46	form	form	NOUN
cblr-5117	173	47	of	of	ADP
cblr-5117	173	48	cash	cash	NOUN
cblr-5117	173	49	only	only	ADV
cblr-5117	173	50	,	,	PUNCT
cblr-5117	173	51	rather	rather	ADV
cblr-5117	173	52	than	than	ADP
cblr-5117	173	53	of	of	ADP
cblr-5117	173	54	goods	good	NOUN
cblr-5117	173	55	and	and	CCONJ
cblr-5117	173	56	services	service	NOUN
cblr-5117	173	57	.	.	PUNCT
cblr-5117	174	1	”48	”48	PROPN
cblr-5117	174	2	however	however	ADV
cblr-5117	174	3	,	,	PUNCT
cblr-5117	174	4	in	in	ADP
cblr-5117	174	5	the	the	DET
cblr-5117	174	6	context	context	NOUN
cblr-5117	174	7	of	of	ADP
cblr-5117	174	8	an	an	DET
cblr-5117	174	9	employment	employment	NOUN
cblr-5117	174	10	relationship	relationship	NOUN
cblr-5117	174	11	that	that	PRON
cblr-5117	174	12	involves	involve	VERB
cblr-5117	174	13	many	many	ADJ
cblr-5117	174	14	compensation	compensation	NOUN
cblr-5117	174	15	components	component	NOUN
cblr-5117	174	16	and	and	CCONJ
cblr-5117	174	17	benefits	benefit	NOUN
cblr-5117	174	18	,	,	PUNCT
cblr-5117	174	19	the	the	DET
cblr-5117	174	20	court	court	NOUN
cblr-5117	174	21	found	find	VERB
cblr-5117	174	22	that	that	SCONJ
cblr-5117	174	23	the	the	DET
cblr-5117	174	24	significance	significance	NOUN
cblr-5117	174	25	of	of	ADP
cblr-5117	174	26	the	the	DET
cblr-5117	174	27	security	security	NOUN
cblr-5117	174	28	component	component	NOUN
cblr-5117	174	29	(	(	PUNCT
cblr-5117	174	30	future	future	ADJ
cblr-5117	174	31	pension	pension	NOUN
cblr-5117	174	32	)	)	PUNCT
cblr-5117	174	33	is	be	AUX
cblr-5117	174	34	“	"	PUNCT
cblr-5117	174	35	attenuated	attenuate	VERB
cblr-5117	174	36	.	.	PUNCT
cblr-5117	175	1	”49	”49	ADP
cblr-5117	175	2	finding	find	VERB
cblr-5117	175	3	that	that	SCONJ
cblr-5117	175	4	“	"	PUNCT
cblr-5117	175	5	[	[	X
cblr-5117	175	6	o]nly	o]nly	ADV
cblr-5117	175	7	in	in	ADP
cblr-5117	175	8	the	the	DET
cblr-5117	175	9	most	most	ADV
cblr-5117	175	10	abstract	abstract	ADJ
cblr-5117	175	11	sense	sense	NOUN
cblr-5117	175	12	may	may	AUX
cblr-5117	175	13	it	it	PRON
cblr-5117	175	14	be	be	AUX
cblr-5117	175	15	said	say	VERB
cblr-5117	175	16	that	that	SCONJ
cblr-5117	175	17	an	an	DET
cblr-5117	175	18	employee	employee	NOUN
cblr-5117	175	19	‘	'	PUNCT
cblr-5117	175	20	exchanges	exchange	NOUN
cblr-5117	175	21	’	'	PUNCT
cblr-5117	175	22	some	some	DET
cblr-5117	175	23	portion	portion	NOUN
cblr-5117	175	24	of	of	ADP
cblr-5117	175	25	his	his	PRON
cblr-5117	175	26	labor	labor	NOUN
cblr-5117	175	27	in	in	ADP
cblr-5117	175	28	return	return	NOUN
cblr-5117	175	29	for	for	ADP
cblr-5117	175	30	these	these	DET
cblr-5117	175	31	possible	possible	ADJ
cblr-5117	175	32	benefits,”50	benefits,”50	NOUN
cblr-5117	175	33	the	the	DET
cblr-5117	175	34	court	court	NOUN
cblr-5117	175	35	concluded	conclude	VERB
cblr-5117	175	36	,	,	PUNCT
cblr-5117	175	37	“	"	PUNCT
cblr-5117	175	38	[	[	X
cblr-5117	175	39	l]ooking	l]ooke	VERB
cblr-5117	175	40	at	at	ADP
cblr-5117	175	41	the	the	DET
cblr-5117	175	42	economic	economic	ADJ
cblr-5117	175	43	realities	reality	NOUN
cblr-5117	175	44	,	,	PUNCT
cblr-5117	175	45	it	it	PRON
cblr-5117	175	46	seems	seem	VERB
cblr-5117	175	47	clear	clear	ADJ
cblr-5117	175	48	that	that	SCONJ
cblr-5117	175	49	an	an	DET
cblr-5117	175	50	employee	employee	NOUN
cblr-5117	175	51	is	be	AUX
cblr-5117	175	52	selling	sell	VERB
cblr-5117	175	53	his	his	PRON
cblr-5117	175	54	labor	labor	NOUN
cblr-5117	175	55	primarily	primarily	ADV
cblr-5117	175	56	to	to	PART
cblr-5117	175	57	obtain	obtain	VERB
cblr-5117	175	58	a	a	DET
cblr-5117	175	59	livelihood	livelihood	NOUN
cblr-5117	175	60	,	,	PUNCT
cblr-5117	175	61	not	not	PART
cblr-5117	175	62	[	[	X
cblr-5117	175	63	to	to	PART
cblr-5117	175	64	make	make	VERB
cblr-5117	175	65	]	]	X
cblr-5117	175	66	an	an	DET
cblr-5117	175	67	investment	investment	NOUN
cblr-5117	175	68	.	.	PUNCT
cblr-5117	176	1	”51	”51	PROPN
cblr-5117	176	2	therefore	therefore	ADV
cblr-5117	176	3	,	,	PUNCT
cblr-5117	176	4	the	the	DET
cblr-5117	176	5	court	court	NOUN
cblr-5117	176	6	dismissed	dismiss	VERB
cblr-5117	176	7	all	all	DET
cblr-5117	176	8	counts	count	NOUN
cblr-5117	176	9	against	against	ADP
cblr-5117	176	10	defendants	defendant	NOUN
cblr-5117	176	11	involving	involve	VERB
cblr-5117	176	12	securities	security	NOUN
cblr-5117	176	13	fraud.52	fraud.52	ADP
cblr-5117	176	14	the	the	DET
cblr-5117	176	15	decision	decision	NOUN
cblr-5117	176	16	in	in	ADP
cblr-5117	176	17	daniel	daniel	PROPN
cblr-5117	176	18	suggests	suggest	VERB
cblr-5117	176	19	that	that	SCONJ
cblr-5117	176	20	an	an	DET
cblr-5117	176	21	equity	equity	NOUN
cblr-5117	176	22	-	-	PUNCT
cblr-5117	176	23	based	base	VERB
cblr-5117	176	24	compensation	compensation	NOUN
cblr-5117	176	25	arrangement	arrangement	NOUN
cblr-5117	176	26	does	do	AUX
cblr-5117	176	27	not	not	PART
cblr-5117	176	28	constitute	constitute	VERB
cblr-5117	176	29	an	an	DET
cblr-5117	176	30	offer	offer	NOUN
cblr-5117	176	31	to	to	PART
cblr-5117	176	32	sell	sell	VERB
cblr-5117	176	33	where	where	SCONJ
cblr-5117	176	34	the	the	DET
cblr-5117	176	35	equity	equity	NOUN
cblr-5117	176	36	component	component	NOUN
cblr-5117	176	37	can	can	AUX
cblr-5117	176	38	not	not	PART
cblr-5117	176	39	be	be	AUX
cblr-5117	176	40	differentiated	differentiate	VERB
cblr-5117	176	41	from	from	ADP
cblr-5117	176	42	the	the	DET
cblr-5117	176	43	other	other	ADJ
cblr-5117	176	44	components	component	NOUN
cblr-5117	176	45	of	of	ADP
cblr-5117	176	46	the	the	DET
cblr-5117	176	47	compensation	compensation	NOUN
cblr-5117	176	48	package	package	NOUN
cblr-5117	176	49	.	.	PUNCT
cblr-5117	177	1	however	however	ADV
cblr-5117	177	2	,	,	PUNCT
cblr-5117	177	3	in	in	ADP
cblr-5117	177	4	the	the	DET
cblr-5117	177	5	years	year	NOUN
cblr-5117	177	6	following	follow	VERB
cblr-5117	177	7	this	this	DET
cblr-5117	177	8	decision	decision	NOUN
cblr-5117	177	9	,	,	PUNCT
cblr-5117	177	10	economic	economic	ADJ
cblr-5117	177	11	realities	reality	NOUN
cblr-5117	177	12	have	have	AUX
cblr-5117	177	13	changed	change	VERB
cblr-5117	177	14	,	,	PUNCT
cblr-5117	177	15	and	and	CCONJ
cblr-5117	177	16	a	a	DET
cblr-5117	177	17	growing	grow	VERB
cblr-5117	177	18	number	number	NOUN
cblr-5117	177	19	of	of	ADP
cblr-5117	177	20	employees	employee	NOUN
cblr-5117	177	21	have	have	AUX
cblr-5117	177	22	started	start	VERB
cblr-5117	177	23	46	46	NUM
cblr-5117	177	24	see	see	VERB
cblr-5117	177	25	daniel	daniel	PROPN
cblr-5117	177	26	v.	v.	ADP
cblr-5117	177	27	int’l	int’l	NUM
cblr-5117	177	28	bhd	bhd	PROPN
cblr-5117	177	29	.	.	PUNCT
cblr-5117	178	1	of	of	ADP
cblr-5117	178	2	teamsters	teamster	NOUN
cblr-5117	178	3	,	,	PUNCT
cblr-5117	178	4	410	410	NUM
cblr-5117	178	5	f.	f.	PROPN
cblr-5117	178	6	supp	supp	PROPN
cblr-5117	178	7	.	.	PUNCT
cblr-5117	179	1	541	541	NUM
cblr-5117	179	2	(	(	PUNCT
cblr-5117	179	3	n.d	n.d	PROPN
cblr-5117	179	4	.	.	PROPN
cblr-5117	179	5	ill	ill	PROPN
cblr-5117	179	6	.	.	PROPN
cblr-5117	179	7	1976	1976	NUM
cblr-5117	179	8	)	)	PUNCT
cblr-5117	179	9	,	,	PUNCT
cblr-5117	179	10	aff’d	aff’d	VERB
cblr-5117	179	11	,	,	PUNCT
cblr-5117	179	12	561	561	NUM
cblr-5117	179	13	f.2d	f.2d	NOUN
cblr-5117	179	14	1223	1223	NUM
cblr-5117	179	15	(	(	PUNCT
cblr-5117	179	16	7th	7th	ADJ
cblr-5117	179	17	cir	cir	NOUN
cblr-5117	179	18	.	.	PUNCT
cblr-5117	179	19	1977	1977	NUM
cblr-5117	179	20	)	)	PUNCT
cblr-5117	179	21	.	.	PUNCT
cblr-5117	180	1	the	the	DET
cblr-5117	180	2	court	court	NOUN
cblr-5117	180	3	of	of	ADP
cblr-5117	180	4	appeals	appeals	PROPN
cblr-5117	180	5	explained	explain	VERB
cblr-5117	180	6	that	that	SCONJ
cblr-5117	180	7	“	"	PUNCT
cblr-5117	180	8	[	[	X
cblr-5117	180	9	r]ealistically	r]ealistically	ADV
cblr-5117	180	10	speaking	speak	VERB
cblr-5117	180	11	,	,	PUNCT
cblr-5117	180	12	employers	employer	NOUN
cblr-5117	180	13	are	be	AUX
cblr-5117	180	14	putting	put	VERB
cblr-5117	180	15	money	money	NOUN
cblr-5117	180	16	into	into	ADP
cblr-5117	180	17	a	a	DET
cblr-5117	180	18	fund	fund	NOUN
cblr-5117	180	19	for	for	ADP
cblr-5117	180	20	an	an	DET
cblr-5117	180	21	employee	employee	NOUN
cblr-5117	180	22	’s	’s	PART
cblr-5117	180	23	future	future	ADJ
cblr-5117	180	24	use	use	NOUN
cblr-5117	180	25	which	which	PRON
cblr-5117	180	26	he	he	PRON
cblr-5117	180	27	would	would	AUX
cblr-5117	180	28	otherwise	otherwise	ADV
cblr-5117	180	29	be	be	AUX
cblr-5117	180	30	getting	get	VERB
cblr-5117	180	31	in	in	ADP
cblr-5117	180	32	his	his	PRON
cblr-5117	180	33	paycheck	paycheck	NOUN
cblr-5117	180	34	.	.	PUNCT
cblr-5117	180	35	”	"	PUNCT
cblr-5117	181	1	daniel	daniel	PROPN
cblr-5117	181	2	v.	v.	ADP
cblr-5117	181	3	int’l	int’l	NUM
cblr-5117	181	4	bhd	bhd	PROPN
cblr-5117	181	5	.	.	PUNCT
cblr-5117	181	6	of	of	ADP
cblr-5117	181	7	teamsters	teamster	NOUN
cblr-5117	181	8	,	,	PUNCT
cblr-5117	181	9	561	561	NUM
cblr-5117	181	10	f.2d	f.2d	NOUN
cblr-5117	181	11	1223	1223	NUM
cblr-5117	181	12	,	,	PUNCT
cblr-5117	181	13	1232	1232	NUM
cblr-5117	181	14	(	(	PUNCT
cblr-5117	181	15	7th	7th	ADJ
cblr-5117	181	16	cir	cir	NOUN
cblr-5117	181	17	.	.	PUNCT
cblr-5117	181	18	1977	1977	NUM
cblr-5117	181	19	)	)	PUNCT
cblr-5117	181	20	.	.	PUNCT
cblr-5117	182	1	47	47	NUM
cblr-5117	182	2	daniel	daniel	PROPN
cblr-5117	182	3	,	,	PUNCT
cblr-5117	182	4	439	439	NUM
cblr-5117	182	5	u.s	u.s	PROPN
cblr-5117	182	6	.	.	PROPN
cblr-5117	182	7	at	at	ADP
cblr-5117	182	8	559	559	NUM
cblr-5117	182	9	.	.	PUNCT
cblr-5117	182	10	48	48	NUM
cblr-5117	183	1	i	i	PRON
cblr-5117	183	2	d.	d.	PROPN
cblr-5117	183	3	at	at	ADP
cblr-5117	183	4	560	560	NUM
cblr-5117	183	5	n.12	n.12	NOUN
cblr-5117	183	6	.	.	NOUN
cblr-5117	183	7	49	49	NUM
cblr-5117	184	1	i	i	PRON
cblr-5117	184	2	d.	d.	PROPN
cblr-5117	184	3	at	at	ADP
cblr-5117	184	4	560	560	NUM
cblr-5117	184	5	.	.	NOUN
cblr-5117	184	6	50	50	NUM
cblr-5117	185	1	i	i	NOUN
cblr-5117	185	2	d.	d.	PROPN
cblr-5117	185	3	51	51	NUM
cblr-5117	186	1	i	i	PRON
cblr-5117	186	2	d.	d.	PROPN
cblr-5117	186	3	52	52	NUM
cblr-5117	187	1	i	i	PRON
cblr-5117	187	2	d.	d.	PROPN
cblr-5117	187	3	at	at	ADP
cblr-5117	187	4	570	570	NUM
cblr-5117	187	5	.	.	PUNCT
cblr-5117	188	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	188	2	(	(	PUNCT
cblr-5117	188	3	do	do	AUX
cblr-5117	188	4	not	not	PART
cblr-5117	188	5	delete	delete	VERB
cblr-5117	188	6	)	)	PUNCT
cblr-5117	188	7	1/8/2020	1/8/2020	NUM
cblr-5117	188	8	4:44	4:44	NUM
cblr-5117	188	9	pm	pm	NOUN
cblr-5117	188	10	no	no	INTJ
cblr-5117	188	11	.	.	PUNCT
cblr-5117	189	1	3:867	3:867	NUM
cblr-5117	189	2	]	]	PUNCT
cblr-5117	189	3	making	make	VERB
cblr-5117	189	4	disclosure	disclosure	NOUN
cblr-5117	189	5	work	work	NOUN
cblr-5117	189	6	881	881	NUM
cblr-5117	189	7	accepting	accept	VERB
cblr-5117	189	8	compensation	compensation	NOUN
cblr-5117	189	9	agreements	agreement	NOUN
cblr-5117	189	10	in	in	ADP
cblr-5117	189	11	which	which	PRON
cblr-5117	189	12	equity	equity	NOUN
cblr-5117	189	13	grants	grant	NOUN
cblr-5117	189	14	represent	represent	VERB
cblr-5117	189	15	a	a	DET
cblr-5117	189	16	significant	significant	ADJ
cblr-5117	189	17	proportion	proportion	NOUN
cblr-5117	189	18	of	of	ADP
cblr-5117	189	19	their	their	PRON
cblr-5117	189	20	pay.53	pay.53	NOUN
cblr-5117	189	21	the	the	DET
cblr-5117	189	22	sec	sec	PROPN
cblr-5117	189	23	responded	respond	VERB
cblr-5117	189	24	to	to	ADP
cblr-5117	189	25	these	these	DET
cblr-5117	189	26	market	market	NOUN
cblr-5117	189	27	dynamics	dynamic	NOUN
cblr-5117	189	28	by	by	ADP
cblr-5117	189	29	further	far	ADV
cblr-5117	189	30	developing	develop	VERB
cblr-5117	189	31	the	the	DET
cblr-5117	189	32	court	court	NOUN
cblr-5117	189	33	’s	’s	PART
cblr-5117	189	34	specific	specific	ADJ
cblr-5117	189	35	consideration	consideration	NOUN
cblr-5117	189	36	test	test	NOUN
cblr-5117	189	37	under	under	ADP
cblr-5117	189	38	the	the	DET
cblr-5117	189	39	“	"	PUNCT
cblr-5117	189	40	no	no	DET
cblr-5117	189	41	-	-	PUNCT
cblr-5117	189	42	sale	sale	NOUN
cblr-5117	189	43	”	"	PUNCT
cblr-5117	189	44	doctrine.54	doctrine.54	NOUN
cblr-5117	189	45	in	in	ADP
cblr-5117	189	46	a	a	DET
cblr-5117	189	47	1980	1980	NUM
cblr-5117	189	48	release	release	NOUN
cblr-5117	189	49	,	,	PUNCT
cblr-5117	189	50	the	the	DET
cblr-5117	189	51	sec	sec	PROPN
cblr-5117	189	52	distinguished	distinguish	VERB
cblr-5117	189	53	between	between	ADP
cblr-5117	189	54	noncontributory	noncontributory	ADJ
cblr-5117	189	55	plans	plan	NOUN
cblr-5117	189	56	that	that	PRON
cblr-5117	189	57	do	do	AUX
cblr-5117	189	58	not	not	PART
cblr-5117	189	59	involve	involve	VERB
cblr-5117	189	60	an	an	DET
cblr-5117	189	61	investment	investment	NOUN
cblr-5117	189	62	decision	decision	NOUN
cblr-5117	189	63	on	on	ADP
cblr-5117	189	64	the	the	DET
cblr-5117	189	65	employee	employee	NOUN
cblr-5117	189	66	’s	’s	PART
cblr-5117	189	67	part	part	NOUN
cblr-5117	189	68	and	and	CCONJ
cblr-5117	189	69	voluntary	voluntary	ADJ
cblr-5117	189	70	,	,	PUNCT
cblr-5117	189	71	contributory	contributory	NOUN
cblr-5117	189	72	plans	plan	NOUN
cblr-5117	189	73	“	"	PUNCT
cblr-5117	189	74	where	where	SCONJ
cblr-5117	189	75	there	there	PRON
cblr-5117	189	76	is	be	VERB
cblr-5117	189	77	both	both	PRON
cblr-5117	189	78	an	an	DET
cblr-5117	189	79	investment	investment	NOUN
cblr-5117	189	80	decision	decision	NOUN
cblr-5117	189	81	and	and	CCONJ
cblr-5117	189	82	the	the	DET
cblr-5117	189	83	furnishing	furnishing	NOUN
cblr-5117	189	84	of	of	ADP
cblr-5117	189	85	value	value	NOUN
cblr-5117	189	86	by	by	ADP
cblr-5117	189	87	participating	participate	VERB
cblr-5117	189	88	employees	employee	NOUN
cblr-5117	189	89	.	.	PUNCT
cblr-5117	190	1	”55	”55	PROPN
cblr-5117	190	2	in	in	ADP
cblr-5117	190	3	the	the	DET
cblr-5117	190	4	latter	latter	ADJ
cblr-5117	190	5	case	case	NOUN
cblr-5117	190	6	,	,	PUNCT
cblr-5117	190	7	a	a	DET
cblr-5117	190	8	“	"	PUNCT
cblr-5117	190	9	purchase	purchase	NOUN
cblr-5117	190	10	or	or	CCONJ
cblr-5117	190	11	sale	sale	NOUN
cblr-5117	190	12	”	"	PUNCT
cblr-5117	190	13	within	within	ADP
cblr-5117	190	14	the	the	DET
cblr-5117	190	15	meaning	meaning	NOUN
cblr-5117	190	16	of	of	ADP
cblr-5117	190	17	section	section	NOUN
cblr-5117	190	18	2(a)(3	2(a)(3	NUM
cblr-5117	190	19	)	)	PUNCT
cblr-5117	190	20	of	of	ADP
cblr-5117	190	21	the	the	DET
cblr-5117	190	22	securities	security	NOUN
cblr-5117	190	23	act	act	NOUN
cblr-5117	190	24	takes	take	VERB
cblr-5117	190	25	place.56	place.56	NOUN
cblr-5117	190	26	conversely	conversely	ADV
cblr-5117	190	27	,	,	PUNCT
cblr-5117	190	28	the	the	DET
cblr-5117	190	29	grant	grant	NOUN
cblr-5117	190	30	of	of	ADP
cblr-5117	190	31	securities	security	NOUN
cblr-5117	190	32	to	to	ADP
cblr-5117	190	33	an	an	DET
cblr-5117	190	34	employee	employee	NOUN
cblr-5117	190	35	under	under	ADP
cblr-5117	190	36	an	an	DET
cblr-5117	190	37	employee	employee	NOUN
cblr-5117	190	38	benefit	benefit	NOUN
cblr-5117	190	39	plan	plan	NOUN
cblr-5117	190	40	,	,	PUNCT
cblr-5117	190	41	such	such	ADJ
cblr-5117	190	42	as	as	ADP
cblr-5117	190	43	a	a	DET
cblr-5117	190	44	stock	stock	NOUN
cblr-5117	190	45	bonus	bonus	NOUN
cblr-5117	190	46	plan	plan	NOUN
cblr-5117	190	47	,	,	PUNCT
cblr-5117	190	48	does	do	AUX
cblr-5117	190	49	not	not	PART
cblr-5117	190	50	constitute	constitute	VERB
cblr-5117	190	51	a	a	DET
cblr-5117	190	52	“	"	PUNCT
cblr-5117	190	53	purchase	purchase	NOUN
cblr-5117	190	54	or	or	CCONJ
cblr-5117	190	55	sale	sale	NOUN
cblr-5117	190	56	”	"	PUNCT
cblr-5117	190	57	where	where	SCONJ
cblr-5117	190	58	the	the	DET
cblr-5117	190	59	employees	employee	NOUN
cblr-5117	190	60	“	"	PUNCT
cblr-5117	190	61	do	do	AUX
cblr-5117	190	62	not	not	PART
cblr-5117	190	63	individually	individually	ADV
cblr-5117	190	64	bargain	bargain	VERB
cblr-5117	190	65	to	to	PART
cblr-5117	190	66	contribute	contribute	VERB
cblr-5117	190	67	cash	cash	NOUN
cblr-5117	190	68	or	or	CCONJ
cblr-5117	190	69	other	other	ADJ
cblr-5117	190	70	tangible	tangible	ADJ
cblr-5117	190	71	or	or	CCONJ
cblr-5117	190	72	definable	definable	ADJ
cblr-5117	190	73	consideration	consideration	NOUN
cblr-5117	190	74	to	to	ADP
cblr-5117	190	75	such	such	ADJ
cblr-5117	190	76	plans	plan	NOUN
cblr-5117	190	77	.	.	PUNCT
cblr-5117	191	1	”57	”57	PROPN
cblr-5117	191	2	the	the	DET
cblr-5117	191	3	courts	court	NOUN
cblr-5117	191	4	followed	follow	VERB
cblr-5117	191	5	a	a	DET
cblr-5117	191	6	similar	similar	ADJ
cblr-5117	191	7	trajectory	trajectory	NOUN
cblr-5117	191	8	applying	apply	VERB
cblr-5117	191	9	the	the	DET
cblr-5117	191	10	“	"	PUNCT
cblr-5117	191	11	nosale	nosale	NOUN
cblr-5117	191	12	”	"	PUNCT
cblr-5117	191	13	doctrine	doctrine	NOUN
cblr-5117	191	14	in	in	ADP
cblr-5117	191	15	cases	case	NOUN
cblr-5117	191	16	where	where	SCONJ
cblr-5117	191	17	employees	employee	NOUN
cblr-5117	191	18	did	do	AUX
cblr-5117	191	19	not	not	PART
cblr-5117	191	20	make	make	VERB
cblr-5117	191	21	an	an	DET
cblr-5117	191	22	intentional	intentional	ADJ
cblr-5117	191	23	investment	investment	NOUN
cblr-5117	191	24	decision	decision	NOUN
cblr-5117	191	25	and	and	CCONJ
cblr-5117	191	26	specifically	specifically	ADV
cblr-5117	191	27	bargain	bargain	NOUN
cblr-5117	191	28	for	for	ADP
cblr-5117	191	29	the	the	DET
cblr-5117	191	30	equity	equity	NOUN
cblr-5117	191	31	grant.58	grant.58	PROPN
cblr-5117	191	32	on	on	ADP
cblr-5117	191	33	the	the	DET
cblr-5117	191	34	other	other	ADJ
cblr-5117	191	35	hand	hand	NOUN
cblr-5117	191	36	,	,	PUNCT
cblr-5117	191	37	when	when	SCONJ
cblr-5117	191	38	employers	employer	NOUN
cblr-5117	191	39	offered	offer	VERB
cblr-5117	191	40	53	53	NUM
cblr-5117	191	41	see	see	VERB
cblr-5117	191	42	aran	aran	NOUN
cblr-5117	191	43	,	,	PUNCT
cblr-5117	191	44	supra	supra	PROPN
cblr-5117	191	45	note	note	NOUN
cblr-5117	191	46	4	4	NUM
cblr-5117	191	47	,	,	PUNCT
cblr-5117	191	48	at	at	ADP
cblr-5117	191	49	1263	1263	NUM
cblr-5117	191	50	.	.	PUNCT
cblr-5117	192	1	54	54	NUM
cblr-5117	192	2	see	see	VERB
cblr-5117	192	3	employee	employee	NOUN
cblr-5117	192	4	benefit	benefit	NOUN
cblr-5117	192	5	plans	plan	NOUN
cblr-5117	192	6	:	:	PUNCT
cblr-5117	192	7	interpretations	interpretation	NOUN
cblr-5117	192	8	of	of	ADP
cblr-5117	192	9	statute	statute	NOUN
cblr-5117	192	10	,	,	PUNCT
cblr-5117	192	11	securities	security	NOUN
cblr-5117	192	12	act	act	VERB
cblr-5117	192	13	release	release	VERB
cblr-5117	192	14	no	no	NOUN
cblr-5117	192	15	.	.	NOUN
cblr-5117	192	16	6188	6188	NUM
cblr-5117	192	17	,	,	PUNCT
cblr-5117	192	18	45	45	NUM
cblr-5117	192	19	fed	feed	VERB
cblr-5117	192	20	.	.	PUNCT
cblr-5117	193	1	reg	reg	PROPN
cblr-5117	193	2	.	.	PROPN
cblr-5117	193	3	8960	8960	NUM
cblr-5117	193	4	,	,	PUNCT
cblr-5117	193	5	8961	8961	NUM
cblr-5117	193	6	(	(	PUNCT
cblr-5117	193	7	feb	feb	X
cblr-5117	193	8	.	.	PROPN
cblr-5117	193	9	11	11	NUM
cblr-5117	193	10	,	,	PUNCT
cblr-5117	193	11	1980	1980	NUM
cblr-5117	193	12	)	)	PUNCT
cblr-5117	194	1	(	(	PUNCT
cblr-5117	194	2	to	to	PART
cblr-5117	194	3	be	be	AUX
cblr-5117	194	4	codified	codify	VERB
cblr-5117	194	5	at	at	ADP
cblr-5117	194	6	17	17	NUM
cblr-5117	194	7	c.f.r	c.f.r	NOUN
cblr-5117	194	8	.	.	PUNCT
cblr-5117	195	1	pt	pt	PROPN
cblr-5117	195	2	.	.	NOUN
cblr-5117	195	3	231	231	NUM
cblr-5117	195	4	)	)	PUNCT
cblr-5117	195	5	(	(	PUNCT
cblr-5117	195	6	interpretive	interpretive	ADJ
cblr-5117	195	7	release	release	NOUN
cblr-5117	195	8	expressing	express	VERB
cblr-5117	195	9	the	the	DET
cblr-5117	195	10	views	view	NOUN
cblr-5117	195	11	of	of	ADP
cblr-5117	195	12	the	the	DET
cblr-5117	195	13	sec	sec	PROPN
cblr-5117	195	14	staff	staff	NOUN
cblr-5117	195	15	on	on	ADP
cblr-5117	195	16	the	the	DET
cblr-5117	195	17	application	application	NOUN
cblr-5117	195	18	of	of	ADP
cblr-5117	195	19	the	the	DET
cblr-5117	195	20	securities	security	NOUN
cblr-5117	195	21	act	act	NOUN
cblr-5117	195	22	to	to	ADP
cblr-5117	195	23	employee	employee	NOUN
cblr-5117	195	24	benefit	benefit	NOUN
cblr-5117	195	25	plans	plan	NOUN
cblr-5117	195	26	)	)	PUNCT
cblr-5117	195	27	;	;	PUNCT
cblr-5117	195	28	see	see	VERB
cblr-5117	195	29	also	also	ADV
cblr-5117	195	30	employee	employee	NOUN
cblr-5117	195	31	benefits	benefit	VERB
cblr-5117	195	32	plans	plan	NOUN
cblr-5117	195	33	,	,	PUNCT
cblr-5117	195	34	securities	security	NOUN
cblr-5117	195	35	exchange	exchange	PROPN
cblr-5117	195	36	act	act	PROPN
cblr-5117	195	37	release	release	VERB
cblr-5117	195	38	no	no	DET
cblr-5117	195	39	.	.	NOUN
cblr-5117	195	40	6281	6281	NUM
cblr-5117	195	41	,	,	PUNCT
cblr-5117	195	42	46	46	NUM
cblr-5117	195	43	fed	feed	VERB
cblr-5117	195	44	.	.	PUNCT
cblr-5117	196	1	reg	reg	PROPN
cblr-5117	196	2	.	.	PROPN
cblr-5117	196	3	8446	8446	NUM
cblr-5117	196	4	,	,	PUNCT
cblr-5117	196	5	8447	8447	NUM
cblr-5117	196	6	(	(	PUNCT
cblr-5117	196	7	jan	jan	PROPN
cblr-5117	196	8	.	.	PROPN
cblr-5117	196	9	27	27	NUM
cblr-5117	196	10	,	,	PUNCT
cblr-5117	196	11	1981	1981	NUM
cblr-5117	196	12	)	)	PUNCT
cblr-5117	197	1	(	(	PUNCT
cblr-5117	197	2	to	to	PART
cblr-5117	197	3	be	be	AUX
cblr-5117	197	4	codified	codify	VERB
cblr-5117	197	5	at	at	ADP
cblr-5117	197	6	17	17	NUM
cblr-5117	197	7	c.f.r	c.f.r	NOUN
cblr-5117	197	8	.	.	PUNCT
cblr-5117	198	1	pt	pt	PROPN
cblr-5117	198	2	.	.	NOUN
cblr-5117	198	3	231	231	NUM
cblr-5117	198	4	)	)	PUNCT
cblr-5117	198	5	(	(	PUNCT
cblr-5117	198	6	interpretive	interpretive	ADJ
cblr-5117	198	7	release	release	NOUN
cblr-5117	198	8	supplementing	supplement	VERB
cblr-5117	198	9	the	the	DET
cblr-5117	198	10	33	33	NUM
cblr-5117	198	11	-	-	PUNCT
cblr-5117	198	12	6188	6188	NUM
cblr-5117	198	13	release	release	NOUN
cblr-5117	198	14	)	)	PUNCT
cblr-5117	198	15	;	;	PUNCT
cblr-5117	198	16	robert	robert	PROPN
cblr-5117	198	17	anderson	anderson	PROPN
cblr-5117	198	18	iv	iv	PROPN
cblr-5117	198	19	,	,	PUNCT
cblr-5117	198	20	employee	employee	NOUN
cblr-5117	198	21	incentives	incentive	NOUN
cblr-5117	198	22	and	and	CCONJ
cblr-5117	198	23	the	the	DET
cblr-5117	198	24	federal	federal	ADJ
cblr-5117	198	25	securities	security	NOUN
cblr-5117	198	26	laws	law	NOUN
cblr-5117	198	27	,	,	PUNCT
cblr-5117	198	28	57	57	NUM
cblr-5117	198	29	u.	u.	PROPN
cblr-5117	198	30	miami	miami	PROPN
cblr-5117	198	31	l.	l.	PROPN
cblr-5117	198	32	rev	rev	PROPN
cblr-5117	198	33	.	.	PROPN
cblr-5117	198	34	1195	1195	NUM
cblr-5117	198	35	,	,	PUNCT
cblr-5117	198	36	1217	1217	NUM
cblr-5117	198	37	(	(	PUNCT
cblr-5117	198	38	2003	2003	NUM
cblr-5117	198	39	)	)	PUNCT
cblr-5117	198	40	.	.	PUNCT
cblr-5117	199	1	55	55	NUM
cblr-5117	199	2	employee	employee	NOUN
cblr-5117	199	3	benefits	benefit	VERB
cblr-5117	199	4	plans	plan	NOUN
cblr-5117	199	5	,	,	PUNCT
cblr-5117	199	6	45	45	NUM
cblr-5117	199	7	fed	feed	VERB
cblr-5117	199	8	.	.	PUNCT
cblr-5117	200	1	reg	reg	PROPN
cblr-5117	200	2	.	.	PUNCT
cblr-5117	201	1	at	at	ADP
cblr-5117	201	2	8961	8961	NUM
cblr-5117	201	3	.	.	PUNCT
cblr-5117	202	1	56	56	NUM
cblr-5117	202	2	see	see	VERB
cblr-5117	202	3	15	15	NUM
cblr-5117	202	4	u.s.c	u.s.c	ADJ
cblr-5117	202	5	.	.	PUNCT
cblr-5117	203	1	§	§	PROPN
cblr-5117	203	2	77b(a)(3	77b(a)(3	PROPN
cblr-5117	203	3	)	)	PUNCT
cblr-5117	203	4	(	(	PUNCT
cblr-5117	203	5	2012	2012	NUM
cblr-5117	203	6	)	)	PUNCT
cblr-5117	203	7	.	.	PUNCT
cblr-5117	204	1	57	57	NUM
cblr-5117	204	2	employee	employee	NOUN
cblr-5117	204	3	benefits	benefit	VERB
cblr-5117	204	4	plans	plan	NOUN
cblr-5117	204	5	,	,	PUNCT
cblr-5117	204	6	45	45	NUM
cblr-5117	204	7	fed	feed	VERB
cblr-5117	204	8	.	.	PUNCT
cblr-5117	205	1	reg	reg	PROPN
cblr-5117	205	2	.	.	PUNCT
cblr-5117	206	1	at	at	ADP
cblr-5117	206	2	8968	8968	NUM
cblr-5117	206	3	.	.	PUNCT
cblr-5117	207	1	58	58	NUM
cblr-5117	207	2	see	see	VERB
cblr-5117	207	3	in	in	ADP
cblr-5117	207	4	re	re	PROPN
cblr-5117	207	5	cendant	cendant	PROPN
cblr-5117	207	6	corp	corp	PROPN
cblr-5117	207	7	.	.	PROPN
cblr-5117	207	8	sec	sec	PROPN
cblr-5117	207	9	.	.	PROPN
cblr-5117	207	10	litig	litig	PROPN
cblr-5117	207	11	.	.	PUNCT
cblr-5117	207	12	,	,	PUNCT
cblr-5117	207	13	76	76	NUM
cblr-5117	207	14	f.	f.	PROPN
cblr-5117	207	15	supp	supp	PROPN
cblr-5117	207	16	.	.	PUNCT
cblr-5117	208	1	2d	2d	PROPN
cblr-5117	208	2	539	539	NUM
cblr-5117	208	3	,	,	PUNCT
cblr-5117	208	4	545	545	NUM
cblr-5117	208	5	(	(	PUNCT
cblr-5117	208	6	d.n.j	d.n.j	PROPN
cblr-5117	208	7	.	.	PROPN
cblr-5117	208	8	1999	1999	NUM
cblr-5117	208	9	)	)	PUNCT
cblr-5117	209	1	(	(	PUNCT
cblr-5117	209	2	holding	hold	VERB
cblr-5117	209	3	that	that	SCONJ
cblr-5117	209	4	the	the	DET
cblr-5117	209	5	“	"	PUNCT
cblr-5117	209	6	plaintiff	plaintiff	NOUN
cblr-5117	209	7	did	do	AUX
cblr-5117	209	8	not	not	PART
cblr-5117	209	9	receive	receive	VERB
cblr-5117	209	10	her	her	PRON
cblr-5117	209	11	options	option	NOUN
cblr-5117	209	12	as	as	ADP
cblr-5117	209	13	part	part	NOUN
cblr-5117	209	14	of	of	ADP
cblr-5117	209	15	a	a	DET
cblr-5117	209	16	bargained	bargain	VERB
cblr-5117	209	17	-	-	PUNCT
cblr-5117	209	18	for	for	ADP
cblr-5117	209	19	exchange	exchange	NOUN
cblr-5117	209	20	that	that	PRON
cblr-5117	209	21	required	require	VERB
cblr-5117	209	22	her	she	PRON
cblr-5117	209	23	to	to	PART
cblr-5117	209	24	make	make	VERB
cblr-5117	209	25	an	an	DET
cblr-5117	209	26	affirmative	affirmative	ADJ
cblr-5117	209	27	investment	investment	NOUN
cblr-5117	209	28	decision	decision	NOUN
cblr-5117	209	29	”	"	PUNCT
cblr-5117	209	30	)	)	PUNCT
cblr-5117	209	31	;	;	PUNCT
cblr-5117	209	32	see	see	VERB
cblr-5117	209	33	also	also	ADV
cblr-5117	209	34	in	in	ADP
cblr-5117	209	35	re	re	PROPN
cblr-5117	209	36	enron	enron	PROPN
cblr-5117	209	37	corp	corp	PROPN
cblr-5117	209	38	.	.	PROPN
cblr-5117	209	39	sec	sec	PROPN
cblr-5117	209	40	.	.	PROPN
cblr-5117	209	41	,	,	PUNCT
cblr-5117	209	42	derivative	derivative	PROPN
cblr-5117	209	43	&	&	CCONJ
cblr-5117	209	44	“	"	PUNCT
cblr-5117	209	45	erisa	erisa	NOUN
cblr-5117	209	46	”	"	PUNCT
cblr-5117	209	47	litig	litig	NOUN
cblr-5117	209	48	.	.	PUNCT
cblr-5117	210	1	,	,	PUNCT
cblr-5117	210	2	238	238	NUM
cblr-5117	210	3	f.	f.	PROPN
cblr-5117	210	4	supp	supp	PROPN
cblr-5117	210	5	.	.	PUNCT
cblr-5117	211	1	3d	3d	PROPN
cblr-5117	211	2	799	799	NUM
cblr-5117	211	3	,	,	PUNCT
cblr-5117	211	4	877	877	NUM
cblr-5117	211	5	,	,	PUNCT
cblr-5117	211	6	882	882	NUM
cblr-5117	211	7	,	,	PUNCT
cblr-5117	211	8	902	902	NUM
cblr-5117	211	9	(	(	PUNCT
cblr-5117	211	10	s.d	s.d	PROPN
cblr-5117	211	11	.	.	PUNCT
cblr-5117	212	1	tex	tex	PROPN
cblr-5117	212	2	.	.	PROPN
cblr-5117	212	3	2017	2017	NUM
cblr-5117	212	4	)	)	PUNCT
cblr-5117	212	5	(	(	PUNCT
cblr-5117	212	6	finding	find	VERB
cblr-5117	212	7	that	that	SCONJ
cblr-5117	212	8	there	there	PRON
cblr-5117	212	9	was	be	VERB
cblr-5117	212	10	no	no	DET
cblr-5117	212	11	sale	sale	NOUN
cblr-5117	212	12	because	because	SCONJ
cblr-5117	212	13	the	the	DET
cblr-5117	212	14	corporate	corporate	ADJ
cblr-5117	212	15	client	client	NOUN
cblr-5117	212	16	’s	’s	PART
cblr-5117	212	17	stock	stock	NOUN
cblr-5117	212	18	option	option	NOUN
cblr-5117	212	19	plans	plan	NOUN
cblr-5117	212	20	were	be	AUX
cblr-5117	212	21	noncontributory	noncontributory	ADJ
cblr-5117	212	22	and	and	CCONJ
cblr-5117	212	23	compulsory	compulsory	ADJ
cblr-5117	212	24	for	for	ADP
cblr-5117	212	25	its	its	PRON
cblr-5117	212	26	employees	employee	NOUN
cblr-5117	212	27	)	)	PUNCT
cblr-5117	212	28	.	.	PUNCT
cblr-5117	213	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	213	2	(	(	PUNCT
cblr-5117	213	3	do	do	AUX
cblr-5117	213	4	not	not	PART
cblr-5117	213	5	delte	delte	VERB
cblr-5117	213	6	)	)	PUNCT
cblr-5117	213	7	1/8/2020	1/8/2020	NUM
cblr-5117	213	8	4:44	4:44	NUM
cblr-5117	213	9	pm	pm	NOUN
cblr-5117	213	10	882	882	NUM
cblr-5117	213	11	columbia	columbia	PROPN
cblr-5117	213	12	business	business	NOUN
cblr-5117	213	13	law	law	PROPN
cblr-5117	213	14	review	review	NOUN
cblr-5117	214	1	[	[	X
cblr-5117	214	2	vol	vol	NOUN
cblr-5117	214	3	.	.	NOUN
cblr-5117	214	4	2019	2019	NUM
cblr-5117	214	5	equity	equity	NOUN
cblr-5117	214	6	grants	grant	NOUN
cblr-5117	214	7	to	to	ADP
cblr-5117	214	8	prospective	prospective	ADJ
cblr-5117	214	9	employees	employee	NOUN
cblr-5117	214	10	as	as	ADP
cblr-5117	214	11	inducements	inducement	NOUN
cblr-5117	214	12	to	to	PART
cblr-5117	214	13	accept	accept	VERB
cblr-5117	214	14	employment	employment	NOUN
cblr-5117	214	15	(	(	PUNCT
cblr-5117	214	16	as	as	SCONJ
cblr-5117	214	17	opposed	oppose	VERB
cblr-5117	214	18	to	to	ADP
cblr-5117	214	19	inducements	inducement	NOUN
cblr-5117	214	20	to	to	PART
cblr-5117	214	21	continue	continue	VERB
cblr-5117	214	22	employment	employment	NOUN
cblr-5117	214	23	)	)	PUNCT
cblr-5117	214	24	,	,	PUNCT
cblr-5117	214	25	the	the	DET
cblr-5117	214	26	courts	court	NOUN
cblr-5117	214	27	included	include	VERB
cblr-5117	214	28	the	the	DET
cblr-5117	214	29	plaintiff	plaintiff	NOUN
cblr-5117	214	30	-	-	PUNCT
cblr-5117	214	31	employee	employee	NOUN
cblr-5117	214	32	under	under	ADP
cblr-5117	214	33	the	the	DET
cblr-5117	214	34	scope	scope	NOUN
cblr-5117	214	35	of	of	ADP
cblr-5117	214	36	the	the	DET
cblr-5117	214	37	securities	security	NOUN
cblr-5117	214	38	act	act	PROPN
cblr-5117	214	39	’s	’s	PART
cblr-5117	214	40	protection.59	protection.59	NOUN
cblr-5117	214	41	in	in	ADP
cblr-5117	214	42	this	this	DET
cblr-5117	214	43	determination	determination	NOUN
cblr-5117	214	44	,	,	PUNCT
cblr-5117	214	45	courts	court	NOUN
cblr-5117	214	46	examined	examine	VERB
cblr-5117	214	47	the	the	DET
cblr-5117	214	48	existence	existence	NOUN
cblr-5117	214	49	of	of	ADP
cblr-5117	214	50	an	an	DET
cblr-5117	214	51	affirmative	affirmative	ADJ
cblr-5117	214	52	decision	decision	NOUN
cblr-5117	214	53	by	by	ADP
cblr-5117	214	54	the	the	DET
cblr-5117	214	55	prospective	prospective	ADJ
cblr-5117	214	56	employee	employee	NOUN
cblr-5117	214	57	to	to	PART
cblr-5117	214	58	accept	accept	VERB
cblr-5117	214	59	a	a	DET
cblr-5117	214	60	compensation	compensation	NOUN
cblr-5117	214	61	scheme	scheme	NOUN
cblr-5117	214	62	that	that	PRON
cblr-5117	214	63	included	include	VERB
cblr-5117	214	64	an	an	DET
cblr-5117	214	65	equity	equity	NOUN
cblr-5117	214	66	component	component	NOUN
cblr-5117	214	67	in	in	ADP
cblr-5117	214	68	return	return	NOUN
cblr-5117	214	69	for	for	ADP
cblr-5117	214	70	his	his	PRON
cblr-5117	214	71	or	or	CCONJ
cblr-5117	214	72	her	she	PRON
cblr-5117	214	73	labor.60	labor.60	PROPN
cblr-5117	214	74	when	when	SCONJ
cblr-5117	214	75	such	such	ADJ
cblr-5117	214	76	bargained	bargain	VERB
cblr-5117	214	77	-	-	PUNCT
cblr-5117	214	78	for	for	ADP
cblr-5117	214	79	consideration	consideration	NOUN
cblr-5117	214	80	for	for	SCONJ
cblr-5117	214	81	the	the	DET
cblr-5117	214	82	securities	security	NOUN
cblr-5117	214	83	was	be	AUX
cblr-5117	214	84	recognized	recognize	VERB
cblr-5117	214	85	,	,	PUNCT
cblr-5117	214	86	courts	court	NOUN
cblr-5117	214	87	concluded	conclude	VERB
cblr-5117	214	88	that	that	SCONJ
cblr-5117	214	89	a	a	DET
cblr-5117	214	90	“	"	PUNCT
cblr-5117	214	91	purchase	purchase	NOUN
cblr-5117	214	92	”	"	PUNCT
cblr-5117	214	93	of	of	ADP
cblr-5117	214	94	securities	security	NOUN
cblr-5117	214	95	had	have	AUX
cblr-5117	214	96	taken	take	VERB
cblr-5117	214	97	place.61	place.61	NOUN
cblr-5117	214	98	59	59	NUM
cblr-5117	214	99	see	see	NOUN
cblr-5117	214	100	in	in	ADP
cblr-5117	214	101	re	re	PROPN
cblr-5117	214	102	cendant	cendant	PROPN
cblr-5117	214	103	corp	corp	PROPN
cblr-5117	214	104	.	.	PROPN
cblr-5117	214	105	sec	sec	PROPN
cblr-5117	214	106	.	.	PROPN
cblr-5117	214	107	litig	litig	PROPN
cblr-5117	214	108	.	.	PUNCT
cblr-5117	215	1	,	,	PUNCT
cblr-5117	215	2	81	81	NUM
cblr-5117	215	3	f.	f.	PROPN
cblr-5117	215	4	supp	supp	PROPN
cblr-5117	215	5	.	.	PUNCT
cblr-5117	216	1	2d	2d	PROPN
cblr-5117	216	2	550	550	NUM
cblr-5117	216	3	,	,	PUNCT
cblr-5117	216	4	556	556	NUM
cblr-5117	216	5	(	(	PUNCT
cblr-5117	216	6	d.n.j	d.n.j	PROPN
cblr-5117	216	7	.	.	PROPN
cblr-5117	216	8	2000	2000	NUM
cblr-5117	216	9	)	)	PUNCT
cblr-5117	216	10	(	(	PUNCT
cblr-5117	216	11	differentiating	differentiate	VERB
cblr-5117	216	12	the	the	DET
cblr-5117	216	13	case	case	NOUN
cblr-5117	216	14	from	from	ADP
cblr-5117	216	15	those	those	PRON
cblr-5117	216	16	“	"	PUNCT
cblr-5117	216	17	where	where	SCONJ
cblr-5117	216	18	the	the	DET
cblr-5117	216	19	employee	employee	NOUN
cblr-5117	216	20	changed	change	VERB
cblr-5117	216	21	his	his	PRON
cblr-5117	216	22	employment	employment	NOUN
cblr-5117	216	23	status	status	NOUN
cblr-5117	216	24	in	in	ADP
cblr-5117	216	25	return	return	NOUN
cblr-5117	216	26	for	for	ADP
cblr-5117	216	27	individually	individually	ADV
cblr-5117	216	28	bargained	bargain	VERB
cblr-5117	216	29	-	-	PUNCT
cblr-5117	216	30	for	for	ADP
cblr-5117	216	31	compensation	compensation	NOUN
cblr-5117	216	32	including	include	VERB
cblr-5117	216	33	stock	stock	NOUN
cblr-5117	216	34	options	option	NOUN
cblr-5117	216	35	”	"	PUNCT
cblr-5117	216	36	which	which	PRON
cblr-5117	216	37	does	do	AUX
cblr-5117	216	38	constitute	constitute	VERB
cblr-5117	216	39	a	a	DET
cblr-5117	216	40	“	"	PUNCT
cblr-5117	216	41	purchase	purchase	NOUN
cblr-5117	216	42	or	or	CCONJ
cblr-5117	216	43	sale	sale	NOUN
cblr-5117	216	44	”	"	PUNCT
cblr-5117	216	45	)	)	PUNCT
cblr-5117	216	46	;	;	PUNCT
cblr-5117	216	47	see	see	VERB
cblr-5117	216	48	also	also	ADV
cblr-5117	216	49	yoder	yoder	PROPN
cblr-5117	216	50	v.	v.	ADP
cblr-5117	216	51	orthomolecular	orthomolecular	PROPN
cblr-5117	216	52	nutrition	nutrition	NOUN
cblr-5117	216	53	inst	inst	PROPN
cblr-5117	216	54	.	.	PROPN
cblr-5117	216	55	,	,	PUNCT
cblr-5117	216	56	inc	inc	PROPN
cblr-5117	216	57	.	.	PROPN
cblr-5117	216	58	,	,	PUNCT
cblr-5117	216	59	751	751	NUM
cblr-5117	216	60	f.2d	f.2d	NUM
cblr-5117	216	61	555	555	NUM
cblr-5117	216	62	,	,	PUNCT
cblr-5117	216	63	560	560	NUM
cblr-5117	216	64	(	(	PUNCT
cblr-5117	216	65	2d	2d	NUM
cblr-5117	216	66	cir	cir	NOUN
cblr-5117	216	67	.	.	PUNCT
cblr-5117	216	68	1985	1985	NUM
cblr-5117	216	69	)	)	PUNCT
cblr-5117	216	70	(	(	PUNCT
cblr-5117	216	71	the	the	DET
cblr-5117	216	72	plaintiff	plaintiff	NOUN
cblr-5117	216	73	agreed	agree	VERB
cblr-5117	216	74	to	to	PART
cblr-5117	216	75	work	work	VERB
cblr-5117	216	76	for	for	ADP
cblr-5117	216	77	the	the	DET
cblr-5117	216	78	defendant	defendant	NOUN
cblr-5117	216	79	in	in	ADP
cblr-5117	216	80	return	return	NOUN
cblr-5117	216	81	for	for	ADP
cblr-5117	216	82	an	an	DET
cblr-5117	216	83	annual	annual	ADJ
cblr-5117	216	84	salary	salary	NOUN
cblr-5117	216	85	of	of	ADP
cblr-5117	216	86	$	$	SYM
cblr-5117	216	87	40,000	40,000	NUM
cblr-5117	216	88	plus	plus	CCONJ
cblr-5117	216	89	options	option	NOUN
cblr-5117	216	90	to	to	PART
cblr-5117	216	91	purchase	purchase	VERB
cblr-5117	216	92	up	up	ADP
cblr-5117	216	93	to	to	PART
cblr-5117	216	94	30,000	30,000	NUM
cblr-5117	216	95	shares	share	NOUN
cblr-5117	216	96	of	of	ADP
cblr-5117	216	97	the	the	DET
cblr-5117	216	98	defendant	defendant	NOUN
cblr-5117	216	99	’s	’s	PART
cblr-5117	216	100	stock	stock	NOUN
cblr-5117	216	101	)	)	PUNCT
cblr-5117	216	102	.	.	PUNCT
cblr-5117	217	1	in	in	ADP
cblr-5117	217	2	addressing	address	VERB
cblr-5117	217	3	a	a	DET
cblr-5117	217	4	motion	motion	NOUN
cblr-5117	217	5	to	to	PART
cblr-5117	217	6	dismiss	dismiss	VERB
cblr-5117	217	7	the	the	DET
cblr-5117	217	8	plaintiffs	plaintiff	NOUN
cblr-5117	217	9	’	'	PUNCT
cblr-5117	217	10	securities	security	NOUN
cblr-5117	217	11	fraud	fraud	NOUN
cblr-5117	217	12	claim	claim	NOUN
cblr-5117	217	13	,	,	PUNCT
cblr-5117	217	14	the	the	DET
cblr-5117	217	15	judge	judge	NOUN
cblr-5117	217	16	friendly	friendly	ADJ
cblr-5117	217	17	,	,	PUNCT
cblr-5117	217	18	writing	write	VERB
cblr-5117	217	19	for	for	ADP
cblr-5117	217	20	the	the	DET
cblr-5117	217	21	court	court	NOUN
cblr-5117	217	22	,	,	PUNCT
cblr-5117	217	23	found	find	VERB
cblr-5117	217	24	that	that	SCONJ
cblr-5117	217	25	the	the	DET
cblr-5117	217	26	existence	existence	NOUN
cblr-5117	217	27	of	of	ADP
cblr-5117	217	28	a	a	DET
cblr-5117	217	29	contract	contract	NOUN
cblr-5117	217	30	for	for	ADP
cblr-5117	217	31	the	the	DET
cblr-5117	217	32	sale	sale	NOUN
cblr-5117	217	33	of	of	ADP
cblr-5117	217	34	up	up	ADP
cblr-5117	217	35	to	to	PART
cblr-5117	217	36	30,000	30,000	NUM
cblr-5117	217	37	shares	share	NOUN
cblr-5117	217	38	of	of	ADP
cblr-5117	217	39	stock	stock	NOUN
cblr-5117	217	40	meets	meet	VERB
cblr-5117	217	41	the	the	DET
cblr-5117	217	42	definition	definition	NOUN
cblr-5117	217	43	of	of	ADP
cblr-5117	217	44	a	a	DET
cblr-5117	217	45	“	"	PUNCT
cblr-5117	217	46	sale	sale	NOUN
cblr-5117	217	47	”	"	PUNCT
cblr-5117	217	48	or	or	CCONJ
cblr-5117	217	49	“	"	PUNCT
cblr-5117	217	50	sell	sell	VERB
cblr-5117	217	51	”	"	PUNCT
cblr-5117	217	52	within	within	ADP
cblr-5117	217	53	the	the	DET
cblr-5117	217	54	meaning	meaning	NOUN
cblr-5117	217	55	of	of	ADP
cblr-5117	217	56	the	the	DET
cblr-5117	217	57	securities	security	NOUN
cblr-5117	217	58	act	act	PROPN
cblr-5117	217	59	:	:	PUNCT
cblr-5117	218	1	[	[	X
cblr-5117	218	2	w]e	w]e	NOUN
cblr-5117	218	3	perceive	perceive	VERB
cblr-5117	218	4	no	no	DET
cblr-5117	218	5	reason	reason	NOUN
cblr-5117	218	6	why	why	SCONJ
cblr-5117	218	7	.	.	PUNCT
cblr-5117	218	8	.	.	PUNCT
cblr-5117	218	9	.	.	PUNCT
cblr-5117	219	1	congress	congress	PROPN
cblr-5117	219	2	should	should	AUX
cblr-5117	219	3	have	have	AUX
cblr-5117	219	4	wished	wish	VERB
cblr-5117	219	5	the	the	DET
cblr-5117	219	6	courts	court	NOUN
cblr-5117	219	7	to	to	PART
cblr-5117	219	8	exclude	exclude	VERB
cblr-5117	219	9	from	from	ADP
cblr-5117	219	10	the	the	DET
cblr-5117	219	11	benefits	benefit	NOUN
cblr-5117	219	12	of	of	ADP
cblr-5117	219	13	facially	facially	ADV
cblr-5117	219	14	applicable	applicable	ADJ
cblr-5117	219	15	language	language	NOUN
cblr-5117	219	16	a	a	DET
cblr-5117	219	17	person	person	NOUN
cblr-5117	219	18	who	who	PRON
cblr-5117	219	19	parts	part	VERB
cblr-5117	219	20	with	with	ADP
cblr-5117	219	21	his	his	PRON
cblr-5117	219	22	or	or	CCONJ
cblr-5117	219	23	her	her	PRON
cblr-5117	219	24	established	establish	VERB
cblr-5117	219	25	way	way	NOUN
cblr-5117	219	26	of	of	ADP
cblr-5117	219	27	life	life	NOUN
cblr-5117	219	28	in	in	ADP
cblr-5117	219	29	return	return	NOUN
cblr-5117	219	30	for	for	ADP
cblr-5117	219	31	a	a	DET
cblr-5117	219	32	contract	contract	NOUN
cblr-5117	219	33	to	to	PART
cblr-5117	219	34	issue	issue	VERB
cblr-5117	219	35	stock	stock	NOUN
cblr-5117	219	36	.	.	PUNCT
cblr-5117	220	1	as	as	SCONJ
cblr-5117	220	2	the	the	DET
cblr-5117	220	3	supreme	supreme	PROPN
cblr-5117	220	4	court	court	PROPN
cblr-5117	220	5	has	have	AUX
cblr-5117	220	6	noted	note	VERB
cblr-5117	220	7	in	in	ADP
cblr-5117	220	8	a	a	DET
cblr-5117	220	9	similar	similar	ADJ
cblr-5117	220	10	context	context	NOUN
cblr-5117	220	11	,	,	PUNCT
cblr-5117	220	12	“	"	PUNCT
cblr-5117	220	13	[	[	X
cblr-5117	220	14	t]he	t]he	ADV
cblr-5117	220	15	economic	economic	ADJ
cblr-5117	220	16	considerations	consideration	NOUN
cblr-5117	220	17	and	and	CCONJ
cblr-5117	220	18	realities	reality	NOUN
cblr-5117	220	19	present	present	ADJ
cblr-5117	220	20	.	.	PUNCT
cblr-5117	220	21	.	.	PUNCT
cblr-5117	221	1	.	.	PUNCT
cblr-5117	221	2	are	be	AUX
cblr-5117	221	3	similar	similar	ADJ
cblr-5117	221	4	in	in	ADP
cblr-5117	221	5	important	important	ADJ
cblr-5117	221	6	respect[s	respect[	NOUN
cblr-5117	221	7	]	]	PUNCT
cblr-5117	221	8	to	to	ADP
cblr-5117	221	9	the	the	DET
cblr-5117	221	10	risk	risk	NOUN
cblr-5117	221	11	an	an	DET
cblr-5117	221	12	investor	investor	NOUN
cblr-5117	221	13	undertakes	undertake	VERB
cblr-5117	221	14	when	when	SCONJ
cblr-5117	221	15	purchasing	purchase	VERB
cblr-5117	221	16	shares	share	NOUN
cblr-5117	221	17	.	.	PUNCT
cblr-5117	222	1	both	both	PRON
cblr-5117	222	2	are	be	AUX
cblr-5117	222	3	relying	rely	VERB
cblr-5117	222	4	on	on	ADP
cblr-5117	222	5	the	the	DET
cblr-5117	222	6	value	value	NOUN
cblr-5117	222	7	of	of	ADP
cblr-5117	222	8	the	the	DET
cblr-5117	222	9	securities	security	NOUN
cblr-5117	222	10	themselves	themselves	PRON
cblr-5117	222	11	,	,	PUNCT
cblr-5117	222	12	and	and	CCONJ
cblr-5117	222	13	both	both	PRON
cblr-5117	222	14	must	must	AUX
cblr-5117	222	15	be	be	AUX
cblr-5117	222	16	able	able	ADJ
cblr-5117	222	17	to	to	PART
cblr-5117	222	18	depend	depend	VERB
cblr-5117	222	19	on	on	ADP
cblr-5117	222	20	the	the	DET
cblr-5117	222	21	representations	representation	NOUN
cblr-5117	222	22	made	make	VERB
cblr-5117	222	23	by	by	ADP
cblr-5117	222	24	the	the	DET
cblr-5117	222	25	transfer	transfer	NOUN
cblr-5117	222	26	of	of	ADP
cblr-5117	222	27	the	the	DET
cblr-5117	222	28	securities	security	NOUN
cblr-5117	222	29	.	.	PUNCT
cblr-5117	222	30	.	.	PUNCT
cblr-5117	222	31	.	.	PUNCT
cblr-5117	222	32	.	.	PUNCT
cblr-5117	223	1	i	i	PRON
cblr-5117	223	2	d.	d.	PROPN
cblr-5117	223	3	at	at	ADP
cblr-5117	223	4	560	560	NUM
cblr-5117	223	5	.	.	PUNCT
cblr-5117	223	6	60	60	NUM
cblr-5117	223	7	see	see	VERB
cblr-5117	223	8	rudinger	rudinger	NOUN
cblr-5117	223	9	v.	v.	ADP
cblr-5117	223	10	ins	ins	PROPN
cblr-5117	223	11	.	.	PUNCT
cblr-5117	224	1	data	datum	NOUN
cblr-5117	224	2	processing	processing	NOUN
cblr-5117	224	3	,	,	PUNCT
cblr-5117	224	4	inc	inc	PROPN
cblr-5117	224	5	.	.	PROPN
cblr-5117	224	6	,	,	PUNCT
cblr-5117	224	7	778	778	NUM
cblr-5117	224	8	f.	f.	PROPN
cblr-5117	224	9	supp	supp	PROPN
cblr-5117	224	10	.	.	PUNCT
cblr-5117	225	1	1334	1334	NUM
cblr-5117	225	2	,	,	PUNCT
cblr-5117	225	3	1338	1338	NUM
cblr-5117	225	4	(	(	PUNCT
cblr-5117	225	5	e.d	e.d	PROPN
cblr-5117	225	6	.	.	PROPN
cblr-5117	225	7	pa	pa	PROPN
cblr-5117	225	8	.	.	PROPN
cblr-5117	225	9	1991	1991	NUM
cblr-5117	225	10	)	)	PUNCT
cblr-5117	225	11	(	(	PUNCT
cblr-5117	225	12	“	"	PUNCT
cblr-5117	225	13	defendants	defendant	NOUN
cblr-5117	225	14	construe	construe	VERB
cblr-5117	225	15	the	the	DET
cblr-5117	225	16	requirements	requirement	NOUN
cblr-5117	225	17	of	of	ADP
cblr-5117	225	18	a	a	DET
cblr-5117	225	19	‘	'	PUNCT
cblr-5117	225	20	purchase	purchase	NOUN
cblr-5117	225	21	’	'	PUNCT
cblr-5117	225	22	too	too	ADV
cblr-5117	225	23	narrowly	narrowly	ADV
cblr-5117	225	24	.	.	PUNCT
cblr-5117	226	1	true	true	ADJ
cblr-5117	226	2	,	,	PUNCT
cblr-5117	226	3	rudinger	rudinger	NOUN
cblr-5117	226	4	never	never	ADV
cblr-5117	226	5	spent	spend	VERB
cblr-5117	226	6	money	money	NOUN
cblr-5117	226	7	on	on	ADP
cblr-5117	226	8	idp	idp	PROPN
cblr-5117	226	9	stock	stock	NOUN
cblr-5117	226	10	.	.	PUNCT
cblr-5117	227	1	but	but	CCONJ
cblr-5117	227	2	an	an	DET
cblr-5117	227	3	integral	integral	ADJ
cblr-5117	227	4	part	part	NOUN
cblr-5117	227	5	of	of	ADP
cblr-5117	227	6	his	his	PRON
cblr-5117	227	7	contract	contract	NOUN
cblr-5117	227	8	with	with	ADP
cblr-5117	227	9	idp	idp	PROPN
cblr-5117	227	10	promised	promise	VERB
cblr-5117	227	11	him	he	PRON
cblr-5117	227	12	a	a	DET
cblr-5117	227	13	‘	'	PUNCT
cblr-5117	227	14	stock	stock	NOUN
cblr-5117	227	15	option	option	NOUN
cblr-5117	227	16	or	or	CCONJ
cblr-5117	227	17	stock	stock	NOUN
cblr-5117	227	18	purchase	purchase	NOUN
cblr-5117	227	19	plan	plan	NOUN
cblr-5117	227	20	.	.	PUNCT
cblr-5117	227	21	’	'	PUNCT
cblr-5117	227	22	”	"	PUNCT
cblr-5117	227	23	)	)	PUNCT
cblr-5117	227	24	.	.	PUNCT
cblr-5117	228	1	61	61	NUM
cblr-5117	228	2	see	see	VERB
cblr-5117	228	3	collins	collin	NOUN
cblr-5117	228	4	v.	v.	PROPN
cblr-5117	228	5	rukin	rukin	PROPN
cblr-5117	228	6	,	,	PUNCT
cblr-5117	228	7	342	342	NUM
cblr-5117	228	8	f.	f.	PROPN
cblr-5117	228	9	supp	supp	PROPN
cblr-5117	228	10	.	.	PUNCT
cblr-5117	229	1	1282	1282	NUM
cblr-5117	229	2	,	,	PUNCT
cblr-5117	229	3	1289	1289	NUM
cblr-5117	229	4	(	(	PUNCT
cblr-5117	229	5	d.	d.	PROPN
cblr-5117	229	6	mass	mass	PROPN
cblr-5117	229	7	.	.	PROPN
cblr-5117	229	8	1972	1972	NUM
cblr-5117	229	9	)	)	PUNCT
cblr-5117	229	10	(	(	PUNCT
cblr-5117	229	11	“	"	PUNCT
cblr-5117	229	12	[	[	X
cblr-5117	229	13	t]he	t]he	ADJ
cblr-5117	229	14	option	option	NOUN
cblr-5117	229	15	was	be	AUX
cblr-5117	229	16	a	a	DET
cblr-5117	229	17	quid	quid	ADJ
cblr-5117	229	18	pro	pro	X
cblr-5117	229	19	quo	quo	NOUN
cblr-5117	229	20	offered	offer	VERB
cblr-5117	229	21	to	to	PART
cblr-5117	229	22	induce	induce	VERB
cblr-5117	229	23	plaintiff	plaintiff	NOUN
cblr-5117	229	24	to	to	PART
cblr-5117	229	25	enter	enter	VERB
cblr-5117	229	26	into	into	ADP
cblr-5117	229	27	the	the	DET
cblr-5117	229	28	employ	employ	NOUN
cblr-5117	229	29	of	of	ADP
cblr-5117	229	30	[	[	X
cblr-5117	229	31	defendant	defendant	NOUN
cblr-5117	229	32	]	]	X
cblr-5117	229	33	.	.	PUNCT
cblr-5117	229	34	”	"	PUNCT
cblr-5117	229	35	)	)	PUNCT
cblr-5117	229	36	;	;	PUNCT
cblr-5117	229	37	see	see	VERB
cblr-5117	229	38	also	also	ADV
cblr-5117	229	39	dubin	dubin	PROPN
cblr-5117	229	40	v.	v.	PROPN
cblr-5117	229	41	e.f	e.f	PROPN
cblr-5117	229	42	.	.	PROPN
cblr-5117	229	43	hutton	hutton	PROPN
cblr-5117	229	44	grp	grp	PROPN
cblr-5117	229	45	.	.	PROPN
cblr-5117	229	46	,	,	PUNCT
cblr-5117	229	47	695	695	NUM
cblr-5117	229	48	f.	f.	PROPN
cblr-5117	229	49	supp	supp	PROPN
cblr-5117	229	50	.	.	PUNCT
cblr-5117	230	1	138	138	NUM
cblr-5117	230	2	,	,	PUNCT
cblr-5117	230	3	148	148	NUM
cblr-5117	230	4	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	230	5	(	(	PUNCT
cblr-5117	230	6	do	do	AUX
cblr-5117	230	7	not	not	PART
cblr-5117	230	8	delete	delete	VERB
cblr-5117	230	9	)	)	PUNCT
cblr-5117	230	10	1/8/2020	1/8/2020	NUM
cblr-5117	230	11	4:44	4:44	NUM
cblr-5117	230	12	pm	pm	NOUN
cblr-5117	230	13	no	no	INTJ
cblr-5117	230	14	.	.	PUNCT
cblr-5117	231	1	3:867	3:867	NUM
cblr-5117	231	2	]	]	PUNCT
cblr-5117	231	3	making	make	VERB
cblr-5117	231	4	disclosure	disclosure	NOUN
cblr-5117	231	5	work	work	NOUN
cblr-5117	231	6	883	883	NUM
cblr-5117	231	7	the	the	DET
cblr-5117	231	8	“	"	PUNCT
cblr-5117	231	9	no	no	DET
cblr-5117	231	10	-	-	PUNCT
cblr-5117	231	11	sale	sale	NOUN
cblr-5117	231	12	”	"	PUNCT
cblr-5117	231	13	doctrine	doctrine	NOUN
cblr-5117	231	14	,	,	PUNCT
cblr-5117	231	15	therefore	therefore	ADV
cblr-5117	231	16	,	,	PUNCT
cblr-5117	231	17	helps	help	VERB
cblr-5117	231	18	differentiate	differentiate	VERB
cblr-5117	231	19	between	between	ADP
cblr-5117	231	20	two	two	NUM
cblr-5117	231	21	groups	group	NOUN
cblr-5117	231	22	of	of	ADP
cblr-5117	231	23	employee	employee	NOUN
cblr-5117	231	24	-	-	PUNCT
cblr-5117	231	25	equity	equity	NOUN
cblr-5117	231	26	holders	holder	NOUN
cblr-5117	231	27	:	:	PUNCT
cblr-5117	231	28	the	the	DET
cblr-5117	231	29	first	first	ADJ
cblr-5117	231	30	group	group	NOUN
cblr-5117	231	31	includes	include	VERB
cblr-5117	231	32	employees	employee	NOUN
cblr-5117	231	33	who	who	PRON
cblr-5117	231	34	receive	receive	VERB
cblr-5117	231	35	securities	security	NOUN
cblr-5117	231	36	as	as	ADP
cblr-5117	231	37	a	a	DET
cblr-5117	231	38	mere	mere	ADJ
cblr-5117	231	39	benefit	benefit	NOUN
cblr-5117	231	40	,	,	PUNCT
cblr-5117	231	41	without	without	ADP
cblr-5117	231	42	specifically	specifically	ADV
cblr-5117	231	43	negotiating	negotiate	VERB
cblr-5117	231	44	for	for	ADP
cblr-5117	231	45	these	these	DET
cblr-5117	231	46	securities	security	NOUN
cblr-5117	231	47	and	and	CCONJ
cblr-5117	231	48	thereby	thereby	ADV
cblr-5117	231	49	transferring	transfer	VERB
cblr-5117	231	50	value	value	NOUN
cblr-5117	231	51	to	to	ADP
cblr-5117	231	52	the	the	DET
cblr-5117	231	53	issuer.62	issuer.62	NOUN
cblr-5117	231	54	the	the	DET
cblr-5117	231	55	second	second	ADJ
cblr-5117	231	56	group	group	NOUN
cblr-5117	231	57	includes	include	VERB
cblr-5117	231	58	employees	employee	NOUN
cblr-5117	231	59	who	who	PRON
cblr-5117	231	60	expressly	expressly	ADV
cblr-5117	231	61	contracted	contract	VERB
cblr-5117	231	62	in	in	ADP
cblr-5117	231	63	a	a	DET
cblr-5117	231	64	compensation	compensation	NOUN
cblr-5117	231	65	agreement	agreement	NOUN
cblr-5117	231	66	for	for	ADP
cblr-5117	231	67	an	an	DET
cblr-5117	231	68	equity	equity	NOUN
cblr-5117	231	69	component	component	NOUN
cblr-5117	231	70	in	in	ADP
cblr-5117	231	71	their	their	PRON
cblr-5117	231	72	compensation	compensation	NOUN
cblr-5117	231	73	structure	structure	NOUN
cblr-5117	231	74	.	.	PUNCT
cblr-5117	232	1	these	these	DET
cblr-5117	232	2	employees	employee	NOUN
cblr-5117	232	3	are	be	AUX
cblr-5117	232	4	presumed	presume	VERB
cblr-5117	232	5	to	to	PART
cblr-5117	232	6	accept	accept	VERB
cblr-5117	232	7	their	their	PRON
cblr-5117	232	8	job	job	NOUN
cblr-5117	232	9	offer	offer	NOUN
cblr-5117	232	10	partly	partly	ADV
cblr-5117	232	11	based	base	VERB
cblr-5117	232	12	on	on	ADP
cblr-5117	232	13	the	the	DET
cblr-5117	232	14	allure	allure	NOUN
cblr-5117	232	15	of	of	ADP
cblr-5117	232	16	equity	equity	NOUN
cblr-5117	232	17	incentives	incentive	NOUN
cblr-5117	232	18	and	and	CCONJ
cblr-5117	232	19	,	,	PUNCT
cblr-5117	232	20	as	as	ADP
cblr-5117	232	21	such	such	ADJ
cblr-5117	232	22	,	,	PUNCT
cblr-5117	232	23	they	they	PRON
cblr-5117	232	24	choose	choose	VERB
cblr-5117	232	25	to	to	PART
cblr-5117	232	26	invest	invest	VERB
cblr-5117	232	27	their	their	PRON
cblr-5117	232	28	human	human	ADJ
cblr-5117	232	29	capital	capital	NOUN
cblr-5117	232	30	in	in	ADP
cblr-5117	232	31	their	their	PRON
cblr-5117	232	32	employers	employer	NOUN
cblr-5117	232	33	’	’	PART
cblr-5117	232	34	securities	security	NOUN
cblr-5117	232	35	.	.	PUNCT
cblr-5117	233	1	the	the	DET
cblr-5117	233	2	decision	decision	NOUN
cblr-5117	233	3	in	in	ADP
cblr-5117	233	4	daniel	daniel	PROPN
cblr-5117	233	5	and	and	CCONJ
cblr-5117	233	6	the	the	DET
cblr-5117	233	7	subsequent	subsequent	ADJ
cblr-5117	233	8	development	development	NOUN
cblr-5117	233	9	of	of	ADP
cblr-5117	233	10	the	the	DET
cblr-5117	233	11	“	"	PUNCT
cblr-5117	233	12	no	no	DET
cblr-5117	233	13	-	-	PUNCT
cblr-5117	233	14	sale	sale	NOUN
cblr-5117	233	15	”	"	PUNCT
cblr-5117	233	16	doctrine	doctrine	NOUN
cblr-5117	233	17	bear	bear	NOUN
cblr-5117	233	18	on	on	ADP
cblr-5117	233	19	the	the	DET
cblr-5117	233	20	compensation	compensation	NOUN
cblr-5117	233	21	of	of	ADP
cblr-5117	233	22	start	start	NOUN
cblr-5117	233	23	-	-	PUNCT
cblr-5117	233	24	up	up	ADP
cblr-5117	233	25	employees	employee	NOUN
cblr-5117	233	26	today	today	NOUN
cblr-5117	233	27	.	.	PUNCT
cblr-5117	234	1	given	give	VERB
cblr-5117	234	2	that	that	SCONJ
cblr-5117	234	3	the	the	DET
cblr-5117	234	4	common	common	ADJ
cblr-5117	234	5	practice	practice	NOUN
cblr-5117	234	6	in	in	ADP
cblr-5117	234	7	venture	venture	NOUN
cblr-5117	234	8	capital	capital	NOUN
cblr-5117	234	9	-	-	PUNCT
cblr-5117	234	10	backed	back	VERB
cblr-5117	234	11	start	start	NOUN
cblr-5117	234	12	-	-	PUNCT
cblr-5117	234	13	ups	up	NOUN
cblr-5117	234	14	is	be	AUX
cblr-5117	234	15	to	to	PART
cblr-5117	234	16	offer	offer	VERB
cblr-5117	234	17	equity	equity	NOUN
cblr-5117	234	18	compensation	compensation	NOUN
cblr-5117	234	19	as	as	ADP
cblr-5117	234	20	part	part	NOUN
cblr-5117	234	21	of	of	ADP
cblr-5117	234	22	a	a	DET
cblr-5117	234	23	prenegotiated	prenegotiated	ADJ
cblr-5117	234	24	compensation	compensation	NOUN
cblr-5117	234	25	agreement	agreement	NOUN
cblr-5117	234	26	(	(	PUNCT
cblr-5117	234	27	i.e.	i.e.	X
cblr-5117	234	28	,	,	PUNCT
cblr-5117	234	29	equity	equity	NOUN
cblr-5117	234	30	grants	grant	NOUN
cblr-5117	234	31	are	be	AUX
cblr-5117	234	32	offered	offer	VERB
cblr-5117	234	33	to	to	PART
cblr-5117	234	34	prospective	prospective	VERB
cblr-5117	234	35	employees	employee	NOUN
cblr-5117	234	36	as	as	ADP
cblr-5117	234	37	inducements	inducement	NOUN
cblr-5117	234	38	to	to	PART
cblr-5117	234	39	accept	accept	VERB
cblr-5117	234	40	employment),63	employment),63	VERB
cblr-5117	234	41	it	it	PRON
cblr-5117	234	42	is	be	AUX
cblr-5117	234	43	safe	safe	ADJ
cblr-5117	234	44	to	to	PART
cblr-5117	234	45	say	say	VERB
cblr-5117	234	46	that	that	SCONJ
cblr-5117	234	47	the	the	DET
cblr-5117	234	48	vast	vast	ADJ
cblr-5117	234	49	majority	majority	NOUN
cblr-5117	234	50	of	of	ADP
cblr-5117	234	51	start	start	NOUN
cblr-5117	234	52	-	-	PUNCT
cblr-5117	234	53	up	up	ADP
cblr-5117	234	54	employees	employee	NOUN
cblr-5117	234	55	fall	fall	VERB
cblr-5117	234	56	under	under	ADP
cblr-5117	234	57	the	the	DET
cblr-5117	234	58	category	category	NOUN
cblr-5117	234	59	of	of	ADP
cblr-5117	234	60	employeeinvestors	employeeinvestor	NOUN
cblr-5117	234	61	who	who	PRON
cblr-5117	234	62	are	be	AUX
cblr-5117	234	63	covered	cover	VERB
cblr-5117	234	64	by	by	ADP
cblr-5117	234	65	the	the	DET
cblr-5117	234	66	securities	securities	PROPN
cblr-5117	234	67	act	act	PROPN
cblr-5117	234	68	.	.	PUNCT
cblr-5117	235	1	these	these	PRON
cblr-5117	235	2	(	(	PUNCT
cblr-5117	235	3	s.d.n.y	s.d.n.y	PROPN
cblr-5117	235	4	.	.	NOUN
cblr-5117	235	5	1988	1988	NUM
cblr-5117	235	6	)	)	PUNCT
cblr-5117	235	7	(	(	PUNCT
cblr-5117	235	8	denying	deny	VERB
cblr-5117	235	9	a	a	DET
cblr-5117	235	10	motion	motion	NOUN
cblr-5117	235	11	to	to	PART
cblr-5117	235	12	dismiss	dismiss	VERB
cblr-5117	235	13	on	on	ADP
cblr-5117	235	14	the	the	DET
cblr-5117	235	15	grounds	ground	NOUN
cblr-5117	235	16	that	that	SCONJ
cblr-5117	235	17	there	there	PRON
cblr-5117	235	18	was	be	VERB
cblr-5117	235	19	no	no	DET
cblr-5117	235	20	“	"	PUNCT
cblr-5117	235	21	sale	sale	NOUN
cblr-5117	235	22	”	"	PUNCT
cblr-5117	235	23	given	give	VERB
cblr-5117	235	24	that	that	SCONJ
cblr-5117	235	25	“	"	PUNCT
cblr-5117	235	26	plaintiff	plaintiff	PROPN
cblr-5117	235	27	’s	’s	PART
cblr-5117	235	28	complaint	complaint	NOUN
cblr-5117	235	29	alleges	allege	VERB
cblr-5117	235	30	that	that	SCONJ
cblr-5117	235	31	a	a	DET
cblr-5117	235	32	sale	sale	NOUN
cblr-5117	235	33	of	of	ADP
cblr-5117	235	34	securities	security	NOUN
cblr-5117	235	35	occurred	occur	VERB
cblr-5117	235	36	when	when	SCONJ
cblr-5117	235	37	plaintiff	plaintiff	NOUN
cblr-5117	235	38	accepted	accept	VERB
cblr-5117	235	39	hutton	hutton	PROPN
cblr-5117	235	40	’s	’s	PART
cblr-5117	235	41	offer	offer	NOUN
cblr-5117	235	42	of	of	ADP
cblr-5117	235	43	employment	employment	NOUN
cblr-5117	235	44	”	"	PUNCT
cblr-5117	235	45	)	)	PUNCT
cblr-5117	235	46	.	.	PUNCT
cblr-5117	236	1	62	62	NUM
cblr-5117	236	2	cf	cf	NOUN
cblr-5117	236	3	.	.	PUNCT
cblr-5117	237	1	simon	simon	PROPN
cblr-5117	237	2	m.	m.	PROPN
cblr-5117	237	3	lorne	lorne	PROPN
cblr-5117	237	4	,	,	PUNCT
cblr-5117	237	5	accommodating	accommodate	VERB
cblr-5117	237	6	the	the	DET
cblr-5117	237	7	securities	security	NOUN
cblr-5117	237	8	laws	law	NOUN
cblr-5117	237	9	to	to	ADP
cblr-5117	237	10	employee	employee	NOUN
cblr-5117	237	11	benefit	benefit	NOUN
cblr-5117	237	12	plans	plan	NOUN
cblr-5117	237	13	,	,	PUNCT
cblr-5117	237	14	1979	1979	NUM
cblr-5117	237	15	duke	duke	PROPN
cblr-5117	237	16	l.j	l.j	PROPN
cblr-5117	237	17	.	.	PROPN
cblr-5117	237	18	421	421	NUM
cblr-5117	237	19	,	,	PUNCT
cblr-5117	237	20	427	427	NUM
cblr-5117	237	21	(	(	PUNCT
cblr-5117	237	22	“	"	PUNCT
cblr-5117	237	23	such	such	DET
cblr-5117	237	24	a	a	DET
cblr-5117	237	25	view	view	NOUN
cblr-5117	237	26	rested	rest	VERB
cblr-5117	237	27	to	to	ADP
cblr-5117	237	28	some	some	DET
cblr-5117	237	29	extent	extent	NOUN
cblr-5117	237	30	on	on	ADP
cblr-5117	237	31	a	a	DET
cblr-5117	237	32	legal	legal	ADJ
cblr-5117	237	33	fiction	fiction	NOUN
cblr-5117	237	34	,	,	PUNCT
cblr-5117	237	35	since	since	SCONJ
cblr-5117	237	36	monetary	monetary	ADJ
cblr-5117	237	37	payments	payment	NOUN
cblr-5117	237	38	pursuant	pursuant	VERB
cblr-5117	237	39	to	to	ADP
cblr-5117	237	40	an	an	DET
cblr-5117	237	41	organized	organize	VERB
cblr-5117	237	42	plan	plan	NOUN
cblr-5117	237	43	between	between	ADP
cblr-5117	237	44	an	an	DET
cblr-5117	237	45	employer	employer	NOUN
cblr-5117	237	46	and	and	CCONJ
cblr-5117	237	47	employees	employee	NOUN
cblr-5117	237	48	certainly	certainly	ADV
cblr-5117	237	49	lack	lack	VERB
cblr-5117	237	50	most	most	ADJ
cblr-5117	237	51	characteristics	characteristic	NOUN
cblr-5117	237	52	of	of	ADP
cblr-5117	237	53	a	a	DET
cblr-5117	237	54	gift	gift	NOUN
cblr-5117	237	55	.	.	PUNCT
cblr-5117	237	56	”	"	PUNCT
cblr-5117	237	57	)	)	PUNCT
cblr-5117	237	58	.	.	PUNCT
cblr-5117	238	1	63	63	NUM
cblr-5117	238	2	according	accord	VERB
cblr-5117	238	3	to	to	ADP
cblr-5117	238	4	a	a	DET
cblr-5117	238	5	2012	2012	NUM
cblr-5117	238	6	survey	survey	NOUN
cblr-5117	238	7	by	by	ADP
cblr-5117	238	8	national	national	ADJ
cblr-5117	238	9	center	center	NOUN
cblr-5117	238	10	for	for	ADP
cblr-5117	238	11	employee	employee	NOUN
cblr-5117	238	12	ownership	ownership	NOUN
cblr-5117	238	13	,	,	PUNCT
cblr-5117	238	14	the	the	DET
cblr-5117	238	15	most	most	ADV
cblr-5117	238	16	common	common	ADJ
cblr-5117	238	17	way	way	NOUN
cblr-5117	238	18	to	to	PART
cblr-5117	238	19	be	be	AUX
cblr-5117	238	20	awarded	award	VERB
cblr-5117	238	21	an	an	DET
cblr-5117	238	22	equity	equity	NOUN
cblr-5117	238	23	grant	grant	NOUN
cblr-5117	238	24	as	as	ADP
cblr-5117	238	25	an	an	DET
cblr-5117	238	26	employee	employee	NOUN
cblr-5117	238	27	at	at	ADP
cblr-5117	238	28	a	a	DET
cblr-5117	238	29	privately	privately	ADV
cblr-5117	238	30	held	hold	VERB
cblr-5117	238	31	company	company	NOUN
cblr-5117	238	32	is	be	AUX
cblr-5117	238	33	upon	upon	SCONJ
cblr-5117	238	34	hire	hire	NOUN
cblr-5117	238	35	.	.	PUNCT
cblr-5117	239	1	see	see	VERB
cblr-5117	239	2	nat’l	nat’l	PROPN
cblr-5117	239	3	ctr	ctr	PROPN
cblr-5117	239	4	.	.	PUNCT
cblr-5117	240	1	for	for	ADP
cblr-5117	240	2	emp	emp	PROPN
cblr-5117	240	3	.	.	PUNCT
cblr-5117	241	1	ownership	ownership	NOUN
cblr-5117	241	2	,	,	PUNCT
cblr-5117	241	3	private	private	ADJ
cblr-5117	241	4	company	company	NOUN
cblr-5117	241	5	equity	equity	NOUN
cblr-5117	241	6	compensation	compensation	PROPN
cblr-5117	241	7	survey	survey	NOUN
cblr-5117	241	8	report	report	VERB
cblr-5117	241	9	6	6	NUM
cblr-5117	241	10	(	(	PUNCT
cblr-5117	241	11	2012	2012	NUM
cblr-5117	241	12	)	)	PUNCT
cblr-5117	241	13	,	,	PUNCT
cblr-5117	241	14	http://www.sos-team.com/pdfs/nceoresults.pdf	http://www.sos-team.com/pdfs/nceoresults.pdf	X
cblr-5117	242	1	[	[	X
cblr-5117	242	2	https://perma.cc/kp8e-c36a	https://perma.cc/kp8e-c36a	X
cblr-5117	242	3	]	]	X
cblr-5117	242	4	;	;	PUNCT
cblr-5117	242	5	see	see	VERB
cblr-5117	242	6	also	also	ADV
cblr-5117	242	7	,	,	PUNCT
cblr-5117	242	8	joseph	joseph	PROPN
cblr-5117	242	9	bankman	bankman	PROPN
cblr-5117	242	10	,	,	PUNCT
cblr-5117	242	11	the	the	DET
cblr-5117	242	12	structure	structure	NOUN
cblr-5117	242	13	of	of	ADP
cblr-5117	242	14	silicon	silicon	PROPN
cblr-5117	242	15	valley	valley	PROPN
cblr-5117	242	16	start	start	NOUN
cblr-5117	242	17	-	-	PUNCT
cblr-5117	242	18	ups	up	NOUN
cblr-5117	242	19	,	,	PUNCT
cblr-5117	242	20	41	41	NUM
cblr-5117	242	21	ucla	ucla	PROPN
cblr-5117	242	22	l.	l.	PROPN
cblr-5117	242	23	rev	rev	PROPN
cblr-5117	242	24	.	.	PROPN
cblr-5117	242	25	1737	1737	NUM
cblr-5117	242	26	,	,	PUNCT
cblr-5117	242	27	1750	1750	NUM
cblr-5117	242	28	(	(	PUNCT
cblr-5117	242	29	1994	1994	NUM
cblr-5117	242	30	)	)	PUNCT
cblr-5117	242	31	(	(	PUNCT
cblr-5117	242	32	explaining	explain	VERB
cblr-5117	242	33	that	that	SCONJ
cblr-5117	242	34	because	because	SCONJ
cblr-5117	242	35	start	start	NOUN
cblr-5117	242	36	-	-	PUNCT
cblr-5117	242	37	ups	up	NOUN
cblr-5117	242	38	provide	provide	VERB
cblr-5117	242	39	“	"	PUNCT
cblr-5117	242	40	contingent	contingent	ADJ
cblr-5117	242	41	compensation	compensation	NOUN
cblr-5117	242	42	”	"	PUNCT
cblr-5117	242	43	in	in	ADP
cblr-5117	242	44	the	the	DET
cblr-5117	242	45	form	form	NOUN
cblr-5117	242	46	of	of	ADP
cblr-5117	242	47	equity	equity	NOUN
cblr-5117	242	48	,	,	PUNCT
cblr-5117	242	49	“	"	PUNCT
cblr-5117	242	50	employees	employee	NOUN
cblr-5117	242	51	sacrifice	sacrifice	VERB
cblr-5117	242	52	the	the	DET
cblr-5117	242	53	higher	high	ADJ
cblr-5117	242	54	cash	cash	NOUN
cblr-5117	242	55	salary	salary	NOUN
cblr-5117	242	56	”	"	PUNCT
cblr-5117	242	57	they	they	PRON
cblr-5117	242	58	might	might	AUX
cblr-5117	242	59	obtain	obtain	VERB
cblr-5117	242	60	at	at	ADP
cblr-5117	242	61	“	"	PUNCT
cblr-5117	242	62	more	more	ADV
cblr-5117	242	63	established	establish	VERB
cblr-5117	242	64	companies	company	NOUN
cblr-5117	242	65	”	"	PUNCT
cblr-5117	242	66	)	)	PUNCT
cblr-5117	242	67	;	;	PUNCT
cblr-5117	242	68	richard	richard	PROPN
cblr-5117	242	69	a.	a.	PROPN
cblr-5117	242	70	booth	booth	PROPN
cblr-5117	242	71	,	,	PUNCT
cblr-5117	242	72	give	give	VERB
cblr-5117	242	73	me	i	PRON
cblr-5117	242	74	equity	equity	NOUN
cblr-5117	242	75	or	or	CCONJ
cblr-5117	242	76	give	give	VERB
cblr-5117	242	77	me	i	PRON
cblr-5117	242	78	death	death	NOUN
cblr-5117	242	79	—	—	PUNCT
cblr-5117	242	80	the	the	DET
cblr-5117	242	81	role	role	NOUN
cblr-5117	242	82	of	of	ADP
cblr-5117	242	83	competition	competition	NOUN
cblr-5117	242	84	and	and	CCONJ
cblr-5117	242	85	compensation	compensation	NOUN
cblr-5117	242	86	in	in	ADP
cblr-5117	242	87	silicon	silicon	PROPN
cblr-5117	242	88	valley	valley	NOUN
cblr-5117	242	89	,	,	PUNCT
cblr-5117	242	90	1	1	NUM
cblr-5117	242	91	entrepreneurial	entrepreneurial	ADJ
cblr-5117	242	92	bus	bus	NOUN
cblr-5117	242	93	.	.	PUNCT
cblr-5117	243	1	l.j	l.j	AUX
cblr-5117	243	2	.	.	PROPN
cblr-5117	243	3	265	265	NUM
cblr-5117	243	4	,	,	PUNCT
cblr-5117	243	5	274	274	NUM
cblr-5117	243	6	(	(	PUNCT
cblr-5117	243	7	2006	2006	NUM
cblr-5117	243	8	)	)	PUNCT
cblr-5117	243	9	(	(	PUNCT
cblr-5117	243	10	noting	note	VERB
cblr-5117	243	11	that	that	SCONJ
cblr-5117	243	12	start	start	NOUN
cblr-5117	243	13	-	-	PUNCT
cblr-5117	243	14	ups	up	NOUN
cblr-5117	243	15	can	can	AUX
cblr-5117	243	16	“	"	PUNCT
cblr-5117	243	17	compete	compete	VERB
cblr-5117	243	18	for	for	ADP
cblr-5117	243	19	talent	talent	NOUN
cblr-5117	243	20	without	without	ADP
cblr-5117	243	21	offering	offer	VERB
cblr-5117	243	22	more	more	ADJ
cblr-5117	243	23	cash	cash	NOUN
cblr-5117	243	24	”	"	PUNCT
cblr-5117	243	25	by	by	ADP
cblr-5117	243	26	offering	offer	VERB
cblr-5117	243	27	equity	equity	NOUN
cblr-5117	243	28	instead	instead	ADV
cblr-5117	243	29	)	)	PUNCT
cblr-5117	243	30	.	.	PUNCT
cblr-5117	244	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	244	2	(	(	PUNCT
cblr-5117	244	3	do	do	AUX
cblr-5117	244	4	not	not	PART
cblr-5117	244	5	delte	delte	VERB
cblr-5117	244	6	)	)	PUNCT
cblr-5117	244	7	1/8/2020	1/8/2020	NUM
cblr-5117	244	8	4:44	4:44	NUM
cblr-5117	244	9	pm	pm	NOUN
cblr-5117	244	10	884	884	NUM
cblr-5117	244	11	columbia	columbia	PROPN
cblr-5117	244	12	business	business	NOUN
cblr-5117	244	13	law	law	PROPN
cblr-5117	244	14	review	review	NOUN
cblr-5117	245	1	[	[	X
cblr-5117	245	2	vol	vol	NOUN
cblr-5117	245	3	.	.	PUNCT
cblr-5117	245	4	2019	2019	NUM
cblr-5117	245	5	employees	employee	NOUN
cblr-5117	245	6	transfer	transfer	VERB
cblr-5117	245	7	value	value	NOUN
cblr-5117	245	8	in	in	ADP
cblr-5117	245	9	the	the	DET
cblr-5117	245	10	form	form	NOUN
cblr-5117	245	11	of	of	ADP
cblr-5117	245	12	human	human	ADJ
cblr-5117	245	13	capital	capital	NOUN
cblr-5117	245	14	to	to	ADP
cblr-5117	245	15	the	the	DET
cblr-5117	245	16	firm	firm	NOUN
cblr-5117	245	17	and	and	CCONJ
cblr-5117	245	18	are	be	AUX
cblr-5117	245	19	presumed	presume	VERB
cblr-5117	245	20	to	to	PART
cblr-5117	245	21	be	be	AUX
cblr-5117	245	22	in	in	ADP
cblr-5117	245	23	need	need	NOUN
cblr-5117	245	24	of	of	ADP
cblr-5117	245	25	the	the	DET
cblr-5117	245	26	securities	security	NOUN
cblr-5117	245	27	act	act	PROPN
cblr-5117	245	28	’s	’s	PART
cblr-5117	245	29	protection	protection	NOUN
cblr-5117	245	30	.	.	PUNCT
cblr-5117	246	1	however	however	ADV
cblr-5117	246	2	,	,	PUNCT
cblr-5117	246	3	to	to	PART
cblr-5117	246	4	determine	determine	VERB
cblr-5117	246	5	the	the	DET
cblr-5117	246	6	appropriate	appropriate	ADJ
cblr-5117	246	7	level	level	NOUN
cblr-5117	246	8	of	of	ADP
cblr-5117	246	9	protection	protection	NOUN
cblr-5117	246	10	,	,	PUNCT
cblr-5117	246	11	another	another	DET
cblr-5117	246	12	question	question	NOUN
cblr-5117	246	13	should	should	AUX
cblr-5117	246	14	be	be	AUX
cblr-5117	246	15	considered	consider	VERB
cblr-5117	246	16	,	,	PUNCT
cblr-5117	246	17	besides	besides	SCONJ
cblr-5117	246	18	the	the	DET
cblr-5117	246	19	receipt	receipt	NOUN
cblr-5117	246	20	of	of	ADP
cblr-5117	246	21	consideration	consideration	NOUN
cblr-5117	246	22	for	for	ADP
cblr-5117	246	23	the	the	DET
cblr-5117	246	24	securities	security	NOUN
cblr-5117	246	25	by	by	ADP
cblr-5117	246	26	the	the	DET
cblr-5117	246	27	issuer	issuer	NOUN
cblr-5117	246	28	.	.	PUNCT
cblr-5117	247	1	the	the	DET
cblr-5117	247	2	second	second	ADJ
cblr-5117	247	3	question	question	NOUN
cblr-5117	247	4	relates	relate	VERB
cblr-5117	247	5	to	to	ADP
cblr-5117	247	6	the	the	DET
cblr-5117	247	7	position	position	NOUN
cblr-5117	247	8	of	of	ADP
cblr-5117	247	9	the	the	DET
cblr-5117	247	10	employee	employee	NOUN
cblr-5117	247	11	,	,	PUNCT
cblr-5117	247	12	and	and	CCONJ
cblr-5117	247	13	the	the	DET
cblr-5117	247	14	type	type	NOUN
cblr-5117	247	15	of	of	ADP
cblr-5117	247	16	information	information	NOUN
cblr-5117	247	17	that	that	PRON
cblr-5117	247	18	he	he	PRON
cblr-5117	247	19	or	or	CCONJ
cblr-5117	247	20	she	she	PRON
cblr-5117	247	21	possesses	possess	VERB
cblr-5117	247	22	about	about	ADP
cblr-5117	247	23	the	the	DET
cblr-5117	247	24	issuer	issuer	NOUN
cblr-5117	247	25	’s	’s	PART
cblr-5117	247	26	business	business	NOUN
cblr-5117	247	27	—	—	PUNCT
cblr-5117	247	28	as	as	SCONJ
cblr-5117	247	29	discussed	discuss	VERB
cblr-5117	247	30	in	in	ADP
cblr-5117	247	31	the	the	DET
cblr-5117	247	32	following	follow	VERB
cblr-5117	247	33	section	section	NOUN
cblr-5117	247	34	.	.	PUNCT
cblr-5117	248	1	b	b	X
cblr-5117	248	2	private	private	ADJ
cblr-5117	248	3	offering	offering	NOUN
cblr-5117	248	4	exemptions	exemption	NOUN
cblr-5117	248	5	and	and	CCONJ
cblr-5117	248	6	the	the	DET
cblr-5117	248	7	“	"	PUNCT
cblr-5117	248	8	fend	fend	NOUN
cblr-5117	248	9	-	-	PUNCT
cblr-5117	248	10	forthemselves	forthemselve	NOUN
cblr-5117	248	11	”	"	PUNCT
cblr-5117	248	12	test	test	NOUN
cblr-5117	248	13	after	after	ADP
cblr-5117	248	14	finding	find	VERB
cblr-5117	248	15	that	that	SCONJ
cblr-5117	248	16	the	the	DET
cblr-5117	248	17	equity	equity	NOUN
cblr-5117	248	18	grant	grant	NOUN
cblr-5117	248	19	in	in	ADP
cblr-5117	248	20	question	question	NOUN
cblr-5117	248	21	is	be	AUX
cblr-5117	248	22	exchanged	exchange	VERB
cblr-5117	248	23	for	for	ADP
cblr-5117	248	24	value	value	NOUN
cblr-5117	248	25	,	,	PUNCT
cblr-5117	248	26	the	the	DET
cblr-5117	248	27	second	second	ADJ
cblr-5117	248	28	question	question	NOUN
cblr-5117	248	29	to	to	PART
cblr-5117	248	30	consider	consider	VERB
cblr-5117	248	31	when	when	SCONJ
cblr-5117	248	32	determining	determine	VERB
cblr-5117	248	33	the	the	DET
cblr-5117	248	34	level	level	NOUN
cblr-5117	248	35	of	of	ADP
cblr-5117	248	36	required	require	VERB
cblr-5117	248	37	disclosure	disclosure	NOUN
cblr-5117	248	38	in	in	ADP
cblr-5117	248	39	an	an	DET
cblr-5117	248	40	offering	offering	NOUN
cblr-5117	248	41	of	of	ADP
cblr-5117	248	42	unregistered	unregistered	ADJ
cblr-5117	248	43	securities	security	NOUN
cblr-5117	248	44	to	to	ADP
cblr-5117	248	45	the	the	DET
cblr-5117	248	46	issuer	issuer	NOUN
cblr-5117	248	47	’s	’s	PART
cblr-5117	248	48	employees	employee	NOUN
cblr-5117	248	49	is	be	AUX
cblr-5117	248	50	the	the	DET
cblr-5117	248	51	investment	investment	NOUN
cblr-5117	248	52	proficiency	proficiency	NOUN
cblr-5117	248	53	of	of	ADP
cblr-5117	248	54	the	the	DET
cblr-5117	248	55	employee	employee	NOUN
cblr-5117	248	56	—	—	PUNCT
cblr-5117	248	57	namely	namely	ADV
cblr-5117	248	58	,	,	PUNCT
cblr-5117	248	59	whether	whether	SCONJ
cblr-5117	248	60	the	the	DET
cblr-5117	248	61	employee	employee	NOUN
cblr-5117	248	62	can	can	AUX
cblr-5117	248	63	“	"	PUNCT
cblr-5117	248	64	fend	fend	VERB
cblr-5117	248	65	for	for	ADP
cblr-5117	248	66	himself	himself	PRON
cblr-5117	248	67	.	.	PUNCT
cblr-5117	248	68	”	"	PUNCT
cblr-5117	249	1	the	the	DET
cblr-5117	249	2	supreme	supreme	PROPN
cblr-5117	249	3	court	court	PROPN
cblr-5117	249	4	introduced	introduce	VERB
cblr-5117	249	5	this	this	DET
cblr-5117	249	6	test	test	NOUN
cblr-5117	249	7	to	to	PART
cblr-5117	249	8	distinguish	distinguish	VERB
cblr-5117	249	9	between	between	ADP
cblr-5117	249	10	public	public	ADJ
cblr-5117	249	11	and	and	CCONJ
cblr-5117	249	12	private	private	ADJ
cblr-5117	249	13	offerings	offering	NOUN
cblr-5117	249	14	in	in	ADP
cblr-5117	249	15	1953	1953	NUM
cblr-5117	249	16	in	in	ADP
cblr-5117	249	17	a	a	DET
cblr-5117	249	18	case	case	NOUN
cblr-5117	249	19	involving	involve	VERB
cblr-5117	249	20	agricultural	agricultural	ADJ
cblr-5117	249	21	workers.64	workers.64	NOUN
cblr-5117	249	22	in	in	ADP
cblr-5117	249	23	response	response	NOUN
cblr-5117	249	24	,	,	PUNCT
cblr-5117	249	25	the	the	DET
cblr-5117	249	26	sec	sec	PROPN
cblr-5117	249	27	,	,	PUNCT
cblr-5117	249	28	as	as	ADP
cblr-5117	249	29	part	part	NOUN
cblr-5117	249	30	of	of	ADP
cblr-5117	249	31	regulation	regulation	NOUN
cblr-5117	249	32	d	d	NOUN
cblr-5117	249	33	,	,	PUNCT
cblr-5117	249	34	later	later	ADV
cblr-5117	249	35	developed	develop	VERB
cblr-5117	249	36	and	and	CCONJ
cblr-5117	249	37	clarified	clarify	VERB
cblr-5117	249	38	the	the	DET
cblr-5117	249	39	boundaries	boundary	NOUN
cblr-5117	249	40	of	of	ADP
cblr-5117	249	41	the	the	DET
cblr-5117	249	42	private	private	ADJ
cblr-5117	249	43	offering	offering	NOUN
cblr-5117	249	44	exemption.65	exemption.65	PROPN
cblr-5117	249	45	in	in	ADP
cblr-5117	249	46	1953	1953	NUM
cblr-5117	249	47	,	,	PUNCT
cblr-5117	249	48	the	the	DET
cblr-5117	249	49	sec	sec	PROPN
cblr-5117	249	50	brought	bring	VERB
cblr-5117	249	51	an	an	DET
cblr-5117	249	52	action	action	NOUN
cblr-5117	249	53	against	against	ADP
cblr-5117	249	54	ralston	ralston	PROPN
cblr-5117	249	55	purina	purina	PROPN
cblr-5117	249	56	,	,	PUNCT
cblr-5117	249	57	a	a	DET
cblr-5117	249	58	manufacturer	manufacturer	NOUN
cblr-5117	249	59	and	and	CCONJ
cblr-5117	249	60	distributor	distributor	NOUN
cblr-5117	249	61	of	of	ADP
cblr-5117	249	62	various	various	ADJ
cblr-5117	249	63	feed	feed	NOUN
cblr-5117	249	64	and	and	CCONJ
cblr-5117	249	65	cereal	cereal	NOUN
cblr-5117	249	66	,	,	PUNCT
cblr-5117	249	67	for	for	ADP
cblr-5117	249	68	selling	sell	VERB
cblr-5117	249	69	unregistered	unregistered	ADJ
cblr-5117	249	70	common	common	ADJ
cblr-5117	249	71	stock	stock	NOUN
cblr-5117	249	72	to	to	ADP
cblr-5117	249	73	hundreds	hundred	NOUN
cblr-5117	249	74	of	of	ADP
cblr-5117	249	75	employees.66	employees.66	NOUN
cblr-5117	249	76	these	these	DET
cblr-5117	249	77	employees	employee	NOUN
cblr-5117	249	78	purchased	purchase	VERB
cblr-5117	249	79	the	the	DET
cblr-5117	249	80	shares	share	NOUN
cblr-5117	249	81	in	in	ADP
cblr-5117	249	82	private	private	ADJ
cblr-5117	249	83	placements	placement	NOUN
cblr-5117	249	84	at	at	ADP
cblr-5117	249	85	market	market	NOUN
cblr-5117	249	86	-	-	PUNCT
cblr-5117	249	87	rate	rate	NOUN
cblr-5117	249	88	prices.67	prices.67	NOUN
cblr-5117	249	89	the	the	DET
cblr-5117	249	90	company	company	NOUN
cblr-5117	249	91	argued	argue	VERB
cblr-5117	249	92	in	in	ADP
cblr-5117	249	93	its	its	PRON
cblr-5117	249	94	defense	defense	NOUN
cblr-5117	249	95	that	that	SCONJ
cblr-5117	249	96	the	the	DET
cblr-5117	249	97	sales	sale	NOUN
cblr-5117	249	98	were	be	AUX
cblr-5117	249	99	exclusive	exclusive	ADJ
cblr-5117	249	100	to	to	ADP
cblr-5117	249	101	“	"	PUNCT
cblr-5117	249	102	key	key	ADJ
cblr-5117	249	103	employees	employee	NOUN
cblr-5117	249	104	”	"	PUNCT
cblr-5117	249	105	and	and	CCONJ
cblr-5117	249	106	therefore	therefore	ADV
cblr-5117	249	107	were	be	AUX
cblr-5117	249	108	exempted	exempt	VERB
cblr-5117	249	109	from	from	ADP
cblr-5117	249	110	registration	registration	NOUN
cblr-5117	249	111	according	accord	VERB
cblr-5117	249	112	to	to	ADP
cblr-5117	249	113	section	section	NOUN
cblr-5117	249	114	4(1	4(1	NOUN
cblr-5117	249	115	)	)	PUNCT
cblr-5117	250	1	(	(	PUNCT
cblr-5117	250	2	today	today	NOUN
cblr-5117	250	3	section	section	NOUN
cblr-5117	250	4	4(a)(2	4(a)(2	NUM
cblr-5117	250	5	)	)	PUNCT
cblr-5117	250	6	)	)	PUNCT
cblr-5117	250	7	of	of	ADP
cblr-5117	250	8	the	the	DET
cblr-5117	250	9	securities	security	NOUN
cblr-5117	250	10	act	act	PROPN
cblr-5117	250	11	,	,	PUNCT
cblr-5117	250	12	which	which	PRON
cblr-5117	250	13	64	64	NUM
cblr-5117	250	14	see	see	VERB
cblr-5117	250	15	sec	sec	PROPN
cblr-5117	250	16	v.	v.	PROPN
cblr-5117	250	17	ralston	ralston	PROPN
cblr-5117	250	18	purina	purina	PROPN
cblr-5117	250	19	co.	co.	PROPN
cblr-5117	250	20	,	,	PUNCT
cblr-5117	250	21	346	346	NUM
cblr-5117	250	22	u.s	u.s	PROPN
cblr-5117	250	23	.	.	PROPN
cblr-5117	250	24	119	119	NUM
cblr-5117	250	25	,	,	PUNCT
cblr-5117	250	26	124	124	NUM
cblr-5117	250	27	(	(	PUNCT
cblr-5117	250	28	1953	1953	NUM
cblr-5117	250	29	)	)	PUNCT
cblr-5117	250	30	.	.	PUNCT
cblr-5117	251	1	65	65	NUM
cblr-5117	251	2	see	see	VERB
cblr-5117	251	3	definitions	definition	NOUN
cblr-5117	251	4	and	and	CCONJ
cblr-5117	251	5	terms	term	NOUN
cblr-5117	251	6	used	use	VERB
cblr-5117	251	7	in	in	ADP
cblr-5117	251	8	regulation	regulation	NOUN
cblr-5117	251	9	d	d	PROPN
cblr-5117	251	10	,	,	PUNCT
cblr-5117	251	11	17	17	NUM
cblr-5117	251	12	c.f.r	c.f.r	NOUN
cblr-5117	251	13	.	.	PUNCT
cblr-5117	252	1	§	§	PROPN
cblr-5117	252	2	230.501(a	230.501(a	NUM
cblr-5117	252	3	)	)	PUNCT
cblr-5117	252	4	(	(	PUNCT
cblr-5117	252	5	2018	2018	NUM
cblr-5117	252	6	)	)	PUNCT
cblr-5117	252	7	.	.	PUNCT
cblr-5117	253	1	66	66	NUM
cblr-5117	253	2	see	see	VERB
cblr-5117	253	3	ralston	ralston	PROPN
cblr-5117	253	4	purina	purina	PROPN
cblr-5117	253	5	,	,	PUNCT
cblr-5117	253	6	346	346	NUM
cblr-5117	253	7	u.s	u.s	PROPN
cblr-5117	253	8	.	.	PROPN
cblr-5117	253	9	at	at	ADP
cblr-5117	253	10	120–21	120–21	PROPN
cblr-5117	253	11	(	(	PUNCT
cblr-5117	253	12	noting	note	VERB
cblr-5117	253	13	that	that	SCONJ
cblr-5117	253	14	among	among	ADP
cblr-5117	253	15	these	these	PRON
cblr-5117	253	16	were	be	AUX
cblr-5117	253	17	“	"	PUNCT
cblr-5117	253	18	employees	employee	NOUN
cblr-5117	253	19	with	with	ADP
cblr-5117	253	20	the	the	DET
cblr-5117	253	21	duties	duty	NOUN
cblr-5117	253	22	of	of	ADP
cblr-5117	253	23	artist	artist	NOUN
cblr-5117	253	24	,	,	PUNCT
cblr-5117	253	25	bakeshop	bakeshop	NOUN
cblr-5117	253	26	foreman	foreman	NOUN
cblr-5117	253	27	,	,	PUNCT
cblr-5117	253	28	chow	chow	PROPN
cblr-5117	253	29	loading	loading	NOUN
cblr-5117	253	30	foreman	foreman	NOUN
cblr-5117	253	31	,	,	PUNCT
cblr-5117	253	32	clerical	clerical	ADJ
cblr-5117	253	33	assistant	assistant	NOUN
cblr-5117	253	34	,	,	PUNCT
cblr-5117	253	35	copywriter	copywriter	NOUN
cblr-5117	253	36	,	,	PUNCT
cblr-5117	253	37	electrician	electrician	NOUN
cblr-5117	253	38	,	,	PUNCT
cblr-5117	253	39	stock	stock	NOUN
cblr-5117	253	40	clerk	clerk	NOUN
cblr-5117	253	41	,	,	PUNCT
cblr-5117	253	42	mill	mill	NOUN
cblr-5117	253	43	office	office	NOUN
cblr-5117	253	44	clerk	clerk	NOUN
cblr-5117	253	45	,	,	PUNCT
cblr-5117	253	46	order	order	NOUN
cblr-5117	253	47	credit	credit	NOUN
cblr-5117	253	48	trainee	trainee	NOUN
cblr-5117	253	49	,	,	PUNCT
cblr-5117	253	50	production	production	NOUN
cblr-5117	253	51	trainee	trainee	NOUN
cblr-5117	253	52	,	,	PUNCT
cblr-5117	253	53	stenographer	stenographer	NOUN
cblr-5117	253	54	,	,	PUNCT
cblr-5117	253	55	and	and	CCONJ
cblr-5117	253	56	veterinarian	veterinarian	NOUN
cblr-5117	253	57	”	"	PUNCT
cblr-5117	253	58	)	)	PUNCT
cblr-5117	253	59	.	.	PUNCT
cblr-5117	254	1	67	67	NUM
cblr-5117	254	2	see	see	VERB
cblr-5117	254	3	i	i	PRON
cblr-5117	254	4	d.	d.	PROPN
cblr-5117	254	5	at	at	ADP
cblr-5117	254	6	121	121	NUM
cblr-5117	254	7	.	.	PUNCT
cblr-5117	255	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	255	2	(	(	PUNCT
cblr-5117	255	3	do	do	AUX
cblr-5117	255	4	not	not	PART
cblr-5117	255	5	delete	delete	VERB
cblr-5117	255	6	)	)	PUNCT
cblr-5117	255	7	1/8/2020	1/8/2020	NUM
cblr-5117	255	8	4:44	4:44	NUM
cblr-5117	255	9	pm	pm	NOUN
cblr-5117	255	10	no	no	INTJ
cblr-5117	255	11	.	.	PUNCT
cblr-5117	256	1	3:867	3:867	NUM
cblr-5117	256	2	]	]	PUNCT
cblr-5117	256	3	making	make	VERB
cblr-5117	256	4	disclosure	disclosure	NOUN
cblr-5117	256	5	work	work	NOUN
cblr-5117	256	6	885	885	NUM
cblr-5117	256	7	exempts	exempt	VERB
cblr-5117	256	8	transactions	transaction	NOUN
cblr-5117	256	9	“	"	PUNCT
cblr-5117	256	10	not	not	PART
cblr-5117	256	11	involving	involve	VERB
cblr-5117	256	12	any	any	DET
cblr-5117	256	13	public	public	ADJ
cblr-5117	256	14	offering	offering	NOUN
cblr-5117	256	15	”	"	PUNCT
cblr-5117	256	16	(	(	PUNCT
cblr-5117	256	17	also	also	ADV
cblr-5117	256	18	known	know	VERB
cblr-5117	256	19	as	as	ADP
cblr-5117	256	20	the	the	DET
cblr-5117	256	21	private	private	ADJ
cblr-5117	256	22	offering	offering	NOUN
cblr-5117	256	23	exemption).68	exemption).68	PROPN
cblr-5117	256	24	the	the	DET
cblr-5117	256	25	company	company	NOUN
cblr-5117	256	26	broadly	broadly	ADV
cblr-5117	256	27	defined	define	VERB
cblr-5117	256	28	the	the	DET
cblr-5117	256	29	term	term	NOUN
cblr-5117	256	30	“	"	PUNCT
cblr-5117	256	31	key	key	ADJ
cblr-5117	256	32	employees	employee	NOUN
cblr-5117	256	33	”	"	PUNCT
cblr-5117	256	34	to	to	PART
cblr-5117	256	35	include	include	VERB
cblr-5117	256	36	rank	rank	NOUN
cblr-5117	256	37	-	-	PUNCT
cblr-5117	256	38	andfile	andfile	NOUN
cblr-5117	256	39	employees	employee	NOUN
cblr-5117	256	40	who	who	PRON
cblr-5117	256	41	demonstrated	demonstrate	VERB
cblr-5117	256	42	some	some	DET
cblr-5117	256	43	special	special	ADJ
cblr-5117	256	44	contribution	contribution	NOUN
cblr-5117	256	45	to	to	ADP
cblr-5117	256	46	the	the	DET
cblr-5117	256	47	company	company	NOUN
cblr-5117	256	48	or	or	CCONJ
cblr-5117	256	49	potential	potential	NOUN
cblr-5117	256	50	for	for	ADP
cblr-5117	256	51	promotion.69	promotion.69	NOUN
cblr-5117	256	52	the	the	DET
cblr-5117	256	53	court	court	NOUN
cblr-5117	256	54	rejected	reject	VERB
cblr-5117	256	55	the	the	DET
cblr-5117	256	56	company	company	NOUN
cblr-5117	256	57	’s	’s	PART
cblr-5117	256	58	line	line	NOUN
cblr-5117	256	59	of	of	ADP
cblr-5117	256	60	argument	argument	NOUN
cblr-5117	256	61	and	and	CCONJ
cblr-5117	256	62	stated	state	VERB
cblr-5117	256	63	that	that	SCONJ
cblr-5117	256	64	the	the	DET
cblr-5117	256	65	securities	security	NOUN
cblr-5117	256	66	act	act	NOUN
cblr-5117	256	67	is	be	AUX
cblr-5117	256	68	designed	design	VERB
cblr-5117	256	69	“	"	PUNCT
cblr-5117	256	70	to	to	PART
cblr-5117	256	71	protect	protect	VERB
cblr-5117	256	72	investors	investor	NOUN
cblr-5117	256	73	by	by	ADP
cblr-5117	256	74	promoting	promote	VERB
cblr-5117	256	75	full	full	ADJ
cblr-5117	256	76	disclosure	disclosure	NOUN
cblr-5117	256	77	of	of	ADP
cblr-5117	256	78	information	information	NOUN
cblr-5117	256	79	thought	think	VERB
cblr-5117	256	80	necessary	necessary	ADJ
cblr-5117	256	81	to	to	PART
cblr-5117	256	82	inform	inform	VERB
cblr-5117	256	83	investment	investment	NOUN
cblr-5117	256	84	decisions	decision	NOUN
cblr-5117	256	85	.	.	PUNCT
cblr-5117	256	86	”70	”70	PUNCT
cblr-5117	257	1	consequently	consequently	ADV
cblr-5117	257	2	,	,	PUNCT
cblr-5117	257	3	the	the	DET
cblr-5117	257	4	court	court	NOUN
cblr-5117	257	5	reasoned	reason	VERB
cblr-5117	257	6	,	,	PUNCT
cblr-5117	257	7	the	the	DET
cblr-5117	257	8	natural	natural	ADJ
cblr-5117	257	9	interpretation	interpretation	NOUN
cblr-5117	257	10	of	of	ADP
cblr-5117	257	11	the	the	DET
cblr-5117	257	12	private	private	ADJ
cblr-5117	257	13	offering	offering	NOUN
cblr-5117	257	14	exemption	exemption	NOUN
cblr-5117	257	15	requires	require	VERB
cblr-5117	257	16	examining	examine	VERB
cblr-5117	257	17	whether	whether	SCONJ
cblr-5117	257	18	the	the	DET
cblr-5117	257	19	particular	particular	ADJ
cblr-5117	257	20	class	class	NOUN
cblr-5117	257	21	of	of	ADP
cblr-5117	257	22	offerees	offeree	NOUN
cblr-5117	257	23	needs	need	VERB
cblr-5117	257	24	the	the	DET
cblr-5117	257	25	act	act	NOUN
cblr-5117	257	26	’s	’s	PART
cblr-5117	257	27	protection.71	protection.71	VERB
cblr-5117	257	28	if	if	SCONJ
cblr-5117	257	29	the	the	DET
cblr-5117	257	30	offerees	offeree	NOUN
cblr-5117	257	31	“	"	PUNCT
cblr-5117	257	32	are	be	AUX
cblr-5117	257	33	shown	show	VERB
cblr-5117	257	34	to	to	PART
cblr-5117	257	35	be	be	AUX
cblr-5117	257	36	able	able	ADJ
cblr-5117	257	37	to	to	PART
cblr-5117	257	38	fend	fend	VERB
cblr-5117	257	39	for	for	ADP
cblr-5117	257	40	themselves	themselves	PRON
cblr-5117	257	41	,	,	PUNCT
cblr-5117	257	42	”	"	PUNCT
cblr-5117	257	43	then	then	ADV
cblr-5117	257	44	the	the	DET
cblr-5117	257	45	transaction	transaction	NOUN
cblr-5117	257	46	can	can	AUX
cblr-5117	257	47	be	be	AUX
cblr-5117	257	48	viewed	view	VERB
cblr-5117	257	49	as	as	ADP
cblr-5117	257	50	exempt	exempt	ADJ
cblr-5117	257	51	under	under	ADP
cblr-5117	257	52	the	the	DET
cblr-5117	257	53	private	private	ADJ
cblr-5117	257	54	offering	offering	NOUN
cblr-5117	257	55	exemption.72	exemption.72	NOUN
cblr-5117	257	56	the	the	DET
cblr-5117	257	57	court	court	NOUN
cblr-5117	257	58	stressed	stress	VERB
cblr-5117	257	59	that	that	SCONJ
cblr-5117	257	60	,	,	PUNCT
cblr-5117	257	61	as	as	ADP
cblr-5117	257	62	a	a	DET
cblr-5117	257	63	rule	rule	NOUN
cblr-5117	257	64	,	,	PUNCT
cblr-5117	257	65	“	"	PUNCT
cblr-5117	257	66	employees	employee	NOUN
cblr-5117	257	67	are	be	AUX
cblr-5117	257	68	just	just	ADV
cblr-5117	257	69	as	as	ADV
cblr-5117	257	70	much	much	ADJ
cblr-5117	257	71	members	member	NOUN
cblr-5117	257	72	of	of	ADP
cblr-5117	257	73	the	the	DET
cblr-5117	257	74	investing	investing	NOUN
cblr-5117	257	75	‘	'	PUNCT
cblr-5117	257	76	public	public	ADJ
cblr-5117	257	77	’	'	PUNCT
cblr-5117	257	78	as	as	ADP
cblr-5117	257	79	any	any	PRON
cblr-5117	257	80	of	of	ADP
cblr-5117	257	81	their	their	PRON
cblr-5117	257	82	neighbors	neighbor	NOUN
cblr-5117	257	83	in	in	ADP
cblr-5117	257	84	the	the	DET
cblr-5117	257	85	community	community	NOUN
cblr-5117	257	86	.	.	PUNCT
cblr-5117	258	1	”73	”73	PUNCT
cblr-5117	258	2	therefore	therefore	ADV
cblr-5117	258	3	,	,	PUNCT
cblr-5117	258	4	by	by	ADP
cblr-5117	258	5	and	and	CCONJ
cblr-5117	258	6	large	large	ADJ
cblr-5117	258	7	,	,	PUNCT
cblr-5117	258	8	employees	employee	NOUN
cblr-5117	258	9	are	be	AUX
cblr-5117	258	10	subject	subject	ADJ
cblr-5117	258	11	to	to	ADP
cblr-5117	258	12	the	the	DET
cblr-5117	258	13	full	full	ADJ
cblr-5117	258	14	protection	protection	NOUN
cblr-5117	258	15	of	of	ADP
cblr-5117	258	16	the	the	DET
cblr-5117	258	17	securities	security	NOUN
cblr-5117	258	18	act	act	PROPN
cblr-5117	258	19	.	.	PUNCT
cblr-5117	259	1	nonetheless	nonetheless	ADV
cblr-5117	259	2	,	,	PUNCT
cblr-5117	259	3	the	the	DET
cblr-5117	259	4	court	court	NOUN
cblr-5117	259	5	accepted	accept	VERB
cblr-5117	259	6	that	that	SCONJ
cblr-5117	259	7	under	under	ADP
cblr-5117	259	8	special	special	ADJ
cblr-5117	259	9	circumstances	circumstance	NOUN
cblr-5117	259	10	,	,	PUNCT
cblr-5117	259	11	certain	certain	ADJ
cblr-5117	259	12	employees	employee	NOUN
cblr-5117	259	13	could	could	AUX
cblr-5117	259	14	participate	participate	VERB
cblr-5117	259	15	in	in	ADP
cblr-5117	259	16	a	a	DET
cblr-5117	259	17	private	private	ADJ
cblr-5117	259	18	offering	offering	NOUN
cblr-5117	259	19	(	(	PUNCT
cblr-5117	259	20	exempted	exempt	VERB
cblr-5117	259	21	under	under	ADP
cblr-5117	259	22	section	section	NOUN
cblr-5117	259	23	4(a)(2	4(a)(2	NUM
cblr-5117	259	24	)	)	PUNCT
cblr-5117	259	25	of	of	ADP
cblr-5117	259	26	the	the	DET
cblr-5117	259	27	securities	security	NOUN
cblr-5117	259	28	act	act	PROPN
cblr-5117	259	29	)	)	PUNCT
cblr-5117	259	30	.	.	PUNCT
cblr-5117	260	1	as	as	ADP
cblr-5117	260	2	an	an	DET
cblr-5117	260	3	example	example	NOUN
cblr-5117	260	4	,	,	PUNCT
cblr-5117	260	5	the	the	DET
cblr-5117	260	6	court	court	NOUN
cblr-5117	260	7	specifically	specifically	ADV
cblr-5117	260	8	mentioned	mention	VERB
cblr-5117	260	9	an	an	DET
cblr-5117	260	10	offering	offering	NOUN
cblr-5117	260	11	“	"	PUNCT
cblr-5117	260	12	made	make	VERB
cblr-5117	260	13	to	to	ADP
cblr-5117	260	14	executive	executive	NOUN
cblr-5117	260	15	personnel	personnel	NOUN
cblr-5117	260	16	who	who	PRON
cblr-5117	260	17	because	because	SCONJ
cblr-5117	260	18	of	of	ADP
cblr-5117	260	19	their	their	PRON
cblr-5117	260	20	position	position	NOUN
cblr-5117	260	21	have	have	VERB
cblr-5117	260	22	access	access	NOUN
cblr-5117	260	23	to	to	ADP
cblr-5117	260	24	the	the	DET
cblr-5117	260	25	same	same	ADJ
cblr-5117	260	26	kind	kind	NOUN
cblr-5117	260	27	of	of	ADP
cblr-5117	260	28	information	information	NOUN
cblr-5117	260	29	that	that	SCONJ
cblr-5117	260	30	the	the	DET
cblr-5117	260	31	act	act	NOUN
cblr-5117	260	32	would	would	AUX
cblr-5117	260	33	make	make	VERB
cblr-5117	260	34	available	available	ADJ
cblr-5117	260	35	in	in	ADP
cblr-5117	260	36	the	the	DET
cblr-5117	260	37	form	form	NOUN
cblr-5117	260	38	of	of	ADP
cblr-5117	260	39	a	a	DET
cblr-5117	260	40	registration	registration	NOUN
cblr-5117	260	41	statement	statement	NOUN
cblr-5117	260	42	.	.	PUNCT
cblr-5117	261	1	”74	”74	PROPN
cblr-5117	262	1	68	68	NUM
cblr-5117	263	1	i	i	PRON
cblr-5117	263	2	d.	d.	PROPN
cblr-5117	263	3	at	at	ADP
cblr-5117	263	4	121–22	121–22	NUM
cblr-5117	263	5	.	.	PUNCT
cblr-5117	264	1	69	69	NUM
cblr-5117	264	2	see	see	VERB
cblr-5117	264	3	i	i	PRON
cblr-5117	264	4	d.	d.	PROPN
cblr-5117	264	5	70	70	NUM
cblr-5117	265	1	i	i	PRON
cblr-5117	265	2	d.	d.	PROPN
cblr-5117	265	3	at	at	ADP
cblr-5117	265	4	124	124	NUM
cblr-5117	265	5	.	.	PUNCT
cblr-5117	266	1	71	71	NUM
cblr-5117	267	1	i	i	PRON
cblr-5117	267	2	d.	d.	PROPN
cblr-5117	267	3	at	at	ADP
cblr-5117	267	4	125	125	NUM
cblr-5117	267	5	.	.	PUNCT
cblr-5117	267	6	72	72	NUM
cblr-5117	268	1	i	i	PRON
cblr-5117	268	2	d.	d.	PROPN
cblr-5117	268	3	the	the	DET
cblr-5117	268	4	exemption	exemption	NOUN
cblr-5117	268	5	would	would	AUX
cblr-5117	268	6	be	be	AUX
cblr-5117	268	7	available	available	ADJ
cblr-5117	268	8	only	only	ADV
cblr-5117	268	9	if	if	SCONJ
cblr-5117	268	10	the	the	DET
cblr-5117	268	11	offerees	offeree	NOUN
cblr-5117	268	12	also	also	ADV
cblr-5117	268	13	had	have	VERB
cblr-5117	268	14	access	access	NOUN
cblr-5117	268	15	to	to	ADP
cblr-5117	268	16	,	,	PUNCT
cblr-5117	268	17	or	or	CCONJ
cblr-5117	268	18	were	be	AUX
cblr-5117	268	19	given	give	VERB
cblr-5117	268	20	,	,	PUNCT
cblr-5117	268	21	the	the	DET
cblr-5117	268	22	kind	kind	NOUN
cblr-5117	268	23	of	of	ADP
cblr-5117	268	24	information	information	NOUN
cblr-5117	268	25	that	that	PRON
cblr-5117	268	26	would	would	AUX
cblr-5117	268	27	be	be	AUX
cblr-5117	268	28	available	available	ADJ
cblr-5117	268	29	in	in	ADP
cblr-5117	268	30	a	a	DET
cblr-5117	268	31	registration	registration	NOUN
cblr-5117	268	32	statement	statement	NOUN
cblr-5117	268	33	.	.	PUNCT
cblr-5117	269	1	see	see	VERB
cblr-5117	269	2	doran	doran	PROPN
cblr-5117	269	3	v.	v.	ADP
cblr-5117	269	4	petroleum	petroleum	PROPN
cblr-5117	269	5	mgmt	mgmt	PROPN
cblr-5117	269	6	.	.	PUNCT
cblr-5117	269	7	corp	corp	PROPN
cblr-5117	269	8	.	.	PROPN
cblr-5117	269	9	,	,	PUNCT
cblr-5117	269	10	545	545	NUM
cblr-5117	269	11	f.2d	f.2d	NOUN
cblr-5117	269	12	893	893	NUM
cblr-5117	269	13	,	,	PUNCT
cblr-5117	269	14	902–03	902–03	NUM
cblr-5117	269	15	(	(	PUNCT
cblr-5117	269	16	5th	5th	ADJ
cblr-5117	269	17	cir	cir	NOUN
cblr-5117	269	18	.	.	PUNCT
cblr-5117	269	19	1977	1977	NUM
cblr-5117	269	20	)	)	PUNCT
cblr-5117	269	21	.	.	PUNCT
cblr-5117	270	1	73	73	NUM
cblr-5117	270	2	ralston	ralston	PROPN
cblr-5117	270	3	purina	purina	NOUN
cblr-5117	270	4	,	,	PUNCT
cblr-5117	270	5	346	346	NUM
cblr-5117	270	6	u.s	u.s	PROPN
cblr-5117	270	7	.	.	PROPN
cblr-5117	270	8	at	at	ADP
cblr-5117	270	9	126	126	NUM
cblr-5117	270	10	.	.	PUNCT
cblr-5117	270	11	74	74	NUM
cblr-5117	271	1	i	i	PRON
cblr-5117	271	2	d.	d.	NOUN
cblr-5117	271	3	at	at	ADP
cblr-5117	271	4	125–26	125–26	NUM
cblr-5117	271	5	.	.	PUNCT
cblr-5117	272	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	272	2	(	(	PUNCT
cblr-5117	272	3	do	do	AUX
cblr-5117	272	4	not	not	PART
cblr-5117	272	5	delte	delte	VERB
cblr-5117	272	6	)	)	PUNCT
cblr-5117	272	7	1/8/2020	1/8/2020	NUM
cblr-5117	272	8	4:44	4:44	NUM
cblr-5117	272	9	pm	pm	NOUN
cblr-5117	272	10	886	886	NUM
cblr-5117	272	11	columbia	columbia	PROPN
cblr-5117	272	12	business	business	NOUN
cblr-5117	272	13	law	law	PROPN
cblr-5117	272	14	review	review	NOUN
cblr-5117	272	15	[	[	X
cblr-5117	272	16	vol	vol	NOUN
cblr-5117	272	17	.	.	NOUN
cblr-5117	272	18	2019	2019	NUM
cblr-5117	272	19	in	in	ADP
cblr-5117	272	20	1982	1982	NUM
cblr-5117	272	21	,	,	PUNCT
cblr-5117	272	22	as	as	ADP
cblr-5117	272	23	part	part	NOUN
cblr-5117	272	24	of	of	ADP
cblr-5117	272	25	regulation	regulation	NOUN
cblr-5117	272	26	d	d	NOUN
cblr-5117	272	27	,	,	PUNCT
cblr-5117	272	28	the	the	DET
cblr-5117	272	29	sec	sec	PROPN
cblr-5117	272	30	promulgated	promulgate	VERB
cblr-5117	272	31	rule	rule	NOUN
cblr-5117	272	32	506,75	506,75	NOUN
cblr-5117	272	33	which	which	PRON
cblr-5117	272	34	expresses	express	VERB
cblr-5117	272	35	the	the	DET
cblr-5117	272	36	sec	sec	PROPN
cblr-5117	272	37	’s	’s	PART
cblr-5117	272	38	interpretation	interpretation	NOUN
cblr-5117	272	39	of	of	ADP
cblr-5117	272	40	the	the	DET
cblr-5117	272	41	private	private	ADJ
cblr-5117	272	42	offering	offering	NOUN
cblr-5117	272	43	exemption	exemption	NOUN
cblr-5117	272	44	.	.	PUNCT
cblr-5117	273	1	the	the	DET
cblr-5117	273	2	exemption	exemption	NOUN
cblr-5117	273	3	under	under	ADP
cblr-5117	273	4	rule	rule	NOUN
cblr-5117	273	5	506	506	NUM
cblr-5117	273	6	limits	limit	NOUN
cblr-5117	273	7	the	the	DET
cblr-5117	273	8	sale	sale	NOUN
cblr-5117	273	9	either	either	ADV
cblr-5117	273	10	to	to	PART
cblr-5117	273	11	“	"	PUNCT
cblr-5117	273	12	accredited	accredit	VERB
cblr-5117	273	13	investors”76	investors”76	NOUN
cblr-5117	273	14	or	or	CCONJ
cblr-5117	273	15	otherwise	otherwise	ADV
cblr-5117	273	16	sophisticated	sophisticated	ADJ
cblr-5117	273	17	persons	person	NOUN
cblr-5117	273	18	,	,	PUNCT
cblr-5117	273	19	meaning	mean	VERB
cblr-5117	273	20	that	that	SCONJ
cblr-5117	273	21	they	they	PRON
cblr-5117	273	22	have	have	VERB
cblr-5117	273	23	sufficient	sufficient	ADJ
cblr-5117	273	24	knowledge	knowledge	NOUN
cblr-5117	273	25	and	and	CCONJ
cblr-5117	273	26	experience	experience	NOUN
cblr-5117	273	27	in	in	ADP
cblr-5117	273	28	financial	financial	ADJ
cblr-5117	273	29	and	and	CCONJ
cblr-5117	273	30	business	business	NOUN
cblr-5117	273	31	matters	matter	NOUN
cblr-5117	273	32	to	to	PART
cblr-5117	273	33	make	make	VERB
cblr-5117	273	34	them	they	PRON
cblr-5117	273	35	capable	capable	ADJ
cblr-5117	273	36	of	of	ADP
cblr-5117	273	37	evaluating	evaluate	VERB
cblr-5117	273	38	the	the	DET
cblr-5117	273	39	prospective	prospective	ADJ
cblr-5117	273	40	investment	investment	NOUN
cblr-5117	273	41	’s	’s	PART
cblr-5117	273	42	merits	merit	NOUN
cblr-5117	273	43	and	and	CCONJ
cblr-5117	273	44	risks.77	risks.77	VERB
cblr-5117	273	45	the	the	DET
cblr-5117	273	46	term	term	NOUN
cblr-5117	273	47	“	"	PUNCT
cblr-5117	273	48	accredited	accredited	ADJ
cblr-5117	273	49	investor	investor	NOUN
cblr-5117	273	50	”	"	PUNCT
cblr-5117	273	51	is	be	AUX
cblr-5117	273	52	defined	define	VERB
cblr-5117	273	53	in	in	ADP
cblr-5117	273	54	rule	rule	NOUN
cblr-5117	273	55	501	501	NUM
cblr-5117	273	56	and	and	CCONJ
cblr-5117	273	57	encompasses	encompass	VERB
cblr-5117	273	58	institutional	institutional	ADJ
cblr-5117	273	59	investors78	investors78	NOUN
cblr-5117	273	60	and	and	CCONJ
cblr-5117	273	61	officers79	officers79	VERB
cblr-5117	273	62	along	along	ADP
cblr-5117	273	63	with	with	ADP
cblr-5117	273	64	high	high	ADJ
cblr-5117	273	65	-	-	PUNCT
cblr-5117	273	66	net	net	NOUN
cblr-5117	273	67	-	-	PUNCT
cblr-5117	273	68	worth80	worth80	NOUN
cblr-5117	273	69	and	and	CCONJ
cblr-5117	273	70	high	high	ADJ
cblr-5117	273	71	-	-	PUNCT
cblr-5117	273	72	income	income	NOUN
cblr-5117	273	73	individuals.81	individuals.81	NOUN
cblr-5117	273	74	rule	rule	NOUN
cblr-5117	273	75	506	506	NUM
cblr-5117	273	76	offerings	offering	NOUN
cblr-5117	273	77	are	be	AUX
cblr-5117	273	78	particularly	particularly	ADV
cblr-5117	273	79	useful	useful	ADJ
cblr-5117	273	80	for	for	ADP
cblr-5117	273	81	start	start	VERB
cblr-5117	273	82	-	-	PUNCT
cblr-5117	273	83	up	up	ADP
cblr-5117	273	84	companies	company	NOUN
cblr-5117	273	85	because	because	SCONJ
cblr-5117	273	86	the	the	DET
cblr-5117	273	87	rule	rule	NOUN
cblr-5117	273	88	does	do	AUX
cblr-5117	273	89	not	not	PART
cblr-5117	273	90	place	place	VERB
cblr-5117	273	91	a	a	DET
cblr-5117	273	92	limit	limit	NOUN
cblr-5117	273	93	on	on	ADP
cblr-5117	273	94	the	the	DET
cblr-5117	273	95	aggregate	aggregate	ADJ
cblr-5117	273	96	number	number	NOUN
cblr-5117	273	97	of	of	ADP
cblr-5117	273	98	securities	security	NOUN
cblr-5117	273	99	a	a	DET
cblr-5117	273	100	company	company	NOUN
cblr-5117	273	101	can	can	AUX
cblr-5117	273	102	issue	issue	VERB
cblr-5117	273	103	.	.	PUNCT
cblr-5117	274	1	moreover	moreover	ADV
cblr-5117	274	2	,	,	PUNCT
cblr-5117	274	3	as	as	ADV
cblr-5117	274	4	long	long	ADV
cblr-5117	274	5	as	as	SCONJ
cblr-5117	274	6	the	the	DET
cblr-5117	274	7	offering	offering	NOUN
cblr-5117	274	8	is	be	AUX
cblr-5117	274	9	exclusive	exclusive	ADJ
cblr-5117	274	10	to	to	ADP
cblr-5117	274	11	accredited	accredit	VERB
cblr-5117	274	12	investors	investor	NOUN
cblr-5117	274	13	,	,	PUNCT
cblr-5117	274	14	the	the	DET
cblr-5117	274	15	rule	rule	NOUN
cblr-5117	274	16	does	do	AUX
cblr-5117	274	17	not	not	PART
cblr-5117	274	18	mandate	mandate	VERB
cblr-5117	274	19	providing	provide	VERB
cblr-5117	274	20	disclosures	disclosure	NOUN
cblr-5117	274	21	to	to	ADP
cblr-5117	274	22	offerees.82	offerees.82	NOUN
cblr-5117	274	23	rule	rule	NOUN
cblr-5117	274	24	506	506	NUM
cblr-5117	274	25	transactions	transaction	NOUN
cblr-5117	274	26	are	be	AUX
cblr-5117	274	27	,	,	PUNCT
cblr-5117	274	28	however	however	ADV
cblr-5117	274	29	,	,	PUNCT
cblr-5117	274	30	still	still	ADV
cblr-5117	274	31	subject	subject	ADJ
cblr-5117	274	32	to	to	ADP
cblr-5117	274	33	75	75	NUM
cblr-5117	274	34	exemption	exemption	NOUN
cblr-5117	274	35	for	for	ADP
cblr-5117	274	36	limited	limited	ADJ
cblr-5117	274	37	offers	offer	NOUN
cblr-5117	274	38	and	and	CCONJ
cblr-5117	274	39	sales	sale	NOUN
cblr-5117	274	40	without	without	ADP
cblr-5117	274	41	regard	regard	NOUN
cblr-5117	274	42	to	to	ADP
cblr-5117	274	43	dollar	dollar	NOUN
cblr-5117	274	44	amount	amount	NOUN
cblr-5117	274	45	of	of	ADP
cblr-5117	274	46	offering	offering	NOUN
cblr-5117	274	47	,	,	PUNCT
cblr-5117	274	48	17	17	NUM
cblr-5117	274	49	c.f.r	c.f.r	NOUN
cblr-5117	274	50	.	.	PUNCT
cblr-5117	275	1	§	§	PROPN
cblr-5117	275	2	230.506	230.506	NUM
cblr-5117	275	3	(	(	PUNCT
cblr-5117	275	4	2013	2013	NUM
cblr-5117	275	5	)	)	PUNCT
cblr-5117	275	6	.	.	PUNCT
cblr-5117	276	1	76	76	NUM
cblr-5117	276	2	17	17	NUM
cblr-5117	276	3	c.f.r	c.f.r	NOUN
cblr-5117	276	4	.	.	PUNCT
cblr-5117	277	1	§	§	PROPN
cblr-5117	277	2	230.506(c)(1)(ii	230.506(c)(1)(ii	NUM
cblr-5117	277	3	)	)	PUNCT
cblr-5117	277	4	.	.	PUNCT
cblr-5117	278	1	the	the	DET
cblr-5117	278	2	definition	definition	NOUN
cblr-5117	278	3	of	of	ADP
cblr-5117	278	4	“	"	PUNCT
cblr-5117	278	5	accredited	accredited	ADJ
cblr-5117	278	6	investor	investor	NOUN
cblr-5117	278	7	”	"	PUNCT
cblr-5117	278	8	is	be	AUX
cblr-5117	278	9	also	also	ADV
cblr-5117	278	10	set	set	VERB
cblr-5117	278	11	forth	forth	ADP
cblr-5117	278	12	in	in	ADP
cblr-5117	278	13	regulation	regulation	NOUN
cblr-5117	278	14	d.	d.	PROPN
cblr-5117	278	15	see	see	VERB
cblr-5117	278	16	definitions	definition	NOUN
cblr-5117	278	17	and	and	CCONJ
cblr-5117	278	18	terms	term	NOUN
cblr-5117	278	19	used	use	VERB
cblr-5117	278	20	in	in	ADP
cblr-5117	278	21	regulation	regulation	NOUN
cblr-5117	278	22	d	d	PROPN
cblr-5117	278	23	,	,	PUNCT
cblr-5117	278	24	17	17	NUM
cblr-5117	278	25	c.f.r	c.f.r	NOUN
cblr-5117	278	26	.	.	PUNCT
cblr-5117	279	1	§	§	PROPN
cblr-5117	279	2	230.501(a	230.501(a	NUM
cblr-5117	279	3	)	)	PUNCT
cblr-5117	279	4	(	(	PUNCT
cblr-5117	279	5	2018	2018	NUM
cblr-5117	279	6	)	)	PUNCT
cblr-5117	279	7	.	.	PUNCT
cblr-5117	280	1	77	77	NUM
cblr-5117	280	2	17	17	NUM
cblr-5117	280	3	c.f.r	c.f.r	NOUN
cblr-5117	280	4	.	.	PUNCT
cblr-5117	281	1	§	§	PROPN
cblr-5117	281	2	230.506(b)(2)(ii	230.506(b)(2)(ii	NUM
cblr-5117	281	3	)	)	PUNCT
cblr-5117	281	4	(	(	PUNCT
cblr-5117	281	5	“	"	PUNCT
cblr-5117	281	6	each	each	DET
cblr-5117	281	7	purchaser	purchaser	NOUN
cblr-5117	281	8	who	who	PRON
cblr-5117	281	9	is	be	AUX
cblr-5117	281	10	not	not	PART
cblr-5117	281	11	an	an	DET
cblr-5117	281	12	accredited	accredited	ADJ
cblr-5117	281	13	investor	investor	NOUN
cblr-5117	281	14	either	either	CCONJ
cblr-5117	281	15	alone	alone	ADV
cblr-5117	281	16	or	or	CCONJ
cblr-5117	281	17	with	with	ADP
cblr-5117	281	18	his	his	PRON
cblr-5117	281	19	purchaser	purchaser	NOUN
cblr-5117	281	20	representative(s	representative(s	NOUN
cblr-5117	281	21	)	)	PUNCT
cblr-5117	281	22	has	have	VERB
cblr-5117	281	23	such	such	ADJ
cblr-5117	281	24	knowledge	knowledge	NOUN
cblr-5117	281	25	and	and	CCONJ
cblr-5117	281	26	experience	experience	NOUN
cblr-5117	281	27	in	in	ADP
cblr-5117	281	28	financial	financial	ADJ
cblr-5117	281	29	and	and	CCONJ
cblr-5117	281	30	business	business	NOUN
cblr-5117	281	31	matters	matter	NOUN
cblr-5117	281	32	that	that	SCONJ
cblr-5117	281	33	he	he	PRON
cblr-5117	281	34	is	be	AUX
cblr-5117	281	35	capable	capable	ADJ
cblr-5117	281	36	of	of	ADP
cblr-5117	281	37	evaluating	evaluate	VERB
cblr-5117	281	38	the	the	DET
cblr-5117	281	39	merits	merit	NOUN
cblr-5117	281	40	and	and	CCONJ
cblr-5117	281	41	risks	risk	NOUN
cblr-5117	281	42	of	of	ADP
cblr-5117	281	43	the	the	DET
cblr-5117	281	44	prospective	prospective	ADJ
cblr-5117	281	45	investment	investment	NOUN
cblr-5117	281	46	.	.	PUNCT
cblr-5117	281	47	”	"	PUNCT
cblr-5117	281	48	)	)	PUNCT
cblr-5117	281	49	.	.	PUNCT
cblr-5117	282	1	78	78	NUM
cblr-5117	282	2	17	17	NUM
cblr-5117	282	3	c.f.r	c.f.r	NOUN
cblr-5117	282	4	.	.	PUNCT
cblr-5117	283	1	§	§	PROPN
cblr-5117	283	2	230.501(a)(1)–(3	230.501(a)(1)–(3	PROPN
cblr-5117	283	3	)	)	PUNCT
cblr-5117	283	4	.	.	PUNCT
cblr-5117	284	1	79	79	NUM
cblr-5117	284	2	17	17	NUM
cblr-5117	284	3	c.f.r	c.f.r	NOUN
cblr-5117	284	4	.	.	PUNCT
cblr-5117	285	1	§	§	PROPN
cblr-5117	285	2	230.501(a)(4	230.501(a)(4	NUM
cblr-5117	285	3	)	)	PUNCT
cblr-5117	285	4	.	.	PUNCT
cblr-5117	286	1	80	80	NUM
cblr-5117	286	2	17	17	NUM
cblr-5117	286	3	c.f.r	c.f.r	NOUN
cblr-5117	286	4	.	.	PUNCT
cblr-5117	287	1	§	§	PROPN
cblr-5117	287	2	230.501(a)(5	230.501(a)(5	NUM
cblr-5117	287	3	)	)	PUNCT
cblr-5117	287	4	(	(	PUNCT
cblr-5117	287	5	including	include	VERB
cblr-5117	287	6	natural	natural	ADJ
cblr-5117	287	7	persons	person	NOUN
cblr-5117	287	8	“	"	PUNCT
cblr-5117	287	9	whose	whose	DET
cblr-5117	287	10	individual	individual	ADJ
cblr-5117	287	11	net	net	ADJ
cblr-5117	287	12	worth	worth	NOUN
cblr-5117	287	13	,	,	PUNCT
cblr-5117	287	14	or	or	CCONJ
cblr-5117	287	15	joint	joint	ADJ
cblr-5117	287	16	net	net	ADJ
cblr-5117	287	17	worth	worth	NOUN
cblr-5117	287	18	with	with	ADP
cblr-5117	287	19	that	that	DET
cblr-5117	287	20	person	person	NOUN
cblr-5117	287	21	’s	’s	PART
cblr-5117	287	22	spouse	spouse	NOUN
cblr-5117	287	23	,	,	PUNCT
cblr-5117	287	24	exceeds	exceed	VERB
cblr-5117	287	25	$	$	SYM
cblr-5117	287	26	1,000,000	1,000,000	NUM
cblr-5117	287	27	,	,	PUNCT
cblr-5117	287	28	”	"	PUNCT
cblr-5117	287	29	excluding	exclude	VERB
cblr-5117	287	30	the	the	DET
cblr-5117	287	31	value	value	NOUN
cblr-5117	287	32	of	of	ADP
cblr-5117	287	33	the	the	DET
cblr-5117	287	34	person	person	NOUN
cblr-5117	287	35	’s	’s	PART
cblr-5117	287	36	primary	primary	ADJ
cblr-5117	287	37	residence	residence	NOUN
cblr-5117	287	38	)	)	PUNCT
cblr-5117	287	39	.	.	PUNCT
cblr-5117	288	1	81	81	NUM
cblr-5117	288	2	17	17	NUM
cblr-5117	288	3	c.f.r	c.f.r	NOUN
cblr-5117	288	4	.	.	PUNCT
cblr-5117	289	1	§	§	PROPN
cblr-5117	289	2	230.501(a)(6	230.501(a)(6	NUM
cblr-5117	289	3	)	)	PUNCT
cblr-5117	289	4	(	(	PUNCT
cblr-5117	289	5	including	include	VERB
cblr-5117	289	6	those	those	PRON
cblr-5117	289	7	“	"	PUNCT
cblr-5117	289	8	who	who	PRON
cblr-5117	289	9	had	have	VERB
cblr-5117	289	10	an	an	DET
cblr-5117	289	11	individual	individual	ADJ
cblr-5117	289	12	income	income	NOUN
cblr-5117	289	13	in	in	ADP
cblr-5117	289	14	excess	excess	NOUN
cblr-5117	289	15	of	of	ADP
cblr-5117	289	16	$	$	SYM
cblr-5117	289	17	200,000	200,000	NUM
cblr-5117	289	18	in	in	ADP
cblr-5117	289	19	each	each	PRON
cblr-5117	289	20	of	of	ADP
cblr-5117	289	21	the	the	DET
cblr-5117	289	22	two	two	NUM
cblr-5117	289	23	most	most	ADV
cblr-5117	289	24	recent	recent	ADJ
cblr-5117	289	25	years	year	NOUN
cblr-5117	289	26	or	or	CCONJ
cblr-5117	289	27	joint	joint	ADJ
cblr-5117	289	28	income	income	NOUN
cblr-5117	289	29	with	with	ADP
cblr-5117	289	30	that	that	DET
cblr-5117	289	31	person	person	NOUN
cblr-5117	289	32	’s	’s	PART
cblr-5117	289	33	spouse	spouse	NOUN
cblr-5117	289	34	in	in	ADP
cblr-5117	289	35	excess	excess	NOUN
cblr-5117	289	36	of	of	ADP
cblr-5117	289	37	$	$	SYM
cblr-5117	289	38	300,000	300,000	NUM
cblr-5117	289	39	in	in	ADP
cblr-5117	289	40	each	each	PRON
cblr-5117	289	41	of	of	ADP
cblr-5117	289	42	those	those	DET
cblr-5117	289	43	years	year	NOUN
cblr-5117	289	44	and	and	CCONJ
cblr-5117	289	45	ha[ve	ha[ve	X
cblr-5117	289	46	]	]	X
cblr-5117	289	47	a	a	DET
cblr-5117	289	48	reasonable	reasonable	ADJ
cblr-5117	289	49	expectation	expectation	NOUN
cblr-5117	289	50	of	of	ADP
cblr-5117	289	51	reaching	reach	VERB
cblr-5117	289	52	the	the	DET
cblr-5117	289	53	same	same	ADJ
cblr-5117	289	54	income	income	NOUN
cblr-5117	289	55	level	level	NOUN
cblr-5117	289	56	in	in	ADP
cblr-5117	289	57	the	the	DET
cblr-5117	289	58	current	current	ADJ
cblr-5117	289	59	year	year	NOUN
cblr-5117	289	60	”	"	PUNCT
cblr-5117	289	61	)	)	PUNCT
cblr-5117	289	62	.	.	PUNCT
cblr-5117	290	1	82	82	NUM
cblr-5117	290	2	see	see	VERB
cblr-5117	290	3	darian	darian	PROPN
cblr-5117	290	4	m.	m.	PROPN
cblr-5117	290	5	ibrahim	ibrahim	PROPN
cblr-5117	290	6	,	,	PUNCT
cblr-5117	290	7	public	public	ADJ
cblr-5117	290	8	or	or	CCONJ
cblr-5117	290	9	private	private	ADJ
cblr-5117	290	10	venture	venture	NOUN
cblr-5117	290	11	capital	capital	NOUN
cblr-5117	290	12	?	?	PUNCT
cblr-5117	291	1	33	33	NUM
cblr-5117	291	2	(	(	PUNCT
cblr-5117	291	3	william	william	PROPN
cblr-5117	291	4	&	&	CCONJ
cblr-5117	291	5	mary	mary	PROPN
cblr-5117	291	6	law	law	PROPN
cblr-5117	291	7	sch	sch	PROPN
cblr-5117	291	8	.	.	PUNCT
cblr-5117	292	1	research	research	NOUN
cblr-5117	292	2	paper	paper	NOUN
cblr-5117	292	3	no	no	INTJ
cblr-5117	292	4	.	.	NOUN
cblr-5117	292	5	09	09	NUM
cblr-5117	292	6	-	-	SYM
cblr-5117	292	7	383	383	NUM
cblr-5117	292	8	,	,	PUNCT
cblr-5117	292	9	2018	2018	NUM
cblr-5117	292	10	)	)	PUNCT
cblr-5117	292	11	,	,	PUNCT
cblr-5117	293	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3266756	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3266756	PROPN
cblr-5117	294	1	[	[	X
cblr-5117	294	2	https://perma.cc/fxd6-4sy3	https://perma.cc/fxd6-4sy3	X
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cblr-5117	294	4	(	(	PUNCT
cblr-5117	294	5	discussing	discuss	VERB
cblr-5117	294	6	lack	lack	NOUN
cblr-5117	294	7	of	of	ADP
cblr-5117	294	8	disclosure	disclosure	NOUN
cblr-5117	294	9	requirements	requirement	NOUN
cblr-5117	294	10	under	under	ADP
cblr-5117	294	11	rule	rule	NOUN
cblr-5117	294	12	506	506	NUM
cblr-5117	294	13	,	,	PUNCT
cblr-5117	294	14	“	"	PUNCT
cblr-5117	294	15	the	the	DET
cblr-5117	294	16	most	most	ADV
cblr-5117	294	17	commonly	commonly	ADV
cblr-5117	294	18	-	-	PUNCT
cblr-5117	294	19	used	use	VERB
cblr-5117	294	20	exemption	exemption	NOUN
cblr-5117	294	21	by	by	ADP
cblr-5117	294	22	startups	startup	NOUN
cblr-5117	294	23	”	"	PUNCT
cblr-5117	294	24	)	)	PUNCT
cblr-5117	294	25	.	.	PUNCT
cblr-5117	295	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	295	2	(	(	PUNCT
cblr-5117	295	3	do	do	AUX
cblr-5117	295	4	not	not	PART
cblr-5117	295	5	delete	delete	VERB
cblr-5117	295	6	)	)	PUNCT
cblr-5117	295	7	1/8/2020	1/8/2020	NUM
cblr-5117	295	8	4:44	4:44	NUM
cblr-5117	295	9	pm	pm	NOUN
cblr-5117	295	10	no	no	INTJ
cblr-5117	295	11	.	.	PUNCT
cblr-5117	296	1	3:867	3:867	NUM
cblr-5117	296	2	]	]	PUNCT
cblr-5117	296	3	making	make	VERB
cblr-5117	296	4	disclosure	disclosure	NOUN
cblr-5117	296	5	work	work	NOUN
cblr-5117	296	6	887	887	NUM
cblr-5117	296	7	the	the	DET
cblr-5117	296	8	antifraud	antifraud	PROPN
cblr-5117	296	9	provisions	provision	NOUN
cblr-5117	296	10	of	of	ADP
cblr-5117	296	11	the	the	DET
cblr-5117	296	12	federal	federal	ADJ
cblr-5117	296	13	securities	security	NOUN
cblr-5117	296	14	laws.83	laws.83	PROPN
cblr-5117	296	15	rule	rule	NOUN
cblr-5117	296	16	506	506	NUM
cblr-5117	296	17	is	be	AUX
cblr-5117	296	18	also	also	ADV
cblr-5117	296	19	useful	useful	ADJ
cblr-5117	296	20	for	for	ADP
cblr-5117	296	21	certain	certain	ADJ
cblr-5117	296	22	compensatory	compensatory	ADJ
cblr-5117	296	23	equity	equity	NOUN
cblr-5117	296	24	awards	award	NOUN
cblr-5117	296	25	,	,	PUNCT
cblr-5117	296	26	particularly	particularly	ADV
cblr-5117	296	27	those	those	PRON
cblr-5117	296	28	aimed	aim	VERB
cblr-5117	296	29	at	at	ADP
cblr-5117	296	30	the	the	DET
cblr-5117	296	31	company	company	NOUN
cblr-5117	296	32	’s	’s	PART
cblr-5117	296	33	directors	director	NOUN
cblr-5117	296	34	,	,	PUNCT
cblr-5117	296	35	executive	executive	ADJ
cblr-5117	296	36	officers	officer	NOUN
cblr-5117	296	37	and	and	CCONJ
cblr-5117	296	38	other	other	ADJ
cblr-5117	296	39	employees	employee	NOUN
cblr-5117	296	40	and	and	CCONJ
cblr-5117	296	41	service	service	NOUN
cblr-5117	296	42	providers	provider	NOUN
cblr-5117	296	43	who	who	PRON
cblr-5117	296	44	meet	meet	VERB
cblr-5117	296	45	the	the	DET
cblr-5117	296	46	accredited	accredit	VERB
cblr-5117	296	47	investor	investor	NOUN
cblr-5117	296	48	criteria	criterion	NOUN
cblr-5117	296	49	due	due	ADP
cblr-5117	296	50	to	to	ADP
cblr-5117	296	51	their	their	PRON
cblr-5117	296	52	income	income	NOUN
cblr-5117	296	53	or	or	CCONJ
cblr-5117	296	54	net	net	ADJ
cblr-5117	296	55	worth.84	worth.84	PROPN
cblr-5117	296	56	the	the	DET
cblr-5117	296	57	private	private	ADJ
cblr-5117	296	58	offering	offering	NOUN
cblr-5117	296	59	exemptions	exemption	NOUN
cblr-5117	296	60	(	(	PUNCT
cblr-5117	296	61	section	section	NOUN
cblr-5117	296	62	4(a)(2	4(a)(2	NUM
cblr-5117	296	63	)	)	PUNCT
cblr-5117	296	64	of	of	ADP
cblr-5117	296	65	the	the	DET
cblr-5117	296	66	securities	security	NOUN
cblr-5117	296	67	act	act	NOUN
cblr-5117	296	68	and	and	CCONJ
cblr-5117	296	69	rule	rule	VERB
cblr-5117	296	70	506	506	NUM
cblr-5117	296	71	)	)	PUNCT
cblr-5117	296	72	therefore	therefore	ADV
cblr-5117	296	73	further	far	ADV
cblr-5117	296	74	divide	divide	VERB
cblr-5117	296	75	the	the	DET
cblr-5117	296	76	population	population	NOUN
cblr-5117	296	77	of	of	ADP
cblr-5117	296	78	equity	equity	NOUN
cblr-5117	296	79	-	-	PUNCT
cblr-5117	296	80	compensated	compensate	VERB
cblr-5117	296	81	employees	employee	NOUN
cblr-5117	296	82	in	in	ADP
cblr-5117	296	83	the	the	DET
cblr-5117	296	84	following	following	ADJ
cblr-5117	296	85	way	way	NOUN
cblr-5117	296	86	:	:	PUNCT
cblr-5117	296	87	among	among	ADP
cblr-5117	296	88	the	the	DET
cblr-5117	296	89	employees	employee	NOUN
cblr-5117	296	90	who	who	PRON
cblr-5117	296	91	negotiated	negotiate	VERB
cblr-5117	296	92	their	their	PRON
cblr-5117	296	93	equity	equity	NOUN
cblr-5117	296	94	compensation	compensation	NOUN
cblr-5117	296	95	and	and	CCONJ
cblr-5117	296	96	are	be	AUX
cblr-5117	296	97	therefore	therefore	ADV
cblr-5117	296	98	considered	consider	VERB
cblr-5117	296	99	investors	investor	NOUN
cblr-5117	296	100	,	,	PUNCT
cblr-5117	296	101	some	some	DET
cblr-5117	296	102	employees	employee	NOUN
cblr-5117	296	103	qualify	qualify	VERB
cblr-5117	296	104	as	as	ADP
cblr-5117	296	105	“	"	PUNCT
cblr-5117	296	106	accredited	accredited	ADJ
cblr-5117	296	107	investors	investor	NOUN
cblr-5117	296	108	”	"	PUNCT
cblr-5117	296	109	due	due	ADP
cblr-5117	296	110	to	to	ADP
cblr-5117	296	111	their	their	PRON
cblr-5117	296	112	role	role	NOUN
cblr-5117	296	113	in	in	ADP
cblr-5117	296	114	the	the	DET
cblr-5117	296	115	organization	organization	NOUN
cblr-5117	296	116	(	(	PUNCT
cblr-5117	296	117	directors	director	NOUN
cblr-5117	296	118	and	and	CCONJ
cblr-5117	296	119	executive	executive	ADJ
cblr-5117	296	120	team	team	NOUN
cblr-5117	296	121	)	)	PUNCT
cblr-5117	296	122	,	,	PUNCT
cblr-5117	296	123	their	their	PRON
cblr-5117	296	124	income	income	NOUN
cblr-5117	296	125	,	,	PUNCT
cblr-5117	296	126	or	or	CCONJ
cblr-5117	296	127	their	their	PRON
cblr-5117	296	128	high	high	ADJ
cblr-5117	296	129	net	net	ADJ
cblr-5117	296	130	worth.85	worth.85	NOUN
cblr-5117	296	131	these	these	DET
cblr-5117	296	132	employees	employee	NOUN
cblr-5117	296	133	can	can	AUX
cblr-5117	296	134	participate	participate	VERB
cblr-5117	296	135	in	in	ADP
cblr-5117	296	136	a	a	DET
cblr-5117	296	137	private	private	ADJ
cblr-5117	296	138	offering	offering	NOUN
cblr-5117	296	139	that	that	PRON
cblr-5117	296	140	is	be	AUX
cblr-5117	296	141	not	not	PART
cblr-5117	296	142	subject	subject	ADJ
cblr-5117	296	143	to	to	ADP
cblr-5117	296	144	the	the	DET
cblr-5117	296	145	requirement	requirement	NOUN
cblr-5117	296	146	to	to	PART
cblr-5117	296	147	disclose	disclose	VERB
cblr-5117	296	148	detailed	detailed	ADJ
cblr-5117	296	149	information	information	NOUN
cblr-5117	296	150	.	.	PUNCT
cblr-5117	297	1	the	the	DET
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cblr-5117	297	4	,	,	PUNCT
cblr-5117	297	5	those	those	PRON
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cblr-5117	297	11	compensation	compensation	NOUN
cblr-5117	297	12	but	but	CCONJ
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cblr-5117	297	15	qualify	qualify	VERB
cblr-5117	297	16	as	as	ADP
cblr-5117	297	17	accredited	accredit	VERB
cblr-5117	297	18	investors	investor	NOUN
cblr-5117	297	19	,	,	PUNCT
cblr-5117	297	20	constitute	constitute	VERB
cblr-5117	297	21	a	a	DET
cblr-5117	297	22	distinct	distinct	ADJ
cblr-5117	297	23	group	group	NOUN
cblr-5117	297	24	of	of	ADP
cblr-5117	297	25	investors	investor	NOUN
cblr-5117	297	26	whose	whose	DET
cblr-5117	297	27	needs	need	VERB
cblr-5117	297	28	the	the	DET
cblr-5117	297	29	sec	sec	PROPN
cblr-5117	297	30	did	do	AUX
cblr-5117	297	31	not	not	PART
cblr-5117	297	32	address	address	VERB
cblr-5117	297	33	until	until	ADP
cblr-5117	297	34	1988	1988	NUM
cblr-5117	297	35	.	.	PUNCT
cblr-5117	298	1	83	83	NUM
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cblr-5117	298	3	fast	fast	ADJ
cblr-5117	298	4	answers	answer	NOUN
cblr-5117	298	5	:	:	PUNCT
cblr-5117	298	6	rule	rule	NOUN
cblr-5117	298	7	506	506	NUM
cblr-5117	298	8	of	of	ADP
cblr-5117	298	9	regulation	regulation	NOUN
cblr-5117	298	10	d	d	PROPN
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cblr-5117	298	12	u.s	u.s	PROPN
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cblr-5117	298	15	.	.	PROPN
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cblr-5117	298	19	(	(	PUNCT
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cblr-5117	298	22	nov	nov	PROPN
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cblr-5117	298	27	)	)	PUNCT
cblr-5117	298	28	,	,	PUNCT
cblr-5117	298	29	https://www.sec.gov/fastanswers/answers-rule506htm.html	https://www.sec.gov/fastanswers/answers-rule506htm.html	PROPN
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cblr-5117	299	4	(	(	PUNCT
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cblr-5117	299	6	companies	company	NOUN
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cblr-5117	299	9	what	what	PRON
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cblr-5117	300	8	.	.	PROPN
cblr-5117	300	9	sec	sec	PROPN
cblr-5117	300	10	.	.	PROPN
cblr-5117	300	11	&	&	CCONJ
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cblr-5117	301	5	“	"	PUNCT
cblr-5117	301	6	[	[	X
cblr-5117	301	7	a]n	a]n	ADJ
cblr-5117	301	8	issuer	issuer	NOUN
cblr-5117	301	9	may	may	AUX
cblr-5117	301	10	rely	rely	VERB
cblr-5117	301	11	on	on	ADP
cblr-5117	301	12	an	an	DET
cblr-5117	301	13	available	available	ADJ
cblr-5117	301	14	alternative	alternative	ADJ
cblr-5117	301	15	exemption	exemption	NOUN
cblr-5117	301	16	such	such	ADJ
cblr-5117	301	17	as	as	ADP
cblr-5117	301	18	.	.	PUNCT
cblr-5117	301	19	.	.	PUNCT
cblr-5117	301	20	.	.	PUNCT
cblr-5117	302	1	a	a	DET
cblr-5117	302	2	private	private	ADJ
cblr-5117	302	3	placement	placement	NOUN
cblr-5117	302	4	exemption	exemption	NOUN
cblr-5117	302	5	under	under	ADP
cblr-5117	302	6	rule	rule	NOUN
cblr-5117	302	7	506	506	NUM
cblr-5117	302	8	of	of	ADP
cblr-5117	302	9	regulation	regulation	NOUN
cblr-5117	302	10	d	d	NOUN
cblr-5117	302	11	or	or	CCONJ
cblr-5117	302	12	section	section	NOUN
cblr-5117	302	13	4(2	4(2	NUM
cblr-5117	302	14	)	)	PUNCT
cblr-5117	302	15	for	for	ADP
cblr-5117	302	16	the	the	DET
cblr-5117	302	17	sales	sale	NOUN
cblr-5117	302	18	in	in	ADP
cblr-5117	302	19	excess	excess	NOUN
cblr-5117	302	20	of	of	ADP
cblr-5117	302	21	the	the	DET
cblr-5117	302	22	rule	rule	NOUN
cblr-5117	302	23	701(d	701(d	NOUN
cblr-5117	302	24	)	)	PUNCT
cblr-5117	302	25	limits	limit	NOUN
cblr-5117	302	26	and	and	CCONJ
cblr-5117	302	27	rely	rely	VERB
cblr-5117	302	28	on	on	ADP
cblr-5117	302	29	rule	rule	NOUN
cblr-5117	302	30	701	701	NUM
cblr-5117	302	31	for	for	ADP
cblr-5117	302	32	sales	sale	NOUN
cblr-5117	302	33	that	that	PRON
cblr-5117	302	34	do	do	AUX
cblr-5117	302	35	not	not	PART
cblr-5117	302	36	exceed	exceed	VERB
cblr-5117	302	37	the	the	DET
cblr-5117	302	38	rule	rule	NOUN
cblr-5117	302	39	701(d	701(d	NOUN
cblr-5117	302	40	)	)	PUNCT
cblr-5117	302	41	limits	limit	NOUN
cblr-5117	302	42	.	.	PUNCT
cblr-5117	302	43	”	"	PUNCT
cblr-5117	303	1	(	(	PUNCT
cblr-5117	303	2	quoting	quote	VERB
cblr-5117	303	3	the	the	DET
cblr-5117	303	4	answer	answer	NOUN
cblr-5117	303	5	to	to	PART
cblr-5117	303	6	question	question	VERB
cblr-5117	303	7	271.07	271.07	NUM
cblr-5117	303	8	)	)	PUNCT
cblr-5117	303	9	)	)	PUNCT
cblr-5117	303	10	;	;	PUNCT
cblr-5117	303	11	see	see	VERB
cblr-5117	303	12	also	also	ADV
cblr-5117	303	13	joseph	joseph	PROPN
cblr-5117	303	14	m.	m.	PROPN
cblr-5117	303	15	wallin	wallin	PROPN
cblr-5117	303	16	et	et	PROPN
cblr-5117	303	17	al	al	PROPN
cblr-5117	303	18	.	.	PROPN
cblr-5117	303	19	,	,	PUNCT
cblr-5117	303	20	start	start	VERB
cblr-5117	303	21	-	-	PUNCT
cblr-5117	303	22	up	up	ADP
cblr-5117	303	23	equity	equity	NOUN
cblr-5117	303	24	awards	award	NOUN
cblr-5117	303	25	:	:	PUNCT
cblr-5117	303	26	securities	security	NOUN
cblr-5117	303	27	law	law	NOUN
cblr-5117	303	28	considerations	consideration	NOUN
cblr-5117	303	29	,	,	PUNCT
cblr-5117	303	30	thomson	thomson	PROPN
cblr-5117	303	31	reuters	reuters	PROPN
cblr-5117	303	32	prac	prac	PROPN
cblr-5117	303	33	.	.	PUNCT
cblr-5117	303	34	l.	l.	PROPN
cblr-5117	303	35	,	,	PUNCT
cblr-5117	303	36	july	july	PROPN
cblr-5117	303	37	2015	2015	NUM
cblr-5117	303	38	,	,	PUNCT
cblr-5117	303	39	at	at	ADP
cblr-5117	303	40	1	1	NUM
cblr-5117	303	41	,	,	PUNCT
cblr-5117	303	42	5	5	NUM
cblr-5117	303	43	,	,	PUNCT
cblr-5117	303	44	http://joewallin.com/wpcontent/uploads/2015/07/start-up-equity-awards-securities-lawconsiderations-3-610-2005-3.pdf	http://joewallin.com/wpcontent/uploads/2015/07/start-up-equity-awards-securities-lawconsiderations-3-610-2005-3.pdf	PROPN
cblr-5117	304	1	[	[	X
cblr-5117	304	2	https://perma.cc/b67c-qaey	https://perma.cc/b67c-qaey	PROPN
cblr-5117	304	3	]	]	PUNCT
cblr-5117	304	4	(	(	PUNCT
cblr-5117	304	5	“	"	PUNCT
cblr-5117	304	6	in	in	ADP
cblr-5117	304	7	practice	practice	NOUN
cblr-5117	304	8	,	,	PUNCT
cblr-5117	304	9	rule	rule	NOUN
cblr-5117	304	10	506(b	506(b	PROPN
cblr-5117	304	11	)	)	PUNCT
cblr-5117	304	12	is	be	AUX
cblr-5117	304	13	only	only	ADV
cblr-5117	304	14	available	available	ADJ
cblr-5117	304	15	when	when	SCONJ
cblr-5117	304	16	an	an	DET
cblr-5117	304	17	award	award	NOUN
cblr-5117	304	18	recipient	recipient	NOUN
cblr-5117	304	19	is	be	AUX
cblr-5117	304	20	an	an	DET
cblr-5117	304	21	ai	ai	NOUN
cblr-5117	304	22	[	[	X
cblr-5117	304	23	accredited	accredited	ADJ
cblr-5117	304	24	investor	investor	NOUN
cblr-5117	304	25	]	]	PUNCT
cblr-5117	304	26	.	.	PUNCT
cblr-5117	304	27	”	"	PUNCT
cblr-5117	304	28	)	)	PUNCT
cblr-5117	304	29	.	.	PUNCT
cblr-5117	305	1	85	85	NUM
cblr-5117	305	2	wallin	wallin	NOUN
cblr-5117	305	3	et	et	PROPN
cblr-5117	305	4	al	al	PROPN
cblr-5117	305	5	.	.	PROPN
cblr-5117	305	6	,	,	PUNCT
cblr-5117	305	7	supra	supra	PROPN
cblr-5117	305	8	note	note	PROPN
cblr-5117	305	9	84	84	NUM
cblr-5117	305	10	,	,	PUNCT
cblr-5117	305	11	at	at	ADP
cblr-5117	305	12	5	5	NUM
cblr-5117	305	13	.	.	PUNCT
cblr-5117	305	14	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	305	15	(	(	PUNCT
cblr-5117	305	16	do	do	AUX
cblr-5117	305	17	not	not	PART
cblr-5117	305	18	delte	delte	VERB
cblr-5117	305	19	)	)	PUNCT
cblr-5117	306	1	1/8/2020	1/8/2020	NUM
cblr-5117	306	2	4:44	4:44	NUM
cblr-5117	306	3	pm	pm	NOUN
cblr-5117	306	4	888	888	NUM
cblr-5117	306	5	columbia	columbia	PROPN
cblr-5117	306	6	business	business	NOUN
cblr-5117	306	7	law	law	PROPN
cblr-5117	306	8	review	review	NOUN
cblr-5117	307	1	[	[	X
cblr-5117	307	2	vol	vol	NOUN
cblr-5117	307	3	.	.	NOUN
cblr-5117	307	4	2019	2019	NUM
cblr-5117	307	5	c.	c.	NOUN
cblr-5117	307	6	rule	rule	VERB
cblr-5117	307	7	701	701	NUM
cblr-5117	307	8	exemption	exemption	NOUN
cblr-5117	307	9	for	for	ADP
cblr-5117	307	10	compensatory	compensatory	ADJ
cblr-5117	307	11	arrangements	arrangement	NOUN
cblr-5117	307	12	to	to	PART
cblr-5117	307	13	reiterate	reiterate	VERB
cblr-5117	307	14	,	,	PUNCT
cblr-5117	307	15	section	section	NOUN
cblr-5117	307	16	ii.a	ii.a	PROPN
cblr-5117	307	17	establishes	establish	VERB
cblr-5117	307	18	that	that	SCONJ
cblr-5117	307	19	under	under	ADP
cblr-5117	307	20	daniel	daniel	PROPN
cblr-5117	307	21	and	and	CCONJ
cblr-5117	307	22	the	the	DET
cblr-5117	307	23	“	"	PUNCT
cblr-5117	307	24	no	no	DET
cblr-5117	307	25	-	-	PUNCT
cblr-5117	307	26	sale	sale	NOUN
cblr-5117	307	27	”	"	PUNCT
cblr-5117	307	28	doctrine	doctrine	NOUN
cblr-5117	307	29	,	,	PUNCT
cblr-5117	307	30	equity	equity	NOUN
cblr-5117	307	31	grants	grant	NOUN
cblr-5117	307	32	that	that	PRON
cblr-5117	307	33	employees	employee	NOUN
cblr-5117	307	34	receive	receive	VERB
cblr-5117	307	35	as	as	ADP
cblr-5117	307	36	a	a	DET
cblr-5117	307	37	mere	mere	ADJ
cblr-5117	307	38	benefit	benefit	NOUN
cblr-5117	307	39	,	,	PUNCT
cblr-5117	307	40	without	without	ADP
cblr-5117	307	41	pre	pre	ADJ
cblr-5117	307	42	-	-	ADJ
cblr-5117	307	43	employment	employment	ADJ
cblr-5117	307	44	negotiation	negotiation	NOUN
cblr-5117	307	45	and	and	CCONJ
cblr-5117	307	46	corresponding	corresponding	ADJ
cblr-5117	307	47	value	value	NOUN
cblr-5117	307	48	transfer	transfer	NOUN
cblr-5117	307	49	,	,	PUNCT
cblr-5117	307	50	do	do	AUX
cblr-5117	307	51	not	not	PART
cblr-5117	307	52	require	require	VERB
cblr-5117	307	53	any	any	DET
cblr-5117	307	54	disclosure	disclosure	NOUN
cblr-5117	307	55	of	of	ADP
cblr-5117	307	56	information	information	NOUN
cblr-5117	307	57	.	.	PUNCT
cblr-5117	308	1	section	section	NOUN
cblr-5117	308	2	ii.b	ii.b	NOUN
cblr-5117	308	3	further	far	ADV
cblr-5117	308	4	establishes	establish	VERB
cblr-5117	308	5	that	that	SCONJ
cblr-5117	308	6	under	under	ADP
cblr-5117	308	7	ralston	ralston	PROPN
cblr-5117	308	8	purina	purina	PROPN
cblr-5117	308	9	and	and	CCONJ
cblr-5117	308	10	rule	rule	VERB
cblr-5117	308	11	506	506	NUM
cblr-5117	308	12	,	,	PUNCT
cblr-5117	308	13	employees	employee	NOUN
cblr-5117	308	14	who	who	PRON
cblr-5117	308	15	can	can	AUX
cblr-5117	308	16	fend	fend	VERB
cblr-5117	308	17	for	for	ADP
cblr-5117	308	18	themselves	themselves	PRON
cblr-5117	308	19	,	,	PUNCT
cblr-5117	308	20	in	in	ADP
cblr-5117	308	21	the	the	DET
cblr-5117	308	22	sense	sense	NOUN
cblr-5117	308	23	of	of	ADP
cblr-5117	308	24	either	either	PRON
cblr-5117	308	25	being	be	AUX
cblr-5117	308	26	sophisticated	sophisticated	ADJ
cblr-5117	308	27	or	or	CCONJ
cblr-5117	308	28	who	who	PRON
cblr-5117	308	29	otherwise	otherwise	ADV
cblr-5117	308	30	qualify	qualify	VERB
cblr-5117	308	31	as	as	ADP
cblr-5117	308	32	accredited	accredited	ADJ
cblr-5117	308	33	investors	investor	NOUN
cblr-5117	308	34	,	,	PUNCT
cblr-5117	308	35	can	can	AUX
cblr-5117	308	36	participate	participate	VERB
cblr-5117	308	37	in	in	ADP
cblr-5117	308	38	a	a	DET
cblr-5117	308	39	private	private	ADJ
cblr-5117	308	40	offering	offering	NOUN
cblr-5117	308	41	that	that	PRON
cblr-5117	308	42	does	do	AUX
cblr-5117	308	43	not	not	PART
cblr-5117	308	44	involve	involve	VERB
cblr-5117	308	45	substantial	substantial	ADJ
cblr-5117	308	46	disclosure	disclosure	NOUN
cblr-5117	308	47	requirements	requirement	NOUN
cblr-5117	308	48	.	.	PUNCT
cblr-5117	309	1	these	these	DET
cblr-5117	309	2	exemptions	exemption	NOUN
cblr-5117	309	3	,	,	PUNCT
cblr-5117	309	4	however	however	ADV
cblr-5117	309	5	,	,	PUNCT
cblr-5117	309	6	do	do	AUX
cblr-5117	309	7	not	not	PART
cblr-5117	309	8	address	address	VERB
cblr-5117	309	9	start	start	NOUN
cblr-5117	309	10	-	-	PUNCT
cblr-5117	309	11	ups	up	NOUN
cblr-5117	309	12	’	'	PUNCT
cblr-5117	309	13	need	need	VERB
cblr-5117	309	14	to	to	PART
cblr-5117	309	15	offer	offer	VERB
cblr-5117	309	16	equity	equity	NOUN
cblr-5117	309	17	compensation	compensation	NOUN
cblr-5117	309	18	in	in	ADP
cblr-5117	309	19	negotiations	negotiation	NOUN
cblr-5117	309	20	with	with	ADP
cblr-5117	309	21	prospective	prospective	ADJ
cblr-5117	309	22	employees	employee	NOUN
cblr-5117	309	23	who	who	PRON
cblr-5117	309	24	are	be	AUX
cblr-5117	309	25	not	not	PART
cblr-5117	309	26	particularly	particularly	ADV
cblr-5117	309	27	sophisticated	sophisticated	ADJ
cblr-5117	309	28	or	or	CCONJ
cblr-5117	309	29	of	of	ADP
cblr-5117	309	30	high	high	ADJ
cblr-5117	309	31	net	net	ADJ
cblr-5117	309	32	worth	worth	NOUN
cblr-5117	309	33	.	.	PUNCT
cblr-5117	310	1	this	this	DET
cblr-5117	310	2	void	void	NOUN
cblr-5117	310	3	is	be	AUX
cblr-5117	310	4	the	the	DET
cblr-5117	310	5	reason	reason	NOUN
cblr-5117	310	6	for	for	ADP
cblr-5117	310	7	the	the	DET
cblr-5117	310	8	adoption	adoption	NOUN
cblr-5117	310	9	of	of	ADP
cblr-5117	310	10	rule	rule	NOUN
cblr-5117	310	11	701	701	NUM
cblr-5117	310	12	.	.	PUNCT
cblr-5117	311	1	before	before	ADP
cblr-5117	311	2	addressing	address	VERB
cblr-5117	311	3	the	the	DET
cblr-5117	311	4	terms	term	NOUN
cblr-5117	311	5	of	of	ADP
cblr-5117	311	6	rule	rule	NOUN
cblr-5117	311	7	701	701	NUM
cblr-5117	311	8	offerings	offering	NOUN
cblr-5117	311	9	,	,	PUNCT
cblr-5117	311	10	it	it	PRON
cblr-5117	311	11	is	be	AUX
cblr-5117	311	12	worth	worth	ADJ
cblr-5117	311	13	mentioning	mention	VERB
cblr-5117	311	14	the	the	DET
cblr-5117	311	15	background	background	NOUN
cblr-5117	311	16	of	of	ADP
cblr-5117	311	17	the	the	DET
cblr-5117	311	18	rule	rule	NOUN
cblr-5117	311	19	’s	’s	PART
cblr-5117	311	20	promulgation	promulgation	NOUN
cblr-5117	311	21	and	and	CCONJ
cblr-5117	311	22	its	its	PRON
cblr-5117	311	23	evolution	evolution	NOUN
cblr-5117	311	24	over	over	ADP
cblr-5117	311	25	the	the	DET
cblr-5117	311	26	years	year	NOUN
cblr-5117	311	27	.	.	PUNCT
cblr-5117	312	1	the	the	DET
cblr-5117	312	2	typical	typical	ADJ
cblr-5117	312	3	model	model	NOUN
cblr-5117	312	4	for	for	ADP
cblr-5117	312	5	a	a	DET
cblr-5117	312	6	startup	startup	ADJ
cblr-5117	312	7	company	company	NOUN
cblr-5117	312	8	,	,	PUNCT
cblr-5117	312	9	which	which	PRON
cblr-5117	312	10	took	take	VERB
cblr-5117	312	11	form	form	NOUN
cblr-5117	312	12	in	in	ADP
cblr-5117	312	13	silicon	silicon	NOUN
cblr-5117	312	14	valley	valley	NOUN
cblr-5117	312	15	during	during	ADP
cblr-5117	312	16	the	the	DET
cblr-5117	312	17	1970s	1970	NOUN
cblr-5117	312	18	and	and	CCONJ
cblr-5117	312	19	the	the	DET
cblr-5117	312	20	1980s	1980	NOUN
cblr-5117	312	21	with	with	ADP
cblr-5117	312	22	the	the	DET
cblr-5117	312	23	rise	rise	NOUN
cblr-5117	312	24	of	of	ADP
cblr-5117	312	25	information	information	NOUN
cblr-5117	312	26	technology	technology	NOUN
cblr-5117	312	27	,	,	PUNCT
cblr-5117	312	28	includes	include	VERB
cblr-5117	312	29	a	a	DET
cblr-5117	312	30	unique	unique	ADJ
cblr-5117	312	31	feature	feature	NOUN
cblr-5117	312	32	:	:	PUNCT
cblr-5117	312	33	employees	employee	NOUN
cblr-5117	312	34	at	at	ADP
cblr-5117	312	35	virtually	virtually	ADV
cblr-5117	312	36	all	all	PRON
cblr-5117	312	37	ranks	rank	NOUN
cblr-5117	312	38	hold	hold	VERB
cblr-5117	312	39	an	an	DET
cblr-5117	312	40	ownership	ownership	NOUN
cblr-5117	312	41	stake	stake	NOUN
cblr-5117	312	42	in	in	ADP
cblr-5117	312	43	the	the	DET
cblr-5117	312	44	company.86	company.86	NOUN
cblr-5117	312	45	this	this	DET
cblr-5117	312	46	form	form	NOUN
cblr-5117	312	47	of	of	ADP
cblr-5117	312	48	compensation	compensation	NOUN
cblr-5117	312	49	emerged	emerge	VERB
cblr-5117	312	50	during	during	ADP
cblr-5117	312	51	silicon	silicon	PROPN
cblr-5117	312	52	valley	valley	PROPN
cblr-5117	312	53	’s	’s	PART
cblr-5117	312	54	inception	inception	NOUN
cblr-5117	312	55	as	as	ADP
cblr-5117	312	56	an	an	DET
cblr-5117	312	57	alternative	alternative	ADJ
cblr-5117	312	58	model	model	NOUN
cblr-5117	312	59	to	to	ADP
cblr-5117	312	60	the	the	DET
cblr-5117	312	61	more	more	ADV
cblr-5117	312	62	centralized	centralized	ADJ
cblr-5117	312	63	and	and	CCONJ
cblr-5117	312	64	hierarchical	hierarchical	ADJ
cblr-5117	312	65	organizational	organizational	ADJ
cblr-5117	312	66	culture	culture	NOUN
cblr-5117	312	67	of	of	ADP
cblr-5117	312	68	east	east	PROPN
cblr-5117	312	69	coast	coast	PROPN
cblr-5117	312	70	corporate	corporate	PROPN
cblr-5117	312	71	america	america	PROPN
cblr-5117	312	72	,	,	PUNCT
cblr-5117	312	73	which	which	PRON
cblr-5117	312	74	held	hold	VERB
cblr-5117	312	75	that	that	SCONJ
cblr-5117	312	76	companies	company	NOUN
cblr-5117	312	77	should	should	AUX
cblr-5117	312	78	reserve	reserve	VERB
cblr-5117	312	79	equity	equity	NOUN
cblr-5117	312	80	grants	grant	NOUN
cblr-5117	312	81	only	only	ADV
cblr-5117	312	82	to	to	PART
cblr-5117	312	83	management.87	management.87	VERB
cblr-5117	312	84	simultaneously	simultaneously	ADV
cblr-5117	312	85	,	,	PUNCT
cblr-5117	312	86	in	in	ADP
cblr-5117	312	87	the	the	DET
cblr-5117	312	88	early	early	ADJ
cblr-5117	312	89	1980s	1980s	NUM
cblr-5117	312	90	,	,	PUNCT
cblr-5117	312	91	personal	personal	ADJ
cblr-5117	312	92	computers	computer	NOUN
cblr-5117	312	93	became	become	VERB
cblr-5117	312	94	household	household	NOUN
cblr-5117	312	95	items	item	NOUN
cblr-5117	312	96	,	,	PUNCT
cblr-5117	312	97	and	and	CCONJ
cblr-5117	312	98	numerous	numerous	ADJ
cblr-5117	312	99	related	related	ADJ
cblr-5117	312	100	hardware	hardware	NOUN
cblr-5117	312	101	and	and	CCONJ
cblr-5117	312	102	software	software	NOUN
cblr-5117	312	103	companies	company	NOUN
cblr-5117	312	104	began	begin	VERB
cblr-5117	312	105	proliferating	proliferate	VERB
cblr-5117	312	106	in	in	ADP
cblr-5117	312	107	86	86	NUM
cblr-5117	312	108	see	see	VERB
cblr-5117	312	109	aran	aran	NOUN
cblr-5117	312	110	,	,	PUNCT
cblr-5117	312	111	supra	supra	PROPN
cblr-5117	312	112	note	note	NOUN
cblr-5117	312	113	4	4	NUM
cblr-5117	312	114	,	,	PUNCT
cblr-5117	312	115	at	at	ADP
cblr-5117	312	116	1263	1263	NUM
cblr-5117	312	117	(	(	PUNCT
cblr-5117	312	118	describing	describe	VERB
cblr-5117	312	119	the	the	DET
cblr-5117	312	120	origin	origin	NOUN
cblr-5117	312	121	of	of	ADP
cblr-5117	312	122	broad	broad	ADV
cblr-5117	312	123	-	-	PUNCT
cblr-5117	312	124	based	base	VERB
cblr-5117	312	125	equity	equity	NOUN
cblr-5117	312	126	compensation	compensation	NOUN
cblr-5117	312	127	in	in	ADP
cblr-5117	312	128	silicon	silicon	PROPN
cblr-5117	312	129	valley	valley	PROPN
cblr-5117	312	130	)	)	PUNCT
cblr-5117	312	131	;	;	PUNCT
cblr-5117	312	132	see	see	VERB
cblr-5117	312	133	also	also	ADV
cblr-5117	312	134	joseph	joseph	PROPN
cblr-5117	312	135	r.	r.	PROPN
cblr-5117	312	136	blasi	blasi	PROPN
cblr-5117	312	137	et	et	PROPN
cblr-5117	312	138	al	al	PROPN
cblr-5117	312	139	.	.	PROPN
cblr-5117	312	140	,	,	PUNCT
cblr-5117	312	141	supra	supra	PROPN
cblr-5117	312	142	note	note	NOUN
cblr-5117	312	143	4	4	NUM
cblr-5117	312	144	,	,	PUNCT
cblr-5117	312	145	at	at	ADP
cblr-5117	312	146	8	8	NUM
cblr-5117	312	147	;	;	PUNCT
cblr-5117	312	148	christophe	christophe	PROPN
cblr-5117	312	149	lécuyer	lécuyer	PROPN
cblr-5117	312	150	,	,	PUNCT
cblr-5117	312	151	making	make	VERB
cblr-5117	312	152	silicon	silicon	NOUN
cblr-5117	312	153	valley	valley	NOUN
cblr-5117	312	154	:	:	PUNCT
cblr-5117	312	155	innovation	innovation	NOUN
cblr-5117	312	156	and	and	CCONJ
cblr-5117	312	157	the	the	DET
cblr-5117	312	158	growth	growth	NOUN
cblr-5117	312	159	of	of	ADP
cblr-5117	312	160	high	high	ADJ
cblr-5117	312	161	tech	tech	NOUN
cblr-5117	312	162	,	,	PUNCT
cblr-5117	312	163	1930–1970	1930–1970	NUM
cblr-5117	312	164	,	,	PUNCT
cblr-5117	312	165	265	265	NUM
cblr-5117	312	166	(	(	PUNCT
cblr-5117	312	167	wiebe	wiebe	PROPN
cblr-5117	312	168	e.	e.	PROPN
cblr-5117	312	169	bijker	bijker	PROPN
cblr-5117	312	170	et	et	PROPN
cblr-5117	312	171	al	al	PROPN
cblr-5117	312	172	.	.	PUNCT
cblr-5117	313	1	eds	eds	PROPN
cblr-5117	313	2	.	.	PROPN
cblr-5117	313	3	,	,	PUNCT
cblr-5117	313	4	2006	2006	NUM
cblr-5117	313	5	)	)	PUNCT
cblr-5117	313	6	.	.	PUNCT
cblr-5117	314	1	87	87	NUM
cblr-5117	314	2	see	see	VERB
cblr-5117	314	3	aran	aran	NOUN
cblr-5117	314	4	,	,	PUNCT
cblr-5117	314	5	supra	supra	PROPN
cblr-5117	314	6	note	note	NOUN
cblr-5117	314	7	4	4	NUM
cblr-5117	314	8	,	,	PUNCT
cblr-5117	314	9	at	at	ADP
cblr-5117	314	10	1262	1262	NUM
cblr-5117	314	11	.	.	PUNCT
cblr-5117	315	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	315	2	(	(	PUNCT
cblr-5117	315	3	do	do	AUX
cblr-5117	315	4	not	not	PART
cblr-5117	315	5	delete	delete	VERB
cblr-5117	315	6	)	)	PUNCT
cblr-5117	315	7	1/8/2020	1/8/2020	NUM
cblr-5117	315	8	4:44	4:44	NUM
cblr-5117	315	9	pm	pm	NOUN
cblr-5117	315	10	no	no	INTJ
cblr-5117	315	11	.	.	PUNCT
cblr-5117	316	1	3:867	3:867	NUM
cblr-5117	316	2	]	]	PUNCT
cblr-5117	316	3	making	make	VERB
cblr-5117	316	4	disclosure	disclosure	NOUN
cblr-5117	316	5	work	work	VERB
cblr-5117	316	6	889	889	NUM
cblr-5117	316	7	silicon	silicon	NOUN
cblr-5117	316	8	valley	valley	NOUN
cblr-5117	316	9	and	and	CCONJ
cblr-5117	316	10	elsewhere.88	elsewhere.88	PROPN
cblr-5117	316	11	as	as	ADP
cblr-5117	316	12	part	part	NOUN
cblr-5117	316	13	of	of	ADP
cblr-5117	316	14	this	this	DET
cblr-5117	316	15	process	process	NOUN
cblr-5117	316	16	,	,	PUNCT
cblr-5117	316	17	the	the	DET
cblr-5117	316	18	new	new	ADJ
cblr-5117	316	19	high	high	ADJ
cblr-5117	316	20	-	-	PUNCT
cblr-5117	316	21	tech	tech	NOUN
cblr-5117	316	22	industry	industry	NOUN
cblr-5117	316	23	experienced	experience	VERB
cblr-5117	316	24	a	a	DET
cblr-5117	316	25	pressing	press	VERB
cblr-5117	316	26	need	need	NOUN
cblr-5117	316	27	to	to	PART
cblr-5117	316	28	adopt	adopt	VERB
cblr-5117	316	29	employee	employee	NOUN
cblr-5117	316	30	equity	equity	NOUN
cblr-5117	316	31	compensation	compensation	PROPN
cblr-5117	316	32	plans	plan	NOUN
cblr-5117	316	33	as	as	ADP
cblr-5117	316	34	a	a	DET
cblr-5117	316	35	means	means	NOUN
cblr-5117	316	36	to	to	PART
cblr-5117	316	37	attract	attract	VERB
cblr-5117	316	38	and	and	CCONJ
cblr-5117	316	39	,	,	PUNCT
cblr-5117	316	40	even	even	ADV
cblr-5117	316	41	more	more	ADV
cblr-5117	316	42	so	so	ADV
cblr-5117	316	43	,	,	PUNCT
cblr-5117	316	44	retain	retain	VERB
cblr-5117	316	45	skilled	skilled	ADJ
cblr-5117	316	46	workers.89	workers.89	NOUN
cblr-5117	316	47	since	since	SCONJ
cblr-5117	316	48	the	the	DET
cblr-5117	316	49	mid1980s	mid1980s	PROPN
cblr-5117	316	50	,	,	PUNCT
cblr-5117	316	51	scholars	scholar	NOUN
cblr-5117	316	52	,	,	PUNCT
cblr-5117	316	53	industry	industry	NOUN
cblr-5117	316	54	representatives	representative	NOUN
cblr-5117	316	55	,	,	PUNCT
cblr-5117	316	56	and	and	CCONJ
cblr-5117	316	57	attorneys	attorney	NOUN
cblr-5117	316	58	have	have	AUX
cblr-5117	316	59	called	call	VERB
cblr-5117	316	60	on	on	ADP
cblr-5117	316	61	the	the	DET
cblr-5117	316	62	sec	sec	PROPN
cblr-5117	316	63	to	to	PART
cblr-5117	316	64	create	create	VERB
cblr-5117	316	65	a	a	DET
cblr-5117	316	66	special	special	ADJ
cblr-5117	316	67	exemption	exemption	NOUN
cblr-5117	316	68	that	that	PRON
cblr-5117	316	69	would	would	AUX
cblr-5117	316	70	allow	allow	VERB
cblr-5117	316	71	start	start	NOUN
cblr-5117	316	72	-	-	PUNCT
cblr-5117	316	73	ups	up	NOUN
cblr-5117	316	74	to	to	PART
cblr-5117	316	75	offer	offer	VERB
cblr-5117	316	76	equity	equity	NOUN
cblr-5117	316	77	compensation	compensation	NOUN
cblr-5117	316	78	to	to	ADP
cblr-5117	316	79	prospective	prospective	ADJ
cblr-5117	316	80	employees	employee	NOUN
cblr-5117	316	81	,	,	PUNCT
cblr-5117	316	82	thereby	thereby	ADV
cblr-5117	316	83	enabling	enable	VERB
cblr-5117	316	84	these	these	DET
cblr-5117	316	85	emerging	emerge	VERB
cblr-5117	316	86	businesses	business	NOUN
cblr-5117	316	87	to	to	PART
cblr-5117	316	88	compete	compete	VERB
cblr-5117	316	89	for	for	ADP
cblr-5117	316	90	talent	talent	NOUN
cblr-5117	316	91	against	against	ADP
cblr-5117	316	92	better	well	ADV
cblr-5117	316	93	-	-	PUNCT
cblr-5117	316	94	established	establish	VERB
cblr-5117	316	95	public	public	ADJ
cblr-5117	316	96	firms.90	firms.90	NOUN
cblr-5117	316	97	at	at	ADP
cblr-5117	316	98	the	the	DET
cblr-5117	316	99	forefront	forefront	NOUN
cblr-5117	316	100	of	of	ADP
cblr-5117	316	101	promoting	promote	VERB
cblr-5117	316	102	these	these	DET
cblr-5117	316	103	initiatives	initiative	NOUN
cblr-5117	316	104	was	be	AUX
cblr-5117	316	105	the	the	DET
cblr-5117	316	106	sec	sec	PROPN
cblr-5117	316	107	government	government	NOUN
cblr-5117	316	108	-	-	PUNCT
cblr-5117	316	109	business	business	NOUN
cblr-5117	316	110	forum	forum	NOUN
cblr-5117	316	111	on	on	ADP
cblr-5117	316	112	small	small	ADJ
cblr-5117	316	113	business	business	NOUN
cblr-5117	316	114	capital	capital	NOUN
cblr-5117	316	115	formation	formation	NOUN
cblr-5117	316	116	(	(	PUNCT
cblr-5117	316	117	hereinafter	hereinafter	NOUN
cblr-5117	316	118	forum	forum	NOUN
cblr-5117	316	119	on	on	ADP
cblr-5117	316	120	small	small	ADJ
cblr-5117	316	121	business	business	NOUN
cblr-5117	316	122	)	)	PUNCT
cblr-5117	316	123	that	that	SCONJ
cblr-5117	316	124	the	the	DET
cblr-5117	316	125	sec	sec	PROPN
cblr-5117	316	126	established	establish	VERB
cblr-5117	316	127	in	in	ADP
cblr-5117	316	128	1982	1982	NUM
cblr-5117	316	129	pursuant	pursuant	NOUN
cblr-5117	316	130	to	to	ADP
cblr-5117	316	131	the	the	DET
cblr-5117	316	132	small	small	ADJ
cblr-5117	316	133	business	business	NOUN
cblr-5117	316	134	investment	investment	NOUN
cblr-5117	316	135	incentive	incentive	NOUN
cblr-5117	316	136	act	act	NOUN
cblr-5117	316	137	of	of	ADP
cblr-5117	316	138	1980.91	1980.91	NUM
cblr-5117	316	139	starting	start	VERB
cblr-5117	316	140	in	in	ADP
cblr-5117	316	141	1985	1985	NUM
cblr-5117	316	142	,	,	PUNCT
cblr-5117	316	143	this	this	DET
cblr-5117	316	144	forum	forum	NOUN
cblr-5117	316	145	called	call	VERB
cblr-5117	316	146	for	for	ADP
cblr-5117	316	147	easing	ease	VERB
cblr-5117	316	148	the	the	DET
cblr-5117	316	149	investor	investor	NOUN
cblr-5117	316	150	protection	protection	NOUN
cblr-5117	316	151	guarantees	guarantee	NOUN
cblr-5117	316	152	of	of	ADP
cblr-5117	316	153	the	the	DET
cblr-5117	316	154	securities	security	NOUN
cblr-5117	316	155	act	act	NOUN
cblr-5117	316	156	in	in	ADP
cblr-5117	316	157	cases	case	NOUN
cblr-5117	316	158	where	where	SCONJ
cblr-5117	316	159	the	the	DET
cblr-5117	316	160	nature	nature	NOUN
cblr-5117	316	161	of	of	ADP
cblr-5117	316	162	a	a	DET
cblr-5117	316	163	securities	security	NOUN
cblr-5117	316	164	transaction	transaction	NOUN
cblr-5117	316	165	is	be	AUX
cblr-5117	316	166	essentially	essentially	ADV
cblr-5117	316	167	compensatory.92	compensatory.92	NOUN
cblr-5117	316	168	88	88	NUM
cblr-5117	316	169	see	see	VERB
cblr-5117	316	170	,	,	PUNCT
cblr-5117	316	171	e.g.	e.g.	ADV
cblr-5117	316	172	,	,	PUNCT
cblr-5117	316	173	annalee	annalee	PROPN
cblr-5117	316	174	saxenian	saxenian	PROPN
cblr-5117	316	175	,	,	PUNCT
cblr-5117	316	176	regional	regional	ADJ
cblr-5117	316	177	advantage	advantage	NOUN
cblr-5117	316	178	:	:	PUNCT
cblr-5117	316	179	culture	culture	NOUN
cblr-5117	316	180	and	and	CCONJ
cblr-5117	316	181	competition	competition	NOUN
cblr-5117	316	182	in	in	ADP
cblr-5117	316	183	silicon	silicon	NOUN
cblr-5117	316	184	valley	valley	NOUN
cblr-5117	316	185	and	and	CCONJ
cblr-5117	316	186	route	route	NOUN
cblr-5117	316	187	128	128	NUM
cblr-5117	316	188	,	,	PUNCT
cblr-5117	316	189	108–09	108–09	NUM
cblr-5117	316	190	(	(	PUNCT
cblr-5117	316	191	1994	1994	NUM
cblr-5117	316	192	)	)	PUNCT
cblr-5117	316	193	(	(	PUNCT
cblr-5117	316	194	discussing	discuss	VERB
cblr-5117	316	195	the	the	DET
cblr-5117	316	196	proliferation	proliferation	NOUN
cblr-5117	316	197	of	of	ADP
cblr-5117	316	198	electronics	electronic	NOUN
cblr-5117	316	199	firms	firm	NOUN
cblr-5117	316	200	in	in	ADP
cblr-5117	316	201	silicon	silicon	NOUN
cblr-5117	316	202	valley	valley	PROPN
cblr-5117	316	203	and	and	CCONJ
cblr-5117	316	204	route	route	NOUN
cblr-5117	316	205	128	128	NUM
cblr-5117	316	206	in	in	ADP
cblr-5117	316	207	the	the	DET
cblr-5117	316	208	1980s	1980s	NUM
cblr-5117	316	209	)	)	PUNCT
cblr-5117	316	210	;	;	PUNCT
cblr-5117	317	1	matt	matt	PROPN
cblr-5117	317	2	weinberger	weinberger	PROPN
cblr-5117	317	3	,	,	PUNCT
cblr-5117	317	4	36	36	NUM
cblr-5117	317	5	photos	photo	NOUN
cblr-5117	317	6	showing	show	VERB
cblr-5117	317	7	how	how	SCONJ
cblr-5117	317	8	silicon	silicon	NOUN
cblr-5117	317	9	valley	valley	NOUN
cblr-5117	317	10	went	go	VERB
cblr-5117	317	11	from	from	ADP
cblr-5117	317	12	prune	prune	NOUN
cblr-5117	317	13	orchards	orchard	NOUN
cblr-5117	317	14	to	to	ADP
cblr-5117	317	15	the	the	DET
cblr-5117	317	16	center	center	NOUN
cblr-5117	317	17	of	of	ADP
cblr-5117	317	18	the	the	DET
cblr-5117	317	19	tech	tech	NOUN
cblr-5117	317	20	world	world	NOUN
cblr-5117	317	21	,	,	PUNCT
cblr-5117	317	22	bus	bus	NOUN
cblr-5117	317	23	.	.	PUNCT
cblr-5117	318	1	insider	insider	NOUN
cblr-5117	318	2	(	(	PUNCT
cblr-5117	318	3	nov	nov	PROPN
cblr-5117	318	4	.	.	PROPN
cblr-5117	318	5	10	10	NUM
cblr-5117	318	6	,	,	PUNCT
cblr-5117	318	7	2015	2015	NUM
cblr-5117	318	8	)	)	PUNCT
cblr-5117	318	9	,	,	PUNCT
cblr-5117	318	10	https://www.businessinsider.my/history-of-silicon-valley-in-photos2015-11/	https://www.businessinsider.my/history-of-silicon-valley-in-photos2015-11/	PUNCT
cblr-5117	319	1	[	[	X
cblr-5117	319	2	https://perma.cc/3y7r-jg43	https://perma.cc/3y7r-jg43	X
cblr-5117	319	3	]	]	X
cblr-5117	319	4	(	(	PUNCT
cblr-5117	319	5	“	"	PUNCT
cblr-5117	319	6	by	by	ADP
cblr-5117	319	7	the	the	DET
cblr-5117	319	8	mid	mid	PROPN
cblr-5117	319	9	-	-	NOUN
cblr-5117	319	10	eighties	eighty	NOUN
cblr-5117	319	11	,	,	PUNCT
cblr-5117	319	12	silicon	silicon	PROPN
cblr-5117	319	13	valley	valley	NOUN
cblr-5117	319	14	was	be	AUX
cblr-5117	319	15	established	establish	VERB
cblr-5117	319	16	as	as	ADP
cblr-5117	319	17	the	the	DET
cblr-5117	319	18	center	center	NOUN
cblr-5117	319	19	of	of	ADP
cblr-5117	319	20	the	the	DET
cblr-5117	319	21	computer	computer	NOUN
cblr-5117	319	22	industry	industry	NOUN
cblr-5117	319	23	,	,	PUNCT
cblr-5117	319	24	which	which	PRON
cblr-5117	319	25	was	be	AUX
cblr-5117	319	26	only	only	ADV
cblr-5117	319	27	on	on	ADP
cblr-5117	319	28	the	the	DET
cblr-5117	319	29	rise	rise	NOUN
cblr-5117	319	30	.	.	PUNCT
cblr-5117	319	31	.	.	PUNCT
cblr-5117	319	32	.	.	PUNCT
cblr-5117	319	33	.	.	PUNCT
cblr-5117	320	1	the	the	DET
cblr-5117	320	2	eighties	eighty	NOUN
cblr-5117	320	3	would	would	AUX
cblr-5117	320	4	give	give	VERB
cblr-5117	320	5	way	way	NOUN
cblr-5117	320	6	to	to	ADP
cblr-5117	320	7	the	the	DET
cblr-5117	320	8	nineties	ninety	NOUN
cblr-5117	320	9	,	,	PUNCT
cblr-5117	320	10	bringing	bring	VERB
cblr-5117	320	11	a	a	DET
cblr-5117	320	12	new	new	ADJ
cblr-5117	320	13	kind	kind	NOUN
cblr-5117	320	14	of	of	ADP
cblr-5117	320	15	company	company	NOUN
cblr-5117	320	16	to	to	ADP
cblr-5117	320	17	silicon	silicon	PROPN
cblr-5117	320	18	valley	valley	PROPN
cblr-5117	320	19	[	[	X
cblr-5117	320	20	,	,	PUNCT
cblr-5117	320	21	t]hanks	t]hank	NOUN
cblr-5117	320	22	to	to	ADP
cblr-5117	320	23	the	the	DET
cblr-5117	320	24	pc	pc	NOUN
cblr-5117	320	25	starting	start	VERB
cblr-5117	320	26	to	to	PART
cblr-5117	320	27	hit	hit	VERB
cblr-5117	320	28	the	the	DET
cblr-5117	320	29	mainstream	mainstream	NOUN
cblr-5117	320	30	.	.	PUNCT
cblr-5117	320	31	.	.	PUNCT
cblr-5117	320	32	.	.	PUNCT
cblr-5117	320	33	”	"	PUNCT
cblr-5117	320	34	)	)	PUNCT
cblr-5117	320	35	.	.	PUNCT
cblr-5117	321	1	89	89	NUM
cblr-5117	321	2	see	see	VERB
cblr-5117	321	3	david	david	PROPN
cblr-5117	321	4	b.	b.	PROPN
cblr-5117	321	5	wilks	wilks	PROPN
cblr-5117	321	6	,	,	PUNCT
cblr-5117	321	7	employee	employee	NOUN
cblr-5117	321	8	equity	equity	NOUN
cblr-5117	321	9	incentive	incentive	NOUN
cblr-5117	321	10	plans	plan	NOUN
cblr-5117	321	11	for	for	ADP
cblr-5117	321	12	small	small	ADJ
cblr-5117	321	13	companies	company	NOUN
cblr-5117	321	14	:	:	PUNCT
cblr-5117	321	15	a	a	DET
cblr-5117	321	16	proposal	proposal	NOUN
cblr-5117	321	17	for	for	ADP
cblr-5117	321	18	a	a	DET
cblr-5117	321	19	specific	specific	ADJ
cblr-5117	321	20	registration	registration	NOUN
cblr-5117	321	21	exemption	exemption	NOUN
cblr-5117	321	22	from	from	ADP
cblr-5117	321	23	the	the	DET
cblr-5117	321	24	1933	1933	NUM
cblr-5117	321	25	act	act	NOUN
cblr-5117	321	26	,	,	PUNCT
cblr-5117	321	27	44	44	NUM
cblr-5117	321	28	wash	wash	NOUN
cblr-5117	321	29	.	.	PUNCT
cblr-5117	321	30	&	&	CCONJ
cblr-5117	321	31	lee	lee	PROPN
cblr-5117	321	32	l.	l.	PROPN
cblr-5117	321	33	rev	rev	PROPN
cblr-5117	321	34	.	.	PROPN
cblr-5117	321	35	1129	1129	NUM
cblr-5117	321	36	,	,	PUNCT
cblr-5117	321	37	1129–30	1129–30	NUM
cblr-5117	321	38	(	(	PUNCT
cblr-5117	321	39	1987	1987	NUM
cblr-5117	321	40	)	)	PUNCT
cblr-5117	321	41	.	.	PUNCT
cblr-5117	322	1	90	90	NUM
cblr-5117	323	1	i	i	PRON
cblr-5117	323	2	d.	d.	PROPN
cblr-5117	323	3	at	at	ADP
cblr-5117	323	4	1332	1332	NUM
cblr-5117	323	5	;	;	PUNCT
cblr-5117	323	6	see	see	VERB
cblr-5117	323	7	also	also	ADV
cblr-5117	323	8	cable	cable	NOUN
cblr-5117	323	9	,	,	PUNCT
cblr-5117	323	10	supra	supra	PROPN
cblr-5117	323	11	note	note	NOUN
cblr-5117	323	12	5	5	NUM
cblr-5117	323	13	,	,	PUNCT
cblr-5117	323	14	at	at	ADP
cblr-5117	323	15	625–26	625–26	NUM
cblr-5117	323	16	(	(	PUNCT
cblr-5117	323	17	describing	describe	VERB
cblr-5117	323	18	the	the	DET
cblr-5117	323	19	source	source	NOUN
cblr-5117	323	20	of	of	ADP
cblr-5117	323	21	deregulation	deregulation	NOUN
cblr-5117	323	22	initiatives	initiative	NOUN
cblr-5117	323	23	in	in	ADP
cblr-5117	323	24	the	the	DET
cblr-5117	323	25	equity	equity	NOUN
cblr-5117	323	26	compensation	compensation	NOUN
cblr-5117	323	27	domain	domain	NOUN
cblr-5117	323	28	)	)	PUNCT
cblr-5117	323	29	.	.	PUNCT
cblr-5117	324	1	91	91	NUM
cblr-5117	324	2	pub	pub	NOUN
cblr-5117	324	3	.	.	PUNCT
cblr-5117	325	1	l.	l.	PROPN
cblr-5117	325	2	no	no	INTJ
cblr-5117	325	3	.	.	PROPN
cblr-5117	326	1	96	96	NUM
cblr-5117	326	2	-	-	SYM
cblr-5117	326	3	477	477	NUM
cblr-5117	326	4	,	,	PUNCT
cblr-5117	326	5	94	94	NUM
cblr-5117	326	6	stat	stat	NOUN
cblr-5117	326	7	.	.	PUNCT
cblr-5117	327	1	2275	2275	NUM
cblr-5117	327	2	(	(	PUNCT
cblr-5117	327	3	1980	1980	NUM
cblr-5117	327	4	)	)	PUNCT
cblr-5117	327	5	(	(	PUNCT
cblr-5117	327	6	codified	codify	VERB
cblr-5117	327	7	as	as	SCONJ
cblr-5117	327	8	amended	amend	VERB
cblr-5117	327	9	at	at	ADP
cblr-5117	327	10	15	15	NUM
cblr-5117	327	11	u.s.c	u.s.c	ADJ
cblr-5117	327	12	.	.	PUNCT
cblr-5117	328	1	§	§	PROPN
cblr-5117	328	2	§	§	PROPN
cblr-5117	328	3	80(a)(1)–80(a)(64	80(a)(1)–80(a)(64	PROPN
cblr-5117	328	4	)	)	PUNCT
cblr-5117	328	5	(	(	PUNCT
cblr-5117	328	6	2012	2012	NUM
cblr-5117	328	7	)	)	PUNCT
cblr-5117	328	8	)	)	PUNCT
cblr-5117	329	1	;	;	PUNCT
cblr-5117	329	2	see	see	VERB
cblr-5117	329	3	cable	cable	NOUN
cblr-5117	329	4	,	,	PUNCT
cblr-5117	329	5	supra	supra	PROPN
cblr-5117	329	6	note	note	NOUN
cblr-5117	329	7	5	5	NUM
cblr-5117	329	8	,	,	PUNCT
cblr-5117	329	9	at	at	ADP
cblr-5117	329	10	625–26	625–26	NUM
cblr-5117	329	11	.	.	PUNCT
cblr-5117	330	1	92	92	NUM
cblr-5117	330	2	see	see	VERB
cblr-5117	330	3	u.s	u.s	PROPN
cblr-5117	330	4	.	.	PROPN
cblr-5117	330	5	sec	sec	PROPN
cblr-5117	330	6	.	.	PROPN
cblr-5117	330	7	&	&	CCONJ
cblr-5117	330	8	exch	exch	PROPN
cblr-5117	330	9	.	.	PUNCT
cblr-5117	331	1	comm’n	comm’n	PROPN
cblr-5117	331	2	,	,	PUNCT
cblr-5117	331	3	1985	1985	NUM
cblr-5117	331	4	sec	sec	PROPN
cblr-5117	331	5	government	government	NOUN
cblr-5117	331	6	-	-	PUNCT
cblr-5117	331	7	business	business	NOUN
cblr-5117	331	8	forum	forum	NOUN
cblr-5117	331	9	on	on	ADP
cblr-5117	331	10	small	small	ADJ
cblr-5117	331	11	business	business	NOUN
cblr-5117	331	12	capital	capital	NOUN
cblr-5117	331	13	formation	formation	NOUN
cblr-5117	331	14	25–31	25–31	NUM
cblr-5117	331	15	(	(	PUNCT
cblr-5117	331	16	1986	1986	NUM
cblr-5117	331	17	)	)	PUNCT
cblr-5117	332	1	[	[	X
cblr-5117	332	2	hereinafter	hereinafter	NOUN
cblr-5117	332	3	1985	1985	NUM
cblr-5117	332	4	report	report	NOUN
cblr-5117	332	5	]	]	PUNCT
cblr-5117	332	6	(	(	PUNCT
cblr-5117	332	7	calling	call	VERB
cblr-5117	332	8	to	to	PART
cblr-5117	332	9	deregulate	deregulate	VERB
cblr-5117	332	10	equity	equity	NOUN
cblr-5117	332	11	compensation	compensation	PROPN
cblr-5117	332	12	)	)	PUNCT
cblr-5117	332	13	;	;	PUNCT
cblr-5117	332	14	u.s	u.s	PROPN
cblr-5117	332	15	.	.	PROPN
cblr-5117	332	16	sec	sec	PROPN
cblr-5117	332	17	.	.	PROPN
cblr-5117	332	18	&	&	CCONJ
cblr-5117	332	19	exch	exch	PROPN
cblr-5117	332	20	.	.	PUNCT
cblr-5117	333	1	comm’n	comm’n	PROPN
cblr-5117	333	2	,	,	PUNCT
cblr-5117	333	3	1986	1986	NUM
cblr-5117	333	4	sec	sec	PROPN
cblr-5117	333	5	government	government	NOUN
cblr-5117	333	6	-	-	PUNCT
cblr-5117	333	7	business	business	NOUN
cblr-5117	333	8	forum	forum	NOUN
cblr-5117	333	9	on	on	ADP
cblr-5117	333	10	small	small	ADJ
cblr-5117	333	11	business	business	NOUN
cblr-5117	333	12	capital	capital	NOUN
cblr-5117	333	13	formation	formation	NOUN
cblr-5117	333	14	34	34	NUM
cblr-5117	333	15	(	(	PUNCT
cblr-5117	333	16	1987	1987	NUM
cblr-5117	333	17	)	)	PUNCT
cblr-5117	334	1	[	[	X
cblr-5117	334	2	hereinafter	hereinafter	NOUN
cblr-5117	334	3	1986	1986	NUM
cblr-5117	334	4	report	report	NOUN
cblr-5117	334	5	]	]	PUNCT
cblr-5117	334	6	(	(	PUNCT
cblr-5117	334	7	arguing	argue	VERB
cblr-5117	334	8	that	that	SCONJ
cblr-5117	334	9	the	the	DET
cblr-5117	334	10	special	special	ADJ
cblr-5117	334	11	nature	nature	NOUN
cblr-5117	334	12	of	of	ADP
cblr-5117	334	13	employee	employee	NOUN
cblr-5117	334	14	stock	stock	NOUN
cblr-5117	334	15	offerings	offering	NOUN
cblr-5117	334	16	requires	require	VERB
cblr-5117	334	17	that	that	SCONJ
cblr-5117	334	18	companies	company	NOUN
cblr-5117	334	19	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	334	20	(	(	PUNCT
cblr-5117	334	21	do	do	AUX
cblr-5117	334	22	not	not	PART
cblr-5117	334	23	delte	delte	VERB
cblr-5117	334	24	)	)	PUNCT
cblr-5117	334	25	1/8/2020	1/8/2020	NUM
cblr-5117	334	26	4:44	4:44	NUM
cblr-5117	334	27	pm	pm	NOUN
cblr-5117	334	28	890	890	NUM
cblr-5117	334	29	columbia	columbia	PROPN
cblr-5117	334	30	business	business	NOUN
cblr-5117	334	31	law	law	NOUN
cblr-5117	334	32	review	review	NOUN
cblr-5117	334	33	[	[	X
cblr-5117	334	34	vol	vol	NOUN
cblr-5117	334	35	.	.	NOUN
cblr-5117	334	36	2019	2019	NUM
cblr-5117	334	37	the	the	DET
cblr-5117	334	38	sec	sec	PROPN
cblr-5117	334	39	responded	respond	VERB
cblr-5117	334	40	in	in	ADP
cblr-5117	334	41	1988	1988	NUM
cblr-5117	334	42	by	by	ADP
cblr-5117	334	43	creating	create	VERB
cblr-5117	334	44	rule	rule	NOUN
cblr-5117	334	45	701	701	NUM
cblr-5117	334	46	,	,	PUNCT
cblr-5117	334	47	which	which	PRON
cblr-5117	334	48	allowed	allow	VERB
cblr-5117	334	49	non	non	ADJ
cblr-5117	334	50	-	-	ADJ
cblr-5117	334	51	reporting	reporting	ADJ
cblr-5117	334	52	companies	company	NOUN
cblr-5117	334	53	to	to	PART
cblr-5117	334	54	offer	offer	VERB
cblr-5117	334	55	and	and	CCONJ
cblr-5117	334	56	sell	sell	VERB
cblr-5117	334	57	securities	security	NOUN
cblr-5117	334	58	as	as	ADP
cblr-5117	334	59	part	part	NOUN
cblr-5117	334	60	of	of	ADP
cblr-5117	334	61	compensatory	compensatory	ADJ
cblr-5117	334	62	arrangements	arrangement	NOUN
cblr-5117	334	63	without	without	ADP
cblr-5117	334	64	the	the	DET
cblr-5117	334	65	need	need	NOUN
cblr-5117	334	66	to	to	PART
cblr-5117	334	67	register	register	VERB
cblr-5117	334	68	the	the	DET
cblr-5117	334	69	securities.93	securities.93	PROPN
cblr-5117	334	70	the	the	DET
cblr-5117	334	71	sec	sec	PROPN
cblr-5117	334	72	explained	explain	VERB
cblr-5117	334	73	that	that	SCONJ
cblr-5117	334	74	it	it	PRON
cblr-5117	334	75	would	would	AUX
cblr-5117	334	76	be	be	AUX
cblr-5117	334	77	an	an	DET
cblr-5117	334	78	unreasonable	unreasonable	ADJ
cblr-5117	334	79	burden	burden	NOUN
cblr-5117	334	80	to	to	PART
cblr-5117	334	81	require	require	VERB
cblr-5117	334	82	these	these	DET
cblr-5117	334	83	non	non	ADJ
cblr-5117	334	84	-	-	ADJ
cblr-5117	334	85	reporting	reporting	ADJ
cblr-5117	334	86	companies	company	NOUN
cblr-5117	334	87	,	,	PUNCT
cblr-5117	334	88	many	many	ADJ
cblr-5117	334	89	of	of	ADP
cblr-5117	334	90	which	which	PRON
cblr-5117	334	91	are	be	AUX
cblr-5117	334	92	small	small	ADJ
cblr-5117	334	93	businesses	business	NOUN
cblr-5117	334	94	,	,	PUNCT
cblr-5117	334	95	to	to	PART
cblr-5117	334	96	incur	incur	VERB
cblr-5117	334	97	the	the	DET
cblr-5117	334	98	expenses	expense	NOUN
cblr-5117	334	99	and	and	CCONJ
cblr-5117	334	100	disclosure	disclosure	NOUN
cblr-5117	334	101	obligations	obligation	NOUN
cblr-5117	334	102	of	of	ADP
cblr-5117	334	103	public	public	ADJ
cblr-5117	334	104	companies	company	NOUN
cblr-5117	334	105	in	in	ADP
cblr-5117	334	106	cases	case	NOUN
cblr-5117	334	107	in	in	ADP
cblr-5117	334	108	which	which	PRON
cblr-5117	334	109	their	their	PRON
cblr-5117	334	110	sales	sale	NOUN
cblr-5117	334	111	of	of	ADP
cblr-5117	334	112	securities	security	NOUN
cblr-5117	334	113	were	be	AUX
cblr-5117	334	114	confined	confine	VERB
cblr-5117	334	115	to	to	ADP
cblr-5117	334	116	employees	employee	NOUN
cblr-5117	334	117	and	and	CCONJ
cblr-5117	334	118	sophisticated	sophisticated	ADJ
cblr-5117	334	119	investors.94	investors.94	VERB
cblr-5117	334	120	to	to	PART
cblr-5117	334	121	distinguish	distinguish	VERB
cblr-5117	334	122	rule	rule	NOUN
cblr-5117	334	123	701	701	NUM
cblr-5117	334	124	offerings	offering	NOUN
cblr-5117	334	125	from	from	ADP
cblr-5117	334	126	the	the	DET
cblr-5117	334	127	kind	kind	NOUN
cblr-5117	334	128	of	of	ADP
cblr-5117	334	129	offerings	offering	NOUN
cblr-5117	334	130	the	the	DET
cblr-5117	334	131	court	court	NOUN
cblr-5117	334	132	deemed	deem	VERB
cblr-5117	334	133	in	in	ADP
cblr-5117	334	134	ralston	ralston	PROPN
cblr-5117	334	135	purina	purina	PROPN
cblr-5117	334	136	as	as	ADP
cblr-5117	334	137	public	public	ADJ
cblr-5117	334	138	,	,	PUNCT
cblr-5117	334	139	the	the	DET
cblr-5117	334	140	rule	rule	NOUN
cblr-5117	334	141	explicitly	explicitly	ADV
cblr-5117	334	142	states	state	VERB
cblr-5117	334	143	that	that	SCONJ
cblr-5117	334	144	the	the	DET
cblr-5117	334	145	exemption	exemption	NOUN
cblr-5117	334	146	from	from	ADP
cblr-5117	334	147	registration	registration	NOUN
cblr-5117	334	148	is	be	AUX
cblr-5117	334	149	not	not	PART
cblr-5117	334	150	available	available	ADJ
cblr-5117	334	151	for	for	ADP
cblr-5117	334	152	plans	plan	NOUN
cblr-5117	334	153	or	or	CCONJ
cblr-5117	334	154	schemes	scheme	NOUN
cblr-5117	334	155	intended	intend	VERB
cblr-5117	334	156	to	to	PART
cblr-5117	334	157	raise	raise	VERB
cblr-5117	334	158	capital.95	capital.95	NOUN
cblr-5117	334	159	likewise	likewise	ADV
cblr-5117	334	160	,	,	PUNCT
cblr-5117	334	161	in	in	ADP
cblr-5117	334	162	accordance	accordance	NOUN
cblr-5117	334	163	with	with	ADP
cblr-5117	334	164	the	the	DET
cblr-5117	334	165	small	small	ADJ
cblr-5117	334	166	offering	offering	NOUN
cblr-5117	334	167	exemption	exemption	NOUN
cblr-5117	334	168	of	of	ADP
cblr-5117	334	169	the	the	DET
cblr-5117	334	170	securities	security	NOUN
cblr-5117	334	171	act	act	PROPN
cblr-5117	334	172	,	,	PUNCT
cblr-5117	334	173	the	the	DET
cblr-5117	334	174	original	original	ADJ
cblr-5117	334	175	version	version	NOUN
cblr-5117	334	176	of	of	ADP
cblr-5117	334	177	the	the	DET
cblr-5117	334	178	rule	rule	NOUN
cblr-5117	334	179	placed	place	VERB
cblr-5117	334	180	annual	annual	ADJ
cblr-5117	334	181	volume	volume	NOUN
cblr-5117	334	182	limits	limit	NOUN
cblr-5117	334	183	of	of	ADP
cblr-5117	334	184	up	up	ADP
cblr-5117	334	185	to	to	PART
cblr-5117	334	186	$	$	SYM
cblr-5117	334	187	5	5	NUM
cblr-5117	334	188	million.96	million.96	PROPN
cblr-5117	334	189	be	be	AUX
cblr-5117	334	190	allowed	allow	VERB
cblr-5117	334	191	to	to	PART
cblr-5117	334	192	“	"	PUNCT
cblr-5117	334	193	expand	expand	VERB
cblr-5117	334	194	their	their	PRON
cblr-5117	334	195	use	use	NOUN
cblr-5117	334	196	of	of	ADP
cblr-5117	334	197	stock	stock	NOUN
cblr-5117	334	198	as	as	ADP
cblr-5117	334	199	part	part	NOUN
cblr-5117	334	200	of	of	ADP
cblr-5117	334	201	their	their	PRON
cblr-5117	334	202	total	total	ADJ
cblr-5117	334	203	employee	employee	NOUN
cblr-5117	334	204	benefit	benefit	NOUN
cblr-5117	334	205	package	package	NOUN
cblr-5117	334	206	”	"	PUNCT
cblr-5117	334	207	without	without	ADP
cblr-5117	334	208	limitations	limitation	NOUN
cblr-5117	334	209	on	on	ADP
cblr-5117	334	210	the	the	DET
cblr-5117	334	211	size	size	NOUN
cblr-5117	334	212	of	of	ADP
cblr-5117	334	213	the	the	DET
cblr-5117	334	214	offerings	offering	NOUN
cblr-5117	334	215	in	in	ADP
cblr-5117	334	216	dollar	dollar	NOUN
cblr-5117	334	217	amounts	amount	NOUN
cblr-5117	334	218	or	or	CCONJ
cblr-5117	334	219	number	number	NOUN
cblr-5117	334	220	of	of	ADP
cblr-5117	334	221	employees	employee	NOUN
cblr-5117	334	222	)	)	PUNCT
cblr-5117	334	223	.	.	PUNCT
cblr-5117	335	1	93	93	NUM
cblr-5117	335	2	see	see	VERB
cblr-5117	335	3	compensatory	compensatory	ADJ
cblr-5117	335	4	benefit	benefit	NOUN
cblr-5117	335	5	plans	plan	NOUN
cblr-5117	335	6	and	and	CCONJ
cblr-5117	335	7	contracts	contract	NOUN
cblr-5117	335	8	,	,	PUNCT
cblr-5117	335	9	securities	security	NOUN
cblr-5117	335	10	act	act	NOUN
cblr-5117	335	11	release	release	VERB
cblr-5117	335	12	no	no	DET
cblr-5117	335	13	.	.	PUNCT
cblr-5117	335	14	6768	6768	NUM
cblr-5117	335	15	,	,	PUNCT
cblr-5117	335	16	53	53	NUM
cblr-5117	335	17	fed	feed	VERB
cblr-5117	335	18	.	.	PUNCT
cblr-5117	336	1	reg	reg	PROPN
cblr-5117	336	2	.	.	PROPN
cblr-5117	336	3	12,918	12,918	NUM
cblr-5117	336	4	,	,	PUNCT
cblr-5117	336	5	12,919	12,919	NUM
cblr-5117	336	6	(	(	PUNCT
cblr-5117	336	7	apr	apr	PROPN
cblr-5117	336	8	.	.	PROPN
cblr-5117	336	9	20	20	NUM
cblr-5117	336	10	,	,	PUNCT
cblr-5117	336	11	1988	1988	NUM
cblr-5117	336	12	)	)	PUNCT
cblr-5117	337	1	(	(	PUNCT
cblr-5117	337	2	to	to	PART
cblr-5117	337	3	be	be	AUX
cblr-5117	337	4	codified	codify	VERB
cblr-5117	337	5	at	at	ADP
cblr-5117	337	6	17	17	NUM
cblr-5117	337	7	c.f.r	c.f.r	NOUN
cblr-5117	337	8	.	.	PUNCT
cblr-5117	338	1	pts	pt	VERB
cblr-5117	338	2	200	200	NUM
cblr-5117	338	3	,	,	PUNCT
cblr-5117	338	4	230	230	NUM
cblr-5117	338	5	,	,	PUNCT
cblr-5117	338	6	239	239	NUM
cblr-5117	338	7	)	)	PUNCT
cblr-5117	338	8	(	(	PUNCT
cblr-5117	338	9	referencing	reference	VERB
cblr-5117	338	10	pt	pt	NOUN
cblr-5117	338	11	.	.	PUNCT
cblr-5117	338	12	i(a)(2	i(a)(2	NOUN
cblr-5117	338	13	)	)	PUNCT
cblr-5117	338	14	)	)	PUNCT
cblr-5117	338	15	.	.	PUNCT
cblr-5117	339	1	94	94	NUM
cblr-5117	339	2	see	see	VERB
cblr-5117	339	3	employee	employee	NOUN
cblr-5117	339	4	benefit	benefit	NOUN
cblr-5117	339	5	and	and	CCONJ
cblr-5117	339	6	compensation	compensation	NOUN
cblr-5117	339	7	contracts	contract	NOUN
cblr-5117	339	8	,	,	PUNCT
cblr-5117	339	9	securities	security	NOUN
cblr-5117	339	10	act	act	NOUN
cblr-5117	339	11	release	release	VERB
cblr-5117	339	12	no	no	DET
cblr-5117	339	13	.	.	NOUN
cblr-5117	339	14	6726	6726	NUM
cblr-5117	339	15	,	,	PUNCT
cblr-5117	339	16	52	52	NUM
cblr-5117	339	17	fed	feed	VERB
cblr-5117	339	18	.	.	PUNCT
cblr-5117	340	1	reg	reg	PROPN
cblr-5117	340	2	.	.	PROPN
cblr-5117	341	1	29,033	29,033	NUM
cblr-5117	341	2	,	,	PUNCT
cblr-5117	341	3	29,033	29,033	NUM
cblr-5117	341	4	(	(	PUNCT
cblr-5117	341	5	aug	aug	PROPN
cblr-5117	341	6	.	.	PROPN
cblr-5117	341	7	5	5	NUM
cblr-5117	341	8	,	,	PUNCT
cblr-5117	341	9	1987	1987	NUM
cblr-5117	341	10	)	)	PUNCT
cblr-5117	341	11	(	(	PUNCT
cblr-5117	341	12	to	to	PART
cblr-5117	341	13	be	be	AUX
cblr-5117	341	14	codified	codify	VERB
cblr-5117	341	15	at	at	ADP
cblr-5117	341	16	17	17	NUM
cblr-5117	341	17	c.f.r	c.f.r	NOUN
cblr-5117	341	18	.	.	PUNCT
cblr-5117	342	1	pts	pt	NOUN
cblr-5117	342	2	230	230	NUM
cblr-5117	342	3	,	,	PUNCT
cblr-5117	342	4	239	239	NUM
cblr-5117	342	5	)	)	PUNCT
cblr-5117	342	6	(	(	PUNCT
cblr-5117	342	7	explaining	explain	VERB
cblr-5117	342	8	that	that	SCONJ
cblr-5117	342	9	the	the	DET
cblr-5117	342	10	essential	essential	ADJ
cblr-5117	342	11	concern	concern	NOUN
cblr-5117	342	12	addressed	address	VERB
cblr-5117	342	13	by	by	ADP
cblr-5117	342	14	the	the	DET
cblr-5117	342	15	proposals	proposal	NOUN
cblr-5117	342	16	was	be	AUX
cblr-5117	342	17	the	the	DET
cblr-5117	342	18	burden	burden	NOUN
cblr-5117	342	19	of	of	ADP
cblr-5117	342	20	complying	comply	VERB
cblr-5117	342	21	placed	place	VERB
cblr-5117	342	22	on	on	ADP
cblr-5117	342	23	private	private	ADJ
cblr-5117	342	24	companies	company	NOUN
cblr-5117	342	25	)	)	PUNCT
cblr-5117	342	26	.	.	PUNCT
cblr-5117	343	1	95	95	NUM
cblr-5117	343	2	preliminary	preliminary	ADJ
cblr-5117	343	3	note	note	NOUN
cblr-5117	343	4	5	5	NUM
cblr-5117	343	5	to	to	PART
cblr-5117	343	6	rule	rule	VERB
cblr-5117	343	7	701	701	NUM
cblr-5117	343	8	addresses	address	NOUN
cblr-5117	343	9	the	the	DET
cblr-5117	343	10	scope	scope	NOUN
cblr-5117	343	11	of	of	ADP
cblr-5117	343	12	the	the	DET
cblr-5117	343	13	exemption	exemption	NOUN
cblr-5117	343	14	.	.	PUNCT
cblr-5117	344	1	see	see	VERB
cblr-5117	344	2	exemption	exemption	NOUN
cblr-5117	344	3	for	for	ADP
cblr-5117	344	4	offers	offer	NOUN
cblr-5117	344	5	and	and	CCONJ
cblr-5117	344	6	sales	sale	NOUN
cblr-5117	344	7	of	of	ADP
cblr-5117	344	8	securities	security	NOUN
cblr-5117	344	9	pursuant	pursuant	ADJ
cblr-5117	344	10	to	to	ADP
cblr-5117	344	11	certain	certain	ADJ
cblr-5117	344	12	compensatory	compensatory	ADJ
cblr-5117	344	13	benefit	benefit	NOUN
cblr-5117	344	14	plans	plan	NOUN
cblr-5117	344	15	and	and	CCONJ
cblr-5117	344	16	contracts	contract	NOUN
cblr-5117	344	17	relating	relate	VERB
cblr-5117	344	18	to	to	ADP
cblr-5117	344	19	compensation	compensation	NOUN
cblr-5117	344	20	,	,	PUNCT
cblr-5117	344	21	17	17	NUM
cblr-5117	344	22	c.f.r	c.f.r	NOUN
cblr-5117	344	23	.	.	PUNCT
cblr-5117	345	1	§	§	PROPN
cblr-5117	345	2	230.701	230.701	NUM
cblr-5117	345	3	(	(	PUNCT
cblr-5117	345	4	2019	2019	NUM
cblr-5117	345	5	)	)	PUNCT
cblr-5117	345	6	(	(	PUNCT
cblr-5117	345	7	“	"	PUNCT
cblr-5117	345	8	this	this	DET
cblr-5117	345	9	section	section	NOUN
cblr-5117	345	10	also	also	ADV
cblr-5117	345	11	is	be	AUX
cblr-5117	345	12	not	not	PART
cblr-5117	345	13	available	available	ADJ
cblr-5117	345	14	to	to	PART
cblr-5117	345	15	exempt	exempt	VERB
cblr-5117	345	16	any	any	DET
cblr-5117	345	17	transaction	transaction	NOUN
cblr-5117	345	18	that	that	PRON
cblr-5117	345	19	is	be	AUX
cblr-5117	345	20	in	in	ADP
cblr-5117	345	21	technical	technical	ADJ
cblr-5117	345	22	compliance	compliance	NOUN
cblr-5117	345	23	with	with	ADP
cblr-5117	345	24	this	this	DET
cblr-5117	345	25	section	section	NOUN
cblr-5117	345	26	but	but	CCONJ
cblr-5117	345	27	is	be	AUX
cblr-5117	345	28	part	part	NOUN
cblr-5117	345	29	of	of	ADP
cblr-5117	345	30	a	a	DET
cblr-5117	345	31	plan	plan	NOUN
cblr-5117	345	32	or	or	CCONJ
cblr-5117	345	33	scheme	scheme	NOUN
cblr-5117	345	34	to	to	PART
cblr-5117	345	35	evade	evade	VERB
cblr-5117	345	36	the	the	DET
cblr-5117	345	37	registration	registration	NOUN
cblr-5117	345	38	provisions	provision	NOUN
cblr-5117	345	39	of	of	ADP
cblr-5117	345	40	the	the	DET
cblr-5117	345	41	[	[	X
cblr-5117	345	42	securities	security	NOUN
cblr-5117	345	43	]	]	PUNCT
cblr-5117	345	44	act	act	NOUN
cblr-5117	345	45	.	.	PUNCT
cblr-5117	346	1	in	in	ADP
cblr-5117	346	2	any	any	PRON
cblr-5117	346	3	of	of	ADP
cblr-5117	346	4	these	these	DET
cblr-5117	346	5	cases	case	NOUN
cblr-5117	346	6	,	,	PUNCT
cblr-5117	346	7	registration	registration	NOUN
cblr-5117	346	8	under	under	ADP
cblr-5117	346	9	the	the	DET
cblr-5117	346	10	[	[	NOUN
cblr-5117	346	11	securities	security	NOUN
cblr-5117	346	12	]	]	PUNCT
cblr-5117	346	13	act	act	NOUN
cblr-5117	346	14	is	be	AUX
cblr-5117	346	15	required	require	VERB
cblr-5117	346	16	unless	unless	SCONJ
cblr-5117	346	17	another	another	DET
cblr-5117	346	18	exemption	exemption	NOUN
cblr-5117	346	19	is	be	AUX
cblr-5117	346	20	available	available	ADJ
cblr-5117	346	21	.	.	PUNCT
cblr-5117	346	22	”	"	PUNCT
cblr-5117	346	23	)	)	PUNCT
cblr-5117	346	24	.	.	PUNCT
cblr-5117	347	1	the	the	DET
cblr-5117	347	2	distinction	distinction	NOUN
cblr-5117	347	3	is	be	AUX
cblr-5117	347	4	somewhat	somewhat	ADV
cblr-5117	347	5	artificial	artificial	ADJ
cblr-5117	347	6	because	because	SCONJ
cblr-5117	347	7	the	the	DET
cblr-5117	347	8	purpose	purpose	NOUN
cblr-5117	347	9	of	of	ADP
cblr-5117	347	10	the	the	DET
cblr-5117	347	11	offer	offer	NOUN
cblr-5117	347	12	to	to	ADP
cblr-5117	347	13	employees	employee	NOUN
cblr-5117	347	14	at	at	ADP
cblr-5117	347	15	ralston	ralston	PROPN
cblr-5117	347	16	purina	purina	PROPN
cblr-5117	347	17	was	be	AUX
cblr-5117	347	18	to	to	PART
cblr-5117	347	19	encourage	encourage	VERB
cblr-5117	347	20	employee	employee	NOUN
cblr-5117	347	21	ownership	ownership	NOUN
cblr-5117	347	22	and	and	CCONJ
cblr-5117	347	23	not	not	PART
cblr-5117	347	24	to	to	PART
cblr-5117	347	25	raise	raise	VERB
cblr-5117	347	26	capital	capital	NOUN
cblr-5117	347	27	.	.	PUNCT
cblr-5117	348	1	see	see	VERB
cblr-5117	348	2	sec	sec	PROPN
cblr-5117	348	3	v.	v.	PROPN
cblr-5117	348	4	ralston	ralston	PROPN
cblr-5117	348	5	purina	purina	PROPN
cblr-5117	348	6	co.	co.	PROPN
cblr-5117	348	7	,	,	PUNCT
cblr-5117	348	8	200	200	NUM
cblr-5117	348	9	f.2d	f.2d	NOUN
cblr-5117	348	10	85	85	NUM
cblr-5117	348	11	,	,	PUNCT
cblr-5117	348	12	91	91	NUM
cblr-5117	348	13	,	,	PUNCT
cblr-5117	348	14	93	93	NUM
cblr-5117	348	15	(	(	PUNCT
cblr-5117	348	16	8th	8th	ADJ
cblr-5117	348	17	cir	cir	NOUN
cblr-5117	348	18	.	.	PROPN
cblr-5117	348	19	1952	1952	NUM
cblr-5117	348	20	)	)	PUNCT
cblr-5117	349	1	(	(	PUNCT
cblr-5117	349	2	“	"	PUNCT
cblr-5117	349	3	[	[	X
cblr-5117	349	4	t]he	t]he	ADJ
cblr-5117	349	5	sole	sole	ADJ
cblr-5117	349	6	purpose	purpose	NOUN
cblr-5117	349	7	[	[	X
cblr-5117	349	8	was	be	AUX
cblr-5117	349	9	]	]	PUNCT
cblr-5117	349	10	enabling	enable	VERB
cblr-5117	349	11	them	they	PRON
cblr-5117	349	12	to	to	PART
cblr-5117	349	13	secure	secure	VERB
cblr-5117	349	14	a	a	DET
cblr-5117	349	15	proprietary	proprietary	ADJ
cblr-5117	349	16	interest	interest	NOUN
cblr-5117	349	17	in	in	ADP
cblr-5117	349	18	the	the	DET
cblr-5117	349	19	company	company	NOUN
cblr-5117	349	20	or	or	CCONJ
cblr-5117	349	21	to	to	PART
cblr-5117	349	22	increase	increase	VERB
cblr-5117	349	23	the	the	DET
cblr-5117	349	24	interest	interest	NOUN
cblr-5117	349	25	already	already	ADV
cblr-5117	349	26	held	hold	VERB
cblr-5117	349	27	by	by	ADP
cblr-5117	349	28	them	they	PRON
cblr-5117	349	29	.	.	PUNCT
cblr-5117	349	30	”	"	PUNCT
cblr-5117	349	31	)	)	PUNCT
cblr-5117	349	32	.	.	PUNCT
cblr-5117	350	1	96	96	NUM
cblr-5117	350	2	see	see	VERB
cblr-5117	350	3	compensatory	compensatory	ADJ
cblr-5117	350	4	benefit	benefit	NOUN
cblr-5117	350	5	plans	plan	NOUN
cblr-5117	350	6	and	and	CCONJ
cblr-5117	350	7	contracts	contract	NOUN
cblr-5117	350	8	,	,	PUNCT
cblr-5117	350	9	53	53	NUM
cblr-5117	350	10	fed	feed	VERB
cblr-5117	350	11	.	.	PUNCT
cblr-5117	351	1	reg	reg	PROPN
cblr-5117	351	2	.	.	PUNCT
cblr-5117	352	1	at	at	ADP
cblr-5117	352	2	12,919	12,919	NUM
cblr-5117	352	3	(	(	PUNCT
cblr-5117	352	4	referencing	reference	VERB
cblr-5117	352	5	pt	pt	NOUN
cblr-5117	352	6	.	.	PUNCT
cblr-5117	353	1	i	i	PRON
cblr-5117	353	2	(	(	PUNCT
cblr-5117	353	3	a)(2	a)(2	NOUN
cblr-5117	353	4	)	)	PUNCT
cblr-5117	353	5	)	)	PUNCT
cblr-5117	353	6	.	.	PUNCT
cblr-5117	354	1	in	in	ADP
cblr-5117	354	2	its	its	PRON
cblr-5117	354	3	original	original	ADJ
cblr-5117	354	4	form	form	NOUN
cblr-5117	354	5	,	,	PUNCT
cblr-5117	354	6	rule	rule	VERB
cblr-5117	354	7	701	701	NUM
cblr-5117	354	8	permitted	permit	VERB
cblr-5117	354	9	the	the	DET
cblr-5117	354	10	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	354	11	(	(	PUNCT
cblr-5117	354	12	do	do	AUX
cblr-5117	354	13	not	not	PART
cblr-5117	354	14	delete	delete	VERB
cblr-5117	354	15	)	)	PUNCT
cblr-5117	354	16	1/8/2020	1/8/2020	NUM
cblr-5117	354	17	4:44	4:44	NUM
cblr-5117	354	18	pm	pm	NOUN
cblr-5117	354	19	no	no	INTJ
cblr-5117	354	20	.	.	PUNCT
cblr-5117	355	1	3:867	3:867	NUM
cblr-5117	355	2	]	]	PUNCT
cblr-5117	355	3	making	make	VERB
cblr-5117	355	4	disclosure	disclosure	NOUN
cblr-5117	355	5	work	work	NOUN
cblr-5117	355	6	891	891	NUM
cblr-5117	355	7	at	at	ADP
cblr-5117	355	8	the	the	DET
cblr-5117	355	9	time	time	NOUN
cblr-5117	355	10	when	when	SCONJ
cblr-5117	355	11	the	the	DET
cblr-5117	355	12	sec	sec	PROPN
cblr-5117	355	13	adopted	adopt	VERB
cblr-5117	355	14	rule	rule	NOUN
cblr-5117	355	15	701	701	NUM
cblr-5117	355	16	,	,	PUNCT
cblr-5117	355	17	private	private	ADJ
cblr-5117	355	18	issuers	issuer	NOUN
cblr-5117	355	19	’	'	PUNCT
cblr-5117	355	20	ability	ability	NOUN
cblr-5117	355	21	to	to	PART
cblr-5117	355	22	rely	rely	VERB
cblr-5117	355	23	on	on	ADP
cblr-5117	355	24	this	this	DET
cblr-5117	355	25	exemption	exemption	NOUN
cblr-5117	355	26	was	be	AUX
cblr-5117	355	27	limited	limit	VERB
cblr-5117	355	28	not	not	PART
cblr-5117	355	29	only	only	ADV
cblr-5117	355	30	in	in	ADP
cblr-5117	355	31	the	the	DET
cblr-5117	355	32	volume	volume	NOUN
cblr-5117	355	33	of	of	ADP
cblr-5117	355	34	securities	security	NOUN
cblr-5117	355	35	offered	offer	VERB
cblr-5117	355	36	and	and	CCONJ
cblr-5117	355	37	sold	sell	VERB
cblr-5117	355	38	but	but	CCONJ
cblr-5117	355	39	also	also	ADV
cblr-5117	355	40	in	in	ADP
cblr-5117	355	41	the	the	DET
cblr-5117	355	42	number	number	NOUN
cblr-5117	355	43	of	of	ADP
cblr-5117	355	44	equity	equity	NOUN
cblr-5117	355	45	-	-	PUNCT
cblr-5117	355	46	compensated	compensate	VERB
cblr-5117	355	47	employees	employee	NOUN
cblr-5117	355	48	allowed	allow	VERB
cblr-5117	355	49	.	.	PUNCT
cblr-5117	356	1	that	that	PRON
cblr-5117	356	2	is	be	AUX
cblr-5117	356	3	because	because	SCONJ
cblr-5117	356	4	after	after	ADP
cblr-5117	356	5	crossing	cross	VERB
cblr-5117	356	6	a	a	DET
cblr-5117	356	7	threshold	threshold	NOUN
cblr-5117	356	8	of	of	ADP
cblr-5117	356	9	500	500	NUM
cblr-5117	356	10	equity	equity	NOUN
cblr-5117	356	11	holders	holder	NOUN
cblr-5117	356	12	(	(	PUNCT
cblr-5117	356	13	“	"	PUNCT
cblr-5117	356	14	heldof	heldof	NOUN
cblr-5117	356	15	-	-	PUNCT
cblr-5117	356	16	record	record	NOUN
cblr-5117	356	17	”	"	PUNCT
cblr-5117	356	18	)	)	PUNCT
cblr-5117	356	19	,	,	PUNCT
cblr-5117	356	20	private	private	ADJ
cblr-5117	356	21	issuers	issuer	NOUN
cblr-5117	356	22	assumed	assume	VERB
cblr-5117	356	23	the	the	DET
cblr-5117	356	24	reporting	reporting	NOUN
cblr-5117	356	25	obligations	obligation	NOUN
cblr-5117	356	26	of	of	ADP
cblr-5117	356	27	public	public	ADJ
cblr-5117	356	28	companies.97	companies.97	NOUN
cblr-5117	356	29	in	in	ADP
cblr-5117	356	30	such	such	ADJ
cblr-5117	356	31	situations	situation	NOUN
cblr-5117	356	32	,	,	PUNCT
cblr-5117	356	33	most	most	ADJ
cblr-5117	356	34	companies	company	NOUN
cblr-5117	356	35	preferred	prefer	VERB
cblr-5117	356	36	going	go	VERB
cblr-5117	356	37	public	public	ADJ
cblr-5117	356	38	over	over	ADP
cblr-5117	356	39	assuming	assume	VERB
cblr-5117	356	40	the	the	DET
cblr-5117	356	41	costs	cost	NOUN
cblr-5117	356	42	of	of	ADP
cblr-5117	356	43	public	public	ADJ
cblr-5117	356	44	reporting	reporting	NOUN
cblr-5117	356	45	obligations	obligation	NOUN
cblr-5117	356	46	without	without	ADP
cblr-5117	356	47	the	the	DET
cblr-5117	356	48	benefits	benefit	NOUN
cblr-5117	356	49	of	of	ADP
cblr-5117	356	50	having	have	VERB
cblr-5117	356	51	access	access	NOUN
cblr-5117	356	52	to	to	ADP
cblr-5117	356	53	public	public	ADJ
cblr-5117	356	54	capital	capital	NOUN
cblr-5117	356	55	markets	market	NOUN
cblr-5117	356	56	.	.	PUNCT
cblr-5117	357	1	thus	thus	ADV
cblr-5117	357	2	,	,	PUNCT
cblr-5117	357	3	the	the	DET
cblr-5117	357	4	“	"	PUNCT
cblr-5117	357	5	500	500	NUM
cblr-5117	357	6	-	-	PUNCT
cblr-5117	357	7	held	hold	VERB
cblr-5117	357	8	-	-	PUNCT
cblr-5117	357	9	of	of	ADP
cblr-5117	357	10	-	-	PUNCT
cblr-5117	357	11	record	record	NOUN
cblr-5117	357	12	”	"	PUNCT
cblr-5117	357	13	threshold	threshold	NOUN
cblr-5117	357	14	effectively	effectively	ADV
cblr-5117	357	15	deterred	deter	VERB
cblr-5117	357	16	companies	company	NOUN
cblr-5117	357	17	from	from	ADP
cblr-5117	357	18	granting	grant	VERB
cblr-5117	357	19	equity	equity	NOUN
cblr-5117	357	20	incentives	incentive	NOUN
cblr-5117	357	21	to	to	ADP
cblr-5117	357	22	hundreds	hundred	NOUN
cblr-5117	357	23	of	of	ADP
cblr-5117	357	24	employees	employee	NOUN
cblr-5117	357	25	for	for	ADP
cblr-5117	357	26	fear	fear	NOUN
cblr-5117	357	27	of	of	ADP
cblr-5117	357	28	not	not	PART
cblr-5117	357	29	being	be	AUX
cblr-5117	357	30	able	able	ADJ
cblr-5117	357	31	to	to	PART
cblr-5117	357	32	control	control	VERB
cblr-5117	357	33	the	the	DET
cblr-5117	357	34	timing	timing	NOUN
cblr-5117	357	35	of	of	ADP
cblr-5117	357	36	their	their	PRON
cblr-5117	357	37	initial	initial	ADJ
cblr-5117	357	38	public	public	ADJ
cblr-5117	357	39	offering	offering	NOUN
cblr-5117	357	40	(	(	PUNCT
cblr-5117	357	41	ipo	ipo	NOUN
cblr-5117	357	42	)	)	PUNCT
cblr-5117	357	43	(	(	PUNCT
cblr-5117	357	44	which	which	PRON
cblr-5117	357	45	will	will	AUX
cblr-5117	357	46	be	be	AUX
cblr-5117	357	47	dictated	dictate	VERB
cblr-5117	357	48	by	by	ADP
cblr-5117	357	49	the	the	DET
cblr-5117	357	50	pace	pace	NOUN
cblr-5117	357	51	of	of	ADP
cblr-5117	357	52	option	option	NOUN
cblr-5117	357	53	exercise	exercise	NOUN
cblr-5117	357	54	by	by	ADP
cblr-5117	357	55	employees	employee	NOUN
cblr-5117	357	56	)	)	PUNCT
cblr-5117	357	57	.	.	PUNCT
cblr-5117	358	1	however	however	ADV
cblr-5117	358	2	,	,	PUNCT
cblr-5117	358	3	due	due	ADP
cblr-5117	358	4	to	to	ADP
cblr-5117	358	5	constant	constant	ADJ
cblr-5117	358	6	industry	industry	NOUN
cblr-5117	358	7	pressure	pressure	NOUN
cblr-5117	358	8	applied	apply	VERB
cblr-5117	358	9	over	over	ADP
cblr-5117	358	10	the	the	DET
cblr-5117	358	11	years	year	NOUN
cblr-5117	358	12	,	,	PUNCT
cblr-5117	358	13	the	the	DET
cblr-5117	358	14	limitations	limitation	NOUN
cblr-5117	358	15	on	on	ADP
cblr-5117	358	16	private	private	ADJ
cblr-5117	358	17	issuers	issuer	NOUN
cblr-5117	358	18	’	'	PUNCT
cblr-5117	358	19	ability	ability	NOUN
cblr-5117	358	20	to	to	PART
cblr-5117	358	21	issue	issue	VERB
cblr-5117	358	22	securities	security	NOUN
cblr-5117	358	23	for	for	ADP
cblr-5117	358	24	compensation	compensation	NOUN
cblr-5117	358	25	purposes	purpose	NOUN
cblr-5117	358	26	were	be	AUX
cblr-5117	358	27	gradually	gradually	ADV
cblr-5117	358	28	curtailed,98	curtailed,98	ADJ
cblr-5117	358	29	thereby	thereby	ADV
cblr-5117	358	30	turning	turn	VERB
cblr-5117	358	31	this	this	DET
cblr-5117	358	32	small	small	ADJ
cblr-5117	358	33	exemption	exemption	NOUN
cblr-5117	358	34	into	into	ADP
cblr-5117	358	35	a	a	DET
cblr-5117	358	36	amounts	amount	NOUN
cblr-5117	358	37	of	of	ADP
cblr-5117	358	38	securities	security	NOUN
cblr-5117	358	39	offered	offer	VERB
cblr-5117	358	40	and	and	CCONJ
cblr-5117	358	41	sold	sell	VERB
cblr-5117	358	42	annually	annually	ADV
cblr-5117	358	43	to	to	PART
cblr-5117	358	44	be	be	AUX
cblr-5117	358	45	the	the	DET
cblr-5117	358	46	greatest	great	ADJ
cblr-5117	358	47	of	of	ADP
cblr-5117	358	48	$	$	SYM
cblr-5117	358	49	500,000	500,000	NUM
cblr-5117	358	50	;	;	PUNCT
cblr-5117	358	51	15	15	NUM
cblr-5117	358	52	%	%	NOUN
cblr-5117	358	53	of	of	ADP
cblr-5117	358	54	total	total	ADJ
cblr-5117	358	55	assets	asset	NOUN
cblr-5117	358	56	of	of	ADP
cblr-5117	358	57	the	the	DET
cblr-5117	358	58	issuer	issuer	NOUN
cblr-5117	358	59	;	;	PUNCT
cblr-5117	358	60	or	or	CCONJ
cblr-5117	358	61	,	,	PUNCT
cblr-5117	358	62	15	15	NUM
cblr-5117	358	63	%	%	NOUN
cblr-5117	358	64	of	of	ADP
cblr-5117	358	65	the	the	DET
cblr-5117	358	66	outstanding	outstanding	ADJ
cblr-5117	358	67	securities	security	NOUN
cblr-5117	358	68	of	of	ADP
cblr-5117	358	69	the	the	DET
cblr-5117	358	70	class	class	NOUN
cblr-5117	358	71	,	,	PUNCT
cblr-5117	358	72	subject	subject	ADJ
cblr-5117	358	73	to	to	ADP
cblr-5117	358	74	an	an	DET
cblr-5117	358	75	absolute	absolute	ADJ
cblr-5117	358	76	limit	limit	NOUN
cblr-5117	358	77	of	of	ADP
cblr-5117	358	78	$	$	SYM
cblr-5117	358	79	5,000,000	5,000,000	NUM
cblr-5117	358	80	derived	derive	VERB
cblr-5117	358	81	from	from	ADP
cblr-5117	358	82	section	section	NOUN
cblr-5117	358	83	3(b	3(b	NUM
cblr-5117	358	84	)	)	PUNCT
cblr-5117	358	85	of	of	ADP
cblr-5117	358	86	the	the	DET
cblr-5117	358	87	securities	security	NOUN
cblr-5117	358	88	act	act	PROPN
cblr-5117	358	89	.	.	PUNCT
cblr-5117	359	1	17	17	NUM
cblr-5117	359	2	c.f.r	c.f.r	NOUN
cblr-5117	359	3	.	.	PUNCT
cblr-5117	360	1	§	§	PROPN
cblr-5117	360	2	230.701(d)(2	230.701(d)(2	NUM
cblr-5117	360	3	)	)	PUNCT
cblr-5117	360	4	.	.	PUNCT
cblr-5117	361	1	97	97	NUM
cblr-5117	361	2	rule	rule	NOUN
cblr-5117	361	3	701	701	NUM
cblr-5117	361	4	has	have	AUX
cblr-5117	361	5	never	never	ADV
cblr-5117	361	6	specified	specify	VERB
cblr-5117	361	7	a	a	DET
cblr-5117	361	8	ceiling	ceiling	NOUN
cblr-5117	361	9	to	to	ADP
cblr-5117	361	10	the	the	DET
cblr-5117	361	11	number	number	NOUN
cblr-5117	361	12	of	of	ADP
cblr-5117	361	13	offerees	offeree	NOUN
cblr-5117	361	14	who	who	PRON
cblr-5117	361	15	could	could	AUX
cblr-5117	361	16	participate	participate	VERB
cblr-5117	361	17	in	in	ADP
cblr-5117	361	18	a	a	DET
cblr-5117	361	19	rule	rule	NOUN
cblr-5117	361	20	701	701	NUM
cblr-5117	361	21	offering	offering	NOUN
cblr-5117	361	22	.	.	PUNCT
cblr-5117	362	1	however	however	ADV
cblr-5117	362	2	,	,	PUNCT
cblr-5117	362	3	when	when	SCONJ
cblr-5117	362	4	the	the	DET
cblr-5117	362	5	rule	rule	NOUN
cblr-5117	362	6	was	be	AUX
cblr-5117	362	7	adopted	adopt	VERB
cblr-5117	362	8	,	,	PUNCT
cblr-5117	362	9	the	the	DET
cblr-5117	362	10	number	number	NOUN
cblr-5117	362	11	of	of	ADP
cblr-5117	362	12	such	such	ADJ
cblr-5117	362	13	offerees	offeree	NOUN
cblr-5117	362	14	was	be	AUX
cblr-5117	362	15	nevertheless	nevertheless	ADV
cblr-5117	362	16	limited	limit	VERB
cblr-5117	362	17	.	.	PUNCT
cblr-5117	363	1	the	the	DET
cblr-5117	363	2	limitation	limitation	NOUN
cblr-5117	363	3	did	do	AUX
cblr-5117	363	4	not	not	PART
cblr-5117	363	5	stem	stem	VERB
cblr-5117	363	6	from	from	ADP
cblr-5117	363	7	rule	rule	NOUN
cblr-5117	363	8	701	701	NUM
cblr-5117	363	9	itself	itself	PRON
cblr-5117	363	10	but	but	CCONJ
cblr-5117	363	11	rather	rather	ADV
cblr-5117	363	12	from	from	ADP
cblr-5117	363	13	section	section	NOUN
cblr-5117	363	14	12(g	12(g	NUM
cblr-5117	363	15	)	)	PUNCT
cblr-5117	363	16	of	of	ADP
cblr-5117	363	17	the	the	DET
cblr-5117	363	18	securities	securities	PROPN
cblr-5117	363	19	exchange	exchange	PROPN
cblr-5117	363	20	act	act	NOUN
cblr-5117	363	21	of	of	ADP
cblr-5117	363	22	1934	1934	NUM
cblr-5117	363	23	,	,	PUNCT
cblr-5117	363	24	which	which	PRON
cblr-5117	363	25	sets	set	VERB
cblr-5117	363	26	a	a	DET
cblr-5117	363	27	cap	cap	NOUN
cblr-5117	363	28	on	on	ADP
cblr-5117	363	29	the	the	DET
cblr-5117	363	30	number	number	NOUN
cblr-5117	363	31	of	of	ADP
cblr-5117	363	32	shareholders	shareholder	NOUN
cblr-5117	363	33	(	(	PUNCT
cblr-5117	363	34	referred	refer	VERB
cblr-5117	363	35	to	to	ADP
cblr-5117	363	36	in	in	ADP
cblr-5117	363	37	the	the	DET
cblr-5117	363	38	act	act	NOUN
cblr-5117	363	39	as	as	ADP
cblr-5117	363	40	“	"	PUNCT
cblr-5117	363	41	held	hold	VERB
cblr-5117	363	42	of	of	ADP
cblr-5117	363	43	record	record	NOUN
cblr-5117	363	44	”	"	PUNCT
cblr-5117	363	45	)	)	PUNCT
cblr-5117	363	46	a	a	DET
cblr-5117	363	47	private	private	ADJ
cblr-5117	363	48	company	company	NOUN
cblr-5117	363	49	may	may	AUX
cblr-5117	363	50	have	have	VERB
cblr-5117	363	51	before	before	SCONJ
cblr-5117	363	52	it	it	PRON
cblr-5117	363	53	becomes	become	VERB
cblr-5117	363	54	subject	subject	ADJ
cblr-5117	363	55	to	to	ADP
cblr-5117	363	56	the	the	DET
cblr-5117	363	57	act	act	NOUN
cblr-5117	363	58	’s	’s	PART
cblr-5117	363	59	reporting	reporting	NOUN
cblr-5117	363	60	requirements	requirement	NOUN
cblr-5117	363	61	.	.	PUNCT
cblr-5117	364	1	see	see	VERB
cblr-5117	364	2	15	15	NUM
cblr-5117	364	3	u.s.c	u.s.c	ADJ
cblr-5117	364	4	.	.	PUNCT
cblr-5117	365	1	§	§	PROPN
cblr-5117	365	2	78l(g	78l(g	NUM
cblr-5117	365	3	)	)	PUNCT
cblr-5117	365	4	(	(	PUNCT
cblr-5117	365	5	2012	2012	NUM
cblr-5117	365	6	)	)	PUNCT
cblr-5117	365	7	.	.	PUNCT
cblr-5117	366	1	at	at	ADP
cblr-5117	366	2	the	the	DET
cblr-5117	366	3	time	time	NOUN
cblr-5117	366	4	of	of	ADP
cblr-5117	366	5	rule	rule	NOUN
cblr-5117	366	6	701	701	NUM
cblr-5117	366	7	adoption	adoption	NOUN
cblr-5117	366	8	,	,	PUNCT
cblr-5117	366	9	section	section	NOUN
cblr-5117	366	10	12(g	12(g	NUM
cblr-5117	366	11	)	)	PUNCT
cblr-5117	366	12	set	set	VERB
cblr-5117	366	13	a	a	DET
cblr-5117	366	14	maximum	maximum	ADJ
cblr-5117	366	15	shareholder	shareholder	NOUN
cblr-5117	366	16	threshold	threshold	NOUN
cblr-5117	366	17	of	of	ADP
cblr-5117	366	18	500	500	NUM
cblr-5117	366	19	,	,	PUNCT
cblr-5117	366	20	including	include	VERB
cblr-5117	366	21	both	both	DET
cblr-5117	366	22	investors	investor	NOUN
cblr-5117	366	23	who	who	PRON
cblr-5117	366	24	received	receive	VERB
cblr-5117	366	25	shares	share	NOUN
cblr-5117	366	26	in	in	ADP
cblr-5117	366	27	return	return	NOUN
cblr-5117	366	28	for	for	ADP
cblr-5117	366	29	capital	capital	NOUN
cblr-5117	366	30	investments	investment	NOUN
cblr-5117	366	31	and	and	CCONJ
cblr-5117	366	32	employees	employee	NOUN
cblr-5117	366	33	who	who	PRON
cblr-5117	366	34	received	receive	VERB
cblr-5117	366	35	equity	equity	NOUN
cblr-5117	366	36	as	as	ADP
cblr-5117	366	37	compensation	compensation	NOUN
cblr-5117	366	38	.	.	PUNCT
cblr-5117	367	1	see	see	VERB
cblr-5117	367	2	aran	aran	NOUN
cblr-5117	367	3	,	,	PUNCT
cblr-5117	367	4	supra	supra	PROPN
cblr-5117	367	5	note	note	NOUN
cblr-5117	367	6	4	4	NUM
cblr-5117	367	7	,	,	PUNCT
cblr-5117	367	8	at	at	ADP
cblr-5117	367	9	1284–85	1284–85	NUM
cblr-5117	367	10	.	.	PUNCT
cblr-5117	367	11	98	98	NUM
cblr-5117	367	12	in	in	ADP
cblr-5117	367	13	1996	1996	NUM
cblr-5117	367	14	,	,	PUNCT
cblr-5117	367	15	congress	congress	PROPN
cblr-5117	367	16	enacted	enact	VERB
cblr-5117	367	17	the	the	DET
cblr-5117	367	18	national	national	ADJ
cblr-5117	367	19	securities	security	NOUN
cblr-5117	367	20	markets	markets	PROPN
cblr-5117	367	21	improvement	improvement	PROPN
cblr-5117	367	22	act	act	NOUN
cblr-5117	367	23	of	of	ADP
cblr-5117	367	24	1996	1996	NUM
cblr-5117	367	25	(	(	PUNCT
cblr-5117	367	26	the	the	DET
cblr-5117	367	27	“	"	PUNCT
cblr-5117	367	28	nsmia	nsmia	NOUN
cblr-5117	367	29	”	"	PUNCT
cblr-5117	367	30	)	)	PUNCT
cblr-5117	367	31	,	,	PUNCT
cblr-5117	367	32	which	which	PRON
cblr-5117	367	33	gave	give	VERB
cblr-5117	367	34	the	the	DET
cblr-5117	367	35	sec	sec	PROPN
cblr-5117	367	36	the	the	DET
cblr-5117	367	37	authority	authority	NOUN
cblr-5117	367	38	to	to	PART
cblr-5117	367	39	provide	provide	VERB
cblr-5117	367	40	exemptive	exemptive	NOUN
cblr-5117	367	41	relief	relief	NOUN
cblr-5117	367	42	under	under	ADP
cblr-5117	367	43	section	section	NOUN
cblr-5117	367	44	3(b	3(b	NUM
cblr-5117	367	45	)	)	PUNCT
cblr-5117	367	46	of	of	ADP
cblr-5117	367	47	the	the	DET
cblr-5117	367	48	securities	security	NOUN
cblr-5117	367	49	act	act	PROPN
cblr-5117	367	50	,	,	PUNCT
cblr-5117	367	51	of	of	ADP
cblr-5117	367	52	more	more	ADJ
cblr-5117	367	53	than	than	ADP
cblr-5117	367	54	$	$	SYM
cblr-5117	367	55	5	5	NUM
cblr-5117	367	56	million	million	NUM
cblr-5117	367	57	for	for	ADP
cblr-5117	367	58	transactions	transaction	NOUN
cblr-5117	367	59	such	such	ADJ
cblr-5117	367	60	as	as	ADP
cblr-5117	367	61	offers	offer	NOUN
cblr-5117	367	62	to	to	ADP
cblr-5117	367	63	employees	employee	NOUN
cblr-5117	367	64	.	.	PUNCT
cblr-5117	368	1	national	national	ADJ
cblr-5117	368	2	securities	securities	PROPN
cblr-5117	368	3	markets	markets	PROPN
cblr-5117	368	4	improvement	improvement	PROPN
cblr-5117	368	5	act	act	NOUN
cblr-5117	368	6	of	of	ADP
cblr-5117	368	7	1996	1996	NUM
cblr-5117	368	8	,	,	PUNCT
cblr-5117	368	9	pub	pub	NOUN
cblr-5117	368	10	.	.	PUNCT
cblr-5117	369	1	l.	l.	PROPN
cblr-5117	369	2	no	no	INTJ
cblr-5117	369	3	.	.	PROPN
cblr-5117	370	1	104	104	NUM
cblr-5117	370	2	-	-	SYM
cblr-5117	370	3	290	290	NUM
cblr-5117	370	4	,	,	PUNCT
cblr-5117	370	5	110	110	NUM
cblr-5117	370	6	stat	stat	NOUN
cblr-5117	370	7	.	.	PUNCT
cblr-5117	371	1	3416	3416	NUM
cblr-5117	371	2	.	.	PUNCT
cblr-5117	372	1	subsequently	subsequently	ADV
cblr-5117	372	2	in	in	ADP
cblr-5117	372	3	1999	1999	NUM
cblr-5117	372	4	,	,	PUNCT
cblr-5117	372	5	the	the	DET
cblr-5117	372	6	sec	sec	PROPN
cblr-5117	372	7	amended	amend	VERB
cblr-5117	372	8	rule	rule	NOUN
cblr-5117	372	9	701	701	NUM
cblr-5117	372	10	,	,	PUNCT
cblr-5117	372	11	lifting	lift	VERB
cblr-5117	372	12	the	the	DET
cblr-5117	372	13	$	$	SYM
cblr-5117	372	14	5	5	NUM
cblr-5117	372	15	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	372	16	(	(	PUNCT
cblr-5117	372	17	do	do	AUX
cblr-5117	372	18	not	not	PART
cblr-5117	372	19	delte	delte	VERB
cblr-5117	372	20	)	)	PUNCT
cblr-5117	372	21	1/8/2020	1/8/2020	NUM
cblr-5117	372	22	4:44	4:44	NUM
cblr-5117	372	23	pm	pm	NOUN
cblr-5117	372	24	892	892	NUM
cblr-5117	372	25	columbia	columbia	PROPN
cblr-5117	372	26	business	business	NOUN
cblr-5117	372	27	law	law	PROPN
cblr-5117	372	28	review	review	NOUN
cblr-5117	373	1	[	[	X
cblr-5117	373	2	vol	vol	NOUN
cblr-5117	373	3	.	.	PUNCT
cblr-5117	373	4	2019	2019	NUM
cblr-5117	373	5	significant	significant	ADJ
cblr-5117	373	6	channel	channel	NOUN
cblr-5117	373	7	of	of	ADP
cblr-5117	373	8	securities	security	NOUN
cblr-5117	373	9	offerings	offering	NOUN
cblr-5117	373	10	to	to	ADP
cblr-5117	373	11	household	household	NOUN
cblr-5117	373	12	investors.99	investors.99	PROPN
cblr-5117	373	13	in	in	ADP
cblr-5117	373	14	their	their	PRON
cblr-5117	373	15	most	most	ADV
cblr-5117	373	16	recent	recent	ADJ
cblr-5117	373	17	deregulation	deregulation	NOUN
cblr-5117	373	18	initiative	initiative	NOUN
cblr-5117	373	19	,	,	PUNCT
cblr-5117	373	20	the	the	DET
cblr-5117	373	21	sec	sec	PROPN
cblr-5117	373	22	commissioners	commissioner	NOUN
cblr-5117	373	23	unanimously	unanimously	ADV
cblr-5117	373	24	voted	vote	VERB
cblr-5117	373	25	on	on	ADP
cblr-5117	373	26	july	july	PROPN
cblr-5117	373	27	18	18	NUM
cblr-5117	373	28	,	,	PUNCT
cblr-5117	373	29	2018	2018	NUM
cblr-5117	373	30	to	to	PART
cblr-5117	373	31	lift	lift	VERB
cblr-5117	373	32	the	the	DET
cblr-5117	373	33	threshold	threshold	NOUN
cblr-5117	373	34	at	at	ADP
cblr-5117	373	35	which	which	PRON
cblr-5117	373	36	companies	company	NOUN
cblr-5117	373	37	are	be	AUX
cblr-5117	373	38	required	require	VERB
cblr-5117	373	39	to	to	PART
cblr-5117	373	40	disclose	disclose	VERB
cblr-5117	373	41	financial	financial	ADJ
cblr-5117	373	42	information	information	NOUN
cblr-5117	373	43	to	to	PART
cblr-5117	373	44	rule	rule	VERB
cblr-5117	373	45	701	701	NUM
cblr-5117	373	46	offerees	offeree	NOUN
cblr-5117	373	47	from	from	ADP
cblr-5117	373	48	$	$	SYM
cblr-5117	373	49	5	5	NUM
cblr-5117	373	50	million	million	NUM
cblr-5117	373	51	to	to	PART
cblr-5117	373	52	$	$	SYM
cblr-5117	373	53	10	10	NUM
cblr-5117	373	54	million	million	NUM
cblr-5117	373	55	,	,	PUNCT
cblr-5117	373	56	with	with	ADP
cblr-5117	373	57	automatic	automatic	ADJ
cblr-5117	373	58	subsequent	subsequent	ADJ
cblr-5117	373	59	increases	increase	NOUN
cblr-5117	373	60	every	every	DET
cblr-5117	373	61	five	five	NUM
cblr-5117	373	62	years	year	NOUN
cblr-5117	373	63	to	to	PART
cblr-5117	373	64	account	account	VERB
cblr-5117	373	65	for	for	ADP
cblr-5117	373	66	inflation.100	inflation.100	NOUN
cblr-5117	373	67	the	the	DET
cblr-5117	373	68	amendment	amendment	NOUN
cblr-5117	373	69	was	be	AUX
cblr-5117	373	70	made	make	VERB
cblr-5117	373	71	following	follow	VERB
cblr-5117	373	72	the	the	DET
cblr-5117	373	73	economic	economic	ADJ
cblr-5117	373	74	growth	growth	NOUN
cblr-5117	373	75	,	,	PUNCT
cblr-5117	373	76	regulatory	regulatory	ADJ
cblr-5117	373	77	relief	relief	NOUN
cblr-5117	373	78	,	,	PUNCT
cblr-5117	373	79	and	and	CCONJ
cblr-5117	373	80	million	million	NUM
cblr-5117	373	81	volume	volume	NOUN
cblr-5117	373	82	ceiling	ceiling	NOUN
cblr-5117	373	83	and	and	CCONJ
cblr-5117	373	84	replacing	replace	VERB
cblr-5117	373	85	it	it	PRON
cblr-5117	373	86	with	with	ADP
cblr-5117	373	87	an	an	DET
cblr-5117	373	88	enhanced	enhanced	ADJ
cblr-5117	373	89	disclosure	disclosure	NOUN
cblr-5117	373	90	requirement	requirement	NOUN
cblr-5117	373	91	.	.	PUNCT
cblr-5117	374	1	see	see	VERB
cblr-5117	374	2	exempt	exempt	ADJ
cblr-5117	374	3	offerings	offering	NOUN
cblr-5117	374	4	pursuant	pursuant	ADJ
cblr-5117	374	5	to	to	ADP
cblr-5117	374	6	compensatory	compensatory	ADJ
cblr-5117	374	7	arrangements	arrangement	NOUN
cblr-5117	374	8	,	,	PUNCT
cblr-5117	374	9	securities	security	NOUN
cblr-5117	374	10	act	act	NOUN
cblr-5117	374	11	release	release	VERB
cblr-5117	374	12	no	no	PRON
cblr-5117	374	13	.	.	NOUN
cblr-5117	374	14	7645	7645	NUM
cblr-5117	374	15	,	,	PUNCT
cblr-5117	374	16	64	64	NUM
cblr-5117	374	17	fed	feed	VERB
cblr-5117	374	18	.	.	PUNCT
cblr-5117	375	1	reg	reg	PROPN
cblr-5117	375	2	.	.	PUNCT
cblr-5117	376	1	11,095	11,095	NUM
cblr-5117	376	2	(	(	PUNCT
cblr-5117	376	3	mar	mar	PROPN
cblr-5117	376	4	.	.	PROPN
cblr-5117	376	5	8	8	NUM
cblr-5117	376	6	,	,	PUNCT
cblr-5117	376	7	1999	1999	NUM
cblr-5117	376	8	)	)	PUNCT
cblr-5117	376	9	(	(	PUNCT
cblr-5117	376	10	to	to	PART
cblr-5117	376	11	be	be	AUX
cblr-5117	376	12	codified	codify	VERB
cblr-5117	376	13	at	at	ADP
cblr-5117	376	14	17	17	NUM
cblr-5117	376	15	c.f.r	c.f.r	NOUN
cblr-5117	376	16	.	.	PUNCT
cblr-5117	377	1	pt	pt	PROPN
cblr-5117	377	2	.	.	PROPN
cblr-5117	377	3	230	230	NUM
cblr-5117	377	4	)	)	PUNCT
cblr-5117	377	5	.	.	PUNCT
cblr-5117	378	1	furthermore	furthermore	ADV
cblr-5117	378	2	,	,	PUNCT
cblr-5117	378	3	the	the	DET
cblr-5117	378	4	jumpstart	jumpstart	VERB
cblr-5117	378	5	our	our	PRON
cblr-5117	378	6	business	business	NOUN
cblr-5117	378	7	startups	startup	NOUN
cblr-5117	378	8	(	(	PUNCT
cblr-5117	378	9	jobs	job	NOUN
cblr-5117	378	10	)	)	PUNCT
cblr-5117	378	11	act	act	NOUN
cblr-5117	378	12	of	of	ADP
cblr-5117	378	13	2012	2012	NUM
cblr-5117	378	14	raised	raise	VERB
cblr-5117	378	15	the	the	DET
cblr-5117	378	16	threshold	threshold	NOUN
cblr-5117	378	17	at	at	ADP
cblr-5117	378	18	which	which	PRON
cblr-5117	378	19	companies	company	NOUN
cblr-5117	378	20	become	become	VERB
cblr-5117	378	21	subject	subject	ADJ
cblr-5117	378	22	to	to	ADP
cblr-5117	378	23	public	public	ADJ
cblr-5117	378	24	company	company	NOUN
cblr-5117	378	25	reporting	report	VERB
cblr-5117	378	26	obligations	obligation	NOUN
cblr-5117	378	27	from	from	ADP
cblr-5117	378	28	500	500	NUM
cblr-5117	378	29	shareholders	shareholder	NOUN
cblr-5117	378	30	to	to	ADP
cblr-5117	378	31	either	either	CCONJ
cblr-5117	378	32	2,000	2,000	NUM
cblr-5117	378	33	shareholders	shareholder	NOUN
cblr-5117	378	34	or	or	CCONJ
cblr-5117	378	35	500	500	NUM
cblr-5117	378	36	shareholders	shareholder	NOUN
cblr-5117	378	37	who	who	PRON
cblr-5117	378	38	are	be	AUX
cblr-5117	378	39	not	not	PART
cblr-5117	378	40	accredited	accredited	ADJ
cblr-5117	378	41	investors	investor	NOUN
cblr-5117	378	42	.	.	PUNCT
cblr-5117	379	1	jumpstart	jumpstart	VERB
cblr-5117	379	2	our	our	PRON
cblr-5117	379	3	business	business	NOUN
cblr-5117	379	4	startups	startup	NOUN
cblr-5117	379	5	(	(	PUNCT
cblr-5117	379	6	jobs	job	NOUN
cblr-5117	379	7	)	)	PUNCT
cblr-5117	379	8	act	act	NOUN
cblr-5117	379	9	of	of	ADP
cblr-5117	379	10	2012	2012	NUM
cblr-5117	379	11	,	,	PUNCT
cblr-5117	379	12	pub	pub	NOUN
cblr-5117	379	13	.	.	PUNCT
cblr-5117	380	1	l.	l.	PROPN
cblr-5117	380	2	no	no	INTJ
cblr-5117	380	3	.	.	PROPN
cblr-5117	381	1	112	112	NUM
cblr-5117	381	2	-	-	SYM
cblr-5117	381	3	106	106	NUM
cblr-5117	381	4	,	,	PUNCT
cblr-5117	381	5	126	126	NUM
cblr-5117	381	6	stat	stat	NOUN
cblr-5117	381	7	.	.	PUNCT
cblr-5117	382	1	306	306	NUM
cblr-5117	382	2	(	(	PUNCT
cblr-5117	382	3	codified	codify	VERB
cblr-5117	382	4	as	as	SCONJ
cblr-5117	382	5	amended	amend	VERB
cblr-5117	382	6	in	in	ADP
cblr-5117	382	7	scattered	scatter	VERB
cblr-5117	382	8	sections	section	NOUN
cblr-5117	382	9	of	of	ADP
cblr-5117	382	10	15	15	NUM
cblr-5117	382	11	u.s.c	u.s.c	ADJ
cblr-5117	382	12	.	.	PUNCT
cblr-5117	383	1	(	(	PUNCT
cblr-5117	383	2	2012	2012	NUM
cblr-5117	383	3	)	)	PUNCT
cblr-5117	383	4	)	)	PUNCT
cblr-5117	384	1	in	in	ADP
cblr-5117	384	2	addition	addition	NOUN
cblr-5117	384	3	,	,	PUNCT
cblr-5117	384	4	and	and	CCONJ
cblr-5117	384	5	more	more	ADV
cblr-5117	384	6	importantly	importantly	ADV
cblr-5117	384	7	,	,	PUNCT
cblr-5117	384	8	the	the	DET
cblr-5117	384	9	jobs	job	NOUN
cblr-5117	384	10	act	act	NOUN
cblr-5117	384	11	of	of	ADP
cblr-5117	384	12	2012	2012	NUM
cblr-5117	384	13	further	far	ADV
cblr-5117	384	14	allowed	allow	VERB
cblr-5117	384	15	companies	company	NOUN
cblr-5117	384	16	to	to	PART
cblr-5117	384	17	exclude	exclude	VERB
cblr-5117	384	18	securities	security	NOUN
cblr-5117	384	19	held	hold	VERB
cblr-5117	384	20	by	by	ADP
cblr-5117	384	21	rule	rule	NOUN
cblr-5117	384	22	701	701	NUM
cblr-5117	384	23	offerees	offeree	NOUN
cblr-5117	384	24	when	when	SCONJ
cblr-5117	384	25	counting	count	VERB
cblr-5117	384	26	their	their	PRON
cblr-5117	384	27	shareholders	shareholder	NOUN
cblr-5117	384	28	.	.	PUNCT
cblr-5117	385	1	it	it	PRON
cblr-5117	385	2	thereby	thereby	ADV
cblr-5117	385	3	removed	remove	VERB
cblr-5117	385	4	the	the	DET
cblr-5117	385	5	limitation	limitation	NOUN
cblr-5117	385	6	of	of	ADP
cblr-5117	385	7	section	section	NOUN
cblr-5117	385	8	12(g	12(g	NUM
cblr-5117	385	9	)	)	PUNCT
cblr-5117	385	10	of	of	ADP
cblr-5117	385	11	the	the	DET
cblr-5117	385	12	securities	securities	PROPN
cblr-5117	385	13	exchange	exchange	PROPN
cblr-5117	385	14	act	act	VERB
cblr-5117	385	15	on	on	ADP
cblr-5117	385	16	the	the	DET
cblr-5117	385	17	number	number	NOUN
cblr-5117	385	18	of	of	ADP
cblr-5117	385	19	employees	employee	NOUN
cblr-5117	385	20	and	and	CCONJ
cblr-5117	385	21	service	service	NOUN
cblr-5117	385	22	providers	provider	NOUN
cblr-5117	385	23	that	that	PRON
cblr-5117	385	24	start	start	NOUN
cblr-5117	385	25	-	-	PUNCT
cblr-5117	385	26	ups	up	NOUN
cblr-5117	385	27	could	could	AUX
cblr-5117	385	28	compensate	compensate	VERB
cblr-5117	385	29	with	with	ADP
cblr-5117	385	30	equity	equity	NOUN
cblr-5117	385	31	while	while	SCONJ
cblr-5117	385	32	staying	stay	VERB
cblr-5117	385	33	private	private	ADJ
cblr-5117	385	34	.	.	PUNCT
cblr-5117	386	1	see	see	VERB
cblr-5117	386	2	aran	aran	NOUN
cblr-5117	386	3	,	,	PUNCT
cblr-5117	386	4	supra	supra	PROPN
cblr-5117	386	5	note	note	NOUN
cblr-5117	386	6	4	4	NUM
cblr-5117	386	7	,	,	PUNCT
cblr-5117	386	8	at	at	ADP
cblr-5117	386	9	1288	1288	NUM
cblr-5117	386	10	;	;	PUNCT
cblr-5117	386	11	see	see	VERB
cblr-5117	386	12	also	also	ADV
cblr-5117	386	13	cable	cable	NOUN
cblr-5117	386	14	,	,	PUNCT
cblr-5117	386	15	supra	supra	PROPN
cblr-5117	386	16	note	note	NOUN
cblr-5117	386	17	5	5	NUM
cblr-5117	386	18	,	,	PUNCT
cblr-5117	386	19	at	at	ADP
cblr-5117	386	20	626	626	NUM
cblr-5117	386	21	.	.	PUNCT
cblr-5117	387	1	99	99	NUM
cblr-5117	387	2	rule	rule	NOUN
cblr-5117	387	3	701	701	NUM
cblr-5117	387	4	offerings	offering	NOUN
cblr-5117	387	5	are	be	AUX
cblr-5117	387	6	not	not	PART
cblr-5117	387	7	registered	register	VERB
cblr-5117	387	8	,	,	PUNCT
cblr-5117	387	9	and	and	CCONJ
cblr-5117	387	10	therefore	therefore	ADV
cblr-5117	387	11	any	any	DET
cblr-5117	387	12	estimate	estimate	NOUN
cblr-5117	387	13	as	as	ADP
cblr-5117	387	14	to	to	ADP
cblr-5117	387	15	the	the	DET
cblr-5117	387	16	total	total	ADJ
cblr-5117	387	17	value	value	NOUN
cblr-5117	387	18	of	of	ADP
cblr-5117	387	19	securities	security	NOUN
cblr-5117	387	20	awarded	award	VERB
cblr-5117	387	21	to	to	ADP
cblr-5117	387	22	employees	employee	NOUN
cblr-5117	387	23	in	in	ADP
cblr-5117	387	24	rule	rule	NOUN
cblr-5117	387	25	701	701	NUM
cblr-5117	387	26	offerings	offering	NOUN
cblr-5117	387	27	is	be	AUX
cblr-5117	387	28	inaccurate	inaccurate	ADJ
cblr-5117	387	29	.	.	PUNCT
cblr-5117	388	1	the	the	DET
cblr-5117	388	2	standard	standard	ADJ
cblr-5117	388	3	employee	employee	NOUN
cblr-5117	388	4	option	option	NOUN
cblr-5117	388	5	pool	pool	NOUN
cblr-5117	388	6	in	in	ADP
cblr-5117	388	7	vc	vc	NOUN
cblr-5117	388	8	-	-	PUNCT
cblr-5117	388	9	backed	back	VERB
cblr-5117	388	10	companies	company	NOUN
cblr-5117	388	11	has	have	AUX
cblr-5117	388	12	changed	change	VERB
cblr-5117	388	13	throughout	throughout	ADP
cblr-5117	388	14	the	the	DET
cblr-5117	388	15	years	year	NOUN
cblr-5117	388	16	between	between	ADP
cblr-5117	388	17	10–15	10–15	NUM
cblr-5117	388	18	%	%	NOUN
cblr-5117	388	19	.	.	PUNCT
cblr-5117	389	1	see	see	VERB
cblr-5117	389	2	henry	henry	PROPN
cblr-5117	389	3	ward	ward	PROPN
cblr-5117	389	4	,	,	PUNCT
cblr-5117	389	5	investors	investor	NOUN
cblr-5117	389	6	vs.	vs.	ADP
cblr-5117	389	7	employees	employee	NOUN
cblr-5117	389	8	,	,	PUNCT
cblr-5117	389	9	carta	carta	PROPN
cblr-5117	389	10	(	(	PUNCT
cblr-5117	389	11	feb	feb	PROPN
cblr-5117	389	12	.	.	PROPN
cblr-5117	389	13	23	23	NUM
cblr-5117	389	14	,	,	PUNCT
cblr-5117	389	15	2017	2017	NUM
cblr-5117	389	16	)	)	PUNCT
cblr-5117	389	17	,	,	PUNCT
cblr-5117	389	18	https://carta.com/blog/investors-vs-employees-2/	https://carta.com/blog/investors-vs-employees-2/	VERB
cblr-5117	389	19	[	[	X
cblr-5117	389	20	https://perma.cc/ry6s5pmn	https://perma.cc/ry6s5pmn	X
cblr-5117	389	21	]	]	X
cblr-5117	389	22	;	;	PUNCT
cblr-5117	389	23	see	see	VERB
cblr-5117	389	24	also	also	ADV
cblr-5117	389	25	adley	adley	PROPN
cblr-5117	389	26	bowden	bowden	PROPN
cblr-5117	389	27	,	,	PUNCT
cblr-5117	389	28	how	how	SCONJ
cblr-5117	389	29	big	big	ADJ
cblr-5117	389	30	should	should	AUX
cblr-5117	389	31	an	an	DET
cblr-5117	389	32	employee	employee	NOUN
cblr-5117	389	33	option	option	NOUN
cblr-5117	389	34	pool	pool	NOUN
cblr-5117	389	35	be	be	VERB
cblr-5117	389	36	?	?	PUNCT
cblr-5117	389	37	,	,	PUNCT
cblr-5117	389	38	pitchbook	pitchbook	VERB
cblr-5117	389	39	(	(	PUNCT
cblr-5117	389	40	oct	oct	PROPN
cblr-5117	389	41	.	.	PROPN
cblr-5117	389	42	31	31	NUM
cblr-5117	389	43	,	,	PUNCT
cblr-5117	389	44	2016	2016	NUM
cblr-5117	389	45	)	)	PUNCT
cblr-5117	389	46	,	,	PUNCT
cblr-5117	389	47	https://pitchbook.com/news/articles/howbig-should-an-employee-option-pool-be	https://pitchbook.com/news/articles/howbig-should-an-employee-option-pool-be	PROPN
cblr-5117	390	1	[	[	X
cblr-5117	390	2	https://perma.cc/pfd3-arvr	https://perma.cc/pfd3-arvr	PROPN
cblr-5117	390	3	]	]	PUNCT
cblr-5117	390	4	.	.	PUNCT
cblr-5117	391	1	to	to	ADP
cblr-5117	391	2	the	the	DET
cblr-5117	391	3	best	good	ADJ
cblr-5117	391	4	of	of	ADP
cblr-5117	391	5	the	the	DET
cblr-5117	391	6	author	author	NOUN
cblr-5117	391	7	’s	’s	PART
cblr-5117	391	8	knowledge	knowledge	NOUN
cblr-5117	391	9	,	,	PUNCT
cblr-5117	391	10	there	there	PRON
cblr-5117	391	11	are	be	VERB
cblr-5117	391	12	no	no	DET
cblr-5117	391	13	available	available	ADJ
cblr-5117	391	14	data	datum	NOUN
cblr-5117	391	15	on	on	ADP
cblr-5117	391	16	the	the	DET
cblr-5117	391	17	aggregate	aggregate	ADJ
cblr-5117	391	18	market	market	NOUN
cblr-5117	391	19	cap	cap	NOUN
cblr-5117	391	20	of	of	ADP
cblr-5117	391	21	vc	vc	PROPN
cblr-5117	391	22	-	-	PUNCT
cblr-5117	391	23	backed	back	VERB
cblr-5117	391	24	private	private	ADJ
cblr-5117	391	25	companies	company	NOUN
cblr-5117	391	26	in	in	ADP
cblr-5117	391	27	the	the	DET
cblr-5117	391	28	u.s	u.s	PROPN
cblr-5117	391	29	.	.	PROPN
cblr-5117	391	30	the	the	DET
cblr-5117	391	31	estimate	estimate	NOUN
cblr-5117	391	32	as	as	ADP
cblr-5117	391	33	to	to	ADP
cblr-5117	391	34	the	the	DET
cblr-5117	391	35	aggregate	aggregate	ADJ
cblr-5117	391	36	valuation	valuation	NOUN
cblr-5117	391	37	of	of	ADP
cblr-5117	391	38	u.s	u.s	PROPN
cblr-5117	391	39	.	.	PROPN
cblr-5117	391	40	unicorn	unicorn	ADJ
cblr-5117	391	41	companies	company	NOUN
cblr-5117	391	42	(	(	PUNCT
cblr-5117	391	43	valued	value	VERB
cblr-5117	391	44	at	at	ADP
cblr-5117	391	45	$	$	SYM
cblr-5117	391	46	1	1	NUM
cblr-5117	391	47	billion	billion	NUM
cblr-5117	391	48	or	or	CCONJ
cblr-5117	391	49	more	more	ADJ
cblr-5117	391	50	)	)	PUNCT
cblr-5117	391	51	in	in	ADP
cblr-5117	391	52	2018	2018	NUM
cblr-5117	391	53	was	be	AUX
cblr-5117	391	54	$	$	SYM
cblr-5117	391	55	718	718	NUM
cblr-5117	391	56	billion	billion	NUM
cblr-5117	391	57	.	.	PUNCT
cblr-5117	392	1	see	see	VERB
cblr-5117	392	2	aggregate	aggregate	VERB
cblr-5117	392	3	us	we	PRON
cblr-5117	392	4	unicorn	unicorn	ADJ
cblr-5117	392	5	valuation	valuation	NOUN
cblr-5117	392	6	surpasses	surpass	VERB
cblr-5117	392	7	$	$	SYM
cblr-5117	392	8	700b	700b	NOUN
cblr-5117	392	9	,	,	PUNCT
cblr-5117	392	10	pitchbook	pitchbook	PROPN
cblr-5117	392	11	(	(	PUNCT
cblr-5117	392	12	mar	mar	PROPN
cblr-5117	392	13	.	.	PROPN
cblr-5117	392	14	8	8	NUM
cblr-5117	392	15	,	,	PUNCT
cblr-5117	392	16	2018	2018	NUM
cblr-5117	392	17	)	)	PUNCT
cblr-5117	392	18	,	,	PUNCT
cblr-5117	393	1	https://pitchbook.com/newsletter/aggregate-us-unicorn-valuationsurpasses-700b	https://pitchbook.com/newsletter/aggregate-us-unicorn-valuationsurpasses-700b	PROPN
cblr-5117	393	2	[	[	X
cblr-5117	393	3	https://perma.cc/s4ex-wu26	https://perma.cc/s4ex-wu26	X
cblr-5117	393	4	]	]	PUNCT
cblr-5117	393	5	.	.	PUNCT
cblr-5117	394	1	100	100	NUM
cblr-5117	394	2	see	see	VERB
cblr-5117	394	3	concept	concept	NOUN
cblr-5117	394	4	release	release	NOUN
cblr-5117	394	5	on	on	ADP
cblr-5117	394	6	compensatory	compensatory	ADJ
cblr-5117	394	7	securities	security	NOUN
cblr-5117	394	8	offerings	offering	NOUN
cblr-5117	394	9	and	and	CCONJ
cblr-5117	394	10	sales	sale	NOUN
cblr-5117	394	11	,	,	PUNCT
cblr-5117	394	12	securities	security	NOUN
cblr-5117	394	13	act	act	NOUN
cblr-5117	394	14	release	release	VERB
cblr-5117	394	15	no	no	PRON
cblr-5117	394	16	.	.	NOUN
cblr-5117	394	17	10521	10521	NUM
cblr-5117	394	18	,	,	PUNCT
cblr-5117	394	19	83	83	NUM
cblr-5117	394	20	fed	feed	VERB
cblr-5117	394	21	.	.	PUNCT
cblr-5117	395	1	reg	reg	PROPN
cblr-5117	395	2	.	.	PROPN
cblr-5117	395	3	34,940	34,940	NUM
cblr-5117	395	4	,	,	PUNCT
cblr-5117	395	5	39,941	39,941	NUM
cblr-5117	395	6	(	(	PUNCT
cblr-5117	395	7	july	july	PROPN
cblr-5117	395	8	24	24	NUM
cblr-5117	395	9	,	,	PUNCT
cblr-5117	395	10	2018	2018	NUM
cblr-5117	395	11	)	)	PUNCT
cblr-5117	396	1	(	(	PUNCT
cblr-5117	396	2	to	to	PART
cblr-5117	396	3	be	be	AUX
cblr-5117	396	4	codified	codify	VERB
cblr-5117	396	5	at	at	ADP
cblr-5117	396	6	17	17	NUM
cblr-5117	396	7	c.f.r	c.f.r	NOUN
cblr-5117	396	8	.	.	PUNCT
cblr-5117	397	1	pt	pt	PROPN
cblr-5117	397	2	.	.	PROPN
cblr-5117	397	3	230	230	NUM
cblr-5117	397	4	)	)	PUNCT
cblr-5117	397	5	.	.	PUNCT
cblr-5117	398	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	398	2	(	(	PUNCT
cblr-5117	398	3	do	do	AUX
cblr-5117	398	4	not	not	PART
cblr-5117	398	5	delete	delete	VERB
cblr-5117	398	6	)	)	PUNCT
cblr-5117	398	7	1/8/2020	1/8/2020	NUM
cblr-5117	398	8	4:44	4:44	NUM
cblr-5117	398	9	pm	pm	NOUN
cblr-5117	398	10	no	no	INTJ
cblr-5117	398	11	.	.	PUNCT
cblr-5117	399	1	3:867	3:867	NUM
cblr-5117	399	2	]	]	PUNCT
cblr-5117	399	3	making	make	VERB
cblr-5117	399	4	disclosure	disclosure	NOUN
cblr-5117	399	5	work	work	VERB
cblr-5117	399	6	893	893	NUM
cblr-5117	399	7	consumer	consumer	NOUN
cblr-5117	399	8	protection	protection	NOUN
cblr-5117	399	9	act	act	NOUN
cblr-5117	399	10	signed	sign	VERB
cblr-5117	399	11	by	by	ADP
cblr-5117	399	12	president	president	PROPN
cblr-5117	399	13	trump	trump	NOUN
cblr-5117	399	14	on	on	ADP
cblr-5117	399	15	may	may	PROPN
cblr-5117	399	16	24	24	NUM
cblr-5117	399	17	,	,	PUNCT
cblr-5117	399	18	2018	2018	NUM
cblr-5117	399	19	,	,	PUNCT
cblr-5117	399	20	and	and	CCONJ
cblr-5117	399	21	,	,	PUNCT
cblr-5117	399	22	inter	inter	PROPN
cblr-5117	399	23	alia	alia	PROPN
cblr-5117	399	24	,	,	PUNCT
cblr-5117	399	25	directs	direct	VERB
cblr-5117	399	26	the	the	DET
cblr-5117	399	27	sec	sec	PROPN
cblr-5117	399	28	to	to	PART
cblr-5117	399	29	adopt	adopt	VERB
cblr-5117	399	30	an	an	DET
cblr-5117	399	31	amendment	amendment	NOUN
cblr-5117	399	32	to	to	PART
cblr-5117	399	33	rule	rule	VERB
cblr-5117	399	34	701.101	701.101	PROPN
cblr-5117	399	35	under	under	ADP
cblr-5117	399	36	the	the	DET
cblr-5117	399	37	current	current	ADJ
cblr-5117	399	38	version	version	NOUN
cblr-5117	399	39	of	of	ADP
cblr-5117	399	40	rule	rule	NOUN
cblr-5117	399	41	701	701	NUM
cblr-5117	399	42	,	,	PUNCT
cblr-5117	399	43	the	the	DET
cblr-5117	399	44	issuer	issuer	NOUN
cblr-5117	399	45	must	must	AUX
cblr-5117	399	46	deliver	deliver	VERB
cblr-5117	399	47	a	a	DET
cblr-5117	399	48	copy	copy	NOUN
cblr-5117	399	49	of	of	ADP
cblr-5117	399	50	the	the	DET
cblr-5117	399	51	compensatory	compensatory	ADJ
cblr-5117	399	52	benefit	benefit	NOUN
cblr-5117	399	53	plan	plan	NOUN
cblr-5117	399	54	or	or	CCONJ
cblr-5117	399	55	contract	contract	NOUN
cblr-5117	399	56	to	to	ADP
cblr-5117	399	57	the	the	DET
cblr-5117	399	58	equity	equity	NOUN
cblr-5117	399	59	recipients.102	recipients.102	NOUN
cblr-5117	399	60	no	no	DET
cblr-5117	399	61	other	other	ADJ
cblr-5117	399	62	disclosures	disclosure	NOUN
cblr-5117	399	63	,	,	PUNCT
cblr-5117	399	64	however	however	ADV
cblr-5117	399	65	,	,	PUNCT
cblr-5117	399	66	are	be	AUX
cblr-5117	399	67	necessary	necessary	ADJ
cblr-5117	399	68	besides	besides	SCONJ
cblr-5117	399	69	what	what	PRON
cblr-5117	399	70	the	the	DET
cblr-5117	399	71	circumstances	circumstance	NOUN
cblr-5117	399	72	might	might	AUX
cblr-5117	399	73	require	require	VERB
cblr-5117	399	74	under	under	ADP
cblr-5117	399	75	the	the	DET
cblr-5117	399	76	general	general	PROPN
cblr-5117	399	77	antifraud	antifraud	PROPN
cblr-5117	399	78	provisions	provision	NOUN
cblr-5117	399	79	of	of	ADP
cblr-5117	399	80	the	the	DET
cblr-5117	399	81	federal	federal	ADJ
cblr-5117	399	82	securities	security	NOUN
cblr-5117	399	83	laws	law	NOUN
cblr-5117	399	84	,	,	PUNCT
cblr-5117	399	85	as	as	ADV
cblr-5117	399	86	long	long	ADV
cblr-5117	399	87	as	as	SCONJ
cblr-5117	399	88	the	the	DET
cblr-5117	399	89	volume	volume	NOUN
cblr-5117	399	90	of	of	ADP
cblr-5117	399	91	securities	security	NOUN
cblr-5117	399	92	offered	offer	VERB
cblr-5117	399	93	does	do	AUX
cblr-5117	399	94	not	not	PART
cblr-5117	399	95	exceed	exceed	VERB
cblr-5117	399	96	the	the	DET
cblr-5117	399	97	$	$	SYM
cblr-5117	399	98	10	10	NUM
cblr-5117	399	99	million	million	NUM
cblr-5117	399	100	threshold.103	threshold.103	NOUN
cblr-5117	399	101	in	in	ADP
cblr-5117	399	102	contrast	contrast	NOUN
cblr-5117	399	103	,	,	PUNCT
cblr-5117	399	104	if	if	SCONJ
cblr-5117	399	105	the	the	DET
cblr-5117	399	106	aggregate	aggregate	ADJ
cblr-5117	399	107	sale	sale	NOUN
cblr-5117	399	108	price	price	NOUN
cblr-5117	399	109	of	of	ADP
cblr-5117	399	110	securities	security	NOUN
cblr-5117	399	111	sold	sell	VERB
cblr-5117	399	112	during	during	ADP
cblr-5117	399	113	the	the	DET
cblr-5117	399	114	twelve	twelve	NUM
cblr-5117	399	115	month	month	NOUN
cblr-5117	399	116	period	period	NOUN
cblr-5117	399	117	exceeds	exceed	VERB
cblr-5117	399	118	the	the	DET
cblr-5117	399	119	$	$	SYM
cblr-5117	399	120	10	10	NUM
cblr-5117	399	121	million	million	NUM
cblr-5117	399	122	threshold	threshold	NOUN
cblr-5117	399	123	,	,	PUNCT
cblr-5117	399	124	the	the	DET
cblr-5117	399	125	issuer	issuer	NOUN
cblr-5117	399	126	must	must	AUX
cblr-5117	399	127	deliver	deliver	VERB
cblr-5117	399	128	to	to	ADP
cblr-5117	399	129	investors	investor	NOUN
cblr-5117	399	130	within	within	ADP
cblr-5117	399	131	a	a	DET
cblr-5117	399	132	reasonable	reasonable	ADJ
cblr-5117	399	133	period	period	NOUN
cblr-5117	399	134	before	before	ADP
cblr-5117	399	135	the	the	DET
cblr-5117	399	136	date	date	NOUN
cblr-5117	399	137	of	of	ADP
cblr-5117	399	138	sale	sale	NOUN
cblr-5117	399	139	the	the	DET
cblr-5117	399	140	following	following	NOUN
cblr-5117	399	141	:	:	PUNCT
cblr-5117	399	142	(	(	PUNCT
cblr-5117	399	143	1	1	X
cblr-5117	399	144	)	)	PUNCT
cblr-5117	399	145	a	a	DET
cblr-5117	399	146	copy	copy	NOUN
cblr-5117	399	147	of	of	ADP
cblr-5117	399	148	the	the	DET
cblr-5117	399	149	summary	summary	NOUN
cblr-5117	399	150	plan	plan	NOUN
cblr-5117	399	151	description	description	NOUN
cblr-5117	399	152	required	require	VERB
cblr-5117	399	153	by	by	ADP
cblr-5117	399	154	erisa	erisa	NOUN
cblr-5117	399	155	or	or	CCONJ
cblr-5117	399	156	a	a	DET
cblr-5117	399	157	summary	summary	NOUN
cblr-5117	399	158	of	of	ADP
cblr-5117	399	159	the	the	DET
cblr-5117	399	160	plan	plan	NOUN
cblr-5117	399	161	’s	’s	PART
cblr-5117	399	162	material	material	ADJ
cblr-5117	399	163	terms	term	NOUN
cblr-5117	399	164	if	if	SCONJ
cblr-5117	399	165	it	it	PRON
cblr-5117	399	166	is	be	AUX
cblr-5117	399	167	not	not	PART
cblr-5117	399	168	subject	subject	ADJ
cblr-5117	399	169	to	to	ADP
cblr-5117	399	170	erisa,104	erisa,104	PROPN
cblr-5117	399	171	(	(	PUNCT
cblr-5117	399	172	2	2	X
cblr-5117	399	173	)	)	PUNCT
cblr-5117	399	174	information	information	NOUN
cblr-5117	399	175	about	about	ADP
cblr-5117	399	176	the	the	DET
cblr-5117	399	177	risks	risk	NOUN
cblr-5117	399	178	associated	associate	VERB
cblr-5117	399	179	with	with	ADP
cblr-5117	399	180	an	an	DET
cblr-5117	399	181	investment	investment	NOUN
cblr-5117	399	182	in	in	ADP
cblr-5117	399	183	the	the	DET
cblr-5117	399	184	securities	security	NOUN
cblr-5117	399	185	sold	sell	VERB
cblr-5117	399	186	under	under	ADP
cblr-5117	399	187	the	the	DET
cblr-5117	399	188	plan	plan	NOUN
cblr-5117	399	189	or	or	CCONJ
cblr-5117	399	190	contract,105	contract,105	NOUN
cblr-5117	399	191	and	and	CCONJ
cblr-5117	399	192	(	(	PUNCT
cblr-5117	399	193	3	3	X
cblr-5117	399	194	)	)	PUNCT
cblr-5117	399	195	financial	financial	ADJ
cblr-5117	399	196	statements	statement	NOUN
cblr-5117	399	197	required	require	VERB
cblr-5117	399	198	to	to	PART
cblr-5117	399	199	be	be	AUX
cblr-5117	399	200	furnished	furnish	VERB
cblr-5117	399	201	by	by	ADP
cblr-5117	399	202	part	part	NOUN
cblr-5117	399	203	f	f	PROPN
cblr-5117	399	204	/	/	SYM
cblr-5117	399	205	s	s	PROPN
cblr-5117	399	206	of	of	ADP
cblr-5117	399	207	form	form	NOUN
cblr-5117	399	208	1	1	NUM
cblr-5117	399	209	-	-	SYM
cblr-5117	399	210	a	a	NOUN
cblr-5117	399	211	under	under	ADP
cblr-5117	399	212	regulation	regulation	NOUN
cblr-5117	399	213	a	a	DET
cblr-5117	399	214	(	(	PUNCT
cblr-5117	399	215	essentially	essentially	ADV
cblr-5117	399	216	a	a	DET
cblr-5117	399	217	simplified	simplified	ADJ
cblr-5117	399	218	registration	registration	NOUN
cblr-5117	399	219	form	form	NOUN
cblr-5117	399	220	,	,	PUNCT
cblr-5117	399	221	similar	similar	ADJ
cblr-5117	399	222	to	to	ADP
cblr-5117	399	223	a	a	DET
cblr-5117	399	224	prospectus	prospectus	NOUN
cblr-5117	399	225	,	,	PUNCT
cblr-5117	399	226	but	but	CCONJ
cblr-5117	399	227	less	less	ADV
cblr-5117	399	228	detailed	detailed	ADJ
cblr-5117	399	229	and	and	CCONJ
cblr-5117	399	230	allowing	allow	VERB
cblr-5117	399	231	for	for	ADP
cblr-5117	399	232	unaudited	unaudited	ADJ
cblr-5117	399	233	but	but	CCONJ
cblr-5117	399	234	gaap	gaap	NOUN
cblr-5117	399	235	-	-	PUNCT
cblr-5117	399	236	prepared	prepare	VERB
cblr-5117	399	237	financial	financial	ADJ
cblr-5117	399	238	statements).106	statements).106	PROPN
cblr-5117	399	239	these	these	DET
cblr-5117	399	240	financial	financial	ADJ
cblr-5117	399	241	statements	statement	NOUN
cblr-5117	399	242	must	must	AUX
cblr-5117	399	243	be	be	AUX
cblr-5117	399	244	as	as	ADP
cblr-5117	399	245	of	of	ADP
cblr-5117	399	246	a	a	DET
cblr-5117	399	247	date	date	NOUN
cblr-5117	399	248	no	no	DET
cblr-5117	399	249	more	more	ADJ
cblr-5117	399	250	than	than	ADP
cblr-5117	399	251	180	180	NUM
cblr-5117	399	252	days	day	NOUN
cblr-5117	399	253	before	before	ADP
cblr-5117	399	254	the	the	DET
cblr-5117	399	255	sale	sale	NOUN
cblr-5117	399	256	of	of	ADP
cblr-5117	399	257	securities	security	NOUN
cblr-5117	399	258	relying	rely	VERB
cblr-5117	399	259	on	on	ADP
cblr-5117	399	260	rule	rule	NOUN
cblr-5117	399	261	701.107	701.107	NUM
cblr-5117	399	262	thus	thus	ADV
cblr-5117	399	263	,	,	PUNCT
cblr-5117	399	264	rule	rule	VERB
cblr-5117	399	265	701	701	NUM
cblr-5117	399	266	differentiates	differentiate	NOUN
cblr-5117	399	267	between	between	ADP
cblr-5117	399	268	employees	employee	NOUN
cblr-5117	399	269	who	who	PRON
cblr-5117	399	270	are	be	AUX
cblr-5117	399	271	not	not	PART
cblr-5117	399	272	entitled	entitle	VERB
cblr-5117	399	273	to	to	PART
cblr-5117	399	274	receive	receive	VERB
cblr-5117	399	275	financial	financial	ADJ
cblr-5117	399	276	information	information	NOUN
cblr-5117	399	277	and	and	CCONJ
cblr-5117	399	278	employees	employee	NOUN
cblr-5117	399	279	who	who	PRON
cblr-5117	399	280	must	must	AUX
cblr-5117	399	281	receive	receive	VERB
cblr-5117	399	282	access	access	NOUN
cblr-5117	399	283	to	to	ADP
cblr-5117	399	284	the	the	DET
cblr-5117	399	285	company	company	NOUN
cblr-5117	399	286	’s	’s	PART
cblr-5117	399	287	financial	financial	ADJ
cblr-5117	399	288	statements	statement	NOUN
cblr-5117	399	289	,	,	PUNCT
cblr-5117	399	290	based	base	VERB
cblr-5117	399	291	on	on	ADP
cblr-5117	399	292	the	the	DET
cblr-5117	399	293	annual	annual	ADJ
cblr-5117	399	294	volume	volume	NOUN
cblr-5117	399	295	of	of	ADP
cblr-5117	399	296	the	the	DET
cblr-5117	399	297	company	company	NOUN
cblr-5117	399	298	’s	’s	PART
cblr-5117	399	299	rule	rule	VERB
cblr-5117	399	300	701	701	NUM
cblr-5117	399	301	offerings	offering	NOUN
cblr-5117	399	302	.	.	PUNCT
cblr-5117	400	1	101	101	NUM
cblr-5117	400	2	economic	economic	ADJ
cblr-5117	400	3	growth	growth	NOUN
cblr-5117	400	4	,	,	PUNCT
cblr-5117	400	5	regulatory	regulatory	ADJ
cblr-5117	400	6	relief	relief	NOUN
cblr-5117	400	7	,	,	PUNCT
cblr-5117	400	8	and	and	CCONJ
cblr-5117	400	9	consumer	consumer	NOUN
cblr-5117	400	10	protection	protection	PROPN
cblr-5117	400	11	act	act	PROPN
cblr-5117	400	12	,	,	PUNCT
cblr-5117	400	13	pub	pub	NOUN
cblr-5117	400	14	.	.	PUNCT
cblr-5117	401	1	l.	l.	PROPN
cblr-5117	401	2	no	no	INTJ
cblr-5117	401	3	.	.	PROPN
cblr-5117	402	1	115	115	NUM
cblr-5117	402	2	-	-	SYM
cblr-5117	402	3	174	174	NUM
cblr-5117	402	4	,	,	PUNCT
cblr-5117	402	5	132	132	NUM
cblr-5117	402	6	stat	stat	NOUN
cblr-5117	402	7	.	.	PUNCT
cblr-5117	403	1	1296	1296	NUM
cblr-5117	403	2	(	(	PUNCT
cblr-5117	403	3	2018	2018	NUM
cblr-5117	403	4	)	)	PUNCT
cblr-5117	403	5	.	.	PUNCT
cblr-5117	404	1	102	102	NUM
cblr-5117	404	2	17	17	NUM
cblr-5117	404	3	c.f.r	c.f.r	NOUN
cblr-5117	404	4	.	.	PUNCT
cblr-5117	405	1	§	§	PROPN
cblr-5117	405	2	230.701(e	230.701(e	NUM
cblr-5117	405	3	)	)	PUNCT
cblr-5117	405	4	.	.	PUNCT
cblr-5117	406	1	103	103	NUM
cblr-5117	406	2	17	17	NUM
cblr-5117	406	3	c.f.r	c.f.r	NOUN
cblr-5117	406	4	.	.	PUNCT
cblr-5117	407	1	§	§	PROPN
cblr-5117	407	2	230.701	230.701	NUM
cblr-5117	407	3	(	(	PUNCT
cblr-5117	407	4	“	"	PUNCT
cblr-5117	407	5	these	these	DET
cblr-5117	407	6	transactions	transaction	NOUN
cblr-5117	407	7	are	be	AUX
cblr-5117	407	8	not	not	PART
cblr-5117	407	9	exempt	exempt	ADJ
cblr-5117	407	10	from	from	ADP
cblr-5117	407	11	the	the	DET
cblr-5117	407	12	antifraud	antifraud	NOUN
cblr-5117	407	13	,	,	PUNCT
cblr-5117	407	14	civil	civil	ADJ
cblr-5117	407	15	liability	liability	NOUN
cblr-5117	407	16	,	,	PUNCT
cblr-5117	407	17	or	or	CCONJ
cblr-5117	407	18	other	other	ADJ
cblr-5117	407	19	provisions	provision	NOUN
cblr-5117	407	20	of	of	ADP
cblr-5117	407	21	the	the	DET
cblr-5117	407	22	federal	federal	ADJ
cblr-5117	407	23	securities	security	NOUN
cblr-5117	407	24	laws	law	NOUN
cblr-5117	407	25	.	.	PUNCT
cblr-5117	407	26	”	"	PUNCT
cblr-5117	408	1	(	(	PUNCT
cblr-5117	408	2	quoting	quote	VERB
cblr-5117	408	3	preliminary	preliminary	ADJ
cblr-5117	408	4	note	note	NOUN
cblr-5117	408	5	1	1	NUM
cblr-5117	408	6	)	)	PUNCT
cblr-5117	408	7	)	)	PUNCT
cblr-5117	408	8	.	.	PUNCT
cblr-5117	409	1	104	104	NUM
cblr-5117	409	2	see	see	VERB
cblr-5117	409	3	17	17	NUM
cblr-5117	409	4	c.f.r	c.f.r	NOUN
cblr-5117	409	5	.	.	PUNCT
cblr-5117	410	1	§	§	PROPN
cblr-5117	410	2	230.701(e)(1)–(2	230.701(e)(1)–(2	PROPN
cblr-5117	410	3	)	)	PUNCT
cblr-5117	410	4	.	.	PUNCT
cblr-5117	411	1	105	105	NUM
cblr-5117	411	2	see	see	VERB
cblr-5117	411	3	17	17	NUM
cblr-5117	411	4	c.f.r	c.f.r	NOUN
cblr-5117	411	5	.	.	PUNCT
cblr-5117	412	1	§	§	PROPN
cblr-5117	412	2	230.701(e)(3	230.701(e)(3	NUM
cblr-5117	412	3	)	)	PUNCT
cblr-5117	412	4	.	.	PUNCT
cblr-5117	413	1	106	106	NUM
cblr-5117	413	2	offering	offer	VERB
cblr-5117	413	3	statement	statement	NOUN
cblr-5117	413	4	,	,	PUNCT
cblr-5117	413	5	17	17	NUM
cblr-5117	413	6	c.f.r	c.f.r	NOUN
cblr-5117	413	7	.	.	PUNCT
cblr-5117	414	1	§	§	PROPN
cblr-5117	414	2	230.252(a	230.252(a	NUM
cblr-5117	414	3	)	)	PUNCT
cblr-5117	414	4	(	(	PUNCT
cblr-5117	414	5	2018	2018	NUM
cblr-5117	414	6	)	)	PUNCT
cblr-5117	414	7	.	.	PUNCT
cblr-5117	415	1	107	107	NUM
cblr-5117	415	2	see	see	VERB
cblr-5117	415	3	17	17	NUM
cblr-5117	415	4	c.f.r	c.f.r	NOUN
cblr-5117	415	5	.	.	PUNCT
cblr-5117	416	1	§	§	PROPN
cblr-5117	416	2	230.701(e)(4	230.701(e)(4	NUM
cblr-5117	416	3	)	)	PUNCT
cblr-5117	416	4	.	.	PUNCT
cblr-5117	417	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	417	2	(	(	PUNCT
cblr-5117	417	3	do	do	AUX
cblr-5117	417	4	not	not	PART
cblr-5117	417	5	delte	delte	VERB
cblr-5117	417	6	)	)	PUNCT
cblr-5117	417	7	1/8/2020	1/8/2020	NUM
cblr-5117	417	8	4:44	4:44	NUM
cblr-5117	417	9	pm	pm	NOUN
cblr-5117	417	10	894	894	NUM
cblr-5117	417	11	columbia	columbia	PROPN
cblr-5117	417	12	business	business	NOUN
cblr-5117	417	13	law	law	PROPN
cblr-5117	417	14	review	review	NOUN
cblr-5117	417	15	[	[	X
cblr-5117	417	16	vol	vol	NOUN
cblr-5117	417	17	.	.	NOUN
cblr-5117	417	18	2019	2019	NUM
cblr-5117	417	19	to	to	PART
cblr-5117	417	20	summarize	summarize	VERB
cblr-5117	417	21	this	this	DET
cblr-5117	417	22	part	part	NOUN
cblr-5117	417	23	of	of	ADP
cblr-5117	417	24	the	the	DET
cblr-5117	417	25	article	article	NOUN
cblr-5117	417	26	,	,	PUNCT
cblr-5117	417	27	as	as	SCONJ
cblr-5117	417	28	described	describe	VERB
cblr-5117	417	29	in	in	ADP
cblr-5117	417	30	figure	figure	NOUN
cblr-5117	417	31	1	1	NUM
cblr-5117	417	32	,	,	PUNCT
cblr-5117	417	33	the	the	DET
cblr-5117	417	34	level	level	NOUN
cblr-5117	417	35	of	of	ADP
cblr-5117	417	36	disclosure	disclosure	NOUN
cblr-5117	417	37	in	in	ADP
cblr-5117	417	38	an	an	DET
cblr-5117	417	39	offering	offering	NOUN
cblr-5117	417	40	to	to	ADP
cblr-5117	417	41	employees	employee	NOUN
cblr-5117	417	42	is	be	AUX
cblr-5117	417	43	determined	determine	VERB
cblr-5117	417	44	by	by	ADP
cblr-5117	417	45	three	three	NUM
cblr-5117	417	46	key	key	ADJ
cblr-5117	417	47	questions	question	NOUN
cblr-5117	417	48	:	:	PUNCT
cblr-5117	417	49	1	1	X
cblr-5117	417	50	.	.	X
cblr-5117	417	51	are	be	AUX
cblr-5117	417	52	the	the	DET
cblr-5117	417	53	securities	security	NOUN
cblr-5117	417	54	bargained	bargain	VERB
cblr-5117	417	55	-	-	PUNCT
cblr-5117	417	56	for	for	ADP
cblr-5117	417	57	by	by	ADP
cblr-5117	417	58	the	the	DET
cblr-5117	417	59	employee	employee	NOUN
cblr-5117	417	60	?	?	PUNCT
cblr-5117	418	1	(	(	PUNCT
cblr-5117	418	2	in	in	ADP
cblr-5117	418	3	other	other	ADJ
cblr-5117	418	4	words	word	NOUN
cblr-5117	418	5	,	,	PUNCT
cblr-5117	418	6	did	do	AUX
cblr-5117	418	7	the	the	DET
cblr-5117	418	8	employee	employee	NOUN
cblr-5117	418	9	transfer	transfer	NOUN
cblr-5117	418	10	value	value	NOUN
cblr-5117	418	11	to	to	ADP
cblr-5117	418	12	the	the	DET
cblr-5117	418	13	company	company	NOUN
cblr-5117	418	14	in	in	ADP
cblr-5117	418	15	exchange	exchange	NOUN
cblr-5117	418	16	for	for	ADP
cblr-5117	418	17	the	the	DET
cblr-5117	418	18	securities	security	NOUN
cblr-5117	418	19	?	?	PUNCT
cblr-5117	418	20	)	)	PUNCT
cblr-5117	418	21	if	if	SCONJ
cblr-5117	418	22	the	the	DET
cblr-5117	418	23	answer	answer	NOUN
cblr-5117	418	24	is	be	AUX
cblr-5117	418	25	negative	negative	ADJ
cblr-5117	418	26	,	,	PUNCT
cblr-5117	418	27	then	then	ADV
cblr-5117	418	28	according	accord	VERB
cblr-5117	418	29	to	to	ADP
cblr-5117	418	30	the	the	DET
cblr-5117	418	31	principles	principle	NOUN
cblr-5117	418	32	set	set	VERB
cblr-5117	418	33	forth	forth	ADP
cblr-5117	418	34	in	in	ADP
cblr-5117	418	35	daniel	daniel	PROPN
cblr-5117	418	36	and	and	CCONJ
cblr-5117	418	37	the	the	DET
cblr-5117	418	38	“	"	PUNCT
cblr-5117	418	39	nosale	nosale	NOUN
cblr-5117	418	40	”	"	PUNCT
cblr-5117	418	41	doctrine	doctrine	NOUN
cblr-5117	418	42	,	,	PUNCT
cblr-5117	418	43	the	the	DET
cblr-5117	418	44	securities	security	NOUN
cblr-5117	418	45	act	act	NOUN
cblr-5117	418	46	does	do	AUX
cblr-5117	418	47	not	not	PART
cblr-5117	418	48	cover	cover	VERB
cblr-5117	418	49	the	the	DET
cblr-5117	418	50	transaction	transaction	NOUN
cblr-5117	418	51	.	.	PUNCT
cblr-5117	419	1	conversely	conversely	ADV
cblr-5117	419	2	,	,	PUNCT
cblr-5117	419	3	if	if	SCONJ
cblr-5117	419	4	the	the	DET
cblr-5117	419	5	answer	answer	NOUN
cblr-5117	419	6	is	be	AUX
cblr-5117	419	7	positive	positive	ADJ
cblr-5117	419	8	,	,	PUNCT
cblr-5117	419	9	a	a	DET
cblr-5117	419	10	sale	sale	NOUN
cblr-5117	419	11	of	of	ADP
cblr-5117	419	12	securities	security	NOUN
cblr-5117	419	13	took	take	VERB
cblr-5117	419	14	place	place	NOUN
cblr-5117	419	15	and	and	CCONJ
cblr-5117	419	16	the	the	DET
cblr-5117	419	17	employee	employee	NOUN
cblr-5117	419	18	is	be	AUX
cblr-5117	419	19	presumed	presume	VERB
cblr-5117	419	20	to	to	PART
cblr-5117	419	21	need	need	VERB
cblr-5117	419	22	the	the	DET
cblr-5117	419	23	securities	security	NOUN
cblr-5117	419	24	act	act	PROPN
cblr-5117	419	25	’s	’s	PART
cblr-5117	419	26	protection	protection	NOUN
cblr-5117	419	27	.	.	PUNCT
cblr-5117	420	1	2	2	X
cblr-5117	420	2	.	.	X
cblr-5117	420	3	can	can	AUX
cblr-5117	420	4	the	the	DET
cblr-5117	420	5	employee	employee	NOUN
cblr-5117	420	6	fend	fend	VERB
cblr-5117	420	7	for	for	ADP
cblr-5117	420	8	himself	himself	PRON
cblr-5117	420	9	?	?	PUNCT
cblr-5117	421	1	if	if	SCONJ
cblr-5117	421	2	the	the	DET
cblr-5117	421	3	employee	employee	NOUN
cblr-5117	421	4	is	be	AUX
cblr-5117	421	5	accredited	accredit	VERB
cblr-5117	421	6	or	or	CCONJ
cblr-5117	421	7	an	an	DET
cblr-5117	421	8	otherwise	otherwise	ADV
cblr-5117	421	9	sophisticated	sophisticated	ADJ
cblr-5117	421	10	investor	investor	NOUN
cblr-5117	421	11	,	,	PUNCT
cblr-5117	421	12	then	then	ADV
cblr-5117	421	13	only	only	ADV
cblr-5117	421	14	the	the	DET
cblr-5117	421	15	anti	anti	ADJ
cblr-5117	421	16	-	-	ADJ
cblr-5117	421	17	fraud	fraud	ADJ
cblr-5117	421	18	provisions	provision	NOUN
cblr-5117	421	19	of	of	ADP
cblr-5117	421	20	the	the	DET
cblr-5117	421	21	securities	security	NOUN
cblr-5117	421	22	act	act	NOUN
cblr-5117	421	23	are	be	AUX
cblr-5117	421	24	applicable	applicable	ADJ
cblr-5117	421	25	.	.	PUNCT
cblr-5117	422	1	conversely	conversely	ADV
cblr-5117	422	2	,	,	PUNCT
cblr-5117	422	3	if	if	SCONJ
cblr-5117	422	4	the	the	DET
cblr-5117	422	5	employee	employee	NOUN
cblr-5117	422	6	is	be	AUX
cblr-5117	422	7	neither	neither	CCONJ
cblr-5117	422	8	an	an	DET
cblr-5117	422	9	accredited	accredited	ADJ
cblr-5117	422	10	investor	investor	NOUN
cblr-5117	422	11	nor	nor	CCONJ
cblr-5117	422	12	otherwise	otherwise	ADV
cblr-5117	422	13	sophisticated	sophisticated	ADJ
cblr-5117	422	14	,	,	PUNCT
cblr-5117	422	15	the	the	DET
cblr-5117	422	16	issuer	issuer	NOUN
cblr-5117	422	17	will	will	AUX
cblr-5117	422	18	need	need	VERB
cblr-5117	422	19	to	to	PART
cblr-5117	422	20	rely	rely	VERB
cblr-5117	422	21	on	on	ADP
cblr-5117	422	22	rule	rule	NOUN
cblr-5117	422	23	701	701	NUM
cblr-5117	422	24	to	to	PART
cblr-5117	422	25	exempt	exempt	VERB
cblr-5117	422	26	its	its	PRON
cblr-5117	422	27	issuance	issuance	NOUN
cblr-5117	422	28	of	of	ADP
cblr-5117	422	29	securities	security	NOUN
cblr-5117	422	30	from	from	ADP
cblr-5117	422	31	the	the	DET
cblr-5117	422	32	registration	registration	NOUN
cblr-5117	422	33	requirements	requirement	NOUN
cblr-5117	422	34	of	of	ADP
cblr-5117	422	35	the	the	DET
cblr-5117	422	36	securities	security	NOUN
cblr-5117	422	37	act	act	PROPN
cblr-5117	422	38	.	.	PUNCT
cblr-5117	423	1	3	3	X
cblr-5117	423	2	.	.	X
cblr-5117	423	3	does	do	AUX
cblr-5117	423	4	the	the	DET
cblr-5117	423	5	volume	volume	NOUN
cblr-5117	423	6	of	of	ADP
cblr-5117	423	7	the	the	DET
cblr-5117	423	8	sales	sale	NOUN
cblr-5117	423	9	in	in	ADP
cblr-5117	423	10	reliance	reliance	NOUN
cblr-5117	423	11	on	on	ADP
cblr-5117	423	12	the	the	DET
cblr-5117	423	13	rule	rule	NOUN
cblr-5117	423	14	701	701	NUM
cblr-5117	423	15	exemption	exemption	NOUN
cblr-5117	423	16	exceed	exceed	VERB
cblr-5117	423	17	$	$	SYM
cblr-5117	423	18	10	10	NUM
cblr-5117	423	19	million	million	NUM
cblr-5117	423	20	in	in	ADP
cblr-5117	423	21	a	a	DET
cblr-5117	423	22	relevant	relevant	ADJ
cblr-5117	423	23	12	12	NUM
cblr-5117	423	24	-	-	PUNCT
cblr-5117	423	25	month	month	NOUN
cblr-5117	423	26	period	period	NOUN
cblr-5117	423	27	?	?	PUNCT
cblr-5117	424	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	424	2	(	(	PUNCT
cblr-5117	424	3	do	do	AUX
cblr-5117	424	4	not	not	PART
cblr-5117	424	5	delete	delete	VERB
cblr-5117	424	6	)	)	PUNCT
cblr-5117	424	7	1/8/2020	1/8/2020	NUM
cblr-5117	424	8	4:44	4:44	NUM
cblr-5117	424	9	pm	pm	NOUN
cblr-5117	424	10	no	no	INTJ
cblr-5117	424	11	.	.	PUNCT
cblr-5117	425	1	3:867	3:867	NUM
cblr-5117	425	2	]	]	PUNCT
cblr-5117	425	3	making	make	VERB
cblr-5117	425	4	disclosure	disclosure	NOUN
cblr-5117	425	5	work	work	VERB
cblr-5117	425	6	895	895	NUM
cblr-5117	425	7	if	if	SCONJ
cblr-5117	425	8	not	not	PART
cblr-5117	425	9	,	,	PUNCT
cblr-5117	425	10	then	then	ADV
cblr-5117	425	11	according	accord	VERB
cblr-5117	425	12	to	to	ADP
cblr-5117	425	13	rule	rule	NOUN
cblr-5117	425	14	701(e	701(e	PROPN
cblr-5117	425	15	)	)	PUNCT
cblr-5117	425	16	,	,	PUNCT
cblr-5117	425	17	only	only	ADV
cblr-5117	425	18	a	a	DET
cblr-5117	425	19	copy	copy	NOUN
cblr-5117	425	20	of	of	ADP
cblr-5117	425	21	the	the	DET
cblr-5117	425	22	compensatory	compensatory	ADJ
cblr-5117	425	23	benefit	benefit	NOUN
cblr-5117	425	24	plan	plan	NOUN
cblr-5117	425	25	or	or	CCONJ
cblr-5117	425	26	contract	contract	NOUN
cblr-5117	425	27	must	must	AUX
cblr-5117	425	28	be	be	AUX
cblr-5117	425	29	delivered	deliver	VERB
cblr-5117	425	30	.	.	PUNCT
cblr-5117	426	1	however	however	ADV
cblr-5117	426	2	,	,	PUNCT
cblr-5117	426	3	if	if	SCONJ
cblr-5117	426	4	the	the	DET
cblr-5117	426	5	answer	answer	NOUN
cblr-5117	426	6	is	be	AUX
cblr-5117	426	7	positive	positive	ADJ
cblr-5117	426	8	,	,	PUNCT
cblr-5117	426	9	the	the	DET
cblr-5117	426	10	issuer	issuer	NOUN
cblr-5117	426	11	is	be	AUX
cblr-5117	426	12	required	require	VERB
cblr-5117	426	13	to	to	PART
cblr-5117	426	14	provide	provide	VERB
cblr-5117	426	15	enhanced	enhanced	ADJ
cblr-5117	426	16	disclosures	disclosure	NOUN
cblr-5117	426	17	to	to	PART
cblr-5117	426	18	rule	rule	VERB
cblr-5117	426	19	701	701	NUM
cblr-5117	426	20	investors	investor	NOUN
cblr-5117	426	21	,	,	PUNCT
cblr-5117	426	22	including	include	VERB
cblr-5117	426	23	a	a	DET
cblr-5117	426	24	summary	summary	NOUN
cblr-5117	426	25	of	of	ADP
cblr-5117	426	26	risk	risk	NOUN
cblr-5117	426	27	factors	factor	NOUN
cblr-5117	426	28	and	and	CCONJ
cblr-5117	426	29	its	its	PRON
cblr-5117	426	30	financial	financial	ADJ
cblr-5117	426	31	statements	statement	NOUN
cblr-5117	426	32	.	.	PUNCT
cblr-5117	427	1	iii	iii	X
cblr-5117	427	2	.	.	PUNCT
cblr-5117	427	3	policy	policy	NOUN
cblr-5117	427	4	rationales	rationale	NOUN
cblr-5117	427	5	and	and	CCONJ
cblr-5117	427	6	objectives	objective	NOUN
cblr-5117	427	7	for	for	ADP
cblr-5117	427	8	disclosure	disclosure	NOUN
cblr-5117	427	9	to	to	PART
cblr-5117	427	10	start	start	VERB
cblr-5117	427	11	-	-	PUNCT
cblr-5117	427	12	up	up	ADP
cblr-5117	427	13	employees	employee	NOUN
cblr-5117	427	14	part	part	NOUN
cblr-5117	427	15	ii	ii	PROPN
cblr-5117	427	16	establishes	establish	VERB
cblr-5117	427	17	that	that	SCONJ
cblr-5117	427	18	employees	employee	NOUN
cblr-5117	427	19	who	who	PRON
cblr-5117	427	20	negotiate	negotiate	VERB
cblr-5117	427	21	equity	equity	NOUN
cblr-5117	427	22	compensation	compensation	NOUN
cblr-5117	427	23	agreements	agreement	NOUN
cblr-5117	427	24	are	be	AUX
cblr-5117	427	25	making	make	VERB
cblr-5117	427	26	an	an	DET
cblr-5117	427	27	investment	investment	NOUN
cblr-5117	427	28	decision	decision	NOUN
cblr-5117	427	29	.	.	PUNCT
cblr-5117	428	1	it	it	PRON
cblr-5117	428	2	also	also	ADV
cblr-5117	428	3	establishes	establish	VERB
cblr-5117	428	4	that	that	SCONJ
cblr-5117	428	5	,	,	PUNCT
cblr-5117	428	6	in	in	ADP
cblr-5117	428	7	general	general	ADJ
cblr-5117	428	8	,	,	PUNCT
cblr-5117	428	9	rank	rank	NOUN
cblr-5117	428	10	-	-	PUNCT
cblr-5117	428	11	and	and	CCONJ
cblr-5117	428	12	-	-	PUNCT
cblr-5117	428	13	file	file	NOUN
cblr-5117	428	14	employees	employee	NOUN
cblr-5117	428	15	are	be	AUX
cblr-5117	428	16	presumed	presume	VERB
cblr-5117	428	17	to	to	PART
cblr-5117	428	18	be	be	AUX
cblr-5117	428	19	in	in	ADP
cblr-5117	428	20	need	need	NOUN
cblr-5117	428	21	of	of	ADP
cblr-5117	428	22	the	the	DET
cblr-5117	428	23	securities	security	NOUN
cblr-5117	428	24	act	act	PROPN
cblr-5117	428	25	protection	protection	NOUN
cblr-5117	428	26	.	.	PUNCT
cblr-5117	429	1	given	give	VERB
cblr-5117	429	2	that	that	PRON
cblr-5117	429	3	,	,	PUNCT
cblr-5117	429	4	what	what	PRON
cblr-5117	429	5	are	be	AUX
cblr-5117	429	6	the	the	DET
cblr-5117	429	7	explanations	explanation	NOUN
cblr-5117	429	8	for	for	ADP
cblr-5117	429	9	the	the	DET
cblr-5117	429	10	exemption	exemption	NOUN
cblr-5117	429	11	of	of	ADP
cblr-5117	429	12	compensatory	compensatory	ADJ
cblr-5117	429	13	issuances	issuance	NOUN
cblr-5117	429	14	from	from	ADP
cblr-5117	429	15	the	the	DET
cblr-5117	429	16	registration	registration	NOUN
cblr-5117	429	17	requirement	requirement	NOUN
cblr-5117	429	18	of	of	ADP
cblr-5117	429	19	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	429	20	(	(	PUNCT
cblr-5117	429	21	do	do	AUX
cblr-5117	429	22	not	not	PART
cblr-5117	429	23	delte	delte	VERB
cblr-5117	429	24	)	)	PUNCT
cblr-5117	429	25	1/8/2020	1/8/2020	NUM
cblr-5117	429	26	4:44	4:44	NUM
cblr-5117	429	27	pm	pm	NOUN
cblr-5117	429	28	896	896	NUM
cblr-5117	429	29	columbia	columbia	PROPN
cblr-5117	429	30	business	business	NOUN
cblr-5117	429	31	law	law	PROPN
cblr-5117	429	32	review	review	NOUN
cblr-5117	429	33	[	[	X
cblr-5117	429	34	vol	vol	NOUN
cblr-5117	429	35	.	.	NOUN
cblr-5117	429	36	2019	2019	NUM
cblr-5117	429	37	the	the	DET
cblr-5117	429	38	securities	security	NOUN
cblr-5117	429	39	act	act	PROPN
cblr-5117	429	40	?	?	PUNCT
cblr-5117	430	1	in	in	ADP
cblr-5117	430	2	other	other	ADJ
cblr-5117	430	3	words	word	NOUN
cblr-5117	430	4	,	,	PUNCT
cblr-5117	430	5	what	what	PRON
cblr-5117	430	6	were	be	AUX
cblr-5117	430	7	the	the	DET
cblr-5117	430	8	rationales	rationale	NOUN
cblr-5117	430	9	set	set	VERB
cblr-5117	430	10	forth	forth	ADP
cblr-5117	430	11	for	for	ADP
cblr-5117	430	12	the	the	DET
cblr-5117	430	13	sec	sec	PROPN
cblr-5117	430	14	’s	’s	PART
cblr-5117	430	15	policy	policy	NOUN
cblr-5117	430	16	regarding	regard	VERB
cblr-5117	430	17	equity	equity	NOUN
cblr-5117	430	18	compensation	compensation	NOUN
cblr-5117	430	19	?	?	PUNCT
cblr-5117	431	1	the	the	DET
cblr-5117	431	2	following	follow	VERB
cblr-5117	431	3	part	part	NOUN
cblr-5117	431	4	discusses	discuss	VERB
cblr-5117	431	5	the	the	DET
cblr-5117	431	6	rationales	rationale	NOUN
cblr-5117	431	7	offered	offer	VERB
cblr-5117	431	8	by	by	ADP
cblr-5117	431	9	the	the	DET
cblr-5117	431	10	sec	sec	PROPN
cblr-5117	431	11	for	for	ADP
cblr-5117	431	12	the	the	DET
cblr-5117	431	13	deregulation	deregulation	NOUN
cblr-5117	431	14	of	of	ADP
cblr-5117	431	15	equity	equity	NOUN
cblr-5117	431	16	-	-	PUNCT
cblr-5117	431	17	based	base	VERB
cblr-5117	431	18	compensation	compensation	NOUN
cblr-5117	431	19	,	,	PUNCT
cblr-5117	431	20	addresses	address	VERB
cblr-5117	431	21	the	the	DET
cblr-5117	431	22	weakness	weakness	NOUN
cblr-5117	431	23	in	in	ADP
cblr-5117	431	24	the	the	DET
cblr-5117	431	25	sec	sec	PROPN
cblr-5117	431	26	’s	’s	PART
cblr-5117	431	27	stand	stand	NOUN
cblr-5117	431	28	,	,	PUNCT
cblr-5117	431	29	and	and	CCONJ
cblr-5117	431	30	proposes	propose	VERB
cblr-5117	431	31	an	an	DET
cblr-5117	431	32	alternative	alternative	ADJ
cblr-5117	431	33	theoretical	theoretical	ADJ
cblr-5117	431	34	framework	framework	NOUN
cblr-5117	431	35	to	to	PART
cblr-5117	431	36	serve	serve	VERB
cblr-5117	431	37	as	as	ADP
cblr-5117	431	38	a	a	DET
cblr-5117	431	39	foundation	foundation	NOUN
cblr-5117	431	40	for	for	ADP
cblr-5117	431	41	the	the	DET
cblr-5117	431	42	regulation	regulation	NOUN
cblr-5117	431	43	of	of	ADP
cblr-5117	431	44	disclosures	disclosure	NOUN
cblr-5117	431	45	to	to	ADP
cblr-5117	431	46	equity	equity	NOUN
cblr-5117	431	47	-	-	PUNCT
cblr-5117	431	48	compensated	compensate	VERB
cblr-5117	431	49	startup	startup	NOUN
cblr-5117	431	50	employees	employee	NOUN
cblr-5117	431	51	.	.	PUNCT
cblr-5117	432	1	a.	a.	NOUN
cblr-5117	432	2	regulation	regulation	NOUN
cblr-5117	432	3	in	in	ADP
cblr-5117	432	4	search	search	NOUN
cblr-5117	432	5	of	of	ADP
cblr-5117	432	6	policy	policy	NOUN
cblr-5117	432	7	objectives	objective	NOUN
cblr-5117	432	8	it	it	PRON
cblr-5117	432	9	is	be	AUX
cblr-5117	432	10	difficult	difficult	ADJ
cblr-5117	432	11	to	to	PART
cblr-5117	432	12	identify	identify	VERB
cblr-5117	432	13	the	the	DET
cblr-5117	432	14	objectives	objective	NOUN
cblr-5117	432	15	and	and	CCONJ
cblr-5117	432	16	policy	policy	NOUN
cblr-5117	432	17	considerations	consideration	NOUN
cblr-5117	432	18	that	that	PRON
cblr-5117	432	19	guide	guide	VERB
cblr-5117	432	20	the	the	DET
cblr-5117	432	21	regulation	regulation	NOUN
cblr-5117	432	22	and	and	CCONJ
cblr-5117	432	23	deregulation	deregulation	NOUN
cblr-5117	432	24	of	of	ADP
cblr-5117	432	25	equity	equity	NOUN
cblr-5117	432	26	compensation	compensation	NOUN
cblr-5117	432	27	,	,	PUNCT
cblr-5117	432	28	as	as	SCONJ
cblr-5117	432	29	the	the	DET
cblr-5117	432	30	sec	sec	PROPN
cblr-5117	432	31	has	have	AUX
cblr-5117	432	32	written	write	VERB
cblr-5117	432	33	fairly	fairly	ADV
cblr-5117	432	34	little	little	ADJ
cblr-5117	432	35	on	on	ADP
cblr-5117	432	36	this	this	DET
cblr-5117	432	37	subject.108	subject.108	NOUN
cblr-5117	432	38	the	the	DET
cblr-5117	432	39	legislative	legislative	ADJ
cblr-5117	432	40	history	history	NOUN
cblr-5117	432	41	indicates	indicate	VERB
cblr-5117	432	42	that	that	SCONJ
cblr-5117	432	43	it	it	PRON
cblr-5117	432	44	was	be	AUX
cblr-5117	432	45	industry	industry	NOUN
cblr-5117	432	46	pressure	pressure	NOUN
cblr-5117	432	47	rather	rather	ADV
cblr-5117	432	48	than	than	ADP
cblr-5117	432	49	systematic	systematic	ADJ
cblr-5117	432	50	thinking	thinking	NOUN
cblr-5117	432	51	and	and	CCONJ
cblr-5117	432	52	clear	clear	ADJ
cblr-5117	432	53	policy	policy	NOUN
cblr-5117	432	54	goals	goal	NOUN
cblr-5117	432	55	that	that	PRON
cblr-5117	432	56	drove	drive	VERB
cblr-5117	432	57	reforms	reform	NOUN
cblr-5117	432	58	in	in	ADP
cblr-5117	432	59	this	this	PRON
cblr-5117	432	60	domain.109	domain.109	VERB
cblr-5117	432	61	still	still	ADV
cblr-5117	432	62	,	,	PUNCT
cblr-5117	432	63	the	the	DET
cblr-5117	432	64	principal	principal	ADJ
cblr-5117	432	65	rationales	rationale	VERB
cblr-5117	432	66	behind	behind	ADP
cblr-5117	432	67	the	the	DET
cblr-5117	432	68	sec	sec	PROPN
cblr-5117	432	69	’s	’s	PART
cblr-5117	432	70	actions	action	NOUN
cblr-5117	432	71	could	could	AUX
cblr-5117	432	72	be	be	AUX
cblr-5117	432	73	distilled	distil	VERB
cblr-5117	432	74	from	from	ADP
cblr-5117	432	75	the	the	DET
cblr-5117	432	76	commission	commission	NOUN
cblr-5117	432	77	’s	’s	PART
cblr-5117	432	78	releases	release	NOUN
cblr-5117	432	79	and	and	CCONJ
cblr-5117	432	80	from	from	ADP
cblr-5117	432	81	the	the	DET
cblr-5117	432	82	forum	forum	NOUN
cblr-5117	432	83	on	on	ADP
cblr-5117	432	84	small	small	ADJ
cblr-5117	432	85	business	business	NOUN
cblr-5117	432	86	’s	’s	PART
cblr-5117	432	87	annual	annual	ADJ
cblr-5117	432	88	reports.110	reports.110	NOUN
cblr-5117	432	89	in	in	ADP
cblr-5117	432	90	1999	1999	NUM
cblr-5117	432	91	,	,	PUNCT
cblr-5117	432	92	as	as	ADP
cblr-5117	432	93	part	part	NOUN
cblr-5117	432	94	of	of	ADP
cblr-5117	432	95	a	a	DET
cblr-5117	432	96	major	major	ADJ
cblr-5117	432	97	reform	reform	NOUN
cblr-5117	432	98	of	of	ADP
cblr-5117	432	99	rule	rule	NOUN
cblr-5117	432	100	701	701	NUM
cblr-5117	432	101	that	that	PRON
cblr-5117	432	102	replaced	replace	VERB
cblr-5117	432	103	the	the	DET
cblr-5117	432	104	rule	rule	NOUN
cblr-5117	432	105	’s	’s	PART
cblr-5117	432	106	original	original	ADJ
cblr-5117	432	107	volume	volume	NOUN
cblr-5117	432	108	limitations,111	limitations,111	PROPN
cblr-5117	433	1	the	the	DET
cblr-5117	433	2	sec	sec	PROPN
cblr-5117	433	3	explained	explain	VERB
cblr-5117	433	4	that	that	SCONJ
cblr-5117	433	5	this	this	DET
cblr-5117	433	6	domain	domain	NOUN
cblr-5117	433	7	should	should	AUX
cblr-5117	433	8	be	be	AUX
cblr-5117	433	9	deregulated	deregulate	VERB
cblr-5117	433	10	because	because	SCONJ
cblr-5117	433	11	“	"	PUNCT
cblr-5117	433	12	[	[	X
cblr-5117	433	13	t]he	t]he	ADV
cblr-5117	433	14	type	type	NOUN
cblr-5117	433	15	and	and	CCONJ
cblr-5117	433	16	amount	amount	NOUN
cblr-5117	433	17	of	of	ADP
cblr-5117	433	18	disclosure	disclosure	NOUN
cblr-5117	433	19	needed	need	VERB
cblr-5117	433	20	in	in	ADP
cblr-5117	433	21	a	a	DET
cblr-5117	433	22	compensatory	compensatory	ADJ
cblr-5117	433	23	securities	security	NOUN
cblr-5117	433	24	transaction	transaction	NOUN
cblr-5117	433	25	differ	differ	VERB
cblr-5117	433	26	from	from	ADP
cblr-5117	433	27	that	that	PRON
cblr-5117	433	28	needed	need	VERB
cblr-5117	433	29	in	in	ADP
cblr-5117	433	30	a	a	DET
cblr-5117	433	31	capital	capital	NOUN
cblr-5117	433	32	-	-	PUNCT
cblr-5117	433	33	raising	raise	VERB
cblr-5117	433	34	transaction	transaction	NOUN
cblr-5117	433	35	.	.	PUNCT
cblr-5117	434	1	”112	”112	PROPN
cblr-5117	434	2	108	108	NUM
cblr-5117	434	3	see	see	VERB
cblr-5117	434	4	cable	cable	NOUN
cblr-5117	434	5	,	,	PUNCT
cblr-5117	434	6	supra	supra	PROPN
cblr-5117	434	7	note	note	NOUN
cblr-5117	434	8	5	5	NUM
cblr-5117	434	9	,	,	PUNCT
cblr-5117	434	10	at	at	ADP
cblr-5117	434	11	627–28	627–28	PROPN
cblr-5117	434	12	(	(	PUNCT
cblr-5117	434	13	“	"	PUNCT
cblr-5117	434	14	what	what	DET
cblr-5117	434	15	policy	policy	NOUN
cblr-5117	434	16	rationale	rationale	NOUN
cblr-5117	434	17	underlies	underlie	VERB
cblr-5117	434	18	this	this	DET
cblr-5117	434	19	liberalization	liberalization	NOUN
cblr-5117	434	20	of	of	ADP
cblr-5117	434	21	equity	equity	NOUN
cblr-5117	434	22	compensation	compensation	NOUN
cblr-5117	434	23	regulation	regulation	NOUN
cblr-5117	434	24	.	.	PUNCT
cblr-5117	434	25	.	.	PUNCT
cblr-5117	434	26	.	.	PUNCT
cblr-5117	434	27	?	?	PUNCT
cblr-5117	435	1	the	the	DET
cblr-5117	435	2	regulatory	regulatory	ADJ
cblr-5117	435	3	and	and	CCONJ
cblr-5117	435	4	legislative	legislative	ADJ
cblr-5117	435	5	history	history	NOUN
cblr-5117	435	6	is	be	AUX
cblr-5117	435	7	surprisingly	surprisingly	ADV
cblr-5117	435	8	uninformative	uninformative	ADJ
cblr-5117	435	9	.	.	PUNCT
cblr-5117	435	10	”	"	PUNCT
cblr-5117	435	11	)	)	PUNCT
cblr-5117	435	12	.	.	PUNCT
cblr-5117	436	1	109	109	NUM
cblr-5117	436	2	i	i	PRON
cblr-5117	436	3	d.	d.	PROPN
cblr-5117	436	4	at	at	ADP
cblr-5117	436	5	628	628	NUM
cblr-5117	436	6	(	(	PUNCT
cblr-5117	436	7	“	"	PUNCT
cblr-5117	436	8	[	[	X
cblr-5117	436	9	i]t	i]t	X
cblr-5117	436	10	is	be	AUX
cblr-5117	436	11	reasonably	reasonably	ADV
cblr-5117	436	12	clear	clear	ADJ
cblr-5117	436	13	that	that	SCONJ
cblr-5117	436	14	rule	rule	VERB
cblr-5117	436	15	701	701	NUM
cblr-5117	436	16	,	,	PUNCT
cblr-5117	436	17	its	its	PRON
cblr-5117	436	18	continued	continue	VERB
cblr-5117	436	19	expansion	expansion	NOUN
cblr-5117	436	20	.	.	PUNCT
cblr-5117	436	21	.	.	PUNCT
cblr-5117	437	1	.	.	PUNCT
cblr-5117	438	1	were	be	AUX
cblr-5117	438	2	efforts	effort	NOUN
cblr-5117	438	3	to	to	PART
cblr-5117	438	4	accommodate	accommodate	VERB
cblr-5117	438	5	silicon	silicon	NOUN
cblr-5117	438	6	valley	valley	NOUN
cblr-5117	438	7	startups	startup	NOUN
cblr-5117	438	8	.	.	PUNCT
cblr-5117	439	1	but	but	CCONJ
cblr-5117	439	2	it	it	PRON
cblr-5117	439	3	is	be	AUX
cblr-5117	439	4	not	not	PART
cblr-5117	439	5	at	at	ADV
cblr-5117	439	6	all	all	ADV
cblr-5117	439	7	clear	clear	ADJ
cblr-5117	439	8	which	which	PRON
cblr-5117	439	9	attributes	attribute	VERB
cblr-5117	439	10	of	of	ADP
cblr-5117	439	11	this	this	DET
cblr-5117	439	12	particular	particular	ADJ
cblr-5117	439	13	workforce	workforce	NOUN
cblr-5117	439	14	,	,	PUNCT
cblr-5117	439	15	or	or	CCONJ
cblr-5117	439	16	this	this	DET
cblr-5117	439	17	particular	particular	ADJ
cblr-5117	439	18	investment	investment	NOUN
cblr-5117	439	19	context	context	NOUN
cblr-5117	439	20	,	,	PUNCT
cblr-5117	439	21	warranted	warrant	VERB
cblr-5117	439	22	the	the	DET
cblr-5117	439	23	break	break	NOUN
cblr-5117	439	24	with	with	ADP
cblr-5117	439	25	private	private	ADJ
cblr-5117	439	26	placement	placement	NOUN
cblr-5117	439	27	tradition	tradition	NOUN
cblr-5117	439	28	.	.	PUNCT
cblr-5117	439	29	”	"	PUNCT
cblr-5117	439	30	)	)	PUNCT
cblr-5117	439	31	.	.	PUNCT
cblr-5117	440	1	110	110	NUM
cblr-5117	440	2	see	see	VERB
cblr-5117	440	3	supra	supra	PROPN
cblr-5117	440	4	note	note	PROPN
cblr-5117	440	5	92	92	NUM
cblr-5117	440	6	and	and	CCONJ
cblr-5117	440	7	accompanying	accompany	VERB
cblr-5117	440	8	text	text	NOUN
cblr-5117	440	9	.	.	PUNCT
cblr-5117	441	1	111	111	NUM
cblr-5117	441	2	see	see	VERB
cblr-5117	441	3	exempt	exempt	ADJ
cblr-5117	441	4	offerings	offering	NOUN
cblr-5117	441	5	pursuant	pursuant	ADJ
cblr-5117	441	6	to	to	ADP
cblr-5117	441	7	compensatory	compensatory	ADJ
cblr-5117	441	8	arrangements	arrangement	NOUN
cblr-5117	441	9	,	,	PUNCT
cblr-5117	441	10	securities	security	NOUN
cblr-5117	441	11	act	act	NOUN
cblr-5117	441	12	release	release	VERB
cblr-5117	441	13	no	no	PRON
cblr-5117	441	14	.	.	NOUN
cblr-5117	441	15	7645	7645	NUM
cblr-5117	441	16	,	,	PUNCT
cblr-5117	441	17	64	64	NUM
cblr-5117	441	18	fed	feed	VERB
cblr-5117	441	19	.	.	PUNCT
cblr-5117	442	1	reg	reg	PROPN
cblr-5117	442	2	.	.	PROPN
cblr-5117	443	1	11,095	11,095	NUM
cblr-5117	443	2	,	,	PUNCT
cblr-5117	443	3	11,097	11,097	NUM
cblr-5117	443	4	(	(	PUNCT
cblr-5117	443	5	mar	mar	PROPN
cblr-5117	443	6	.	.	PROPN
cblr-5117	443	7	8	8	NUM
cblr-5117	443	8	,	,	PUNCT
cblr-5117	443	9	1999	1999	NUM
cblr-5117	443	10	)	)	PUNCT
cblr-5117	443	11	(	(	PUNCT
cblr-5117	443	12	to	to	PART
cblr-5117	443	13	be	be	AUX
cblr-5117	443	14	codified	codify	VERB
cblr-5117	443	15	at	at	ADP
cblr-5117	443	16	17	17	NUM
cblr-5117	443	17	c.f.r	c.f.r	NOUN
cblr-5117	443	18	.	.	PUNCT
cblr-5117	444	1	pt	pt	PROPN
cblr-5117	444	2	.	.	PROPN
cblr-5117	444	3	230	230	NUM
cblr-5117	444	4	)	)	PUNCT
cblr-5117	444	5	;	;	PUNCT
cblr-5117	444	6	see	see	VERB
cblr-5117	444	7	also	also	ADV
cblr-5117	444	8	supra	supra	PROPN
cblr-5117	444	9	note	note	PROPN
cblr-5117	444	10	100	100	NUM
cblr-5117	444	11	and	and	CCONJ
cblr-5117	444	12	accompanying	accompany	VERB
cblr-5117	444	13	text	text	NOUN
cblr-5117	444	14	.	.	PUNCT
cblr-5117	445	1	112	112	NUM
cblr-5117	445	2	exempt	exempt	ADJ
cblr-5117	445	3	offerings	offering	NOUN
cblr-5117	445	4	pursuant	pursuant	ADJ
cblr-5117	445	5	to	to	ADP
cblr-5117	445	6	compensatory	compensatory	ADJ
cblr-5117	445	7	arrangements	arrangement	NOUN
cblr-5117	445	8	,	,	PUNCT
cblr-5117	445	9	64	64	NUM
cblr-5117	445	10	fed	feed	VERB
cblr-5117	445	11	.	.	PUNCT
cblr-5117	446	1	reg	reg	PROPN
cblr-5117	446	2	.	.	PUNCT
cblr-5117	447	1	at	at	ADP
cblr-5117	447	2	11,097	11,097	NUM
cblr-5117	447	3	.	.	PUNCT
cblr-5117	448	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	448	2	(	(	PUNCT
cblr-5117	448	3	do	do	AUX
cblr-5117	448	4	not	not	PART
cblr-5117	448	5	delete	delete	VERB
cblr-5117	448	6	)	)	PUNCT
cblr-5117	448	7	1/8/2020	1/8/2020	NUM
cblr-5117	448	8	4:44	4:44	NUM
cblr-5117	448	9	pm	pm	NOUN
cblr-5117	448	10	no	no	INTJ
cblr-5117	448	11	.	.	PUNCT
cblr-5117	449	1	3:867	3:867	NUM
cblr-5117	449	2	]	]	PUNCT
cblr-5117	449	3	making	make	VERB
cblr-5117	449	4	disclosure	disclosure	NOUN
cblr-5117	449	5	work	work	NOUN
cblr-5117	449	6	897	897	NUM
cblr-5117	449	7	the	the	DET
cblr-5117	449	8	sec	sec	PROPN
cblr-5117	449	9	further	far	ADV
cblr-5117	449	10	explained	explain	VERB
cblr-5117	449	11	that	that	SCONJ
cblr-5117	449	12	“	"	PUNCT
cblr-5117	449	13	[	[	X
cblr-5117	449	14	i]n	i]n	VERB
cblr-5117	449	15	a	a	DET
cblr-5117	449	16	bona	bona	ADJ
cblr-5117	449	17	fide	fide	ADJ
cblr-5117	449	18	compensatory	compensatory	ADJ
cblr-5117	449	19	arrangement	arrangement	NOUN
cblr-5117	449	20	,	,	PUNCT
cblr-5117	449	21	the	the	DET
cblr-5117	449	22	issuer	issuer	NOUN
cblr-5117	449	23	is	be	AUX
cblr-5117	449	24	concerned	concern	VERB
cblr-5117	449	25	primarily	primarily	ADV
cblr-5117	449	26	with	with	ADP
cblr-5117	449	27	compensating	compensate	VERB
cblr-5117	449	28	the	the	DET
cblr-5117	449	29	employee	employee	NOUN
cblr-5117	449	30	-	-	PUNCT
cblr-5117	449	31	investor	investor	NOUN
cblr-5117	449	32	rather	rather	ADV
cblr-5117	449	33	than	than	ADP
cblr-5117	449	34	maximizing	maximize	VERB
cblr-5117	449	35	its	its	PRON
cblr-5117	449	36	proceeds	proceed	NOUN
cblr-5117	449	37	from	from	ADP
cblr-5117	449	38	the	the	DET
cblr-5117	449	39	sale	sale	NOUN
cblr-5117	449	40	.	.	PUNCT
cblr-5117	449	41	”113	”113	PUNCT
cblr-5117	450	1	although	although	SCONJ
cblr-5117	450	2	the	the	DET
cblr-5117	450	3	argument	argument	NOUN
cblr-5117	450	4	is	be	AUX
cblr-5117	450	5	presented	present	VERB
cblr-5117	450	6	as	as	ADP
cblr-5117	450	7	a	a	DET
cblr-5117	450	8	single	single	ADJ
cblr-5117	450	9	reasoning	reasoning	NOUN
cblr-5117	450	10	,	,	PUNCT
cblr-5117	450	11	it	it	PRON
cblr-5117	450	12	incorporates	incorporate	VERB
cblr-5117	450	13	two	two	NUM
cblr-5117	450	14	distinct	distinct	ADJ
cblr-5117	450	15	claims	claim	NOUN
cblr-5117	450	16	:	:	PUNCT
cblr-5117	450	17	one	one	NUM
cblr-5117	450	18	regarding	regard	VERB
cblr-5117	450	19	employees	employee	NOUN
cblr-5117	450	20	’	'	PUNCT
cblr-5117	450	21	need	need	VERB
cblr-5117	450	22	for	for	ADP
cblr-5117	450	23	information	information	NOUN
cblr-5117	450	24	and	and	CCONJ
cblr-5117	450	25	the	the	DET
cblr-5117	450	26	other	other	ADJ
cblr-5117	450	27	regarding	regard	VERB
cblr-5117	450	28	the	the	DET
cblr-5117	450	29	issuer	issuer	NOUN
cblr-5117	450	30	’s	’s	PART
cblr-5117	450	31	motives	motive	NOUN
cblr-5117	450	32	.	.	PUNCT
cblr-5117	451	1	the	the	DET
cblr-5117	451	2	first	first	ADJ
cblr-5117	451	3	argument	argument	NOUN
cblr-5117	451	4	is	be	AUX
cblr-5117	451	5	that	that	SCONJ
cblr-5117	451	6	in	in	ADP
cblr-5117	451	7	a	a	DET
cblr-5117	451	8	compensatory	compensatory	ADJ
cblr-5117	451	9	securities	security	NOUN
cblr-5117	451	10	transaction	transaction	NOUN
cblr-5117	451	11	,	,	PUNCT
cblr-5117	451	12	the	the	DET
cblr-5117	451	13	need	need	NOUN
cblr-5117	451	14	for	for	ADP
cblr-5117	451	15	information	information	NOUN
cblr-5117	451	16	is	be	AUX
cblr-5117	451	17	relaxed	relax	VERB
cblr-5117	451	18	compared	compare	VERB
cblr-5117	451	19	to	to	ADP
cblr-5117	451	20	a	a	DET
cblr-5117	451	21	capital	capital	NOUN
cblr-5117	451	22	-	-	PUNCT
cblr-5117	451	23	raising	raise	VERB
cblr-5117	451	24	transaction	transaction	NOUN
cblr-5117	451	25	.	.	PUNCT
cblr-5117	452	1	according	accord	VERB
cblr-5117	452	2	to	to	ADP
cblr-5117	452	3	the	the	DET
cblr-5117	452	4	sec	sec	PROPN
cblr-5117	452	5	,	,	PUNCT
cblr-5117	452	6	“	"	PUNCT
cblr-5117	452	7	[	[	X
cblr-5117	452	8	b]ecause	b]ecause	SCONJ
cblr-5117	452	9	the	the	DET
cblr-5117	452	10	compensated	compensated	ADJ
cblr-5117	452	11	individual	individual	NOUN
cblr-5117	452	12	has	have	VERB
cblr-5117	452	13	some	some	DET
cblr-5117	452	14	business	business	NOUN
cblr-5117	452	15	relationship	relationship	NOUN
cblr-5117	452	16	,	,	PUNCT
cblr-5117	452	17	perhaps	perhaps	ADV
cblr-5117	452	18	extending	extend	VERB
cblr-5117	452	19	over	over	ADP
cblr-5117	452	20	a	a	DET
cblr-5117	452	21	long	long	ADJ
cblr-5117	452	22	period	period	NOUN
cblr-5117	452	23	of	of	ADP
cblr-5117	452	24	time	time	NOUN
cblr-5117	452	25	,	,	PUNCT
cblr-5117	452	26	with	with	ADP
cblr-5117	452	27	the	the	DET
cblr-5117	452	28	securities	security	NOUN
cblr-5117	452	29	issuer	issuer	NOUN
cblr-5117	452	30	,	,	PUNCT
cblr-5117	452	31	that	that	DET
cblr-5117	452	32	person	person	NOUN
cblr-5117	452	33	will	will	AUX
cblr-5117	452	34	have	have	AUX
cblr-5117	452	35	acquired	acquire	VERB
cblr-5117	452	36	some	some	PRON
cblr-5117	452	37	,	,	PUNCT
cblr-5117	452	38	and	and	CCONJ
cblr-5117	452	39	in	in	ADP
cblr-5117	452	40	many	many	ADJ
cblr-5117	452	41	cases	case	NOUN
cblr-5117	452	42	,	,	PUNCT
cblr-5117	452	43	a	a	DET
cblr-5117	452	44	substantial	substantial	ADJ
cblr-5117	452	45	amount	amount	NOUN
cblr-5117	452	46	of	of	ADP
cblr-5117	452	47	knowledge	knowledge	NOUN
cblr-5117	452	48	about	about	ADP
cblr-5117	452	49	the	the	DET
cblr-5117	452	50	enterprise	enterprise	NOUN
cblr-5117	452	51	.	.	PUNCT
cblr-5117	453	1	”114	”114	PUNCT
cblr-5117	453	2	however	however	ADV
cblr-5117	453	3	,	,	PUNCT
cblr-5117	453	4	in	in	ADP
cblr-5117	453	5	the	the	DET
cblr-5117	453	6	same	same	ADJ
cblr-5117	453	7	release	release	NOUN
cblr-5117	453	8	,	,	PUNCT
cblr-5117	453	9	the	the	DET
cblr-5117	453	10	sec	sec	PROPN
cblr-5117	453	11	also	also	ADV
cblr-5117	453	12	explains	explain	VERB
cblr-5117	453	13	that	that	SCONJ
cblr-5117	453	14	under	under	ADP
cblr-5117	453	15	certain	certain	ADJ
cblr-5117	453	16	conditions	condition	NOUN
cblr-5117	453	17	(	(	PUNCT
cblr-5117	453	18	large	large	ADJ
cblr-5117	453	19	volume	volume	NOUN
cblr-5117	453	20	offerings	offering	NOUN
cblr-5117	453	21	)	)	PUNCT
cblr-5117	453	22	,	,	PUNCT
cblr-5117	453	23	employees	employee	NOUN
cblr-5117	453	24	do	do	AUX
cblr-5117	453	25	need	need	VERB
cblr-5117	453	26	some	some	DET
cblr-5117	453	27	information	information	NOUN
cblr-5117	453	28	to	to	PART
cblr-5117	453	29	make	make	VERB
cblr-5117	453	30	wellinformed	wellinforme	VERB
cblr-5117	453	31	investment	investment	NOUN
cblr-5117	453	32	decisions	decision	NOUN
cblr-5117	453	33	:	:	PUNCT
cblr-5117	453	34	“	"	PUNCT
cblr-5117	453	35	we	we	PRON
cblr-5117	453	36	believe	believe	VERB
cblr-5117	453	37	that	that	SCONJ
cblr-5117	453	38	a	a	DET
cblr-5117	453	39	minimal	minimal	ADJ
cblr-5117	453	40	level	level	NOUN
cblr-5117	453	41	of	of	ADP
cblr-5117	453	42	disclosure	disclosure	NOUN
cblr-5117	453	43	consisting	consist	VERB
cblr-5117	453	44	of	of	ADP
cblr-5117	453	45	risk	risk	NOUN
cblr-5117	453	46	factors	factor	NOUN
cblr-5117	453	47	and	and	CCONJ
cblr-5117	453	48	regulation	regulation	NOUN
cblr-5117	453	49	a	a	DET
cblr-5117	453	50	unaudited	unaudited	ADJ
cblr-5117	453	51	financial	financial	ADJ
cblr-5117	453	52	statements	statement	NOUN
cblr-5117	453	53	is	be	AUX
cblr-5117	453	54	essential	essential	ADJ
cblr-5117	453	55	to	to	PART
cblr-5117	453	56	meet	meet	VERB
cblr-5117	453	57	even	even	ADV
cblr-5117	453	58	the	the	DET
cblr-5117	453	59	lower	low	ADJ
cblr-5117	453	60	level	level	NOUN
cblr-5117	453	61	of	of	ADP
cblr-5117	453	62	information	information	NOUN
cblr-5117	453	63	needed	need	VERB
cblr-5117	453	64	to	to	PART
cblr-5117	453	65	inform	inform	VERB
cblr-5117	453	66	compensatorytype	compensatorytype	ADJ
cblr-5117	453	67	investors	investor	NOUN
cblr-5117	453	68	such	such	ADJ
cblr-5117	453	69	as	as	ADP
cblr-5117	453	70	employees	employee	NOUN
cblr-5117	453	71	and	and	CCONJ
cblr-5117	453	72	consultants	consultant	NOUN
cblr-5117	453	73	.	.	PUNCT
cblr-5117	453	74	”115	”115	PUNCT
cblr-5117	454	1	the	the	DET
cblr-5117	454	2	second	second	ADJ
cblr-5117	454	3	argument	argument	NOUN
cblr-5117	454	4	that	that	PRON
cblr-5117	454	5	seems	seem	VERB
cblr-5117	454	6	to	to	PART
cblr-5117	454	7	guide	guide	VERB
cblr-5117	454	8	the	the	DET
cblr-5117	454	9	deregulation	deregulation	NOUN
cblr-5117	454	10	initiatives	initiative	NOUN
cblr-5117	454	11	of	of	ADP
cblr-5117	454	12	equity	equity	NOUN
cblr-5117	454	13	compensation	compensation	NOUN
cblr-5117	454	14	is	be	AUX
cblr-5117	454	15	that	that	SCONJ
cblr-5117	454	16	granting	grant	VERB
cblr-5117	454	17	equity	equity	NOUN
cblr-5117	454	18	compensation	compensation	NOUN
cblr-5117	454	19	is	be	AUX
cblr-5117	454	20	considerably	considerably	ADV
cblr-5117	454	21	different	different	ADJ
cblr-5117	454	22	from	from	ADP
cblr-5117	454	23	a	a	DET
cblr-5117	454	24	capital	capital	NOUN
cblr-5117	454	25	-	-	PUNCT
cblr-5117	454	26	raising	raise	VERB
cblr-5117	454	27	transaction	transaction	NOUN
cblr-5117	454	28	because	because	SCONJ
cblr-5117	454	29	the	the	DET
cblr-5117	454	30	former	former	ADJ
cblr-5117	454	31	is	be	AUX
cblr-5117	454	32	intended	intend	VERB
cblr-5117	454	33	to	to	PART
cblr-5117	454	34	reward	reward	VERB
cblr-5117	454	35	employees	employee	NOUN
cblr-5117	454	36	rather	rather	ADV
cblr-5117	454	37	than	than	ADP
cblr-5117	454	38	to	to	PART
cblr-5117	454	39	maximize	maximize	VERB
cblr-5117	454	40	the	the	DET
cblr-5117	454	41	issuer	issuer	NOUN
cblr-5117	454	42	’s	’s	PART
cblr-5117	454	43	proceeds	proceed	NOUN
cblr-5117	454	44	.	.	PUNCT
cblr-5117	455	1	similarly	similarly	ADV
cblr-5117	455	2	,	,	PUNCT
cblr-5117	455	3	the	the	DET
cblr-5117	455	4	1985	1985	NUM
cblr-5117	455	5	forum	forum	NOUN
cblr-5117	455	6	on	on	ADP
cblr-5117	455	7	small	small	ADJ
cblr-5117	455	8	business	business	NOUN
cblr-5117	455	9	annual	annual	ADJ
cblr-5117	455	10	report	report	NOUN
cblr-5117	455	11	offered	offer	VERB
cblr-5117	455	12	the	the	DET
cblr-5117	455	13	following	follow	VERB
cblr-5117	455	14	distinction	distinction	NOUN
cblr-5117	455	15	:	:	PUNCT
cblr-5117	455	16	where	where	SCONJ
cblr-5117	455	17	the	the	DET
cblr-5117	455	18	arrangement	arrangement	NOUN
cblr-5117	455	19	is	be	AUX
cblr-5117	455	20	fundamentally	fundamentally	ADV
cblr-5117	455	21	an	an	DET
cblr-5117	455	22	investment	investment	NOUN
cblr-5117	455	23	transaction	transaction	NOUN
cblr-5117	455	24	(	(	PUNCT
cblr-5117	455	25	e.g.	e.g.	ADV
cblr-5117	455	26	,	,	PUNCT
cblr-5117	455	27	employee	employee	NOUN
cblr-5117	455	28	stock	stock	NOUN
cblr-5117	455	29	purchases	purchase	NOUN
cblr-5117	455	30	at	at	ADP
cblr-5117	455	31	fair	fair	ADJ
cblr-5117	455	32	market	market	NOUN
cblr-5117	455	33	value	value	NOUN
cblr-5117	455	34	,	,	PUNCT
cblr-5117	455	35	perhaps	perhaps	ADV
cblr-5117	455	36	as	as	ADP
cblr-5117	455	37	part	part	NOUN
cblr-5117	455	38	of	of	ADP
cblr-5117	455	39	an	an	DET
cblr-5117	455	40	offering	offering	NOUN
cblr-5117	455	41	to	to	ADP
cblr-5117	455	42	outside	outside	ADJ
cblr-5117	455	43	investors	investor	NOUN
cblr-5117	455	44	)	)	PUNCT
cblr-5117	455	45	,	,	PUNCT
cblr-5117	455	46	the	the	DET
cblr-5117	455	47	investor	investor	NOUN
cblr-5117	455	48	protection	protection	NOUN
cblr-5117	455	49	principles	principle	NOUN
cblr-5117	455	50	of	of	ADP
cblr-5117	455	51	securities	security	NOUN
cblr-5117	455	52	law	law	NOUN
cblr-5117	455	53	should	should	AUX
cblr-5117	455	54	continue	continue	VERB
cblr-5117	455	55	to	to	PART
cblr-5117	455	56	prevail	prevail	VERB
cblr-5117	455	57	.	.	PUNCT
cblr-5117	456	1	in	in	ADP
cblr-5117	456	2	many	many	ADJ
cblr-5117	456	3	cases	case	NOUN
cblr-5117	456	4	,	,	PUNCT
cblr-5117	456	5	however	however	ADV
cblr-5117	456	6	,	,	PUNCT
cblr-5117	456	7	the	the	DET
cblr-5117	456	8	nature	nature	NOUN
cblr-5117	456	9	of	of	ADP
cblr-5117	456	10	the	the	DET
cblr-5117	456	11	transaction	transaction	NOUN
cblr-5117	456	12	113	113	NUM
cblr-5117	456	13	i	i	PRON
cblr-5117	456	14	d.	d.	PROPN
cblr-5117	456	15	114	114	NUM
cblr-5117	457	1	i	i	PROPN
cblr-5117	457	2	d.	d.	PROPN
cblr-5117	457	3	115	115	PROPN
cblr-5117	458	1	i	i	PRON
cblr-5117	458	2	d.	d.	PROPN
cblr-5117	458	3	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	458	4	(	(	PUNCT
cblr-5117	458	5	do	do	AUX
cblr-5117	458	6	not	not	PART
cblr-5117	458	7	delte	delte	VERB
cblr-5117	458	8	)	)	PUNCT
cblr-5117	458	9	1/8/2020	1/8/2020	NUM
cblr-5117	458	10	4:44	4:44	NUM
cblr-5117	458	11	pm	pm	NOUN
cblr-5117	458	12	898	898	NUM
cblr-5117	458	13	columbia	columbia	PROPN
cblr-5117	458	14	business	business	NOUN
cblr-5117	458	15	law	law	PROPN
cblr-5117	458	16	review	review	NOUN
cblr-5117	459	1	[	[	X
cblr-5117	459	2	vol	vol	NOUN
cblr-5117	459	3	.	.	NOUN
cblr-5117	459	4	2019	2019	NUM
cblr-5117	459	5	is	be	AUX
cblr-5117	459	6	essentially	essentially	ADV
cblr-5117	459	7	compensatory	compensatory	ADJ
cblr-5117	459	8	,	,	PUNCT
cblr-5117	459	9	to	to	PART
cblr-5117	459	10	provide	provide	VERB
cblr-5117	459	11	benefits	benefit	NOUN
cblr-5117	459	12	to	to	ADP
cblr-5117	459	13	the	the	DET
cblr-5117	459	14	employee	employee	NOUN
cblr-5117	459	15	,	,	PUNCT
cblr-5117	459	16	rather	rather	ADV
cblr-5117	459	17	than	than	ADP
cblr-5117	459	18	investment	investment	NOUN
cblr-5117	459	19	-	-	PUNCT
cblr-5117	459	20	oriented	orient	VERB
cblr-5117	459	21	(	(	PUNCT
cblr-5117	459	22	e.g.	e.g.	ADJ
cblr-5117	459	23	,	,	PUNCT
cblr-5117	459	24	below	below	ADP
cblr-5117	459	25	-	-	PUNCT
cblr-5117	459	26	market	market	NOUN
cblr-5117	459	27	sales	sale	NOUN
cblr-5117	459	28	or	or	CCONJ
cblr-5117	459	29	favorable	favorable	ADJ
cblr-5117	459	30	stock	stock	NOUN
cblr-5117	459	31	options	option	NOUN
cblr-5117	459	32	)	)	PUNCT
cblr-5117	459	33	.	.	PUNCT
cblr-5117	460	1	in	in	ADP
cblr-5117	460	2	these	these	DET
cblr-5117	460	3	cases	case	NOUN
cblr-5117	460	4	,	,	PUNCT
cblr-5117	460	5	while	while	SCONJ
cblr-5117	460	6	an	an	DET
cblr-5117	460	7	investment	investment	NOUN
cblr-5117	460	8	element	element	NOUN
cblr-5117	460	9	may	may	AUX
cblr-5117	460	10	exist	exist	VERB
cblr-5117	460	11	,	,	PUNCT
cblr-5117	460	12	the	the	DET
cblr-5117	460	13	compensatory	compensatory	ADJ
cblr-5117	460	14	aspects	aspect	NOUN
cblr-5117	460	15	are	be	AUX
cblr-5117	460	16	predominant	predominant	ADJ
cblr-5117	460	17	and	and	CCONJ
cblr-5117	460	18	should	should	AUX
cblr-5117	460	19	not	not	PART
cblr-5117	460	20	be	be	AUX
cblr-5117	460	21	thwarted	thwart	VERB
cblr-5117	460	22	by	by	ADP
cblr-5117	460	23	securities	security	NOUN
cblr-5117	460	24	law	law	NOUN
cblr-5117	460	25	impediments	impediment	NOUN
cblr-5117	460	26	designed	design	VERB
cblr-5117	460	27	primarily	primarily	ADV
cblr-5117	460	28	to	to	PART
cblr-5117	460	29	protect	protect	VERB
cblr-5117	460	30	investors	investor	NOUN
cblr-5117	460	31	in	in	ADP
cblr-5117	460	32	fund	fund	NOUN
cblr-5117	460	33	-	-	PUNCT
cblr-5117	460	34	raising	raise	VERB
cblr-5117	460	35	transactions.116	transactions.116	NOUN
cblr-5117	460	36	the	the	DET
cblr-5117	460	37	regulatory	regulatory	ADJ
cblr-5117	460	38	policy	policy	NOUN
cblr-5117	460	39	towards	towards	ADP
cblr-5117	460	40	equity	equity	NOUN
cblr-5117	460	41	-	-	PUNCT
cblr-5117	460	42	based	base	VERB
cblr-5117	460	43	compensation	compensation	NOUN
cblr-5117	460	44	is	be	AUX
cblr-5117	460	45	thus	thus	ADV
cblr-5117	460	46	built	build	VERB
cblr-5117	460	47	on	on	ADP
cblr-5117	460	48	two	two	NUM
cblr-5117	460	49	arguments	argument	NOUN
cblr-5117	460	50	:	:	PUNCT
cblr-5117	460	51	employees	employee	NOUN
cblr-5117	460	52	have	have	AUX
cblr-5117	460	53	limited	limit	VERB
cblr-5117	460	54	need	need	NOUN
cblr-5117	460	55	for	for	ADP
cblr-5117	460	56	information	information	NOUN
cblr-5117	460	57	,	,	PUNCT
cblr-5117	460	58	and	and	CCONJ
cblr-5117	460	59	employers	employer	NOUN
cblr-5117	460	60	have	have	VERB
cblr-5117	460	61	(	(	PUNCT
cblr-5117	460	62	mostly	mostly	ADV
cblr-5117	460	63	)	)	PUNCT
cblr-5117	460	64	the	the	DET
cblr-5117	460	65	best	good	ADJ
cblr-5117	460	66	intentions	intention	NOUN
cblr-5117	460	67	at	at	ADP
cblr-5117	460	68	heart	heart	NOUN
cblr-5117	460	69	.	.	PUNCT
cblr-5117	461	1	these	these	DET
cblr-5117	461	2	arguments	argument	NOUN
cblr-5117	461	3	fall	fall	VERB
cblr-5117	461	4	short	short	ADV
cblr-5117	461	5	of	of	ADP
cblr-5117	461	6	establishing	establish	VERB
cblr-5117	461	7	an	an	DET
cblr-5117	461	8	adequate	adequate	ADJ
cblr-5117	461	9	justification	justification	NOUN
cblr-5117	461	10	for	for	ADP
cblr-5117	461	11	a	a	DET
cblr-5117	461	12	regulatory	regulatory	ADJ
cblr-5117	461	13	exemption	exemption	NOUN
cblr-5117	461	14	because	because	SCONJ
cblr-5117	461	15	they	they	PRON
cblr-5117	461	16	disregard	disregard	VERB
cblr-5117	461	17	the	the	DET
cblr-5117	461	18	economic	economic	ADJ
cblr-5117	461	19	realities	reality	NOUN
cblr-5117	461	20	of	of	ADP
cblr-5117	461	21	the	the	DET
cblr-5117	461	22	equity	equity	NOUN
cblr-5117	461	23	compensation	compensation	NOUN
cblr-5117	461	24	market	market	NOUN
cblr-5117	461	25	and	and	CCONJ
cblr-5117	461	26	the	the	DET
cblr-5117	461	27	basic	basic	ADJ
cblr-5117	461	28	principles	principle	NOUN
cblr-5117	461	29	of	of	ADP
cblr-5117	461	30	securities	security	NOUN
cblr-5117	461	31	law	law	NOUN
cblr-5117	461	32	,	,	PUNCT
cblr-5117	461	33	as	as	SCONJ
cblr-5117	461	34	discussed	discuss	VERB
cblr-5117	461	35	in	in	ADP
cblr-5117	461	36	the	the	DET
cblr-5117	461	37	following	follow	VERB
cblr-5117	461	38	section	section	NOUN
cblr-5117	461	39	.	.	PUNCT
cblr-5117	462	1	b.	b.	PROPN
cblr-5117	462	2	weakness	weakness	NOUN
cblr-5117	462	3	in	in	ADP
cblr-5117	462	4	the	the	DET
cblr-5117	462	5	sec	sec	PROPN
cblr-5117	462	6	’s	’s	PART
cblr-5117	462	7	reasoning	reasoning	NOUN
cblr-5117	462	8	overall	overall	ADV
cblr-5117	462	9	,	,	PUNCT
cblr-5117	462	10	the	the	DET
cblr-5117	462	11	sec	sec	PROPN
cblr-5117	462	12	’s	’s	PART
cblr-5117	462	13	reasoning	reasoning	NOUN
cblr-5117	462	14	regarding	regard	VERB
cblr-5117	462	15	employees	employee	NOUN
cblr-5117	462	16	’	'	PUNCT
cblr-5117	462	17	relaxed	relax	VERB
cblr-5117	462	18	need	need	NOUN
cblr-5117	462	19	for	for	SCONJ
cblr-5117	462	20	information	information	NOUN
cblr-5117	462	21	fails	fail	VERB
cblr-5117	462	22	to	to	PART
cblr-5117	462	23	take	take	VERB
cblr-5117	462	24	into	into	ADP
cblr-5117	462	25	account	account	NOUN
cblr-5117	462	26	that	that	SCONJ
cblr-5117	462	27	the	the	DET
cblr-5117	462	28	most	most	ADV
cblr-5117	462	29	important	important	ADJ
cblr-5117	462	30	investment	investment	NOUN
cblr-5117	462	31	decision	decision	NOUN
cblr-5117	462	32	—	—	PUNCT
cblr-5117	462	33	i.e.	i.e.	X
cblr-5117	462	34	,	,	PUNCT
cblr-5117	462	35	whether	whether	SCONJ
cblr-5117	462	36	or	or	CCONJ
cblr-5117	462	37	not	not	PART
cblr-5117	462	38	to	to	PART
cblr-5117	462	39	accept	accept	VERB
cblr-5117	462	40	a	a	DET
cblr-5117	462	41	job	job	NOUN
cblr-5117	462	42	offer	offer	NOUN
cblr-5117	462	43	—	—	PUNCT
cblr-5117	462	44	is	be	AUX
cblr-5117	462	45	made	make	VERB
cblr-5117	462	46	prior	prior	ADV
cblr-5117	462	47	to	to	ADP
cblr-5117	462	48	the	the	DET
cblr-5117	462	49	start	start	NOUN
cblr-5117	462	50	of	of	ADP
cblr-5117	462	51	employment	employment	NOUN
cblr-5117	462	52	,	,	PUNCT
cblr-5117	462	53	before	before	SCONJ
cblr-5117	462	54	the	the	DET
cblr-5117	462	55	employee	employee	NOUN
cblr-5117	462	56	develops	develop	VERB
cblr-5117	462	57	an	an	DET
cblr-5117	462	58	extended	extended	ADJ
cblr-5117	462	59	relationship	relationship	NOUN
cblr-5117	462	60	with	with	ADP
cblr-5117	462	61	the	the	DET
cblr-5117	462	62	issuer	issuer	NOUN
cblr-5117	462	63	and	and	CCONJ
cblr-5117	462	64	obtains	obtain	VERB
cblr-5117	462	65	inside	inside	ADP
cblr-5117	462	66	knowledge	knowledge	NOUN
cblr-5117	462	67	about	about	ADP
cblr-5117	462	68	the	the	DET
cblr-5117	462	69	company.117	company.117	NOUN
cblr-5117	462	70	moreover	moreover	ADV
cblr-5117	462	71	,	,	PUNCT
cblr-5117	462	72	as	as	SCONJ
cblr-5117	462	73	discussed	discuss	VERB
cblr-5117	462	74	in	in	ADP
cblr-5117	462	75	section	section	NOUN
cblr-5117	462	76	ii.b	ii.b	NOUN
cblr-5117	462	77	above	above	ADV
cblr-5117	462	78	,	,	PUNCT
cblr-5117	462	79	an	an	DET
cblr-5117	462	80	employee	employee	NOUN
cblr-5117	462	81	who	who	PRON
cblr-5117	462	82	holds	hold	VERB
cblr-5117	462	83	a	a	DET
cblr-5117	462	84	position	position	NOUN
cblr-5117	462	85	that	that	PRON
cblr-5117	462	86	allows	allow	VERB
cblr-5117	462	87	him	he	PRON
cblr-5117	462	88	or	or	CCONJ
cblr-5117	462	89	her	she	PRON
cblr-5117	462	90	to	to	PART
cblr-5117	462	91	access	access	VERB
cblr-5117	462	92	relevant	relevant	ADJ
cblr-5117	462	93	financial	financial	ADJ
cblr-5117	462	94	information	information	NOUN
cblr-5117	462	95	does	do	AUX
cblr-5117	462	96	not	not	PART
cblr-5117	462	97	depend	depend	VERB
cblr-5117	462	98	on	on	ADP
cblr-5117	462	99	a	a	DET
cblr-5117	462	100	rule	rule	NOUN
cblr-5117	462	101	701	701	NUM
cblr-5117	462	102	exemption	exemption	NOUN
cblr-5117	462	103	(	(	PUNCT
cblr-5117	462	104	as	as	ADP
cblr-5117	462	105	,	,	PUNCT
cblr-5117	462	106	according	accord	VERB
cblr-5117	462	107	to	to	ADP
cblr-5117	462	108	ralston	ralston	PROPN
cblr-5117	462	109	purina	purina	PROPN
cblr-5117	462	110	,	,	PUNCT
cblr-5117	462	111	well	well	ADV
cblr-5117	462	112	-	-	PUNCT
cblr-5117	462	113	informed	inform	VERB
cblr-5117	462	114	,	,	PUNCT
cblr-5117	462	115	highly	highly	ADV
cblr-5117	462	116	ranked	rank	VERB
cblr-5117	462	117	employees	employee	NOUN
cblr-5117	462	118	can	can	AUX
cblr-5117	462	119	be	be	AUX
cblr-5117	462	120	included	include	VERB
cblr-5117	462	121	in	in	ADP
cblr-5117	462	122	a	a	DET
cblr-5117	462	123	private	private	ADJ
cblr-5117	462	124	offering).118	offering).118	NOUN
cblr-5117	462	125	furthermore	furthermore	ADV
cblr-5117	462	126	,	,	PUNCT
cblr-5117	462	127	if	if	SCONJ
cblr-5117	462	128	employees	employee	NOUN
cblr-5117	462	129	indeed	indeed	ADV
cblr-5117	462	130	enjoy	enjoy	VERB
cblr-5117	462	131	access	access	NOUN
cblr-5117	462	132	to	to	ADP
cblr-5117	462	133	sufficient	sufficient	ADJ
cblr-5117	462	134	information	information	NOUN
cblr-5117	462	135	,	,	PUNCT
cblr-5117	462	136	why	why	SCONJ
cblr-5117	462	137	should	should	AUX
cblr-5117	462	138	they	they	PRON
cblr-5117	462	139	receive	receive	VERB
cblr-5117	462	140	enhanced	enhanced	ADJ
cblr-5117	462	141	disclosures	disclosure	NOUN
cblr-5117	462	142	116	116	NUM
cblr-5117	462	143	see	see	VERB
cblr-5117	462	144	1985	1985	NUM
cblr-5117	462	145	report	report	NOUN
cblr-5117	462	146	,	,	PUNCT
cblr-5117	462	147	supra	supra	PROPN
cblr-5117	462	148	note	note	VERB
cblr-5117	462	149	92	92	NUM
cblr-5117	462	150	,	,	PUNCT
cblr-5117	462	151	at	at	ADP
cblr-5117	462	152	27	27	NUM
cblr-5117	462	153	.	.	PUNCT
cblr-5117	463	1	117	117	NUM
cblr-5117	463	2	see	see	VERB
cblr-5117	463	3	nat’l	nat’l	PROPN
cblr-5117	463	4	ctr	ctr	PROPN
cblr-5117	463	5	.	.	PUNCT
cblr-5117	464	1	for	for	ADP
cblr-5117	464	2	emp	emp	PROPN
cblr-5117	464	3	.	.	PUNCT
cblr-5117	465	1	ownership	ownership	NOUN
cblr-5117	465	2	,	,	PUNCT
cblr-5117	465	3	supra	supra	PROPN
cblr-5117	465	4	note	note	PROPN
cblr-5117	465	5	63	63	NUM
cblr-5117	465	6	,	,	PUNCT
cblr-5117	465	7	at	at	ADP
cblr-5117	465	8	4	4	NUM
cblr-5117	465	9	;	;	PUNCT
cblr-5117	465	10	see	see	VERB
cblr-5117	465	11	also	also	ADV
cblr-5117	465	12	interviews	interview	NOUN
cblr-5117	465	13	,	,	PUNCT
cblr-5117	465	14	supra	supra	PROPN
cblr-5117	465	15	note	note	PROPN
cblr-5117	465	16	29	29	NUM
cblr-5117	465	17	(	(	PUNCT
cblr-5117	465	18	quoting	quote	VERB
cblr-5117	465	19	l04	l04	NOUN
cblr-5117	465	20	:	:	PUNCT
cblr-5117	465	21	“	"	PUNCT
cblr-5117	465	22	i	i	PRON
cblr-5117	465	23	would	would	AUX
cblr-5117	465	24	argue	argue	VERB
cblr-5117	465	25	the	the	DET
cblr-5117	465	26	big	big	ADJ
cblr-5117	465	27	investment	investment	NOUN
cblr-5117	465	28	decision	decision	NOUN
cblr-5117	465	29	was	be	AUX
cblr-5117	465	30	the	the	DET
cblr-5117	465	31	day	day	NOUN
cblr-5117	465	32	you	you	PRON
cblr-5117	465	33	decided	decide	VERB
cblr-5117	465	34	to	to	PART
cblr-5117	465	35	take	take	VERB
cblr-5117	465	36	the	the	DET
cblr-5117	465	37	offer	offer	NOUN
cblr-5117	465	38	.	.	PUNCT
cblr-5117	465	39	”	"	PUNCT
cblr-5117	465	40	)	)	PUNCT
cblr-5117	465	41	;	;	PUNCT
cblr-5117	465	42	see	see	VERB
cblr-5117	465	43	also	also	ADV
cblr-5117	465	44	infra	infra	NOUN
cblr-5117	465	45	section	section	NOUN
cblr-5117	465	46	v.c	v.c	PROPN
cblr-5117	465	47	.	.	PROPN
cblr-5117	465	48	118	118	NUM
cblr-5117	465	49	see	see	VERB
cblr-5117	465	50	supra	supra	PROPN
cblr-5117	465	51	section	section	PROPN
cblr-5117	465	52	ii.b	ii.b	PROPN
cblr-5117	465	53	.	.	PUNCT
cblr-5117	466	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	466	2	(	(	PUNCT
cblr-5117	466	3	do	do	AUX
cblr-5117	466	4	not	not	PART
cblr-5117	466	5	delete	delete	VERB
cblr-5117	466	6	)	)	PUNCT
cblr-5117	466	7	1/8/2020	1/8/2020	NUM
cblr-5117	466	8	4:44	4:44	NUM
cblr-5117	466	9	pm	pm	NOUN
cblr-5117	466	10	no	no	INTJ
cblr-5117	466	11	.	.	PUNCT
cblr-5117	467	1	3:867	3:867	NUM
cblr-5117	467	2	]	]	PUNCT
cblr-5117	467	3	making	make	VERB
cblr-5117	467	4	disclosure	disclosure	NOUN
cblr-5117	467	5	work	work	NOUN
cblr-5117	467	6	899	899	NUM
cblr-5117	467	7	once	once	SCONJ
cblr-5117	467	8	the	the	DET
cblr-5117	467	9	$	$	SYM
cblr-5117	467	10	10	10	NUM
cblr-5117	467	11	million	million	NUM
cblr-5117	467	12	threshold	threshold	NOUN
cblr-5117	467	13	has	have	AUX
cblr-5117	467	14	been	be	AUX
cblr-5117	467	15	triggered	trigger	VERB
cblr-5117	467	16	?	?	PUNCT
cblr-5117	468	1	similarly	similarly	ADV
cblr-5117	468	2	,	,	PUNCT
cblr-5117	468	3	if	if	SCONJ
cblr-5117	468	4	employees	employee	NOUN
cblr-5117	468	5	indeed	indeed	ADV
cblr-5117	468	6	need	need	VERB
cblr-5117	468	7	a	a	DET
cblr-5117	468	8	“	"	PUNCT
cblr-5117	468	9	minimal	minimal	ADJ
cblr-5117	468	10	level	level	NOUN
cblr-5117	468	11	of	of	ADP
cblr-5117	468	12	disclosure	disclosure	NOUN
cblr-5117	468	13	”	"	PUNCT
cblr-5117	468	14	to	to	PART
cblr-5117	468	15	be	be	AUX
cblr-5117	468	16	able	able	ADJ
cblr-5117	468	17	to	to	PART
cblr-5117	468	18	make	make	VERB
cblr-5117	468	19	well	well	ADV
cblr-5117	468	20	-	-	PUNCT
cblr-5117	468	21	informed	inform	VERB
cblr-5117	468	22	“	"	PUNCT
cblr-5117	468	23	compensatory	compensatory	ADJ
cblr-5117	468	24	-	-	PUNCT
cblr-5117	468	25	type	type	NOUN
cblr-5117	468	26	”	"	PUNCT
cblr-5117	468	27	investment	investment	NOUN
cblr-5117	468	28	decisions	decision	NOUN
cblr-5117	468	29	,	,	PUNCT
cblr-5117	468	30	why	why	SCONJ
cblr-5117	468	31	should	should	AUX
cblr-5117	468	32	n’t	n’t	VERB
cblr-5117	468	33	employees	employee	NOUN
cblr-5117	468	34	of	of	ADP
cblr-5117	468	35	companies	company	NOUN
cblr-5117	468	36	that	that	PRON
cblr-5117	468	37	issue	issue	VERB
cblr-5117	468	38	less	less	ADJ
cblr-5117	468	39	than	than	ADP
cblr-5117	468	40	$	$	SYM
cblr-5117	468	41	10	10	NUM
cblr-5117	468	42	million	million	NUM
cblr-5117	468	43	worth	worth	NOUN
cblr-5117	468	44	of	of	ADP
cblr-5117	468	45	equity	equity	NOUN
cblr-5117	468	46	awards	award	NOUN
cblr-5117	468	47	in	in	ADP
cblr-5117	468	48	a	a	DET
cblr-5117	468	49	year	year	NOUN
cblr-5117	468	50	receive	receive	VERB
cblr-5117	468	51	this	this	DET
cblr-5117	468	52	information	information	NOUN
cblr-5117	468	53	?	?	PUNCT
cblr-5117	469	1	the	the	DET
cblr-5117	469	2	argument	argument	NOUN
cblr-5117	469	3	that	that	SCONJ
cblr-5117	469	4	the	the	DET
cblr-5117	469	5	issuer	issuer	NOUN
cblr-5117	469	6	is	be	AUX
cblr-5117	469	7	“	"	PUNCT
cblr-5117	469	8	primarily	primarily	ADV
cblr-5117	469	9	”	"	PUNCT
cblr-5117	469	10	concerned	concern	VERB
cblr-5117	469	11	with	with	ADP
cblr-5117	469	12	“	"	PUNCT
cblr-5117	469	13	compensating	compensate	VERB
cblr-5117	469	14	the	the	DET
cblr-5117	469	15	employee	employee	NOUN
cblr-5117	469	16	-	-	PUNCT
cblr-5117	469	17	investor	investor	NOUN
cblr-5117	469	18	rather	rather	ADV
cblr-5117	469	19	than	than	ADP
cblr-5117	469	20	maximizing	maximize	VERB
cblr-5117	469	21	its	its	PRON
cblr-5117	469	22	proceeds	proceed	NOUN
cblr-5117	469	23	,	,	PUNCT
cblr-5117	469	24	”	"	PUNCT
cblr-5117	469	25	is	be	AUX
cblr-5117	469	26	also	also	ADV
cblr-5117	469	27	far	far	ADV
cblr-5117	469	28	from	from	ADP
cblr-5117	469	29	convincing	convincing	ADJ
cblr-5117	469	30	.	.	PUNCT
cblr-5117	470	1	first	first	ADV
cblr-5117	470	2	,	,	PUNCT
cblr-5117	470	3	the	the	DET
cblr-5117	470	4	weight	weight	NOUN
cblr-5117	470	5	given	give	VERB
cblr-5117	470	6	to	to	ADP
cblr-5117	470	7	the	the	DET
cblr-5117	470	8	issuer	issuer	NOUN
cblr-5117	470	9	’s	’s	PART
cblr-5117	470	10	intentions	intention	NOUN
cblr-5117	470	11	is	be	AUX
cblr-5117	470	12	inconsistent	inconsistent	ADJ
cblr-5117	470	13	with	with	ADP
cblr-5117	470	14	a	a	DET
cblr-5117	470	15	fundamental	fundamental	ADJ
cblr-5117	470	16	principle	principle	NOUN
cblr-5117	470	17	of	of	ADP
cblr-5117	470	18	securities	security	NOUN
cblr-5117	470	19	law	law	NOUN
cblr-5117	470	20	according	accord	VERB
cblr-5117	470	21	to	to	ADP
cblr-5117	470	22	which	which	PRON
cblr-5117	470	23	the	the	DET
cblr-5117	470	24	motivation	motivation	NOUN
cblr-5117	470	25	of	of	ADP
cblr-5117	470	26	the	the	DET
cblr-5117	470	27	issuer	issuer	NOUN
cblr-5117	470	28	does	do	AUX
cblr-5117	470	29	not	not	PART
cblr-5117	470	30	matter	matter	VERB
cblr-5117	470	31	;	;	PUNCT
cblr-5117	470	32	only	only	ADV
cblr-5117	470	33	the	the	DET
cblr-5117	470	34	offeree	offeree	NOUN
cblr-5117	470	35	’s	’s	PART
cblr-5117	470	36	need	need	NOUN
cblr-5117	470	37	for	for	ADP
cblr-5117	470	38	information	information	NOUN
cblr-5117	470	39	matters.119	matters.119	NOUN
cblr-5117	470	40	furthermore	furthermore	ADV
cblr-5117	470	41	,	,	PUNCT
cblr-5117	470	42	as	as	SCONJ
cblr-5117	470	43	established	establish	VERB
cblr-5117	470	44	in	in	ADP
cblr-5117	470	45	section	section	NOUN
cblr-5117	470	46	ii.a	ii.a	PROPN
cblr-5117	470	47	above	above	ADV
cblr-5117	470	48	,	,	PUNCT
cblr-5117	470	49	the	the	DET
cblr-5117	470	50	case	case	NOUN
cblr-5117	470	51	law	law	NOUN
cblr-5117	470	52	that	that	PRON
cblr-5117	470	53	evolved	evolve	VERB
cblr-5117	470	54	following	follow	VERB
cblr-5117	470	55	the	the	DET
cblr-5117	470	56	decision	decision	NOUN
cblr-5117	470	57	in	in	ADP
cblr-5117	470	58	daniel	daniel	PROPN
cblr-5117	470	59	and	and	CCONJ
cblr-5117	470	60	the	the	DET
cblr-5117	470	61	no	no	DET
cblr-5117	470	62	-	-	PUNCT
cblr-5117	470	63	sale	sale	NOUN
cblr-5117	470	64	doctrine	doctrine	NOUN
cblr-5117	470	65	recognize	recognize	VERB
cblr-5117	470	66	that	that	SCONJ
cblr-5117	470	67	when	when	SCONJ
cblr-5117	470	68	an	an	DET
cblr-5117	470	69	equity	equity	NOUN
cblr-5117	470	70	grant	grant	NOUN
cblr-5117	470	71	is	be	AUX
cblr-5117	470	72	entirely	entirely	ADV
cblr-5117	470	73	aimed	aim	VERB
cblr-5117	470	74	at	at	ADP
cblr-5117	470	75	benefiting	benefit	VERB
cblr-5117	470	76	the	the	DET
cblr-5117	470	77	employee	employee	NOUN
cblr-5117	470	78	,	,	PUNCT
cblr-5117	470	79	there	there	PRON
cblr-5117	470	80	is	be	VERB
cblr-5117	470	81	no	no	DET
cblr-5117	470	82	need	need	NOUN
cblr-5117	470	83	for	for	ADP
cblr-5117	470	84	disclosure	disclosure	NOUN
cblr-5117	470	85	because	because	SCONJ
cblr-5117	470	86	there	there	PRON
cblr-5117	470	87	is	be	VERB
cblr-5117	470	88	no	no	DET
cblr-5117	470	89	sale	sale	NOUN
cblr-5117	470	90	to	to	PART
cblr-5117	470	91	begin	begin	VERB
cblr-5117	470	92	with.120	with.120	ADJ
cblr-5117	470	93	hence	hence	ADV
cblr-5117	470	94	,	,	PUNCT
cblr-5117	470	95	the	the	DET
cblr-5117	470	96	type	type	NOUN
cblr-5117	470	97	of	of	ADP
cblr-5117	470	98	arrangements	arrangement	NOUN
cblr-5117	470	99	covered	cover	VERB
cblr-5117	470	100	by	by	ADP
cblr-5117	470	101	rule	rule	NOUN
cblr-5117	470	102	701	701	NUM
cblr-5117	470	103	are	be	AUX
cblr-5117	470	104	those	those	PRON
cblr-5117	470	105	that	that	PRON
cblr-5117	470	106	involve	involve	VERB
cblr-5117	470	107	some	some	DET
cblr-5117	470	108	value	value	NOUN
cblr-5117	470	109	transfer	transfer	NOUN
cblr-5117	470	110	by	by	ADP
cblr-5117	470	111	the	the	DET
cblr-5117	470	112	employee	employee	NOUN
cblr-5117	470	113	as	as	ADP
cblr-5117	470	114	part	part	NOUN
cblr-5117	470	115	of	of	ADP
cblr-5117	470	116	a	a	DET
cblr-5117	470	117	bargained	bargain	VERB
cblr-5117	470	118	-	-	PUNCT
cblr-5117	470	119	for	for	ADP
cblr-5117	470	120	compensation	compensation	NOUN
cblr-5117	470	121	package	package	NOUN
cblr-5117	470	122	.	.	PUNCT
cblr-5117	471	1	the	the	DET
cblr-5117	471	2	fact	fact	NOUN
cblr-5117	471	3	that	that	SCONJ
cblr-5117	471	4	the	the	DET
cblr-5117	471	5	issuer	issuer	NOUN
cblr-5117	471	6	does	do	AUX
cblr-5117	471	7	not	not	PART
cblr-5117	471	8	seek	seek	VERB
cblr-5117	471	9	to	to	PART
cblr-5117	471	10	maximize	maximize	VERB
cblr-5117	471	11	immediate	immediate	ADJ
cblr-5117	471	12	proceeds	proceed	NOUN
cblr-5117	471	13	from	from	ADP
cblr-5117	471	14	the	the	DET
cblr-5117	471	15	sale	sale	NOUN
cblr-5117	471	16	does	do	AUX
cblr-5117	471	17	not	not	PART
cblr-5117	471	18	imply	imply	VERB
cblr-5117	471	19	that	that	SCONJ
cblr-5117	471	20	the	the	DET
cblr-5117	471	21	issuer	issuer	NOUN
cblr-5117	471	22	does	do	AUX
cblr-5117	471	23	not	not	PART
cblr-5117	471	24	wish	wish	VERB
cblr-5117	471	25	to	to	PART
cblr-5117	471	26	maximize	maximize	VERB
cblr-5117	471	27	other	other	ADJ
cblr-5117	471	28	gains	gain	NOUN
cblr-5117	471	29	,	,	PUNCT
cblr-5117	471	30	such	such	ADJ
cblr-5117	471	31	as	as	ADP
cblr-5117	471	32	reducing	reduce	VERB
cblr-5117	471	33	employee	employee	NOUN
cblr-5117	471	34	mobility	mobility	NOUN
cblr-5117	471	35	.	.	PUNCT
cblr-5117	472	1	moreover	moreover	ADV
cblr-5117	472	2	,	,	PUNCT
cblr-5117	472	3	many	many	ADJ
cblr-5117	472	4	prospective	prospective	ADJ
cblr-5117	472	5	employees	employee	NOUN
cblr-5117	472	6	are	be	AUX
cblr-5117	472	7	swayed	sway	VERB
cblr-5117	472	8	by	by	ADP
cblr-5117	472	9	the	the	DET
cblr-5117	472	10	idea	idea	NOUN
cblr-5117	472	11	that	that	SCONJ
cblr-5117	472	12	they	they	PRON
cblr-5117	472	13	could	could	AUX
cblr-5117	472	14	earn	earn	VERB
cblr-5117	472	15	windfall	windfall	NOUN
cblr-5117	472	16	gains	gain	NOUN
cblr-5117	472	17	by	by	ADP
cblr-5117	472	18	accepting	accept	VERB
cblr-5117	472	19	equity	equity	NOUN
cblr-5117	472	20	instead	instead	ADV
cblr-5117	472	21	of	of	ADP
cblr-5117	472	22	cash	cash	NOUN
cblr-5117	472	23	and	and	CCONJ
cblr-5117	472	24	are	be	AUX
cblr-5117	472	25	therefore	therefore	ADV
cblr-5117	472	26	willing	willing	ADJ
cblr-5117	472	27	to	to	PART
cblr-5117	472	28	take	take	VERB
cblr-5117	472	29	a	a	DET
cblr-5117	472	30	sizable	sizable	ADJ
cblr-5117	472	31	pay	pay	NOUN
cblr-5117	472	32	cut	cut	NOUN
cblr-5117	472	33	in	in	ADP
cblr-5117	472	34	return	return	NOUN
cblr-5117	472	35	for	for	ADP
cblr-5117	472	36	an	an	DET
cblr-5117	472	37	equity	equity	NOUN
cblr-5117	472	38	stake.121	stake.121	ADJ
cblr-5117	472	39	start	start	VERB
cblr-5117	472	40	-	-	PUNCT
cblr-5117	472	41	up	up	ADP
cblr-5117	472	42	employees	employee	NOUN
cblr-5117	472	43	often	often	ADV
cblr-5117	472	44	119	119	NUM
cblr-5117	472	45	see	see	VERB
cblr-5117	472	46	sec	sec	PROPN
cblr-5117	472	47	v.	v.	PROPN
cblr-5117	472	48	ralston	ralston	PROPN
cblr-5117	472	49	purina	purina	PROPN
cblr-5117	472	50	co.	co.	PROPN
cblr-5117	472	51	,	,	PUNCT
cblr-5117	472	52	346	346	NUM
cblr-5117	472	53	u.s	u.s	PROPN
cblr-5117	472	54	.	.	PROPN
cblr-5117	472	55	119	119	NUM
cblr-5117	472	56	,	,	PUNCT
cblr-5117	472	57	124–25	124–25	NUM
cblr-5117	472	58	,	,	PUNCT
cblr-5117	472	59	127	127	NUM
cblr-5117	472	60	(	(	PUNCT
cblr-5117	472	61	1953	1953	NUM
cblr-5117	472	62	)	)	PUNCT
cblr-5117	472	63	;	;	PUNCT
cblr-5117	472	64	see	see	VERB
cblr-5117	472	65	also	also	ADV
cblr-5117	472	66	sec	sec	PROPN
cblr-5117	472	67	v.	v.	CCONJ
cblr-5117	472	68	chinese	chinese	PROPN
cblr-5117	472	69	consol	consol	NOUN
cblr-5117	472	70	.	.	PUNCT
cblr-5117	473	1	benevolent	benevolent	ADJ
cblr-5117	473	2	ass’n	ass’n	NOUN
cblr-5117	473	3	,	,	PUNCT
cblr-5117	473	4	120	120	NUM
cblr-5117	473	5	f.2d	f.2d	NOUN
cblr-5117	473	6	738	738	NUM
cblr-5117	473	7	,	,	PUNCT
cblr-5117	473	8	740–41	740–41	NUM
cblr-5117	473	9	(	(	PUNCT
cblr-5117	473	10	2d	2d	NUM
cblr-5117	473	11	cir	cir	NOUN
cblr-5117	473	12	.	.	PROPN
cblr-5117	473	13	1941	1941	NUM
cblr-5117	473	14	)	)	PUNCT
cblr-5117	473	15	.	.	PUNCT
cblr-5117	474	1	120	120	NUM
cblr-5117	474	2	see	see	VERB
cblr-5117	474	3	supra	supra	PROPN
cblr-5117	474	4	section	section	PROPN
cblr-5117	474	5	ii.a	ii.a	PROPN
cblr-5117	474	6	.	.	PROPN
cblr-5117	475	1	121	121	NUM
cblr-5117	475	2	out	out	ADP
cblr-5117	475	3	of	of	ADP
cblr-5117	475	4	525	525	NUM
cblr-5117	475	5	college	college	NOUN
cblr-5117	475	6	-	-	PUNCT
cblr-5117	475	7	educated	educate	VERB
cblr-5117	475	8	technology	technology	NOUN
cblr-5117	475	9	workers	worker	NOUN
cblr-5117	475	10	who	who	PRON
cblr-5117	475	11	were	be	AUX
cblr-5117	475	12	asked	ask	VERB
cblr-5117	475	13	if	if	SCONJ
cblr-5117	475	14	they	they	PRON
cblr-5117	475	15	would	would	AUX
cblr-5117	475	16	rather	rather	ADV
cblr-5117	475	17	be	be	AUX
cblr-5117	475	18	paid	pay	VERB
cblr-5117	475	19	$	$	SYM
cblr-5117	475	20	110,000	110,000	NUM
cblr-5117	475	21	annual	annual	ADJ
cblr-5117	475	22	cash	cash	NOUN
cblr-5117	475	23	salary	salary	NOUN
cblr-5117	475	24	or	or	CCONJ
cblr-5117	475	25	be	be	AUX
cblr-5117	475	26	paid	pay	VERB
cblr-5117	475	27	$	$	SYM
cblr-5117	475	28	100,000	100,000	NUM
cblr-5117	475	29	annual	annual	ADJ
cblr-5117	475	30	cash	cash	NOUN
cblr-5117	475	31	salary	salary	NOUN
cblr-5117	475	32	and	and	CCONJ
cblr-5117	475	33	shares	share	NOUN
cblr-5117	475	34	representing	represent	VERB
cblr-5117	475	35	0.5	0.5	NUM
cblr-5117	475	36	%	%	NOUN
cblr-5117	475	37	ownership	ownership	NOUN
cblr-5117	475	38	stake	stake	NOUN
cblr-5117	475	39	an	an	DET
cblr-5117	475	40	earlystage	earlystage	NOUN
cblr-5117	475	41	start	start	NOUN
cblr-5117	475	42	-	-	PUNCT
cblr-5117	475	43	up	up	NOUN
cblr-5117	475	44	,	,	PUNCT
cblr-5117	475	45	79	79	NUM
cblr-5117	475	46	%	%	NOUN
cblr-5117	475	47	(	(	PUNCT
cblr-5117	475	48	416	416	NUM
cblr-5117	475	49	respondents	respondent	NOUN
cblr-5117	475	50	)	)	PUNCT
cblr-5117	475	51	preferred	preferred	ADJ
cblr-5117	475	52	equity	equity	NOUN
cblr-5117	475	53	over	over	ADP
cblr-5117	475	54	cash	cash	NOUN
cblr-5117	475	55	.	.	PUNCT
cblr-5117	476	1	out	out	ADP
cblr-5117	476	2	of	of	ADP
cblr-5117	476	3	589	589	NUM
cblr-5117	476	4	respondents	respondent	NOUN
cblr-5117	476	5	who	who	PRON
cblr-5117	476	6	were	be	AUX
cblr-5117	476	7	asked	ask	VERB
cblr-5117	476	8	if	if	SCONJ
cblr-5117	476	9	they	they	PRON
cblr-5117	476	10	would	would	AUX
cblr-5117	476	11	rather	rather	ADV
cblr-5117	476	12	be	be	AUX
cblr-5117	476	13	paid	pay	VERB
cblr-5117	476	14	$	$	SYM
cblr-5117	476	15	130,000	130,000	NUM
cblr-5117	476	16	annual	annual	ADJ
cblr-5117	476	17	cash	cash	NOUN
cblr-5117	476	18	salary	salary	NOUN
cblr-5117	476	19	or	or	CCONJ
cblr-5117	476	20	be	be	AUX
cblr-5117	476	21	paid	pay	VERB
cblr-5117	476	22	$	$	SYM
cblr-5117	476	23	100,000	100,000	NUM
cblr-5117	476	24	annual	annual	ADJ
cblr-5117	476	25	cash	cash	NOUN
cblr-5117	476	26	salary	salary	NOUN
cblr-5117	476	27	and	and	CCONJ
cblr-5117	476	28	shares	share	NOUN
cblr-5117	476	29	representing	represent	VERB
cblr-5117	476	30	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	476	31	(	(	PUNCT
cblr-5117	476	32	do	do	AUX
cblr-5117	476	33	not	not	PART
cblr-5117	476	34	delte	delte	VERB
cblr-5117	476	35	)	)	PUNCT
cblr-5117	476	36	1/8/2020	1/8/2020	NUM
cblr-5117	476	37	4:44	4:44	NUM
cblr-5117	476	38	pm	pm	NOUN
cblr-5117	476	39	900	900	NUM
cblr-5117	476	40	columbia	columbia	PROPN
cblr-5117	476	41	business	business	NOUN
cblr-5117	476	42	law	law	NOUN
cblr-5117	476	43	review	review	NOUN
cblr-5117	477	1	[	[	X
cblr-5117	477	2	vol	vol	NOUN
cblr-5117	477	3	.	.	NOUN
cblr-5117	477	4	2019	2019	NUM
cblr-5117	477	5	need	need	VERB
cblr-5117	477	6	to	to	PART
cblr-5117	477	7	weigh	weigh	VERB
cblr-5117	477	8	competing	compete	VERB
cblr-5117	477	9	job	job	NOUN
cblr-5117	477	10	offers	offer	NOUN
cblr-5117	477	11	and/or	and/or	CCONJ
cblr-5117	477	12	decide	decide	VERB
cblr-5117	477	13	on	on	ADP
cblr-5117	477	14	the	the	DET
cblr-5117	477	15	tradeoff	tradeoff	NOUN
cblr-5117	477	16	between	between	ADP
cblr-5117	477	17	cash	cash	NOUN
cblr-5117	477	18	and	and	CCONJ
cblr-5117	477	19	equity	equity	NOUN
cblr-5117	477	20	in	in	ADP
cblr-5117	477	21	their	their	PRON
cblr-5117	477	22	compensation	compensation	NOUN
cblr-5117	477	23	packages	package	NOUN
cblr-5117	477	24	—	—	PUNCT
cblr-5117	477	25	decisions	decision	NOUN
cblr-5117	477	26	that	that	PRON
cblr-5117	477	27	require	require	VERB
cblr-5117	477	28	them	they	PRON
cblr-5117	477	29	to	to	PART
cblr-5117	477	30	estimate	estimate	VERB
cblr-5117	477	31	the	the	DET
cblr-5117	477	32	potential	potential	ADJ
cblr-5117	477	33	value	value	NOUN
cblr-5117	477	34	of	of	ADP
cblr-5117	477	35	the	the	DET
cblr-5117	477	36	equity	equity	NOUN
cblr-5117	477	37	being	be	AUX
cblr-5117	477	38	offered.122	offered.122	NOUN
cblr-5117	477	39	some	some	DET
cblr-5117	477	40	employees	employee	NOUN
cblr-5117	477	41	also	also	ADV
cblr-5117	477	42	strategically	strategically	ADV
cblr-5117	477	43	time	time	VERB
cblr-5117	477	44	their	their	PRON
cblr-5117	477	45	resignations	resignation	NOUN
cblr-5117	477	46	to	to	PART
cblr-5117	477	47	meet	meet	VERB
cblr-5117	477	48	vesting	vest	VERB
cblr-5117	477	49	schedule	schedule	NOUN
cblr-5117	477	50	requirements,123	requirements,123	NOUN
cblr-5117	477	51	and	and	CCONJ
cblr-5117	477	52	others	other	NOUN
cblr-5117	477	53	make	make	VERB
cblr-5117	477	54	bets	bet	NOUN
cblr-5117	477	55	on	on	ADP
cblr-5117	477	56	startups	startup	NOUN
cblr-5117	477	57	’	’	NUM
cblr-5117	477	58	0.5	0.5	NUM
cblr-5117	477	59	%	%	NOUN
cblr-5117	477	60	ownership	ownership	NOUN
cblr-5117	477	61	stake	stake	NOUN
cblr-5117	477	62	,	,	PUNCT
cblr-5117	477	63	60	60	NUM
cblr-5117	477	64	%	%	NOUN
cblr-5117	477	65	(	(	PUNCT
cblr-5117	477	66	353	353	NUM
cblr-5117	477	67	respondents	respondent	NOUN
cblr-5117	477	68	)	)	PUNCT
cblr-5117	477	69	preferred	preferred	ADJ
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cblr-5117	477	71	over	over	ADP
cblr-5117	477	72	cash	cash	NOUN
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cblr-5117	478	1	see	see	VERB
cblr-5117	478	2	aran	aran	NOUN
cblr-5117	478	3	,	,	PUNCT
cblr-5117	478	4	supra	supra	PROPN
cblr-5117	478	5	note	note	NOUN
cblr-5117	478	6	30	30	NUM
cblr-5117	478	7	.	.	NOUN
cblr-5117	478	8	122	122	NUM
cblr-5117	478	9	for	for	ADP
cblr-5117	478	10	depictions	depiction	NOUN
cblr-5117	478	11	of	of	ADP
cblr-5117	478	12	this	this	DET
cblr-5117	478	13	phenomenon	phenomenon	NOUN
cblr-5117	478	14	in	in	ADP
cblr-5117	478	15	popular	popular	ADJ
cblr-5117	478	16	media	medium	NOUN
cblr-5117	478	17	outlets	outlet	NOUN
cblr-5117	478	18	,	,	PUNCT
cblr-5117	478	19	see	see	VERB
cblr-5117	478	20	e.g.	e.g.	ADV
cblr-5117	478	21	,	,	PUNCT
cblr-5117	478	22	herry	herry	PROPN
cblr-5117	478	23	lian	lian	PROPN
cblr-5117	478	24	,	,	PUNCT
cblr-5117	478	25	you	you	PRON
cblr-5117	478	26	got	get	VERB
cblr-5117	478	27	an	an	DET
cblr-5117	478	28	offer	offer	NOUN
cblr-5117	478	29	at	at	ADP
cblr-5117	478	30	a	a	DET
cblr-5117	478	31	startup	startup	NOUN
cblr-5117	478	32	.	.	PUNCT
cblr-5117	479	1	now	now	ADV
cblr-5117	479	2	what	what	PRON
cblr-5117	479	3	?	?	PUNCT
cblr-5117	479	4	,	,	PUNCT
cblr-5117	479	5	hackernoon	hackernoon	PROPN
cblr-5117	479	6	(	(	PUNCT
cblr-5117	479	7	feb	feb	PROPN
cblr-5117	479	8	.	.	PROPN
cblr-5117	479	9	25	25	NUM
cblr-5117	479	10	,	,	PUNCT
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cblr-5117	479	13	,	,	PUNCT
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cblr-5117	479	15	[	[	X
cblr-5117	479	16	https://perma.cc/7fpm-s2vv	https://perma.cc/7fpm-s2vv	X
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cblr-5117	479	18	(	(	PUNCT
cblr-5117	479	19	“	"	PUNCT
cblr-5117	479	20	many	many	ADJ
cblr-5117	479	21	people	people	NOUN
cblr-5117	479	22	take	take	VERB
cblr-5117	479	23	a	a	DET
cblr-5117	479	24	startup	startup	ADJ
cblr-5117	479	25	role	role	NOUN
cblr-5117	479	26	instead	instead	ADV
cblr-5117	479	27	of	of	ADP
cblr-5117	479	28	a	a	DET
cblr-5117	479	29	big	big	ADJ
cblr-5117	479	30	corporation	corporation	NOUN
cblr-5117	479	31	gig	gig	NOUN
cblr-5117	479	32	in	in	ADP
cblr-5117	479	33	hopes	hope	NOUN
cblr-5117	479	34	of	of	ADP
cblr-5117	479	35	striking	strike	VERB
cblr-5117	479	36	rich	rich	ADJ
cblr-5117	479	37	with	with	ADP
cblr-5117	479	38	their	their	PRON
cblr-5117	479	39	stock	stock	NOUN
cblr-5117	479	40	options	option	NOUN
cblr-5117	479	41	.	.	PUNCT
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cblr-5117	479	48	napala	napala	NOUN
cblr-5117	479	49	pratini	pratini	NOUN
cblr-5117	479	50	,	,	PUNCT
cblr-5117	479	51	salary	salary	NOUN
cblr-5117	479	52	vs	vs	ADP
cblr-5117	479	53	equity	equity	NOUN
cblr-5117	479	54	:	:	PUNCT
cblr-5117	479	55	how	how	SCONJ
cblr-5117	479	56	to	to	PART
cblr-5117	479	57	decide	decide	VERB
cblr-5117	479	58	what	what	PRON
cblr-5117	479	59	’s	’	VERB
cblr-5117	479	60	right	right	ADJ
cblr-5117	479	61	for	for	ADP
cblr-5117	479	62	you	you	PRON
cblr-5117	479	63	,	,	PUNCT
cblr-5117	479	64	hired	hire	VERB
cblr-5117	479	65	(	(	PUNCT
cblr-5117	479	66	mar	mar	PROPN
cblr-5117	479	67	.	.	PROPN
cblr-5117	479	68	21	21	NUM
cblr-5117	479	69	,	,	PUNCT
cblr-5117	479	70	2018	2018	NUM
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cblr-5117	479	72	,	,	PUNCT
cblr-5117	479	73	https://hired.com/blog/candidates/salaryvs-equity-how-decide-whats-right/	https://hired.com/blog/candidates/salaryvs-equity-how-decide-whats-right/	X
cblr-5117	480	1	[	[	X
cblr-5117	480	2	https://perma.cc/5lss-9a5x	https://perma.cc/5lss-9a5x	X
cblr-5117	480	3	]	]	X
cblr-5117	480	4	(	(	PUNCT
cblr-5117	480	5	“	"	PUNCT
cblr-5117	480	6	in	in	ADP
cblr-5117	480	7	the	the	DET
cblr-5117	480	8	world	world	NOUN
cblr-5117	480	9	of	of	ADP
cblr-5117	480	10	tech	tech	NOUN
cblr-5117	480	11	jobs	job	NOUN
cblr-5117	480	12	,	,	PUNCT
cblr-5117	480	13	it	it	PRON
cblr-5117	480	14	’s	’	VERB
cblr-5117	480	15	common	common	ADJ
cblr-5117	480	16	—	—	PUNCT
cblr-5117	480	17	and	and	CCONJ
cblr-5117	480	18	often	often	ADV
cblr-5117	480	19	expected	expect	VERB
cblr-5117	480	20	—	—	PUNCT
cblr-5117	480	21	that	that	SCONJ
cblr-5117	480	22	companies	company	NOUN
cblr-5117	480	23	offer	offer	VERB
cblr-5117	480	24	their	their	PRON
cblr-5117	480	25	employees	employee	NOUN
cblr-5117	480	26	at	at	ADP
cblr-5117	480	27	least	least	ADJ
cblr-5117	480	28	some	some	DET
cblr-5117	480	29	part	part	NOUN
cblr-5117	480	30	of	of	ADP
cblr-5117	480	31	their	their	PRON
cblr-5117	480	32	compensation	compensation	NOUN
cblr-5117	480	33	package	package	NOUN
cblr-5117	480	34	in	in	ADP
cblr-5117	480	35	the	the	DET
cblr-5117	480	36	form	form	NOUN
cblr-5117	480	37	of	of	ADP
cblr-5117	480	38	stock	stock	NOUN
cblr-5117	480	39	options	option	NOUN
cblr-5117	480	40	.	.	PUNCT
cblr-5117	480	41	.	.	PUNCT
cblr-5117	480	42	.	.	PUNCT
cblr-5117	481	1	how	how	SCONJ
cblr-5117	481	2	should	should	AUX
cblr-5117	481	3	you	you	PRON
cblr-5117	481	4	weigh	weigh	VERB
cblr-5117	481	5	the	the	DET
cblr-5117	481	6	tradeoffs	tradeoff	NOUN
cblr-5117	481	7	between	between	ADP
cblr-5117	481	8	the	the	DET
cblr-5117	481	9	two	two	NUM
cblr-5117	481	10	forms	form	NOUN
cblr-5117	481	11	of	of	ADP
cblr-5117	481	12	compensation	compensation	NOUN
cblr-5117	481	13	—	—	PUNCT
cblr-5117	481	14	whether	whether	SCONJ
cblr-5117	481	15	you	you	PRON
cblr-5117	481	16	’re	’re	AUX
cblr-5117	481	17	choosing	choose	VERB
cblr-5117	481	18	between	between	ADP
cblr-5117	481	19	two	two	NUM
cblr-5117	481	20	different	different	ADJ
cblr-5117	481	21	job	job	NOUN
cblr-5117	481	22	offers	offer	NOUN
cblr-5117	481	23	or	or	CCONJ
cblr-5117	481	24	a	a	DET
cblr-5117	481	25	company	company	NOUN
cblr-5117	481	26	has	have	AUX
cblr-5117	481	27	offered	offer	VERB
cblr-5117	481	28	you	you	PRON
cblr-5117	481	29	a	a	DET
cblr-5117	481	30	choice	choice	NOUN
cblr-5117	481	31	of	of	ADP
cblr-5117	481	32	salary	salary	NOUN
cblr-5117	481	33	packages	package	NOUN
cblr-5117	481	34	[	[	X
cblr-5117	481	35	?	?	PUNCT
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cblr-5117	481	37	”	"	PUNCT
cblr-5117	481	38	)	)	PUNCT
cblr-5117	481	39	;	;	PUNCT
cblr-5117	481	40	william	william	PROPN
cblr-5117	481	41	baldwin	baldwin	PROPN
cblr-5117	481	42	,	,	PUNCT
cblr-5117	481	43	should	should	AUX
cblr-5117	481	44	you	you	PRON
cblr-5117	481	45	take	take	VERB
cblr-5117	481	46	a	a	DET
cblr-5117	481	47	bigger	big	ADJ
cblr-5117	481	48	salary	salary	NOUN
cblr-5117	481	49	or	or	CCONJ
cblr-5117	481	50	employee	employee	NOUN
cblr-5117	481	51	stock	stock	NOUN
cblr-5117	481	52	options	option	NOUN
cblr-5117	481	53	?	?	PUNCT
cblr-5117	481	54	,	,	PUNCT
cblr-5117	481	55	forbes	forbes	PROPN
cblr-5117	481	56	(	(	PUNCT
cblr-5117	481	57	june	june	PROPN
cblr-5117	481	58	29	29	NUM
cblr-5117	481	59	,	,	PUNCT
cblr-5117	481	60	2017	2017	NUM
cblr-5117	481	61	)	)	PUNCT
cblr-5117	481	62	,	,	PUNCT
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cblr-5117	482	1	[	[	X
cblr-5117	482	2	https://perma.cc/77p6-28ay	https://perma.cc/77p6-28ay	ADP
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cblr-5117	482	4	(	(	PUNCT
cblr-5117	482	5	describing	describe	VERB
cblr-5117	482	6	the	the	DET
cblr-5117	482	7	stories	story	NOUN
cblr-5117	482	8	of	of	ADP
cblr-5117	482	9	employees	employee	NOUN
cblr-5117	482	10	who	who	PRON
cblr-5117	482	11	are	be	AUX
cblr-5117	482	12	confronting	confront	VERB
cblr-5117	482	13	these	these	DET
cblr-5117	482	14	decisions	decision	NOUN
cblr-5117	482	15	)	)	PUNCT
cblr-5117	482	16	.	.	PUNCT
cblr-5117	483	1	123	123	NUM
cblr-5117	483	2	see	see	VERB
cblr-5117	483	3	ry	ry	PROPN
cblr-5117	483	4	sullivan	sullivan	PROPN
cblr-5117	483	5	,	,	PUNCT
cblr-5117	483	6	employment	employment	NOUN
cblr-5117	483	7	tenure	tenure	NOUN
cblr-5117	483	8	at	at	ADP
cblr-5117	483	9	startups	startup	NOUN
cblr-5117	483	10	,	,	PUNCT
cblr-5117	483	11	carta	carta	PROPN
cblr-5117	483	12	(	(	PUNCT
cblr-5117	483	13	mar	mar	PROPN
cblr-5117	483	14	.	.	PROPN
cblr-5117	483	15	7	7	NUM
cblr-5117	483	16	,	,	PUNCT
cblr-5117	483	17	2018	2018	NUM
cblr-5117	483	18	)	)	PUNCT
cblr-5117	483	19	,	,	PUNCT
cblr-5117	483	20	https://carta.com/blog/employment-tenurestartups/?utm_source=mkto&utm_medium=email&utm_campaign=better	https://carta.com/blog/employment-tenurestartups/?utm_source=mkto&utm_medium=email&utm_campaign=better	VERB
cblr-5117	483	21	offerletter&mkt_tok	offerletter&mkt_tok	PROPN
cblr-5117	483	22	=	=	SYM
cblr-5117	483	23	eyjpijoit0dnm01qqmpprev5txpjmsisinqioijhs	eyjpijoit0dnm01qqmpprev5txpjmsisinqioijhs	PROPN
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cblr-5117	484	1	alzhcfpqwvramlwvounktni0xc9rnlfjrexdnk52t1orzwjaq2xaen	alzhcfpqwvramlwvounktni0xc9rnlfjrexdnk52t1orzwjaq2xaen	PROPN
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cblr-5117	485	1	[	[	X
cblr-5117	485	2	https://perma.cc/6t3x-lmm7	https://perma.cc/6t3x-lmm7	X
cblr-5117	485	3	]	]	X
cblr-5117	485	4	(	(	PUNCT
cblr-5117	485	5	reporting	report	VERB
cblr-5117	485	6	data	datum	NOUN
cblr-5117	485	7	on	on	ADP
cblr-5117	485	8	startup	startup	NOUN
cblr-5117	485	9	employee	employee	NOUN
cblr-5117	485	10	departure	departure	NOUN
cblr-5117	485	11	patterns	pattern	NOUN
cblr-5117	485	12	“	"	PUNCT
cblr-5117	485	13	consistent	consistent	ADJ
cblr-5117	485	14	with	with	ADP
cblr-5117	485	15	four	four	NUM
cblr-5117	485	16	-	-	PUNCT
cblr-5117	485	17	year	year	NOUN
cblr-5117	485	18	vesting	vesting	NOUN
cblr-5117	485	19	schedules	schedule	NOUN
cblr-5117	485	20	commonly	commonly	ADV
cblr-5117	485	21	seen	see	VERB
cblr-5117	485	22	among	among	ADP
cblr-5117	485	23	startups	startup	NOUN
cblr-5117	485	24	and	and	CCONJ
cblr-5117	485	25	private	private	ADJ
cblr-5117	485	26	companies	company	NOUN
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cblr-5117	485	28	and	and	CCONJ
cblr-5117	485	29	noting	note	VERB
cblr-5117	485	30	that	that	SCONJ
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cblr-5117	485	32	[	[	X
cblr-5117	485	33	i]t	i]t	X
cblr-5117	485	34	’s	’s	X
cblr-5117	485	35	common	common	ADJ
cblr-5117	485	36	for	for	ADP
cblr-5117	485	37	vesting	vest	VERB
cblr-5117	485	38	schedules	schedule	NOUN
cblr-5117	485	39	to	to	PART
cblr-5117	485	40	include	include	VERB
cblr-5117	485	41	a	a	DET
cblr-5117	485	42	one	one	NUM
cblr-5117	485	43	-	-	PUNCT
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cblr-5117	485	48	strategic	strategic	ADJ
cblr-5117	485	49	behavior	behavior	NOUN
cblr-5117	485	50	would	would	AUX
cblr-5117	485	51	suggest	suggest	VERB
cblr-5117	485	52	that	that	SCONJ
cblr-5117	485	53	employees	employee	NOUN
cblr-5117	485	54	consider	consider	VERB
cblr-5117	485	55	voluntarily	voluntarily	ADV
cblr-5117	485	56	leaving	leave	VERB
cblr-5117	485	57	startups	startup	NOUN
cblr-5117	485	58	when	when	SCONJ
cblr-5117	485	59	they	they	PRON
cblr-5117	485	60	reach	reach	VERB
cblr-5117	485	61	this	this	DET
cblr-5117	485	62	milestone	milestone	NOUN
cblr-5117	485	63	[	[	PUNCT
cblr-5117	485	64	as	as	SCONJ
cblr-5117	485	65	suggested	suggest	VERB
cblr-5117	485	66	by	by	ADP
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cblr-5117	485	68	data	datum	NOUN
cblr-5117	485	69	]	]	PUNCT
cblr-5117	485	70	”	"	PUNCT
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cblr-5117	485	73	see	see	VERB
cblr-5117	485	74	also	also	ADV
cblr-5117	485	75	jay	jay	PROPN
cblr-5117	485	76	bhatti	bhatti	PROPN
cblr-5117	485	77	,	,	PUNCT
cblr-5117	485	78	how	how	SCONJ
cblr-5117	485	79	startups	startup	NOUN
cblr-5117	485	80	should	should	AUX
cblr-5117	485	81	deal	deal	VERB
cblr-5117	485	82	with	with	ADP
cblr-5117	485	83	cliff	cliff	NOUN
cblr-5117	485	84	vesting	vest	VERB
cblr-5117	485	85	for	for	ADP
cblr-5117	485	86	employees	employee	NOUN
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cblr-5117	485	88	bus	bus	NOUN
cblr-5117	485	89	.	.	PUNCT
cblr-5117	486	1	insider	insider	NOUN
cblr-5117	486	2	(	(	PUNCT
cblr-5117	486	3	may	may	PROPN
cblr-5117	486	4	7	7	NUM
cblr-5117	486	5	,	,	PUNCT
cblr-5117	486	6	2011	2011	NUM
cblr-5117	486	7	)	)	PUNCT
cblr-5117	486	8	,	,	PUNCT
cblr-5117	486	9	https://www.businessinsider.com/everything-you-need-to-know-about-cliffvesting-2011-5	https://www.businessinsider.com/everything-you-need-to-know-about-cliffvesting-2011-5	X
cblr-5117	486	10	[	[	X
cblr-5117	486	11	https://perma.cc/q5db-xz24	https://perma.cc/q5db-xz24	X
cblr-5117	486	12	]	]	X
cblr-5117	486	13	(	(	PUNCT
cblr-5117	486	14	“	"	PUNCT
cblr-5117	486	15	i	i	PRON
cblr-5117	486	16	have	have	AUX
cblr-5117	486	17	known	know	VERB
cblr-5117	486	18	people	people	NOUN
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cblr-5117	486	20	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	486	21	(	(	PUNCT
cblr-5117	486	22	do	do	AUX
cblr-5117	486	23	not	not	PART
cblr-5117	486	24	delete	delete	VERB
cblr-5117	486	25	)	)	PUNCT
cblr-5117	486	26	1/8/2020	1/8/2020	NUM
cblr-5117	486	27	4:44	4:44	NUM
cblr-5117	486	28	pm	pm	NOUN
cblr-5117	486	29	no	no	INTJ
cblr-5117	486	30	.	.	PUNCT
cblr-5117	487	1	3:867	3:867	NUM
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cblr-5117	487	3	making	make	VERB
cblr-5117	487	4	disclosure	disclosure	NOUN
cblr-5117	487	5	work	work	VERB
cblr-5117	487	6	901	901	NUM
cblr-5117	487	7	equity	equity	NOUN
cblr-5117	487	8	that	that	PRON
cblr-5117	487	9	can	can	AUX
cblr-5117	487	10	result	result	VERB
cblr-5117	487	11	in	in	ADP
cblr-5117	487	12	severe	severe	ADJ
cblr-5117	487	13	financial	financial	ADJ
cblr-5117	487	14	consequences.124	consequences.124	NOUN
cblr-5117	487	15	indeed	indeed	ADV
cblr-5117	487	16	,	,	PUNCT
cblr-5117	487	17	the	the	DET
cblr-5117	487	18	description	description	NOUN
cblr-5117	487	19	of	of	ADP
cblr-5117	487	20	equity	equity	NOUN
cblr-5117	487	21	compensation	compensation	NOUN
cblr-5117	487	22	arrangements	arrangement	NOUN
cblr-5117	487	23	as	as	ADP
cblr-5117	487	24	merely	merely	ADV
cblr-5117	487	25	a	a	DET
cblr-5117	487	26	benefit	benefit	NOUN
cblr-5117	487	27	is	be	AUX
cblr-5117	487	28	not	not	PART
cblr-5117	487	29	only	only	ADV
cblr-5117	487	30	inaccurate	inaccurate	ADJ
cblr-5117	487	31	from	from	ADP
cblr-5117	487	32	a	a	DET
cblr-5117	487	33	legal	legal	ADJ
cblr-5117	487	34	and	and	CCONJ
cblr-5117	487	35	economic	economic	ADJ
cblr-5117	487	36	standpoint	standpoint	NOUN
cblr-5117	487	37	but	but	CCONJ
cblr-5117	487	38	also	also	ADV
cblr-5117	487	39	does	do	AUX
cblr-5117	487	40	not	not	PART
cblr-5117	487	41	coincide	coincide	VERB
cblr-5117	487	42	with	with	ADP
cblr-5117	487	43	the	the	DET
cblr-5117	487	44	way	way	NOUN
cblr-5117	487	45	most	most	ADJ
cblr-5117	487	46	employees	employee	NOUN
cblr-5117	487	47	view	view	VERB
cblr-5117	487	48	these	these	DET
cblr-5117	487	49	arrangements.125	arrangements.125	NOUN
cblr-5117	487	50	taken	take	VERB
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cblr-5117	487	52	,	,	PUNCT
cblr-5117	487	53	neither	neither	PRON
cblr-5117	487	54	of	of	ADP
cblr-5117	487	55	the	the	DET
cblr-5117	487	56	sec	sec	PROPN
cblr-5117	487	57	’s	’s	PART
cblr-5117	487	58	arguments	argument	NOUN
cblr-5117	487	59	fit	fit	VERB
cblr-5117	487	60	within	within	ADP
cblr-5117	487	61	the	the	DET
cblr-5117	487	62	broader	broad	ADJ
cblr-5117	487	63	regulatory	regulatory	ADJ
cblr-5117	487	64	framework	framework	NOUN
cblr-5117	487	65	that	that	PRON
cblr-5117	487	66	governs	govern	VERB
cblr-5117	487	67	securities	security	NOUN
cblr-5117	487	68	offerings	offering	NOUN
cblr-5117	487	69	to	to	ADP
cblr-5117	487	70	employees	employee	NOUN
cblr-5117	487	71	,	,	PUNCT
cblr-5117	487	72	nor	nor	CCONJ
cblr-5117	487	73	do	do	AUX
cblr-5117	487	74	they	they	PRON
cblr-5117	487	75	recognize	recognize	VERB
cblr-5117	487	76	the	the	DET
cblr-5117	487	77	economic	economic	ADJ
cblr-5117	487	78	realities	reality	NOUN
cblr-5117	487	79	behind	behind	ADP
cblr-5117	487	80	these	these	DET
cblr-5117	487	81	arrangements	arrangement	NOUN
cblr-5117	487	82	.	.	PUNCT
cblr-5117	488	1	the	the	DET
cblr-5117	488	2	sec	sec	PROPN
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cblr-5117	488	4	explanations	explanation	NOUN
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cblr-5117	488	9	short	short	ADV
cblr-5117	488	10	of	of	ADP
cblr-5117	488	11	providing	provide	VERB
cblr-5117	488	12	an	an	DET
cblr-5117	488	13	adequate	adequate	ADJ
cblr-5117	488	14	basis	basis	NOUN
cblr-5117	488	15	for	for	ADP
cblr-5117	488	16	crafting	craft	VERB
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cblr-5117	488	18	guiding	guide	VERB
cblr-5117	488	19	the	the	DET
cblr-5117	488	20	disclosure	disclosure	NOUN
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cblr-5117	489	3	section	section	NOUN
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cblr-5117	489	5	alternative	alternative	ADJ
cblr-5117	489	6	reasoning	reasoning	NOUN
cblr-5117	489	7	to	to	PART
cblr-5117	489	8	guide	guide	VERB
cblr-5117	489	9	the	the	DET
cblr-5117	489	10	regulation	regulation	NOUN
cblr-5117	489	11	of	of	ADP
cblr-5117	489	12	equity	equity	NOUN
cblr-5117	489	13	-	-	PUNCT
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cblr-5117	489	15	compensation	compensation	NOUN
cblr-5117	489	16	of	of	ADP
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cblr-5117	489	20	employees	employee	NOUN
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cblr-5117	490	6	only	only	ADV
cblr-5117	490	7	stay	stay	VERB
cblr-5117	490	8	a	a	DET
cblr-5117	490	9	little	little	ADJ
cblr-5117	490	10	over	over	ADP
cblr-5117	490	11	a	a	PRON
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cblr-5117	490	14	then	then	ADV
cblr-5117	490	15	go	go	VERB
cblr-5117	490	16	join	join	VERB
cblr-5117	490	17	another	another	DET
cblr-5117	490	18	startup	startup	NOUN
cblr-5117	490	19	.	.	PUNCT
cblr-5117	491	1	they	they	PRON
cblr-5117	491	2	call	call	VERB
cblr-5117	491	3	it	it	PRON
cblr-5117	491	4	hedging	hedge	VERB
cblr-5117	491	5	their	their	PRON
cblr-5117	491	6	bets	bet	NOUN
cblr-5117	491	7	.	.	PUNCT
cblr-5117	491	8	”	"	PUNCT
cblr-5117	491	9	)	)	PUNCT
cblr-5117	491	10	;	;	PUNCT
cblr-5117	491	11	interviews	interview	NOUN
cblr-5117	491	12	,	,	PUNCT
cblr-5117	491	13	supra	supra	PROPN
cblr-5117	491	14	note	note	PROPN
cblr-5117	491	15	29	29	NUM
cblr-5117	491	16	(	(	PUNCT
cblr-5117	491	17	quoting	quote	VERB
cblr-5117	491	18	vc04	vc04	PROPN
cblr-5117	491	19	:	:	PUNCT
cblr-5117	491	20	“	"	PUNCT
cblr-5117	491	21	one	one	NUM
cblr-5117	491	22	of	of	ADP
cblr-5117	491	23	the	the	DET
cblr-5117	491	24	things	thing	NOUN
cblr-5117	491	25	that	that	PRON
cblr-5117	491	26	i	i	PRON
cblr-5117	491	27	’ve	’ve	AUX
cblr-5117	491	28	seen	see	VERB
cblr-5117	491	29	a	a	DET
cblr-5117	491	30	lot	lot	NOUN
cblr-5117	491	31	of	of	ADP
cblr-5117	491	32	,	,	PUNCT
cblr-5117	491	33	particularly	particularly	ADV
cblr-5117	491	34	over	over	ADP
cblr-5117	491	35	the	the	DET
cblr-5117	491	36	last	last	ADJ
cblr-5117	491	37	few	few	ADJ
cblr-5117	491	38	years	year	NOUN
cblr-5117	491	39	,	,	PUNCT
cblr-5117	491	40	are	be	AUX
cblr-5117	491	41	what	what	PRON
cblr-5117	491	42	i	i	PRON
cblr-5117	491	43	call	call	VERB
cblr-5117	491	44	“	"	PUNCT
cblr-5117	491	45	cliff	cliff	NOUN
cblr-5117	491	46	jumpers	jumper	NOUN
cblr-5117	491	47	.	.	PUNCT
cblr-5117	491	48	”	"	PUNCT
cblr-5117	492	1	where	where	SCONJ
cblr-5117	492	2	they	they	PRON
cblr-5117	492	3	get	get	VERB
cblr-5117	492	4	past	past	ADJ
cblr-5117	492	5	there	there	ADV
cblr-5117	492	6	one	one	NUM
cblr-5117	492	7	year	year	NOUN
cblr-5117	492	8	vesting	vest	VERB
cblr-5117	492	9	cliff	cliff	NOUN
cblr-5117	492	10	.	.	PUNCT
cblr-5117	493	1	.	.	PUNCT
cblr-5117	494	1	.	.	PUNCT
cblr-5117	495	1	and	and	CCONJ
cblr-5117	495	2	then	then	ADV
cblr-5117	495	3	they	they	PRON
cblr-5117	495	4	jump	jump	VERB
cblr-5117	495	5	out	out	ADP
cblr-5117	495	6	of	of	ADP
cblr-5117	495	7	the	the	DET
cblr-5117	495	8	company	company	NOUN
cblr-5117	495	9	.	.	PUNCT
cblr-5117	495	10	”	"	PUNCT
cblr-5117	495	11	)	)	PUNCT
cblr-5117	495	12	;	;	PUNCT
cblr-5117	495	13	interviews	interview	NOUN
cblr-5117	495	14	,	,	PUNCT
cblr-5117	495	15	supra	supra	PROPN
cblr-5117	495	16	note	note	PROPN
cblr-5117	495	17	29	29	NUM
cblr-5117	495	18	(	(	PUNCT
cblr-5117	495	19	quoting	quote	VERB
cblr-5117	495	20	e02	e02	NOUN
cblr-5117	495	21	:	:	PUNCT
cblr-5117	495	22	“	"	PUNCT
cblr-5117	495	23	there	there	PRON
cblr-5117	495	24	was	be	VERB
cblr-5117	495	25	a	a	DET
cblr-5117	495	26	period	period	NOUN
cblr-5117	495	27	where	where	SCONJ
cblr-5117	495	28	i	i	PRON
cblr-5117	495	29	was	be	AUX
cblr-5117	495	30	not	not	PART
cblr-5117	495	31	that	that	ADV
cblr-5117	495	32	happy	happy	ADJ
cblr-5117	495	33	with	with	ADP
cblr-5117	495	34	my	my	PRON
cblr-5117	495	35	job	job	NOUN
cblr-5117	495	36	and	and	CCONJ
cblr-5117	495	37	i	i	PRON
cblr-5117	495	38	considered	consider	VERB
cblr-5117	495	39	looking	look	VERB
cblr-5117	495	40	around	around	ADV
cblr-5117	496	1	and	and	CCONJ
cblr-5117	496	2	i	i	PRON
cblr-5117	496	3	thought	think	VERB
cblr-5117	496	4	,	,	PUNCT
cblr-5117	496	5	well	well	INTJ
cblr-5117	496	6	what	what	PRON
cblr-5117	496	7	’s	’	VERB
cblr-5117	496	8	the	the	DET
cblr-5117	496	9	timing	timing	NOUN
cblr-5117	496	10	,	,	PUNCT
cblr-5117	496	11	i	i	PRON
cblr-5117	496	12	should	should	AUX
cblr-5117	496	13	wait	wait	VERB
cblr-5117	496	14	until	until	ADP
cblr-5117	496	15	at	at	ADP
cblr-5117	496	16	least	least	ADJ
cblr-5117	496	17	the	the	DET
cblr-5117	496	18	first	first	ADJ
cblr-5117	496	19	year	year	NOUN
cblr-5117	496	20	when	when	SCONJ
cblr-5117	496	21	some	some	DET
cblr-5117	496	22	stuff	stuff	NOUN
cblr-5117	496	23	vests	vest	NOUN
cblr-5117	496	24	.	.	PUNCT
cblr-5117	496	25	”	"	PUNCT
cblr-5117	496	26	)	)	PUNCT
cblr-5117	496	27	.	.	PUNCT
cblr-5117	497	1	124	124	NUM
cblr-5117	497	2	see	see	VERB
cblr-5117	497	3	aran	aran	NOUN
cblr-5117	497	4	,	,	PUNCT
cblr-5117	497	5	supra	supra	PROPN
cblr-5117	497	6	note	note	NOUN
cblr-5117	497	7	4	4	NUM
cblr-5117	497	8	,	,	PUNCT
cblr-5117	497	9	at	at	ADP
cblr-5117	497	10	1267	1267	NUM
cblr-5117	497	11	(	(	PUNCT
cblr-5117	497	12	explaining	explain	VERB
cblr-5117	497	13	the	the	DET
cblr-5117	497	14	tax	tax	NOUN
cblr-5117	497	15	implications	implication	NOUN
cblr-5117	497	16	of	of	ADP
cblr-5117	497	17	leaving	leave	VERB
cblr-5117	497	18	a	a	DET
cblr-5117	497	19	startup	startup	NOUN
cblr-5117	497	20	and	and	CCONJ
cblr-5117	497	21	exercising	exercise	VERB
cblr-5117	497	22	stock	stock	NOUN
cblr-5117	497	23	options	option	NOUN
cblr-5117	497	24	)	)	PUNCT
cblr-5117	497	25	;	;	PUNCT
cblr-5117	497	26	see	see	VERB
cblr-5117	497	27	also	also	ADV
cblr-5117	497	28	cable	cable	NOUN
cblr-5117	497	29	,	,	PUNCT
cblr-5117	497	30	supra	supra	PROPN
cblr-5117	497	31	note	note	NOUN
cblr-5117	497	32	5	5	NUM
cblr-5117	497	33	at	at	ADP
cblr-5117	497	34	617	617	NUM
cblr-5117	497	35	(	(	PUNCT
cblr-5117	497	36	discussing	discuss	VERB
cblr-5117	497	37	the	the	DET
cblr-5117	497	38	case	case	NOUN
cblr-5117	497	39	of	of	ADP
cblr-5117	497	40	good	good	ADJ
cblr-5117	497	41	technology	technology	NOUN
cblr-5117	497	42	employees	employee	NOUN
cblr-5117	497	43	)	)	PUNCT
cblr-5117	497	44	;	;	PUNCT
cblr-5117	497	45	matt	matt	PROPN
cblr-5117	497	46	levine	levine	PROPN
cblr-5117	497	47	,	,	PUNCT
cblr-5117	497	48	work	work	NOUN
cblr-5117	497	49	for	for	ADP
cblr-5117	497	50	uber	uber	NOUN
cblr-5117	497	51	,	,	PUNCT
cblr-5117	497	52	wind	wind	VERB
cblr-5117	497	53	up	up	ADP
cblr-5117	497	54	in	in	ADP
cblr-5117	497	55	debt	debt	NOUN
cblr-5117	497	56	,	,	PUNCT
cblr-5117	497	57	bloomberg	bloomberg	PROPN
cblr-5117	497	58	opinion	opinion	NOUN
cblr-5117	497	59	(	(	PUNCT
cblr-5117	497	60	december	december	PROPN
cblr-5117	497	61	12	12	NUM
cblr-5117	497	62	,	,	PUNCT
cblr-5117	497	63	2017	2017	NUM
cblr-5117	497	64	)	)	PUNCT
cblr-5117	497	65	,	,	PUNCT
cblr-5117	497	66	https://www.bloomberg.com/opinion/articles/2017-12-13/work-for-uberwind-up-in-debt	https://www.bloomberg.com/opinion/articles/2017-12-13/work-for-uberwind-up-in-debt	PROPN
cblr-5117	498	1	[	[	X
cblr-5117	498	2	https://perma.cc/5elq-5cxt	https://perma.cc/5elq-5cxt	X
cblr-5117	498	3	]	]	PUNCT
cblr-5117	498	4	(	(	PUNCT
cblr-5117	498	5	bringing	bring	VERB
cblr-5117	498	6	the	the	DET
cblr-5117	498	7	story	story	NOUN
cblr-5117	498	8	of	of	ADP
cblr-5117	498	9	two	two	NUM
cblr-5117	498	10	uber	uber	ADJ
cblr-5117	498	11	employees	employee	NOUN
cblr-5117	498	12	who	who	PRON
cblr-5117	498	13	took	take	VERB
cblr-5117	498	14	on	on	ADP
cblr-5117	498	15	debt	debt	NOUN
cblr-5117	498	16	to	to	PART
cblr-5117	498	17	exercise	exercise	VERB
cblr-5117	498	18	stock	stock	NOUN
cblr-5117	498	19	options	option	NOUN
cblr-5117	498	20	)	)	PUNCT
cblr-5117	498	21	.	.	PUNCT
cblr-5117	499	1	125	125	NUM
cblr-5117	499	2	out	out	ADP
cblr-5117	499	3	of	of	ADP
cblr-5117	499	4	1,114	1,114	NUM
cblr-5117	499	5	college	college	NOUN
cblr-5117	499	6	-	-	PUNCT
cblr-5117	499	7	educated	educate	VERB
cblr-5117	499	8	technology	technology	NOUN
cblr-5117	499	9	workers	worker	NOUN
cblr-5117	499	10	who	who	PRON
cblr-5117	499	11	were	be	AUX
cblr-5117	499	12	asked	ask	VERB
cblr-5117	499	13	to	to	PART
cblr-5117	499	14	complete	complete	VERB
cblr-5117	499	15	the	the	DET
cblr-5117	499	16	sentence	sentence	NOUN
cblr-5117	499	17	“	"	PUNCT
cblr-5117	499	18	[	[	X
cblr-5117	499	19	m]ost	m]ost	NOUN
cblr-5117	499	20	of	of	ADP
cblr-5117	499	21	my	my	PRON
cblr-5117	499	22	friends	friend	NOUN
cblr-5117	499	23	and	and	CCONJ
cblr-5117	499	24	colleagues	colleague	NOUN
cblr-5117	499	25	think	think	VERB
cblr-5117	499	26	about	about	ADP
cblr-5117	499	27	equity	equity	NOUN
cblr-5117	499	28	-	-	PUNCT
cblr-5117	499	29	based	base	VERB
cblr-5117	499	30	compensation	compensation	NOUN
cblr-5117	499	31	from	from	ADP
cblr-5117	499	32	a	a	DET
cblr-5117	499	33	start	start	NOUN
cblr-5117	499	34	-	-	PUNCT
cblr-5117	499	35	up	up	NOUN
cblr-5117	499	36	as	as	ADP
cblr-5117	499	37	a	a	DET
cblr-5117	499	38	form	form	NOUN
cblr-5117	499	39	of	of	ADP
cblr-5117	499	40	_	_	PUNCT
cblr-5117	499	41	_	_	PUNCT
cblr-5117	500	1	_	_	PUNCT
cblr-5117	500	2	,	,	PUNCT
cblr-5117	500	3	”	"	PUNCT
cblr-5117	500	4	only	only	ADV
cblr-5117	500	5	22	22	NUM
cblr-5117	500	6	%	%	NOUN
cblr-5117	500	7	(	(	PUNCT
cblr-5117	500	8	244	244	NUM
cblr-5117	500	9	respondents	respondent	NOUN
cblr-5117	500	10	)	)	PUNCT
cblr-5117	500	11	answered	answer	VERB
cblr-5117	500	12	“	"	PUNCT
cblr-5117	500	13	bonus	bonus	NOUN
cblr-5117	500	14	or	or	CCONJ
cblr-5117	500	15	benefit	benefit	NOUN
cblr-5117	500	16	.	.	PUNCT
cblr-5117	500	17	”	"	PUNCT
cblr-5117	501	1	24	24	NUM
cblr-5117	501	2	%	%	NOUN
cblr-5117	501	3	(	(	PUNCT
cblr-5117	501	4	272	272	NUM
cblr-5117	501	5	respondents	respondent	NOUN
cblr-5117	501	6	)	)	PUNCT
cblr-5117	501	7	chose	choose	VERB
cblr-5117	501	8	“	"	PUNCT
cblr-5117	501	9	investment	investment	NOUN
cblr-5117	501	10	or	or	CCONJ
cblr-5117	501	11	savings	saving	NOUN
cblr-5117	501	12	plan	plan	NOUN
cblr-5117	501	13	”	"	PUNCT
cblr-5117	501	14	;	;	PUNCT
cblr-5117	501	15	13	13	NUM
cblr-5117	501	16	%	%	NOUN
cblr-5117	501	17	(	(	PUNCT
cblr-5117	501	18	145	145	NUM
cblr-5117	501	19	respondents	respondent	NOUN
cblr-5117	501	20	)	)	PUNCT
cblr-5117	501	21	chose	choose	VERB
cblr-5117	501	22	“	"	PUNCT
cblr-5117	501	23	salary	salary	NOUN
cblr-5117	501	24	,	,	PUNCT
cblr-5117	501	25	wage	wage	NOUN
cblr-5117	501	26	or	or	CCONJ
cblr-5117	501	27	pay	pay	NOUN
cblr-5117	501	28	”	"	PUNCT
cblr-5117	501	29	;	;	PUNCT
cblr-5117	501	30	21	21	NUM
cblr-5117	501	31	%	%	NOUN
cblr-5117	501	32	(	(	PUNCT
cblr-5117	501	33	236	236	NUM
cblr-5117	501	34	respondents	respondent	NOUN
cblr-5117	501	35	)	)	PUNCT
cblr-5117	501	36	chose	choose	VERB
cblr-5117	501	37	“	"	PUNCT
cblr-5117	501	38	incentive	incentive	NOUN
cblr-5117	501	39	or	or	CCONJ
cblr-5117	501	40	incentive	incentive	NOUN
cblr-5117	501	41	alignment	alignment	NOUN
cblr-5117	501	42	device	device	NOUN
cblr-5117	501	43	”	"	PUNCT
cblr-5117	501	44	;	;	PUNCT
cblr-5117	501	45	7	7	NUM
cblr-5117	501	46	%	%	NOUN
cblr-5117	501	47	(	(	PUNCT
cblr-5117	501	48	80	80	NUM
cblr-5117	501	49	respondents	respondent	NOUN
cblr-5117	501	50	)	)	PUNCT
cblr-5117	501	51	chose	choose	VERB
cblr-5117	501	52	“	"	PUNCT
cblr-5117	501	53	lottery	lottery	NOUN
cblr-5117	501	54	ticket	ticket	NOUN
cblr-5117	501	55	”	"	PUNCT
cblr-5117	501	56	,	,	PUNCT
cblr-5117	501	57	and	and	CCONJ
cblr-5117	501	58	12	12	NUM
cblr-5117	501	59	%	%	NOUN
cblr-5117	501	60	(	(	PUNCT
cblr-5117	501	61	137	137	NUM
cblr-5117	501	62	respondents	respondent	NOUN
cblr-5117	501	63	)	)	PUNCT
cblr-5117	501	64	chose	choose	VERB
cblr-5117	501	65	“	"	PUNCT
cblr-5117	501	66	they	they	PRON
cblr-5117	501	67	never	never	ADV
cblr-5117	501	68	think	think	VERB
cblr-5117	501	69	about	about	ADP
cblr-5117	501	70	it	it	PRON
cblr-5117	501	71	.	.	PUNCT
cblr-5117	501	72	”	"	PUNCT
cblr-5117	502	1	see	see	VERB
cblr-5117	502	2	aran	aran	NOUN
cblr-5117	502	3	,	,	PUNCT
cblr-5117	502	4	supra	supra	PROPN
cblr-5117	502	5	note	note	NOUN
cblr-5117	502	6	30	30	NUM
cblr-5117	502	7	.	.	PUNCT
cblr-5117	503	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	503	2	(	(	PUNCT
cblr-5117	503	3	do	do	AUX
cblr-5117	503	4	not	not	PART
cblr-5117	503	5	delte	delte	VERB
cblr-5117	503	6	)	)	PUNCT
cblr-5117	503	7	1/8/2020	1/8/2020	NUM
cblr-5117	503	8	4:44	4:44	NUM
cblr-5117	503	9	pm	pm	NOUN
cblr-5117	503	10	902	902	NUM
cblr-5117	503	11	columbia	columbia	PROPN
cblr-5117	503	12	business	business	NOUN
cblr-5117	503	13	law	law	PROPN
cblr-5117	503	14	review	review	NOUN
cblr-5117	504	1	[	[	X
cblr-5117	504	2	vol	vol	NOUN
cblr-5117	504	3	.	.	NOUN
cblr-5117	504	4	2019	2019	NUM
cblr-5117	504	5	c.	c.	NOUN
cblr-5117	504	6	alternative	alternative	ADJ
cblr-5117	504	7	reasoning	reasoning	NOUN
cblr-5117	504	8	for	for	ADP
cblr-5117	504	9	regulating	regulate	VERB
cblr-5117	504	10	start	start	NOUN
cblr-5117	504	11	-	-	PUNCT
cblr-5117	504	12	up	up	ADP
cblr-5117	504	13	equity	equity	NOUN
cblr-5117	504	14	compensation	compensation	NOUN
cblr-5117	504	15	the	the	DET
cblr-5117	504	16	rationales	rationale	NOUN
cblr-5117	504	17	offered	offer	VERB
cblr-5117	504	18	by	by	ADP
cblr-5117	504	19	the	the	DET
cblr-5117	504	20	sec	sec	PROPN
cblr-5117	504	21	for	for	ADP
cblr-5117	504	22	the	the	DET
cblr-5117	504	23	disclosure	disclosure	NOUN
cblr-5117	504	24	provisions	provision	NOUN
cblr-5117	504	25	of	of	ADP
cblr-5117	504	26	rule	rule	NOUN
cblr-5117	504	27	701	701	NUM
cblr-5117	504	28	are	be	AUX
cblr-5117	504	29	unpersuasive	unpersuasive	ADJ
cblr-5117	504	30	,	,	PUNCT
cblr-5117	504	31	revealing	reveal	VERB
cblr-5117	504	32	a	a	DET
cblr-5117	504	33	need	need	NOUN
cblr-5117	504	34	for	for	ADP
cblr-5117	504	35	a	a	DET
cblr-5117	504	36	more	more	ADV
cblr-5117	504	37	contextualized	contextualized	ADJ
cblr-5117	504	38	understanding	understanding	NOUN
cblr-5117	504	39	of	of	ADP
cblr-5117	504	40	the	the	DET
cblr-5117	504	41	equity	equity	NOUN
cblr-5117	504	42	compensation	compensation	NOUN
cblr-5117	504	43	market	market	NOUN
cblr-5117	504	44	.	.	PUNCT
cblr-5117	505	1	this	this	DET
cblr-5117	505	2	section	section	NOUN
cblr-5117	505	3	argues	argue	VERB
cblr-5117	505	4	that	that	SCONJ
cblr-5117	505	5	rather	rather	ADV
cblr-5117	505	6	than	than	ADP
cblr-5117	505	7	comparing	compare	VERB
cblr-5117	505	8	employees	employee	NOUN
cblr-5117	505	9	to	to	ADP
cblr-5117	505	10	the	the	DET
cblr-5117	505	11	paradigmatic	paradigmatic	ADJ
cblr-5117	505	12	case	case	NOUN
cblr-5117	505	13	of	of	ADP
cblr-5117	505	14	the	the	DET
cblr-5117	505	15	nonaccredited	nonaccredite	VERB
cblr-5117	505	16	capital	capital	NOUN
cblr-5117	505	17	investor	investor	NOUN
cblr-5117	505	18	and	and	CCONJ
cblr-5117	505	19	debating	debate	VERB
cblr-5117	505	20	whether	whether	SCONJ
cblr-5117	505	21	employees	employee	NOUN
cblr-5117	505	22	need	need	VERB
cblr-5117	505	23	access	access	NOUN
cblr-5117	505	24	to	to	ADP
cblr-5117	505	25	the	the	DET
cblr-5117	505	26	firm	firm	NOUN
cblr-5117	505	27	’s	’s	PART
cblr-5117	505	28	financial	financial	ADJ
cblr-5117	505	29	statements	statement	NOUN
cblr-5117	505	30	or	or	CCONJ
cblr-5117	505	31	not	not	PART
cblr-5117	505	32	,	,	PUNCT
cblr-5117	505	33	the	the	DET
cblr-5117	505	34	sec	sec	PROPN
cblr-5117	505	35	’s	’s	PART
cblr-5117	505	36	policy	policy	NOUN
cblr-5117	505	37	should	should	AUX
cblr-5117	505	38	take	take	VERB
cblr-5117	505	39	into	into	ADP
cblr-5117	505	40	account	account	NOUN
cblr-5117	505	41	the	the	DET
cblr-5117	505	42	unique	unique	ADJ
cblr-5117	505	43	attributes	attribute	NOUN
cblr-5117	505	44	of	of	ADP
cblr-5117	505	45	the	the	DET
cblr-5117	505	46	start	start	VERB
cblr-5117	505	47	-	-	PUNCT
cblr-5117	505	48	up	up	ADP
cblr-5117	505	49	equity	equity	NOUN
cblr-5117	505	50	market	market	NOUN
cblr-5117	505	51	.	.	PUNCT
cblr-5117	506	1	unlike	unlike	ADP
cblr-5117	506	2	that	that	PRON
cblr-5117	506	3	of	of	ADP
cblr-5117	506	4	public	public	ADJ
cblr-5117	506	5	exchanges	exchange	NOUN
cblr-5117	506	6	,	,	PUNCT
cblr-5117	506	7	this	this	DET
cblr-5117	506	8	market	market	NOUN
cblr-5117	506	9	is	be	AUX
cblr-5117	506	10	inefficient	inefficient	ADJ
cblr-5117	506	11	and	and	CCONJ
cblr-5117	506	12	illiquid	illiquid	ADJ
cblr-5117	506	13	,	,	PUNCT
cblr-5117	506	14	and	and	CCONJ
cblr-5117	506	15	information	information	NOUN
cblr-5117	506	16	can	can	AUX
cblr-5117	506	17	not	not	PART
cblr-5117	506	18	be	be	AUX
cblr-5117	506	19	assumed	assume	VERB
cblr-5117	506	20	to	to	PART
cblr-5117	506	21	be	be	AUX
cblr-5117	506	22	reflected	reflect	VERB
cblr-5117	506	23	in	in	ADP
cblr-5117	506	24	equity	equity	NOUN
cblr-5117	506	25	’	'	PUNCT
cblr-5117	506	26	prices	price	NOUN
cblr-5117	506	27	.	.	PUNCT
cblr-5117	507	1	1	1	X
cblr-5117	507	2	.	.	X
cblr-5117	507	3	employees	employee	NOUN
cblr-5117	507	4	are	be	AUX
cblr-5117	507	5	(	(	PUNCT
cblr-5117	507	6	generally	generally	ADV
cblr-5117	507	7	)	)	PUNCT
cblr-5117	507	8	unsophisticated	unsophisticated	ADJ
cblr-5117	507	9	investors	investor	NOUN
cblr-5117	507	10	the	the	DET
cblr-5117	507	11	starting	starting	NOUN
cblr-5117	507	12	point	point	NOUN
cblr-5117	507	13	for	for	ADP
cblr-5117	507	14	the	the	DET
cblr-5117	507	15	discussion	discussion	NOUN
cblr-5117	507	16	about	about	ADP
cblr-5117	507	17	employees	employee	NOUN
cblr-5117	507	18	’	'	PUNCT
cblr-5117	507	19	need	need	VERB
cblr-5117	507	20	for	for	ADP
cblr-5117	507	21	information	information	NOUN
cblr-5117	507	22	lies	lie	VERB
cblr-5117	507	23	with	with	ADP
cblr-5117	507	24	the	the	DET
cblr-5117	507	25	recognition	recognition	NOUN
cblr-5117	507	26	that	that	SCONJ
cblr-5117	507	27	,	,	PUNCT
cblr-5117	507	28	in	in	ADP
cblr-5117	507	29	general	general	ADJ
cblr-5117	507	30	,	,	PUNCT
cblr-5117	507	31	rank	rank	NOUN
cblr-5117	507	32	-	-	PUNCT
cblr-5117	507	33	and	and	CCONJ
cblr-5117	507	34	-	-	PUNCT
cblr-5117	507	35	file	file	NOUN
cblr-5117	507	36	employees	employee	NOUN
cblr-5117	507	37	are	be	AUX
cblr-5117	507	38	unsophisticated	unsophisticated	ADJ
cblr-5117	507	39	investors.126	investors.126	NOUN
cblr-5117	507	40	as	as	ADP
cblr-5117	507	41	such	such	ADJ
cblr-5117	507	42	,	,	PUNCT
cblr-5117	507	43	smart	smart	ADJ
cblr-5117	507	44	and	and	CCONJ
cblr-5117	507	45	talented	talented	ADJ
cblr-5117	507	46	as	as	SCONJ
cblr-5117	507	47	they	they	PRON
cblr-5117	507	48	are	be	AUX
cblr-5117	507	49	,	,	PUNCT
cblr-5117	507	50	they	they	PRON
cblr-5117	507	51	typically	typically	ADV
cblr-5117	507	52	lack	lack	VERB
cblr-5117	507	53	the	the	DET
cblr-5117	507	54	skills	skill	NOUN
cblr-5117	507	55	and	and	CCONJ
cblr-5117	507	56	knowledge	knowledge	NOUN
cblr-5117	507	57	needed	need	VERB
cblr-5117	507	58	to	to	PART
cblr-5117	507	59	properly	properly	ADV
cblr-5117	507	60	read	read	VERB
cblr-5117	507	61	and	and	CCONJ
cblr-5117	507	62	analyze	analyze	VERB
cblr-5117	507	63	126	126	NUM
cblr-5117	507	64	see	see	VERB
cblr-5117	507	65	sec	sec	PROPN
cblr-5117	507	66	v.	v.	PROPN
cblr-5117	507	67	ralston	ralston	PROPN
cblr-5117	507	68	purina	purina	PROPN
cblr-5117	507	69	co	co	PROPN
cblr-5117	507	70	,	,	PUNCT
cblr-5117	507	71	346	346	NUM
cblr-5117	507	72	u.s	u.s	PROPN
cblr-5117	507	73	.	.	PROPN
cblr-5117	507	74	119	119	NUM
cblr-5117	507	75	,	,	PUNCT
cblr-5117	507	76	126	126	NUM
cblr-5117	507	77	(	(	PUNCT
cblr-5117	507	78	1952	1952	NUM
cblr-5117	507	79	)	)	PUNCT
cblr-5117	507	80	(	(	PUNCT
cblr-5117	507	81	“	"	PUNCT
cblr-5117	507	82	absent	absent	ADJ
cblr-5117	507	83	.	.	PUNCT
cblr-5117	507	84	.	.	PUNCT
cblr-5117	507	85	.	.	PUNCT
cblr-5117	508	1	a	a	DET
cblr-5117	508	2	showing	showing	NOUN
cblr-5117	508	3	of	of	ADP
cblr-5117	508	4	special	special	ADJ
cblr-5117	508	5	circumstances	circumstance	NOUN
cblr-5117	508	6	,	,	PUNCT
cblr-5117	508	7	employees	employee	NOUN
cblr-5117	508	8	are	be	AUX
cblr-5117	508	9	just	just	ADV
cblr-5117	508	10	as	as	ADV
cblr-5117	508	11	much	much	ADJ
cblr-5117	508	12	members	member	NOUN
cblr-5117	508	13	of	of	ADP
cblr-5117	508	14	the	the	DET
cblr-5117	508	15	investing	investing	NOUN
cblr-5117	508	16	‘	'	PUNCT
cblr-5117	508	17	public	public	ADJ
cblr-5117	508	18	’	'	PUNCT
cblr-5117	508	19	as	as	ADP
cblr-5117	508	20	any	any	PRON
cblr-5117	508	21	of	of	ADP
cblr-5117	508	22	their	their	PRON
cblr-5117	508	23	neighbors	neighbor	NOUN
cblr-5117	508	24	in	in	ADP
cblr-5117	508	25	the	the	DET
cblr-5117	508	26	community	community	NOUN
cblr-5117	508	27	.	.	PUNCT
cblr-5117	508	28	”	"	PUNCT
cblr-5117	508	29	)	)	PUNCT
cblr-5117	508	30	.	.	PUNCT
cblr-5117	509	1	ample	ample	ADJ
cblr-5117	509	2	economic	economic	ADJ
cblr-5117	509	3	research	research	NOUN
cblr-5117	509	4	on	on	ADP
cblr-5117	509	5	employee	employee	NOUN
cblr-5117	509	6	stock	stock	NOUN
cblr-5117	509	7	options	option	NOUN
cblr-5117	509	8	in	in	ADP
cblr-5117	509	9	public	public	ADJ
cblr-5117	509	10	companies	company	NOUN
cblr-5117	509	11	has	have	AUX
cblr-5117	509	12	demonstrated	demonstrate	VERB
cblr-5117	509	13	that	that	SCONJ
cblr-5117	509	14	employees	employee	NOUN
cblr-5117	509	15	’	’	PART
cblr-5117	509	16	evaluation	evaluation	NOUN
cblr-5117	509	17	of	of	ADP
cblr-5117	509	18	equity	equity	NOUN
cblr-5117	509	19	-	-	PUNCT
cblr-5117	509	20	based	base	VERB
cblr-5117	509	21	compensation	compensation	NOUN
cblr-5117	509	22	does	do	AUX
cblr-5117	509	23	not	not	PART
cblr-5117	509	24	accord	accord	VERB
cblr-5117	509	25	with	with	ADP
cblr-5117	509	26	financial	financial	ADJ
cblr-5117	509	27	models	model	NOUN
cblr-5117	509	28	and	and	CCONJ
cblr-5117	509	29	tends	tend	VERB
cblr-5117	509	30	to	to	PART
cblr-5117	509	31	fall	fall	VERB
cblr-5117	509	32	on	on	ADP
cblr-5117	509	33	the	the	DET
cblr-5117	509	34	overvaluation	overvaluation	NOUN
cblr-5117	509	35	side	side	NOUN
cblr-5117	509	36	.	.	PUNCT
cblr-5117	510	1	see	see	VERB
cblr-5117	510	2	,	,	PUNCT
cblr-5117	510	3	e.g.	e.g.	ADV
cblr-5117	510	4	,	,	PUNCT
cblr-5117	510	5	oliver	oliver	PROPN
cblr-5117	510	6	g.	g.	PROPN
cblr-5117	510	7	spalt	spalt	PROPN
cblr-5117	510	8	,	,	PUNCT
cblr-5117	510	9	probability	probability	NOUN
cblr-5117	510	10	weighting	weighting	NOUN
cblr-5117	510	11	and	and	CCONJ
cblr-5117	510	12	employee	employee	NOUN
cblr-5117	510	13	stock	stock	NOUN
cblr-5117	510	14	options	option	NOUN
cblr-5117	510	15	,	,	PUNCT
cblr-5117	510	16	48	48	NUM
cblr-5117	510	17	j.	j.	PROPN
cblr-5117	510	18	fin	fin	PROPN
cblr-5117	510	19	.	.	PUNCT
cblr-5117	511	1	&	&	CCONJ
cblr-5117	511	2	quantitative	quantitative	ADJ
cblr-5117	511	3	analysis	analysis	NOUN
cblr-5117	511	4	1085	1085	NUM
cblr-5117	511	5	,	,	PUNCT
cblr-5117	511	6	1087	1087	NUM
cblr-5117	511	7	(	(	PUNCT
cblr-5117	511	8	2013	2013	NUM
cblr-5117	511	9	)	)	PUNCT
cblr-5117	511	10	(	(	PUNCT
cblr-5117	511	11	explaining	explain	VERB
cblr-5117	511	12	employees	employee	NOUN
cblr-5117	511	13	’	’	PART
cblr-5117	511	14	preference	preference	NOUN
cblr-5117	511	15	for	for	ADP
cblr-5117	511	16	stock	stock	NOUN
cblr-5117	511	17	options	option	NOUN
cblr-5117	511	18	using	use	VERB
cblr-5117	511	19	prospect	prospect	NOUN
cblr-5117	511	20	theory	theory	NOUN
cblr-5117	511	21	’s	’s	PART
cblr-5117	511	22	probability	probability	NOUN
cblr-5117	511	23	weighting	weight	VERB
cblr-5117	511	24	function	function	NOUN
cblr-5117	511	25	which	which	PRON
cblr-5117	511	26	holds	hold	VERB
cblr-5117	511	27	that	that	SCONJ
cblr-5117	511	28	people	people	NOUN
cblr-5117	511	29	tend	tend	VERB
cblr-5117	511	30	to	to	PART
cblr-5117	511	31	overreact	overreact	VERB
cblr-5117	511	32	to	to	ADP
cblr-5117	511	33	small	small	ADJ
cblr-5117	511	34	probability	probability	NOUN
cblr-5117	511	35	events	event	NOUN
cblr-5117	511	36	and	and	CCONJ
cblr-5117	511	37	underreact	underreact	ADJ
cblr-5117	511	38	to	to	ADP
cblr-5117	511	39	large	large	ADJ
cblr-5117	511	40	probabilities	probability	NOUN
cblr-5117	511	41	)	)	PUNCT
cblr-5117	511	42	;	;	PUNCT
cblr-5117	511	43	see	see	VERB
cblr-5117	511	44	also	also	ADV
cblr-5117	511	45	kevin	kevin	PROPN
cblr-5117	511	46	f.	f.	PROPN
cblr-5117	511	47	hallock	hallock	PROPN
cblr-5117	511	48	&	&	CCONJ
cblr-5117	511	49	craig	craig	PROPN
cblr-5117	511	50	a	a	DET
cblr-5117	511	51	olson	olson	NOUN
cblr-5117	511	52	,	,	PUNCT
cblr-5117	511	53	the	the	DET
cblr-5117	511	54	value	value	NOUN
cblr-5117	511	55	of	of	ADP
cblr-5117	511	56	stock	stock	NOUN
cblr-5117	511	57	options	option	NOUN
cblr-5117	511	58	to	to	ADP
cblr-5117	511	59	non	non	ADJ
cblr-5117	511	60	-	-	ADJ
cblr-5117	511	61	executive	executive	ADJ
cblr-5117	511	62	employees	employee	NOUN
cblr-5117	511	63	19	19	NUM
cblr-5117	511	64	(	(	PUNCT
cblr-5117	511	65	nat’l	nat’l	NUM
cblr-5117	511	66	bureau	bureau	PROPN
cblr-5117	511	67	of	of	ADP
cblr-5117	511	68	econ	econ	PROPN
cblr-5117	511	69	.	.	PUNCT
cblr-5117	512	1	research	research	NOUN
cblr-5117	512	2	working	working	NOUN
cblr-5117	512	3	paper	paper	NOUN
cblr-5117	512	4	11950	11950	NUM
cblr-5117	512	5	,	,	PUNCT
cblr-5117	512	6	2006	2006	NUM
cblr-5117	512	7	)	)	PUNCT
cblr-5117	512	8	(	(	PUNCT
cblr-5117	512	9	demonstrating	demonstrate	VERB
cblr-5117	512	10	that	that	SCONJ
cblr-5117	512	11	most	most	ADJ
cblr-5117	512	12	employees	employee	NOUN
cblr-5117	512	13	value	value	VERB
cblr-5117	512	14	their	their	PRON
cblr-5117	512	15	options	option	NOUN
cblr-5117	512	16	at	at	ADP
cblr-5117	512	17	a	a	DET
cblr-5117	512	18	value	value	NOUN
cblr-5117	512	19	greater	great	ADJ
cblr-5117	512	20	than	than	ADP
cblr-5117	512	21	their	their	PRON
cblr-5117	512	22	black	black	ADJ
cblr-5117	512	23	-	-	PUNCT
cblr-5117	512	24	scholes	schole	NOUN
cblr-5117	512	25	value	value	NOUN
cblr-5117	512	26	)	)	PUNCT
cblr-5117	512	27	;	;	PUNCT
cblr-5117	512	28	cynthia	cynthia	PROPN
cblr-5117	512	29	e.	e.	PROPN
cblr-5117	512	30	devers	devers	PROPN
cblr-5117	512	31	et	et	PROPN
cblr-5117	512	32	.	.	PUNCT
cblr-5117	513	1	al	al	PROPN
cblr-5117	513	2	.	.	PROPN
cblr-5117	513	3	,	,	PUNCT
cblr-5117	513	4	the	the	DET
cblr-5117	513	5	effects	effect	NOUN
cblr-5117	513	6	of	of	ADP
cblr-5117	513	7	endowment	endowment	NOUN
cblr-5117	513	8	and	and	CCONJ
cblr-5117	513	9	loss	loss	NOUN
cblr-5117	513	10	aversion	aversion	NOUN
cblr-5117	513	11	in	in	ADP
cblr-5117	513	12	managerial	managerial	ADJ
cblr-5117	513	13	stock	stock	NOUN
cblr-5117	513	14	option	option	NOUN
cblr-5117	513	15	valuation	valuation	NOUN
cblr-5117	513	16	,	,	PUNCT
cblr-5117	513	17	50	50	NUM
cblr-5117	513	18	acad	acad	NOUN
cblr-5117	513	19	.	.	PUNCT
cblr-5117	514	1	mgmt	mgmt	PROPN
cblr-5117	514	2	j.	j.	PROPN
cblr-5117	514	3	191	191	PROPN
cblr-5117	514	4	,	,	PUNCT
cblr-5117	514	5	192	192	NUM
cblr-5117	514	6	(	(	PUNCT
cblr-5117	514	7	2007	2007	NUM
cblr-5117	514	8	)	)	PUNCT
cblr-5117	514	9	(	(	PUNCT
cblr-5117	514	10	arguing	argue	VERB
cblr-5117	514	11	that	that	SCONJ
cblr-5117	514	12	endowment	endowment	ADJ
cblr-5117	514	13	effect	effect	NOUN
cblr-5117	514	14	and	and	CCONJ
cblr-5117	514	15	loss	loss	NOUN
cblr-5117	514	16	aversion	aversion	NOUN
cblr-5117	514	17	explain	explain	VERB
cblr-5117	514	18	employees	employee	NOUN
cblr-5117	514	19	’	’	PART
cblr-5117	514	20	exercise	exercise	NOUN
cblr-5117	514	21	decisions	decision	NOUN
cblr-5117	514	22	)	)	PUNCT
cblr-5117	514	23	.	.	PUNCT
cblr-5117	515	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	515	2	(	(	PUNCT
cblr-5117	515	3	do	do	AUX
cblr-5117	515	4	not	not	PART
cblr-5117	515	5	delete	delete	VERB
cblr-5117	515	6	)	)	PUNCT
cblr-5117	515	7	1/8/2020	1/8/2020	NUM
cblr-5117	515	8	4:44	4:44	NUM
cblr-5117	515	9	pm	pm	NOUN
cblr-5117	515	10	no	no	INTJ
cblr-5117	515	11	.	.	PUNCT
cblr-5117	516	1	3:867	3:867	NUM
cblr-5117	516	2	]	]	PUNCT
cblr-5117	516	3	making	make	VERB
cblr-5117	516	4	disclosure	disclosure	NOUN
cblr-5117	516	5	work	work	NOUN
cblr-5117	516	6	903	903	NUM
cblr-5117	516	7	financial	financial	ADJ
cblr-5117	516	8	statements	statement	NOUN
cblr-5117	516	9	.	.	PUNCT
cblr-5117	517	1	the	the	DET
cblr-5117	517	2	employees	employee	NOUN
cblr-5117	517	3	interviewed	interview	VERB
cblr-5117	517	4	for	for	ADP
cblr-5117	517	5	this	this	DET
cblr-5117	517	6	research	research	NOUN
cblr-5117	517	7	had	have	AUX
cblr-5117	517	8	either	either	CCONJ
cblr-5117	517	9	not	not	PART
cblr-5117	517	10	viewed	view	VERB
cblr-5117	517	11	their	their	PRON
cblr-5117	517	12	employer	employer	NOUN
cblr-5117	517	13	’s	’s	PART
cblr-5117	517	14	financial	financial	ADJ
cblr-5117	517	15	statements	statement	NOUN
cblr-5117	517	16	,	,	PUNCT
cblr-5117	517	17	or	or	CCONJ
cblr-5117	517	18	did	do	AUX
cblr-5117	517	19	not	not	PART
cblr-5117	517	20	know	know	VERB
cblr-5117	517	21	what	what	PRON
cblr-5117	517	22	to	to	PART
cblr-5117	517	23	make	make	VERB
cblr-5117	517	24	of	of	ADP
cblr-5117	517	25	them.127	them.127	NOUN
cblr-5117	517	26	likewise	likewise	ADV
cblr-5117	517	27	,	,	PUNCT
cblr-5117	517	28	the	the	DET
cblr-5117	517	29	lawyers	lawyer	NOUN
cblr-5117	517	30	interviewed	interview	VERB
cblr-5117	517	31	for	for	ADP
cblr-5117	517	32	this	this	DET
cblr-5117	517	33	research	research	NOUN
cblr-5117	517	34	held	hold	VERB
cblr-5117	517	35	that	that	SCONJ
cblr-5117	517	36	very	very	ADV
cblr-5117	517	37	few	few	ADJ
cblr-5117	517	38	employees	employee	NOUN
cblr-5117	517	39	use	use	VERB
cblr-5117	517	40	and	and	CCONJ
cblr-5117	517	41	find	find	VERB
cblr-5117	517	42	value	value	NOUN
cblr-5117	517	43	in	in	ADP
cblr-5117	517	44	the	the	DET
cblr-5117	517	45	opportunity	opportunity	NOUN
cblr-5117	517	46	to	to	PART
cblr-5117	517	47	access	access	VERB
cblr-5117	517	48	these	these	DET
cblr-5117	517	49	documents.128	documents.128	NOUN
cblr-5117	517	50	from	from	ADP
cblr-5117	517	51	the	the	DET
cblr-5117	517	52	perspective	perspective	NOUN
cblr-5117	517	53	of	of	ADP
cblr-5117	517	54	some	some	DET
cblr-5117	517	55	employers	employer	NOUN
cblr-5117	517	56	,	,	PUNCT
cblr-5117	517	57	employees	employee	NOUN
cblr-5117	517	58	who	who	PRON
cblr-5117	517	59	ask	ask	VERB
cblr-5117	517	60	to	to	PART
cblr-5117	517	61	review	review	VERB
cblr-5117	517	62	the	the	DET
cblr-5117	517	63	financial	financial	ADJ
cblr-5117	517	64	statements	statement	NOUN
cblr-5117	517	65	are	be	AUX
cblr-5117	517	66	signaling	signal	VERB
cblr-5117	517	67	that	that	SCONJ
cblr-5117	517	68	they	they	PRON
cblr-5117	517	69	are	be	AUX
cblr-5117	517	70	planning	plan	VERB
cblr-5117	517	71	to	to	PART
cblr-5117	517	72	leave	leave	VERB
cblr-5117	517	73	the	the	DET
cblr-5117	517	74	company.129	company.129	NOUN
cblr-5117	517	75	the	the	DET
cblr-5117	517	76	notion	notion	NOUN
cblr-5117	517	77	that	that	SCONJ
cblr-5117	517	78	employees	employee	NOUN
cblr-5117	517	79	need	need	VERB
cblr-5117	517	80	such	such	ADJ
cblr-5117	517	81	information	information	NOUN
cblr-5117	517	82	resembles	resemble	VERB
cblr-5117	517	83	a	a	DET
cblr-5117	517	84	concept	concept	NOUN
cblr-5117	517	85	that	that	PRON
cblr-5117	517	86	underlies	underlie	VERB
cblr-5117	517	87	much	much	ADJ
cblr-5117	517	88	of	of	ADP
cblr-5117	517	89	the	the	DET
cblr-5117	517	90	early	early	ADJ
cblr-5117	517	91	legal	legal	ADJ
cblr-5117	517	92	theory	theory	NOUN
cblr-5117	517	93	on	on	ADP
cblr-5117	517	94	securities	security	NOUN
cblr-5117	517	95	regulation	regulation	NOUN
cblr-5117	517	96	—	—	PUNCT
cblr-5117	517	97	that	that	PRON
cblr-5117	517	98	mandatory	mandatory	ADJ
cblr-5117	517	99	disclosure	disclosure	NOUN
cblr-5117	517	100	of	of	ADP
cblr-5117	517	101	financial	financial	ADJ
cblr-5117	517	102	information	information	NOUN
cblr-5117	517	103	enables	enable	VERB
cblr-5117	517	104	small	small	ADJ
cblr-5117	517	105	,	,	PUNCT
cblr-5117	517	106	unsophisticated	unsophisticated	ADJ
cblr-5117	517	107	investors	investor	NOUN
cblr-5117	517	108	to	to	PART
cblr-5117	517	109	make	make	VERB
cblr-5117	517	110	well	well	ADV
cblr-5117	517	111	-	-	PUNCT
cblr-5117	517	112	informed	inform	VERB
cblr-5117	517	113	investment	investment	NOUN
cblr-5117	518	1	decisions.130	decisions.130	NOUN
cblr-5117	518	2	the	the	DET
cblr-5117	518	3	problem	problem	NOUN
cblr-5117	518	4	with	with	ADP
cblr-5117	518	5	this	this	DET
cblr-5117	518	6	premise	premise	NOUN
cblr-5117	518	7	,	,	PUNCT
cblr-5117	518	8	as	as	SCONJ
cblr-5117	518	9	the	the	DET
cblr-5117	518	10	law	law	NOUN
cblr-5117	518	11	and	and	CCONJ
cblr-5117	518	12	economics	economic	NOUN
cblr-5117	518	13	theorists	theorist	NOUN
cblr-5117	518	14	frank	frank	PROPN
cblr-5117	518	15	easterbrook	easterbrook	PROPN
cblr-5117	518	16	and	and	CCONJ
cblr-5117	518	17	daniel	daniel	PROPN
cblr-5117	518	18	fischel	fischel	PROPN
cblr-5117	518	19	put	put	VERB
cblr-5117	518	20	it	it	PRON
cblr-5117	518	21	,	,	PUNCT
cblr-5117	518	22	is	be	AUX
cblr-5117	518	23	that	that	SCONJ
cblr-5117	518	24	it	it	PRON
cblr-5117	518	25	is	be	AUX
cblr-5117	518	26	just	just	ADV
cblr-5117	518	27	“	"	PUNCT
cblr-5117	518	28	as	as	ADV
cblr-5117	518	29	unsophisticated	unsophisticated	ADJ
cblr-5117	518	30	as	as	ADP
cblr-5117	518	31	the	the	DET
cblr-5117	518	32	investors	investor	NOUN
cblr-5117	518	33	it	it	PRON
cblr-5117	518	34	is	be	AUX
cblr-5117	518	35	supposed	suppose	VERB
cblr-5117	518	36	to	to	PART
cblr-5117	518	37	protect	protect	VERB
cblr-5117	518	38	.	.	PUNCT
cblr-5117	518	39	”131	”131	PROPN
cblr-5117	519	1	127	127	NUM
cblr-5117	519	2	see	see	NOUN
cblr-5117	519	3	interviews	interview	NOUN
cblr-5117	519	4	,	,	PUNCT
cblr-5117	519	5	supra	supra	PROPN
cblr-5117	519	6	note	note	PROPN
cblr-5117	519	7	29	29	NUM
cblr-5117	519	8	(	(	PUNCT
cblr-5117	519	9	referencing	reference	VERB
cblr-5117	519	10	e03	e03	NOUN
cblr-5117	519	11	accessing	access	VERB
cblr-5117	519	12	the	the	DET
cblr-5117	519	13	firm	firm	NOUN
cblr-5117	519	14	’s	’s	PART
cblr-5117	519	15	financial	financial	ADJ
cblr-5117	519	16	statements	statement	NOUN
cblr-5117	519	17	via	via	ADP
cblr-5117	519	18	intranet	intranet	NOUN
cblr-5117	519	19	portal	portal	NOUN
cblr-5117	519	20	but	but	CCONJ
cblr-5117	519	21	having	have	VERB
cblr-5117	519	22	“	"	PUNCT
cblr-5117	519	23	no	no	DET
cblr-5117	519	24	idea	idea	NOUN
cblr-5117	519	25	what	what	PRON
cblr-5117	519	26	they	they	PRON
cblr-5117	519	27	meant	mean	VERB
cblr-5117	519	28	”	"	PUNCT
cblr-5117	519	29	)	)	PUNCT
cblr-5117	519	30	;	;	PUNCT
cblr-5117	519	31	see	see	VERB
cblr-5117	519	32	also	also	ADV
cblr-5117	519	33	interviews	interview	NOUN
cblr-5117	519	34	,	,	PUNCT
cblr-5117	519	35	supra	supra	PROPN
cblr-5117	519	36	note	note	PROPN
cblr-5117	519	37	29	29	NUM
cblr-5117	519	38	(	(	PUNCT
cblr-5117	519	39	referencing	reference	VERB
cblr-5117	519	40	e05	e05	ADJ
cblr-5117	519	41	and	and	CCONJ
cblr-5117	519	42	e08	e08	NOUN
cblr-5117	519	43	explaining	explain	VERB
cblr-5117	519	44	that	that	SCONJ
cblr-5117	519	45	despite	despite	SCONJ
cblr-5117	519	46	having	have	VERB
cblr-5117	519	47	access	access	NOUN
cblr-5117	519	48	to	to	PART
cblr-5117	519	49	rule	rule	VERB
cblr-5117	519	50	701	701	NUM
cblr-5117	519	51	disclosures	disclosure	NOUN
cblr-5117	519	52	,	,	PUNCT
cblr-5117	519	53	they	they	PRON
cblr-5117	519	54	never	never	ADV
cblr-5117	519	55	attempted	attempt	VERB
cblr-5117	519	56	to	to	PART
cblr-5117	519	57	read	read	VERB
cblr-5117	519	58	them	they	PRON
cblr-5117	519	59	)	)	PUNCT
cblr-5117	519	60	.	.	PUNCT
cblr-5117	520	1	128	128	NUM
cblr-5117	520	2	see	see	NOUN
cblr-5117	520	3	interviews	interview	NOUN
cblr-5117	520	4	,	,	PUNCT
cblr-5117	520	5	supra	supra	PROPN
cblr-5117	520	6	note	note	PROPN
cblr-5117	520	7	29	29	NUM
cblr-5117	520	8	(	(	PUNCT
cblr-5117	520	9	quoting	quote	VERB
cblr-5117	520	10	l04	l04	NOUN
cblr-5117	520	11	:	:	PUNCT
cblr-5117	520	12	“	"	PUNCT
cblr-5117	520	13	i	i	PRON
cblr-5117	520	14	think	think	VERB
cblr-5117	520	15	most	most	ADJ
cblr-5117	520	16	employees	employee	NOUN
cblr-5117	520	17	are	be	AUX
cblr-5117	520	18	not	not	PART
cblr-5117	520	19	gon	go	VERB
cblr-5117	520	20	na	to	PART
cblr-5117	520	21	take	take	VERB
cblr-5117	520	22	advantage	advantage	NOUN
cblr-5117	520	23	of	of	ADP
cblr-5117	520	24	looking	look	VERB
cblr-5117	520	25	at	at	ADP
cblr-5117	520	26	this	this	DET
cblr-5117	520	27	information	information	NOUN
cblr-5117	520	28	.	.	PUNCT
cblr-5117	521	1	you	you	PRON
cblr-5117	521	2	will	will	AUX
cblr-5117	521	3	have	have	VERB
cblr-5117	521	4	some	some	DET
cblr-5117	521	5	former	former	ADJ
cblr-5117	521	6	employees	employee	NOUN
cblr-5117	521	7	who	who	PRON
cblr-5117	521	8	sometimes	sometimes	ADV
cblr-5117	521	9	want	want	VERB
cblr-5117	521	10	to	to	PART
cblr-5117	521	11	get	get	VERB
cblr-5117	521	12	access	access	NOUN
cblr-5117	521	13	to	to	ADP
cblr-5117	521	14	that	that	DET
cblr-5117	521	15	information	information	NOUN
cblr-5117	521	16	and	and	CCONJ
cblr-5117	521	17	you	you	PRON
cblr-5117	521	18	can	can	AUX
cblr-5117	521	19	imagine	imagine	VERB
cblr-5117	521	20	why	why	SCONJ
cblr-5117	521	21	,	,	PUNCT
cblr-5117	521	22	especially	especially	ADV
cblr-5117	521	23	if	if	SCONJ
cblr-5117	521	24	they	they	PRON
cblr-5117	521	25	’re	’re	AUX
cblr-5117	521	26	going	go	VERB
cblr-5117	521	27	to	to	PART
cblr-5117	521	28	go	go	VERB
cblr-5117	521	29	work	work	NOUN
cblr-5117	521	30	for	for	ADP
cblr-5117	521	31	a	a	DET
cblr-5117	521	32	competitor	competitor	NOUN
cblr-5117	521	33	.	.	PUNCT
cblr-5117	521	34	”	"	PUNCT
cblr-5117	521	35	)	)	PUNCT
cblr-5117	521	36	.	.	PUNCT
cblr-5117	522	1	129	129	NUM
cblr-5117	523	1	i	i	PRON
cblr-5117	523	2	d.	d.	PROPN
cblr-5117	523	3	130	130	NUM
cblr-5117	523	4	john	john	PROPN
cblr-5117	523	5	c.	c.	PROPN
cblr-5117	523	6	coffee	coffee	PROPN
cblr-5117	523	7	,	,	PUNCT
cblr-5117	523	8	jr	jr	PROPN
cblr-5117	523	9	.	.	PROPN
cblr-5117	523	10	,	,	PUNCT
cblr-5117	523	11	market	market	NOUN
cblr-5117	523	12	failure	failure	NOUN
cblr-5117	523	13	and	and	CCONJ
cblr-5117	523	14	the	the	DET
cblr-5117	523	15	economic	economic	ADJ
cblr-5117	523	16	case	case	NOUN
cblr-5117	523	17	for	for	ADP
cblr-5117	523	18	a	a	DET
cblr-5117	523	19	mandatory	mandatory	ADJ
cblr-5117	523	20	disclosure	disclosure	NOUN
cblr-5117	523	21	system	system	NOUN
cblr-5117	523	22	,	,	PUNCT
cblr-5117	523	23	70	70	NUM
cblr-5117	523	24	va	va	NOUN
cblr-5117	523	25	.	.	PUNCT
cblr-5117	524	1	l.	l.	PROPN
cblr-5117	524	2	rev	rev	PROPN
cblr-5117	524	3	.	.	PROPN
cblr-5117	524	4	717	717	NUM
cblr-5117	524	5	,	,	PUNCT
cblr-5117	524	6	723	723	NUM
cblr-5117	524	7	(	(	PUNCT
cblr-5117	524	8	1984	1984	NUM
cblr-5117	524	9	)	)	PUNCT
cblr-5117	524	10	(	(	PUNCT
cblr-5117	524	11	“	"	PUNCT
cblr-5117	524	12	easy	easy	ADJ
cblr-5117	524	13	as	as	SCONJ
cblr-5117	524	14	it	it	PRON
cblr-5117	524	15	is	be	AUX
cblr-5117	524	16	today	today	NOUN
cblr-5117	524	17	to	to	PART
cblr-5117	524	18	criticize	criticize	VERB
cblr-5117	524	19	the	the	DET
cblr-5117	524	20	original	original	ADJ
cblr-5117	524	21	premise	premise	NOUN
cblr-5117	524	22	of	of	ADP
cblr-5117	524	23	the	the	DET
cblr-5117	524	24	federal	federal	ADJ
cblr-5117	524	25	securities	security	NOUN
cblr-5117	524	26	laws	law	NOUN
cblr-5117	524	27	—	—	PUNCT
cblr-5117	524	28	i.e.	i.e.	X
cblr-5117	524	29	,	,	PUNCT
cblr-5117	524	30	that	that	DET
cblr-5117	524	31	mandatory	mandatory	ADJ
cblr-5117	524	32	disclosure	disclosure	NOUN
cblr-5117	524	33	would	would	AUX
cblr-5117	524	34	enable	enable	VERB
cblr-5117	524	35	the	the	DET
cblr-5117	524	36	small	small	ADJ
cblr-5117	524	37	investor	investor	NOUN
cblr-5117	524	38	to	to	PART
cblr-5117	524	39	identify	identify	VERB
cblr-5117	524	40	and	and	CCONJ
cblr-5117	524	41	invest	invest	VERB
cblr-5117	524	42	in	in	ADP
cblr-5117	524	43	higher	high	ADJ
cblr-5117	524	44	quality	quality	NOUN
cblr-5117	524	45	and	and	CCONJ
cblr-5117	524	46	lower	low	ADJ
cblr-5117	524	47	risk	risk	NOUN
cblr-5117	524	48	securities	security	NOUN
cblr-5117	524	49	—	—	PUNCT
cblr-5117	524	50	such	such	ADJ
cblr-5117	524	51	criticism	criticism	NOUN
cblr-5117	524	52	does	do	AUX
cblr-5117	524	53	not	not	PART
cblr-5117	524	54	take	take	VERB
cblr-5117	524	55	us	we	PRON
cblr-5117	524	56	very	very	ADV
cblr-5117	524	57	far	far	ADV
cblr-5117	524	58	because	because	SCONJ
cblr-5117	524	59	its	its	PRON
cblr-5117	524	60	target	target	NOUN
cblr-5117	524	61	has	have	AUX
cblr-5117	524	62	shifted	shift	VERB
cblr-5117	524	63	.	.	PUNCT
cblr-5117	524	64	”	"	PUNCT
cblr-5117	524	65	)	)	PUNCT
cblr-5117	524	66	.	.	PUNCT
cblr-5117	525	1	131	131	NUM
cblr-5117	525	2	see	see	VERB
cblr-5117	525	3	frank	frank	PROPN
cblr-5117	525	4	h.	h.	PROPN
cblr-5117	525	5	easterbrook	easterbrook	PROPN
cblr-5117	525	6	&	&	CCONJ
cblr-5117	525	7	daniel	daniel	PROPN
cblr-5117	525	8	r.	r.	PROPN
cblr-5117	525	9	fischel	fischel	PROPN
cblr-5117	525	10	,	,	PUNCT
cblr-5117	525	11	mandatory	mandatory	ADJ
cblr-5117	525	12	disclosure	disclosure	NOUN
cblr-5117	525	13	and	and	CCONJ
cblr-5117	525	14	protection	protection	NOUN
cblr-5117	525	15	of	of	ADP
cblr-5117	525	16	investors	investor	NOUN
cblr-5117	525	17	,	,	PUNCT
cblr-5117	525	18	70	70	NUM
cblr-5117	525	19	va	va	NOUN
cblr-5117	525	20	.	.	PUNCT
cblr-5117	525	21	l.	l.	PROPN
cblr-5117	525	22	rev	rev	PROPN
cblr-5117	525	23	.	.	PROPN
cblr-5117	525	24	669	669	NUM
cblr-5117	525	25	,	,	PUNCT
cblr-5117	525	26	694	694	NUM
cblr-5117	525	27	(	(	PUNCT
cblr-5117	525	28	1984	1984	NUM
cblr-5117	525	29	)	)	PUNCT
cblr-5117	525	30	(	(	PUNCT
cblr-5117	525	31	explaining	explain	VERB
cblr-5117	525	32	that	that	SCONJ
cblr-5117	525	33	the	the	DET
cblr-5117	525	34	idea	idea	NOUN
cblr-5117	525	35	that	that	SCONJ
cblr-5117	525	36	unsophisticated	unsophisticated	ADJ
cblr-5117	525	37	investors	investor	NOUN
cblr-5117	525	38	rely	rely	VERB
cblr-5117	525	39	on	on	ADP
cblr-5117	525	40	financial	financial	ADJ
cblr-5117	525	41	disclosure	disclosure	NOUN
cblr-5117	525	42	in	in	ADP
cblr-5117	525	43	their	their	PRON
cblr-5117	525	44	investment	investment	NOUN
cblr-5117	525	45	decisions	decision	NOUN
cblr-5117	525	46	disregards	disregard	VERB
cblr-5117	525	47	the	the	DET
cblr-5117	525	48	role	role	NOUN
cblr-5117	525	49	of	of	ADP
cblr-5117	525	50	the	the	DET
cblr-5117	525	51	capital	capital	NOUN
cblr-5117	525	52	market	market	NOUN
cblr-5117	525	53	in	in	ADP
cblr-5117	525	54	reflecting	reflect	VERB
cblr-5117	525	55	information	information	NOUN
cblr-5117	525	56	through	through	ADP
cblr-5117	525	57	prices	price	NOUN
cblr-5117	525	58	,	,	PUNCT
cblr-5117	525	59	and	and	CCONJ
cblr-5117	525	60	positing	posit	VERB
cblr-5117	525	61	that	that	SCONJ
cblr-5117	525	62	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	525	63	(	(	PUNCT
cblr-5117	525	64	do	do	AUX
cblr-5117	525	65	not	not	PART
cblr-5117	525	66	delte	delte	VERB
cblr-5117	525	67	)	)	PUNCT
cblr-5117	525	68	1/8/2020	1/8/2020	NUM
cblr-5117	525	69	4:44	4:44	NUM
cblr-5117	525	70	pm	pm	NOUN
cblr-5117	525	71	904	904	NUM
cblr-5117	525	72	columbia	columbia	PROPN
cblr-5117	525	73	business	business	NOUN
cblr-5117	525	74	law	law	PROPN
cblr-5117	525	75	review	review	NOUN
cblr-5117	525	76	[	[	X
cblr-5117	525	77	vol	vol	NOUN
cblr-5117	525	78	.	.	PUNCT
cblr-5117	525	79	2019	2019	NUM
cblr-5117	525	80	easterbrook	easterbrook	NOUN
cblr-5117	525	81	and	and	CCONJ
cblr-5117	525	82	fischel	fischel	PROPN
cblr-5117	525	83	go	go	VERB
cblr-5117	525	84	so	so	ADV
cblr-5117	525	85	far	far	ADV
cblr-5117	525	86	as	as	SCONJ
cblr-5117	525	87	to	to	PART
cblr-5117	525	88	suggest	suggest	VERB
cblr-5117	525	89	that	that	SCONJ
cblr-5117	525	90	unsophisticated	unsophisticated	ADJ
cblr-5117	525	91	investors	investor	NOUN
cblr-5117	525	92	are	be	AUX
cblr-5117	525	93	“	"	PUNCT
cblr-5117	525	94	simply	simply	ADV
cblr-5117	525	95	made	make	VERB
cblr-5117	525	96	worse	bad	ADJ
cblr-5117	525	97	off	off	ADP
cblr-5117	525	98	if	if	SCONJ
cblr-5117	525	99	information	information	NOUN
cblr-5117	525	100	is	be	AUX
cblr-5117	525	101	foisted	foist	VERB
cblr-5117	525	102	on	on	ADP
cblr-5117	525	103	them	they	PRON
cblr-5117	525	104	”	"	PUNCT
cblr-5117	525	105	because	because	SCONJ
cblr-5117	525	106	rather	rather	ADV
cblr-5117	525	107	than	than	ADP
cblr-5117	525	108	taking	take	VERB
cblr-5117	525	109	a	a	DET
cblr-5117	525	110	“	"	PUNCT
cblr-5117	525	111	free	free	ADJ
cblr-5117	525	112	ride	ride	NOUN
cblr-5117	525	113	”	"	PUNCT
cblr-5117	525	114	on	on	ADP
cblr-5117	525	115	a	a	DET
cblr-5117	525	116	price	price	NOUN
cblr-5117	525	117	that	that	PRON
cblr-5117	525	118	is	be	AUX
cblr-5117	525	119	determined	determine	VERB
cblr-5117	525	120	by	by	ADP
cblr-5117	525	121	the	the	DET
cblr-5117	525	122	actions	action	NOUN
cblr-5117	525	123	of	of	ADP
cblr-5117	525	124	informed	informed	ADJ
cblr-5117	525	125	traders	trader	NOUN
cblr-5117	525	126	,	,	PUNCT
cblr-5117	525	127	they	they	PRON
cblr-5117	525	128	must	must	AUX
cblr-5117	525	129	read	read	VERB
cblr-5117	525	130	the	the	DET
cblr-5117	525	131	information	information	NOUN
cblr-5117	525	132	or	or	CCONJ
cblr-5117	525	133	discard	discard	VERB
cblr-5117	525	134	it	it	PRON
cblr-5117	525	135	without	without	ADP
cblr-5117	525	136	it	it	PRON
cblr-5117	525	137	being	be	AUX
cblr-5117	525	138	of	of	ADP
cblr-5117	525	139	any	any	DET
cblr-5117	525	140	use	use	NOUN
cblr-5117	525	141	to	to	ADP
cblr-5117	525	142	them.132	them.132	NOUN
cblr-5117	525	143	some	some	DET
cblr-5117	525	144	scholars	scholar	NOUN
cblr-5117	525	145	have	have	AUX
cblr-5117	525	146	criticized	criticize	VERB
cblr-5117	525	147	easterbrook	easterbrook	PROPN
cblr-5117	525	148	and	and	CCONJ
cblr-5117	525	149	fischel	fischel	PROPN
cblr-5117	525	150	for	for	ADP
cblr-5117	525	151	underplaying	underplay	VERB
cblr-5117	525	152	the	the	DET
cblr-5117	525	153	role	role	NOUN
cblr-5117	525	154	investor	investor	NOUN
cblr-5117	525	155	protection	protection	NOUN
cblr-5117	525	156	plays	play	VERB
cblr-5117	525	157	in	in	ADP
cblr-5117	525	158	the	the	DET
cblr-5117	525	159	mandatory	mandatory	ADJ
cblr-5117	525	160	disclosure	disclosure	NOUN
cblr-5117	525	161	regime.133	regime.133	NUM
cblr-5117	525	162	however	however	ADV
cblr-5117	525	163	,	,	PUNCT
cblr-5117	525	164	the	the	DET
cblr-5117	525	165	basic	basic	ADJ
cblr-5117	525	166	insight	insight	NOUN
cblr-5117	525	167	that	that	SCONJ
cblr-5117	525	168	unsophisticated	unsophisticated	ADJ
cblr-5117	525	169	investors	investor	NOUN
cblr-5117	525	170	do	do	AUX
cblr-5117	525	171	not	not	PART
cblr-5117	525	172	benefit	benefit	VERB
cblr-5117	525	173	directly	directly	ADV
cblr-5117	525	174	from	from	ADP
cblr-5117	525	175	receiving	receive	VERB
cblr-5117	525	176	financial	financial	ADJ
cblr-5117	525	177	disclosures	disclosure	NOUN
cblr-5117	525	178	,	,	PUNCT
cblr-5117	525	179	but	but	CCONJ
cblr-5117	525	180	rather	rather	ADV
cblr-5117	525	181	indirectly	indirectly	ADV
cblr-5117	525	182	through	through	ADP
cblr-5117	525	183	the	the	DET
cblr-5117	525	184	price	price	NOUN
cblr-5117	525	185	-	-	PUNCT
cblr-5117	525	186	setting	set	VERB
cblr-5117	525	187	function	function	NOUN
cblr-5117	525	188	of	of	ADP
cblr-5117	525	189	the	the	DET
cblr-5117	525	190	market	market	NOUN
cblr-5117	525	191	,	,	PUNCT
cblr-5117	525	192	is	be	AUX
cblr-5117	525	193	widely	widely	ADV
cblr-5117	525	194	accepted	accept	VERB
cblr-5117	525	195	and	and	CCONJ
cblr-5117	525	196	stems	stem	VERB
cblr-5117	525	197	directly	directly	ADV
cblr-5117	525	198	from	from	ADP
cblr-5117	525	199	the	the	DET
cblr-5117	525	200	semi	semi	ADJ
cblr-5117	525	201	-	-	ADJ
cblr-5117	525	202	strong	strong	ADJ
cblr-5117	525	203	form	form	NOUN
cblr-5117	525	204	of	of	ADP
cblr-5117	525	205	the	the	DET
cblr-5117	525	206	efficient	efficient	ADJ
cblr-5117	525	207	market	market	NOUN
cblr-5117	525	208	hypothesis.134	hypothesis.134	NOUN
cblr-5117	525	209	in	in	ADP
cblr-5117	525	210	the	the	DET
cblr-5117	525	211	context	context	NOUN
cblr-5117	525	212	of	of	ADP
cblr-5117	525	213	private	private	ADJ
cblr-5117	525	214	companies	company	NOUN
cblr-5117	525	215	,	,	PUNCT
cblr-5117	525	216	the	the	DET
cblr-5117	525	217	problem	problem	NOUN
cblr-5117	525	218	is	be	AUX
cblr-5117	525	219	that	that	SCONJ
cblr-5117	525	220	employees	employee	NOUN
cblr-5117	525	221	’	'	PUNCT
cblr-5117	525	222	attempts	attempt	VERB
cblr-5117	525	223	to	to	PART
cblr-5117	525	224	“	"	PUNCT
cblr-5117	525	225	free	free	ADJ
cblr-5117	525	226	-	-	PUNCT
cblr-5117	525	227	ride	ride	NOUN
cblr-5117	525	228	”	"	PUNCT
cblr-5117	525	229	on	on	ADP
cblr-5117	525	230	the	the	DET
cblr-5117	525	231	information	information	NOUN
cblr-5117	525	232	that	that	PRON
cblr-5117	525	233	is	be	AUX
cblr-5117	525	234	provided	provide	VERB
cblr-5117	525	235	to	to	ADP
cblr-5117	525	236	the	the	DET
cblr-5117	525	237	market	market	NOUN
cblr-5117	525	238	by	by	ADP
cblr-5117	525	239	the	the	DET
cblr-5117	525	240	investment	investment	NOUN
cblr-5117	525	241	decisions	decision	NOUN
cblr-5117	525	242	of	of	ADP
cblr-5117	525	243	sophisticated	sophisticated	ADJ
cblr-5117	525	244	investors	investor	NOUN
cblr-5117	525	245	are	be	AUX
cblr-5117	525	246	doomed	doom	VERB
cblr-5117	525	247	to	to	PART
cblr-5117	525	248	fail	fail	VERB
cblr-5117	525	249	.	.	PUNCT
cblr-5117	526	1	unlike	unlike	ADP
cblr-5117	526	2	the	the	DET
cblr-5117	526	3	public	public	ADJ
cblr-5117	526	4	securities	security	NOUN
cblr-5117	526	5	markets	market	NOUN
cblr-5117	526	6	,	,	PUNCT
cblr-5117	526	7	the	the	DET
cblr-5117	526	8	market	market	NOUN
cblr-5117	526	9	for	for	ADP
cblr-5117	526	10	start	start	VERB
cblr-5117	526	11	-	-	PUNCT
cblr-5117	526	12	up	up	ADP
cblr-5117	526	13	stock	stock	NOUN
cblr-5117	526	14	is	be	AUX
cblr-5117	526	15	restricted	restrict	VERB
cblr-5117	526	16	unsophisticated	unsophisticated	ADJ
cblr-5117	526	17	investors	investor	NOUN
cblr-5117	526	18	have	have	VERB
cblr-5117	526	19	no	no	DET
cblr-5117	526	20	reason	reason	NOUN
cblr-5117	526	21	to	to	PART
cblr-5117	526	22	sort	sort	VERB
cblr-5117	526	23	through	through	ADP
cblr-5117	526	24	the	the	DET
cblr-5117	526	25	detailed	detailed	ADJ
cblr-5117	526	26	information	information	NOUN
cblr-5117	526	27	in	in	ADP
cblr-5117	526	28	the	the	DET
cblr-5117	526	29	financial	financial	ADJ
cblr-5117	526	30	statements	statement	NOUN
cblr-5117	526	31	because	because	SCONJ
cblr-5117	526	32	by	by	ADP
cblr-5117	526	33	the	the	DET
cblr-5117	526	34	time	time	NOUN
cblr-5117	526	35	such	such	ADJ
cblr-5117	526	36	investors	investor	NOUN
cblr-5117	526	37	make	make	VERB
cblr-5117	526	38	their	their	PRON
cblr-5117	526	39	investment	investment	NOUN
cblr-5117	526	40	decisions	decision	NOUN
cblr-5117	526	41	,	,	PUNCT
cblr-5117	526	42	the	the	DET
cblr-5117	526	43	market	market	NOUN
cblr-5117	526	44	has	have	AUX
cblr-5117	526	45	already	already	ADV
cblr-5117	526	46	absorbed	absorb	VERB
cblr-5117	526	47	the	the	DET
cblr-5117	526	48	information	information	NOUN
cblr-5117	526	49	)	)	PUNCT
cblr-5117	526	50	.	.	PUNCT
cblr-5117	527	1	132	132	NUM
cblr-5117	527	2	i	i	PRON
cblr-5117	527	3	d.	d.	PROPN
cblr-5117	527	4	133	133	NUM
cblr-5117	527	5	see	see	VERB
cblr-5117	527	6	,	,	PUNCT
cblr-5117	527	7	e.g.	e.g.	ADV
cblr-5117	527	8	,	,	PUNCT
cblr-5117	527	9	lynn	lynn	PROPN
cblr-5117	527	10	a.	a.	PROPN
cblr-5117	527	11	stout	stout	PROPN
cblr-5117	527	12	,	,	PUNCT
cblr-5117	527	13	the	the	DET
cblr-5117	527	14	investor	investor	NOUN
cblr-5117	527	15	confidence	confidence	NOUN
cblr-5117	527	16	game	game	NOUN
cblr-5117	527	17	,	,	PUNCT
cblr-5117	527	18	68	68	NUM
cblr-5117	527	19	brook	brook	NOUN
cblr-5117	527	20	.	.	PUNCT
cblr-5117	528	1	l.	l.	PROPN
cblr-5117	528	2	rev	rev	PROPN
cblr-5117	528	3	.	.	PROPN
cblr-5117	528	4	407	407	NUM
cblr-5117	528	5	,	,	PUNCT
cblr-5117	528	6	414	414	NUM
cblr-5117	528	7	(	(	PUNCT
cblr-5117	528	8	2002	2002	NUM
cblr-5117	528	9	)	)	PUNCT
cblr-5117	528	10	(	(	PUNCT
cblr-5117	528	11	“	"	PUNCT
cblr-5117	528	12	[	[	X
cblr-5117	528	13	a]s	a]	VERB
cblr-5117	528	14	any	any	DET
cblr-5117	528	15	law	law	NOUN
cblr-5117	528	16	student	student	NOUN
cblr-5117	528	17	who	who	PRON
cblr-5117	528	18	has	have	AUX
cblr-5117	528	19	taken	take	VERB
cblr-5117	528	20	a	a	DET
cblr-5117	528	21	course	course	NOUN
cblr-5117	528	22	in	in	ADP
cblr-5117	528	23	securities	security	NOUN
cblr-5117	528	24	regulation	regulation	NOUN
cblr-5117	528	25	knows	know	VERB
cblr-5117	528	26	,	,	PUNCT
cblr-5117	528	27	the	the	DET
cblr-5117	528	28	congress	congress	PROPN
cblr-5117	528	29	.	.	PUNCT
cblr-5117	528	30	.	.	PUNCT
cblr-5117	529	1	.	.	PUNCT
cblr-5117	530	1	gave	give	VERB
cblr-5117	530	2	every	every	DET
cblr-5117	530	3	appearance	appearance	NOUN
cblr-5117	530	4	of	of	ADP
cblr-5117	530	5	taking	take	VERB
cblr-5117	530	6	the	the	DET
cblr-5117	530	7	need	need	NOUN
cblr-5117	530	8	for	for	ADP
cblr-5117	530	9	government	government	NOUN
cblr-5117	530	10	-	-	PUNCT
cblr-5117	530	11	imposed	impose	VERB
cblr-5117	530	12	investor	investor	NOUN
cblr-5117	530	13	protection	protection	NOUN
cblr-5117	530	14	quite	quite	ADV
cblr-5117	530	15	seriously	seriously	ADV
cblr-5117	530	16	.	.	PUNCT
cblr-5117	530	17	”	"	PUNCT
cblr-5117	530	18	)	)	PUNCT
cblr-5117	530	19	;	;	PUNCT
cblr-5117	530	20	see	see	VERB
cblr-5117	530	21	also	also	ADV
cblr-5117	530	22	coffee	coffee	NOUN
cblr-5117	530	23	,	,	PUNCT
cblr-5117	530	24	supra	supra	PROPN
cblr-5117	530	25	note	note	NOUN
cblr-5117	530	26	130	130	NUM
cblr-5117	530	27	,	,	PUNCT
cblr-5117	530	28	at	at	ADP
cblr-5117	530	29	723	723	NUM
cblr-5117	530	30	(	(	PUNCT
cblr-5117	530	31	“	"	PUNCT
cblr-5117	530	32	[	[	X
cblr-5117	530	33	s]uch	s]uch	ADJ
cblr-5117	530	34	criticism	criticism	NOUN
cblr-5117	530	35	does	do	AUX
cblr-5117	530	36	not	not	PART
cblr-5117	530	37	take	take	VERB
cblr-5117	530	38	us	we	PRON
cblr-5117	530	39	very	very	ADV
cblr-5117	530	40	far	far	ADV
cblr-5117	530	41	because	because	SCONJ
cblr-5117	530	42	its	its	PRON
cblr-5117	530	43	target	target	NOUN
cblr-5117	530	44	has	have	AUX
cblr-5117	530	45	shifted	shift	VERB
cblr-5117	530	46	.	.	PUNCT
cblr-5117	531	1	the	the	DET
cblr-5117	531	2	securities	security	NOUN
cblr-5117	531	3	markets	market	NOUN
cblr-5117	531	4	have	have	AUX
cblr-5117	531	5	evolved	evolve	VERB
cblr-5117	531	6	significantly	significantly	ADV
cblr-5117	531	7	since	since	SCONJ
cblr-5117	531	8	the	the	DET
cblr-5117	531	9	1930	1930	NUM
cblr-5117	531	10	’s	’s	NOUN
cblr-5117	531	11	.	.	PUNCT
cblr-5117	531	12	.	.	PUNCT
cblr-5117	531	13	.	.	PUNCT
cblr-5117	532	1	.	.	PUNCT
cblr-5117	532	2	”	"	PUNCT
cblr-5117	533	1	)	)	PUNCT
cblr-5117	533	2	;	;	PUNCT
cblr-5117	534	1	john	john	PROPN
cblr-5117	534	2	j.a	j.a	PROPN
cblr-5117	534	3	.	.	PROPN
cblr-5117	534	4	burke	burke	PROPN
cblr-5117	534	5	,	,	PUNCT
cblr-5117	534	6	reexamining	reexamine	VERB
cblr-5117	534	7	investor	investor	NOUN
cblr-5117	534	8	protection	protection	NOUN
cblr-5117	534	9	in	in	ADP
cblr-5117	534	10	europe	europe	PROPN
cblr-5117	534	11	and	and	CCONJ
cblr-5117	534	12	the	the	DET
cblr-5117	534	13	us	us	PROPN
cblr-5117	534	14	,	,	PUNCT
cblr-5117	534	15	16	16	NUM
cblr-5117	534	16	e.	e.	PROPN
cblr-5117	534	17	law	law	PROPN
cblr-5117	534	18	j.	j.	PROPN
cblr-5117	534	19	1	1	NUM
cblr-5117	534	20	,	,	PUNCT
cblr-5117	534	21	8	8	NUM
cblr-5117	534	22	(	(	PUNCT
cblr-5117	534	23	2009	2009	NUM
cblr-5117	534	24	)	)	PUNCT
cblr-5117	534	25	(	(	PUNCT
cblr-5117	534	26	“	"	PUNCT
cblr-5117	534	27	the	the	DET
cblr-5117	534	28	legislative	legislative	ADJ
cblr-5117	534	29	evidence	evidence	NOUN
cblr-5117	534	30	of	of	ADP
cblr-5117	534	31	any	any	DET
cblr-5117	534	32	sophisticated	sophisticated	ADJ
cblr-5117	534	33	legal	legal	ADJ
cblr-5117	534	34	regime	regime	NOUN
cblr-5117	534	35	supports	support	VERB
cblr-5117	534	36	a	a	DET
cblr-5117	534	37	contrary	contrary	ADJ
cblr-5117	534	38	viewpoint	viewpoint	NOUN
cblr-5117	534	39	and	and	CCONJ
cblr-5117	534	40	argument	argument	NOUN
cblr-5117	534	41	.	.	PUNCT
cblr-5117	534	42	”	"	PUNCT
cblr-5117	534	43	)	)	PUNCT
cblr-5117	534	44	.	.	PUNCT
cblr-5117	535	1	134	134	NUM
cblr-5117	535	2	see	see	VERB
cblr-5117	535	3	lawrence	lawrence	PROPN
cblr-5117	535	4	a.	a.	PROPN
cblr-5117	535	5	cunningham	cunningham	PROPN
cblr-5117	535	6	,	,	PUNCT
cblr-5117	535	7	firm	firm	ADJ
cblr-5117	535	8	specific	specific	ADJ
cblr-5117	535	9	information	information	NOUN
cblr-5117	535	10	and	and	CCONJ
cblr-5117	535	11	the	the	DET
cblr-5117	535	12	federal	federal	ADJ
cblr-5117	535	13	securities	security	NOUN
cblr-5117	535	14	laws	law	NOUN
cblr-5117	535	15	:	:	PUNCT
cblr-5117	535	16	a	a	DET
cblr-5117	535	17	doctrinal	doctrinal	ADJ
cblr-5117	535	18	,	,	PUNCT
cblr-5117	535	19	etymological	etymological	ADJ
cblr-5117	535	20	,	,	PUNCT
cblr-5117	535	21	and	and	CCONJ
cblr-5117	535	22	theoretical	theoretical	ADJ
cblr-5117	535	23	critique	critique	NOUN
cblr-5117	535	24	,	,	PUNCT
cblr-5117	535	25	68	68	NUM
cblr-5117	535	26	tul	tul	NOUN
cblr-5117	535	27	.	.	PUNCT
cblr-5117	535	28	l.	l.	PROPN
cblr-5117	535	29	rev	rev	PROPN
cblr-5117	535	30	.	.	PROPN
cblr-5117	535	31	1409	1409	NUM
cblr-5117	535	32	,	,	PUNCT
cblr-5117	535	33	1451	1451	NUM
cblr-5117	535	34	(	(	PUNCT
cblr-5117	535	35	1994	1994	NUM
cblr-5117	535	36	)	)	PUNCT
cblr-5117	535	37	(	(	PUNCT
cblr-5117	535	38	“	"	PUNCT
cblr-5117	535	39	[	[	X
cblr-5117	535	40	easterbrook	easterbrook	PROPN
cblr-5117	535	41	&	&	CCONJ
cblr-5117	535	42	fischel	fischel	PROPN
cblr-5117	535	43	’s	’s	PART
cblr-5117	535	44	]	]	PUNCT
cblr-5117	535	45	statement	statement	NOUN
cblr-5117	535	46	is	be	AUX
cblr-5117	535	47	,	,	PUNCT
cblr-5117	535	48	of	of	ADP
cblr-5117	535	49	course	course	NOUN
cblr-5117	535	50	,	,	PUNCT
cblr-5117	535	51	the	the	DET
cblr-5117	535	52	classical	classical	ADJ
cblr-5117	535	53	definition	definition	NOUN
cblr-5117	535	54	of	of	ADP
cblr-5117	535	55	the	the	DET
cblr-5117	535	56	semi	semi	ADJ
cblr-5117	535	57	-	-	ADJ
cblr-5117	535	58	strong	strong	ADJ
cblr-5117	535	59	form	form	NOUN
cblr-5117	535	60	of	of	ADP
cblr-5117	535	61	the	the	DET
cblr-5117	535	62	ecmh	ecmh	NOUN
cblr-5117	536	1	[	[	X
cblr-5117	536	2	efficient	efficient	ADJ
cblr-5117	536	3	market	market	NOUN
cblr-5117	536	4	hypothesis	hypothesis	NOUN
cblr-5117	536	5	]	]	PUNCT
cblr-5117	536	6	.	.	PUNCT
cblr-5117	537	1	thus	thus	ADV
cblr-5117	537	2	federal	federal	ADJ
cblr-5117	537	3	mandatory	mandatory	ADJ
cblr-5117	537	4	disclosure	disclosure	NOUN
cblr-5117	537	5	can	can	AUX
cblr-5117	537	6	not	not	PART
cblr-5117	537	7	be	be	AUX
cblr-5117	537	8	defended	defend	VERB
cblr-5117	537	9	as	as	ADP
cblr-5117	537	10	protecting	protect	VERB
cblr-5117	537	11	investors	investor	NOUN
cblr-5117	537	12	because	because	SCONJ
cblr-5117	537	13	,	,	PUNCT
cblr-5117	537	14	under	under	ADP
cblr-5117	537	15	the	the	DET
cblr-5117	537	16	ecmh	ecmh	NOUN
cblr-5117	537	17	,	,	PUNCT
cblr-5117	537	18	they	they	PRON
cblr-5117	537	19	do	do	AUX
cblr-5117	537	20	not	not	PART
cblr-5117	537	21	need	need	VERB
cblr-5117	537	22	protection	protection	NOUN
cblr-5117	537	23	.	.	PUNCT
cblr-5117	537	24	”	"	PUNCT
cblr-5117	537	25	)	)	PUNCT
cblr-5117	537	26	.	.	PUNCT
cblr-5117	538	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	538	2	(	(	PUNCT
cblr-5117	538	3	do	do	AUX
cblr-5117	538	4	not	not	PART
cblr-5117	538	5	delete	delete	VERB
cblr-5117	538	6	)	)	PUNCT
cblr-5117	538	7	1/8/2020	1/8/2020	NUM
cblr-5117	538	8	4:44	4:44	NUM
cblr-5117	538	9	pm	pm	NOUN
cblr-5117	538	10	no	no	INTJ
cblr-5117	538	11	.	.	PUNCT
cblr-5117	539	1	3:867	3:867	NUM
cblr-5117	539	2	]	]	PUNCT
cblr-5117	539	3	making	make	VERB
cblr-5117	539	4	disclosure	disclosure	NOUN
cblr-5117	539	5	work	work	NOUN
cblr-5117	539	6	905	905	NUM
cblr-5117	539	7	and	and	CCONJ
cblr-5117	539	8	the	the	DET
cblr-5117	539	9	deals	deal	NOUN
cblr-5117	539	10	made	make	VERB
cblr-5117	539	11	by	by	ADP
cblr-5117	539	12	sophisticated	sophisticated	ADJ
cblr-5117	539	13	investors	investor	NOUN
cblr-5117	539	14	do	do	AUX
cblr-5117	539	15	not	not	PART
cblr-5117	539	16	provide	provide	VERB
cblr-5117	539	17	a	a	DET
cblr-5117	539	18	straightforward	straightforward	ADJ
cblr-5117	539	19	indication	indication	NOUN
cblr-5117	539	20	that	that	PRON
cblr-5117	539	21	can	can	AUX
cblr-5117	539	22	facilitate	facilitate	VERB
cblr-5117	539	23	price	price	NOUN
cblr-5117	539	24	discovery	discovery	NOUN
cblr-5117	539	25	.	.	PUNCT
cblr-5117	540	1	that	that	PRON
cblr-5117	540	2	is	be	AUX
cblr-5117	540	3	because	because	SCONJ
cblr-5117	540	4	,	,	PUNCT
cblr-5117	540	5	as	as	SCONJ
cblr-5117	540	6	discussed	discuss	VERB
cblr-5117	540	7	in	in	ADP
cblr-5117	540	8	the	the	DET
cblr-5117	540	9	following	follow	VERB
cblr-5117	540	10	section	section	NOUN
cblr-5117	540	11	,	,	PUNCT
cblr-5117	540	12	the	the	DET
cblr-5117	540	13	securities	security	NOUN
cblr-5117	540	14	purchased	purchase	VERB
cblr-5117	540	15	by	by	ADP
cblr-5117	540	16	sophisticated	sophisticated	ADJ
cblr-5117	540	17	investors	investor	NOUN
cblr-5117	540	18	are	be	AUX
cblr-5117	540	19	different	different	ADJ
cblr-5117	540	20	from	from	ADP
cblr-5117	540	21	those	those	PRON
cblr-5117	540	22	earned	earn	VERB
cblr-5117	540	23	by	by	ADP
cblr-5117	540	24	employees	employee	NOUN
cblr-5117	540	25	.	.	PUNCT
cblr-5117	541	1	2	2	X
cblr-5117	541	2	.	.	X
cblr-5117	541	3	the	the	DET
cblr-5117	541	4	complexity	complexity	NOUN
cblr-5117	541	5	of	of	ADP
cblr-5117	541	6	startups	startup	NOUN
cblr-5117	541	7	’	'	PUNCT
cblr-5117	541	8	capital	capital	NOUN
cblr-5117	541	9	structures	structure	NOUN
cblr-5117	541	10	unlike	unlike	ADP
cblr-5117	541	11	public	public	ADJ
cblr-5117	541	12	companies	company	NOUN
cblr-5117	541	13	’	’	PART
cblr-5117	541	14	stock	stock	NOUN
cblr-5117	541	15	,	,	PUNCT
cblr-5117	541	16	venture	venture	NOUN
cblr-5117	541	17	capital	capital	NOUN
cblr-5117	541	18	-	-	PUNCT
cblr-5117	541	19	backed	back	VERB
cblr-5117	541	20	firms	firm	NOUN
cblr-5117	541	21	—	—	PUNCT
cblr-5117	541	22	especially	especially	ADV
cblr-5117	541	23	those	those	PRON
cblr-5117	541	24	that	that	PRON
cblr-5117	541	25	have	have	AUX
cblr-5117	541	26	undergone	undergo	VERB
cblr-5117	541	27	multiple	multiple	ADJ
cblr-5117	541	28	financing	financing	NOUN
cblr-5117	541	29	rounds	round	NOUN
cblr-5117	541	30	and	and	CCONJ
cblr-5117	541	31	reached	reach	VERB
cblr-5117	541	32	ultra	ultra	ADJ
cblr-5117	541	33	-	-	ADJ
cblr-5117	541	34	high	high	ADJ
cblr-5117	541	35	valuations	valuation	NOUN
cblr-5117	541	36	—	—	PUNCT
cblr-5117	541	37	tend	tend	VERB
cblr-5117	541	38	to	to	PART
cblr-5117	541	39	have	have	VERB
cblr-5117	541	40	multiple	multiple	ADJ
cblr-5117	541	41	classes	class	NOUN
cblr-5117	541	42	of	of	ADP
cblr-5117	541	43	shares	share	NOUN
cblr-5117	541	44	,	,	PUNCT
cblr-5117	541	45	each	each	PRON
cblr-5117	541	46	with	with	ADP
cblr-5117	541	47	different	different	ADJ
cblr-5117	541	48	economic	economic	ADJ
cblr-5117	541	49	values.135	values.135	NOUN
cblr-5117	541	50	employees	employee	NOUN
cblr-5117	541	51	’	'	PUNCT
cblr-5117	541	52	incentives	incentive	NOUN
cblr-5117	541	53	derive	derive	VERB
cblr-5117	541	54	their	their	PRON
cblr-5117	541	55	value	value	NOUN
cblr-5117	541	56	from	from	ADP
cblr-5117	541	57	the	the	DET
cblr-5117	541	58	company	company	NOUN
cblr-5117	541	59	’s	’s	PART
cblr-5117	541	60	common	common	ADJ
cblr-5117	541	61	stock	stock	NOUN
cblr-5117	541	62	.	.	PUNCT
cblr-5117	542	1	the	the	DET
cblr-5117	542	2	common	common	ADJ
cblr-5117	542	3	stockholders	stockholder	NOUN
cblr-5117	542	4	have	have	VERB
cblr-5117	542	5	a	a	DET
cblr-5117	542	6	residual	residual	ADJ
cblr-5117	542	7	claim	claim	NOUN
cblr-5117	542	8	against	against	ADP
cblr-5117	542	9	the	the	DET
cblr-5117	542	10	assets	asset	NOUN
cblr-5117	542	11	and	and	CCONJ
cblr-5117	542	12	cash	cash	NOUN
cblr-5117	542	13	flows	flow	NOUN
cblr-5117	542	14	of	of	ADP
cblr-5117	542	15	the	the	DET
cblr-5117	542	16	firm	firm	NOUN
cblr-5117	542	17	.	.	PUNCT
cblr-5117	543	1	venture	venture	NOUN
cblr-5117	543	2	capital	capital	NOUN
cblr-5117	543	3	investments	investment	NOUN
cblr-5117	543	4	,	,	PUNCT
cblr-5117	543	5	in	in	ADP
cblr-5117	543	6	contrast	contrast	NOUN
cblr-5117	543	7	,	,	PUNCT
cblr-5117	543	8	are	be	AUX
cblr-5117	543	9	structured	structure	VERB
cblr-5117	543	10	as	as	ADP
cblr-5117	543	11	convertible	convertible	ADJ
cblr-5117	543	12	preferred	preferred	ADJ
cblr-5117	543	13	stock	stock	NOUN
cblr-5117	543	14	,	,	PUNCT
cblr-5117	543	15	wherein	wherein	SCONJ
cblr-5117	543	16	the	the	DET
cblr-5117	543	17	investors	investor	NOUN
cblr-5117	543	18	acquire	acquire	VERB
cblr-5117	543	19	shares	share	NOUN
cblr-5117	543	20	with	with	ADP
cblr-5117	543	21	superior	superior	ADJ
cblr-5117	543	22	cash	cash	NOUN
cblr-5117	543	23	flow	flow	NOUN
cblr-5117	543	24	and	and	CCONJ
cblr-5117	543	25	control	control	NOUN
cblr-5117	543	26	rights.136	rights.136	PROPN
cblr-5117	543	27	investors	investor	NOUN
cblr-5117	543	28	’	’	PART
cblr-5117	543	29	conversion	conversion	NOUN
cblr-5117	543	30	rights	right	NOUN
cblr-5117	543	31	allow	allow	VERB
cblr-5117	543	32	them	they	PRON
cblr-5117	543	33	to	to	PART
cblr-5117	543	34	enjoy	enjoy	VERB
cblr-5117	543	35	a	a	DET
cblr-5117	543	36	dual	dual	ADJ
cblr-5117	543	37	position	position	NOUN
cblr-5117	543	38	:	:	PUNCT
cblr-5117	543	39	in	in	ADP
cblr-5117	543	40	downside	downside	ADJ
cblr-5117	543	41	scenarios	scenario	NOUN
cblr-5117	543	42	,	,	PUNCT
cblr-5117	543	43	such	such	ADJ
cblr-5117	543	44	as	as	ADP
cblr-5117	543	45	a	a	DET
cblr-5117	543	46	bankruptcy	bankruptcy	NOUN
cblr-5117	543	47	or	or	CCONJ
cblr-5117	543	48	acquisition	acquisition	NOUN
cblr-5117	543	49	for	for	ADP
cblr-5117	543	50	a	a	DET
cblr-5117	543	51	low	low	ADJ
cblr-5117	543	52	sum	sum	NOUN
cblr-5117	543	53	,	,	PUNCT
cblr-5117	543	54	their	their	PRON
cblr-5117	543	55	investments	investment	NOUN
cblr-5117	543	56	have	have	VERB
cblr-5117	543	57	a	a	DET
cblr-5117	543	58	debt	debt	NOUN
cblr-5117	543	59	-	-	PUNCT
cblr-5117	543	60	like	like	ADJ
cblr-5117	543	61	priority	priority	NOUN
cblr-5117	543	62	—	—	PUNCT
cblr-5117	543	63	meaning	mean	VERB
cblr-5117	543	64	that	that	SCONJ
cblr-5117	543	65	they	they	PRON
cblr-5117	543	66	will	will	AUX
cblr-5117	543	67	be	be	AUX
cblr-5117	543	68	paid	pay	VERB
cblr-5117	543	69	in	in	ADP
cblr-5117	543	70	full	full	ADJ
cblr-5117	543	71	before	before	SCONJ
cblr-5117	543	72	any	any	DET
cblr-5117	543	73	payments	payment	NOUN
cblr-5117	543	74	are	be	AUX
cblr-5117	543	75	made	make	VERB
cblr-5117	543	76	to	to	ADP
cblr-5117	543	77	the	the	DET
cblr-5117	543	78	common	common	ADJ
cblr-5117	543	79	stockholders.137	stockholders.137	NOUN
cblr-5117	543	80	if	if	SCONJ
cblr-5117	543	81	the	the	DET
cblr-5117	543	82	company	company	NOUN
cblr-5117	543	83	is	be	AUX
cblr-5117	543	84	sold	sell	VERB
cblr-5117	543	85	for	for	ADP
cblr-5117	543	86	a	a	DET
cblr-5117	543	87	price	price	NOUN
cblr-5117	543	88	below	below	ADP
cblr-5117	543	89	the	the	DET
cblr-5117	543	90	sum	sum	NOUN
cblr-5117	543	91	owed	owe	VERB
cblr-5117	543	92	to	to	ADP
cblr-5117	543	93	the	the	DET
cblr-5117	543	94	preferred	preferred	ADJ
cblr-5117	543	95	stockholders	stockholder	NOUN
cblr-5117	543	96	,	,	PUNCT
cblr-5117	543	97	the	the	DET
cblr-5117	543	98	common	common	ADJ
cblr-5117	543	99	stockholders	stockholder	NOUN
cblr-5117	543	100	will	will	AUX
cblr-5117	543	101	not	not	PART
cblr-5117	543	102	participate	participate	VERB
cblr-5117	543	103	in	in	ADP
cblr-5117	543	104	the	the	DET
cblr-5117	543	105	proceeds	proceed	NOUN
cblr-5117	543	106	.	.	PUNCT
cblr-5117	544	1	in	in	ADP
cblr-5117	544	2	favorable	favorable	ADJ
cblr-5117	544	3	scenarios	scenario	NOUN
cblr-5117	544	4	such	such	ADJ
cblr-5117	544	5	as	as	ADP
cblr-5117	544	6	an	an	DET
cblr-5117	544	7	acquisition	acquisition	NOUN
cblr-5117	544	8	for	for	ADP
cblr-5117	544	9	a	a	DET
cblr-5117	544	10	large	large	ADJ
cblr-5117	544	11	sum	sum	NOUN
cblr-5117	544	12	or	or	CCONJ
cblr-5117	544	13	135	135	NUM
cblr-5117	544	14	see	see	VERB
cblr-5117	544	15	generally	generally	ADV
cblr-5117	544	16	william	william	PROPN
cblr-5117	544	17	gornall	gornall	PROPN
cblr-5117	544	18	&	&	CCONJ
cblr-5117	544	19	ilya	ilya	PROPN
cblr-5117	544	20	a.	a.	PROPN
cblr-5117	544	21	strebulaev	strebulaev	PROPN
cblr-5117	544	22	,	,	PUNCT
cblr-5117	544	23	squaring	square	VERB
cblr-5117	544	24	venture	venture	NOUN
cblr-5117	544	25	capital	capital	NOUN
cblr-5117	544	26	valuations	valuation	NOUN
cblr-5117	544	27	with	with	ADP
cblr-5117	544	28	reality	reality	NOUN
cblr-5117	544	29	,	,	PUNCT
cblr-5117	544	30	j.	j.	PROPN
cblr-5117	544	31	fin	fin	PROPN
cblr-5117	544	32	.	.	PUNCT
cblr-5117	544	33	econ	econ	PROPN
cblr-5117	544	34	.	.	PUNCT
cblr-5117	545	1	(	(	PUNCT
cblr-5117	545	2	forthcoming	forthcome	VERB
cblr-5117	545	3	2019	2019	NUM
cblr-5117	545	4	)	)	PUNCT
cblr-5117	545	5	(	(	PUNCT
cblr-5117	545	6	manuscript	manuscript	NOUN
cblr-5117	545	7	at	at	ADP
cblr-5117	545	8	2–3	2–3	NUM
cblr-5117	545	9	)	)	PUNCT
cblr-5117	545	10	,	,	PUNCT
cblr-5117	545	11	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2955455	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2955455	PROPN
cblr-5117	545	12	[	[	X
cblr-5117	545	13	https://perma.cc/7kcj-4klg	https://perma.cc/7kcj-4klg	X
cblr-5117	545	14	]	]	X
cblr-5117	545	15	(	(	PUNCT
cblr-5117	545	16	“	"	PUNCT
cblr-5117	545	17	unlike	unlike	ADP
cblr-5117	545	18	public	public	ADJ
cblr-5117	545	19	companies	company	NOUN
cblr-5117	545	20	,	,	PUNCT
cblr-5117	545	21	who	who	PRON
cblr-5117	545	22	generally	generally	ADV
cblr-5117	545	23	have	have	VERB
cblr-5117	545	24	a	a	DET
cblr-5117	545	25	single	single	ADJ
cblr-5117	545	26	class	class	NOUN
cblr-5117	545	27	of	of	ADP
cblr-5117	545	28	common	common	ADJ
cblr-5117	545	29	equity	equity	NOUN
cblr-5117	545	30	,	,	PUNCT
cblr-5117	545	31	vc	vc	NOUN
cblr-5117	545	32	-	-	PUNCT
cblr-5117	545	33	backed	back	VERB
cblr-5117	545	34	companies	company	NOUN
cblr-5117	545	35	typically	typically	ADV
cblr-5117	545	36	create	create	VERB
cblr-5117	545	37	a	a	DET
cblr-5117	545	38	new	new	ADJ
cblr-5117	545	39	class	class	NOUN
cblr-5117	545	40	of	of	ADP
cblr-5117	545	41	equity	equity	NOUN
cblr-5117	545	42	every	every	DET
cblr-5117	545	43	12	12	NUM
cblr-5117	545	44	to	to	PART
cblr-5117	545	45	24	24	NUM
cblr-5117	545	46	months	month	NOUN
cblr-5117	545	47	when	when	SCONJ
cblr-5117	545	48	they	they	PRON
cblr-5117	545	49	raise	raise	VERB
cblr-5117	545	50	money	money	NOUN
cblr-5117	545	51	.	.	PUNCT
cblr-5117	545	52	.	.	PUNCT
cblr-5117	545	53	.	.	PUNCT
cblr-5117	545	54	.	.	PUNCT
cblr-5117	546	1	deciphering	decipher	VERB
cblr-5117	546	2	the	the	DET
cblr-5117	546	3	financial	financial	ADJ
cblr-5117	546	4	structure	structure	NOUN
cblr-5117	546	5	of	of	ADP
cblr-5117	546	6	these	these	DET
cblr-5117	546	7	companies	company	NOUN
cblr-5117	546	8	is	be	AUX
cblr-5117	546	9	difficult	difficult	ADJ
cblr-5117	546	10	.	.	PUNCT
cblr-5117	546	11	.	.	PUNCT
cblr-5117	546	12	.	.	PUNCT
cblr-5117	546	13	.	.	PUNCT
cblr-5117	546	14	”	"	PUNCT
cblr-5117	546	15	)	)	PUNCT
cblr-5117	546	16	;	;	PUNCT
cblr-5117	546	17	elizabeth	elizabeth	PROPN
cblr-5117	546	18	pollman	pollman	PROPN
cblr-5117	546	19	,	,	PUNCT
cblr-5117	546	20	startup	startup	NOUN
cblr-5117	546	21	governance	governance	NOUN
cblr-5117	546	22	,	,	PUNCT
cblr-5117	546	23	168	168	NUM
cblr-5117	546	24	u.	u.	PROPN
cblr-5117	546	25	pa	pa	PROPN
cblr-5117	546	26	.	.	PUNCT
cblr-5117	546	27	l.	l.	PROPN
cblr-5117	546	28	rev	rev	PROPN
cblr-5117	546	29	.	.	PUNCT
cblr-5117	547	1	(	(	PUNCT
cblr-5117	547	2	forthcoming	forthcoming	ADJ
cblr-5117	547	3	2019	2019	NUM
cblr-5117	547	4	)	)	PUNCT
cblr-5117	547	5	(	(	PUNCT
cblr-5117	547	6	manuscript	manuscript	NOUN
cblr-5117	547	7	at	at	ADP
cblr-5117	547	8	14	14	NUM
cblr-5117	547	9	)	)	PUNCT
cblr-5117	547	10	(	(	PUNCT
cblr-5117	547	11	describing	describe	VERB
cblr-5117	547	12	startups	startup	NOUN
cblr-5117	547	13	’	'	PUNCT
cblr-5117	547	14	growing	grow	VERB
cblr-5117	547	15	complexity	complexity	NOUN
cblr-5117	547	16	over	over	ADP
cblr-5117	547	17	time	time	NOUN
cblr-5117	547	18	)	)	PUNCT
cblr-5117	547	19	.	.	PUNCT
cblr-5117	548	1	136	136	NUM
cblr-5117	548	2	see	see	VERB
cblr-5117	548	3	gornall	gornall	PROPN
cblr-5117	548	4	&	&	CCONJ
cblr-5117	548	5	strebulaev	strebulaev	PROPN
cblr-5117	548	6	,	,	PUNCT
cblr-5117	548	7	supra	supra	PROPN
cblr-5117	548	8	note	note	PROPN
cblr-5117	548	9	135	135	NUM
cblr-5117	548	10	,	,	PUNCT
cblr-5117	548	11	at	at	ADP
cblr-5117	548	12	3	3	NUM
cblr-5117	548	13	.	.	NOUN
cblr-5117	548	14	137	137	NUM
cblr-5117	548	15	see	see	VERB
cblr-5117	548	16	i	i	PROPN
cblr-5117	548	17	d.	d.	PROPN
cblr-5117	548	18	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	548	19	(	(	PUNCT
cblr-5117	548	20	do	do	AUX
cblr-5117	548	21	not	not	PART
cblr-5117	548	22	delte	delte	VERB
cblr-5117	548	23	)	)	PUNCT
cblr-5117	548	24	1/8/2020	1/8/2020	NUM
cblr-5117	548	25	4:44	4:44	NUM
cblr-5117	548	26	pm	pm	NOUN
cblr-5117	548	27	906	906	NUM
cblr-5117	548	28	columbia	columbia	PROPN
cblr-5117	548	29	business	business	NOUN
cblr-5117	548	30	law	law	PROPN
cblr-5117	548	31	review	review	NOUN
cblr-5117	548	32	[	[	X
cblr-5117	548	33	vol	vol	NOUN
cblr-5117	548	34	.	.	NOUN
cblr-5117	548	35	2019	2019	NUM
cblr-5117	548	36	an	an	DET
cblr-5117	548	37	ipo	ipo	NOUN
cblr-5117	548	38	,	,	PUNCT
cblr-5117	548	39	the	the	DET
cblr-5117	548	40	preferred	preferred	ADJ
cblr-5117	548	41	shareholders	shareholder	NOUN
cblr-5117	548	42	can	can	AUX
cblr-5117	548	43	convert	convert	VERB
cblr-5117	548	44	their	their	PRON
cblr-5117	548	45	shares	share	NOUN
cblr-5117	548	46	into	into	ADP
cblr-5117	548	47	common	common	ADJ
cblr-5117	548	48	stock	stock	NOUN
cblr-5117	548	49	and	and	CCONJ
cblr-5117	548	50	fully	fully	ADV
cblr-5117	548	51	participate	participate	VERB
cblr-5117	548	52	in	in	ADP
cblr-5117	548	53	the	the	DET
cblr-5117	548	54	upside	upside	NOUN
cblr-5117	548	55	as	as	SCONJ
cblr-5117	548	56	common	common	ADJ
cblr-5117	548	57	stockholders.138	stockholders.138	NOUN
cblr-5117	548	58	the	the	DET
cblr-5117	548	59	primary	primary	ADJ
cblr-5117	548	60	characteristic	characteristic	NOUN
cblr-5117	548	61	of	of	ADP
cblr-5117	548	62	preferred	preferred	ADJ
cblr-5117	548	63	stock	stock	NOUN
cblr-5117	548	64	is	be	AUX
cblr-5117	548	65	called	call	VERB
cblr-5117	548	66	liquidation	liquidation	NOUN
cblr-5117	548	67	preference	preference	NOUN
cblr-5117	548	68	,	,	PUNCT
cblr-5117	548	69	meaning	mean	VERB
cblr-5117	548	70	that	that	SCONJ
cblr-5117	548	71	upon	upon	SCONJ
cblr-5117	548	72	a	a	DET
cblr-5117	548	73	sale	sale	NOUN
cblr-5117	548	74	or	or	CCONJ
cblr-5117	548	75	liquidation	liquidation	NOUN
cblr-5117	548	76	of	of	ADP
cblr-5117	548	77	the	the	DET
cblr-5117	548	78	company	company	NOUN
cblr-5117	548	79	,	,	PUNCT
cblr-5117	548	80	holders	holder	NOUN
cblr-5117	548	81	of	of	ADP
cblr-5117	548	82	preferred	preferred	ADJ
cblr-5117	548	83	stock	stock	NOUN
cblr-5117	548	84	are	be	AUX
cblr-5117	548	85	entitled	entitle	VERB
cblr-5117	548	86	to	to	PART
cblr-5117	548	87	receive	receive	VERB
cblr-5117	548	88	a	a	DET
cblr-5117	548	89	fixed	fix	VERB
cblr-5117	548	90	amount	amount	NOUN
cblr-5117	548	91	of	of	ADP
cblr-5117	548	92	the	the	DET
cblr-5117	548	93	proceeds	proceed	NOUN
cblr-5117	548	94	of	of	ADP
cblr-5117	548	95	the	the	DET
cblr-5117	548	96	sale	sale	NOUN
cblr-5117	548	97	or	or	CCONJ
cblr-5117	548	98	liquidation	liquidation	NOUN
cblr-5117	548	99	before	before	ADP
cblr-5117	548	100	any	any	DET
cblr-5117	548	101	payments	payment	NOUN
cblr-5117	548	102	to	to	ADP
cblr-5117	548	103	holders	holder	NOUN
cblr-5117	548	104	of	of	ADP
cblr-5117	548	105	common	common	ADJ
cblr-5117	548	106	stock	stock	NOUN
cblr-5117	548	107	.	.	PUNCT
cblr-5117	549	1	the	the	DET
cblr-5117	549	2	most	most	ADV
cblr-5117	549	3	common	common	ADJ
cblr-5117	549	4	form	form	NOUN
cblr-5117	549	5	of	of	ADP
cblr-5117	549	6	liquidation	liquidation	NOUN
cblr-5117	549	7	preference	preference	NOUN
cblr-5117	549	8	is	be	AUX
cblr-5117	549	9	called	call	VERB
cblr-5117	549	10	“	"	PUNCT
cblr-5117	549	11	1x	1x	NUM
cblr-5117	549	12	non	non	ADJ
cblr-5117	549	13	-	-	ADJ
cblr-5117	549	14	participating	participating	ADJ
cblr-5117	549	15	liquidation	liquidation	NOUN
cblr-5117	549	16	preference	preference	NOUN
cblr-5117	549	17	”	"	PUNCT
cblr-5117	549	18	and	and	CCONJ
cblr-5117	549	19	gives	give	VERB
cblr-5117	549	20	the	the	DET
cblr-5117	549	21	preferred	prefer	VERB
cblr-5117	549	22	stockholders	stockholder	NOUN
cblr-5117	549	23	the	the	DET
cblr-5117	549	24	right	right	NOUN
cblr-5117	549	25	to	to	PART
cblr-5117	549	26	receive	receive	VERB
cblr-5117	549	27	back	back	ADP
cblr-5117	549	28	the	the	DET
cblr-5117	549	29	amount	amount	NOUN
cblr-5117	549	30	invested	invest	VERB
cblr-5117	549	31	before	before	SCONJ
cblr-5117	549	32	any	any	DET
cblr-5117	549	33	proceeds	proceed	NOUN
cblr-5117	549	34	from	from	ADP
cblr-5117	549	35	the	the	DET
cblr-5117	549	36	sale	sale	NOUN
cblr-5117	549	37	or	or	CCONJ
cblr-5117	549	38	liquidation	liquidation	NOUN
cblr-5117	549	39	may	may	AUX
cblr-5117	549	40	be	be	AUX
cblr-5117	549	41	paid	pay	VERB
cblr-5117	549	42	to	to	ADP
cblr-5117	549	43	common	common	ADJ
cblr-5117	549	44	stockholders	stockholder	NOUN
cblr-5117	549	45	.	.	PUNCT
cblr-5117	550	1	numerous	numerous	ADJ
cblr-5117	550	2	variations	variation	NOUN
cblr-5117	550	3	of	of	ADP
cblr-5117	550	4	liquidation	liquidation	NOUN
cblr-5117	550	5	preferences	preference	NOUN
cblr-5117	550	6	are	be	AUX
cblr-5117	550	7	used	use	VERB
cblr-5117	550	8	in	in	ADP
cblr-5117	550	9	venture	venture	NOUN
cblr-5117	550	10	capital	capital	NOUN
cblr-5117	550	11	financing	financing	NOUN
cblr-5117	550	12	.	.	PUNCT
cblr-5117	551	1	for	for	ADP
cblr-5117	551	2	example	example	NOUN
cblr-5117	551	3	,	,	PUNCT
cblr-5117	551	4	some	some	DET
cblr-5117	551	5	preferences	preference	NOUN
cblr-5117	551	6	give	give	VERB
cblr-5117	551	7	the	the	DET
cblr-5117	551	8	preferred	prefer	VERB
cblr-5117	551	9	stockholders	stockholder	NOUN
cblr-5117	551	10	the	the	DET
cblr-5117	551	11	right	right	NOUN
cblr-5117	551	12	to	to	PART
cblr-5117	551	13	receive	receive	VERB
cblr-5117	551	14	accrued	accrue	VERB
cblr-5117	551	15	dividends	dividend	NOUN
cblr-5117	551	16	in	in	ADP
cblr-5117	551	17	addition	addition	NOUN
cblr-5117	551	18	to	to	ADP
cblr-5117	551	19	the	the	DET
cblr-5117	551	20	price	price	NOUN
cblr-5117	551	21	paid	pay	VERB
cblr-5117	551	22	for	for	ADP
cblr-5117	551	23	the	the	DET
cblr-5117	551	24	preferred	preferred	ADJ
cblr-5117	551	25	stock	stock	NOUN
cblr-5117	551	26	.	.	PUNCT
cblr-5117	552	1	occasionally	occasionally	ADV
cblr-5117	552	2	,	,	PUNCT
cblr-5117	552	3	the	the	DET
cblr-5117	552	4	preferred	preferred	ADJ
cblr-5117	552	5	stockholders	stockholder	NOUN
cblr-5117	552	6	receive	receive	VERB
cblr-5117	552	7	the	the	DET
cblr-5117	552	8	right	right	NOUN
cblr-5117	552	9	to	to	PART
cblr-5117	552	10	receive	receive	VERB
cblr-5117	552	11	a	a	DET
cblr-5117	552	12	fixed	fix	VERB
cblr-5117	552	13	amount	amount	NOUN
cblr-5117	552	14	above	above	ADP
cblr-5117	552	15	their	their	PRON
cblr-5117	552	16	cost	cost	NOUN
cblr-5117	552	17	(	(	PUNCT
cblr-5117	552	18	up	up	ADP
cblr-5117	552	19	to	to	PART
cblr-5117	552	20	two	two	NUM
cblr-5117	552	21	or	or	CCONJ
cblr-5117	552	22	three	three	NUM
cblr-5117	552	23	times	time	NOUN
cblr-5117	552	24	their	their	PRON
cblr-5117	552	25	cost	cost	NOUN
cblr-5117	552	26	)	)	PUNCT
cblr-5117	552	27	before	before	SCONJ
cblr-5117	552	28	any	any	DET
cblr-5117	552	29	payments	payment	NOUN
cblr-5117	552	30	are	be	AUX
cblr-5117	552	31	made	make	VERB
cblr-5117	552	32	to	to	ADP
cblr-5117	552	33	common	common	ADJ
cblr-5117	552	34	stockholders	stockholder	NOUN
cblr-5117	552	35	(	(	PUNCT
cblr-5117	552	36	namely	namely	ADV
cblr-5117	552	37	,	,	PUNCT
cblr-5117	552	38	“	"	PUNCT
cblr-5117	552	39	multiple	multiple	ADJ
cblr-5117	552	40	x	x	SYM
cblr-5117	552	41	liquidation	liquidation	NOUN
cblr-5117	552	42	preferences	preference	NOUN
cblr-5117	552	43	”	"	PUNCT
cblr-5117	552	44	)	)	PUNCT
cblr-5117	552	45	.	.	PUNCT
cblr-5117	553	1	another	another	DET
cblr-5117	553	2	variation	variation	NOUN
cblr-5117	553	3	involves	involve	VERB
cblr-5117	553	4	a	a	DET
cblr-5117	553	5	participation	participation	NOUN
cblr-5117	553	6	right	right	ADV
cblr-5117	553	7	that	that	PRON
cblr-5117	553	8	allows	allow	VERB
cblr-5117	553	9	the	the	DET
cblr-5117	553	10	preferred	preferred	ADJ
cblr-5117	553	11	stockholders	stockholder	NOUN
cblr-5117	553	12	,	,	PUNCT
cblr-5117	553	13	after	after	ADP
cblr-5117	553	14	receiving	receive	VERB
cblr-5117	553	15	their	their	PRON
cblr-5117	553	16	liquidation	liquidation	NOUN
cblr-5117	553	17	preference	preference	NOUN
cblr-5117	553	18	,	,	PUNCT
cblr-5117	553	19	to	to	PART
cblr-5117	553	20	share	share	VERB
cblr-5117	553	21	in	in	ADP
cblr-5117	553	22	the	the	DET
cblr-5117	553	23	remaining	remain	VERB
cblr-5117	553	24	proceeds	proceed	NOUN
cblr-5117	553	25	with	with	ADP
cblr-5117	553	26	the	the	DET
cblr-5117	553	27	common	common	ADJ
cblr-5117	553	28	stockholders	stockholder	NOUN
cblr-5117	553	29	as	as	SCONJ
cblr-5117	553	30	if	if	SCONJ
cblr-5117	553	31	they	they	PRON
cblr-5117	553	32	had	have	AUX
cblr-5117	553	33	converted	convert	VERB
cblr-5117	553	34	their	their	PRON
cblr-5117	553	35	shares	share	NOUN
cblr-5117	553	36	to	to	ADP
cblr-5117	553	37	common	common	ADJ
cblr-5117	553	38	(	(	PUNCT
cblr-5117	553	39	“	"	PUNCT
cblr-5117	553	40	participating	participate	VERB
cblr-5117	553	41	preferred	prefer	VERB
cblr-5117	553	42	”	"	PUNCT
cblr-5117	553	43	)	)	PUNCT
cblr-5117	553	44	.	.	PUNCT
cblr-5117	554	1	such	such	ADJ
cblr-5117	554	2	participating	participate	VERB
cblr-5117	554	3	preferred	preferred	ADJ
cblr-5117	554	4	shares	share	NOUN
cblr-5117	554	5	yet	yet	ADV
cblr-5117	554	6	again	again	ADV
cblr-5117	554	7	may	may	AUX
cblr-5117	554	8	exhibit	exhibit	VERB
cblr-5117	554	9	another	another	DET
cblr-5117	554	10	variation	variation	NOUN
cblr-5117	554	11	of	of	ADP
cblr-5117	554	12	being	be	AUX
cblr-5117	554	13	“	"	PUNCT
cblr-5117	554	14	capped	cap	VERB
cblr-5117	554	15	”	"	PUNCT
cblr-5117	554	16	to	to	ADP
cblr-5117	554	17	various	various	ADJ
cblr-5117	554	18	degrees	degree	NOUN
cblr-5117	554	19	.	.	PUNCT
cblr-5117	555	1	holders	holder	NOUN
cblr-5117	555	2	of	of	ADP
cblr-5117	555	3	a	a	DET
cblr-5117	555	4	series	series	NOUN
cblr-5117	555	5	of	of	ADP
cblr-5117	555	6	preferred	preferred	ADJ
cblr-5117	555	7	stock	stock	NOUN
cblr-5117	555	8	with	with	ADP
cblr-5117	555	9	a	a	DET
cblr-5117	555	10	capped	cap	VERB
cblr-5117	555	11	participation	participation	NOUN
cblr-5117	555	12	right	right	ADV
cblr-5117	555	13	will	will	AUX
cblr-5117	555	14	receive	receive	VERB
cblr-5117	555	15	a	a	DET
cblr-5117	555	16	distribution	distribution	NOUN
cblr-5117	555	17	equal	equal	ADJ
cblr-5117	555	18	to	to	ADP
cblr-5117	555	19	their	their	PRON
cblr-5117	555	20	initial	initial	ADJ
cblr-5117	555	21	liquidation	liquidation	NOUN
cblr-5117	555	22	preference	preference	NOUN
cblr-5117	555	23	and	and	CCONJ
cblr-5117	555	24	then	then	ADV
cblr-5117	555	25	also	also	ADV
cblr-5117	555	26	share	share	VERB
cblr-5117	555	27	in	in	ADP
cblr-5117	555	28	the	the	DET
cblr-5117	555	29	proceeds	proceed	NOUN
cblr-5117	555	30	on	on	ADP
cblr-5117	555	31	a	a	DET
cblr-5117	555	32	pro	pro	ADJ
cblr-5117	555	33	-	-	ADJ
cblr-5117	555	34	rata	rata	ADJ
cblr-5117	555	35	basis	basis	NOUN
cblr-5117	555	36	with	with	ADP
cblr-5117	555	37	common	common	ADJ
cblr-5117	555	38	stockholders	stockholder	NOUN
cblr-5117	555	39	until	until	SCONJ
cblr-5117	555	40	the	the	DET
cblr-5117	555	41	agreed	agree	VERB
cblr-5117	555	42	-	-	PUNCT
cblr-5117	555	43	upon	upon	NOUN
cblr-5117	555	44	return	return	NOUN
cblr-5117	555	45	cap	cap	NOUN
cblr-5117	555	46	is	be	AUX
cblr-5117	555	47	reached	reach	VERB
cblr-5117	555	48	.	.	PUNCT
cblr-5117	556	1	the	the	DET
cblr-5117	556	2	cap	cap	NOUN
cblr-5117	556	3	is	be	AUX
cblr-5117	556	4	typically	typically	ADV
cblr-5117	556	5	set	set	VERB
cblr-5117	556	6	at	at	ADP
cblr-5117	556	7	a	a	DET
cblr-5117	556	8	multiple	multiple	NOUN
cblr-5117	556	9	of	of	ADP
cblr-5117	556	10	the	the	DET
cblr-5117	556	11	price	price	NOUN
cblr-5117	556	12	per	per	ADP
cblr-5117	556	13	share	share	NOUN
cblr-5117	556	14	paid	pay	VERB
cblr-5117	556	15	by	by	ADP
cblr-5117	556	16	the	the	DET
cblr-5117	556	17	investor	investor	NOUN
cblr-5117	556	18	with	with	ADP
cblr-5117	556	19	the	the	DET
cblr-5117	556	20	amount	amount	NOUN
cblr-5117	556	21	of	of	ADP
cblr-5117	556	22	the	the	DET
cblr-5117	556	23	initial	initial	ADJ
cblr-5117	556	24	preference	preference	NOUN
cblr-5117	556	25	typically	typically	ADV
cblr-5117	556	26	being	be	AUX
cblr-5117	556	27	included	include	VERB
cblr-5117	556	28	in	in	ADP
cblr-5117	556	29	the	the	DET
cblr-5117	556	30	cap	cap	NOUN
cblr-5117	556	31	.	.	PUNCT
cblr-5117	557	1	other	other	ADJ
cblr-5117	557	2	terms	term	NOUN
cblr-5117	557	3	that	that	PRON
cblr-5117	557	4	preferred	preferred	ADJ
cblr-5117	557	5	shareholders	shareholder	NOUN
cblr-5117	557	6	can	can	AUX
cblr-5117	557	7	negotiate	negotiate	VERB
cblr-5117	557	8	with	with	ADP
cblr-5117	557	9	the	the	DET
cblr-5117	557	10	company	company	NOUN
cblr-5117	557	11	include	include	VERB
cblr-5117	557	12	voting	voting	NOUN
cblr-5117	557	13	rights	right	NOUN
cblr-5117	557	14	,	,	PUNCT
cblr-5117	557	15	such	such	ADJ
cblr-5117	557	16	as	as	ADP
cblr-5117	557	17	the	the	DET
cblr-5117	557	18	right	right	NOUN
cblr-5117	557	19	to	to	ADP
cblr-5117	557	20	138	138	NUM
cblr-5117	557	21	i	i	PROPN
cblr-5117	557	22	d.	d.	PROPN
cblr-5117	557	23	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	557	24	(	(	PUNCT
cblr-5117	557	25	do	do	AUX
cblr-5117	557	26	not	not	PART
cblr-5117	557	27	delete	delete	VERB
cblr-5117	557	28	)	)	PUNCT
cblr-5117	557	29	1/8/2020	1/8/2020	NUM
cblr-5117	557	30	4:44	4:44	NUM
cblr-5117	557	31	pm	pm	NOUN
cblr-5117	557	32	no	no	INTJ
cblr-5117	557	33	.	.	PUNCT
cblr-5117	558	1	3:867	3:867	NUM
cblr-5117	558	2	]	]	PUNCT
cblr-5117	558	3	making	make	VERB
cblr-5117	558	4	disclosure	disclosure	NOUN
cblr-5117	558	5	work	work	NOUN
cblr-5117	558	6	907	907	NUM
cblr-5117	558	7	elect	elect	NOUN
cblr-5117	558	8	a	a	DET
cblr-5117	558	9	certain	certain	ADJ
cblr-5117	558	10	number	number	NOUN
cblr-5117	558	11	of	of	ADP
cblr-5117	558	12	directors	director	NOUN
cblr-5117	558	13	,	,	PUNCT
cblr-5117	558	14	the	the	DET
cblr-5117	558	15	right	right	NOUN
cblr-5117	558	16	to	to	PART
cblr-5117	558	17	veto	veto	VERB
cblr-5117	558	18	activities	activity	NOUN
cblr-5117	558	19	that	that	PRON
cblr-5117	558	20	significantly	significantly	ADV
cblr-5117	558	21	change	change	VERB
cblr-5117	558	22	the	the	DET
cblr-5117	558	23	capital	capital	NOUN
cblr-5117	558	24	structure	structure	NOUN
cblr-5117	558	25	of	of	ADP
cblr-5117	558	26	the	the	DET
cblr-5117	558	27	firm	firm	NOUN
cblr-5117	558	28	,	,	PUNCT
cblr-5117	558	29	and	and	CCONJ
cblr-5117	558	30	anti	anti	ADJ
cblr-5117	558	31	-	-	ADJ
cblr-5117	558	32	dilution	dilution	ADJ
cblr-5117	558	33	protections	protection	NOUN
cblr-5117	558	34	.	.	PUNCT
cblr-5117	559	1	the	the	DET
cblr-5117	559	2	latter	latter	ADJ
cblr-5117	559	3	provisions	provision	NOUN
cblr-5117	559	4	are	be	AUX
cblr-5117	559	5	designed	design	VERB
cblr-5117	559	6	to	to	PART
cblr-5117	559	7	protect	protect	VERB
cblr-5117	559	8	the	the	DET
cblr-5117	559	9	preferred	preferred	ADJ
cblr-5117	559	10	shareholders	shareholder	NOUN
cblr-5117	559	11	from	from	ADP
cblr-5117	559	12	future	future	ADJ
cblr-5117	559	13	issuances	issuance	NOUN
cblr-5117	559	14	of	of	ADP
cblr-5117	559	15	stock	stock	NOUN
cblr-5117	559	16	at	at	ADP
cblr-5117	559	17	lower	low	ADJ
cblr-5117	559	18	valuations	valuation	NOUN
cblr-5117	559	19	than	than	ADP
cblr-5117	559	20	the	the	DET
cblr-5117	559	21	valuation	valuation	NOUN
cblr-5117	559	22	used	use	VERB
cblr-5117	559	23	in	in	ADP
cblr-5117	559	24	their	their	PRON
cblr-5117	559	25	original	original	ADJ
cblr-5117	559	26	investment	investment	NOUN
cblr-5117	559	27	.	.	PUNCT
cblr-5117	560	1	the	the	DET
cblr-5117	560	2	most	most	ADV
cblr-5117	560	3	common	common	ADJ
cblr-5117	560	4	form	form	NOUN
cblr-5117	560	5	of	of	ADP
cblr-5117	560	6	anti	anti	ADJ
cblr-5117	560	7	-	-	ADJ
cblr-5117	560	8	dilution	dilution	ADJ
cblr-5117	560	9	protection	protection	NOUN
cblr-5117	560	10	is	be	AUX
cblr-5117	560	11	called	call	VERB
cblr-5117	560	12	a	a	DET
cblr-5117	560	13	“	"	PUNCT
cblr-5117	560	14	ratchet	ratchet	NOUN
cblr-5117	560	15	”	"	PUNCT
cblr-5117	560	16	and	and	CCONJ
cblr-5117	560	17	comes	come	VERB
cblr-5117	560	18	in	in	ADP
cblr-5117	560	19	either	either	CCONJ
cblr-5117	560	20	severe	severe	ADJ
cblr-5117	560	21	(	(	PUNCT
cblr-5117	560	22	“	"	PUNCT
cblr-5117	560	23	full	full	ADJ
cblr-5117	560	24	”	"	PUNCT
cblr-5117	560	25	)	)	PUNCT
cblr-5117	560	26	or	or	CCONJ
cblr-5117	560	27	moderate	moderate	ADJ
cblr-5117	560	28	(	(	PUNCT
cblr-5117	560	29	“	"	PUNCT
cblr-5117	560	30	weighted	weighted	ADJ
cblr-5117	560	31	average	average	ADJ
cblr-5117	560	32	”	"	PUNCT
cblr-5117	560	33	)	)	PUNCT
cblr-5117	560	34	form	form	NOUN
cblr-5117	560	35	.	.	PUNCT
cblr-5117	561	1	a	a	DET
cblr-5117	561	2	ratchet	ratchet	NOUN
cblr-5117	561	3	is	be	AUX
cblr-5117	561	4	a	a	DET
cblr-5117	561	5	form	form	NOUN
cblr-5117	561	6	of	of	ADP
cblr-5117	561	7	price	price	NOUN
cblr-5117	561	8	protection	protection	NOUN
cblr-5117	561	9	that	that	PRON
cblr-5117	561	10	adjusts	adjust	VERB
cblr-5117	561	11	the	the	DET
cblr-5117	561	12	conversion	conversion	NOUN
cblr-5117	561	13	ratio	ratio	NOUN
cblr-5117	561	14	from	from	ADP
cblr-5117	561	15	preferred	prefer	VERB
cblr-5117	561	16	to	to	ADP
cblr-5117	561	17	common	common	ADJ
cblr-5117	561	18	stock	stock	NOUN
cblr-5117	561	19	and	and	CCONJ
cblr-5117	561	20	allocates	allocate	VERB
cblr-5117	561	21	additional	additional	ADJ
cblr-5117	561	22	shares	share	NOUN
cblr-5117	561	23	to	to	ADP
cblr-5117	561	24	the	the	DET
cblr-5117	561	25	investor	investor	NOUN
cblr-5117	561	26	if	if	SCONJ
cblr-5117	561	27	the	the	DET
cblr-5117	561	28	ipo	ipo	NOUN
cblr-5117	561	29	offering	offer	VERB
cblr-5117	561	30	price	price	NOUN
cblr-5117	561	31	falls	fall	VERB
cblr-5117	561	32	below	below	ADP
cblr-5117	561	33	a	a	DET
cblr-5117	561	34	pre	pre	ADJ
cblr-5117	561	35	-	-	ADJ
cblr-5117	561	36	agreedupon	agreedupon	ADJ
cblr-5117	561	37	threshold.139	threshold.139	NOUN
cblr-5117	561	38	typically	typically	ADV
cblr-5117	561	39	these	these	DET
cblr-5117	561	40	provisions	provision	NOUN
cblr-5117	561	41	seek	seek	VERB
cblr-5117	561	42	to	to	PART
cblr-5117	561	43	guarantee	guarantee	VERB
cblr-5117	561	44	that	that	SCONJ
cblr-5117	561	45	investors	investor	NOUN
cblr-5117	561	46	would	would	AUX
cblr-5117	561	47	“	"	PUNCT
cblr-5117	561	48	at	at	ADP
cblr-5117	561	49	least	least	ADJ
cblr-5117	561	50	break	break	VERB
cblr-5117	561	51	even	even	ADV
cblr-5117	561	52	in	in	ADP
cblr-5117	561	53	ipos	ipos	NOUN
cblr-5117	561	54	.	.	PUNCT
cblr-5117	562	1	”140	”140	PROPN
cblr-5117	562	2	however	however	ADV
cblr-5117	562	3	,	,	PUNCT
cblr-5117	562	4	occasionally	occasionally	ADV
cblr-5117	562	5	,	,	PUNCT
cblr-5117	562	6	investors	investor	NOUN
cblr-5117	562	7	go	go	VERB
cblr-5117	562	8	further	far	ADV
cblr-5117	562	9	and	and	CCONJ
cblr-5117	562	10	negotiate	negotiate	VERB
cblr-5117	562	11	some	some	DET
cblr-5117	562	12	guaranteed	guarantee	VERB
cblr-5117	562	13	return.141	return.141	ADV
cblr-5117	562	14	each	each	DET
cblr-5117	562	15	financing	financing	NOUN
cblr-5117	562	16	round	round	NOUN
cblr-5117	562	17	typically	typically	ADV
cblr-5117	562	18	leads	lead	VERB
cblr-5117	562	19	to	to	ADP
cblr-5117	562	20	the	the	DET
cblr-5117	562	21	creation	creation	NOUN
cblr-5117	562	22	of	of	ADP
cblr-5117	562	23	a	a	DET
cblr-5117	562	24	new	new	ADJ
cblr-5117	562	25	series	series	NOUN
cblr-5117	562	26	or	or	CCONJ
cblr-5117	562	27	class	class	NOUN
cblr-5117	562	28	of	of	ADP
cblr-5117	562	29	shares	share	NOUN
cblr-5117	562	30	senior	senior	ADJ
cblr-5117	562	31	to	to	ADP
cblr-5117	562	32	,	,	PUNCT
cblr-5117	562	33	or	or	CCONJ
cblr-5117	562	34	on	on	ADP
cblr-5117	562	35	parity	parity	NOUN
cblr-5117	562	36	with	with	ADP
cblr-5117	562	37	,	,	PUNCT
cblr-5117	562	38	the	the	DET
cblr-5117	562	39	earlier	early	ADV
cblr-5117	562	40	preferred	preferred	ADJ
cblr-5117	562	41	shareholders	shareholder	NOUN
cblr-5117	562	42	.	.	PUNCT
cblr-5117	563	1	the	the	DET
cblr-5117	563	2	seniority	seniority	NOUN
cblr-5117	563	3	structure	structure	NOUN
cblr-5117	563	4	,	,	PUNCT
cblr-5117	563	5	also	also	ADV
cblr-5117	563	6	known	know	VERB
cblr-5117	563	7	as	as	ADP
cblr-5117	563	8	the	the	DET
cblr-5117	563	9	“	"	PUNCT
cblr-5117	563	10	preference	preference	NOUN
cblr-5117	563	11	stack	stack	NOUN
cblr-5117	563	12	,	,	PUNCT
cblr-5117	563	13	”	"	PUNCT
cblr-5117	563	14	determines	determine	VERB
cblr-5117	563	15	where	where	SCONJ
cblr-5117	563	16	each	each	DET
cblr-5117	563	17	class	class	NOUN
cblr-5117	563	18	of	of	ADP
cblr-5117	563	19	shares	share	NOUN
cblr-5117	563	20	is	be	AUX
cblr-5117	563	21	located	locate	VERB
cblr-5117	563	22	in	in	ADP
cblr-5117	563	23	the	the	DET
cblr-5117	563	24	payout	payout	ADJ
cblr-5117	563	25	order	order	NOUN
cblr-5117	563	26	.	.	PUNCT
cblr-5117	564	1	the	the	DET
cblr-5117	564	2	total	total	ADJ
cblr-5117	564	3	sum	sum	NOUN
cblr-5117	564	4	of	of	ADP
cblr-5117	564	5	proceeds	proceed	NOUN
cblr-5117	564	6	payable	payable	ADJ
cblr-5117	564	7	to	to	ADP
cblr-5117	564	8	the	the	DET
cblr-5117	564	9	various	various	ADJ
cblr-5117	564	10	preferred	preferred	ADJ
cblr-5117	564	11	classes	class	NOUN
cblr-5117	564	12	before	before	SCONJ
cblr-5117	564	13	the	the	DET
cblr-5117	564	14	common	common	ADJ
cblr-5117	564	15	shareholders	shareholder	NOUN
cblr-5117	564	16	receive	receive	VERB
cblr-5117	564	17	any	any	DET
cblr-5117	564	18	money	money	NOUN
cblr-5117	564	19	in	in	ADP
cblr-5117	564	20	liquidation	liquidation	NOUN
cblr-5117	564	21	is	be	AUX
cblr-5117	564	22	called	call	VERB
cblr-5117	564	23	the	the	DET
cblr-5117	564	24	“	"	PUNCT
cblr-5117	564	25	aggregate	aggregate	ADJ
cblr-5117	564	26	liquidation	liquidation	NOUN
cblr-5117	564	27	preference	preference	NOUN
cblr-5117	564	28	.	.	PUNCT
cblr-5117	564	29	”	"	PUNCT
cblr-5117	565	1	with	with	ADP
cblr-5117	565	2	each	each	DET
cblr-5117	565	3	funding	funding	NOUN
cblr-5117	565	4	round	round	ADP
cblr-5117	565	5	the	the	DET
cblr-5117	565	6	preference	preference	NOUN
cblr-5117	565	7	stack	stack	NOUN
cblr-5117	565	8	becomes	become	VERB
cblr-5117	565	9	more	more	ADV
cblr-5117	565	10	complicated	complicated	ADJ
cblr-5117	565	11	,	,	PUNCT
cblr-5117	565	12	and	and	CCONJ
cblr-5117	565	13	the	the	DET
cblr-5117	565	14	aggregate	aggregate	ADJ
cblr-5117	565	15	liquidation	liquidation	NOUN
cblr-5117	565	16	preference	preference	NOUN
cblr-5117	565	17	amount	amount	NOUN
cblr-5117	565	18	increases	increase	NOUN
cblr-5117	565	19	.	.	PUNCT
cblr-5117	566	1	understanding	understand	VERB
cblr-5117	566	2	how	how	SCONJ
cblr-5117	566	3	the	the	DET
cblr-5117	566	4	proceeds	proceed	NOUN
cblr-5117	566	5	will	will	AUX
cblr-5117	566	6	be	be	AUX
cblr-5117	566	7	distributed	distribute	VERB
cblr-5117	566	8	among	among	ADP
cblr-5117	566	9	the	the	DET
cblr-5117	566	10	various	various	ADJ
cblr-5117	566	11	shareholders	shareholder	NOUN
cblr-5117	566	12	is	be	AUX
cblr-5117	566	13	often	often	ADV
cblr-5117	566	14	mathematically	mathematically	ADV
cblr-5117	566	15	and	and	CCONJ
cblr-5117	566	16	structurally	structurally	ADV
cblr-5117	566	17	challenging	challenging	ADJ
cblr-5117	566	18	due	due	ADJ
cblr-5117	566	19	to	to	ADP
cblr-5117	566	20	numerous	numerous	ADJ
cblr-5117	566	21	investors	investor	NOUN
cblr-5117	566	22	holding	hold	VERB
cblr-5117	566	23	different	different	ADJ
cblr-5117	566	24	contractual	contractual	ADJ
cblr-5117	566	25	rights	right	NOUN
cblr-5117	566	26	and	and	CCONJ
cblr-5117	566	27	seniority	seniority	NOUN
cblr-5117	566	28	statuses	status	NOUN
cblr-5117	566	29	.	.	PUNCT
cblr-5117	567	1	the	the	DET
cblr-5117	567	2	rights	right	NOUN
cblr-5117	567	3	assigned	assign	VERB
cblr-5117	567	4	to	to	ADP
cblr-5117	567	5	each	each	DET
cblr-5117	567	6	class	class	NOUN
cblr-5117	567	7	of	of	ADP
cblr-5117	567	8	preferred	preferred	ADJ
cblr-5117	567	9	shares	share	NOUN
cblr-5117	567	10	affect	affect	VERB
cblr-5117	567	11	the	the	DET
cblr-5117	567	12	likelihood	likelihood	NOUN
cblr-5117	567	13	of	of	ADP
cblr-5117	567	14	different	different	ADJ
cblr-5117	567	15	exit	exit	NOUN
cblr-5117	567	16	scenarios	scenario	NOUN
cblr-5117	567	17	and	and	CCONJ
cblr-5117	567	18	the	the	DET
cblr-5117	567	19	distribution	distribution	NOUN
cblr-5117	567	20	of	of	ADP
cblr-5117	567	21	cash	cash	NOUN
cblr-5117	567	22	flows	flow	NOUN
cblr-5117	567	23	upon	upon	SCONJ
cblr-5117	567	24	an	an	DET
cblr-5117	567	25	exit	exit	NOUN
cblr-5117	567	26	.	.	PUNCT
cblr-5117	568	1	the	the	DET
cblr-5117	568	2	economic	economic	ADJ
cblr-5117	568	3	value	value	NOUN
cblr-5117	568	4	of	of	ADP
cblr-5117	568	5	each	each	DET
cblr-5117	568	6	class	class	NOUN
cblr-5117	568	7	of	of	ADP
cblr-5117	568	8	shares	share	NOUN
cblr-5117	568	9	,	,	PUNCT
cblr-5117	568	10	including	include	VERB
cblr-5117	568	11	the	the	DET
cblr-5117	568	12	common	common	ADJ
cblr-5117	568	13	stock	stock	NOUN
cblr-5117	568	14	,	,	PUNCT
cblr-5117	568	15	is	be	AUX
cblr-5117	568	16	therefore	therefore	ADV
cblr-5117	568	17	responsive	responsive	ADJ
cblr-5117	568	18	to	to	ADP
cblr-5117	568	19	139	139	NUM
cblr-5117	568	20	see	see	VERB
cblr-5117	569	1	i	i	PRON
cblr-5117	569	2	d.	d.	PROPN
cblr-5117	569	3	at	at	ADP
cblr-5117	569	4	17	17	NUM
cblr-5117	569	5	;	;	PUNCT
cblr-5117	569	6	see	see	VERB
cblr-5117	569	7	also	also	ADV
cblr-5117	569	8	jennifer	jennifer	PROPN
cblr-5117	569	9	s.	s.	PROPN
cblr-5117	569	10	fan	fan	PROPN
cblr-5117	569	11	,	,	PUNCT
cblr-5117	569	12	regulating	regulate	VERB
cblr-5117	569	13	unicorns	unicorn	NOUN
cblr-5117	569	14	:	:	PUNCT
cblr-5117	569	15	disclosure	disclosure	NOUN
cblr-5117	569	16	and	and	CCONJ
cblr-5117	569	17	the	the	DET
cblr-5117	569	18	new	new	ADJ
cblr-5117	569	19	private	private	ADJ
cblr-5117	569	20	economy	economy	NOUN
cblr-5117	569	21	,	,	PUNCT
cblr-5117	569	22	57	57	NUM
cblr-5117	569	23	b.c	b.c	PROPN
cblr-5117	569	24	.	.	PROPN
cblr-5117	569	25	l.	l.	PROPN
cblr-5117	569	26	rev	rev	PROPN
cblr-5117	569	27	.	.	PROPN
cblr-5117	569	28	583	583	NUM
cblr-5117	569	29	,	,	PUNCT
cblr-5117	569	30	603	603	NUM
cblr-5117	569	31	(	(	PUNCT
cblr-5117	569	32	2016	2016	NUM
cblr-5117	569	33	)	)	PUNCT
cblr-5117	569	34	(	(	PUNCT
cblr-5117	569	35	discussing	discuss	VERB
cblr-5117	569	36	the	the	DET
cblr-5117	569	37	ratchet	ratchet	NOUN
cblr-5117	569	38	provision	provision	NOUN
cblr-5117	569	39	in	in	ADP
cblr-5117	569	40	the	the	DET
cblr-5117	569	41	context	context	NOUN
cblr-5117	569	42	of	of	ADP
cblr-5117	569	43	square	square	PROPN
cblr-5117	569	44	’s	’s	PART
cblr-5117	569	45	ipo	ipo	PROPN
cblr-5117	569	46	)	)	PUNCT
cblr-5117	569	47	.	.	PUNCT
cblr-5117	570	1	140	140	NUM
cblr-5117	570	2	gornall	gornall	PROPN
cblr-5117	570	3	&	&	CCONJ
cblr-5117	570	4	strebulaev	strebulaev	PROPN
cblr-5117	570	5	,	,	PUNCT
cblr-5117	570	6	supra	supra	PROPN
cblr-5117	570	7	note	note	PROPN
cblr-5117	570	8	135	135	NUM
cblr-5117	570	9	,	,	PUNCT
cblr-5117	570	10	at	at	ADP
cblr-5117	570	11	17	17	NUM
cblr-5117	570	12	.	.	PUNCT
cblr-5117	570	13	141	141	NUM
cblr-5117	570	14	see	see	VERB
cblr-5117	570	15	i	i	PROPN
cblr-5117	570	16	d.	d.	PROPN
cblr-5117	570	17	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	570	18	(	(	PUNCT
cblr-5117	570	19	do	do	AUX
cblr-5117	570	20	not	not	PART
cblr-5117	570	21	delte	delte	VERB
cblr-5117	570	22	)	)	PUNCT
cblr-5117	570	23	1/8/2020	1/8/2020	NUM
cblr-5117	570	24	4:44	4:44	NUM
cblr-5117	570	25	pm	pm	NOUN
cblr-5117	570	26	908	908	NUM
cblr-5117	570	27	columbia	columbia	PROPN
cblr-5117	570	28	business	business	NOUN
cblr-5117	570	29	law	law	PROPN
cblr-5117	570	30	review	review	NOUN
cblr-5117	570	31	[	[	X
cblr-5117	570	32	vol	vol	NOUN
cblr-5117	570	33	.	.	NOUN
cblr-5117	570	34	2019	2019	NUM
cblr-5117	570	35	the	the	DET
cblr-5117	570	36	specific	specific	ADJ
cblr-5117	570	37	terms	term	NOUN
cblr-5117	570	38	of	of	ADP
cblr-5117	570	39	each	each	DET
cblr-5117	570	40	round	round	NOUN
cblr-5117	570	41	.	.	PUNCT
cblr-5117	571	1	as	as	SCONJ
cblr-5117	571	2	discussed	discuss	VERB
cblr-5117	571	3	in	in	ADP
cblr-5117	571	4	the	the	DET
cblr-5117	571	5	following	follow	VERB
cblr-5117	571	6	section	section	NOUN
cblr-5117	571	7	,	,	PUNCT
cblr-5117	571	8	the	the	DET
cblr-5117	571	9	combination	combination	NOUN
cblr-5117	571	10	of	of	ADP
cblr-5117	571	11	employees	employee	NOUN
cblr-5117	571	12	’	'	PUNCT
cblr-5117	571	13	lack	lack	NOUN
cblr-5117	571	14	of	of	ADP
cblr-5117	571	15	sophistication	sophistication	NOUN
cblr-5117	571	16	with	with	ADP
cblr-5117	571	17	start	start	NOUN
cblr-5117	571	18	-	-	PUNCT
cblr-5117	571	19	ups	up	NOUN
cblr-5117	571	20	’	'	PUNCT
cblr-5117	571	21	complicated	complicated	ADJ
cblr-5117	571	22	capital	capital	NOUN
cblr-5117	571	23	structures	structure	NOUN
cblr-5117	571	24	increases	increase	VERB
cblr-5117	571	25	the	the	DET
cblr-5117	571	26	likelihood	likelihood	NOUN
cblr-5117	571	27	of	of	ADP
cblr-5117	571	28	employees	employee	NOUN
cblr-5117	571	29	’	'	PUNCT
cblr-5117	571	30	overvaluing	overvalue	VERB
cblr-5117	571	31	their	their	PRON
cblr-5117	571	32	equity	equity	NOUN
cblr-5117	571	33	incentives	incentive	NOUN
cblr-5117	571	34	.	.	PUNCT
cblr-5117	572	1	3	3	X
cblr-5117	572	2	.	.	X
cblr-5117	572	3	price	price	NOUN
cblr-5117	572	4	signaling	signaling	NOUN
cblr-5117	572	5	and	and	CCONJ
cblr-5117	572	6	overvaluation	overvaluation	NOUN
cblr-5117	572	7	in	in	ADP
cblr-5117	572	8	start	start	NOUN
cblr-5117	572	9	-	-	PUNCT
cblr-5117	572	10	up	up	ADP
cblr-5117	572	11	equity	equity	NOUN
cblr-5117	572	12	markets	market	NOUN
cblr-5117	572	13	most	most	ADJ
cblr-5117	572	14	employees	employee	NOUN
cblr-5117	572	15	do	do	AUX
cblr-5117	572	16	not	not	PART
cblr-5117	572	17	understand	understand	VERB
cblr-5117	572	18	what	what	PRON
cblr-5117	572	19	liquidation	liquidation	NOUN
cblr-5117	572	20	preferences	preference	NOUN
cblr-5117	572	21	are	be	AUX
cblr-5117	572	22	and	and	CCONJ
cblr-5117	572	23	how	how	SCONJ
cblr-5117	572	24	they	they	PRON
cblr-5117	572	25	might	might	AUX
cblr-5117	572	26	influence	influence	VERB
cblr-5117	572	27	the	the	DET
cblr-5117	572	28	value	value	NOUN
cblr-5117	572	29	of	of	ADP
cblr-5117	572	30	their	their	PRON
cblr-5117	572	31	equity	equity	NOUN
cblr-5117	572	32	grants.142	grants.142	NOUN
cblr-5117	572	33	signals	signal	NOUN
cblr-5117	572	34	such	such	ADJ
cblr-5117	572	35	as	as	ADP
cblr-5117	572	36	obtaining	obtain	VERB
cblr-5117	572	37	a	a	DET
cblr-5117	572	38	high	high	ADJ
cblr-5117	572	39	valuation	valuation	NOUN
cblr-5117	572	40	or	or	CCONJ
cblr-5117	572	41	raising	raise	VERB
cblr-5117	572	42	large	large	ADJ
cblr-5117	572	43	sums	sum	NOUN
cblr-5117	572	44	of	of	ADP
cblr-5117	572	45	venture	venture	NOUN
cblr-5117	572	46	capital	capital	NOUN
cblr-5117	572	47	may	may	AUX
cblr-5117	572	48	increase	increase	VERB
cblr-5117	572	49	the	the	DET
cblr-5117	572	50	company	company	NOUN
cblr-5117	572	51	’s	’s	PART
cblr-5117	572	52	attraction	attraction	NOUN
cblr-5117	572	53	regardless	regardless	ADV
cblr-5117	572	54	of	of	ADP
cblr-5117	572	55	their	their	PRON
cblr-5117	572	56	actual	actual	ADJ
cblr-5117	572	57	impact	impact	NOUN
cblr-5117	572	58	on	on	ADP
cblr-5117	572	59	employee	employee	NOUN
cblr-5117	572	60	compensation.143	compensation.143	NOUN
cblr-5117	572	61	for	for	ADP
cblr-5117	572	62	example	example	NOUN
cblr-5117	572	63	,	,	PUNCT
cblr-5117	572	64	employees	employee	NOUN
cblr-5117	572	65	tend	tend	VERB
cblr-5117	572	66	to	to	PART
cblr-5117	572	67	view	view	VERB
cblr-5117	572	68	an	an	DET
cblr-5117	572	69	offer	offer	NOUN
cblr-5117	572	70	from	from	ADP
cblr-5117	572	71	a	a	DET
cblr-5117	572	72	start	start	NOUN
cblr-5117	572	73	-	-	PUNCT
cblr-5117	572	74	up	up	NOUN
cblr-5117	572	75	that	that	PRON
cblr-5117	572	76	has	have	AUX
cblr-5117	572	77	raised	raise	VERB
cblr-5117	572	78	large	large	ADJ
cblr-5117	572	79	sums	sum	NOUN
cblr-5117	572	80	of	of	ADP
cblr-5117	572	81	venture	venture	NOUN
cblr-5117	572	82	capital	capital	NOUN
cblr-5117	572	83	money	money	NOUN
cblr-5117	572	84	as	as	ADP
cblr-5117	572	85	more	more	ADV
cblr-5117	572	86	attractive	attractive	ADJ
cblr-5117	572	87	than	than	ADP
cblr-5117	572	88	an	an	DET
cblr-5117	572	89	otherwise	otherwise	ADV
cblr-5117	572	90	identical	identical	ADJ
cblr-5117	572	91	offer	offer	NOUN
cblr-5117	572	92	from	from	ADP
cblr-5117	572	93	a	a	DET
cblr-5117	572	94	start	start	NOUN
cblr-5117	572	95	-	-	PUNCT
cblr-5117	572	96	up	up	NOUN
cblr-5117	572	97	that	that	PRON
cblr-5117	572	98	has	have	AUX
cblr-5117	572	99	raised	raise	VERB
cblr-5117	572	100	less	less	ADJ
cblr-5117	572	101	from	from	ADP
cblr-5117	572	102	venture	venture	NOUN
cblr-5117	572	103	capital	capital	NOUN
cblr-5117	572	104	firms	firm	NOUN
cblr-5117	572	105	(	(	PUNCT
cblr-5117	572	106	suggesting	suggest	VERB
cblr-5117	572	107	that	that	SCONJ
cblr-5117	572	108	they	they	PRON
cblr-5117	572	109	do	do	AUX
cblr-5117	572	110	not	not	PART
cblr-5117	572	111	understand	understand	VERB
cblr-5117	572	112	the	the	DET
cblr-5117	572	113	debt	debt	NOUN
cblr-5117	572	114	-	-	PUNCT
cblr-5117	572	115	like	like	ADJ
cblr-5117	572	116	properties	property	NOUN
cblr-5117	572	117	of	of	ADP
cblr-5117	572	118	venture	venture	NOUN
cblr-5117	572	119	capital	capital	NOUN
cblr-5117	572	120	finance).144	finance).144	PROPN
cblr-5117	572	121	142	142	NUM
cblr-5117	572	122	see	see	NOUN
cblr-5117	572	123	interviews	interview	NOUN
cblr-5117	572	124	,	,	PUNCT
cblr-5117	572	125	supra	supra	PROPN
cblr-5117	572	126	note	note	PROPN
cblr-5117	572	127	29	29	NUM
cblr-5117	572	128	(	(	PUNCT
cblr-5117	572	129	referencing	reference	VERB
cblr-5117	572	130	f05	f05	NOUN
cblr-5117	572	131	assessing	assess	VERB
cblr-5117	572	132	that	that	SCONJ
cblr-5117	572	133	only	only	ADV
cblr-5117	572	134	a	a	DET
cblr-5117	572	135	small	small	ADJ
cblr-5117	572	136	fraction	fraction	NOUN
cblr-5117	572	137	of	of	ADP
cblr-5117	572	138	employees	employee	NOUN
cblr-5117	572	139	who	who	PRON
cblr-5117	572	140	are	be	AUX
cblr-5117	572	141	veterans	veteran	NOUN
cblr-5117	572	142	of	of	ADP
cblr-5117	572	143	other	other	ADJ
cblr-5117	572	144	startups	startup	NOUN
cblr-5117	572	145	ask	ask	VERB
cblr-5117	572	146	about	about	ADP
cblr-5117	572	147	the	the	DET
cblr-5117	572	148	capital	capital	NOUN
cblr-5117	572	149	structure	structure	NOUN
cblr-5117	572	150	)	)	PUNCT
cblr-5117	572	151	.	.	PUNCT
cblr-5117	573	1	see	see	VERB
cblr-5117	573	2	also	also	ADV
cblr-5117	573	3	interviews	interview	NOUN
cblr-5117	573	4	,	,	PUNCT
cblr-5117	573	5	supra	supra	PROPN
cblr-5117	573	6	note	note	PROPN
cblr-5117	573	7	29	29	NUM
cblr-5117	573	8	(	(	PUNCT
cblr-5117	573	9	quoting	quote	VERB
cblr-5117	573	10	vc02	vc02	PROPN
cblr-5117	573	11	:	:	PUNCT
cblr-5117	573	12	“	"	PUNCT
cblr-5117	573	13	i	i	PRON
cblr-5117	573	14	think	think	VERB
cblr-5117	573	15	most	most	ADJ
cblr-5117	573	16	employees	employee	NOUN
cblr-5117	573	17	do	do	AUX
cblr-5117	573	18	n’t	not	PART
cblr-5117	573	19	have	have	VERB
cblr-5117	573	20	any	any	DET
cblr-5117	573	21	idea	idea	NOUN
cblr-5117	573	22	.	.	PUNCT
cblr-5117	573	23	.	.	PUNCT
cblr-5117	573	24	.	.	PUNCT
cblr-5117	574	1	.	.	PUNCT
cblr-5117	575	1	they	they	PRON
cblr-5117	575	2	just	just	ADV
cblr-5117	575	3	would	would	AUX
cblr-5117	575	4	n’t	not	PART
cblr-5117	575	5	have	have	VERB
cblr-5117	575	6	the	the	DET
cblr-5117	575	7	tool	tool	NOUN
cblr-5117	575	8	set	set	VERB
cblr-5117	575	9	to	to	PART
cblr-5117	575	10	know	know	VERB
cblr-5117	575	11	how	how	SCONJ
cblr-5117	575	12	to	to	PART
cblr-5117	575	13	evaluate	evaluate	VERB
cblr-5117	575	14	what	what	PRON
cblr-5117	575	15	the	the	DET
cblr-5117	575	16	actual	actual	ADJ
cblr-5117	575	17	financial	financial	ADJ
cblr-5117	575	18	implication	implication	NOUN
cblr-5117	575	19	of	of	ADP
cblr-5117	575	20	structure	structure	NOUN
cblr-5117	575	21	is	be	AUX
cblr-5117	575	22	.	.	PUNCT
cblr-5117	575	23	”	"	PUNCT
cblr-5117	575	24	)	)	PUNCT
cblr-5117	575	25	;	;	PUNCT
cblr-5117	575	26	interviews	interview	NOUN
cblr-5117	575	27	,	,	PUNCT
cblr-5117	575	28	supra	supra	PROPN
cblr-5117	575	29	note	note	PROPN
cblr-5117	575	30	29	29	NUM
cblr-5117	575	31	(	(	PUNCT
cblr-5117	575	32	quoting	quote	VERB
cblr-5117	575	33	l04	l04	NOUN
cblr-5117	575	34	:	:	PUNCT
cblr-5117	575	35	“	"	PUNCT
cblr-5117	575	36	i	i	PRON
cblr-5117	575	37	would	would	AUX
cblr-5117	575	38	say	say	VERB
cblr-5117	575	39	most	most	ADJ
cblr-5117	575	40	employees	employee	NOUN
cblr-5117	575	41	do	do	AUX
cblr-5117	575	42	n’t	not	PART
cblr-5117	575	43	fully	fully	ADV
cblr-5117	575	44	appreciate	appreciate	VERB
cblr-5117	575	45	the	the	DET
cblr-5117	575	46	preferred	prefer	VERB
cblr-5117	575	47	versus	versus	ADP
cblr-5117	575	48	common	common	ADJ
cblr-5117	575	49	stock	stock	NOUN
cblr-5117	575	50	structure	structure	NOUN
cblr-5117	575	51	.	.	PUNCT
cblr-5117	575	52	”	"	PUNCT
cblr-5117	575	53	)	)	PUNCT
cblr-5117	575	54	.	.	PUNCT
cblr-5117	576	1	143	143	NUM
cblr-5117	576	2	see	see	VERB
cblr-5117	576	3	i	i	PRON
cblr-5117	576	4	d.	d.	PROPN
cblr-5117	576	5	(	(	PUNCT
cblr-5117	576	6	quoting	quote	VERB
cblr-5117	576	7	vc02	vc02	PROPN
cblr-5117	576	8	:	:	PUNCT
cblr-5117	576	9	“	"	PUNCT
cblr-5117	576	10	my	my	PRON
cblr-5117	576	11	guess	guess	NOUN
cblr-5117	576	12	is	be	AUX
cblr-5117	576	13	,	,	PUNCT
cblr-5117	576	14	if	if	SCONJ
cblr-5117	576	15	you	you	PRON
cblr-5117	576	16	talk	talk	VERB
cblr-5117	576	17	to	to	ADP
cblr-5117	576	18	employees	employee	NOUN
cblr-5117	576	19	and	and	CCONJ
cblr-5117	576	20	you	you	PRON
cblr-5117	576	21	gave	give	VERB
cblr-5117	576	22	them	they	PRON
cblr-5117	576	23	two	two	NUM
cblr-5117	576	24	identical	identical	ADJ
cblr-5117	576	25	offers	offer	NOUN
cblr-5117	576	26	,	,	PUNCT
cblr-5117	576	27	one	one	NUM
cblr-5117	576	28	with	with	ADP
cblr-5117	576	29	a	a	DET
cblr-5117	576	30	company	company	NOUN
cblr-5117	576	31	at	at	ADP
cblr-5117	576	32	five	five	NUM
cblr-5117	576	33	hundred	hundred	NUM
cblr-5117	576	34	million	million	NUM
cblr-5117	576	35	and	and	CCONJ
cblr-5117	576	36	one	one	NUM
cblr-5117	576	37	with	with	ADP
cblr-5117	576	38	a	a	DET
cblr-5117	576	39	company	company	NOUN
cblr-5117	576	40	at	at	ADP
cblr-5117	576	41	a	a	DET
cblr-5117	576	42	billion	billion	NUM
cblr-5117	576	43	,	,	PUNCT
cblr-5117	576	44	even	even	ADV
cblr-5117	576	45	with	with	ADP
cblr-5117	576	46	a	a	DET
cblr-5117	576	47	punitive	punitive	ADJ
cblr-5117	576	48	structure	structure	NOUN
cblr-5117	576	49	,	,	PUNCT
cblr-5117	576	50	my	my	PRON
cblr-5117	576	51	guess	guess	NOUN
cblr-5117	576	52	is	be	AUX
cblr-5117	576	53	psychologically	psychologically	ADV
cblr-5117	576	54	they	they	PRON
cblr-5117	576	55	would	would	AUX
cblr-5117	576	56	assume	assume	VERB
cblr-5117	576	57	the	the	DET
cblr-5117	576	58	billion	billion	NUM
cblr-5117	576	59	dollar	dollar	NOUN
cblr-5117	576	60	company	company	NOUN
cblr-5117	576	61	is	be	AUX
cblr-5117	576	62	doing	do	VERB
cblr-5117	576	63	better	well	ADV
cblr-5117	576	64	and	and	CCONJ
cblr-5117	576	65	therefore	therefore	ADV
cblr-5117	576	66	a	a	DET
cblr-5117	576	67	better	well	ADJ
cblr-5117	576	68	value	value	NOUN
cblr-5117	576	69	proposition	proposition	NOUN
cblr-5117	576	70	even	even	ADV
cblr-5117	576	71	though	though	SCONJ
cblr-5117	576	72	it	it	PRON
cblr-5117	576	73	has	have	AUX
cblr-5117	576	74	double	double	VERB
cblr-5117	576	75	the	the	DET
cblr-5117	576	76	price	price	NOUN
cblr-5117	576	77	today	today	NOUN
cblr-5117	576	78	.	.	PUNCT
cblr-5117	576	79	”	"	PUNCT
cblr-5117	576	80	)	)	PUNCT
cblr-5117	576	81	.	.	PUNCT
cblr-5117	577	1	144	144	NUM
cblr-5117	577	2	a	a	DET
cblr-5117	577	3	sample	sample	NOUN
cblr-5117	577	4	of	of	ADP
cblr-5117	577	5	1,114	1,114	NUM
cblr-5117	577	6	college	college	NOUN
cblr-5117	577	7	-	-	PUNCT
cblr-5117	577	8	educated	educate	VERB
cblr-5117	577	9	technology	technology	NOUN
cblr-5117	577	10	workers	worker	NOUN
cblr-5117	577	11	were	be	AUX
cblr-5117	577	12	asked	ask	VERB
cblr-5117	577	13	:	:	PUNCT
cblr-5117	577	14	“	"	PUNCT
cblr-5117	577	15	all	all	PRON
cblr-5117	577	16	else	else	ADV
cblr-5117	577	17	equal	equal	ADJ
cblr-5117	577	18	,	,	PUNCT
cblr-5117	577	19	including	include	VERB
cblr-5117	577	20	the	the	DET
cblr-5117	577	21	companies	company	NOUN
cblr-5117	577	22	’	’	PART
cblr-5117	577	23	valuations	valuation	NOUN
cblr-5117	577	24	and	and	CCONJ
cblr-5117	577	25	cash	cash	NOUN
cblr-5117	577	26	reserves	reserve	NOUN
cblr-5117	577	27	,	,	PUNCT
cblr-5117	577	28	which	which	DET
cblr-5117	577	29	equity	equity	NOUN
cblr-5117	577	30	-	-	PUNCT
cblr-5117	577	31	based	base	VERB
cblr-5117	577	32	compensation	compensation	NOUN
cblr-5117	577	33	offer	offer	NOUN
cblr-5117	577	34	is	be	AUX
cblr-5117	577	35	more	more	ADV
cblr-5117	577	36	valuable	valuable	ADJ
cblr-5117	577	37	—	—	PUNCT
cblr-5117	577	38	an	an	DET
cblr-5117	577	39	offer	offer	NOUN
cblr-5117	577	40	from	from	ADP
cblr-5117	577	41	a	a	DET
cblr-5117	577	42	start	start	NOUN
cblr-5117	577	43	-	-	PUNCT
cblr-5117	577	44	up	up	NOUN
cblr-5117	577	45	that	that	PRON
cblr-5117	577	46	has	have	AUX
cblr-5117	577	47	raised	raise	VERB
cblr-5117	577	48	more	more	ADJ
cblr-5117	577	49	money	money	NOUN
cblr-5117	577	50	from	from	ADP
cblr-5117	577	51	venture	venture	NOUN
cblr-5117	577	52	capital	capital	NOUN
cblr-5117	577	53	investors	investor	NOUN
cblr-5117	577	54	or	or	CCONJ
cblr-5117	577	55	an	an	DET
cblr-5117	577	56	offer	offer	NOUN
cblr-5117	577	57	from	from	ADP
cblr-5117	577	58	a	a	DET
cblr-5117	577	59	start	start	NOUN
cblr-5117	577	60	-	-	PUNCT
cblr-5117	577	61	up	up	NOUN
cblr-5117	577	62	that	that	PRON
cblr-5117	577	63	has	have	AUX
cblr-5117	577	64	raised	raise	VERB
cblr-5117	577	65	less	less	ADJ
cblr-5117	577	66	?	?	PUNCT
cblr-5117	577	67	”	"	PUNCT
cblr-5117	578	1	only	only	ADV
cblr-5117	578	2	18	18	NUM
cblr-5117	578	3	%	%	NOUN
cblr-5117	578	4	(	(	PUNCT
cblr-5117	578	5	200	200	NUM
cblr-5117	578	6	)	)	PUNCT
cblr-5117	578	7	answered	answer	VERB
cblr-5117	578	8	correctly	correctly	ADV
cblr-5117	578	9	,	,	PUNCT
cblr-5117	578	10	i.e.	i.e.	X
cblr-5117	578	11	,	,	PUNCT
cblr-5117	578	12	that	that	SCONJ
cblr-5117	578	13	the	the	DET
cblr-5117	578	14	offer	offer	NOUN
cblr-5117	578	15	from	from	ADP
cblr-5117	578	16	the	the	DET
cblr-5117	578	17	start	start	NOUN
cblr-5117	578	18	-	-	PUNCT
cblr-5117	578	19	up	up	NOUN
cblr-5117	578	20	that	that	PRON
cblr-5117	578	21	has	have	AUX
cblr-5117	578	22	raised	raise	VERB
cblr-5117	578	23	less	less	ADJ
cblr-5117	578	24	is	be	AUX
cblr-5117	578	25	more	more	ADV
cblr-5117	578	26	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	578	27	(	(	PUNCT
cblr-5117	578	28	do	do	AUX
cblr-5117	578	29	not	not	PART
cblr-5117	578	30	delete	delete	VERB
cblr-5117	578	31	)	)	PUNCT
cblr-5117	578	32	1/8/2020	1/8/2020	NUM
cblr-5117	578	33	4:44	4:44	NUM
cblr-5117	578	34	pm	pm	NOUN
cblr-5117	578	35	no	no	INTJ
cblr-5117	578	36	.	.	PUNCT
cblr-5117	579	1	3:867	3:867	NUM
cblr-5117	579	2	]	]	PUNCT
cblr-5117	579	3	making	make	VERB
cblr-5117	579	4	disclosure	disclosure	NOUN
cblr-5117	579	5	work	work	VERB
cblr-5117	579	6	909	909	NUM
cblr-5117	579	7	due	due	ADP
cblr-5117	579	8	to	to	ADP
cblr-5117	579	9	employees	employee	NOUN
cblr-5117	579	10	’	'	PUNCT
cblr-5117	579	11	lack	lack	NOUN
cblr-5117	579	12	of	of	ADP
cblr-5117	579	13	relevant	relevant	ADJ
cblr-5117	579	14	financial	financial	ADJ
cblr-5117	579	15	proficiency	proficiency	NOUN
cblr-5117	579	16	,	,	PUNCT
cblr-5117	579	17	and	and	CCONJ
cblr-5117	579	18	given	give	VERB
cblr-5117	579	19	the	the	DET
cblr-5117	579	20	properties	property	NOUN
cblr-5117	579	21	of	of	ADP
cblr-5117	579	22	the	the	DET
cblr-5117	579	23	private	private	ADJ
cblr-5117	579	24	securities	security	NOUN
cblr-5117	579	25	market	market	NOUN
cblr-5117	579	26	,	,	PUNCT
cblr-5117	579	27	when	when	SCONJ
cblr-5117	579	28	employees	employee	NOUN
cblr-5117	579	29	attempt	attempt	VERB
cblr-5117	579	30	to	to	PART
cblr-5117	579	31	“	"	PUNCT
cblr-5117	579	32	free	free	ADJ
cblr-5117	579	33	-	-	PUNCT
cblr-5117	579	34	ride	ride	NOUN
cblr-5117	579	35	”	"	PUNCT
cblr-5117	579	36	on	on	ADP
cblr-5117	579	37	information	information	NOUN
cblr-5117	579	38	regarding	regard	VERB
cblr-5117	579	39	the	the	DET
cblr-5117	579	40	price	price	NOUN
cblr-5117	579	41	per	per	ADP
cblr-5117	579	42	share	share	NOUN
cblr-5117	579	43	paid	pay	VERB
cblr-5117	579	44	by	by	ADP
cblr-5117	579	45	sophisticated	sophisticated	ADJ
cblr-5117	579	46	investors	investor	NOUN
cblr-5117	579	47	,	,	PUNCT
cblr-5117	579	48	they	they	PRON
cblr-5117	579	49	typically	typically	ADV
cblr-5117	579	50	overvalue	overvalue	VERB
cblr-5117	579	51	their	their	PRON
cblr-5117	579	52	compensation	compensation	NOUN
cblr-5117	579	53	’s	’s	PART
cblr-5117	579	54	worth.145	worth.145	NOUN
cblr-5117	579	55	employees	employee	NOUN
cblr-5117	579	56	misguidedly	misguidedly	ADV
cblr-5117	579	57	assume	assume	VERB
cblr-5117	579	58	that	that	SCONJ
cblr-5117	579	59	all	all	DET
cblr-5117	579	60	the	the	DET
cblr-5117	579	61	shares	share	NOUN
cblr-5117	579	62	of	of	ADP
cblr-5117	579	63	a	a	DET
cblr-5117	579	64	single	single	ADJ
cblr-5117	579	65	company	company	NOUN
cblr-5117	579	66	have	have	VERB
cblr-5117	579	67	similar	similar	ADJ
cblr-5117	579	68	value	value	NOUN
cblr-5117	579	69	and	and	CCONJ
cblr-5117	579	70	therefore	therefore	ADV
cblr-5117	579	71	infer	infer	VERB
cblr-5117	579	72	that	that	SCONJ
cblr-5117	579	73	the	the	DET
cblr-5117	579	74	value	value	NOUN
cblr-5117	579	75	of	of	ADP
cblr-5117	579	76	their	their	PRON
cblr-5117	579	77	compensation	compensation	NOUN
cblr-5117	579	78	is	be	AUX
cblr-5117	579	79	proportionate	proportionate	ADJ
cblr-5117	579	80	to	to	ADP
cblr-5117	579	81	their	their	PRON
cblr-5117	579	82	ownership	ownership	NOUN
cblr-5117	579	83	stake.146	stake.146	NOUN
cblr-5117	579	84	this	this	DET
cblr-5117	579	85	gap	gap	NOUN
cblr-5117	579	86	between	between	ADP
cblr-5117	579	87	the	the	DET
cblr-5117	579	88	perceived	perceive	VERB
cblr-5117	579	89	and	and	CCONJ
cblr-5117	579	90	the	the	DET
cblr-5117	579	91	fair	fair	ADJ
cblr-5117	579	92	market	market	NOUN
cblr-5117	579	93	valuable	valuable	ADJ
cblr-5117	579	94	;	;	PUNCT
cblr-5117	579	95	53	53	NUM
cblr-5117	579	96	%	%	NOUN
cblr-5117	579	97	(	(	PUNCT
cblr-5117	579	98	588	588	NUM
cblr-5117	579	99	)	)	PUNCT
cblr-5117	579	100	replied	reply	VERB
cblr-5117	579	101	that	that	SCONJ
cblr-5117	579	102	the	the	DET
cblr-5117	579	103	more	more	ADV
cblr-5117	579	104	valuable	valuable	ADJ
cblr-5117	579	105	offer	offer	NOUN
cblr-5117	579	106	is	be	AUX
cblr-5117	579	107	the	the	DET
cblr-5117	579	108	one	one	NUM
cblr-5117	579	109	made	make	VERB
cblr-5117	579	110	by	by	ADP
cblr-5117	579	111	a	a	DET
cblr-5117	579	112	start	start	NOUN
cblr-5117	579	113	-	-	PUNCT
cblr-5117	579	114	up	up	NOUN
cblr-5117	579	115	that	that	PRON
cblr-5117	579	116	has	have	AUX
cblr-5117	579	117	raised	raise	VERB
cblr-5117	579	118	more	more	ADJ
cblr-5117	579	119	venture	venture	NOUN
cblr-5117	579	120	capital	capital	NOUN
cblr-5117	579	121	investments	investment	NOUN
cblr-5117	579	122	;	;	PUNCT
cblr-5117	579	123	16	16	NUM
cblr-5117	579	124	%	%	NOUN
cblr-5117	579	125	(	(	PUNCT
cblr-5117	579	126	175	175	NUM
cblr-5117	579	127	)	)	PUNCT
cblr-5117	579	128	answered	answer	VERB
cblr-5117	579	129	“	"	PUNCT
cblr-5117	579	130	do	do	AUX
cblr-5117	579	131	n’t	not	PART
cblr-5117	579	132	know	know	VERB
cblr-5117	579	133	”	"	PUNCT
cblr-5117	579	134	,	,	PUNCT
cblr-5117	579	135	and	and	CCONJ
cblr-5117	579	136	14	14	NUM
cblr-5117	579	137	%	%	NOUN
cblr-5117	579	138	(	(	PUNCT
cblr-5117	579	139	151	151	NUM
cblr-5117	579	140	)	)	PUNCT
cblr-5117	579	141	responded	respond	VERB
cblr-5117	579	142	that	that	SCONJ
cblr-5117	579	143	the	the	DET
cblr-5117	579	144	offers	offer	NOUN
cblr-5117	579	145	are	be	AUX
cblr-5117	579	146	of	of	ADP
cblr-5117	579	147	similar	similar	ADJ
cblr-5117	579	148	value	value	NOUN
cblr-5117	579	149	.	.	PUNCT
cblr-5117	580	1	the	the	DET
cblr-5117	580	2	result	result	NOUN
cblr-5117	580	3	suggests	suggest	VERB
cblr-5117	580	4	that	that	SCONJ
cblr-5117	580	5	employees	employee	NOUN
cblr-5117	580	6	do	do	AUX
cblr-5117	580	7	not	not	PART
cblr-5117	580	8	understand	understand	VERB
cblr-5117	580	9	that	that	SCONJ
cblr-5117	580	10	venture	venture	NOUN
cblr-5117	580	11	capital	capital	NOUN
cblr-5117	580	12	investors	investor	NOUN
cblr-5117	580	13	typically	typically	ADV
cblr-5117	580	14	get	get	VERB
cblr-5117	580	15	their	their	PRON
cblr-5117	580	16	investment	investment	NOUN
cblr-5117	580	17	money	money	NOUN
cblr-5117	580	18	back	back	ADV
cblr-5117	580	19	first	first	ADV
cblr-5117	580	20	when	when	SCONJ
cblr-5117	580	21	a	a	DET
cblr-5117	580	22	company	company	NOUN
cblr-5117	580	23	is	be	AUX
cblr-5117	580	24	sold	sell	VERB
cblr-5117	580	25	.	.	PUNCT
cblr-5117	581	1	see	see	VERB
cblr-5117	581	2	aran	aran	NOUN
cblr-5117	581	3	,	,	PUNCT
cblr-5117	581	4	supra	supra	PROPN
cblr-5117	581	5	note	note	NOUN
cblr-5117	581	6	30	30	NUM
cblr-5117	581	7	.	.	X
cblr-5117	582	1	145	145	NUM
cblr-5117	582	2	see	see	VERB
cblr-5117	582	3	anat	anat	PROPN
cblr-5117	582	4	alon	alon	PROPN
cblr-5117	582	5	-	-	PUNCT
cblr-5117	582	6	beck	beck	PROPN
cblr-5117	582	7	,	,	PUNCT
cblr-5117	582	8	unicorn	unicorn	ADJ
cblr-5117	582	9	stock	stock	NOUN
cblr-5117	582	10	options	option	NOUN
cblr-5117	582	11	—	—	PUNCT
cblr-5117	582	12	golden	golden	ADJ
cblr-5117	582	13	goose	goose	NOUN
cblr-5117	582	14	or	or	CCONJ
cblr-5117	582	15	trojan	trojan	NOUN
cblr-5117	582	16	horse	horse	NOUN
cblr-5117	582	17	?	?	PUNCT
cblr-5117	583	1	107	107	NUM
cblr-5117	583	2	colum	colum	NOUN
cblr-5117	583	3	.	.	PUNCT
cblr-5117	584	1	bus	bus	NOUN
cblr-5117	584	2	.	.	PUNCT
cblr-5117	585	1	l.	l.	PROPN
cblr-5117	585	2	rev	rev	PROPN
cblr-5117	585	3	.	.	PROPN
cblr-5117	585	4	107	107	NUM
cblr-5117	585	5	,	,	PUNCT
cblr-5117	585	6	183	183	NUM
cblr-5117	585	7	(	(	PUNCT
cblr-5117	585	8	2019	2019	NUM
cblr-5117	585	9	)	)	PUNCT
cblr-5117	585	10	(	(	PUNCT
cblr-5117	585	11	“	"	PUNCT
cblr-5117	585	12	one	one	NUM
cblr-5117	585	13	of	of	ADP
cblr-5117	585	14	the	the	DET
cblr-5117	585	15	main	main	ADJ
cblr-5117	585	16	problems	problem	NOUN
cblr-5117	585	17	with	with	ADP
cblr-5117	585	18	unicorn	unicorn	ADJ
cblr-5117	585	19	firm	firm	ADJ
cblr-5117	585	20	employee	employee	NOUN
cblr-5117	585	21	stock	stock	NOUN
cblr-5117	585	22	option	option	NOUN
cblr-5117	585	23	plans	plan	NOUN
cblr-5117	585	24	is	be	AUX
cblr-5117	585	25	that	that	SCONJ
cblr-5117	585	26	employees	employee	NOUN
cblr-5117	585	27	are	be	AUX
cblr-5117	585	28	misinformed	misinformed	ADJ
cblr-5117	585	29	about	about	ADP
cblr-5117	585	30	their	their	PRON
cblr-5117	585	31	rights	right	NOUN
cblr-5117	585	32	and	and	CCONJ
cblr-5117	585	33	the	the	DET
cblr-5117	585	34	status	status	NOUN
cblr-5117	585	35	of	of	ADP
cblr-5117	585	36	the	the	DET
cblr-5117	585	37	company	company	NOUN
cblr-5117	585	38	.	.	PUNCT
cblr-5117	585	39	”	"	PUNCT
cblr-5117	585	40	)	)	PUNCT
cblr-5117	585	41	.	.	PUNCT
cblr-5117	586	1	therese	therese	PROPN
cblr-5117	586	2	h.	h.	PROPN
cblr-5117	586	3	maynard	maynard	PROPN
cblr-5117	586	4	et	et	PROPN
cblr-5117	586	5	.	.	PUNCT
cblr-5117	587	1	al	al	PROPN
cblr-5117	587	2	.	.	PUNCT
cblr-5117	587	3	further	far	ADV
cblr-5117	587	4	explain	explain	VERB
cblr-5117	587	5	that	that	SCONJ
cblr-5117	587	6	:	:	PUNCT
cblr-5117	587	7	[	[	X
cblr-5117	587	8	t]he	t]he	ADV
cblr-5117	587	9	equity	equity	NOUN
cblr-5117	587	10	incentive	incentive	NOUN
cblr-5117	587	11	value	value	NOUN
cblr-5117	587	12	of	of	ADP
cblr-5117	587	13	a	a	DET
cblr-5117	587	14	company	company	NOUN
cblr-5117	587	15	’s	’s	PART
cblr-5117	587	16	common	common	ADJ
cblr-5117	587	17	stock	stock	NOUN
cblr-5117	587	18	,	,	PUNCT
cblr-5117	587	19	as	as	ADP
cblr-5117	587	20	junior	junior	ADJ
cblr-5117	587	21	equity	equity	NOUN
cblr-5117	587	22	security	security	NOUN
cblr-5117	587	23	,	,	PUNCT
cblr-5117	587	24	takes	take	VERB
cblr-5117	587	25	into	into	ADP
cblr-5117	587	26	account	account	NOUN
cblr-5117	587	27	the	the	DET
cblr-5117	587	28	effect	effect	NOUN
cblr-5117	587	29	of	of	ADP
cblr-5117	587	30	the	the	DET
cblr-5117	587	31	priority	priority	NOUN
cblr-5117	587	32	rights	right	NOUN
cblr-5117	587	33	and	and	CCONJ
cblr-5117	587	34	powers	power	NOUN
cblr-5117	587	35	of	of	ADP
cblr-5117	587	36	the	the	DET
cblr-5117	587	37	preferred	preferred	ADJ
cblr-5117	587	38	stock	stock	NOUN
cblr-5117	587	39	.	.	PUNCT
cblr-5117	587	40	.	.	PUNCT
cblr-5117	587	41	.	.	PUNCT
cblr-5117	587	42	.	.	PUNCT
cblr-5117	588	1	consequently	consequently	ADV
cblr-5117	588	2	,	,	PUNCT
cblr-5117	588	3	the	the	DET
cblr-5117	588	4	value	value	NOUN
cblr-5117	588	5	of	of	ADP
cblr-5117	588	6	the	the	DET
cblr-5117	588	7	common	common	ADJ
cblr-5117	588	8	stock	stock	NOUN
cblr-5117	588	9	is	be	AUX
cblr-5117	588	10	usually	usually	ADV
cblr-5117	588	11	substantially	substantially	ADV
cblr-5117	588	12	discounted	discount	VERB
cblr-5117	588	13	from	from	ADP
cblr-5117	588	14	the	the	DET
cblr-5117	588	15	per	per	ADP
cblr-5117	588	16	-	-	PUNCT
cblr-5117	588	17	share	share	NOUN
cblr-5117	588	18	price	price	NOUN
cblr-5117	588	19	of	of	ADP
cblr-5117	588	20	the	the	DET
cblr-5117	588	21	preferred	preferred	ADJ
cblr-5117	588	22	stock	stock	NOUN
cblr-5117	588	23	.	.	PUNCT
cblr-5117	589	1	in	in	ADP
cblr-5117	589	2	many	many	ADJ
cblr-5117	589	3	cases	case	NOUN
cblr-5117	589	4	,	,	PUNCT
cblr-5117	589	5	the	the	DET
cblr-5117	589	6	discount	discount	NOUN
cblr-5117	589	7	is	be	AUX
cblr-5117	589	8	80	80	NUM
cblr-5117	589	9	percent	percent	NOUN
cblr-5117	589	10	to	to	ADP
cblr-5117	589	11	90	90	NUM
cblr-5117	589	12	percent	percent	NOUN
cblr-5117	589	13	off	off	ADP
cblr-5117	589	14	the	the	DET
cblr-5117	589	15	price	price	NOUN
cblr-5117	589	16	paid	pay	VERB
cblr-5117	589	17	by	by	ADP
cblr-5117	589	18	investors	investor	NOUN
cblr-5117	589	19	in	in	ADP
cblr-5117	589	20	the	the	DET
cblr-5117	589	21	most	most	ADV
cblr-5117	589	22	recent	recent	ADJ
cblr-5117	589	23	issuance	issuance	NOUN
cblr-5117	589	24	of	of	ADP
cblr-5117	589	25	preferred	preferred	ADJ
cblr-5117	589	26	stock	stock	NOUN
cblr-5117	589	27	.	.	PUNCT
cblr-5117	590	1	therese	therese	PROPN
cblr-5117	590	2	h.	h.	PROPN
cblr-5117	590	3	maynard	maynard	PROPN
cblr-5117	590	4	et	et	PROPN
cblr-5117	590	5	.	.	PUNCT
cblr-5117	591	1	al	al	PROPN
cblr-5117	591	2	.	.	PROPN
cblr-5117	591	3	,	,	PUNCT
cblr-5117	591	4	business	business	NOUN
cblr-5117	591	5	planning	planning	NOUN
cblr-5117	591	6	:	:	PUNCT
cblr-5117	591	7	financing	finance	VERB
cblr-5117	591	8	the	the	DET
cblr-5117	591	9	start	start	VERB
cblr-5117	591	10	-	-	PUNCT
cblr-5117	591	11	up	up	ADP
cblr-5117	591	12	business	business	NOUN
cblr-5117	591	13	and	and	CCONJ
cblr-5117	591	14	venture	venture	NOUN
cblr-5117	591	15	capital	capital	NOUN
cblr-5117	591	16	financing	finance	VERB
cblr-5117	591	17	342–43	342–43	NUM
cblr-5117	591	18	(	(	PUNCT
cblr-5117	591	19	2018	2018	NUM
cblr-5117	591	20	)	)	PUNCT
cblr-5117	591	21	;	;	PUNCT
cblr-5117	591	22	see	see	VERB
cblr-5117	591	23	also	also	ADV
cblr-5117	591	24	scott	scott	PROPN
cblr-5117	591	25	belsky	belsky	PROPN
cblr-5117	591	26	,	,	PUNCT
cblr-5117	591	27	a	a	DET
cblr-5117	591	28	founder	founder	NOUN
cblr-5117	591	29	-	-	PUNCT
cblr-5117	591	30	turned	turn	VERB
cblr-5117	591	31	-	-	PUNCT
cblr-5117	591	32	venture	venture	NOUN
cblr-5117	591	33	-	-	PUNCT
cblr-5117	591	34	capitalist	capitalist	NOUN
cblr-5117	591	35	reveals	reveal	VERB
cblr-5117	591	36	how	how	SCONJ
cblr-5117	591	37	to	to	PART
cblr-5117	591	38	not	not	PART
cblr-5117	591	39	get	get	AUX
cblr-5117	591	40	trampled	trample	VERB
cblr-5117	591	41	by	by	ADP
cblr-5117	591	42	a	a	DET
cblr-5117	591	43	unicorn	unicorn	ADJ
cblr-5117	591	44	startup	startup	NOUN
cblr-5117	591	45	if	if	SCONJ
cblr-5117	591	46	you	you	PRON
cblr-5117	591	47	’re	’re	VERB
cblr-5117	591	48	an	an	DET
cblr-5117	591	49	employee	employee	NOUN
cblr-5117	591	50	with	with	ADP
cblr-5117	591	51	stock	stock	NOUN
cblr-5117	591	52	options	option	NOUN
cblr-5117	591	53	,	,	PUNCT
cblr-5117	591	54	medium	medium	NOUN
cblr-5117	591	55	(	(	PUNCT
cblr-5117	591	56	jan	jan	PROPN
cblr-5117	591	57	.	.	PROPN
cblr-5117	591	58	2	2	NUM
cblr-5117	591	59	,	,	PUNCT
cblr-5117	591	60	2017	2017	NUM
cblr-5117	591	61	)	)	PUNCT
cblr-5117	591	62	,	,	PUNCT
cblr-5117	591	63	https://www.businessinsider.com/what-employeesshould-know-about-stock-options-before-they-work-for-startups-2017-1	https://www.businessinsider.com/what-employeesshould-know-about-stock-options-before-they-work-for-startups-2017-1	VERB
cblr-5117	591	64	[	[	X
cblr-5117	591	65	https://perma.cc/2k3s-82v4	https://perma.cc/2k3s-82v4	X
cblr-5117	591	66	]	]	X
cblr-5117	591	67	(	(	PUNCT
cblr-5117	591	68	“	"	PUNCT
cblr-5117	591	69	[	[	X
cblr-5117	591	70	m]y	m]y	ADJ
cblr-5117	591	71	concern	concern	NOUN
cblr-5117	591	72	[	[	X
cblr-5117	591	73	is	be	AUX
cblr-5117	591	74	]	]	PUNCT
cblr-5117	592	1	that	that	SCONJ
cblr-5117	592	2	employees	employee	NOUN
cblr-5117	592	3	(	(	PUNCT
cblr-5117	592	4	and	and	CCONJ
cblr-5117	592	5	founders	founder	NOUN
cblr-5117	592	6	of	of	ADP
cblr-5117	592	7	acquihire	acquihire	NOUN
cblr-5117	592	8	/	/	SYM
cblr-5117	592	9	acquisition	acquisition	NOUN
cblr-5117	592	10	targets	target	NOUN
cblr-5117	592	11	)	)	PUNCT
cblr-5117	592	12	do	do	AUX
cblr-5117	592	13	n’t	not	PART
cblr-5117	592	14	understand	understand	VERB
cblr-5117	592	15	how	how	SCONJ
cblr-5117	592	16	the	the	DET
cblr-5117	592	17	capital	capital	NOUN
cblr-5117	592	18	structure	structure	NOUN
cblr-5117	592	19	of	of	ADP
cblr-5117	592	20	later	later	ADJ
cblr-5117	592	21	-	-	PUNCT
cblr-5117	592	22	stage	stage	NOUN
cblr-5117	592	23	private	private	ADJ
cblr-5117	592	24	companies	company	NOUN
cblr-5117	592	25	can	can	AUX
cblr-5117	592	26	impact	impact	VERB
cblr-5117	592	27	the	the	DET
cblr-5117	592	28	true	true	ADJ
cblr-5117	592	29	value	value	NOUN
cblr-5117	592	30	of	of	ADP
cblr-5117	592	31	their	their	PRON
cblr-5117	592	32	compensation	compensation	NOUN
cblr-5117	592	33	and	and	CCONJ
cblr-5117	592	34	outcome	outcome	NOUN
cblr-5117	592	35	.	.	PUNCT
cblr-5117	592	36	”	"	PUNCT
cblr-5117	592	37	)	)	PUNCT
cblr-5117	592	38	.	.	PUNCT
cblr-5117	593	1	146	146	NUM
cblr-5117	593	2	see	see	VERB
cblr-5117	593	3	gornall	gornall	PROPN
cblr-5117	593	4	&	&	CCONJ
cblr-5117	593	5	strebulaev	strebulaev	PROPN
cblr-5117	593	6	,	,	PUNCT
cblr-5117	593	7	supra	supra	PROPN
cblr-5117	593	8	note	note	PROPN
cblr-5117	593	9	135	135	NUM
cblr-5117	593	10	,	,	PUNCT
cblr-5117	593	11	at	at	ADP
cblr-5117	593	12	7	7	NUM
cblr-5117	593	13	(	(	PUNCT
cblr-5117	593	14	“	"	PUNCT
cblr-5117	593	15	many	many	ADJ
cblr-5117	593	16	employees	employee	NOUN
cblr-5117	593	17	use	use	VERB
cblr-5117	593	18	post	post	ADJ
cblr-5117	593	19	-	-	ADJ
cblr-5117	593	20	money	money	ADJ
cblr-5117	593	21	valuation	valuation	NOUN
cblr-5117	593	22	as	as	ADP
cblr-5117	593	23	a	a	DET
cblr-5117	593	24	reference	reference	NOUN
cblr-5117	593	25	when	when	SCONJ
cblr-5117	593	26	valuing	value	VERB
cblr-5117	593	27	their	their	PRON
cblr-5117	593	28	common	common	ADJ
cblr-5117	593	29	stock	stock	NOUN
cblr-5117	593	30	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	593	31	(	(	PUNCT
cblr-5117	593	32	do	do	AUX
cblr-5117	593	33	not	not	PART
cblr-5117	593	34	delte	delte	VERB
cblr-5117	593	35	)	)	PUNCT
cblr-5117	593	36	1/8/2020	1/8/2020	NUM
cblr-5117	593	37	4:44	4:44	NUM
cblr-5117	593	38	pm	pm	NOUN
cblr-5117	593	39	910	910	NUM
cblr-5117	593	40	columbia	columbia	PROPN
cblr-5117	593	41	business	business	NOUN
cblr-5117	593	42	law	law	PROPN
cblr-5117	593	43	review	review	NOUN
cblr-5117	593	44	[	[	X
cblr-5117	593	45	vol	vol	NOUN
cblr-5117	593	46	.	.	NOUN
cblr-5117	593	47	2019	2019	NUM
cblr-5117	593	48	value	value	NOUN
cblr-5117	593	49	of	of	ADP
cblr-5117	593	50	a	a	DET
cblr-5117	593	51	start	start	VERB
cblr-5117	593	52	-	-	PUNCT
cblr-5117	593	53	up	up	NOUN
cblr-5117	593	54	’s	’s	PART
cblr-5117	593	55	common	common	ADJ
cblr-5117	593	56	stock	stock	NOUN
cblr-5117	593	57	tends	tend	VERB
cblr-5117	593	58	to	to	PART
cblr-5117	593	59	grow	grow	VERB
cblr-5117	593	60	over	over	ADP
cblr-5117	593	61	time	time	NOUN
cblr-5117	593	62	because	because	SCONJ
cblr-5117	593	63	later	later	ADJ
cblr-5117	593	64	series	series	NOUN
cblr-5117	593	65	of	of	ADP
cblr-5117	593	66	shares	share	NOUN
cblr-5117	593	67	tend	tend	VERB
cblr-5117	593	68	to	to	PART
cblr-5117	593	69	have	have	VERB
cblr-5117	593	70	superior	superior	ADJ
cblr-5117	593	71	rights	right	NOUN
cblr-5117	593	72	compared	compare	VERB
cblr-5117	593	73	with	with	ADP
cblr-5117	593	74	those	those	PRON
cblr-5117	593	75	of	of	ADP
cblr-5117	593	76	previous	previous	ADJ
cblr-5117	593	77	rounds	round	NOUN
cblr-5117	593	78	,	,	PUNCT
cblr-5117	593	79	and	and	CCONJ
cblr-5117	593	80	are	be	AUX
cblr-5117	593	81	thus	thus	ADV
cblr-5117	593	82	more	more	ADJ
cblr-5117	593	83	valuable.147	valuable.147	NOUN
cblr-5117	593	84	the	the	DET
cblr-5117	593	85	problem	problem	NOUN
cblr-5117	593	86	is	be	AUX
cblr-5117	593	87	most	most	ADV
cblr-5117	593	88	prevalent	prevalent	ADJ
cblr-5117	593	89	amongst	amongst	ADP
cblr-5117	593	90	the	the	DET
cblr-5117	593	91	so	so	ADV
cblr-5117	593	92	-	-	PUNCT
cblr-5117	593	93	called	call	VERB
cblr-5117	593	94	“	"	PUNCT
cblr-5117	593	95	unicorns	unicorn	NOUN
cblr-5117	593	96	”	"	PUNCT
cblr-5117	593	97	(	(	PUNCT
cblr-5117	593	98	private	private	ADJ
cblr-5117	593	99	companies	company	NOUN
cblr-5117	593	100	with	with	ADP
cblr-5117	593	101	reported	report	VERB
cblr-5117	593	102	valuations	valuation	NOUN
cblr-5117	593	103	of	of	ADP
cblr-5117	593	104	$	$	SYM
cblr-5117	593	105	1	1	NUM
cblr-5117	593	106	billion	billion	NUM
cblr-5117	593	107	or	or	CCONJ
cblr-5117	593	108	more	more	ADJ
cblr-5117	593	109	)	)	PUNCT
cblr-5117	593	110	.	.	PUNCT
cblr-5117	594	1	closing	close	VERB
cblr-5117	594	2	a	a	DET
cblr-5117	594	3	round	round	NOUN
cblr-5117	594	4	of	of	ADP
cblr-5117	594	5	financing	financing	NOUN
cblr-5117	594	6	that	that	PRON
cblr-5117	594	7	values	value	VERB
cblr-5117	594	8	a	a	DET
cblr-5117	594	9	start	start	NOUN
cblr-5117	594	10	-	-	PUNCT
cblr-5117	594	11	up	up	NOUN
cblr-5117	594	12	at	at	ADP
cblr-5117	594	13	a	a	DET
cblr-5117	594	14	billion	billion	NUM
cblr-5117	594	15	dollars	dollar	NOUN
cblr-5117	594	16	or	or	CCONJ
cblr-5117	594	17	more	more	ADV
cblr-5117	594	18	provides	provide	VERB
cblr-5117	594	19	the	the	DET
cblr-5117	594	20	firm	firm	NOUN
cblr-5117	594	21	with	with	ADP
cblr-5117	594	22	added	add	VERB
cblr-5117	594	23	visibility	visibility	NOUN
cblr-5117	594	24	due	due	ADP
cblr-5117	594	25	to	to	ADP
cblr-5117	594	26	press	press	NOUN
cblr-5117	594	27	coverage	coverage	NOUN
cblr-5117	594	28	and	and	CCONJ
cblr-5117	594	29	is	be	AUX
cblr-5117	594	30	generally	generally	ADV
cblr-5117	594	31	considered	consider	VERB
cblr-5117	594	32	to	to	PART
cblr-5117	594	33	be	be	AUX
cblr-5117	594	34	a	a	DET
cblr-5117	594	35	reputational	reputational	ADJ
cblr-5117	594	36	boost	boost	NOUN
cblr-5117	594	37	.	.	PUNCT
cblr-5117	595	1	because	because	SCONJ
cblr-5117	595	2	equitycompensated	equitycompensate	VERB
cblr-5117	595	3	employees	employee	NOUN
cblr-5117	595	4	pay	pay	VERB
cblr-5117	595	5	attention	attention	NOUN
cblr-5117	595	6	to	to	ADP
cblr-5117	595	7	media	medium	NOUN
cblr-5117	595	8	reports	report	NOUN
cblr-5117	595	9	about	about	ADP
cblr-5117	595	10	start	start	NOUN
cblr-5117	595	11	-	-	PUNCT
cblr-5117	595	12	up	up	ADP
cblr-5117	595	13	valuations	valuation	NOUN
cblr-5117	595	14	,	,	PUNCT
cblr-5117	595	15	companies	company	NOUN
cblr-5117	595	16	are	be	AUX
cblr-5117	595	17	incentivized	incentivize	VERB
cblr-5117	595	18	to	to	PART
cblr-5117	595	19	inflate	inflate	VERB
cblr-5117	595	20	their	their	PRON
cblr-5117	595	21	valuation	valuation	NOUN
cblr-5117	595	22	even	even	ADV
cblr-5117	595	23	at	at	ADP
cblr-5117	595	24	the	the	DET
cblr-5117	595	25	price	price	NOUN
cblr-5117	595	26	of	of	ADP
cblr-5117	595	27	providing	provide	VERB
cblr-5117	595	28	extensive	extensive	ADJ
cblr-5117	595	29	downside	downside	ADJ
cblr-5117	595	30	protections	protection	NOUN
cblr-5117	595	31	to	to	ADP
cblr-5117	595	32	late	late	ADJ
cblr-5117	595	33	-	-	PUNCT
cblr-5117	595	34	stage	stage	NOUN
cblr-5117	595	35	investors.148	investors.148	NOUN
cblr-5117	595	36	as	as	ADP
cblr-5117	595	37	or	or	CCONJ
cblr-5117	595	38	option	option	NOUN
cblr-5117	595	39	grants	grant	NOUN
cblr-5117	595	40	,	,	PUNCT
cblr-5117	595	41	which	which	PRON
cblr-5117	595	42	can	can	AUX
cblr-5117	595	43	lead	lead	VERB
cblr-5117	595	44	them	they	PRON
cblr-5117	595	45	to	to	PART
cblr-5117	595	46	dramatically	dramatically	ADV
cblr-5117	595	47	overestimate	overestimate	VERB
cblr-5117	595	48	their	their	PRON
cblr-5117	595	49	wealth	wealth	NOUN
cblr-5117	595	50	.	.	PUNCT
cblr-5117	595	51	”	"	PUNCT
cblr-5117	595	52	)	)	PUNCT
cblr-5117	595	53	;	;	PUNCT
cblr-5117	595	54	see	see	VERB
cblr-5117	595	55	also	also	ADV
cblr-5117	595	56	interviews	interview	NOUN
cblr-5117	595	57	,	,	PUNCT
cblr-5117	595	58	supra	supra	PROPN
cblr-5117	595	59	note	note	PROPN
cblr-5117	595	60	29	29	NUM
cblr-5117	595	61	(	(	PUNCT
cblr-5117	595	62	quoting	quote	VERB
cblr-5117	595	63	vc02	vc02	PROPN
cblr-5117	595	64	:	:	PUNCT
cblr-5117	595	65	“	"	PUNCT
cblr-5117	595	66	i	i	PRON
cblr-5117	595	67	think	think	VERB
cblr-5117	595	68	for	for	ADP
cblr-5117	595	69	most	most	ADJ
cblr-5117	595	70	rank	rank	NOUN
cblr-5117	595	71	and	and	CCONJ
cblr-5117	595	72	file	file	VERB
cblr-5117	595	73	employees	employee	NOUN
cblr-5117	595	74	,	,	PUNCT
cblr-5117	595	75	all	all	PRON
cblr-5117	595	76	they	they	PRON
cblr-5117	595	77	will	will	AUX
cblr-5117	595	78	ever	ever	ADV
cblr-5117	595	79	hear	hear	VERB
cblr-5117	595	80	is	be	AUX
cblr-5117	595	81	a	a	DET
cblr-5117	595	82	billion	billion	NUM
cblr-5117	595	83	dollars	dollar	NOUN
cblr-5117	595	84	and	and	CCONJ
cblr-5117	595	85	they	they	PRON
cblr-5117	595	86	will	will	AUX
cblr-5117	595	87	do	do	VERB
cblr-5117	595	88	the	the	DET
cblr-5117	595	89	math	math	NOUN
cblr-5117	595	90	in	in	ADP
cblr-5117	595	91	their	their	PRON
cblr-5117	595	92	head	head	NOUN
cblr-5117	595	93	and	and	CCONJ
cblr-5117	595	94	they	they	PRON
cblr-5117	595	95	will	will	AUX
cblr-5117	595	96	say	say	VERB
cblr-5117	595	97	,	,	PUNCT
cblr-5117	595	98	‘	'	PUNCT
cblr-5117	595	99	okay	okay	INTJ
cblr-5117	595	100	,	,	PUNCT
cblr-5117	595	101	i	i	PRON
cblr-5117	595	102	own	own	VERB
cblr-5117	595	103	one	one	NUM
cblr-5117	595	104	percent	percent	NOUN
cblr-5117	595	105	of	of	ADP
cblr-5117	595	106	the	the	DET
cblr-5117	595	107	company	company	NOUN
cblr-5117	595	108	,	,	PUNCT
cblr-5117	595	109	so	so	ADV
cblr-5117	595	110	therefore	therefore	ADV
cblr-5117	595	111	whatever	whatever	PRON
cblr-5117	595	112	,	,	PUNCT
cblr-5117	595	113	i	i	PRON
cblr-5117	595	114	have	have	VERB
cblr-5117	595	115	ten	ten	NUM
cblr-5117	595	116	million	million	NUM
cblr-5117	595	117	dollars	dollar	NOUN
cblr-5117	595	118	now	now	ADV
cblr-5117	595	119	of	of	ADP
cblr-5117	595	120	implied	imply	VERB
cblr-5117	595	121	value	value	NOUN
cblr-5117	595	122	in	in	ADP
cblr-5117	595	123	this	this	DET
cblr-5117	595	124	company	company	NOUN
cblr-5117	595	125	.	.	PUNCT
cblr-5117	595	126	’	'	PUNCT
cblr-5117	595	127	”	"	PUNCT
cblr-5117	595	128	)	)	PUNCT
cblr-5117	595	129	;	;	PUNCT
cblr-5117	595	130	connie	connie	PROPN
cblr-5117	595	131	loizos	loizos	PROPN
cblr-5117	595	132	,	,	PUNCT
cblr-5117	595	133	employees	employee	NOUN
cblr-5117	595	134	wise	wise	VERB
cblr-5117	595	135	up	up	ADP
cblr-5117	595	136	,	,	PUNCT
cblr-5117	595	137	techcrunch	techcrunch	PROPN
cblr-5117	595	138	(	(	PUNCT
cblr-5117	595	139	july	july	PROPN
cblr-5117	595	140	17	17	NUM
cblr-5117	595	141	,	,	PUNCT
cblr-5117	595	142	2015	2015	NUM
cblr-5117	595	143	)	)	PUNCT
cblr-5117	595	144	,	,	PUNCT
cblr-5117	595	145	https://techcrunch.com/2015/07/17/employees-wiseup/?_ga=2.13951476.294674010.1520981441-126147202.1517863110	https://techcrunch.com/2015/07/17/employees-wiseup/?_ga=2.13951476.294674010.1520981441-126147202.1517863110	X
cblr-5117	596	1	[	[	X
cblr-5117	596	2	https://perma.cc/262n-9qct	https://perma.cc/262n-9qct	X
cblr-5117	596	3	]	]	X
cblr-5117	596	4	(	(	PUNCT
cblr-5117	596	5	citing	cite	VERB
cblr-5117	596	6	vc	vc	PROPN
cblr-5117	596	7	investor	investor	PROPN
cblr-5117	596	8	stacey	stacey	PROPN
cblr-5117	596	9	bishop	bishop	PROPN
cblr-5117	596	10	:	:	PUNCT
cblr-5117	596	11	“	"	PUNCT
cblr-5117	596	12	i	i	PRON
cblr-5117	596	13	think	think	VERB
cblr-5117	596	14	a	a	DET
cblr-5117	596	15	lot	lot	NOUN
cblr-5117	596	16	of	of	ADP
cblr-5117	596	17	employees	employee	NOUN
cblr-5117	596	18	think	think	VERB
cblr-5117	596	19	,	,	PUNCT
cblr-5117	596	20	‘	'	PUNCT
cblr-5117	596	21	i	i	PRON
cblr-5117	596	22	have	have	VERB
cblr-5117	596	23	20,000	20,000	NUM
cblr-5117	596	24	shares	share	NOUN
cblr-5117	596	25	and	and	CCONJ
cblr-5117	596	26	therefore	therefore	ADV
cblr-5117	596	27	[	[	X
cblr-5117	596	28	my	my	PRON
cblr-5117	596	29	holdings	holding	NOUN
cblr-5117	596	30	]	]	PUNCT
cblr-5117	596	31	are	be	AUX
cblr-5117	596	32	worth	worth	ADJ
cblr-5117	596	33	x.	x.	NOUN
cblr-5117	596	34	’	'	PUNCT
cblr-5117	596	35	”	"	PUNCT
cblr-5117	596	36	)	)	PUNCT
cblr-5117	596	37	.	.	PUNCT
cblr-5117	597	1	147	147	NUM
cblr-5117	597	2	see	see	VERB
cblr-5117	597	3	keith	keith	PROPN
cblr-5117	597	4	c.	c.	PROPN
cblr-5117	597	5	brown	brown	PROPN
cblr-5117	597	6	&	&	CCONJ
cblr-5117	597	7	kenneth	kenneth	PROPN
cblr-5117	597	8	w.	w.	PROPN
cblr-5117	597	9	wiles	wiles	PROPN
cblr-5117	597	10	,	,	PUNCT
cblr-5117	597	11	opaque	opaque	ADJ
cblr-5117	597	12	financial	financial	ADJ
cblr-5117	597	13	contracting	contracting	NOUN
cblr-5117	597	14	and	and	CCONJ
cblr-5117	597	15	toxic	toxic	ADJ
cblr-5117	597	16	term	term	NOUN
cblr-5117	597	17	sheets	sheet	NOUN
cblr-5117	597	18	in	in	ADP
cblr-5117	597	19	venture	venture	NOUN
cblr-5117	597	20	capital	capital	NOUN
cblr-5117	597	21	,	,	PUNCT
cblr-5117	597	22	28	28	NUM
cblr-5117	597	23	j.	j.	PROPN
cblr-5117	597	24	applied	applied	PROPN
cblr-5117	597	25	corp	corp	PROPN
cblr-5117	597	26	.	.	PROPN
cblr-5117	597	27	fin	fin	PROPN
cblr-5117	597	28	.	.	PUNCT
cblr-5117	598	1	72	72	NUM
cblr-5117	598	2	,	,	PUNCT
cblr-5117	598	3	73	73	NUM
cblr-5117	598	4	(	(	PUNCT
cblr-5117	598	5	2016	2016	NUM
cblr-5117	598	6	)	)	PUNCT
cblr-5117	598	7	(	(	PUNCT
cblr-5117	598	8	“	"	PUNCT
cblr-5117	598	9	[	[	X
cblr-5117	598	10	p]otential	p]otential	ADJ
cblr-5117	598	11	investors	investor	NOUN
cblr-5117	598	12	in	in	ADP
cblr-5117	598	13	subsequent	subsequent	ADJ
cblr-5117	598	14	funding	funding	NOUN
cblr-5117	598	15	rounds	round	NOUN
cblr-5117	598	16	will	will	AUX
cblr-5117	598	17	almost	almost	ADV
cblr-5117	598	18	certainly	certainly	ADV
cblr-5117	598	19	pressure	pressure	VERB
cblr-5117	598	20	the	the	DET
cblr-5117	598	21	firm	firm	NOUN
cblr-5117	598	22	to	to	PART
cblr-5117	598	23	offer	offer	VERB
cblr-5117	598	24	them	they	PRON
cblr-5117	598	25	similar	similar	ADJ
cblr-5117	598	26	or	or	CCONJ
cblr-5117	598	27	even	even	ADV
cblr-5117	598	28	more	more	ADV
cblr-5117	598	29	favorable	favorable	ADJ
cblr-5117	598	30	terms	term	NOUN
cblr-5117	598	31	than	than	ADP
cblr-5117	598	32	those	those	PRON
cblr-5117	598	33	provided	provide	VERB
cblr-5117	598	34	earlier	early	ADJ
cblr-5117	598	35	investors	investor	NOUN
cblr-5117	598	36	.	.	PUNCT
cblr-5117	598	37	.	.	PUNCT
cblr-5117	598	38	.	.	PUNCT
cblr-5117	598	39	.	.	PUNCT
cblr-5117	598	40	”	"	PUNCT
cblr-5117	598	41	)	)	PUNCT
cblr-5117	598	42	;	;	PUNCT
cblr-5117	598	43	see	see	VERB
cblr-5117	598	44	also	also	ADV
cblr-5117	598	45	gornall	gornall	PROPN
cblr-5117	598	46	&	&	CCONJ
cblr-5117	598	47	strebulaev	strebulaev	PROPN
cblr-5117	598	48	,	,	PUNCT
cblr-5117	598	49	supra	supra	PROPN
cblr-5117	598	50	note	note	NOUN
cblr-5117	598	51	135	135	NUM
cblr-5117	598	52	at	at	ADP
cblr-5117	598	53	3	3	NUM
cblr-5117	598	54	(	(	PUNCT
cblr-5117	598	55	“	"	PUNCT
cblr-5117	598	56	[	[	X
cblr-5117	598	57	p]referred	p]referred	ADJ
cblr-5117	598	58	shares	share	NOUN
cblr-5117	598	59	that	that	PRON
cblr-5117	598	60	were	be	AUX
cblr-5117	598	61	issued	issue	VERB
cblr-5117	598	62	early	early	ADV
cblr-5117	598	63	frequently	frequently	ADV
cblr-5117	598	64	junior	junior	ADJ
cblr-5117	598	65	to	to	ADP
cblr-5117	598	66	preferred	preferred	ADJ
cblr-5117	598	67	shares	share	NOUN
cblr-5117	598	68	issued	issue	VERB
cblr-5117	598	69	more	more	ADV
cblr-5117	598	70	recently	recently	ADV
cblr-5117	598	71	.	.	PUNCT
cblr-5117	598	72	”	"	PUNCT
cblr-5117	598	73	)	)	PUNCT
cblr-5117	598	74	.	.	PUNCT
cblr-5117	599	1	148	148	NUM
cblr-5117	599	2	brown	brown	NOUN
cblr-5117	599	3	&	&	CCONJ
cblr-5117	599	4	wiles	wile	NOUN
cblr-5117	599	5	support	support	VERB
cblr-5117	599	6	this	this	DET
cblr-5117	599	7	notion	notion	NOUN
cblr-5117	599	8	in	in	ADP
cblr-5117	599	9	stating	state	VERB
cblr-5117	599	10	that	that	SCONJ
cblr-5117	599	11	:	:	PUNCT
cblr-5117	599	12	[	[	X
cblr-5117	599	13	a]chieving	a]chieve	VERB
cblr-5117	599	14	unicorn	unicorn	ADJ
cblr-5117	599	15	status	status	NOUN
cblr-5117	599	16	is	be	AUX
cblr-5117	599	17	now	now	ADV
cblr-5117	599	18	considered	consider	VERB
cblr-5117	599	19	to	to	PART
cblr-5117	599	20	be	be	AUX
cblr-5117	599	21	such	such	DET
cblr-5117	599	22	an	an	DET
cblr-5117	599	23	important	important	ADJ
cblr-5117	599	24	event	event	NOUN
cblr-5117	599	25	for	for	ADP
cblr-5117	599	26	many	many	ADJ
cblr-5117	599	27	market	market	NOUN
cblr-5117	599	28	participants	participant	NOUN
cblr-5117	599	29	—	—	PUNCT
cblr-5117	599	30	if	if	SCONJ
cblr-5117	599	31	only	only	ADV
cblr-5117	599	32	for	for	ADP
cblr-5117	599	33	the	the	DET
cblr-5117	599	34	public	public	ADJ
cblr-5117	599	35	relations	relation	NOUN
cblr-5117	599	36	,	,	PUNCT
cblr-5117	599	37	marketing	marketing	NOUN
cblr-5117	599	38	,	,	PUNCT
cblr-5117	599	39	and	and	CCONJ
cblr-5117	599	40	recruiting	recruiting	NOUN
cblr-5117	599	41	benefits	benefit	NOUN
cblr-5117	599	42	.	.	PUNCT
cblr-5117	599	43	.	.	PUNCT
cblr-5117	599	44	.	.	PUNCT
cblr-5117	600	1	that	that	PRON
cblr-5117	600	2	companies	company	NOUN
cblr-5117	600	3	appear	appear	VERB
cblr-5117	600	4	to	to	PART
cblr-5117	600	5	be	be	AUX
cblr-5117	600	6	pursuing	pursue	VERB
cblr-5117	600	7	it	it	PRON
cblr-5117	600	8	as	as	ADP
cblr-5117	600	9	a	a	DET
cblr-5117	600	10	goal	goal	NOUN
cblr-5117	600	11	in	in	ADP
cblr-5117	600	12	itself	itself	PRON
cblr-5117	600	13	.	.	PUNCT
cblr-5117	601	1	.	.	PUNCT
cblr-5117	601	2	.	.	PUNCT
cblr-5117	602	1	in	in	ADP
cblr-5117	602	2	their	their	PRON
cblr-5117	602	3	quest	quest	NOUN
cblr-5117	602	4	to	to	PART
cblr-5117	602	5	reach	reach	VERB
cblr-5117	602	6	unicorn	unicorn	ADJ
cblr-5117	602	7	status	status	NOUN
cblr-5117	602	8	,	,	PUNCT
cblr-5117	602	9	managers	manager	NOUN
cblr-5117	602	10	at	at	ADP
cblr-5117	602	11	some	some	DET
cblr-5117	602	12	companies	company	NOUN
cblr-5117	602	13	may	may	AUX
cblr-5117	602	14	have	have	VERB
cblr-5117	602	15	the	the	DET
cblr-5117	602	16	incentive	incentive	NOUN
cblr-5117	602	17	(	(	PUNCT
cblr-5117	602	18	or	or	CCONJ
cblr-5117	602	19	otherwise	otherwise	ADV
cblr-5117	602	20	feel	feel	VERB
cblr-5117	602	21	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	602	22	(	(	PUNCT
cblr-5117	602	23	do	do	AUX
cblr-5117	602	24	not	not	PART
cblr-5117	602	25	delete	delete	VERB
cblr-5117	602	26	)	)	PUNCT
cblr-5117	602	27	1/8/2020	1/8/2020	NUM
cblr-5117	602	28	4:44	4:44	NUM
cblr-5117	602	29	pm	pm	NOUN
cblr-5117	603	1	no	no	INTJ
cblr-5117	603	2	.	.	PUNCT
cblr-5117	604	1	3:867	3:867	NUM
cblr-5117	604	2	]	]	PUNCT
cblr-5117	604	3	making	make	VERB
cblr-5117	604	4	disclosure	disclosure	NOUN
cblr-5117	604	5	work	work	NOUN
cblr-5117	604	6	911	911	NUM
cblr-5117	604	7	demonstrated	demonstrate	VERB
cblr-5117	604	8	by	by	ADP
cblr-5117	604	9	recent	recent	ADJ
cblr-5117	604	10	empirical	empirical	ADJ
cblr-5117	604	11	research	research	NOUN
cblr-5117	604	12	on	on	ADP
cblr-5117	604	13	the	the	DET
cblr-5117	604	14	financial	financial	ADJ
cblr-5117	604	15	structure	structure	NOUN
cblr-5117	604	16	of	of	ADP
cblr-5117	604	17	american	american	ADJ
cblr-5117	604	18	unicorns	unicorn	NOUN
cblr-5117	604	19	—	—	PUNCT
cblr-5117	604	20	the	the	DET
cblr-5117	604	21	magnitude	magnitude	NOUN
cblr-5117	604	22	of	of	ADP
cblr-5117	604	23	the	the	DET
cblr-5117	604	24	overvaluation	overvaluation	NOUN
cblr-5117	604	25	is	be	AUX
cblr-5117	604	26	striking.149	striking.149	ADJ
cblr-5117	604	27	william	william	PROPN
cblr-5117	604	28	gornall	gornall	PROPN
cblr-5117	604	29	and	and	CCONJ
cblr-5117	604	30	ilya	ilya	PROPN
cblr-5117	604	31	strebulaev	strebulaev	PROPN
cblr-5117	604	32	have	have	AUX
cblr-5117	604	33	collected	collect	VERB
cblr-5117	604	34	information	information	NOUN
cblr-5117	604	35	on	on	ADP
cblr-5117	604	36	the	the	DET
cblr-5117	604	37	financial	financial	ADJ
cblr-5117	604	38	structure	structure	NOUN
cblr-5117	604	39	of	of	ADP
cblr-5117	604	40	135	135	NUM
cblr-5117	604	41	us	us	PROPN
cblr-5117	604	42	unicorns	unicorn	NOUN
cblr-5117	604	43	.	.	PUNCT
cblr-5117	605	1	by	by	ADP
cblr-5117	605	2	accounting	account	VERB
cblr-5117	605	3	for	for	ADP
cblr-5117	605	4	the	the	DET
cblr-5117	605	5	specific	specific	ADJ
cblr-5117	605	6	cash	cash	NOUN
cblr-5117	605	7	flow	flow	NOUN
cblr-5117	605	8	and	and	CCONJ
cblr-5117	605	9	control	control	NOUN
cblr-5117	605	10	rights	right	NOUN
cblr-5117	605	11	attached	attach	VERB
cblr-5117	605	12	to	to	ADP
cblr-5117	605	13	each	each	DET
cblr-5117	605	14	class	class	NOUN
cblr-5117	605	15	of	of	ADP
cblr-5117	605	16	shares	share	NOUN
cblr-5117	605	17	in	in	ADP
cblr-5117	605	18	every	every	DET
cblr-5117	605	19	company	company	NOUN
cblr-5117	605	20	,	,	PUNCT
cblr-5117	605	21	the	the	DET
cblr-5117	605	22	two	two	NUM
cblr-5117	605	23	were	be	AUX
cblr-5117	605	24	able	able	ADJ
cblr-5117	605	25	to	to	PART
cblr-5117	605	26	use	use	VERB
cblr-5117	605	27	the	the	DET
cblr-5117	605	28	share	share	NOUN
cblr-5117	605	29	price	price	NOUN
cblr-5117	605	30	in	in	ADP
cblr-5117	605	31	the	the	DET
cblr-5117	605	32	latest	late	ADJ
cblr-5117	605	33	round	round	NOUN
cblr-5117	605	34	of	of	ADP
cblr-5117	605	35	financing	financing	NOUN
cblr-5117	605	36	to	to	PART
cblr-5117	605	37	reverse	reverse	VERB
cblr-5117	605	38	-	-	PUNCT
cblr-5117	605	39	engineer	engineer	VERB
cblr-5117	605	40	the	the	DET
cblr-5117	605	41	fair	fair	ADJ
cblr-5117	605	42	market	market	NOUN
cblr-5117	605	43	value	value	NOUN
cblr-5117	605	44	of	of	ADP
cblr-5117	605	45	the	the	DET
cblr-5117	605	46	company	company	NOUN
cblr-5117	605	47	’s	’s	PART
cblr-5117	605	48	equity	equity	NOUN
cblr-5117	605	49	(	(	PUNCT
cblr-5117	605	50	both	both	CCONJ
cblr-5117	605	51	preferred	preferred	ADJ
cblr-5117	605	52	and	and	CCONJ
cblr-5117	605	53	common	common	ADJ
cblr-5117	605	54	shares	share	NOUN
cblr-5117	605	55	)	)	PUNCT
cblr-5117	605	56	.	.	PUNCT
cblr-5117	606	1	as	as	SCONJ
cblr-5117	606	2	could	could	AUX
cblr-5117	606	3	be	be	AUX
cblr-5117	606	4	expected	expect	VERB
cblr-5117	606	5	,	,	PUNCT
cblr-5117	606	6	their	their	PRON
cblr-5117	606	7	research	research	NOUN
cblr-5117	606	8	reveals	reveal	VERB
cblr-5117	606	9	that	that	SCONJ
cblr-5117	606	10	all	all	DET
cblr-5117	606	11	unicorns	unicorn	NOUN
cblr-5117	606	12	are	be	AUX
cblr-5117	606	13	overvalued	overvalue	VERB
cblr-5117	606	14	.	.	PUNCT
cblr-5117	607	1	that	that	PRON
cblr-5117	607	2	is	be	AUX
cblr-5117	607	3	to	to	PART
cblr-5117	607	4	say	say	VERB
cblr-5117	607	5	,	,	PUNCT
cblr-5117	607	6	the	the	DET
cblr-5117	607	7	post	post	ADJ
cblr-5117	607	8	-	-	ADJ
cblr-5117	607	9	money	money	ADJ
cblr-5117	607	10	valuation	valuation	NOUN
cblr-5117	607	11	in	in	ADP
cblr-5117	607	12	the	the	DET
cblr-5117	607	13	latest	late	ADJ
cblr-5117	607	14	financing	financing	NOUN
cblr-5117	607	15	round	round	NOUN
cblr-5117	607	16	(	(	PUNCT
cblr-5117	607	17	“	"	PUNCT
cblr-5117	607	18	reported	report	VERB
cblr-5117	607	19	valuation	valuation	NOUN
cblr-5117	607	20	”	"	PUNCT
cblr-5117	607	21	)	)	PUNCT
cblr-5117	607	22	is	be	AUX
cblr-5117	607	23	higher	high	ADJ
cblr-5117	607	24	than	than	ADP
cblr-5117	607	25	the	the	DET
cblr-5117	607	26	fair	fair	ADJ
cblr-5117	607	27	market	market	NOUN
cblr-5117	607	28	value	value	NOUN
cblr-5117	607	29	of	of	ADP
cblr-5117	607	30	the	the	DET
cblr-5117	607	31	company	company	NOUN
cblr-5117	607	32	.	.	PUNCT
cblr-5117	608	1	the	the	DET
cblr-5117	608	2	extent	extent	NOUN
cblr-5117	608	3	of	of	ADP
cblr-5117	608	4	the	the	DET
cblr-5117	608	5	overvaluation	overvaluation	NOUN
cblr-5117	608	6	is	be	AUX
cblr-5117	608	7	,	,	PUNCT
cblr-5117	608	8	nonetheless	nonetheless	ADV
cblr-5117	608	9	,	,	PUNCT
cblr-5117	608	10	astonishing	astonishing	ADJ
cblr-5117	608	11	.	.	PUNCT
cblr-5117	609	1	on	on	ADP
cblr-5117	609	2	average	average	ADJ
cblr-5117	609	3	,	,	PUNCT
cblr-5117	609	4	the	the	DET
cblr-5117	609	5	unicorns	unicorn	NOUN
cblr-5117	609	6	are	be	AUX
cblr-5117	609	7	overvalued	overvalue	VERB
cblr-5117	609	8	by	by	ADP
cblr-5117	609	9	48	48	NUM
cblr-5117	609	10	%	%	NOUN
cblr-5117	609	11	,	,	PUNCT
cblr-5117	609	12	and	and	CCONJ
cblr-5117	609	13	the	the	DET
cblr-5117	609	14	common	common	ADJ
cblr-5117	609	15	shares	share	NOUN
cblr-5117	609	16	of	of	ADP
cblr-5117	609	17	these	these	DET
cblr-5117	609	18	companies	company	NOUN
cblr-5117	609	19	are	be	AUX
cblr-5117	609	20	overvalued	overvalue	VERB
cblr-5117	609	21	by	by	ADP
cblr-5117	609	22	56%.150	56%.150	NUM
cblr-5117	609	23	more	more	ADV
cblr-5117	609	24	specifically	specifically	ADV
cblr-5117	609	25	,	,	PUNCT
cblr-5117	609	26	gornall	gornall	PROPN
cblr-5117	609	27	and	and	CCONJ
cblr-5117	609	28	strebulaev	strebulaev	PROPN
cblr-5117	609	29	demonstrate	demonstrate	VERB
cblr-5117	609	30	that	that	SCONJ
cblr-5117	609	31	contractual	contractual	ADJ
cblr-5117	609	32	rights	right	NOUN
cblr-5117	609	33	assigned	assign	VERB
cblr-5117	609	34	to	to	ADP
cblr-5117	609	35	the	the	DET
cblr-5117	609	36	preferred	preferred	ADJ
cblr-5117	609	37	shares	share	NOUN
cblr-5117	609	38	,	,	PUNCT
cblr-5117	609	39	that	that	PRON
cblr-5117	609	40	are	be	AUX
cblr-5117	609	41	virtually	virtually	ADV
cblr-5117	609	42	invisible	invisible	ADJ
cblr-5117	609	43	to	to	ADP
cblr-5117	609	44	employees	employee	NOUN
cblr-5117	609	45	under	under	ADP
cblr-5117	609	46	the	the	DET
cblr-5117	609	47	current	current	NOUN
cblr-5117	609	48	pressured	pressure	VERB
cblr-5117	609	49	)	)	PUNCT
cblr-5117	609	50	to	to	PART
cblr-5117	609	51	manipulate	manipulate	VERB
cblr-5117	609	52	the	the	DET
cblr-5117	609	53	market	market	NOUN
cblr-5117	609	54	valuation	valuation	NOUN
cblr-5117	609	55	by	by	ADP
cblr-5117	609	56	acquiescing	acquiesce	VERB
cblr-5117	609	57	to	to	ADP
cblr-5117	609	58	complicated	complicated	ADJ
cblr-5117	609	59	and	and	CCONJ
cblr-5117	609	60	onerous	onerous	ADJ
cblr-5117	609	61	financing	financing	NOUN
cblr-5117	609	62	conditions	condition	NOUN
cblr-5117	609	63	that	that	PRON
cblr-5117	609	64	enable	enable	VERB
cblr-5117	609	65	them	they	PRON
cblr-5117	609	66	to	to	PART
cblr-5117	609	67	attract	attract	VERB
cblr-5117	609	68	a	a	DET
cblr-5117	609	69	sufficient	sufficient	ADJ
cblr-5117	609	70	amount	amount	NOUN
cblr-5117	609	71	of	of	ADP
cblr-5117	609	72	new	new	ADJ
cblr-5117	609	73	capital	capital	NOUN
cblr-5117	609	74	.	.	PUNCT
cblr-5117	610	1	brown	brown	PROPN
cblr-5117	610	2	&	&	CCONJ
cblr-5117	610	3	wiles	wile	NOUN
cblr-5117	610	4	supra	supra	PROPN
cblr-5117	610	5	note	note	PROPN
cblr-5117	610	6	147	147	NUM
cblr-5117	610	7	,	,	PUNCT
cblr-5117	610	8	at	at	ADP
cblr-5117	610	9	72	72	NUM
cblr-5117	610	10	.	.	PUNCT
cblr-5117	611	1	some	some	PRON
cblr-5117	611	2	of	of	ADP
cblr-5117	611	3	the	the	DET
cblr-5117	611	4	lawyers	lawyer	NOUN
cblr-5117	611	5	and	and	CCONJ
cblr-5117	611	6	venture	venture	NOUN
cblr-5117	611	7	capital	capital	NOUN
cblr-5117	611	8	investors	investor	NOUN
cblr-5117	611	9	interviewed	interview	VERB
cblr-5117	611	10	for	for	ADP
cblr-5117	611	11	this	this	DET
cblr-5117	611	12	research	research	NOUN
cblr-5117	611	13	share	share	VERB
cblr-5117	611	14	this	this	DET
cblr-5117	611	15	concern	concern	NOUN
cblr-5117	611	16	.	.	PUNCT
cblr-5117	612	1	see	see	VERB
cblr-5117	612	2	interviews	interview	NOUN
cblr-5117	612	3	,	,	PUNCT
cblr-5117	612	4	supra	supra	PROPN
cblr-5117	612	5	note	note	PROPN
cblr-5117	612	6	29	29	NUM
cblr-5117	612	7	(	(	PUNCT
cblr-5117	612	8	referencing	reference	VERB
cblr-5117	612	9	l02	l02	NOUN
cblr-5117	612	10	describing	describe	VERB
cblr-5117	612	11	that	that	SCONJ
cblr-5117	612	12	having	have	VERB
cblr-5117	612	13	a	a	DET
cblr-5117	612	14	“	"	PUNCT
cblr-5117	612	15	‘	'	PUNCT
cblr-5117	612	16	unicorn	unicorn	ADJ
cblr-5117	612	17	”	"	PUNCT
cblr-5117	612	18	‘	'	PUNCT
cblr-5117	612	19	valuation	valuation	NOUN
cblr-5117	612	20	sends	send	VERB
cblr-5117	612	21	out	out	ADP
cblr-5117	612	22	a	a	DET
cblr-5117	612	23	signal	signal	NOUN
cblr-5117	612	24	to	to	ADP
cblr-5117	612	25	employees	employee	NOUN
cblr-5117	612	26	,	,	PUNCT
cblr-5117	612	27	customers	customer	NOUN
cblr-5117	612	28	,	,	PUNCT
cblr-5117	612	29	and	and	CCONJ
cblr-5117	612	30	suppliers	supplier	NOUN
cblr-5117	612	31	.	.	PUNCT
cblr-5117	613	1	the	the	DET
cblr-5117	613	2	board	board	NOUN
cblr-5117	613	3	and	and	CCONJ
cblr-5117	613	4	the	the	DET
cblr-5117	613	5	founders	founder	NOUN
cblr-5117	613	6	need	need	VERB
cblr-5117	613	7	to	to	PART
cblr-5117	613	8	make	make	VERB
cblr-5117	613	9	a	a	DET
cblr-5117	613	10	tradeoff	tradeoff	NOUN
cblr-5117	613	11	between	between	ADP
cblr-5117	613	12	the	the	DET
cblr-5117	613	13	financing	financing	NOUN
cblr-5117	613	14	terms	term	NOUN
cblr-5117	613	15	and	and	CCONJ
cblr-5117	613	16	the	the	DET
cblr-5117	613	17	valuation	valuation	NOUN
cblr-5117	613	18	.	.	PUNCT
cblr-5117	614	1	typically	typically	ADV
cblr-5117	614	2	,	,	PUNCT
cblr-5117	614	3	the	the	DET
cblr-5117	614	4	investors	investor	NOUN
cblr-5117	614	5	and	and	CCONJ
cblr-5117	614	6	funders	funder	NOUN
cblr-5117	614	7	care	care	VERB
cblr-5117	614	8	deeply	deeply	ADV
cblr-5117	614	9	about	about	ADP
cblr-5117	614	10	the	the	DET
cblr-5117	614	11	terms	term	NOUN
cblr-5117	614	12	,	,	PUNCT
cblr-5117	614	13	however	however	ADV
cblr-5117	614	14	,	,	PUNCT
cblr-5117	614	15	when	when	SCONJ
cblr-5117	614	16	companies	company	NOUN
cblr-5117	614	17	are	be	AUX
cblr-5117	614	18	between	between	ADP
cblr-5117	614	19	a	a	DET
cblr-5117	614	20	rock	rock	NOUN
cblr-5117	614	21	and	and	CCONJ
cblr-5117	614	22	a	a	DET
cblr-5117	614	23	hard	hard	ADJ
cblr-5117	614	24	place	place	NOUN
cblr-5117	614	25	,	,	PUNCT
cblr-5117	614	26	sometimes	sometimes	ADV
cblr-5117	614	27	they	they	PRON
cblr-5117	614	28	will	will	AUX
cblr-5117	614	29	rather	rather	ADV
cblr-5117	614	30	compromise	compromise	VERB
cblr-5117	614	31	on	on	ADP
cblr-5117	614	32	bad	bad	ADJ
cblr-5117	614	33	terms	term	NOUN
cblr-5117	614	34	to	to	PART
cblr-5117	614	35	preserve	preserve	VERB
cblr-5117	614	36	a	a	DET
cblr-5117	614	37	high	high	ADJ
cblr-5117	614	38	valuation	valuation	NOUN
cblr-5117	614	39	)	)	PUNCT
cblr-5117	614	40	;	;	PUNCT
cblr-5117	614	41	see	see	VERB
cblr-5117	614	42	also	also	ADV
cblr-5117	614	43	interviews	interview	NOUN
cblr-5117	614	44	,	,	PUNCT
cblr-5117	614	45	supra	supra	PROPN
cblr-5117	614	46	note	note	PROPN
cblr-5117	614	47	29	29	NUM
cblr-5117	614	48	(	(	PUNCT
cblr-5117	614	49	quoting	quote	VERB
cblr-5117	614	50	vc02	vc02	PROPN
cblr-5117	614	51	:	:	PUNCT
cblr-5117	614	52	“	"	PUNCT
cblr-5117	614	53	there	there	PRON
cblr-5117	614	54	’s	’	VERB
cblr-5117	614	55	no	no	DET
cblr-5117	614	56	question	question	NOUN
cblr-5117	614	57	in	in	ADP
cblr-5117	614	58	my	my	PRON
cblr-5117	614	59	mind	mind	NOUN
cblr-5117	614	60	that	that	SCONJ
cblr-5117	614	61	the	the	DET
cblr-5117	614	62	competition	competition	NOUN
cblr-5117	614	63	for	for	ADP
cblr-5117	614	64	employees	employee	NOUN
cblr-5117	614	65	is	be	AUX
cblr-5117	614	66	what	what	PRON
cblr-5117	614	67	drives	drive	VERB
cblr-5117	614	68	a	a	DET
cblr-5117	614	69	lot	lot	NOUN
cblr-5117	614	70	of	of	ADP
cblr-5117	614	71	this	this	DET
cblr-5117	614	72	behavior	behavior	NOUN
cblr-5117	614	73	.	.	PUNCT
cblr-5117	614	74	”	"	PUNCT
cblr-5117	614	75	)	)	PUNCT
cblr-5117	614	76	.	.	PUNCT
cblr-5117	615	1	149	149	NUM
cblr-5117	615	2	gornall	gornall	PROPN
cblr-5117	615	3	&	&	CCONJ
cblr-5117	615	4	strebulaev	strebulaev	PROPN
cblr-5117	615	5	,	,	PUNCT
cblr-5117	615	6	supra	supra	PROPN
cblr-5117	615	7	note	note	PROPN
cblr-5117	615	8	135	135	NUM
cblr-5117	615	9	,	,	PUNCT
cblr-5117	615	10	at	at	ADP
cblr-5117	615	11	1	1	NUM
cblr-5117	615	12	.	.	NUM
cblr-5117	615	13	150	150	NUM
cblr-5117	616	1	i	i	PRON
cblr-5117	616	2	d.	d.	NOUN
cblr-5117	616	3	gornall	gornall	PROPN
cblr-5117	616	4	and	and	CCONJ
cblr-5117	616	5	strebulaev	strebulaev	PROPN
cblr-5117	616	6	define	define	VERB
cblr-5117	616	7	a	a	DET
cblr-5117	616	8	company	company	NOUN
cblr-5117	616	9	’s	’s	PART
cblr-5117	616	10	overvaluation	overvaluation	NOUN
cblr-5117	616	11	“	"	PUNCT
cblr-5117	616	12	as	as	ADP
cblr-5117	616	13	the	the	DET
cblr-5117	616	14	ratio	ratio	NOUN
cblr-5117	616	15	of	of	ADP
cblr-5117	616	16	the	the	DET
cblr-5117	616	17	post	post	ADJ
cblr-5117	616	18	-	-	ADJ
cblr-5117	616	19	money	money	ADJ
cblr-5117	616	20	valuation	valuation	NOUN
cblr-5117	616	21	to	to	ADP
cblr-5117	616	22	the	the	DET
cblr-5117	616	23	implied	imply	VERB
cblr-5117	616	24	fair	fair	ADJ
cblr-5117	616	25	value	value	NOUN
cblr-5117	616	26	[	[	X
cblr-5117	616	27	by	by	ADP
cblr-5117	616	28	their	their	PRON
cblr-5117	616	29	model	model	NOUN
cblr-5117	616	30	,	,	PUNCT
cblr-5117	616	31	]	]	PUNCT
cblr-5117	616	32	”	"	PUNCT
cblr-5117	616	33	and	and	CCONJ
cblr-5117	616	34	common	common	ADJ
cblr-5117	616	35	stock	stock	NOUN
cblr-5117	616	36	’s	’s	PART
cblr-5117	616	37	overvaluation	overvaluation	NOUN
cblr-5117	616	38	“	"	PUNCT
cblr-5117	616	39	as	as	ADP
cblr-5117	616	40	the	the	DET
cblr-5117	616	41	ratio	ratio	NOUN
cblr-5117	616	42	of	of	ADP
cblr-5117	616	43	the	the	DET
cblr-5117	616	44	most	most	ADV
cblr-5117	616	45	recent	recent	ADJ
cblr-5117	616	46	round	round	NOUN
cblr-5117	616	47	’s	’s	PART
cblr-5117	616	48	share	share	NOUN
cblr-5117	616	49	price	price	NOUN
cblr-5117	616	50	to	to	ADP
cblr-5117	616	51	the	the	DET
cblr-5117	616	52	fair	fair	ADJ
cblr-5117	616	53	value	value	NOUN
cblr-5117	616	54	of	of	ADP
cblr-5117	616	55	a	a	DET
cblr-5117	616	56	common	common	ADJ
cblr-5117	616	57	share	share	NOUN
cblr-5117	616	58	.	.	PUNCT
cblr-5117	616	59	”	"	PUNCT
cblr-5117	617	1	i	i	PRON
cblr-5117	617	2	d.	d.	PROPN
cblr-5117	617	3	at	at	ADP
cblr-5117	617	4	14	14	NUM
cblr-5117	617	5	.	.	PUNCT
cblr-5117	618	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	618	2	(	(	PUNCT
cblr-5117	618	3	do	do	AUX
cblr-5117	618	4	not	not	PART
cblr-5117	618	5	delte	delte	VERB
cblr-5117	618	6	)	)	PUNCT
cblr-5117	618	7	1/8/2020	1/8/2020	NUM
cblr-5117	618	8	4:44	4:44	NUM
cblr-5117	618	9	pm	pm	NOUN
cblr-5117	618	10	912	912	NUM
cblr-5117	618	11	columbia	columbia	PROPN
cblr-5117	618	12	business	business	NOUN
cblr-5117	618	13	law	law	PROPN
cblr-5117	618	14	review	review	NOUN
cblr-5117	619	1	[	[	X
cblr-5117	619	2	vol	vol	NOUN
cblr-5117	619	3	.	.	NOUN
cblr-5117	619	4	2019	2019	NUM
cblr-5117	619	5	disclosure	disclosure	NOUN
cblr-5117	619	6	regime	regime	NOUN
cblr-5117	619	7	,	,	PUNCT
cblr-5117	619	8	have	have	VERB
cblr-5117	619	9	a	a	DET
cblr-5117	619	10	dramatic	dramatic	ADJ
cblr-5117	619	11	influence	influence	NOUN
cblr-5117	619	12	on	on	ADP
cblr-5117	619	13	the	the	DET
cblr-5117	619	14	value	value	NOUN
cblr-5117	619	15	of	of	ADP
cblr-5117	619	16	the	the	DET
cblr-5117	619	17	common	common	ADJ
cblr-5117	619	18	stock	stock	NOUN
cblr-5117	619	19	.	.	PUNCT
cblr-5117	620	1	for	for	ADP
cblr-5117	620	2	example	example	NOUN
cblr-5117	620	3	,	,	PUNCT
cblr-5117	620	4	if	if	SCONJ
cblr-5117	620	5	a	a	DET
cblr-5117	620	6	company	company	NOUN
cblr-5117	620	7	is	be	AUX
cblr-5117	620	8	raising	raise	VERB
cblr-5117	620	9	$	$	SYM
cblr-5117	620	10	100	100	NUM
cblr-5117	620	11	million	million	NUM
cblr-5117	620	12	at	at	ADP
cblr-5117	620	13	a	a	DET
cblr-5117	620	14	post	post	ADJ
cblr-5117	620	15	-	-	ADJ
cblr-5117	620	16	money	money	ADJ
cblr-5117	620	17	valuation	valuation	NOUN
cblr-5117	620	18	of	of	ADP
cblr-5117	620	19	$	$	SYM
cblr-5117	620	20	1	1	NUM
cblr-5117	620	21	billion	billion	NUM
cblr-5117	620	22	,	,	PUNCT
cblr-5117	620	23	a	a	DET
cblr-5117	620	24	shift	shift	NOUN
cblr-5117	620	25	from	from	ADP
cblr-5117	620	26	the	the	DET
cblr-5117	620	27	standard	standard	ADJ
cblr-5117	620	28	liquidation	liquidation	NOUN
cblr-5117	620	29	preference	preference	NOUN
cblr-5117	620	30	of	of	ADP
cblr-5117	620	31	1x	1x	NUM
cblr-5117	620	32	to	to	ADP
cblr-5117	620	33	a	a	DET
cblr-5117	620	34	1.25x	1.25x	NUM
cblr-5117	620	35	liquidation	liquidation	NOUN
cblr-5117	620	36	preference	preference	NOUN
cblr-5117	620	37	increases	increase	VERB
cblr-5117	620	38	the	the	DET
cblr-5117	620	39	overvaluation	overvaluation	NOUN
cblr-5117	620	40	of	of	ADP
cblr-5117	620	41	the	the	DET
cblr-5117	620	42	common	common	ADJ
cblr-5117	620	43	stock	stock	NOUN
cblr-5117	620	44	from	from	ADP
cblr-5117	620	45	28	28	NUM
cblr-5117	620	46	%	%	NOUN
cblr-5117	620	47	to	to	PART
cblr-5117	620	48	43	43	NUM
cblr-5117	620	49	%	%	NOUN
cblr-5117	620	50	(	(	PUNCT
cblr-5117	620	51	the	the	DET
cblr-5117	620	52	shift	shift	NOUN
cblr-5117	620	53	meant	mean	VERB
cblr-5117	620	54	that	that	SCONJ
cblr-5117	620	55	instead	instead	ADV
cblr-5117	620	56	of	of	ADP
cblr-5117	620	57	receiving	receive	VERB
cblr-5117	620	58	100	100	NUM
cblr-5117	620	59	%	%	NOUN
cblr-5117	620	60	of	of	ADP
cblr-5117	620	61	the	the	DET
cblr-5117	620	62	dollar	dollar	NOUN
cblr-5117	620	63	amount	amount	NOUN
cblr-5117	620	64	of	of	ADP
cblr-5117	620	65	their	their	PRON
cblr-5117	620	66	investment	investment	NOUN
cblr-5117	620	67	before	before	SCONJ
cblr-5117	620	68	the	the	DET
cblr-5117	620	69	common	common	ADJ
cblr-5117	620	70	stock	stock	NOUN
cblr-5117	620	71	is	be	AUX
cblr-5117	620	72	paid	pay	VERB
cblr-5117	620	73	,	,	PUNCT
cblr-5117	620	74	the	the	DET
cblr-5117	620	75	preferred	prefer	VERB
cblr-5117	620	76	shareholders	shareholder	NOUN
cblr-5117	620	77	receive	receive	VERB
cblr-5117	620	78	125	125	NUM
cblr-5117	620	79	%	%	NOUN
cblr-5117	620	80	that	that	DET
cblr-5117	620	81	amount	amount	NOUN
cblr-5117	620	82	)	)	PUNCT
cblr-5117	620	83	.	.	PUNCT
cblr-5117	621	1	a	a	DET
cblr-5117	621	2	shift	shift	NOUN
cblr-5117	621	3	to	to	ADP
cblr-5117	621	4	2x	2x	NUM
cblr-5117	621	5	liquidation	liquidation	NOUN
cblr-5117	621	6	preference	preference	NOUN
cblr-5117	621	7	(	(	PUNCT
cblr-5117	621	8	200	200	NUM
cblr-5117	621	9	%	%	NOUN
cblr-5117	621	10	of	of	ADP
cblr-5117	621	11	the	the	DET
cblr-5117	621	12	dollar	dollar	NOUN
cblr-5117	621	13	amount	amount	NOUN
cblr-5117	621	14	of	of	ADP
cblr-5117	621	15	the	the	DET
cblr-5117	621	16	investment	investment	NOUN
cblr-5117	621	17	)	)	PUNCT
cblr-5117	621	18	further	far	ADV
cblr-5117	621	19	increases	increase	VERB
cblr-5117	621	20	the	the	DET
cblr-5117	621	21	overvaluation	overvaluation	NOUN
cblr-5117	621	22	of	of	ADP
cblr-5117	621	23	the	the	DET
cblr-5117	621	24	common	common	ADJ
cblr-5117	621	25	stock	stock	NOUN
cblr-5117	621	26	to	to	ADP
cblr-5117	621	27	109%.151	109%.151	NOUN
cblr-5117	621	28	under	under	ADP
cblr-5117	621	29	the	the	DET
cblr-5117	621	30	same	same	ADJ
cblr-5117	621	31	conditions	condition	NOUN
cblr-5117	621	32	,	,	PUNCT
cblr-5117	621	33	if	if	SCONJ
cblr-5117	621	34	the	the	DET
cblr-5117	621	35	new	new	ADJ
cblr-5117	621	36	investors	investor	NOUN
cblr-5117	621	37	receive	receive	VERB
cblr-5117	621	38	non	non	ADJ
cblr-5117	621	39	-	-	ADJ
cblr-5117	621	40	capped	cap	VERB
cblr-5117	621	41	participation	participation	NOUN
cblr-5117	621	42	rights	right	NOUN
cblr-5117	621	43	(	(	PUNCT
cblr-5117	621	44	the	the	DET
cblr-5117	621	45	right	right	NOUN
cblr-5117	621	46	to	to	PART
cblr-5117	621	47	receive	receive	VERB
cblr-5117	621	48	only	only	ADV
cblr-5117	621	49	the	the	DET
cblr-5117	621	50	dollar	dollar	NOUN
cblr-5117	621	51	amount	amount	NOUN
cblr-5117	621	52	of	of	ADP
cblr-5117	621	53	their	their	PRON
cblr-5117	621	54	investment	investment	NOUN
cblr-5117	621	55	and	and	CCONJ
cblr-5117	621	56	then	then	ADV
cblr-5117	621	57	participate	participate	VERB
cblr-5117	621	58	in	in	ADP
cblr-5117	621	59	the	the	DET
cblr-5117	621	60	residual	residual	ADJ
cblr-5117	621	61	distribution	distribution	NOUN
cblr-5117	621	62	along	along	ADP
cblr-5117	621	63	with	with	ADP
cblr-5117	621	64	the	the	DET
cblr-5117	621	65	common	common	ADJ
cblr-5117	621	66	stockholders	stockholder	NOUN
cblr-5117	621	67	)	)	PUNCT
cblr-5117	621	68	,	,	PUNCT
cblr-5117	621	69	the	the	DET
cblr-5117	621	70	common	common	ADJ
cblr-5117	621	71	stock	stock	NOUN
cblr-5117	621	72	will	will	AUX
cblr-5117	621	73	be	be	AUX
cblr-5117	621	74	overvalued	overvalue	VERB
cblr-5117	621	75	by	by	ADP
cblr-5117	621	76	56%.152	56%.152	NUM
cblr-5117	621	77	a	a	DET
cblr-5117	621	78	participation	participation	NOUN
cblr-5117	621	79	right	right	ADV
cblr-5117	621	80	with	with	ADP
cblr-5117	621	81	a	a	DET
cblr-5117	621	82	2.5x	2.5x	NUM
cblr-5117	621	83	cap	cap	NOUN
cblr-5117	621	84	(	(	PUNCT
cblr-5117	621	85	the	the	DET
cblr-5117	621	86	right	right	NOUN
cblr-5117	621	87	to	to	PART
cblr-5117	621	88	choose	choose	VERB
cblr-5117	621	89	between	between	ADP
cblr-5117	621	90	receiving	receive	VERB
cblr-5117	621	91	up	up	ADP
cblr-5117	621	92	to	to	PART
cblr-5117	621	93	250	250	NUM
cblr-5117	621	94	%	%	NOUN
cblr-5117	621	95	of	of	ADP
cblr-5117	621	96	the	the	DET
cblr-5117	621	97	investment	investment	NOUN
cblr-5117	621	98	sum	sum	NOUN
cblr-5117	621	99	and	and	CCONJ
cblr-5117	621	100	converting	convert	VERB
cblr-5117	621	101	to	to	ADP
cblr-5117	621	102	common	common	ADJ
cblr-5117	621	103	stock	stock	NOUN
cblr-5117	621	104	)	)	PUNCT
cblr-5117	621	105	lowers	lower	VERB
cblr-5117	621	106	the	the	DET
cblr-5117	621	107	overvaluation	overvaluation	NOUN
cblr-5117	621	108	of	of	ADP
cblr-5117	621	109	the	the	DET
cblr-5117	621	110	common	common	ADJ
cblr-5117	621	111	stock	stock	NOUN
cblr-5117	621	112	to	to	ADP
cblr-5117	621	113	53%.153	53%.153	NUM
cblr-5117	621	114	likewise	likewise	ADV
cblr-5117	621	115	,	,	PUNCT
cblr-5117	621	116	downside	downside	ADJ
cblr-5117	621	117	protections	protection	NOUN
cblr-5117	621	118	such	such	ADJ
cblr-5117	621	119	as	as	ADP
cblr-5117	621	120	conversion	conversion	NOUN
cblr-5117	621	121	veto	veto	NOUN
cblr-5117	621	122	rights	right	NOUN
cblr-5117	621	123	and	and	CCONJ
cblr-5117	621	124	ratchets	ratchet	NOUN
cblr-5117	621	125	,	,	PUNCT
cblr-5117	621	126	which	which	PRON
cblr-5117	621	127	are	be	AUX
cblr-5117	621	128	quite	quite	ADV
cblr-5117	621	129	common	common	ADJ
cblr-5117	621	130	in	in	ADP
cblr-5117	621	131	late	late	ADJ
cblr-5117	621	132	-	-	PUNCT
cblr-5117	621	133	stage	stage	NOUN
cblr-5117	621	134	financing,154	financing,154	NOUN
cblr-5117	621	135	have	have	VERB
cblr-5117	621	136	a	a	DET
cblr-5117	621	137	dramatic	dramatic	ADJ
cblr-5117	621	138	impact	impact	NOUN
cblr-5117	621	139	on	on	ADP
cblr-5117	621	140	common	common	ADJ
cblr-5117	621	141	stock	stock	NOUN
cblr-5117	621	142	overvaluation.155	overvaluation.155	ADP
cblr-5117	621	143	151	151	NUM
cblr-5117	621	144	i	i	PROPN
cblr-5117	621	145	d.	d.	PROPN
cblr-5117	621	146	at	at	ADP
cblr-5117	621	147	7	7	NUM
cblr-5117	621	148	.	.	NUM
cblr-5117	621	149	152	152	NUM
cblr-5117	622	1	i	i	PRON
cblr-5117	622	2	d.	d.	PROPN
cblr-5117	622	3	153	153	NUM
cblr-5117	623	1	i	i	PROPN
cblr-5117	623	2	d.	d.	PROPN
cblr-5117	623	3	154	154	NUM
cblr-5117	623	4	according	accord	VERB
cblr-5117	623	5	to	to	ADP
cblr-5117	623	6	a	a	DET
cblr-5117	623	7	recent	recent	ADJ
cblr-5117	623	8	report	report	NOUN
cblr-5117	623	9	by	by	ADP
cblr-5117	623	10	the	the	DET
cblr-5117	623	11	law	law	NOUN
cblr-5117	623	12	firm	firm	PROPN
cblr-5117	623	13	fenwick	fenwick	PROPN
cblr-5117	623	14	and	and	CCONJ
cblr-5117	623	15	west	west	PROPN
cblr-5117	623	16	,	,	PUNCT
cblr-5117	623	17	that	that	PRON
cblr-5117	623	18	examined	examine	VERB
cblr-5117	623	19	us	we	PRON
cblr-5117	623	20	unicorn	unicorn	ADJ
cblr-5117	623	21	financings	financing	NOUN
cblr-5117	623	22	deals	deal	NOUN
cblr-5117	623	23	in	in	ADP
cblr-5117	623	24	2017	2017	NUM
cblr-5117	623	25	and	and	CCONJ
cblr-5117	623	26	first	first	ADJ
cblr-5117	623	27	half	half	NOUN
cblr-5117	623	28	of	of	ADP
cblr-5117	623	29	2018	2018	NUM
cblr-5117	623	30	,	,	PUNCT
cblr-5117	623	31	these	these	DET
cblr-5117	623	32	contractual	contractual	ADJ
cblr-5117	623	33	terms	term	NOUN
cblr-5117	623	34	are	be	AUX
cblr-5117	623	35	quite	quite	ADV
cblr-5117	623	36	prevalent	prevalent	ADJ
cblr-5117	623	37	.	.	PUNCT
cblr-5117	624	1	thus	thus	ADV
cblr-5117	624	2	,	,	PUNCT
cblr-5117	624	3	30	30	NUM
cblr-5117	624	4	%	%	NOUN
cblr-5117	624	5	of	of	ADP
cblr-5117	624	6	2017	2017	NUM
cblr-5117	624	7	financing	financing	NOUN
cblr-5117	624	8	deals	deal	NOUN
cblr-5117	624	9	included	include	VERB
cblr-5117	624	10	automatic	automatic	ADJ
cblr-5117	624	11	conversion	conversion	NOUN
cblr-5117	624	12	veto	veto	NOUN
cblr-5117	624	13	rights	right	NOUN
cblr-5117	624	14	(	(	PUNCT
cblr-5117	624	15	36	36	NUM
cblr-5117	624	16	%	%	NOUN
cblr-5117	624	17	in	in	ADP
cblr-5117	624	18	the	the	DET
cblr-5117	624	19	first	first	ADJ
cblr-5117	624	20	half	half	NOUN
cblr-5117	624	21	of	of	ADP
cblr-5117	624	22	2018	2018	NUM
cblr-5117	624	23	)	)	PUNCT
cblr-5117	624	24	,	,	PUNCT
cblr-5117	624	25	and	and	CCONJ
cblr-5117	624	26	16	16	NUM
cblr-5117	624	27	%	%	NOUN
cblr-5117	624	28	included	include	VERB
cblr-5117	624	29	ratchet	ratchet	NOUN
cblr-5117	624	30	provisions	provision	NOUN
cblr-5117	624	31	(	(	PUNCT
cblr-5117	624	32	12	12	NUM
cblr-5117	624	33	%	%	NOUN
cblr-5117	624	34	in	in	ADP
cblr-5117	624	35	the	the	DET
cblr-5117	624	36	first	first	ADJ
cblr-5117	624	37	half	half	NOUN
cblr-5117	624	38	of	of	ADP
cblr-5117	624	39	2018	2018	NUM
cblr-5117	624	40	)	)	PUNCT
cblr-5117	624	41	.	.	PUNCT
cblr-5117	625	1	see	see	VERB
cblr-5117	625	2	cynthia	cynthia	PROPN
cblr-5117	625	3	clarfield	clarfield	VERB
cblr-5117	625	4	hess	hess	PROPN
cblr-5117	625	5	,	,	PUNCT
cblr-5117	625	6	et	et	NOUN
cblr-5117	625	7	.	.	PUNCT
cblr-5117	626	1	al	al	PROPN
cblr-5117	626	2	.	.	PROPN
cblr-5117	626	3	,	,	PUNCT
cblr-5117	626	4	fenwick	fenwick	PROPN
cblr-5117	626	5	&	&	CCONJ
cblr-5117	626	6	west	west	PROPN
cblr-5117	626	7	,	,	PUNCT
cblr-5117	626	8	unicorn	unicorn	ADJ
cblr-5117	626	9	financings	financing	NOUN
cblr-5117	626	10	:	:	PUNCT
cblr-5117	626	11	first	first	ADJ
cblr-5117	626	12	half	half	NOUN
cblr-5117	626	13	2018	2018	NUM
cblr-5117	626	14	7	7	NUM
cblr-5117	626	15	(	(	PUNCT
cblr-5117	626	16	2018	2018	NUM
cblr-5117	626	17	)	)	PUNCT
cblr-5117	626	18	.	.	PUNCT
cblr-5117	627	1	155	155	NUM
cblr-5117	627	2	gornall	gornall	NOUN
cblr-5117	627	3	and	and	CCONJ
cblr-5117	627	4	strebulaev	strebulaev	PROPN
cblr-5117	627	5	calculate	calculate	VERB
cblr-5117	627	6	that	that	SCONJ
cblr-5117	627	7	a	a	DET
cblr-5117	627	8	1x	1x	NUM
cblr-5117	627	9	ipo	ipo	PROPN
cblr-5117	627	10	ratchet	ratchet	NOUN
cblr-5117	627	11	(	(	PUNCT
cblr-5117	627	12	meaning	mean	VERB
cblr-5117	627	13	that	that	SCONJ
cblr-5117	627	14	investors	investor	NOUN
cblr-5117	627	15	convert	convert	VERB
cblr-5117	627	16	their	their	PRON
cblr-5117	627	17	preferred	prefer	VERB
cblr-5117	627	18	shares	share	NOUN
cblr-5117	627	19	to	to	ADP
cblr-5117	627	20	a	a	DET
cblr-5117	627	21	number	number	NOUN
cblr-5117	627	22	of	of	ADP
cblr-5117	627	23	common	common	ADJ
cblr-5117	627	24	stock	stock	NOUN
cblr-5117	627	25	shares	share	NOUN
cblr-5117	627	26	whose	whose	DET
cblr-5117	627	27	aggregate	aggregate	ADJ
cblr-5117	627	28	value	value	NOUN
cblr-5117	627	29	,	,	PUNCT
cblr-5117	627	30	calculated	calculate	VERB
cblr-5117	627	31	at	at	ADP
cblr-5117	627	32	the	the	DET
cblr-5117	627	33	ipo	ipo	NOUN
cblr-5117	627	34	price	price	NOUN
cblr-5117	627	35	,	,	PUNCT
cblr-5117	627	36	equals	equal	VERB
cblr-5117	627	37	their	their	PRON
cblr-5117	627	38	original	original	ADJ
cblr-5117	627	39	investment	investment	NOUN
cblr-5117	627	40	amount	amount	NOUN
cblr-5117	627	41	)	)	PUNCT
cblr-5117	627	42	would	would	AUX
cblr-5117	627	43	bring	bring	VERB
cblr-5117	627	44	the	the	DET
cblr-5117	627	45	overvaluation	overvaluation	NOUN
cblr-5117	627	46	of	of	ADP
cblr-5117	627	47	the	the	DET
cblr-5117	627	48	common	common	ADJ
cblr-5117	627	49	stock	stock	NOUN
cblr-5117	627	50	to	to	ADP
cblr-5117	627	51	60	60	NUM
cblr-5117	627	52	%	%	NOUN
cblr-5117	627	53	.	.	PUNCT
cblr-5117	628	1	a	a	DET
cblr-5117	628	2	1.25x	1.25x	NUM
cblr-5117	628	3	ipo	ipo	NOUN
cblr-5117	628	4	ratchet	ratchet	NOUN
cblr-5117	628	5	(	(	PUNCT
cblr-5117	628	6	which	which	PRON
cblr-5117	628	7	provides	provide	VERB
cblr-5117	628	8	a	a	DET
cblr-5117	628	9	guaranteed	guarantee	VERB
cblr-5117	628	10	return	return	NOUN
cblr-5117	628	11	of	of	ADP
cblr-5117	628	12	25	25	NUM
cblr-5117	628	13	%	%	NOUN
cblr-5117	628	14	)	)	PUNCT
cblr-5117	628	15	would	would	AUX
cblr-5117	628	16	increase	increase	VERB
cblr-5117	628	17	the	the	DET
cblr-5117	628	18	overvaluation	overvaluation	NOUN
cblr-5117	628	19	of	of	ADP
cblr-5117	628	20	the	the	DET
cblr-5117	628	21	common	common	ADJ
cblr-5117	628	22	stock	stock	NOUN
cblr-5117	628	23	to	to	ADP
cblr-5117	628	24	83	83	NUM
cblr-5117	628	25	%	%	NOUN
cblr-5117	628	26	.	.	PUNCT
cblr-5117	629	1	a	a	DET
cblr-5117	629	2	veto	veto	NOUN
cblr-5117	629	3	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	629	4	(	(	PUNCT
cblr-5117	629	5	do	do	AUX
cblr-5117	629	6	not	not	PART
cblr-5117	629	7	delete	delete	VERB
cblr-5117	629	8	)	)	PUNCT
cblr-5117	629	9	1/8/2020	1/8/2020	NUM
cblr-5117	629	10	4:44	4:44	NUM
cblr-5117	629	11	pm	pm	NOUN
cblr-5117	629	12	no	no	INTJ
cblr-5117	629	13	.	.	PUNCT
cblr-5117	630	1	3:867	3:867	NUM
cblr-5117	630	2	]	]	PUNCT
cblr-5117	630	3	making	make	VERB
cblr-5117	630	4	disclosure	disclosure	NOUN
cblr-5117	630	5	work	work	NOUN
cblr-5117	630	6	913	913	NUM
cblr-5117	630	7	gornall	gornall	NOUN
cblr-5117	630	8	and	and	CCONJ
cblr-5117	630	9	strebulaev	strebulaev	PROPN
cblr-5117	630	10	worry	worry	VERB
cblr-5117	630	11	that	that	SCONJ
cblr-5117	630	12	the	the	DET
cblr-5117	630	13	gap	gap	NOUN
cblr-5117	630	14	between	between	ADP
cblr-5117	630	15	perceived	perceive	VERB
cblr-5117	630	16	and	and	CCONJ
cblr-5117	630	17	fair	fair	ADJ
cblr-5117	630	18	value	value	NOUN
cblr-5117	630	19	“	"	PUNCT
cblr-5117	630	20	can	can	AUX
cblr-5117	630	21	lead	lead	VERB
cblr-5117	630	22	[	[	X
cblr-5117	630	23	employees	employee	NOUN
cblr-5117	630	24	]	]	PUNCT
cblr-5117	630	25	to	to	PART
cblr-5117	630	26	dramatically	dramatically	ADV
cblr-5117	630	27	overestimate	overestimate	VERB
cblr-5117	630	28	their	their	PRON
cblr-5117	630	29	wealth	wealth	NOUN
cblr-5117	630	30	.	.	PUNCT
cblr-5117	631	1	”156	”156	PUNCT
cblr-5117	632	1	they	they	PRON
cblr-5117	632	2	conclude	conclude	VERB
cblr-5117	632	3	that	that	SCONJ
cblr-5117	632	4	“	"	PUNCT
cblr-5117	632	5	[	[	X
cblr-5117	632	6	b]etter	b]etter	ADP
cblr-5117	632	7	reporting	reporting	NOUN
cblr-5117	632	8	would	would	AUX
cblr-5117	632	9	benefit	benefit	VERB
cblr-5117	632	10	limited	limited	ADJ
cblr-5117	632	11	partners	partner	NOUN
cblr-5117	632	12	,	,	PUNCT
cblr-5117	632	13	employees	employee	NOUN
cblr-5117	632	14	with	with	ADP
cblr-5117	632	15	stock	stock	NOUN
cblr-5117	632	16	options	option	NOUN
cblr-5117	632	17	,	,	PUNCT
cblr-5117	632	18	and	and	CCONJ
cblr-5117	632	19	the	the	DET
cblr-5117	632	20	entire	entire	ADJ
cblr-5117	632	21	venture	venture	NOUN
cblr-5117	632	22	capital	capital	NOUN
cblr-5117	632	23	ecosystem	ecosystem	NOUN
cblr-5117	632	24	.	.	PUNCT
cblr-5117	633	1	”157	”157	NOUN
cblr-5117	633	2	similar	similar	ADJ
cblr-5117	633	3	calls	call	NOUN
cblr-5117	633	4	for	for	ADP
cblr-5117	633	5	reform	reform	NOUN
cblr-5117	633	6	were	be	AUX
cblr-5117	633	7	made	make	VERB
cblr-5117	633	8	by	by	ADP
cblr-5117	633	9	securities	security	NOUN
cblr-5117	633	10	law	law	NOUN
cblr-5117	633	11	scholars	scholar	NOUN
cblr-5117	633	12	who	who	PRON
cblr-5117	633	13	have	have	AUX
cblr-5117	633	14	cautioned	caution	VERB
cblr-5117	633	15	about	about	ADP
cblr-5117	633	16	the	the	DET
cblr-5117	633	17	lack	lack	NOUN
cblr-5117	633	18	of	of	ADP
cblr-5117	633	19	sufficient	sufficient	ADJ
cblr-5117	633	20	disclosure	disclosure	NOUN
cblr-5117	633	21	requirements	requirement	NOUN
cblr-5117	633	22	for	for	ADP
cblr-5117	633	23	mature	mature	ADJ
cblr-5117	633	24	private	private	ADJ
cblr-5117	633	25	companies.158	companies.158	NOUN
cblr-5117	633	26	part	part	NOUN
cblr-5117	633	27	ii	ii	NOUN
cblr-5117	633	28	above	above	ADV
cblr-5117	633	29	establishes	establish	VERB
cblr-5117	633	30	that	that	SCONJ
cblr-5117	633	31	pre	pre	ADJ
cblr-5117	633	32	-	-	ADJ
cblr-5117	633	33	negotiated	negotiate	VERB
cblr-5117	633	34	equity	equity	NOUN
cblr-5117	633	35	-	-	PUNCT
cblr-5117	633	36	based	base	VERB
cblr-5117	633	37	compensation	compensation	NOUN
cblr-5117	633	38	is	be	AUX
cblr-5117	633	39	a	a	DET
cblr-5117	633	40	form	form	NOUN
cblr-5117	633	41	of	of	ADP
cblr-5117	633	42	investment	investment	NOUN
cblr-5117	633	43	and	and	CCONJ
cblr-5117	633	44	that	that	SCONJ
cblr-5117	633	45	,	,	PUNCT
cblr-5117	633	46	by	by	ADP
cblr-5117	633	47	and	and	CCONJ
cblr-5117	633	48	large	large	ADJ
cblr-5117	633	49	,	,	PUNCT
cblr-5117	633	50	employees	employee	NOUN
cblr-5117	633	51	are	be	AUX
cblr-5117	633	52	presumed	presume	VERB
cblr-5117	633	53	to	to	PART
cblr-5117	633	54	need	need	VERB
cblr-5117	633	55	the	the	DET
cblr-5117	633	56	securities	security	NOUN
cblr-5117	633	57	act	act	PROPN
cblr-5117	633	58	’s	’s	PART
cblr-5117	633	59	protection	protection	NOUN
cblr-5117	633	60	.	.	PUNCT
cblr-5117	634	1	part	part	NOUN
cblr-5117	634	2	iii	iii	NUM
cblr-5117	634	3	explores	explore	NOUN
cblr-5117	634	4	the	the	DET
cblr-5117	634	5	need	need	NOUN
cblr-5117	634	6	for	for	ADP
cblr-5117	634	7	regulatory	regulatory	ADJ
cblr-5117	634	8	protection	protection	NOUN
cblr-5117	634	9	in	in	ADP
cblr-5117	634	10	the	the	DET
cblr-5117	634	11	context	context	NOUN
cblr-5117	634	12	of	of	ADP
cblr-5117	634	13	start	start	VERB
cblr-5117	634	14	-	-	PUNCT
cblr-5117	634	15	up	up	ADP
cblr-5117	634	16	equity	equity	NOUN
cblr-5117	634	17	compensation	compensation	NOUN
cblr-5117	634	18	:	:	PUNCT
cblr-5117	634	19	it	it	PRON
cblr-5117	634	20	casts	cast	VERB
cblr-5117	634	21	doubt	doubt	NOUN
cblr-5117	634	22	on	on	ADP
cblr-5117	634	23	the	the	DET
cblr-5117	634	24	rationales	rationale	NOUN
cblr-5117	634	25	put	put	VERB
cblr-5117	634	26	forward	forward	ADV
cblr-5117	634	27	by	by	ADP
cblr-5117	634	28	the	the	DET
cblr-5117	634	29	sec	sec	PROPN
cblr-5117	634	30	for	for	ADP
cblr-5117	634	31	deregulation	deregulation	NOUN
cblr-5117	634	32	and	and	CCONJ
cblr-5117	634	33	argues	argue	VERB
cblr-5117	634	34	that	that	SCONJ
cblr-5117	634	35	employees	employee	NOUN
cblr-5117	634	36	’	’	PART
cblr-5117	634	37	lack	lack	NOUN
cblr-5117	634	38	of	of	ADP
cblr-5117	634	39	financial	financial	ADJ
cblr-5117	634	40	proficiency	proficiency	NOUN
cblr-5117	634	41	vis	vis	X
cblr-5117	634	42	-	-	X
cblr-5117	634	43	à	à	X
cblr-5117	634	44	-	-	PUNCT
cblr-5117	634	45	vis	vis	X
cblr-5117	634	46	the	the	DET
cblr-5117	634	47	characteristics	characteristic	NOUN
cblr-5117	634	48	of	of	ADP
cblr-5117	634	49	venture	venture	NOUN
cblr-5117	634	50	-	-	PUNCT
cblr-5117	634	51	capital	capital	NOUN
cblr-5117	634	52	financing	financing	NOUN
cblr-5117	634	53	can	can	AUX
cblr-5117	634	54	generate	generate	VERB
cblr-5117	634	55	overoptimistic	overoptimistic	ADJ
cblr-5117	634	56	expectations	expectation	NOUN
cblr-5117	634	57	that	that	SCONJ
cblr-5117	634	58	sophisticated	sophisticated	ADJ
cblr-5117	634	59	employers	employer	NOUN
cblr-5117	634	60	can	can	AUX
cblr-5117	634	61	exploit	exploit	VERB
cblr-5117	634	62	to	to	ADP
cblr-5117	634	63	their	their	PRON
cblr-5117	634	64	advantage	advantage	NOUN
cblr-5117	634	65	.	.	PUNCT
cblr-5117	635	1	the	the	DET
cblr-5117	635	2	following	follow	VERB
cblr-5117	635	3	part	part	NOUN
cblr-5117	635	4	argues	argue	VERB
cblr-5117	635	5	that	that	SCONJ
cblr-5117	635	6	unless	unless	SCONJ
cblr-5117	635	7	the	the	DET
cblr-5117	635	8	broken	broken	ADJ
cblr-5117	635	9	disclosure	disclosure	NOUN
cblr-5117	635	10	system	system	NOUN
cblr-5117	635	11	is	be	AUX
cblr-5117	635	12	fixed	fix	VERB
cblr-5117	635	13	,	,	PUNCT
cblr-5117	635	14	information	information	NOUN
cblr-5117	635	15	asymmetry	asymmetry	NOUN
cblr-5117	635	16	could	could	AUX
cblr-5117	635	17	adversely	adversely	ADV
cblr-5117	635	18	affect	affect	VERB
cblr-5117	635	19	the	the	DET
cblr-5117	635	20	efficiency	efficiency	NOUN
cblr-5117	635	21	of	of	ADP
cblr-5117	635	22	the	the	DET
cblr-5117	635	23	startup	startup	NOUN
cblr-5117	635	24	labor	labor	NOUN
cblr-5117	635	25	market	market	NOUN
cblr-5117	635	26	.	.	PUNCT
cblr-5117	636	1	right	right	ADJ
cblr-5117	636	2	conferring	confer	VERB
cblr-5117	636	3	the	the	DET
cblr-5117	636	4	ability	ability	NOUN
cblr-5117	636	5	to	to	PART
cblr-5117	636	6	block	block	VERB
cblr-5117	636	7	an	an	DET
cblr-5117	636	8	ipo	ipo	NOUN
cblr-5117	636	9	at	at	ADP
cblr-5117	636	10	a	a	DET
cblr-5117	636	11	price	price	NOUN
cblr-5117	636	12	that	that	PRON
cblr-5117	636	13	would	would	AUX
cblr-5117	636	14	not	not	PART
cblr-5117	636	15	return	return	VERB
cblr-5117	636	16	the	the	DET
cblr-5117	636	17	last	last	ADJ
cblr-5117	636	18	-	-	PUNCT
cblr-5117	636	19	round	round	NOUN
cblr-5117	636	20	investment	investment	NOUN
cblr-5117	636	21	sum	sum	NOUN
cblr-5117	636	22	,	,	PUNCT
cblr-5117	636	23	brings	bring	VERB
cblr-5117	636	24	the	the	DET
cblr-5117	636	25	overvaluation	overvaluation	NOUN
cblr-5117	636	26	of	of	ADP
cblr-5117	636	27	the	the	DET
cblr-5117	636	28	common	common	ADJ
cblr-5117	636	29	stock	stock	NOUN
cblr-5117	636	30	up	up	ADP
cblr-5117	636	31	to	to	ADP
cblr-5117	636	32	59	59	NUM
cblr-5117	636	33	%	%	NOUN
cblr-5117	636	34	.	.	PUNCT
cblr-5117	637	1	see	see	VERB
cblr-5117	637	2	gornall	gornall	PROPN
cblr-5117	637	3	&	&	CCONJ
cblr-5117	637	4	strebulaev	strebulaev	PROPN
cblr-5117	637	5	,	,	PUNCT
cblr-5117	637	6	supra	supra	PROPN
cblr-5117	637	7	note	note	PROPN
cblr-5117	637	8	135	135	NUM
cblr-5117	637	9	,	,	PUNCT
cblr-5117	637	10	at	at	ADP
cblr-5117	637	11	7	7	NUM
cblr-5117	637	12	.	.	NUM
cblr-5117	637	13	156	156	NUM
cblr-5117	638	1	i	i	PRON
cblr-5117	638	2	d.	d.	NOUN
cblr-5117	638	3	at	at	ADP
cblr-5117	638	4	4	4	NUM
cblr-5117	638	5	.	.	NUM
cblr-5117	638	6	157	157	NUM
cblr-5117	639	1	i	i	PROPN
cblr-5117	639	2	d.	d.	PROPN
cblr-5117	639	3	at	at	ADP
cblr-5117	639	4	23	23	NUM
cblr-5117	639	5	.	.	PUNCT
cblr-5117	640	1	158	158	NUM
cblr-5117	640	2	see	see	VERB
cblr-5117	640	3	fan	fan	PROPN
cblr-5117	640	4	,	,	PUNCT
cblr-5117	640	5	supra	supra	PROPN
cblr-5117	640	6	note	note	NOUN
cblr-5117	640	7	139	139	NUM
cblr-5117	640	8	,	,	PUNCT
cblr-5117	640	9	at	at	ADP
cblr-5117	640	10	604	604	NUM
cblr-5117	640	11	(	(	PUNCT
cblr-5117	640	12	calling	call	VERB
cblr-5117	640	13	for	for	ADP
cblr-5117	640	14	enhanced	enhanced	ADJ
cblr-5117	640	15	disclosure	disclosure	NOUN
cblr-5117	640	16	requirements	requirement	NOUN
cblr-5117	640	17	for	for	ADP
cblr-5117	640	18	unicorn	unicorn	ADJ
cblr-5117	640	19	companies	company	NOUN
cblr-5117	640	20	and	and	CCONJ
cblr-5117	640	21	stating	state	VERB
cblr-5117	640	22	that	that	SCONJ
cblr-5117	640	23	“	"	PUNCT
cblr-5117	640	24	the	the	DET
cblr-5117	640	25	current	current	ADJ
cblr-5117	640	26	disclosure	disclosure	NOUN
cblr-5117	640	27	regime	regime	NOUN
cblr-5117	640	28	is	be	AUX
cblr-5117	640	29	woefully	woefully	ADV
cblr-5117	640	30	inadequate	inadequate	ADJ
cblr-5117	640	31	”	"	PUNCT
cblr-5117	640	32	)	)	PUNCT
cblr-5117	640	33	;	;	PUNCT
cblr-5117	640	34	see	see	VERB
cblr-5117	640	35	also	also	ADV
cblr-5117	640	36	alon	alon	PROPN
cblr-5117	640	37	-	-	PUNCT
cblr-5117	640	38	beck	beck	PROPN
cblr-5117	640	39	,	,	PUNCT
cblr-5117	640	40	supra	supra	PROPN
cblr-5117	640	41	note	note	PROPN
cblr-5117	640	42	145	145	NUM
cblr-5117	640	43	,	,	PUNCT
cblr-5117	640	44	at	at	ADP
cblr-5117	640	45	186	186	NUM
cblr-5117	640	46	(	(	PUNCT
cblr-5117	640	47	“	"	PUNCT
cblr-5117	640	48	perhaps	perhaps	ADV
cblr-5117	640	49	certain	certain	ADJ
cblr-5117	640	50	private	private	ADJ
cblr-5117	640	51	companies	company	NOUN
cblr-5117	640	52	,	,	PUNCT
cblr-5117	640	53	such	such	ADJ
cblr-5117	640	54	as	as	ADP
cblr-5117	640	55	unicorns	unicorn	NOUN
cblr-5117	640	56	,	,	PUNCT
cblr-5117	640	57	should	should	AUX
cblr-5117	640	58	adhere	adhere	VERB
cblr-5117	640	59	to	to	ADP
cblr-5117	640	60	the	the	DET
cblr-5117	640	61	same	same	ADJ
cblr-5117	640	62	financial	financial	ADJ
cblr-5117	640	63	disclosure	disclosure	NOUN
cblr-5117	640	64	requirements	requirement	NOUN
cblr-5117	640	65	as	as	ADP
cblr-5117	640	66	public	public	ADJ
cblr-5117	640	67	companies	company	NOUN
cblr-5117	640	68	.	.	PUNCT
cblr-5117	640	69	”	"	PUNCT
cblr-5117	640	70	)	)	PUNCT
cblr-5117	640	71	;	;	PUNCT
cblr-5117	640	72	elizabeth	elizabeth	PROPN
cblr-5117	640	73	pollman	pollman	PROPN
cblr-5117	640	74	,	,	PUNCT
cblr-5117	640	75	information	information	NOUN
cblr-5117	640	76	issues	issue	NOUN
cblr-5117	640	77	on	on	ADP
cblr-5117	640	78	wall	wall	PROPN
cblr-5117	640	79	street	street	PROPN
cblr-5117	640	80	2.0	2.0	NUM
cblr-5117	640	81	,	,	PUNCT
cblr-5117	640	82	161	161	NUM
cblr-5117	640	83	u.	u.	NOUN
cblr-5117	640	84	pa	pa	PROPN
cblr-5117	640	85	.	.	PUNCT
cblr-5117	640	86	l.	l.	PROPN
cblr-5117	640	87	rev	rev	PROPN
cblr-5117	640	88	.	.	PROPN
cblr-5117	640	89	179	179	NUM
cblr-5117	640	90	,	,	PUNCT
cblr-5117	640	91	221–28	221–28	NOUN
cblr-5117	640	92	(	(	PUNCT
cblr-5117	640	93	2012	2012	NUM
cblr-5117	640	94	)	)	PUNCT
cblr-5117	640	95	(	(	PUNCT
cblr-5117	640	96	discussing	discuss	VERB
cblr-5117	640	97	the	the	DET
cblr-5117	640	98	need	need	NOUN
cblr-5117	640	99	for	for	ADP
cblr-5117	640	100	scaled	scale	VERB
cblr-5117	640	101	disclosure	disclosure	NOUN
cblr-5117	640	102	requirements	requirement	NOUN
cblr-5117	640	103	due	due	ADP
cblr-5117	640	104	to	to	ADP
cblr-5117	640	105	the	the	DET
cblr-5117	640	106	emergence	emergence	NOUN
cblr-5117	640	107	of	of	ADP
cblr-5117	640	108	secondary	secondary	ADJ
cblr-5117	640	109	private	private	ADJ
cblr-5117	640	110	equity	equity	NOUN
cblr-5117	640	111	markets	market	NOUN
cblr-5117	640	112	)	)	PUNCT
cblr-5117	640	113	;	;	PUNCT
cblr-5117	640	114	pollman	pollman	NOUN
cblr-5117	640	115	,	,	PUNCT
cblr-5117	640	116	supra	supra	PROPN
cblr-5117	640	117	note	note	NOUN
cblr-5117	640	118	135	135	NUM
cblr-5117	640	119	,	,	PUNCT
cblr-5117	640	120	at	at	ADP
cblr-5117	640	121	4–5	4–5	PROPN
cblr-5117	640	122	(	(	PUNCT
cblr-5117	640	123	“	"	PUNCT
cblr-5117	640	124	some	some	DET
cblr-5117	640	125	scholars	scholar	NOUN
cblr-5117	640	126	have	have	AUX
cblr-5117	640	127	recently	recently	ADV
cblr-5117	640	128	begun	begin	VERB
cblr-5117	640	129	studying	study	VERB
cblr-5117	640	130	unicorns	unicorn	NOUN
cblr-5117	640	131	,	,	PUNCT
cblr-5117	640	132	the	the	DET
cblr-5117	640	133	largest	large	ADJ
cblr-5117	640	134	startups	startup	NOUN
cblr-5117	640	135	by	by	ADP
cblr-5117	640	136	valuation	valuation	NOUN
cblr-5117	640	137	,	,	PUNCT
cblr-5117	640	138	and	and	CCONJ
cblr-5117	640	139	have	have	AUX
cblr-5117	640	140	expressed	express	VERB
cblr-5117	640	141	concern	concern	NOUN
cblr-5117	640	142	about	about	ADP
cblr-5117	640	143	their	their	PRON
cblr-5117	640	144	lack	lack	NOUN
cblr-5117	640	145	of	of	ADP
cblr-5117	640	146	disclosure	disclosure	NOUN
cblr-5117	640	147	and	and	CCONJ
cblr-5117	640	148	lack	lack	NOUN
cblr-5117	640	149	of	of	ADP
cblr-5117	640	150	discipline	discipline	NOUN
cblr-5117	640	151	on	on	ADP
cblr-5117	640	152	founders	founder	NOUN
cblr-5117	640	153	.	.	PUNCT
cblr-5117	640	154	”	"	PUNCT
cblr-5117	640	155	)	)	PUNCT
cblr-5117	640	156	.	.	PUNCT
cblr-5117	641	1	cf	cf	NOUN
cblr-5117	641	2	.	.	PROPN
cblr-5117	641	3	,	,	PUNCT
cblr-5117	641	4	cable	cable	NOUN
cblr-5117	641	5	,	,	PUNCT
cblr-5117	641	6	supra	supra	PROPN
cblr-5117	641	7	note	note	NOUN
cblr-5117	641	8	5	5	NUM
cblr-5117	641	9	,	,	PUNCT
cblr-5117	641	10	at	at	ADP
cblr-5117	641	11	642	642	NUM
cblr-5117	641	12	(	(	PUNCT
cblr-5117	641	13	cautioning	caution	VERB
cblr-5117	641	14	that	that	SCONJ
cblr-5117	641	15	“	"	PUNCT
cblr-5117	641	16	[	[	X
cblr-5117	641	17	i]t	i]t	PROPN
cblr-5117	641	18	seems	seem	VERB
cblr-5117	641	19	premature	premature	ADJ
cblr-5117	641	20	,	,	PUNCT
cblr-5117	641	21	however	however	ADV
cblr-5117	641	22	,	,	PUNCT
cblr-5117	641	23	to	to	PART
cblr-5117	641	24	pursue	pursue	VERB
cblr-5117	641	25	any	any	DET
cblr-5117	641	26	particular	particular	ADJ
cblr-5117	641	27	reform	reform	NOUN
cblr-5117	641	28	agenda	agenda	NOUN
cblr-5117	641	29	”	"	PUNCT
cblr-5117	641	30	)	)	PUNCT
cblr-5117	641	31	.	.	PUNCT
cblr-5117	642	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	642	2	(	(	PUNCT
cblr-5117	642	3	do	do	AUX
cblr-5117	642	4	not	not	PART
cblr-5117	642	5	delte	delte	VERB
cblr-5117	642	6	)	)	PUNCT
cblr-5117	642	7	1/8/2020	1/8/2020	NUM
cblr-5117	642	8	4:44	4:44	NUM
cblr-5117	642	9	pm	pm	NOUN
cblr-5117	642	10	914	914	NUM
cblr-5117	642	11	columbia	columbia	PROPN
cblr-5117	642	12	business	business	NOUN
cblr-5117	642	13	law	law	PROPN
cblr-5117	642	14	review	review	NOUN
cblr-5117	643	1	[	[	X
cblr-5117	643	2	vol	vol	NOUN
cblr-5117	643	3	.	.	PUNCT
cblr-5117	643	4	2019	2019	NUM
cblr-5117	643	5	iii	iii	NOUN
cblr-5117	643	6	.	.	PUNCT
cblr-5117	644	1	consequences	consequence	NOUN
cblr-5117	644	2	of	of	ADP
cblr-5117	644	3	information	information	NOUN
cblr-5117	644	4	asymmetry	asymmetry	NOUN
cblr-5117	644	5	in	in	ADP
cblr-5117	644	6	start	start	NOUN
cblr-5117	644	7	-	-	PUNCT
cblr-5117	644	8	up	up	ADP
cblr-5117	644	9	labor	labor	NOUN
cblr-5117	644	10	markets	market	NOUN
cblr-5117	644	11	the	the	DET
cblr-5117	644	12	securities	security	NOUN
cblr-5117	644	13	regulation	regulation	NOUN
cblr-5117	644	14	regime	regime	NOUN
cblr-5117	644	15	has	have	AUX
cblr-5117	644	16	traditionally	traditionally	ADV
cblr-5117	644	17	focused	focus	VERB
cblr-5117	644	18	almost	almost	ADV
cblr-5117	644	19	exclusively	exclusively	ADV
cblr-5117	644	20	on	on	ADP
cblr-5117	644	21	information	information	NOUN
cblr-5117	644	22	disclosure	disclosure	NOUN
cblr-5117	644	23	in	in	ADP
cblr-5117	644	24	the	the	DET
cblr-5117	644	25	capital	capital	NOUN
cblr-5117	644	26	markets	market	NOUN
cblr-5117	644	27	and	and	CCONJ
cblr-5117	644	28	overlooked	overlook	VERB
cblr-5117	644	29	the	the	DET
cblr-5117	644	30	labor	labor	NOUN
cblr-5117	644	31	market	market	NOUN
cblr-5117	644	32	.	.	PUNCT
cblr-5117	645	1	however	however	ADV
cblr-5117	645	2	,	,	PUNCT
cblr-5117	645	3	the	the	DET
cblr-5117	645	4	widespread	widespread	ADJ
cblr-5117	645	5	and	and	CCONJ
cblr-5117	645	6	growing	grow	VERB
cblr-5117	645	7	practice	practice	NOUN
cblr-5117	645	8	of	of	ADP
cblr-5117	645	9	equity	equity	NOUN
cblr-5117	645	10	-	-	PUNCT
cblr-5117	645	11	based	base	VERB
cblr-5117	645	12	compensation	compensation	NOUN
cblr-5117	645	13	transformed	transform	VERB
cblr-5117	645	14	the	the	DET
cblr-5117	645	15	relationship	relationship	NOUN
cblr-5117	645	16	between	between	ADP
cblr-5117	645	17	highskilled	highskille	VERB
cblr-5117	645	18	employees	employee	NOUN
cblr-5117	645	19	and	and	CCONJ
cblr-5117	645	20	their	their	PRON
cblr-5117	645	21	employers	employer	NOUN
cblr-5117	645	22	into	into	ADP
cblr-5117	645	23	one	one	NUM
cblr-5117	645	24	that	that	PRON
cblr-5117	645	25	involves	involve	VERB
cblr-5117	645	26	a	a	DET
cblr-5117	645	27	significant	significant	ADJ
cblr-5117	645	28	investment	investment	NOUN
cblr-5117	645	29	component.159	component.159	X
cblr-5117	646	1	it	it	PRON
cblr-5117	646	2	is	be	AUX
cblr-5117	646	3	therefore	therefore	ADV
cblr-5117	646	4	time	time	NOUN
cblr-5117	646	5	for	for	SCONJ
cblr-5117	646	6	securities	security	NOUN
cblr-5117	646	7	law	law	NOUN
cblr-5117	646	8	to	to	PART
cblr-5117	646	9	catch	catch	VERB
cblr-5117	646	10	up	up	ADP
cblr-5117	646	11	with	with	ADP
cblr-5117	646	12	market	market	NOUN
cblr-5117	646	13	dynamics	dynamic	NOUN
cblr-5117	646	14	and	and	CCONJ
cblr-5117	646	15	address	address	VERB
cblr-5117	646	16	the	the	DET
cblr-5117	646	17	challenges	challenge	NOUN
cblr-5117	646	18	of	of	ADP
cblr-5117	646	19	human	human	ADJ
cblr-5117	646	20	capital	capital	NOUN
cblr-5117	646	21	investments	investment	NOUN
cblr-5117	646	22	by	by	ADP
cblr-5117	646	23	employees	employee	NOUN
cblr-5117	646	24	of	of	ADP
cblr-5117	646	25	private	private	ADJ
cblr-5117	646	26	issuers	issuer	NOUN
cblr-5117	646	27	.	.	PUNCT
cblr-5117	647	1	as	as	ADP
cblr-5117	647	2	the	the	DET
cblr-5117	647	3	first	first	ADJ
cblr-5117	647	4	step	step	NOUN
cblr-5117	647	5	,	,	PUNCT
cblr-5117	647	6	this	this	DET
cblr-5117	647	7	part	part	NOUN
cblr-5117	647	8	of	of	ADP
cblr-5117	647	9	the	the	DET
cblr-5117	647	10	article	article	NOUN
cblr-5117	647	11	repeats	repeat	VERB
cblr-5117	647	12	a	a	DET
cblr-5117	647	13	few	few	ADJ
cblr-5117	647	14	fundamental	fundamental	ADJ
cblr-5117	647	15	securities	security	NOUN
cblr-5117	647	16	law	law	NOUN
cblr-5117	647	17	conventions	convention	NOUN
cblr-5117	647	18	about	about	ADP
cblr-5117	647	19	disclosure	disclosure	NOUN
cblr-5117	647	20	’s	’s	PART
cblr-5117	647	21	role	role	NOUN
cblr-5117	647	22	in	in	ADP
cblr-5117	647	23	modern	modern	ADJ
cblr-5117	647	24	capital	capital	NOUN
cblr-5117	647	25	markets	market	NOUN
cblr-5117	647	26	and	and	CCONJ
cblr-5117	647	27	discusses	discuss	VERB
cblr-5117	647	28	the	the	DET
cblr-5117	647	29	adjustments	adjustment	NOUN
cblr-5117	647	30	needed	need	VERB
cblr-5117	647	31	to	to	PART
cblr-5117	647	32	account	account	VERB
cblr-5117	647	33	for	for	ADP
cblr-5117	647	34	the	the	DET
cblr-5117	647	35	difference	difference	NOUN
cblr-5117	647	36	between	between	ADP
cblr-5117	647	37	financial	financial	ADJ
cblr-5117	647	38	capital	capital	NOUN
cblr-5117	647	39	raising	raise	VERB
cblr-5117	647	40	transactions	transaction	NOUN
cblr-5117	647	41	and	and	CCONJ
cblr-5117	647	42	human	human	ADJ
cblr-5117	647	43	capital	capital	NOUN
cblr-5117	647	44	raising	raise	VERB
cblr-5117	647	45	transactions	transaction	NOUN
cblr-5117	647	46	.	.	PUNCT
cblr-5117	648	1	a.	a.	NOUN
cblr-5117	648	2	misallocation	misallocation	NOUN
cblr-5117	648	3	of	of	ADP
cblr-5117	648	4	human	human	ADJ
cblr-5117	648	5	capital	capital	NOUN
cblr-5117	648	6	according	accord	VERB
cblr-5117	648	7	to	to	ADP
cblr-5117	648	8	the	the	DET
cblr-5117	648	9	standard	standard	ADJ
cblr-5117	648	10	theory	theory	NOUN
cblr-5117	648	11	of	of	ADP
cblr-5117	648	12	capital	capital	NOUN
cblr-5117	648	13	market	market	NOUN
cblr-5117	648	14	regulation	regulation	NOUN
cblr-5117	648	15	,	,	PUNCT
cblr-5117	648	16	financial	financial	ADJ
cblr-5117	648	17	disclosure	disclosure	NOUN
cblr-5117	648	18	is	be	AUX
cblr-5117	648	19	needed	need	VERB
cblr-5117	648	20	because	because	SCONJ
cblr-5117	648	21	without	without	ADP
cblr-5117	648	22	it	it	PRON
cblr-5117	648	23	,	,	PUNCT
cblr-5117	648	24	information	information	NOUN
cblr-5117	648	25	and	and	CCONJ
cblr-5117	648	26	incentive	incentive	NOUN
cblr-5117	648	27	problems	problem	NOUN
cblr-5117	648	28	would	would	AUX
cblr-5117	648	29	hamper	hamper	VERB
cblr-5117	648	30	the	the	DET
cblr-5117	648	31	efficient	efficient	ADJ
cblr-5117	648	32	allocation	allocation	NOUN
cblr-5117	648	33	of	of	ADP
cblr-5117	648	34	capital	capital	NOUN
cblr-5117	648	35	through	through	ADP
cblr-5117	648	36	the	the	DET
cblr-5117	648	37	market.160	market.160	NOUN
cblr-5117	648	38	the	the	DET
cblr-5117	648	39	goal	goal	NOUN
cblr-5117	648	40	of	of	ADP
cblr-5117	648	41	securities	security	NOUN
cblr-5117	648	42	disclosure	disclosure	NOUN
cblr-5117	648	43	is	be	AUX
cblr-5117	648	44	,	,	PUNCT
cblr-5117	648	45	therefore	therefore	ADV
cblr-5117	648	46	,	,	PUNCT
cblr-5117	648	47	not	not	PART
cblr-5117	648	48	only	only	ADV
cblr-5117	648	49	to	to	PART
cblr-5117	648	50	protect	protect	VERB
cblr-5117	648	51	individual	individual	ADJ
cblr-5117	648	52	investors	investor	NOUN
cblr-5117	648	53	from	from	ADP
cblr-5117	648	54	fraud	fraud	NOUN
cblr-5117	648	55	,	,	PUNCT
cblr-5117	648	56	but	but	CCONJ
cblr-5117	648	57	also	also	ADV
cblr-5117	648	58	to	to	PART
cblr-5117	648	59	sustain	sustain	VERB
cblr-5117	648	60	market	market	NOUN
cblr-5117	648	61	efficiency	efficiency	NOUN
cblr-5117	648	62	.	.	PUNCT
cblr-5117	649	1	as	as	ADP
cblr-5117	649	2	easterbrook	easterbrook	PROPN
cblr-5117	649	3	and	and	CCONJ
cblr-5117	649	4	fischel	fischel	PROPN
cblr-5117	649	5	stress	stress	NOUN
cblr-5117	649	6	,	,	PUNCT
cblr-5117	649	7	“	"	PUNCT
cblr-5117	649	8	[	[	X
cblr-5117	649	9	a]ccurate	a]ccurate	ADJ
cblr-5117	649	10	information	information	NOUN
cblr-5117	649	11	is	be	AUX
cblr-5117	649	12	necessary	necessary	ADJ
cblr-5117	649	13	to	to	PART
cblr-5117	649	14	ensure	ensure	VERB
cblr-5117	649	15	that	that	SCONJ
cblr-5117	649	16	money	money	NOUN
cblr-5117	649	17	moves	move	VERB
cblr-5117	649	18	to	to	ADP
cblr-5117	649	19	those	those	PRON
cblr-5117	649	20	who	who	PRON
cblr-5117	649	21	can	can	AUX
cblr-5117	649	22	use	use	VERB
cblr-5117	649	23	it	it	PRON
cblr-5117	649	24	most	most	ADV
cblr-5117	649	25	effectively	effectively	ADV
cblr-5117	649	26	and	and	CCONJ
cblr-5117	649	27	that	that	SCONJ
cblr-5117	649	28	investors	investor	NOUN
cblr-5117	649	29	make	make	VERB
cblr-5117	649	30	optimal	optimal	ADJ
cblr-5117	649	31	choices	choice	NOUN
cblr-5117	649	32	about	about	ADP
cblr-5117	649	33	the	the	DET
cblr-5117	649	34	contents	content	NOUN
cblr-5117	649	35	of	of	ADP
cblr-5117	649	36	their	their	PRON
cblr-5117	649	37	portfolios	portfolio	NOUN
cblr-5117	649	38	.	.	PUNCT
cblr-5117	650	1	a	a	DET
cblr-5117	650	2	world	world	NOUN
cblr-5117	650	3	159	159	NUM
cblr-5117	650	4	see	see	VERB
cblr-5117	650	5	eisfeldt	eisfeldt	PROPN
cblr-5117	650	6	et	et	PROPN
cblr-5117	650	7	al	al	PROPN
cblr-5117	650	8	.	.	PROPN
cblr-5117	650	9	,	,	PUNCT
cblr-5117	650	10	supra	supra	PROPN
cblr-5117	650	11	note	note	PROPN
cblr-5117	650	12	19	19	NUM
cblr-5117	650	13	and	and	CCONJ
cblr-5117	650	14	accompanying	accompany	VERB
cblr-5117	650	15	text	text	NOUN
cblr-5117	650	16	.	.	PUNCT
cblr-5117	651	1	160	160	NUM
cblr-5117	651	2	see	see	VERB
cblr-5117	651	3	e.g.	e.g.	ADV
cblr-5117	651	4	,	,	PUNCT
cblr-5117	651	5	paul	paul	PROPN
cblr-5117	651	6	m.	m.	PROPN
cblr-5117	651	7	healy	healy	PROPN
cblr-5117	651	8	&	&	CCONJ
cblr-5117	651	9	krishna	krishna	PROPN
cblr-5117	651	10	g.	g.	PROPN
cblr-5117	651	11	palepu	palepu	PROPN
cblr-5117	651	12	,	,	PUNCT
cblr-5117	651	13	information	information	NOUN
cblr-5117	651	14	asymmetry	asymmetry	NOUN
cblr-5117	651	15	,	,	PUNCT
cblr-5117	651	16	corporate	corporate	ADJ
cblr-5117	651	17	disclosure	disclosure	NOUN
cblr-5117	651	18	,	,	PUNCT
cblr-5117	651	19	and	and	CCONJ
cblr-5117	651	20	the	the	DET
cblr-5117	651	21	capital	capital	NOUN
cblr-5117	651	22	markets	market	NOUN
cblr-5117	651	23	:	:	PUNCT
cblr-5117	651	24	a	a	DET
cblr-5117	651	25	review	review	NOUN
cblr-5117	651	26	of	of	ADP
cblr-5117	651	27	the	the	DET
cblr-5117	651	28	empirical	empirical	ADJ
cblr-5117	651	29	disclosure	disclosure	NOUN
cblr-5117	651	30	literature	literature	NOUN
cblr-5117	651	31	,	,	PUNCT
cblr-5117	651	32	31	31	NUM
cblr-5117	651	33	j.	j.	PROPN
cblr-5117	651	34	acct	acct	PROPN
cblr-5117	651	35	.	.	PROPN
cblr-5117	651	36	&	&	CCONJ
cblr-5117	651	37	econ	econ	PROPN
cblr-5117	651	38	.	.	PUNCT
cblr-5117	652	1	405	405	NUM
cblr-5117	652	2	,	,	PUNCT
cblr-5117	652	3	407	407	NUM
cblr-5117	652	4	(	(	PUNCT
cblr-5117	652	5	2001	2001	NUM
cblr-5117	652	6	)	)	PUNCT
cblr-5117	652	7	(	(	PUNCT
cblr-5117	652	8	“	"	PUNCT
cblr-5117	652	9	information	information	NOUN
cblr-5117	652	10	and	and	CCONJ
cblr-5117	652	11	incentive	incentive	NOUN
cblr-5117	652	12	problems	problem	NOUN
cblr-5117	652	13	impede	impede	VERB
cblr-5117	652	14	the	the	DET
cblr-5117	652	15	efficient	efficient	ADJ
cblr-5117	652	16	allocation	allocation	NOUN
cblr-5117	652	17	of	of	ADP
cblr-5117	652	18	resources	resource	NOUN
cblr-5117	652	19	in	in	ADP
cblr-5117	652	20	a	a	DET
cblr-5117	652	21	capital	capital	NOUN
cblr-5117	652	22	market	market	NOUN
cblr-5117	652	23	economy	economy	NOUN
cblr-5117	652	24	.	.	PUNCT
cblr-5117	653	1	disclosure	disclosure	NOUN
cblr-5117	653	2	and	and	CCONJ
cblr-5117	653	3	the	the	DET
cblr-5117	653	4	institutions	institution	NOUN
cblr-5117	653	5	created	create	VERB
cblr-5117	653	6	to	to	PART
cblr-5117	653	7	facilitate	facilitate	VERB
cblr-5117	653	8	credible	credible	ADJ
cblr-5117	653	9	disclosure	disclosure	NOUN
cblr-5117	653	10	between	between	ADP
cblr-5117	653	11	managers	manager	NOUN
cblr-5117	653	12	and	and	CCONJ
cblr-5117	653	13	investors	investor	NOUN
cblr-5117	653	14	play	play	VERB
cblr-5117	653	15	an	an	DET
cblr-5117	653	16	important	important	ADJ
cblr-5117	653	17	role	role	NOUN
cblr-5117	653	18	in	in	ADP
cblr-5117	653	19	mitigating	mitigate	VERB
cblr-5117	653	20	these	these	DET
cblr-5117	653	21	problems	problem	NOUN
cblr-5117	653	22	.	.	PUNCT
cblr-5117	653	23	”	"	PUNCT
cblr-5117	653	24	)	)	PUNCT
cblr-5117	653	25	.	.	PUNCT
cblr-5117	654	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	654	2	(	(	PUNCT
cblr-5117	654	3	do	do	AUX
cblr-5117	654	4	not	not	PART
cblr-5117	654	5	delete	delete	VERB
cblr-5117	654	6	)	)	PUNCT
cblr-5117	654	7	1/8/2020	1/8/2020	NUM
cblr-5117	654	8	4:44	4:44	NUM
cblr-5117	654	9	pm	pm	NOUN
cblr-5117	654	10	no	no	INTJ
cblr-5117	654	11	.	.	PUNCT
cblr-5117	655	1	3:867	3:867	NUM
cblr-5117	655	2	]	]	PUNCT
cblr-5117	655	3	making	make	VERB
cblr-5117	655	4	disclosure	disclosure	NOUN
cblr-5117	655	5	work	work	NOUN
cblr-5117	655	6	915	915	NUM
cblr-5117	655	7	with	with	ADP
cblr-5117	655	8	fraud	fraud	NOUN
cblr-5117	655	9	,	,	PUNCT
cblr-5117	655	10	or	or	CCONJ
cblr-5117	655	11	without	without	ADP
cblr-5117	655	12	adequate	adequate	ADJ
cblr-5117	655	13	truthful	truthful	ADJ
cblr-5117	655	14	information	information	NOUN
cblr-5117	655	15	,	,	PUNCT
cblr-5117	655	16	is	be	AUX
cblr-5117	655	17	a	a	DET
cblr-5117	655	18	world	world	NOUN
cblr-5117	655	19	with	with	ADP
cblr-5117	655	20	too	too	ADV
cblr-5117	655	21	little	little	ADJ
cblr-5117	655	22	investment	investment	NOUN
cblr-5117	655	23	,	,	PUNCT
cblr-5117	655	24	and	and	CCONJ
cblr-5117	655	25	in	in	ADP
cblr-5117	655	26	the	the	DET
cblr-5117	655	27	wrong	wrong	ADJ
cblr-5117	655	28	things	thing	NOUN
cblr-5117	655	29	to	to	ADP
cblr-5117	655	30	boot	boot	NOUN
cblr-5117	655	31	.	.	PUNCT
cblr-5117	655	32	”	"	PUNCT
cblr-5117	656	1	161	161	NUM
cblr-5117	656	2	as	as	ADP
cblr-5117	656	3	with	with	ADP
cblr-5117	656	4	cash	cash	NOUN
cblr-5117	656	5	,	,	PUNCT
cblr-5117	656	6	human	human	ADJ
cblr-5117	656	7	capital	capital	NOUN
cblr-5117	656	8	is	be	AUX
cblr-5117	656	9	a	a	DET
cblr-5117	656	10	scarce	scarce	ADJ
cblr-5117	656	11	resource	resource	NOUN
cblr-5117	656	12	.	.	PUNCT
cblr-5117	657	1	in	in	ADP
cblr-5117	657	2	some	some	DET
cblr-5117	657	3	technological	technological	ADJ
cblr-5117	657	4	districts	district	NOUN
cblr-5117	657	5	,	,	PUNCT
cblr-5117	657	6	such	such	ADJ
cblr-5117	657	7	as	as	ADP
cblr-5117	657	8	silicon	silicon	NOUN
cblr-5117	657	9	valley	valley	NOUN
cblr-5117	657	10	,	,	PUNCT
cblr-5117	657	11	human	human	ADJ
cblr-5117	657	12	capital	capital	NOUN
cblr-5117	657	13	is	be	AUX
cblr-5117	657	14	considered	consider	VERB
cblr-5117	657	15	scarcer	scarcer	NOUN
cblr-5117	657	16	than	than	ADP
cblr-5117	657	17	finacial	finacial	ADJ
cblr-5117	657	18	capital.162	capital.162	PROPN
cblr-5117	657	19	typically	typically	ADV
cblr-5117	657	20	,	,	PUNCT
cblr-5117	657	21	the	the	DET
cblr-5117	657	22	resource	resource	NOUN
cblr-5117	657	23	invested	invest	VERB
cblr-5117	657	24	in	in	ADP
cblr-5117	657	25	exchange	exchange	NOUN
cblr-5117	657	26	for	for	ADP
cblr-5117	657	27	securities	security	NOUN
cblr-5117	657	28	is	be	AUX
cblr-5117	657	29	money	money	NOUN
cblr-5117	657	30	.	.	PUNCT
cblr-5117	658	1	however	however	ADV
cblr-5117	658	2	,	,	PUNCT
cblr-5117	658	3	the	the	DET
cblr-5117	658	4	definition	definition	NOUN
cblr-5117	658	5	of	of	ADP
cblr-5117	658	6	“	"	PUNCT
cblr-5117	658	7	sale	sale	NOUN
cblr-5117	658	8	”	"	PUNCT
cblr-5117	658	9	or	or	CCONJ
cblr-5117	658	10	“	"	PUNCT
cblr-5117	658	11	sell	sell	VERB
cblr-5117	658	12	”	"	PUNCT
cblr-5117	658	13	under	under	ADP
cblr-5117	658	14	the	the	DET
cblr-5117	658	15	securities	security	NOUN
cblr-5117	658	16	act	act	NOUN
cblr-5117	658	17	is	be	AUX
cblr-5117	658	18	not	not	PART
cblr-5117	658	19	limited	limit	VERB
cblr-5117	658	20	to	to	ADP
cblr-5117	658	21	monetary	monetary	ADJ
cblr-5117	658	22	investments	investment	NOUN
cblr-5117	658	23	;	;	PUNCT
cblr-5117	658	24	it	it	PRON
cblr-5117	658	25	encompasses	encompass	VERB
cblr-5117	658	26	“	"	PUNCT
cblr-5117	658	27	every	every	DET
cblr-5117	658	28	contract	contract	NOUN
cblr-5117	658	29	of	of	ADP
cblr-5117	658	30	sale	sale	NOUN
cblr-5117	658	31	or	or	CCONJ
cblr-5117	658	32	disposition	disposition	NOUN
cblr-5117	658	33	of	of	ADP
cblr-5117	658	34	a	a	DET
cblr-5117	658	35	security	security	NOUN
cblr-5117	658	36	or	or	CCONJ
cblr-5117	658	37	interest	interest	NOUN
cblr-5117	658	38	in	in	ADP
cblr-5117	658	39	a	a	DET
cblr-5117	658	40	security	security	NOUN
cblr-5117	658	41	,	,	PUNCT
cblr-5117	658	42	for	for	ADP
cblr-5117	658	43	value	value	NOUN
cblr-5117	658	44	.	.	PUNCT
cblr-5117	659	1	”163	”163	PUNCT
cblr-5117	659	2	as	as	SCONJ
cblr-5117	659	3	established	establish	VERB
cblr-5117	659	4	in	in	ADP
cblr-5117	659	5	part	part	NOUN
cblr-5117	659	6	ii.a	ii.a	ADV
cblr-5117	659	7	above	above	ADV
cblr-5117	659	8	,	,	PUNCT
cblr-5117	659	9	when	when	SCONJ
cblr-5117	659	10	employees	employee	NOUN
cblr-5117	659	11	pre	pre	ADJ
cblr-5117	659	12	-	-	ADJ
cblr-5117	659	13	negotiate	negotiate	ADJ
cblr-5117	659	14	equity	equity	NOUN
cblr-5117	659	15	compensation	compensation	NOUN
cblr-5117	659	16	,	,	PUNCT
cblr-5117	659	17	a	a	DET
cblr-5117	659	18	sale	sale	NOUN
cblr-5117	659	19	of	of	ADP
cblr-5117	659	20	a	a	DET
cblr-5117	659	21	security	security	NOUN
cblr-5117	659	22	takes	take	VERB
cblr-5117	659	23	place	place	NOUN
cblr-5117	659	24	.	.	PUNCT
cblr-5117	660	1	the	the	DET
cblr-5117	660	2	primary	primary	ADJ
cblr-5117	660	3	difference	difference	NOUN
cblr-5117	660	4	between	between	ADP
cblr-5117	660	5	this	this	DET
cblr-5117	660	6	transaction	transaction	NOUN
cblr-5117	660	7	and	and	CCONJ
cblr-5117	660	8	the	the	DET
cblr-5117	660	9	paradigmatic	paradigmatic	ADJ
cblr-5117	660	10	case	case	NOUN
cblr-5117	660	11	of	of	ADP
cblr-5117	660	12	capital	capital	NOUN
cblr-5117	660	13	investment	investment	NOUN
cblr-5117	660	14	is	be	AUX
cblr-5117	660	15	that	that	SCONJ
cblr-5117	660	16	the	the	DET
cblr-5117	660	17	value	value	NOUN
cblr-5117	660	18	being	be	AUX
cblr-5117	660	19	transferred	transfer	VERB
cblr-5117	660	20	to	to	ADP
cblr-5117	660	21	the	the	DET
cblr-5117	660	22	issuer	issuer	NOUN
cblr-5117	660	23	is	be	AUX
cblr-5117	660	24	in	in	ADP
cblr-5117	660	25	the	the	DET
cblr-5117	660	26	form	form	NOUN
cblr-5117	660	27	of	of	ADP
cblr-5117	660	28	human	human	ADJ
cblr-5117	660	29	capital	capital	NOUN
cblr-5117	660	30	,	,	PUNCT
cblr-5117	660	31	not	not	PART
cblr-5117	660	32	cash	cash	NOUN
cblr-5117	660	33	.	.	PUNCT
cblr-5117	661	1	from	from	ADP
cblr-5117	661	2	the	the	DET
cblr-5117	661	3	employee	employee	NOUN
cblr-5117	661	4	perspective	perspective	NOUN
cblr-5117	661	5	,	,	PUNCT
cblr-5117	661	6	161	161	NUM
cblr-5117	661	7	easterbrook	easterbrook	PROPN
cblr-5117	661	8	&	&	CCONJ
cblr-5117	661	9	fischel	fischel	PROPN
cblr-5117	661	10	,	,	PUNCT
cblr-5117	661	11	supra	supra	PROPN
cblr-5117	661	12	note	note	NOUN
cblr-5117	661	13	131	131	NUM
cblr-5117	661	14	,	,	PUNCT
cblr-5117	661	15	at	at	ADP
cblr-5117	661	16	673	673	NUM
cblr-5117	661	17	.	.	PUNCT
cblr-5117	662	1	162	162	NUM
cblr-5117	662	2	see	see	VERB
cblr-5117	662	3	,	,	PUNCT
cblr-5117	662	4	e.g.	e.g.	ADV
cblr-5117	662	5	,	,	PUNCT
cblr-5117	662	6	will	will	AUX
cblr-5117	662	7	gaybrick	gaybrick	VERB
cblr-5117	662	8	,	,	PUNCT
cblr-5117	662	9	tech	tech	NOUN
cblr-5117	662	10	’s	’s	PART
cblr-5117	662	11	ultimate	ultimate	ADJ
cblr-5117	662	12	success	success	NOUN
cblr-5117	662	13	:	:	PUNCT
cblr-5117	662	14	software	software	NOUN
cblr-5117	662	15	developers	developer	NOUN
cblr-5117	662	16	are	be	AUX
cblr-5117	662	17	now	now	ADV
cblr-5117	662	18	more	more	ADV
cblr-5117	662	19	valuable	valuable	ADJ
cblr-5117	662	20	to	to	ADP
cblr-5117	662	21	companies	company	NOUN
cblr-5117	662	22	than	than	ADP
cblr-5117	662	23	money	money	NOUN
cblr-5117	662	24	,	,	PUNCT
cblr-5117	662	25	cnbc	cnbc	PROPN
cblr-5117	662	26	(	(	PUNCT
cblr-5117	662	27	sept	sept	PROPN
cblr-5117	662	28	.	.	PROPN
cblr-5117	662	29	6	6	NUM
cblr-5117	662	30	2018	2018	NUM
cblr-5117	662	31	)	)	PUNCT
cblr-5117	662	32	,	,	PUNCT
cblr-5117	662	33	https://www.cnbc.com/2018/09/06/companies-worry-more-aboutaccess-to-software-developers-than-capital.html	https://www.cnbc.com/2018/09/06/companies-worry-more-aboutaccess-to-software-developers-than-capital.html	VERB
cblr-5117	663	1	[	[	X
cblr-5117	663	2	https://perma.cc/g8lurkb3	https://perma.cc/g8lurkb3	X
cblr-5117	663	3	]	]	X
cblr-5117	663	4	(	(	PUNCT
cblr-5117	663	5	reporting	report	VERB
cblr-5117	663	6	the	the	DET
cblr-5117	663	7	results	result	NOUN
cblr-5117	663	8	of	of	ADP
cblr-5117	663	9	a	a	DET
cblr-5117	663	10	survey	survey	NOUN
cblr-5117	663	11	by	by	ADP
cblr-5117	663	12	stripe	stripe	NOUN
cblr-5117	663	13	and	and	CCONJ
cblr-5117	663	14	harris	harris	PROPN
cblr-5117	663	15	poll	poll	PROPN
cblr-5117	663	16	according	accord	VERB
cblr-5117	663	17	to	to	ADP
cblr-5117	663	18	which	which	PRON
cblr-5117	663	19	“	"	PUNCT
cblr-5117	663	20	[	[	X
cblr-5117	663	21	a	a	X
cblr-5117	663	22	]	]	X
cblr-5117	663	23	majority	majority	NOUN
cblr-5117	663	24	of	of	ADP
cblr-5117	663	25	companies	company	NOUN
cblr-5117	663	26	say	say	VERB
cblr-5117	663	27	lack	lack	NOUN
cblr-5117	663	28	of	of	ADP
cblr-5117	663	29	access	access	NOUN
cblr-5117	663	30	to	to	ADP
cblr-5117	663	31	software	software	NOUN
cblr-5117	663	32	developers	developer	NOUN
cblr-5117	663	33	is	be	AUX
cblr-5117	663	34	a	a	DET
cblr-5117	663	35	bigger	big	ADJ
cblr-5117	663	36	threat	threat	NOUN
cblr-5117	663	37	to	to	ADP
cblr-5117	663	38	success	success	NOUN
cblr-5117	663	39	than	than	ADP
cblr-5117	663	40	lack	lack	NOUN
cblr-5117	663	41	of	of	ADP
cblr-5117	663	42	access	access	NOUN
cblr-5117	663	43	to	to	ADP
cblr-5117	663	44	capital	capital	NOUN
cblr-5117	663	45	”	"	PUNCT
cblr-5117	663	46	)	)	PUNCT
cblr-5117	663	47	;	;	PUNCT
cblr-5117	663	48	eric	eric	PROPN
cblr-5117	663	49	ries	ries	PROPN
cblr-5117	663	50	,	,	PUNCT
cblr-5117	663	51	foreword	foreword	NOUN
cblr-5117	663	52	,	,	PUNCT
cblr-5117	663	53	in	in	ADP
cblr-5117	663	54	scott	scott	PROPN
cblr-5117	663	55	kupor	kupor	PROPN
cblr-5117	663	56	,	,	PUNCT
cblr-5117	663	57	secrets	secret	NOUN
cblr-5117	663	58	of	of	ADP
cblr-5117	663	59	sand	sand	NOUN
cblr-5117	663	60	hill	hill	NOUN
cblr-5117	663	61	road	road	NOUN
cblr-5117	663	62	:	:	PUNCT
cblr-5117	663	63	venture	venture	NOUN
cblr-5117	663	64	capital	capital	NOUN
cblr-5117	663	65	and	and	CCONJ
cblr-5117	663	66	how	how	SCONJ
cblr-5117	663	67	to	to	PART
cblr-5117	663	68	get	get	VERB
cblr-5117	663	69	it	it	PRON
cblr-5117	663	70	,	,	PUNCT
cblr-5117	663	71	xi	xi	X
cblr-5117	663	72	(	(	PUNCT
cblr-5117	663	73	2019	2019	NUM
cblr-5117	663	74	)	)	PUNCT
cblr-5117	663	75	(	(	PUNCT
cblr-5117	663	76	“	"	PUNCT
cblr-5117	663	77	possibly	possibly	ADV
cblr-5117	663	78	for	for	ADP
cblr-5117	663	79	the	the	DET
cblr-5117	663	80	first	first	ADJ
cblr-5117	663	81	time	time	NOUN
cblr-5117	663	82	in	in	ADP
cblr-5117	663	83	history	history	NOUN
cblr-5117	663	84	,	,	PUNCT
cblr-5117	663	85	we	we	PRON
cblr-5117	663	86	’re	’re	VERB
cblr-5117	663	87	talent	talent	NOUN
cblr-5117	663	88	-	-	PUNCT
cblr-5117	663	89	constrained	constrain	VERB
cblr-5117	663	90	instead	instead	ADV
cblr-5117	663	91	of	of	ADP
cblr-5117	663	92	capital	capital	NOUN
cblr-5117	663	93	-	-	PUNCT
cblr-5117	663	94	constrained	constrain	VERB
cblr-5117	663	95	.	.	PUNCT
cblr-5117	663	96	”	"	PUNCT
cblr-5117	663	97	)	)	PUNCT
cblr-5117	663	98	;	;	PUNCT
cblr-5117	663	99	vijay	vijay	NOUN
cblr-5117	663	100	govindarajan	govindarajan	PROPN
cblr-5117	663	101	et	et	PROPN
cblr-5117	663	102	.	.	PUNCT
cblr-5117	664	1	al	al	PROPN
cblr-5117	664	2	.	.	PROPN
cblr-5117	664	3	,	,	PUNCT
cblr-5117	664	4	why	why	SCONJ
cblr-5117	664	5	we	we	PRON
cblr-5117	664	6	need	need	VERB
cblr-5117	664	7	to	to	PART
cblr-5117	664	8	update	update	VERB
cblr-5117	664	9	financial	financial	ADJ
cblr-5117	664	10	reporting	reporting	NOUN
cblr-5117	664	11	for	for	ADP
cblr-5117	664	12	the	the	DET
cblr-5117	664	13	digital	digital	ADJ
cblr-5117	664	14	era	era	NOUN
cblr-5117	664	15	,	,	PUNCT
cblr-5117	664	16	harv	harv	PROPN
cblr-5117	664	17	.	.	PUNCT
cblr-5117	665	1	bus	bus	NOUN
cblr-5117	665	2	.	.	PUNCT
cblr-5117	666	1	rev	rev	PROPN
cblr-5117	666	2	.	.	PUNCT
cblr-5117	667	1	(	(	PUNCT
cblr-5117	667	2	june	june	PROPN
cblr-5117	667	3	8	8	NUM
cblr-5117	667	4	,	,	PUNCT
cblr-5117	667	5	2018	2018	NUM
cblr-5117	667	6	)	)	PUNCT
cblr-5117	667	7	,	,	PUNCT
cblr-5117	668	1	https://hbr.org/2018/06/why-we-need-to-updatefinancial-reporting-for-the-digital-era	https://hbr.org/2018/06/why-we-need-to-updatefinancial-reporting-for-the-digital-era	PROPN
cblr-5117	668	2	[	[	X
cblr-5117	668	3	https://perma.cc/sfy2-ltbq	https://perma.cc/sfy2-ltbq	PROPN
cblr-5117	668	4	]	]	X
cblr-5117	668	5	(	(	PUNCT
cblr-5117	668	6	arguing	argue	VERB
cblr-5117	668	7	that	that	SCONJ
cblr-5117	668	8	in	in	ADP
cblr-5117	668	9	digital	digital	ADJ
cblr-5117	668	10	companies	company	NOUN
cblr-5117	668	11	“	"	PUNCT
cblr-5117	668	12	[	[	X
cblr-5117	668	13	f]inancial	f]inancial	ADJ
cblr-5117	668	14	capital	capital	NOUN
cblr-5117	668	15	is	be	AUX
cblr-5117	668	16	assumed	assume	VERB
cblr-5117	668	17	to	to	PART
cblr-5117	668	18	be	be	AUX
cblr-5117	668	19	virtually	virtually	ADV
cblr-5117	668	20	unlimited	unlimited	ADJ
cblr-5117	668	21	,	,	PUNCT
cblr-5117	668	22	while	while	SCONJ
cblr-5117	668	23	certain	certain	ADJ
cblr-5117	668	24	types	type	NOUN
cblr-5117	668	25	of	of	ADP
cblr-5117	668	26	human	human	ADJ
cblr-5117	668	27	capital	capital	NOUN
cblr-5117	668	28	are	be	AUX
cblr-5117	668	29	in	in	ADP
cblr-5117	668	30	short	short	ADJ
cblr-5117	668	31	supply	supply	NOUN
cblr-5117	668	32	”	"	PUNCT
cblr-5117	668	33	and	and	CCONJ
cblr-5117	668	34	“	"	PUNCT
cblr-5117	668	35	[	[	X
cblr-5117	668	36	t]he	t]he	X
cblr-5117	668	37	ceo	ceo	NOUN
cblr-5117	668	38	’s	’s	PART
cblr-5117	668	39	principal	principal	ADJ
cblr-5117	668	40	aim	aim	NOUN
cblr-5117	668	41	therefore	therefore	ADV
cblr-5117	668	42	is	be	AUX
cblr-5117	668	43	not	not	PART
cblr-5117	668	44	necessarily	necessarily	ADV
cblr-5117	668	45	to	to	PART
cblr-5117	668	46	judiciously	judiciously	ADV
cblr-5117	668	47	allocate	allocate	VERB
cblr-5117	668	48	financial	financial	ADJ
cblr-5117	668	49	capital	capital	NOUN
cblr-5117	668	50	but	but	CCONJ
cblr-5117	668	51	to	to	PART
cblr-5117	668	52	allocate	allocate	VERB
cblr-5117	668	53	precious	precious	ADJ
cblr-5117	668	54	scientific	scientific	ADJ
cblr-5117	668	55	and	and	CCONJ
cblr-5117	668	56	human	human	ADJ
cblr-5117	668	57	resources	resource	NOUN
cblr-5117	668	58	to	to	ADP
cblr-5117	668	59	the	the	DET
cblr-5117	668	60	most	most	ADV
cblr-5117	668	61	promising	promising	ADJ
cblr-5117	668	62	projects	project	NOUN
cblr-5117	668	63	”	"	PUNCT
cblr-5117	668	64	)	)	PUNCT
cblr-5117	668	65	.	.	PUNCT
cblr-5117	669	1	163	163	NUM
cblr-5117	669	2	securities	security	NOUN
cblr-5117	669	3	act	act	NOUN
cblr-5117	669	4	of	of	ADP
cblr-5117	669	5	1933	1933	NUM
cblr-5117	669	6	,	,	PUNCT
cblr-5117	669	7	15	15	NUM
cblr-5117	669	8	u.s.c	u.s.c	ADJ
cblr-5117	669	9	.	.	PUNCT
cblr-5117	670	1	§	§	PROPN
cblr-5117	670	2	77b(a)(3	77b(a)(3	PROPN
cblr-5117	670	3	)	)	PUNCT
cblr-5117	670	4	(	(	PUNCT
cblr-5117	670	5	2012	2012	NUM
cblr-5117	670	6	)	)	PUNCT
cblr-5117	670	7	;	;	PUNCT
cblr-5117	670	8	see	see	VERB
cblr-5117	670	9	,	,	PUNCT
cblr-5117	670	10	e.g.	e.g.	ADV
cblr-5117	670	11	,	,	PUNCT
cblr-5117	670	12	capital	capital	PROPN
cblr-5117	670	13	gen	gen	PROPN
cblr-5117	670	14	.	.	PROPN
cblr-5117	670	15	corp	corp	PROPN
cblr-5117	670	16	.	.	PROPN
cblr-5117	670	17	,	,	PUNCT
cblr-5117	670	18	securities	security	NOUN
cblr-5117	670	19	act	act	VERB
cblr-5117	670	20	release	release	VERB
cblr-5117	670	21	no	no	NOUN
cblr-5117	670	22	.	.	NOUN
cblr-5117	670	23	7008	7008	NUM
cblr-5117	670	24	,	,	PUNCT
cblr-5117	670	25	1993	1993	NUM
cblr-5117	670	26	wl	wl	NOUN
cblr-5117	670	27	285801	285801	NUM
cblr-5117	670	28	(	(	PUNCT
cblr-5117	670	29	july	july	PROPN
cblr-5117	670	30	23	23	NUM
cblr-5117	670	31	,	,	PUNCT
cblr-5117	670	32	1993	1993	NUM
cblr-5117	670	33	)	)	PUNCT
cblr-5117	670	34	(	(	PUNCT
cblr-5117	670	35	capital	capital	NOUN
cblr-5117	670	36	general	general	NOUN
cblr-5117	670	37	’s	’s	PART
cblr-5117	670	38	“	"	PUNCT
cblr-5117	670	39	gifting	gifting	NOUN
cblr-5117	670	40	”	"	PUNCT
cblr-5117	670	41	of	of	ADP
cblr-5117	670	42	securities	security	NOUN
cblr-5117	670	43	constituted	constitute	VERB
cblr-5117	670	44	a	a	DET
cblr-5117	670	45	sale	sale	NOUN
cblr-5117	670	46	because	because	SCONJ
cblr-5117	670	47	it	it	PRON
cblr-5117	670	48	was	be	AUX
cblr-5117	670	49	a	a	DET
cblr-5117	670	50	disposition	disposition	NOUN
cblr-5117	670	51	for	for	ADP
cblr-5117	670	52	value	value	NOUN
cblr-5117	670	53	.	.	PUNCT
cblr-5117	671	1	the	the	DET
cblr-5117	671	2	“	"	PUNCT
cblr-5117	671	3	‘	'	PUNCT
cblr-5117	671	4	value	value	NOUN
cblr-5117	671	5	’	'	PUNCT
cblr-5117	671	6	”	"	PUNCT
cblr-5117	671	7	arose	arise	VERB
cblr-5117	671	8	“	"	PUNCT
cblr-5117	671	9	by	by	ADP
cblr-5117	671	10	virtue	virtue	NOUN
cblr-5117	671	11	of	of	ADP
cblr-5117	671	12	the	the	DET
cblr-5117	671	13	creation	creation	NOUN
cblr-5117	671	14	of	of	ADP
cblr-5117	671	15	a	a	DET
cblr-5117	671	16	public	public	ADJ
cblr-5117	671	17	market	market	NOUN
cblr-5117	671	18	for	for	ADP
cblr-5117	671	19	the	the	DET
cblr-5117	671	20	issuer	issuer	NOUN
cblr-5117	671	21	’s	’s	PART
cblr-5117	671	22	securities	security	NOUN
cblr-5117	671	23	”	"	PUNCT
cblr-5117	671	24	)	)	PUNCT
cblr-5117	671	25	.	.	PUNCT
cblr-5117	672	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	672	2	(	(	PUNCT
cblr-5117	672	3	do	do	AUX
cblr-5117	672	4	not	not	PART
cblr-5117	672	5	delte	delte	VERB
cblr-5117	672	6	)	)	PUNCT
cblr-5117	672	7	1/8/2020	1/8/2020	NUM
cblr-5117	672	8	4:44	4:44	NUM
cblr-5117	672	9	pm	pm	NOUN
cblr-5117	672	10	916	916	NUM
cblr-5117	672	11	columbia	columbia	PROPN
cblr-5117	672	12	business	business	NOUN
cblr-5117	672	13	law	law	PROPN
cblr-5117	672	14	review	review	NOUN
cblr-5117	672	15	[	[	X
cblr-5117	672	16	vol	vol	NOUN
cblr-5117	672	17	.	.	PUNCT
cblr-5117	672	18	2019	2019	NUM
cblr-5117	673	1	this	this	DET
cblr-5117	673	2	investment	investment	NOUN
cblr-5117	673	3	takes	take	VERB
cblr-5117	673	4	the	the	DET
cblr-5117	673	5	form	form	NOUN
cblr-5117	673	6	of	of	ADP
cblr-5117	673	7	an	an	DET
cblr-5117	673	8	opportunity	opportunity	NOUN
cblr-5117	673	9	cost	cost	NOUN
cblr-5117	673	10	rather	rather	ADV
cblr-5117	673	11	than	than	ADP
cblr-5117	673	12	out	out	ADV
cblr-5117	673	13	-	-	PUNCT
cblr-5117	673	14	of	of	ADP
cblr-5117	673	15	-	-	PUNCT
cblr-5117	673	16	pocket	pocket	NOUN
cblr-5117	673	17	cost	cost	NOUN
cblr-5117	673	18	.	.	PUNCT
cblr-5117	674	1	the	the	DET
cblr-5117	674	2	efficient	efficient	ADJ
cblr-5117	674	3	allocation	allocation	NOUN
cblr-5117	674	4	of	of	ADP
cblr-5117	674	5	employees	employee	NOUN
cblr-5117	674	6	to	to	ADP
cblr-5117	674	7	jobs	job	NOUN
cblr-5117	674	8	is	be	AUX
cblr-5117	674	9	a	a	DET
cblr-5117	674	10	critical	critical	ADJ
cblr-5117	674	11	challenge	challenge	NOUN
cblr-5117	674	12	for	for	ADP
cblr-5117	674	13	economic	economic	ADJ
cblr-5117	674	14	growth.164	growth.164	NOUN
cblr-5117	674	15	while	while	SCONJ
cblr-5117	674	16	traditional	traditional	ADJ
cblr-5117	674	17	corporate	corporate	ADJ
cblr-5117	674	18	law	law	NOUN
cblr-5117	674	19	accounts	account	NOUN
cblr-5117	674	20	of	of	ADP
cblr-5117	674	21	the	the	DET
cblr-5117	674	22	employee	employee	NOUN
cblr-5117	674	23	-	-	PUNCT
cblr-5117	674	24	firm	firm	NOUN
cblr-5117	674	25	relationship	relationship	NOUN
cblr-5117	674	26	see	see	VERB
cblr-5117	674	27	employees	employee	NOUN
cblr-5117	674	28	as	as	ADP
cblr-5117	674	29	fungible	fungible	ADJ
cblr-5117	674	30	,	,	PUNCT
cblr-5117	674	31	in	in	ADP
cblr-5117	674	32	many	many	ADJ
cblr-5117	674	33	fields	field	NOUN
cblr-5117	674	34	skilled	skilled	ADJ
cblr-5117	674	35	employees	employee	NOUN
cblr-5117	674	36	are	be	AUX
cblr-5117	674	37	hard	hard	ADJ
cblr-5117	674	38	to	to	PART
cblr-5117	674	39	come	come	VERB
cblr-5117	674	40	by	by	ADV
cblr-5117	674	41	and	and	CCONJ
cblr-5117	674	42	often	often	ADV
cblr-5117	674	43	prove	prove	VERB
cblr-5117	674	44	irreplaceable.165	irreplaceable.165	NOUN
cblr-5117	674	45	many	many	ADJ
cblr-5117	674	46	employers	employer	NOUN
cblr-5117	674	47	would	would	AUX
cblr-5117	674	48	like	like	VERB
cblr-5117	674	49	to	to	PART
cblr-5117	674	50	attract	attract	VERB
cblr-5117	674	51	skilled	skilled	ADJ
cblr-5117	674	52	workers	worker	NOUN
cblr-5117	674	53	to	to	PART
cblr-5117	674	54	build	build	VERB
cblr-5117	674	55	their	their	PRON
cblr-5117	674	56	products	product	NOUN
cblr-5117	674	57	and	and	CCONJ
cblr-5117	674	58	to	to	PART
cblr-5117	674	59	turn	turn	VERB
cblr-5117	674	60	their	their	PRON
cblr-5117	674	61	business	business	NOUN
cblr-5117	674	62	ideas	idea	NOUN
cblr-5117	674	63	into	into	ADP
cblr-5117	674	64	reality	reality	NOUN
cblr-5117	674	65	.	.	PUNCT
cblr-5117	675	1	in	in	ADP
cblr-5117	675	2	theory	theory	NOUN
cblr-5117	675	3	,	,	PUNCT
cblr-5117	675	4	when	when	SCONJ
cblr-5117	675	5	employees	employee	NOUN
cblr-5117	675	6	are	be	AUX
cblr-5117	675	7	paid	pay	VERB
cblr-5117	675	8	in	in	ADP
cblr-5117	675	9	cash	cash	NOUN
cblr-5117	675	10	only	only	ADV
cblr-5117	675	11	,	,	PUNCT
cblr-5117	675	12	the	the	DET
cblr-5117	675	13	firm	firm	NOUN
cblr-5117	675	14	that	that	PRON
cblr-5117	675	15	most	most	ADV
cblr-5117	675	16	highly	highly	ADV
cblr-5117	675	17	values	value	VERB
cblr-5117	675	18	the	the	DET
cblr-5117	675	19	employee	employee	NOUN
cblr-5117	675	20	’s	’s	PART
cblr-5117	675	21	human	human	ADJ
cblr-5117	675	22	capital	capital	NOUN
cblr-5117	675	23	will	will	AUX
cblr-5117	675	24	offer	offer	VERB
cblr-5117	675	25	him	he	PRON
cblr-5117	675	26	or	or	CCONJ
cblr-5117	675	27	her	her	PRON
cblr-5117	675	28	the	the	DET
cblr-5117	675	29	highest	high	ADJ
cblr-5117	675	30	pay	pay	NOUN
cblr-5117	675	31	,	,	PUNCT
cblr-5117	675	32	leading	lead	VERB
cblr-5117	675	33	to	to	ADP
cblr-5117	675	34	an	an	DET
cblr-5117	675	35	efficient	efficient	ADJ
cblr-5117	675	36	match.166	match.166	PROPN
cblr-5117	675	37	a	a	DET
cblr-5117	675	38	competitive	competitive	ADJ
cblr-5117	675	39	model	model	NOUN
cblr-5117	675	40	of	of	ADP
cblr-5117	675	41	the	the	DET
cblr-5117	675	42	labor	labor	NOUN
cblr-5117	675	43	market	market	NOUN
cblr-5117	675	44	further	far	ADV
cblr-5117	675	45	predicts	predict	NOUN
cblr-5117	675	46	that	that	PRON
cblr-5117	675	47	were	be	AUX
cblr-5117	675	48	wages	wage	NOUN
cblr-5117	675	49	to	to	PART
cblr-5117	675	50	be	be	AUX
cblr-5117	675	51	cut	cut	VERB
cblr-5117	675	52	,	,	PUNCT
cblr-5117	675	53	employees	employee	NOUN
cblr-5117	675	54	would	would	AUX
cblr-5117	675	55	leave	leave	VERB
cblr-5117	675	56	their	their	PRON
cblr-5117	675	57	jobs	job	NOUN
cblr-5117	675	58	and	and	CCONJ
cblr-5117	675	59	flow	flow	VERB
cblr-5117	675	60	toward	toward	ADP
cblr-5117	675	61	firms	firm	NOUN
cblr-5117	675	62	164	164	NUM
cblr-5117	675	63	see	see	VERB
cblr-5117	675	64	,	,	PUNCT
cblr-5117	675	65	e.g.	e.g.	ADV
cblr-5117	675	66	,	,	PUNCT
cblr-5117	675	67	kevin	kevin	PROPN
cblr-5117	675	68	.	.	PUNCT
cblr-5117	676	1	m	m	PROPN
cblr-5117	676	2	murphy	murphy	PROPN
cblr-5117	676	3	et	et	PROPN
cblr-5117	676	4	.	.	PUNCT
cblr-5117	677	1	al	al	PROPN
cblr-5117	677	2	.	.	PROPN
cblr-5117	677	3	,	,	PUNCT
cblr-5117	677	4	the	the	DET
cblr-5117	677	5	allocation	allocation	NOUN
cblr-5117	677	6	of	of	ADP
cblr-5117	677	7	talent	talent	NOUN
cblr-5117	677	8	:	:	PUNCT
cblr-5117	677	9	implications	implication	NOUN
cblr-5117	677	10	for	for	ADP
cblr-5117	677	11	growth	growth	NOUN
cblr-5117	677	12	,	,	PUNCT
cblr-5117	677	13	106	106	NUM
cblr-5117	677	14	q.j	q.j	PROPN
cblr-5117	677	15	.	.	PROPN
cblr-5117	677	16	econ	econ	PROPN
cblr-5117	677	17	.	.	PUNCT
cblr-5117	678	1	503	503	NUM
cblr-5117	678	2	,	,	PUNCT
cblr-5117	678	3	504	504	NUM
cblr-5117	678	4	(	(	PUNCT
cblr-5117	678	5	1991	1991	NUM
cblr-5117	678	6	)	)	PUNCT
cblr-5117	678	7	(	(	PUNCT
cblr-5117	678	8	arguing	argue	VERB
cblr-5117	678	9	theoretically	theoretically	ADV
cblr-5117	678	10	and	and	CCONJ
cblr-5117	678	11	empirically	empirically	ADV
cblr-5117	678	12	that	that	SCONJ
cblr-5117	678	13	“	"	PUNCT
cblr-5117	678	14	the	the	DET
cblr-5117	678	15	allocation	allocation	NOUN
cblr-5117	678	16	of	of	ADP
cblr-5117	678	17	talent	talent	NOUN
cblr-5117	678	18	has	have	VERB
cblr-5117	678	19	significant	significant	ADJ
cblr-5117	678	20	effects	effect	NOUN
cblr-5117	678	21	on	on	ADP
cblr-5117	678	22	the	the	DET
cblr-5117	678	23	growth	growth	NOUN
cblr-5117	678	24	rate	rate	NOUN
cblr-5117	678	25	of	of	ADP
cblr-5117	678	26	an	an	DET
cblr-5117	678	27	economy	economy	NOUN
cblr-5117	678	28	”	"	PUNCT
cblr-5117	678	29	)	)	PUNCT
cblr-5117	678	30	;	;	PUNCT
cblr-5117	678	31	see	see	VERB
cblr-5117	678	32	also	also	ADV
cblr-5117	678	33	muge	muge	VERB
cblr-5117	678	34	adalet	adalet	PROPN
cblr-5117	678	35	mcgowan	mcgowan	PROPN
cblr-5117	678	36	&	&	CCONJ
cblr-5117	678	37	dan	dan	PROPN
cblr-5117	678	38	andrews	andrews	PROPN
cblr-5117	678	39	,	,	PUNCT
cblr-5117	678	40	labor	labor	NOUN
cblr-5117	678	41	market	market	NOUN
cblr-5117	678	42	mismatch	mismatch	NOUN
cblr-5117	678	43	and	and	CCONJ
cblr-5117	678	44	labor	labor	NOUN
cblr-5117	678	45	productivity	productivity	NOUN
cblr-5117	678	46	:	:	PUNCT
cblr-5117	678	47	evidence	evidence	NOUN
cblr-5117	678	48	from	from	ADP
cblr-5117	678	49	piaac	piaac	PROPN
cblr-5117	678	50	data	datum	NOUN
cblr-5117	678	51	,	,	PUNCT
cblr-5117	678	52	in	in	ADP
cblr-5117	678	53	skill	skill	NOUN
cblr-5117	678	54	mismatch	mismatch	NOUN
cblr-5117	678	55	in	in	ADP
cblr-5117	678	56	labor	labor	NOUN
cblr-5117	678	57	markets	market	NOUN
cblr-5117	678	58	200	200	NUM
cblr-5117	678	59	(	(	PUNCT
cblr-5117	678	60	solomon	solomon	PROPN
cblr-5117	678	61	w.	w.	PROPN
cblr-5117	678	62	polachek	polachek	PROPN
cblr-5117	678	63	et	et	PROPN
cblr-5117	678	64	al	al	PROPN
cblr-5117	678	65	.	.	PUNCT
cblr-5117	679	1	eds	eds	PROPN
cblr-5117	679	2	.	.	PROPN
cblr-5117	679	3	,	,	PUNCT
cblr-5117	679	4	2017	2017	NUM
cblr-5117	679	5	)	)	PUNCT
cblr-5117	679	6	(	(	PUNCT
cblr-5117	679	7	“	"	PUNCT
cblr-5117	679	8	in	in	ADP
cblr-5117	679	9	this	this	DET
cblr-5117	679	10	context	context	NOUN
cblr-5117	679	11	,	,	PUNCT
cblr-5117	679	12	the	the	DET
cblr-5117	679	13	ability	ability	NOUN
cblr-5117	679	14	of	of	ADP
cblr-5117	679	15	economies	economy	NOUN
cblr-5117	679	16	to	to	PART
cblr-5117	679	17	efficiently	efficiently	ADV
cblr-5117	679	18	deploy	deploy	VERB
cblr-5117	679	19	their	their	PRON
cblr-5117	679	20	existing	exist	VERB
cblr-5117	679	21	stock	stock	NOUN
cblr-5117	679	22	of	of	ADP
cblr-5117	679	23	human	human	ADJ
cblr-5117	679	24	capital	capital	NOUN
cblr-5117	679	25	will	will	AUX
cblr-5117	679	26	take	take	VERB
cblr-5117	679	27	on	on	ADP
cblr-5117	679	28	heightened	heighten	VERB
cblr-5117	679	29	significance	significance	NOUN
cblr-5117	679	30	in	in	ADP
cblr-5117	679	31	order	order	NOUN
cblr-5117	679	32	to	to	PART
cblr-5117	679	33	combat	combat	VERB
cblr-5117	679	34	the	the	DET
cblr-5117	679	35	slowing	slow	VERB
cblr-5117	679	36	growth	growth	NOUN
cblr-5117	679	37	and	and	CCONJ
cblr-5117	679	38	rising	rise	VERB
cblr-5117	679	39	inequality	inequality	NOUN
cblr-5117	679	40	that	that	SCONJ
cblr-5117	679	41	these	these	DET
cblr-5117	679	42	projections	projection	NOUN
cblr-5117	679	43	imply	imply	VERB
cblr-5117	679	44	.	.	PUNCT
cblr-5117	679	45	”	"	PUNCT
cblr-5117	679	46	)	)	PUNCT
cblr-5117	679	47	.	.	PUNCT
cblr-5117	680	1	165	165	NUM
cblr-5117	680	2	pollman	pollman	NOUN
cblr-5117	680	3	,	,	PUNCT
cblr-5117	680	4	startup	startup	NOUN
cblr-5117	680	5	governance	governance	NOUN
cblr-5117	680	6	,	,	PUNCT
cblr-5117	680	7	supra	supra	PROPN
cblr-5117	680	8	note	note	NOUN
cblr-5117	680	9	135	135	NUM
cblr-5117	680	10	,	,	PUNCT
cblr-5117	680	11	at	at	ADP
cblr-5117	680	12	34	34	NUM
cblr-5117	680	13	(	(	PUNCT
cblr-5117	680	14	“	"	PUNCT
cblr-5117	680	15	traditional	traditional	ADJ
cblr-5117	680	16	accounts	account	NOUN
cblr-5117	680	17	of	of	ADP
cblr-5117	680	18	employees	employee	NOUN
cblr-5117	680	19	assume	assume	VERB
cblr-5117	680	20	they	they	PRON
cblr-5117	680	21	are	be	AUX
cblr-5117	680	22	fungible	fungible	ADJ
cblr-5117	680	23	and	and	CCONJ
cblr-5117	680	24	their	their	PRON
cblr-5117	680	25	inputs	input	NOUN
cblr-5117	680	26	can	can	AUX
cblr-5117	680	27	be	be	AUX
cblr-5117	680	28	easily	easily	ADV
cblr-5117	680	29	obtained	obtain	VERB
cblr-5117	680	30	through	through	ADP
cblr-5117	680	31	market	market	NOUN
cblr-5117	680	32	contracts	contract	NOUN
cblr-5117	680	33	.	.	PUNCT
cblr-5117	680	34	”	"	PUNCT
cblr-5117	680	35	)	)	PUNCT
cblr-5117	680	36	.	.	PUNCT
cblr-5117	681	1	cf	cf	NOUN
cblr-5117	681	2	.	.	PROPN
cblr-5117	681	3	,	,	PUNCT
cblr-5117	681	4	a.d	a.d	PROPN
cblr-5117	681	5	.	.	PROPN
cblr-5117	681	6	amar	amar	PROPN
cblr-5117	681	7	,	,	PUNCT
cblr-5117	681	8	managing	manage	VERB
cblr-5117	681	9	knowledge	knowledge	NOUN
cblr-5117	681	10	workers	worker	NOUN
cblr-5117	681	11	:	:	PUNCT
cblr-5117	681	12	unleashing	unleash	VERB
cblr-5117	681	13	innovation	innovation	NOUN
cblr-5117	681	14	and	and	CCONJ
cblr-5117	681	15	productivity	productivity	NOUN
cblr-5117	681	16	7	7	NUM
cblr-5117	681	17	(	(	PUNCT
cblr-5117	681	18	2002	2002	NUM
cblr-5117	681	19	)	)	PUNCT
cblr-5117	681	20	(	(	PUNCT
cblr-5117	681	21	“	"	PUNCT
cblr-5117	681	22	knowledge	knowledge	NOUN
cblr-5117	681	23	organizations	organization	NOUN
cblr-5117	681	24	should	should	AUX
cblr-5117	681	25	look	look	VERB
cblr-5117	681	26	upon	upon	SCONJ
cblr-5117	681	27	every	every	DET
cblr-5117	681	28	employee	employee	NOUN
cblr-5117	681	29	as	as	ADP
cblr-5117	681	30	uniquely	uniquely	ADV
cblr-5117	681	31	and	and	CCONJ
cblr-5117	681	32	extremely	extremely	ADV
cblr-5117	681	33	complex	complex	ADJ
cblr-5117	681	34	.	.	PUNCT
cblr-5117	681	35	.	.	PUNCT
cblr-5117	681	36	.	.	PUNCT
cblr-5117	681	37	.	.	PUNCT
cblr-5117	682	1	the	the	DET
cblr-5117	682	2	uniqueness	uniqueness	NOUN
cblr-5117	682	3	of	of	ADP
cblr-5117	682	4	each	each	DET
cblr-5117	682	5	human	human	NOUN
cblr-5117	682	6	being	being	NOUN
cblr-5117	682	7	is	be	AUX
cblr-5117	682	8	going	go	VERB
cblr-5117	682	9	to	to	PART
cblr-5117	682	10	be	be	AUX
cblr-5117	682	11	so	so	ADV
cblr-5117	682	12	prominent	prominent	ADJ
cblr-5117	682	13	that	that	SCONJ
cblr-5117	682	14	theorizing	theorize	VERB
cblr-5117	682	15	or	or	CCONJ
cblr-5117	682	16	systematizing	systematize	VERB
cblr-5117	682	17	it	it	PRON
cblr-5117	682	18	will	will	AUX
cblr-5117	682	19	result	result	VERB
cblr-5117	682	20	in	in	ADP
cblr-5117	682	21	lack	lack	NOUN
cblr-5117	682	22	of	of	ADP
cblr-5117	682	23	the	the	DET
cblr-5117	682	24	full	full	ADJ
cblr-5117	682	25	utilization	utilization	NOUN
cblr-5117	682	26	of	of	ADP
cblr-5117	682	27	one	one	NUM
cblr-5117	682	28	’s	’s	PART
cblr-5117	682	29	potential	potential	NOUN
cblr-5117	682	30	.	.	PUNCT
cblr-5117	682	31	”	"	PUNCT
cblr-5117	682	32	)	)	PUNCT
cblr-5117	682	33	;	;	PUNCT
cblr-5117	682	34	interviews	interview	NOUN
cblr-5117	682	35	,	,	PUNCT
cblr-5117	682	36	supra	supra	PROPN
cblr-5117	682	37	note	note	PROPN
cblr-5117	682	38	29	29	NUM
cblr-5117	682	39	(	(	PUNCT
cblr-5117	682	40	quoting	quote	VERB
cblr-5117	682	41	f04	f04	PROPN
cblr-5117	682	42	:	:	PUNCT
cblr-5117	682	43	“	"	PUNCT
cblr-5117	682	44	an	an	DET
cblr-5117	682	45	employee	employee	NOUN
cblr-5117	682	46	who	who	PRON
cblr-5117	682	47	leaves	leave	VERB
cblr-5117	682	48	[	[	PRON
cblr-5117	682	49	the	the	DET
cblr-5117	682	50	company	company	NOUN
cblr-5117	682	51	]	]	PUNCT
cblr-5117	682	52	takes	take	VERB
cblr-5117	682	53	with	with	ADP
cblr-5117	682	54	him	he	PRON
cblr-5117	682	55	all	all	DET
cblr-5117	682	56	the	the	DET
cblr-5117	682	57	knowledge	knowledge	NOUN
cblr-5117	682	58	that	that	PRON
cblr-5117	682	59	he	he	PRON
cblr-5117	682	60	has	have	AUX
cblr-5117	682	61	accumulated	accumulate	VERB
cblr-5117	682	62	,	,	PUNCT
cblr-5117	682	63	which	which	PRON
cblr-5117	682	64	causes	cause	VERB
cblr-5117	682	65	massive	massive	ADJ
cblr-5117	682	66	damage	damage	NOUN
cblr-5117	682	67	to	to	ADP
cblr-5117	682	68	the	the	DET
cblr-5117	682	69	company	company	NOUN
cblr-5117	682	70	.	.	PUNCT
cblr-5117	682	71	”	"	PUNCT
cblr-5117	682	72	)	)	PUNCT
cblr-5117	682	73	.	.	PUNCT
cblr-5117	683	1	166	166	NUM
cblr-5117	683	2	this	this	PRON
cblr-5117	683	3	is	be	AUX
cblr-5117	683	4	true	true	ADJ
cblr-5117	683	5	in	in	ADP
cblr-5117	683	6	theory	theory	NOUN
cblr-5117	683	7	because	because	SCONJ
cblr-5117	683	8	it	it	PRON
cblr-5117	683	9	is	be	AUX
cblr-5117	683	10	unlikely	unlikely	ADJ
cblr-5117	683	11	that	that	SCONJ
cblr-5117	683	12	the	the	DET
cblr-5117	683	13	labor	labor	NOUN
cblr-5117	683	14	market	market	NOUN
cblr-5117	683	15	is	be	AUX
cblr-5117	683	16	ever	ever	ADV
cblr-5117	683	17	in	in	ADP
cblr-5117	683	18	equilibrium	equilibrium	NOUN
cblr-5117	683	19	given	give	VERB
cblr-5117	683	20	that	that	DET
cblr-5117	683	21	supply	supply	NOUN
cblr-5117	683	22	and	and	CCONJ
cblr-5117	683	23	demand	demand	NOUN
cblr-5117	683	24	are	be	AUX
cblr-5117	683	25	dynamic	dynamic	ADJ
cblr-5117	683	26	.	.	PUNCT
cblr-5117	684	1	for	for	ADP
cblr-5117	684	2	our	our	PRON
cblr-5117	684	3	purposes	purpose	NOUN
cblr-5117	684	4	,	,	PUNCT
cblr-5117	684	5	it	it	PRON
cblr-5117	684	6	is	be	AUX
cblr-5117	684	7	safe	safe	ADJ
cblr-5117	684	8	to	to	PART
cblr-5117	684	9	assume	assume	VERB
cblr-5117	684	10	that	that	SCONJ
cblr-5117	684	11	the	the	DET
cblr-5117	684	12	market	market	NOUN
cblr-5117	684	13	is	be	AUX
cblr-5117	684	14	always	always	ADV
cblr-5117	684	15	in	in	ADP
cblr-5117	684	16	a	a	DET
cblr-5117	684	17	state	state	NOUN
cblr-5117	684	18	of	of	ADP
cblr-5117	684	19	moving	move	VERB
cblr-5117	684	20	toward	toward	ADP
cblr-5117	684	21	equilibrium	equilibrium	NOUN
cblr-5117	684	22	.	.	PUNCT
cblr-5117	685	1	see	see	VERB
cblr-5117	685	2	e.g.	e.g.	ADV
cblr-5117	685	3	,	,	PUNCT
cblr-5117	685	4	murphy	murphy	PROPN
cblr-5117	685	5	et	et	PROPN
cblr-5117	685	6	al	al	PROPN
cblr-5117	685	7	.	.	PROPN
cblr-5117	685	8	,	,	PUNCT
cblr-5117	685	9	supra	supra	PROPN
cblr-5117	685	10	note	note	VERB
cblr-5117	685	11	164	164	NUM
cblr-5117	685	12	,	,	PUNCT
cblr-5117	685	13	at	at	ADP
cblr-5117	685	14	503	503	NUM
cblr-5117	685	15	(	(	PUNCT
cblr-5117	685	16	“	"	PUNCT
cblr-5117	685	17	when	when	SCONJ
cblr-5117	685	18	they	they	PRON
cblr-5117	685	19	are	be	AUX
cblr-5117	685	20	free	free	ADJ
cblr-5117	685	21	to	to	PART
cblr-5117	685	22	do	do	VERB
cblr-5117	685	23	so	so	ADV
cblr-5117	685	24	,	,	PUNCT
cblr-5117	685	25	people	people	NOUN
cblr-5117	685	26	choose	choose	VERB
cblr-5117	685	27	occupations	occupation	NOUN
cblr-5117	685	28	that	that	PRON
cblr-5117	685	29	offer	offer	VERB
cblr-5117	685	30	them	they	PRON
cblr-5117	685	31	the	the	DET
cblr-5117	685	32	highest	high	ADJ
cblr-5117	685	33	returns	return	NOUN
cblr-5117	685	34	on	on	ADP
cblr-5117	685	35	their	their	PRON
cblr-5117	685	36	abilities	ability	NOUN
cblr-5117	685	37	.	.	PUNCT
cblr-5117	685	38	”	"	PUNCT
cblr-5117	685	39	)	)	PUNCT
cblr-5117	685	40	.	.	PUNCT
cblr-5117	686	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	686	2	(	(	PUNCT
cblr-5117	686	3	do	do	AUX
cblr-5117	686	4	not	not	PART
cblr-5117	686	5	delete	delete	VERB
cblr-5117	686	6	)	)	PUNCT
cblr-5117	686	7	1/8/2020	1/8/2020	NUM
cblr-5117	686	8	4:44	4:44	NUM
cblr-5117	686	9	pm	pm	NOUN
cblr-5117	686	10	no	no	INTJ
cblr-5117	686	11	.	.	PUNCT
cblr-5117	687	1	3:867	3:867	NUM
cblr-5117	687	2	]	]	PUNCT
cblr-5117	687	3	making	make	VERB
cblr-5117	687	4	disclosure	disclosure	NOUN
cblr-5117	687	5	work	work	NOUN
cblr-5117	687	6	917	917	NUM
cblr-5117	687	7	that	that	PRON
cblr-5117	687	8	offer	offer	VERB
cblr-5117	687	9	higher	high	ADJ
cblr-5117	687	10	wages.167	wages.167	NOUN
cblr-5117	687	11	theoretically	theoretically	ADV
cblr-5117	687	12	,	,	PUNCT
cblr-5117	687	13	these	these	DET
cblr-5117	687	14	flows	flow	NOUN
cblr-5117	687	15	of	of	ADP
cblr-5117	687	16	employees	employee	NOUN
cblr-5117	687	17	in	in	ADP
cblr-5117	687	18	a	a	DET
cblr-5117	687	19	competitive	competitive	ADJ
cblr-5117	687	20	market	market	NOUN
cblr-5117	687	21	keep	keep	VERB
cblr-5117	687	22	compensation	compensation	NOUN
cblr-5117	687	23	in	in	ADP
cblr-5117	687	24	rough	rough	ADJ
cblr-5117	687	25	equilibrium	equilibrium	NOUN
cblr-5117	687	26	across	across	ADP
cblr-5117	687	27	the	the	DET
cblr-5117	687	28	labor	labor	NOUN
cblr-5117	687	29	market	market	NOUN
cblr-5117	687	30	—	—	PUNCT
cblr-5117	687	31	workers	worker	NOUN
cblr-5117	687	32	are	be	AUX
cblr-5117	687	33	supposedly	supposedly	ADV
cblr-5117	687	34	paid	pay	VERB
cblr-5117	687	35	equal	equal	ADJ
cblr-5117	687	36	to	to	ADP
cblr-5117	687	37	the	the	DET
cblr-5117	687	38	value	value	NOUN
cblr-5117	687	39	they	they	PRON
cblr-5117	687	40	contribute	contribute	VERB
cblr-5117	687	41	to	to	ADP
cblr-5117	687	42	their	their	PRON
cblr-5117	687	43	firms.168	firms.168	NOUN
cblr-5117	687	44	however	however	ADV
cblr-5117	687	45	,	,	PUNCT
cblr-5117	687	46	once	once	SCONJ
cblr-5117	687	47	equity	equity	NOUN
cblr-5117	687	48	compensation	compensation	NOUN
cblr-5117	687	49	is	be	AUX
cblr-5117	687	50	added	add	VERB
cblr-5117	687	51	to	to	ADP
cblr-5117	687	52	the	the	DET
cblr-5117	687	53	mix	mix	NOUN
cblr-5117	687	54	,	,	PUNCT
cblr-5117	687	55	an	an	DET
cblr-5117	687	56	information	information	NOUN
cblr-5117	687	57	problem	problem	NOUN
cblr-5117	687	58	arises	arise	VERB
cblr-5117	687	59	,	,	PUNCT
cblr-5117	687	60	because	because	SCONJ
cblr-5117	687	61	some	some	DET
cblr-5117	687	62	portion	portion	NOUN
cblr-5117	687	63	of	of	ADP
cblr-5117	687	64	the	the	DET
cblr-5117	687	65	employee	employee	NOUN
cblr-5117	687	66	’s	’s	PART
cblr-5117	687	67	salary	salary	NOUN
cblr-5117	687	68	is	be	AUX
cblr-5117	687	69	granted	grant	VERB
cblr-5117	687	70	in	in	ADP
cblr-5117	687	71	the	the	DET
cblr-5117	687	72	form	form	NOUN
cblr-5117	687	73	of	of	ADP
cblr-5117	687	74	securities	security	NOUN
cblr-5117	687	75	—	—	PUNCT
cblr-5117	687	76	namely	namely	ADV
cblr-5117	687	77	,	,	PUNCT
cblr-5117	687	78	claims	claim	NOUN
cblr-5117	687	79	to	to	ADP
cblr-5117	687	80	the	the	DET
cblr-5117	687	81	firm	firm	NOUN
cblr-5117	687	82	’s	’s	PART
cblr-5117	687	83	future	future	ADJ
cblr-5117	687	84	cash	cash	NOUN
cblr-5117	687	85	flows	flow	NOUN
cblr-5117	687	86	.	.	PUNCT
cblr-5117	688	1	consequently	consequently	ADV
cblr-5117	688	2	,	,	PUNCT
cblr-5117	688	3	employees	employee	NOUN
cblr-5117	688	4	’	’	PART
cblr-5117	688	5	ability	ability	NOUN
cblr-5117	688	6	to	to	PART
cblr-5117	688	7	choose	choose	VERB
cblr-5117	688	8	the	the	DET
cblr-5117	688	9	best	good	ADJ
cblr-5117	688	10	offer	offer	NOUN
cblr-5117	688	11	of	of	ADP
cblr-5117	688	12	employment	employment	NOUN
cblr-5117	688	13	is	be	AUX
cblr-5117	688	14	clouded	cloud	VERB
cblr-5117	688	15	by	by	ADP
cblr-5117	688	16	the	the	DET
cblr-5117	688	17	difficulty	difficulty	NOUN
cblr-5117	688	18	of	of	ADP
cblr-5117	688	19	estimating	estimate	VERB
cblr-5117	688	20	the	the	DET
cblr-5117	688	21	value	value	NOUN
cblr-5117	688	22	of	of	ADP
cblr-5117	688	23	the	the	DET
cblr-5117	688	24	securities	security	NOUN
cblr-5117	688	25	offered	offer	VERB
cblr-5117	688	26	.	.	PUNCT
cblr-5117	689	1	the	the	DET
cblr-5117	689	2	founder	founder	NOUN
cblr-5117	689	3	typically	typically	ADV
cblr-5117	689	4	has	have	VERB
cblr-5117	689	5	better	well	ADJ
cblr-5117	689	6	knowledge	knowledge	NOUN
cblr-5117	689	7	than	than	ADP
cblr-5117	689	8	the	the	DET
cblr-5117	689	9	prospective	prospective	ADJ
cblr-5117	689	10	employee	employee	NOUN
cblr-5117	689	11	about	about	ADP
cblr-5117	689	12	the	the	DET
cblr-5117	689	13	firm	firm	NOUN
cblr-5117	689	14	’s	’s	PART
cblr-5117	689	15	value	value	NOUN
cblr-5117	689	16	.	.	PUNCT
cblr-5117	690	1	the	the	DET
cblr-5117	690	2	founder	founder	NOUN
cblr-5117	690	3	also	also	ADV
cblr-5117	690	4	has	have	VERB
cblr-5117	690	5	an	an	DET
cblr-5117	690	6	incentive	incentive	NOUN
cblr-5117	690	7	to	to	PART
cblr-5117	690	8	overstate	overstate	VERB
cblr-5117	690	9	this	this	DET
cblr-5117	690	10	value	value	NOUN
cblr-5117	690	11	.	.	PUNCT
cblr-5117	691	1	the	the	DET
cblr-5117	691	2	founder	founder	NOUN
cblr-5117	691	3	can	can	AUX
cblr-5117	691	4	artificially	artificially	ADV
cblr-5117	691	5	inflate	inflate	VERB
cblr-5117	691	6	the	the	DET
cblr-5117	691	7	company	company	NOUN
cblr-5117	691	8	’s	’s	PART
cblr-5117	691	9	valuation	valuation	NOUN
cblr-5117	691	10	to	to	PART
cblr-5117	691	11	increase	increase	VERB
cblr-5117	691	12	its	its	PRON
cblr-5117	691	13	attractiveness	attractiveness	NOUN
cblr-5117	691	14	to	to	ADP
cblr-5117	691	15	new	new	ADJ
cblr-5117	691	16	and	and	CCONJ
cblr-5117	691	17	existing	exist	VERB
cblr-5117	691	18	employees.169	employees.169	NUM
cblr-5117	691	19	the	the	DET
cblr-5117	691	20	founder	founder	NOUN
cblr-5117	691	21	can	can	AUX
cblr-5117	691	22	also	also	ADV
cblr-5117	691	23	withhold	withhold	VERB
cblr-5117	691	24	information	information	NOUN
cblr-5117	691	25	regarding	regard	VERB
cblr-5117	691	26	financial	financial	ADJ
cblr-5117	691	27	distress	distress	NOUN
cblr-5117	691	28	to	to	PART
cblr-5117	691	29	create	create	VERB
cblr-5117	691	30	leeway	leeway	NOUN
cblr-5117	691	31	for	for	SCONJ
cblr-5117	691	32	the	the	DET
cblr-5117	691	33	company	company	NOUN
cblr-5117	691	34	to	to	PART
cblr-5117	691	35	overcome	overcome	VERB
cblr-5117	691	36	a	a	DET
cblr-5117	691	37	crisis	crisis	NOUN
cblr-5117	691	38	without	without	ADP
cblr-5117	691	39	the	the	DET
cblr-5117	691	40	additional	additional	ADJ
cblr-5117	691	41	burden	burden	NOUN
cblr-5117	691	42	of	of	ADP
cblr-5117	691	43	employee	employee	NOUN
cblr-5117	691	44	departure	departure	NOUN
cblr-5117	691	45	or	or	CCONJ
cblr-5117	691	46	renegotiation.170	renegotiation.170	ADV
cblr-5117	691	47	167	167	NUM
cblr-5117	691	48	see	see	VERB
cblr-5117	691	49	,	,	PUNCT
cblr-5117	691	50	e.g.	e.g.	ADV
cblr-5117	691	51	,	,	PUNCT
cblr-5117	691	52	george	george	PROPN
cblr-5117	691	53	j.	j.	PROPN
cblr-5117	691	54	borjas	borjas	PROPN
cblr-5117	691	55	,	,	PUNCT
cblr-5117	691	56	labor	labor	NOUN
cblr-5117	691	57	market	market	NOUN
cblr-5117	691	58	equilibrium	equilibrium	NOUN
cblr-5117	691	59	,	,	PUNCT
cblr-5117	691	60	in	in	ADP
cblr-5117	691	61	labor	labor	NOUN
cblr-5117	691	62	economics	economic	NOUN
cblr-5117	691	63	145	145	NUM
cblr-5117	691	64	(	(	PUNCT
cblr-5117	691	65	7th	7th	ADJ
cblr-5117	691	66	ed	ed	NOUN
cblr-5117	691	67	.	.	PROPN
cblr-5117	691	68	,	,	PUNCT
cblr-5117	691	69	2016	2016	NUM
cblr-5117	691	70	)	)	PUNCT
cblr-5117	691	71	.	.	PUNCT
cblr-5117	692	1	168	168	NUM
cblr-5117	693	1	i	i	PRON
cblr-5117	693	2	d.	d.	PROPN
cblr-5117	693	3	169	169	NUM
cblr-5117	693	4	sarah	sarah	PROPN
cblr-5117	693	5	frier	frier	PROPN
cblr-5117	693	6	&	&	CCONJ
cblr-5117	693	7	eric	eric	PROPN
cblr-5117	693	8	newcomer	newcomer	PROPN
cblr-5117	693	9	,	,	PUNCT
cblr-5117	693	10	the	the	DET
cblr-5117	693	11	fuzzy	fuzzy	ADJ
cblr-5117	693	12	,	,	PUNCT
cblr-5117	693	13	insane	insane	ADJ
cblr-5117	693	14	math	math	NOUN
cblr-5117	693	15	that	that	PRON
cblr-5117	693	16	’s	’s	AUX
cblr-5117	693	17	creating	create	VERB
cblr-5117	693	18	so	so	ADV
cblr-5117	693	19	many	many	ADJ
cblr-5117	693	20	billion	billion	NUM
cblr-5117	693	21	-	-	PUNCT
cblr-5117	693	22	dollar	dollar	NOUN
cblr-5117	693	23	tech	tech	NOUN
cblr-5117	693	24	companies	company	NOUN
cblr-5117	693	25	,	,	PUNCT
cblr-5117	693	26	bloomberg	bloomberg	PROPN
cblr-5117	693	27	(	(	PUNCT
cblr-5117	693	28	mar	mar	PROPN
cblr-5117	693	29	.	.	PROPN
cblr-5117	693	30	17	17	NUM
cblr-5117	693	31	,	,	PUNCT
cblr-5117	693	32	2015	2015	NUM
cblr-5117	693	33	)	)	PUNCT
cblr-5117	693	34	,	,	PUNCT
cblr-5117	693	35	https://www.bloomberg.com/news/articles/2015-03-17/the-fuzzyinsane-math-that-s-creating-so-manybillion-dollar-tech-companies	https://www.bloomberg.com/news/articles/2015-03-17/the-fuzzyinsane-math-that-s-creating-so-manybillion-dollar-tech-companie	VERB
cblr-5117	693	36	[	[	X
cblr-5117	693	37	https://perma.cc/gh3p-66sw	https://perma.cc/gh3p-66sw	X
cblr-5117	693	38	]	]	X
cblr-5117	693	39	(	(	PUNCT
cblr-5117	693	40	“	"	PUNCT
cblr-5117	693	41	here	here	ADV
cblr-5117	693	42	’s	’	VERB
cblr-5117	693	43	the	the	DET
cblr-5117	693	44	secret	secret	NOUN
cblr-5117	693	45	to	to	ADP
cblr-5117	693	46	how	how	SCONJ
cblr-5117	693	47	silicon	silicon	NOUN
cblr-5117	693	48	valley	valley	NOUN
cblr-5117	693	49	calculates	calculate	VERB
cblr-5117	693	50	the	the	DET
cblr-5117	693	51	value	value	NOUN
cblr-5117	693	52	of	of	ADP
cblr-5117	693	53	its	its	PRON
cblr-5117	693	54	hottest	hot	ADJ
cblr-5117	693	55	companies	company	NOUN
cblr-5117	693	56	:	:	PUNCT
cblr-5117	693	57	the	the	DET
cblr-5117	693	58	numbers	number	NOUN
cblr-5117	693	59	are	be	AUX
cblr-5117	693	60	sort	sort	ADV
cblr-5117	693	61	of	of	ADV
cblr-5117	693	62	madeup	madeup	NOUN
cblr-5117	693	63	.	.	PUNCT
cblr-5117	694	1	for	for	ADP
cblr-5117	694	2	the	the	DET
cblr-5117	694	3	most	most	ADV
cblr-5117	694	4	mature	mature	ADJ
cblr-5117	694	5	startups	startup	NOUN
cblr-5117	694	6	,	,	PUNCT
cblr-5117	694	7	investors	investor	NOUN
cblr-5117	694	8	agree	agree	VERB
cblr-5117	694	9	to	to	PART
cblr-5117	694	10	grant	grant	VERB
cblr-5117	694	11	higher	high	ADJ
cblr-5117	694	12	valuations	valuation	NOUN
cblr-5117	694	13	,	,	PUNCT
cblr-5117	694	14	which	which	PRON
cblr-5117	694	15	help	help	VERB
cblr-5117	694	16	the	the	DET
cblr-5117	694	17	companies	company	NOUN
cblr-5117	694	18	with	with	ADP
cblr-5117	694	19	recruitment	recruitment	NOUN
cblr-5117	694	20	and	and	CCONJ
cblr-5117	694	21	building	building	NOUN
cblr-5117	694	22	credibility	credibility	NOUN
cblr-5117	694	23	,	,	PUNCT
cblr-5117	694	24	in	in	ADP
cblr-5117	694	25	exchange	exchange	NOUN
cblr-5117	694	26	for	for	ADP
cblr-5117	694	27	guarantees	guarantee	NOUN
cblr-5117	694	28	that	that	SCONJ
cblr-5117	694	29	they	they	PRON
cblr-5117	694	30	’ll	’ll	AUX
cblr-5117	694	31	get	get	VERB
cblr-5117	694	32	their	their	PRON
cblr-5117	694	33	money	money	NOUN
cblr-5117	694	34	back	back	ADV
cblr-5117	694	35	first	first	ADV
cblr-5117	694	36	if	if	SCONJ
cblr-5117	694	37	the	the	DET
cblr-5117	694	38	company	company	NOUN
cblr-5117	694	39	goes	go	VERB
cblr-5117	694	40	public	public	ADJ
cblr-5117	694	41	or	or	CCONJ
cblr-5117	694	42	sells	sell	NOUN
cblr-5117	694	43	.	.	PUNCT
cblr-5117	694	44	”	"	PUNCT
cblr-5117	694	45	)	)	PUNCT
cblr-5117	695	1	;	;	PUNCT
cblr-5117	695	2	see	see	VERB
cblr-5117	695	3	also	also	ADV
cblr-5117	695	4	interviews	interview	NOUN
cblr-5117	695	5	,	,	PUNCT
cblr-5117	695	6	supra	supra	PROPN
cblr-5117	695	7	note	note	PROPN
cblr-5117	695	8	29	29	NUM
cblr-5117	695	9	(	(	PUNCT
cblr-5117	695	10	quoting	quote	VERB
cblr-5117	695	11	vc02	vc02	PROPN
cblr-5117	695	12	:	:	PUNCT
cblr-5117	695	13	“	"	PUNCT
cblr-5117	695	14	this	this	DET
cblr-5117	695	15	competition	competition	NOUN
cblr-5117	695	16	for	for	ADP
cblr-5117	695	17	employees	employee	NOUN
cblr-5117	695	18	and	and	CCONJ
cblr-5117	695	19	this	this	DET
cblr-5117	695	20	need	need	NOUN
cblr-5117	695	21	that	that	SCONJ
cblr-5117	695	22	the	the	DET
cblr-5117	695	23	ceos	ceos	NOUN
cblr-5117	695	24	feel	feel	VERB
cblr-5117	695	25	.	.	PUNCT
cblr-5117	695	26	.	.	PUNCT
cblr-5117	695	27	.	.	PUNCT
cblr-5117	696	1	i	i	PRON
cblr-5117	696	2	need	need	VERB
cblr-5117	696	3	that	that	SCONJ
cblr-5117	696	4	stock	stock	NOUN
cblr-5117	696	5	price	price	NOUN
cblr-5117	696	6	to	to	PART
cblr-5117	696	7	always	always	ADV
cblr-5117	696	8	go	go	VERB
cblr-5117	696	9	up	up	ADP
cblr-5117	696	10	in	in	ADP
cblr-5117	696	11	order	order	NOUN
cblr-5117	696	12	for	for	SCONJ
cblr-5117	696	13	me	i	PRON
cblr-5117	696	14	to	to	PART
cblr-5117	696	15	be	be	AUX
cblr-5117	696	16	able	able	ADJ
cblr-5117	696	17	to	to	PART
cblr-5117	696	18	retain	retain	VERB
cblr-5117	696	19	my	my	PRON
cblr-5117	696	20	existing	exist	VERB
cblr-5117	696	21	employees	employee	NOUN
cblr-5117	696	22	and	and	CCONJ
cblr-5117	696	23	to	to	PART
cblr-5117	696	24	recruit	recruit	VERB
cblr-5117	696	25	new	new	ADJ
cblr-5117	696	26	ones	one	NOUN
cblr-5117	696	27	.	.	PUNCT
cblr-5117	696	28	”	"	PUNCT
cblr-5117	696	29	)	)	PUNCT
cblr-5117	696	30	.	.	PUNCT
cblr-5117	697	1	170	170	NUM
cblr-5117	697	2	see	see	VERB
cblr-5117	697	3	,	,	PUNCT
cblr-5117	697	4	e.g.	e.g.	ADV
cblr-5117	697	5	,	,	PUNCT
cblr-5117	697	6	katie	katie	PROPN
cblr-5117	697	7	benner	benner	PROPN
cblr-5117	697	8	,	,	PUNCT
cblr-5117	697	9	when	when	SCONJ
cblr-5117	697	10	a	a	DET
cblr-5117	697	11	unicorn	unicorn	ADJ
cblr-5117	697	12	start	start	VERB
cblr-5117	697	13	-	-	PUNCT
cblr-5117	697	14	up	up	ADP
cblr-5117	697	15	stumbles	stumble	NOUN
cblr-5117	697	16	,	,	PUNCT
cblr-5117	697	17	its	its	PRON
cblr-5117	697	18	employees	employee	NOUN
cblr-5117	697	19	get	get	AUX
cblr-5117	697	20	hurt	hurt	VERB
cblr-5117	697	21	,	,	PUNCT
cblr-5117	697	22	n.y	n.y	PROPN
cblr-5117	697	23	.	.	PROPN
cblr-5117	697	24	times	times	PROPN
cblr-5117	697	25	(	(	PUNCT
cblr-5117	697	26	dec	dec	PROPN
cblr-5117	697	27	.	.	PROPN
cblr-5117	697	28	23	23	NUM
cblr-5117	697	29	,	,	PUNCT
cblr-5117	697	30	2015	2015	NUM
cblr-5117	697	31	)	)	PUNCT
cblr-5117	697	32	,	,	PUNCT
cblr-5117	697	33	https://www.nytimes.com/2015/12/27/technology/when-a-unicorn-start-up	https://www.nytimes.com/2015/12/27/technology/when-a-unicorn-start-up	PROPN
cblr-5117	697	34	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	697	35	(	(	PUNCT
cblr-5117	697	36	do	do	AUX
cblr-5117	697	37	not	not	PART
cblr-5117	697	38	delte	delte	VERB
cblr-5117	697	39	)	)	PUNCT
cblr-5117	697	40	1/8/2020	1/8/2020	NUM
cblr-5117	697	41	4:44	4:44	NUM
cblr-5117	697	42	pm	pm	NOUN
cblr-5117	697	43	918	918	NUM
cblr-5117	697	44	columbia	columbia	PROPN
cblr-5117	697	45	business	business	NOUN
cblr-5117	697	46	law	law	PROPN
cblr-5117	697	47	review	review	NOUN
cblr-5117	697	48	[	[	X
cblr-5117	697	49	vol	vol	NOUN
cblr-5117	697	50	.	.	NOUN
cblr-5117	697	51	2019	2019	NUM
cblr-5117	697	52	as	as	ADP
cblr-5117	697	53	one	one	NUM
cblr-5117	697	54	of	of	ADP
cblr-5117	697	55	the	the	DET
cblr-5117	697	56	founders	founder	NOUN
cblr-5117	697	57	interviewed	interview	VERB
cblr-5117	697	58	for	for	ADP
cblr-5117	697	59	this	this	DET
cblr-5117	697	60	research	research	NOUN
cblr-5117	697	61	put	put	VERB
cblr-5117	697	62	it	it	PRON
cblr-5117	697	63	:	:	PUNCT
cblr-5117	697	64	“	"	PUNCT
cblr-5117	697	65	my	my	PRON
cblr-5117	697	66	main	main	ADJ
cblr-5117	697	67	challenge	challenge	NOUN
cblr-5117	697	68	as	as	ADP
cblr-5117	697	69	an	an	DET
cblr-5117	697	70	entrepreneur	entrepreneur	NOUN
cblr-5117	697	71	is	be	AUX
cblr-5117	697	72	keeping	keep	VERB
cblr-5117	697	73	employees	employee	NOUN
cblr-5117	697	74	’	’	PART
cblr-5117	697	75	morale	morale	NOUN
cblr-5117	697	76	high	high	ADV
cblr-5117	697	77	despite	despite	SCONJ
cblr-5117	697	78	whatever	whatever	DET
cblr-5117	697	79	difficulties	difficulty	NOUN
cblr-5117	697	80	that	that	PRON
cblr-5117	697	81	the	the	DET
cblr-5117	697	82	company	company	NOUN
cblr-5117	697	83	is	be	AUX
cblr-5117	697	84	experiencing	experience	VERB
cblr-5117	697	85	.	.	PUNCT
cblr-5117	698	1	it	it	PRON
cblr-5117	698	2	’s	’	VERB
cblr-5117	698	3	like	like	ADP
cblr-5117	698	4	being	be	AUX
cblr-5117	698	5	a	a	DET
cblr-5117	698	6	marine	marine	ADJ
cblr-5117	698	7	commander	commander	NOUN
cblr-5117	698	8	leading	lead	VERB
cblr-5117	698	9	his	his	PRON
cblr-5117	698	10	troops	troop	NOUN
cblr-5117	698	11	to	to	ADP
cblr-5117	698	12	the	the	DET
cblr-5117	698	13	battlefield	battlefield	NOUN
cblr-5117	698	14	;	;	PUNCT
cblr-5117	698	15	if	if	SCONJ
cblr-5117	698	16	i	i	PRON
cblr-5117	698	17	’ll	’ll	AUX
cblr-5117	698	18	tell	tell	VERB
cblr-5117	698	19	them	they	PRON
cblr-5117	698	20	the	the	DET
cblr-5117	698	21	truth	truth	NOUN
cblr-5117	698	22	,	,	PUNCT
cblr-5117	698	23	which	which	PRON
cblr-5117	698	24	is	be	AUX
cblr-5117	698	25	,	,	PUNCT
cblr-5117	698	26	we	we	PRON
cblr-5117	698	27	’re	’re	AUX
cblr-5117	698	28	all	all	PRON
cblr-5117	698	29	going	go	VERB
cblr-5117	698	30	to	to	PART
cblr-5117	698	31	die	die	VERB
cblr-5117	698	32	,	,	PUNCT
cblr-5117	698	33	they	they	PRON
cblr-5117	698	34	will	will	AUX
cblr-5117	698	35	run	run	VERB
cblr-5117	698	36	away	away	ADV
cblr-5117	698	37	.	.	PUNCT
cblr-5117	699	1	”171	”171	PROPN
cblr-5117	699	2	information	information	NOUN
cblr-5117	699	3	asymmetry	asymmetry	NOUN
cblr-5117	699	4	between	between	ADP
cblr-5117	699	5	founders	founder	NOUN
cblr-5117	699	6	and	and	CCONJ
cblr-5117	699	7	employees	employee	NOUN
cblr-5117	699	8	is	be	AUX
cblr-5117	699	9	especially	especially	ADV
cblr-5117	699	10	acute	acute	ADJ
cblr-5117	699	11	in	in	ADP
cblr-5117	699	12	start	start	NOUN
cblr-5117	699	13	-	-	PUNCT
cblr-5117	699	14	up	up	ADP
cblr-5117	699	15	labor	labor	NOUN
cblr-5117	699	16	markets	market	NOUN
cblr-5117	699	17	because	because	SCONJ
cblr-5117	699	18	,	,	PUNCT
cblr-5117	699	19	in	in	ADP
cblr-5117	699	20	these	these	DET
cblr-5117	699	21	economies	economy	NOUN
cblr-5117	699	22	,	,	PUNCT
cblr-5117	699	23	equity	equity	NOUN
cblr-5117	699	24	incentives	incentive	NOUN
cblr-5117	699	25	tend	tend	VERB
cblr-5117	699	26	to	to	PART
cblr-5117	699	27	play	play	VERB
cblr-5117	699	28	a	a	DET
cblr-5117	699	29	significant	significant	ADJ
cblr-5117	699	30	role	role	NOUN
cblr-5117	699	31	in	in	ADP
cblr-5117	699	32	the	the	DET
cblr-5117	699	33	compensation	compensation	NOUN
cblr-5117	699	34	of	of	ADP
cblr-5117	699	35	non	non	ADJ
cblr-5117	699	36	-	-	ADJ
cblr-5117	699	37	executive	executive	ADJ
cblr-5117	699	38	employees,172	employees,172	NOUN
cblr-5117	699	39	and	and	CCONJ
cblr-5117	699	40	these	these	DET
cblr-5117	699	41	securities	security	NOUN
cblr-5117	699	42	are	be	AUX
cblr-5117	699	43	not	not	PART
cblr-5117	699	44	priced	price	VERB
cblr-5117	699	45	by	by	ADP
cblr-5117	699	46	an	an	DET
cblr-5117	699	47	active	active	ADJ
cblr-5117	699	48	liquid	liquid	ADJ
cblr-5117	699	49	market.173	market.173	NOUN
cblr-5117	699	50	when	when	SCONJ
cblr-5117	699	51	employees	employee	NOUN
cblr-5117	699	52	are	be	AUX
cblr-5117	699	53	compensated	compensate	VERB
cblr-5117	699	54	with	with	ADP
cblr-5117	699	55	securities	security	NOUN
cblr-5117	699	56	they	they	PRON
cblr-5117	699	57	can	can	AUX
cblr-5117	699	58	not	not	PART
cblr-5117	699	59	value	value	VERB
cblr-5117	699	60	,	,	PUNCT
cblr-5117	699	61	labor	labor	NOUN
cblr-5117	699	62	supply	supply	NOUN
cblr-5117	699	63	elasticity	elasticity	NOUN
cblr-5117	699	64	might	might	AUX
cblr-5117	699	65	decrease	decrease	VERB
cblr-5117	699	66	,	,	PUNCT
cblr-5117	699	67	as	as	SCONJ
cblr-5117	699	68	employees	employee	NOUN
cblr-5117	699	69	may	may	AUX
cblr-5117	699	70	not	not	PART
cblr-5117	699	71	stumbles-its-employees-get-hurt.html	stumbles-its-employees-get-hurt.html	VERB
cblr-5117	699	72	[	[	X
cblr-5117	699	73	https://perma.cc/9wbd-2h87	https://perma.cc/9wbd-2h87	X
cblr-5117	699	74	]	]	X
cblr-5117	699	75	(	(	PUNCT
cblr-5117	699	76	reporting	report	VERB
cblr-5117	699	77	the	the	DET
cblr-5117	699	78	case	case	NOUN
cblr-5117	699	79	of	of	ADP
cblr-5117	699	80	good	good	ADJ
cblr-5117	699	81	technology	technology	NOUN
cblr-5117	699	82	,	,	PUNCT
cblr-5117	699	83	which	which	PRON
cblr-5117	699	84	was	be	AUX
cblr-5117	699	85	sold	sell	VERB
cblr-5117	699	86	for	for	ADP
cblr-5117	699	87	$	$	SYM
cblr-5117	699	88	425	425	NUM
cblr-5117	699	89	million	million	NUM
cblr-5117	699	90	after	after	ADP
cblr-5117	699	91	reaching	reach	VERB
cblr-5117	699	92	a	a	DET
cblr-5117	699	93	private	private	ADJ
cblr-5117	699	94	market	market	NOUN
cblr-5117	699	95	valuation	valuation	NOUN
cblr-5117	699	96	of	of	ADP
cblr-5117	699	97	$	$	SYM
cblr-5117	699	98	1.1	1.1	NUM
cblr-5117	699	99	billion	billion	NUM
cblr-5117	699	100	,	,	PUNCT
cblr-5117	699	101	bringing	bring	VERB
cblr-5117	699	102	the	the	DET
cblr-5117	699	103	value	value	NOUN
cblr-5117	699	104	of	of	ADP
cblr-5117	699	105	the	the	DET
cblr-5117	699	106	common	common	ADJ
cblr-5117	699	107	stock	stock	NOUN
cblr-5117	699	108	to	to	ADP
cblr-5117	699	109	44	44	NUM
cblr-5117	699	110	cents	cent	NOUN
cblr-5117	699	111	a	a	DET
cblr-5117	699	112	share	share	NOUN
cblr-5117	699	113	,	,	PUNCT
cblr-5117	699	114	down	down	ADV
cblr-5117	699	115	from	from	ADP
cblr-5117	699	116	$	$	SYM
cblr-5117	699	117	4.32	4.32	NUM
cblr-5117	699	118	a	a	DET
cblr-5117	699	119	year	year	NOUN
cblr-5117	699	120	earlier	early	ADV
cblr-5117	699	121	.	.	PUNCT
cblr-5117	700	1	the	the	DET
cblr-5117	700	2	company	company	NOUN
cblr-5117	700	3	’s	’s	PART
cblr-5117	700	4	financial	financial	ADJ
cblr-5117	700	5	struggles	struggle	NOUN
cblr-5117	700	6	were	be	AUX
cblr-5117	700	7	downplayed	downplay	VERB
cblr-5117	700	8	by	by	ADP
cblr-5117	700	9	management	management	NOUN
cblr-5117	700	10	in	in	ADP
cblr-5117	700	11	communications	communication	NOUN
cblr-5117	700	12	with	with	ADP
cblr-5117	700	13	employees	employee	NOUN
cblr-5117	700	14	)	)	PUNCT
cblr-5117	700	15	.	.	PUNCT
cblr-5117	701	1	171	171	NUM
cblr-5117	701	2	interviews	interview	NOUN
cblr-5117	701	3	,	,	PUNCT
cblr-5117	701	4	supra	supra	PROPN
cblr-5117	701	5	note	note	PROPN
cblr-5117	701	6	29	29	NUM
cblr-5117	701	7	(	(	PUNCT
cblr-5117	701	8	quoting	quote	VERB
cblr-5117	701	9	f04	f04	PROPN
cblr-5117	701	10	)	)	PUNCT
cblr-5117	701	11	;	;	PUNCT
cblr-5117	701	12	see	see	VERB
cblr-5117	701	13	also	also	ADV
cblr-5117	701	14	interviews	interview	NOUN
cblr-5117	701	15	,	,	PUNCT
cblr-5117	701	16	supra	supra	PROPN
cblr-5117	701	17	note	note	PROPN
cblr-5117	701	18	29	29	NUM
cblr-5117	701	19	(	(	PUNCT
cblr-5117	701	20	quoting	quote	VERB
cblr-5117	701	21	vc03	vc03	PROPN
cblr-5117	701	22	:	:	PUNCT
cblr-5117	701	23	“	"	PUNCT
cblr-5117	701	24	the	the	DET
cblr-5117	701	25	goal	goal	NOUN
cblr-5117	701	26	of	of	ADP
cblr-5117	701	27	course	course	NOUN
cblr-5117	701	28	is	be	AUX
cblr-5117	701	29	to	to	PART
cblr-5117	701	30	avoid	avoid	VERB
cblr-5117	701	31	a	a	DET
cblr-5117	701	32	situation	situation	NOUN
cblr-5117	701	33	where	where	SCONJ
cblr-5117	701	34	an	an	DET
cblr-5117	701	35	employee	employee	NOUN
cblr-5117	701	36	feels	feel	VERB
cblr-5117	701	37	that	that	SCONJ
cblr-5117	701	38	they	they	PRON
cblr-5117	701	39	’ve	’ve	AUX
cblr-5117	701	40	been	be	AUX
cblr-5117	701	41	misled	mislead	VERB
cblr-5117	701	42	or	or	CCONJ
cblr-5117	701	43	that	that	SCONJ
cblr-5117	701	44	information	information	NOUN
cblr-5117	701	45	has	have	AUX
cblr-5117	701	46	been	be	AUX
cblr-5117	701	47	hidden	hide	VERB
cblr-5117	701	48	or	or	CCONJ
cblr-5117	701	49	omitted	omit	VERB
cblr-5117	701	50	,	,	PUNCT
cblr-5117	701	51	and	and	CCONJ
cblr-5117	701	52	that	that	SCONJ
cblr-5117	701	53	in	in	ADP
cblr-5117	701	54	some	some	DET
cblr-5117	701	55	ways	way	NOUN
cblr-5117	701	56	they	they	PRON
cblr-5117	701	57	’ve	’ve	AUX
cblr-5117	701	58	been	be	AUX
cblr-5117	701	59	taken	take	VERB
cblr-5117	701	60	advantage	advantage	NOUN
cblr-5117	701	61	of	of	ADP
cblr-5117	701	62	.	.	PUNCT
cblr-5117	702	1	it	it	PRON
cblr-5117	702	2	happens	happen	VERB
cblr-5117	702	3	,	,	PUNCT
cblr-5117	702	4	and	and	CCONJ
cblr-5117	702	5	unfortunately	unfortunately	ADV
cblr-5117	702	6	those	those	DET
cblr-5117	702	7	stories	story	NOUN
cblr-5117	702	8	perpetuate	perpetuate	VERB
cblr-5117	702	9	a	a	DET
cblr-5117	702	10	mythology	mythology	NOUN
cblr-5117	702	11	that	that	PRON
cblr-5117	702	12	vcs	vcs	PROPN
cblr-5117	702	13	are	be	AUX
cblr-5117	702	14	evil	evil	ADJ
cblr-5117	702	15	or	or	CCONJ
cblr-5117	702	16	that	that	SCONJ
cblr-5117	702	17	even	even	ADV
cblr-5117	702	18	management	management	NOUN
cblr-5117	702	19	teams	team	NOUN
cblr-5117	702	20	are	be	AUX
cblr-5117	702	21	not	not	PART
cblr-5117	702	22	to	to	PART
cblr-5117	702	23	be	be	AUX
cblr-5117	702	24	trusted	trust	VERB
cblr-5117	702	25	.	.	PUNCT
cblr-5117	702	26	”	"	PUNCT
cblr-5117	702	27	)	)	PUNCT
cblr-5117	702	28	.	.	PUNCT
cblr-5117	703	1	172	172	NUM
cblr-5117	703	2	see	see	VERB
cblr-5117	703	3	,	,	PUNCT
cblr-5117	703	4	e.g.	e.g.	ADV
cblr-5117	703	5	,	,	PUNCT
cblr-5117	703	6	jerome	jerome	PROPN
cblr-5117	703	7	s.	s.	PROPN
cblr-5117	703	8	engel	engel	PROPN
cblr-5117	703	9	,	,	PUNCT
cblr-5117	703	10	global	global	ADJ
cblr-5117	703	11	clusters	cluster	NOUN
cblr-5117	703	12	of	of	ADP
cblr-5117	703	13	innovation	innovation	NOUN
cblr-5117	703	14	:	:	PUNCT
cblr-5117	703	15	lessons	lesson	NOUN
cblr-5117	703	16	from	from	ADP
cblr-5117	703	17	silicon	silicon	PROPN
cblr-5117	703	18	valley	valley	NOUN
cblr-5117	703	19	,	,	PUNCT
cblr-5117	703	20	57	57	NUM
cblr-5117	703	21	cal	cal	NOUN
cblr-5117	703	22	.	.	PUNCT
cblr-5117	704	1	mgmt	mgmt	PROPN
cblr-5117	704	2	.	.	PUNCT
cblr-5117	705	1	rev	rev	PROPN
cblr-5117	705	2	.	.	PROPN
cblr-5117	705	3	36	36	NUM
cblr-5117	705	4	,	,	PUNCT
cblr-5117	705	5	41	41	NUM
cblr-5117	705	6	(	(	PUNCT
cblr-5117	705	7	2015	2015	NUM
cblr-5117	705	8	)	)	PUNCT
cblr-5117	705	9	(	(	PUNCT
cblr-5117	705	10	describing	describe	VERB
cblr-5117	705	11	the	the	DET
cblr-5117	705	12	creation	creation	NOUN
cblr-5117	705	13	of	of	ADP
cblr-5117	705	14	broad	broad	ADV
cblr-5117	705	15	-	-	PUNCT
cblr-5117	705	16	based	base	VERB
cblr-5117	705	17	equity	equity	NOUN
cblr-5117	705	18	compensation	compensation	NOUN
cblr-5117	705	19	policies	policy	NOUN
cblr-5117	705	20	to	to	PART
cblr-5117	705	21	help	help	VERB
cblr-5117	705	22	align	align	VERB
cblr-5117	705	23	the	the	DET
cblr-5117	705	24	economic	economic	ADJ
cblr-5117	705	25	interests	interest	NOUN
cblr-5117	705	26	of	of	ADP
cblr-5117	705	27	all	all	DET
cblr-5117	705	28	employees	employee	NOUN
cblr-5117	705	29	with	with	ADP
cblr-5117	705	30	the	the	DET
cblr-5117	705	31	economic	economic	ADJ
cblr-5117	705	32	interests	interest	NOUN
cblr-5117	705	33	of	of	ADP
cblr-5117	705	34	investors	investor	NOUN
cblr-5117	705	35	as	as	ADP
cblr-5117	705	36	one	one	NUM
cblr-5117	705	37	of	of	ADP
cblr-5117	705	38	the	the	DET
cblr-5117	705	39	crucial	crucial	ADJ
cblr-5117	705	40	lessons	lesson	NOUN
cblr-5117	705	41	from	from	ADP
cblr-5117	705	42	the	the	DET
cblr-5117	705	43	success	success	NOUN
cblr-5117	705	44	of	of	ADP
cblr-5117	705	45	silicon	silicon	NOUN
cblr-5117	705	46	valley	valley	PROPN
cblr-5117	705	47	)	)	PUNCT
cblr-5117	705	48	;	;	PUNCT
cblr-5117	705	49	ronald	ronald	PROPN
cblr-5117	705	50	j.	j.	PROPN
cblr-5117	705	51	gilson	gilson	PROPN
cblr-5117	705	52	&	&	CCONJ
cblr-5117	705	53	david	david	PROPN
cblr-5117	705	54	m.	m.	PROPN
cblr-5117	705	55	schizer	schizer	PROPN
cblr-5117	705	56	,	,	PUNCT
cblr-5117	705	57	understanding	understand	VERB
cblr-5117	705	58	venture	venture	NOUN
cblr-5117	705	59	capital	capital	NOUN
cblr-5117	705	60	structure	structure	NOUN
cblr-5117	705	61	:	:	PUNCT
cblr-5117	705	62	a	a	DET
cblr-5117	705	63	tax	tax	NOUN
cblr-5117	705	64	explanation	explanation	NOUN
cblr-5117	705	65	for	for	ADP
cblr-5117	705	66	convertible	convertible	ADJ
cblr-5117	705	67	preferred	preferred	ADJ
cblr-5117	705	68	stock	stock	NOUN
cblr-5117	705	69	,	,	PUNCT
cblr-5117	705	70	116	116	NUM
cblr-5117	705	71	harv	harv	NOUN
cblr-5117	705	72	.	.	PUNCT
cblr-5117	706	1	l.	l.	PROPN
cblr-5117	706	2	rev	rev	PROPN
cblr-5117	706	3	.	.	PROPN
cblr-5117	706	4	874	874	NUM
cblr-5117	706	5	,	,	PUNCT
cblr-5117	706	6	877	877	NUM
cblr-5117	706	7	(	(	PUNCT
cblr-5117	706	8	2003	2003	NUM
cblr-5117	706	9	)	)	PUNCT
cblr-5117	706	10	(	(	PUNCT
cblr-5117	706	11	“	"	PUNCT
cblr-5117	706	12	intense	intense	ADJ
cblr-5117	706	13	incentive	incentive	NOUN
cblr-5117	706	14	compensation	compensation	NOUN
cblr-5117	706	15	for	for	ADP
cblr-5117	706	16	portfolio	portfolio	NOUN
cblr-5117	706	17	company	company	NOUN
cblr-5117	706	18	founders	founder	NOUN
cblr-5117	706	19	and	and	CCONJ
cblr-5117	706	20	employees	employee	NOUN
cblr-5117	706	21	is	be	AUX
cblr-5117	706	22	a	a	DET
cblr-5117	706	23	fundamental	fundamental	ADJ
cblr-5117	706	24	feature	feature	NOUN
cblr-5117	706	25	of	of	ADP
cblr-5117	706	26	venture	venture	NOUN
cblr-5117	706	27	capital	capital	NOUN
cblr-5117	706	28	contracting	contracting	NOUN
cblr-5117	706	29	.	.	PUNCT
cblr-5117	706	30	”	"	PUNCT
cblr-5117	706	31	)	)	PUNCT
cblr-5117	706	32	.	.	PUNCT
cblr-5117	707	1	173	173	NUM
cblr-5117	707	2	the	the	DET
cblr-5117	707	3	securities	security	NOUN
cblr-5117	707	4	that	that	PRON
cblr-5117	707	5	private	private	ADJ
cblr-5117	707	6	issuers	issuer	NOUN
cblr-5117	707	7	offer	offer	VERB
cblr-5117	707	8	as	as	SCONJ
cblr-5117	707	9	equity	equity	NOUN
cblr-5117	707	10	compensation	compensation	NOUN
cblr-5117	707	11	are	be	AUX
cblr-5117	707	12	generally	generally	ADV
cblr-5117	707	13	restricted	restrict	VERB
cblr-5117	707	14	,	,	PUNCT
cblr-5117	707	15	i.e.	i.e.	X
cblr-5117	707	16	,	,	PUNCT
cblr-5117	707	17	subject	subject	ADJ
cblr-5117	707	18	to	to	ADP
cblr-5117	707	19	resale	resale	NOUN
cblr-5117	707	20	limitations	limitation	NOUN
cblr-5117	707	21	,	,	PUNCT
cblr-5117	707	22	and	and	CCONJ
cblr-5117	707	23	the	the	DET
cblr-5117	707	24	issuer	issuer	NOUN
cblr-5117	707	25	does	do	AUX
cblr-5117	707	26	not	not	PART
cblr-5117	707	27	need	need	VERB
cblr-5117	707	28	to	to	PART
cblr-5117	707	29	publicly	publicly	ADV
cblr-5117	707	30	disclose	disclose	VERB
cblr-5117	707	31	financial	financial	ADJ
cblr-5117	707	32	information	information	NOUN
cblr-5117	707	33	.	.	PUNCT
cblr-5117	708	1	see	see	VERB
cblr-5117	708	2	supra	supra	PROPN
cblr-5117	708	3	part	part	NOUN
cblr-5117	708	4	ii.c	ii.c	VERB
cblr-5117	708	5	(	(	PUNCT
cblr-5117	708	6	discussing	discuss	VERB
cblr-5117	708	7	disclosure	disclosure	NOUN
cblr-5117	708	8	requirements	requirement	NOUN
cblr-5117	708	9	)	)	PUNCT
cblr-5117	708	10	;	;	PUNCT
cblr-5117	708	11	see	see	VERB
cblr-5117	708	12	also	also	ADV
cblr-5117	708	13	exemption	exemption	NOUN
cblr-5117	708	14	for	for	ADP
cblr-5117	708	15	offers	offer	NOUN
cblr-5117	708	16	and	and	CCONJ
cblr-5117	708	17	sales	sale	NOUN
cblr-5117	708	18	of	of	ADP
cblr-5117	708	19	securities	security	NOUN
cblr-5117	708	20	pursuant	pursuant	ADJ
cblr-5117	708	21	to	to	ADP
cblr-5117	708	22	certain	certain	ADJ
cblr-5117	708	23	compensatory	compensatory	ADJ
cblr-5117	708	24	benefit	benefit	NOUN
cblr-5117	708	25	plans	plan	NOUN
cblr-5117	708	26	and	and	CCONJ
cblr-5117	708	27	contracts	contract	NOUN
cblr-5117	708	28	relating	relate	VERB
cblr-5117	708	29	to	to	ADP
cblr-5117	708	30	compensatoin	compensatoin	VERB
cblr-5117	708	31	,	,	PUNCT
cblr-5117	708	32	17	17	NUM
cblr-5117	708	33	c.f.r	c.f.r	NOUN
cblr-5117	708	34	.	.	PUNCT
cblr-5117	709	1	§	§	PROPN
cblr-5117	709	2	230.701(g)(1	230.701(g)(1	NUM
cblr-5117	709	3	)	)	PUNCT
cblr-5117	709	4	(	(	PUNCT
cblr-5117	709	5	2018	2018	NUM
cblr-5117	709	6	)	)	PUNCT
cblr-5117	709	7	(	(	PUNCT
cblr-5117	709	8	“	"	PUNCT
cblr-5117	709	9	securities	security	NOUN
cblr-5117	709	10	issued	issue	VERB
cblr-5117	709	11	under	under	ADP
cblr-5117	709	12	this	this	DET
cblr-5117	709	13	section	section	NOUN
cblr-5117	709	14	are	be	AUX
cblr-5117	709	15	deemed	deem	VERB
cblr-5117	709	16	to	to	PART
cblr-5117	709	17	be	be	AUX
cblr-5117	709	18	‘	'	PUNCT
cblr-5117	709	19	restricted	restricted	ADJ
cblr-5117	709	20	securities	security	NOUN
cblr-5117	709	21	.	.	PUNCT
cblr-5117	709	22	’	'	PUNCT
cblr-5117	709	23	”	"	PUNCT
cblr-5117	709	24	)	)	PUNCT
cblr-5117	709	25	.	.	PUNCT
cblr-5117	710	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	710	2	(	(	PUNCT
cblr-5117	710	3	do	do	AUX
cblr-5117	710	4	not	not	PART
cblr-5117	710	5	delete	delete	VERB
cblr-5117	710	6	)	)	PUNCT
cblr-5117	710	7	1/8/2020	1/8/2020	NUM
cblr-5117	710	8	4:44	4:44	NUM
cblr-5117	710	9	pm	pm	NOUN
cblr-5117	710	10	no	no	INTJ
cblr-5117	710	11	.	.	PUNCT
cblr-5117	711	1	3:867	3:867	NUM
cblr-5117	711	2	]	]	PUNCT
cblr-5117	711	3	making	make	VERB
cblr-5117	711	4	disclosure	disclosure	NOUN
cblr-5117	711	5	work	work	NOUN
cblr-5117	711	6	919	919	NUM
cblr-5117	711	7	respond	respond	VERB
cblr-5117	711	8	to	to	ADP
cblr-5117	711	9	changes	change	NOUN
cblr-5117	711	10	in	in	ADP
cblr-5117	711	11	their	their	PRON
cblr-5117	711	12	compensation	compensation	NOUN
cblr-5117	711	13	’s	’s	PART
cblr-5117	711	14	value	value	NOUN
cblr-5117	711	15	.	.	PUNCT
cblr-5117	712	1	this	this	DET
cblr-5117	712	2	incentive	incentive	NOUN
cblr-5117	712	3	to	to	PART
cblr-5117	712	4	withhold	withhold	VERB
cblr-5117	712	5	bad	bad	ADJ
cblr-5117	712	6	news	news	NOUN
cblr-5117	712	7	is	be	AUX
cblr-5117	712	8	particularly	particularly	ADV
cblr-5117	712	9	high	high	ADJ
cblr-5117	712	10	in	in	ADP
cblr-5117	712	11	highvelocity	highvelocity	NOUN
cblr-5117	712	12	labor	labor	NOUN
cblr-5117	712	13	markets	market	NOUN
cblr-5117	712	14	such	such	ADJ
cblr-5117	712	15	as	as	ADP
cblr-5117	712	16	silicon	silicon	NOUN
cblr-5117	712	17	valley	valley	NOUN
cblr-5117	712	18	where	where	SCONJ
cblr-5117	712	19	employers	employer	NOUN
cblr-5117	712	20	stand	stand	VERB
cblr-5117	712	21	to	to	PART
cblr-5117	712	22	gain	gain	VERB
cblr-5117	712	23	significantly	significantly	ADV
cblr-5117	712	24	by	by	ADP
cblr-5117	712	25	lowering	lower	VERB
cblr-5117	712	26	employee	employee	NOUN
cblr-5117	712	27	mobility.174	mobility.174	PROPN
cblr-5117	712	28	thus	thus	ADV
cblr-5117	712	29	,	,	PUNCT
cblr-5117	712	30	information	information	NOUN
cblr-5117	712	31	asymmetry	asymmetry	NOUN
cblr-5117	712	32	might	might	AUX
cblr-5117	712	33	prevent	prevent	VERB
cblr-5117	712	34	employees	employee	NOUN
cblr-5117	712	35	from	from	ADP
cblr-5117	712	36	moving	move	VERB
cblr-5117	712	37	towards	towards	ADP
cblr-5117	712	38	their	their	PRON
cblr-5117	712	39	highest	high	ADJ
cblr-5117	712	40	-	-	PUNCT
cblr-5117	712	41	value	value	NOUN
cblr-5117	712	42	use	use	NOUN
cblr-5117	712	43	,	,	PUNCT
cblr-5117	712	44	thereby	thereby	ADV
cblr-5117	712	45	misallocating	misallocate	VERB
cblr-5117	712	46	the	the	DET
cblr-5117	712	47	limited	limited	ADJ
cblr-5117	712	48	supply	supply	NOUN
cblr-5117	712	49	of	of	ADP
cblr-5117	712	50	highly	highly	ADV
cblr-5117	712	51	-	-	PUNCT
cblr-5117	712	52	skilled	skilled	ADJ
cblr-5117	712	53	workers	worker	NOUN
cblr-5117	712	54	in	in	ADP
cblr-5117	712	55	the	the	DET
cblr-5117	712	56	market	market	NOUN
cblr-5117	712	57	.	.	PUNCT
cblr-5117	713	1	the	the	DET
cblr-5117	713	2	following	follow	VERB
cblr-5117	713	3	section	section	NOUN
cblr-5117	713	4	describes	describe	VERB
cblr-5117	713	5	another	another	DET
cblr-5117	713	6	problem	problem	NOUN
cblr-5117	713	7	stemming	stem	VERB
cblr-5117	713	8	from	from	ADP
cblr-5117	713	9	information	information	NOUN
cblr-5117	713	10	asymmetry	asymmetry	NOUN
cblr-5117	713	11	—	—	PUNCT
cblr-5117	713	12	the	the	DET
cblr-5117	713	13	potential	potential	ADJ
cblr-5117	713	14	breakdown	breakdown	NOUN
cblr-5117	713	15	of	of	ADP
cblr-5117	713	16	the	the	DET
cblr-5117	713	17	market	market	NOUN
cblr-5117	713	18	.	.	PUNCT
cblr-5117	714	1	b.	b.	PROPN
cblr-5117	714	2	equity	equity	PROPN
cblr-5117	714	3	compensation	compensation	PROPN
cblr-5117	714	4	as	as	ADP
cblr-5117	714	5	lemons	lemon	NOUN
cblr-5117	714	6	market	market	NOUN
cblr-5117	714	7	asymmetric	asymmetric	ADJ
cblr-5117	714	8	information	information	NOUN
cblr-5117	714	9	can	can	AUX
cblr-5117	714	10	cause	cause	VERB
cblr-5117	714	11	the	the	DET
cblr-5117	714	12	market	market	NOUN
cblr-5117	714	13	mechanism	mechanism	NOUN
cblr-5117	714	14	to	to	PART
cblr-5117	714	15	collapse	collapse	VERB
cblr-5117	714	16	,	,	PUNCT
cblr-5117	714	17	a	a	DET
cblr-5117	714	18	problem	problem	NOUN
cblr-5117	714	19	known	know	VERB
cblr-5117	714	20	as	as	ADP
cblr-5117	714	21	the	the	DET
cblr-5117	714	22	“	"	PUNCT
cblr-5117	714	23	market	market	NOUN
cblr-5117	714	24	for	for	ADP
cblr-5117	714	25	lemons	lemon	NOUN
cblr-5117	714	26	.	.	PUNCT
cblr-5117	715	1	”175	”175	PUNCT
cblr-5117	715	2	consider	consider	VERB
cblr-5117	715	3	a	a	DET
cblr-5117	715	4	situation	situation	NOUN
cblr-5117	715	5	where	where	SCONJ
cblr-5117	715	6	half	half	NOUN
cblr-5117	715	7	of	of	ADP
cblr-5117	715	8	start	start	NOUN
cblr-5117	715	9	-	-	PUNCT
cblr-5117	715	10	ups	up	NOUN
cblr-5117	715	11	offer	offer	VERB
cblr-5117	715	12	high	high	ADJ
cblr-5117	715	13	-	-	PUNCT
cblr-5117	715	14	quality	quality	NOUN
cblr-5117	715	15	equity	equity	NOUN
cblr-5117	715	16	incentives	incentive	NOUN
cblr-5117	715	17	and	and	CCONJ
cblr-5117	715	18	the	the	DET
cblr-5117	715	19	other	other	ADJ
cblr-5117	715	20	half	half	NOUN
cblr-5117	715	21	offer	offer	VERB
cblr-5117	715	22	low	low	ADJ
cblr-5117	715	23	-	-	PUNCT
cblr-5117	715	24	quality	quality	NOUN
cblr-5117	715	25	equity	equity	NOUN
cblr-5117	715	26	incentives	incentive	NOUN
cblr-5117	715	27	.	.	PUNCT
cblr-5117	716	1	both	both	DET
cblr-5117	716	2	employees	employee	NOUN
cblr-5117	716	3	and	and	CCONJ
cblr-5117	716	4	founders	founder	NOUN
cblr-5117	716	5	are	be	AUX
cblr-5117	716	6	rational	rational	ADJ
cblr-5117	716	7	and	and	CCONJ
cblr-5117	716	8	value	value	VERB
cblr-5117	716	9	these	these	DET
cblr-5117	716	10	securities	security	NOUN
cblr-5117	716	11	based	base	VERB
cblr-5117	716	12	on	on	ADP
cblr-5117	716	13	the	the	DET
cblr-5117	716	14	information	information	NOUN
cblr-5117	716	15	available	available	ADJ
cblr-5117	716	16	to	to	ADP
cblr-5117	716	17	them	they	PRON
cblr-5117	716	18	.	.	PUNCT
cblr-5117	717	1	the	the	DET
cblr-5117	717	2	theory	theory	NOUN
cblr-5117	717	3	predicts	predict	VERB
cblr-5117	717	4	that	that	SCONJ
cblr-5117	717	5	if	if	SCONJ
cblr-5117	717	6	employees	employee	NOUN
cblr-5117	717	7	can	can	AUX
cblr-5117	717	8	not	not	PART
cblr-5117	717	9	distinguish	distinguish	VERB
cblr-5117	717	10	between	between	ADP
cblr-5117	717	11	the	the	DET
cblr-5117	717	12	two	two	NUM
cblr-5117	717	13	types	type	NOUN
cblr-5117	717	14	of	of	ADP
cblr-5117	717	15	start	start	NOUN
cblr-5117	717	16	-	-	PUNCT
cblr-5117	717	17	ups	up	NOUN
cblr-5117	717	18	,	,	PUNCT
cblr-5117	717	19	founders	founder	NOUN
cblr-5117	717	20	of	of	ADP
cblr-5117	717	21	start	start	NOUN
cblr-5117	717	22	-	-	PUNCT
cblr-5117	717	23	ups	up	NOUN
cblr-5117	717	24	with	with	ADP
cblr-5117	717	25	low	low	ADJ
cblr-5117	717	26	-	-	PUNCT
cblr-5117	717	27	quality	quality	NOUN
cblr-5117	717	28	securities	security	NOUN
cblr-5117	717	29	will	will	AUX
cblr-5117	717	30	try	try	VERB
cblr-5117	717	31	to	to	PART
cblr-5117	717	32	claim	claim	VERB
cblr-5117	717	33	that	that	SCONJ
cblr-5117	717	34	their	their	PRON
cblr-5117	717	35	equity	equity	NOUN
cblr-5117	717	36	incentives	incentive	NOUN
cblr-5117	717	37	are	be	AUX
cblr-5117	717	38	as	as	ADV
cblr-5117	717	39	valuable	valuable	ADJ
cblr-5117	717	40	as	as	SCONJ
cblr-5117	717	41	the	the	DET
cblr-5117	717	42	securities	security	NOUN
cblr-5117	717	43	offered	offer	VERB
cblr-5117	717	44	174	174	NUM
cblr-5117	717	45	see	see	VERB
cblr-5117	717	46	aran	aran	NOUN
cblr-5117	717	47	,	,	PUNCT
cblr-5117	717	48	supra	supra	PROPN
cblr-5117	717	49	note	note	NOUN
cblr-5117	717	50	4	4	NUM
cblr-5117	717	51	,	,	PUNCT
cblr-5117	717	52	at	at	ADP
cblr-5117	717	53	1246	1246	NUM
cblr-5117	717	54	n.56	n.56	PRON
cblr-5117	717	55	(	(	PUNCT
cblr-5117	717	56	citing	cite	VERB
cblr-5117	717	57	literature	literature	NOUN
cblr-5117	717	58	on	on	ADP
cblr-5117	717	59	employee	employee	NOUN
cblr-5117	717	60	mobility	mobility	NOUN
cblr-5117	717	61	in	in	ADP
cblr-5117	717	62	silicon	silicon	PROPN
cblr-5117	717	63	valley	valley	PROPN
cblr-5117	717	64	)	)	PUNCT
cblr-5117	717	65	.	.	PUNCT
cblr-5117	718	1	evidence	evidence	NOUN
cblr-5117	718	2	of	of	ADP
cblr-5117	718	3	the	the	DET
cblr-5117	718	4	incentive	incentive	NOUN
cblr-5117	718	5	to	to	ADP
cblr-5117	718	6	silicon	silicon	NOUN
cblr-5117	718	7	valley	valley	NOUN
cblr-5117	718	8	employers	employer	NOUN
cblr-5117	718	9	to	to	PART
cblr-5117	718	10	engage	engage	VERB
cblr-5117	718	11	in	in	ADP
cblr-5117	718	12	legally	legally	ADV
cblr-5117	718	13	questionable	questionable	ADJ
cblr-5117	718	14	practices	practice	NOUN
cblr-5117	718	15	to	to	PART
cblr-5117	718	16	reduce	reduce	VERB
cblr-5117	718	17	employee	employee	NOUN
cblr-5117	718	18	mobility	mobility	NOUN
cblr-5117	718	19	is	be	AUX
cblr-5117	718	20	found	find	VERB
cblr-5117	718	21	in	in	ADP
cblr-5117	718	22	a	a	DET
cblr-5117	718	23	famous	famous	ADJ
cblr-5117	718	24	antitrust	antitrust	ADJ
cblr-5117	718	25	case	case	NOUN
cblr-5117	718	26	involving	involve	VERB
cblr-5117	718	27	several	several	ADJ
cblr-5117	718	28	silicon	silicon	NOUN
cblr-5117	718	29	valley	valley	NOUN
cblr-5117	718	30	tech	tech	NOUN
cblr-5117	718	31	firms	firm	NOUN
cblr-5117	718	32	,	,	PUNCT
cblr-5117	718	33	including	include	VERB
cblr-5117	718	34	adobe	adobe	PROPN
cblr-5117	718	35	,	,	PUNCT
cblr-5117	718	36	apple	apple	NOUN
cblr-5117	718	37	,	,	PUNCT
cblr-5117	718	38	google	google	PROPN
cblr-5117	718	39	,	,	PUNCT
cblr-5117	718	40	intel	intel	NOUN
cblr-5117	718	41	,	,	PUNCT
cblr-5117	718	42	intuit	intuit	NOUN
cblr-5117	718	43	,	,	PUNCT
cblr-5117	718	44	pixar	pixar	NOUN
cblr-5117	718	45	,	,	PUNCT
cblr-5117	718	46	lucasfilm	lucasfilm	NOUN
cblr-5117	718	47	,	,	PUNCT
cblr-5117	718	48	and	and	CCONJ
cblr-5117	718	49	ebay	ebay	PROPN
cblr-5117	718	50	,	,	PUNCT
cblr-5117	718	51	which	which	PRON
cblr-5117	718	52	colluded	collude	VERB
cblr-5117	718	53	to	to	PART
cblr-5117	718	54	refrain	refrain	VERB
cblr-5117	718	55	from	from	ADP
cblr-5117	718	56	poaching	poach	VERB
cblr-5117	718	57	each	each	DET
cblr-5117	718	58	other	other	ADJ
cblr-5117	718	59	’s	’s	PART
cblr-5117	718	60	employees	employee	NOUN
cblr-5117	718	61	to	to	PART
cblr-5117	718	62	reduce	reduce	VERB
cblr-5117	718	63	turnover	turnover	NOUN
cblr-5117	718	64	and	and	CCONJ
cblr-5117	718	65	labor	labor	NOUN
cblr-5117	718	66	costs	cost	NOUN
cblr-5117	718	67	.	.	PUNCT
cblr-5117	719	1	see	see	VERB
cblr-5117	719	2	united	united	PROPN
cblr-5117	719	3	states	states	PROPN
cblr-5117	719	4	v.	v.	PROPN
cblr-5117	719	5	adobe	adobe	PROPN
cblr-5117	719	6	systems	systems	PROPN
cblr-5117	719	7	inc	inc	PROPN
cblr-5117	719	8	.	.	PROPN
cblr-5117	719	9	,	,	PUNCT
cblr-5117	719	10	no	no	INTJ
cblr-5117	719	11	.	.	NOUN
cblr-5117	719	12	10	10	NUM
cblr-5117	720	1	cv1629	cv1629	PROPN
cblr-5117	720	2	,	,	PUNCT
cblr-5117	720	3	2011	2011	NUM
cblr-5117	720	4	wl	wl	NOUN
cblr-5117	720	5	10883994	10883994	NUM
cblr-5117	720	6	,	,	PUNCT
cblr-5117	720	7	at	at	ADP
cblr-5117	720	8	*	*	NOUN
cblr-5117	720	9	2	2	NUM
cblr-5117	720	10	(	(	PUNCT
cblr-5117	720	11	d.d.c	d.d.c	PROPN
cblr-5117	720	12	.	.	PUNCT
cblr-5117	720	13	mar	mar	PROPN
cblr-5117	720	14	.	.	PROPN
cblr-5117	720	15	7	7	NUM
cblr-5117	720	16	,	,	PUNCT
cblr-5117	720	17	2011	2011	NUM
cblr-5117	720	18	)	)	PUNCT
cblr-5117	720	19	(	(	PUNCT
cblr-5117	720	20	action	action	NOUN
cblr-5117	720	21	by	by	ADP
cblr-5117	720	22	the	the	DET
cblr-5117	720	23	antitrust	antitrust	ADJ
cblr-5117	720	24	division	division	NOUN
cblr-5117	720	25	of	of	ADP
cblr-5117	720	26	the	the	DET
cblr-5117	720	27	department	department	PROPN
cblr-5117	720	28	of	of	ADP
cblr-5117	720	29	justice	justice	PROPN
cblr-5117	720	30	)	)	PUNCT
cblr-5117	720	31	;	;	PUNCT
cblr-5117	720	32	united	united	PROPN
cblr-5117	720	33	states	states	PROPN
cblr-5117	720	34	v.	v.	ADP
cblr-5117	720	35	lucasfilm	lucasfilm	PROPN
cblr-5117	720	36	,	,	PUNCT
cblr-5117	720	37	inc	inc	PROPN
cblr-5117	720	38	.	.	PROPN
cblr-5117	720	39	,	,	PUNCT
cblr-5117	721	1	no	no	INTJ
cblr-5117	721	2	.	.	NOUN
cblr-5117	721	3	10	10	NUM
cblr-5117	721	4	-	-	PUNCT
cblr-5117	721	5	02220	02220	NUM
cblr-5117	721	6	(	(	PUNCT
cblr-5117	721	7	rbw	rbw	PROPN
cblr-5117	721	8	)	)	PUNCT
cblr-5117	721	9	,	,	PUNCT
cblr-5117	721	10	2011	2011	NUM
cblr-5117	721	11	wl	wl	NOUN
cblr-5117	721	12	2636850	2636850	NUM
cblr-5117	721	13	,	,	PUNCT
cblr-5117	721	14	at	at	ADP
cblr-5117	721	15	*	*	NOUN
cblr-5117	721	16	1	1	NUM
cblr-5117	721	17	(	(	PUNCT
cblr-5117	721	18	d.d.c	d.d.c	PROPN
cblr-5117	721	19	.	.	PROPN
cblr-5117	721	20	june	june	PROPN
cblr-5117	721	21	3	3	NUM
cblr-5117	721	22	,	,	PUNCT
cblr-5117	721	23	2011	2011	NUM
cblr-5117	721	24	)	)	PUNCT
cblr-5117	721	25	(	(	PUNCT
cblr-5117	721	26	action	action	NOUN
cblr-5117	721	27	by	by	ADP
cblr-5117	721	28	the	the	DET
cblr-5117	721	29	antitrust	antitrust	ADJ
cblr-5117	721	30	division	division	NOUN
cblr-5117	721	31	of	of	ADP
cblr-5117	721	32	the	the	DET
cblr-5117	721	33	department	department	PROPN
cblr-5117	721	34	of	of	ADP
cblr-5117	721	35	justice	justice	PROPN
cblr-5117	721	36	)	)	PUNCT
cblr-5117	721	37	;	;	PUNCT
cblr-5117	721	38	see	see	VERB
cblr-5117	721	39	also	also	ADV
cblr-5117	721	40	in	in	ADP
cblr-5117	721	41	re	re	VERB
cblr-5117	721	42	high	high	ADJ
cblr-5117	721	43	-	-	PUNCT
cblr-5117	721	44	tech	tech	NOUN
cblr-5117	721	45	emp	emp	NOUN
cblr-5117	721	46	.	.	PUNCT
cblr-5117	722	1	antitrust	antitrust	ADJ
cblr-5117	722	2	litig	litig	NOUN
cblr-5117	722	3	.	.	PUNCT
cblr-5117	723	1	,	,	PUNCT
cblr-5117	723	2	985	985	NUM
cblr-5117	723	3	f.	f.	PROPN
cblr-5117	723	4	supp	supp	PROPN
cblr-5117	723	5	.	.	PUNCT
cblr-5117	724	1	2d	2d	PROPN
cblr-5117	724	2	1167	1167	NUM
cblr-5117	724	3	,	,	PUNCT
cblr-5117	724	4	1172–73	1172–73	NUM
cblr-5117	724	5	,	,	PUNCT
cblr-5117	724	6	1175	1175	NUM
cblr-5117	724	7	(	(	PUNCT
cblr-5117	724	8	n.d	n.d	PROPN
cblr-5117	724	9	.	.	PROPN
cblr-5117	724	10	cal	cal	PROPN
cblr-5117	724	11	.	.	PUNCT
cblr-5117	725	1	oct	oct	PROPN
cblr-5117	725	2	.	.	PROPN
cblr-5117	725	3	24	24	NUM
cblr-5117	725	4	,	,	PUNCT
cblr-5117	725	5	2013	2013	NUM
cblr-5117	725	6	)	)	PUNCT
cblr-5117	725	7	(	(	PUNCT
cblr-5117	725	8	civil	civil	ADJ
cblr-5117	725	9	litigation	litigation	NOUN
cblr-5117	725	10	)	)	PUNCT
cblr-5117	725	11	.	.	PUNCT
cblr-5117	726	1	175	175	NUM
cblr-5117	726	2	the	the	DET
cblr-5117	726	3	seminal	seminal	ADJ
cblr-5117	726	4	article	article	NOUN
cblr-5117	726	5	by	by	ADP
cblr-5117	726	6	george	george	PROPN
cblr-5117	726	7	akerlof	akerlof	PROPN
cblr-5117	726	8	depicted	depict	VERB
cblr-5117	726	9	the	the	DET
cblr-5117	726	10	consequences	consequence	NOUN
cblr-5117	726	11	of	of	ADP
cblr-5117	726	12	information	information	NOUN
cblr-5117	726	13	asymmetry	asymmetry	NOUN
cblr-5117	726	14	in	in	ADP
cblr-5117	726	15	the	the	DET
cblr-5117	726	16	used	use	VERB
cblr-5117	726	17	car	car	NOUN
cblr-5117	726	18	market	market	NOUN
cblr-5117	726	19	.	.	PUNCT
cblr-5117	727	1	see	see	VERB
cblr-5117	727	2	generally	generally	ADV
cblr-5117	727	3	george	george	PROPN
cblr-5117	727	4	a.	a.	NOUN
cblr-5117	727	5	akerlof	akerlof	NOUN
cblr-5117	727	6	,	,	PUNCT
cblr-5117	727	7	the	the	DET
cblr-5117	727	8	market	market	NOUN
cblr-5117	727	9	for	for	ADP
cblr-5117	727	10	“	"	PUNCT
cblr-5117	727	11	lemons	lemon	NOUN
cblr-5117	727	12	”	"	PUNCT
cblr-5117	727	13	:	:	PUNCT
cblr-5117	727	14	quality	quality	NOUN
cblr-5117	727	15	uncertainty	uncertainty	NOUN
cblr-5117	727	16	and	and	CCONJ
cblr-5117	727	17	the	the	DET
cblr-5117	727	18	market	market	NOUN
cblr-5117	727	19	mechanism	mechanism	NOUN
cblr-5117	727	20	84	84	NUM
cblr-5117	727	21	q.	q.	PROPN
cblr-5117	727	22	j.	j.	PROPN
cblr-5117	727	23	econ	econ	PROPN
cblr-5117	727	24	488	488	NUM
cblr-5117	727	25	(	(	PUNCT
cblr-5117	727	26	1970	1970	NUM
cblr-5117	727	27	)	)	PUNCT
cblr-5117	727	28	.	.	PUNCT
cblr-5117	728	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	728	2	(	(	PUNCT
cblr-5117	728	3	do	do	AUX
cblr-5117	728	4	not	not	PART
cblr-5117	728	5	delte	delte	VERB
cblr-5117	728	6	)	)	PUNCT
cblr-5117	728	7	1/8/2020	1/8/2020	NUM
cblr-5117	728	8	4:44	4:44	NUM
cblr-5117	728	9	pm	pm	NOUN
cblr-5117	728	10	920	920	NUM
cblr-5117	728	11	columbia	columbia	PROPN
cblr-5117	728	12	business	business	NOUN
cblr-5117	728	13	law	law	PROPN
cblr-5117	728	14	review	review	NOUN
cblr-5117	728	15	[	[	X
cblr-5117	728	16	vol	vol	NOUN
cblr-5117	728	17	.	.	NOUN
cblr-5117	728	18	2019	2019	NUM
cblr-5117	728	19	by	by	ADP
cblr-5117	728	20	the	the	DET
cblr-5117	728	21	other	other	ADJ
cblr-5117	728	22	start	start	NOUN
cblr-5117	728	23	-	-	PUNCT
cblr-5117	728	24	ups.176	ups.176	NOUN
cblr-5117	728	25	the	the	DET
cblr-5117	728	26	theory	theory	NOUN
cblr-5117	728	27	further	far	ADV
cblr-5117	728	28	predicts	predict	VERB
cblr-5117	728	29	that	that	SCONJ
cblr-5117	728	30	realizing	realize	VERB
cblr-5117	728	31	this	this	DET
cblr-5117	728	32	possibility	possibility	NOUN
cblr-5117	728	33	,	,	PUNCT
cblr-5117	728	34	employees	employee	NOUN
cblr-5117	728	35	will	will	AUX
cblr-5117	728	36	value	value	VERB
cblr-5117	728	37	all	all	DET
cblr-5117	728	38	start	start	VERB
cblr-5117	728	39	-	-	PUNCT
cblr-5117	728	40	up	up	ADP
cblr-5117	728	41	equity	equity	NOUN
cblr-5117	728	42	grants	grant	NOUN
cblr-5117	728	43	at	at	ADP
cblr-5117	728	44	an	an	DET
cblr-5117	728	45	average	average	ADJ
cblr-5117	728	46	level.177	level.177	NOUN
cblr-5117	728	47	consequently	consequently	ADV
cblr-5117	728	48	,	,	PUNCT
cblr-5117	728	49	the	the	DET
cblr-5117	728	50	labor	labor	NOUN
cblr-5117	728	51	market	market	NOUN
cblr-5117	728	52	will	will	AUX
cblr-5117	728	53	rationally	rationally	ADV
cblr-5117	728	54	undervalue	undervalue	VERB
cblr-5117	728	55	some	some	DET
cblr-5117	728	56	equity	equity	NOUN
cblr-5117	728	57	incentives	incentive	NOUN
cblr-5117	728	58	and	and	CCONJ
cblr-5117	728	59	overvalue	overvalue	VERB
cblr-5117	728	60	some	some	DET
cblr-5117	728	61	others	other	NOUN
cblr-5117	728	62	relative	relative	ADJ
cblr-5117	728	63	to	to	ADP
cblr-5117	728	64	the	the	DET
cblr-5117	728	65	information	information	NOUN
cblr-5117	728	66	available	available	ADJ
cblr-5117	728	67	to	to	ADP
cblr-5117	728	68	the	the	DET
cblr-5117	728	69	founders	founder	NOUN
cblr-5117	728	70	.	.	PUNCT
cblr-5117	729	1	hence	hence	ADV
cblr-5117	729	2	,	,	PUNCT
cblr-5117	729	3	an	an	DET
cblr-5117	729	4	adverse	adverse	ADJ
cblr-5117	729	5	selection	selection	NOUN
cblr-5117	729	6	problem	problem	NOUN
cblr-5117	729	7	arises	arise	VERB
cblr-5117	729	8	.	.	PUNCT
cblr-5117	730	1	because	because	SCONJ
cblr-5117	730	2	equity	equity	NOUN
cblr-5117	730	3	-	-	PUNCT
cblr-5117	730	4	based	base	VERB
cblr-5117	730	5	compensation	compensation	NOUN
cblr-5117	730	6	is	be	AUX
cblr-5117	730	7	central	central	ADJ
cblr-5117	730	8	to	to	ADP
cblr-5117	730	9	startups	startup	NOUN
cblr-5117	730	10	’	'	PUNCT
cblr-5117	730	11	culture,178	culture,178	ADJ
cblr-5117	730	12	founders	founder	NOUN
cblr-5117	730	13	of	of	ADP
cblr-5117	730	14	high	high	ADJ
cblr-5117	730	15	-	-	PUNCT
cblr-5117	730	16	quality	quality	NOUN
cblr-5117	730	17	start	start	NOUN
cblr-5117	730	18	-	-	PUNCT
cblr-5117	730	19	ups	up	NOUN
cblr-5117	730	20	would	would	AUX
cblr-5117	730	21	probably	probably	ADV
cblr-5117	730	22	still	still	ADV
cblr-5117	730	23	offer	offer	VERB
cblr-5117	730	24	equity	equity	NOUN
cblr-5117	730	25	grants	grant	NOUN
cblr-5117	730	26	to	to	ADP
cblr-5117	730	27	employees	employee	NOUN
cblr-5117	730	28	,	,	PUNCT
cblr-5117	730	29	but	but	CCONJ
cblr-5117	730	30	these	these	DET
cblr-5117	730	31	grants	grant	NOUN
cblr-5117	730	32	would	would	AUX
cblr-5117	730	33	play	play	VERB
cblr-5117	730	34	a	a	DET
cblr-5117	730	35	lesser	less	ADJ
cblr-5117	730	36	role	role	NOUN
cblr-5117	730	37	in	in	ADP
cblr-5117	730	38	the	the	DET
cblr-5117	730	39	company	company	NOUN
cblr-5117	730	40	’s	’s	PART
cblr-5117	730	41	recruitment	recruitment	NOUN
cblr-5117	730	42	strategy	strategy	NOUN
cblr-5117	730	43	.	.	PUNCT
cblr-5117	731	1	instead	instead	ADV
cblr-5117	731	2	of	of	ADP
cblr-5117	731	3	offering	offer	VERB
cblr-5117	731	4	a	a	DET
cblr-5117	731	5	large	large	ADJ
cblr-5117	731	6	volume	volume	NOUN
cblr-5117	731	7	of	of	ADP
cblr-5117	731	8	high	high	ADJ
cblr-5117	731	9	-	-	PUNCT
cblr-5117	731	10	quality	quality	NOUN
cblr-5117	731	11	securities	security	NOUN
cblr-5117	731	12	to	to	ADP
cblr-5117	731	13	employees	employee	NOUN
cblr-5117	731	14	at	at	ADP
cblr-5117	731	15	a	a	DET
cblr-5117	731	16	discount	discount	NOUN
cblr-5117	731	17	,	,	PUNCT
cblr-5117	731	18	these	these	DET
cblr-5117	731	19	founders	founder	NOUN
cblr-5117	731	20	will	will	AUX
cblr-5117	731	21	attract	attract	VERB
cblr-5117	731	22	employees	employee	NOUN
cblr-5117	731	23	with	with	ADP
cblr-5117	731	24	cash	cash	NOUN
cblr-5117	731	25	and	and	CCONJ
cblr-5117	731	26	other	other	ADJ
cblr-5117	731	27	sought	seek	VERB
cblr-5117	731	28	-	-	PUNCT
cblr-5117	731	29	after	after	ADP
cblr-5117	731	30	benefits	benefit	NOUN
cblr-5117	731	31	,	,	PUNCT
cblr-5117	731	32	and	and	CCONJ
cblr-5117	731	33	use	use	VERB
cblr-5117	731	34	their	their	PRON
cblr-5117	731	35	high	high	ADJ
cblr-5117	731	36	-	-	PUNCT
cblr-5117	731	37	quality	quality	NOUN
cblr-5117	731	38	equity	equity	NOUN
cblr-5117	731	39	to	to	PART
cblr-5117	731	40	raise	raise	VERB
cblr-5117	731	41	financing	financing	NOUN
cblr-5117	731	42	from	from	ADP
cblr-5117	731	43	sophisticated	sophisticated	ADJ
cblr-5117	731	44	investors	investor	NOUN
cblr-5117	731	45	who	who	PRON
cblr-5117	731	46	can	can	AUX
cblr-5117	731	47	better	well	ADV
cblr-5117	731	48	estimate	estimate	VERB
cblr-5117	731	49	its	its	PRON
cblr-5117	731	50	value.179	value.179	NOUN
cblr-5117	731	51	possibly	possibly	ADV
cblr-5117	731	52	,	,	PUNCT
cblr-5117	731	53	when	when	SCONJ
cblr-5117	731	54	facing	face	VERB
cblr-5117	731	55	the	the	DET
cblr-5117	731	56	tradeoff	tradeoff	NOUN
cblr-5117	731	57	176	176	NUM
cblr-5117	731	58	cf	cf	NOUN
cblr-5117	731	59	.	.	PUNCT
cblr-5117	732	1	i	i	PRON
cblr-5117	732	2	d.	d.	PROPN
cblr-5117	732	3	at	at	ADP
cblr-5117	732	4	488	488	NUM
cblr-5117	732	5	and	and	CCONJ
cblr-5117	732	6	495	495	NUM
cblr-5117	732	7	(	(	PUNCT
cblr-5117	732	8	“	"	PUNCT
cblr-5117	732	9	[	[	X
cblr-5117	732	10	t]here	t]here	PROPN
cblr-5117	732	11	is	be	AUX
cblr-5117	732	12	incentive	incentive	NOUN
cblr-5117	732	13	for	for	SCONJ
cblr-5117	732	14	sellers	seller	NOUN
cblr-5117	732	15	to	to	PART
cblr-5117	732	16	market	market	VERB
cblr-5117	732	17	poor	poor	ADJ
cblr-5117	732	18	quality	quality	NOUN
cblr-5117	732	19	merchandise	merchandise	NOUN
cblr-5117	732	20	[	[	X
cblr-5117	732	21	to	to	PART
cblr-5117	732	22	be	be	AUX
cblr-5117	732	23	dishonest	dishonest	ADJ
cblr-5117	732	24	]	]	PUNCT
cblr-5117	732	25	”	"	PUNCT
cblr-5117	732	26	and	and	CCONJ
cblr-5117	732	27	“	"	PUNCT
cblr-5117	732	28	the	the	DET
cblr-5117	732	29	presence	presence	NOUN
cblr-5117	732	30	of	of	ADP
cblr-5117	732	31	people	people	NOUN
cblr-5117	732	32	who	who	PRON
cblr-5117	732	33	wish	wish	VERB
cblr-5117	732	34	to	to	PART
cblr-5117	732	35	pawn	pawn	VERB
cblr-5117	732	36	bad	bad	ADJ
cblr-5117	732	37	wares	ware	NOUN
cblr-5117	732	38	as	as	SCONJ
cblr-5117	732	39	good	good	ADJ
cblr-5117	732	40	wares	ware	NOUN
cblr-5117	732	41	tends	tend	VERB
cblr-5117	732	42	to	to	PART
cblr-5117	732	43	drive	drive	VERB
cblr-5117	732	44	out	out	ADP
cblr-5117	732	45	the	the	DET
cblr-5117	732	46	legitimate	legitimate	ADJ
cblr-5117	732	47	business	business	NOUN
cblr-5117	732	48	.	.	PUNCT
cblr-5117	732	49	”	"	PUNCT
cblr-5117	732	50	)	)	PUNCT
cblr-5117	732	51	.	.	PUNCT
cblr-5117	733	1	177	177	NUM
cblr-5117	733	2	see	see	VERB
cblr-5117	733	3	i	i	PRON
cblr-5117	733	4	d.	d.	PROPN
cblr-5117	733	5	at	at	ADP
cblr-5117	733	6	490	490	NUM
cblr-5117	733	7	.	.	NOUN
cblr-5117	733	8	178	178	NUM
cblr-5117	733	9	see	see	VERB
cblr-5117	733	10	supra	supra	PROPN
cblr-5117	733	11	note	note	NOUN
cblr-5117	733	12	4	4	NUM
cblr-5117	733	13	and	and	CCONJ
cblr-5117	733	14	accompanying	accompany	VERB
cblr-5117	733	15	text	text	NOUN
cblr-5117	733	16	.	.	PUNCT
cblr-5117	734	1	179	179	NUM
cblr-5117	734	2	this	this	DET
cblr-5117	734	3	result	result	NOUN
cblr-5117	734	4	is	be	AUX
cblr-5117	734	5	not	not	PART
cblr-5117	734	6	necessarily	necessarily	ADV
cblr-5117	734	7	a	a	DET
cblr-5117	734	8	bad	bad	ADJ
cblr-5117	734	9	outcome	outcome	NOUN
cblr-5117	734	10	—	—	PUNCT
cblr-5117	734	11	most	most	ADJ
cblr-5117	734	12	economists	economist	NOUN
cblr-5117	734	13	think	think	VERB
cblr-5117	734	14	that	that	SCONJ
cblr-5117	734	15	employees	employee	NOUN
cblr-5117	734	16	are	be	AUX
cblr-5117	734	17	inefficient	inefficient	ADJ
cblr-5117	734	18	suppliers	supplier	NOUN
cblr-5117	734	19	of	of	ADP
cblr-5117	734	20	capital	capital	NOUN
cblr-5117	734	21	compared	compare	VERB
cblr-5117	734	22	with	with	ADP
cblr-5117	734	23	sophisticated	sophisticated	ADJ
cblr-5117	734	24	investors	investor	NOUN
cblr-5117	734	25	such	such	ADJ
cblr-5117	734	26	as	as	ADP
cblr-5117	734	27	venture	venture	NOUN
cblr-5117	734	28	capitalists	capitalist	NOUN
cblr-5117	734	29	,	,	PUNCT
cblr-5117	734	30	and	and	CCONJ
cblr-5117	734	31	therefore	therefore	ADV
cblr-5117	734	32	equity	equity	NOUN
cblr-5117	734	33	compensation	compensation	NOUN
cblr-5117	734	34	should	should	AUX
cblr-5117	734	35	not	not	PART
cblr-5117	734	36	be	be	AUX
cblr-5117	734	37	encouraged	encourage	VERB
cblr-5117	734	38	.	.	PUNCT
cblr-5117	735	1	see	see	VERB
cblr-5117	735	2	,	,	PUNCT
cblr-5117	735	3	e.g.	e.g.	ADV
cblr-5117	735	4	,	,	PUNCT
cblr-5117	735	5	brian	brian	PROPN
cblr-5117	735	6	hall	hall	PROPN
cblr-5117	735	7	&	&	CCONJ
cblr-5117	735	8	kevin	kevin	PROPN
cblr-5117	735	9	murphy	murphy	PROPN
cblr-5117	735	10	,	,	PUNCT
cblr-5117	735	11	the	the	DET
cblr-5117	735	12	trouble	trouble	NOUN
cblr-5117	735	13	with	with	ADP
cblr-5117	735	14	stock	stock	NOUN
cblr-5117	735	15	options	option	NOUN
cblr-5117	735	16	11	11	NUM
cblr-5117	735	17	,	,	PUNCT
cblr-5117	735	18	13	13	NUM
cblr-5117	735	19	(	(	PUNCT
cblr-5117	735	20	nat’l	nat’l	NUM
cblr-5117	735	21	bureau	bureau	PROPN
cblr-5117	735	22	of	of	ADP
cblr-5117	735	23	econ	econ	PROPN
cblr-5117	735	24	.	.	PUNCT
cblr-5117	736	1	research	research	PROPN
cblr-5117	736	2	,	,	PUNCT
cblr-5117	736	3	working	work	VERB
cblr-5117	736	4	paper	paper	NOUN
cblr-5117	736	5	no	no	NOUN
cblr-5117	736	6	.	.	PROPN
cblr-5117	736	7	9784	9784	NUM
cblr-5117	736	8	,	,	PUNCT
cblr-5117	736	9	2003	2003	NUM
cblr-5117	736	10	)	)	PUNCT
cblr-5117	736	11	.	.	PUNCT
cblr-5117	737	1	economic	economic	ADJ
cblr-5117	737	2	analysis	analysis	NOUN
cblr-5117	737	3	points	point	VERB
cblr-5117	737	4	out	out	ADP
cblr-5117	737	5	that	that	SCONJ
cblr-5117	737	6	the	the	DET
cblr-5117	737	7	value	value	NOUN
cblr-5117	737	8	of	of	ADP
cblr-5117	737	9	equity	equity	NOUN
cblr-5117	737	10	compensation	compensation	NOUN
cblr-5117	737	11	to	to	ADP
cblr-5117	737	12	a	a	DET
cblr-5117	737	13	rational	rational	ADJ
cblr-5117	737	14	employee	employee	NOUN
cblr-5117	737	15	should	should	AUX
cblr-5117	737	16	be	be	AUX
cblr-5117	737	17	lower	low	ADJ
cblr-5117	737	18	than	than	ADP
cblr-5117	737	19	the	the	DET
cblr-5117	737	20	value	value	NOUN
cblr-5117	737	21	of	of	ADP
cblr-5117	737	22	the	the	DET
cblr-5117	737	23	same	same	ADJ
cblr-5117	737	24	securities	security	NOUN
cblr-5117	737	25	to	to	ADP
cblr-5117	737	26	a	a	DET
cblr-5117	737	27	sophisticated	sophisticated	ADJ
cblr-5117	737	28	investor	investor	NOUN
cblr-5117	737	29	because	because	SCONJ
cblr-5117	737	30	employees	employee	NOUN
cblr-5117	737	31	can	can	AUX
cblr-5117	737	32	not	not	PART
cblr-5117	737	33	diversify	diversify	VERB
cblr-5117	737	34	their	their	PRON
cblr-5117	737	35	investment	investment	NOUN
cblr-5117	737	36	or	or	CCONJ
cblr-5117	737	37	protect	protect	VERB
cblr-5117	737	38	themselves	themselves	PRON
cblr-5117	737	39	through	through	ADP
cblr-5117	737	40	hedging	hedging	NOUN
cblr-5117	737	41	or	or	CCONJ
cblr-5117	737	42	other	other	ADJ
cblr-5117	737	43	techniques	technique	NOUN
cblr-5117	737	44	.	.	PUNCT
cblr-5117	738	1	i	i	PRON
cblr-5117	738	2	d.	d.	PROPN
cblr-5117	738	3	however	however	ADV
cblr-5117	738	4	,	,	PUNCT
cblr-5117	738	5	if	if	SCONJ
cblr-5117	738	6	one	one	PRON
cblr-5117	738	7	believes	believe	VERB
cblr-5117	738	8	that	that	SCONJ
cblr-5117	738	9	there	there	PRON
cblr-5117	738	10	is	be	VERB
cblr-5117	738	11	value	value	NOUN
cblr-5117	738	12	in	in	ADP
cblr-5117	738	13	equity	equity	NOUN
cblr-5117	738	14	compensation	compensation	NOUN
cblr-5117	738	15	,	,	PUNCT
cblr-5117	738	16	then	then	ADV
cblr-5117	738	17	one	one	PRON
cblr-5117	738	18	should	should	AUX
cblr-5117	738	19	care	care	VERB
cblr-5117	738	20	about	about	ADP
cblr-5117	738	21	asymmetric	asymmetric	ADJ
cblr-5117	738	22	information	information	NOUN
cblr-5117	738	23	and	and	CCONJ
cblr-5117	738	24	its	its	PRON
cblr-5117	738	25	effect	effect	NOUN
cblr-5117	738	26	on	on	ADP
cblr-5117	738	27	labor	labor	NOUN
cblr-5117	738	28	market	market	NOUN
cblr-5117	738	29	dynamics	dynamic	NOUN
cblr-5117	738	30	.	.	PUNCT
cblr-5117	739	1	among	among	ADP
cblr-5117	739	2	the	the	DET
cblr-5117	739	3	arguments	argument	NOUN
cblr-5117	739	4	offered	offer	VERB
cblr-5117	739	5	in	in	ADP
cblr-5117	739	6	the	the	DET
cblr-5117	739	7	literature	literature	NOUN
cblr-5117	739	8	in	in	ADP
cblr-5117	739	9	favor	favor	NOUN
cblr-5117	739	10	of	of	ADP
cblr-5117	739	11	equity	equity	NOUN
cblr-5117	739	12	compensation	compensation	NOUN
cblr-5117	739	13	are	be	AUX
cblr-5117	739	14	the	the	DET
cblr-5117	739	15	potential	potential	NOUN
cblr-5117	739	16	for	for	ADP
cblr-5117	739	17	better	well	ADJ
cblr-5117	739	18	distribution	distribution	NOUN
cblr-5117	739	19	of	of	ADP
cblr-5117	739	20	the	the	DET
cblr-5117	739	21	wealth	wealth	NOUN
cblr-5117	739	22	created	create	VERB
cblr-5117	739	23	by	by	ADP
cblr-5117	739	24	start	start	NOUN
cblr-5117	739	25	-	-	PUNCT
cblr-5117	739	26	up	up	ADP
cblr-5117	739	27	companies	company	NOUN
cblr-5117	739	28	,	,	PUNCT
cblr-5117	739	29	see	see	VERB
cblr-5117	739	30	joseph	joseph	PROPN
cblr-5117	739	31	r.	r.	PROPN
cblr-5117	739	32	blasi	blasi	PROPN
cblr-5117	739	33	et	et	PROPN
cblr-5117	739	34	al	al	PROPN
cblr-5117	739	35	.	.	PROPN
cblr-5117	739	36	,	,	PUNCT
cblr-5117	739	37	supra	supra	PROPN
cblr-5117	739	38	note	note	NOUN
cblr-5117	739	39	4	4	NUM
cblr-5117	739	40	,	,	PUNCT
cblr-5117	739	41	at	at	ADP
cblr-5117	739	42	195	195	NUM
cblr-5117	739	43	;	;	PUNCT
cblr-5117	739	44	better	well	ADJ
cblr-5117	739	45	motivation	motivation	NOUN
cblr-5117	739	46	for	for	ADP
cblr-5117	739	47	the	the	DET
cblr-5117	739	48	employees	employee	NOUN
cblr-5117	739	49	,	,	PUNCT
cblr-5117	739	50	see	see	VERB
cblr-5117	739	51	booth	booth	NOUN
cblr-5117	739	52	,	,	PUNCT
cblr-5117	739	53	supra	supra	PROPN
cblr-5117	739	54	note	note	PROPN
cblr-5117	739	55	63	63	NUM
cblr-5117	739	56	,	,	PUNCT
cblr-5117	739	57	at	at	ADP
cblr-5117	739	58	273	273	NUM
cblr-5117	739	59	;	;	PUNCT
cblr-5117	739	60	corey	corey	PROPN
cblr-5117	739	61	rosen	rosen	PROPN
cblr-5117	739	62	,	,	PUNCT
cblr-5117	739	63	the	the	DET
cblr-5117	739	64	record	record	NOUN
cblr-5117	739	65	of	of	ADP
cblr-5117	739	66	employee	employee	NOUN
cblr-5117	739	67	ownership	ownership	NOUN
cblr-5117	739	68	,	,	PUNCT
cblr-5117	739	69	fin	fin	NOUN
cblr-5117	739	70	.	.	PUNCT
cblr-5117	739	71	mgmt	mgmt	PROPN
cblr-5117	739	72	.	.	PROPN
cblr-5117	739	73	,	,	PUNCT
cblr-5117	739	74	spring	spring	NOUN
cblr-5117	739	75	1990	1990	NUM
cblr-5117	739	76	,	,	PUNCT
cblr-5117	739	77	at	at	ADP
cblr-5117	739	78	39	39	NUM
cblr-5117	739	79	,	,	PUNCT
cblr-5117	739	80	41	41	NUM
cblr-5117	739	81	,	,	PUNCT
cblr-5117	739	82	and	and	CCONJ
cblr-5117	739	83	a	a	DET
cblr-5117	739	84	better	well	ADJ
cblr-5117	739	85	form	form	NOUN
cblr-5117	739	86	of	of	ADP
cblr-5117	739	87	protection	protection	NOUN
cblr-5117	739	88	for	for	ADP
cblr-5117	739	89	research	research	NOUN
cblr-5117	739	90	and	and	CCONJ
cblr-5117	739	91	development	development	NOUN
cblr-5117	739	92	and	and	CCONJ
cblr-5117	739	93	human	human	ADJ
cblr-5117	739	94	capital	capital	NOUN
cblr-5117	739	95	investments	investment	NOUN
cblr-5117	740	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	740	2	(	(	PUNCT
cblr-5117	740	3	do	do	AUX
cblr-5117	740	4	not	not	PART
cblr-5117	740	5	delete	delete	VERB
cblr-5117	740	6	)	)	PUNCT
cblr-5117	740	7	1/8/2020	1/8/2020	NUM
cblr-5117	740	8	4:44	4:44	NUM
cblr-5117	740	9	pm	pm	NOUN
cblr-5117	740	10	no	no	INTJ
cblr-5117	740	11	.	.	PUNCT
cblr-5117	741	1	3:867	3:867	NUM
cblr-5117	741	2	]	]	PUNCT
cblr-5117	741	3	making	make	VERB
cblr-5117	741	4	disclosure	disclosure	NOUN
cblr-5117	741	5	work	work	NOUN
cblr-5117	741	6	921	921	NUM
cblr-5117	741	7	between	between	ADP
cblr-5117	741	8	obtaining	obtain	VERB
cblr-5117	741	9	a	a	DET
cblr-5117	741	10	high	high	ADJ
cblr-5117	741	11	valuation	valuation	NOUN
cblr-5117	741	12	and	and	CCONJ
cblr-5117	741	13	protecting	protect	VERB
cblr-5117	741	14	the	the	DET
cblr-5117	741	15	value	value	NOUN
cblr-5117	741	16	of	of	ADP
cblr-5117	741	17	the	the	DET
cblr-5117	741	18	common	common	ADJ
cblr-5117	741	19	stock,180	stock,180	NOUN
cblr-5117	741	20	founders	founder	NOUN
cblr-5117	741	21	would	would	AUX
cblr-5117	741	22	be	be	AUX
cblr-5117	741	23	more	more	ADV
cblr-5117	741	24	likely	likely	ADJ
cblr-5117	741	25	to	to	PART
cblr-5117	741	26	choose	choose	VERB
cblr-5117	741	27	the	the	DET
cblr-5117	741	28	former.181	former.181	NOUN
cblr-5117	741	29	gradually	gradually	ADV
cblr-5117	741	30	,	,	PUNCT
cblr-5117	741	31	the	the	DET
cblr-5117	741	32	value	value	NOUN
cblr-5117	741	33	of	of	ADP
cblr-5117	741	34	the	the	DET
cblr-5117	741	35	securities	security	NOUN
cblr-5117	741	36	offered	offer	VERB
cblr-5117	741	37	as	as	ADP
cblr-5117	741	38	compensation	compensation	NOUN
cblr-5117	741	39	to	to	ADP
cblr-5117	741	40	employees	employee	NOUN
cblr-5117	741	41	across	across	ADP
cblr-5117	741	42	the	the	DET
cblr-5117	741	43	industry	industry	NOUN
cblr-5117	741	44	would	would	AUX
cblr-5117	741	45	decline	decline	VERB
cblr-5117	741	46	,	,	PUNCT
cblr-5117	741	47	and	and	CCONJ
cblr-5117	741	48	the	the	DET
cblr-5117	741	49	attractiveness	attractiveness	NOUN
cblr-5117	741	50	of	of	ADP
cblr-5117	741	51	equity	equity	NOUN
cblr-5117	741	52	incentives	incentive	NOUN
cblr-5117	741	53	for	for	ADP
cblr-5117	741	54	recruitment	recruitment	NOUN
cblr-5117	741	55	purposes	purpose	NOUN
cblr-5117	741	56	would	would	AUX
cblr-5117	741	57	diminish	diminish	VERB
cblr-5117	741	58	.	.	PUNCT
cblr-5117	742	1	consequently	consequently	ADV
cblr-5117	742	2	,	,	PUNCT
cblr-5117	742	3	employees	employee	NOUN
cblr-5117	742	4	will	will	AUX
cblr-5117	742	5	adjust	adjust	VERB
cblr-5117	742	6	their	their	PRON
cblr-5117	742	7	cash	cash	NOUN
cblr-5117	742	8	salary	salary	NOUN
cblr-5117	742	9	expectations	expectation	NOUN
cblr-5117	742	10	,	,	PUNCT
cblr-5117	742	11	and	and	CCONJ
cblr-5117	742	12	the	the	DET
cblr-5117	742	13	cost	cost	NOUN
cblr-5117	742	14	of	of	ADP
cblr-5117	742	15	starting	start	VERB
cblr-5117	742	16	a	a	DET
cblr-5117	742	17	new	new	ADJ
cblr-5117	742	18	venture	venture	NOUN
cblr-5117	742	19	might	might	AUX
cblr-5117	742	20	rise.182	rise.182	VERB
cblr-5117	742	21	by	by	ADP
cblr-5117	742	22	the	the	DET
cblr-5117	742	23	company	company	NOUN
cblr-5117	742	24	(	(	PUNCT
cblr-5117	742	25	compared	compare	VERB
cblr-5117	742	26	to	to	ADP
cblr-5117	742	27	non	non	ADJ
cblr-5117	742	28	-	-	ADJ
cblr-5117	742	29	compete	compete	ADJ
cblr-5117	742	30	agreements	agreement	NOUN
cblr-5117	742	31	)	)	PUNCT
cblr-5117	742	32	that	that	PRON
cblr-5117	742	33	allows	allow	VERB
cblr-5117	742	34	for	for	ADP
cblr-5117	742	35	efficient	efficient	ADJ
cblr-5117	742	36	allocation	allocation	NOUN
cblr-5117	742	37	of	of	ADP
cblr-5117	742	38	skilled	skilled	ADJ
cblr-5117	742	39	employees	employee	NOUN
cblr-5117	742	40	in	in	ADP
cblr-5117	742	41	the	the	DET
cblr-5117	742	42	start	start	VERB
cblr-5117	742	43	-	-	PUNCT
cblr-5117	742	44	up	up	ADP
cblr-5117	742	45	labor	labor	NOUN
cblr-5117	742	46	market	market	NOUN
cblr-5117	742	47	.	.	PUNCT
cblr-5117	743	1	see	see	VERB
cblr-5117	743	2	aran	aran	NOUN
cblr-5117	743	3	,	,	PUNCT
cblr-5117	743	4	supra	supra	PROPN
cblr-5117	743	5	note	note	NOUN
cblr-5117	743	6	4	4	NUM
cblr-5117	743	7	,	,	PUNCT
cblr-5117	743	8	at	at	ADP
cblr-5117	743	9	1273–78	1273–78	NUM
cblr-5117	743	10	.	.	PUNCT
cblr-5117	744	1	180	180	NUM
cblr-5117	744	2	regarding	regard	VERB
cblr-5117	744	3	the	the	DET
cblr-5117	744	4	tradeoff	tradeoff	NOUN
cblr-5117	744	5	between	between	ADP
cblr-5117	744	6	terms	term	NOUN
cblr-5117	744	7	and	and	CCONJ
cblr-5117	744	8	valuation	valuation	NOUN
cblr-5117	744	9	see	see	VERB
cblr-5117	744	10	supra	supra	PROPN
cblr-5117	744	11	section	section	PROPN
cblr-5117	744	12	iii.c.3	iii.c.3	PROPN
cblr-5117	744	13	.	.	PUNCT
cblr-5117	745	1	181	181	NUM
cblr-5117	745	2	founders	founder	NOUN
cblr-5117	745	3	are	be	AUX
cblr-5117	745	4	incentivized	incentivize	VERB
cblr-5117	745	5	to	to	PART
cblr-5117	745	6	protect	protect	VERB
cblr-5117	745	7	the	the	DET
cblr-5117	745	8	value	value	NOUN
cblr-5117	745	9	of	of	ADP
cblr-5117	745	10	the	the	DET
cblr-5117	745	11	common	common	ADJ
cblr-5117	745	12	stock	stock	NOUN
cblr-5117	745	13	because	because	SCONJ
cblr-5117	745	14	they	they	PRON
cblr-5117	745	15	too	too	ADV
cblr-5117	745	16	hold	hold	VERB
cblr-5117	745	17	this	this	DET
cblr-5117	745	18	class	class	NOUN
cblr-5117	745	19	of	of	ADP
cblr-5117	745	20	shares	share	NOUN
cblr-5117	745	21	.	.	PUNCT
cblr-5117	746	1	however	however	ADV
cblr-5117	746	2	,	,	PUNCT
cblr-5117	746	3	founders	founder	NOUN
cblr-5117	746	4	can	can	AUX
cblr-5117	746	5	and	and	CCONJ
cblr-5117	746	6	often	often	ADV
cblr-5117	746	7	do	do	AUX
cblr-5117	746	8	extract	extract	VERB
cblr-5117	746	9	value	value	NOUN
cblr-5117	746	10	from	from	ADP
cblr-5117	746	11	the	the	DET
cblr-5117	746	12	company	company	NOUN
cblr-5117	746	13	via	via	ADP
cblr-5117	746	14	management	management	NOUN
cblr-5117	746	15	incentive	incentive	NOUN
cblr-5117	746	16	plans	plan	NOUN
cblr-5117	746	17	,	,	PUNCT
cblr-5117	746	18	loans	loan	NOUN
cblr-5117	746	19	and	and	CCONJ
cblr-5117	746	20	other	other	ADJ
cblr-5117	746	21	transactions	transaction	NOUN
cblr-5117	746	22	that	that	PRON
cblr-5117	746	23	create	create	VERB
cblr-5117	746	24	a	a	DET
cblr-5117	746	25	wedge	wedge	NOUN
cblr-5117	746	26	between	between	ADP
cblr-5117	746	27	them	they	PRON
cblr-5117	746	28	and	and	CCONJ
cblr-5117	746	29	the	the	DET
cblr-5117	746	30	employees	employee	NOUN
cblr-5117	746	31	.	.	PUNCT
cblr-5117	747	1	see	see	VERB
cblr-5117	747	2	infra	infra	NOUN
cblr-5117	747	3	section	section	NOUN
cblr-5117	747	4	iv.c	iv.c	VERB
cblr-5117	747	5	.	.	PUNCT
cblr-5117	748	1	182	182	NUM
cblr-5117	748	2	some	some	PRON
cblr-5117	748	3	of	of	ADP
cblr-5117	748	4	the	the	DET
cblr-5117	748	5	interviewees	interviewee	NOUN
cblr-5117	748	6	of	of	ADP
cblr-5117	748	7	this	this	DET
cblr-5117	748	8	research	research	NOUN
cblr-5117	748	9	view	view	VERB
cblr-5117	748	10	it	it	PRON
cblr-5117	748	11	as	as	ADP
cblr-5117	748	12	a	a	DET
cblr-5117	748	13	fair	fair	ADJ
cblr-5117	748	14	description	description	NOUN
cblr-5117	748	15	of	of	ADP
cblr-5117	748	16	eroding	erode	VERB
cblr-5117	748	17	attraction	attraction	NOUN
cblr-5117	748	18	of	of	ADP
cblr-5117	748	19	equity	equity	NOUN
cblr-5117	748	20	compensation	compensation	NOUN
cblr-5117	748	21	in	in	ADP
cblr-5117	748	22	silicon	silicon	PROPN
cblr-5117	748	23	valley	valley	PROPN
cblr-5117	748	24	.	.	PUNCT
cblr-5117	749	1	see	see	VERB
cblr-5117	749	2	,	,	PUNCT
cblr-5117	749	3	e.g.	e.g.	ADV
cblr-5117	749	4	,	,	PUNCT
cblr-5117	749	5	interviews	interview	NOUN
cblr-5117	749	6	,	,	PUNCT
cblr-5117	749	7	supra	supra	PROPN
cblr-5117	749	8	note	note	PROPN
cblr-5117	749	9	29	29	NUM
cblr-5117	749	10	(	(	PUNCT
cblr-5117	749	11	referencing	reference	VERB
cblr-5117	749	12	vc01	vc01	PROPN
cblr-5117	749	13	reckoning	reckon	VERB
cblr-5117	749	14	that	that	SCONJ
cblr-5117	749	15	in	in	ADP
cblr-5117	749	16	the	the	DET
cblr-5117	749	17	past	past	NOUN
cblr-5117	749	18	the	the	DET
cblr-5117	749	19	expectation	expectation	NOUN
cblr-5117	749	20	was	be	AUX
cblr-5117	749	21	that	that	SCONJ
cblr-5117	749	22	a	a	DET
cblr-5117	749	23	senior	senior	ADJ
cblr-5117	749	24	employee	employee	NOUN
cblr-5117	749	25	should	should	AUX
cblr-5117	749	26	be	be	AUX
cblr-5117	749	27	able	able	ADJ
cblr-5117	749	28	to	to	PART
cblr-5117	749	29	buy	buy	VERB
cblr-5117	749	30	a	a	DET
cblr-5117	749	31	house	house	NOUN
cblr-5117	749	32	after	after	SCONJ
cblr-5117	749	33	a	a	DET
cblr-5117	749	34	successful	successful	ADJ
cblr-5117	749	35	ipo	ipo	NOUN
cblr-5117	749	36	and	and	CCONJ
cblr-5117	749	37	a	a	DET
cblr-5117	749	38	rank	rank	NOUN
cblr-5117	749	39	and	and	CCONJ
cblr-5117	749	40	file	file	NOUN
cblr-5117	749	41	employee	employee	NOUN
cblr-5117	749	42	should	should	AUX
cblr-5117	749	43	be	be	AUX
cblr-5117	749	44	able	able	ADJ
cblr-5117	749	45	to	to	PART
cblr-5117	749	46	buy	buy	VERB
cblr-5117	749	47	a	a	DET
cblr-5117	749	48	car	car	NOUN
cblr-5117	749	49	.	.	PUNCT
cblr-5117	750	1	whereas	whereas	SCONJ
cblr-5117	750	2	today	today	NOUN
cblr-5117	750	3	,	,	PUNCT
cblr-5117	750	4	the	the	DET
cblr-5117	750	5	equity	equity	NOUN
cblr-5117	750	6	stakes	stake	NOUN
cblr-5117	750	7	are	be	AUX
cblr-5117	750	8	less	less	ADV
cblr-5117	750	9	significant	significant	ADJ
cblr-5117	750	10	.	.	PUNCT
cblr-5117	750	11	)	)	PUNCT
cblr-5117	751	1	;	;	PUNCT
cblr-5117	751	2	i	i	PRON
cblr-5117	751	3	d.	d.	PROPN
cblr-5117	751	4	(	(	PUNCT
cblr-5117	751	5	quoting	quote	VERB
cblr-5117	751	6	f01	f01	PROPN
cblr-5117	751	7	:	:	PUNCT
cblr-5117	751	8	“	"	PUNCT
cblr-5117	751	9	i	i	PRON
cblr-5117	751	10	think	think	VERB
cblr-5117	751	11	employees	employee	NOUN
cblr-5117	751	12	are	be	AUX
cblr-5117	751	13	getting	get	VERB
cblr-5117	751	14	less	less	ADJ
cblr-5117	751	15	stocks	stock	NOUN
cblr-5117	751	16	than	than	SCONJ
cblr-5117	751	17	they	they	PRON
cblr-5117	751	18	used	use	VERB
cblr-5117	751	19	to	to	PART
cblr-5117	751	20	than	than	ADP
cblr-5117	751	21	in	in	ADP
cblr-5117	751	22	the	the	DET
cblr-5117	751	23	early	early	ADJ
cblr-5117	751	24	days	day	NOUN
cblr-5117	751	25	.	.	PUNCT
cblr-5117	752	1	it	it	PRON
cblr-5117	752	2	seemed	seem	VERB
cblr-5117	752	3	like	like	SCONJ
cblr-5117	752	4	it	it	PRON
cblr-5117	752	5	’s	’	VERB
cblr-5117	752	6	a	a	DET
cblr-5117	752	7	way	way	NOUN
cblr-5117	752	8	to	to	PART
cblr-5117	752	9	defer	defer	VERB
cblr-5117	752	10	cash	cash	NOUN
cblr-5117	752	11	.	.	PUNCT
cblr-5117	752	12	”	"	PUNCT
cblr-5117	752	13	)	)	PUNCT
cblr-5117	752	14	;	;	PUNCT
cblr-5117	752	15	interviews	interview	NOUN
cblr-5117	752	16	,	,	PUNCT
cblr-5117	752	17	supra	supra	PROPN
cblr-5117	752	18	note	note	PROPN
cblr-5117	752	19	29	29	NUM
cblr-5117	752	20	(	(	PUNCT
cblr-5117	752	21	citing	cite	VERB
cblr-5117	752	22	f03	f03	NOUN
cblr-5117	752	23	estimating	estimate	VERB
cblr-5117	752	24	that	that	SCONJ
cblr-5117	752	25	nowadays	nowadays	ADV
cblr-5117	752	26	startup	startup	VERB
cblr-5117	752	27	employees	employee	NOUN
cblr-5117	752	28	view	view	VERB
cblr-5117	752	29	equity	equity	NOUN
cblr-5117	752	30	as	as	ADP
cblr-5117	752	31	a	a	DET
cblr-5117	752	32	bonus	bonus	NOUN
cblr-5117	752	33	,	,	PUNCT
cblr-5117	752	34	and	and	CCONJ
cblr-5117	752	35	it	it	PRON
cblr-5117	752	36	no	no	ADV
cblr-5117	752	37	longer	long	ADV
cblr-5117	752	38	provides	provide	VERB
cblr-5117	752	39	a	a	DET
cblr-5117	752	40	significant	significant	ADJ
cblr-5117	752	41	incentive	incentive	NOUN
cblr-5117	752	42	for	for	ADP
cblr-5117	752	43	recruiting	recruiting	NOUN
cblr-5117	752	44	purposes	purpose	NOUN
cblr-5117	752	45	)	)	PUNCT
cblr-5117	752	46	;	;	PUNCT
cblr-5117	752	47	interviews	interview	NOUN
cblr-5117	752	48	,	,	PUNCT
cblr-5117	752	49	supra	supra	PROPN
cblr-5117	752	50	note	note	PROPN
cblr-5117	752	51	29	29	NUM
cblr-5117	752	52	(	(	PUNCT
cblr-5117	752	53	referencing	reference	VERB
cblr-5117	752	54	vc03	vc03	PROPN
cblr-5117	752	55	estimating	estimate	VERB
cblr-5117	752	56	that	that	SCONJ
cblr-5117	752	57	due	due	ADJ
cblr-5117	752	58	to	to	PART
cblr-5117	752	59	influx	influx	VERB
cblr-5117	752	60	of	of	ADP
cblr-5117	752	61	venture	venture	NOUN
cblr-5117	752	62	capital	capital	NOUN
cblr-5117	752	63	in	in	ADP
cblr-5117	752	64	some	some	DET
cblr-5117	752	65	markets	market	NOUN
cblr-5117	752	66	such	such	ADJ
cblr-5117	752	67	as	as	ADP
cblr-5117	752	68	silicon	silicon	NOUN
cblr-5117	752	69	valley	valley	NOUN
cblr-5117	752	70	,	,	PUNCT
cblr-5117	752	71	new	new	PROPN
cblr-5117	752	72	york	york	PROPN
cblr-5117	752	73	,	,	PUNCT
cblr-5117	752	74	and	and	CCONJ
cblr-5117	752	75	boston	boston	PROPN
cblr-5117	752	76	—	—	PUNCT
cblr-5117	752	77	start	start	VERB
cblr-5117	752	78	-	-	PUNCT
cblr-5117	752	79	up	up	ADP
cblr-5117	752	80	employees	employee	NOUN
cblr-5117	752	81	in	in	ADP
cblr-5117	752	82	these	these	DET
cblr-5117	752	83	areas	area	NOUN
cblr-5117	752	84	receive	receive	VERB
cblr-5117	752	85	competitive	competitive	ADJ
cblr-5117	752	86	cash	cash	NOUN
cblr-5117	752	87	salaries	salary	NOUN
cblr-5117	752	88	,	,	PUNCT
cblr-5117	752	89	and	and	CCONJ
cblr-5117	752	90	therefore	therefore	ADV
cblr-5117	752	91	in	in	ADP
cblr-5117	752	92	these	these	DET
cblr-5117	752	93	markets	market	NOUN
cblr-5117	752	94	,	,	PUNCT
cblr-5117	752	95	equity	equity	NOUN
cblr-5117	752	96	compensation	compensation	NOUN
cblr-5117	752	97	is	be	AUX
cblr-5117	752	98	no	no	ADV
cblr-5117	752	99	longer	long	ADV
cblr-5117	752	100	a	a	DET
cblr-5117	752	101	significant	significant	ADJ
cblr-5117	752	102	factor	factor	NOUN
cblr-5117	752	103	in	in	ADP
cblr-5117	752	104	recruiting	recruiting	NOUN
cblr-5117	752	105	efforts	effort	NOUN
cblr-5117	752	106	)	)	PUNCT
cblr-5117	752	107	.	.	PUNCT
cblr-5117	753	1	survey	survey	NOUN
cblr-5117	753	2	respondents	respondent	NOUN
cblr-5117	753	3	explain	explain	VERB
cblr-5117	753	4	their	their	PRON
cblr-5117	753	5	preference	preference	NOUN
cblr-5117	753	6	for	for	ADP
cblr-5117	753	7	cash	cash	NOUN
cblr-5117	753	8	only	only	ADV
cblr-5117	753	9	compensation	compensation	NOUN
cblr-5117	753	10	schemes	scheme	NOUN
cblr-5117	753	11	in	in	ADP
cblr-5117	753	12	the	the	DET
cblr-5117	753	13	following	following	ADJ
cblr-5117	753	14	terms	term	NOUN
cblr-5117	753	15	:	:	PUNCT
cblr-5117	753	16	“	"	PUNCT
cblr-5117	753	17	based	base	VERB
cblr-5117	753	18	on	on	ADP
cblr-5117	753	19	my	my	PRON
cblr-5117	753	20	experiences	experience	NOUN
cblr-5117	753	21	,	,	PUNCT
cblr-5117	753	22	equity	equity	NOUN
cblr-5117	753	23	-	-	PUNCT
cblr-5117	753	24	based	base	VERB
cblr-5117	753	25	compensation	compensation	NOUN
cblr-5117	753	26	has	have	AUX
cblr-5117	753	27	never	never	ADV
cblr-5117	753	28	really	really	ADV
cblr-5117	753	29	paid	pay	VERB
cblr-5117	753	30	off	off	ADP
cblr-5117	753	31	for	for	ADP
cblr-5117	753	32	me	i	PRON
cblr-5117	753	33	.	.	PUNCT
cblr-5117	754	1	while	while	SCONJ
cblr-5117	754	2	i	i	PRON
cblr-5117	754	3	used	use	VERB
cblr-5117	754	4	to	to	PART
cblr-5117	754	5	view	view	VERB
cblr-5117	754	6	it	it	PRON
cblr-5117	754	7	as	as	ADP
cblr-5117	754	8	a	a	DET
cblr-5117	754	9	lottery	lottery	NOUN
cblr-5117	754	10	ticket	ticket	NOUN
cblr-5117	754	11	,	,	PUNCT
cblr-5117	754	12	i	i	PRON
cblr-5117	754	13	now	now	ADV
cblr-5117	754	14	view	view	VERB
cblr-5117	754	15	it	it	PRON
cblr-5117	754	16	as	as	ADP
cblr-5117	754	17	more	more	ADJ
cblr-5117	754	18	of	of	ADP
cblr-5117	754	19	a	a	DET
cblr-5117	754	20	liability	liability	NOUN
cblr-5117	754	21	.	.	PUNCT
cblr-5117	755	1	when	when	SCONJ
cblr-5117	755	2	i	i	PRON
cblr-5117	755	3	negotiate	negotiate	VERB
cblr-5117	755	4	salary	salary	NOUN
cblr-5117	755	5	with	with	ADP
cblr-5117	755	6	a	a	DET
cblr-5117	755	7	new	new	ADJ
cblr-5117	755	8	employer	employer	NOUN
cblr-5117	755	9	these	these	DET
cblr-5117	755	10	days	day	NOUN
cblr-5117	755	11	,	,	PUNCT
cblr-5117	755	12	i	i	PRON
cblr-5117	755	13	ask	ask	VERB
cblr-5117	755	14	them	they	PRON
cblr-5117	755	15	not	not	PART
cblr-5117	755	16	how	how	SCONJ
cblr-5117	755	17	much	much	ADJ
cblr-5117	755	18	equity	equity	NOUN
cblr-5117	755	19	they	they	PRON
cblr-5117	755	20	can	can	AUX
cblr-5117	755	21	give	give	VERB
cblr-5117	755	22	me	i	PRON
cblr-5117	755	23	,	,	PUNCT
cblr-5117	755	24	rather	rather	ADV
cblr-5117	755	25	i	i	PRON
cblr-5117	755	26	ask	ask	VERB
cblr-5117	755	27	them	they	PRON
cblr-5117	755	28	how	how	SCONJ
cblr-5117	755	29	much	much	ADJ
cblr-5117	755	30	equity	equity	NOUN
cblr-5117	755	31	can	can	AUX
cblr-5117	755	32	i	i	PRON
cblr-5117	755	33	give	give	VERB
cblr-5117	755	34	up	up	ADP
cblr-5117	755	35	or	or	CCONJ
cblr-5117	755	36	give	give	VERB
cblr-5117	755	37	back	back	ADP
cblr-5117	755	38	to	to	ADP
cblr-5117	755	39	them	they	PRON
cblr-5117	755	40	in	in	ADP
cblr-5117	755	41	exchange	exchange	NOUN
cblr-5117	755	42	for	for	ADP
cblr-5117	755	43	a	a	DET
cblr-5117	755	44	higher	high	ADJ
cblr-5117	755	45	salary	salary	NOUN
cblr-5117	755	46	”	"	PUNCT
cblr-5117	755	47	;	;	PUNCT
cblr-5117	755	48	“	"	PUNCT
cblr-5117	755	49	i	i	PRON
cblr-5117	755	50	have	have	AUX
cblr-5117	755	51	participated	participate	VERB
cblr-5117	755	52	in	in	ADP
cblr-5117	755	53	start	start	NOUN
cblr-5117	755	54	-	-	PUNCT
cblr-5117	755	55	ups	up	NOUN
cblr-5117	755	56	that	that	PRON
cblr-5117	755	57	offered	offer	VERB
cblr-5117	755	58	equity	equity	NOUN
cblr-5117	755	59	and	and	CCONJ
cblr-5117	755	60	failed	fail	VERB
cblr-5117	755	61	.	.	PUNCT
cblr-5117	756	1	a	a	DET
cblr-5117	756	2	bird	bird	NOUN
cblr-5117	756	3	in	in	ADP
cblr-5117	756	4	the	the	DET
cblr-5117	756	5	hand	hand	NOUN
cblr-5117	756	6	is	be	AUX
cblr-5117	756	7	better	well	ADJ
cblr-5117	756	8	than	than	ADP
cblr-5117	756	9	two	two	NUM
cblr-5117	756	10	in	in	ADP
cblr-5117	756	11	the	the	DET
cblr-5117	756	12	bush	bush	NOUN
cblr-5117	756	13	”	"	PUNCT
cblr-5117	756	14	;	;	PUNCT
cblr-5117	756	15	“	"	PUNCT
cblr-5117	756	16	start	start	VERB
cblr-5117	756	17	-	-	PUNCT
cblr-5117	756	18	up	up	ADP
cblr-5117	756	19	stock	stock	NOUN
cblr-5117	756	20	is	be	AUX
cblr-5117	756	21	normally	normally	ADV
cblr-5117	756	22	only	only	ADV
cblr-5117	756	23	good	good	ADJ
cblr-5117	756	24	for	for	ADP
cblr-5117	756	25	wall	wall	NOUN
cblr-5117	756	26	-	-	PUNCT
cblr-5117	756	27	papering	papering	NOUN
cblr-5117	756	28	”	"	PUNCT
cblr-5117	756	29	.	.	PUNCT
cblr-5117	757	1	see	see	VERB
cblr-5117	757	2	aran	aran	NOUN
cblr-5117	757	3	,	,	PUNCT
cblr-5117	757	4	supra	supra	PROPN
cblr-5117	757	5	note	note	NOUN
cblr-5117	757	6	30	30	NUM
cblr-5117	757	7	.	.	PUNCT
cblr-5117	758	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	758	2	(	(	PUNCT
cblr-5117	758	3	do	do	AUX
cblr-5117	758	4	not	not	PART
cblr-5117	758	5	delte	delte	VERB
cblr-5117	758	6	)	)	PUNCT
cblr-5117	758	7	1/8/2020	1/8/2020	NUM
cblr-5117	758	8	4:44	4:44	NUM
cblr-5117	758	9	pm	pm	NOUN
cblr-5117	758	10	922	922	NUM
cblr-5117	758	11	columbia	columbia	PROPN
cblr-5117	758	12	business	business	NOUN
cblr-5117	758	13	law	law	PROPN
cblr-5117	758	14	review	review	NOUN
cblr-5117	758	15	[	[	X
cblr-5117	758	16	vol	vol	NOUN
cblr-5117	758	17	.	.	PUNCT
cblr-5117	758	18	2019	2019	NUM
cblr-5117	758	19	this	this	DET
cblr-5117	758	20	problem	problem	NOUN
cblr-5117	758	21	could	could	AUX
cblr-5117	758	22	be	be	AUX
cblr-5117	758	23	solved	solve	VERB
cblr-5117	758	24	if	if	SCONJ
cblr-5117	758	25	employees	employee	NOUN
cblr-5117	758	26	used	use	VERB
cblr-5117	758	27	an	an	DET
cblr-5117	758	28	intermediary	intermediary	NOUN
cblr-5117	758	29	to	to	PART
cblr-5117	758	30	help	help	VERB
cblr-5117	758	31	them	they	PRON
cblr-5117	758	32	understand	understand	VERB
cblr-5117	758	33	the	the	DET
cblr-5117	758	34	economic	economic	ADJ
cblr-5117	758	35	value	value	NOUN
cblr-5117	758	36	of	of	ADP
cblr-5117	758	37	the	the	DET
cblr-5117	758	38	equity	equity	NOUN
cblr-5117	758	39	grants.183	grants.183	PROPN
cblr-5117	758	40	however	however	ADV
cblr-5117	758	41	,	,	PUNCT
cblr-5117	758	42	start	start	NOUN
cblr-5117	758	43	-	-	PUNCT
cblr-5117	758	44	ups	up	NOUN
cblr-5117	758	45	are	be	AUX
cblr-5117	758	46	typically	typically	ADV
cblr-5117	758	47	not	not	PART
cblr-5117	758	48	covered	cover	VERB
cblr-5117	758	49	by	by	ADP
cblr-5117	758	50	rating	rating	NOUN
cblr-5117	758	51	agencies	agency	NOUN
cblr-5117	758	52	or	or	CCONJ
cblr-5117	758	53	buy	buy	NOUN
cblr-5117	758	54	-	-	PUNCT
cblr-5117	758	55	side	side	NOUN
cblr-5117	758	56	analysts,184	analysts,184	NOUN
cblr-5117	758	57	and	and	CCONJ
cblr-5117	758	58	most	most	ADJ
cblr-5117	758	59	employees	employee	NOUN
cblr-5117	758	60	do	do	AUX
cblr-5117	758	61	not	not	PART
cblr-5117	758	62	consult	consult	VERB
cblr-5117	758	63	with	with	ADP
cblr-5117	758	64	experts	expert	NOUN
cblr-5117	758	65	before	before	ADP
cblr-5117	758	66	making	make	VERB
cblr-5117	758	67	their	their	PRON
cblr-5117	758	68	decisions	decision	NOUN
cblr-5117	758	69	regarding	regard	VERB
cblr-5117	758	70	equity	equity	NOUN
cblr-5117	758	71	compensation.185	compensation.185	NOUN
cblr-5117	758	72	likewise	likewise	ADV
cblr-5117	758	73	,	,	PUNCT
cblr-5117	758	74	in	in	ADP
cblr-5117	758	75	theory	theory	NOUN
cblr-5117	758	76	,	,	PUNCT
cblr-5117	758	77	founders	founder	NOUN
cblr-5117	758	78	of	of	ADP
cblr-5117	758	79	top	top	ADJ
cblr-5117	758	80	-	-	PUNCT
cblr-5117	758	81	quality	quality	NOUN
cblr-5117	758	82	companies	company	NOUN
cblr-5117	758	83	can	can	AUX
cblr-5117	758	84	voluntarily	voluntarily	ADV
cblr-5117	758	85	disclose	disclose	VERB
cblr-5117	758	86	financial	financial	ADJ
cblr-5117	758	87	information	information	NOUN
cblr-5117	758	88	to	to	PART
cblr-5117	758	89	convince	convince	VERB
cblr-5117	758	90	prospective	prospective	ADJ
cblr-5117	758	91	employees	employee	NOUN
cblr-5117	758	92	that	that	SCONJ
cblr-5117	758	93	their	their	PRON
cblr-5117	758	94	securities	security	NOUN
cblr-5117	758	95	are	be	AUX
cblr-5117	758	96	of	of	ADP
cblr-5117	758	97	greater	great	ADJ
cblr-5117	758	98	value	value	NOUN
cblr-5117	758	99	than	than	ADP
cblr-5117	758	100	the	the	DET
cblr-5117	758	101	market	market	NOUN
cblr-5117	758	102	baseline	baseline	NOUN
cblr-5117	758	103	.	.	PUNCT
cblr-5117	759	1	those	those	DET
cblr-5117	759	2	companies	company	NOUN
cblr-5117	759	3	will	will	AUX
cblr-5117	759	4	presumably	presumably	ADV
cblr-5117	759	5	enjoy	enjoy	VERB
cblr-5117	759	6	a	a	DET
cblr-5117	759	7	recruiting	recruiting	NOUN
cblr-5117	759	8	advantage	advantage	NOUN
cblr-5117	759	9	,	,	PUNCT
cblr-5117	759	10	which	which	PRON
cblr-5117	759	11	will	will	AUX
cblr-5117	759	12	force	force	VERB
cblr-5117	759	13	other	other	ADJ
cblr-5117	759	14	above	above	ADP
cblr-5117	759	15	-	-	PUNCT
cblr-5117	759	16	average	average	ADJ
cblr-5117	759	17	companies	company	NOUN
cblr-5117	759	18	to	to	PART
cblr-5117	759	19	follow	follow	VERB
cblr-5117	759	20	suit	suit	NOUN
cblr-5117	759	21	in	in	ADP
cblr-5117	759	22	a	a	DET
cblr-5117	759	23	process	process	NOUN
cblr-5117	759	24	of	of	ADP
cblr-5117	759	25	“	"	PUNCT
cblr-5117	759	26	unraveling	unravel	VERB
cblr-5117	759	27	.	.	PUNCT
cblr-5117	759	28	”186	”186	PUNCT
cblr-5117	759	29	however	however	ADV
cblr-5117	759	30	,	,	PUNCT
cblr-5117	759	31	in	in	ADP
cblr-5117	759	32	practice	practice	NOUN
cblr-5117	759	33	,	,	PUNCT
cblr-5117	759	34	very	very	ADV
cblr-5117	759	35	few	few	ADJ
cblr-5117	759	36	companies	company	NOUN
cblr-5117	759	37	183	183	NUM
cblr-5117	759	38	see	see	VERB
cblr-5117	759	39	frank	frank	PROPN
cblr-5117	759	40	rose	rise	VERB
cblr-5117	759	41	,	,	PUNCT
cblr-5117	759	42	the	the	DET
cblr-5117	759	43	economics	economic	NOUN
cblr-5117	759	44	,	,	PUNCT
cblr-5117	759	45	concept	concept	NOUN
cblr-5117	759	46	,	,	PUNCT
cblr-5117	759	47	and	and	CCONJ
cblr-5117	759	48	design	design	NOUN
cblr-5117	759	49	of	of	ADP
cblr-5117	759	50	information	information	NOUN
cblr-5117	759	51	intermediaries	intermediary	NOUN
cblr-5117	759	52	:	:	PUNCT
cblr-5117	759	53	a	a	DET
cblr-5117	759	54	theoretic	theoretic	ADJ
cblr-5117	759	55	approach	approach	NOUN
cblr-5117	759	56	70	70	NUM
cblr-5117	759	57	(	(	PUNCT
cblr-5117	759	58	1999	1999	NUM
cblr-5117	759	59	)	)	PUNCT
cblr-5117	759	60	(	(	PUNCT
cblr-5117	759	61	“	"	PUNCT
cblr-5117	759	62	intermediaries	intermediary	NOUN
cblr-5117	759	63	may	may	AUX
cblr-5117	759	64	help	help	VERB
cblr-5117	759	65	to	to	PART
cblr-5117	759	66	overcome	overcome	VERB
cblr-5117	759	67	market	market	NOUN
cblr-5117	759	68	failures	failure	NOUN
cblr-5117	759	69	caused	cause	VERB
cblr-5117	759	70	by	by	ADP
cblr-5117	759	71	informational	informational	ADJ
cblr-5117	759	72	asymmetries	asymmetry	NOUN
cblr-5117	759	73	.	.	PUNCT
cblr-5117	759	74	”	"	PUNCT
cblr-5117	759	75	)	)	PUNCT
cblr-5117	759	76	.	.	PUNCT
cblr-5117	760	1	184	184	NUM
cblr-5117	760	2	see	see	VERB
cblr-5117	760	3	e.g.	e.g.	ADV
cblr-5117	760	4	,	,	PUNCT
cblr-5117	760	5	al	al	PROPN
cblr-5117	760	6	schneider	schneider	PROPN
cblr-5117	760	7	,	,	PUNCT
cblr-5117	760	8	how	how	SCONJ
cblr-5117	760	9	to	to	PART
cblr-5117	760	10	value	value	VERB
cblr-5117	760	11	your	your	PRON
cblr-5117	760	12	startup	startup	NOUN
cblr-5117	760	13	,	,	PUNCT
cblr-5117	760	14	socaltech	socaltech	NOUN
cblr-5117	760	15	(	(	PUNCT
cblr-5117	760	16	may	may	PROPN
cblr-5117	760	17	27	27	NUM
cblr-5117	760	18	,	,	PUNCT
cblr-5117	760	19	2008	2008	NUM
cblr-5117	760	20	)	)	PUNCT
cblr-5117	760	21	,	,	PUNCT
cblr-5117	760	22	https://www.socaltech.com/articles/how-to-value-yourstartup/a-00035.html	https://www.socaltech.com/articles/how-to-value-yourstartup/a-00035.html	NUM
cblr-5117	761	1	[	[	X
cblr-5117	761	2	https://perma.cc/8n53-msw5	https://perma.cc/8n53-msw5	X
cblr-5117	761	3	]	]	X
cblr-5117	761	4	(	(	PUNCT
cblr-5117	761	5	“	"	PUNCT
cblr-5117	761	6	there	there	PRON
cblr-5117	761	7	are	be	VERB
cblr-5117	761	8	no	no	DET
cblr-5117	761	9	‘	'	PUNCT
cblr-5117	761	10	rating	rating	NOUN
cblr-5117	761	11	agencies	agency	NOUN
cblr-5117	761	12	’	'	PUNCT
cblr-5117	761	13	(	(	PUNCT
cblr-5117	761	14	as	as	ADP
cblr-5117	761	15	in	in	ADP
cblr-5117	761	16	the	the	DET
cblr-5117	761	17	world	world	NOUN
cblr-5117	761	18	of	of	ADP
cblr-5117	761	19	bond	bond	NOUN
cblr-5117	761	20	investments	investment	NOUN
cblr-5117	761	21	)	)	PUNCT
cblr-5117	761	22	that	that	PRON
cblr-5117	761	23	offer	offer	VERB
cblr-5117	761	24	third	third	ADJ
cblr-5117	761	25	party	party	NOUN
cblr-5117	761	26	risk	risk	NOUN
cblr-5117	761	27	assessment	assessment	NOUN
cblr-5117	761	28	.	.	PUNCT
cblr-5117	762	1	there	there	PRON
cblr-5117	762	2	are	be	VERB
cblr-5117	762	3	no	no	PRON
cblr-5117	762	4	widely	widely	ADV
cblr-5117	762	5	followed	follow	VERB
cblr-5117	762	6	‘	'	PUNCT
cblr-5117	762	7	buy	buy	VERB
cblr-5117	762	8	side	side	NOUN
cblr-5117	762	9	’	'	PUNCT
cblr-5117	762	10	analysts	analyst	NOUN
cblr-5117	762	11	(	(	PUNCT
cblr-5117	762	12	as	as	ADP
cblr-5117	762	13	in	in	ADP
cblr-5117	762	14	some	some	DET
cblr-5117	762	15	public	public	ADJ
cblr-5117	762	16	equity	equity	NOUN
cblr-5117	762	17	markets	market	NOUN
cblr-5117	762	18	)	)	PUNCT
cblr-5117	762	19	who	who	PRON
cblr-5117	762	20	package	package	VERB
cblr-5117	762	21	critical	critical	ADJ
cblr-5117	762	22	market	market	NOUN
cblr-5117	762	23	,	,	PUNCT
cblr-5117	762	24	financial	financial	ADJ
cblr-5117	762	25	and	and	CCONJ
cblr-5117	762	26	other	other	ADJ
cblr-5117	762	27	analyses	analysis	NOUN
cblr-5117	762	28	.	.	PUNCT
cblr-5117	762	29	”	"	PUNCT
cblr-5117	762	30	)	)	PUNCT
cblr-5117	762	31	.	.	PUNCT
cblr-5117	763	1	185	185	NUM
cblr-5117	763	2	out	out	ADP
cblr-5117	763	3	of	of	ADP
cblr-5117	763	4	182	182	NUM
cblr-5117	763	5	employees	employee	NOUN
cblr-5117	763	6	who	who	PRON
cblr-5117	763	7	reported	report	VERB
cblr-5117	763	8	being	be	AUX
cblr-5117	763	9	offered	offer	VERB
cblr-5117	763	10	equity	equity	NOUN
cblr-5117	763	11	-	-	PUNCT
cblr-5117	763	12	based	base	VERB
cblr-5117	763	13	compensation	compensation	NOUN
cblr-5117	763	14	(	(	PUNCT
cblr-5117	763	15	not	not	PART
cblr-5117	763	16	through	through	ADP
cblr-5117	763	17	workplace	workplace	ADJ
cblr-5117	763	18	pension	pension	NOUN
cblr-5117	763	19	or	or	CCONJ
cblr-5117	763	20	retirement	retirement	NOUN
cblr-5117	763	21	plan	plan	NOUN
cblr-5117	763	22	)	)	PUNCT
cblr-5117	763	23	in	in	ADP
cblr-5117	763	24	the	the	DET
cblr-5117	763	25	past	past	NOUN
cblr-5117	763	26	—	—	PUNCT
cblr-5117	763	27	only	only	ADV
cblr-5117	763	28	20	20	NUM
cblr-5117	763	29	%	%	NOUN
cblr-5117	763	30	(	(	PUNCT
cblr-5117	763	31	37	37	NUM
cblr-5117	763	32	respondents	respondent	NOUN
cblr-5117	763	33	)	)	PUNCT
cblr-5117	763	34	reported	report	VERB
cblr-5117	763	35	seeking	seek	VERB
cblr-5117	763	36	professional	professional	ADJ
cblr-5117	763	37	advice	advice	NOUN
cblr-5117	763	38	(	(	PUNCT
cblr-5117	763	39	from	from	ADP
cblr-5117	763	40	a	a	DET
cblr-5117	763	41	lawyer	lawyer	NOUN
cblr-5117	763	42	,	,	PUNCT
cblr-5117	763	43	financial	financial	ADJ
cblr-5117	763	44	adviser	adviser	NOUN
cblr-5117	763	45	,	,	PUNCT
cblr-5117	763	46	etc	etc	X
cblr-5117	763	47	.	.	X
cblr-5117	763	48	)	)	PUNCT
cblr-5117	763	49	;	;	PUNCT
cblr-5117	763	50	50	50	NUM
cblr-5117	763	51	%	%	NOUN
cblr-5117	763	52	(	(	PUNCT
cblr-5117	763	53	91	91	NUM
cblr-5117	763	54	respondents	respondent	NOUN
cblr-5117	763	55	)	)	PUNCT
cblr-5117	763	56	reported	report	VERB
cblr-5117	763	57	that	that	SCONJ
cblr-5117	763	58	they	they	PRON
cblr-5117	763	59	had	have	AUX
cblr-5117	763	60	not	not	PART
cblr-5117	763	61	consulted	consult	VERB
cblr-5117	763	62	with	with	ADP
cblr-5117	763	63	anyone	anyone	PRON
cblr-5117	763	64	before	before	ADP
cblr-5117	763	65	making	make	VERB
cblr-5117	763	66	their	their	PRON
cblr-5117	763	67	decision	decision	NOUN
cblr-5117	763	68	,	,	PUNCT
cblr-5117	763	69	an	an	DET
cblr-5117	763	70	additional	additional	ADJ
cblr-5117	763	71	5	5	NUM
cblr-5117	763	72	%	%	NOUN
cblr-5117	763	73	(	(	PUNCT
cblr-5117	763	74	10	10	NUM
cblr-5117	763	75	respondents	respondent	NOUN
cblr-5117	763	76	)	)	PUNCT
cblr-5117	763	77	reported	report	VERB
cblr-5117	763	78	that	that	SCONJ
cblr-5117	763	79	they	they	PRON
cblr-5117	763	80	had	have	AUX
cblr-5117	763	81	only	only	ADV
cblr-5117	763	82	looked	look	VERB
cblr-5117	763	83	up	up	ADP
cblr-5117	763	84	for	for	ADP
cblr-5117	763	85	information	information	NOUN
cblr-5117	763	86	online	online	ADV
cblr-5117	763	87	,	,	PUNCT
cblr-5117	763	88	and	and	CCONJ
cblr-5117	763	89	24	24	NUM
cblr-5117	763	90	%	%	NOUN
cblr-5117	763	91	(	(	PUNCT
cblr-5117	763	92	44	44	NUM
cblr-5117	763	93	respondents	respondent	NOUN
cblr-5117	763	94	)	)	PUNCT
cblr-5117	763	95	reported	report	VERB
cblr-5117	763	96	seeking	seek	VERB
cblr-5117	763	97	unprofessional	unprofessional	ADJ
cblr-5117	763	98	advice	advice	NOUN
cblr-5117	763	99	from	from	ADP
cblr-5117	763	100	a	a	DET
cblr-5117	763	101	friend	friend	NOUN
cblr-5117	763	102	,	,	PUNCT
cblr-5117	763	103	family	family	NOUN
cblr-5117	763	104	member	member	NOUN
cblr-5117	763	105	,	,	PUNCT
cblr-5117	763	106	or	or	CCONJ
cblr-5117	763	107	colleague	colleague	NOUN
cblr-5117	763	108	.	.	PUNCT
cblr-5117	764	1	see	see	VERB
cblr-5117	764	2	aran	aran	NOUN
cblr-5117	764	3	,	,	PUNCT
cblr-5117	764	4	supra	supra	PROPN
cblr-5117	764	5	note	note	NOUN
cblr-5117	764	6	30	30	NUM
cblr-5117	764	7	.	.	PUNCT
cblr-5117	765	1	186	186	NUM
cblr-5117	765	2	the	the	DET
cblr-5117	765	3	term	term	NOUN
cblr-5117	765	4	“	"	PUNCT
cblr-5117	765	5	unraveling	unravel	VERB
cblr-5117	765	6	”	"	PUNCT
cblr-5117	765	7	is	be	AUX
cblr-5117	765	8	first	first	ADV
cblr-5117	765	9	used	use	VERB
cblr-5117	765	10	by	by	ADP
cblr-5117	765	11	professor	professor	NOUN
cblr-5117	765	12	viscusi	viscusi	NOUN
cblr-5117	765	13	who	who	PRON
cblr-5117	765	14	provides	provide	VERB
cblr-5117	765	15	an	an	DET
cblr-5117	765	16	example	example	NOUN
cblr-5117	765	17	in	in	ADP
cblr-5117	765	18	the	the	DET
cblr-5117	765	19	context	context	NOUN
cblr-5117	765	20	of	of	ADP
cblr-5117	765	21	labor	labor	NOUN
cblr-5117	765	22	markets	market	NOUN
cblr-5117	765	23	where	where	SCONJ
cblr-5117	765	24	firms	firm	NOUN
cblr-5117	765	25	with	with	ADP
cblr-5117	765	26	aboveaverage	aboveaverage	NOUN
cblr-5117	765	27	probabilities	probability	NOUN
cblr-5117	765	28	of	of	ADP
cblr-5117	765	29	successful	successful	ADJ
cblr-5117	765	30	job	job	NOUN
cblr-5117	765	31	outcomes	outcome	NOUN
cblr-5117	765	32	will	will	AUX
cblr-5117	765	33	invest	invest	VERB
cblr-5117	765	34	in	in	ADP
cblr-5117	765	35	quality	quality	NOUN
cblr-5117	765	36	certification	certification	NOUN
cblr-5117	765	37	to	to	PART
cblr-5117	765	38	distinguish	distinguish	VERB
cblr-5117	765	39	themselves	themselves	PRON
cblr-5117	765	40	from	from	ADP
cblr-5117	765	41	the	the	DET
cblr-5117	765	42	industry	industry	NOUN
cblr-5117	765	43	.	.	PUNCT
cblr-5117	766	1	w.	w.	PROPN
cblr-5117	766	2	kip	kip	PROPN
cblr-5117	766	3	viscusi	viscusi	PROPN
cblr-5117	766	4	,	,	PUNCT
cblr-5117	766	5	a	a	DET
cblr-5117	766	6	note	note	NOUN
cblr-5117	766	7	on	on	ADP
cblr-5117	766	8	“	"	PUNCT
cblr-5117	766	9	lemons	lemon	NOUN
cblr-5117	766	10	”	"	PUNCT
cblr-5117	766	11	markets	market	NOUN
cblr-5117	766	12	with	with	ADP
cblr-5117	766	13	quality	quality	NOUN
cblr-5117	766	14	certification	certification	NOUN
cblr-5117	766	15	,	,	PUNCT
cblr-5117	766	16	9	9	NUM
cblr-5117	766	17	bell	bell	PROPN
cblr-5117	766	18	j.	j.	PROPN
cblr-5117	766	19	econ	econ	PROPN
cblr-5117	766	20	.	.	PUNCT
cblr-5117	767	1	277	277	NUM
cblr-5117	767	2	,	,	PUNCT
cblr-5117	767	3	278	278	NUM
cblr-5117	767	4	(	(	PUNCT
cblr-5117	767	5	1978	1978	NUM
cblr-5117	767	6	)	)	PUNCT
cblr-5117	767	7	.	.	PUNCT
cblr-5117	768	1	in	in	ADP
cblr-5117	768	2	theory	theory	NOUN
cblr-5117	768	3	,	,	PUNCT
cblr-5117	768	4	if	if	SCONJ
cblr-5117	768	5	a	a	DET
cblr-5117	768	6	seller	seller	NOUN
cblr-5117	768	7	possesses	possess	VERB
cblr-5117	768	8	better	well	ADJ
cblr-5117	768	9	information	information	NOUN
cblr-5117	768	10	about	about	ADP
cblr-5117	768	11	the	the	DET
cblr-5117	768	12	quality	quality	NOUN
cblr-5117	768	13	of	of	ADP
cblr-5117	768	14	their	their	PRON
cblr-5117	768	15	goods	good	NOUN
cblr-5117	768	16	and	and	CCONJ
cblr-5117	768	17	services	service	NOUN
cblr-5117	768	18	than	than	SCONJ
cblr-5117	768	19	consumers	consumer	NOUN
cblr-5117	768	20	do	do	VERB
cblr-5117	768	21	and	and	CCONJ
cblr-5117	768	22	there	there	PRON
cblr-5117	768	23	is	be	VERB
cblr-5117	768	24	zero	zero	NUM
cblr-5117	768	25	cost	cost	NOUN
cblr-5117	768	26	to	to	PART
cblr-5117	768	27	verifiably	verifiably	ADV
cblr-5117	768	28	disclose	disclose	VERB
cblr-5117	768	29	it	it	PRON
cblr-5117	768	30	,	,	PUNCT
cblr-5117	768	31	sellers	seller	NOUN
cblr-5117	768	32	will	will	AUX
cblr-5117	768	33	always	always	ADV
cblr-5117	768	34	disclose	disclose	VERB
cblr-5117	768	35	simply	simply	ADV
cblr-5117	768	36	because	because	SCONJ
cblr-5117	768	37	rational	rational	ADJ
cblr-5117	768	38	consumers	consumer	NOUN
cblr-5117	768	39	will	will	AUX
cblr-5117	768	40	infer	infer	VERB
cblr-5117	768	41	nondisclosure	nondisclosure	NOUN
cblr-5117	768	42	as	as	ADP
cblr-5117	768	43	having	have	VERB
cblr-5117	768	44	the	the	DET
cblr-5117	768	45	lowest	low	ADJ
cblr-5117	768	46	quality	quality	NOUN
cblr-5117	768	47	.	.	PUNCT
cblr-5117	769	1	see	see	VERB
cblr-5117	769	2	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	769	3	(	(	PUNCT
cblr-5117	769	4	do	do	AUX
cblr-5117	769	5	not	not	PART
cblr-5117	769	6	delete	delete	VERB
cblr-5117	769	7	)	)	PUNCT
cblr-5117	769	8	1/8/2020	1/8/2020	NUM
cblr-5117	769	9	4:44	4:44	NUM
cblr-5117	769	10	pm	pm	NOUN
cblr-5117	769	11	no	no	INTJ
cblr-5117	769	12	.	.	PUNCT
cblr-5117	770	1	3:867	3:867	NUM
cblr-5117	770	2	]	]	PUNCT
cblr-5117	770	3	making	make	VERB
cblr-5117	770	4	disclosure	disclosure	NOUN
cblr-5117	770	5	work	work	VERB
cblr-5117	770	6	923	923	NUM
cblr-5117	770	7	adopt	adopt	VERB
cblr-5117	770	8	full	full	ADJ
cblr-5117	770	9	transparency	transparency	NOUN
cblr-5117	770	10	of	of	ADP
cblr-5117	770	11	cap	cap	NOUN
cblr-5117	770	12	table	table	NOUN
cblr-5117	770	13	information	information	NOUN
cblr-5117	770	14	,	,	PUNCT
cblr-5117	770	15	including	include	VERB
cblr-5117	770	16	waterfall	waterfall	NOUN
cblr-5117	770	17	analysis	analysis	NOUN
cblr-5117	770	18	and	and	CCONJ
cblr-5117	770	19	valuation	valuation	NOUN
cblr-5117	770	20	information.187	information.187	PROPN
cblr-5117	770	21	as	as	ADP
cblr-5117	770	22	the	the	DET
cblr-5117	770	23	theory	theory	NOUN
cblr-5117	770	24	predicts	predict	VERB
cblr-5117	770	25	,	,	PUNCT
cblr-5117	770	26	for	for	ADP
cblr-5117	770	27	unraveling	unravel	VERB
cblr-5117	770	28	to	to	PART
cblr-5117	770	29	take	take	VERB
cblr-5117	770	30	place	place	NOUN
cblr-5117	770	31	,	,	PUNCT
cblr-5117	770	32	the	the	DET
cblr-5117	770	33	disclosure	disclosure	NOUN
cblr-5117	770	34	needs	need	VERB
cblr-5117	770	35	to	to	PART
cblr-5117	770	36	be	be	AUX
cblr-5117	770	37	costless	costless	ADJ
cblr-5117	770	38	and	and	CCONJ
cblr-5117	770	39	credible	credible	ADJ
cblr-5117	770	40	.	.	PUNCT
cblr-5117	771	1	in	in	ADP
cblr-5117	771	2	practice	practice	NOUN
cblr-5117	771	3	,	,	PUNCT
cblr-5117	771	4	disclosure	disclosure	NOUN
cblr-5117	771	5	involves	involve	VERB
cblr-5117	771	6	the	the	DET
cblr-5117	771	7	costs	cost	NOUN
cblr-5117	771	8	of	of	ADP
cblr-5117	771	9	preparing	prepare	VERB
cblr-5117	771	10	and	and	CCONJ
cblr-5117	771	11	disseminating	disseminate	VERB
cblr-5117	771	12	the	the	DET
cblr-5117	771	13	information	information	NOUN
cblr-5117	771	14	,	,	PUNCT
cblr-5117	771	15	and	and	CCONJ
cblr-5117	771	16	the	the	DET
cblr-5117	771	17	cost	cost	NOUN
cblr-5117	771	18	of	of	ADP
cblr-5117	771	19	revealing	reveal	VERB
cblr-5117	771	20	sensitive	sensitive	ADJ
cblr-5117	771	21	information.188	information.188	NOUN
cblr-5117	771	22	moreover	moreover	ADV
cblr-5117	771	23	,	,	PUNCT
cblr-5117	771	24	the	the	DET
cblr-5117	771	25	credibility	credibility	NOUN
cblr-5117	771	26	of	of	ADP
cblr-5117	771	27	voluntary	voluntary	ADJ
cblr-5117	771	28	disclosure	disclosure	NOUN
cblr-5117	771	29	is	be	AUX
cblr-5117	771	30	questioned	question	VERB
cblr-5117	771	31	due	due	ADP
cblr-5117	771	32	to	to	ADP
cblr-5117	771	33	the	the	DET
cblr-5117	771	34	lack	lack	NOUN
cblr-5117	771	35	of	of	ADP
cblr-5117	771	36	verification	verification	NOUN
cblr-5117	771	37	and	and	CCONJ
cblr-5117	771	38	monitoring	monitor	VERB
cblr-5117	771	39	mechanisms,189	mechanisms,189	PROPN
cblr-5117	771	40	and	and	CCONJ
cblr-5117	771	41	the	the	DET
cblr-5117	771	42	absence	absence	NOUN
cblr-5117	771	43	of	of	ADP
cblr-5117	771	44	a	a	DET
cblr-5117	771	45	penalty	penalty	NOUN
cblr-5117	771	46	for	for	ADP
cblr-5117	771	47	dishonesty.190	dishonesty.190	NOUN
cblr-5117	771	48	litigation	litigation	NOUN
cblr-5117	771	49	between	between	ADP
cblr-5117	771	50	startups	startup	NOUN
cblr-5117	771	51	and	and	CCONJ
cblr-5117	771	52	employees	employee	NOUN
cblr-5117	771	53	is	be	AUX
cblr-5117	771	54	sanford	sanford	PROPN
cblr-5117	771	55	j.	j.	PROPN
cblr-5117	771	56	grossman	grossman	PROPN
cblr-5117	771	57	,	,	PUNCT
cblr-5117	771	58	the	the	DET
cblr-5117	771	59	informational	informational	ADJ
cblr-5117	771	60	role	role	NOUN
cblr-5117	771	61	of	of	ADP
cblr-5117	771	62	warranties	warranty	NOUN
cblr-5117	771	63	and	and	CCONJ
cblr-5117	771	64	private	private	ADJ
cblr-5117	771	65	disclosure	disclosure	NOUN
cblr-5117	771	66	about	about	ADP
cblr-5117	771	67	product	product	NOUN
cblr-5117	771	68	quality	quality	NOUN
cblr-5117	771	69	,	,	PUNCT
cblr-5117	771	70	24	24	NUM
cblr-5117	771	71	j.	j.	PROPN
cblr-5117	771	72	law	law	PROPN
cblr-5117	771	73	&	&	CCONJ
cblr-5117	771	74	econ	econ	PROPN
cblr-5117	771	75	.	.	PUNCT
cblr-5117	772	1	461	461	NUM
cblr-5117	772	2	,	,	PUNCT
cblr-5117	772	3	465	465	NUM
cblr-5117	772	4	(	(	PUNCT
cblr-5117	772	5	1981	1981	NUM
cblr-5117	772	6	)	)	PUNCT
cblr-5117	772	7	;	;	PUNCT
cblr-5117	772	8	see	see	VERB
cblr-5117	772	9	also	also	ADV
cblr-5117	772	10	paul	paul	PROPN
cblr-5117	772	11	r.	r.	PROPN
cblr-5117	772	12	milgrom	milgrom	PROPN
cblr-5117	772	13	,	,	PUNCT
cblr-5117	772	14	good	good	ADJ
cblr-5117	772	15	news	news	NOUN
cblr-5117	772	16	and	and	CCONJ
cblr-5117	772	17	bad	bad	ADJ
cblr-5117	772	18	news	news	NOUN
cblr-5117	772	19	:	:	PUNCT
cblr-5117	772	20	representation	representation	NOUN
cblr-5117	772	21	theorems	theorem	NOUN
cblr-5117	772	22	and	and	CCONJ
cblr-5117	772	23	applications	application	NOUN
cblr-5117	772	24	12	12	NUM
cblr-5117	772	25	bell	bell	PROPN
cblr-5117	772	26	j.	j.	PROPN
cblr-5117	772	27	econ	econ	PROPN
cblr-5117	772	28	.	.	PUNCT
cblr-5117	773	1	380	380	NUM
cblr-5117	773	2	,	,	PUNCT
cblr-5117	773	3	388–89	388–89	NUM
cblr-5117	773	4	(	(	PUNCT
cblr-5117	773	5	1981	1981	NUM
cblr-5117	773	6	)	)	PUNCT
cblr-5117	773	7	.	.	PUNCT
cblr-5117	774	1	187	187	NUM
cblr-5117	774	2	jeron	jeron	PROPN
cblr-5117	774	3	paul	paul	PROPN
cblr-5117	774	4	,	,	PUNCT
cblr-5117	774	5	will	will	AUX
cblr-5117	774	6	cap	cap	VERB
cblr-5117	774	7	table	table	NOUN
cblr-5117	774	8	transparency	transparency	NOUN
cblr-5117	774	9	help	help	VERB
cblr-5117	774	10	your	your	PRON
cblr-5117	774	11	startup	startup	NOUN
cblr-5117	774	12	?	?	PUNCT
cblr-5117	774	13	,	,	PUNCT
cblr-5117	774	14	capshare	capshare	PROPN
cblr-5117	774	15	blog	blog	PROPN
cblr-5117	774	16	(	(	PUNCT
cblr-5117	774	17	june	june	PROPN
cblr-5117	774	18	2	2	NUM
cblr-5117	774	19	,	,	PUNCT
cblr-5117	774	20	2015	2015	NUM
cblr-5117	774	21	)	)	PUNCT
cblr-5117	774	22	,	,	PUNCT
cblr-5117	774	23	https://www.capshare.com/blog/will-captable-transparency-help-your-startup/	https://www.capshare.com/blog/will-captable-transparency-help-your-startup/	X
cblr-5117	775	1	[	[	X
cblr-5117	775	2	https://perma.cc/8j7a-9fbk	https://perma.cc/8j7a-9fbk	X
cblr-5117	775	3	]	]	X
cblr-5117	775	4	(	(	PUNCT
cblr-5117	775	5	assessing	assess	VERB
cblr-5117	775	6	that	that	SCONJ
cblr-5117	775	7	“	"	PUNCT
cblr-5117	775	8	most	most	ADJ
cblr-5117	775	9	companies	company	NOUN
cblr-5117	775	10	”	"	PUNCT
cblr-5117	775	11	provide	provide	VERB
cblr-5117	775	12	employees	employee	NOUN
cblr-5117	775	13	only	only	ADV
cblr-5117	775	14	with	with	ADP
cblr-5117	775	15	the	the	DET
cblr-5117	775	16	legal	legal	ADJ
cblr-5117	775	17	paperwork	paperwork	NOUN
cblr-5117	775	18	of	of	ADP
cblr-5117	775	19	the	the	DET
cblr-5117	775	20	equity	equity	NOUN
cblr-5117	775	21	grant	grant	NOUN
cblr-5117	775	22	which	which	PRON
cblr-5117	775	23	includes	include	VERB
cblr-5117	775	24	“	"	PUNCT
cblr-5117	775	25	number	number	NOUN
cblr-5117	775	26	of	of	ADP
cblr-5117	775	27	shares	share	NOUN
cblr-5117	775	28	,	,	PUNCT
cblr-5117	775	29	vesting	vest	VERB
cblr-5117	775	30	plan	plan	NOUN
cblr-5117	775	31	details	detail	NOUN
cblr-5117	775	32	,	,	PUNCT
cblr-5117	775	33	vesting	vest	VERB
cblr-5117	775	34	trigger	trigger	NOUN
cblr-5117	775	35	information	information	NOUN
cblr-5117	775	36	,	,	PUNCT
cblr-5117	775	37	exercise	exercise	NOUN
cblr-5117	775	38	details	detail	NOUN
cblr-5117	775	39	,	,	PUNCT
cblr-5117	775	40	and	and	CCONJ
cblr-5117	775	41	expiration	expiration	NOUN
cblr-5117	775	42	dates	date	NOUN
cblr-5117	775	43	”	"	PUNCT
cblr-5117	775	44	;	;	PUNCT
cblr-5117	775	45	some	some	DET
cblr-5117	775	46	companies	company	NOUN
cblr-5117	775	47	disclose	disclose	VERB
cblr-5117	775	48	“	"	PUNCT
cblr-5117	775	49	the	the	DET
cblr-5117	775	50	fully	fully	ADV
cblr-5117	775	51	-	-	PUNCT
cblr-5117	775	52	diluted	dilute	VERB
cblr-5117	775	53	ownership	ownership	NOUN
cblr-5117	775	54	percentage	percentage	NOUN
cblr-5117	775	55	of	of	ADP
cblr-5117	775	56	the	the	DET
cblr-5117	775	57	shares	share	NOUN
cblr-5117	775	58	at	at	ADP
cblr-5117	775	59	the	the	DET
cblr-5117	775	60	time	time	NOUN
cblr-5117	775	61	of	of	ADP
cblr-5117	775	62	the	the	DET
cblr-5117	775	63	grant	grant	NOUN
cblr-5117	775	64	”	"	PUNCT
cblr-5117	775	65	;	;	PUNCT
cblr-5117	775	66	“	"	PUNCT
cblr-5117	775	67	a	a	DET
cblr-5117	775	68	few	few	ADJ
cblr-5117	775	69	”	"	PUNCT
cblr-5117	775	70	companies	company	NOUN
cblr-5117	775	71	reveal	reveal	VERB
cblr-5117	775	72	to	to	ADP
cblr-5117	775	73	employees	employee	NOUN
cblr-5117	775	74	“	"	PUNCT
cblr-5117	775	75	their	their	PRON
cblr-5117	775	76	fully	fully	ADV
cblr-5117	775	77	-	-	PUNCT
cblr-5117	775	78	diluted	dilute	VERB
cblr-5117	775	79	ownership	ownership	NOUN
cblr-5117	775	80	percentage	percentage	NOUN
cblr-5117	775	81	”	"	PUNCT
cblr-5117	775	82	;	;	PUNCT
cblr-5117	775	83	and	and	CCONJ
cblr-5117	775	84	“	"	PUNCT
cblr-5117	775	85	even	even	ADV
cblr-5117	775	86	fewer	few	ADJ
cblr-5117	775	87	companies	company	NOUN
cblr-5117	775	88	”	"	PUNCT
cblr-5117	775	89	provide	provide	VERB
cblr-5117	775	90	more	more	ADJ
cblr-5117	775	91	than	than	ADP
cblr-5117	775	92	this	this	PRON
cblr-5117	775	93	)	)	PUNCT
cblr-5117	775	94	.	.	PUNCT
cblr-5117	776	1	188	188	NUM
cblr-5117	776	2	because	because	SCONJ
cblr-5117	776	3	disclosure	disclosure	NOUN
cblr-5117	776	4	is	be	AUX
cblr-5117	776	5	not	not	PART
cblr-5117	776	6	costless	costless	ADJ
cblr-5117	776	7	,	,	PUNCT
cblr-5117	776	8	it	it	PRON
cblr-5117	776	9	is	be	AUX
cblr-5117	776	10	rational	rational	ADJ
cblr-5117	776	11	for	for	SCONJ
cblr-5117	776	12	firms	firm	NOUN
cblr-5117	776	13	to	to	PART
cblr-5117	776	14	withhold	withhold	VERB
cblr-5117	776	15	unfavorable	unfavorable	ADJ
cblr-5117	776	16	information	information	NOUN
cblr-5117	776	17	below	below	ADP
cblr-5117	776	18	a	a	DET
cblr-5117	776	19	critical	critical	ADJ
cblr-5117	776	20	threshold	threshold	NOUN
cblr-5117	776	21	disclosure	disclosure	NOUN
cblr-5117	776	22	level	level	NOUN
cblr-5117	776	23	.	.	PUNCT
cblr-5117	777	1	see	see	VERB
cblr-5117	777	2	robert	robert	PROPN
cblr-5117	777	3	e.	e.	PROPN
cblr-5117	777	4	verrecchia	verrecchia	PROPN
cblr-5117	777	5	,	,	PUNCT
cblr-5117	777	6	discretionary	discretionary	ADJ
cblr-5117	777	7	disclosure	disclosure	NOUN
cblr-5117	777	8	,	,	PUNCT
cblr-5117	777	9	5	5	NUM
cblr-5117	777	10	j.	j.	PROPN
cblr-5117	777	11	acct	acct	PROPN
cblr-5117	777	12	.	.	PROPN
cblr-5117	777	13	&	&	CCONJ
cblr-5117	777	14	econ	econ	PROPN
cblr-5117	777	15	.	.	PUNCT
cblr-5117	778	1	179	179	NUM
cblr-5117	778	2	,	,	PUNCT
cblr-5117	778	3	180	180	NUM
cblr-5117	778	4	–	–	SYM
cblr-5117	778	5	82	82	NUM
cblr-5117	778	6	(	(	PUNCT
cblr-5117	778	7	1983	1983	NUM
cblr-5117	778	8	)	)	PUNCT
cblr-5117	778	9	(	(	PUNCT
cblr-5117	778	10	demonstrating	demonstrate	VERB
cblr-5117	778	11	an	an	DET
cblr-5117	778	12	equilibrium	equilibrium	NOUN
cblr-5117	778	13	of	of	ADP
cblr-5117	778	14	partial	partial	ADJ
cblr-5117	778	15	disclosure	disclosure	NOUN
cblr-5117	778	16	where	where	SCONJ
cblr-5117	778	17	firms	firm	NOUN
cblr-5117	778	18	that	that	PRON
cblr-5117	778	19	possess	possess	VERB
cblr-5117	778	20	positive	positive	ADJ
cblr-5117	778	21	information	information	NOUN
cblr-5117	778	22	valued	value	VERB
cblr-5117	778	23	above	above	ADP
cblr-5117	778	24	the	the	DET
cblr-5117	778	25	disclosure	disclosure	NOUN
cblr-5117	778	26	cost	cost	NOUN
cblr-5117	778	27	threshold	threshold	NOUN
cblr-5117	778	28	will	will	AUX
cblr-5117	778	29	choose	choose	VERB
cblr-5117	778	30	to	to	PART
cblr-5117	778	31	disclose	disclose	VERB
cblr-5117	778	32	it	it	PRON
cblr-5117	778	33	)	)	PUNCT
cblr-5117	778	34	.	.	PUNCT
cblr-5117	779	1	the	the	DET
cblr-5117	779	2	existence	existence	NOUN
cblr-5117	779	3	of	of	ADP
cblr-5117	779	4	legitimate	legitimate	ADJ
cblr-5117	779	5	reason	reason	NOUN
cblr-5117	779	6	not	not	PART
cblr-5117	779	7	to	to	PART
cblr-5117	779	8	disclose	disclose	VERB
cblr-5117	779	9	information	information	NOUN
cblr-5117	779	10	prevents	prevent	VERB
cblr-5117	779	11	buyers	buyer	NOUN
cblr-5117	779	12	from	from	ADP
cblr-5117	779	13	interoperating	interoperate	VERB
cblr-5117	779	14	silence	silence	NOUN
cblr-5117	779	15	as	as	ADP
cblr-5117	779	16	a	a	DET
cblr-5117	779	17	negative	negative	ADJ
cblr-5117	779	18	sign	sign	NOUN
cblr-5117	779	19	and	and	CCONJ
cblr-5117	779	20	thus	thus	ADV
cblr-5117	779	21	impedes	impede	VERB
cblr-5117	779	22	the	the	DET
cblr-5117	779	23	unraveling	unraveling	ADJ
cblr-5117	779	24	result	result	NOUN
cblr-5117	779	25	.	.	PUNCT
cblr-5117	780	1	see	see	VERB
cblr-5117	780	2	robert	robert	PROPN
cblr-5117	780	3	h.	h.	PROPN
cblr-5117	780	4	gertner	gertner	PROPN
cblr-5117	780	5	,	,	PUNCT
cblr-5117	780	6	disclosure	disclosure	NOUN
cblr-5117	780	7	and	and	CCONJ
cblr-5117	780	8	unraveling	unravel	VERB
cblr-5117	780	9	,	,	PUNCT
cblr-5117	780	10	in	in	ADP
cblr-5117	780	11	the	the	DET
cblr-5117	780	12	new	new	ADJ
cblr-5117	780	13	palgrave	palgrave	ADJ
cblr-5117	780	14	dictionary	dictionary	NOUN
cblr-5117	780	15	of	of	ADP
cblr-5117	780	16	law	law	NOUN
cblr-5117	780	17	and	and	CCONJ
cblr-5117	780	18	economics	economic	NOUN
cblr-5117	780	19	605	605	NUM
cblr-5117	780	20	,	,	PUNCT
cblr-5117	780	21	608	608	NUM
cblr-5117	780	22	(	(	PUNCT
cblr-5117	780	23	peter	peter	PROPN
cblr-5117	780	24	newman	newman	PROPN
cblr-5117	780	25	ed	ed	PROPN
cblr-5117	780	26	.	.	PROPN
cblr-5117	780	27	,	,	PUNCT
cblr-5117	780	28	1999	1999	NUM
cblr-5117	780	29	)	)	PUNCT
cblr-5117	780	30	;	;	PUNCT
cblr-5117	780	31	see	see	VERB
cblr-5117	780	32	also	also	ADV
cblr-5117	780	33	steven	steven	PROPN
cblr-5117	780	34	shavell	shavell	PROPN
cblr-5117	780	35	,	,	PUNCT
cblr-5117	780	36	acquisition	acquisition	NOUN
cblr-5117	780	37	and	and	CCONJ
cblr-5117	780	38	disclosure	disclosure	NOUN
cblr-5117	780	39	of	of	ADP
cblr-5117	780	40	information	information	NOUN
cblr-5117	780	41	prior	prior	ADV
cblr-5117	780	42	to	to	ADP
cblr-5117	780	43	sale	sale	NOUN
cblr-5117	780	44	,	,	PUNCT
cblr-5117	780	45	25	25	NUM
cblr-5117	780	46	rand	rand	PROPN
cblr-5117	780	47	j.	j.	PROPN
cblr-5117	780	48	econ	econ	PROPN
cblr-5117	780	49	.	.	PROPN
cblr-5117	781	1	20	20	NUM
cblr-5117	781	2	,	,	PUNCT
cblr-5117	781	3	23	23	NUM
cblr-5117	781	4	,	,	PUNCT
cblr-5117	781	5	25	25	NUM
cblr-5117	781	6	(	(	PUNCT
cblr-5117	781	7	1994	1994	NUM
cblr-5117	781	8	)	)	PUNCT
cblr-5117	781	9	;	;	PUNCT
cblr-5117	782	1	robert	robert	PROPN
cblr-5117	782	2	e.	e.	PROPN
cblr-5117	782	3	verrecchia	verrecchia	PROPN
cblr-5117	782	4	,	,	PUNCT
cblr-5117	782	5	essays	essay	NOUN
cblr-5117	782	6	on	on	ADP
cblr-5117	782	7	disclosure	disclosure	NOUN
cblr-5117	782	8	,	,	PUNCT
cblr-5117	782	9	32	32	NUM
cblr-5117	782	10	j.	j.	PROPN
cblr-5117	782	11	acct	acct	PROPN
cblr-5117	782	12	.	.	PUNCT
cblr-5117	782	13	econ	econ	PROPN
cblr-5117	782	14	.	.	PUNCT
cblr-5117	783	1	97	97	NUM
cblr-5117	783	2	,	,	PUNCT
cblr-5117	783	3	154–55	154–55	NUM
cblr-5117	783	4	(	(	PUNCT
cblr-5117	783	5	2001	2001	NUM
cblr-5117	783	6	)	)	PUNCT
cblr-5117	783	7	.	.	PUNCT
cblr-5117	784	1	189	189	NUM
cblr-5117	784	2	see	see	VERB
cblr-5117	784	3	easterbrook	easterbrook	PROPN
cblr-5117	784	4	&	&	CCONJ
cblr-5117	784	5	fischel	fischel	PROPN
cblr-5117	784	6	,	,	PUNCT
cblr-5117	784	7	supra	supra	PROPN
cblr-5117	784	8	note	note	NOUN
cblr-5117	784	9	131	131	NUM
cblr-5117	784	10	,	,	PUNCT
cblr-5117	784	11	at	at	ADP
cblr-5117	784	12	674–75	674–75	NOUN
cblr-5117	784	13	,	,	PUNCT
cblr-5117	784	14	677	677	NUM
cblr-5117	784	15	(	(	PUNCT
cblr-5117	784	16	discussing	discuss	VERB
cblr-5117	784	17	verification	verification	NOUN
cblr-5117	784	18	and	and	CCONJ
cblr-5117	784	19	inspection	inspection	NOUN
cblr-5117	784	20	costs	cost	NOUN
cblr-5117	784	21	in	in	ADP
cblr-5117	784	22	securities	security	NOUN
cblr-5117	784	23	markets	market	NOUN
cblr-5117	784	24	)	)	PUNCT
cblr-5117	784	25	.	.	PUNCT
cblr-5117	785	1	190	190	NUM
cblr-5117	785	2	easterbrook	easterbrook	PROPN
cblr-5117	785	3	&	&	CCONJ
cblr-5117	785	4	fischel	fischel	PROPN
cblr-5117	785	5	argue	argue	VERB
cblr-5117	785	6	that	that	SCONJ
cblr-5117	785	7	a	a	DET
cblr-5117	785	8	rule	rule	NOUN
cblr-5117	785	9	against	against	ADP
cblr-5117	785	10	fraud	fraud	NOUN
cblr-5117	785	11	without	without	ADP
cblr-5117	785	12	an	an	DET
cblr-5117	785	13	additional	additional	ADJ
cblr-5117	785	14	mandatory	mandatory	ADJ
cblr-5117	785	15	disclosure	disclosure	NOUN
cblr-5117	785	16	rule	rule	NOUN
cblr-5117	785	17	“	"	PUNCT
cblr-5117	785	18	is	be	AUX
cblr-5117	785	19	most	most	ADV
cblr-5117	785	20	beneficial	beneficial	ADJ
cblr-5117	785	21	when	when	SCONJ
cblr-5117	785	22	enforcement	enforcement	NOUN
cblr-5117	785	23	https://www.capshare.com/blog/will-cap-table-transparency-help-your-startup/	https://www.capshare.com/blog/will-cap-table-transparency-help-your-startup/	PROPN
cblr-5117	785	24	https://www.capshare.com/blog/will-cap-table-transparency-help-your-startup/	https://www.capshare.com/blog/will-cap-table-transparency-help-your-startup/	PROPN
cblr-5117	785	25	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	785	26	(	(	PUNCT
cblr-5117	785	27	do	do	AUX
cblr-5117	785	28	not	not	PART
cblr-5117	785	29	delte	delte	VERB
cblr-5117	785	30	)	)	PUNCT
cblr-5117	785	31	1/8/2020	1/8/2020	NUM
cblr-5117	785	32	4:44	4:44	NUM
cblr-5117	785	33	pm	pm	NOUN
cblr-5117	785	34	924	924	NUM
cblr-5117	785	35	columbia	columbia	PROPN
cblr-5117	785	36	business	business	NOUN
cblr-5117	785	37	law	law	PROPN
cblr-5117	785	38	review	review	NOUN
cblr-5117	785	39	[	[	X
cblr-5117	785	40	vol	vol	NOUN
cblr-5117	785	41	.	.	PUNCT
cblr-5117	785	42	2019	2019	NUM
cblr-5117	785	43	rare	rare	ADJ
cblr-5117	785	44	and	and	CCONJ
cblr-5117	785	45	reputational	reputational	ADJ
cblr-5117	785	46	damage	damage	NOUN
cblr-5117	785	47	from	from	ADP
cblr-5117	785	48	false	false	ADJ
cblr-5117	785	49	disclosures	disclosure	NOUN
cblr-5117	785	50	is	be	AUX
cblr-5117	785	51	negligible.191	negligible.191	ADJ
cblr-5117	785	52	thus	thus	ADV
cblr-5117	785	53	,	,	PUNCT
cblr-5117	785	54	the	the	DET
cblr-5117	785	55	lack	lack	NOUN
cblr-5117	785	56	of	of	ADP
cblr-5117	785	57	mandatory	mandatory	ADJ
cblr-5117	785	58	disclosure	disclosure	NOUN
cblr-5117	785	59	may	may	AUX
cblr-5117	785	60	adversely	adversely	ADV
cblr-5117	785	61	affect	affect	VERB
cblr-5117	785	62	the	the	DET
cblr-5117	785	63	startup	startup	NOUN
cblr-5117	785	64	labor	labor	NOUN
cblr-5117	785	65	market	market	NOUN
cblr-5117	785	66	by	by	ADP
cblr-5117	785	67	diminishing	diminish	VERB
cblr-5117	785	68	employees	employee	NOUN
cblr-5117	785	69	’	’	PART
cblr-5117	785	70	trust	trust	NOUN
cblr-5117	785	71	in	in	ADP
cblr-5117	785	72	this	this	DET
cblr-5117	785	73	compensation	compensation	NOUN
cblr-5117	785	74	device	device	NOUN
cblr-5117	785	75	and	and	CCONJ
cblr-5117	785	76	,	,	PUNCT
cblr-5117	785	77	consequently	consequently	ADV
cblr-5117	785	78	,	,	PUNCT
cblr-5117	785	79	their	their	PRON
cblr-5117	785	80	willingness	willingness	NOUN
cblr-5117	785	81	to	to	PART
cblr-5117	785	82	accept	accept	VERB
cblr-5117	785	83	lower	low	ADJ
cblr-5117	785	84	cash	cash	NOUN
cblr-5117	785	85	salaries	salary	NOUN
cblr-5117	785	86	in	in	ADP
cblr-5117	785	87	return	return	NOUN
cblr-5117	785	88	for	for	ADP
cblr-5117	785	89	equity	equity	NOUN
cblr-5117	785	90	incentives	incentive	NOUN
cblr-5117	785	91	.	.	PUNCT
cblr-5117	786	1	the	the	DET
cblr-5117	786	2	following	follow	VERB
cblr-5117	786	3	section	section	NOUN
cblr-5117	786	4	describes	describe	VERB
cblr-5117	786	5	another	another	DET
cblr-5117	786	6	reason	reason	NOUN
cblr-5117	786	7	for	for	ADP
cblr-5117	786	8	these	these	DET
cblr-5117	786	9	dynamics	dynamic	NOUN
cblr-5117	786	10	—	—	PUNCT
cblr-5117	786	11	the	the	DET
cblr-5117	786	12	agency	agency	NOUN
cblr-5117	786	13	costs	cost	NOUN
cblr-5117	786	14	imposed	impose	VERB
cblr-5117	786	15	by	by	ADP
cblr-5117	786	16	preferred	preferred	ADJ
cblr-5117	786	17	shareholders	shareholder	NOUN
cblr-5117	786	18	control	control	NOUN
cblr-5117	786	19	of	of	ADP
cblr-5117	786	20	the	the	DET
cblr-5117	786	21	board	board	NOUN
cblr-5117	786	22	.	.	PUNCT
cblr-5117	787	1	c.	c.	PROPN
cblr-5117	787	2	agency	agency	PROPN
cblr-5117	787	3	costs	cost	NOUN
cblr-5117	787	4	and	and	CCONJ
cblr-5117	787	5	human	human	ADJ
cblr-5117	787	6	capital	capital	NOUN
cblr-5117	787	7	expropriation	expropriation	NOUN
cblr-5117	787	8	information	information	NOUN
cblr-5117	787	9	asymmetry	asymmetry	NOUN
cblr-5117	787	10	in	in	ADP
cblr-5117	787	11	the	the	DET
cblr-5117	787	12	equity	equity	NOUN
cblr-5117	787	13	compensation	compensation	NOUN
cblr-5117	787	14	domain	domain	NOUN
cblr-5117	787	15	might	might	AUX
cblr-5117	787	16	also	also	ADV
cblr-5117	787	17	cause	cause	VERB
cblr-5117	787	18	an	an	DET
cblr-5117	787	19	agency	agency	NOUN
cblr-5117	787	20	problem	problem	NOUN
cblr-5117	787	21	:	:	PUNCT
cblr-5117	787	22	the	the	DET
cblr-5117	787	23	conflict	conflict	NOUN
cblr-5117	787	24	of	of	ADP
cblr-5117	787	25	interest	interest	NOUN
cblr-5117	787	26	that	that	PRON
cblr-5117	787	27	arises	arise	VERB
cblr-5117	787	28	in	in	ADP
cblr-5117	787	29	any	any	DET
cblr-5117	787	30	relationship	relationship	NOUN
cblr-5117	787	31	where	where	SCONJ
cblr-5117	787	32	one	one	NUM
cblr-5117	787	33	party	party	NOUN
cblr-5117	787	34	is	be	AUX
cblr-5117	787	35	expected	expect	VERB
cblr-5117	787	36	to	to	PART
cblr-5117	787	37	act	act	VERB
cblr-5117	787	38	in	in	ADP
cblr-5117	787	39	another	another	DET
cblr-5117	787	40	’s	’s	NOUN
cblr-5117	787	41	best	good	ADJ
cblr-5117	787	42	interests.192	interests.192	NOUN
cblr-5117	787	43	typically	typically	ADV
cblr-5117	787	44	,	,	PUNCT
cblr-5117	787	45	in	in	ADP
cblr-5117	787	46	the	the	DET
cblr-5117	787	47	context	context	NOUN
cblr-5117	787	48	of	of	ADP
cblr-5117	787	49	capital	capital	NOUN
cblr-5117	787	50	investments	investment	NOUN
cblr-5117	787	51	,	,	PUNCT
cblr-5117	787	52	equity	equity	NOUN
cblr-5117	787	53	compensation	compensation	NOUN
cblr-5117	787	54	is	be	AUX
cblr-5117	787	55	regarded	regard	VERB
cblr-5117	787	56	as	as	ADP
cblr-5117	787	57	a	a	DET
cblr-5117	787	58	means	means	NOUN
cblr-5117	787	59	to	to	PART
cblr-5117	787	60	mitigate	mitigate	VERB
cblr-5117	787	61	the	the	DET
cblr-5117	787	62	agency	agency	NOUN
cblr-5117	787	63	problem	problem	NOUN
cblr-5117	787	64	between	between	ADP
cblr-5117	787	65	costs	cost	NOUN
cblr-5117	787	66	are	be	AUX
cblr-5117	787	67	low	low	ADJ
cblr-5117	787	68	.	.	PUNCT
cblr-5117	787	69	”	"	PUNCT
cblr-5117	788	1	i	i	PRON
cblr-5117	788	2	d.	d.	VERB
cblr-5117	788	3	at	at	ADP
cblr-5117	788	4	679	679	NUM
cblr-5117	788	5	.	.	PUNCT
cblr-5117	789	1	they	they	PRON
cblr-5117	789	2	also	also	ADV
cblr-5117	789	3	argue	argue	VERB
cblr-5117	789	4	that	that	SCONJ
cblr-5117	789	5	“	"	PUNCT
cblr-5117	789	6	[	[	X
cblr-5117	789	7	m]ere	m]ere	NOUN
cblr-5117	789	8	[	[	X
cblr-5117	789	9	voluntary	voluntary	ADJ
cblr-5117	789	10	]	]	X
cblr-5117	789	11	disclosure	disclosure	NOUN
cblr-5117	789	12	would	would	AUX
cblr-5117	789	13	be	be	AUX
cblr-5117	789	14	enough	enough	ADJ
cblr-5117	789	15	if	if	SCONJ
cblr-5117	789	16	the	the	DET
cblr-5117	789	17	rule	rule	NOUN
cblr-5117	789	18	against	against	ADP
cblr-5117	789	19	fraud	fraud	NOUN
cblr-5117	789	20	were	be	AUX
cblr-5117	789	21	perfectly	perfectly	ADV
cblr-5117	789	22	enforced	enforce	VERB
cblr-5117	789	23	,	,	PUNCT
cblr-5117	789	24	but	but	CCONJ
cblr-5117	789	25	it	it	PRON
cblr-5117	789	26	is	be	AUX
cblr-5117	789	27	not	not	PART
cblr-5117	789	28	.	.	PUNCT
cblr-5117	789	29	”	"	PUNCT
cblr-5117	790	1	i	i	PRON
cblr-5117	790	2	d.	d.	VERB
cblr-5117	790	3	at	at	ADP
cblr-5117	790	4	683	683	NUM
cblr-5117	790	5	.	.	PUNCT
cblr-5117	791	1	it	it	PRON
cblr-5117	791	2	follows	follow	VERB
cblr-5117	791	3	that	that	SCONJ
cblr-5117	791	4	in	in	ADP
cblr-5117	791	5	the	the	DET
cblr-5117	791	6	context	context	NOUN
cblr-5117	791	7	of	of	ADP
cblr-5117	791	8	employment	employment	NOUN
cblr-5117	791	9	relationship	relationship	NOUN
cblr-5117	791	10	where	where	SCONJ
cblr-5117	791	11	employees	employee	NOUN
cblr-5117	791	12	are	be	AUX
cblr-5117	791	13	often	often	ADV
cblr-5117	791	14	reluctant	reluctant	ADJ
cblr-5117	791	15	to	to	PART
cblr-5117	791	16	sue	sue	VERB
cblr-5117	791	17	,	,	PUNCT
cblr-5117	791	18	the	the	DET
cblr-5117	791	19	antifraud	antifraud	PROPN
cblr-5117	791	20	provisions	provision	NOUN
cblr-5117	791	21	of	of	ADP
cblr-5117	791	22	the	the	DET
cblr-5117	791	23	securities	security	NOUN
cblr-5117	791	24	laws	law	NOUN
cblr-5117	791	25	would	would	AUX
cblr-5117	791	26	not	not	PART
cblr-5117	791	27	suffice	suffice	VERB
cblr-5117	791	28	to	to	PART
cblr-5117	791	29	mitigate	mitigate	VERB
cblr-5117	791	30	information	information	NOUN
cblr-5117	791	31	asymmetry	asymmetry	NOUN
cblr-5117	791	32	problems	problem	NOUN
cblr-5117	791	33	.	.	PUNCT
cblr-5117	792	1	see	see	VERB
cblr-5117	792	2	also	also	ADV
cblr-5117	792	3	jesse	jesse	PROPN
cblr-5117	792	4	m.	m.	PROPN
cblr-5117	792	5	fried	fried	PROPN
cblr-5117	792	6	&	&	CCONJ
cblr-5117	792	7	mira	mira	PROPN
cblr-5117	792	8	ganor	ganor	PROPN
cblr-5117	792	9	,	,	PUNCT
cblr-5117	792	10	agency	agency	NOUN
cblr-5117	792	11	costs	cost	NOUN
cblr-5117	792	12	of	of	ADP
cblr-5117	792	13	venture	venture	NOUN
cblr-5117	792	14	capitalist	capitalist	ADJ
cblr-5117	792	15	control	control	NOUN
cblr-5117	792	16	in	in	ADP
cblr-5117	792	17	startups	startup	NOUN
cblr-5117	792	18	,	,	PUNCT
cblr-5117	792	19	81	81	NUM
cblr-5117	792	20	n.y.u	n.y.u	NOUN
cblr-5117	792	21	.	.	PUNCT
cblr-5117	793	1	l.	l.	PROPN
cblr-5117	793	2	rev	rev	AUX
cblr-5117	793	3	.	.	PROPN
cblr-5117	793	4	967	967	NUM
cblr-5117	793	5	,	,	PUNCT
cblr-5117	793	6	1000–01	1000–01	NUM
cblr-5117	793	7	(	(	PUNCT
cblr-5117	793	8	2006	2006	NUM
cblr-5117	793	9	)	)	PUNCT
cblr-5117	793	10	(	(	PUNCT
cblr-5117	793	11	arguing	argue	VERB
cblr-5117	793	12	that	that	SCONJ
cblr-5117	793	13	common	common	ADJ
cblr-5117	793	14	stockholders	stockholder	NOUN
cblr-5117	793	15	including	include	VERB
cblr-5117	793	16	employees	employee	NOUN
cblr-5117	793	17	are	be	AUX
cblr-5117	793	18	unlikely	unlikely	ADJ
cblr-5117	793	19	to	to	PART
cblr-5117	793	20	sue	sue	VERB
cblr-5117	793	21	venture	venture	NOUN
cblr-5117	793	22	capital	capital	NOUN
cblr-5117	793	23	nominated	nominate	VERB
cblr-5117	793	24	board	board	NOUN
cblr-5117	793	25	members	member	NOUN
cblr-5117	793	26	due	due	ADP
cblr-5117	793	27	to	to	ADP
cblr-5117	793	28	difficulty	difficulty	NOUN
cblr-5117	793	29	to	to	PART
cblr-5117	793	30	finance	finance	VERB
cblr-5117	793	31	such	such	ADJ
cblr-5117	793	32	litigation	litigation	NOUN
cblr-5117	793	33	)	)	PUNCT
cblr-5117	793	34	.	.	PUNCT
cblr-5117	794	1	191	191	NUM
cblr-5117	794	2	see	see	VERB
cblr-5117	794	3	e.g.	e.g.	ADV
cblr-5117	794	4	,	,	PUNCT
cblr-5117	794	5	interviews	interview	NOUN
cblr-5117	794	6	,	,	PUNCT
cblr-5117	794	7	supra	supra	PROPN
cblr-5117	794	8	note	note	PROPN
cblr-5117	794	9	29	29	NUM
cblr-5117	794	10	(	(	PUNCT
cblr-5117	794	11	quoting	quote	VERB
cblr-5117	794	12	e04	e04	NOUN
cblr-5117	794	13	:	:	PUNCT
cblr-5117	794	14	“	"	PUNCT
cblr-5117	794	15	i	i	PRON
cblr-5117	794	16	wish	wish	VERB
cblr-5117	794	17	i	i	PRON
cblr-5117	794	18	could	could	AUX
cblr-5117	794	19	say	say	VERB
cblr-5117	794	20	that	that	SCONJ
cblr-5117	794	21	there	there	PRON
cblr-5117	794	22	are	be	VERB
cblr-5117	794	23	reputational	reputational	ADJ
cblr-5117	794	24	implications	implication	NOUN
cblr-5117	794	25	for	for	ADP
cblr-5117	794	26	bad	bad	ADJ
cblr-5117	794	27	behavior	behavior	NOUN
cblr-5117	794	28	in	in	ADP
cblr-5117	794	29	silicon	silicon	PROPN
cblr-5117	794	30	valley	valley	NOUN
cblr-5117	794	31	,	,	PUNCT
cblr-5117	794	32	but	but	CCONJ
cblr-5117	794	33	i	i	PRON
cblr-5117	794	34	do	do	AUX
cblr-5117	794	35	not	not	PART
cblr-5117	794	36	think	think	VERB
cblr-5117	794	37	that	that	PRON
cblr-5117	794	38	’s	’	VERB
cblr-5117	794	39	true	true	ADJ
cblr-5117	794	40	.	.	PUNCT
cblr-5117	795	1	there	there	PRON
cblr-5117	795	2	would	would	AUX
cblr-5117	795	3	always	always	ADV
cblr-5117	795	4	be	be	AUX
cblr-5117	795	5	a	a	DET
cblr-5117	795	6	new	new	ADJ
cblr-5117	795	7	sucker	sucker	NOUN
cblr-5117	795	8	.	.	PUNCT
cblr-5117	796	1	silicon	silicon	PROPN
cblr-5117	796	2	valley	valley	PROPN
cblr-5117	796	3	is	be	AUX
cblr-5117	796	4	no	no	ADV
cblr-5117	796	5	longer	long	ADV
cblr-5117	796	6	a	a	DET
cblr-5117	796	7	small	small	ADJ
cblr-5117	796	8	community	community	NOUN
cblr-5117	796	9	.	.	PUNCT
cblr-5117	796	10	”	"	PUNCT
cblr-5117	796	11	)	)	PUNCT
cblr-5117	796	12	.	.	PUNCT
cblr-5117	797	1	192	192	NUM
cblr-5117	797	2	the	the	DET
cblr-5117	797	3	traditional	traditional	ADJ
cblr-5117	797	4	analysis	analysis	NOUN
cblr-5117	797	5	of	of	ADP
cblr-5117	797	6	the	the	DET
cblr-5117	797	7	agent	agent	NOUN
cblr-5117	797	8	-	-	PUNCT
cblr-5117	797	9	principal	principal	NOUN
cblr-5117	797	10	problem	problem	NOUN
cblr-5117	797	11	generally	generally	ADV
cblr-5117	797	12	views	view	VERB
cblr-5117	797	13	employees	employee	NOUN
cblr-5117	797	14	as	as	ADP
cblr-5117	797	15	the	the	DET
cblr-5117	797	16	agents	agent	NOUN
cblr-5117	797	17	and	and	CCONJ
cblr-5117	797	18	shareholders	shareholder	NOUN
cblr-5117	797	19	as	as	ADP
cblr-5117	797	20	the	the	DET
cblr-5117	797	21	principals	principal	NOUN
cblr-5117	797	22	.	.	PUNCT
cblr-5117	798	1	see	see	VERB
cblr-5117	798	2	michael	michael	PROPN
cblr-5117	798	3	c.	c.	PROPN
cblr-5117	798	4	jensen	jensen	PROPN
cblr-5117	798	5	&	&	CCONJ
cblr-5117	798	6	william	william	PROPN
cblr-5117	798	7	h.	h.	PROPN
cblr-5117	798	8	meckling	meckling	PROPN
cblr-5117	798	9	,	,	PUNCT
cblr-5117	798	10	theory	theory	NOUN
cblr-5117	798	11	of	of	ADP
cblr-5117	798	12	the	the	DET
cblr-5117	798	13	firm	firm	NOUN
cblr-5117	798	14	:	:	PUNCT
cblr-5117	798	15	managerial	managerial	ADJ
cblr-5117	798	16	behavior	behavior	NOUN
cblr-5117	798	17	,	,	PUNCT
cblr-5117	798	18	agency	agency	NOUN
cblr-5117	798	19	costs	cost	NOUN
cblr-5117	798	20	and	and	CCONJ
cblr-5117	798	21	ownership	ownership	NOUN
cblr-5117	798	22	structure	structure	NOUN
cblr-5117	798	23	,	,	PUNCT
cblr-5117	798	24	3	3	NUM
cblr-5117	798	25	j.	j.	PROPN
cblr-5117	798	26	fin	fin	PROPN
cblr-5117	798	27	.	.	PUNCT
cblr-5117	798	28	econ	econ	PROPN
cblr-5117	798	29	.	.	PUNCT
cblr-5117	799	1	305	305	NUM
cblr-5117	799	2	,	,	PUNCT
cblr-5117	799	3	309	309	NUM
cblr-5117	799	4	(	(	PUNCT
cblr-5117	799	5	1976	1976	NUM
cblr-5117	799	6	)	)	PUNCT
cblr-5117	799	7	(	(	PUNCT
cblr-5117	799	8	“	"	PUNCT
cblr-5117	799	9	[	[	X
cblr-5117	799	10	t]he	t]he	X
cblr-5117	799	11	problem	problem	NOUN
cblr-5117	799	12	of	of	ADP
cblr-5117	799	13	inducing	induce	VERB
cblr-5117	799	14	an	an	DET
cblr-5117	799	15	‘	'	PUNCT
cblr-5117	799	16	agent	agent	NOUN
cblr-5117	799	17	’	'	PUNCT
cblr-5117	799	18	to	to	PART
cblr-5117	799	19	behave	behave	VERB
cblr-5117	799	20	as	as	SCONJ
cblr-5117	799	21	if	if	SCONJ
cblr-5117	799	22	he	he	PRON
cblr-5117	799	23	were	be	AUX
cblr-5117	799	24	maximizing	maximize	VERB
cblr-5117	799	25	the	the	DET
cblr-5117	799	26	‘	'	PUNCT
cblr-5117	799	27	principal	principal	ADJ
cblr-5117	799	28	’s	’s	NOUN
cblr-5117	799	29	’	'	PUNCT
cblr-5117	799	30	welfare	welfare	NOUN
cblr-5117	799	31	is	be	AUX
cblr-5117	799	32	quite	quite	ADV
cblr-5117	799	33	general	general	ADJ
cblr-5117	799	34	.	.	PUNCT
cblr-5117	799	35	”	"	PUNCT
cblr-5117	799	36	)	)	PUNCT
cblr-5117	799	37	.	.	PUNCT
cblr-5117	800	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	800	2	(	(	PUNCT
cblr-5117	800	3	do	do	AUX
cblr-5117	800	4	not	not	PART
cblr-5117	800	5	delete	delete	VERB
cblr-5117	800	6	)	)	PUNCT
cblr-5117	800	7	1/8/2020	1/8/2020	NUM
cblr-5117	800	8	4:44	4:44	NUM
cblr-5117	800	9	pm	pm	NOUN
cblr-5117	800	10	no	no	INTJ
cblr-5117	800	11	.	.	PUNCT
cblr-5117	801	1	3:867	3:867	NUM
cblr-5117	801	2	]	]	PUNCT
cblr-5117	801	3	making	make	VERB
cblr-5117	801	4	disclosure	disclosure	NOUN
cblr-5117	801	5	work	work	NOUN
cblr-5117	801	6	925	925	NUM
cblr-5117	801	7	capital	capital	NOUN
cblr-5117	801	8	investors	investor	NOUN
cblr-5117	801	9	and	and	CCONJ
cblr-5117	801	10	management.193	management.193	NOUN
cblr-5117	801	11	however	however	ADV
cblr-5117	801	12	,	,	PUNCT
cblr-5117	801	13	to	to	ADP
cblr-5117	801	14	employeeequity	employeeequity	NOUN
cblr-5117	801	15	holders	holder	NOUN
cblr-5117	801	16	,	,	PUNCT
cblr-5117	801	17	the	the	DET
cblr-5117	801	18	agency	agency	NOUN
cblr-5117	801	19	problem	problem	NOUN
cblr-5117	801	20	is	be	AUX
cblr-5117	801	21	the	the	DET
cblr-5117	801	22	reverse	reverse	NOUN
cblr-5117	801	23	—	—	PUNCT
cblr-5117	801	24	employees	employee	NOUN
cblr-5117	801	25	are	be	AUX
cblr-5117	801	26	principals	principal	NOUN
cblr-5117	801	27	whereas	whereas	SCONJ
cblr-5117	801	28	the	the	DET
cblr-5117	801	29	management	management	NOUN
cblr-5117	801	30	and	and	CCONJ
cblr-5117	801	31	board	board	NOUN
cblr-5117	801	32	of	of	ADP
cblr-5117	801	33	directors	director	NOUN
cblr-5117	801	34	are	be	AUX
cblr-5117	801	35	agents	agent	NOUN
cblr-5117	801	36	.	.	PUNCT
cblr-5117	802	1	equity	equity	NOUN
cblr-5117	802	2	-	-	PUNCT
cblr-5117	802	3	compensated	compensate	VERB
cblr-5117	802	4	employees	employee	NOUN
cblr-5117	802	5	typically	typically	ADV
cblr-5117	802	6	do	do	AUX
cblr-5117	802	7	not	not	PART
cblr-5117	802	8	play	play	VERB
cblr-5117	802	9	an	an	DET
cblr-5117	802	10	active	active	ADJ
cblr-5117	802	11	role	role	NOUN
cblr-5117	802	12	in	in	ADP
cblr-5117	802	13	the	the	DET
cblr-5117	802	14	company	company	NOUN
cblr-5117	802	15	’s	’s	PART
cblr-5117	802	16	decisionmaking	decisionmake	VERB
cblr-5117	802	17	process.194	process.194	ADJ
cblr-5117	802	18	strategic	strategic	ADJ
cblr-5117	802	19	decisions	decision	NOUN
cblr-5117	802	20	are	be	AUX
cblr-5117	802	21	made	make	VERB
cblr-5117	802	22	by	by	ADP
cblr-5117	802	23	the	the	DET
cblr-5117	802	24	board	board	NOUN
cblr-5117	802	25	of	of	ADP
cblr-5117	802	26	directors	director	NOUN
cblr-5117	802	27	,	,	PUNCT
cblr-5117	802	28	which	which	PRON
cblr-5117	802	29	both	both	CCONJ
cblr-5117	802	30	the	the	DET
cblr-5117	802	31	founders	founder	NOUN
cblr-5117	802	32	and	and	CCONJ
cblr-5117	802	33	the	the	DET
cblr-5117	802	34	venture	venture	NOUN
cblr-5117	802	35	capital	capital	NOUN
cblr-5117	802	36	investors	investor	NOUN
cblr-5117	802	37	appoint	appoint	VERB
cblr-5117	802	38	,	,	PUNCT
cblr-5117	802	39	and	and	CCONJ
cblr-5117	802	40	the	the	DET
cblr-5117	802	41	management	management	NOUN
cblr-5117	802	42	carries	carry	VERB
cblr-5117	802	43	out	out	ADP
cblr-5117	802	44	these	these	DET
cblr-5117	802	45	decisions.195	decisions.195	NOUN
cblr-5117	802	46	consequently	consequently	ADV
cblr-5117	802	47	,	,	PUNCT
cblr-5117	802	48	once	once	SCONJ
cblr-5117	802	49	employees	employee	NOUN
cblr-5117	802	50	have	have	AUX
cblr-5117	802	51	accepted	accept	VERB
cblr-5117	802	52	equity	equity	NOUN
cblr-5117	802	53	193	193	NUM
cblr-5117	802	54	in	in	ADP
cblr-5117	802	55	the	the	DET
cblr-5117	802	56	venture	venture	NOUN
cblr-5117	802	57	capital	capital	NOUN
cblr-5117	802	58	-	-	PUNCT
cblr-5117	802	59	backed	back	VERB
cblr-5117	802	60	company	company	NOUN
cblr-5117	802	61	,	,	PUNCT
cblr-5117	802	62	see	see	VERB
cblr-5117	802	63	generally	generally	ADV
cblr-5117	802	64	ronald	ronald	PROPN
cblr-5117	802	65	j.	j.	PROPN
cblr-5117	802	66	gilson	gilson	PROPN
cblr-5117	802	67	,	,	PUNCT
cblr-5117	802	68	engineering	engineer	VERB
cblr-5117	802	69	a	a	DET
cblr-5117	802	70	venture	venture	NOUN
cblr-5117	802	71	capital	capital	NOUN
cblr-5117	802	72	market	market	NOUN
cblr-5117	802	73	:	:	PUNCT
cblr-5117	802	74	lessons	lesson	NOUN
cblr-5117	802	75	from	from	ADP
cblr-5117	802	76	the	the	DET
cblr-5117	802	77	american	american	ADJ
cblr-5117	802	78	experience	experience	NOUN
cblr-5117	802	79	,	,	PUNCT
cblr-5117	802	80	55	55	NUM
cblr-5117	802	81	stan	stan	NOUN
cblr-5117	802	82	.	.	PUNCT
cblr-5117	803	1	l.	l.	PROPN
cblr-5117	803	2	rev	rev	PROPN
cblr-5117	803	3	.	.	PROPN
cblr-5117	803	4	1067	1067	NUM
cblr-5117	803	5	,	,	PUNCT
cblr-5117	803	6	1076–92	1076–92	NUM
cblr-5117	803	7	(	(	PUNCT
cblr-5117	803	8	2003	2003	NUM
cblr-5117	803	9	)	)	PUNCT
cblr-5117	803	10	(	(	PUNCT
cblr-5117	803	11	discussing	discuss	VERB
cblr-5117	803	12	agency	agency	NOUN
cblr-5117	803	13	costs	cost	NOUN
cblr-5117	803	14	between	between	ADP
cblr-5117	803	15	venture	venture	NOUN
cblr-5117	803	16	capitalists	capitalist	NOUN
cblr-5117	803	17	and	and	CCONJ
cblr-5117	803	18	entrepreneurs	entrepreneur	NOUN
cblr-5117	803	19	)	)	PUNCT
cblr-5117	803	20	;	;	PUNCT
cblr-5117	803	21	gilson	gilson	PROPN
cblr-5117	803	22	&	&	CCONJ
cblr-5117	803	23	schizer	schizer	PROPN
cblr-5117	803	24	,	,	PUNCT
cblr-5117	803	25	supra	supra	PROPN
cblr-5117	803	26	note	note	PROPN
cblr-5117	803	27	172	172	NUM
cblr-5117	803	28	,	,	PUNCT
cblr-5117	803	29	at	at	ADP
cblr-5117	803	30	880	880	NUM
cblr-5117	803	31	;	;	PUNCT
cblr-5117	803	32	fried	fry	VERB
cblr-5117	803	33	&	&	CCONJ
cblr-5117	803	34	ganor	ganor	PROPN
cblr-5117	803	35	,	,	PUNCT
cblr-5117	803	36	supra	supra	PROPN
cblr-5117	803	37	note	note	NOUN
cblr-5117	803	38	190	190	NUM
cblr-5117	803	39	,	,	PUNCT
cblr-5117	803	40	at	at	ADP
cblr-5117	803	41	971	971	NUM
cblr-5117	803	42	;	;	PUNCT
cblr-5117	803	43	alon	alon	PROPN
cblr-5117	803	44	-	-	PUNCT
cblr-5117	803	45	beck	beck	PROPN
cblr-5117	803	46	,	,	PUNCT
cblr-5117	804	1	supra	supra	PROPN
cblr-5117	804	2	note	note	PROPN
cblr-5117	804	3	145	145	NUM
cblr-5117	804	4	,	,	PUNCT
cblr-5117	804	5	at	at	ADP
cblr-5117	804	6	124–25	124–25	NUM
cblr-5117	804	7	.	.	X
cblr-5117	804	8	194	194	NUM
cblr-5117	805	1	as	as	ADP
cblr-5117	805	2	holders	holder	NOUN
cblr-5117	805	3	of	of	ADP
cblr-5117	805	4	stock	stock	NOUN
cblr-5117	805	5	options	option	NOUN
cblr-5117	805	6	or	or	CCONJ
cblr-5117	805	7	rsus	rsus	NOUN
cblr-5117	805	8	,	,	PUNCT
cblr-5117	805	9	employees	employee	NOUN
cblr-5117	805	10	do	do	AUX
cblr-5117	805	11	not	not	PART
cblr-5117	805	12	enjoy	enjoy	VERB
cblr-5117	805	13	voting	voting	NOUN
cblr-5117	805	14	rights	right	NOUN
cblr-5117	805	15	.	.	PUNCT
cblr-5117	806	1	even	even	ADV
cblr-5117	806	2	employees	employee	NOUN
cblr-5117	806	3	who	who	PRON
cblr-5117	806	4	have	have	AUX
cblr-5117	806	5	exercised	exercise	VERB
cblr-5117	806	6	their	their	PRON
cblr-5117	806	7	stock	stock	NOUN
cblr-5117	806	8	options	option	NOUN
cblr-5117	806	9	and	and	CCONJ
cblr-5117	806	10	own	own	ADJ
cblr-5117	806	11	shares	share	NOUN
cblr-5117	806	12	typically	typically	ADV
cblr-5117	806	13	do	do	AUX
cblr-5117	806	14	not	not	PART
cblr-5117	806	15	tend	tend	VERB
cblr-5117	806	16	to	to	PART
cblr-5117	806	17	use	use	VERB
cblr-5117	806	18	their	their	PRON
cblr-5117	806	19	voting	voting	NOUN
cblr-5117	806	20	rights	right	NOUN
cblr-5117	806	21	because	because	SCONJ
cblr-5117	806	22	their	their	PRON
cblr-5117	806	23	equity	equity	NOUN
cblr-5117	806	24	stake	stake	NOUN
cblr-5117	806	25	is	be	AUX
cblr-5117	806	26	too	too	ADV
cblr-5117	806	27	small	small	ADJ
cblr-5117	806	28	to	to	PART
cblr-5117	806	29	have	have	VERB
cblr-5117	806	30	significant	significant	ADJ
cblr-5117	806	31	influence	influence	NOUN
cblr-5117	806	32	.	.	PUNCT
cblr-5117	807	1	employee	employee	NOUN
cblr-5117	807	2	-	-	PUNCT
cblr-5117	807	3	equity	equity	NOUN
cblr-5117	807	4	holders	holder	NOUN
cblr-5117	807	5	also	also	ADV
cblr-5117	807	6	sometimes	sometimes	ADV
cblr-5117	807	7	assign	assign	VERB
cblr-5117	807	8	their	their	PRON
cblr-5117	807	9	voting	voting	NOUN
cblr-5117	807	10	rights	right	NOUN
cblr-5117	807	11	away	away	ADV
cblr-5117	807	12	in	in	ADP
cblr-5117	807	13	a	a	DET
cblr-5117	807	14	proxy	proxy	NOUN
cblr-5117	807	15	,	,	PUNCT
cblr-5117	807	16	since	since	SCONJ
cblr-5117	807	17	these	these	DET
cblr-5117	807	18	shares	share	NOUN
cblr-5117	807	19	are	be	AUX
cblr-5117	807	20	viewed	view	VERB
cblr-5117	807	21	as	as	ADP
cblr-5117	807	22	having	having	AUX
cblr-5117	807	23	been	be	AUX
cblr-5117	807	24	granted	grant	VERB
cblr-5117	807	25	almost	almost	ADV
cblr-5117	807	26	exclusively	exclusively	ADV
cblr-5117	807	27	for	for	ADP
cblr-5117	807	28	economic	economic	ADJ
cblr-5117	807	29	reasons	reason	NOUN
cblr-5117	807	30	,	,	PUNCT
cblr-5117	807	31	and	and	CCONJ
cblr-5117	807	32	not	not	PART
cblr-5117	807	33	as	as	SCONJ
cblr-5117	807	34	intended	intend	VERB
cblr-5117	807	35	to	to	PART
cblr-5117	807	36	influence	influence	VERB
cblr-5117	807	37	decisionmaking	decisionmake	VERB
cblr-5117	807	38	.	.	PUNCT
cblr-5117	808	1	theoretically	theoretically	ADV
cblr-5117	808	2	,	,	PUNCT
cblr-5117	808	3	employees	employee	NOUN
cblr-5117	808	4	can	can	AUX
cblr-5117	808	5	coordinate	coordinate	VERB
cblr-5117	808	6	their	their	PRON
cblr-5117	808	7	voting	vote	VERB
cblr-5117	808	8	behavior	behavior	NOUN
cblr-5117	808	9	to	to	PART
cblr-5117	808	10	gain	gain	VERB
cblr-5117	808	11	more	more	ADJ
cblr-5117	808	12	influence	influence	NOUN
cblr-5117	808	13	,	,	PUNCT
cblr-5117	808	14	but	but	CCONJ
cblr-5117	808	15	they	they	PRON
cblr-5117	808	16	rarely	rarely	ADV
cblr-5117	808	17	do	do	VERB
cblr-5117	808	18	so	so	ADV
cblr-5117	808	19	.	.	PUNCT
cblr-5117	809	1	see	see	VERB
cblr-5117	809	2	david	david	PROPN
cblr-5117	809	3	larcker	larcker	PROPN
cblr-5117	809	4	&	&	CCONJ
cblr-5117	809	5	brian	brian	PROPN
cblr-5117	809	6	tayan	tayan	PROPN
cblr-5117	809	7	,	,	PUNCT
cblr-5117	809	8	corporate	corporate	ADJ
cblr-5117	809	9	governance	governance	NOUN
cblr-5117	809	10	matters	matter	NOUN
cblr-5117	809	11	:	:	PUNCT
cblr-5117	809	12	a	a	DET
cblr-5117	809	13	closer	close	ADJ
cblr-5117	809	14	look	look	NOUN
cblr-5117	809	15	at	at	ADP
cblr-5117	809	16	organizational	organizational	ADJ
cblr-5117	809	17	choices	choice	NOUN
cblr-5117	809	18	and	and	CCONJ
cblr-5117	809	19	their	their	PRON
cblr-5117	809	20	consequences	consequence	NOUN
cblr-5117	809	21	149–51	149–51	X
cblr-5117	809	22	(	(	PUNCT
cblr-5117	809	23	jeanne	jeanne	PROPN
cblr-5117	809	24	glasser	glasser	PROPN
cblr-5117	809	25	et	et	PROPN
cblr-5117	809	26	al	al	PROPN
cblr-5117	809	27	.	.	PUNCT
cblr-5117	810	1	eds	eds	PROPN
cblr-5117	810	2	.	.	PROPN
cblr-5117	810	3	,	,	PUNCT
cblr-5117	810	4	2011	2011	NUM
cblr-5117	810	5	)	)	PUNCT
cblr-5117	810	6	(	(	PUNCT
cblr-5117	810	7	discussing	discuss	VERB
cblr-5117	810	8	the	the	DET
cblr-5117	810	9	differences	difference	NOUN
cblr-5117	810	10	in	in	ADP
cblr-5117	810	11	employee	employee	NOUN
cblr-5117	810	12	representation	representation	NOUN
cblr-5117	810	13	at	at	ADP
cblr-5117	810	14	the	the	DET
cblr-5117	810	15	board	board	NOUN
cblr-5117	810	16	level	level	NOUN
cblr-5117	810	17	between	between	ADP
cblr-5117	810	18	u.s	u.s	PROPN
cblr-5117	810	19	.	.	PROPN
cblr-5117	810	20	and	and	CCONJ
cblr-5117	810	21	europe	europe	PROPN
cblr-5117	810	22	(	(	PUNCT
cblr-5117	810	23	mostly	mostly	ADV
cblr-5117	810	24	german	german	ADJ
cblr-5117	810	25	)	)	PUNCT
cblr-5117	810	26	companies	company	NOUN
cblr-5117	810	27	and	and	CCONJ
cblr-5117	810	28	reviewing	review	VERB
cblr-5117	810	29	the	the	DET
cblr-5117	810	30	relevant	relevant	ADJ
cblr-5117	810	31	empirical	empirical	ADJ
cblr-5117	810	32	literature	literature	NOUN
cblr-5117	810	33	)	)	PUNCT
cblr-5117	810	34	.	.	PUNCT
cblr-5117	811	1	cf	cf	INTJ
cblr-5117	811	2	.	.	PROPN
cblr-5117	811	3	,	,	PUNCT
cblr-5117	811	4	paris	paris	PROPN
cblr-5117	811	5	martineau	martineau	PROPN
cblr-5117	811	6	,	,	PUNCT
cblr-5117	811	7	amazon	amazon	NOUN
cblr-5117	811	8	employees	employee	NOUN
cblr-5117	811	9	try	try	VERB
cblr-5117	811	10	a	a	DET
cblr-5117	811	11	new	new	ADJ
cblr-5117	811	12	form	form	NOUN
cblr-5117	811	13	of	of	ADP
cblr-5117	811	14	activism	activism	NOUN
cblr-5117	811	15	,	,	PUNCT
cblr-5117	811	16	as	as	ADP
cblr-5117	811	17	shareholders	shareholder	NOUN
cblr-5117	811	18	,	,	PUNCT
cblr-5117	811	19	wired	wire	VERB
cblr-5117	811	20	(	(	PUNCT
cblr-5117	811	21	apr	apr	NOUN
cblr-5117	811	22	.	.	PROPN
cblr-5117	811	23	11	11	NUM
cblr-5117	811	24	,	,	PUNCT
cblr-5117	811	25	2019	2019	NUM
cblr-5117	811	26	)	)	PUNCT
cblr-5117	811	27	,	,	PUNCT
cblr-5117	811	28	https://www.wired.com/story/amazon-employees-try-new-activismshareholders/	https://www.wired.com/story/amazon-employees-try-new-activismshareholders/	ADJ
cblr-5117	811	29	[	[	X
cblr-5117	811	30	https://perma.cc/m5l2-2kha	https://perma.cc/m5l2-2kha	X
cblr-5117	811	31	]	]	X
cblr-5117	811	32	(	(	PUNCT
cblr-5117	811	33	describing	describe	VERB
cblr-5117	811	34	some	some	DET
cblr-5117	811	35	amazon	amazon	NOUN
cblr-5117	811	36	employees	employee	NOUN
cblr-5117	811	37	’	'	PUNCT
cblr-5117	811	38	coordinated	coordinate	VERB
cblr-5117	811	39	effort	effort	NOUN
cblr-5117	811	40	to	to	PART
cblr-5117	811	41	influence	influence	VERB
cblr-5117	811	42	the	the	DET
cblr-5117	811	43	company	company	NOUN
cblr-5117	811	44	’s	’s	PART
cblr-5117	811	45	policy	policy	NOUN
cblr-5117	811	46	on	on	ADP
cblr-5117	811	47	climate	climate	NOUN
cblr-5117	811	48	change	change	NOUN
cblr-5117	811	49	issues	issue	NOUN
cblr-5117	811	50	via	via	ADP
cblr-5117	811	51	proxy	proxy	ADJ
cblr-5117	811	52	proposal	proposal	NOUN
cblr-5117	811	53	.	.	PUNCT
cblr-5117	812	1	stating	state	VERB
cblr-5117	812	2	that	that	SCONJ
cblr-5117	812	3	“	"	PUNCT
cblr-5117	812	4	the	the	DET
cblr-5117	812	5	move	move	NOUN
cblr-5117	812	6	could	could	AUX
cblr-5117	812	7	be	be	AUX
cblr-5117	812	8	a	a	DET
cblr-5117	812	9	harbinger	harbinger	NOUN
cblr-5117	812	10	of	of	ADP
cblr-5117	812	11	a	a	DET
cblr-5117	812	12	new	new	ADJ
cblr-5117	812	13	genre	genre	NOUN
cblr-5117	812	14	of	of	ADP
cblr-5117	812	15	activism	activism	NOUN
cblr-5117	812	16	for	for	ADP
cblr-5117	812	17	stock	stock	NOUN
cblr-5117	812	18	-	-	PUNCT
cblr-5117	812	19	laden	laden	ADJ
cblr-5117	812	20	tech	tech	NOUN
cblr-5117	812	21	workers	worker	NOUN
cblr-5117	812	22	.	.	PUNCT
cblr-5117	812	23	.	.	PUNCT
cblr-5117	812	24	.	.	PUNCT
cblr-5117	812	25	.	.	PUNCT
cblr-5117	812	26	”	"	PUNCT
cblr-5117	812	27	)	)	PUNCT
cblr-5117	812	28	.	.	PUNCT
cblr-5117	813	1	195	195	NUM
cblr-5117	813	2	see	see	VERB
cblr-5117	813	3	fried	fry	VERB
cblr-5117	813	4	&	&	CCONJ
cblr-5117	813	5	ganor	ganor	PROPN
cblr-5117	813	6	,	,	PUNCT
cblr-5117	813	7	supra	supra	PROPN
cblr-5117	813	8	note	note	NOUN
cblr-5117	813	9	190	190	NUM
cblr-5117	813	10	,	,	PUNCT
cblr-5117	813	11	at	at	ADP
cblr-5117	813	12	987–88	987–88	NUM
cblr-5117	813	13	;	;	PUNCT
cblr-5117	813	14	see	see	VERB
cblr-5117	813	15	also	also	ADV
cblr-5117	813	16	steven	steven	PROPN
cblr-5117	813	17	e.	e.	PROPN
cblr-5117	813	18	boschner	boschner	PROPN
cblr-5117	813	19	&	&	CCONJ
cblr-5117	813	20	amy	amy	PROPN
cblr-5117	813	21	l.	l.	PROPN
cblr-5117	813	22	simmerman	simmerman	PROPN
cblr-5117	813	23	,	,	PUNCT
cblr-5117	813	24	the	the	DET
cblr-5117	813	25	venture	venture	NOUN
cblr-5117	813	26	capital	capital	PROPN
cblr-5117	813	27	board	board	PROPN
cblr-5117	813	28	member	member	PROPN
cblr-5117	813	29	’s	’s	PART
cblr-5117	813	30	survival	survival	PROPN
cblr-5117	813	31	guide	guide	NOUN
cblr-5117	813	32	:	:	PUNCT
cblr-5117	814	1	handling	handle	VERB
cblr-5117	814	2	conflicts	conflict	NOUN
cblr-5117	814	3	effectively	effectively	ADV
cblr-5117	814	4	while	while	SCONJ
cblr-5117	814	5	wearing	wear	VERB
cblr-5117	814	6	two	two	NUM
cblr-5117	814	7	hats	hat	NOUN
cblr-5117	814	8	,	,	PUNCT
cblr-5117	814	9	41	41	NUM
cblr-5117	814	10	del	del	PROPN
cblr-5117	814	11	.	.	PROPN
cblr-5117	814	12	j.	j.	PROPN
cblr-5117	814	13	corp	corp	PROPN
cblr-5117	814	14	.	.	PROPN
cblr-5117	814	15	l.	l.	PROPN
cblr-5117	814	16	1	1	NUM
cblr-5117	814	17	,	,	PUNCT
cblr-5117	814	18	9	9	NUM
cblr-5117	814	19	(	(	PUNCT
cblr-5117	814	20	2016	2016	NUM
cblr-5117	814	21	)	)	PUNCT
cblr-5117	814	22	(	(	PUNCT
cblr-5117	814	23	“	"	PUNCT
cblr-5117	814	24	it	it	PRON
cblr-5117	814	25	is	be	AUX
cblr-5117	814	26	not	not	PART
cblr-5117	814	27	unusual	unusual	ADJ
cblr-5117	814	28	for	for	SCONJ
cblr-5117	814	29	an	an	DET
cblr-5117	814	30	early	early	ADJ
cblr-5117	814	31	-	-	PUNCT
cblr-5117	814	32	stage	stage	NOUN
cblr-5117	814	33	venturebacked	venturebacke	VERB
cblr-5117	814	34	company	company	NOUN
cblr-5117	814	35	to	to	PART
cblr-5117	814	36	have	have	VERB
cblr-5117	814	37	a	a	DET
cblr-5117	814	38	board	board	NOUN
cblr-5117	814	39	composed	compose	VERB
cblr-5117	814	40	of	of	ADP
cblr-5117	814	41	the	the	DET
cblr-5117	814	42	corporation	corporation	NOUN
cblr-5117	814	43	’s	’s	PART
cblr-5117	814	44	ceo	ceo	PROPN
cblr-5117	814	45	and	and	CCONJ
cblr-5117	814	46	otherwise	otherwise	ADV
cblr-5117	814	47	general	general	ADJ
cblr-5117	814	48	partners	partner	NOUN
cblr-5117	814	49	from	from	ADP
cblr-5117	814	50	the	the	DET
cblr-5117	814	51	corporation	corporation	NOUN
cblr-5117	814	52	’s	’s	PART
cblr-5117	814	53	funding	funding	NOUN
cblr-5117	814	54	venture	venture	NOUN
cblr-5117	814	55	firms	firm	NOUN
cblr-5117	814	56	-	-	PUNCT
cblr-5117	814	57	in	in	ADP
cblr-5117	814	58	effect	effect	NOUN
cblr-5117	814	59	potentially	potentially	ADV
cblr-5117	814	60	no	no	DET
cblr-5117	814	61	independent	independent	ADJ
cblr-5117	814	62	and	and	CCONJ
cblr-5117	814	63	disinterested	disinterested	ADJ
cblr-5117	814	64	directors	director	NOUN
cblr-5117	814	65	.	.	PUNCT
cblr-5117	814	66	.	.	PUNCT
cblr-5117	814	67	.	.	PUNCT
cblr-5117	814	68	.	.	PUNCT
cblr-5117	814	69	”	"	PUNCT
cblr-5117	814	70	)	)	PUNCT
cblr-5117	814	71	.	.	PUNCT
cblr-5117	815	1	https://perma.cc/m5l2-2kha	https://perma.cc/m5l2-2kha	PUNCT
cblr-5117	815	2	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	815	3	(	(	PUNCT
cblr-5117	815	4	do	do	AUX
cblr-5117	815	5	not	not	PART
cblr-5117	815	6	delte	delte	VERB
cblr-5117	815	7	)	)	PUNCT
cblr-5117	815	8	1/8/2020	1/8/2020	NUM
cblr-5117	815	9	4:44	4:44	NUM
cblr-5117	815	10	pm	pm	NOUN
cblr-5117	815	11	926	926	NUM
cblr-5117	815	12	columbia	columbia	PROPN
cblr-5117	815	13	business	business	NOUN
cblr-5117	815	14	law	law	PROPN
cblr-5117	815	15	review	review	NOUN
cblr-5117	816	1	[	[	X
cblr-5117	816	2	vol	vol	NOUN
cblr-5117	816	3	.	.	PUNCT
cblr-5117	816	4	2019	2019	NUM
cblr-5117	816	5	compensation	compensation	NOUN
cblr-5117	816	6	,	,	PUNCT
cblr-5117	816	7	self	self	NOUN
cblr-5117	816	8	-	-	PUNCT
cblr-5117	816	9	interested	interest	VERB
cblr-5117	816	10	founders	founder	NOUN
cblr-5117	816	11	and	and	CCONJ
cblr-5117	816	12	venture	venture	NOUN
cblr-5117	816	13	-	-	PUNCT
cblr-5117	816	14	capitalappointed	capitalappointe	VERB
cblr-5117	816	15	directors	director	NOUN
cblr-5117	816	16	occasionally	occasionally	ADV
cblr-5117	816	17	have	have	VERB
cblr-5117	816	18	an	an	DET
cblr-5117	816	19	incentive	incentive	NOUN
cblr-5117	816	20	to	to	PART
cblr-5117	816	21	make	make	VERB
cblr-5117	816	22	decisions	decision	NOUN
cblr-5117	816	23	that	that	PRON
cblr-5117	816	24	expropriate	expropriate	VERB
cblr-5117	816	25	employees	employee	NOUN
cblr-5117	816	26	’	’	PART
cblr-5117	816	27	human	human	ADJ
cblr-5117	816	28	capital	capital	NOUN
cblr-5117	816	29	and	and	CCONJ
cblr-5117	816	30	minority	minority	NOUN
cblr-5117	816	31	equity	equity	NOUN
cblr-5117	816	32	stake.196	stake.196	PROPN
cblr-5117	816	33	notably	notably	ADV
cblr-5117	816	34	,	,	PUNCT
cblr-5117	816	35	the	the	DET
cblr-5117	816	36	corporate	corporate	ADJ
cblr-5117	816	37	governance	governance	NOUN
cblr-5117	816	38	literature	literature	NOUN
cblr-5117	816	39	has	have	VERB
cblr-5117	816	40	yet	yet	ADV
cblr-5117	816	41	to	to	PART
cblr-5117	816	42	recognize	recognize	VERB
cblr-5117	816	43	the	the	DET
cblr-5117	816	44	role	role	NOUN
cblr-5117	816	45	of	of	ADP
cblr-5117	816	46	employee	employee	NOUN
cblr-5117	816	47	-	-	PUNCT
cblr-5117	816	48	equity	equity	NOUN
cblr-5117	816	49	holders	holder	NOUN
cblr-5117	816	50	in	in	ADP
cblr-5117	816	51	the	the	DET
cblr-5117	816	52	governance	governance	NOUN
cblr-5117	816	53	of	of	ADP
cblr-5117	816	54	the	the	DET
cblr-5117	816	55	venture	venture	NOUN
cblr-5117	816	56	capital	capital	NOUN
cblr-5117	816	57	-	-	PUNCT
cblr-5117	816	58	backed	back	VERB
cblr-5117	816	59	company.197	company.197	NOUN
cblr-5117	816	60	the	the	DET
cblr-5117	816	61	traditional	traditional	ADJ
cblr-5117	816	62	framework	framework	NOUN
cblr-5117	816	63	views	view	VERB
cblr-5117	816	64	the	the	DET
cblr-5117	816	65	board	board	NOUN
cblr-5117	816	66	of	of	ADP
cblr-5117	816	67	directors	director	NOUN
cblr-5117	816	68	as	as	ADP
cblr-5117	816	69	the	the	DET
cblr-5117	816	70	organ	organ	NOUN
cblr-5117	816	71	that	that	PRON
cblr-5117	816	72	monitors	monitor	VERB
cblr-5117	816	73	management	management	NOUN
cblr-5117	816	74	and	and	CCONJ
cblr-5117	816	75	mitigates	mitigate	VERB
cblr-5117	816	76	the	the	DET
cblr-5117	816	77	agency	agency	NOUN
cblr-5117	816	78	problem	problem	NOUN
cblr-5117	816	79	arising	arise	VERB
cblr-5117	816	80	out	out	ADP
cblr-5117	816	81	of	of	ADP
cblr-5117	816	82	the	the	DET
cblr-5117	816	83	separation	separation	NOUN
cblr-5117	816	84	of	of	ADP
cblr-5117	816	85	ownership	ownership	NOUN
cblr-5117	816	86	and	and	CCONJ
cblr-5117	816	87	control.198	control.198	VERB
cblr-5117	816	88	however	however	ADV
cblr-5117	816	89	,	,	PUNCT
cblr-5117	816	90	due	due	ADP
cblr-5117	816	91	to	to	ADP
cblr-5117	816	92	the	the	DET
cblr-5117	816	93	competing	compete	VERB
cblr-5117	816	94	duties	duty	NOUN
cblr-5117	816	95	of	of	ADP
cblr-5117	816	96	venturecapital	venturecapital	ADJ
cblr-5117	816	97	-	-	PUNCT
cblr-5117	816	98	appointed	appoint	VERB
cblr-5117	816	99	directors	director	NOUN
cblr-5117	816	100	to	to	ADP
cblr-5117	816	101	the	the	DET
cblr-5117	816	102	company	company	NOUN
cblr-5117	816	103	and	and	CCONJ
cblr-5117	816	104	their	their	PRON
cblr-5117	816	105	funds	fund	NOUN
cblr-5117	816	106	,	,	PUNCT
cblr-5117	816	107	these	these	DET
cblr-5117	816	108	directors	director	NOUN
cblr-5117	816	109	operate	operate	VERB
cblr-5117	816	110	with	with	ADP
cblr-5117	816	111	a	a	DET
cblr-5117	816	112	conflict	conflict	NOUN
cblr-5117	816	113	of	of	ADP
cblr-5117	816	114	interest	interest	NOUN
cblr-5117	816	115	in	in	ADP
cblr-5117	816	116	situations	situation	NOUN
cblr-5117	816	117	that	that	PRON
cblr-5117	816	118	involve	involve	VERB
cblr-5117	816	119	disparity	disparity	NOUN
cblr-5117	816	120	of	of	ADP
cblr-5117	816	121	outcomes	outcome	NOUN
cblr-5117	816	122	between	between	ADP
cblr-5117	816	123	different	different	ADJ
cblr-5117	816	124	classes	class	NOUN
cblr-5117	816	125	of	of	ADP
cblr-5117	816	126	shares	share	NOUN
cblr-5117	816	127	.	.	PUNCT
cblr-5117	817	1	therefore	therefore	ADV
cblr-5117	817	2	,	,	PUNCT
cblr-5117	817	3	in	in	ADP
cblr-5117	817	4	practice	practice	NOUN
cblr-5117	817	5	,	,	PUNCT
cblr-5117	817	6	often	often	ADV
cblr-5117	817	7	it	it	PRON
cblr-5117	817	8	is	be	AUX
cblr-5117	817	9	management	management	NOUN
cblr-5117	817	10	that	that	SCONJ
cblr-5117	817	11	196	196	NUM
cblr-5117	817	12	see	see	NOUN
cblr-5117	817	13	interviews	interview	NOUN
cblr-5117	817	14	,	,	PUNCT
cblr-5117	817	15	supra	supra	PROPN
cblr-5117	817	16	note	note	PROPN
cblr-5117	817	17	29	29	NUM
cblr-5117	817	18	(	(	PUNCT
cblr-5117	817	19	referencing	reference	VERB
cblr-5117	817	20	vc02	vc02	PROPN
cblr-5117	817	21	assessing	assess	VERB
cblr-5117	817	22	that	that	SCONJ
cblr-5117	817	23	“	"	PUNCT
cblr-5117	817	24	boards	board	NOUN
cblr-5117	817	25	are	be	AUX
cblr-5117	817	26	quite	quite	ADV
cblr-5117	817	27	good	good	ADJ
cblr-5117	817	28	at	at	ADP
cblr-5117	817	29	working	work	VERB
cblr-5117	817	30	with	with	ADP
cblr-5117	817	31	legal	legal	ADJ
cblr-5117	817	32	counsel	counsel	NOUN
cblr-5117	817	33	and	and	CCONJ
cblr-5117	817	34	,	,	PUNCT
cblr-5117	817	35	hopefully	hopefully	ADV
cblr-5117	817	36	,	,	PUNCT
cblr-5117	817	37	doing	do	VERB
cblr-5117	817	38	things	thing	NOUN
cblr-5117	817	39	that	that	PRON
cblr-5117	817	40	appropriately	appropriately	ADV
cblr-5117	817	41	keep	keep	VERB
cblr-5117	817	42	them	they	PRON
cblr-5117	817	43	out	out	ADP
cblr-5117	817	44	of	of	ADP
cblr-5117	817	45	trouble	trouble	NOUN
cblr-5117	817	46	,	,	PUNCT
cblr-5117	817	47	”	"	PUNCT
cblr-5117	817	48	yet	yet	ADV
cblr-5117	817	49	recognizing	recognize	VERB
cblr-5117	817	50	that	that	SCONJ
cblr-5117	817	51	“	"	PUNCT
cblr-5117	817	52	employees	employee	NOUN
cblr-5117	817	53	are	be	AUX
cblr-5117	817	54	not	not	PART
cblr-5117	817	55	in	in	ADP
cblr-5117	817	56	the	the	DET
cblr-5117	817	57	room	room	NOUN
cblr-5117	817	58	and	and	CCONJ
cblr-5117	817	59	would	would	AUX
cblr-5117	817	60	learn	learn	VERB
cblr-5117	817	61	about	about	ADP
cblr-5117	817	62	the	the	DET
cblr-5117	817	63	board	board	NOUN
cblr-5117	817	64	’s	’s	PART
cblr-5117	817	65	decision	decision	NOUN
cblr-5117	817	66	only	only	ADV
cblr-5117	817	67	in	in	ADP
cblr-5117	817	68	retrospect	retrospect	ADJ
cblr-5117	817	69	[	[	X
cblr-5117	817	70	,	,	PUNCT
cblr-5117	817	71	]	]	X
cblr-5117	817	72	”	"	PUNCT
cblr-5117	817	73	a	a	DET
cblr-5117	817	74	structure	structure	NOUN
cblr-5117	817	75	that	that	PRON
cblr-5117	817	76	naturally	naturally	ADV
cblr-5117	817	77	leads	lead	VERB
cblr-5117	817	78	to	to	ADP
cblr-5117	817	79	“	"	PUNCT
cblr-5117	817	80	some	some	DET
cblr-5117	817	81	externalities	externality	NOUN
cblr-5117	817	82	”	"	PUNCT
cblr-5117	817	83	)	)	PUNCT
cblr-5117	817	84	;	;	PUNCT
cblr-5117	817	85	see	see	VERB
cblr-5117	817	86	also	also	ADV
cblr-5117	817	87	interviews	interview	NOUN
cblr-5117	817	88	,	,	PUNCT
cblr-5117	817	89	supra	supra	PROPN
cblr-5117	817	90	note	note	PROPN
cblr-5117	817	91	29	29	NUM
cblr-5117	817	92	(	(	PUNCT
cblr-5117	817	93	citing	cite	VERB
cblr-5117	817	94	vc03	vc03	PROPN
cblr-5117	817	95	describing	describe	VERB
cblr-5117	817	96	“	"	PUNCT
cblr-5117	817	97	an	an	DET
cblr-5117	817	98	emotional	emotional	ADJ
cblr-5117	817	99	bias	bias	NOUN
cblr-5117	817	100	that	that	PRON
cblr-5117	817	101	comes	come	VERB
cblr-5117	817	102	with	with	ADP
cblr-5117	817	103	the	the	DET
cblr-5117	817	104	vcs	vcs	NOUN
cblr-5117	817	105	,	,	PUNCT
cblr-5117	817	106	”	"	PUNCT
cblr-5117	817	107	which	which	PRON
cblr-5117	817	108	is	be	AUX
cblr-5117	817	109	based	base	VERB
cblr-5117	817	110	on	on	ADP
cblr-5117	817	111	“	"	PUNCT
cblr-5117	817	112	fear	fear	NOUN
cblr-5117	817	113	and	and	CCONJ
cblr-5117	817	114	greed	greed	NOUN
cblr-5117	817	115	[	[	X
cblr-5117	817	116	,	,	PUNCT
cblr-5117	817	117	]	]	PUNCT
cblr-5117	817	118	”	"	PUNCT
cblr-5117	817	119	and	and	CCONJ
cblr-5117	817	120	assessing	assess	VERB
cblr-5117	817	121	that	that	SCONJ
cblr-5117	817	122	“	"	PUNCT
cblr-5117	817	123	self	self	NOUN
cblr-5117	817	124	-	-	PUNCT
cblr-5117	817	125	aware	aware	ADJ
cblr-5117	817	126	investors	investor	NOUN
cblr-5117	817	127	does	do	AUX
cblr-5117	817	128	n’t	not	PART
cblr-5117	817	129	put	put	VERB
cblr-5117	817	130	themselves	themselves	PRON
cblr-5117	817	131	in	in	ADP
cblr-5117	817	132	a	a	DET
cblr-5117	817	133	position	position	NOUN
cblr-5117	817	134	where	where	SCONJ
cblr-5117	817	135	that	that	DET
cblr-5117	817	136	kind	kind	NOUN
cblr-5117	817	137	of	of	ADP
cblr-5117	817	138	moral	moral	ADJ
cblr-5117	817	139	hazard	hazard	NOUN
cblr-5117	817	140	is	be	AUX
cblr-5117	817	141	something	something	PRON
cblr-5117	817	142	that	that	PRON
cblr-5117	817	143	might	might	AUX
cblr-5117	817	144	lead	lead	VERB
cblr-5117	817	145	to	to	ADP
cblr-5117	817	146	illegal	illegal	ADJ
cblr-5117	817	147	or	or	CCONJ
cblr-5117	817	148	fiduciary	fiduciary	ADJ
cblr-5117	817	149	hazard	hazard	NOUN
cblr-5117	817	150	.	.	PUNCT
cblr-5117	817	151	.	.	PUNCT
cblr-5117	817	152	.	.	PUNCT
cblr-5117	817	153	.	.	PUNCT
cblr-5117	817	154	”	"	PUNCT
cblr-5117	817	155	)	)	PUNCT
cblr-5117	817	156	;	;	PUNCT
cblr-5117	817	157	see	see	VERB
cblr-5117	817	158	also	also	ADV
cblr-5117	817	159	orly	orly	PROPN
cblr-5117	817	160	lobel	lobel	PROPN
cblr-5117	817	161	,	,	PUNCT
cblr-5117	817	162	the	the	DET
cblr-5117	817	163	new	new	ADJ
cblr-5117	817	164	cognitive	cognitive	ADJ
cblr-5117	817	165	property	property	NOUN
cblr-5117	817	166	:	:	PUNCT
cblr-5117	817	167	human	human	ADJ
cblr-5117	817	168	capital	capital	NOUN
cblr-5117	817	169	law	law	NOUN
cblr-5117	817	170	and	and	CCONJ
cblr-5117	817	171	the	the	DET
cblr-5117	817	172	reach	reach	NOUN
cblr-5117	817	173	of	of	ADP
cblr-5117	817	174	intellectual	intellectual	ADJ
cblr-5117	817	175	property	property	NOUN
cblr-5117	817	176	,	,	PUNCT
cblr-5117	817	177	93	93	NUM
cblr-5117	817	178	tex	tex	PROPN
cblr-5117	817	179	.	.	PROPN
cblr-5117	817	180	l.	l.	PROPN
cblr-5117	817	181	rev	rev	PROPN
cblr-5117	817	182	.	.	PROPN
cblr-5117	817	183	789	789	NUM
cblr-5117	817	184	,	,	PUNCT
cblr-5117	817	185	790	790	NUM
cblr-5117	817	186	(	(	PUNCT
cblr-5117	817	187	2015	2015	NUM
cblr-5117	817	188	)	)	PUNCT
cblr-5117	817	189	(	(	PUNCT
cblr-5117	817	190	introducing	introduce	VERB
cblr-5117	817	191	“	"	PUNCT
cblr-5117	817	192	the	the	DET
cblr-5117	817	193	growing	grow	VERB
cblr-5117	817	194	field	field	NOUN
cblr-5117	817	195	of	of	ADP
cblr-5117	817	196	human	human	ADJ
cblr-5117	817	197	capital	capital	NOUN
cblr-5117	817	198	law	law	NOUN
cblr-5117	817	199	at	at	ADP
cblr-5117	817	200	the	the	DET
cblr-5117	817	201	intersections	intersection	NOUN
cblr-5117	817	202	of	of	ADP
cblr-5117	817	203	ip	ip	DET
cblr-5117	817	204	law	law	NOUN
cblr-5117	817	205	,	,	PUNCT
cblr-5117	817	206	contract	contract	NOUN
cblr-5117	817	207	and	and	CCONJ
cblr-5117	817	208	employment	employment	NOUN
cblr-5117	817	209	law	law	NOUN
cblr-5117	817	210	,	,	PUNCT
cblr-5117	817	211	and	and	CCONJ
cblr-5117	817	212	antitrust	antitrust	ADJ
cblr-5117	817	213	law	law	NOUN
cblr-5117	817	214	”	"	PUNCT
cblr-5117	817	215	and	and	CCONJ
cblr-5117	817	216	cautioning	caution	VERB
cblr-5117	817	217	against	against	ADP
cblr-5117	817	218	human	human	ADJ
cblr-5117	817	219	capital	capital	NOUN
cblr-5117	817	220	expropriation	expropriation	NOUN
cblr-5117	817	221	in	in	ADP
cblr-5117	817	222	these	these	DET
cblr-5117	817	223	domains	domain	NOUN
cblr-5117	817	224	)	)	PUNCT
cblr-5117	817	225	.	.	PUNCT
cblr-5117	818	1	197	197	NUM
cblr-5117	818	2	see	see	VERB
cblr-5117	818	3	pollman	pollman	NOUN
cblr-5117	818	4	,	,	PUNCT
cblr-5117	818	5	startup	startup	NOUN
cblr-5117	818	6	governance	governance	NOUN
cblr-5117	818	7	,	,	PUNCT
cblr-5117	818	8	supra	supra	PROPN
cblr-5117	818	9	note	note	NOUN
cblr-5117	818	10	135	135	NUM
cblr-5117	818	11	,	,	PUNCT
cblr-5117	818	12	at	at	ADP
cblr-5117	818	13	6	6	NUM
cblr-5117	818	14	n.18	n.18	NOUN
cblr-5117	818	15	(	(	PUNCT
cblr-5117	818	16	noting	note	VERB
cblr-5117	818	17	that	that	SCONJ
cblr-5117	818	18	“	"	PUNCT
cblr-5117	818	19	[	[	X
cblr-5117	818	20	s]cholars	s]cholar	NOUN
cblr-5117	818	21	have	have	AUX
cblr-5117	818	22	largely	largely	ADV
cblr-5117	818	23	overlooked	overlook	VERB
cblr-5117	818	24	the	the	DET
cblr-5117	818	25	role	role	NOUN
cblr-5117	818	26	of	of	ADP
cblr-5117	818	27	non	non	ADJ
cblr-5117	818	28	-	-	ADJ
cblr-5117	818	29	founder	founder	ADJ
cblr-5117	818	30	employees	employee	NOUN
cblr-5117	818	31	in	in	ADP
cblr-5117	818	32	startup	startup	NOUN
cblr-5117	818	33	governance	governance	NOUN
cblr-5117	818	34	.	.	PUNCT
cblr-5117	818	35	”	"	PUNCT
cblr-5117	818	36	)	)	PUNCT
cblr-5117	818	37	.	.	PUNCT
cblr-5117	819	1	198	198	NUM
cblr-5117	819	2	jacqueline	jacqueline	PROPN
cblr-5117	819	3	garner	garner	PROPN
cblr-5117	819	4	et	et	PROPN
cblr-5117	819	5	al	al	PROPN
cblr-5117	819	6	.	.	PROPN
cblr-5117	819	7	,	,	PUNCT
cblr-5117	819	8	boards	board	NOUN
cblr-5117	819	9	of	of	ADP
cblr-5117	819	10	directors	director	NOUN
cblr-5117	819	11	:	:	PUNCT
cblr-5117	819	12	a	a	DET
cblr-5117	819	13	literature	literature	NOUN
cblr-5117	819	14	review	review	NOUN
cblr-5117	819	15	,	,	PUNCT
cblr-5117	819	16	43	43	NUM
cblr-5117	819	17	managerial	managerial	ADJ
cblr-5117	819	18	fin	fin	NOUN
cblr-5117	819	19	.	.	PROPN
cblr-5117	819	20	1189	1189	NUM
cblr-5117	819	21	,	,	PUNCT
cblr-5117	819	22	1189	1189	NUM
cblr-5117	819	23	(	(	PUNCT
cblr-5117	819	24	2017	2017	NUM
cblr-5117	819	25	)	)	PUNCT
cblr-5117	819	26	(	(	PUNCT
cblr-5117	819	27	“	"	PUNCT
cblr-5117	819	28	the	the	DET
cblr-5117	819	29	board	board	NOUN
cblr-5117	819	30	of	of	ADP
cblr-5117	819	31	directors	director	NOUN
cblr-5117	819	32	is	be	AUX
cblr-5117	819	33	commonly	commonly	ADV
cblr-5117	819	34	described	describe	VERB
cblr-5117	819	35	as	as	ADP
cblr-5117	819	36	an	an	DET
cblr-5117	819	37	institution	institution	NOUN
cblr-5117	819	38	to	to	PART
cblr-5117	819	39	advise	advise	VERB
cblr-5117	819	40	and	and	CCONJ
cblr-5117	819	41	monitor	monitor	VERB
cblr-5117	819	42	.	.	PUNCT
cblr-5117	819	43	.	.	PUNCT
cblr-5117	819	44	.	.	PUNCT
cblr-5117	820	1	the	the	DET
cblr-5117	820	2	monitoring	monitoring	NOUN
cblr-5117	820	3	function	function	NOUN
cblr-5117	820	4	is	be	AUX
cblr-5117	820	5	intended	intend	VERB
cblr-5117	820	6	to	to	PART
cblr-5117	820	7	mitigate	mitigate	VERB
cblr-5117	820	8	the	the	DET
cblr-5117	820	9	classic	classic	ADJ
cblr-5117	820	10	agency	agency	NOUN
cblr-5117	820	11	problem	problem	NOUN
cblr-5117	820	12	between	between	ADP
cblr-5117	820	13	managers	manager	NOUN
cblr-5117	820	14	and	and	CCONJ
cblr-5117	820	15	shareholders	shareholder	NOUN
cblr-5117	820	16	.	.	PUNCT
cblr-5117	820	17	”	"	PUNCT
cblr-5117	820	18	)	)	PUNCT
cblr-5117	820	19	.	.	PUNCT
cblr-5117	821	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	821	2	(	(	PUNCT
cblr-5117	821	3	do	do	AUX
cblr-5117	821	4	not	not	PART
cblr-5117	821	5	delete	delete	VERB
cblr-5117	821	6	)	)	PUNCT
cblr-5117	821	7	1/8/2020	1/8/2020	NUM
cblr-5117	821	8	4:44	4:44	NUM
cblr-5117	821	9	pm	pm	NOUN
cblr-5117	821	10	no	no	INTJ
cblr-5117	821	11	.	.	PUNCT
cblr-5117	822	1	3:867	3:867	NUM
cblr-5117	822	2	]	]	PUNCT
cblr-5117	822	3	making	make	VERB
cblr-5117	822	4	disclosure	disclosure	NOUN
cblr-5117	822	5	work	work	NOUN
cblr-5117	822	6	927	927	NUM
cblr-5117	822	7	protects	protect	VERB
cblr-5117	822	8	the	the	DET
cblr-5117	822	9	common	common	ADJ
cblr-5117	822	10	stockholders	stockholder	NOUN
cblr-5117	822	11	from	from	ADP
cblr-5117	822	12	expropriation	expropriation	NOUN
cblr-5117	822	13	by	by	ADP
cblr-5117	822	14	the	the	DET
cblr-5117	822	15	board	board	NOUN
cblr-5117	822	16	rather	rather	ADV
cblr-5117	822	17	than	than	ADP
cblr-5117	822	18	the	the	DET
cblr-5117	822	19	reverse	reverse	NOUN
cblr-5117	822	20	.	.	PUNCT
cblr-5117	823	1	199	199	NUM
cblr-5117	823	2	under	under	ADP
cblr-5117	823	3	delaware	delaware	PROPN
cblr-5117	823	4	corporate	corporate	PROPN
cblr-5117	823	5	law	law	NOUN
cblr-5117	823	6	,	,	PUNCT
cblr-5117	823	7	the	the	DET
cblr-5117	823	8	board	board	NOUN
cblr-5117	823	9	’s	’s	PART
cblr-5117	823	10	fiduciary	fiduciary	ADJ
cblr-5117	823	11	duty	duty	NOUN
cblr-5117	823	12	is	be	AUX
cblr-5117	823	13	to	to	PART
cblr-5117	823	14	maximize	maximize	VERB
cblr-5117	823	15	value	value	NOUN
cblr-5117	823	16	for	for	ADP
cblr-5117	823	17	the	the	DET
cblr-5117	823	18	long	long	ADJ
cblr-5117	823	19	-	-	PUNCT
cblr-5117	823	20	term	term	NOUN
cblr-5117	823	21	benefit	benefit	NOUN
cblr-5117	823	22	of	of	ADP
cblr-5117	823	23	the	the	DET
cblr-5117	823	24	common	common	ADJ
cblr-5117	823	25	stockholders,200	stockholders,200	NOUN
cblr-5117	823	26	but	but	CCONJ
cblr-5117	823	27	in	in	ADP
cblr-5117	823	28	practice	practice	NOUN
cblr-5117	823	29	,	,	PUNCT
cblr-5117	823	30	self	self	NOUN
cblr-5117	823	31	-	-	PUNCT
cblr-5117	823	32	interest	interest	NOUN
cblr-5117	823	33	and	and	CCONJ
cblr-5117	823	34	conflicting	conflicting	ADJ
cblr-5117	823	35	loyalties	loyalty	NOUN
cblr-5117	823	36	to	to	ADP
cblr-5117	823	37	the	the	DET
cblr-5117	823	38	venture	venture	PROPN
cblr-5117	823	39	fund	fund	PROPN
cblr-5117	823	40	’s	’s	PART
cblr-5117	823	41	limited	limited	ADJ
cblr-5117	823	42	partners	partner	NOUN
cblr-5117	823	43	might	might	AUX
cblr-5117	823	44	very	very	ADV
cblr-5117	823	45	well	well	ADV
cblr-5117	823	46	cloud	cloud	ADJ
cblr-5117	823	47	directors	director	NOUN
cblr-5117	823	48	’	'	PUNCT
cblr-5117	823	49	judgment.201	judgment.201	VERB
cblr-5117	823	50	the	the	DET
cblr-5117	823	51	interests	interest	NOUN
cblr-5117	823	52	and	and	CCONJ
cblr-5117	823	53	risk	risk	NOUN
cblr-5117	823	54	199	199	NUM
cblr-5117	823	55	see	see	NOUN
cblr-5117	823	56	,	,	PUNCT
cblr-5117	823	57	e.g.	e.g.	ADV
cblr-5117	823	58	,	,	PUNCT
cblr-5117	823	59	interviews	interview	NOUN
cblr-5117	823	60	,	,	PUNCT
cblr-5117	823	61	supra	supra	PROPN
cblr-5117	823	62	note	note	PROPN
cblr-5117	823	63	29	29	NUM
cblr-5117	823	64	(	(	PUNCT
cblr-5117	823	65	quoting	quote	VERB
cblr-5117	823	66	vc03	vc03	PROPN
cblr-5117	823	67	:	:	PUNCT
cblr-5117	823	68	“	"	PUNCT
cblr-5117	823	69	usually	usually	ADV
cblr-5117	823	70	the	the	DET
cblr-5117	823	71	person	person	NOUN
cblr-5117	823	72	speaking	speak	VERB
cblr-5117	823	73	on	on	ADP
cblr-5117	823	74	behalf	behalf	NOUN
cblr-5117	823	75	of	of	ADP
cblr-5117	823	76	or	or	CCONJ
cblr-5117	823	77	trying	try	VERB
cblr-5117	823	78	to	to	PART
cblr-5117	823	79	look	look	VERB
cblr-5117	823	80	out	out	ADP
cblr-5117	823	81	for	for	ADP
cblr-5117	823	82	the	the	DET
cblr-5117	823	83	common	common	ADJ
cblr-5117	823	84	shareholders	shareholder	NOUN
cblr-5117	823	85	is	be	AUX
cblr-5117	823	86	the	the	DET
cblr-5117	823	87	ceo	ceo	NOUN
cblr-5117	823	88	because	because	SCONJ
cblr-5117	823	89	most	most	ADJ
cblr-5117	823	90	common	common	ADJ
cblr-5117	823	91	shareholders	shareholder	NOUN
cblr-5117	823	92	are	be	AUX
cblr-5117	823	93	employees	employee	NOUN
cblr-5117	823	94	or	or	CCONJ
cblr-5117	823	95	sometimes	sometimes	ADV
cblr-5117	823	96	friend	friend	NOUN
cblr-5117	823	97	and	and	CCONJ
cblr-5117	823	98	family	family	NOUN
cblr-5117	823	99	investors	investor	NOUN
cblr-5117	823	100	.	.	PUNCT
cblr-5117	824	1	and	and	CCONJ
cblr-5117	824	2	so	so	ADV
cblr-5117	824	3	morally	morally	ADV
cblr-5117	824	4	,	,	PUNCT
cblr-5117	824	5	usually	usually	ADV
cblr-5117	824	6	it	it	PRON
cblr-5117	824	7	’s	’	VERB
cblr-5117	824	8	the	the	DET
cblr-5117	824	9	ceo	ceo	NOUN
cblr-5117	824	10	who	who	PRON
cblr-5117	824	11	is	be	AUX
cblr-5117	824	12	saying	say	VERB
cblr-5117	824	13	,	,	PUNCT
cblr-5117	824	14	‘	'	PUNCT
cblr-5117	824	15	let	let	VERB
cblr-5117	824	16	’s	’s	NOUN
cblr-5117	824	17	make	make	VERB
cblr-5117	824	18	sure	sure	ADJ
cblr-5117	824	19	that	that	SCONJ
cblr-5117	824	20	we	we	PRON
cblr-5117	824	21	’re	’re	AUX
cblr-5117	824	22	doing	do	VERB
cblr-5117	824	23	the	the	DET
cblr-5117	824	24	right	right	ADJ
cblr-5117	824	25	thing	thing	NOUN
cblr-5117	824	26	.	.	PUNCT
cblr-5117	824	27	’	'	PUNCT
cblr-5117	824	28	”	"	PUNCT
cblr-5117	824	29	)	)	PUNCT
cblr-5117	825	1	;	;	PUNCT
cblr-5117	825	2	see	see	VERB
cblr-5117	825	3	also	also	ADV
cblr-5117	825	4	cable	cable	NOUN
cblr-5117	825	5	,	,	PUNCT
cblr-5117	825	6	supra	supra	PROPN
cblr-5117	825	7	note	note	NOUN
cblr-5117	825	8	5	5	NUM
cblr-5117	825	9	,	,	PUNCT
cblr-5117	825	10	at	at	ADP
cblr-5117	825	11	632	632	NUM
cblr-5117	825	12	(	(	PUNCT
cblr-5117	825	13	“	"	PUNCT
cblr-5117	825	14	[	[	X
cblr-5117	825	15	e]arly	e]arly	ADV
cblr-5117	825	16	employees	employee	NOUN
cblr-5117	825	17	have	have	VERB
cblr-5117	825	18	a	a	DET
cblr-5117	825	19	powerful	powerful	ADJ
cblr-5117	825	20	ally	ally	NOUN
cblr-5117	825	21	in	in	ADP
cblr-5117	825	22	policing	police	VERB
cblr-5117	825	23	vc	vc	PROPN
cblr-5117	825	24	agency	agency	NOUN
cblr-5117	825	25	costs	cost	NOUN
cblr-5117	825	26	—	—	PUNCT
cblr-5117	825	27	the	the	DET
cblr-5117	825	28	founder	founder	NOUN
cblr-5117	825	29	who	who	PRON
cblr-5117	825	30	will	will	AUX
cblr-5117	825	31	initially	initially	ADV
cblr-5117	825	32	wield	wield	VERB
cblr-5117	825	33	majority	majority	NOUN
cblr-5117	825	34	control	control	NOUN
cblr-5117	825	35	and	and	CCONJ
cblr-5117	825	36	who	who	PRON
cblr-5117	825	37	stands	stand	VERB
cblr-5117	825	38	with	with	ADP
cblr-5117	825	39	the	the	DET
cblr-5117	825	40	employees	employee	NOUN
cblr-5117	825	41	as	as	ADP
cblr-5117	825	42	common	common	ADJ
cblr-5117	825	43	equity	equity	NOUN
cblr-5117	825	44	holders	holder	NOUN
cblr-5117	825	45	.	.	PUNCT
cblr-5117	825	46	”	"	PUNCT
cblr-5117	825	47	)	)	PUNCT
cblr-5117	825	48	.	.	PUNCT
cblr-5117	826	1	200	200	NUM
cblr-5117	826	2	boschner	boschner	NOUN
cblr-5117	826	3	&	&	CCONJ
cblr-5117	826	4	simmerman	simmerman	PROPN
cblr-5117	826	5	,	,	PUNCT
cblr-5117	826	6	supra	supra	PROPN
cblr-5117	826	7	note	note	NOUN
cblr-5117	826	8	195	195	NUM
cblr-5117	826	9	,	,	PUNCT
cblr-5117	826	10	at	at	ADP
cblr-5117	826	11	4	4	NUM
cblr-5117	826	12	(	(	PUNCT
cblr-5117	826	13	“	"	PUNCT
cblr-5117	826	14	corporate	corporate	ADJ
cblr-5117	826	15	directors	director	NOUN
cblr-5117	826	16	have	have	VERB
cblr-5117	826	17	fiduciary	fiduciary	ADJ
cblr-5117	826	18	duties	duty	NOUN
cblr-5117	826	19	of	of	ADP
cblr-5117	826	20	loyalty	loyalty	NOUN
cblr-5117	826	21	and	and	CCONJ
cblr-5117	826	22	of	of	ADP
cblr-5117	826	23	care	care	NOUN
cblr-5117	826	24	to	to	ADP
cblr-5117	826	25	stockholders	stockholder	NOUN
cblr-5117	826	26	of	of	ADP
cblr-5117	826	27	the	the	DET
cblr-5117	826	28	company	company	NOUN
cblr-5117	826	29	on	on	ADP
cblr-5117	826	30	whose	whose	DET
cblr-5117	826	31	board	board	NOUN
cblr-5117	826	32	they	they	PRON
cblr-5117	826	33	serve	serve	VERB
cblr-5117	826	34	.	.	PUNCT
cblr-5117	827	1	significantly	significantly	ADV
cblr-5117	827	2	,	,	PUNCT
cblr-5117	827	3	these	these	DET
cblr-5117	827	4	fiduciary	fiduciary	ADJ
cblr-5117	827	5	duties	duty	NOUN
cblr-5117	827	6	tend	tend	VERB
cblr-5117	827	7	to	to	PART
cblr-5117	827	8	run	run	VERB
cblr-5117	827	9	primarily	primarily	ADV
cblr-5117	827	10	to	to	ADP
cblr-5117	827	11	the	the	DET
cblr-5117	827	12	common	common	ADJ
cblr-5117	827	13	stockholders	stockholder	NOUN
cblr-5117	827	14	,	,	PUNCT
cblr-5117	827	15	as	as	SCONJ
cblr-5117	827	16	the	the	DET
cblr-5117	827	17	relevant	relevant	ADJ
cblr-5117	827	18	case	case	NOUN
cblr-5117	827	19	law	law	NOUN
cblr-5117	827	20	views	view	VERB
cblr-5117	827	21	preferred	preferred	ADJ
cblr-5117	827	22	stockholder	stockholder	NOUN
cblr-5117	827	23	rights	right	NOUN
cblr-5117	827	24	as	as	ADP
cblr-5117	827	25	a	a	DET
cblr-5117	827	26	function	function	NOUN
cblr-5117	827	27	of	of	ADP
cblr-5117	827	28	,	,	PUNCT
cblr-5117	827	29	and	and	CCONJ
cblr-5117	827	30	protected	protect	VERB
cblr-5117	827	31	primarily	primarily	ADV
cblr-5117	827	32	by	by	ADP
cblr-5117	827	33	,	,	PUNCT
cblr-5117	827	34	contract	contract	NOUN
cblr-5117	827	35	law	law	NOUN
cblr-5117	827	36	—	—	PUNCT
cblr-5117	827	37	at	at	ADP
cblr-5117	827	38	least	least	ADJ
cblr-5117	827	39	where	where	SCONJ
cblr-5117	827	40	the	the	DET
cblr-5117	827	41	terms	term	NOUN
cblr-5117	827	42	of	of	ADP
cblr-5117	827	43	preferred	preferred	ADJ
cblr-5117	827	44	stock	stock	NOUN
cblr-5117	827	45	speak	speak	VERB
cblr-5117	827	46	to	to	ADP
cblr-5117	827	47	a	a	DET
cblr-5117	827	48	given	give	VERB
cblr-5117	827	49	issue	issue	NOUN
cblr-5117	827	50	,	,	PUNCT
cblr-5117	827	51	such	such	ADJ
cblr-5117	827	52	as	as	ADP
cblr-5117	827	53	the	the	DET
cblr-5117	827	54	allocation	allocation	NOUN
cblr-5117	827	55	of	of	ADP
cblr-5117	827	56	proceeds	proceed	NOUN
cblr-5117	827	57	to	to	ADP
cblr-5117	827	58	preferred	preferred	ADJ
cblr-5117	827	59	stockholders	stockholder	NOUN
cblr-5117	827	60	in	in	ADP
cblr-5117	827	61	a	a	DET
cblr-5117	827	62	sale	sale	NOUN
cblr-5117	827	63	of	of	ADP
cblr-5117	827	64	the	the	DET
cblr-5117	827	65	company	company	NOUN
cblr-5117	827	66	.	.	PUNCT
cblr-5117	827	67	”	"	PUNCT
cblr-5117	827	68	)	)	PUNCT
cblr-5117	827	69	;	;	PUNCT
cblr-5117	827	70	see	see	VERB
cblr-5117	827	71	also	also	ADV
cblr-5117	827	72	pollman	pollman	NOUN
cblr-5117	827	73	,	,	PUNCT
cblr-5117	827	74	startup	startup	NOUN
cblr-5117	827	75	governance	governance	NOUN
cblr-5117	827	76	,	,	PUNCT
cblr-5117	827	77	supra	supra	PROPN
cblr-5117	827	78	note	note	NOUN
cblr-5117	827	79	135	135	NUM
cblr-5117	827	80	,	,	PUNCT
cblr-5117	827	81	at	at	ADP
cblr-5117	827	82	32	32	NUM
cblr-5117	827	83	.	.	PUNCT
cblr-5117	828	1	201	201	NUM
cblr-5117	828	2	see	see	VERB
cblr-5117	828	3	boschner	boschner	NOUN
cblr-5117	828	4	&	&	CCONJ
cblr-5117	828	5	simmerman	simmerman	PROPN
cblr-5117	828	6	,	,	PUNCT
cblr-5117	828	7	supra	supra	PROPN
cblr-5117	828	8	note	note	NOUN
cblr-5117	828	9	195	195	NUM
cblr-5117	828	10	,	,	PUNCT
cblr-5117	828	11	at	at	ADP
cblr-5117	828	12	3	3	NUM
cblr-5117	828	13	(	(	PUNCT
cblr-5117	828	14	“	"	PUNCT
cblr-5117	828	15	[	[	X
cblr-5117	828	16	c]onflicts	c]onflict	NOUN
cblr-5117	828	17	of	of	ADP
cblr-5117	828	18	interest	interest	NOUN
cblr-5117	828	19	are	be	AUX
cblr-5117	828	20	never	never	ADV
cblr-5117	828	21	very	very	ADV
cblr-5117	828	22	far	far	ADV
cblr-5117	828	23	away	away	ADV
cblr-5117	828	24	in	in	ADP
cblr-5117	828	25	a	a	DET
cblr-5117	828	26	venture	venture	NOUN
cblr-5117	828	27	-	-	PUNCT
cblr-5117	828	28	backed	back	VERB
cblr-5117	828	29	company	company	NOUN
cblr-5117	828	30	”	"	PUNCT
cblr-5117	828	31	)	)	PUNCT
cblr-5117	828	32	;	;	PUNCT
cblr-5117	828	33	see	see	VERB
cblr-5117	828	34	generally	generally	ADV
cblr-5117	828	35	d.	d.	PROPN
cblr-5117	828	36	gordon	gordon	PROPN
cblr-5117	828	37	smith	smith	PROPN
cblr-5117	828	38	,	,	PUNCT
cblr-5117	828	39	the	the	DET
cblr-5117	828	40	exit	exit	NOUN
cblr-5117	828	41	structure	structure	NOUN
cblr-5117	828	42	of	of	ADP
cblr-5117	828	43	venture	venture	NOUN
cblr-5117	828	44	capital	capital	NOUN
cblr-5117	828	45	,	,	PUNCT
cblr-5117	828	46	53	53	NUM
cblr-5117	828	47	ucla	ucla	PROPN
cblr-5117	828	48	l.	l.	PROPN
cblr-5117	828	49	rev	rev	PROPN
cblr-5117	828	50	.	.	PROPN
cblr-5117	828	51	315	315	NUM
cblr-5117	828	52	,	,	PUNCT
cblr-5117	828	53	316	316	NUM
cblr-5117	828	54	(	(	PUNCT
cblr-5117	828	55	2005	2005	NUM
cblr-5117	828	56	)	)	PUNCT
cblr-5117	828	57	(	(	PUNCT
cblr-5117	828	58	analyzing	analyze	VERB
cblr-5117	828	59	potential	potential	ADJ
cblr-5117	828	60	conflicts	conflict	NOUN
cblr-5117	828	61	between	between	ADP
cblr-5117	828	62	venture	venture	NOUN
cblr-5117	828	63	capitalists	capitalist	NOUN
cblr-5117	828	64	and	and	CCONJ
cblr-5117	828	65	entrepreneurs	entrepreneur	NOUN
cblr-5117	828	66	in	in	ADP
cblr-5117	828	67	exit	exit	NOUN
cblr-5117	828	68	scenarios	scenario	NOUN
cblr-5117	828	69	)	)	PUNCT
cblr-5117	828	70	;	;	PUNCT
cblr-5117	828	71	william	william	PROPN
cblr-5117	828	72	w.	w.	PROPN
cblr-5117	828	73	bratton	bratton	PROPN
cblr-5117	828	74	,	,	PUNCT
cblr-5117	828	75	venture	venture	NOUN
cblr-5117	828	76	capital	capital	NOUN
cblr-5117	828	77	on	on	ADP
cblr-5117	828	78	the	the	DET
cblr-5117	828	79	downside	downside	NOUN
cblr-5117	828	80	:	:	PUNCT
cblr-5117	828	81	preferred	preferred	ADJ
cblr-5117	828	82	stock	stock	NOUN
cblr-5117	828	83	and	and	CCONJ
cblr-5117	828	84	corporate	corporate	ADJ
cblr-5117	828	85	control	control	NOUN
cblr-5117	828	86	,	,	PUNCT
cblr-5117	828	87	100	100	NUM
cblr-5117	828	88	mich	mich	X
cblr-5117	828	89	.	.	PUNCT
cblr-5117	829	1	l.	l.	PROPN
cblr-5117	829	2	rev	rev	PROPN
cblr-5117	829	3	.	.	PROPN
cblr-5117	829	4	891	891	NUM
cblr-5117	829	5	,	,	PUNCT
cblr-5117	829	6	892–94	892–94	NOUN
cblr-5117	829	7	(	(	PUNCT
cblr-5117	829	8	2002	2002	NUM
cblr-5117	829	9	)	)	PUNCT
cblr-5117	829	10	(	(	PUNCT
cblr-5117	829	11	explaining	explain	VERB
cblr-5117	829	12	the	the	DET
cblr-5117	829	13	use	use	NOUN
cblr-5117	829	14	of	of	ADP
cblr-5117	829	15	preferred	preferred	ADJ
cblr-5117	829	16	stock	stock	NOUN
cblr-5117	829	17	by	by	ADP
cblr-5117	829	18	venture	venture	NOUN
cblr-5117	829	19	capitalists	capitalist	NOUN
cblr-5117	829	20	)	)	PUNCT
cblr-5117	829	21	;	;	PUNCT
cblr-5117	829	22	see	see	VERB
cblr-5117	829	23	also	also	ADV
cblr-5117	829	24	in	in	ADP
cblr-5117	829	25	re	re	PROPN
cblr-5117	829	26	trados	trados	PROPN
cblr-5117	829	27	inc	inc	PROPN
cblr-5117	829	28	.	.	PROPN
cblr-5117	829	29	s’holder	s’holder	PROPN
cblr-5117	829	30	litig	litig	PROPN
cblr-5117	829	31	.	.	PUNCT
cblr-5117	829	32	,	,	PUNCT
cblr-5117	829	33	73	73	NUM
cblr-5117	829	34	a.3d	a.3d	SYM
cblr-5117	829	35	17	17	NUM
cblr-5117	829	36	,	,	PUNCT
cblr-5117	829	37	46–54	46–54	NUM
cblr-5117	829	38	(	(	PUNCT
cblr-5117	829	39	del	del	PROPN
cblr-5117	829	40	.	.	PROPN
cblr-5117	829	41	ch	ch	PROPN
cblr-5117	829	42	.	.	PROPN
cblr-5117	829	43	2013	2013	NUM
cblr-5117	829	44	)	)	PUNCT
cblr-5117	829	45	(	(	PUNCT
cblr-5117	829	46	discussing	discuss	VERB
cblr-5117	829	47	the	the	DET
cblr-5117	829	48	personal	personal	ADJ
cblr-5117	829	49	and	and	CCONJ
cblr-5117	829	50	institutional	institutional	ADJ
cblr-5117	829	51	conflict	conflict	NOUN
cblr-5117	829	52	of	of	ADP
cblr-5117	829	53	interests	interest	NOUN
cblr-5117	829	54	of	of	ADP
cblr-5117	829	55	the	the	DET
cblr-5117	829	56	vc	vc	PROPN
cblr-5117	829	57	-	-	PUNCT
cblr-5117	829	58	appointed	appoint	VERB
cblr-5117	829	59	directors	director	NOUN
cblr-5117	829	60	that	that	PRON
cblr-5117	829	61	voted	vote	VERB
cblr-5117	829	62	for	for	ADP
cblr-5117	829	63	the	the	DET
cblr-5117	829	64	litigated	litigate	VERB
cblr-5117	829	65	merger	merger	NOUN
cblr-5117	829	66	deal	deal	NOUN
cblr-5117	829	67	and	and	CCONJ
cblr-5117	829	68	reviewing	review	VERB
cblr-5117	829	69	relevant	relevant	ADJ
cblr-5117	829	70	literature	literature	NOUN
cblr-5117	829	71	)	)	PUNCT
cblr-5117	829	72	;	;	PUNCT
cblr-5117	829	73	frederick	frederick	PROPN
cblr-5117	829	74	hsu	hsu	PROPN
cblr-5117	829	75	living	live	VERB
cblr-5117	829	76	tr	tr	VERB
cblr-5117	829	77	.	.	PUNCT
cblr-5117	830	1	v.	v.	ADP
cblr-5117	830	2	odn	odn	PROPN
cblr-5117	830	3	holding	holding	PROPN
cblr-5117	830	4	corp	corp	PROPN
cblr-5117	830	5	.	.	PROPN
cblr-5117	830	6	,	,	PUNCT
cblr-5117	830	7	no	no	INTJ
cblr-5117	830	8	.	.	NOUN
cblr-5117	830	9	12108	12108	NUM
cblr-5117	830	10	-	-	PUNCT
cblr-5117	830	11	vcl	vcl	NOUN
cblr-5117	830	12	,	,	PUNCT
cblr-5117	830	13	2017	2017	NUM
cblr-5117	830	14	wl	wl	NOUN
cblr-5117	830	15	1437308	1437308	NUM
cblr-5117	830	16	,	,	PUNCT
cblr-5117	830	17	at	at	ADP
cblr-5117	830	18	*	*	NUM
cblr-5117	830	19	36	36	NUM
cblr-5117	830	20	(	(	PUNCT
cblr-5117	830	21	del	del	PROPN
cblr-5117	830	22	.	.	PROPN
cblr-5117	830	23	ch	ch	PROPN
cblr-5117	830	24	.	.	PUNCT
cblr-5117	830	25	apr	apr	PROPN
cblr-5117	830	26	.	.	PROPN
cblr-5117	830	27	14	14	NUM
cblr-5117	830	28	,	,	PUNCT
cblr-5117	830	29	2017	2017	NUM
cblr-5117	830	30	)	)	PUNCT
cblr-5117	830	31	(	(	PUNCT
cblr-5117	830	32	one	one	PRON
cblr-5117	830	33	could	could	AUX
cblr-5117	830	34	“	"	PUNCT
cblr-5117	830	35	reasonably	reasonably	ADV
cblr-5117	830	36	infer	infer	VERB
cblr-5117	830	37	.	.	PUNCT
cblr-5117	830	38	.	.	PUNCT
cblr-5117	830	39	.	.	PUNCT
cblr-5117	831	1	that	that	SCONJ
cblr-5117	831	2	the	the	DET
cblr-5117	831	3	directors	director	NOUN
cblr-5117	831	4	acted	act	VERB
cblr-5117	831	5	to	to	PART
cblr-5117	831	6	maximize	maximize	VERB
cblr-5117	831	7	the	the	DET
cblr-5117	831	8	value	value	NOUN
cblr-5117	831	9	of	of	ADP
cblr-5117	831	10	oak	oak	PROPN
cblr-5117	831	11	hill	hill	PROPN
cblr-5117	831	12	’s	’s	PART
cblr-5117	831	13	preferred	preferred	ADJ
cblr-5117	831	14	stock	stock	NOUN
cblr-5117	831	15	rather	rather	ADV
cblr-5117	831	16	than	than	ADP
cblr-5117	831	17	seeking	seek	VERB
cblr-5117	831	18	to	to	PART
cblr-5117	831	19	promote	promote	VERB
cblr-5117	831	20	the	the	DET
cblr-5117	831	21	long	long	ADJ
cblr-5117	831	22	-	-	PUNCT
cblr-5117	831	23	term	term	NOUN
cblr-5117	831	24	value	value	NOUN
cblr-5117	831	25	of	of	ADP
cblr-5117	831	26	the	the	DET
cblr-5117	831	27	company	company	NOUN
cblr-5117	831	28	for	for	ADP
cblr-5117	831	29	the	the	DET
cblr-5117	831	30	benefit	benefit	NOUN
cblr-5117	831	31	of	of	ADP
cblr-5117	831	32	the	the	DET
cblr-5117	831	33	undifferentiated	undifferentiated	ADJ
cblr-5117	831	34	equity	equity	NOUN
cblr-5117	831	35	,	,	PUNCT
cblr-5117	831	36	and	and	CCONJ
cblr-5117	831	37	that	that	SCONJ
cblr-5117	831	38	the	the	DET
cblr-5117	831	39	resulting	result	VERB
cblr-5117	831	40	transactions	transaction	NOUN
cblr-5117	831	41	were	be	AUX
cblr-5117	831	42	unfair	unfair	ADJ
cblr-5117	831	43	to	to	ADP
cblr-5117	831	44	the	the	DET
cblr-5117	831	45	company	company	NOUN
cblr-5117	831	46	’s	’s	PART
cblr-5117	831	47	common	common	ADJ
cblr-5117	831	48	stockholders	stockholder	NOUN
cblr-5117	831	49	.	.	PUNCT
cblr-5117	831	50	”	"	PUNCT
cblr-5117	831	51	)	)	PUNCT
cblr-5117	832	1	;	;	PUNCT
cblr-5117	832	2	mehta	mehta	PROPN
cblr-5117	832	3	v.	v.	ADP
cblr-5117	832	4	mobile	mobile	PROPN
cblr-5117	832	5	posse	posse	PROPN
cblr-5117	832	6	,	,	PUNCT
cblr-5117	832	7	inc	inc	PROPN
cblr-5117	832	8	.	.	PROPN
cblr-5117	832	9	,	,	PUNCT
cblr-5117	832	10	no	no	INTJ
cblr-5117	832	11	.	.	NOUN
cblr-5117	832	12	2018	2018	NUM
cblr-5117	832	13	-	-	PUNCT
cblr-5117	832	14	0355	0355	NUM
cblr-5117	832	15	-	-	PUNCT
cblr-5117	832	16	ksjm	ksjm	PROPN
cblr-5117	832	17	,	,	PUNCT
cblr-5117	832	18	2019	2019	NUM
cblr-5117	832	19	wl	wl	NOUN
cblr-5117	832	20	2025231	2025231	NUM
cblr-5117	832	21	,	,	PUNCT
cblr-5117	832	22	at	at	ADP
cblr-5117	832	23	*	*	NUM
cblr-5117	832	24	7	7	NUM
cblr-5117	832	25	(	(	PUNCT
cblr-5117	832	26	del	del	PROPN
cblr-5117	832	27	.	.	PROPN
cblr-5117	832	28	ch	ch	PROPN
cblr-5117	832	29	.	.	PROPN
cblr-5117	832	30	may	may	AUX
cblr-5117	832	31	8	8	NUM
cblr-5117	832	32	,	,	PUNCT
cblr-5117	832	33	2019	2019	NUM
cblr-5117	832	34	)	)	PUNCT
cblr-5117	832	35	(	(	PUNCT
cblr-5117	832	36	in	in	ADP
cblr-5117	832	37	a	a	DET
cblr-5117	832	38	case	case	NOUN
cblr-5117	832	39	involving	involve	VERB
cblr-5117	832	40	a	a	DET
cblr-5117	832	41	sale	sale	NOUN
cblr-5117	832	42	of	of	ADP
cblr-5117	832	43	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	832	44	(	(	PUNCT
cblr-5117	832	45	do	do	AUX
cblr-5117	832	46	not	not	PART
cblr-5117	832	47	delte	delte	VERB
cblr-5117	832	48	)	)	PUNCT
cblr-5117	832	49	1/8/2020	1/8/2020	NUM
cblr-5117	832	50	4:44	4:44	NUM
cblr-5117	832	51	pm	pm	NOUN
cblr-5117	832	52	928	928	NUM
cblr-5117	832	53	columbia	columbia	PROPN
cblr-5117	832	54	business	business	NOUN
cblr-5117	832	55	law	law	PROPN
cblr-5117	832	56	review	review	NOUN
cblr-5117	832	57	[	[	X
cblr-5117	832	58	vol	vol	NOUN
cblr-5117	832	59	.	.	NOUN
cblr-5117	832	60	2019	2019	NUM
cblr-5117	832	61	tolerance	tolerance	NOUN
cblr-5117	832	62	of	of	ADP
cblr-5117	832	63	the	the	DET
cblr-5117	832	64	limited	limited	ADJ
cblr-5117	832	65	partners	partner	NOUN
cblr-5117	832	66	deviates	deviate	VERB
cblr-5117	832	67	from	from	ADP
cblr-5117	832	68	those	those	PRON
cblr-5117	832	69	of	of	ADP
cblr-5117	832	70	the	the	DET
cblr-5117	832	71	common	common	ADJ
cblr-5117	832	72	stockholders	stockholder	NOUN
cblr-5117	832	73	and	and	CCONJ
cblr-5117	832	74	employee	employee	NOUN
cblr-5117	832	75	option	option	NOUN
cblr-5117	832	76	holders.202	holders.202	PROPN
cblr-5117	832	77	situations	situation	NOUN
cblr-5117	832	78	such	such	ADJ
cblr-5117	832	79	as	as	ADP
cblr-5117	832	80	“	"	PUNCT
cblr-5117	832	81	down	down	ADJ
cblr-5117	832	82	rounds	round	NOUN
cblr-5117	832	83	,	,	PUNCT
cblr-5117	832	84	”	"	PUNCT
cblr-5117	832	85	end	end	NOUN
cblr-5117	832	86	-	-	PUNCT
cblr-5117	832	87	stage	stage	NOUN
cblr-5117	832	88	transactions	transaction	NOUN
cblr-5117	832	89	,	,	PUNCT
cblr-5117	832	90	and	and	CCONJ
cblr-5117	832	91	compensation	compensation	NOUN
cblr-5117	832	92	decisions	decision	NOUN
cblr-5117	832	93	,	,	PUNCT
cblr-5117	832	94	determine	determine	VERB
cblr-5117	832	95	how	how	SCONJ
cblr-5117	832	96	proceeds	proceed	NOUN
cblr-5117	832	97	will	will	AUX
cblr-5117	832	98	be	be	AUX
cblr-5117	832	99	distributed	distribute	VERB
cblr-5117	832	100	among	among	ADP
cblr-5117	832	101	the	the	DET
cblr-5117	832	102	parties	party	NOUN
cblr-5117	832	103	,	,	PUNCT
cblr-5117	832	104	and	and	CCONJ
cblr-5117	832	105	as	as	ADP
cblr-5117	832	106	such	such	ADJ
cblr-5117	832	107	,	,	PUNCT
cblr-5117	832	108	they	they	PRON
cblr-5117	832	109	often	often	ADV
cblr-5117	832	110	involve	involve	VERB
cblr-5117	832	111	a	a	DET
cblr-5117	832	112	disparity	disparity	NOUN
cblr-5117	832	113	among	among	ADP
cblr-5117	832	114	the	the	DET
cblr-5117	832	115	various	various	ADJ
cblr-5117	832	116	classes	class	NOUN
cblr-5117	832	117	of	of	ADP
cblr-5117	832	118	equity	equity	NOUN
cblr-5117	832	119	holders	holder	NOUN
cblr-5117	832	120	.	.	PUNCT
cblr-5117	833	1	when	when	SCONJ
cblr-5117	833	2	founders	founder	NOUN
cblr-5117	833	3	lose	lose	VERB
cblr-5117	833	4	control	control	NOUN
cblr-5117	833	5	of	of	ADP
cblr-5117	833	6	the	the	DET
cblr-5117	833	7	board	board	NOUN
cblr-5117	833	8	or	or	CCONJ
cblr-5117	833	9	are	be	AUX
cblr-5117	833	10	being	be	AUX
cblr-5117	833	11	issued	issue	VERB
cblr-5117	833	12	non	non	ADJ
cblr-5117	833	13	-	-	ADJ
cblr-5117	833	14	common	common	ADJ
cblr-5117	833	15	stock	stock	NOUN
cblr-5117	833	16	incentives	incentive	NOUN
cblr-5117	833	17	,	,	PUNCT
cblr-5117	833	18	the	the	DET
cblr-5117	833	19	agency	agency	NOUN
cblr-5117	833	20	problems	problem	NOUN
cblr-5117	833	21	affecting	affect	VERB
cblr-5117	833	22	employees	employee	NOUN
cblr-5117	833	23	intensify.203	intensify.203	NUM
cblr-5117	833	24	these	these	DET
cblr-5117	833	25	situations	situation	NOUN
cblr-5117	833	26	are	be	AUX
cblr-5117	833	27	not	not	PART
cblr-5117	833	28	rare	rare	ADJ
cblr-5117	833	29	.	.	PUNCT
cblr-5117	834	1	founders	founder	NOUN
cblr-5117	834	2	tend	tend	VERB
cblr-5117	834	3	to	to	PART
cblr-5117	834	4	lose	lose	VERB
cblr-5117	834	5	board	board	NOUN
cblr-5117	834	6	control	control	NOUN
cblr-5117	834	7	in	in	ADP
cblr-5117	834	8	advanced	advanced	ADJ
cblr-5117	834	9	financing	financing	NOUN
cblr-5117	834	10	a	a	DET
cblr-5117	834	11	venture	venture	NOUN
cblr-5117	834	12	capital	capital	NOUN
cblr-5117	834	13	-	-	PUNCT
cblr-5117	834	14	backed	back	VERB
cblr-5117	834	15	start	start	NOUN
cblr-5117	834	16	-	-	PUNCT
cblr-5117	834	17	up	up	NOUN
cblr-5117	834	18	in	in	ADP
cblr-5117	834	19	which	which	PRON
cblr-5117	834	20	the	the	DET
cblr-5117	834	21	directors	director	NOUN
cblr-5117	834	22	around	around	ADP
cblr-5117	834	23	the	the	DET
cblr-5117	834	24	board	board	NOUN
cblr-5117	834	25	table	table	NOUN
cblr-5117	834	26	held	hold	VERB
cblr-5117	834	27	nearly	nearly	ADV
cblr-5117	834	28	all	all	PRON
cblr-5117	834	29	of	of	ADP
cblr-5117	834	30	the	the	DET
cblr-5117	834	31	preferred	preferred	ADJ
cblr-5117	834	32	stock	stock	NOUN
cblr-5117	834	33	and	and	CCONJ
cblr-5117	834	34	a	a	DET
cblr-5117	834	35	majority	majority	NOUN
cblr-5117	834	36	of	of	ADP
cblr-5117	834	37	the	the	DET
cblr-5117	834	38	total	total	ADJ
cblr-5117	834	39	outstanding	outstanding	ADJ
cblr-5117	834	40	voting	voting	NOUN
cblr-5117	834	41	power	power	NOUN
cblr-5117	834	42	.	.	PUNCT
cblr-5117	835	1	the	the	DET
cblr-5117	835	2	court	court	NOUN
cblr-5117	835	3	denied	deny	VERB
cblr-5117	835	4	the	the	DET
cblr-5117	835	5	defendants	defendant	NOUN
cblr-5117	835	6	’	'	PUNCT
cblr-5117	835	7	motion	motion	NOUN
cblr-5117	835	8	for	for	ADP
cblr-5117	835	9	a	a	DET
cblr-5117	835	10	judgment	judgment	NOUN
cblr-5117	835	11	on	on	ADP
cblr-5117	835	12	the	the	DET
cblr-5117	835	13	pleadings	pleading	NOUN
cblr-5117	835	14	considering	consider	VERB
cblr-5117	835	15	the	the	DET
cblr-5117	835	16	directors	director	NOUN
cblr-5117	835	17	’	’	PART
cblr-5117	835	18	conflict	conflict	NOUN
cblr-5117	835	19	of	of	ADP
cblr-5117	835	20	interest	interest	NOUN
cblr-5117	835	21	and	and	CCONJ
cblr-5117	835	22	various	various	ADJ
cblr-5117	835	23	technical	technical	ADJ
cblr-5117	835	24	foot	foot	NOUN
cblr-5117	835	25	faults	fault	NOUN
cblr-5117	835	26	in	in	ADP
cblr-5117	835	27	the	the	DET
cblr-5117	835	28	sale	sale	NOUN
cblr-5117	835	29	approval	approval	NOUN
cblr-5117	835	30	)	)	PUNCT
cblr-5117	835	31	.	.	PUNCT
cblr-5117	836	1	202	202	NUM
cblr-5117	836	2	see	see	VERB
cblr-5117	836	3	pollman	pollman	NOUN
cblr-5117	836	4	,	,	PUNCT
cblr-5117	836	5	startup	startup	NOUN
cblr-5117	836	6	governance	governance	NOUN
cblr-5117	836	7	,	,	PUNCT
cblr-5117	836	8	supra	supra	PROPN
cblr-5117	836	9	note	note	NOUN
cblr-5117	836	10	135	135	NUM
cblr-5117	836	11	,	,	PUNCT
cblr-5117	836	12	at	at	ADP
cblr-5117	836	13	26	26	NUM
cblr-5117	836	14	(	(	PUNCT
cblr-5117	836	15	“	"	PUNCT
cblr-5117	836	16	vcs	vcs	PROPN
cblr-5117	836	17	and	and	CCONJ
cblr-5117	836	18	founders	founder	NOUN
cblr-5117	836	19	often	often	ADV
cblr-5117	836	20	diverge	diverge	VERB
cblr-5117	836	21	with	with	ADP
cblr-5117	836	22	respect	respect	NOUN
cblr-5117	836	23	to	to	ADP
cblr-5117	836	24	risk	risk	NOUN
cblr-5117	836	25	level	level	NOUN
cblr-5117	836	26	,	,	PUNCT
cblr-5117	836	27	liquidity	liquidity	NOUN
cblr-5117	836	28	needs	need	NOUN
cblr-5117	836	29	,	,	PUNCT
cblr-5117	836	30	and	and	CCONJ
cblr-5117	836	31	private	private	ADJ
cblr-5117	836	32	benefits	benefit	NOUN
cblr-5117	836	33	,	,	PUNCT
cblr-5117	836	34	which	which	PRON
cblr-5117	836	35	are	be	AUX
cblr-5117	836	36	often	often	ADV
cblr-5117	836	37	implicated	implicate	VERB
cblr-5117	836	38	in	in	ADP
cblr-5117	836	39	critical	critical	ADJ
cblr-5117	836	40	board	board	NOUN
cblr-5117	836	41	-	-	PUNCT
cblr-5117	836	42	level	level	NOUN
cblr-5117	836	43	decisions	decision	NOUN
cblr-5117	836	44	on	on	ADP
cblr-5117	836	45	financings	financing	NOUN
cblr-5117	836	46	,	,	PUNCT
cblr-5117	836	47	strategic	strategic	ADJ
cblr-5117	836	48	direction	direction	NOUN
cblr-5117	836	49	,	,	PUNCT
cblr-5117	836	50	and	and	CCONJ
cblr-5117	836	51	exit	exit	NOUN
cblr-5117	836	52	.	.	PUNCT
cblr-5117	836	53	”	"	PUNCT
cblr-5117	836	54	)	)	PUNCT
cblr-5117	836	55	;	;	PUNCT
cblr-5117	836	56	see	see	VERB
cblr-5117	836	57	also	also	ADV
cblr-5117	836	58	in	in	ADP
cblr-5117	836	59	re	re	PROPN
cblr-5117	836	60	trados	trados	PROPN
cblr-5117	836	61	inc	inc	PROPN
cblr-5117	836	62	.	.	PROPN
cblr-5117	836	63	,	,	PUNCT
cblr-5117	836	64	73	73	NUM
cblr-5117	836	65	a.3d	a.3d	X
cblr-5117	836	66	at	at	ADP
cblr-5117	836	67	49–51	49–51	NUM
cblr-5117	836	68	(	(	PUNCT
cblr-5117	836	69	finding	find	VERB
cblr-5117	836	70	that	that	SCONJ
cblr-5117	836	71	directors	director	NOUN
cblr-5117	836	72	who	who	PRON
cblr-5117	836	73	are	be	AUX
cblr-5117	836	74	also	also	ADV
cblr-5117	836	75	venture	venture	NOUN
cblr-5117	836	76	capital	capital	NOUN
cblr-5117	836	77	investors	investor	NOUN
cblr-5117	836	78	might	might	AUX
cblr-5117	836	79	suffer	suffer	VERB
cblr-5117	836	80	from	from	ADP
cblr-5117	836	81	conflict	conflict	NOUN
cblr-5117	836	82	of	of	ADP
cblr-5117	836	83	interest	interest	NOUN
cblr-5117	836	84	and	and	CCONJ
cblr-5117	836	85	citing	cite	VERB
cblr-5117	836	86	relevant	relevant	ADJ
cblr-5117	836	87	literature	literature	NOUN
cblr-5117	836	88	)	)	PUNCT
cblr-5117	836	89	;	;	PUNCT
cblr-5117	836	90	calesa	calesa	PROPN
cblr-5117	836	91	assocs	assocs	PROPN
cblr-5117	836	92	.	.	PROPN
cblr-5117	836	93	,	,	PUNCT
cblr-5117	837	1	l.p	l.p	PROPN
cblr-5117	837	2	.	.	PROPN
cblr-5117	837	3	v.	v.	PROPN
cblr-5117	837	4	am	be	AUX
cblr-5117	837	5	.	.	PUNCT
cblr-5117	838	1	capital	capital	PROPN
cblr-5117	838	2	,	,	PUNCT
cblr-5117	838	3	ltd	ltd	PROPN
cblr-5117	838	4	.	.	PROPN
cblr-5117	838	5	,	,	PUNCT
cblr-5117	838	6	no	no	INTJ
cblr-5117	838	7	.	.	NOUN
cblr-5117	838	8	10557	10557	NUM
cblr-5117	838	9	-	-	PUNCT
cblr-5117	838	10	vcg	vcg	PROPN
cblr-5117	838	11	,	,	PUNCT
cblr-5117	838	12	2016	2016	NUM
cblr-5117	838	13	wl	wl	NOUN
cblr-5117	838	14	770251	770251	NUM
cblr-5117	838	15	,	,	PUNCT
cblr-5117	838	16	at	at	ADP
cblr-5117	838	17	*	*	NUM
cblr-5117	838	18	11	11	NUM
cblr-5117	838	19	(	(	PUNCT
cblr-5117	838	20	del	del	PROPN
cblr-5117	838	21	.	.	PROPN
cblr-5117	838	22	ch	ch	PROPN
cblr-5117	838	23	.	.	PUNCT
cblr-5117	838	24	feb	feb	PROPN
cblr-5117	838	25	.	.	PROPN
cblr-5117	838	26	29	29	NUM
cblr-5117	838	27	,	,	PUNCT
cblr-5117	838	28	2016	2016	NUM
cblr-5117	838	29	)	)	PUNCT
cblr-5117	838	30	(	(	PUNCT
cblr-5117	838	31	declining	decline	VERB
cblr-5117	838	32	to	to	PART
cblr-5117	838	33	dismiss	dismiss	VERB
cblr-5117	838	34	a	a	DET
cblr-5117	838	35	lawsuit	lawsuit	NOUN
cblr-5117	838	36	by	by	ADP
cblr-5117	838	37	the	the	DET
cblr-5117	838	38	common	common	ADJ
cblr-5117	838	39	stockholders	stockholder	NOUN
cblr-5117	838	40	against	against	ADP
cblr-5117	838	41	a	a	DET
cblr-5117	838	42	venture	venture	NOUN
cblr-5117	838	43	fund	fund	NOUN
cblr-5117	838	44	and	and	CCONJ
cblr-5117	838	45	its	its	PRON
cblr-5117	838	46	board	board	NOUN
cblr-5117	838	47	representatives	representative	NOUN
cblr-5117	838	48	arising	arise	VERB
cblr-5117	838	49	from	from	ADP
cblr-5117	838	50	a	a	DET
cblr-5117	838	51	recapitalization	recapitalization	NOUN
cblr-5117	838	52	transaction	transaction	NOUN
cblr-5117	838	53	that	that	PRON
cblr-5117	838	54	increased	increase	VERB
cblr-5117	838	55	the	the	DET
cblr-5117	838	56	venture	venture	NOUN
cblr-5117	838	57	fund	fund	PROPN
cblr-5117	838	58	’s	’s	PART
cblr-5117	838	59	ownership	ownership	NOUN
cblr-5117	838	60	stake	stake	NOUN
cblr-5117	838	61	and	and	CCONJ
cblr-5117	838	62	“	"	PUNCT
cblr-5117	838	63	squeezed	squeeze	VERB
cblr-5117	838	64	out	out	ADP
cblr-5117	838	65	”	"	PUNCT
cblr-5117	838	66	the	the	DET
cblr-5117	838	67	common	common	ADJ
cblr-5117	838	68	stock	stock	NOUN
cblr-5117	838	69	)	)	PUNCT
cblr-5117	838	70	.	.	PUNCT
cblr-5117	839	1	203	203	NUM
cblr-5117	839	2	see	see	NOUN
cblr-5117	839	3	interviews	interview	NOUN
cblr-5117	839	4	,	,	PUNCT
cblr-5117	839	5	supra	supra	PROPN
cblr-5117	839	6	note	note	PROPN
cblr-5117	839	7	29	29	NUM
cblr-5117	839	8	(	(	PUNCT
cblr-5117	839	9	quoting	quote	VERB
cblr-5117	839	10	vc03	vc03	PROPN
cblr-5117	839	11	:	:	PUNCT
cblr-5117	839	12	“	"	PUNCT
cblr-5117	839	13	the	the	DET
cblr-5117	839	14	best	good	ADJ
cblr-5117	839	15	companies	company	NOUN
cblr-5117	839	16	and	and	CCONJ
cblr-5117	839	17	the	the	DET
cblr-5117	839	18	best	good	ADJ
cblr-5117	839	19	ceos	ceos	NOUN
cblr-5117	839	20	negotiate	negotiate	VERB
cblr-5117	839	21	those	those	DET
cblr-5117	839	22	carve	carve	NOUN
cblr-5117	839	23	-	-	PUNCT
cblr-5117	839	24	out	out	ADP
cblr-5117	839	25	plans	plan	NOUN
cblr-5117	839	26	so	so	SCONJ
cblr-5117	839	27	that	that	SCONJ
cblr-5117	839	28	every	every	DET
cblr-5117	839	29	employee	employee	NOUN
cblr-5117	839	30	who	who	PRON
cblr-5117	839	31	’s	’	VERB
cblr-5117	839	32	still	still	ADV
cblr-5117	839	33	with	with	ADP
cblr-5117	839	34	the	the	DET
cblr-5117	839	35	company	company	NOUN
cblr-5117	839	36	,	,	PUNCT
cblr-5117	839	37	if	if	SCONJ
cblr-5117	839	38	it	it	PRON
cblr-5117	839	39	exits	exit	VERB
cblr-5117	839	40	,	,	PUNCT
cblr-5117	839	41	gets	get	VERB
cblr-5117	839	42	something	something	PRON
cblr-5117	839	43	.	.	PUNCT
cblr-5117	840	1	the	the	DET
cblr-5117	840	2	worst	bad	ADJ
cblr-5117	840	3	ceos	ceos	NOUN
cblr-5117	840	4	only	only	ADV
cblr-5117	840	5	put	put	VERB
cblr-5117	840	6	those	those	DET
cblr-5117	840	7	plans	plan	NOUN
cblr-5117	840	8	in	in	ADP
cblr-5117	840	9	place	place	NOUN
cblr-5117	840	10	for	for	ADP
cblr-5117	840	11	the	the	DET
cblr-5117	840	12	senior	senior	ADJ
cblr-5117	840	13	leadership	leadership	NOUN
cblr-5117	840	14	team	team	NOUN
cblr-5117	840	15	.	.	PUNCT
cblr-5117	840	16	”	"	PUNCT
cblr-5117	840	17	)	)	PUNCT
cblr-5117	840	18	.	.	PUNCT
cblr-5117	841	1	on	on	ADP
cblr-5117	841	2	this	this	DET
cblr-5117	841	3	point	point	NOUN
cblr-5117	841	4	,	,	PUNCT
cblr-5117	841	5	a	a	DET
cblr-5117	841	6	different	different	ADJ
cblr-5117	841	7	interviewee	interviewee	NOUN
cblr-5117	841	8	noted	note	VERB
cblr-5117	841	9	that	that	SCONJ
cblr-5117	841	10	:	:	PUNCT
cblr-5117	841	11	[	[	X
cblr-5117	841	12	t]ypically	t]ypically	ADV
cblr-5117	841	13	what	what	PRON
cblr-5117	841	14	the	the	DET
cblr-5117	841	15	board	board	NOUN
cblr-5117	841	16	of	of	ADP
cblr-5117	841	17	directors	director	NOUN
cblr-5117	841	18	does	do	AUX
cblr-5117	841	19	is	be	AUX
cblr-5117	841	20	they	they	PRON
cblr-5117	841	21	create	create	VERB
cblr-5117	841	22	a	a	DET
cblr-5117	841	23	bonus	bonus	NOUN
cblr-5117	841	24	pool	pool	NOUN
cblr-5117	841	25	equal	equal	ADJ
cblr-5117	841	26	to	to	ADP
cblr-5117	841	27	some	some	DET
cblr-5117	841	28	percentage	percentage	NOUN
cblr-5117	841	29	,	,	PUNCT
cblr-5117	841	30	typically	typically	ADV
cblr-5117	841	31	somewhere	somewhere	ADV
cblr-5117	841	32	between	between	ADP
cblr-5117	841	33	five	five	NUM
cblr-5117	841	34	and	and	CCONJ
cblr-5117	841	35	10	10	NUM
cblr-5117	841	36	percent	percent	NOUN
cblr-5117	841	37	of	of	ADP
cblr-5117	841	38	the	the	DET
cblr-5117	841	39	sale	sale	NOUN
cblr-5117	841	40	price	price	NOUN
cblr-5117	841	41	,	,	PUNCT
cblr-5117	841	42	and	and	CCONJ
cblr-5117	841	43	that	that	DET
cblr-5117	841	44	bonus	bonus	NOUN
cblr-5117	841	45	pool	pool	NOUN
cblr-5117	841	46	is	be	AUX
cblr-5117	841	47	in	in	ADP
cblr-5117	841	48	place	place	NOUN
cblr-5117	841	49	to	to	PART
cblr-5117	841	50	create	create	VERB
cblr-5117	841	51	an	an	DET
cblr-5117	841	52	incentive	incentive	NOUN
cblr-5117	841	53	for	for	SCONJ
cblr-5117	841	54	the	the	DET
cblr-5117	841	55	management	management	NOUN
cblr-5117	841	56	team	team	NOUN
cblr-5117	841	57	to	to	PART
cblr-5117	841	58	get	get	VERB
cblr-5117	841	59	the	the	DET
cblr-5117	841	60	deal	deal	NOUN
cblr-5117	841	61	done	do	VERB
cblr-5117	841	62	in	in	ADP
cblr-5117	841	63	a	a	DET
cblr-5117	841	64	responsible	responsible	ADJ
cblr-5117	841	65	and	and	CCONJ
cblr-5117	841	66	appropriate	appropriate	ADJ
cblr-5117	841	67	manner	manner	NOUN
cblr-5117	841	68	.	.	PUNCT
cblr-5117	841	69	.	.	PUNCT
cblr-5117	841	70	.	.	PUNCT
cblr-5117	841	71	.	.	PUNCT
cblr-5117	842	1	it	it	PRON
cblr-5117	842	2	’s	’s	AUX
cblr-5117	842	3	getting	getting	AUX
cblr-5117	842	4	paid	pay	VERB
cblr-5117	842	5	out	out	ADP
cblr-5117	842	6	as	as	ADP
cblr-5117	842	7	a	a	DET
cblr-5117	842	8	bonus	bonus	NOUN
cblr-5117	842	9	because	because	SCONJ
cblr-5117	842	10	otherwise	otherwise	ADV
cblr-5117	842	11	you	you	PRON
cblr-5117	842	12	’d	’d	AUX
cblr-5117	842	13	be	be	AUX
cblr-5117	842	14	discriminating	discriminate	VERB
cblr-5117	842	15	against	against	ADP
cblr-5117	842	16	classes	class	NOUN
cblr-5117	842	17	of	of	ADP
cblr-5117	842	18	equity	equity	NOUN
cblr-5117	842	19	.	.	PUNCT
cblr-5117	843	1	interviews	interview	NOUN
cblr-5117	843	2	,	,	PUNCT
cblr-5117	843	3	supra	supra	PROPN
cblr-5117	843	4	note	note	PROPN
cblr-5117	843	5	29	29	NUM
cblr-5117	843	6	(	(	PUNCT
cblr-5117	843	7	quoting	quote	VERB
cblr-5117	843	8	vc04	vc04	PROPN
cblr-5117	843	9	)	)	PUNCT
cblr-5117	843	10	;	;	PUNCT
cblr-5117	843	11	see	see	VERB
cblr-5117	843	12	also	also	ADV
cblr-5117	843	13	alon	alon	PROPN
cblr-5117	843	14	-	-	PUNCT
cblr-5117	843	15	beck	beck	PROPN
cblr-5117	843	16	,	,	PUNCT
cblr-5117	843	17	supra	supra	PROPN
cblr-5117	843	18	note	note	PROPN
cblr-5117	843	19	145	145	NUM
cblr-5117	843	20	,	,	PUNCT
cblr-5117	843	21	at	at	ADP
cblr-5117	843	22	141–43	141–43	NOUN
cblr-5117	843	23	(	(	PUNCT
cblr-5117	843	24	describing	describe	VERB
cblr-5117	843	25	founder	founder	NOUN
cblr-5117	843	26	-	-	PUNCT
cblr-5117	843	27	friendly	friendly	ADJ
cblr-5117	843	28	practices	practice	NOUN
cblr-5117	843	29	that	that	PRON
cblr-5117	843	30	might	might	AUX
cblr-5117	843	31	cause	cause	VERB
cblr-5117	843	32	disparity	disparity	NOUN
cblr-5117	843	33	between	between	ADP
cblr-5117	843	34	the	the	DET
cblr-5117	843	35	founders	founder	NOUN
cblr-5117	843	36	’	’	PART
cblr-5117	843	37	interests	interest	NOUN
cblr-5117	843	38	and	and	CCONJ
cblr-5117	843	39	those	those	PRON
cblr-5117	843	40	of	of	ADP
cblr-5117	843	41	the	the	DET
cblr-5117	843	42	common	common	ADJ
cblr-5117	843	43	stockholders	stockholder	NOUN
cblr-5117	843	44	)	)	PUNCT
cblr-5117	843	45	.	.	PUNCT
cblr-5117	844	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	844	2	(	(	PUNCT
cblr-5117	844	3	do	do	AUX
cblr-5117	844	4	not	not	PART
cblr-5117	844	5	delete	delete	VERB
cblr-5117	844	6	)	)	PUNCT
cblr-5117	844	7	1/8/2020	1/8/2020	NUM
cblr-5117	844	8	4:44	4:44	NUM
cblr-5117	844	9	pm	pm	NOUN
cblr-5117	844	10	no	no	INTJ
cblr-5117	844	11	.	.	PUNCT
cblr-5117	845	1	3:867	3:867	NUM
cblr-5117	845	2	]	]	PUNCT
cblr-5117	845	3	making	make	VERB
cblr-5117	845	4	disclosure	disclosure	NOUN
cblr-5117	845	5	work	work	NOUN
cblr-5117	845	6	929	929	NUM
cblr-5117	845	7	rounds204	rounds204	PROPN
cblr-5117	845	8	and	and	CCONJ
cblr-5117	845	9	are	be	AUX
cblr-5117	845	10	often	often	ADV
cblr-5117	845	11	issued	issue	VERB
cblr-5117	845	12	private	private	ADJ
cblr-5117	845	13	benefits	benefit	NOUN
cblr-5117	845	14	(	(	PUNCT
cblr-5117	845	15	such	such	ADJ
cblr-5117	845	16	as	as	ADP
cblr-5117	845	17	a	a	DET
cblr-5117	845	18	special	special	ADJ
cblr-5117	845	19	class	class	NOUN
cblr-5117	845	20	of	of	ADP
cblr-5117	845	21	preferred	preferred	ADJ
cblr-5117	845	22	shares	share	NOUN
cblr-5117	845	23	,	,	PUNCT
cblr-5117	845	24	parachute	parachute	NOUN
cblr-5117	845	25	payments	payment	NOUN
cblr-5117	845	26	,	,	PUNCT
cblr-5117	845	27	and	and	CCONJ
cblr-5117	845	28	carve	carve	NOUN
cblr-5117	845	29	-	-	PUNCT
cblr-5117	845	30	outs	out	NOUN
cblr-5117	845	31	)	)	PUNCT
cblr-5117	845	32	as	as	ADP
cblr-5117	845	33	incentives	incentive	NOUN
cblr-5117	845	34	to	to	PART
cblr-5117	845	35	cooperate	cooperate	VERB
cblr-5117	845	36	with	with	ADP
cblr-5117	845	37	the	the	DET
cblr-5117	845	38	preferred	preferred	ADJ
cblr-5117	845	39	shareholders.205	shareholders.205	NOUN
cblr-5117	845	40	204	204	NUM
cblr-5117	845	41	see	see	VERB
cblr-5117	845	42	steven	steven	PROPN
cblr-5117	845	43	n.	n.	PROPN
cblr-5117	845	44	kaplan	kaplan	PROPN
cblr-5117	845	45	,	,	PUNCT
cblr-5117	845	46	et	et	PROPN
cblr-5117	845	47	al	al	PROPN
cblr-5117	845	48	.	.	PROPN
cblr-5117	845	49	,	,	PUNCT
cblr-5117	845	50	should	should	AUX
cblr-5117	845	51	investors	investor	NOUN
cblr-5117	845	52	bet	bet	VERB
cblr-5117	845	53	on	on	ADP
cblr-5117	845	54	the	the	DET
cblr-5117	845	55	jockey	jockey	NOUN
cblr-5117	845	56	or	or	CCONJ
cblr-5117	845	57	the	the	DET
cblr-5117	845	58	horse	horse	NOUN
cblr-5117	845	59	?	?	PUNCT
cblr-5117	846	1	evidence	evidence	NOUN
cblr-5117	846	2	from	from	ADP
cblr-5117	846	3	the	the	DET
cblr-5117	846	4	evolution	evolution	NOUN
cblr-5117	846	5	of	of	ADP
cblr-5117	846	6	firms	firm	NOUN
cblr-5117	846	7	from	from	ADP
cblr-5117	846	8	early	early	ADJ
cblr-5117	846	9	business	business	NOUN
cblr-5117	846	10	plans	plan	NOUN
cblr-5117	846	11	to	to	ADP
cblr-5117	846	12	public	public	ADJ
cblr-5117	846	13	companies	company	NOUN
cblr-5117	846	14	,	,	PUNCT
cblr-5117	846	15	64	64	NUM
cblr-5117	846	16	j.	j.	PROPN
cblr-5117	846	17	fin	fin	PROPN
cblr-5117	846	18	.	.	PUNCT
cblr-5117	847	1	75	75	NUM
cblr-5117	847	2	,	,	PUNCT
cblr-5117	847	3	99–103	99–103	NUM
cblr-5117	847	4	(	(	PUNCT
cblr-5117	847	5	2009	2009	NUM
cblr-5117	847	6	)	)	PUNCT
cblr-5117	847	7	(	(	PUNCT
cblr-5117	847	8	sampling	sample	VERB
cblr-5117	847	9	of	of	ADP
cblr-5117	847	10	50	50	NUM
cblr-5117	847	11	companies	company	NOUN
cblr-5117	847	12	that	that	PRON
cblr-5117	847	13	went	go	VERB
cblr-5117	847	14	public	public	ADJ
cblr-5117	847	15	,	,	PUNCT
cblr-5117	847	16	the	the	DET
cblr-5117	847	17	studies	study	NOUN
cblr-5117	847	18	showed	show	VERB
cblr-5117	847	19	that	that	SCONJ
cblr-5117	847	20	the	the	DET
cblr-5117	847	21	median	median	ADJ
cblr-5117	847	22	number	number	NOUN
cblr-5117	847	23	of	of	ADP
cblr-5117	847	24	venturecapital	venturecapital	ADJ
cblr-5117	847	25	directors	director	NOUN
cblr-5117	847	26	is	be	AUX
cblr-5117	847	27	three	three	NUM
cblr-5117	847	28	,	,	PUNCT
cblr-5117	847	29	the	the	DET
cblr-5117	847	30	median	median	ADJ
cblr-5117	847	31	number	number	NOUN
cblr-5117	847	32	of	of	ADP
cblr-5117	847	33	management	management	NOUN
cblr-5117	847	34	directors	director	NOUN
cblr-5117	847	35	is	be	AUX
cblr-5117	847	36	two	two	NUM
cblr-5117	847	37	,	,	PUNCT
cblr-5117	847	38	and	and	CCONJ
cblr-5117	847	39	the	the	DET
cblr-5117	847	40	median	median	ADJ
cblr-5117	847	41	number	number	NOUN
cblr-5117	847	42	of	of	ADP
cblr-5117	847	43	outside	outside	ADJ
cblr-5117	847	44	directors	director	NOUN
cblr-5117	847	45	is	be	AUX
cblr-5117	847	46	two	two	NUM
cblr-5117	847	47	)	)	PUNCT
cblr-5117	847	48	.	.	PUNCT
cblr-5117	848	1	cf	cf	NOUN
cblr-5117	848	2	.	.	PUNCT
cblr-5117	849	1	brian	brian	PROPN
cblr-5117	849	2	broughman	broughman	PROPN
cblr-5117	849	3	&	&	CCONJ
cblr-5117	849	4	jesse	jesse	PROPN
cblr-5117	849	5	m.	m.	PROPN
cblr-5117	849	6	fried	fried	PROPN
cblr-5117	849	7	,	,	PUNCT
cblr-5117	849	8	carrots	carrot	NOUN
cblr-5117	849	9	&	&	CCONJ
cblr-5117	849	10	sticks	stick	NOUN
cblr-5117	849	11	:	:	PUNCT
cblr-5117	849	12	how	how	SCONJ
cblr-5117	849	13	vcs	vcs	NOUN
cblr-5117	849	14	induce	induce	VERB
cblr-5117	849	15	entrepreneurial	entrepreneurial	ADJ
cblr-5117	849	16	teams	team	NOUN
cblr-5117	849	17	to	to	PART
cblr-5117	849	18	sell	sell	VERB
cblr-5117	849	19	startups	startup	NOUN
cblr-5117	849	20	,	,	PUNCT
cblr-5117	849	21	98	98	NUM
cblr-5117	849	22	cornell	cornell	PROPN
cblr-5117	849	23	l.	l.	PROPN
cblr-5117	849	24	rev	rev	PROPN
cblr-5117	849	25	.	.	PROPN
cblr-5117	849	26	1319	1319	NUM
cblr-5117	849	27	,	,	PUNCT
cblr-5117	849	28	1329	1329	NUM
cblr-5117	849	29	(	(	PUNCT
cblr-5117	849	30	2013	2013	NUM
cblr-5117	849	31	)	)	PUNCT
cblr-5117	849	32	(	(	PUNCT
cblr-5117	849	33	“	"	PUNCT
cblr-5117	849	34	vc	vc	PROPN
cblr-5117	849	35	board	board	NOUN
cblr-5117	849	36	representation	representation	NOUN
cblr-5117	849	37	tends	tend	VERB
cblr-5117	849	38	to	to	PART
cblr-5117	849	39	increase	increase	VERB
cblr-5117	849	40	with	with	ADP
cblr-5117	849	41	new	new	ADJ
cblr-5117	849	42	financing	financing	NOUN
cblr-5117	849	43	rounds	round	NOUN
cblr-5117	849	44	.	.	PUNCT
cblr-5117	849	45	.	.	PUNCT
cblr-5117	849	46	.	.	PUNCT
cblr-5117	849	47	.	.	PUNCT
cblr-5117	850	1	[	[	X
cblr-5117	850	2	i]n	i]n	VERB
cblr-5117	850	3	a	a	DET
cblr-5117	850	4	plurality	plurality	NOUN
cblr-5117	850	5	of	of	ADP
cblr-5117	850	6	firms	firm	NOUN
cblr-5117	850	7	,	,	PUNCT
cblr-5117	850	8	neither	neither	CCONJ
cblr-5117	850	9	common	common	ADJ
cblr-5117	850	10	shareholders	shareholder	NOUN
cblr-5117	850	11	nor	nor	CCONJ
cblr-5117	850	12	vcappointed	vcappointe	VERB
cblr-5117	850	13	directors	director	NOUN
cblr-5117	850	14	ever	ever	ADV
cblr-5117	850	15	achieve	achieve	VERB
cblr-5117	850	16	outright	outright	ADJ
cblr-5117	850	17	control	control	NOUN
cblr-5117	850	18	;	;	PUNCT
cblr-5117	850	19	the	the	DET
cblr-5117	850	20	swing	swing	NOUN
cblr-5117	850	21	vote	vote	NOUN
cblr-5117	850	22	remains	remain	VERB
cblr-5117	850	23	in	in	ADP
cblr-5117	850	24	the	the	DET
cblr-5117	850	25	hands	hand	NOUN
cblr-5117	850	26	of	of	ADP
cblr-5117	850	27	an	an	DET
cblr-5117	850	28	independent	independent	ADJ
cblr-5117	850	29	director	director	NOUN
cblr-5117	850	30	.	.	PUNCT
cblr-5117	850	31	”	"	PUNCT
cblr-5117	850	32	)	)	PUNCT
cblr-5117	850	33	;	;	PUNCT
cblr-5117	850	34	see	see	VERB
cblr-5117	850	35	also	also	ADV
cblr-5117	850	36	brian	brian	PROPN
cblr-5117	850	37	j.	j.	PROPN
cblr-5117	850	38	broughman	broughman	PROPN
cblr-5117	850	39	&	&	CCONJ
cblr-5117	850	40	jesse	jesse	PROPN
cblr-5117	850	41	m.	m.	PROPN
cblr-5117	850	42	fried	fried	PROPN
cblr-5117	850	43	,	,	PUNCT
cblr-5117	850	44	do	do	AUX
cblr-5117	850	45	founders	founder	NOUN
cblr-5117	850	46	control	control	VERB
cblr-5117	850	47	start	start	VERB
cblr-5117	850	48	-	-	PUNCT
cblr-5117	850	49	up	up	ADP
cblr-5117	850	50	firms	firm	NOUN
cblr-5117	850	51	that	that	PRON
cblr-5117	850	52	go	go	VERB
cblr-5117	850	53	public	public	ADJ
cblr-5117	850	54	?	?	PUNCT
cblr-5117	851	1	15	15	NUM
cblr-5117	851	2	(	(	PUNCT
cblr-5117	851	3	eur	eur	PROPN
cblr-5117	851	4	.	.	PROPN
cblr-5117	851	5	corp	corp	PROPN
cblr-5117	851	6	.	.	PROPN
cblr-5117	851	7	governance	governance	PROPN
cblr-5117	851	8	inst	inst	PROPN
cblr-5117	851	9	.	.	PUNCT
cblr-5117	852	1	(	(	PUNCT
cblr-5117	852	2	ecgi	ecgi	PROPN
cblr-5117	852	3	)	)	PUNCT
cblr-5117	852	4	,	,	PUNCT
cblr-5117	853	1	working	work	VERB
cblr-5117	853	2	paper	paper	NOUN
cblr-5117	853	3	no	no	INTJ
cblr-5117	853	4	.	.	PROPN
cblr-5117	854	1	405	405	NUM
cblr-5117	854	2	,	,	PUNCT
cblr-5117	854	3	2018	2018	NUM
cblr-5117	854	4	)	)	PUNCT
cblr-5117	854	5	,	,	PUNCT
cblr-5117	855	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3171237	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3171237	PROPN
cblr-5117	856	1	[	[	X
cblr-5117	856	2	https://perma.cc/gg5q-4wqa	https://perma.cc/gg5q-4wqa	X
cblr-5117	856	3	]	]	X
cblr-5117	856	4	(	(	PUNCT
cblr-5117	856	5	measuring	measure	VERB
cblr-5117	856	6	founders	founder	NOUN
cblr-5117	856	7	’	'	PUNCT
cblr-5117	856	8	control	control	NOUN
cblr-5117	856	9	post	post	PROPN
cblr-5117	856	10	-	-	NOUN
cblr-5117	856	11	ipo	ipo	NOUN
cblr-5117	856	12	)	)	PUNCT
cblr-5117	856	13	.	.	PUNCT
cblr-5117	857	1	205	205	NUM
cblr-5117	857	2	see	see	VERB
cblr-5117	857	3	broughman	broughman	NOUN
cblr-5117	857	4	&	&	CCONJ
cblr-5117	857	5	fried	fried	PROPN
cblr-5117	857	6	,	,	PUNCT
cblr-5117	857	7	carrots	carrot	NOUN
cblr-5117	857	8	&	&	CCONJ
cblr-5117	857	9	sticks	stick	NOUN
cblr-5117	857	10	,	,	PUNCT
cblr-5117	857	11	supra	supra	PROPN
cblr-5117	857	12	note	note	NOUN
cblr-5117	857	13	204	204	NUM
cblr-5117	857	14	,	,	PUNCT
cblr-5117	857	15	at	at	ADP
cblr-5117	857	16	1319	1319	NUM
cblr-5117	857	17	(	(	PUNCT
cblr-5117	857	18	reporting	report	VERB
cblr-5117	857	19	that	that	SCONJ
cblr-5117	857	20	in	in	ADP
cblr-5117	857	21	a	a	DET
cblr-5117	857	22	sample	sample	NOUN
cblr-5117	857	23	of	of	ADP
cblr-5117	857	24	50	50	NUM
cblr-5117	857	25	acquisitions	acquisition	NOUN
cblr-5117	857	26	of	of	ADP
cblr-5117	857	27	silicon	silicon	NOUN
cblr-5117	857	28	valley	valley	NOUN
cblr-5117	857	29	-	-	PUNCT
cblr-5117	857	30	based	base	VERB
cblr-5117	857	31	startups	startup	NOUN
cblr-5117	857	32	,	,	PUNCT
cblr-5117	857	33	in	in	ADP
cblr-5117	857	34	45	45	NUM
cblr-5117	857	35	%	%	NOUN
cblr-5117	857	36	of	of	ADP
cblr-5117	857	37	the	the	DET
cblr-5117	857	38	deals	deal	NOUN
cblr-5117	857	39	management	management	NOUN
cblr-5117	857	40	received	receive	VERB
cblr-5117	857	41	private	private	ADJ
cblr-5117	857	42	benefits	benefit	NOUN
cblr-5117	857	43	as	as	ADP
cblr-5117	857	44	incentives	incentive	NOUN
cblr-5117	857	45	to	to	PART
cblr-5117	857	46	accept	accept	VERB
cblr-5117	857	47	the	the	DET
cblr-5117	857	48	deal	deal	NOUN
cblr-5117	857	49	,	,	PUNCT
cblr-5117	857	50	and	and	CCONJ
cblr-5117	857	51	these	these	DET
cblr-5117	857	52	incentives	incentive	NOUN
cblr-5117	857	53	on	on	ADP
cblr-5117	857	54	average	average	ADJ
cblr-5117	857	55	conferred	conferred	ADJ
cblr-5117	857	56	9	9	NUM
cblr-5117	857	57	%	%	NOUN
cblr-5117	857	58	of	of	ADP
cblr-5117	857	59	the	the	DET
cblr-5117	857	60	deal	deal	NOUN
cblr-5117	857	61	’s	’s	PART
cblr-5117	857	62	value	value	NOUN
cblr-5117	857	63	to	to	ADP
cblr-5117	857	64	the	the	DET
cblr-5117	857	65	entrepreneurial	entrepreneurial	ADJ
cblr-5117	857	66	team	team	NOUN
cblr-5117	857	67	)	)	PUNCT
cblr-5117	857	68	;	;	PUNCT
cblr-5117	857	69	see	see	VERB
cblr-5117	857	70	also	also	ADV
cblr-5117	857	71	scott	scott	PROPN
cblr-5117	857	72	kupor	kupor	PROPN
cblr-5117	857	73	,	,	PUNCT
cblr-5117	857	74	secrets	secret	NOUN
cblr-5117	857	75	of	of	ADP
cblr-5117	857	76	sand	sand	NOUN
cblr-5117	857	77	hill	hill	NOUN
cblr-5117	857	78	road	road	NOUN
cblr-5117	857	79	:	:	PUNCT
cblr-5117	857	80	venture	venture	NOUN
cblr-5117	857	81	capital	capital	NOUN
cblr-5117	857	82	and	and	CCONJ
cblr-5117	857	83	how	how	SCONJ
cblr-5117	857	84	to	to	PART
cblr-5117	857	85	get	get	VERB
cblr-5117	857	86	it	it	PRON
cblr-5117	857	87	221–22	221–22	X
cblr-5117	857	88	(	(	PUNCT
cblr-5117	857	89	2019	2019	NUM
cblr-5117	857	90	)	)	PUNCT
cblr-5117	857	91	(	(	PUNCT
cblr-5117	857	92	discussing	discuss	VERB
cblr-5117	857	93	management	management	NOUN
cblr-5117	857	94	incentive	incentive	NOUN
cblr-5117	857	95	plans	plan	NOUN
cblr-5117	857	96	)	)	PUNCT
cblr-5117	857	97	;	;	PUNCT
cblr-5117	857	98	pollman	pollman	NOUN
cblr-5117	857	99	,	,	PUNCT
cblr-5117	857	100	startup	startup	NOUN
cblr-5117	857	101	governance	governance	NOUN
cblr-5117	857	102	,	,	PUNCT
cblr-5117	857	103	supra	supra	PROPN
cblr-5117	857	104	note	note	NOUN
cblr-5117	857	105	135	135	NUM
cblr-5117	857	106	,	,	PUNCT
cblr-5117	857	107	at	at	ADP
cblr-5117	857	108	36	36	NUM
cblr-5117	857	109	(	(	PUNCT
cblr-5117	857	110	“	"	PUNCT
cblr-5117	857	111	the	the	DET
cblr-5117	857	112	majority	majority	NOUN
cblr-5117	857	113	of	of	ADP
cblr-5117	857	114	liquidity	liquidity	NOUN
cblr-5117	857	115	events	event	NOUN
cblr-5117	857	116	for	for	ADP
cblr-5117	857	117	startups	startup	NOUN
cblr-5117	857	118	are	be	AUX
cblr-5117	857	119	trade	trade	NOUN
cblr-5117	857	120	sales	sale	NOUN
cblr-5117	857	121	suggesting	suggest	VERB
cblr-5117	857	122	that	that	SCONJ
cblr-5117	857	123	this	this	DET
cblr-5117	857	124	conflict	conflict	NOUN
cblr-5117	857	125	occurs	occur	VERB
cblr-5117	857	126	relatively	relatively	ADV
cblr-5117	857	127	frequently	frequently	ADV
cblr-5117	857	128	.	.	PUNCT
cblr-5117	857	129	”	"	PUNCT
cblr-5117	857	130	)	)	PUNCT
cblr-5117	857	131	.	.	PUNCT
cblr-5117	858	1	for	for	ADP
cblr-5117	858	2	concrete	concrete	ADJ
cblr-5117	858	3	examples	example	NOUN
cblr-5117	858	4	,	,	PUNCT
cblr-5117	858	5	see	see	VERB
cblr-5117	858	6	alyson	alyson	PROPN
cblr-5117	858	7	shontell	shontell	PROPN
cblr-5117	858	8	,	,	PUNCT
cblr-5117	858	9	the	the	DET
cblr-5117	858	10	founder	founder	NOUN
cblr-5117	858	11	of	of	ADP
cblr-5117	858	12	a	a	DET
cblr-5117	858	13	$	$	SYM
cblr-5117	858	14	50	50	NUM
cblr-5117	858	15	million	million	NUM
cblr-5117	858	16	startup	startup	NOUN
cblr-5117	858	17	just	just	ADV
cblr-5117	858	18	sold	sell	VERB
cblr-5117	858	19	his	his	PRON
cblr-5117	858	20	company	company	NOUN
cblr-5117	858	21	—	—	PUNCT
cblr-5117	858	22	and	and	CCONJ
cblr-5117	858	23	he	he	PRON
cblr-5117	858	24	did	do	AUX
cblr-5117	858	25	n’t	not	PART
cblr-5117	858	26	make	make	VERB
cblr-5117	858	27	a	a	DET
cblr-5117	858	28	dime	dime	NOUN
cblr-5117	858	29	,	,	PUNCT
cblr-5117	858	30	bus	bus	NOUN
cblr-5117	858	31	.	.	PUNCT
cblr-5117	859	1	insider	insider	PROPN
cblr-5117	859	2	(	(	PUNCT
cblr-5117	859	3	apr	apr	PROPN
cblr-5117	859	4	.	.	PROPN
cblr-5117	859	5	13	13	NUM
cblr-5117	859	6	,	,	PUNCT
cblr-5117	859	7	2015	2015	NUM
cblr-5117	859	8	)	)	PUNCT
cblr-5117	859	9	,	,	PUNCT
cblr-5117	859	10	www.businessinsider.com/get-satisfaction-founder-says-he-gotnothing-when-company-was-acquired-2015-4	www.businessinsider.com/get-satisfaction-founder-says-he-gotnothing-when-company-was-acquired-2015-4	NOUN
cblr-5117	860	1	[	[	X
cblr-5117	860	2	https://perma.cc/ye6s9z48	https://perma.cc/ye6s9z48	X
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cblr-5117	860	4	;	;	PUNCT
cblr-5117	860	5	christina	christina	PROPN
cblr-5117	860	6	farr	farr	PROPN
cblr-5117	860	7	,	,	PUNCT
cblr-5117	860	8	employees	employee	NOUN
cblr-5117	860	9	at	at	ADP
cblr-5117	860	10	practice	practice	NOUN
cblr-5117	860	11	fusion	fusion	NOUN
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cblr-5117	860	13	ipo	ipo	NOUN
cblr-5117	860	14	riches	rich	NOUN
cblr-5117	860	15	,	,	PUNCT
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cblr-5117	860	18	nothing	nothing	PRON
cblr-5117	860	19	as	as	SCONJ
cblr-5117	860	20	execs	exec	NOUN
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cblr-5117	860	22	millions	million	NOUN
cblr-5117	860	23	,	,	PUNCT
cblr-5117	860	24	cnbc	cnbc	PROPN
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cblr-5117	861	1	[	[	X
cblr-5117	861	2	https://perma.cc/785b-mcg4	https://perma.cc/785b-mcg4	NOUN
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cblr-5117	861	4	;	;	PUNCT
cblr-5117	861	5	dustin	dustin	PROPN
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cblr-5117	861	7	,	,	PUNCT
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cblr-5117	861	20	power	power	NOUN
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cblr-5117	861	22	deal	deal	NOUN
cblr-5117	861	23	,	,	PUNCT
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cblr-5117	862	6	2018	2018	NUM
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cblr-5117	864	1	[	[	X
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cblr-5117	865	1	https://perma.cc/gg5q-4wqa	https://perma.cc/gg5q-4wqa	NOUN
cblr-5117	865	2	4_2019.3_aran	4_2019.3_aran	NUM
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cblr-5117	865	12	columbia	columbia	PROPN
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cblr-5117	866	1	[	[	X
cblr-5117	866	2	vol	vol	NOUN
cblr-5117	866	3	.	.	NOUN
cblr-5117	866	4	2019	2019	NUM
cblr-5117	866	5	lack	lack	NOUN
cblr-5117	866	6	of	of	ADP
cblr-5117	866	7	disclosure	disclosure	NOUN
cblr-5117	866	8	obligations	obligation	NOUN
cblr-5117	866	9	of	of	ADP
cblr-5117	866	10	relevant	relevant	ADJ
cblr-5117	866	11	information	information	NOUN
cblr-5117	866	12	prevents	prevent	VERB
cblr-5117	866	13	employees	employee	NOUN
cblr-5117	866	14	from	from	ADP
cblr-5117	866	15	monitoring	monitor	VERB
cblr-5117	866	16	managerial	managerial	ADJ
cblr-5117	866	17	decisions	decision	NOUN
cblr-5117	866	18	and	and	CCONJ
cblr-5117	866	19	alleviating	alleviate	VERB
cblr-5117	866	20	conflicts	conflict	NOUN
cblr-5117	866	21	of	of	ADP
cblr-5117	866	22	interest	interest	NOUN
cblr-5117	866	23	through	through	ADP
cblr-5117	866	24	the	the	DET
cblr-5117	866	25	credible	credible	ADJ
cblr-5117	866	26	threat	threat	NOUN
cblr-5117	866	27	of	of	ADP
cblr-5117	866	28	resignation	resignation	NOUN
cblr-5117	866	29	(	(	PUNCT
cblr-5117	866	30	a	a	DET
cblr-5117	866	31	threat	threat	NOUN
cblr-5117	866	32	to	to	PART
cblr-5117	866	33	“	"	PUNCT
cblr-5117	866	34	take	take	VERB
cblr-5117	866	35	the	the	DET
cblr-5117	866	36	university	university	NOUN
cblr-5117	866	37	avenue	avenue	PROPN
cblr-5117	866	38	walk	walk	NOUN
cblr-5117	866	39	,	,	PUNCT
cblr-5117	866	40	”	"	PUNCT
cblr-5117	866	41	if	if	SCONJ
cblr-5117	866	42	you	you	PRON
cblr-5117	866	43	will206	will206	PROPN
cblr-5117	866	44	)	)	PUNCT
cblr-5117	866	45	.	.	PUNCT
cblr-5117	867	1	employees	employee	NOUN
cblr-5117	867	2	’	’	PART
cblr-5117	867	3	failure	failure	NOUN
cblr-5117	867	4	to	to	PART
cblr-5117	867	5	take	take	VERB
cblr-5117	867	6	measures	measure	NOUN
cblr-5117	867	7	against	against	ADP
cblr-5117	867	8	human	human	ADJ
cblr-5117	867	9	capital	capital	NOUN
cblr-5117	867	10	expropriation	expropriation	NOUN
cblr-5117	867	11	by	by	ADP
cblr-5117	867	12	founders	founder	NOUN
cblr-5117	867	13	and	and	CCONJ
cblr-5117	867	14	directors	director	NOUN
cblr-5117	867	15	further	far	ADV
cblr-5117	867	16	weaken	weaken	VERB
cblr-5117	867	17	employees	employee	NOUN
cblr-5117	867	18	’	’	PART
cblr-5117	867	19	trust	trust	NOUN
cblr-5117	867	20	in	in	ADP
cblr-5117	867	21	the	the	DET
cblr-5117	867	22	value	value	NOUN
cblr-5117	867	23	of	of	ADP
cblr-5117	867	24	start	start	NOUN
cblr-5117	867	25	-	-	PUNCT
cblr-5117	867	26	up	up	ADP
cblr-5117	867	27	equity	equity	NOUN
cblr-5117	867	28	incentives	incentive	NOUN
cblr-5117	867	29	.	.	PUNCT
cblr-5117	868	1	iv	iv	X
cblr-5117	868	2	.	.	PUNCT
cblr-5117	868	3	practical	practical	ADJ
cblr-5117	868	4	problems	problem	NOUN
cblr-5117	868	5	with	with	ADP
cblr-5117	868	6	rule	rule	NOUN
cblr-5117	868	7	701	701	NUM
cblr-5117	868	8	given	give	VERB
cblr-5117	868	9	the	the	DET
cblr-5117	868	10	information	information	NOUN
cblr-5117	868	11	asymmetry	asymmetry	NOUN
cblr-5117	868	12	and	and	CCONJ
cblr-5117	868	13	agency	agency	NOUN
cblr-5117	868	14	problem	problem	NOUN
cblr-5117	868	15	that	that	PRON
cblr-5117	868	16	characterize	characterize	VERB
cblr-5117	868	17	the	the	DET
cblr-5117	868	18	relationships	relationship	NOUN
cblr-5117	868	19	between	between	ADP
cblr-5117	868	20	venture	venture	NOUN
cblr-5117	868	21	capitalbacked	capitalbacke	VERB
cblr-5117	868	22	start	start	NOUN
cblr-5117	868	23	-	-	PUNCT
cblr-5117	868	24	ups	up	NOUN
cblr-5117	868	25	and	and	CCONJ
cblr-5117	868	26	their	their	PRON
cblr-5117	868	27	employee	employee	NOUN
cblr-5117	868	28	equity	equity	NOUN
cblr-5117	868	29	-	-	PUNCT
cblr-5117	868	30	holders	holder	NOUN
cblr-5117	868	31	,	,	PUNCT
cblr-5117	868	32	as	as	SCONJ
cblr-5117	868	33	summarized	summarize	VERB
cblr-5117	868	34	in	in	ADP
cblr-5117	868	35	part	part	NOUN
cblr-5117	868	36	iv	iv	ADP
cblr-5117	868	37	above	above	ADV
cblr-5117	868	38	,	,	PUNCT
cblr-5117	868	39	the	the	DET
cblr-5117	868	40	failing	failing	NOUN
cblr-5117	868	41	of	of	ADP
cblr-5117	868	42	rule	rule	NOUN
cblr-5117	868	43	701	701	NUM
cblr-5117	868	44	is	be	AUX
cblr-5117	868	45	not	not	PART
cblr-5117	868	46	merely	merely	ADV
cblr-5117	868	47	that	that	SCONJ
cblr-5117	868	48	it	it	PRON
cblr-5117	868	49	provides	provide	VERB
cblr-5117	868	50	employees	employee	NOUN
cblr-5117	868	51	with	with	ADP
cblr-5117	868	52	either	either	CCONJ
cblr-5117	868	53	too	too	ADV
cblr-5117	868	54	much	much	ADJ
cblr-5117	868	55	or	or	CCONJ
cblr-5117	868	56	too	too	ADV
cblr-5117	868	57	little	little	ADJ
cblr-5117	868	58	information	information	NOUN
cblr-5117	868	59	—	—	PUNCT
cblr-5117	868	60	it	it	PRON
cblr-5117	868	61	is	be	AUX
cblr-5117	868	62	both	both	PRON
cblr-5117	868	63	and	and	CCONJ
cblr-5117	868	64	more	more	ADJ
cblr-5117	868	65	.	.	PUNCT
cblr-5117	869	1	as	as	SCONJ
cblr-5117	869	2	the	the	DET
cblr-5117	869	3	lyrics	lyric	NOUN
cblr-5117	869	4	of	of	ADP
cblr-5117	869	5	johnny	johnny	PROPN
cblr-5117	869	6	mathis	mathis	PROPN
cblr-5117	869	7	and	and	CCONJ
cblr-5117	869	8	deniece	deniece	PROPN
cblr-5117	869	9	williams	williams	PROPN
cblr-5117	869	10	’s	’s	PART
cblr-5117	869	11	song	song	NOUN
cblr-5117	869	12	go	go	VERB
cblr-5117	869	13	,	,	PUNCT
cblr-5117	869	14	it	it	PRON
cblr-5117	869	15	is	be	AUX
cblr-5117	869	16	“	"	PUNCT
cblr-5117	869	17	too	too	ADV
cblr-5117	869	18	much	much	ADJ
cblr-5117	869	19	,	,	PUNCT
cblr-5117	869	20	too	too	ADV
cblr-5117	869	21	little	little	ADJ
cblr-5117	869	22	,	,	PUNCT
cblr-5117	869	23	too	too	ADV
cblr-5117	869	24	late	late	ADV
cblr-5117	869	25	.	.	PUNCT
cblr-5117	869	26	”	"	PUNCT
cblr-5117	870	1	a.	a.	NOUN
cblr-5117	870	2	too	too	ADV
cblr-5117	870	3	much	much	ADJ
cblr-5117	870	4	recall	recall	VERB
cblr-5117	870	5	that	that	SCONJ
cblr-5117	870	6	when	when	SCONJ
cblr-5117	870	7	a	a	DET
cblr-5117	870	8	private	private	ADJ
cblr-5117	870	9	issuer	issuer	NOUN
cblr-5117	870	10	crosses	cross	VERB
cblr-5117	870	11	the	the	DET
cblr-5117	870	12	$	$	SYM
cblr-5117	870	13	10	10	NUM
cblr-5117	870	14	million	million	NUM
cblr-5117	870	15	rule	rule	NOUN
cblr-5117	870	16	701	701	NUM
cblr-5117	870	17	threshold	threshold	NOUN
cblr-5117	870	18	for	for	ADP
cblr-5117	870	19	securities	security	NOUN
cblr-5117	870	20	sold	sell	VERB
cblr-5117	870	21	in	in	ADP
cblr-5117	870	22	12	12	NUM
cblr-5117	870	23	consecutive	consecutive	ADJ
cblr-5117	870	24	months	month	NOUN
cblr-5117	870	25	,	,	PUNCT
cblr-5117	870	26	it	it	PRON
cblr-5117	870	27	must	must	AUX
cblr-5117	870	28	deliver	deliver	VERB
cblr-5117	870	29	enhanced	enhanced	ADJ
cblr-5117	870	30	disclosure	disclosure	NOUN
cblr-5117	870	31	to	to	ADP
cblr-5117	870	32	all	all	DET
cblr-5117	870	33	the	the	DET
cblr-5117	870	34	recipients	recipient	NOUN
cblr-5117	870	35	involved.207	involved.207	NOUN
cblr-5117	870	36	the	the	DET
cblr-5117	870	37	enhanced	enhanced	ADJ
cblr-5117	870	38	disclosure	disclosure	NOUN
cblr-5117	870	39	items	item	NOUN
cblr-5117	870	40	include	include	VERB
cblr-5117	870	41	information	information	NOUN
cblr-5117	870	42	about	about	ADP
cblr-5117	870	43	the	the	DET
cblr-5117	870	44	risks	risk	NOUN
cblr-5117	870	45	associated	associate	VERB
cblr-5117	870	46	with	with	ADP
cblr-5117	870	47	the	the	DET
cblr-5117	870	48	investment	investment	NOUN
cblr-5117	870	49	and	and	CCONJ
cblr-5117	870	50	financial	financial	ADJ
cblr-5117	870	51	statements	statement	NOUN
cblr-5117	870	52	furnished	furnish	VERB
cblr-5117	870	53	in	in	ADP
cblr-5117	870	54	accordance	accordance	NOUN
cblr-5117	870	55	with	with	ADP
cblr-5117	870	56	a	a	DET
cblr-5117	870	57	regulation	regulation	NOUN
cblr-5117	870	58	a	a	DET
cblr-5117	870	59	offering	offering	NOUN
cblr-5117	870	60	statement.208	statement.208	VERB
cblr-5117	870	61	the	the	DET
cblr-5117	870	62	financial	financial	ADJ
cblr-5117	870	63	statements	statement	NOUN
cblr-5117	870	64	206	206	NUM
cblr-5117	870	65	in	in	ADP
cblr-5117	870	66	the	the	DET
cblr-5117	870	67	corporate	corporate	ADJ
cblr-5117	870	68	governance	governance	NOUN
cblr-5117	870	69	literature	literature	NOUN
cblr-5117	870	70	,	,	PUNCT
cblr-5117	870	71	the	the	DET
cblr-5117	870	72	“	"	PUNCT
cblr-5117	870	73	wall	wall	PROPN
cblr-5117	870	74	street	street	PROPN
cblr-5117	870	75	walk	walk	PROPN
cblr-5117	870	76	”	"	PUNCT
cblr-5117	870	77	refers	refer	VERB
cblr-5117	870	78	to	to	ADP
cblr-5117	870	79	a	a	DET
cblr-5117	870	80	shareholder	shareholder	NOUN
cblr-5117	870	81	“	"	PUNCT
cblr-5117	870	82	voting	vote	VERB
cblr-5117	870	83	with	with	ADP
cblr-5117	870	84	his	his	PRON
cblr-5117	870	85	feet	foot	NOUN
cblr-5117	870	86	and	and	CCONJ
cblr-5117	870	87	selling	sell	VERB
cblr-5117	870	88	his	his	PRON
cblr-5117	870	89	shares	share	NOUN
cblr-5117	870	90	,	,	PUNCT
cblr-5117	870	91	rather	rather	ADV
cblr-5117	870	92	than	than	ADP
cblr-5117	870	93	attempting	attempt	VERB
cblr-5117	870	94	to	to	PART
cblr-5117	870	95	be	be	AUX
cblr-5117	870	96	active	active	ADJ
cblr-5117	870	97	.	.	PUNCT
cblr-5117	870	98	”	"	PUNCT
cblr-5117	871	1	anat	anat	PROPN
cblr-5117	871	2	r.	r.	PROPN
cblr-5117	871	3	admati	admati	PROPN
cblr-5117	871	4	&	&	CCONJ
cblr-5117	871	5	paul	paul	PROPN
cblr-5117	871	6	pfleiderer	pfleiderer	PROPN
cblr-5117	871	7	,	,	PUNCT
cblr-5117	871	8	the	the	DET
cblr-5117	871	9	“	"	PUNCT
cblr-5117	871	10	wall	wall	PROPN
cblr-5117	871	11	street	street	PROPN
cblr-5117	871	12	walk	walk	NOUN
cblr-5117	871	13	”	"	PUNCT
cblr-5117	871	14	and	and	CCONJ
cblr-5117	871	15	shareholder	shareholder	NOUN
cblr-5117	871	16	activism	activism	NOUN
cblr-5117	871	17	:	:	PUNCT
cblr-5117	871	18	exit	exit	NOUN
cblr-5117	871	19	as	as	ADP
cblr-5117	871	20	a	a	DET
cblr-5117	871	21	form	form	NOUN
cblr-5117	871	22	of	of	ADP
cblr-5117	871	23	voice	voice	NOUN
cblr-5117	871	24	,	,	PUNCT
cblr-5117	871	25	22	22	NUM
cblr-5117	871	26	rev	rev	X
cblr-5117	871	27	.	.	PROPN
cblr-5117	871	28	fin	fin	NOUN
cblr-5117	871	29	.	.	PUNCT
cblr-5117	871	30	stud	stud	PROPN
cblr-5117	871	31	.	.	PUNCT
cblr-5117	872	1	2645	2645	NUM
cblr-5117	872	2	,	,	PUNCT
cblr-5117	872	3	2646	2646	NUM
cblr-5117	872	4	(	(	PUNCT
cblr-5117	872	5	2009	2009	NUM
cblr-5117	872	6	)	)	PUNCT
cblr-5117	872	7	.	.	PUNCT
cblr-5117	873	1	i	i	PRON
cblr-5117	873	2	suggest	suggest	VERB
cblr-5117	873	3	that	that	SCONJ
cblr-5117	873	4	the	the	DET
cblr-5117	873	5	silicon	silicon	NOUN
cblr-5117	873	6	valley	valley	NOUN
cblr-5117	873	7	equivalent	equivalent	ADJ
cblr-5117	873	8	idiom	idiom	NOUN
cblr-5117	873	9	should	should	AUX
cblr-5117	873	10	be	be	AUX
cblr-5117	873	11	the	the	DET
cblr-5117	873	12	university	university	NOUN
cblr-5117	873	13	avenue	avenue	NOUN
cblr-5117	873	14	walk	walk	NOUN
cblr-5117	873	15	after	after	ADP
cblr-5117	873	16	palo	palo	PROPN
cblr-5117	873	17	alto	alto	PROPN
cblr-5117	873	18	’s	’s	PART
cblr-5117	873	19	university	university	PROPN
cblr-5117	873	20	avenue	avenue	PROPN
cblr-5117	873	21	,	,	PUNCT
cblr-5117	873	22	the	the	DET
cblr-5117	873	23	epicenter	epicenter	NOUN
cblr-5117	873	24	of	of	ADP
cblr-5117	873	25	silicon	silicon	PROPN
cblr-5117	873	26	valley	valley	PROPN
cblr-5117	873	27	high	high	ADJ
cblr-5117	873	28	tech	tech	NOUN
cblr-5117	873	29	and	and	CCONJ
cblr-5117	873	30	start	start	VERB
cblr-5117	873	31	-	-	PUNCT
cblr-5117	873	32	up	up	ADP
cblr-5117	873	33	culture	culture	NOUN
cblr-5117	873	34	.	.	PUNCT
cblr-5117	874	1	207	207	NUM
cblr-5117	874	2	exemption	exemption	NOUN
cblr-5117	874	3	for	for	ADP
cblr-5117	874	4	offers	offer	NOUN
cblr-5117	874	5	and	and	CCONJ
cblr-5117	874	6	sales	sale	NOUN
cblr-5117	874	7	of	of	ADP
cblr-5117	874	8	securities	security	NOUN
cblr-5117	874	9	pursuant	pursuant	ADJ
cblr-5117	874	10	to	to	ADP
cblr-5117	874	11	certain	certain	ADJ
cblr-5117	874	12	compensatory	compensatory	ADJ
cblr-5117	874	13	benefit	benefit	NOUN
cblr-5117	874	14	plans	plan	NOUN
cblr-5117	874	15	and	and	CCONJ
cblr-5117	874	16	contracts	contract	NOUN
cblr-5117	874	17	relating	relate	VERB
cblr-5117	874	18	to	to	ADP
cblr-5117	874	19	compensation	compensation	NOUN
cblr-5117	874	20	,	,	PUNCT
cblr-5117	874	21	17	17	NUM
cblr-5117	874	22	c.f.r	c.f.r	NOUN
cblr-5117	874	23	.	.	PUNCT
cblr-5117	875	1	§	§	PROPN
cblr-5117	875	2	230.701(e	230.701(e	NUM
cblr-5117	875	3	)	)	PUNCT
cblr-5117	875	4	(	(	PUNCT
cblr-5117	875	5	2018	2018	NUM
cblr-5117	875	6	)	)	PUNCT
cblr-5117	875	7	.	.	PUNCT
cblr-5117	876	1	208	208	NUM
cblr-5117	876	2	see	see	VERB
cblr-5117	876	3	§	§	PROPN
cblr-5117	876	4	230.701(e)(3)–(4	230.701(e)(3)–(4	NUM
cblr-5117	876	5	)	)	PUNCT
cblr-5117	876	6	.	.	PUNCT
cblr-5117	877	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	877	2	(	(	PUNCT
cblr-5117	877	3	do	do	AUX
cblr-5117	877	4	not	not	PART
cblr-5117	877	5	delete	delete	VERB
cblr-5117	877	6	)	)	PUNCT
cblr-5117	877	7	1/8/2020	1/8/2020	NUM
cblr-5117	877	8	4:44	4:44	NUM
cblr-5117	877	9	pm	pm	NOUN
cblr-5117	877	10	no	no	INTJ
cblr-5117	877	11	.	.	PUNCT
cblr-5117	878	1	3:867	3:867	NUM
cblr-5117	878	2	]	]	PUNCT
cblr-5117	878	3	making	make	VERB
cblr-5117	878	4	disclosure	disclosure	NOUN
cblr-5117	878	5	work	work	NOUN
cblr-5117	878	6	931	931	NUM
cblr-5117	878	7	should	should	AUX
cblr-5117	878	8	be	be	AUX
cblr-5117	878	9	dated	date	VERB
cblr-5117	878	10	not	not	PART
cblr-5117	878	11	more	more	ADJ
cblr-5117	878	12	than	than	ADP
cblr-5117	878	13	180	180	NUM
cblr-5117	878	14	days	day	NOUN
cblr-5117	878	15	before	before	SCONJ
cblr-5117	878	16	the	the	DET
cblr-5117	878	17	sale	sale	NOUN
cblr-5117	878	18	of	of	ADP
cblr-5117	878	19	securities	security	NOUN
cblr-5117	878	20	executed	execute	VERB
cblr-5117	878	21	in	in	ADP
cblr-5117	878	22	reliance	reliance	NOUN
cblr-5117	878	23	on	on	ADP
cblr-5117	878	24	the	the	DET
cblr-5117	878	25	rule	rule	NOUN
cblr-5117	878	26	701	701	NUM
cblr-5117	878	27	exemption.209	exemption.209	NOUN
cblr-5117	878	28	financial	financial	ADJ
cblr-5117	878	29	statements	statement	NOUN
cblr-5117	878	30	contain	contain	VERB
cblr-5117	878	31	sensitive	sensitive	ADJ
cblr-5117	878	32	information	information	NOUN
cblr-5117	878	33	that	that	PRON
cblr-5117	878	34	is	be	AUX
cblr-5117	878	35	not	not	PART
cblr-5117	878	36	otherwise	otherwise	ADV
cblr-5117	878	37	available	available	ADJ
cblr-5117	878	38	to	to	ADP
cblr-5117	878	39	the	the	DET
cblr-5117	878	40	public	public	NOUN
cblr-5117	878	41	;	;	PUNCT
cblr-5117	878	42	they	they	PRON
cblr-5117	878	43	provide	provide	VERB
cblr-5117	878	44	an	an	DET
cblr-5117	878	45	in	in	ADP
cblr-5117	878	46	-	-	PUNCT
cblr-5117	878	47	depth	depth	NOUN
cblr-5117	878	48	look	look	NOUN
cblr-5117	878	49	at	at	ADP
cblr-5117	878	50	the	the	DET
cblr-5117	878	51	company	company	NOUN
cblr-5117	878	52	’s	’s	PART
cblr-5117	878	53	growth	growth	NOUN
cblr-5117	878	54	rate	rate	NOUN
cblr-5117	878	55	,	,	PUNCT
cblr-5117	878	56	margins	margin	NOUN
cblr-5117	878	57	,	,	PUNCT
cblr-5117	878	58	and	and	CCONJ
cblr-5117	878	59	financial	financial	ADJ
cblr-5117	878	60	constraints	constraint	NOUN
cblr-5117	878	61	,	,	PUNCT
cblr-5117	878	62	along	along	ADP
cblr-5117	878	63	with	with	ADP
cblr-5117	878	64	other	other	ADJ
cblr-5117	878	65	market	market	NOUN
cblr-5117	878	66	-	-	PUNCT
cblr-5117	878	67	sensitive	sensitive	ADJ
cblr-5117	878	68	data.210	data.210	NOUN
cblr-5117	878	69	the	the	DET
cblr-5117	878	70	disclosure	disclosure	NOUN
cblr-5117	878	71	of	of	ADP
cblr-5117	878	72	such	such	ADJ
cblr-5117	878	73	information	information	NOUN
cblr-5117	878	74	might	might	AUX
cblr-5117	878	75	expose	expose	VERB
cblr-5117	878	76	the	the	DET
cblr-5117	878	77	company	company	NOUN
cblr-5117	878	78	’s	’s	PART
cblr-5117	878	79	competitive	competitive	ADJ
cblr-5117	878	80	advantage	advantage	NOUN
cblr-5117	878	81	and	and	CCONJ
cblr-5117	878	82	business	business	NOUN
cblr-5117	878	83	strategy.211	strategy.211	NOUN
cblr-5117	878	84	indeed	indeed	ADV
cblr-5117	878	85	,	,	PUNCT
cblr-5117	878	86	one	one	NUM
cblr-5117	878	87	of	of	ADP
cblr-5117	878	88	the	the	DET
cblr-5117	878	89	reasons	reason	NOUN
cblr-5117	878	90	companies	company	NOUN
cblr-5117	878	91	delay	delay	VERB
cblr-5117	878	92	going	go	VERB
cblr-5117	878	93	public	public	ADJ
cblr-5117	878	94	is	be	AUX
cblr-5117	878	95	to	to	PART
cblr-5117	878	96	guard	guard	VERB
cblr-5117	878	97	this	this	DET
cblr-5117	878	98	information	information	NOUN
cblr-5117	878	99	for	for	ADP
cblr-5117	878	100	as	as	ADV
cblr-5117	878	101	long	long	ADV
cblr-5117	878	102	as	as	ADP
cblr-5117	878	103	possible.212	possible.212	PROPN
cblr-5117	878	104	the	the	DET
cblr-5117	878	105	requirement	requirement	NOUN
cblr-5117	878	106	to	to	PART
cblr-5117	878	107	disclose	disclose	VERB
cblr-5117	878	108	this	this	DET
cblr-5117	878	109	information	information	NOUN
cblr-5117	878	110	to	to	ADP
cblr-5117	878	111	employees	employee	NOUN
cblr-5117	878	112	(	(	PUNCT
cblr-5117	878	113	and	and	CCONJ
cblr-5117	878	114	ex	ex	NOUN
cblr-5117	878	115	-	-	NOUN
cblr-5117	878	116	employees	employee	NOUN
cblr-5117	878	117	)	)	PUNCT
cblr-5117	878	118	before	before	SCONJ
cblr-5117	878	119	the	the	DET
cblr-5117	878	120	company	company	NOUN
cblr-5117	878	121	goes	go	VERB
cblr-5117	878	122	public	public	ADJ
cblr-5117	878	123	is	be	AUX
cblr-5117	878	124	“	"	PUNCT
cblr-5117	878	125	too	too	ADV
cblr-5117	878	126	much	much	ADJ
cblr-5117	878	127	”	"	PUNCT
cblr-5117	878	128	:	:	PUNCT
cblr-5117	878	129	it	it	PRON
cblr-5117	878	130	puts	put	VERB
cblr-5117	878	131	issuers	issuer	NOUN
cblr-5117	878	132	at	at	ADP
cblr-5117	878	133	an	an	DET
cblr-5117	878	134	unnecessary	unnecessary	ADJ
cblr-5117	878	135	risk	risk	NOUN
cblr-5117	878	136	of	of	ADP
cblr-5117	878	137	information	information	NOUN
cblr-5117	878	138	leakage	leakage	NOUN
cblr-5117	878	139	to	to	ADP
cblr-5117	878	140	competitors	competitor	NOUN
cblr-5117	878	141	—	—	PUNCT
cblr-5117	878	142	especially	especially	ADV
cblr-5117	878	143	given	give	VERB
cblr-5117	878	144	that	that	SCONJ
cblr-5117	878	145	this	this	DET
cblr-5117	878	146	information	information	NOUN
cblr-5117	878	147	has	have	AUX
cblr-5117	878	148	only	only	ADV
cblr-5117	878	149	marginal	marginal	ADJ
cblr-5117	878	150	value	value	NOUN
cblr-5117	878	151	,	,	PUNCT
cblr-5117	878	152	if	if	SCONJ
cblr-5117	878	153	any	any	PRON
cblr-5117	878	154	,	,	PUNCT
cblr-5117	878	155	to	to	ADP
cblr-5117	878	156	employees	employee	NOUN
cblr-5117	878	157	,	,	PUNCT
cblr-5117	878	158	as	as	SCONJ
cblr-5117	878	159	explained	explain	VERB
cblr-5117	878	160	in	in	ADP
cblr-5117	878	161	section	section	NOUN
cblr-5117	878	162	iii.c.i	iii.c.i	NOUN
cblr-5117	878	163	above	above	ADV
cblr-5117	878	164	.	.	PUNCT
cblr-5117	879	1	moreover	moreover	ADV
cblr-5117	879	2	,	,	PUNCT
cblr-5117	879	3	the	the	DET
cblr-5117	879	4	requirement	requirement	NOUN
cblr-5117	879	5	to	to	PART
cblr-5117	879	6	refresh	refresh	VERB
cblr-5117	879	7	the	the	DET
cblr-5117	879	8	disclosure	disclosure	NOUN
cblr-5117	879	9	documents	document	NOUN
cblr-5117	879	10	every	every	DET
cblr-5117	879	11	180	180	NUM
cblr-5117	879	12	days	day	NOUN
cblr-5117	879	13	(	(	PUNCT
cblr-5117	879	14	which	which	PRON
cblr-5117	879	15	practically	practically	ADV
cblr-5117	879	16	means	mean	VERB
cblr-5117	879	17	every	every	DET
cblr-5117	879	18	quarter	quarter	NOUN
cblr-5117	879	19	)	)	PUNCT
cblr-5117	879	20	imposes	impose	VERB
cblr-5117	879	21	a	a	DET
cblr-5117	879	22	high	high	ADJ
cblr-5117	879	23	financial	financial	ADJ
cblr-5117	879	24	and	and	CCONJ
cblr-5117	879	25	administrative	administrative	ADJ
cblr-5117	879	26	burden	burden	NOUN
cblr-5117	879	27	on	on	ADP
cblr-5117	879	28	the	the	DET
cblr-5117	879	29	issuer	issuer	NOUN
cblr-5117	879	30	and	and	CCONJ
cblr-5117	879	31	its	its	PRON
cblr-5117	879	32	management.213	management.213	PROPN
cblr-5117	879	33	209	209	NUM
cblr-5117	879	34	see	see	NOUN
cblr-5117	879	35	§	§	PROPN
cblr-5117	879	36	230.701(e)(4	230.701(e)(4	NUM
cblr-5117	879	37	)	)	PUNCT
cblr-5117	879	38	.	.	PUNCT
cblr-5117	880	1	210	210	NUM
cblr-5117	880	2	see	see	VERB
cblr-5117	880	3	,	,	PUNCT
cblr-5117	880	4	e.g.	e.g.	ADV
cblr-5117	880	5	,	,	PUNCT
cblr-5117	880	6	michael	michael	PROPN
cblr-5117	880	7	minnis	minnis	PROPN
cblr-5117	880	8	&	&	CCONJ
cblr-5117	880	9	nemit	nemit	PROPN
cblr-5117	880	10	shroff	shroff	NOUN
cblr-5117	880	11	,	,	PUNCT
cblr-5117	880	12	why	why	SCONJ
cblr-5117	880	13	regulate	regulate	VERB
cblr-5117	880	14	private	private	ADJ
cblr-5117	880	15	firm	firm	ADJ
cblr-5117	880	16	disclosure	disclosure	NOUN
cblr-5117	880	17	and	and	CCONJ
cblr-5117	880	18	auditing	auditing	NOUN
cblr-5117	880	19	?	?	PUNCT
cblr-5117	881	1	47	47	NUM
cblr-5117	881	2	acct	acct	NOUN
cblr-5117	881	3	.	.	PUNCT
cblr-5117	881	4	&	&	CCONJ
cblr-5117	881	5	bus	bus	PROPN
cblr-5117	881	6	.	.	PUNCT
cblr-5117	882	1	res	re	NOUN
cblr-5117	882	2	.	.	PROPN
cblr-5117	883	1	473	473	NUM
cblr-5117	883	2	,	,	PUNCT
cblr-5117	883	3	492–93	492–93	NUM
cblr-5117	883	4	(	(	PUNCT
cblr-5117	883	5	2017	2017	NUM
cblr-5117	883	6	)	)	PUNCT
cblr-5117	883	7	(	(	PUNCT
cblr-5117	883	8	reviewing	review	VERB
cblr-5117	883	9	concerns	concern	NOUN
cblr-5117	883	10	recognized	recognize	VERB
cblr-5117	883	11	by	by	ADP
cblr-5117	883	12	the	the	DET
cblr-5117	883	13	academic	academic	ADJ
cblr-5117	883	14	literature	literature	NOUN
cblr-5117	883	15	regarding	regard	VERB
cblr-5117	883	16	disclosure	disclosure	NOUN
cblr-5117	883	17	of	of	ADP
cblr-5117	883	18	financial	financial	ADJ
cblr-5117	883	19	statements	statement	NOUN
cblr-5117	883	20	and	and	CCONJ
cblr-5117	883	21	information	information	NOUN
cblr-5117	883	22	leakage	leakage	NOUN
cblr-5117	883	23	to	to	ADP
cblr-5117	883	24	potential	potential	ADJ
cblr-5117	883	25	competitors	competitor	NOUN
cblr-5117	883	26	)	)	PUNCT
cblr-5117	883	27	.	.	PUNCT
cblr-5117	884	1	211	211	NUM
cblr-5117	884	2	see	see	VERB
cblr-5117	884	3	i	i	PRON
cblr-5117	884	4	d.	d.	PROPN
cblr-5117	884	5	at	at	ADP
cblr-5117	884	6	493	493	NUM
cblr-5117	884	7	.	.	PUNCT
cblr-5117	885	1	212	212	NUM
cblr-5117	885	2	see	see	NOUN
cblr-5117	885	3	,	,	PUNCT
cblr-5117	885	4	e.g.	e.g.	ADV
cblr-5117	885	5	,	,	PUNCT
cblr-5117	885	6	michael	michael	PROPN
cblr-5117	885	7	schmidt	schmidt	PROPN
cblr-5117	885	8	,	,	PUNCT
cblr-5117	885	9	why	why	SCONJ
cblr-5117	885	10	companies	company	NOUN
cblr-5117	885	11	stay	stay	VERB
cblr-5117	885	12	private	private	ADJ
cblr-5117	885	13	,	,	PUNCT
cblr-5117	885	14	small	small	ADJ
cblr-5117	885	15	business	business	NOUN
cblr-5117	885	16	,	,	PUNCT
cblr-5117	885	17	investopedia	investopedia	PROPN
cblr-5117	885	18	(	(	PUNCT
cblr-5117	885	19	jun	jun	PROPN
cblr-5117	885	20	25	25	NUM
cblr-5117	885	21	,	,	PUNCT
cblr-5117	885	22	2019	2019	NUM
cblr-5117	885	23	)	)	PUNCT
cblr-5117	885	24	,	,	PUNCT
cblr-5117	885	25	https://www.investopedia.com/articles/stocks/08/companies-stayprivate.asp	https://www.investopedia.com/articles/stocks/08/companies-stayprivate.asp	X
cblr-5117	885	26	[	[	X
cblr-5117	885	27	https://perma.cc/c6da-jwka	https://perma.cc/c6da-jwka	X
cblr-5117	885	28	]	]	PUNCT
cblr-5117	885	29	(	(	PUNCT
cblr-5117	885	30	citing	cite	VERB
cblr-5117	885	31	avoiding	avoid	VERB
cblr-5117	885	32	public	public	ADJ
cblr-5117	885	33	disclosure	disclosure	NOUN
cblr-5117	885	34	requirements	requirement	NOUN
cblr-5117	885	35	as	as	ADP
cblr-5117	885	36	one	one	NUM
cblr-5117	885	37	of	of	ADP
cblr-5117	885	38	the	the	DET
cblr-5117	885	39	reasons	reason	NOUN
cblr-5117	885	40	for	for	ADP
cblr-5117	885	41	companies	company	NOUN
cblr-5117	885	42	staying	stay	VERB
cblr-5117	885	43	private	private	ADJ
cblr-5117	885	44	)	)	PUNCT
cblr-5117	885	45	.	.	PUNCT
cblr-5117	886	1	213	213	NUM
cblr-5117	886	2	under	under	ADP
cblr-5117	886	3	rule	rule	NOUN
cblr-5117	886	4	701(e	701(e	PROPN
cblr-5117	886	5	)	)	PUNCT
cblr-5117	886	6	information	information	NOUN
cblr-5117	886	7	must	must	AUX
cblr-5117	886	8	be	be	AUX
cblr-5117	886	9	provided	provide	VERB
cblr-5117	886	10	as	as	ADP
cblr-5117	886	11	of	of	ADP
cblr-5117	886	12	a	a	DET
cblr-5117	886	13	date	date	NOUN
cblr-5117	886	14	no	no	DET
cblr-5117	886	15	more	more	ADJ
cblr-5117	886	16	than	than	ADP
cblr-5117	886	17	180	180	NUM
cblr-5117	886	18	days	day	NOUN
cblr-5117	886	19	before	before	ADP
cblr-5117	886	20	the	the	DET
cblr-5117	886	21	date	date	NOUN
cblr-5117	886	22	of	of	ADP
cblr-5117	886	23	sale	sale	NOUN
cblr-5117	886	24	.	.	PUNCT
cblr-5117	887	1	as	as	ADP
cblr-5117	887	2	a	a	DET
cblr-5117	887	3	result	result	NOUN
cblr-5117	887	4	,	,	PUNCT
cblr-5117	887	5	for	for	ADP
cblr-5117	887	6	issuers	issuer	NOUN
cblr-5117	887	7	seeking	seek	VERB
cblr-5117	887	8	to	to	PART
cblr-5117	887	9	maintain	maintain	VERB
cblr-5117	887	10	current	current	ADJ
cblr-5117	887	11	information	information	NOUN
cblr-5117	887	12	,	,	PUNCT
cblr-5117	887	13	this	this	PRON
cblr-5117	887	14	has	have	VERB
cblr-5117	887	15	the	the	DET
cblr-5117	887	16	effect	effect	NOUN
cblr-5117	887	17	of	of	ADP
cblr-5117	887	18	requiring	require	VERB
cblr-5117	887	19	financial	financial	ADJ
cblr-5117	887	20	statements	statement	NOUN
cblr-5117	887	21	to	to	PART
cblr-5117	887	22	be	be	AUX
cblr-5117	887	23	available	available	ADJ
cblr-5117	887	24	on	on	ADP
cblr-5117	887	25	at	at	ADV
cblr-5117	887	26	least	least	ADJ
cblr-5117	887	27	a	a	DET
cblr-5117	887	28	quarterly	quarterly	ADJ
cblr-5117	887	29	basis	basis	NOUN
cblr-5117	887	30	,	,	PUNCT
cblr-5117	887	31	and	and	CCONJ
cblr-5117	887	32	to	to	PART
cblr-5117	887	33	be	be	AUX
cblr-5117	887	34	completed	complete	VERB
cblr-5117	887	35	within	within	ADP
cblr-5117	887	36	three	three	NUM
cblr-5117	887	37	months	month	NOUN
cblr-5117	887	38	after	after	ADP
cblr-5117	887	39	the	the	DET
cblr-5117	887	40	end	end	NOUN
cblr-5117	887	41	of	of	ADP
cblr-5117	887	42	each	each	DET
cblr-5117	887	43	quarter	quarter	NOUN
cblr-5117	887	44	,	,	PUNCT
cblr-5117	887	45	for	for	SCONJ
cblr-5117	887	46	sales	sale	NOUN
cblr-5117	887	47	to	to	PART
cblr-5117	887	48	be	be	AUX
cblr-5117	887	49	permitted	permit	VERB
cblr-5117	887	50	continuously	continuously	ADV
cblr-5117	887	51	.	.	PUNCT
cblr-5117	888	1	see	see	VERB
cblr-5117	888	2	17	17	NUM
cblr-5117	888	3	c.f.r	c.f.r	NOUN
cblr-5117	888	4	.	.	PUNCT
cblr-5117	889	1	§	§	PROPN
cblr-5117	889	2	230.701(e)(4	230.701(e)(4	NUM
cblr-5117	889	3	)	)	PUNCT
cblr-5117	890	1	;	;	PUNCT
cblr-5117	890	2	see	see	VERB
cblr-5117	890	3	also	also	ADV
cblr-5117	890	4	concept	concept	VERB
cblr-5117	890	5	release	release	NOUN
cblr-5117	890	6	on	on	ADP
cblr-5117	890	7	compensatory	compensatory	ADJ
cblr-5117	890	8	securities	security	NOUN
cblr-5117	890	9	offerings	offering	NOUN
cblr-5117	890	10	and	and	CCONJ
cblr-5117	890	11	sales	sale	NOUN
cblr-5117	890	12	,	,	PUNCT
cblr-5117	890	13	securities	security	NOUN
cblr-5117	890	14	act	act	NOUN
cblr-5117	890	15	release	release	VERB
cblr-5117	890	16	no	no	DET
cblr-5117	890	17	.	.	PUNCT
cblr-5117	890	18	https://perma.cc/c6da-jwka	https://perma.cc/c6da-jwka	PROPN
cblr-5117	890	19	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	890	20	(	(	PUNCT
cblr-5117	890	21	do	do	AUX
cblr-5117	890	22	not	not	PART
cblr-5117	890	23	delte	delte	VERB
cblr-5117	890	24	)	)	PUNCT
cblr-5117	890	25	1/8/2020	1/8/2020	NUM
cblr-5117	890	26	4:44	4:44	NUM
cblr-5117	890	27	pm	pm	NOUN
cblr-5117	890	28	932	932	NUM
cblr-5117	890	29	columbia	columbia	PROPN
cblr-5117	890	30	business	business	NOUN
cblr-5117	890	31	law	law	PROPN
cblr-5117	890	32	review	review	NOUN
cblr-5117	890	33	[	[	X
cblr-5117	890	34	vol	vol	NOUN
cblr-5117	890	35	.	.	NOUN
cblr-5117	890	36	2019	2019	NUM
cblr-5117	891	1	the	the	DET
cblr-5117	891	2	lawyers	lawyer	NOUN
cblr-5117	891	3	interviewed	interview	VERB
cblr-5117	891	4	for	for	ADP
cblr-5117	891	5	this	this	DET
cblr-5117	891	6	research	research	NOUN
cblr-5117	891	7	described	describe	VERB
cblr-5117	891	8	the	the	DET
cblr-5117	891	9	enhanced	enhanced	ADJ
cblr-5117	891	10	disclosure	disclosure	NOUN
cblr-5117	891	11	requirement	requirement	NOUN
cblr-5117	891	12	as	as	ADP
cblr-5117	891	13	one	one	NUM
cblr-5117	891	14	of	of	ADP
cblr-5117	891	15	the	the	DET
cblr-5117	891	16	primary	primary	ADJ
cblr-5117	891	17	pain	pain	NOUN
cblr-5117	891	18	points	point	NOUN
cblr-5117	891	19	for	for	ADP
cblr-5117	891	20	large	large	ADJ
cblr-5117	891	21	private	private	ADJ
cblr-5117	891	22	issuers.214	issuers.214	NOUN
cblr-5117	891	23	the	the	DET
cblr-5117	891	24	american	american	PROPN
cblr-5117	891	25	bar	bar	PROPN
cblr-5117	891	26	association	association	NOUN
cblr-5117	891	27	expressed	express	VERB
cblr-5117	891	28	similar	similar	ADJ
cblr-5117	891	29	concerns	concern	NOUN
cblr-5117	891	30	in	in	ADP
cblr-5117	891	31	a	a	DET
cblr-5117	891	32	letter	letter	NOUN
cblr-5117	891	33	to	to	ADP
cblr-5117	891	34	the	the	DET
cblr-5117	891	35	sec	sec	PROPN
cblr-5117	891	36	:	:	PUNCT
cblr-5117	891	37	“	"	PUNCT
cblr-5117	891	38	in	in	ADP
cblr-5117	891	39	our	our	PRON
cblr-5117	891	40	experience	experience	NOUN
cblr-5117	891	41	,	,	PUNCT
cblr-5117	891	42	some	some	DET
cblr-5117	891	43	private	private	ADJ
cblr-5117	891	44	issuers	issuer	NOUN
cblr-5117	891	45	intentionally	intentionally	ADV
cblr-5117	891	46	avoid	avoid	VERB
cblr-5117	891	47	crossing	cross	VERB
cblr-5117	891	48	the	the	DET
cblr-5117	891	49	twelve	twelve	NUM
cblr-5117	891	50	month	month	NOUN
cblr-5117	891	51	,	,	PUNCT
cblr-5117	891	52	$	$	SYM
cblr-5117	891	53	5	5	NUM
cblr-5117	891	54	million	million	NUM
cblr-5117	891	55	[	[	X
cblr-5117	891	56	now	now	ADV
cblr-5117	891	57	$	$	SYM
cblr-5117	891	58	10	10	NUM
cblr-5117	891	59	million	million	NUM
cblr-5117	891	60	]	]	PUNCT
cblr-5117	891	61	threshold	threshold	NOUN
cblr-5117	891	62	under	under	ADP
cblr-5117	891	63	rule	rule	NOUN
cblr-5117	891	64	701	701	NUM
cblr-5117	891	65	because	because	SCONJ
cblr-5117	891	66	they	they	PRON
cblr-5117	891	67	are	be	AUX
cblr-5117	891	68	very	very	ADV
cblr-5117	891	69	concerned	concerned	ADJ
cblr-5117	891	70	about	about	ADP
cblr-5117	891	71	the	the	DET
cblr-5117	891	72	competitive	competitive	ADJ
cblr-5117	891	73	risks	risk	NOUN
cblr-5117	891	74	of	of	ADP
cblr-5117	891	75	providing	provide	VERB
cblr-5117	891	76	financial	financial	ADJ
cblr-5117	891	77	information	information	NOUN
cblr-5117	891	78	,	,	PUNCT
cblr-5117	891	79	especially	especially	ADV
cblr-5117	891	80	to	to	ADP
cblr-5117	891	81	former	former	ADJ
cblr-5117	891	82	employees	employee	NOUN
cblr-5117	891	83	.	.	PUNCT
cblr-5117	892	1	”215	”215	VERB
cblr-5117	892	2	likewise	likewise	ADV
cblr-5117	892	3	,	,	PUNCT
cblr-5117	892	4	the	the	DET
cblr-5117	892	5	accounting	accounting	NOUN
cblr-5117	892	6	firm	firm	NOUN
cblr-5117	892	7	ernst	ernst	NOUN
cblr-5117	892	8	and	and	CCONJ
cblr-5117	892	9	young	young	ADJ
cblr-5117	892	10	(	(	PUNCT
cblr-5117	892	11	ey	ey	NOUN
cblr-5117	892	12	)	)	PUNCT
cblr-5117	892	13	urged	urge	VERB
cblr-5117	892	14	its	its	PRON
cblr-5117	892	15	clients	client	NOUN
cblr-5117	892	16	to	to	PART
cblr-5117	892	17	comply	comply	VERB
cblr-5117	892	18	with	with	ADP
cblr-5117	892	19	rule	rule	NOUN
cblr-5117	892	20	701	701	NUM
cblr-5117	892	21	disclosures	disclosure	NOUN
cblr-5117	892	22	after	after	ADP
cblr-5117	892	23	discovering	discover	VERB
cblr-5117	892	24	that	that	SCONJ
cblr-5117	892	25	“	"	PUNCT
cblr-5117	892	26	private	private	ADJ
cblr-5117	892	27	companies	company	NOUN
cblr-5117	892	28	.	.	PUNCT
cblr-5117	892	29	.	.	PUNCT
cblr-5117	892	30	.	.	PUNCT
cblr-5117	893	1	may	may	AUX
cblr-5117	893	2	not	not	PART
cblr-5117	893	3	want	want	VERB
cblr-5117	893	4	or	or	CCONJ
cblr-5117	893	5	be	be	AUX
cblr-5117	893	6	able	able	ADJ
cblr-5117	893	7	to	to	PART
cblr-5117	893	8	provide	provide	VERB
cblr-5117	893	9	financial	financial	ADJ
cblr-5117	893	10	statements	statement	NOUN
cblr-5117	893	11	,	,	PUNCT
cblr-5117	893	12	even	even	ADV
cblr-5117	893	13	confidentially	confidentially	ADV
cblr-5117	893	14	,	,	PUNCT
cblr-5117	893	15	to	to	ADP
cblr-5117	893	16	participants	participant	NOUN
cblr-5117	893	17	in	in	ADP
cblr-5117	893	18	the	the	DET
cblr-5117	893	19	offering	offering	NOUN
cblr-5117	893	20	for	for	ADP
cblr-5117	893	21	competitive	competitive	ADJ
cblr-5117	893	22	reasons	reason	NOUN
cblr-5117	893	23	.	.	PUNCT
cblr-5117	894	1	”216	”216	X
cblr-5117	894	2	to	to	PART
cblr-5117	894	3	ease	ease	VERB
cblr-5117	894	4	some	some	PRON
cblr-5117	894	5	of	of	ADP
cblr-5117	894	6	the	the	DET
cblr-5117	894	7	concerns	concern	NOUN
cblr-5117	894	8	about	about	ADP
cblr-5117	894	9	information	information	NOUN
cblr-5117	894	10	leakage	leakage	NOUN
cblr-5117	894	11	,	,	PUNCT
cblr-5117	894	12	the	the	DET
cblr-5117	894	13	sec	sec	PROPN
cblr-5117	894	14	has	have	AUX
cblr-5117	894	15	permitted	permit	VERB
cblr-5117	894	16	the	the	DET
cblr-5117	894	17	use	use	NOUN
cblr-5117	894	18	of	of	ADP
cblr-5117	894	19	several	several	ADJ
cblr-5117	894	20	safeguards	safeguard	NOUN
cblr-5117	894	21	.	.	PUNCT
cblr-5117	895	1	in	in	ADP
cblr-5117	895	2	1999	1999	NUM
cblr-5117	895	3	,	,	PUNCT
cblr-5117	895	4	when	when	SCONJ
cblr-5117	895	5	the	the	DET
cblr-5117	895	6	sec	sec	PROPN
cblr-5117	895	7	replaced	replace	VERB
cblr-5117	895	8	the	the	DET
cblr-5117	895	9	rule	rule	NOUN
cblr-5117	895	10	’s	’s	PART
cblr-5117	895	11	hard	hard	ADJ
cblr-5117	895	12	volume	volume	NOUN
cblr-5117	895	13	ceiling	ceiling	NOUN
cblr-5117	895	14	with	with	ADP
cblr-5117	895	15	enhanced	enhanced	ADJ
cblr-5117	895	16	disclosure	disclosure	NOUN
cblr-5117	895	17	requirements	requirement	NOUN
cblr-5117	895	18	,	,	PUNCT
cblr-5117	895	19	the	the	DET
cblr-5117	895	20	sec	sec	PROPN
cblr-5117	895	21	announced	announce	VERB
cblr-5117	895	22	that	that	SCONJ
cblr-5117	895	23	“	"	PUNCT
cblr-5117	895	24	[	[	X
cblr-5117	895	25	p]rivate	p]rivate	ADJ
cblr-5117	895	26	issuers	issuer	NOUN
cblr-5117	895	27	can	can	AUX
cblr-5117	895	28	use	use	VERB
cblr-5117	895	29	certain	certain	ADJ
cblr-5117	895	30	mechanisms	mechanism	NOUN
cblr-5117	895	31	,	,	PUNCT
cblr-5117	895	32	such	such	ADJ
cblr-5117	895	33	as	as	ADP
cblr-5117	895	34	confidentiality	confidentiality	NOUN
cblr-5117	895	35	agreements	agreement	NOUN
cblr-5117	895	36	,	,	PUNCT
cblr-5117	895	37	to	to	PART
cblr-5117	895	38	protect	protect	VERB
cblr-5117	895	39	competitive	competitive	ADJ
cblr-5117	895	40	10521	10521	NUM
cblr-5117	895	41	,	,	PUNCT
cblr-5117	895	42	83	83	NUM
cblr-5117	895	43	fed	feed	VERB
cblr-5117	895	44	.	.	PUNCT
cblr-5117	896	1	reg	reg	PROPN
cblr-5117	896	2	.	.	PROPN
cblr-5117	896	3	34,958	34,958	NUM
cblr-5117	896	4	,	,	PUNCT
cblr-5117	896	5	34,963	34,963	NUM
cblr-5117	896	6	(	(	PUNCT
cblr-5117	896	7	july	july	PROPN
cblr-5117	896	8	24	24	NUM
cblr-5117	896	9	,	,	PUNCT
cblr-5117	896	10	2018	2018	NUM
cblr-5117	896	11	)	)	PUNCT
cblr-5117	897	1	(	(	PUNCT
cblr-5117	897	2	to	to	PART
cblr-5117	897	3	be	be	AUX
cblr-5117	897	4	codified	codify	VERB
cblr-5117	897	5	at	at	ADP
cblr-5117	897	6	17	17	NUM
cblr-5117	897	7	c.f.r	c.f.r	NOUN
cblr-5117	897	8	.	.	PUNCT
cblr-5117	898	1	pt	pt	PROPN
cblr-5117	898	2	.	.	PROPN
cblr-5117	898	3	230	230	NUM
cblr-5117	898	4	)	)	PUNCT
cblr-5117	898	5	.	.	PUNCT
cblr-5117	899	1	214	214	NUM
cblr-5117	899	2	see	see	VERB
cblr-5117	899	3	,	,	PUNCT
cblr-5117	899	4	e.g.	e.g.	ADV
cblr-5117	899	5	,	,	PUNCT
cblr-5117	899	6	interviews	interview	NOUN
cblr-5117	899	7	,	,	PUNCT
cblr-5117	899	8	supra	supra	PROPN
cblr-5117	899	9	note	note	PROPN
cblr-5117	899	10	29	29	NUM
cblr-5117	899	11	(	(	PUNCT
cblr-5117	899	12	quoting	quote	VERB
cblr-5117	899	13	l01	l01	PROPN
cblr-5117	899	14	:	:	PUNCT
cblr-5117	899	15	“	"	PUNCT
cblr-5117	899	16	[	[	X
cblr-5117	899	17	companies	company	NOUN
cblr-5117	899	18	]	]	PUNCT
cblr-5117	899	19	do	do	AUX
cblr-5117	899	20	not	not	PART
cblr-5117	899	21	want	want	VERB
cblr-5117	899	22	employees	employee	NOUN
cblr-5117	899	23	to	to	PART
cblr-5117	899	24	walk	walk	VERB
cblr-5117	899	25	around	around	ADV
cblr-5117	899	26	with	with	ADP
cblr-5117	899	27	potentially	potentially	ADV
cblr-5117	899	28	harmful	harmful	ADJ
cblr-5117	899	29	information	information	NOUN
cblr-5117	899	30	.	.	PUNCT
cblr-5117	900	1	even	even	ADV
cblr-5117	900	2	more	more	ADV
cblr-5117	900	3	so	so	ADV
cblr-5117	900	4	,	,	PUNCT
cblr-5117	900	5	we	we	PRON
cblr-5117	900	6	do	do	AUX
cblr-5117	900	7	not	not	PART
cblr-5117	900	8	want	want	VERB
cblr-5117	900	9	employees	employee	NOUN
cblr-5117	900	10	who	who	PRON
cblr-5117	900	11	are	be	AUX
cblr-5117	900	12	about	about	ADJ
cblr-5117	900	13	to	to	PART
cblr-5117	900	14	be	be	AUX
cblr-5117	900	15	laid	lay	VERB
cblr-5117	900	16	off	off	ADP
cblr-5117	900	17	walking	walk	VERB
cblr-5117	900	18	away	away	ADV
cblr-5117	900	19	with	with	ADP
cblr-5117	900	20	this	this	DET
cblr-5117	900	21	information	information	NOUN
cblr-5117	900	22	.	.	PUNCT
cblr-5117	900	23	”	"	PUNCT
cblr-5117	900	24	)	)	PUNCT
cblr-5117	900	25	;	;	PUNCT
cblr-5117	900	26	see	see	VERB
cblr-5117	900	27	also	also	ADV
cblr-5117	900	28	interviews	interview	NOUN
cblr-5117	900	29	,	,	PUNCT
cblr-5117	900	30	supra	supra	PROPN
cblr-5117	900	31	note	note	PROPN
cblr-5117	900	32	29	29	NUM
cblr-5117	900	33	(	(	PUNCT
cblr-5117	900	34	quoting	quote	VERB
cblr-5117	900	35	l04	l04	NOUN
cblr-5117	900	36	:	:	PUNCT
cblr-5117	900	37	“	"	PUNCT
cblr-5117	900	38	i	i	PRON
cblr-5117	900	39	think	think	VERB
cblr-5117	900	40	companies	company	NOUN
cblr-5117	900	41	are	be	AUX
cblr-5117	900	42	typically	typically	ADV
cblr-5117	900	43	okay	okay	ADV
cblr-5117	900	44	giving	give	VERB
cblr-5117	900	45	almost	almost	ADV
cblr-5117	900	46	any	any	DET
cblr-5117	900	47	sort	sort	NOUN
cblr-5117	900	48	of	of	ADP
cblr-5117	900	49	information	information	NOUN
cblr-5117	900	50	except	except	SCONJ
cblr-5117	900	51	their	their	PRON
cblr-5117	900	52	financials	financial	NOUN
cblr-5117	900	53	.	.	PUNCT
cblr-5117	900	54	”	"	PUNCT
cblr-5117	900	55	)	)	PUNCT
cblr-5117	900	56	.	.	PUNCT
cblr-5117	901	1	215	215	NUM
cblr-5117	901	2	e	e	X
cblr-5117	901	3	-	-	NOUN
cblr-5117	901	4	mail	mail	NOUN
cblr-5117	901	5	from	from	ADP
cblr-5117	901	6	keith	keith	PROPN
cblr-5117	901	7	f.	f.	PROPN
cblr-5117	901	8	higgins	higgins	PROPN
cblr-5117	901	9	,	,	PUNCT
cblr-5117	901	10	chair	chair	NOUN
cblr-5117	901	11	of	of	ADP
cblr-5117	901	12	the	the	DET
cblr-5117	901	13	comm	comm	NOUN
cblr-5117	901	14	.	.	PUNCT
cblr-5117	902	1	on	on	ADP
cblr-5117	902	2	fed	fed	PROPN
cblr-5117	902	3	.	.	PUNCT
cblr-5117	903	1	regulation	regulation	NOUN
cblr-5117	903	2	of	of	ADP
cblr-5117	903	3	sec	sec	PROPN
cblr-5117	903	4	.	.	PROPN
cblr-5117	903	5	,	,	PUNCT
cblr-5117	903	6	american	american	PROPN
cblr-5117	903	7	bar	bar	PROPN
cblr-5117	903	8	ass’n	ass’n	NOUN
cblr-5117	903	9	,	,	PUNCT
cblr-5117	903	10	to	to	ADP
cblr-5117	903	11	nancy	nancy	PROPN
cblr-5117	903	12	m.	m.	PROPN
cblr-5117	903	13	morris	morris	PROPN
cblr-5117	903	14	,	,	PUNCT
cblr-5117	903	15	sec’y	sec’y	NUM
cblr-5117	903	16	,	,	PUNCT
cblr-5117	903	17	sec	sec	PROPN
cblr-5117	903	18	.	.	PROPN
cblr-5117	903	19	&	&	CCONJ
cblr-5117	903	20	exch	exch	PROPN
cblr-5117	903	21	.	.	PUNCT
cblr-5117	904	1	comm’n	comm’n	PROPN
cblr-5117	904	2	(	(	PUNCT
cblr-5117	904	3	sept	sept	PROPN
cblr-5117	904	4	.	.	PROPN
cblr-5117	904	5	20	20	NUM
cblr-5117	904	6	,	,	PUNCT
cblr-5117	904	7	2007	2007	NUM
cblr-5117	904	8	)	)	PUNCT
cblr-5117	904	9	,	,	PUNCT
cblr-5117	904	10	https://apps.americanbar.org/buslaw/committees/cl410000pub/comments/	https://apps.americanbar.org/buslaw/committees/cl410000pub/comments/	NOUN
cblr-5117	904	11	20070920000000.pdf	20070920000000.pdf	NUM
cblr-5117	905	1	[	[	X
cblr-5117	905	2	https://perma.cc/squ8-tepz	https://perma.cc/squ8-tepz	X
cblr-5117	905	3	]	]	PUNCT
cblr-5117	905	4	.	.	PUNCT
cblr-5117	906	1	216	216	NUM
cblr-5117	906	2	ernst	ernst	PROPN
cblr-5117	906	3	&	&	CCONJ
cblr-5117	906	4	young	young	ADJ
cblr-5117	906	5	,	,	PUNCT
cblr-5117	906	6	technical	technical	ADJ
cblr-5117	906	7	line	line	NOUN
cblr-5117	906	8	financial	financial	ADJ
cblr-5117	906	9	reporting	reporting	NOUN
cblr-5117	906	10	obligations	obligation	NOUN
cblr-5117	906	11	under	under	ADP
cblr-5117	906	12	sec	sec	PROPN
cblr-5117	906	13	rule	rule	NOUN
cblr-5117	906	14	701	701	NUM
cblr-5117	906	15	for	for	ADP
cblr-5117	906	16	private	private	ADJ
cblr-5117	906	17	companies	company	NOUN
cblr-5117	906	18	that	that	PRON
cblr-5117	906	19	issue	issue	VERB
cblr-5117	906	20	equity	equity	NOUN
cblr-5117	906	21	compensation	compensation	NOUN
cblr-5117	906	22	2	2	NUM
cblr-5117	906	23	(	(	PUNCT
cblr-5117	906	24	july	july	PROPN
cblr-5117	906	25	27	27	NUM
cblr-5117	906	26	,	,	PUNCT
cblr-5117	906	27	2017	2017	NUM
cblr-5117	906	28	)	)	PUNCT
cblr-5117	906	29	,	,	PUNCT
cblr-5117	906	30	https://www.ey.com/publication/vwluassetsdld/technicalline_04374171us_rule701fs_27july2017/$file/technicalline_04374171us_rule701fs_27july2017.pdf?openelement	https://www.ey.com/publication/vwluassetsdld/technicalline_04374171us_rule701fs_27july2017/$file/technicalline_04374171us_rule701fs_27july2017.pdf?openelement	X
cblr-5117	907	1	[	[	X
cblr-5117	907	2	https://perma.cc/y9jt9v45	https://perma.cc/y9jt9v45	X
cblr-5117	907	3	]	]	X
cblr-5117	907	4	.	.	PUNCT
cblr-5117	908	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	908	2	(	(	PUNCT
cblr-5117	908	3	do	do	AUX
cblr-5117	908	4	not	not	PART
cblr-5117	908	5	delete	delete	VERB
cblr-5117	908	6	)	)	PUNCT
cblr-5117	908	7	1/8/2020	1/8/2020	NUM
cblr-5117	908	8	4:44	4:44	NUM
cblr-5117	908	9	pm	pm	NOUN
cblr-5117	908	10	no	no	INTJ
cblr-5117	908	11	.	.	PUNCT
cblr-5117	909	1	3:867	3:867	NUM
cblr-5117	909	2	]	]	PUNCT
cblr-5117	909	3	making	make	VERB
cblr-5117	909	4	disclosure	disclosure	NOUN
cblr-5117	909	5	work	work	VERB
cblr-5117	909	6	933	933	NUM
cblr-5117	909	7	information	information	NOUN
cblr-5117	909	8	.	.	PUNCT
cblr-5117	910	1	”217	”217	PUNCT
cblr-5117	910	2	in	in	ADP
cblr-5117	910	3	2009	2009	NUM
cblr-5117	910	4	,	,	PUNCT
cblr-5117	910	5	the	the	DET
cblr-5117	910	6	sec	sec	PROPN
cblr-5117	910	7	issued	issue	VERB
cblr-5117	910	8	a	a	DET
cblr-5117	910	9	compliance	compliance	NOUN
cblr-5117	910	10	and	and	CCONJ
cblr-5117	910	11	disclosure	disclosure	NOUN
cblr-5117	910	12	interpretation	interpretation	NOUN
cblr-5117	910	13	(	(	PUNCT
cblr-5117	910	14	“	"	PUNCT
cblr-5117	910	15	c&di	c&di	PROPN
cblr-5117	910	16	”	"	PUNCT
cblr-5117	910	17	)	)	PUNCT
cblr-5117	910	18	on	on	ADP
cblr-5117	910	19	rule	rule	NOUN
cblr-5117	910	20	701	701	NUM
cblr-5117	910	21	,	,	PUNCT
cblr-5117	910	22	clarifying	clarify	VERB
cblr-5117	910	23	that	that	SCONJ
cblr-5117	910	24	the	the	DET
cblr-5117	910	25	requirement	requirement	NOUN
cblr-5117	910	26	to	to	PART
cblr-5117	910	27	deliver	deliver	VERB
cblr-5117	910	28	the	the	DET
cblr-5117	910	29	relevant	relevant	ADJ
cblr-5117	910	30	disclosures	disclosure	NOUN
cblr-5117	910	31	to	to	ADP
cblr-5117	910	32	employees	employee	NOUN
cblr-5117	910	33	can	can	AUX
cblr-5117	910	34	be	be	AUX
cblr-5117	910	35	satisfied	satisfy	VERB
cblr-5117	910	36	by	by	ADP
cblr-5117	910	37	providing	provide	VERB
cblr-5117	910	38	electronic	electronic	ADJ
cblr-5117	910	39	access	access	NOUN
cblr-5117	910	40	(	(	PUNCT
cblr-5117	910	41	rather	rather	ADV
cblr-5117	910	42	than	than	ADP
cblr-5117	910	43	a	a	DET
cblr-5117	910	44	hard	hard	ADJ
cblr-5117	910	45	copy).218	copy).218	NOUN
cblr-5117	910	46	subsequently	subsequently	ADV
cblr-5117	910	47	,	,	PUNCT
cblr-5117	910	48	in	in	ADP
cblr-5117	910	49	2017	2017	NUM
cblr-5117	910	50	,	,	PUNCT
cblr-5117	910	51	the	the	DET
cblr-5117	910	52	sec	sec	PROPN
cblr-5117	910	53	issued	issue	VERB
cblr-5117	910	54	another	another	DET
cblr-5117	910	55	c&di	c&di	NOUN
cblr-5117	910	56	permitting	permit	VERB
cblr-5117	910	57	the	the	DET
cblr-5117	910	58	use	use	NOUN
cblr-5117	910	59	of	of	ADP
cblr-5117	910	60	additional	additional	ADJ
cblr-5117	910	61	safety	safety	NOUN
cblr-5117	910	62	measures	measure	NOUN
cblr-5117	910	63	,	,	PUNCT
cblr-5117	910	64	including	include	VERB
cblr-5117	910	65	“	"	PUNCT
cblr-5117	910	66	standard	standard	ADJ
cblr-5117	910	67	electronic	electronic	ADJ
cblr-5117	910	68	safeguards	safeguard	NOUN
cblr-5117	910	69	,	,	PUNCT
cblr-5117	910	70	such	such	ADJ
cblr-5117	910	71	as	as	ADP
cblr-5117	910	72	user	user	NOUN
cblr-5117	910	73	-	-	PUNCT
cblr-5117	910	74	specific	specific	ADJ
cblr-5117	910	75	login	login	NOUN
cblr-5117	910	76	requirements	requirement	NOUN
cblr-5117	910	77	and	and	CCONJ
cblr-5117	910	78	related	related	ADJ
cblr-5117	910	79	measures	measure	NOUN
cblr-5117	910	80	.	.	PUNCT
cblr-5117	910	81	”219	”219	NOUN
cblr-5117	910	82	notably	notably	ADV
cblr-5117	910	83	,	,	PUNCT
cblr-5117	910	84	the	the	DET
cblr-5117	910	85	sec	sec	PROPN
cblr-5117	910	86	approved	approve	VERB
cblr-5117	910	87	the	the	DET
cblr-5117	910	88	use	use	NOUN
cblr-5117	910	89	of	of	ADP
cblr-5117	910	90	these	these	DET
cblr-5117	910	91	measures	measure	NOUN
cblr-5117	910	92	“	"	PUNCT
cblr-5117	910	93	either	either	CCONJ
cblr-5117	910	94	alone	alone	ADJ
cblr-5117	910	95	or	or	CCONJ
cblr-5117	910	96	in	in	ADP
cblr-5117	910	97	combination	combination	NOUN
cblr-5117	910	98	with	with	ADP
cblr-5117	910	99	other	other	ADJ
cblr-5117	910	100	safeguards	safeguard	NOUN
cblr-5117	910	101	,	,	PUNCT
cblr-5117	910	102	such	such	ADJ
cblr-5117	910	103	as	as	ADP
cblr-5117	910	104	the	the	DET
cblr-5117	910	105	use	use	NOUN
cblr-5117	910	106	of	of	ADP
cblr-5117	910	107	dedicated	dedicated	ADJ
cblr-5117	910	108	physical	physical	ADJ
cblr-5117	910	109	disclosure	disclosure	NOUN
cblr-5117	910	110	rooms	room	NOUN
cblr-5117	910	111	”	"	PUNCT
cblr-5117	910	112	as	as	ADV
cblr-5117	910	113	long	long	ADV
cblr-5117	910	114	as	as	SCONJ
cblr-5117	910	115	the	the	DET
cblr-5117	910	116	measures	measure	NOUN
cblr-5117	910	117	taken	take	VERB
cblr-5117	910	118	are	be	AUX
cblr-5117	910	119	not	not	PART
cblr-5117	910	120	“	"	PUNCT
cblr-5117	910	121	so	so	ADV
cblr-5117	910	122	burdensome	burdensome	ADJ
cblr-5117	910	123	that	that	SCONJ
cblr-5117	910	124	intended	intend	VERB
cblr-5117	910	125	recipients	recipient	NOUN
cblr-5117	910	126	can	can	AUX
cblr-5117	910	127	not	not	PART
cblr-5117	910	128	effectively	effectively	ADV
cblr-5117	910	129	access	access	VERB
cblr-5117	910	130	the	the	DET
cblr-5117	910	131	required	require	VERB
cblr-5117	910	132	disclosures	disclosure	NOUN
cblr-5117	910	133	.	.	PUNCT
cblr-5117	910	134	”220	”220	SCONJ
cblr-5117	910	135	this	this	DET
cblr-5117	910	136	interpretation	interpretation	NOUN
cblr-5117	910	137	clarified	clarify	VERB
cblr-5117	910	138	some	some	DET
cblr-5117	910	139	disputes	dispute	NOUN
cblr-5117	910	140	regarding	regard	VERB
cblr-5117	910	141	the	the	DET
cblr-5117	910	142	delivery	delivery	NOUN
cblr-5117	910	143	of	of	ADP
cblr-5117	910	144	financial	financial	ADJ
cblr-5117	910	145	information	information	NOUN
cblr-5117	910	146	,	,	PUNCT
cblr-5117	910	147	but	but	CCONJ
cblr-5117	910	148	it	it	PRON
cblr-5117	910	149	also	also	ADV
cblr-5117	910	150	raised	raise	VERB
cblr-5117	910	151	new	new	ADJ
cblr-5117	910	152	questions	question	NOUN
cblr-5117	910	153	such	such	ADJ
cblr-5117	910	154	as	as	ADP
cblr-5117	910	155	whether	whether	SCONJ
cblr-5117	910	156	employees	employee	NOUN
cblr-5117	910	157	could	could	AUX
cblr-5117	910	158	be	be	AUX
cblr-5117	910	159	banned	ban	VERB
cblr-5117	910	160	from	from	ADP
cblr-5117	910	161	bringing	bring	VERB
cblr-5117	910	162	advisers	adviser	NOUN
cblr-5117	910	163	to	to	ADP
cblr-5117	910	164	a	a	DET
cblr-5117	910	165	secured	secure	VERB
cblr-5117	910	166	data	data	NOUN
cblr-5117	910	167	room.221	room.221	NOUN
cblr-5117	910	168	217	217	NUM
cblr-5117	910	169	see	see	VERB
cblr-5117	910	170	exempt	exempt	ADJ
cblr-5117	910	171	offerings	offering	NOUN
cblr-5117	910	172	pursuant	pursuant	ADJ
cblr-5117	910	173	to	to	ADP
cblr-5117	910	174	compensatory	compensatory	ADJ
cblr-5117	910	175	arrangements	arrangement	NOUN
cblr-5117	910	176	,	,	PUNCT
cblr-5117	910	177	securities	security	NOUN
cblr-5117	910	178	act	act	NOUN
cblr-5117	910	179	release	release	VERB
cblr-5117	910	180	no	no	PRON
cblr-5117	910	181	.	.	NOUN
cblr-5117	910	182	7645	7645	NUM
cblr-5117	910	183	,	,	PUNCT
cblr-5117	910	184	64	64	NUM
cblr-5117	910	185	fed	feed	VERB
cblr-5117	910	186	.	.	PUNCT
cblr-5117	911	1	reg	reg	PROPN
cblr-5117	911	2	.	.	PROPN
cblr-5117	912	1	11,095	11,095	NUM
cblr-5117	912	2	,	,	PUNCT
cblr-5117	912	3	11,097	11,097	NUM
cblr-5117	912	4	(	(	PUNCT
cblr-5117	912	5	mar	mar	PROPN
cblr-5117	912	6	.	.	PROPN
cblr-5117	912	7	8	8	NUM
cblr-5117	912	8	,	,	PUNCT
cblr-5117	912	9	1999	1999	NUM
cblr-5117	912	10	)	)	PUNCT
cblr-5117	912	11	(	(	PUNCT
cblr-5117	912	12	to	to	PART
cblr-5117	912	13	be	be	AUX
cblr-5117	912	14	codified	codify	VERB
cblr-5117	912	15	at	at	ADP
cblr-5117	912	16	17	17	NUM
cblr-5117	912	17	c.f.r	c.f.r	NOUN
cblr-5117	912	18	.	.	PUNCT
cblr-5117	913	1	pt	pt	PROPN
cblr-5117	913	2	.	.	PROPN
cblr-5117	913	3	230	230	NUM
cblr-5117	913	4	)	)	PUNCT
cblr-5117	913	5	.	.	PUNCT
cblr-5117	914	1	218	218	NUM
cblr-5117	914	2	see	see	VERB
cblr-5117	914	3	securities	security	NOUN
cblr-5117	914	4	act	act	PROPN
cblr-5117	914	5	rules	rule	NOUN
cblr-5117	914	6	,	,	PUNCT
cblr-5117	914	7	u.s	u.s	PROPN
cblr-5117	914	8	.	.	PROPN
cblr-5117	914	9	sec	sec	PROPN
cblr-5117	914	10	.	.	PROPN
cblr-5117	914	11	&	&	CCONJ
cblr-5117	914	12	exchange	exchange	VERB
cblr-5117	914	13	comm’n	comm’n	NOUN
cblr-5117	914	14	(	(	PUNCT
cblr-5117	914	15	jan	jan	PROPN
cblr-5117	914	16	.	.	PROPN
cblr-5117	914	17	26	26	NUM
cblr-5117	914	18	,	,	PUNCT
cblr-5117	914	19	2009	2009	NUM
cblr-5117	914	20	)	)	PUNCT
cblr-5117	914	21	,	,	PUNCT
cblr-5117	914	22	https://www.sec.gov/divisions/corpfin/guidance/securitiesactrulesinterps.htm	https://www.sec.gov/divisions/corpfin/guidance/securitiesactrulesinterps.htm	PROPN
cblr-5117	915	1	[	[	X
cblr-5117	915	2	https://perma.cc/7272-6fpd	https://perma.cc/7272-6fpd	X
cblr-5117	915	3	]	]	X
cblr-5117	915	4	(	(	PUNCT
cblr-5117	915	5	referencing	reference	VERB
cblr-5117	915	6	the	the	DET
cblr-5117	915	7	question	question	NOUN
cblr-5117	915	8	271.15	271.15	NUM
cblr-5117	915	9	)	)	PUNCT
cblr-5117	915	10	.	.	PUNCT
cblr-5117	916	1	219	219	NUM
cblr-5117	916	2	securities	security	NOUN
cblr-5117	916	3	act	act	NOUN
cblr-5117	916	4	rules	rule	NOUN
cblr-5117	916	5	,	,	PUNCT
cblr-5117	916	6	u.s	u.s	PROPN
cblr-5117	916	7	.	.	PROPN
cblr-5117	916	8	sec	sec	PROPN
cblr-5117	916	9	.	.	PROPN
cblr-5117	916	10	&	&	CCONJ
cblr-5117	916	11	exchange	exchange	PROPN
cblr-5117	916	12	commission	commission	PROPN
cblr-5117	916	13	(	(	PUNCT
cblr-5117	916	14	nov	nov	PROPN
cblr-5117	916	15	.	.	PROPN
cblr-5117	916	16	6	6	NUM
cblr-5117	916	17	,	,	PUNCT
cblr-5117	916	18	2017	2017	NUM
cblr-5117	916	19	)	)	PUNCT
cblr-5117	916	20	,	,	PUNCT
cblr-5117	916	21	https://www.sec.gov/divisions/corpfin/guidance/securitiesactrulesinterps.htm	https://www.sec.gov/divisions/corpfin/guidance/securitiesactrulesinterps.htm	PROPN
cblr-5117	917	1	[	[	X
cblr-5117	917	2	https://perma.cc/yu9d-usjg	https://perma.cc/yu9d-usjg	NOUN
cblr-5117	917	3	]	]	X
cblr-5117	917	4	(	(	PUNCT
cblr-5117	917	5	referencing	reference	VERB
cblr-5117	917	6	the	the	DET
cblr-5117	917	7	question	question	NOUN
cblr-5117	917	8	271.25	271.25	NUM
cblr-5117	917	9	)	)	PUNCT
cblr-5117	917	10	.	.	PUNCT
cblr-5117	918	1	220	220	NUM
cblr-5117	918	2	i	i	PROPN
cblr-5117	918	3	d.	d.	PROPN
cblr-5117	918	4	;	;	PUNCT
cblr-5117	918	5	see	see	VERB
cblr-5117	918	6	also	also	ADV
cblr-5117	918	7	rolfe	rolfe	PROPN
cblr-5117	918	8	winkler	winkler	PROPN
cblr-5117	918	9	,	,	PUNCT
cblr-5117	918	10	own	own	ADJ
cblr-5117	918	11	startup	startup	NOUN
cblr-5117	918	12	shares	share	NOUN
cblr-5117	918	13	?	?	PUNCT
cblr-5117	919	1	know	know	VERB
cblr-5117	919	2	your	your	PRON
cblr-5117	919	3	rights	right	NOUN
cblr-5117	919	4	to	to	ADP
cblr-5117	919	5	company	company	NOUN
cblr-5117	919	6	financials	financial	NOUN
cblr-5117	919	7	,	,	PUNCT
cblr-5117	919	8	wall	wall	PROPN
cblr-5117	919	9	st	st	PROPN
cblr-5117	919	10	.	.	PROPN
cblr-5117	919	11	j.	j.	PROPN
cblr-5117	919	12	,	,	PUNCT
cblr-5117	919	13	(	(	PUNCT
cblr-5117	919	14	may	may	AUX
cblr-5117	919	15	24	24	NUM
cblr-5117	919	16	,	,	PUNCT
cblr-5117	919	17	2016	2016	NUM
cblr-5117	919	18	)	)	PUNCT
cblr-5117	919	19	,	,	PUNCT
cblr-5117	919	20	https://www.wsj.com/articles/own-startup-shares-know-your-rights-tocompany-financials-1464082203	https://www.wsj.com/articles/own-startup-shares-know-your-rights-tocompany-financials-1464082203	VERB
cblr-5117	919	21	[	[	X
cblr-5117	919	22	https://perma.cc/6a56-2rdz	https://perma.cc/6a56-2rdz	X
cblr-5117	919	23	]	]	PUNCT
cblr-5117	919	24	(	(	PUNCT
cblr-5117	919	25	“	"	PUNCT
cblr-5117	919	26	when	when	SCONJ
cblr-5117	919	27	complying	comply	VERB
cblr-5117	919	28	,	,	PUNCT
cblr-5117	919	29	companies	company	NOUN
cblr-5117	919	30	often	often	ADV
cblr-5117	919	31	give	give	VERB
cblr-5117	919	32	employees	employee	NOUN
cblr-5117	919	33	access	access	NOUN
cblr-5117	919	34	to	to	ADP
cblr-5117	919	35	a	a	DET
cblr-5117	919	36	password	password	NOUN
cblr-5117	919	37	-	-	PUNCT
cblr-5117	919	38	protected	protect	VERB
cblr-5117	919	39	website	website	NOUN
cblr-5117	919	40	with	with	ADP
cblr-5117	919	41	financial	financial	ADJ
cblr-5117	919	42	information	information	NOUN
cblr-5117	919	43	.	.	PUNCT
cblr-5117	920	1	option	option	NOUN
cblr-5117	920	2	holders	holder	NOUN
cblr-5117	920	3	are	be	AUX
cblr-5117	920	4	often	often	ADV
cblr-5117	920	5	required	require	VERB
cblr-5117	920	6	to	to	PART
cblr-5117	920	7	sign	sign	VERB
cblr-5117	920	8	a	a	DET
cblr-5117	920	9	nondisclosure	nondisclosure	NOUN
cblr-5117	920	10	agreement	agreement	NOUN
cblr-5117	920	11	first	first	ADV
cblr-5117	920	12	,	,	PUNCT
cblr-5117	920	13	says	say	VERB
cblr-5117	920	14	daniel	daniel	PROPN
cblr-5117	920	15	neuman	neuman	PROPN
cblr-5117	920	16	,	,	PUNCT
cblr-5117	920	17	an	an	DET
cblr-5117	920	18	attorney	attorney	NOUN
cblr-5117	920	19	with	with	ADP
cblr-5117	920	20	carney	carney	PROPN
cblr-5117	920	21	badley	badley	PROPN
cblr-5117	920	22	and	and	CCONJ
cblr-5117	920	23	spellman	spellman	PROPN
cblr-5117	920	24	.	.	PUNCT
cblr-5117	920	25	”	"	PUNCT
cblr-5117	920	26	)	)	PUNCT
cblr-5117	920	27	.	.	PUNCT
cblr-5117	921	1	221	221	NUM
cblr-5117	921	2	scott	scott	PROPN
cblr-5117	921	3	p.	p.	PROPN
cblr-5117	921	4	spector	spector	PROPN
cblr-5117	921	5	&	&	CCONJ
cblr-5117	921	6	shawn	shawn	PROPN
cblr-5117	921	7	e.	e.	PROPN
cblr-5117	921	8	lampron	lampron	PROPN
cblr-5117	921	9	,	,	PUNCT
cblr-5117	921	10	sec	sec	PROPN
cblr-5117	921	11	’s	’s	PART
cblr-5117	921	12	latest	late	ADJ
cblr-5117	921	13	guidance	guidance	NOUN
cblr-5117	921	14	clarifies	clarifie	NOUN
cblr-5117	921	15	rule	rule	NOUN
cblr-5117	921	16	701	701	NUM
cblr-5117	921	17	disclosure	disclosure	NOUN
cblr-5117	921	18	delivery	delivery	NOUN
cblr-5117	921	19	requirements	requirement	NOUN
cblr-5117	921	20	,	,	PUNCT
cblr-5117	921	21	fenwick	fenwick	PROPN
cblr-5117	921	22	&	&	CCONJ
cblr-5117	921	23	west	west	PROPN
cblr-5117	921	24	llp	llp	PROPN
cblr-5117	921	25	(	(	PUNCT
cblr-5117	921	26	nov	nov	PROPN
cblr-5117	921	27	.	.	PROPN
cblr-5117	921	28	7	7	NUM
cblr-5117	921	29	,	,	PUNCT
cblr-5117	921	30	2017	2017	NUM
cblr-5117	921	31	)	)	PUNCT
cblr-5117	922	1	,	,	PUNCT
cblr-5117	922	2	https://www.fenwick.com/publications/pages/secs-latestguidance-clarifies-rule-701-disclosure-delivery-requirements.aspx	https://www.fenwick.com/publications/pages/secs-latestguidance-clarifies-rule-701-disclosure-delivery-requirements.aspx	VERB
cblr-5117	922	3	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	922	4	(	(	PUNCT
cblr-5117	922	5	do	do	AUX
cblr-5117	922	6	not	not	PART
cblr-5117	922	7	delte	delte	VERB
cblr-5117	922	8	)	)	PUNCT
cblr-5117	922	9	1/8/2020	1/8/2020	NUM
cblr-5117	922	10	4:44	4:44	NUM
cblr-5117	922	11	pm	pm	NOUN
cblr-5117	922	12	934	934	NUM
cblr-5117	922	13	columbia	columbia	PROPN
cblr-5117	922	14	business	business	NOUN
cblr-5117	922	15	law	law	PROPN
cblr-5117	922	16	review	review	NOUN
cblr-5117	922	17	[	[	X
cblr-5117	922	18	vol	vol	NOUN
cblr-5117	922	19	.	.	NOUN
cblr-5117	922	20	2019	2019	NUM
cblr-5117	922	21	since	since	SCONJ
cblr-5117	922	22	their	their	PRON
cblr-5117	922	23	approval	approval	NOUN
cblr-5117	922	24	by	by	ADP
cblr-5117	922	25	the	the	DET
cblr-5117	922	26	sec	sec	PROPN
cblr-5117	922	27	,	,	PUNCT
cblr-5117	922	28	safeguards	safeguard	NOUN
cblr-5117	922	29	such	such	ADJ
cblr-5117	922	30	as	as	ADP
cblr-5117	922	31	nondisclosure	nondisclosure	NOUN
cblr-5117	922	32	agreements	agreement	NOUN
cblr-5117	922	33	,	,	PUNCT
cblr-5117	922	34	secured	secure	VERB
cblr-5117	922	35	data	data	NOUN
cblr-5117	922	36	rooms	room	NOUN
cblr-5117	922	37	,	,	PUNCT
cblr-5117	922	38	and	and	CCONJ
cblr-5117	922	39	personal	personal	ADJ
cblr-5117	922	40	passwords	password	NOUN
cblr-5117	922	41	for	for	ADP
cblr-5117	922	42	electronic	electronic	ADJ
cblr-5117	922	43	access	access	NOUN
cblr-5117	922	44	have	have	AUX
cblr-5117	922	45	become	become	VERB
cblr-5117	922	46	standard	standard	ADJ
cblr-5117	922	47	in	in	ADP
cblr-5117	922	48	the	the	DET
cblr-5117	922	49	industry.222	industry.222	NOUN
cblr-5117	922	50	however	however	ADV
cblr-5117	922	51	,	,	PUNCT
cblr-5117	922	52	even	even	ADV
cblr-5117	922	53	with	with	ADP
cblr-5117	922	54	these	these	DET
cblr-5117	922	55	measures	measure	NOUN
cblr-5117	922	56	,	,	PUNCT
cblr-5117	922	57	it	it	PRON
cblr-5117	922	58	is	be	AUX
cblr-5117	922	59	impossible	impossible	ADJ
cblr-5117	922	60	to	to	PART
cblr-5117	922	61	prevent	prevent	VERB
cblr-5117	922	62	the	the	DET
cblr-5117	922	63	unauthorized	unauthorized	ADJ
cblr-5117	922	64	use	use	NOUN
cblr-5117	922	65	of	of	ADP
cblr-5117	922	66	information	information	NOUN
cblr-5117	922	67	by	by	ADP
cblr-5117	922	68	employees	employee	NOUN
cblr-5117	922	69	and	and	CCONJ
cblr-5117	922	70	ex	ex	NOUN
cblr-5117	922	71	-	-	NOUN
cblr-5117	922	72	employees.223	employees.223	VERB
cblr-5117	922	73	the	the	DET
cblr-5117	922	74	concern	concern	NOUN
cblr-5117	922	75	about	about	ADP
cblr-5117	922	76	information	information	NOUN
cblr-5117	922	77	leakage	leakage	NOUN
cblr-5117	922	78	is	be	AUX
cblr-5117	922	79	so	so	ADV
cblr-5117	922	80	severe	severe	ADJ
cblr-5117	922	81	that	that	SCONJ
cblr-5117	922	82	some	some	DET
cblr-5117	922	83	companies	company	NOUN
cblr-5117	922	84	allegedly	allegedly	ADV
cblr-5117	922	85	choose	choose	VERB
cblr-5117	922	86	to	to	PART
cblr-5117	922	87	ignore	ignore	VERB
cblr-5117	922	88	the	the	DET
cblr-5117	922	89	disclosure	disclosure	NOUN
cblr-5117	922	90	requirements	requirement	NOUN
cblr-5117	922	91	.	.	PUNCT
cblr-5117	923	1	thus	thus	ADV
cblr-5117	923	2	,	,	PUNCT
cblr-5117	923	3	on	on	ADP
cblr-5117	923	4	two	two	NUM
cblr-5117	923	5	occasions	occasion	NOUN
cblr-5117	923	6	,	,	PUNCT
cblr-5117	923	7	the	the	DET
cblr-5117	923	8	sec	sec	PROPN
cblr-5117	923	9	charged	charge	VERB
cblr-5117	923	10	companies	company	NOUN
cblr-5117	923	11	for	for	ADP
cblr-5117	923	12	issuing	issue	VERB
cblr-5117	923	13	stock	stock	NOUN
cblr-5117	923	14	options	option	NOUN
cblr-5117	923	15	without	without	ADP
cblr-5117	923	16	a	a	DET
cblr-5117	923	17	valid	valid	ADJ
cblr-5117	923	18	exemption	exemption	NOUN
cblr-5117	923	19	due	due	ADP
cblr-5117	923	20	to	to	ADP
cblr-5117	923	21	the	the	DET
cblr-5117	923	22	companies	company	NOUN
cblr-5117	923	23	’	’	PART
cblr-5117	923	24	failure	failure	NOUN
cblr-5117	923	25	to	to	PART
cblr-5117	923	26	disclose	disclose	VERB
cblr-5117	923	27	financial	financial	ADJ
cblr-5117	923	28	statements	statement	NOUN
cblr-5117	923	29	and	and	CCONJ
cblr-5117	923	30	risk	risk	NOUN
cblr-5117	923	31	factors	factor	NOUN
cblr-5117	923	32	to	to	ADP
cblr-5117	923	33	their	their	PRON
cblr-5117	923	34	employees	employee	NOUN
cblr-5117	923	35	—	—	PUNCT
cblr-5117	923	36	google	google	VERB
cblr-5117	923	37	in	in	ADP
cblr-5117	923	38	january	january	PROPN
cblr-5117	923	39	2005	2005	NUM
cblr-5117	923	40	and	and	CCONJ
cblr-5117	923	41	,	,	PUNCT
cblr-5117	923	42	more	more	ADV
cblr-5117	923	43	recently	recently	ADV
cblr-5117	923	44	,	,	PUNCT
cblr-5117	923	45	credit	credit	NOUN
cblr-5117	923	46	karma	karma	PROPN
cblr-5117	923	47	,	,	PUNCT
cblr-5117	923	48	inc	inc	PROPN
cblr-5117	923	49	.	.	PROPN
cblr-5117	923	50	in	in	ADP
cblr-5117	923	51	march	march	PROPN
cblr-5117	923	52	2018	2018	NUM
cblr-5117	923	53	.	.	PUNCT
cblr-5117	924	1	[	[	X
cblr-5117	924	2	https://perma.cc/6b3f-hbwa	https://perma.cc/6b3f-hbwa	X
cblr-5117	924	3	]	]	X
cblr-5117	924	4	(	(	PUNCT
cblr-5117	924	5	“	"	PUNCT
cblr-5117	924	6	[	[	X
cblr-5117	924	7	w]e	w]e	NOUN
cblr-5117	924	8	presume	presume	VERB
cblr-5117	924	9	a	a	DET
cblr-5117	924	10	company	company	NOUN
cblr-5117	924	11	could	could	AUX
cblr-5117	924	12	prohibit	prohibit	VERB
cblr-5117	924	13	an	an	DET
cblr-5117	924	14	employee	employee	NOUN
cblr-5117	924	15	from	from	ADP
cblr-5117	924	16	bringing	bring	VERB
cblr-5117	924	17	a	a	DET
cblr-5117	924	18	device	device	NOUN
cblr-5117	924	19	with	with	ADP
cblr-5117	924	20	a	a	DET
cblr-5117	924	21	camera	camera	NOUN
cblr-5117	924	22	(	(	PUNCT
cblr-5117	924	23	such	such	ADJ
cblr-5117	924	24	as	as	ADP
cblr-5117	924	25	a	a	DET
cblr-5117	924	26	mobile	mobile	ADJ
cblr-5117	924	27	phone	phone	NOUN
cblr-5117	924	28	)	)	PUNCT
cblr-5117	924	29	into	into	ADP
cblr-5117	924	30	the	the	DET
cblr-5117	924	31	physical	physical	ADJ
cblr-5117	924	32	disclosure	disclosure	NOUN
cblr-5117	924	33	room	room	NOUN
cblr-5117	924	34	.	.	PUNCT
cblr-5117	925	1	however	however	ADV
cblr-5117	925	2	,	,	PUNCT
cblr-5117	925	3	it	it	PRON
cblr-5117	925	4	is	be	AUX
cblr-5117	925	5	unclear	unclear	ADJ
cblr-5117	925	6	whether	whether	SCONJ
cblr-5117	925	7	a	a	DET
cblr-5117	925	8	service	service	NOUN
cblr-5117	925	9	provider	provider	NOUN
cblr-5117	925	10	could	could	AUX
cblr-5117	925	11	be	be	AUX
cblr-5117	925	12	prohibited	prohibit	VERB
cblr-5117	925	13	from	from	ADP
cblr-5117	925	14	bringing	bring	VERB
cblr-5117	925	15	a	a	DET
cblr-5117	925	16	personal	personal	ADJ
cblr-5117	925	17	adviser	adviser	NOUN
cblr-5117	925	18	into	into	ADP
cblr-5117	925	19	the	the	DET
cblr-5117	925	20	physical	physical	ADJ
cblr-5117	925	21	disclosure	disclosure	NOUN
cblr-5117	925	22	room	room	NOUN
cblr-5117	925	23	to	to	PART
cblr-5117	925	24	assist	assist	VERB
cblr-5117	925	25	him	he	PRON
cblr-5117	925	26	or	or	CCONJ
cblr-5117	925	27	her	she	PRON
cblr-5117	925	28	with	with	ADP
cblr-5117	925	29	understanding	understand	VERB
cblr-5117	925	30	the	the	DET
cblr-5117	925	31	disclosure	disclosure	NOUN
cblr-5117	925	32	information	information	NOUN
cblr-5117	925	33	.	.	PUNCT
cblr-5117	925	34	”	"	PUNCT
cblr-5117	925	35	)	)	PUNCT
cblr-5117	925	36	.	.	PUNCT
cblr-5117	926	1	222	222	NUM
cblr-5117	926	2	several	several	ADJ
cblr-5117	926	3	interviewees	interviewee	NOUN
cblr-5117	926	4	commented	comment	VERB
cblr-5117	926	5	on	on	ADP
cblr-5117	926	6	this	this	DET
cblr-5117	926	7	trend	trend	NOUN
cblr-5117	926	8	,	,	PUNCT
cblr-5117	926	9	noting	note	VERB
cblr-5117	926	10	that	that	SCONJ
cblr-5117	926	11	:	:	PUNCT
cblr-5117	926	12	[	[	X
cblr-5117	926	13	c]ost	c]ost	ADV
cblr-5117	926	14	is	be	AUX
cblr-5117	926	15	coming	come	VERB
cblr-5117	926	16	down	down	ADP
cblr-5117	926	17	and	and	CCONJ
cblr-5117	926	18	it	it	PRON
cblr-5117	926	19	makes	make	VERB
cblr-5117	926	20	it	it	PRON
cblr-5117	926	21	easier	easy	ADJ
cblr-5117	926	22	to	to	PART
cblr-5117	926	23	administer	administer	VERB
cblr-5117	926	24	,	,	PUNCT
cblr-5117	926	25	so	so	SCONJ
cblr-5117	926	26	you	you	PRON
cblr-5117	926	27	’re	’re	AUX
cblr-5117	926	28	seeing	see	VERB
cblr-5117	926	29	more	more	ADJ
cblr-5117	926	30	companies	company	NOUN
cblr-5117	926	31	go	go	VERB
cblr-5117	926	32	to	to	ADP
cblr-5117	926	33	an	an	DET
cblr-5117	926	34	online	online	ADJ
cblr-5117	926	35	process	process	NOUN
cblr-5117	926	36	.	.	PUNCT
cblr-5117	926	37	.	.	PUNCT
cblr-5117	926	38	.	.	PUNCT
cblr-5117	927	1	you	you	PRON
cblr-5117	927	2	can	can	AUX
cblr-5117	927	3	access	access	VERB
cblr-5117	927	4	the	the	DET
cblr-5117	927	5	information	information	NOUN
cblr-5117	927	6	online	online	ADV
cblr-5117	927	7	but	but	CCONJ
cblr-5117	927	8	there	there	PRON
cblr-5117	927	9	are	be	VERB
cblr-5117	927	10	certain	certain	ADJ
cblr-5117	927	11	restrictions	restriction	NOUN
cblr-5117	927	12	put	put	VERB
cblr-5117	927	13	in	in	ADP
cblr-5117	927	14	place	place	NOUN
cblr-5117	927	15	.	.	PUNCT
cblr-5117	928	1	typically	typically	ADV
cblr-5117	928	2	,	,	PUNCT
cblr-5117	928	3	those	those	DET
cblr-5117	928	4	sites	site	NOUN
cblr-5117	928	5	require	require	VERB
cblr-5117	928	6	a	a	DET
cblr-5117	928	7	password	password	NOUN
cblr-5117	928	8	,	,	PUNCT
cblr-5117	928	9	an	an	DET
cblr-5117	928	10	additional	additional	ADJ
cblr-5117	928	11	nda	nda	NOUN
cblr-5117	928	12	,	,	PUNCT
cblr-5117	928	13	there	there	PRON
cblr-5117	928	14	’s	’	VERB
cblr-5117	928	15	a	a	DET
cblr-5117	928	16	reminder	reminder	NOUN
cblr-5117	928	17	that	that	SCONJ
cblr-5117	928	18	this	this	PRON
cblr-5117	928	19	is	be	AUX
cblr-5117	928	20	confidential	confidential	ADJ
cblr-5117	928	21	information	information	NOUN
cblr-5117	928	22	and	and	CCONJ
cblr-5117	928	23	you	you	PRON
cblr-5117	928	24	’re	’re	AUX
cblr-5117	928	25	not	not	PART
cblr-5117	928	26	allowed	allow	VERB
cblr-5117	928	27	to	to	PART
cblr-5117	928	28	disclose	disclose	VERB
cblr-5117	928	29	it	it	PRON
cblr-5117	928	30	anywhere	anywhere	ADV
cblr-5117	928	31	.	.	PUNCT
cblr-5117	929	1	lastly	lastly	ADV
cblr-5117	929	2	.	.	PUNCT
cblr-5117	929	3	.	.	PUNCT
cblr-5117	930	1	.	.	PUNCT
cblr-5117	931	1	if	if	SCONJ
cblr-5117	931	2	you	you	PRON
cblr-5117	931	3	try	try	VERB
cblr-5117	931	4	to	to	PART
cblr-5117	931	5	print	print	VERB
cblr-5117	931	6	it	it	PRON
cblr-5117	931	7	would	would	AUX
cblr-5117	931	8	use	use	VERB
cblr-5117	931	9	some	some	DET
cblr-5117	931	10	kind	kind	NOUN
cblr-5117	931	11	of	of	ADP
cblr-5117	931	12	watermark	watermark	NOUN
cblr-5117	931	13	and	and	CCONJ
cblr-5117	931	14	make	make	VERB
cblr-5117	931	15	it	it	PRON
cblr-5117	931	16	difficult	difficult	ADJ
cblr-5117	931	17	to	to	PART
cblr-5117	931	18	actually	actually	ADV
cblr-5117	931	19	see	see	VERB
cblr-5117	931	20	.	.	PUNCT
cblr-5117	932	1	interviews	interview	NOUN
cblr-5117	932	2	,	,	PUNCT
cblr-5117	932	3	supra	supra	PROPN
cblr-5117	932	4	note	note	PROPN
cblr-5117	932	5	29	29	NUM
cblr-5117	932	6	(	(	PUNCT
cblr-5117	932	7	quoting	quote	VERB
cblr-5117	932	8	from	from	ADP
cblr-5117	932	9	interviews	interview	NOUN
cblr-5117	932	10	with	with	ADP
cblr-5117	932	11	l01	l01	NOUN
cblr-5117	932	12	,	,	PUNCT
cblr-5117	932	13	l02	l02	NOUN
cblr-5117	932	14	,	,	PUNCT
cblr-5117	932	15	l04	l04	NOUN
cblr-5117	932	16	)	)	PUNCT
cblr-5117	932	17	.	.	PUNCT
cblr-5117	933	1	223	223	NUM
cblr-5117	933	2	see	see	VERB
cblr-5117	933	3	,	,	PUNCT
cblr-5117	933	4	e.g.	e.g.	ADV
cblr-5117	933	5	,	,	PUNCT
cblr-5117	933	6	interviews	interview	NOUN
cblr-5117	933	7	,	,	PUNCT
cblr-5117	933	8	supra	supra	PROPN
cblr-5117	933	9	note	note	PROPN
cblr-5117	933	10	29	29	NUM
cblr-5117	933	11	(	(	PUNCT
cblr-5117	933	12	referencing	reference	VERB
cblr-5117	933	13	l01	l01	NOUN
cblr-5117	933	14	explaining	explain	VERB
cblr-5117	933	15	that	that	SCONJ
cblr-5117	933	16	even	even	ADV
cblr-5117	933	17	when	when	SCONJ
cblr-5117	933	18	the	the	DET
cblr-5117	933	19	disclosure	disclosure	NOUN
cblr-5117	933	20	is	be	AUX
cblr-5117	933	21	delivered	deliver	VERB
cblr-5117	933	22	in	in	ADP
cblr-5117	933	23	a	a	DET
cblr-5117	933	24	closed	closed	ADJ
cblr-5117	933	25	data	data	NOUN
cblr-5117	933	26	room	room	NOUN
cblr-5117	933	27	,	,	PUNCT
cblr-5117	933	28	it	it	PRON
cblr-5117	933	29	is	be	AUX
cblr-5117	933	30	impossible	impossible	ADJ
cblr-5117	933	31	to	to	PART
cblr-5117	933	32	prevent	prevent	VERB
cblr-5117	933	33	leaks	leak	NOUN
cblr-5117	933	34	)	)	PUNCT
cblr-5117	933	35	;	;	PUNCT
cblr-5117	933	36	see	see	VERB
cblr-5117	933	37	also	also	ADV
cblr-5117	933	38	interviews	interview	NOUN
cblr-5117	933	39	,	,	PUNCT
cblr-5117	933	40	supra	supra	PROPN
cblr-5117	933	41	note	note	PROPN
cblr-5117	933	42	29	29	NUM
cblr-5117	933	43	(	(	PUNCT
cblr-5117	933	44	quoting	quote	VERB
cblr-5117	933	45	l04	l04	NOUN
cblr-5117	933	46	:	:	PUNCT
cblr-5117	933	47	“	"	PUNCT
cblr-5117	933	48	so	so	ADV
cblr-5117	933	49	nothing	nothing	PRON
cblr-5117	933	50	’s	’	VERB
cblr-5117	933	51	full	full	ADJ
cblr-5117	933	52	proof	proof	NOUN
cblr-5117	933	53	.	.	PUNCT
cblr-5117	934	1	there	there	PRON
cblr-5117	934	2	’s	’	VERB
cblr-5117	934	3	always	always	ADV
cblr-5117	934	4	ways	way	NOUN
cblr-5117	934	5	for	for	SCONJ
cblr-5117	934	6	employees	employee	NOUN
cblr-5117	934	7	to	to	PART
cblr-5117	934	8	get	get	VERB
cblr-5117	934	9	around	around	ADP
cblr-5117	934	10	these	these	DET
cblr-5117	934	11	things	thing	NOUN
cblr-5117	934	12	.	.	PUNCT
cblr-5117	934	13	”	"	PUNCT
cblr-5117	934	14	)	)	PUNCT
cblr-5117	934	15	;	;	PUNCT
cblr-5117	934	16	pollman	pollman	NOUN
cblr-5117	934	17	,	,	PUNCT
cblr-5117	934	18	start	start	VERB
cblr-5117	934	19	-	-	PUNCT
cblr-5117	934	20	up	up	ADP
cblr-5117	934	21	governance	governance	NOUN
cblr-5117	934	22	,	,	PUNCT
cblr-5117	934	23	supra	supra	PROPN
cblr-5117	934	24	note	note	NOUN
cblr-5117	934	25	135	135	NUM
cblr-5117	934	26	,	,	PUNCT
cblr-5117	934	27	at	at	ADP
cblr-5117	934	28	51	51	NUM
cblr-5117	934	29	(	(	PUNCT
cblr-5117	934	30	“	"	PUNCT
cblr-5117	934	31	companies	company	NOUN
cblr-5117	934	32	are	be	AUX
cblr-5117	934	33	in	in	ADP
cblr-5117	934	34	a	a	DET
cblr-5117	934	35	bind	bind	NOUN
cblr-5117	934	36	:	:	PUNCT
cblr-5117	934	37	employees	employee	NOUN
cblr-5117	934	38	are	be	AUX
cblr-5117	934	39	making	make	VERB
cblr-5117	934	40	investment	investment	NOUN
cblr-5117	934	41	decisions	decision	NOUN
cblr-5117	934	42	and	and	CCONJ
cblr-5117	934	43	are	be	AUX
cblr-5117	934	44	entitled	entitle	VERB
cblr-5117	934	45	to	to	ADP
cblr-5117	934	46	the	the	DET
cblr-5117	934	47	information	information	NOUN
cblr-5117	934	48	,	,	PUNCT
cblr-5117	934	49	but	but	CCONJ
cblr-5117	934	50	the	the	DET
cblr-5117	934	51	company	company	NOUN
cblr-5117	934	52	suffers	suffer	VERB
cblr-5117	934	53	when	when	SCONJ
cblr-5117	934	54	sensitive	sensitive	ADJ
cblr-5117	934	55	financial	financial	ADJ
cblr-5117	934	56	information	information	NOUN
cblr-5117	934	57	is	be	AUX
cblr-5117	934	58	leaked	leak	VERB
cblr-5117	934	59	.	.	PUNCT
cblr-5117	935	1	as	as	SCONJ
cblr-5117	935	2	companies	company	NOUN
cblr-5117	935	3	get	get	VERB
cblr-5117	935	4	bigger	big	ADJ
cblr-5117	935	5	and	and	CCONJ
cblr-5117	935	6	stay	stay	VERB
cblr-5117	935	7	private	private	ADJ
cblr-5117	935	8	longer	long	ADV
cblr-5117	935	9	,	,	PUNCT
cblr-5117	935	10	avoiding	avoid	VERB
cblr-5117	935	11	leaks	leak	NOUN
cblr-5117	935	12	becomes	become	VERB
cblr-5117	935	13	harder	hard	ADJ
cblr-5117	935	14	.	.	PUNCT
cblr-5117	935	15	”	"	PUNCT
cblr-5117	935	16	)	)	PUNCT
cblr-5117	935	17	.	.	PUNCT
cblr-5117	936	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	936	2	(	(	PUNCT
cblr-5117	936	3	do	do	AUX
cblr-5117	936	4	not	not	PART
cblr-5117	936	5	delete	delete	VERB
cblr-5117	936	6	)	)	PUNCT
cblr-5117	936	7	1/8/2020	1/8/2020	NUM
cblr-5117	936	8	4:44	4:44	NUM
cblr-5117	936	9	pm	pm	NOUN
cblr-5117	936	10	no	no	INTJ
cblr-5117	936	11	.	.	PUNCT
cblr-5117	937	1	3:867	3:867	NUM
cblr-5117	937	2	]	]	PUNCT
cblr-5117	937	3	making	make	VERB
cblr-5117	937	4	disclosure	disclosure	NOUN
cblr-5117	937	5	work	work	VERB
cblr-5117	937	6	935	935	NUM
cblr-5117	937	7	in	in	ADP
cblr-5117	937	8	2003	2003	NUM
cblr-5117	937	9	,	,	PUNCT
cblr-5117	937	10	pre	pre	ADJ
cblr-5117	937	11	-	-	ADJ
cblr-5117	937	12	ipo	ipo	ADJ
cblr-5117	937	13	google	google	NOUN
cblr-5117	937	14	faced	face	VERB
cblr-5117	937	15	the	the	DET
cblr-5117	937	16	enhanced	enhanced	ADJ
cblr-5117	937	17	disclosure	disclosure	NOUN
cblr-5117	937	18	requirements	requirement	NOUN
cblr-5117	937	19	of	of	ADP
cblr-5117	937	20	rule	rule	NOUN
cblr-5117	937	21	701.224	701.224	NUM
cblr-5117	937	22	according	accord	VERB
cblr-5117	937	23	to	to	ADP
cblr-5117	937	24	the	the	DET
cblr-5117	937	25	sec	sec	PROPN
cblr-5117	937	26	’s	’s	PART
cblr-5117	937	27	allegations	allegation	NOUN
cblr-5117	937	28	in	in	ADP
cblr-5117	937	29	a	a	DET
cblr-5117	937	30	cease	cease	NOUN
cblr-5117	937	31	and	and	CCONJ
cblr-5117	937	32	desist	desist	VERB
cblr-5117	937	33	order	order	NOUN
cblr-5117	937	34	imposed	impose	VERB
cblr-5117	937	35	in	in	ADP
cblr-5117	937	36	january	january	PROPN
cblr-5117	937	37	2005	2005	NUM
cblr-5117	937	38	,	,	PUNCT
cblr-5117	937	39	google	google	PROPN
cblr-5117	937	40	’s	’s	PART
cblr-5117	937	41	general	general	ADJ
cblr-5117	937	42	counsel	counsel	NOUN
cblr-5117	937	43	,	,	PUNCT
cblr-5117	937	44	david	david	PROPN
cblr-5117	937	45	drummond	drummond	PROPN
cblr-5117	937	46	,	,	PUNCT
cblr-5117	937	47	believed	believe	VERB
cblr-5117	937	48	that	that	SCONJ
cblr-5117	937	49	disclosing	disclose	VERB
cblr-5117	937	50	financial	financial	ADJ
cblr-5117	937	51	statements	statement	NOUN
cblr-5117	937	52	to	to	ADP
cblr-5117	937	53	the	the	DET
cblr-5117	937	54	company	company	NOUN
cblr-5117	937	55	’s	’s	PART
cblr-5117	937	56	employees	employee	NOUN
cblr-5117	937	57	would	would	AUX
cblr-5117	937	58	be	be	AUX
cblr-5117	937	59	“	"	PUNCT
cblr-5117	937	60	strategically	strategically	ADV
cblr-5117	937	61	disadvantageous	disadvantageous	ADJ
cblr-5117	937	62	,	,	PUNCT
cblr-5117	937	63	”	"	PUNCT
cblr-5117	937	64	as	as	SCONJ
cblr-5117	937	65	the	the	DET
cblr-5117	937	66	statements	statement	NOUN
cblr-5117	937	67	’	'	PUNCT
cblr-5117	937	68	wide	wide	ADJ
cblr-5117	937	69	distribution	distribution	NOUN
cblr-5117	937	70	among	among	ADP
cblr-5117	937	71	employees	employee	NOUN
cblr-5117	937	72	would	would	AUX
cblr-5117	937	73	likely	likely	ADV
cblr-5117	937	74	result	result	VERB
cblr-5117	937	75	in	in	ADP
cblr-5117	937	76	a	a	DET
cblr-5117	937	77	leak	leak	NOUN
cblr-5117	937	78	to	to	ADP
cblr-5117	937	79	competitors.225	competitors.225	PROPN
cblr-5117	937	80	thus	thus	ADV
cblr-5117	937	81	,	,	PUNCT
cblr-5117	937	82	according	accord	VERB
cblr-5117	937	83	to	to	ADP
cblr-5117	937	84	the	the	DET
cblr-5117	937	85	allegations	allegation	NOUN
cblr-5117	937	86	,	,	PUNCT
cblr-5117	937	87	from	from	ADP
cblr-5117	937	88	2002	2002	NUM
cblr-5117	937	89	to	to	ADP
cblr-5117	937	90	2004	2004	NUM
cblr-5117	937	91	,	,	PUNCT
cblr-5117	937	92	google	google	PROPN
cblr-5117	937	93	issued	issue	VERB
cblr-5117	937	94	more	more	ADJ
cblr-5117	937	95	than	than	ADP
cblr-5117	937	96	$	$	SYM
cblr-5117	937	97	80	80	NUM
cblr-5117	937	98	million	million	NUM
cblr-5117	937	99	worth	worth	NOUN
cblr-5117	937	100	of	of	ADP
cblr-5117	937	101	stock	stock	NOUN
cblr-5117	937	102	options	option	NOUN
cblr-5117	937	103	to	to	ADP
cblr-5117	937	104	the	the	DET
cblr-5117	937	105	company	company	NOUN
cblr-5117	937	106	’s	’s	PART
cblr-5117	937	107	employees	employee	NOUN
cblr-5117	937	108	and	and	CCONJ
cblr-5117	937	109	consultants	consultant	NOUN
cblr-5117	937	110	without	without	ADP
cblr-5117	937	111	registering	register	VERB
cblr-5117	937	112	the	the	DET
cblr-5117	937	113	offering	offering	NOUN
cblr-5117	937	114	and	and	CCONJ
cblr-5117	937	115	without	without	ADP
cblr-5117	937	116	providing	provide	VERB
cblr-5117	937	117	financial	financial	ADJ
cblr-5117	937	118	information	information	NOUN
cblr-5117	937	119	to	to	ADP
cblr-5117	937	120	the	the	DET
cblr-5117	937	121	recipients.226	recipients.226	NOUN
cblr-5117	937	122	google	google	PROPN
cblr-5117	937	123	eventually	eventually	ADV
cblr-5117	937	124	went	go	VERB
cblr-5117	937	125	public	public	ADJ
cblr-5117	937	126	in	in	ADP
cblr-5117	937	127	august	august	PROPN
cblr-5117	937	128	2004.227	2004.227	NUM
cblr-5117	937	129	before	before	ADP
cblr-5117	937	130	its	its	PRON
cblr-5117	937	131	ipo	ipo	NOUN
cblr-5117	937	132	,	,	PUNCT
cblr-5117	937	133	the	the	DET
cblr-5117	937	134	company	company	NOUN
cblr-5117	937	135	filed	file	VERB
cblr-5117	937	136	a	a	DET
cblr-5117	937	137	rescission	rescission	NOUN
cblr-5117	937	138	offer	offer	NOUN
cblr-5117	937	139	for	for	ADP
cblr-5117	937	140	those	those	DET
cblr-5117	937	141	options	option	NOUN
cblr-5117	937	142	transactions	transaction	NOUN
cblr-5117	937	143	after	after	ADP
cblr-5117	937	144	concluding	conclude	VERB
cblr-5117	937	145	that	that	SCONJ
cblr-5117	937	146	no	no	DET
cblr-5117	937	147	exemption	exemption	NOUN
cblr-5117	937	148	was	be	AUX
cblr-5117	937	149	available	available	ADJ
cblr-5117	937	150	for	for	ADP
cblr-5117	937	151	the	the	DET
cblr-5117	937	152	offerings.228	offerings.228	PROPN
cblr-5117	937	153	in	in	ADP
cblr-5117	937	154	january	january	PROPN
cblr-5117	937	155	2005	2005	NUM
cblr-5117	937	156	,	,	PUNCT
cblr-5117	937	157	google	google	PROPN
cblr-5117	937	158	and	and	CCONJ
cblr-5117	937	159	drummond	drummond	PROPN
cblr-5117	937	160	settled	settle	VERB
cblr-5117	937	161	with	with	ADP
cblr-5117	937	162	the	the	DET
cblr-5117	937	163	sec	sec	PROPN
cblr-5117	937	164	.	.	PROPN
cblr-5117	938	1	as	as	ADP
cblr-5117	938	2	part	part	NOUN
cblr-5117	938	3	of	of	ADP
cblr-5117	938	4	the	the	DET
cblr-5117	938	5	settlement	settlement	NOUN
cblr-5117	938	6	,	,	PUNCT
cblr-5117	938	7	google	google	PROPN
cblr-5117	938	8	and	and	CCONJ
cblr-5117	938	9	224	224	NUM
cblr-5117	938	10	google	google	PROPN
cblr-5117	938	11	,	,	PUNCT
cblr-5117	938	12	inc	inc	PROPN
cblr-5117	938	13	.	.	PROPN
cblr-5117	938	14	,	,	PUNCT
cblr-5117	938	15	securities	security	NOUN
cblr-5117	938	16	act	act	VERB
cblr-5117	938	17	release	release	VERB
cblr-5117	938	18	no	no	DET
cblr-5117	938	19	.	.	NOUN
cblr-5117	938	20	8523	8523	NUM
cblr-5117	938	21	,	,	PUNCT
cblr-5117	938	22	2005	2005	NUM
cblr-5117	938	23	wl	wl	NOUN
cblr-5117	938	24	82435	82435	NUM
cblr-5117	938	25	(	(	PUNCT
cblr-5117	938	26	jan	jan	PROPN
cblr-5117	938	27	.	.	PROPN
cblr-5117	938	28	13	13	NUM
cblr-5117	938	29	,	,	PUNCT
cblr-5117	938	30	2005	2005	NUM
cblr-5117	938	31	)	)	PUNCT
cblr-5117	938	32	,	,	PUNCT
cblr-5117	938	33	www.sec.gov/litigation/admin/33-8523.htm	www.sec.gov/litigation/admin/33-8523.htm	X
cblr-5117	939	1	[	[	X
cblr-5117	939	2	https://perma.cc/m8jj-j3u9	https://perma.cc/m8jj-j3u9	X
cblr-5117	939	3	]	]	X
cblr-5117	939	4	.	.	PUNCT
cblr-5117	940	1	225	225	NUM
cblr-5117	940	2	i	i	PROPN
cblr-5117	940	3	d.	d.	PROPN
cblr-5117	940	4	(	(	PUNCT
cblr-5117	940	5	“	"	PUNCT
cblr-5117	940	6	google	google	PROPN
cblr-5117	940	7	viewed	view	VERB
cblr-5117	940	8	the	the	DET
cblr-5117	940	9	public	public	ADJ
cblr-5117	940	10	disclosure	disclosure	NOUN
cblr-5117	940	11	of	of	ADP
cblr-5117	940	12	its	its	PRON
cblr-5117	940	13	detailed	detailed	ADJ
cblr-5117	940	14	financial	financial	ADJ
cblr-5117	940	15	information	information	NOUN
cblr-5117	940	16	as	as	ADP
cblr-5117	940	17	strategically	strategically	ADV
cblr-5117	940	18	disadvantageous	disadvantageous	ADJ
cblr-5117	940	19	,	,	PUNCT
cblr-5117	940	20	as	as	SCONJ
cblr-5117	940	21	drummond	drummond	PROPN
cblr-5117	940	22	recognized	recognize	VERB
cblr-5117	940	23	,	,	PUNCT
cblr-5117	940	24	and	and	CCONJ
cblr-5117	940	25	the	the	DET
cblr-5117	940	26	company	company	NOUN
cblr-5117	940	27	was	be	AUX
cblr-5117	940	28	concerned	concern	VERB
cblr-5117	940	29	that	that	SCONJ
cblr-5117	940	30	providing	provide	VERB
cblr-5117	940	31	option	option	NOUN
cblr-5117	940	32	recipients	recipient	NOUN
cblr-5117	940	33	with	with	ADP
cblr-5117	940	34	the	the	DET
cblr-5117	940	35	financial	financial	ADJ
cblr-5117	940	36	disclosures	disclosure	NOUN
cblr-5117	940	37	required	require	VERB
cblr-5117	940	38	by	by	ADP
cblr-5117	940	39	rule	rule	NOUN
cblr-5117	940	40	701	701	NUM
cblr-5117	940	41	could	could	AUX
cblr-5117	940	42	result	result	VERB
cblr-5117	940	43	in	in	ADP
cblr-5117	940	44	the	the	DET
cblr-5117	940	45	disclosure	disclosure	NOUN
cblr-5117	940	46	of	of	ADP
cblr-5117	940	47	this	this	DET
cblr-5117	940	48	information	information	NOUN
cblr-5117	940	49	to	to	ADP
cblr-5117	940	50	the	the	DET
cblr-5117	940	51	public	public	NOUN
cblr-5117	940	52	at	at	ADP
cblr-5117	940	53	large	large	ADJ
cblr-5117	940	54	and	and	CCONJ
cblr-5117	940	55	,	,	PUNCT
cblr-5117	940	56	significantly	significantly	ADV
cblr-5117	940	57	,	,	PUNCT
cblr-5117	940	58	to	to	ADP
cblr-5117	940	59	google	google	PROPN
cblr-5117	940	60	’s	’s	PART
cblr-5117	940	61	competitors	competitor	NOUN
cblr-5117	940	62	.	.	PUNCT
cblr-5117	940	63	”	"	PUNCT
cblr-5117	940	64	)	)	PUNCT
cblr-5117	940	65	.	.	PUNCT
cblr-5117	941	1	226	226	NUM
cblr-5117	942	1	i	i	PRON
cblr-5117	942	2	d.	d.	PROPN
cblr-5117	942	3	227	227	NUM
cblr-5117	942	4	the	the	DET
cblr-5117	942	5	timing	timing	NOUN
cblr-5117	942	6	of	of	ADP
cblr-5117	942	7	google	google	PROPN
cblr-5117	942	8	’s	’s	PART
cblr-5117	942	9	ipo	ipo	NOUN
cblr-5117	942	10	was	be	AUX
cblr-5117	942	11	related	relate	VERB
cblr-5117	942	12	to	to	ADP
cblr-5117	942	13	the	the	DET
cblr-5117	942	14	section	section	NOUN
cblr-5117	942	15	12(g	12(g	NUM
cblr-5117	942	16	)	)	PUNCT
cblr-5117	942	17	of	of	ADP
cblr-5117	942	18	the	the	DET
cblr-5117	942	19	securities	security	NOUN
cblr-5117	942	20	act	act	PROPN
cblr-5117	942	21	,	,	PUNCT
cblr-5117	942	22	which	which	PRON
cblr-5117	942	23	set	set	VERB
cblr-5117	942	24	a	a	DET
cblr-5117	942	25	500	500	NUM
cblr-5117	942	26	held	hold	VERB
cblr-5117	942	27	-	-	PUNCT
cblr-5117	942	28	of	of	ADP
cblr-5117	942	29	-	-	PUNCT
cblr-5117	942	30	record	record	NOUN
cblr-5117	942	31	threshold	threshold	NOUN
cblr-5117	942	32	,	,	PUNCT
cblr-5117	942	33	before	before	ADP
cblr-5117	942	34	assuming	assume	VERB
cblr-5117	942	35	reporting	report	VERB
cblr-5117	942	36	obligations	obligation	NOUN
cblr-5117	942	37	.	.	PUNCT
cblr-5117	943	1	see	see	VERB
cblr-5117	943	2	usha	usha	PROPN
cblr-5117	943	3	r.	r.	PROPN
cblr-5117	943	4	rodrigues	rodrigues	PROPN
cblr-5117	943	5	,	,	PUNCT
cblr-5117	943	6	the	the	DET
cblr-5117	943	7	once	once	ADV
cblr-5117	943	8	and	and	CCONJ
cblr-5117	943	9	future	future	ADJ
cblr-5117	943	10	irrelevancy	irrelevancy	NOUN
cblr-5117	943	11	of	of	ADP
cblr-5117	943	12	section	section	NOUN
cblr-5117	943	13	12(g	12(g	NUM
cblr-5117	943	14	)	)	PUNCT
cblr-5117	943	15	,	,	PUNCT
cblr-5117	943	16	2015	2015	NUM
cblr-5117	943	17	u.	u.	PROPN
cblr-5117	943	18	ill	ill	PROPN
cblr-5117	943	19	.	.	PUNCT
cblr-5117	944	1	l.	l.	PROPN
cblr-5117	944	2	rev	rev	PROPN
cblr-5117	944	3	.	.	PROPN
cblr-5117	944	4	1529	1529	NUM
cblr-5117	944	5	,	,	PUNCT
cblr-5117	944	6	1536–37	1536–37	NUM
cblr-5117	944	7	(	(	PUNCT
cblr-5117	944	8	discussing	discuss	VERB
cblr-5117	944	9	how	how	SCONJ
cblr-5117	944	10	companies	company	NOUN
cblr-5117	944	11	like	like	ADP
cblr-5117	944	12	facebook	facebook	NOUN
cblr-5117	944	13	,	,	PUNCT
cblr-5117	944	14	google	google	NOUN
cblr-5117	944	15	,	,	PUNCT
cblr-5117	944	16	and	and	CCONJ
cblr-5117	944	17	apple	apple	NOUN
cblr-5117	944	18	were	be	AUX
cblr-5117	944	19	“	"	PUNCT
cblr-5117	944	20	forced	force	VERB
cblr-5117	944	21	”	"	PUNCT
cblr-5117	944	22	to	to	PART
cblr-5117	944	23	go	go	VERB
cblr-5117	944	24	public	public	ADJ
cblr-5117	944	25	prior	prior	ADV
cblr-5117	944	26	to	to	ADP
cblr-5117	944	27	the	the	DET
cblr-5117	944	28	jobs	job	NOUN
cblr-5117	944	29	act	act	PROPN
cblr-5117	944	30	’s	’s	PART
cblr-5117	944	31	amendment	amendment	NOUN
cblr-5117	944	32	of	of	ADP
cblr-5117	944	33	section	section	NOUN
cblr-5117	944	34	12(g	12(g	NUM
cblr-5117	944	35	)	)	PUNCT
cblr-5117	944	36	because	because	SCONJ
cblr-5117	944	37	they	they	PRON
cblr-5117	944	38	had	have	VERB
cblr-5117	944	39	more	more	ADJ
cblr-5117	944	40	than	than	ADP
cblr-5117	944	41	500	500	NUM
cblr-5117	944	42	shareholders	shareholder	NOUN
cblr-5117	944	43	and	and	CCONJ
cblr-5117	944	44	therefore	therefore	ADV
cblr-5117	944	45	had	have	VERB
cblr-5117	944	46	to	to	PART
cblr-5117	944	47	register	register	VERB
cblr-5117	944	48	and	and	CCONJ
cblr-5117	944	49	become	become	VERB
cblr-5117	944	50	“	"	PUNCT
cblr-5117	944	51	reporting	report	VERB
cblr-5117	944	52	companies	company	NOUN
cblr-5117	944	53	”	"	PUNCT
cblr-5117	944	54	)	)	PUNCT
cblr-5117	944	55	.	.	PUNCT
cblr-5117	945	1	228	228	NUM
cblr-5117	945	2	google	google	PROPN
cblr-5117	945	3	,	,	PUNCT
cblr-5117	945	4	inc	inc	PROPN
cblr-5117	945	5	.	.	PROPN
cblr-5117	945	6	,	,	PUNCT
cblr-5117	945	7	securities	security	NOUN
cblr-5117	945	8	act	act	VERB
cblr-5117	945	9	release	release	VERB
cblr-5117	945	10	no	no	DET
cblr-5117	945	11	.	.	NOUN
cblr-5117	945	12	8523	8523	NUM
cblr-5117	945	13	,	,	PUNCT
cblr-5117	945	14	2005	2005	NUM
cblr-5117	945	15	wl	wl	NOUN
cblr-5117	945	16	82435	82435	NUM
cblr-5117	945	17	(	(	PUNCT
cblr-5117	945	18	jan	jan	PROPN
cblr-5117	945	19	.	.	PROPN
cblr-5117	945	20	13	13	NUM
cblr-5117	945	21	,	,	PUNCT
cblr-5117	945	22	2005	2005	NUM
cblr-5117	945	23	)	)	PUNCT
cblr-5117	945	24	,	,	PUNCT
cblr-5117	945	25	www.sec.gov/litigation/admin/33-8523.htm	www.sec.gov/litigation/admin/33-8523.htm	X
cblr-5117	946	1	[	[	X
cblr-5117	946	2	https://perma.cc/m8jj-j3u9	https://perma.cc/m8jj-j3u9	X
cblr-5117	946	3	]	]	X
cblr-5117	946	4	.	.	PUNCT
cblr-5117	947	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	947	2	(	(	PUNCT
cblr-5117	947	3	do	do	AUX
cblr-5117	947	4	not	not	PART
cblr-5117	947	5	delte	delte	VERB
cblr-5117	947	6	)	)	PUNCT
cblr-5117	947	7	1/8/2020	1/8/2020	NUM
cblr-5117	947	8	4:44	4:44	NUM
cblr-5117	947	9	pm	pm	NOUN
cblr-5117	947	10	936	936	NUM
cblr-5117	947	11	columbia	columbia	PROPN
cblr-5117	947	12	business	business	NOUN
cblr-5117	947	13	law	law	PROPN
cblr-5117	947	14	review	review	NOUN
cblr-5117	948	1	[	[	X
cblr-5117	948	2	vol	vol	NOUN
cblr-5117	948	3	.	.	PUNCT
cblr-5117	948	4	2019	2019	NUM
cblr-5117	948	5	drummond	drummond	PROPN
cblr-5117	948	6	agreed	agree	VERB
cblr-5117	948	7	to	to	ADP
cblr-5117	948	8	a	a	DET
cblr-5117	948	9	cease	cease	NOUN
cblr-5117	948	10	and	and	CCONJ
cblr-5117	948	11	desist	desist	VERB
cblr-5117	948	12	order	order	NOUN
cblr-5117	948	13	for	for	ADP
cblr-5117	948	14	securities	security	NOUN
cblr-5117	948	15	act	act	VERB
cblr-5117	948	16	registration	registration	NOUN
cblr-5117	948	17	violations.229	violations.229	NOUN
cblr-5117	948	18	similarly	similarly	ADV
cblr-5117	948	19	,	,	PUNCT
cblr-5117	948	20	according	accord	VERB
cblr-5117	948	21	to	to	ADP
cblr-5117	948	22	an	an	DET
cblr-5117	948	23	sec	sec	PROPN
cblr-5117	948	24	’s	’s	PART
cblr-5117	948	25	cease	cease	NOUN
cblr-5117	948	26	and	and	CCONJ
cblr-5117	948	27	desist	desist	VERB
cblr-5117	948	28	order	order	NOUN
cblr-5117	948	29	,	,	PUNCT
cblr-5117	948	30	during	during	ADP
cblr-5117	948	31	late	late	ADJ
cblr-5117	948	32	2014	2014	NUM
cblr-5117	948	33	and	and	CCONJ
cblr-5117	948	34	2015	2015	NUM
cblr-5117	948	35	,	,	PUNCT
cblr-5117	948	36	the	the	DET
cblr-5117	948	37	san	san	PROPN
cblr-5117	948	38	francisco	francisco	PROPN
cblr-5117	948	39	-	-	PUNCT
cblr-5117	948	40	based	base	VERB
cblr-5117	948	41	fintech	fintech	NOUN
cblr-5117	948	42	company	company	NOUN
cblr-5117	948	43	credit	credit	NOUN
cblr-5117	948	44	karma	karma	NOUN
cblr-5117	948	45	issued	issue	VERB
cblr-5117	948	46	almost	almost	ADV
cblr-5117	948	47	$	$	SYM
cblr-5117	948	48	14	14	NUM
cblr-5117	948	49	million	million	NUM
cblr-5117	948	50	worth	worth	NOUN
cblr-5117	948	51	of	of	ADP
cblr-5117	948	52	stock	stock	NOUN
cblr-5117	948	53	options	option	NOUN
cblr-5117	948	54	to	to	ADP
cblr-5117	948	55	its	its	PRON
cblr-5117	948	56	employees	employee	NOUN
cblr-5117	948	57	in	in	ADP
cblr-5117	948	58	12	12	NUM
cblr-5117	948	59	consecutive	consecutive	ADJ
cblr-5117	948	60	months	month	NOUN
cblr-5117	948	61	,	,	PUNCT
cblr-5117	948	62	thereby	thereby	ADV
cblr-5117	948	63	crossing	cross	VERB
cblr-5117	948	64	the	the	DET
cblr-5117	948	65	threshold	threshold	NOUN
cblr-5117	948	66	that	that	PRON
cblr-5117	948	67	requires	requires	AUX
cblr-5117	948	68	enhanced	enhance	VERB
cblr-5117	948	69	disclosure.230	disclosure.230	VERB
cblr-5117	948	70	although	although	SCONJ
cblr-5117	948	71	senior	senior	ADJ
cblr-5117	948	72	executives	executive	NOUN
cblr-5117	948	73	were	be	AUX
cblr-5117	948	74	aware	aware	ADJ
cblr-5117	948	75	of	of	ADP
cblr-5117	948	76	the	the	DET
cblr-5117	948	77	disclosure	disclosure	NOUN
cblr-5117	948	78	requirement	requirement	NOUN
cblr-5117	948	79	,	,	PUNCT
cblr-5117	948	80	and	and	CCONJ
cblr-5117	948	81	even	even	ADV
cblr-5117	948	82	though	though	SCONJ
cblr-5117	948	83	the	the	DET
cblr-5117	948	84	company	company	NOUN
cblr-5117	948	85	had	have	AUX
cblr-5117	948	86	already	already	ADV
cblr-5117	948	87	created	create	VERB
cblr-5117	948	88	a	a	DET
cblr-5117	948	89	virtual	virtual	ADJ
cblr-5117	948	90	data	data	NOUN
cblr-5117	948	91	room	room	NOUN
cblr-5117	948	92	containing	contain	VERB
cblr-5117	948	93	the	the	DET
cblr-5117	948	94	required	require	VERB
cblr-5117	948	95	disclosure	disclosure	NOUN
cblr-5117	948	96	items	item	NOUN
cblr-5117	948	97	,	,	PUNCT
cblr-5117	948	98	the	the	DET
cblr-5117	948	99	company	company	NOUN
cblr-5117	948	100	decided	decide	VERB
cblr-5117	948	101	not	not	PART
cblr-5117	948	102	to	to	PART
cblr-5117	948	103	share	share	VERB
cblr-5117	948	104	the	the	DET
cblr-5117	948	105	information	information	NOUN
cblr-5117	948	106	with	with	ADP
cblr-5117	948	107	employees.231	employees.231	NOUN
cblr-5117	948	108	thus	thus	ADV
cblr-5117	948	109	,	,	PUNCT
cblr-5117	948	110	between	between	ADP
cblr-5117	948	111	august	august	PROPN
cblr-5117	948	112	2015	2015	NUM
cblr-5117	948	113	and	and	CCONJ
cblr-5117	948	114	july	july	PROPN
cblr-5117	948	115	2016	2016	NUM
cblr-5117	948	116	,	,	PUNCT
cblr-5117	948	117	the	the	DET
cblr-5117	948	118	company	company	NOUN
cblr-5117	948	119	’s	’s	PART
cblr-5117	948	120	employees	employee	NOUN
cblr-5117	948	121	paid	pay	VERB
cblr-5117	948	122	more	more	ADJ
cblr-5117	948	123	than	than	ADP
cblr-5117	948	124	half	half	DET
cblr-5117	948	125	a	a	DET
cblr-5117	948	126	million	million	NUM
cblr-5117	948	127	dollars	dollar	NOUN
cblr-5117	948	128	to	to	PART
cblr-5117	948	129	exercise	exercise	VERB
cblr-5117	948	130	options	option	NOUN
cblr-5117	948	131	granted	grant	VERB
cblr-5117	948	132	in	in	ADP
cblr-5117	948	133	violation	violation	NOUN
cblr-5117	948	134	of	of	ADP
cblr-5117	948	135	rule	rule	NOUN
cblr-5117	948	136	701.232	701.232	NUM
cblr-5117	948	137	only	only	ADV
cblr-5117	948	138	after	after	SCONJ
cblr-5117	948	139	the	the	DET
cblr-5117	948	140	company	company	NOUN
cblr-5117	948	141	had	have	AUX
cblr-5117	948	142	received	receive	VERB
cblr-5117	948	143	an	an	DET
cblr-5117	948	144	inquiry	inquiry	NOUN
cblr-5117	948	145	from	from	ADP
cblr-5117	948	146	the	the	DET
cblr-5117	948	147	sec	sec	PROPN
cblr-5117	948	148	seeking	seek	VERB
cblr-5117	948	149	information	information	NOUN
cblr-5117	948	150	and	and	CCONJ
cblr-5117	948	151	documents	document	NOUN
cblr-5117	948	152	regarding	regard	VERB
cblr-5117	948	153	its	its	PRON
cblr-5117	948	154	rule	rule	NOUN
cblr-5117	948	155	701	701	NUM
cblr-5117	948	156	compliance	compliance	NOUN
cblr-5117	948	157	did	do	AUX
cblr-5117	948	158	the	the	DET
cblr-5117	948	159	company	company	NOUN
cblr-5117	948	160	start	start	VERB
cblr-5117	948	161	to	to	PART
cblr-5117	948	162	disclose	disclose	VERB
cblr-5117	948	163	detailed	detailed	ADJ
cblr-5117	948	164	financial	financial	ADJ
cblr-5117	948	165	statements	statement	NOUN
cblr-5117	948	166	and	and	CCONJ
cblr-5117	948	167	risk	risk	NOUN
cblr-5117	948	168	factors	factor	NOUN
cblr-5117	948	169	to	to	ADP
cblr-5117	948	170	employees	employee	NOUN
cblr-5117	948	171	.	.	PUNCT
cblr-5117	949	1	ultimately	ultimately	ADV
cblr-5117	949	2	,	,	PUNCT
cblr-5117	949	3	the	the	DET
cblr-5117	949	4	company	company	NOUN
cblr-5117	949	5	agreed	agree	VERB
cblr-5117	949	6	to	to	PART
cblr-5117	949	7	pay	pay	VERB
cblr-5117	949	8	a	a	DET
cblr-5117	949	9	$	$	SYM
cblr-5117	949	10	160,000	160,000	NUM
cblr-5117	949	11	penalty	penalty	NOUN
cblr-5117	949	12	and	and	CCONJ
cblr-5117	949	13	consented	consent	VERB
cblr-5117	949	14	to	to	ADP
cblr-5117	949	15	the	the	DET
cblr-5117	949	16	sec	sec	PROPN
cblr-5117	949	17	’s	’s	PART
cblr-5117	949	18	order	order	NOUN
cblr-5117	949	19	without	without	ADP
cblr-5117	949	20	admitting	admit	VERB
cblr-5117	949	21	or	or	CCONJ
cblr-5117	949	22	denying	deny	VERB
cblr-5117	949	23	the	the	DET
cblr-5117	949	24	allegations.233	allegations.233	NOUN
cblr-5117	949	25	as	as	SCONJ
cblr-5117	949	26	these	these	DET
cblr-5117	949	27	cases	case	NOUN
cblr-5117	949	28	demonstrate	demonstrate	VERB
cblr-5117	949	29	,	,	PUNCT
cblr-5117	949	30	companies	company	NOUN
cblr-5117	949	31	are	be	AUX
cblr-5117	949	32	fiercely	fiercely	ADV
cblr-5117	949	33	protective	protective	ADJ
cblr-5117	949	34	of	of	ADP
cblr-5117	949	35	their	their	PRON
cblr-5117	949	36	financial	financial	ADJ
cblr-5117	949	37	information	information	NOUN
cblr-5117	949	38	.	.	PUNCT
cblr-5117	950	1	at	at	ADP
cblr-5117	950	2	the	the	DET
cblr-5117	950	3	same	same	ADJ
cblr-5117	950	4	time	time	NOUN
cblr-5117	950	5	,	,	PUNCT
cblr-5117	950	6	as	as	SCONJ
cblr-5117	950	7	established	establish	VERB
cblr-5117	950	8	in	in	ADP
cblr-5117	950	9	section	section	NOUN
cblr-5117	950	10	iii.c.3	iii.c.3	NOUN
cblr-5117	950	11	above	above	ADV
cblr-5117	950	12	,	,	PUNCT
cblr-5117	950	13	these	these	DET
cblr-5117	950	14	financial	financial	ADJ
cblr-5117	950	15	disclosures	disclosure	NOUN
cblr-5117	950	16	are	be	AUX
cblr-5117	950	17	of	of	ADP
cblr-5117	950	18	very	very	ADV
cblr-5117	950	19	little	little	ADJ
cblr-5117	950	20	value	value	NOUN
cblr-5117	950	21	to	to	ADP
cblr-5117	950	22	employees	employee	NOUN
cblr-5117	950	23	.	.	PUNCT
cblr-5117	951	1	moreover	moreover	ADV
cblr-5117	951	2	,	,	PUNCT
cblr-5117	951	3	even	even	ADV
cblr-5117	951	4	if	if	SCONJ
cblr-5117	951	5	employees	employee	NOUN
cblr-5117	951	6	knew	know	VERB
cblr-5117	951	7	how	how	SCONJ
cblr-5117	951	8	to	to	PART
cblr-5117	951	9	interpret	interpret	VERB
cblr-5117	951	10	financial	financial	ADJ
cblr-5117	951	11	statements	statement	NOUN
cblr-5117	951	12	,	,	PUNCT
cblr-5117	951	13	the	the	DET
cblr-5117	951	14	value	value	NOUN
cblr-5117	951	15	of	of	ADP
cblr-5117	951	16	a	a	DET
cblr-5117	951	17	start	start	VERB
cblr-5117	951	18	-	-	PUNCT
cblr-5117	951	19	up	up	ADP
cblr-5117	951	20	company	company	NOUN
cblr-5117	951	21	,	,	PUNCT
cblr-5117	951	22	let	let	VERB
cblr-5117	951	23	alone	alone	ADJ
cblr-5117	951	24	employees	employee	NOUN
cblr-5117	951	25	’	'	PUNCT
cblr-5117	951	26	incentives	incentive	NOUN
cblr-5117	951	27	,	,	PUNCT
cblr-5117	951	28	would	would	AUX
cblr-5117	951	29	not	not	PART
cblr-5117	951	30	be	be	AUX
cblr-5117	951	31	reflected	reflect	VERB
cblr-5117	951	32	in	in	ADP
cblr-5117	951	33	them	they	PRON
cblr-5117	951	34	.	.	PUNCT
cblr-5117	952	1	according	accord	VERB
cblr-5117	952	2	to	to	ADP
cblr-5117	952	3	standard	standard	ADJ
cblr-5117	952	4	accounting	accounting	NOUN
cblr-5117	952	5	principles	principle	NOUN
cblr-5117	952	6	,	,	PUNCT
cblr-5117	952	7	the	the	DET
cblr-5117	952	8	financial	financial	ADJ
cblr-5117	952	9	statements	statement	NOUN
cblr-5117	952	10	present	present	ADJ
cblr-5117	952	11	past	past	ADP
cblr-5117	952	12	recorded	record	VERB
cblr-5117	952	13	transactions	transaction	NOUN
cblr-5117	952	14	,	,	PUNCT
cblr-5117	952	15	whereas	whereas	SCONJ
cblr-5117	952	16	the	the	DET
cblr-5117	952	17	value	value	NOUN
cblr-5117	952	18	of	of	ADP
cblr-5117	952	19	a	a	DET
cblr-5117	952	20	229	229	NUM
cblr-5117	952	21	i	i	NOUN
cblr-5117	952	22	d.	d.	NOUN
cblr-5117	952	23	230	230	NUM
cblr-5117	952	24	credit	credit	NOUN
cblr-5117	952	25	karma	karma	PROPN
cblr-5117	952	26	,	,	PUNCT
cblr-5117	952	27	inc	inc	PROPN
cblr-5117	952	28	.	.	PROPN
cblr-5117	952	29	,	,	PUNCT
cblr-5117	952	30	securities	security	NOUN
cblr-5117	952	31	act	act	VERB
cblr-5117	952	32	release	release	VERB
cblr-5117	952	33	no	no	DET
cblr-5117	952	34	.	.	NOUN
cblr-5117	952	35	10469	10469	NUM
cblr-5117	952	36	,	,	PUNCT
cblr-5117	952	37	2018	2018	NUM
cblr-5117	952	38	wl	wl	NOUN
cblr-5117	952	39	1257807	1257807	NUM
cblr-5117	952	40	(	(	PUNCT
cblr-5117	952	41	march	march	PROPN
cblr-5117	952	42	12	12	NUM
cblr-5117	952	43	,	,	PUNCT
cblr-5117	952	44	2018	2018	NUM
cblr-5117	952	45	)	)	PUNCT
cblr-5117	952	46	,	,	PUNCT
cblr-5117	952	47	www.sec.gov/litigation/admin/2018/33-10469.pdf	www.sec.gov/litigation/admin/2018/33-10469.pdf	CCONJ
cblr-5117	953	1	[	[	X
cblr-5117	953	2	https://perma.cc/qc5n-c6cs	https://perma.cc/qc5n-c6cs	X
cblr-5117	953	3	]	]	X
cblr-5117	953	4	.	.	PUNCT
cblr-5117	954	1	231	231	NUM
cblr-5117	955	1	i	i	PRON
cblr-5117	955	2	d.	d.	PROPN
cblr-5117	955	3	232	232	NUM
cblr-5117	956	1	i	i	PRON
cblr-5117	956	2	d.	d.	PROPN
cblr-5117	956	3	233	233	NUM
cblr-5117	957	1	i	i	PRON
cblr-5117	957	2	d.	d.	PROPN
cblr-5117	957	3	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	957	4	(	(	PUNCT
cblr-5117	957	5	do	do	AUX
cblr-5117	957	6	not	not	PART
cblr-5117	957	7	delete	delete	VERB
cblr-5117	957	8	)	)	PUNCT
cblr-5117	957	9	1/8/2020	1/8/2020	NUM
cblr-5117	957	10	4:44	4:44	NUM
cblr-5117	957	11	pm	pm	NOUN
cblr-5117	957	12	no	no	INTJ
cblr-5117	957	13	.	.	PUNCT
cblr-5117	958	1	3:867	3:867	NUM
cblr-5117	958	2	]	]	PUNCT
cblr-5117	958	3	making	make	VERB
cblr-5117	958	4	disclosure	disclosure	NOUN
cblr-5117	958	5	work	work	NOUN
cblr-5117	958	6	937	937	NUM
cblr-5117	958	7	company	company	NOUN
cblr-5117	958	8	derives	derive	VERB
cblr-5117	958	9	from	from	ADP
cblr-5117	958	10	its	its	PRON
cblr-5117	958	11	projected	project	VERB
cblr-5117	958	12	future	future	NOUN
cblr-5117	958	13	transactions.234	transactions.234	NOUN
cblr-5117	958	14	likewise	likewise	ADV
cblr-5117	958	15	,	,	PUNCT
cblr-5117	958	16	the	the	DET
cblr-5117	958	17	accountants	accountant	NOUN
cblr-5117	958	18	’	'	PUNCT
cblr-5117	958	19	cost	cost	NOUN
cblr-5117	958	20	principle	principle	NOUN
cblr-5117	958	21	generally	generally	ADV
cblr-5117	958	22	prohibits	prohibit	VERB
cblr-5117	958	23	the	the	DET
cblr-5117	958	24	recording	recording	NOUN
cblr-5117	958	25	of	of	ADP
cblr-5117	958	26	some	some	PRON
cblr-5117	958	27	of	of	ADP
cblr-5117	958	28	the	the	DET
cblr-5117	958	29	key	key	ADJ
cblr-5117	958	30	assets	asset	NOUN
cblr-5117	958	31	of	of	ADP
cblr-5117	958	32	a	a	DET
cblr-5117	958	33	start	start	VERB
cblr-5117	958	34	-	-	PUNCT
cblr-5117	958	35	up	up	ADP
cblr-5117	958	36	company	company	NOUN
cblr-5117	958	37	such	such	ADJ
cblr-5117	958	38	as	as	ADP
cblr-5117	958	39	trademarks	trademark	NOUN
cblr-5117	958	40	,	,	PUNCT
cblr-5117	958	41	brand	brand	NOUN
cblr-5117	958	42	names	name	NOUN
cblr-5117	958	43	,	,	PUNCT
cblr-5117	958	44	and	and	CCONJ
cblr-5117	958	45	human	human	ADJ
cblr-5117	958	46	capital	capital	NOUN
cblr-5117	958	47	,	,	PUNCT
cblr-5117	958	48	as	as	SCONJ
cblr-5117	958	49	an	an	DET
cblr-5117	958	50	asset.235	asset.235	ADP
cblr-5117	958	51	the	the	DET
cblr-5117	958	52	sec	sec	PROPN
cblr-5117	958	53	’s	’s	PART
cblr-5117	958	54	enforcement	enforcement	NOUN
cblr-5117	958	55	actions	action	NOUN
cblr-5117	958	56	therefore	therefore	ADV
cblr-5117	958	57	seem	seem	VERB
cblr-5117	958	58	obscure	obscure	ADJ
cblr-5117	958	59	considering	consider	VERB
cblr-5117	958	60	that	that	SCONJ
cblr-5117	958	61	in	in	ADP
cblr-5117	958	62	contrast	contrast	NOUN
cblr-5117	958	63	to	to	ADP
cblr-5117	958	64	the	the	DET
cblr-5117	958	65	mandatory	mandatory	ADJ
cblr-5117	958	66	disclosure	disclosure	NOUN
cblr-5117	958	67	of	of	ADP
cblr-5117	958	68	financial	financial	ADJ
cblr-5117	958	69	statements	statement	NOUN
cblr-5117	958	70	,	,	PUNCT
cblr-5117	958	71	information	information	NOUN
cblr-5117	958	72	that	that	PRON
cblr-5117	958	73	is	be	AUX
cblr-5117	958	74	much	much	ADV
cblr-5117	958	75	more	more	ADV
cblr-5117	958	76	important	important	ADJ
cblr-5117	958	77	to	to	ADP
cblr-5117	958	78	employees	employee	NOUN
cblr-5117	958	79	’	’	PART
cblr-5117	958	80	interest	interest	NOUN
cblr-5117	958	81	—	—	PUNCT
cblr-5117	958	82	including	include	VERB
cblr-5117	958	83	,	,	PUNCT
cblr-5117	958	84	companies	company	NOUN
cblr-5117	958	85	’	’	PART
cblr-5117	958	86	valuation	valuation	NOUN
cblr-5117	958	87	and	and	CCONJ
cblr-5117	958	88	exit	exit	NOUN
cblr-5117	958	89	waterfall	waterfall	NOUN
cblr-5117	958	90	—	—	PUNCT
cblr-5117	958	91	remains	remain	VERB
cblr-5117	958	92	under	under	ADP
cblr-5117	958	93	seal	seal	NOUN
cblr-5117	958	94	,	,	PUNCT
cblr-5117	958	95	as	as	SCONJ
cblr-5117	958	96	discussed	discuss	VERB
cblr-5117	958	97	in	in	ADP
cblr-5117	958	98	the	the	DET
cblr-5117	958	99	following	follow	VERB
cblr-5117	958	100	section	section	NOUN
cblr-5117	958	101	.	.	PUNCT
cblr-5117	959	1	b.	b.	PROPN
cblr-5117	959	2	too	too	ADV
cblr-5117	959	3	little	little	ADJ
cblr-5117	959	4	imagine	imagine	ADJ
cblr-5117	959	5	that	that	SCONJ
cblr-5117	959	6	employers	employer	NOUN
cblr-5117	959	7	would	would	AUX
cblr-5117	959	8	customarily	customarily	ADV
cblr-5117	959	9	offer	offer	VERB
cblr-5117	959	10	prospective	prospective	ADJ
cblr-5117	959	11	employees	employee	NOUN
cblr-5117	959	12	job	job	NOUN
cblr-5117	959	13	offers	offer	NOUN
cblr-5117	959	14	that	that	PRON
cblr-5117	959	15	include	include	VERB
cblr-5117	959	16	their	their	PRON
cblr-5117	959	17	annual	annual	ADJ
cblr-5117	959	18	salary	salary	NOUN
cblr-5117	959	19	,	,	PUNCT
cblr-5117	959	20	but	but	CCONJ
cblr-5117	959	21	with	with	ADP
cblr-5117	959	22	one	one	NUM
cblr-5117	959	23	crucial	crucial	ADJ
cblr-5117	959	24	twist	twist	NOUN
cblr-5117	959	25	—	—	PUNCT
cblr-5117	959	26	the	the	DET
cblr-5117	959	27	offer	offer	NOUN
cblr-5117	959	28	did	do	AUX
cblr-5117	959	29	not	not	PART
cblr-5117	959	30	state	state	VERB
cblr-5117	959	31	in	in	ADP
cblr-5117	959	32	what	what	DET
cblr-5117	959	33	currency	currency	NOUN
cblr-5117	959	34	the	the	DET
cblr-5117	959	35	salary	salary	NOUN
cblr-5117	959	36	would	would	AUX
cblr-5117	959	37	be	be	AUX
cblr-5117	959	38	paid.236	paid.236	NOUN
cblr-5117	959	39	imagine	imagine	NOUN
cblr-5117	959	40	also	also	ADV
cblr-5117	959	41	that	that	SCONJ
cblr-5117	959	42	the	the	DET
cblr-5117	959	43	prospective	prospective	ADJ
cblr-5117	959	44	employee	employee	NOUN
cblr-5117	959	45	has	have	VERB
cblr-5117	959	46	no	no	DET
cblr-5117	959	47	right	right	NOUN
cblr-5117	959	48	to	to	PART
cblr-5117	959	49	require	require	VERB
cblr-5117	959	50	an	an	DET
cblr-5117	959	51	answer	answer	NOUN
cblr-5117	959	52	to	to	ADP
cblr-5117	959	53	this	this	DET
cblr-5117	959	54	question	question	NOUN
cblr-5117	959	55	,	,	PUNCT
cblr-5117	959	56	and	and	CCONJ
cblr-5117	959	57	instead	instead	ADV
cblr-5117	959	58	he	he	PRON
cblr-5117	959	59	or	or	CCONJ
cblr-5117	959	60	she	she	PRON
cblr-5117	959	61	is	be	AUX
cblr-5117	959	62	expected	expect	VERB
cblr-5117	959	63	to	to	PART
cblr-5117	959	64	take	take	VERB
cblr-5117	959	65	a	a	DET
cblr-5117	959	66	leap	leap	NOUN
cblr-5117	959	67	of	of	ADP
cblr-5117	959	68	faith	faith	NOUN
cblr-5117	959	69	and	and	CCONJ
cblr-5117	959	70	trust	trust	VERB
cblr-5117	959	71	the	the	DET
cblr-5117	959	72	employer	employer	NOUN
cblr-5117	959	73	that	that	PRON
cblr-5117	959	74	the	the	DET
cblr-5117	959	75	offer	offer	NOUN
cblr-5117	959	76	is	be	AUX
cblr-5117	959	77	likely	likely	ADJ
cblr-5117	959	78	in	in	ADP
cblr-5117	959	79	dollars	dollar	NOUN
cblr-5117	959	80	.	.	PUNCT
cblr-5117	960	1	this	this	PRON
cblr-5117	960	2	sounds	sound	VERB
cblr-5117	960	3	absurd	absurd	ADJ
cblr-5117	960	4	,	,	PUNCT
cblr-5117	960	5	but	but	CCONJ
cblr-5117	960	6	this	this	PRON
cblr-5117	960	7	is	be	AUX
cblr-5117	960	8	how	how	SCONJ
cblr-5117	960	9	the	the	DET
cblr-5117	960	10	equity	equity	NOUN
cblr-5117	960	11	compensation	compensation	NOUN
cblr-5117	960	12	market	market	NOUN
cblr-5117	960	13	currently	currently	ADV
cblr-5117	960	14	operates.237	operates.237	NUM
cblr-5117	960	15	the	the	DET
cblr-5117	960	16	typical	typical	ADJ
cblr-5117	960	17	234	234	NUM
cblr-5117	960	18	see	see	NOUN
cblr-5117	960	19	,	,	PUNCT
cblr-5117	960	20	e.g.	e.g.	ADV
cblr-5117	960	21	,	,	PUNCT
cblr-5117	960	22	vijay	vijay	NOUN
cblr-5117	960	23	govindarajan	govindarajan	NOUN
cblr-5117	960	24	,	,	PUNCT
cblr-5117	960	25	why	why	SCONJ
cblr-5117	960	26	financial	financial	ADJ
cblr-5117	960	27	statements	statement	NOUN
cblr-5117	960	28	do	do	AUX
cblr-5117	960	29	n’t	not	PART
cblr-5117	960	30	work	work	VERB
cblr-5117	960	31	for	for	ADP
cblr-5117	960	32	digital	digital	ADJ
cblr-5117	960	33	companies	company	NOUN
cblr-5117	960	34	,	,	PUNCT
cblr-5117	960	35	harv	harv	NOUN
cblr-5117	960	36	.	.	PUNCT
cblr-5117	961	1	bus	bus	NOUN
cblr-5117	961	2	.	.	PUNCT
cblr-5117	962	1	rev	rev	PROPN
cblr-5117	962	2	.	.	PROPN
cblr-5117	963	1	(	(	PUNCT
cblr-5117	963	2	feb	feb	PROPN
cblr-5117	963	3	.	.	PROPN
cblr-5117	963	4	26	26	NUM
cblr-5117	963	5	,	,	PUNCT
cblr-5117	963	6	2018	2018	NUM
cblr-5117	963	7	)	)	PUNCT
cblr-5117	963	8	,	,	PUNCT
cblr-5117	963	9	https://hbr.org/2018/02/why-financial-statements-dont-work-for-digitalcompanies	https://hbr.org/2018/02/why-financial-statements-dont-work-for-digitalcompanie	NOUN
cblr-5117	963	10	[	[	X
cblr-5117	963	11	https://perma.cc/2bkg-b7va	https://perma.cc/2bkg-b7va	ADJ
cblr-5117	963	12	]	]	X
cblr-5117	963	13	.	.	PUNCT
cblr-5117	964	1	235	235	NUM
cblr-5117	965	1	i	i	PRON
cblr-5117	965	2	d.	d.	PROPN
cblr-5117	965	3	236	236	NUM
cblr-5117	965	4	scott	scott	PROPN
cblr-5117	965	5	belsky	belsky	NOUN
cblr-5117	965	6	,	,	PUNCT
cblr-5117	965	7	a	a	DET
cblr-5117	965	8	founder	founder	NOUN
cblr-5117	965	9	-	-	PUNCT
cblr-5117	965	10	turned	turn	VERB
cblr-5117	965	11	-	-	PUNCT
cblr-5117	965	12	venture	venture	NOUN
cblr-5117	965	13	-	-	PUNCT
cblr-5117	965	14	capitalist	capitalist	NOUN
cblr-5117	965	15	reveals	reveal	VERB
cblr-5117	965	16	how	how	SCONJ
cblr-5117	965	17	to	to	PART
cblr-5117	965	18	not	not	PART
cblr-5117	965	19	get	get	AUX
cblr-5117	965	20	trampled	trample	VERB
cblr-5117	965	21	by	by	ADP
cblr-5117	965	22	a	a	DET
cblr-5117	965	23	unicorn	unicorn	ADJ
cblr-5117	965	24	startup	startup	NOUN
cblr-5117	965	25	if	if	SCONJ
cblr-5117	965	26	you	you	PRON
cblr-5117	965	27	’re	’re	VERB
cblr-5117	965	28	an	an	DET
cblr-5117	965	29	employee	employee	NOUN
cblr-5117	965	30	with	with	ADP
cblr-5117	965	31	stock	stock	NOUN
cblr-5117	965	32	options	option	NOUN
cblr-5117	965	33	,	,	PUNCT
cblr-5117	965	34	bus	bus	NOUN
cblr-5117	965	35	.	.	PUNCT
cblr-5117	966	1	insider	insider	NOUN
cblr-5117	966	2	(	(	PUNCT
cblr-5117	966	3	jan	jan	PROPN
cblr-5117	966	4	.	.	PROPN
cblr-5117	966	5	2	2	NUM
cblr-5117	966	6	,	,	PUNCT
cblr-5117	966	7	2017	2017	NUM
cblr-5117	966	8	)	)	PUNCT
cblr-5117	966	9	,	,	PUNCT
cblr-5117	966	10	https://www.businessinsider.com/what-employees-should-know-aboutstock-options-before-they-work-for-startups-2017-1	https://www.businessinsider.com/what-employees-should-know-aboutstock-options-before-they-work-for-startups-2017-1	VERB
cblr-5117	967	1	[	[	X
cblr-5117	967	2	https://perma.cc/my8p-s8pe	https://perma.cc/my8p-s8pe	NOUN
cblr-5117	967	3	]	]	PUNCT
cblr-5117	967	4	(	(	PUNCT
cblr-5117	967	5	“	"	PUNCT
cblr-5117	967	6	to	to	PART
cblr-5117	967	7	bring	bring	VERB
cblr-5117	967	8	this	this	DET
cblr-5117	967	9	home	home	NOUN
cblr-5117	967	10	,	,	PUNCT
cblr-5117	967	11	it	it	PRON
cblr-5117	967	12	’s	’	VERB
cblr-5117	967	13	like	like	ADP
cblr-5117	967	14	negotiating	negotiate	VERB
cblr-5117	967	15	your	your	PRON
cblr-5117	967	16	salary	salary	NOUN
cblr-5117	967	17	without	without	ADP
cblr-5117	967	18	specifying	specify	VERB
cblr-5117	967	19	the	the	DET
cblr-5117	967	20	currency	currency	NOUN
cblr-5117	967	21	you	you	PRON
cblr-5117	967	22	’re	’re	AUX
cblr-5117	967	23	being	be	AUX
cblr-5117	967	24	paid	pay	VERB
cblr-5117	967	25	in	in	ADP
cblr-5117	967	26	.	.	PUNCT
cblr-5117	967	27	”	"	PUNCT
cblr-5117	967	28	)	)	PUNCT
cblr-5117	967	29	.	.	PUNCT
cblr-5117	968	1	237	237	NUM
cblr-5117	968	2	see	see	VERB
cblr-5117	968	3	jeron	jeron	PROPN
cblr-5117	968	4	paul	paul	PROPN
cblr-5117	968	5	,	,	PUNCT
cblr-5117	968	6	supra	supra	PROPN
cblr-5117	968	7	note	note	PROPN
cblr-5117	968	8	187	187	NUM
cblr-5117	968	9	(	(	PUNCT
cblr-5117	968	10	“	"	PUNCT
cblr-5117	968	11	[	[	X
cblr-5117	968	12	m]ost	m]ost	NOUN
cblr-5117	968	13	companies	company	NOUN
cblr-5117	968	14	fall	fall	VERB
cblr-5117	968	15	under	under	ADP
cblr-5117	968	16	level	level	NOUN
cblr-5117	968	17	1	1	NUM
cblr-5117	968	18	.	.	PUNCT
cblr-5117	969	1	this	this	PRON
cblr-5117	969	2	means	mean	VERB
cblr-5117	969	3	that	that	SCONJ
cblr-5117	969	4	the	the	DET
cblr-5117	969	5	only	only	ADJ
cblr-5117	969	6	information	information	NOUN
cblr-5117	969	7	employees	employee	NOUN
cblr-5117	969	8	have	have	VERB
cblr-5117	969	9	is	be	AUX
cblr-5117	969	10	whatever	whatever	PRON
cblr-5117	969	11	is	be	AUX
cblr-5117	969	12	provided	provide	VERB
cblr-5117	969	13	in	in	ADP
cblr-5117	969	14	the	the	DET
cblr-5117	969	15	legal	legal	ADJ
cblr-5117	969	16	paperwork	paperwork	NOUN
cblr-5117	969	17	for	for	ADP
cblr-5117	969	18	the	the	DET
cblr-5117	969	19	option	option	NOUN
cblr-5117	969	20	grant	grant	NOUN
cblr-5117	969	21	.	.	PUNCT
cblr-5117	969	22	.	.	PUNCT
cblr-5117	969	23	.	.	PUNCT
cblr-5117	969	24	.	.	PUNCT
cblr-5117	970	1	while	while	SCONJ
cblr-5117	970	2	this	this	DET
cblr-5117	970	3	https://hbr.org/2018/02/why-financial-statements-dont-work-for-digital-companies	https://hbr.org/2018/02/why-financial-statements-dont-work-for-digital-companies	PROPN
cblr-5117	970	4	https://hbr.org/2018/02/why-financial-statements-dont-work-for-digital-companies	https://hbr.org/2018/02/why-financial-statements-dont-work-for-digital-companies	PRON
cblr-5117	970	5	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	970	6	(	(	PUNCT
cblr-5117	970	7	do	do	AUX
cblr-5117	970	8	not	not	PART
cblr-5117	970	9	delte	delte	VERB
cblr-5117	970	10	)	)	PUNCT
cblr-5117	970	11	1/8/2020	1/8/2020	NUM
cblr-5117	970	12	4:44	4:44	NUM
cblr-5117	970	13	pm	pm	NOUN
cblr-5117	970	14	938	938	NUM
cblr-5117	970	15	columbia	columbia	PROPN
cblr-5117	970	16	business	business	NOUN
cblr-5117	970	17	law	law	PROPN
cblr-5117	970	18	review	review	NOUN
cblr-5117	971	1	[	[	X
cblr-5117	971	2	vol	vol	NOUN
cblr-5117	971	3	.	.	NOUN
cblr-5117	971	4	2019	2019	NUM
cblr-5117	971	5	scenario	scenario	NOUN
cblr-5117	971	6	is	be	AUX
cblr-5117	971	7	that	that	SCONJ
cblr-5117	971	8	employers	employer	NOUN
cblr-5117	971	9	offer	offer	VERB
cblr-5117	971	10	a	a	DET
cblr-5117	971	11	number	number	NOUN
cblr-5117	971	12	of	of	ADP
cblr-5117	971	13	stock	stock	NOUN
cblr-5117	971	14	options	option	NOUN
cblr-5117	971	15	or	or	CCONJ
cblr-5117	971	16	restricted	restrict	VERB
cblr-5117	971	17	stock	stock	NOUN
cblr-5117	971	18	units	unit	NOUN
cblr-5117	971	19	(	(	PUNCT
cblr-5117	971	20	“	"	PUNCT
cblr-5117	971	21	rsus	rsus	NOUN
cblr-5117	971	22	”	"	PUNCT
cblr-5117	971	23	)	)	PUNCT
cblr-5117	971	24	as	as	ADP
cblr-5117	971	25	part	part	NOUN
cblr-5117	971	26	of	of	ADP
cblr-5117	971	27	an	an	DET
cblr-5117	971	28	offer	offer	NOUN
cblr-5117	971	29	letter	letter	NOUN
cblr-5117	971	30	,	,	PUNCT
cblr-5117	971	31	but	but	CCONJ
cblr-5117	971	32	the	the	DET
cblr-5117	971	33	employers	employer	NOUN
cblr-5117	971	34	do	do	AUX
cblr-5117	971	35	not	not	PART
cblr-5117	971	36	mention	mention	VERB
cblr-5117	971	37	the	the	DET
cblr-5117	971	38	total	total	ADJ
cblr-5117	971	39	number	number	NOUN
cblr-5117	971	40	of	of	ADP
cblr-5117	971	41	shares	share	NOUN
cblr-5117	971	42	outstanding.238	outstanding.238	NOUN
cblr-5117	971	43	without	without	ADP
cblr-5117	971	44	this	this	DET
cblr-5117	971	45	piece	piece	NOUN
cblr-5117	971	46	of	of	ADP
cblr-5117	971	47	information	information	NOUN
cblr-5117	971	48	,	,	PUNCT
cblr-5117	971	49	the	the	DET
cblr-5117	971	50	employee	employee	NOUN
cblr-5117	971	51	can	can	AUX
cblr-5117	971	52	not	not	PART
cblr-5117	971	53	know	know	VERB
cblr-5117	971	54	whether	whether	SCONJ
cblr-5117	971	55	the	the	DET
cblr-5117	971	56	grant	grant	NOUN
cblr-5117	971	57	represents	represent	VERB
cblr-5117	971	58	a	a	DET
cblr-5117	971	59	1	1	NUM
cblr-5117	971	60	%	%	NOUN
cblr-5117	971	61	ownership	ownership	NOUN
cblr-5117	971	62	stake	stake	NOUN
cblr-5117	971	63	in	in	ADP
cblr-5117	971	64	the	the	DET
cblr-5117	971	65	company	company	NOUN
cblr-5117	971	66	,	,	PUNCT
cblr-5117	971	67	0.1	0.1	NUM
cblr-5117	971	68	%	%	NOUN
cblr-5117	971	69	,	,	PUNCT
cblr-5117	971	70	or	or	CCONJ
cblr-5117	971	71	any	any	DET
cblr-5117	971	72	other	other	ADJ
cblr-5117	971	73	percentage.239	percentage.239	NOUN
cblr-5117	971	74	the	the	DET
cblr-5117	971	75	employee	employee	NOUN
cblr-5117	971	76	can	can	AUX
cblr-5117	971	77	ask	ask	VERB
cblr-5117	971	78	for	for	ADP
cblr-5117	971	79	this	this	DET
cblr-5117	971	80	information	information	NOUN
cblr-5117	971	81	,	,	PUNCT
cblr-5117	971	82	but	but	CCONJ
cblr-5117	971	83	the	the	DET
cblr-5117	971	84	employer	employer	NOUN
cblr-5117	971	85	is	be	AUX
cblr-5117	971	86	not	not	PART
cblr-5117	971	87	required	require	VERB
cblr-5117	971	88	to	to	PART
cblr-5117	971	89	provide	provide	VERB
cblr-5117	971	90	it	it	PRON
cblr-5117	971	91	.	.	PUNCT
cblr-5117	972	1	moreover	moreover	ADV
cblr-5117	972	2	,	,	PUNCT
cblr-5117	972	3	despite	despite	SCONJ
cblr-5117	972	4	the	the	DET
cblr-5117	972	5	dramatic	dramatic	ADJ
cblr-5117	972	6	influence	influence	NOUN
cblr-5117	972	7	of	of	ADP
cblr-5117	972	8	preferred	preferred	ADJ
cblr-5117	972	9	shareholders	shareholder	NOUN
cblr-5117	972	10	’	'	PUNCT
cblr-5117	972	11	contractual	contractual	ADJ
cblr-5117	972	12	terms	term	NOUN
cblr-5117	972	13	on	on	ADP
cblr-5117	972	14	the	the	DET
cblr-5117	972	15	value	value	NOUN
cblr-5117	972	16	of	of	ADP
cblr-5117	972	17	the	the	DET
cblr-5117	972	18	common	common	ADJ
cblr-5117	972	19	stock	stock	NOUN
cblr-5117	972	20	and	and	CCONJ
cblr-5117	972	21	employees	employee	NOUN
cblr-5117	972	22	’	'	PUNCT
cblr-5117	972	23	compensation,240	compensation,240	PROPN
cblr-5117	972	24	rule	rule	NOUN
cblr-5117	972	25	701	701	NUM
cblr-5117	972	26	does	do	AUX
cblr-5117	972	27	not	not	PART
cblr-5117	972	28	mandate	mandate	VERB
cblr-5117	972	29	their	their	PRON
cblr-5117	972	30	disclosure	disclosure	NOUN
cblr-5117	972	31	.	.	PUNCT
cblr-5117	973	1	most	most	ADJ
cblr-5117	973	2	start	start	VERB
cblr-5117	973	3	-	-	PUNCT
cblr-5117	973	4	up	up	ADP
cblr-5117	973	5	employees	employee	NOUN
cblr-5117	973	6	do	do	AUX
cblr-5117	973	7	not	not	PART
cblr-5117	973	8	receive	receive	VERB
cblr-5117	973	9	any	any	DET
cblr-5117	973	10	disclosure	disclosure	NOUN
cblr-5117	973	11	other	other	ADJ
cblr-5117	973	12	than	than	ADP
cblr-5117	973	13	a	a	DET
cblr-5117	973	14	copy	copy	NOUN
cblr-5117	973	15	of	of	ADP
cblr-5117	973	16	the	the	DET
cblr-5117	973	17	compensation	compensation	NOUN
cblr-5117	973	18	plan.241	plan.241	PROPN
cblr-5117	973	19	and	and	CCONJ
cblr-5117	973	20	even	even	ADV
cblr-5117	973	21	the	the	DET
cblr-5117	973	22	employees	employee	NOUN
cblr-5117	973	23	who	who	PRON
cblr-5117	973	24	receive	receive	VERB
cblr-5117	973	25	enhanced	enhanced	ADJ
cblr-5117	973	26	disclosure	disclosure	NOUN
cblr-5117	973	27	will	will	AUX
cblr-5117	973	28	not	not	PART
cblr-5117	973	29	find	find	VERB
cblr-5117	973	30	an	an	DET
cblr-5117	973	31	updated	update	VERB
cblr-5117	973	32	valuation	valuation	NOUN
cblr-5117	973	33	and	and	CCONJ
cblr-5117	973	34	a	a	DET
cblr-5117	973	35	list	list	NOUN
cblr-5117	973	36	of	of	ADP
cblr-5117	973	37	all	all	DET
cblr-5117	973	38	downside	downside	ADJ
cblr-5117	973	39	protections	protection	NOUN
cblr-5117	973	40	and	and	CCONJ
cblr-5117	973	41	other	other	ADJ
cblr-5117	973	42	rights	right	NOUN
cblr-5117	973	43	assigned	assign	VERB
cblr-5117	973	44	to	to	ADP
cblr-5117	973	45	the	the	DET
cblr-5117	973	46	preferred	preferred	ADJ
cblr-5117	973	47	shares	share	NOUN
cblr-5117	973	48	among	among	ADP
cblr-5117	973	49	the	the	DET
cblr-5117	973	50	disclosure	disclosure	NOUN
cblr-5117	973	51	items.242	items.242	PROPN
cblr-5117	973	52	information	information	NOUN
cblr-5117	973	53	is	be	AUX
cblr-5117	973	54	clearly	clearly	ADV
cblr-5117	973	55	useful	useful	ADJ
cblr-5117	973	56	and	and	CCONJ
cblr-5117	973	57	important	important	ADJ
cblr-5117	973	58	,	,	PUNCT
cblr-5117	973	59	it	it	PRON
cblr-5117	973	60	gives	give	VERB
cblr-5117	973	61	the	the	DET
cblr-5117	973	62	employee	employee	NOUN
cblr-5117	973	63	virtually	virtually	ADV
cblr-5117	973	64	no	no	DET
cblr-5117	973	65	information	information	NOUN
cblr-5117	973	66	to	to	PART
cblr-5117	973	67	assess	assess	VERB
cblr-5117	973	68	the	the	DET
cblr-5117	973	69	value	value	NOUN
cblr-5117	973	70	of	of	ADP
cblr-5117	973	71	the	the	DET
cblr-5117	973	72	grant	grant	NOUN
cblr-5117	973	73	.	.	PUNCT
cblr-5117	973	74	”	"	PUNCT
cblr-5117	973	75	)	)	PUNCT
cblr-5117	973	76	.	.	PUNCT
cblr-5117	974	1	238	238	NUM
cblr-5117	974	2	see	see	VERB
cblr-5117	974	3	i	i	PROPN
cblr-5117	974	4	d.	d.	PROPN
cblr-5117	974	5	;	;	PUNCT
cblr-5117	974	6	see	see	VERB
cblr-5117	974	7	also	also	ADV
cblr-5117	974	8	atish	atish	VERB
cblr-5117	974	9	davda	davda	NOUN
cblr-5117	974	10	,	,	PUNCT
cblr-5117	974	11	5	5	NUM
cblr-5117	974	12	questions	question	NOUN
cblr-5117	974	13	you	you	PRON
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cblr-5117	974	15	ask	ask	VERB
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cblr-5117	974	18	a	a	DET
cblr-5117	974	19	startup	startup	ADJ
cblr-5117	974	20	job	job	NOUN
cblr-5117	974	21	offer	offer	NOUN
cblr-5117	974	22	,	,	PUNCT
cblr-5117	974	23	inc	inc	PROPN
cblr-5117	974	24	.	.	PROPN
cblr-5117	974	25	(	(	PUNCT
cblr-5117	974	26	oct	oct	PROPN
cblr-5117	974	27	.	.	PROPN
cblr-5117	974	28	23	23	NUM
cblr-5117	974	29	,	,	PUNCT
cblr-5117	974	30	2014	2014	NUM
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cblr-5117	974	32	,	,	PUNCT
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cblr-5117	975	1	[	[	X
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cblr-5117	975	4	.	.	PUNCT
cblr-5117	976	1	239	239	NUM
cblr-5117	976	2	see	see	VERB
cblr-5117	976	3	jeron	jeron	PROPN
cblr-5117	976	4	paul	paul	PROPN
cblr-5117	976	5	,	,	PUNCT
cblr-5117	976	6	supra	supra	PROPN
cblr-5117	976	7	note	note	PROPN
cblr-5117	976	8	187	187	NUM
cblr-5117	976	9	.	.	PUNCT
cblr-5117	977	1	see	see	VERB
cblr-5117	977	2	also	also	ADV
cblr-5117	977	3	,	,	PUNCT
cblr-5117	977	4	e.g.	e.g.	ADV
cblr-5117	977	5	,	,	PUNCT
cblr-5117	977	6	rolfe	rolfe	PROPN
cblr-5117	977	7	winkler	winkler	PROPN
cblr-5117	977	8	,	,	PUNCT
cblr-5117	977	9	legal	legal	ADJ
cblr-5117	977	10	fight	fight	NOUN
cblr-5117	977	11	escalates	escalate	VERB
cblr-5117	977	12	over	over	ADP
cblr-5117	977	13	tech	tech	NOUN
cblr-5117	977	14	startup	startup	NOUN
cblr-5117	977	15	’s	’s	PART
cblr-5117	977	16	financials	financial	NOUN
cblr-5117	977	17	,	,	PUNCT
cblr-5117	977	18	wall	wall	PROPN
cblr-5117	977	19	st	st	PROPN
cblr-5117	977	20	.	.	PROPN
cblr-5117	977	21	j.	j.	PROPN
cblr-5117	977	22	(	(	PUNCT
cblr-5117	977	23	aug	aug	PROPN
cblr-5117	977	24	.	.	PROPN
cblr-5117	977	25	18	18	NUM
cblr-5117	977	26	,	,	PUNCT
cblr-5117	977	27	2016	2016	NUM
cblr-5117	977	28	)	)	PUNCT
cblr-5117	977	29	,	,	PUNCT
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cblr-5117	978	1	[	[	X
cblr-5117	978	2	https://perma.cc/ks3c-aa7e	https://perma.cc/ks3c-aa7e	X
cblr-5117	978	3	]	]	X
cblr-5117	978	4	(	(	PUNCT
cblr-5117	978	5	describing	describe	VERB
cblr-5117	978	6	a	a	DET
cblr-5117	978	7	claim	claim	NOUN
cblr-5117	978	8	brought	bring	VERB
cblr-5117	978	9	by	by	ADP
cblr-5117	978	10	a	a	DET
cblr-5117	978	11	start	start	VERB
cblr-5117	978	12	-	-	PUNCT
cblr-5117	978	13	up	up	ADP
cblr-5117	978	14	employee	employee	NOUN
cblr-5117	978	15	arguing	argue	VERB
cblr-5117	978	16	that	that	SCONJ
cblr-5117	978	17	the	the	DET
cblr-5117	978	18	founder	founder	NOUN
cblr-5117	978	19	has	have	AUX
cblr-5117	978	20	“	"	PUNCT
cblr-5117	978	21	promised	promise	VERB
cblr-5117	978	22	him	he	PRON
cblr-5117	978	23	a	a	DET
cblr-5117	978	24	specific	specific	ADJ
cblr-5117	978	25	ownership	ownership	NOUN
cblr-5117	978	26	percentage	percentage	NOUN
cblr-5117	978	27	in	in	ADP
cblr-5117	978	28	the	the	DET
cblr-5117	978	29	company	company	NOUN
cblr-5117	978	30	,	,	PUNCT
cblr-5117	978	31	but	but	CCONJ
cblr-5117	978	32	after	after	ADP
cblr-5117	978	33	receiving	receive	VERB
cblr-5117	978	34	his	his	PRON
cblr-5117	978	35	shares	share	NOUN
cblr-5117	978	36	,	,	PUNCT
cblr-5117	978	37	the	the	DET
cblr-5117	978	38	company	company	NOUN
cblr-5117	978	39	declined	decline	VERB
cblr-5117	978	40	to	to	PART
cblr-5117	978	41	tell	tell	VERB
cblr-5117	978	42	him	he	PRON
cblr-5117	978	43	what	what	PRON
cblr-5117	978	44	percentage	percentage	NOUN
cblr-5117	978	45	the	the	DET
cblr-5117	978	46	shares	share	NOUN
cblr-5117	978	47	represented	represent	VERB
cblr-5117	978	48	”	"	PUNCT
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cblr-5117	978	50	.	.	PUNCT
cblr-5117	979	1	240	240	NUM
cblr-5117	979	2	see	see	VERB
cblr-5117	979	3	supra	supra	PROPN
cblr-5117	979	4	section	section	PROPN
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cblr-5117	979	6	.	.	PUNCT
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cblr-5117	980	2	see	see	VERB
cblr-5117	980	3	jeron	jeron	PROPN
cblr-5117	980	4	paul	paul	PROPN
cblr-5117	980	5	,	,	PUNCT
cblr-5117	980	6	supra	supra	PROPN
cblr-5117	980	7	note	note	PROPN
cblr-5117	980	8	187	187	NUM
cblr-5117	980	9	.	.	PUNCT
cblr-5117	981	1	companies	company	NOUN
cblr-5117	981	2	that	that	PRON
cblr-5117	981	3	issue	issue	VERB
cblr-5117	981	4	up	up	ADP
cblr-5117	981	5	to	to	PART
cblr-5117	981	6	$	$	SYM
cblr-5117	981	7	10	10	NUM
cblr-5117	981	8	worth	worth	NOUN
cblr-5117	981	9	of	of	ADP
cblr-5117	981	10	equity	equity	NOUN
cblr-5117	981	11	incentives	incentive	NOUN
cblr-5117	981	12	pursuant	pursuant	ADJ
cblr-5117	981	13	to	to	PART
cblr-5117	981	14	rule	rule	VERB
cblr-5117	981	15	701	701	NUM
cblr-5117	981	16	exemption	exemption	NOUN
cblr-5117	981	17	in	in	ADP
cblr-5117	981	18	a	a	DET
cblr-5117	981	19	twelve	twelve	NUM
cblr-5117	981	20	month	month	NOUN
cblr-5117	981	21	period	period	NOUN
cblr-5117	981	22	must	must	AUX
cblr-5117	981	23	deliver	deliver	VERB
cblr-5117	981	24	to	to	ADP
cblr-5117	981	25	the	the	DET
cblr-5117	981	26	recipients	recipient	NOUN
cblr-5117	981	27	only	only	ADV
cblr-5117	981	28	a	a	DET
cblr-5117	981	29	copy	copy	NOUN
cblr-5117	981	30	of	of	ADP
cblr-5117	981	31	the	the	DET
cblr-5117	981	32	compensatory	compensatory	ADJ
cblr-5117	981	33	benefit	benefit	NOUN
cblr-5117	981	34	plan	plan	NOUN
cblr-5117	981	35	or	or	CCONJ
cblr-5117	981	36	the	the	DET
cblr-5117	981	37	contract	contract	NOUN
cblr-5117	981	38	.	.	PUNCT
cblr-5117	982	1	see	see	VERB
cblr-5117	982	2	asset	asset	NOUN
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cblr-5117	983	2	229.1113(e	229.1113(e	PROPN
cblr-5117	983	3	)	)	PUNCT
cblr-5117	983	4	(	(	PUNCT
cblr-5117	983	5	2019	2019	NUM
cblr-5117	983	6	)	)	PUNCT
cblr-5117	983	7	.	.	PUNCT
cblr-5117	984	1	242	242	NUM
cblr-5117	985	1	i	i	PRON
cblr-5117	985	2	d.	d.	PROPN
cblr-5117	985	3	companies	company	NOUN
cblr-5117	985	4	that	that	PRON
cblr-5117	985	5	cross	cross	VERB
cblr-5117	985	6	the	the	DET
cblr-5117	985	7	$	$	SYM
cblr-5117	985	8	10	10	NUM
cblr-5117	985	9	million	million	NUM
cblr-5117	985	10	threshold	threshold	NOUN
cblr-5117	985	11	are	be	AUX
cblr-5117	985	12	required	require	VERB
cblr-5117	985	13	to	to	PART
cblr-5117	985	14	deliver	deliver	VERB
cblr-5117	985	15	financial	financial	ADJ
cblr-5117	985	16	statements	statement	NOUN
cblr-5117	985	17	furnished	furnish	VERB
cblr-5117	985	18	by	by	ADP
cblr-5117	985	19	part	part	NOUN
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cblr-5117	985	25	1	1	NUM
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cblr-5117	985	27	a	a	DET
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cblr-5117	985	32	sheet	sheet	NOUN
cblr-5117	985	33	,	,	PUNCT
cblr-5117	985	34	consolidated	consolidated	ADJ
cblr-5117	985	35	statements	statement	NOUN
cblr-5117	985	36	of	of	ADP
cblr-5117	985	37	income	income	NOUN
cblr-5117	985	38	(	(	PUNCT
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cblr-5117	985	40	)	)	PUNCT
cblr-5117	985	41	,	,	PUNCT
cblr-5117	985	42	consolidated	consolidate	VERB
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cblr-5117	985	44	https://www.inc.com/atish-davda/5-questions-you-should-ask-before-taking-a-start-up-job-offer.html	https://www.inc.com/atish-davda/5-questions-you-should-ask-before-taking-a-start-up-job-offer.html	ADJ
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cblr-5117	985	54	4:44	4:44	NUM
cblr-5117	985	55	pm	pm	NOUN
cblr-5117	985	56	no	no	INTJ
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cblr-5117	986	1	3:867	3:867	NUM
cblr-5117	986	2	]	]	PUNCT
cblr-5117	986	3	making	make	VERB
cblr-5117	986	4	disclosure	disclosure	NOUN
cblr-5117	986	5	work	work	NOUN
cblr-5117	986	6	939	939	NUM
cblr-5117	986	7	to	to	PART
cblr-5117	986	8	understand	understand	VERB
cblr-5117	986	9	the	the	DET
cblr-5117	986	10	financial	financial	ADJ
cblr-5117	986	11	effect	effect	NOUN
cblr-5117	986	12	of	of	ADP
cblr-5117	986	13	liquidation	liquidation	NOUN
cblr-5117	986	14	preferences	preference	NOUN
cblr-5117	986	15	,	,	PUNCT
cblr-5117	986	16	participation	participation	NOUN
cblr-5117	986	17	,	,	PUNCT
cblr-5117	986	18	veto	veto	NOUN
cblr-5117	986	19	,	,	PUNCT
cblr-5117	986	20	and	and	CCONJ
cblr-5117	986	21	anti	anti	ADJ
cblr-5117	986	22	-	-	ADJ
cblr-5117	986	23	dilution	dilution	ADJ
cblr-5117	986	24	rights	right	NOUN
cblr-5117	986	25	on	on	ADP
cblr-5117	986	26	the	the	DET
cblr-5117	986	27	value	value	NOUN
cblr-5117	986	28	of	of	ADP
cblr-5117	986	29	their	their	PRON
cblr-5117	986	30	compensation	compensation	NOUN
cblr-5117	986	31	,	,	PUNCT
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cblr-5117	986	33	need	need	VERB
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cblr-5117	986	44	on	on	ADP
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cblr-5117	986	46	making	make	VERB
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cblr-5117	986	49	—	—	PUNCT
cblr-5117	986	50	a	a	DET
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cblr-5117	986	52	analysis	analysis	NOUN
cblr-5117	986	53	showing	show	VERB
cblr-5117	986	54	the	the	DET
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cblr-5117	986	56	of	of	ADP
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cblr-5117	986	58	in	in	ADP
cblr-5117	986	59	a	a	DET
cblr-5117	986	60	range	range	NOUN
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cblr-5117	988	15	make	make	VERB
cblr-5117	988	16	sure	sure	ADJ
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cblr-5117	988	24	financial	financial	ADJ
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cblr-5117	988	26	is	be	AUX
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cblr-5117	988	35	are	be	AUX
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cblr-5117	989	10	private	private	ADJ
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cblr-5117	989	12	need	need	VERB
cblr-5117	989	13	to	to	PART
cblr-5117	989	14	update	update	VERB
cblr-5117	989	15	rule	rule	NOUN
cblr-5117	989	16	701	701	NUM
cblr-5117	989	17	financial	financial	ADJ
cblr-5117	989	18	statement	statement	NOUN
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cblr-5117	989	20	,	,	PUNCT
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cblr-5117	989	22	&	&	CCONJ
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cblr-5117	989	28	,	,	PUNCT
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cblr-5117	990	1	[	[	X
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cblr-5117	990	9	and	and	CCONJ
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cblr-5117	990	11	,	,	PUNCT
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cblr-5117	990	13	act	act	NOUN
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cblr-5117	990	21	.	.	PUNCT
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cblr-5117	992	2	,	,	PUNCT
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cblr-5117	992	9	,	,	PUNCT
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cblr-5117	992	11	)	)	PUNCT
cblr-5117	992	12	.	.	PUNCT
cblr-5117	993	1	the	the	DET
cblr-5117	993	2	information	information	NOUN
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cblr-5117	993	4	in	in	ADP
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cblr-5117	993	21	,	,	PUNCT
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cblr-5117	993	24	in	in	ADP
cblr-5117	993	25	a	a	DET
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cblr-5117	993	28	to	to	PART
cblr-5117	993	29	enable	enable	VERB
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cblr-5117	993	32	of	of	ADP
cblr-5117	993	33	the	the	DET
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cblr-5117	993	36	,	,	PUNCT
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cblr-5117	993	39	,	,	PUNCT
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cblr-5117	993	44	,	,	PUNCT
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cblr-5117	993	47	,	,	PUNCT
cblr-5117	993	48	to	to	PART
cblr-5117	993	49	understand	understand	VERB
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cblr-5117	994	7	,	,	PUNCT
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cblr-5117	994	9	note	note	PROPN
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cblr-5117	994	11	(	(	PUNCT
cblr-5117	994	12	“	"	PUNCT
cblr-5117	994	13	helping	help	VERB
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cblr-5117	994	26	helping	help	VERB
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cblr-5117	994	29	understand	understand	VERB
cblr-5117	994	30	the	the	DET
cblr-5117	994	31	company	company	NOUN
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cblr-5117	994	33	waterfall	waterfall	NOUN
cblr-5117	994	34	.	.	PUNCT
cblr-5117	994	35	”	"	PUNCT
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cblr-5117	995	1	kyle	kyle	PROPN
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cblr-5117	995	3	,	,	PUNCT
cblr-5117	995	4	4	4	NUM
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cblr-5117	995	6	tools	tool	NOUN
cblr-5117	995	7	to	to	PART
cblr-5117	995	8	make	make	VERB
cblr-5117	995	9	managing	manage	VERB
cblr-5117	995	10	your	your	PRON
cblr-5117	995	11	capital	capital	NOUN
cblr-5117	995	12	raise	raise	VERB
cblr-5117	995	13	easier	easy	ADJ
cblr-5117	995	14	,	,	PUNCT
cblr-5117	995	15	wealthforge	wealthforge	NOUN
cblr-5117	995	16	(	(	PUNCT
cblr-5117	995	17	mar	mar	PROPN
cblr-5117	995	18	.	.	PROPN
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cblr-5117	995	20	,	,	PUNCT
cblr-5117	995	21	2018	2018	NUM
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cblr-5117	995	23	,	,	PUNCT
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cblr-5117	996	1	[	[	X
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cblr-5117	996	4	(	(	PUNCT
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cblr-5117	996	19	[	[	X
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cblr-5117	996	37	of	of	ADP
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cblr-5117	996	41	holders	holder	NOUN
cblr-5117	996	42	at	at	ADP
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cblr-5117	996	45	values	value	NOUN
cblr-5117	996	46	”	"	PUNCT
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cblr-5117	996	48	;	;	PUNCT
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cblr-5117	996	57	a	a	DET
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cblr-5117	996	64	away	away	ADV
cblr-5117	996	65	with	with	ADP
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cblr-5117	996	67	,	,	PUNCT
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cblr-5117	996	69	capital	capital	NOUN
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cblr-5117	997	4	(	(	PUNCT
cblr-5117	997	5	“	"	PUNCT
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cblr-5117	998	34	are	be	AUX
cblr-5117	998	35	based	base	VERB
cblr-5117	998	36	on	on	ADP
cblr-5117	998	37	complicated	complicated	ADJ
cblr-5117	998	38	cash	cash	NOUN
cblr-5117	998	39	flow	flow	NOUN
cblr-5117	998	40	distribution	distribution	NOUN
cblr-5117	998	41	arrangements	arrangement	NOUN
cblr-5117	998	42	,	,	PUNCT
cblr-5117	998	43	the	the	DET
cblr-5117	998	44	sec	sec	PROPN
cblr-5117	998	45	does	do	AUX
cblr-5117	998	46	require	require	VERB
cblr-5117	998	47	the	the	DET
cblr-5117	998	48	disclosure	disclosure	NOUN
cblr-5117	998	49	of	of	ADP
cblr-5117	998	50	a	a	DET
cblr-5117	998	51	waterfall	waterfall	NOUN
cblr-5117	998	52	analysis	analysis	NOUN
cblr-5117	998	53	.	.	PUNCT
cblr-5117	999	1	for	for	ADP
cblr-5117	999	2	example	example	NOUN
cblr-5117	999	3	,	,	PUNCT
cblr-5117	999	4	with	with	ADP
cblr-5117	999	5	regard	regard	NOUN
cblr-5117	999	6	to	to	ADP
cblr-5117	999	7	a	a	DET
cblr-5117	999	8	public	public	ADJ
cblr-5117	999	9	offering	offering	NOUN
cblr-5117	999	10	of	of	ADP
cblr-5117	999	11	asset	asset	NOUN
cblr-5117	999	12	-	-	PUNCT
cblr-5117	999	13	backed	back	VERB
cblr-5117	999	14	securities	security	NOUN
cblr-5117	999	15	,	,	PUNCT
cblr-5117	999	16	regulation	regulation	NOUN
cblr-5117	999	17	ab	ab	PROPN
cblr-5117	999	18	requires	require	VERB
cblr-5117	999	19	that	that	SCONJ
cblr-5117	999	20	the	the	DET
cblr-5117	999	21	registration	registration	NOUN
cblr-5117	999	22	statement	statement	NOUN
cblr-5117	999	23	address	address	VERB
cblr-5117	999	24	specific	specific	ADJ
cblr-5117	999	25	factors	factor	NOUN
cblr-5117	999	26	relating	relate	VERB
cblr-5117	999	27	to	to	ADP
cblr-5117	999	28	the	the	DET
cblr-5117	999	29	asset	asset	NOUN
cblr-5117	999	30	class	class	NOUN
cblr-5117	999	31	,	,	PUNCT
cblr-5117	999	32	including	include	VERB
cblr-5117	999	33	“	"	PUNCT
cblr-5117	999	34	an	an	DET
cblr-5117	999	35	appropriate	appropriate	ADJ
cblr-5117	999	36	narrative	narrative	NOUN
cblr-5117	999	37	discussion	discussion	NOUN
cblr-5117	999	38	of	of	ADP
cblr-5117	999	39	the	the	DET
cblr-5117	999	40	allocation	allocation	NOUN
cblr-5117	999	41	and	and	CCONJ
cblr-5117	999	42	priority	priority	NOUN
cblr-5117	999	43	structure	structure	NOUN
cblr-5117	999	44	of	of	ADP
cblr-5117	999	45	pool	pool	NOUN
cblr-5117	999	46	cash	cash	NOUN
cblr-5117	999	47	flows	flow	NOUN
cblr-5117	999	48	.	.	PUNCT
cblr-5117	999	49	”244	”244	PUNCT
cblr-5117	1000	1	this	this	DET
cblr-5117	1000	2	description	description	NOUN
cblr-5117	1000	3	needs	need	VERB
cblr-5117	1000	4	to	to	PART
cblr-5117	1000	5	include	include	VERB
cblr-5117	1000	6	,	,	PUNCT
cblr-5117	1000	7	inter	inter	ADJ
cblr-5117	1000	8	alia	alia	NOUN
cblr-5117	1000	9	,	,	PUNCT
cblr-5117	1000	10	“	"	PUNCT
cblr-5117	1000	11	the	the	DET
cblr-5117	1000	12	payment	payment	NOUN
cblr-5117	1000	13	allocations	allocation	NOUN
cblr-5117	1000	14	,	,	PUNCT
cblr-5117	1000	15	rights	right	NOUN
cblr-5117	1000	16	,	,	PUNCT
cblr-5117	1000	17	and	and	CCONJ
cblr-5117	1000	18	distribution	distribution	NOUN
cblr-5117	1000	19	priorities	priority	NOUN
cblr-5117	1000	20	among	among	ADP
cblr-5117	1000	21	all	all	DET
cblr-5117	1000	22	classes	class	NOUN
cblr-5117	1000	23	of	of	ADP
cblr-5117	1000	24	the	the	DET
cblr-5117	1000	25	issuing	issue	VERB
cblr-5117	1000	26	entity	entity	NOUN
cblr-5117	1000	27	’s	’s	PART
cblr-5117	1000	28	securities	security	NOUN
cblr-5117	1000	29	.	.	PUNCT
cblr-5117	1001	1	”245	”245	PUNCT
cblr-5117	1001	2	in	in	ADP
cblr-5117	1001	3	addition	addition	NOUN
cblr-5117	1001	4	,	,	PUNCT
cblr-5117	1001	5	the	the	DET
cblr-5117	1001	6	issuer	issuer	NOUN
cblr-5117	1001	7	is	be	AUX
cblr-5117	1001	8	required	require	VERB
cblr-5117	1001	9	to	to	PART
cblr-5117	1001	10	“	"	PUNCT
cblr-5117	1001	11	present	present	VERB
cblr-5117	1001	12	the	the	DET
cblr-5117	1001	13	flow	flow	NOUN
cblr-5117	1001	14	of	of	ADP
cblr-5117	1001	15	funds	fund	NOUN
cblr-5117	1001	16	graphically	graphically	ADV
cblr-5117	1001	17	if	if	SCONJ
cblr-5117	1001	18	doing	do	VERB
cblr-5117	1001	19	so	so	ADV
cblr-5117	1001	20	will	will	AUX
cblr-5117	1001	21	aid	aid	VERB
cblr-5117	1001	22	understanding	understanding	NOUN
cblr-5117	1001	23	.	.	PUNCT
cblr-5117	1002	1	”246	”246	PUNCT
cblr-5117	1003	1	the	the	DET
cblr-5117	1003	2	vast	vast	ADJ
cblr-5117	1003	3	majority	majority	NOUN
cblr-5117	1003	4	of	of	ADP
cblr-5117	1003	5	companies	company	NOUN
cblr-5117	1003	6	are	be	AUX
cblr-5117	1003	7	reluctant	reluctant	ADJ
cblr-5117	1003	8	to	to	PART
cblr-5117	1003	9	disclose	disclose	VERB
cblr-5117	1003	10	valuation	valuation	NOUN
cblr-5117	1003	11	information	information	NOUN
cblr-5117	1003	12	and	and	CCONJ
cblr-5117	1003	13	exit	exit	NOUN
cblr-5117	1003	14	waterfalls.247	waterfalls.247	NOUN
cblr-5117	1003	15	however	however	ADV
cblr-5117	1003	16	,	,	PUNCT
cblr-5117	1003	17	the	the	DET
cblr-5117	1003	18	secrecy	secrecy	NOUN
cblr-5117	1003	19	around	around	ADP
cblr-5117	1003	20	the	the	DET
cblr-5117	1003	21	capitalization	capitalization	NOUN
cblr-5117	1003	22	table	table	NOUN
cblr-5117	1003	23	and	and	CCONJ
cblr-5117	1003	24	contractual	contractual	ADJ
cblr-5117	1003	25	terms	term	NOUN
cblr-5117	1003	26	of	of	ADP
cblr-5117	1003	27	preferred	preferred	ADJ
cblr-5117	1003	28	investors	investor	NOUN
cblr-5117	1003	29	is	be	AUX
cblr-5117	1003	30	dubious	dubious	ADJ
cblr-5117	1003	31	given	give	VERB
cblr-5117	1003	32	that	that	SCONJ
cblr-5117	1003	33	this	this	DET
cblr-5117	1003	34	information	information	NOUN
cblr-5117	1003	35	is	be	AUX
cblr-5117	1003	36	included	include	VERB
cblr-5117	1003	37	in	in	ADP
cblr-5117	1003	38	the	the	DET
cblr-5117	1003	39	certificate	certificate	NOUN
cblr-5117	1003	40	of	of	ADP
cblr-5117	1003	41	incorporation	incorporation	NOUN
cblr-5117	1003	42	each	each	DET
cblr-5117	1003	43	company	company	NOUN
cblr-5117	1003	44	is	be	AUX
cblr-5117	1003	45	required	require	VERB
cblr-5117	1003	46	to	to	PART
cblr-5117	1003	47	file	file	VERB
cblr-5117	1003	48	in	in	ADP
cblr-5117	1003	49	its	its	PRON
cblr-5117	1003	50	state	state	NOUN
cblr-5117	1003	51	of	of	ADP
cblr-5117	1003	52	incorporation	incorporation	NOUN
cblr-5117	1003	53	(	(	PUNCT
cblr-5117	1003	54	because	because	SCONJ
cblr-5117	1003	55	the	the	DET
cblr-5117	1003	56	vast	vast	ADJ
cblr-5117	1003	57	majority	majority	NOUN
cblr-5117	1003	58	of	of	ADP
cblr-5117	1003	59	venture	venture	NOUN
cblr-5117	1003	60	capital	capital	NOUN
cblr-5117	1003	61	-	-	PUNCT
cblr-5117	1003	62	backed	back	VERB
cblr-5117	1003	63	companies	company	NOUN
cblr-5117	1003	64	are	be	AUX
cblr-5117	1003	65	incorporated	incorporate	VERB
cblr-5117	1003	66	in	in	ADP
cblr-5117	1003	67	delaware	delaware	PROPN
cblr-5117	1003	68	,	,	PUNCT
cblr-5117	1003	69	these	these	DET
cblr-5117	1003	70	documents	document	NOUN
cblr-5117	1003	71	are	be	AUX
cblr-5117	1003	72	publicly	publicly	ADV
cblr-5117	1003	73	available	available	ADJ
cblr-5117	1003	74	via	via	ADP
cblr-5117	1003	75	the	the	DET
cblr-5117	1003	76	delaware	delaware	PROPN
cblr-5117	1003	77	division	division	NOUN
cblr-5117	1003	78	of	of	ADP
cblr-5117	1003	79	corporations).248	corporations).248	PROPN
cblr-5117	1003	80	in	in	ADP
cblr-5117	1003	81	(	(	PUNCT
cblr-5117	1003	82	providing	provide	VERB
cblr-5117	1003	83	waterfall	waterfall	NOUN
cblr-5117	1003	84	analysis	analysis	NOUN
cblr-5117	1003	85	spreadsheet	spreadsheet	NOUN
cblr-5117	1003	86	for	for	ADP
cblr-5117	1003	87	the	the	DET
cblr-5117	1003	88	benefit	benefit	NOUN
cblr-5117	1003	89	of	of	ADP
cblr-5117	1003	90	“	"	PUNCT
cblr-5117	1003	91	both	both	PRON
cblr-5117	1003	92	employees	employee	NOUN
cblr-5117	1003	93	and	and	CCONJ
cblr-5117	1003	94	founders	founder	NOUN
cblr-5117	1003	95	to	to	PART
cblr-5117	1003	96	better	well	ADV
cblr-5117	1003	97	understand	understand	VERB
cblr-5117	1003	98	how	how	SCONJ
cblr-5117	1003	99	they	they	PRON
cblr-5117	1003	100	can	can	AUX
cblr-5117	1003	101	be	be	AUX
cblr-5117	1003	102	affected	affect	VERB
cblr-5117	1003	103	by	by	ADP
cblr-5117	1003	104	things	thing	NOUN
cblr-5117	1003	105	such	such	ADJ
cblr-5117	1003	106	as	as	ADP
cblr-5117	1003	107	stacked	stack	VERB
cblr-5117	1003	108	liquidation	liquidation	NOUN
cblr-5117	1003	109	preferences	preference	NOUN
cblr-5117	1003	110	over	over	ADP
cblr-5117	1003	111	the	the	DET
cblr-5117	1003	112	course	course	NOUN
cblr-5117	1003	113	of	of	ADP
cblr-5117	1003	114	their	their	PRON
cblr-5117	1003	115	company	company	NOUN
cblr-5117	1003	116	’s	’s	PART
cblr-5117	1003	117	financing	financing	NOUN
cblr-5117	1003	118	history	history	NOUN
cblr-5117	1003	119	”	"	PUNCT
cblr-5117	1003	120	)	)	PUNCT
cblr-5117	1003	121	;	;	PUNCT
cblr-5117	1003	122	inna	inna	PROPN
cblr-5117	1003	123	j	j	PROPN
cblr-5117	1003	124	efimchik	efimchik	NOUN
cblr-5117	1003	125	,	,	PUNCT
cblr-5117	1003	126	waterfall	waterfall	NOUN
cblr-5117	1003	127	analysis	analysis	NOUN
cblr-5117	1003	128	(	(	PUNCT
cblr-5117	1003	129	how	how	SCONJ
cblr-5117	1003	130	vcs	vcs	PROPN
cblr-5117	1003	131	see	see	VERB
cblr-5117	1003	132	the	the	DET
cblr-5117	1003	133	world	world	NOUN
cblr-5117	1003	134	)	)	PUNCT
cblr-5117	1003	135	,	,	PUNCT
cblr-5117	1003	136	avvo	avvo	NOUN
cblr-5117	1003	137	(	(	PUNCT
cblr-5117	1003	138	may	may	PROPN
cblr-5117	1003	139	2	2	NUM
cblr-5117	1003	140	,	,	PUNCT
cblr-5117	1003	141	2012	2012	NUM
cblr-5117	1003	142	)	)	PUNCT
cblr-5117	1003	143	,	,	PUNCT
cblr-5117	1003	144	https://www.avvo.com/legalguides/ugc/waterfall-analysis-how-vcs-see-the-world	https://www.avvo.com/legalguides/ugc/waterfall-analysis-how-vcs-see-the-world	NOUN
cblr-5117	1003	145	[	[	X
cblr-5117	1003	146	https://perma.cc/5c63-8tsl	https://perma.cc/5c63-8tsl	X
cblr-5117	1003	147	]	]	X
cblr-5117	1003	148	(	(	PUNCT
cblr-5117	1003	149	“	"	PUNCT
cblr-5117	1003	150	in	in	ADP
cblr-5117	1003	151	evaluating	evaluate	VERB
cblr-5117	1003	152	an	an	DET
cblr-5117	1003	153	investment	investment	NOUN
cblr-5117	1003	154	,	,	PUNCT
cblr-5117	1003	155	investors	investor	NOUN
cblr-5117	1003	156	will	will	AUX
cblr-5117	1003	157	usually	usually	ADV
cblr-5117	1003	158	run	run	VERB
cblr-5117	1003	159	what	what	PRON
cblr-5117	1003	160	is	be	AUX
cblr-5117	1003	161	known	know	VERB
cblr-5117	1003	162	as	as	ADP
cblr-5117	1003	163	a	a	DET
cblr-5117	1003	164	waterfall	waterfall	NOUN
cblr-5117	1003	165	analysis	analysis	NOUN
cblr-5117	1003	166	.	.	PUNCT
cblr-5117	1003	167	”	"	PUNCT
cblr-5117	1003	168	)	)	PUNCT
cblr-5117	1003	169	.	.	PUNCT
cblr-5117	1004	1	244	244	NUM
cblr-5117	1004	2	17	17	NUM
cblr-5117	1004	3	c.f.r	c.f.r	NOUN
cblr-5117	1004	4	.	.	PUNCT
cblr-5117	1005	1	§	§	PROPN
cblr-5117	1005	2	229.1113(a	229.1113(a	NUM
cblr-5117	1005	3	)	)	PUNCT
cblr-5117	1005	4	.	.	PUNCT
cblr-5117	1006	1	245	245	NUM
cblr-5117	1006	2	asset	asset	NOUN
cblr-5117	1006	3	-	-	PUNCT
cblr-5117	1006	4	backed	back	VERB
cblr-5117	1006	5	securities	security	NOUN
cblr-5117	1006	6	,	,	PUNCT
cblr-5117	1006	7	70	70	NUM
cblr-5117	1006	8	fed	feed	VERB
cblr-5117	1006	9	.	.	PUNCT
cblr-5117	1007	1	reg	reg	PROPN
cblr-5117	1007	2	.	.	PUNCT
cblr-5117	1008	1	1506	1506	NUM
cblr-5117	1008	2	,	,	PUNCT
cblr-5117	1008	3	1546	1546	NUM
cblr-5117	1008	4	(	(	PUNCT
cblr-5117	1008	5	jan	jan	PROPN
cblr-5117	1008	6	.	.	PROPN
cblr-5117	1008	7	7	7	NUM
cblr-5117	1008	8	,	,	PUNCT
cblr-5117	1008	9	2005	2005	NUM
cblr-5117	1008	10	)	)	PUNCT
cblr-5117	1009	1	(	(	PUNCT
cblr-5117	1009	2	to	to	PART
cblr-5117	1009	3	be	be	AUX
cblr-5117	1009	4	codified	codify	VERB
cblr-5117	1009	5	at	at	ADP
cblr-5117	1009	6	17	17	NUM
cblr-5117	1009	7	c.f.r	c.f.r	NOUN
cblr-5117	1009	8	.	.	PUNCT
cblr-5117	1010	1	pts	pts	PROPN
cblr-5117	1010	2	.	.	PROPN
cblr-5117	1010	3	210	210	NUM
cblr-5117	1010	4	,	,	PUNCT
cblr-5117	1010	5	228–30	228–30	NUM
cblr-5117	1010	6	,	,	PUNCT
cblr-5117	1010	7	232	232	NUM
cblr-5117	1010	8	,	,	PUNCT
cblr-5117	1010	9	239–40	239–40	NUM
cblr-5117	1010	10	,	,	PUNCT
cblr-5117	1010	11	242	242	NUM
cblr-5117	1010	12	,	,	PUNCT
cblr-5117	1010	13	249	249	NUM
cblr-5117	1010	14	)	)	PUNCT
cblr-5117	1010	15	.	.	PUNCT
cblr-5117	1011	1	246	246	NUM
cblr-5117	1011	2	17	17	NUM
cblr-5117	1011	3	c.f.r	c.f.r	NOUN
cblr-5117	1011	4	.	.	PUNCT
cblr-5117	1012	1	§	§	PROPN
cblr-5117	1012	2	229.1113(a)(2	229.1113(a)(2	PROPN
cblr-5117	1012	3	)	)	PUNCT
cblr-5117	1012	4	;	;	PUNCT
cblr-5117	1012	5	see	see	VERB
cblr-5117	1012	6	also	also	ADV
cblr-5117	1012	7	asset	asset	NOUN
cblr-5117	1012	8	-	-	PUNCT
cblr-5117	1012	9	backed	back	VERB
cblr-5117	1012	10	securities	security	NOUN
cblr-5117	1012	11	,	,	PUNCT
cblr-5117	1012	12	70	70	NUM
cblr-5117	1012	13	fed	feed	VERB
cblr-5117	1012	14	.	.	PUNCT
cblr-5117	1013	1	reg	reg	PROPN
cblr-5117	1013	2	.	.	PUNCT
cblr-5117	1014	1	at	at	ADP
cblr-5117	1014	2	1546	1546	NUM
cblr-5117	1014	3	(	(	PUNCT
cblr-5117	1014	4	“	"	PUNCT
cblr-5117	1014	5	a	a	DET
cblr-5117	1014	6	clear	clear	ADJ
cblr-5117	1014	7	description	description	NOUN
cblr-5117	1014	8	of	of	ADP
cblr-5117	1014	9	the	the	DET
cblr-5117	1014	10	flow	flow	NOUN
cblr-5117	1014	11	of	of	ADP
cblr-5117	1014	12	funds	fund	NOUN
cblr-5117	1014	13	for	for	ADP
cblr-5117	1014	14	the	the	DET
cblr-5117	1014	15	transaction	transaction	NOUN
cblr-5117	1014	16	is	be	AUX
cblr-5117	1014	17	required	require	VERB
cblr-5117	1014	18	.	.	PUNCT
cblr-5117	1014	19	”	"	PUNCT
cblr-5117	1014	20	)	)	PUNCT
cblr-5117	1014	21	.	.	PUNCT
cblr-5117	1015	1	247	247	NUM
cblr-5117	1015	2	see	see	NOUN
cblr-5117	1015	3	e.g.	e.g.	ADV
cblr-5117	1015	4	,	,	PUNCT
cblr-5117	1015	5	jeron	jeron	PROPN
cblr-5117	1015	6	paul	paul	PROPN
cblr-5117	1015	7	,	,	PUNCT
cblr-5117	1015	8	supra	supra	PROPN
cblr-5117	1015	9	note	note	PROPN
cblr-5117	1015	10	187	187	NUM
cblr-5117	1015	11	.	.	PUNCT
cblr-5117	1016	1	248	248	NUM
cblr-5117	1016	2	del	del	PROPN
cblr-5117	1016	3	.	.	PROPN
cblr-5117	1016	4	code	code	PROPN
cblr-5117	1016	5	tit	tit	PROPN
cblr-5117	1016	6	.	.	PROPN
cblr-5117	1017	1	8	8	NUM
cblr-5117	1017	2	,	,	PUNCT
cblr-5117	1017	3	§	§	PROPN
cblr-5117	1017	4	242	242	NUM
cblr-5117	1017	5	(	(	PUNCT
cblr-5117	1017	6	2019	2019	NUM
cblr-5117	1017	7	)	)	PUNCT
cblr-5117	1017	8	;	;	PUNCT
cblr-5117	1017	9	see	see	VERB
cblr-5117	1017	10	also	also	ADV
cblr-5117	1017	11	gornall	gornall	PROPN
cblr-5117	1017	12	&	&	CCONJ
cblr-5117	1017	13	strebulaev	strebulaev	PROPN
cblr-5117	1017	14	,	,	PUNCT
cblr-5117	1017	15	supra	supra	PROPN
cblr-5117	1017	16	note	note	PROPN
cblr-5117	1017	17	135	135	NUM
cblr-5117	1017	18	,	,	PUNCT
cblr-5117	1017	19	at	at	ADP
cblr-5117	1017	20	24–25	24–25	NUM
cblr-5117	1017	21	(	(	PUNCT
cblr-5117	1017	22	describing	describe	VERB
cblr-5117	1017	23	retrieving	retrieve	VERB
cblr-5117	1017	24	unicorns	unicorn	NOUN
cblr-5117	1017	25	’	'	PUNCT
cblr-5117	1017	26	capitalization	capitalization	NOUN
cblr-5117	1017	27	table	table	NOUN
cblr-5117	1017	28	data	datum	NOUN
cblr-5117	1017	29	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1017	30	(	(	PUNCT
cblr-5117	1017	31	do	do	AUX
cblr-5117	1017	32	not	not	PART
cblr-5117	1017	33	delete	delete	VERB
cblr-5117	1017	34	)	)	PUNCT
cblr-5117	1017	35	1/8/2020	1/8/2020	NUM
cblr-5117	1017	36	4:44	4:44	NUM
cblr-5117	1017	37	pm	pm	NOUN
cblr-5117	1017	38	no	no	INTJ
cblr-5117	1017	39	.	.	PUNCT
cblr-5117	1018	1	3:867	3:867	NUM
cblr-5117	1018	2	]	]	PUNCT
cblr-5117	1018	3	making	make	VERB
cblr-5117	1018	4	disclosure	disclosure	NOUN
cblr-5117	1018	5	work	work	VERB
cblr-5117	1018	6	941	941	NUM
cblr-5117	1018	7	most	most	ADJ
cblr-5117	1018	8	cases	case	NOUN
cblr-5117	1018	9	,	,	PUNCT
cblr-5117	1018	10	interested	interested	ADJ
cblr-5117	1018	11	third	third	ADJ
cblr-5117	1018	12	parties	party	NOUN
cblr-5117	1018	13	can	can	AUX
cblr-5117	1018	14	retrieve	retrieve	VERB
cblr-5117	1018	15	the	the	DET
cblr-5117	1018	16	company	company	NOUN
cblr-5117	1018	17	’s	’s	PART
cblr-5117	1018	18	certificate	certificate	NOUN
cblr-5117	1018	19	of	of	ADP
cblr-5117	1018	20	incorporation	incorporation	NOUN
cblr-5117	1018	21	and	and	CCONJ
cblr-5117	1018	22	reverse	reverse	ADJ
cblr-5117	1018	23	engineer	engineer	VERB
cblr-5117	1018	24	the	the	DET
cblr-5117	1018	25	capitalization	capitalization	NOUN
cblr-5117	1018	26	table	table	NOUN
cblr-5117	1018	27	and	and	CCONJ
cblr-5117	1018	28	exit	exit	NOUN
cblr-5117	1018	29	waterfall	waterfall	NOUN
cblr-5117	1018	30	.	.	PUNCT
cblr-5117	1019	1	the	the	DET
cblr-5117	1019	2	reasons	reason	NOUN
cblr-5117	1019	3	this	this	DET
cblr-5117	1019	4	study	study	NOUN
cblr-5117	1019	5	’s	’s	PART
cblr-5117	1019	6	interviewees	interviewee	NOUN
cblr-5117	1019	7	gave	give	VERB
cblr-5117	1019	8	for	for	ADP
cblr-5117	1019	9	not	not	PART
cblr-5117	1019	10	sharing	share	VERB
cblr-5117	1019	11	capitalization	capitalization	NOUN
cblr-5117	1019	12	table	table	NOUN
cblr-5117	1019	13	and	and	CCONJ
cblr-5117	1019	14	liquidation	liquidation	NOUN
cblr-5117	1019	15	preference	preference	NOUN
cblr-5117	1019	16	information	information	NOUN
cblr-5117	1019	17	with	with	ADP
cblr-5117	1019	18	employees	employee	NOUN
cblr-5117	1019	19	included	include	VERB
cblr-5117	1019	20	awkwardness	awkwardness	NOUN
cblr-5117	1019	21	of	of	ADP
cblr-5117	1019	22	the	the	DET
cblr-5117	1019	23	conversation,249	conversation,249	PROPN
cblr-5117	1019	24	fear	fear	NOUN
cblr-5117	1019	25	of	of	ADP
cblr-5117	1019	26	securities	security	NOUN
cblr-5117	1019	27	law	law	NOUN
cblr-5117	1019	28	liability,250	liability,250	VERB
cblr-5117	1019	29	fear	fear	NOUN
cblr-5117	1019	30	of	of	ADP
cblr-5117	1019	31	placing	place	VERB
cblr-5117	1019	32	a	a	DET
cblr-5117	1019	33	limitation	limitation	NOUN
cblr-5117	1019	34	on	on	ADP
cblr-5117	1019	35	managerial	managerial	ADJ
cblr-5117	1019	36	discretion	discretion	NOUN
cblr-5117	1019	37	in	in	ADP
cblr-5117	1019	38	the	the	DET
cblr-5117	1019	39	operation	operation	NOUN
cblr-5117	1019	40	of	of	ADP
cblr-5117	1019	41	the	the	DET
cblr-5117	1019	42	business,251	business,251	PROPN
cblr-5117	1019	43	and	and	CCONJ
cblr-5117	1019	44	fear	fear	NOUN
cblr-5117	1019	45	of	of	ADP
cblr-5117	1019	46	demoralization	demoralization	NOUN
cblr-5117	1019	47	among	among	ADP
cblr-5117	1019	48	employees	employee	NOUN
cblr-5117	1019	49	if	if	SCONJ
cblr-5117	1019	50	they	they	PRON
cblr-5117	1019	51	knew	know	VERB
cblr-5117	1019	52	the	the	DET
cblr-5117	1019	53	truth	truth	NOUN
cblr-5117	1019	54	about	about	ADP
cblr-5117	1019	55	the	the	DET
cblr-5117	1019	56	company.252	company.252	NOUN
cblr-5117	1019	57	some	some	DET
cblr-5117	1019	58	founders	founder	NOUN
cblr-5117	1019	59	interviewed	interview	VERB
cblr-5117	1019	60	for	for	ADP
cblr-5117	1019	61	this	this	DET
cblr-5117	1019	62	research	research	NOUN
cblr-5117	1019	63	mentioned	mention	VERB
cblr-5117	1019	64	the	the	DET
cblr-5117	1019	65	need	need	NOUN
cblr-5117	1019	66	to	to	PART
cblr-5117	1019	67	“	"	PUNCT
cblr-5117	1019	68	sell	sell	VERB
cblr-5117	1019	69	the	the	DET
cblr-5117	1019	70	dream	dream	NOUN
cblr-5117	1019	71	”	"	PUNCT
cblr-5117	1019	72	to	to	ADP
cblr-5117	1019	73	their	their	PRON
cblr-5117	1019	74	employees	employee	NOUN
cblr-5117	1019	75	,	,	PUNCT
cblr-5117	1019	76	just	just	ADV
cblr-5117	1019	77	as	as	SCONJ
cblr-5117	1019	78	they	they	PRON
cblr-5117	1019	79	do	do	VERB
cblr-5117	1019	80	with	with	ADP
cblr-5117	1019	81	their	their	PRON
cblr-5117	1019	82	investors.253	investors.253	NOUN
cblr-5117	1019	83	however	however	ADV
cblr-5117	1019	84	,	,	PUNCT
cblr-5117	1019	85	from	from	ADP
cblr-5117	1019	86	a	a	DET
cblr-5117	1019	87	regulatory	regulatory	ADJ
cblr-5117	1019	88	standpoint	standpoint	NOUN
cblr-5117	1019	89	,	,	PUNCT
cblr-5117	1019	90	these	these	DET
cblr-5117	1019	91	arguments	argument	NOUN
cblr-5117	1019	92	can	can	AUX
cblr-5117	1019	93	not	not	PART
cblr-5117	1019	94	stand	stand	VERB
cblr-5117	1019	95	.	.	PUNCT
cblr-5117	1020	1	as	as	ADV
cblr-5117	1020	2	further	far	ADV
cblr-5117	1020	3	described	describe	VERB
cblr-5117	1020	4	in	in	ADP
cblr-5117	1020	5	part	part	NOUN
cblr-5117	1020	6	vi	vi	ADV
cblr-5117	1020	7	below	below	ADV
cblr-5117	1020	8	,	,	PUNCT
cblr-5117	1020	9	replacing	replace	VERB
cblr-5117	1020	10	via	via	ADP
cblr-5117	1020	11	publicly	publicly	ADV
cblr-5117	1020	12	available	available	ADJ
cblr-5117	1020	13	certificates	certificate	NOUN
cblr-5117	1020	14	of	of	ADP
cblr-5117	1020	15	incorporation	incorporation	NOUN
cblr-5117	1020	16	)	)	PUNCT
cblr-5117	1020	17	;	;	PUNCT
cblr-5117	1020	18	interviews	interview	NOUN
cblr-5117	1020	19	,	,	PUNCT
cblr-5117	1020	20	supra	supra	PROPN
cblr-5117	1020	21	note	note	PROPN
cblr-5117	1020	22	29	29	NUM
cblr-5117	1020	23	(	(	PUNCT
cblr-5117	1020	24	referencing	reference	VERB
cblr-5117	1020	25	l02	l02	NOUN
cblr-5117	1020	26	noting	note	VERB
cblr-5117	1020	27	that	that	SCONJ
cblr-5117	1020	28	a	a	DET
cblr-5117	1020	29	sophisticated	sophisticated	ADJ
cblr-5117	1020	30	party	party	NOUN
cblr-5117	1020	31	can	can	AUX
cblr-5117	1020	32	obtain	obtain	VERB
cblr-5117	1020	33	the	the	DET
cblr-5117	1020	34	company	company	NOUN
cblr-5117	1020	35	documents	document	NOUN
cblr-5117	1020	36	from	from	ADP
cblr-5117	1020	37	delaware	delaware	PROPN
cblr-5117	1020	38	and	and	CCONJ
cblr-5117	1020	39	reverse	reverse	VERB
cblr-5117	1020	40	engineer	engineer	VERB
cblr-5117	1020	41	the	the	DET
cblr-5117	1020	42	capitalization	capitalization	NOUN
cblr-5117	1020	43	table	table	NOUN
cblr-5117	1020	44	and	and	CCONJ
cblr-5117	1020	45	exit	exit	NOUN
cblr-5117	1020	46	waterfall	waterfall	NOUN
cblr-5117	1020	47	.	.	PUNCT
cblr-5117	1021	1	although	although	SCONJ
cblr-5117	1021	2	theoretically	theoretically	ADV
cblr-5117	1021	3	,	,	PUNCT
cblr-5117	1021	4	a	a	DET
cblr-5117	1021	5	company	company	NOUN
cblr-5117	1021	6	can	can	AUX
cblr-5117	1021	7	also	also	ADV
cblr-5117	1021	8	completely	completely	ADV
cblr-5117	1021	9	hide	hide	VERB
cblr-5117	1021	10	this	this	DET
cblr-5117	1021	11	information	information	NOUN
cblr-5117	1021	12	and	and	CCONJ
cblr-5117	1021	13	not	not	PART
cblr-5117	1021	14	include	include	VERB
cblr-5117	1021	15	it	it	PRON
cblr-5117	1021	16	in	in	ADP
cblr-5117	1021	17	its	its	PRON
cblr-5117	1021	18	incorporation	incorporation	NOUN
cblr-5117	1021	19	documents	document	NOUN
cblr-5117	1021	20	)	)	PUNCT
cblr-5117	1021	21	.	.	PUNCT
cblr-5117	1022	1	249	249	NUM
cblr-5117	1022	2	see	see	VERB
cblr-5117	1022	3	interviews	interview	NOUN
cblr-5117	1022	4	,	,	PUNCT
cblr-5117	1022	5	supra	supra	PROPN
cblr-5117	1022	6	note	note	PROPN
cblr-5117	1022	7	29	29	NUM
cblr-5117	1022	8	(	(	PUNCT
cblr-5117	1022	9	citing	cite	VERB
cblr-5117	1022	10	vc02	vc02	PROPN
cblr-5117	1022	11	explaining	explain	VERB
cblr-5117	1022	12	that	that	SCONJ
cblr-5117	1022	13	“	"	PUNCT
cblr-5117	1022	14	it	it	PRON
cblr-5117	1022	15	is	be	AUX
cblr-5117	1022	16	easier	easy	ADJ
cblr-5117	1022	17	to	to	PART
cblr-5117	1022	18	avoid	avoid	VERB
cblr-5117	1022	19	these	these	DET
cblr-5117	1022	20	issues	issue	NOUN
cblr-5117	1022	21	and	and	CCONJ
cblr-5117	1022	22	there	there	PRON
cblr-5117	1022	23	is	be	VERB
cblr-5117	1022	24	no	no	DET
cblr-5117	1022	25	obligation	obligation	NOUN
cblr-5117	1022	26	to	to	PART
cblr-5117	1022	27	do	do	AUX
cblr-5117	1022	28	otherwise	otherwise	ADV
cblr-5117	1022	29	”	"	PUNCT
cblr-5117	1022	30	)	)	PUNCT
cblr-5117	1022	31	.	.	PUNCT
cblr-5117	1023	1	250	250	NUM
cblr-5117	1023	2	it	it	PRON
cblr-5117	1023	3	is	be	AUX
cblr-5117	1023	4	easier	easy	ADJ
cblr-5117	1023	5	not	not	PART
cblr-5117	1023	6	to	to	PART
cblr-5117	1023	7	disclose	disclose	VERB
cblr-5117	1023	8	information	information	NOUN
cblr-5117	1023	9	in	in	ADP
cblr-5117	1023	10	the	the	DET
cblr-5117	1023	11	first	first	ADJ
cblr-5117	1023	12	place	place	NOUN
cblr-5117	1023	13	,	,	PUNCT
cblr-5117	1023	14	than	than	SCONJ
cblr-5117	1023	15	to	to	PART
cblr-5117	1023	16	make	make	VERB
cblr-5117	1023	17	sure	sure	ADJ
cblr-5117	1023	18	that	that	PRON
cblr-5117	1023	19	is	be	AUX
cblr-5117	1023	20	it	it	PRON
cblr-5117	1023	21	accurate	accurate	ADJ
cblr-5117	1023	22	and	and	CCONJ
cblr-5117	1023	23	not	not	PART
cblr-5117	1023	24	misleading	misleading	ADJ
cblr-5117	1023	25	.	.	PUNCT
cblr-5117	1024	1	see	see	VERB
cblr-5117	1024	2	e.g.	e.g.	ADV
cblr-5117	1024	3	,	,	PUNCT
cblr-5117	1024	4	interviews	interview	NOUN
cblr-5117	1024	5	,	,	PUNCT
cblr-5117	1024	6	supra	supra	PROPN
cblr-5117	1024	7	note	note	PROPN
cblr-5117	1024	8	29	29	NUM
cblr-5117	1024	9	(	(	PUNCT
cblr-5117	1024	10	quoting	quote	VERB
cblr-5117	1024	11	f06	f06	PROPN
cblr-5117	1024	12	:	:	PUNCT
cblr-5117	1024	13	“	"	PUNCT
cblr-5117	1024	14	the	the	DET
cblr-5117	1024	15	employer	employer	NOUN
cblr-5117	1024	16	does	do	AUX
cblr-5117	1024	17	not	not	PART
cblr-5117	1024	18	want	want	VERB
cblr-5117	1024	19	to	to	PART
cblr-5117	1024	20	disclose	disclose	VERB
cblr-5117	1024	21	information	information	NOUN
cblr-5117	1024	22	because	because	SCONJ
cblr-5117	1024	23	he	he	PRON
cblr-5117	1024	24	does	do	AUX
cblr-5117	1024	25	not	not	PART
cblr-5117	1024	26	want	want	VERB
cblr-5117	1024	27	to	to	PART
cblr-5117	1024	28	be	be	AUX
cblr-5117	1024	29	liable	liable	ADJ
cblr-5117	1024	30	to	to	ADP
cblr-5117	1024	31	the	the	DET
cblr-5117	1024	32	employee	employee	NOUN
cblr-5117	1024	33	.	.	PUNCT
cblr-5117	1024	34	.	.	PUNCT
cblr-5117	1024	35	.	.	PUNCT
cblr-5117	1025	1	.	.	PUNCT
cblr-5117	1026	1	given	give	VERB
cblr-5117	1026	2	that	that	SCONJ
cblr-5117	1026	3	i	i	PRON
cblr-5117	1026	4	do	do	AUX
cblr-5117	1026	5	not	not	PART
cblr-5117	1026	6	want	want	VERB
cblr-5117	1026	7	to	to	PART
cblr-5117	1026	8	personally	personally	ADV
cblr-5117	1026	9	advise	advise	VERB
cblr-5117	1026	10	the	the	DET
cblr-5117	1026	11	employee	employee	NOUN
cblr-5117	1026	12	,	,	PUNCT
cblr-5117	1026	13	i	i	PRON
cblr-5117	1026	14	can	can	AUX
cblr-5117	1026	15	pay	pay	VERB
cblr-5117	1026	16	an	an	DET
cblr-5117	1026	17	attorney	attorney	NOUN
cblr-5117	1026	18	for	for	ADP
cblr-5117	1026	19	that	that	PRON
cblr-5117	1026	20	,	,	PUNCT
cblr-5117	1026	21	but	but	CCONJ
cblr-5117	1026	22	why	why	SCONJ
cblr-5117	1026	23	would	would	AUX
cblr-5117	1026	24	i	i	PRON
cblr-5117	1026	25	want	want	VERB
cblr-5117	1026	26	to	to	PART
cblr-5117	1026	27	bear	bear	VERB
cblr-5117	1026	28	the	the	DET
cblr-5117	1026	29	costs	cost	NOUN
cblr-5117	1026	30	?	?	PUNCT
cblr-5117	1026	31	!	!	PUNCT
cblr-5117	1027	1	it	it	PRON
cblr-5117	1027	2	’s	’	VERB
cblr-5117	1027	3	a	a	DET
cblr-5117	1027	4	headache	headache	NOUN
cblr-5117	1027	5	.	.	PUNCT
cblr-5117	1027	6	.	.	PUNCT
cblr-5117	1027	7	.	.	PUNCT
cblr-5117	1027	8	.	.	PUNCT
cblr-5117	1027	9	”	"	PUNCT
cblr-5117	1027	10	)	)	PUNCT
cblr-5117	1027	11	;	;	PUNCT
cblr-5117	1027	12	see	see	VERB
cblr-5117	1027	13	also	also	ADV
cblr-5117	1027	14	jeron	jeron	PROPN
cblr-5117	1027	15	paul	paul	PROPN
cblr-5117	1027	16	,	,	PUNCT
cblr-5117	1027	17	supra	supra	PROPN
cblr-5117	1027	18	note	note	PROPN
cblr-5117	1027	19	187	187	NUM
cblr-5117	1027	20	.	.	PUNCT
cblr-5117	1028	1	251	251	NUM
cblr-5117	1028	2	see	see	VERB
cblr-5117	1028	3	e.g.	e.g.	ADV
cblr-5117	1028	4	,	,	PUNCT
cblr-5117	1028	5	interviews	interview	NOUN
cblr-5117	1028	6	,	,	PUNCT
cblr-5117	1028	7	supra	supra	PROPN
cblr-5117	1028	8	note	note	PROPN
cblr-5117	1028	9	29	29	NUM
cblr-5117	1028	10	(	(	PUNCT
cblr-5117	1028	11	citing	cite	VERB
cblr-5117	1028	12	f09	f09	NOUN
cblr-5117	1028	13	explaining	explain	VERB
cblr-5117	1028	14	that	that	SCONJ
cblr-5117	1028	15	“	"	PUNCT
cblr-5117	1028	16	confidentiality	confidentiality	NOUN
cblr-5117	1028	17	serves	serve	VERB
cblr-5117	1028	18	as	as	ADP
cblr-5117	1028	19	a	a	DET
cblr-5117	1028	20	tool	tool	NOUN
cblr-5117	1028	21	in	in	ADP
cblr-5117	1028	22	the	the	DET
cblr-5117	1028	23	managerial	managerial	ADJ
cblr-5117	1028	24	toolbox	toolbox	NOUN
cblr-5117	1028	25	”	"	PUNCT
cblr-5117	1028	26	)	)	PUNCT
cblr-5117	1028	27	.	.	PUNCT
cblr-5117	1029	1	252	252	NUM
cblr-5117	1029	2	see	see	NOUN
cblr-5117	1029	3	e.g.	e.g.	ADV
cblr-5117	1029	4	,	,	PUNCT
cblr-5117	1029	5	i	i	PRON
cblr-5117	1029	6	d.	d.	PROPN
cblr-5117	1029	7	(	(	PUNCT
cblr-5117	1029	8	referencing	reference	VERB
cblr-5117	1029	9	f04	f04	NOUN
cblr-5117	1029	10	describing	describe	VERB
cblr-5117	1029	11	his	his	PRON
cblr-5117	1029	12	main	main	ADJ
cblr-5117	1029	13	challenge	challenge	NOUN
cblr-5117	1029	14	as	as	ADP
cblr-5117	1029	15	an	an	DET
cblr-5117	1029	16	entrepreneur	entrepreneur	NOUN
cblr-5117	1029	17	as	as	ADP
cblr-5117	1029	18	“	"	PUNCT
cblr-5117	1029	19	keeping	keep	VERB
cblr-5117	1029	20	employees	employee	NOUN
cblr-5117	1029	21	’	’	PART
cblr-5117	1029	22	morale	morale	NOUN
cblr-5117	1029	23	high	high	ADV
cblr-5117	1029	24	despite	despite	SCONJ
cblr-5117	1029	25	whatever	whatever	DET
cblr-5117	1029	26	difficulties	difficulty	NOUN
cblr-5117	1029	27	that	that	PRON
cblr-5117	1029	28	the	the	DET
cblr-5117	1029	29	company	company	NOUN
cblr-5117	1029	30	is	be	AUX
cblr-5117	1029	31	experiencing	experience	VERB
cblr-5117	1029	32	”	"	PUNCT
cblr-5117	1029	33	and	and	CCONJ
cblr-5117	1029	34	using	use	VERB
cblr-5117	1029	35	the	the	DET
cblr-5117	1029	36	following	follow	VERB
cblr-5117	1029	37	analogy	analogy	NOUN
cblr-5117	1029	38	:	:	PUNCT
cblr-5117	1029	39	“	"	PUNCT
cblr-5117	1029	40	it	it	PRON
cblr-5117	1029	41	’s	’	VERB
cblr-5117	1029	42	like	like	ADP
cblr-5117	1029	43	being	be	AUX
cblr-5117	1029	44	a	a	DET
cblr-5117	1029	45	marine	marine	ADJ
cblr-5117	1029	46	commander	commander	NOUN
cblr-5117	1029	47	leading	lead	VERB
cblr-5117	1029	48	his	his	PRON
cblr-5117	1029	49	troops	troop	NOUN
cblr-5117	1029	50	to	to	ADP
cblr-5117	1029	51	the	the	DET
cblr-5117	1029	52	battlefield	battlefield	NOUN
cblr-5117	1029	53	;	;	PUNCT
cblr-5117	1029	54	if	if	SCONJ
cblr-5117	1029	55	i	i	PRON
cblr-5117	1029	56	’ll	’ll	AUX
cblr-5117	1029	57	tell	tell	VERB
cblr-5117	1029	58	them	they	PRON
cblr-5117	1029	59	the	the	DET
cblr-5117	1029	60	truth	truth	NOUN
cblr-5117	1029	61	,	,	PUNCT
cblr-5117	1029	62	which	which	PRON
cblr-5117	1029	63	is	be	AUX
cblr-5117	1029	64	,	,	PUNCT
cblr-5117	1029	65	we	we	PRON
cblr-5117	1029	66	’re	’re	AUX
cblr-5117	1029	67	all	all	PRON
cblr-5117	1029	68	going	go	VERB
cblr-5117	1029	69	to	to	PART
cblr-5117	1029	70	die	die	VERB
cblr-5117	1029	71	,	,	PUNCT
cblr-5117	1029	72	they	they	PRON
cblr-5117	1029	73	will	will	AUX
cblr-5117	1029	74	run	run	VERB
cblr-5117	1029	75	away	away	ADV
cblr-5117	1029	76	”	"	PUNCT
cblr-5117	1029	77	)	)	PUNCT
cblr-5117	1029	78	.	.	PUNCT
cblr-5117	1030	1	253	253	NUM
cblr-5117	1031	1	i	i	PRON
cblr-5117	1031	2	d.	d.	PROPN
cblr-5117	1031	3	;	;	PUNCT
cblr-5117	1031	4	see	see	VERB
cblr-5117	1031	5	also	also	ADV
cblr-5117	1031	6	i	i	PROPN
cblr-5117	1031	7	d.	d.	PROPN
cblr-5117	1031	8	(	(	PUNCT
cblr-5117	1031	9	citing	cite	VERB
cblr-5117	1031	10	f03	f03	NOUN
cblr-5117	1031	11	predicting	predict	VERB
cblr-5117	1031	12	that	that	SCONJ
cblr-5117	1031	13	total	total	ADJ
cblr-5117	1031	14	transparency	transparency	NOUN
cblr-5117	1031	15	to	to	ADP
cblr-5117	1031	16	employees	employee	NOUN
cblr-5117	1031	17	“	"	PUNCT
cblr-5117	1031	18	would	would	AUX
cblr-5117	1031	19	kill	kill	VERB
cblr-5117	1031	20	the	the	DET
cblr-5117	1031	21	venture	venture	NOUN
cblr-5117	1031	22	capital	capital	NOUN
cblr-5117	1031	23	industry	industry	NOUN
cblr-5117	1031	24	,	,	PUNCT
cblr-5117	1031	25	”	"	PUNCT
cblr-5117	1031	26	and	and	CCONJ
cblr-5117	1031	27	explaining	explain	VERB
cblr-5117	1031	28	that	that	SCONJ
cblr-5117	1031	29	“	"	PUNCT
cblr-5117	1031	30	founder	founder	NOUN
cblr-5117	1031	31	sell	sell	VERB
cblr-5117	1031	32	a	a	DET
cblr-5117	1031	33	dream	dream	NOUN
cblr-5117	1031	34	to	to	ADP
cblr-5117	1031	35	their	their	PRON
cblr-5117	1031	36	employees	employee	NOUN
cblr-5117	1031	37	just	just	ADV
cblr-5117	1031	38	as	as	SCONJ
cblr-5117	1031	39	they	they	PRON
cblr-5117	1031	40	do	do	VERB
cblr-5117	1031	41	with	with	ADP
cblr-5117	1031	42	their	their	PRON
cblr-5117	1031	43	investors	investor	NOUN
cblr-5117	1031	44	”	"	PUNCT
cblr-5117	1031	45	)	)	PUNCT
cblr-5117	1031	46	.	.	PUNCT
cblr-5117	1032	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1032	2	(	(	PUNCT
cblr-5117	1032	3	do	do	AUX
cblr-5117	1032	4	not	not	PART
cblr-5117	1032	5	delte	delte	VERB
cblr-5117	1032	6	)	)	PUNCT
cblr-5117	1032	7	1/8/2020	1/8/2020	NUM
cblr-5117	1032	8	4:44	4:44	NUM
cblr-5117	1032	9	pm	pm	NOUN
cblr-5117	1032	10	942	942	NUM
cblr-5117	1032	11	columbia	columbia	PROPN
cblr-5117	1032	12	business	business	NOUN
cblr-5117	1032	13	law	law	PROPN
cblr-5117	1032	14	review	review	NOUN
cblr-5117	1032	15	[	[	X
cblr-5117	1032	16	vol	vol	NOUN
cblr-5117	1032	17	.	.	NOUN
cblr-5117	1032	18	2019	2019	NUM
cblr-5117	1032	19	the	the	DET
cblr-5117	1032	20	requirement	requirement	NOUN
cblr-5117	1032	21	to	to	PART
cblr-5117	1032	22	disclose	disclose	VERB
cblr-5117	1032	23	financial	financial	ADJ
cblr-5117	1032	24	statements	statement	NOUN
cblr-5117	1032	25	with	with	ADP
cblr-5117	1032	26	a	a	DET
cblr-5117	1032	27	requirement	requirement	NOUN
cblr-5117	1032	28	to	to	PART
cblr-5117	1032	29	disclose	disclose	VERB
cblr-5117	1032	30	valuation	valuation	NOUN
cblr-5117	1032	31	information	information	NOUN
cblr-5117	1032	32	and	and	CCONJ
cblr-5117	1032	33	waterfall	waterfall	NOUN
cblr-5117	1032	34	analysis	analysis	NOUN
cblr-5117	1032	35	would	would	AUX
cblr-5117	1032	36	better	well	ADV
cblr-5117	1032	37	serve	serve	VERB
cblr-5117	1032	38	the	the	DET
cblr-5117	1032	39	interests	interest	NOUN
cblr-5117	1032	40	of	of	ADP
cblr-5117	1032	41	both	both	DET
cblr-5117	1032	42	parties	party	NOUN
cblr-5117	1032	43	.	.	PUNCT
cblr-5117	1033	1	it	it	PRON
cblr-5117	1033	2	will	will	AUX
cblr-5117	1033	3	provide	provide	VERB
cblr-5117	1033	4	employees	employee	NOUN
cblr-5117	1033	5	with	with	ADP
cblr-5117	1033	6	an	an	DET
cblr-5117	1033	7	ongoing	ongoing	ADJ
cblr-5117	1033	8	and	and	CCONJ
cblr-5117	1033	9	realistic	realistic	ADJ
cblr-5117	1033	10	valuation	valuation	NOUN
cblr-5117	1033	11	of	of	ADP
cblr-5117	1033	12	the	the	DET
cblr-5117	1033	13	return	return	NOUN
cblr-5117	1033	14	on	on	ADP
cblr-5117	1033	15	their	their	PRON
cblr-5117	1033	16	labor	labor	NOUN
cblr-5117	1033	17	investments	investment	NOUN
cblr-5117	1033	18	while	while	SCONJ
cblr-5117	1033	19	protecting	protect	VERB
cblr-5117	1033	20	the	the	DET
cblr-5117	1033	21	confidentiality	confidentiality	NOUN
cblr-5117	1033	22	of	of	ADP
cblr-5117	1033	23	start	start	NOUN
cblr-5117	1033	24	-	-	PUNCT
cblr-5117	1033	25	ups	up	NOUN
cblr-5117	1033	26	’	'	PUNCT
cblr-5117	1033	27	market	market	NOUN
cblr-5117	1033	28	-	-	PUNCT
cblr-5117	1033	29	sensitive	sensitive	ADJ
cblr-5117	1033	30	data	datum	NOUN
cblr-5117	1033	31	.	.	PUNCT
cblr-5117	1034	1	c.	c.	PROPN
cblr-5117	1034	2	too	too	ADV
cblr-5117	1034	3	late	late	ADV
cblr-5117	1034	4	one	one	NUM
cblr-5117	1034	5	of	of	ADP
cblr-5117	1034	6	the	the	DET
cblr-5117	1034	7	most	most	ADV
cblr-5117	1034	8	curious	curious	ADJ
cblr-5117	1034	9	aspects	aspect	NOUN
cblr-5117	1034	10	of	of	ADP
cblr-5117	1034	11	the	the	DET
cblr-5117	1034	12	current	current	ADJ
cblr-5117	1034	13	disclosure	disclosure	NOUN
cblr-5117	1034	14	regime	regime	NOUN
cblr-5117	1034	15	is	be	AUX
cblr-5117	1034	16	the	the	DET
cblr-5117	1034	17	timing	timing	NOUN
cblr-5117	1034	18	for	for	ADP
cblr-5117	1034	19	the	the	DET
cblr-5117	1034	20	delivery	delivery	NOUN
cblr-5117	1034	21	requirement	requirement	NOUN
cblr-5117	1034	22	.	.	PUNCT
cblr-5117	1035	1	under	under	ADP
cblr-5117	1035	2	rule	rule	NOUN
cblr-5117	1035	3	701(e)(6	701(e)(6	NUM
cblr-5117	1035	4	)	)	PUNCT
cblr-5117	1035	5	,	,	PUNCT
cblr-5117	1035	6	the	the	DET
cblr-5117	1035	7	timing	timing	NOUN
cblr-5117	1035	8	of	of	ADP
cblr-5117	1035	9	the	the	DET
cblr-5117	1035	10	disclosure	disclosure	NOUN
cblr-5117	1035	11	varies	vary	VERB
cblr-5117	1035	12	by	by	ADP
cblr-5117	1035	13	the	the	DET
cblr-5117	1035	14	security	security	NOUN
cblr-5117	1035	15	granted	grant	VERB
cblr-5117	1035	16	:	:	PUNCT
cblr-5117	1035	17	if	if	SCONJ
cblr-5117	1035	18	the	the	DET
cblr-5117	1035	19	employee	employee	NOUN
cblr-5117	1035	20	receives	receive	VERB
cblr-5117	1035	21	stock	stock	NOUN
cblr-5117	1035	22	options	option	NOUN
cblr-5117	1035	23	,	,	PUNCT
cblr-5117	1035	24	the	the	DET
cblr-5117	1035	25	disclosure	disclosure	NOUN
cblr-5117	1035	26	must	must	AUX
cblr-5117	1035	27	be	be	AUX
cblr-5117	1035	28	delivered	deliver	VERB
cblr-5117	1035	29	within	within	ADP
cblr-5117	1035	30	“	"	PUNCT
cblr-5117	1035	31	a	a	DET
cblr-5117	1035	32	reasonable	reasonable	ADJ
cblr-5117	1035	33	period	period	NOUN
cblr-5117	1035	34	of	of	ADP
cblr-5117	1035	35	time	time	NOUN
cblr-5117	1035	36	before	before	ADP
cblr-5117	1035	37	the	the	DET
cblr-5117	1035	38	date	date	NOUN
cblr-5117	1035	39	of	of	ADP
cblr-5117	1035	40	exercise	exercise	NOUN
cblr-5117	1035	41	.	.	PUNCT
cblr-5117	1035	42	”254	”254	PUNCT
cblr-5117	1036	1	if	if	SCONJ
cblr-5117	1036	2	,	,	PUNCT
cblr-5117	1036	3	on	on	ADP
cblr-5117	1036	4	the	the	DET
cblr-5117	1036	5	other	other	ADJ
cblr-5117	1036	6	hand	hand	NOUN
cblr-5117	1036	7	,	,	PUNCT
cblr-5117	1036	8	the	the	DET
cblr-5117	1036	9	employee	employee	NOUN
cblr-5117	1036	10	receives	receive	VERB
cblr-5117	1036	11	rsus	rsus	NOUN
cblr-5117	1036	12	,	,	PUNCT
cblr-5117	1036	13	a	a	DET
cblr-5117	1036	14	kind	kind	NOUN
cblr-5117	1036	15	of	of	ADP
cblr-5117	1036	16	equity	equity	NOUN
cblr-5117	1036	17	-	-	PUNCT
cblr-5117	1036	18	based	base	VERB
cblr-5117	1036	19	security	security	NOUN
cblr-5117	1036	20	that	that	SCONJ
cblr-5117	1036	21	,	,	PUNCT
cblr-5117	1036	22	unlike	unlike	ADP
cblr-5117	1036	23	stock	stock	NOUN
cblr-5117	1036	24	options	option	NOUN
cblr-5117	1036	25	,	,	PUNCT
cblr-5117	1036	26	does	do	AUX
cblr-5117	1036	27	not	not	PART
cblr-5117	1036	28	involve	involve	VERB
cblr-5117	1036	29	an	an	DET
cblr-5117	1036	30	exercise	exercise	NOUN
cblr-5117	1036	31	decision	decision	NOUN
cblr-5117	1036	32	by	by	ADP
cblr-5117	1036	33	the	the	DET
cblr-5117	1036	34	employee,255	employee,255	PROPN
cblr-5117	1036	35	the	the	DET
cblr-5117	1036	36	disclosure	disclosure	NOUN
cblr-5117	1036	37	must	must	AUX
cblr-5117	1036	38	be	be	AUX
cblr-5117	1036	39	delivered	deliver	VERB
cblr-5117	1036	40	before	before	SCONJ
cblr-5117	1036	41	the	the	DET
cblr-5117	1036	42	rsu	rsu	PROPN
cblr-5117	1036	43	award	award	PROPN
cblr-5117	1036	44	is	be	AUX
cblr-5117	1036	45	granted.256	granted.256	PROPN
cblr-5117	1036	46	the	the	DET
cblr-5117	1036	47	result	result	NOUN
cblr-5117	1036	48	is	be	AUX
cblr-5117	1036	49	somewhat	somewhat	ADV
cblr-5117	1036	50	paradoxical	paradoxical	ADJ
cblr-5117	1036	51	:	:	PUNCT
cblr-5117	1036	52	254	254	NUM
cblr-5117	1036	53	exemption	exemption	NOUN
cblr-5117	1036	54	for	for	ADP
cblr-5117	1036	55	offers	offer	NOUN
cblr-5117	1036	56	and	and	CCONJ
cblr-5117	1036	57	sales	sale	NOUN
cblr-5117	1036	58	of	of	ADP
cblr-5117	1036	59	securities	security	NOUN
cblr-5117	1036	60	pursuant	pursuant	ADJ
cblr-5117	1036	61	to	to	ADP
cblr-5117	1036	62	certain	certain	ADJ
cblr-5117	1036	63	compensatory	compensatory	ADJ
cblr-5117	1036	64	benefit	benefit	NOUN
cblr-5117	1036	65	plans	plan	NOUN
cblr-5117	1036	66	and	and	CCONJ
cblr-5117	1036	67	contracts	contract	NOUN
cblr-5117	1036	68	relating	relate	VERB
cblr-5117	1036	69	to	to	ADP
cblr-5117	1036	70	compensation	compensation	NOUN
cblr-5117	1036	71	,	,	PUNCT
cblr-5117	1036	72	17	17	NUM
cblr-5117	1036	73	c.f.r	c.f.r	NOUN
cblr-5117	1036	74	.	.	PUNCT
cblr-5117	1037	1	§	§	PROPN
cblr-5117	1037	2	230.701(e)(6	230.701(e)(6	NUM
cblr-5117	1037	3	)	)	PUNCT
cblr-5117	1037	4	(	(	PUNCT
cblr-5117	1037	5	2018	2018	NUM
cblr-5117	1037	6	)	)	PUNCT
cblr-5117	1037	7	.	.	PUNCT
cblr-5117	1038	1	in	in	ADP
cblr-5117	1038	2	practice	practice	NOUN
cblr-5117	1038	3	,	,	PUNCT
cblr-5117	1038	4	lawyers	lawyer	NOUN
cblr-5117	1038	5	from	from	ADP
cblr-5117	1038	6	the	the	DET
cblr-5117	1038	7	leading	lead	VERB
cblr-5117	1038	8	firms	firm	NOUN
cblr-5117	1038	9	in	in	ADP
cblr-5117	1038	10	silicon	silicon	PROPN
cblr-5117	1038	11	valley	valley	PROPN
cblr-5117	1038	12	advise	advise	VERB
cblr-5117	1038	13	their	their	PRON
cblr-5117	1038	14	clients	client	NOUN
cblr-5117	1038	15	to	to	PART
cblr-5117	1038	16	deliver	deliver	VERB
cblr-5117	1038	17	the	the	DET
cblr-5117	1038	18	disclosure	disclosure	NOUN
cblr-5117	1038	19	before	before	SCONJ
cblr-5117	1038	20	the	the	DET
cblr-5117	1038	21	employee	employee	NOUN
cblr-5117	1038	22	’s	’s	PART
cblr-5117	1038	23	grant	grant	PROPN
cblr-5117	1038	24	starts	start	VERB
cblr-5117	1038	25	vesting	vest	VERB
cblr-5117	1038	26	—	—	PUNCT
cblr-5117	1038	27	typically	typically	ADV
cblr-5117	1038	28	,	,	PUNCT
cblr-5117	1038	29	before	before	SCONJ
cblr-5117	1038	30	the	the	DET
cblr-5117	1038	31	employee	employee	NOUN
cblr-5117	1038	32	celebrates	celebrate	VERB
cblr-5117	1038	33	first	first	ADJ
cblr-5117	1038	34	work	work	NOUN
cblr-5117	1038	35	anniversary	anniversary	NOUN
cblr-5117	1038	36	and	and	CCONJ
cblr-5117	1038	37	reaches	reach	VERB
cblr-5117	1038	38	the	the	DET
cblr-5117	1038	39	one	one	NUM
cblr-5117	1038	40	-	-	PUNCT
cblr-5117	1038	41	year	year	NOUN
cblr-5117	1038	42	cliff	cliff	NOUN
cblr-5117	1038	43	of	of	ADP
cblr-5117	1038	44	the	the	DET
cblr-5117	1038	45	vesting	vest	VERB
cblr-5117	1038	46	schedule	schedule	NOUN
cblr-5117	1038	47	.	.	PUNCT
cblr-5117	1039	1	see	see	VERB
cblr-5117	1039	2	interviews	interview	NOUN
cblr-5117	1039	3	,	,	PUNCT
cblr-5117	1039	4	supra	supra	PROPN
cblr-5117	1039	5	note	note	PROPN
cblr-5117	1039	6	29	29	NUM
cblr-5117	1039	7	(	(	PUNCT
cblr-5117	1039	8	quoting	quote	VERB
cblr-5117	1039	9	lo4	lo4	NOUN
cblr-5117	1039	10	:	:	PUNCT
cblr-5117	1039	11	“	"	PUNCT
cblr-5117	1039	12	there	there	PRON
cblr-5117	1039	13	’s	’	VERB
cblr-5117	1039	14	another	another	DET
cblr-5117	1039	15	bit	bit	NOUN
cblr-5117	1039	16	of	of	ADP
cblr-5117	1039	17	disagreement	disagreement	NOUN
cblr-5117	1039	18	in	in	ADP
cblr-5117	1039	19	terms	term	NOUN
cblr-5117	1039	20	of	of	ADP
cblr-5117	1039	21	when	when	SCONJ
cblr-5117	1039	22	that	that	SCONJ
cblr-5117	1039	23	[	[	X
cblr-5117	1039	24	reasonable	reasonable	ADJ
cblr-5117	1039	25	time	time	NOUN
cblr-5117	1039	26	]	]	PUNCT
cblr-5117	1039	27	takes	take	VERB
cblr-5117	1039	28	place	place	NOUN
cblr-5117	1039	29	.	.	PUNCT
cblr-5117	1040	1	i	i	PRON
cblr-5117	1040	2	typically	typically	ADV
cblr-5117	1040	3	advise	advise	VERB
cblr-5117	1040	4	clients	client	NOUN
cblr-5117	1040	5	‘	'	PUNCT
cblr-5117	1040	6	let	let	VERB
cblr-5117	1040	7	’s	’s	PRON
cblr-5117	1040	8	go	go	VERB
cblr-5117	1040	9	back	back	ADV
cblr-5117	1040	10	to	to	ADP
cblr-5117	1040	11	that	that	DET
cblr-5117	1040	12	one	one	NUM
cblr-5117	1040	13	-	-	PUNCT
cblr-5117	1040	14	year	year	NOUN
cblr-5117	1040	15	cliff	cliff	NOUN
cblr-5117	1040	16	.	.	PUNCT
cblr-5117	1040	17	.	.	PUNCT
cblr-5117	1041	1	.	.	PUNCT
cblr-5117	1042	1	you	you	PRON
cblr-5117	1042	2	really	really	ADV
cblr-5117	1042	3	want	want	VERB
cblr-5117	1042	4	to	to	PART
cblr-5117	1042	5	provide	provide	VERB
cblr-5117	1042	6	a	a	DET
cblr-5117	1042	7	reasonable	reasonable	ADJ
cblr-5117	1042	8	period	period	NOUN
cblr-5117	1042	9	of	of	ADP
cblr-5117	1042	10	time	time	NOUN
cblr-5117	1042	11	before	before	ADP
cblr-5117	1042	12	that	that	PRON
cblr-5117	1042	13	.	.	PUNCT
cblr-5117	1042	14	.	.	PUNCT
cblr-5117	1042	15	.	.	PUNCT
cblr-5117	1042	16	.	.	PUNCT
cblr-5117	1042	17	”	"	PUNCT
cblr-5117	1042	18	)	)	PUNCT
cblr-5117	1042	19	.	.	PUNCT
cblr-5117	1043	1	255	255	NUM
cblr-5117	1043	2	a	a	DET
cblr-5117	1043	3	detailed	detailed	ADJ
cblr-5117	1043	4	discussion	discussion	NOUN
cblr-5117	1043	5	on	on	ADP
cblr-5117	1043	6	the	the	DET
cblr-5117	1043	7	mechanics	mechanic	NOUN
cblr-5117	1043	8	of	of	ADP
cblr-5117	1043	9	rsus	rsus	NOUN
cblr-5117	1043	10	is	be	AUX
cblr-5117	1043	11	beyond	beyond	ADP
cblr-5117	1043	12	the	the	DET
cblr-5117	1043	13	scope	scope	NOUN
cblr-5117	1043	14	of	of	ADP
cblr-5117	1043	15	this	this	DET
cblr-5117	1043	16	article	article	NOUN
cblr-5117	1043	17	.	.	PUNCT
cblr-5117	1044	1	for	for	ADP
cblr-5117	1044	2	more	more	ADJ
cblr-5117	1044	3	on	on	ADP
cblr-5117	1044	4	the	the	DET
cblr-5117	1044	5	differences	difference	NOUN
cblr-5117	1044	6	between	between	ADP
cblr-5117	1044	7	stock	stock	NOUN
cblr-5117	1044	8	options	option	NOUN
cblr-5117	1044	9	and	and	CCONJ
cblr-5117	1044	10	rsus	rsus	NOUN
cblr-5117	1044	11	and	and	CCONJ
cblr-5117	1044	12	how	how	SCONJ
cblr-5117	1044	13	the	the	DET
cblr-5117	1044	14	latter	latter	ADJ
cblr-5117	1044	15	evolved	evolve	VERB
cblr-5117	1044	16	in	in	ADP
cblr-5117	1044	17	silicon	silicon	PROPN
cblr-5117	1044	18	valley	valley	NOUN
cblr-5117	1044	19	,	,	PUNCT
cblr-5117	1044	20	see	see	VERB
cblr-5117	1044	21	andy	andy	PROPN
cblr-5117	1044	22	rachleff	rachleff	PROPN
cblr-5117	1044	23	,	,	PUNCT
cblr-5117	1044	24	how	how	SCONJ
cblr-5117	1044	25	do	do	AUX
cblr-5117	1044	26	stock	stock	NOUN
cblr-5117	1044	27	options	option	NOUN
cblr-5117	1044	28	and	and	CCONJ
cblr-5117	1044	29	rsus	rsus	NOUN
cblr-5117	1044	30	differ	differ	VERB
cblr-5117	1044	31	?	?	PUNCT
cblr-5117	1044	32	,	,	PUNCT
cblr-5117	1044	33	wealthfront	wealthfront	NOUN
cblr-5117	1044	34	(	(	PUNCT
cblr-5117	1044	35	feb	feb	PROPN
cblr-5117	1044	36	.	.	PROPN
cblr-5117	1044	37	6	6	NUM
cblr-5117	1044	38	,	,	PUNCT
cblr-5117	1044	39	2014	2014	NUM
cblr-5117	1044	40	)	)	PUNCT
cblr-5117	1044	41	,	,	PUNCT
cblr-5117	1044	42	https://blog.wealthfront.com/stock-options-versus-rsu/	https://blog.wealthfront.com/stock-options-versus-rsu/	NOUN
cblr-5117	1044	43	[	[	X
cblr-5117	1044	44	https://perma.cc/ny2n-dz3q	https://perma.cc/ny2n-dz3q	X
cblr-5117	1044	45	]	]	X
cblr-5117	1044	46	.	.	PUNCT
cblr-5117	1045	1	256	256	NUM
cblr-5117	1045	2	see	see	VERB
cblr-5117	1045	3	securities	security	NOUN
cblr-5117	1045	4	act	act	PROPN
cblr-5117	1045	5	rules	rule	NOUN
cblr-5117	1045	6	,	,	PUNCT
cblr-5117	1045	7	u.s	u.s	PROPN
cblr-5117	1045	8	.	.	PROPN
cblr-5117	1045	9	sec	sec	PROPN
cblr-5117	1045	10	.	.	PROPN
cblr-5117	1045	11	&	&	CCONJ
cblr-5117	1045	12	exchange	exchange	PROPN
cblr-5117	1045	13	commission	commission	PROPN
cblr-5117	1045	14	(	(	PUNCT
cblr-5117	1045	15	oct	oct	PROPN
cblr-5117	1045	16	.	.	PROPN
cblr-5117	1045	17	19	19	NUM
cblr-5117	1045	18	,	,	PUNCT
cblr-5117	1045	19	2016	2016	NUM
cblr-5117	1045	20	)	)	PUNCT
cblr-5117	1045	21	,	,	PUNCT
cblr-5117	1045	22	https://www.sec.gov/divisions/corpfin/guidance/securitiesactrulesinterps.htm	https://www.sec.gov/divisions/corpfin/guidance/securitiesactrulesinterps.htm	PROPN
cblr-5117	1046	1	[	[	X
cblr-5117	1046	2	https://perma.cc/thw2-wm68	https://perma.cc/thw2-wm68	X
cblr-5117	1046	3	]	]	X
cblr-5117	1046	4	(	(	PUNCT
cblr-5117	1046	5	quoting	quote	VERB
cblr-5117	1046	6	the	the	DET
cblr-5117	1046	7	answer	answer	NOUN
cblr-5117	1046	8	to	to	PART
cblr-5117	1046	9	question	question	VERB
cblr-5117	1046	10	271.24	271.24	NUM
cblr-5117	1046	11	:	:	PUNCT
cblr-5117	1046	12	“	"	PUNCT
cblr-5117	1046	13	for	for	ADP
cblr-5117	1046	14	the	the	DET
cblr-5117	1046	15	sale	sale	NOUN
cblr-5117	1046	16	of	of	ADP
cblr-5117	1046	17	an	an	DET
cblr-5117	1046	18	rsu	rsu	NOUN
cblr-5117	1046	19	award	award	NOUN
cblr-5117	1046	20	that	that	PRON
cblr-5117	1046	21	relies	rely	VERB
cblr-5117	1046	22	on	on	ADP
cblr-5117	1046	23	rule	rule	NOUN
cblr-5117	1046	24	701	701	NUM
cblr-5117	1046	25	for	for	ADP
cblr-5117	1046	26	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1046	27	(	(	PUNCT
cblr-5117	1046	28	do	do	AUX
cblr-5117	1046	29	not	not	PART
cblr-5117	1046	30	delete	delete	VERB
cblr-5117	1046	31	)	)	PUNCT
cblr-5117	1046	32	1/8/2020	1/8/2020	NUM
cblr-5117	1046	33	4:44	4:44	NUM
cblr-5117	1046	34	pm	pm	NOUN
cblr-5117	1046	35	no	no	INTJ
cblr-5117	1046	36	.	.	PUNCT
cblr-5117	1047	1	3:867	3:867	NUM
cblr-5117	1047	2	]	]	PUNCT
cblr-5117	1047	3	making	make	VERB
cblr-5117	1047	4	disclosure	disclosure	NOUN
cblr-5117	1047	5	work	work	NOUN
cblr-5117	1047	6	943	943	NUM
cblr-5117	1047	7	employees	employee	NOUN
cblr-5117	1047	8	being	be	AUX
cblr-5117	1047	9	paid	pay	VERB
cblr-5117	1047	10	with	with	ADP
cblr-5117	1047	11	low	low	ADJ
cblr-5117	1047	12	-	-	PUNCT
cblr-5117	1047	13	risk	risk	NOUN
cblr-5117	1047	14	securities	security	NOUN
cblr-5117	1047	15	(	(	PUNCT
cblr-5117	1047	16	rsus	rsus	NOUN
cblr-5117	1047	17	)	)	PUNCT
cblr-5117	1047	18	receive	receive	VERB
cblr-5117	1047	19	information	information	NOUN
cblr-5117	1047	20	more	more	ADV
cblr-5117	1047	21	promptly	promptly	ADV
cblr-5117	1047	22	than	than	SCONJ
cblr-5117	1047	23	do	do	VERB
cblr-5117	1047	24	employees	employee	NOUN
cblr-5117	1047	25	who	who	PRON
cblr-5117	1047	26	receive	receive	VERB
cblr-5117	1047	27	high	high	ADJ
cblr-5117	1047	28	-	-	PUNCT
cblr-5117	1047	29	risk	risk	NOUN
cblr-5117	1047	30	securities	security	NOUN
cblr-5117	1047	31	(	(	PUNCT
cblr-5117	1047	32	stock	stock	NOUN
cblr-5117	1047	33	options).257	options).257	VERB
cblr-5117	1047	34	either	either	DET
cblr-5117	1047	35	way	way	NOUN
cblr-5117	1047	36	,	,	PUNCT
cblr-5117	1047	37	the	the	DET
cblr-5117	1047	38	information	information	NOUN
cblr-5117	1047	39	reaches	reach	VERB
cblr-5117	1047	40	employees	employee	NOUN
cblr-5117	1047	41	only	only	ADV
cblr-5117	1047	42	after	after	SCONJ
cblr-5117	1047	43	they	they	PRON
cblr-5117	1047	44	have	have	AUX
cblr-5117	1047	45	made	make	VERB
cblr-5117	1047	46	the	the	DET
cblr-5117	1047	47	most	most	ADV
cblr-5117	1047	48	crucial	crucial	ADJ
cblr-5117	1047	49	decision	decision	NOUN
cblr-5117	1047	50	as	as	ADP
cblr-5117	1047	51	to	to	ADP
cblr-5117	1047	52	whether	whether	SCONJ
cblr-5117	1047	53	to	to	PART
cblr-5117	1047	54	accept	accept	VERB
cblr-5117	1047	55	an	an	DET
cblr-5117	1047	56	offer	offer	NOUN
cblr-5117	1047	57	that	that	PRON
cblr-5117	1047	58	includes	include	VERB
cblr-5117	1047	59	an	an	DET
cblr-5117	1047	60	equity	equity	NOUN
cblr-5117	1047	61	component	component	NOUN
cblr-5117	1047	62	.	.	PUNCT
cblr-5117	1048	1	such	such	ADJ
cblr-5117	1048	2	late	late	ADJ
cblr-5117	1048	3	disclosure	disclosure	NOUN
cblr-5117	1048	4	is	be	AUX
cblr-5117	1048	5	problematic	problematic	ADJ
cblr-5117	1048	6	on	on	ADP
cblr-5117	1048	7	both	both	CCONJ
cblr-5117	1048	8	legal	legal	ADJ
cblr-5117	1048	9	and	and	CCONJ
cblr-5117	1048	10	economic	economic	ADJ
cblr-5117	1048	11	grounds	ground	NOUN
cblr-5117	1048	12	.	.	PUNCT
cblr-5117	1049	1	on	on	ADP
cblr-5117	1049	2	the	the	DET
cblr-5117	1049	3	legal	legal	ADJ
cblr-5117	1049	4	side	side	NOUN
cblr-5117	1049	5	,	,	PUNCT
cblr-5117	1049	6	as	as	SCONJ
cblr-5117	1049	7	noted	note	VERB
cblr-5117	1049	8	above	above	ADV
cblr-5117	1049	9	in	in	ADP
cblr-5117	1049	10	section	section	NOUN
cblr-5117	1049	11	ii.a	ii.a	PROPN
cblr-5117	1049	12	,	,	PUNCT
cblr-5117	1049	13	grants	grant	NOUN
cblr-5117	1049	14	that	that	PRON
cblr-5117	1049	15	are	be	AUX
cblr-5117	1049	16	offered	offer	VERB
cblr-5117	1049	17	to	to	PART
cblr-5117	1049	18	prospective	prospective	VERB
cblr-5117	1049	19	employees	employee	NOUN
cblr-5117	1049	20	as	as	ADP
cblr-5117	1049	21	an	an	DET
cblr-5117	1049	22	inducement	inducement	NOUN
cblr-5117	1049	23	to	to	PART
cblr-5117	1049	24	accept	accept	VERB
cblr-5117	1049	25	employment	employment	NOUN
cblr-5117	1049	26	generally	generally	ADV
cblr-5117	1049	27	constitute	constitute	VERB
cblr-5117	1049	28	a	a	DET
cblr-5117	1049	29	“	"	PUNCT
cblr-5117	1049	30	sale	sale	NOUN
cblr-5117	1049	31	”	"	PUNCT
cblr-5117	1049	32	of	of	ADP
cblr-5117	1049	33	securities.258	securities.258	PROPN
cblr-5117	1049	34	it	it	PRON
cblr-5117	1049	35	follows	follow	VERB
cblr-5117	1049	36	that	that	SCONJ
cblr-5117	1049	37	disclosure	disclosure	NOUN
cblr-5117	1049	38	should	should	AUX
cblr-5117	1049	39	be	be	AUX
cblr-5117	1049	40	given	give	VERB
cblr-5117	1049	41	before	before	SCONJ
cblr-5117	1049	42	the	the	DET
cblr-5117	1049	43	prospective	prospective	ADJ
cblr-5117	1049	44	employee	employee	NOUN
cblr-5117	1049	45	makes	make	VERB
cblr-5117	1049	46	an	an	DET
cblr-5117	1049	47	investment	investment	NOUN
cblr-5117	1049	48	decision	decision	NOUN
cblr-5117	1049	49	and	and	CCONJ
cblr-5117	1049	50	the	the	DET
cblr-5117	1049	51	“	"	PUNCT
cblr-5117	1049	52	sale	sale	NOUN
cblr-5117	1049	53	”	"	PUNCT
cblr-5117	1049	54	takes	take	VERB
cblr-5117	1049	55	place.259	place.259	NOUN
cblr-5117	1049	56	in	in	ADP
cblr-5117	1049	57	other	other	ADJ
cblr-5117	1049	58	words	word	NOUN
cblr-5117	1049	59	,	,	PUNCT
cblr-5117	1049	60	the	the	DET
cblr-5117	1049	61	disclosure	disclosure	NOUN
cblr-5117	1049	62	should	should	AUX
cblr-5117	1049	63	be	be	AUX
cblr-5117	1049	64	given	give	VERB
cblr-5117	1049	65	before	before	SCONJ
cblr-5117	1049	66	the	the	DET
cblr-5117	1049	67	employee	employee	NOUN
cblr-5117	1049	68	accepts	accept	VERB
cblr-5117	1049	69	a	a	DET
cblr-5117	1049	70	compensation	compensation	NOUN
cblr-5117	1049	71	arrangement	arrangement	NOUN
cblr-5117	1049	72	that	that	PRON
cblr-5117	1049	73	includes	include	VERB
cblr-5117	1049	74	an	an	DET
cblr-5117	1049	75	investment	investment	NOUN
cblr-5117	1049	76	component	component	NOUN
cblr-5117	1049	77	.	.	PUNCT
cblr-5117	1050	1	on	on	ADP
cblr-5117	1050	2	the	the	DET
cblr-5117	1050	3	economic	economic	ADJ
cblr-5117	1050	4	side	side	NOUN
cblr-5117	1050	5	,	,	PUNCT
cblr-5117	1050	6	late	late	ADJ
cblr-5117	1050	7	disclosure	disclosure	NOUN
cblr-5117	1050	8	is	be	AUX
cblr-5117	1050	9	inefficient	inefficient	ADJ
cblr-5117	1050	10	and	and	CCONJ
cblr-5117	1050	11	wasteful	wasteful	ADJ
cblr-5117	1050	12	because	because	SCONJ
cblr-5117	1050	13	it	it	PRON
cblr-5117	1050	14	fails	fail	VERB
cblr-5117	1050	15	to	to	PART
cblr-5117	1050	16	guide	guide	VERB
cblr-5117	1050	17	the	the	DET
cblr-5117	1050	18	decisions	decision	NOUN
cblr-5117	1050	19	of	of	ADP
cblr-5117	1050	20	employee	employee	NOUN
cblr-5117	1050	21	-	-	PUNCT
cblr-5117	1050	22	investors	investor	NOUN
cblr-5117	1050	23	.	.	PUNCT
cblr-5117	1051	1	as	as	SCONJ
cblr-5117	1051	2	discussed	discuss	VERB
cblr-5117	1051	3	in	in	ADP
cblr-5117	1051	4	section	section	NOUN
cblr-5117	1051	5	iv.a	iv.a	PROPN
cblr-5117	1051	6	,	,	PUNCT
cblr-5117	1051	7	human	human	ADJ
cblr-5117	1051	8	capital	capital	NOUN
cblr-5117	1051	9	is	be	AUX
cblr-5117	1051	10	a	a	DET
cblr-5117	1051	11	scarce	scarce	ADJ
cblr-5117	1051	12	resource	resource	NOUN
cblr-5117	1051	13	whose	whose	DET
cblr-5117	1051	14	allocation	allocation	NOUN
cblr-5117	1051	15	is	be	AUX
cblr-5117	1051	16	responsive	responsive	ADJ
cblr-5117	1051	17	to	to	ADP
cblr-5117	1051	18	equity	equity	NOUN
cblr-5117	1051	19	incentives	incentive	NOUN
cblr-5117	1051	20	.	.	PUNCT
cblr-5117	1052	1	to	to	PART
cblr-5117	1052	2	facilitate	facilitate	VERB
cblr-5117	1052	3	the	the	DET
cblr-5117	1052	4	efficient	efficient	ADJ
cblr-5117	1052	5	allocation	allocation	NOUN
cblr-5117	1052	6	of	of	ADP
cblr-5117	1052	7	this	this	DET
cblr-5117	1052	8	exemption	exemption	NOUN
cblr-5117	1052	9	,	,	PUNCT
cblr-5117	1052	10	the	the	DET
cblr-5117	1052	11	date	date	NOUN
cblr-5117	1052	12	of	of	ADP
cblr-5117	1052	13	sale	sale	NOUN
cblr-5117	1052	14	is	be	AUX
cblr-5117	1052	15	the	the	DET
cblr-5117	1052	16	date	date	NOUN
cblr-5117	1052	17	it	it	PRON
cblr-5117	1052	18	is	be	AUX
cblr-5117	1052	19	granted	grant	VERB
cblr-5117	1052	20	.	.	PUNCT
cblr-5117	1053	1	as	as	ADP
cblr-5117	1053	2	such	such	ADJ
cblr-5117	1053	3	,	,	PUNCT
cblr-5117	1053	4	the	the	DET
cblr-5117	1053	5	issuer	issuer	NOUN
cblr-5117	1053	6	must	must	AUX
cblr-5117	1053	7	provide	provide	VERB
cblr-5117	1053	8	the	the	DET
cblr-5117	1053	9	required	require	VERB
cblr-5117	1053	10	information	information	NOUN
cblr-5117	1053	11	a	a	DET
cblr-5117	1053	12	reasonable	reasonable	ADJ
cblr-5117	1053	13	time	time	NOUN
cblr-5117	1053	14	before	before	ADP
cblr-5117	1053	15	the	the	DET
cblr-5117	1053	16	date	date	NOUN
cblr-5117	1053	17	the	the	DET
cblr-5117	1053	18	rsu	rsu	PROPN
cblr-5117	1053	19	award	award	PROPN
cblr-5117	1053	20	is	be	AUX
cblr-5117	1053	21	granted	grant	VERB
cblr-5117	1053	22	.	.	PUNCT
cblr-5117	1053	23	”	"	PUNCT
cblr-5117	1053	24	)	)	PUNCT
cblr-5117	1053	25	.	.	PUNCT
cblr-5117	1054	1	257	257	NUM
cblr-5117	1054	2	on	on	ADP
cblr-5117	1054	3	the	the	DET
cblr-5117	1054	4	differences	difference	NOUN
cblr-5117	1054	5	between	between	ADP
cblr-5117	1054	6	private	private	ADJ
cblr-5117	1054	7	companies	company	NOUN
cblr-5117	1054	8	’	’	PART
cblr-5117	1054	9	rsus	rsus	NOUN
cblr-5117	1054	10	and	and	CCONJ
cblr-5117	1054	11	stock	stock	NOUN
cblr-5117	1054	12	options	option	NOUN
cblr-5117	1054	13	,	,	PUNCT
cblr-5117	1054	14	see	see	VERB
cblr-5117	1054	15	generally	generally	ADV
cblr-5117	1054	16	jeron	jeron	PROPN
cblr-5117	1054	17	paul	paul	PROPN
cblr-5117	1054	18	,	,	PUNCT
cblr-5117	1054	19	rsus	rsus	NOUN
cblr-5117	1054	20	vs.	vs.	ADP
cblr-5117	1054	21	options	option	NOUN
cblr-5117	1054	22	:	:	PUNCT
cblr-5117	1054	23	why	why	SCONJ
cblr-5117	1054	24	rsus	rsus	NOUN
cblr-5117	1054	25	(	(	PUNCT
cblr-5117	1054	26	restricted	restrict	VERB
cblr-5117	1054	27	stock	stock	NOUN
cblr-5117	1054	28	units	unit	NOUN
cblr-5117	1054	29	)	)	PUNCT
cblr-5117	1054	30	could	could	AUX
cblr-5117	1054	31	be	be	AUX
cblr-5117	1054	32	better	well	ADJ
cblr-5117	1054	33	than	than	ADP
cblr-5117	1054	34	stock	stock	NOUN
cblr-5117	1054	35	options	option	NOUN
cblr-5117	1054	36	at	at	ADP
cblr-5117	1054	37	your	your	PRON
cblr-5117	1054	38	private	private	ADJ
cblr-5117	1054	39	company	company	NOUN
cblr-5117	1054	40	,	,	PUNCT
cblr-5117	1054	41	capshare	capshare	PROPN
cblr-5117	1054	42	blog	blog	NOUN
cblr-5117	1054	43	(	(	PUNCT
cblr-5117	1054	44	jul	jul	PROPN
cblr-5117	1054	45	.	.	PROPN
cblr-5117	1054	46	9	9	NUM
cblr-5117	1054	47	,	,	PUNCT
cblr-5117	1054	48	2016	2016	NUM
cblr-5117	1054	49	)	)	PUNCT
cblr-5117	1054	50	,	,	PUNCT
cblr-5117	1054	51	www.capshare.com/blog/rsus-vs-options/	www.capshare.com/blog/rsus-vs-options/	NOUN
cblr-5117	1055	1	[	[	X
cblr-5117	1055	2	https://perma.cc/4yfj-phbw	https://perma.cc/4yfj-phbw	X
cblr-5117	1055	3	]	]	X
cblr-5117	1055	4	(	(	PUNCT
cblr-5117	1055	5	citing	cite	VERB
cblr-5117	1055	6	bill	bill	NOUN
cblr-5117	1055	7	gates	gate	NOUN
cblr-5117	1055	8	:	:	PUNCT
cblr-5117	1055	9	“	"	PUNCT
cblr-5117	1055	10	the	the	DET
cblr-5117	1055	11	fact	fact	NOUN
cblr-5117	1055	12	is	be	AUX
cblr-5117	1055	13	that	that	SCONJ
cblr-5117	1055	14	the	the	DET
cblr-5117	1055	15	variation	variation	NOUN
cblr-5117	1055	16	in	in	ADP
cblr-5117	1055	17	the	the	DET
cblr-5117	1055	18	value	value	NOUN
cblr-5117	1055	19	of	of	ADP
cblr-5117	1055	20	an	an	DET
cblr-5117	1055	21	option	option	NOUN
cblr-5117	1055	22	is	be	AUX
cblr-5117	1055	23	just	just	ADV
cblr-5117	1055	24	too	too	ADV
cblr-5117	1055	25	great	great	ADJ
cblr-5117	1055	26	.	.	PUNCT
cblr-5117	1055	27	.	.	PUNCT
cblr-5117	1055	28	.	.	PUNCT
cblr-5117	1056	1	.	.	PUNCT
cblr-5117	1057	1	and	and	CCONJ
cblr-5117	1057	2	so	so	ADV
cblr-5117	1057	3	as	as	ADV
cblr-5117	1057	4	soon	soon	ADV
cblr-5117	1057	5	as	as	SCONJ
cblr-5117	1057	6	they	they	PRON
cblr-5117	1057	7	saw	see	VERB
cblr-5117	1057	8	that	that	SCONJ
cblr-5117	1057	9	options	option	NOUN
cblr-5117	1057	10	could	could	AUX
cblr-5117	1057	11	go	go	VERB
cblr-5117	1057	12	both	both	DET
cblr-5117	1057	13	ways	way	NOUN
cblr-5117	1057	14	,	,	PUNCT
cblr-5117	1057	15	we	we	PRON
cblr-5117	1057	16	proposed	propose	VERB
cblr-5117	1057	17	an	an	DET
cblr-5117	1057	18	economic	economic	ADJ
cblr-5117	1057	19	equivalent	equivalent	NOUN
cblr-5117	1057	20	.	.	PUNCT
cblr-5117	1057	21	”	"	PUNCT
cblr-5117	1057	22	)	)	PUNCT
cblr-5117	1057	23	;	;	PUNCT
cblr-5117	1057	24	see	see	VERB
cblr-5117	1057	25	also	also	ADV
cblr-5117	1057	26	should	should	AUX
cblr-5117	1057	27	you	you	PRON
cblr-5117	1057	28	ask	ask	VERB
cblr-5117	1057	29	for	for	ADP
cblr-5117	1057	30	rsus	rsus	NOUN
cblr-5117	1057	31	or	or	CCONJ
cblr-5117	1057	32	stock	stock	NOUN
cblr-5117	1057	33	options	option	NOUN
cblr-5117	1057	34	?	?	PUNCT
cblr-5117	1058	1	flow	flow	NOUN
cblr-5117	1058	2	fin	fin	NOUN
cblr-5117	1058	3	.	.	PUNCT
cblr-5117	1059	1	planning	planning	NOUN
cblr-5117	1059	2	(	(	PUNCT
cblr-5117	1059	3	aug	aug	PROPN
cblr-5117	1059	4	.	.	PROPN
cblr-5117	1059	5	7	7	NUM
cblr-5117	1059	6	,	,	PUNCT
cblr-5117	1059	7	2018	2018	NUM
cblr-5117	1059	8	)	)	PUNCT
cblr-5117	1059	9	,	,	PUNCT
cblr-5117	1059	10	https://flowfp.com/rsus-vs-stock-options/	https://flowfp.com/rsus-vs-stock-options/	PROPN
cblr-5117	1060	1	[	[	X
cblr-5117	1060	2	https://perma.cc/w3yc-ql7s	https://perma.cc/w3yc-ql7s	X
cblr-5117	1060	3	]	]	X
cblr-5117	1060	4	(	(	PUNCT
cblr-5117	1060	5	indicating	indicate	VERB
cblr-5117	1060	6	“	"	PUNCT
cblr-5117	1060	7	[	[	X
cblr-5117	1060	8	a]n	a]n	NOUN
cblr-5117	1060	9	rsu	rsu	PROPN
cblr-5117	1060	10	is	be	AUX
cblr-5117	1060	11	always	always	ADV
cblr-5117	1060	12	worth	worth	ADJ
cblr-5117	1060	13	something	something	PRON
cblr-5117	1060	14	,	,	PUNCT
cblr-5117	1060	15	unless	unless	SCONJ
cblr-5117	1060	16	the	the	DET
cblr-5117	1060	17	company	company	NOUN
cblr-5117	1060	18	goes	go	VERB
cblr-5117	1060	19	bankrupt	bankrupt	ADJ
cblr-5117	1060	20	.	.	PUNCT
cblr-5117	1061	1	an	an	DET
cblr-5117	1061	2	option	option	NOUN
cblr-5117	1061	3	is	be	AUX
cblr-5117	1061	4	worth	worth	ADJ
cblr-5117	1061	5	something	something	PRON
cblr-5117	1061	6	only	only	ADV
cblr-5117	1061	7	if	if	SCONJ
cblr-5117	1061	8	the	the	DET
cblr-5117	1061	9	market	market	NOUN
cblr-5117	1061	10	price	price	NOUN
cblr-5117	1061	11	of	of	ADP
cblr-5117	1061	12	the	the	DET
cblr-5117	1061	13	stock	stock	NOUN
cblr-5117	1061	14	is	be	AUX
cblr-5117	1061	15	above	above	ADP
cblr-5117	1061	16	the	the	DET
cblr-5117	1061	17	strike	strike	NOUN
cblr-5117	1061	18	price	price	NOUN
cblr-5117	1061	19	of	of	ADP
cblr-5117	1061	20	your	your	PRON
cblr-5117	1061	21	option	option	NOUN
cblr-5117	1061	22	.	.	PUNCT
cblr-5117	1061	23	.	.	PUNCT
cblr-5117	1061	24	.	.	PUNCT
cblr-5117	1062	1	.	.	PUNCT
cblr-5117	1063	1	you	you	PRON
cblr-5117	1063	2	do	do	AUX
cblr-5117	1063	3	n’t	not	PART
cblr-5117	1063	4	have	have	VERB
cblr-5117	1063	5	to	to	PART
cblr-5117	1063	6	make	make	VERB
cblr-5117	1063	7	a	a	DET
cblr-5117	1063	8	choice	choice	NOUN
cblr-5117	1063	9	.	.	PUNCT
cblr-5117	1064	1	they	they	PRON
cblr-5117	1064	2	just	just	ADV
cblr-5117	1064	3	‘	'	PUNCT
cblr-5117	1064	4	happen	happen	VERB
cblr-5117	1064	5	’	'	PUNCT
cblr-5117	1064	6	as	as	ADV
cblr-5117	1064	7	long	long	ADV
cblr-5117	1064	8	as	as	SCONJ
cblr-5117	1064	9	you	you	PRON
cblr-5117	1064	10	stick	stick	VERB
cblr-5117	1064	11	around	around	ADV
cblr-5117	1064	12	.	.	PUNCT
cblr-5117	1064	13	.	.	PUNCT
cblr-5117	1064	14	.	.	PUNCT
cblr-5117	1064	15	.	.	PUNCT
cblr-5117	1064	16	”	"	PUNCT
cblr-5117	1064	17	)	)	PUNCT
cblr-5117	1064	18	.	.	PUNCT
cblr-5117	1065	1	258	258	NUM
cblr-5117	1065	2	see	see	VERB
cblr-5117	1065	3	supra	supra	PROPN
cblr-5117	1065	4	notes	note	VERB
cblr-5117	1065	5	58–62	58–62	NUM
cblr-5117	1065	6	and	and	CCONJ
cblr-5117	1065	7	accompanying	accompany	VERB
cblr-5117	1065	8	text	text	NOUN
cblr-5117	1065	9	.	.	PUNCT
cblr-5117	1066	1	259	259	NUM
cblr-5117	1066	2	recall	recall	VERB
cblr-5117	1066	3	that	that	SCONJ
cblr-5117	1066	4	according	accord	VERB
cblr-5117	1066	5	to	to	ADP
cblr-5117	1066	6	ralston	ralston	PROPN
cblr-5117	1066	7	purina	purina	PROPN
cblr-5117	1066	8	co.	co.	PROPN
cblr-5117	1066	9	,	,	PUNCT
cblr-5117	1066	10	employees	employee	NOUN
cblr-5117	1066	11	’	'	PUNCT
cblr-5117	1066	12	access	access	NOUN
cblr-5117	1066	13	to	to	ADP
cblr-5117	1066	14	information	information	NOUN
cblr-5117	1066	15	is	be	AUX
cblr-5117	1066	16	prerequisite	prerequisite	NOUN
cblr-5117	1066	17	to	to	ADP
cblr-5117	1066	18	their	their	PRON
cblr-5117	1066	19	participation	participation	NOUN
cblr-5117	1066	20	in	in	ADP
cblr-5117	1066	21	a	a	DET
cblr-5117	1066	22	private	private	ADJ
cblr-5117	1066	23	offering	offering	NOUN
cblr-5117	1066	24	.	.	PUNCT
cblr-5117	1067	1	see	see	VERB
cblr-5117	1067	2	sec	sec	PROPN
cblr-5117	1067	3	v.	v.	PROPN
cblr-5117	1067	4	ralston	ralston	PROPN
cblr-5117	1067	5	purina	purina	PROPN
cblr-5117	1067	6	co.	co.	PROPN
cblr-5117	1067	7	,	,	PUNCT
cblr-5117	1067	8	346	346	NUM
cblr-5117	1067	9	u.s	u.s	PROPN
cblr-5117	1067	10	.	.	PROPN
cblr-5117	1067	11	119	119	NUM
cblr-5117	1067	12	,	,	PUNCT
cblr-5117	1067	13	127	127	NUM
cblr-5117	1067	14	(	(	PUNCT
cblr-5117	1067	15	1953	1953	NUM
cblr-5117	1067	16	)	)	PUNCT
cblr-5117	1067	17	.	.	PUNCT
cblr-5117	1068	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1068	2	(	(	PUNCT
cblr-5117	1068	3	do	do	AUX
cblr-5117	1068	4	not	not	PART
cblr-5117	1068	5	delte	delte	VERB
cblr-5117	1068	6	)	)	PUNCT
cblr-5117	1068	7	1/8/2020	1/8/2020	NUM
cblr-5117	1068	8	4:44	4:44	NUM
cblr-5117	1068	9	pm	pm	NOUN
cblr-5117	1068	10	944	944	NUM
cblr-5117	1068	11	columbia	columbia	PROPN
cblr-5117	1068	12	business	business	NOUN
cblr-5117	1068	13	law	law	PROPN
cblr-5117	1068	14	review	review	NOUN
cblr-5117	1069	1	[	[	X
cblr-5117	1069	2	vol	vol	NOUN
cblr-5117	1069	3	.	.	PUNCT
cblr-5117	1069	4	2019	2019	NUM
cblr-5117	1069	5	resource	resource	NOUN
cblr-5117	1069	6	,	,	PUNCT
cblr-5117	1069	7	employees	employee	NOUN
cblr-5117	1069	8	need	need	VERB
cblr-5117	1069	9	to	to	PART
cblr-5117	1069	10	receive	receive	VERB
cblr-5117	1069	11	information	information	NOUN
cblr-5117	1069	12	before	before	SCONJ
cblr-5117	1069	13	they	they	PRON
cblr-5117	1069	14	commit	commit	VERB
cblr-5117	1069	15	to	to	ADP
cblr-5117	1069	16	an	an	DET
cblr-5117	1069	17	employment	employment	NOUN
cblr-5117	1069	18	opportunity	opportunity	NOUN
cblr-5117	1069	19	.	.	PUNCT
cblr-5117	1070	1	without	without	ADP
cblr-5117	1070	2	timely	timely	ADJ
cblr-5117	1070	3	disclosure	disclosure	NOUN
cblr-5117	1070	4	,	,	PUNCT
cblr-5117	1070	5	information	information	NOUN
cblr-5117	1070	6	asymmetry	asymmetry	NOUN
cblr-5117	1070	7	between	between	ADP
cblr-5117	1070	8	entrepreneurs	entrepreneur	NOUN
cblr-5117	1070	9	and	and	CCONJ
cblr-5117	1070	10	employees	employee	NOUN
cblr-5117	1070	11	might	might	AUX
cblr-5117	1070	12	diminish	diminish	VERB
cblr-5117	1070	13	employees	employee	NOUN
cblr-5117	1070	14	’	’	PART
cblr-5117	1070	15	trust	trust	NOUN
cblr-5117	1070	16	and	and	CCONJ
cblr-5117	1070	17	erode	erode	VERB
cblr-5117	1070	18	the	the	DET
cblr-5117	1070	19	sustainability	sustainability	NOUN
cblr-5117	1070	20	of	of	ADP
cblr-5117	1070	21	the	the	DET
cblr-5117	1070	22	equity	equity	NOUN
cblr-5117	1070	23	compensation	compensation	NOUN
cblr-5117	1070	24	market	market	NOUN
cblr-5117	1070	25	as	as	SCONJ
cblr-5117	1070	26	discussed	discuss	VERB
cblr-5117	1070	27	in	in	ADP
cblr-5117	1070	28	section	section	NOUN
cblr-5117	1070	29	iv.b	iv.b	PROPN
cblr-5117	1070	30	above	above	ADV
cblr-5117	1070	31	.	.	PUNCT
cblr-5117	1071	1	as	as	SCONJ
cblr-5117	1071	2	described	describe	VERB
cblr-5117	1071	3	in	in	ADP
cblr-5117	1071	4	greater	great	ADJ
cblr-5117	1071	5	detail	detail	NOUN
cblr-5117	1071	6	in	in	ADP
cblr-5117	1071	7	sectionvi.b.2	sectionvi.b.2	NOUN
cblr-5117	1071	8	below	below	ADV
cblr-5117	1071	9	,	,	PUNCT
cblr-5117	1071	10	to	to	PART
cblr-5117	1071	11	allow	allow	VERB
cblr-5117	1071	12	information	information	NOUN
cblr-5117	1071	13	to	to	PART
cblr-5117	1071	14	serve	serve	VERB
cblr-5117	1071	15	its	its	PRON
cblr-5117	1071	16	purpose	purpose	NOUN
cblr-5117	1071	17	,	,	PUNCT
cblr-5117	1071	18	the	the	DET
cblr-5117	1071	19	timing	timing	NOUN
cblr-5117	1071	20	of	of	ADP
cblr-5117	1071	21	the	the	DET
cblr-5117	1071	22	disclosure	disclosure	NOUN
cblr-5117	1071	23	requirement	requirement	NOUN
cblr-5117	1071	24	under	under	ADP
cblr-5117	1071	25	rule	rule	NOUN
cblr-5117	1071	26	701	701	NUM
cblr-5117	1071	27	should	should	AUX
cblr-5117	1071	28	be	be	AUX
cblr-5117	1071	29	amended	amend	VERB
cblr-5117	1071	30	:	:	PUNCT
cblr-5117	1071	31	employers	employer	NOUN
cblr-5117	1071	32	should	should	AUX
cblr-5117	1071	33	disclose	disclose	VERB
cblr-5117	1071	34	their	their	PRON
cblr-5117	1071	35	valuation	valuation	NOUN
cblr-5117	1071	36	and	and	CCONJ
cblr-5117	1071	37	waterfall	waterfall	NOUN
cblr-5117	1071	38	exit	exit	NOUN
cblr-5117	1071	39	information	information	NOUN
cblr-5117	1071	40	to	to	ADP
cblr-5117	1071	41	prospective	prospective	ADJ
cblr-5117	1071	42	employees	employee	NOUN
cblr-5117	1071	43	prior	prior	ADV
cblr-5117	1071	44	to	to	ADP
cblr-5117	1071	45	employees	employee	NOUN
cblr-5117	1071	46	’	'	PUNCT
cblr-5117	1071	47	acceptance	acceptance	NOUN
cblr-5117	1071	48	of	of	ADP
cblr-5117	1071	49	the	the	DET
cblr-5117	1071	50	job	job	NOUN
cblr-5117	1071	51	offer	offer	NOUN
cblr-5117	1071	52	.	.	PUNCT
cblr-5117	1072	1	assuming	assume	VERB
cblr-5117	1072	2	that	that	SCONJ
cblr-5117	1072	3	the	the	DET
cblr-5117	1072	4	prospective	prospective	ADJ
cblr-5117	1072	5	employee	employee	NOUN
cblr-5117	1072	6	has	have	AUX
cblr-5117	1072	7	accepted	accept	VERB
cblr-5117	1072	8	the	the	DET
cblr-5117	1072	9	offer	offer	NOUN
cblr-5117	1072	10	,	,	PUNCT
cblr-5117	1072	11	an	an	DET
cblr-5117	1072	12	ongoing	ongoing	ADJ
cblr-5117	1072	13	disclosure	disclosure	NOUN
cblr-5117	1072	14	obligation	obligation	NOUN
cblr-5117	1072	15	is	be	AUX
cblr-5117	1072	16	needed	need	VERB
cblr-5117	1072	17	to	to	PART
cblr-5117	1072	18	allow	allow	VERB
cblr-5117	1072	19	employees	employee	NOUN
cblr-5117	1072	20	to	to	PART
cblr-5117	1072	21	continue	continue	VERB
cblr-5117	1072	22	monitoring	monitor	VERB
cblr-5117	1072	23	the	the	DET
cblr-5117	1072	24	return	return	NOUN
cblr-5117	1072	25	on	on	ADP
cblr-5117	1072	26	their	their	PRON
cblr-5117	1072	27	labor	labor	NOUN
cblr-5117	1072	28	investments	investment	NOUN
cblr-5117	1072	29	and	and	CCONJ
cblr-5117	1072	30	mitigate	mitigate	VERB
cblr-5117	1072	31	agency	agency	NOUN
cblr-5117	1072	32	costs	cost	NOUN
cblr-5117	1072	33	.	.	PUNCT
cblr-5117	1073	1	v.	v.	ADP
cblr-5117	1073	2	rewriting	rewrite	VERB
cblr-5117	1073	3	rule	rule	NOUN
cblr-5117	1073	4	701	701	NUM
cblr-5117	1073	5	the	the	DET
cblr-5117	1073	6	following	follow	VERB
cblr-5117	1073	7	part	part	NOUN
cblr-5117	1073	8	sketches	sketch	VERB
cblr-5117	1073	9	a	a	DET
cblr-5117	1073	10	proposal	proposal	NOUN
cblr-5117	1073	11	for	for	ADP
cblr-5117	1073	12	a	a	DET
cblr-5117	1073	13	fundamental	fundamental	ADJ
cblr-5117	1073	14	reworking	reworking	NOUN
cblr-5117	1073	15	of	of	ADP
cblr-5117	1073	16	the	the	DET
cblr-5117	1073	17	disclosure	disclosure	NOUN
cblr-5117	1073	18	regime	regime	NOUN
cblr-5117	1073	19	governing	govern	VERB
cblr-5117	1073	20	the	the	DET
cblr-5117	1073	21	relationship	relationship	NOUN
cblr-5117	1073	22	between	between	ADP
cblr-5117	1073	23	start	start	NOUN
cblr-5117	1073	24	-	-	PUNCT
cblr-5117	1073	25	ups	up	NOUN
cblr-5117	1073	26	and	and	CCONJ
cblr-5117	1073	27	their	their	PRON
cblr-5117	1073	28	equity	equity	NOUN
cblr-5117	1073	29	-	-	PUNCT
cblr-5117	1073	30	compensated	compensate	VERB
cblr-5117	1073	31	employees	employee	NOUN
cblr-5117	1073	32	.	.	PUNCT
cblr-5117	1074	1	it	it	PRON
cblr-5117	1074	2	starts	start	VERB
cblr-5117	1074	3	by	by	ADP
cblr-5117	1074	4	reviewing	review	VERB
cblr-5117	1074	5	two	two	NUM
cblr-5117	1074	6	predominant	predominant	ADJ
cblr-5117	1074	7	proposals	proposal	NOUN
cblr-5117	1074	8	put	put	VERB
cblr-5117	1074	9	forward	forward	ADV
cblr-5117	1074	10	—	—	PUNCT
cblr-5117	1074	11	representing	represent	VERB
cblr-5117	1074	12	a	a	DET
cblr-5117	1074	13	maximalist	maximalist	ADJ
cblr-5117	1074	14	approach	approach	NOUN
cblr-5117	1074	15	and	and	CCONJ
cblr-5117	1074	16	a	a	DET
cblr-5117	1074	17	minimalist	minimalist	ADJ
cblr-5117	1074	18	one	one	NOUN
cblr-5117	1074	19	to	to	ADP
cblr-5117	1074	20	the	the	DET
cblr-5117	1074	21	regulation	regulation	NOUN
cblr-5117	1074	22	of	of	ADP
cblr-5117	1074	23	disclosures	disclosure	NOUN
cblr-5117	1074	24	to	to	PART
cblr-5117	1074	25	start	start	VERB
cblr-5117	1074	26	-	-	PUNCT
cblr-5117	1074	27	up	up	ADP
cblr-5117	1074	28	employees	employee	NOUN
cblr-5117	1074	29	.	.	PUNCT
cblr-5117	1075	1	based	base	VERB
cblr-5117	1075	2	on	on	ADP
cblr-5117	1075	3	the	the	DET
cblr-5117	1075	4	advantages	advantage	NOUN
cblr-5117	1075	5	and	and	CCONJ
cblr-5117	1075	6	disadvantages	disadvantage	NOUN
cblr-5117	1075	7	of	of	ADP
cblr-5117	1075	8	these	these	DET
cblr-5117	1075	9	proposals	proposal	NOUN
cblr-5117	1075	10	,	,	PUNCT
cblr-5117	1075	11	the	the	DET
cblr-5117	1075	12	article	article	NOUN
cblr-5117	1075	13	then	then	ADV
cblr-5117	1075	14	calls	call	VERB
cblr-5117	1075	15	for	for	ADP
cblr-5117	1075	16	the	the	DET
cblr-5117	1075	17	implementation	implementation	NOUN
cblr-5117	1075	18	of	of	ADP
cblr-5117	1075	19	an	an	DET
cblr-5117	1075	20	intermediate	intermediate	ADJ
cblr-5117	1075	21	approach	approach	NOUN
cblr-5117	1075	22	,	,	PUNCT
cblr-5117	1075	23	which	which	PRON
cblr-5117	1075	24	differs	differ	VERB
cblr-5117	1075	25	from	from	ADP
cblr-5117	1075	26	previous	previous	ADJ
cblr-5117	1075	27	proposals	proposal	NOUN
cblr-5117	1075	28	in	in	ADP
cblr-5117	1075	29	important	important	ADJ
cblr-5117	1075	30	ways	way	NOUN
cblr-5117	1075	31	,	,	PUNCT
cblr-5117	1075	32	including	include	VERB
cblr-5117	1075	33	the	the	DET
cblr-5117	1075	34	content	content	NOUN
cblr-5117	1075	35	,	,	PUNCT
cblr-5117	1075	36	timing	timing	NOUN
cblr-5117	1075	37	,	,	PUNCT
cblr-5117	1075	38	and	and	CCONJ
cblr-5117	1075	39	the	the	DET
cblr-5117	1075	40	threshold	threshold	NOUN
cblr-5117	1075	41	to	to	PART
cblr-5117	1075	42	trigger	trigger	VERB
cblr-5117	1075	43	enhanced	enhanced	ADJ
cblr-5117	1075	44	disclosure	disclosure	NOUN
cblr-5117	1075	45	obligations	obligation	NOUN
cblr-5117	1075	46	under	under	ADP
cblr-5117	1075	47	rule	rule	NOUN
cblr-5117	1075	48	701	701	NUM
cblr-5117	1075	49	.	.	PUNCT
cblr-5117	1076	1	a.	a.	NOUN
cblr-5117	1076	2	existing	exist	VERB
cblr-5117	1076	3	proposals	proposal	NOUN
cblr-5117	1076	4	other	other	ADJ
cblr-5117	1076	5	authors	author	NOUN
cblr-5117	1076	6	have	have	AUX
cblr-5117	1076	7	debated	debate	VERB
cblr-5117	1076	8	the	the	DET
cblr-5117	1076	9	need	need	NOUN
cblr-5117	1076	10	for	for	ADP
cblr-5117	1076	11	reform	reform	NOUN
cblr-5117	1076	12	in	in	ADP
cblr-5117	1076	13	the	the	DET
cblr-5117	1076	14	regulation	regulation	NOUN
cblr-5117	1076	15	of	of	ADP
cblr-5117	1076	16	equity	equity	NOUN
cblr-5117	1076	17	-	-	PUNCT
cblr-5117	1076	18	based	base	VERB
cblr-5117	1076	19	compensation.260	compensation.260	NOUN
cblr-5117	1076	20	the	the	DET
cblr-5117	1076	21	following	follow	VERB
cblr-5117	1076	22	sections	section	NOUN
cblr-5117	1076	23	briefly	briefly	ADV
cblr-5117	1076	24	describe	describe	VERB
cblr-5117	1076	25	these	these	DET
cblr-5117	1076	26	proposals	proposal	NOUN
cblr-5117	1076	27	.	.	PUNCT
cblr-5117	1077	1	260	260	NUM
cblr-5117	1077	2	see	see	VERB
cblr-5117	1077	3	.	.	PUNCT
cblr-5117	1077	4	,	,	PUNCT
cblr-5117	1077	5	e.g.	e.g.	ADV
cblr-5117	1077	6	,	,	PUNCT
cblr-5117	1077	7	cable	cable	NOUN
cblr-5117	1077	8	,	,	PUNCT
cblr-5117	1077	9	supra	supra	PROPN
cblr-5117	1077	10	note	note	NOUN
cblr-5117	1077	11	5	5	NUM
cblr-5117	1077	12	,	,	PUNCT
cblr-5117	1077	13	at	at	ADP
cblr-5117	1077	14	639–41	639–41	NUM
cblr-5117	1077	15	;	;	PUNCT
cblr-5117	1077	16	alon	alon	PROPN
cblr-5117	1077	17	-	-	PUNCT
cblr-5117	1077	18	beck	beck	PROPN
cblr-5117	1077	19	,	,	PUNCT
cblr-5117	1077	20	supra	supra	PROPN
cblr-5117	1077	21	note	note	PROPN
cblr-5117	1077	22	145	145	NUM
cblr-5117	1077	23	,	,	PUNCT
cblr-5117	1077	24	at	at	ADP
cblr-5117	1077	25	175–90	175–90	NUM
cblr-5117	1077	26	.	.	PUNCT
cblr-5117	1078	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1078	2	(	(	PUNCT
cblr-5117	1078	3	do	do	AUX
cblr-5117	1078	4	not	not	PART
cblr-5117	1078	5	delete	delete	VERB
cblr-5117	1078	6	)	)	PUNCT
cblr-5117	1078	7	1/8/2020	1/8/2020	NUM
cblr-5117	1078	8	4:44	4:44	NUM
cblr-5117	1078	9	pm	pm	NOUN
cblr-5117	1078	10	no	no	INTJ
cblr-5117	1078	11	.	.	PUNCT
cblr-5117	1079	1	3:867	3:867	NUM
cblr-5117	1079	2	]	]	PUNCT
cblr-5117	1079	3	making	make	VERB
cblr-5117	1079	4	disclosure	disclosure	NOUN
cblr-5117	1079	5	work	work	NOUN
cblr-5117	1079	6	945	945	NUM
cblr-5117	1079	7	1	1	NUM
cblr-5117	1079	8	.	.	PUNCT
cblr-5117	1080	1	the	the	DET
cblr-5117	1080	2	maximalist	maximalist	ADJ
cblr-5117	1080	3	approach	approach	NOUN
cblr-5117	1080	4	the	the	DET
cblr-5117	1080	5	most	most	ADV
cblr-5117	1080	6	elaborate	elaborate	ADJ
cblr-5117	1080	7	amendment	amendment	NOUN
cblr-5117	1080	8	proposal	proposal	NOUN
cblr-5117	1080	9	to	to	ADP
cblr-5117	1080	10	the	the	DET
cblr-5117	1080	11	mandatory	mandatory	ADJ
cblr-5117	1080	12	disclosure	disclosure	NOUN
cblr-5117	1080	13	obligation	obligation	NOUN
cblr-5117	1080	14	was	be	AUX
cblr-5117	1080	15	offered	offer	VERB
cblr-5117	1080	16	by	by	ADP
cblr-5117	1080	17	alon	alon	PROPN
cblr-5117	1080	18	-	-	PUNCT
cblr-5117	1080	19	beck	beck	PROPN
cblr-5117	1080	20	.	.	PUNCT
cblr-5117	1081	1	this	this	DET
cblr-5117	1081	2	proposal	proposal	NOUN
cblr-5117	1081	3	is	be	AUX
cblr-5117	1081	4	maximalist	maximalist	NOUN
cblr-5117	1081	5	in	in	ADP
cblr-5117	1081	6	the	the	DET
cblr-5117	1081	7	sense	sense	NOUN
cblr-5117	1081	8	that	that	SCONJ
cblr-5117	1081	9	it	it	PRON
cblr-5117	1081	10	advocates	advocate	VERB
cblr-5117	1081	11	adding	add	VERB
cblr-5117	1081	12	further	further	ADJ
cblr-5117	1081	13	disclosure	disclosure	NOUN
cblr-5117	1081	14	items	item	NOUN
cblr-5117	1081	15	on	on	ADP
cblr-5117	1081	16	top	top	NOUN
cblr-5117	1081	17	of	of	ADP
cblr-5117	1081	18	the	the	DET
cblr-5117	1081	19	existing	exist	VERB
cblr-5117	1081	20	ones	one	NOUN
cblr-5117	1081	21	.	.	PUNCT
cblr-5117	1082	1	alon	alon	PROPN
cblr-5117	1082	2	-	-	PUNCT
cblr-5117	1082	3	beck	beck	PROPN
cblr-5117	1082	4	recommends	recommend	VERB
cblr-5117	1082	5	that	that	SCONJ
cblr-5117	1082	6	in	in	ADP
cblr-5117	1082	7	addition	addition	NOUN
cblr-5117	1082	8	to	to	ADP
cblr-5117	1082	9	the	the	DET
cblr-5117	1082	10	current	current	ADJ
cblr-5117	1082	11	requirement	requirement	NOUN
cblr-5117	1082	12	to	to	PART
cblr-5117	1082	13	deliver	deliver	VERB
cblr-5117	1082	14	a	a	DET
cblr-5117	1082	15	copy	copy	NOUN
cblr-5117	1082	16	of	of	ADP
cblr-5117	1082	17	the	the	DET
cblr-5117	1082	18	compensatory	compensatory	ADJ
cblr-5117	1082	19	benefit	benefit	NOUN
cblr-5117	1082	20	plan	plan	NOUN
cblr-5117	1082	21	,	,	PUNCT
cblr-5117	1082	22	or	or	CCONJ
cblr-5117	1082	23	the	the	DET
cblr-5117	1082	24	contract	contract	NOUN
cblr-5117	1082	25	,	,	PUNCT
cblr-5117	1082	26	to	to	PART
cblr-5117	1082	27	rule	rule	VERB
cblr-5117	1082	28	701	701	NUM
cblr-5117	1082	29	offerees	offeree	NOUN
cblr-5117	1082	30	,	,	PUNCT
cblr-5117	1082	31	unicorn	unicorn	ADJ
cblr-5117	1082	32	companies	company	NOUN
cblr-5117	1082	33	would	would	AUX
cblr-5117	1082	34	be	be	AUX
cblr-5117	1082	35	required	require	VERB
cblr-5117	1082	36	to	to	PART
cblr-5117	1082	37	disclose	disclose	VERB
cblr-5117	1082	38	the	the	DET
cblr-5117	1082	39	following	following	ADJ
cblr-5117	1082	40	items	item	NOUN
cblr-5117	1082	41	:	:	PUNCT
cblr-5117	1082	42	(	(	PUNCT
cblr-5117	1082	43	1	1	X
cblr-5117	1082	44	)	)	PUNCT
cblr-5117	1082	45	information	information	NOUN
cblr-5117	1082	46	on	on	ADP
cblr-5117	1082	47	the	the	DET
cblr-5117	1082	48	composition	composition	NOUN
cblr-5117	1082	49	and	and	CCONJ
cblr-5117	1082	50	compensation	compensation	NOUN
cblr-5117	1082	51	of	of	ADP
cblr-5117	1082	52	the	the	DET
cblr-5117	1082	53	management	management	NOUN
cblr-5117	1082	54	team	team	NOUN
cblr-5117	1082	55	;	;	PUNCT
cblr-5117	1082	56	(	(	PUNCT
cblr-5117	1082	57	2	2	X
cblr-5117	1082	58	)	)	PUNCT
cblr-5117	1082	59	any	any	DET
cblr-5117	1082	60	super	super	ADJ
cblr-5117	1082	61	-	-	ADJ
cblr-5117	1082	62	voting	voting	ADJ
cblr-5117	1082	63	rights	right	NOUN
cblr-5117	1082	64	that	that	PRON
cblr-5117	1082	65	were	be	AUX
cblr-5117	1082	66	granted	grant	VERB
cblr-5117	1082	67	to	to	ADP
cblr-5117	1082	68	the	the	DET
cblr-5117	1082	69	founders	founder	NOUN
cblr-5117	1082	70	;	;	PUNCT
cblr-5117	1082	71	(	(	PUNCT
cblr-5117	1082	72	3	3	X
cblr-5117	1082	73	)	)	PUNCT
cblr-5117	1082	74	current	current	ADJ
cblr-5117	1082	75	and	and	CCONJ
cblr-5117	1082	76	future	future	ADJ
cblr-5117	1082	77	stock	stock	NOUN
cblr-5117	1082	78	and	and	CCONJ
cblr-5117	1082	79	debt	debt	NOUN
cblr-5117	1082	80	issuances	issuance	NOUN
cblr-5117	1082	81	(	(	PUNCT
cblr-5117	1082	82	including	include	VERB
cblr-5117	1082	83	debt	debt	NOUN
cblr-5117	1082	84	evidenced	evidence	VERB
cblr-5117	1082	85	by	by	ADP
cblr-5117	1082	86	convertible	convertible	ADJ
cblr-5117	1082	87	notes	note	NOUN
cblr-5117	1082	88	or	or	CCONJ
cblr-5117	1082	89	simple	simple	ADJ
cblr-5117	1082	90	agreements	agreement	NOUN
cblr-5117	1082	91	for	for	ADP
cblr-5117	1082	92	future	future	ADJ
cblr-5117	1082	93	equity	equity	NOUN
cblr-5117	1082	94	,	,	PUNCT
cblr-5117	1082	95	known	know	VERB
cblr-5117	1082	96	as	as	ADP
cblr-5117	1082	97	“	"	PUNCT
cblr-5117	1082	98	safes	safe	NOUN
cblr-5117	1082	99	”	"	PUNCT
cblr-5117	1082	100	)	)	PUNCT
cblr-5117	1082	101	;	;	PUNCT
cblr-5117	1082	102	(	(	PUNCT
cblr-5117	1082	103	4	4	X
cblr-5117	1082	104	)	)	PUNCT
cblr-5117	1082	105	a	a	DET
cblr-5117	1082	106	list	list	NOUN
cblr-5117	1082	107	of	of	ADP
cblr-5117	1082	108	investors	investor	NOUN
cblr-5117	1082	109	holding	hold	VERB
cblr-5117	1082	110	more	more	ADJ
cblr-5117	1082	111	than	than	ADP
cblr-5117	1082	112	a	a	DET
cblr-5117	1082	113	specified	specified	ADJ
cblr-5117	1082	114	percentage	percentage	NOUN
cblr-5117	1082	115	(	(	PUNCT
cblr-5117	1082	116	perhaps	perhaps	ADV
cblr-5117	1082	117	1	1	NUM
cblr-5117	1082	118	%	%	NOUN
cblr-5117	1082	119	)	)	PUNCT
cblr-5117	1082	120	of	of	ADP
cblr-5117	1082	121	the	the	DET
cblr-5117	1082	122	outstanding	outstanding	ADJ
cblr-5117	1082	123	stock	stock	NOUN
cblr-5117	1082	124	(	(	PUNCT
cblr-5117	1082	125	including	include	VERB
cblr-5117	1082	126	their	their	PRON
cblr-5117	1082	127	liquidation	liquidation	NOUN
cblr-5117	1082	128	preferences	preference	NOUN
cblr-5117	1082	129	and	and	CCONJ
cblr-5117	1082	130	conversion	conversion	NOUN
cblr-5117	1082	131	rights	right	NOUN
cblr-5117	1082	132	)	)	PUNCT
cblr-5117	1082	133	;	;	PUNCT
cblr-5117	1082	134	and	and	CCONJ
cblr-5117	1082	135	(	(	PUNCT
cblr-5117	1082	136	5	5	X
cblr-5117	1082	137	)	)	PUNCT
cblr-5117	1082	138	quarterly	quarterly	ADV
cblr-5117	1082	139	estimated	estimate	VERB
cblr-5117	1082	140	fair	fair	ADJ
cblr-5117	1082	141	market	market	NOUN
cblr-5117	1082	142	value	value	NOUN
cblr-5117	1082	143	of	of	ADP
cblr-5117	1082	144	the	the	DET
cblr-5117	1082	145	stock.261	stock.261	NOUN
cblr-5117	1082	146	in	in	ADP
cblr-5117	1082	147	addition	addition	NOUN
cblr-5117	1082	148	,	,	PUNCT
cblr-5117	1082	149	alon	alon	PROPN
cblr-5117	1082	150	-	-	PUNCT
cblr-5117	1082	151	beck	beck	NOUN
cblr-5117	1082	152	calls	call	VERB
cblr-5117	1082	153	for	for	ADP
cblr-5117	1082	154	mandating	mandate	VERB
cblr-5117	1082	155	that	that	SCONJ
cblr-5117	1082	156	the	the	DET
cblr-5117	1082	157	employer	employer	NOUN
cblr-5117	1082	158	provide	provide	VERB
cblr-5117	1082	159	employees	employee	NOUN
cblr-5117	1082	160	with	with	ADP
cblr-5117	1082	161	the	the	DET
cblr-5117	1082	162	assistance	assistance	NOUN
cblr-5117	1082	163	of	of	ADP
cblr-5117	1082	164	an	an	DET
cblr-5117	1082	165	experienced	experienced	ADJ
cblr-5117	1082	166	and	and	CCONJ
cblr-5117	1082	167	independent	independent	ADJ
cblr-5117	1082	168	purchaser	purchaser	NOUN
cblr-5117	1082	169	representative,262	representative,262	NOUN
cblr-5117	1082	170	and	and	CCONJ
cblr-5117	1082	171	to	to	PART
cblr-5117	1082	172	subject	subject	VERB
cblr-5117	1082	173	unicorn	unicorn	ADJ
cblr-5117	1082	174	companies	company	NOUN
cblr-5117	1082	175	to	to	ADP
cblr-5117	1082	176	independent	independent	ADJ
cblr-5117	1082	177	auditing	auditing	NOUN
cblr-5117	1082	178	of	of	ADP
cblr-5117	1082	179	their	their	PRON
cblr-5117	1082	180	financial	financial	ADJ
cblr-5117	1082	181	statements.263	statements.263	CCONJ
cblr-5117	1082	182	alon	alon	PROPN
cblr-5117	1082	183	-	-	PUNCT
cblr-5117	1082	184	beck	beck	PROPN
cblr-5117	1082	185	’s	’s	PART
cblr-5117	1082	186	proposal	proposal	NOUN
cblr-5117	1082	187	essentially	essentially	ADV
cblr-5117	1082	188	calls	call	VERB
cblr-5117	1082	189	for	for	ADP
cblr-5117	1082	190	the	the	DET
cblr-5117	1082	191	adoption	adoption	NOUN
cblr-5117	1082	192	of	of	ADP
cblr-5117	1082	193	every	every	DET
cblr-5117	1082	194	measure	measure	NOUN
cblr-5117	1082	195	that	that	PRON
cblr-5117	1082	196	could	could	AUX
cblr-5117	1082	197	address	address	VERB
cblr-5117	1082	198	employees	employee	NOUN
cblr-5117	1082	199	’	'	PUNCT
cblr-5117	1082	200	informational	informational	ADJ
cblr-5117	1082	201	disadvantage	disadvantage	NOUN
cblr-5117	1082	202	and	and	CCONJ
cblr-5117	1082	203	lack	lack	NOUN
cblr-5117	1082	204	of	of	ADP
cblr-5117	1082	205	investment	investment	NOUN
cblr-5117	1082	206	proficiency	proficiency	NOUN
cblr-5117	1082	207	.	.	PUNCT
cblr-5117	1083	1	the	the	DET
cblr-5117	1083	2	proposal	proposal	NOUN
cblr-5117	1083	3	addresses	address	VERB
cblr-5117	1083	4	the	the	DET
cblr-5117	1083	5	main	main	ADJ
cblr-5117	1083	6	challenges	challenge	NOUN
cblr-5117	1083	7	discussed	discuss	VERB
cblr-5117	1083	8	in	in	ADP
cblr-5117	1083	9	part	part	NOUN
cblr-5117	1083	10	iv	iv	ADP
cblr-5117	1083	11	of	of	ADP
cblr-5117	1083	12	this	this	DET
cblr-5117	1083	13	article	article	NOUN
cblr-5117	1083	14	,	,	PUNCT
cblr-5117	1083	15	including	include	VERB
cblr-5117	1083	16	employees	employee	NOUN
cblr-5117	1083	17	’	’	PART
cblr-5117	1083	18	lack	lack	NOUN
cblr-5117	1083	19	of	of	ADP
cblr-5117	1083	20	sophistication	sophistication	NOUN
cblr-5117	1083	21	(	(	PUNCT
cblr-5117	1083	22	by	by	ADP
cblr-5117	1083	23	requiring	require	VERB
cblr-5117	1083	24	companies	company	NOUN
cblr-5117	1083	25	to	to	PART
cblr-5117	1083	26	hire	hire	VERB
cblr-5117	1083	27	an	an	DET
cblr-5117	1083	28	independent	independent	ADJ
cblr-5117	1083	29	purchaser	purchaser	NOUN
cblr-5117	1083	30	representative	representative	NOUN
cblr-5117	1083	31	for	for	ADP
cblr-5117	1083	32	their	their	PRON
cblr-5117	1083	33	employees	employee	NOUN
cblr-5117	1083	34	)	)	PUNCT
cblr-5117	1083	35	,	,	PUNCT
cblr-5117	1083	36	the	the	DET
cblr-5117	1083	37	complicated	complicated	ADJ
cblr-5117	1083	38	capital	capital	NOUN
cblr-5117	1083	39	structure	structure	NOUN
cblr-5117	1083	40	that	that	PRON
cblr-5117	1083	41	creates	create	VERB
cblr-5117	1083	42	disparities	disparity	NOUN
cblr-5117	1083	43	in	in	ADP
cblr-5117	1083	44	value	value	NOUN
cblr-5117	1083	45	of	of	ADP
cblr-5117	1083	46	preferred	preferred	ADJ
cblr-5117	1083	47	and	and	CCONJ
cblr-5117	1083	48	261	261	NUM
cblr-5117	1083	49	alon	alon	PROPN
cblr-5117	1083	50	-	-	PUNCT
cblr-5117	1083	51	beck	beck	PROPN
cblr-5117	1083	52	,	,	PUNCT
cblr-5117	1083	53	supra	supra	PROPN
cblr-5117	1083	54	note	note	PROPN
cblr-5117	1083	55	147	147	NUM
cblr-5117	1083	56	,	,	PUNCT
cblr-5117	1083	57	at	at	ADP
cblr-5117	1083	58	183–85	183–85	NUM
cblr-5117	1083	59	.	.	PUNCT
cblr-5117	1084	1	262	262	NUM
cblr-5117	1084	2	i	i	PRON
cblr-5117	1084	3	d.	d.	PROPN
cblr-5117	1084	4	at	at	ADP
cblr-5117	1084	5	185	185	NUM
cblr-5117	1084	6	.	.	PUNCT
cblr-5117	1085	1	263	263	NUM
cblr-5117	1086	1	i	i	PRON
cblr-5117	1086	2	d.	d.	PROPN
cblr-5117	1086	3	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1086	4	(	(	PUNCT
cblr-5117	1086	5	do	do	AUX
cblr-5117	1086	6	not	not	PART
cblr-5117	1086	7	delte	delte	VERB
cblr-5117	1086	8	)	)	PUNCT
cblr-5117	1086	9	1/8/2020	1/8/2020	NUM
cblr-5117	1086	10	4:44	4:44	NUM
cblr-5117	1086	11	pm	pm	NOUN
cblr-5117	1086	12	946	946	NUM
cblr-5117	1086	13	columbia	columbia	PROPN
cblr-5117	1086	14	business	business	NOUN
cblr-5117	1086	15	law	law	PROPN
cblr-5117	1086	16	review	review	NOUN
cblr-5117	1087	1	[	[	X
cblr-5117	1087	2	vol	vol	NOUN
cblr-5117	1087	3	.	.	NOUN
cblr-5117	1087	4	2019	2019	NUM
cblr-5117	1087	5	common	common	ADJ
cblr-5117	1087	6	stock	stock	NOUN
cblr-5117	1087	7	(	(	PUNCT
cblr-5117	1087	8	by	by	ADP
cblr-5117	1087	9	requiring	require	VERB
cblr-5117	1087	10	the	the	DET
cblr-5117	1087	11	disclosure	disclosure	NOUN
cblr-5117	1087	12	of	of	ADP
cblr-5117	1087	13	all	all	DET
cblr-5117	1087	14	downside	downside	ADJ
cblr-5117	1087	15	protections	protection	NOUN
cblr-5117	1087	16	and	and	CCONJ
cblr-5117	1087	17	debt	debt	NOUN
cblr-5117	1087	18	arrangements	arrangement	NOUN
cblr-5117	1087	19	)	)	PUNCT
cblr-5117	1087	20	,	,	PUNCT
cblr-5117	1087	21	and	and	CCONJ
cblr-5117	1087	22	the	the	DET
cblr-5117	1087	23	inability	inability	NOUN
cblr-5117	1087	24	of	of	ADP
cblr-5117	1087	25	the	the	DET
cblr-5117	1087	26	corporate	corporate	ADJ
cblr-5117	1087	27	governance	governance	NOUN
cblr-5117	1087	28	framework	framework	NOUN
cblr-5117	1087	29	to	to	PART
cblr-5117	1087	30	curb	curb	VERB
cblr-5117	1087	31	the	the	DET
cblr-5117	1087	32	agency	agency	NOUN
cblr-5117	1087	33	problem	problem	NOUN
cblr-5117	1087	34	that	that	PRON
cblr-5117	1087	35	arises	arise	VERB
cblr-5117	1087	36	between	between	ADP
cblr-5117	1087	37	employees	employee	NOUN
cblr-5117	1087	38	and	and	CCONJ
cblr-5117	1087	39	founders	founder	NOUN
cblr-5117	1087	40	(	(	PUNCT
cblr-5117	1087	41	by	by	ADP
cblr-5117	1087	42	calling	call	VERB
cblr-5117	1087	43	for	for	ADP
cblr-5117	1087	44	the	the	DET
cblr-5117	1087	45	disclosure	disclosure	NOUN
cblr-5117	1087	46	of	of	ADP
cblr-5117	1087	47	management	management	NOUN
cblr-5117	1087	48	incentives	incentive	NOUN
cblr-5117	1087	49	and	and	CCONJ
cblr-5117	1087	50	voting	voting	NOUN
cblr-5117	1087	51	rights	right	NOUN
cblr-5117	1087	52	)	)	PUNCT
cblr-5117	1087	53	.	.	PUNCT
cblr-5117	1088	1	however	however	ADV
cblr-5117	1088	2	,	,	PUNCT
cblr-5117	1088	3	this	this	DET
cblr-5117	1088	4	proposal	proposal	NOUN
cblr-5117	1088	5	comes	come	VERB
cblr-5117	1088	6	at	at	ADP
cblr-5117	1088	7	the	the	DET
cblr-5117	1088	8	price	price	NOUN
cblr-5117	1088	9	of	of	ADP
cblr-5117	1088	10	a	a	DET
cblr-5117	1088	11	substantive	substantive	ADJ
cblr-5117	1088	12	regulatory	regulatory	ADJ
cblr-5117	1088	13	burden	burden	NOUN
cblr-5117	1088	14	for	for	ADP
cblr-5117	1088	15	start	start	NOUN
cblr-5117	1088	16	-	-	PUNCT
cblr-5117	1088	17	ups	up	NOUN
cblr-5117	1088	18	,	,	PUNCT
cblr-5117	1088	19	including	include	VERB
cblr-5117	1088	20	the	the	DET
cblr-5117	1088	21	costs	cost	NOUN
cblr-5117	1088	22	of	of	ADP
cblr-5117	1088	23	hiring	hire	VERB
cblr-5117	1088	24	a	a	DET
cblr-5117	1088	25	purchaser	purchaser	NOUN
cblr-5117	1088	26	representative	representative	NOUN
cblr-5117	1088	27	to	to	PART
cblr-5117	1088	28	act	act	VERB
cblr-5117	1088	29	on	on	ADP
cblr-5117	1088	30	behalf	behalf	NOUN
cblr-5117	1088	31	of	of	ADP
cblr-5117	1088	32	its	its	PRON
cblr-5117	1088	33	employees	employee	NOUN
cblr-5117	1088	34	,	,	PUNCT
cblr-5117	1088	35	an	an	DET
cblr-5117	1088	36	auditing	auditing	NOUN
cblr-5117	1088	37	firm	firm	NOUN
cblr-5117	1088	38	to	to	PART
cblr-5117	1088	39	perform	perform	VERB
cblr-5117	1088	40	an	an	DET
cblr-5117	1088	41	audit	audit	NOUN
cblr-5117	1088	42	of	of	ADP
cblr-5117	1088	43	its	its	PRON
cblr-5117	1088	44	financial	financial	ADJ
cblr-5117	1088	45	statements	statement	NOUN
cblr-5117	1088	46	,	,	PUNCT
cblr-5117	1088	47	and	and	CCONJ
cblr-5117	1088	48	the	the	DET
cblr-5117	1088	49	cost	cost	NOUN
cblr-5117	1088	50	of	of	ADP
cblr-5117	1088	51	issuing	issue	VERB
cblr-5117	1088	52	quarterly	quarterly	ADJ
cblr-5117	1088	53	estimates	estimate	NOUN
cblr-5117	1088	54	of	of	ADP
cblr-5117	1088	55	the	the	DET
cblr-5117	1088	56	fair	fair	ADJ
cblr-5117	1088	57	market	market	NOUN
cblr-5117	1088	58	value	value	NOUN
cblr-5117	1088	59	of	of	ADP
cblr-5117	1088	60	its	its	PRON
cblr-5117	1088	61	stock	stock	NOUN
cblr-5117	1088	62	.	.	PUNCT
cblr-5117	1089	1	this	this	DET
cblr-5117	1089	2	proposal	proposal	NOUN
cblr-5117	1089	3	also	also	ADV
cblr-5117	1089	4	raises	raise	VERB
cblr-5117	1089	5	privacy	privacy	NOUN
cblr-5117	1089	6	concerns	concern	NOUN
cblr-5117	1089	7	with	with	ADP
cblr-5117	1089	8	regard	regard	NOUN
cblr-5117	1089	9	to	to	ADP
cblr-5117	1089	10	the	the	DET
cblr-5117	1089	11	sensitive	sensitive	ADJ
cblr-5117	1089	12	information	information	NOUN
cblr-5117	1089	13	of	of	ADP
cblr-5117	1089	14	the	the	DET
cblr-5117	1089	15	issuer	issuer	NOUN
cblr-5117	1089	16	and	and	CCONJ
cblr-5117	1089	17	its	its	PRON
cblr-5117	1089	18	investors	investor	NOUN
cblr-5117	1089	19	.	.	PUNCT
cblr-5117	1090	1	the	the	DET
cblr-5117	1090	2	proposal	proposal	NOUN
cblr-5117	1090	3	does	do	AUX
cblr-5117	1090	4	not	not	PART
cblr-5117	1090	5	address	address	VERB
cblr-5117	1090	6	start	start	NOUN
cblr-5117	1090	7	-	-	PUNCT
cblr-5117	1090	8	ups	up	NOUN
cblr-5117	1090	9	’	'	PUNCT
cblr-5117	1090	10	legitimate	legitimate	ADJ
cblr-5117	1090	11	concern	concern	NOUN
cblr-5117	1090	12	about	about	ADP
cblr-5117	1090	13	information	information	NOUN
cblr-5117	1090	14	leakage	leakage	NOUN
cblr-5117	1090	15	to	to	ADP
cblr-5117	1090	16	potential	potential	ADJ
cblr-5117	1090	17	competitors	competitor	NOUN
cblr-5117	1090	18	who	who	PRON
cblr-5117	1090	19	can	can	AUX
cblr-5117	1090	20	use	use	VERB
cblr-5117	1090	21	it	it	PRON
cblr-5117	1090	22	to	to	PART
cblr-5117	1090	23	negate	negate	VERB
cblr-5117	1090	24	the	the	DET
cblr-5117	1090	25	start	start	VERB
cblr-5117	1090	26	-	-	PUNCT
cblr-5117	1090	27	up	up	NOUN
cblr-5117	1090	28	’s	’s	PART
cblr-5117	1090	29	advantage	advantage	NOUN
cblr-5117	1090	30	.	.	PUNCT
cblr-5117	1091	1	it	it	PRON
cblr-5117	1091	2	is	be	AUX
cblr-5117	1091	3	therefore	therefore	ADV
cblr-5117	1091	4	unsurprising	unsurprising	ADJ
cblr-5117	1091	5	that	that	SCONJ
cblr-5117	1091	6	an	an	DET
cblr-5117	1091	7	entirely	entirely	ADV
cblr-5117	1091	8	opposite	opposite	ADJ
cblr-5117	1091	9	approach	approach	NOUN
cblr-5117	1091	10	is	be	AUX
cblr-5117	1091	11	advanced	advance	VERB
cblr-5117	1091	12	by	by	ADP
cblr-5117	1091	13	attorneys	attorney	NOUN
cblr-5117	1091	14	representing	represent	VERB
cblr-5117	1091	15	the	the	DET
cblr-5117	1091	16	issuers	issuer	NOUN
cblr-5117	1091	17	.	.	PUNCT
cblr-5117	1092	1	2	2	X
cblr-5117	1092	2	.	.	X
cblr-5117	1092	3	the	the	DET
cblr-5117	1092	4	minimalist	minimalist	ADJ
cblr-5117	1092	5	approach	approach	NOUN
cblr-5117	1092	6	if	if	SCONJ
cblr-5117	1092	7	alon	alon	PROPN
cblr-5117	1092	8	-	-	PUNCT
cblr-5117	1092	9	beck	beck	PROPN
cblr-5117	1092	10	’s	’s	PART
cblr-5117	1092	11	proposal	proposal	NOUN
cblr-5117	1092	12	is	be	AUX
cblr-5117	1092	13	maximalist	maximalist	NOUN
cblr-5117	1092	14	in	in	ADP
cblr-5117	1092	15	the	the	DET
cblr-5117	1092	16	sense	sense	NOUN
cblr-5117	1092	17	of	of	ADP
cblr-5117	1092	18	requiring	require	VERB
cblr-5117	1092	19	the	the	DET
cblr-5117	1092	20	disclosure	disclosure	NOUN
cblr-5117	1092	21	of	of	ADP
cblr-5117	1092	22	every	every	DET
cblr-5117	1092	23	piece	piece	NOUN
cblr-5117	1092	24	of	of	ADP
cblr-5117	1092	25	information	information	NOUN
cblr-5117	1092	26	that	that	PRON
cblr-5117	1092	27	could	could	AUX
cblr-5117	1092	28	be	be	AUX
cblr-5117	1092	29	relevant	relevant	ADJ
cblr-5117	1092	30	to	to	ADP
cblr-5117	1092	31	the	the	DET
cblr-5117	1092	32	investment	investment	NOUN
cblr-5117	1092	33	decision	decision	NOUN
cblr-5117	1092	34	of	of	ADP
cblr-5117	1092	35	employees	employee	NOUN
cblr-5117	1092	36	,	,	PUNCT
cblr-5117	1092	37	the	the	DET
cblr-5117	1092	38	attorneys	attorney	NOUN
cblr-5117	1092	39	lobbying	lobby	VERB
cblr-5117	1092	40	for	for	ADP
cblr-5117	1092	41	the	the	DET
cblr-5117	1092	42	industry	industry	NOUN
cblr-5117	1092	43	-	-	PUNCT
cblr-5117	1092	44	side	side	NOUN
cblr-5117	1092	45	are	be	AUX
cblr-5117	1092	46	advancing	advance	VERB
cblr-5117	1092	47	a	a	DET
cblr-5117	1092	48	minimalist	minimalist	ADJ
cblr-5117	1092	49	approach	approach	NOUN
cblr-5117	1092	50	in	in	ADP
cblr-5117	1092	51	the	the	DET
cblr-5117	1092	52	sense	sense	NOUN
cblr-5117	1092	53	of	of	ADP
cblr-5117	1092	54	revealing	reveal	VERB
cblr-5117	1092	55	as	as	ADV
cblr-5117	1092	56	little	little	ADJ
cblr-5117	1092	57	as	as	ADP
cblr-5117	1092	58	possible	possible	ADJ
cblr-5117	1092	59	.	.	PUNCT
cblr-5117	1093	1	thus	thus	ADV
cblr-5117	1093	2	,	,	PUNCT
cblr-5117	1093	3	in	in	ADP
cblr-5117	1093	4	response	response	NOUN
cblr-5117	1093	5	to	to	ADP
cblr-5117	1093	6	the	the	DET
cblr-5117	1093	7	sec	sec	PROPN
cblr-5117	1093	8	’s	’s	PART
cblr-5117	1093	9	call	call	NOUN
cblr-5117	1093	10	for	for	ADP
cblr-5117	1093	11	proposals	proposal	NOUN
cblr-5117	1093	12	regarding	regard	VERB
cblr-5117	1093	13	ways	way	NOUN
cblr-5117	1093	14	to	to	PART
cblr-5117	1093	15	modernize	modernize	VERB
cblr-5117	1093	16	rule	rule	NOUN
cblr-5117	1093	17	701,264	701,264	NUM
cblr-5117	1093	18	start	start	VERB
cblr-5117	1093	19	-	-	PUNCT
cblr-5117	1093	20	up	up	ADP
cblr-5117	1093	21	attorneys	attorney	NOUN
cblr-5117	1093	22	have	have	AUX
cblr-5117	1093	23	requested	request	VERB
cblr-5117	1093	24	the	the	DET
cblr-5117	1093	25	regulator	regulator	NOUN
cblr-5117	1093	26	to	to	PART
cblr-5117	1093	27	do	do	VERB
cblr-5117	1093	28	away	away	ADV
cblr-5117	1093	29	with	with	ADP
cblr-5117	1093	30	the	the	DET
cblr-5117	1093	31	disclosure	disclosure	NOUN
cblr-5117	1093	32	of	of	ADP
cblr-5117	1093	33	financial	financial	ADJ
cblr-5117	1093	34	statements	statement	NOUN
cblr-5117	1093	35	and	and	CCONJ
cblr-5117	1093	36	replace	replace	VERB
cblr-5117	1093	37	it	it	PRON
cblr-5117	1093	38	with	with	ADP
cblr-5117	1093	39	a	a	DET
cblr-5117	1093	40	modest	modest	ADJ
cblr-5117	1093	41	disclosure	disclosure	NOUN
cblr-5117	1093	42	of	of	ADP
cblr-5117	1093	43	the	the	DET
cblr-5117	1093	44	fair	fair	ADJ
cblr-5117	1093	45	market	market	NOUN
cblr-5117	1093	46	value	value	NOUN
cblr-5117	1093	47	of	of	ADP
cblr-5117	1093	48	the	the	DET
cblr-5117	1093	49	common	common	ADJ
cblr-5117	1093	50	stock	stock	NOUN
cblr-5117	1093	51	.	.	PUNCT
cblr-5117	1094	1	for	for	ADP
cblr-5117	1094	2	example	example	NOUN
cblr-5117	1094	3	,	,	PUNCT
cblr-5117	1094	4	the	the	DET
cblr-5117	1094	5	law	law	NOUN
cblr-5117	1094	6	firm	firm	PROPN
cblr-5117	1094	7	sullivan	sullivan	PROPN
cblr-5117	1094	8	&	&	CCONJ
cblr-5117	1094	9	cromwell	cromwell	PROPN
cblr-5117	1094	10	llp	llp	PROPN
cblr-5117	1094	11	has	have	AUX
cblr-5117	1094	12	submitted	submit	VERB
cblr-5117	1094	13	a	a	DET
cblr-5117	1094	14	proposal	proposal	NOUN
cblr-5117	1094	15	to	to	PART
cblr-5117	1094	16	permit	permit	VERB
cblr-5117	1094	17	companies	company	NOUN
cblr-5117	1094	18	to	to	PART
cblr-5117	1094	19	provide	provide	VERB
cblr-5117	1094	20	internal	internal	ADJ
cblr-5117	1094	21	revenue	revenue	NOUN
cblr-5117	1094	22	code	code	NOUN
cblr-5117	1094	23	section	section	NOUN
cblr-5117	1094	24	409a	409a	PROPN
cblr-5117	1094	25	valuation	valuation	NOUN
cblr-5117	1094	26	information	information	NOUN
cblr-5117	1094	27	regarding	regard	VERB
cblr-5117	1094	28	its	its	PRON
cblr-5117	1094	29	securities	security	NOUN
cblr-5117	1094	30	in	in	ADP
cblr-5117	1094	31	lieu	lieu	NOUN
cblr-5117	1094	32	of	of	ADP
cblr-5117	1094	33	financial	financial	ADJ
cblr-5117	1094	34	statements.265	statements.265	NOUN
cblr-5117	1094	35	264	264	NUM
cblr-5117	1094	36	see	see	NOUN
cblr-5117	1094	37	supra	supra	PROPN
cblr-5117	1094	38	note	note	PROPN
cblr-5117	1094	39	22	22	NUM
cblr-5117	1094	40	and	and	CCONJ
cblr-5117	1094	41	accompanying	accompany	VERB
cblr-5117	1094	42	text	text	NOUN
cblr-5117	1094	43	.	.	PUNCT
cblr-5117	1095	1	265	265	NUM
cblr-5117	1095	2	letter	letter	NOUN
cblr-5117	1095	3	from	from	ADP
cblr-5117	1095	4	sullivan	sullivan	PROPN
cblr-5117	1095	5	&	&	CCONJ
cblr-5117	1095	6	cromwell	cromwell	PROPN
cblr-5117	1095	7	llp	llp	PROPN
cblr-5117	1095	8	,	,	PUNCT
cblr-5117	1095	9	to	to	ADP
cblr-5117	1095	10	brent	brent	PROPN
cblr-5117	1095	11	j.	j.	PROPN
cblr-5117	1095	12	fields	fields	PROPN
cblr-5117	1095	13	,	,	PUNCT
cblr-5117	1095	14	sec’y	sec’y	NUM
cblr-5117	1095	15	,	,	PUNCT
cblr-5117	1095	16	u.s	u.s	PROPN
cblr-5117	1095	17	.	.	PROPN
cblr-5117	1095	18	sec	sec	PROPN
cblr-5117	1095	19	.	.	PROPN
cblr-5117	1095	20	&	&	CCONJ
cblr-5117	1095	21	exch	exch	PROPN
cblr-5117	1095	22	.	.	PUNCT
cblr-5117	1095	23	comm’n	comm’n	PROPN
cblr-5117	1095	24	(	(	PUNCT
cblr-5117	1095	25	sept	sept	PROPN
cblr-5117	1095	26	.	.	PROPN
cblr-5117	1095	27	24	24	NUM
cblr-5117	1095	28	,	,	PUNCT
cblr-5117	1095	29	2018	2018	NUM
cblr-5117	1095	30	)	)	PUNCT
cblr-5117	1095	31	,	,	PUNCT
cblr-5117	1095	32	https://www.sec.gov/comments/s7-1818/s71818-4418282-175673.pdf	https://www.sec.gov/comments/s7-1818/s71818-4418282-175673.pdf	PROPN
cblr-5117	1095	33	.	.	PUNCT
cblr-5117	1096	1	[	[	X
cblr-5117	1096	2	https://perma.cc/f5xc-8uk5	https://perma.cc/f5xc-8uk5	X
cblr-5117	1096	3	]	]	X
cblr-5117	1096	4	.	.	PUNCT
cblr-5117	1097	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1097	2	(	(	PUNCT
cblr-5117	1097	3	do	do	AUX
cblr-5117	1097	4	not	not	PART
cblr-5117	1097	5	delete	delete	VERB
cblr-5117	1097	6	)	)	PUNCT
cblr-5117	1097	7	1/8/2020	1/8/2020	NUM
cblr-5117	1097	8	4:44	4:44	NUM
cblr-5117	1097	9	pm	pm	NOUN
cblr-5117	1097	10	no	no	INTJ
cblr-5117	1097	11	.	.	PUNCT
cblr-5117	1098	1	3:867	3:867	NUM
cblr-5117	1098	2	]	]	PUNCT
cblr-5117	1098	3	making	make	VERB
cblr-5117	1098	4	disclosure	disclosure	NOUN
cblr-5117	1098	5	work	work	NOUN
cblr-5117	1098	6	947	947	NUM
cblr-5117	1098	7	to	to	PART
cblr-5117	1098	8	understand	understand	VERB
cblr-5117	1098	9	the	the	DET
cblr-5117	1098	10	logic	logic	NOUN
cblr-5117	1098	11	of	of	ADP
cblr-5117	1098	12	this	this	DET
cblr-5117	1098	13	proposal	proposal	NOUN
cblr-5117	1098	14	,	,	PUNCT
cblr-5117	1098	15	a	a	DET
cblr-5117	1098	16	few	few	ADJ
cblr-5117	1098	17	words	word	NOUN
cblr-5117	1098	18	on	on	ADP
cblr-5117	1098	19	409a	409a	PROPN
cblr-5117	1098	20	valuations	valuation	NOUN
cblr-5117	1098	21	are	be	AUX
cblr-5117	1098	22	necessary	necessary	ADJ
cblr-5117	1098	23	.	.	PUNCT
cblr-5117	1099	1	under	under	ADP
cblr-5117	1099	2	section	section	NOUN
cblr-5117	1099	3	409a	409a	NOUN
cblr-5117	1099	4	of	of	ADP
cblr-5117	1099	5	the	the	DET
cblr-5117	1099	6	internal	internal	ADJ
cblr-5117	1099	7	revenue	revenue	NOUN
cblr-5117	1099	8	code	code	NOUN
cblr-5117	1099	9	,	,	PUNCT
cblr-5117	1099	10	every	every	DET
cblr-5117	1099	11	private	private	ADJ
cblr-5117	1099	12	issuer	issuer	NOUN
cblr-5117	1099	13	that	that	PRON
cblr-5117	1099	14	issues	issue	VERB
cblr-5117	1099	15	stock	stock	NOUN
cblr-5117	1099	16	options	option	NOUN
cblr-5117	1099	17	to	to	ADP
cblr-5117	1099	18	its	its	PRON
cblr-5117	1099	19	employees	employee	NOUN
cblr-5117	1099	20	is	be	AUX
cblr-5117	1099	21	required	require	VERB
cblr-5117	1099	22	to	to	PART
cblr-5117	1099	23	establish	establish	VERB
cblr-5117	1099	24	the	the	DET
cblr-5117	1099	25	fair	fair	ADJ
cblr-5117	1099	26	market	market	NOUN
cblr-5117	1099	27	value	value	NOUN
cblr-5117	1099	28	of	of	ADP
cblr-5117	1099	29	its	its	PRON
cblr-5117	1099	30	common	common	ADJ
cblr-5117	1099	31	stock	stock	NOUN
cblr-5117	1099	32	on	on	ADP
cblr-5117	1099	33	the	the	DET
cblr-5117	1099	34	day	day	NOUN
cblr-5117	1099	35	of	of	ADP
cblr-5117	1099	36	the	the	DET
cblr-5117	1099	37	grant.266	grant.266	NOUN
cblr-5117	1099	38	this	this	DET
cblr-5117	1099	39	value	value	NOUN
cblr-5117	1099	40	then	then	ADV
cblr-5117	1099	41	determines	determine	VERB
cblr-5117	1099	42	the	the	DET
cblr-5117	1099	43	exercise	exercise	NOUN
cblr-5117	1099	44	price	price	NOUN
cblr-5117	1099	45	of	of	ADP
cblr-5117	1099	46	the	the	DET
cblr-5117	1099	47	stock	stock	NOUN
cblr-5117	1099	48	options.267	options.267	ADP
cblr-5117	1099	49	the	the	DET
cblr-5117	1099	50	valuation	valuation	NOUN
cblr-5117	1099	51	of	of	ADP
cblr-5117	1099	52	the	the	DET
cblr-5117	1099	53	fair	fair	ADJ
cblr-5117	1099	54	market	market	NOUN
cblr-5117	1099	55	value	value	NOUN
cblr-5117	1099	56	of	of	ADP
cblr-5117	1099	57	the	the	DET
cblr-5117	1099	58	common	common	ADJ
cblr-5117	1099	59	stock	stock	NOUN
cblr-5117	1099	60	is	be	AUX
cblr-5117	1099	61	often	often	ADV
cblr-5117	1099	62	referred	refer	VERB
cblr-5117	1099	63	to	to	ADP
cblr-5117	1099	64	in	in	ADP
cblr-5117	1099	65	the	the	DET
cblr-5117	1099	66	industry	industry	NOUN
cblr-5117	1099	67	as	as	ADP
cblr-5117	1099	68	a	a	DET
cblr-5117	1099	69	“	"	PUNCT
cblr-5117	1099	70	409a	409a	PROPN
cblr-5117	1099	71	valuation	valuation	NOUN
cblr-5117	1099	72	.	.	PUNCT
cblr-5117	1100	1	”268	”268	PUNCT
cblr-5117	1100	2	start	start	NOUN
cblr-5117	1100	3	-	-	PUNCT
cblr-5117	1100	4	ups	up	NOUN
cblr-5117	1100	5	can	can	AUX
cblr-5117	1100	6	obtain	obtain	VERB
cblr-5117	1100	7	these	these	DET
cblr-5117	1100	8	appraisals	appraisal	NOUN
cblr-5117	1100	9	on	on	ADP
cblr-5117	1100	10	their	their	PRON
cblr-5117	1100	11	own,269	own,269	PROPN
cblr-5117	1100	12	however	however	ADV
cblr-5117	1100	13	,	,	PUNCT
cblr-5117	1100	14	if	if	SCONJ
cblr-5117	1100	15	they	they	PRON
cblr-5117	1100	16	rely	rely	VERB
cblr-5117	1100	17	on	on	ADP
cblr-5117	1100	18	an	an	DET
cblr-5117	1100	19	independent	independent	ADJ
cblr-5117	1100	20	third	third	ADJ
cblr-5117	1100	21	party	party	NOUN
cblr-5117	1100	22	to	to	PART
cblr-5117	1100	23	appraise	appraise	VERB
cblr-5117	1100	24	the	the	DET
cblr-5117	1100	25	value	value	NOUN
cblr-5117	1100	26	of	of	ADP
cblr-5117	1100	27	the	the	DET
cblr-5117	1100	28	company	company	NOUN
cblr-5117	1100	29	’s	’s	PART
cblr-5117	1100	30	equity	equity	NOUN
cblr-5117	1100	31	,	,	PUNCT
cblr-5117	1100	32	they	they	PRON
cblr-5117	1100	33	enjoy	enjoy	VERB
cblr-5117	1100	34	a	a	DET
cblr-5117	1100	35	“	"	PUNCT
cblr-5117	1100	36	safe	safe	ADJ
cblr-5117	1100	37	harbor	harbor	NOUN
cblr-5117	1100	38	”	"	PUNCT
cblr-5117	1100	39	protection	protection	NOUN
cblr-5117	1100	40	should	should	AUX
cblr-5117	1100	41	the	the	DET
cblr-5117	1100	42	irs	irs	PROPN
cblr-5117	1100	43	get	get	AUX
cblr-5117	1100	44	involved	involve	VERB
cblr-5117	1100	45	(	(	PUNCT
cblr-5117	1100	46	i.e.	i.e.	X
cblr-5117	1100	47	,	,	PUNCT
cblr-5117	1100	48	the	the	DET
cblr-5117	1100	49	burden	burden	NOUN
cblr-5117	1100	50	of	of	ADP
cblr-5117	1100	51	proof	proof	NOUN
cblr-5117	1100	52	would	would	AUX
cblr-5117	1100	53	be	be	AUX
cblr-5117	1100	54	on	on	ADP
cblr-5117	1100	55	the	the	DET
cblr-5117	1100	56	irs	irs	PROPN
cblr-5117	1100	57	to	to	PART
cblr-5117	1100	58	show	show	VERB
cblr-5117	1100	59	that	that	SCONJ
cblr-5117	1100	60	the	the	DET
cblr-5117	1100	61	valuation	valuation	NOUN
cblr-5117	1100	62	is	be	AUX
cblr-5117	1100	63	too	too	ADV
cblr-5117	1100	64	low).270	low).270	PROPN
cblr-5117	1100	65	the	the	DET
cblr-5117	1100	66	safe	safe	ADJ
cblr-5117	1100	67	harbor	harbor	NOUN
cblr-5117	1100	68	under	under	ADP
cblr-5117	1100	69	the	the	DET
cblr-5117	1100	70	tax	tax	NOUN
cblr-5117	1100	71	code	code	NOUN
cblr-5117	1100	72	has	have	AUX
cblr-5117	1100	73	led	lead	VERB
cblr-5117	1100	74	to	to	ADP
cblr-5117	1100	75	the	the	DET
cblr-5117	1100	76	creation	creation	NOUN
cblr-5117	1100	77	of	of	ADP
cblr-5117	1100	78	a	a	DET
cblr-5117	1100	79	cottage	cottage	NOUN
cblr-5117	1100	80	industry	industry	NOUN
cblr-5117	1100	81	to	to	PART
cblr-5117	1100	82	conduct	conduct	VERB
cblr-5117	1100	83	these	these	DET
cblr-5117	1100	84	appraisals.271	appraisals.271	PROPN
cblr-5117	1100	85	266	266	NUM
cblr-5117	1100	86	irs	irs	PROPN
cblr-5117	1100	87	revenue	revenue	NOUN
cblr-5117	1100	88	ruling	rule	VERB
cblr-5117	1100	89	59	59	NUM
cblr-5117	1100	90	-	-	SYM
cblr-5117	1100	91	60	60	NUM
cblr-5117	1100	92	defines	define	NOUN
cblr-5117	1100	93	fair	fair	ADJ
cblr-5117	1100	94	market	market	NOUN
cblr-5117	1100	95	value	value	NOUN
cblr-5117	1100	96	as	as	ADP
cblr-5117	1100	97	“	"	PUNCT
cblr-5117	1100	98	the	the	DET
cblr-5117	1100	99	price	price	NOUN
cblr-5117	1100	100	at	at	ADP
cblr-5117	1100	101	which	which	PRON
cblr-5117	1100	102	the	the	DET
cblr-5117	1100	103	property	property	NOUN
cblr-5117	1100	104	would	would	AUX
cblr-5117	1100	105	change	change	VERB
cblr-5117	1100	106	hands	hand	NOUN
cblr-5117	1100	107	between	between	ADP
cblr-5117	1100	108	a	a	DET
cblr-5117	1100	109	willing	willing	ADJ
cblr-5117	1100	110	buyer	buyer	NOUN
cblr-5117	1100	111	and	and	CCONJ
cblr-5117	1100	112	a	a	DET
cblr-5117	1100	113	willing	willing	ADJ
cblr-5117	1100	114	seller	seller	NOUN
cblr-5117	1100	115	when	when	SCONJ
cblr-5117	1100	116	the	the	DET
cblr-5117	1100	117	former	former	NOUN
cblr-5117	1100	118	is	be	AUX
cblr-5117	1100	119	not	not	PART
cblr-5117	1100	120	under	under	ADP
cblr-5117	1100	121	any	any	DET
cblr-5117	1100	122	compulsion	compulsion	NOUN
cblr-5117	1100	123	to	to	PART
cblr-5117	1100	124	buy	buy	VERB
cblr-5117	1100	125	and	and	CCONJ
cblr-5117	1100	126	the	the	DET
cblr-5117	1100	127	latter	latter	ADJ
cblr-5117	1100	128	is	be	AUX
cblr-5117	1100	129	not	not	PART
cblr-5117	1100	130	under	under	ADP
cblr-5117	1100	131	any	any	DET
cblr-5117	1100	132	compulsion	compulsion	NOUN
cblr-5117	1100	133	to	to	PART
cblr-5117	1100	134	sell	sell	VERB
cblr-5117	1100	135	,	,	PUNCT
cblr-5117	1100	136	both	both	DET
cblr-5117	1100	137	parties	party	NOUN
cblr-5117	1100	138	having	have	VERB
cblr-5117	1100	139	reasonable	reasonable	ADJ
cblr-5117	1100	140	knowledge	knowledge	NOUN
cblr-5117	1100	141	of	of	ADP
cblr-5117	1100	142	relevant	relevant	ADJ
cblr-5117	1100	143	facts	fact	NOUN
cblr-5117	1100	144	.	.	PUNCT
cblr-5117	1100	145	”	"	PUNCT
cblr-5117	1101	1	see	see	AUX
cblr-5117	1101	2	rev	rev	PROPN
cblr-5117	1101	3	.	.	PROPN
cblr-5117	1102	1	rul	rul	PROPN
cblr-5117	1102	2	.	.	PUNCT
cblr-5117	1103	1	59	59	NUM
cblr-5117	1103	2	-	-	SYM
cblr-5117	1103	3	60	60	NUM
cblr-5117	1103	4	,	,	PUNCT
cblr-5117	1103	5	1959	1959	NUM
cblr-5117	1103	6	-	-	SYM
cblr-5117	1103	7	1	1	NUM
cblr-5117	1103	8	c.b	c.b	PROPN
cblr-5117	1103	9	.	.	PROPN
cblr-5117	1103	10	237	237	NUM
cblr-5117	1103	11	.	.	PUNCT
cblr-5117	1104	1	267	267	NUM
cblr-5117	1104	2	section	section	NOUN
cblr-5117	1104	3	422	422	NUM
cblr-5117	1104	4	of	of	ADP
cblr-5117	1104	5	the	the	DET
cblr-5117	1104	6	code	code	NOUN
cblr-5117	1104	7	sets	set	VERB
cblr-5117	1104	8	minimum	minimum	ADJ
cblr-5117	1104	9	exercise	exercise	NOUN
cblr-5117	1104	10	price	price	NOUN
cblr-5117	1104	11	with	with	ADP
cblr-5117	1104	12	respect	respect	NOUN
cblr-5117	1104	13	to	to	ADP
cblr-5117	1104	14	incentive	incentive	NOUN
cblr-5117	1104	15	stock	stock	NOUN
cblr-5117	1104	16	options	option	NOUN
cblr-5117	1104	17	.	.	PUNCT
cblr-5117	1105	1	nonqualified	nonqualifie	VERB
cblr-5117	1105	2	stock	stock	NOUN
cblr-5117	1105	3	options	option	NOUN
cblr-5117	1105	4	could	could	AUX
cblr-5117	1105	5	be	be	AUX
cblr-5117	1105	6	granted	grant	VERB
cblr-5117	1105	7	with	with	ADP
cblr-5117	1105	8	an	an	DET
cblr-5117	1105	9	exercise	exercise	NOUN
cblr-5117	1105	10	price	price	NOUN
cblr-5117	1105	11	per	per	ADP
cblr-5117	1105	12	share	share	NOUN
cblr-5117	1105	13	of	of	ADP
cblr-5117	1105	14	less	less	ADJ
cblr-5117	1105	15	than	than	ADP
cblr-5117	1105	16	the	the	DET
cblr-5117	1105	17	fair	fair	ADJ
cblr-5117	1105	18	market	market	NOUN
cblr-5117	1105	19	value	value	NOUN
cblr-5117	1105	20	of	of	ADP
cblr-5117	1105	21	the	the	DET
cblr-5117	1105	22	common	common	ADJ
cblr-5117	1105	23	stock	stock	NOUN
cblr-5117	1105	24	on	on	ADP
cblr-5117	1105	25	the	the	DET
cblr-5117	1105	26	grant	grant	NOUN
cblr-5117	1105	27	date	date	NOUN
cblr-5117	1105	28	if	if	SCONJ
cblr-5117	1105	29	the	the	DET
cblr-5117	1105	30	option	option	NOUN
cblr-5117	1105	31	either	either	ADV
cblr-5117	1105	32	:	:	PUNCT
cblr-5117	1105	33	(	(	PUNCT
cblr-5117	1105	34	a	a	X
cblr-5117	1105	35	)	)	PUNCT
cblr-5117	1105	36	is	be	AUX
cblr-5117	1105	37	not	not	PART
cblr-5117	1105	38	“	"	PUNCT
cblr-5117	1105	39	deferred	deferred	ADJ
cblr-5117	1105	40	compensation	compensation	NOUN
cblr-5117	1105	41	”	"	PUNCT
cblr-5117	1105	42	within	within	ADP
cblr-5117	1105	43	the	the	DET
cblr-5117	1105	44	meaning	meaning	NOUN
cblr-5117	1105	45	of	of	ADP
cblr-5117	1105	46	section	section	NOUN
cblr-5117	1105	47	409a	409a	PROPN
cblr-5117	1105	48	;	;	PUNCT
cblr-5117	1105	49	or	or	CCONJ
cblr-5117	1105	50	(	(	PUNCT
cblr-5117	1105	51	b	b	X
cblr-5117	1105	52	)	)	PUNCT
cblr-5117	1105	53	meets	meet	VERB
cblr-5117	1105	54	all	all	DET
cblr-5117	1105	55	the	the	DET
cblr-5117	1105	56	requirements	requirement	NOUN
cblr-5117	1105	57	for	for	ADP
cblr-5117	1105	58	awards	award	NOUN
cblr-5117	1105	59	that	that	PRON
cblr-5117	1105	60	are	be	AUX
cblr-5117	1105	61	considered	consider	VERB
cblr-5117	1105	62	“	"	PUNCT
cblr-5117	1105	63	deferred	deferred	ADJ
cblr-5117	1105	64	compensation	compensation	NOUN
cblr-5117	1105	65	”	"	PUNCT
cblr-5117	1105	66	within	within	ADP
cblr-5117	1105	67	the	the	DET
cblr-5117	1105	68	meaning	meaning	NOUN
cblr-5117	1105	69	of	of	ADP
cblr-5117	1105	70	section	section	NOUN
cblr-5117	1105	71	409a	409a	PROPN
cblr-5117	1105	72	.	.	PUNCT
cblr-5117	1106	1	see	see	VERB
cblr-5117	1106	2	david	david	PROPN
cblr-5117	1106	3	altman	altman	PROPN
cblr-5117	1106	4	,	,	PUNCT
cblr-5117	1106	5	10	10	NUM
cblr-5117	1106	6	business	business	NOUN
cblr-5117	1106	7	organizations	organization	NOUN
cblr-5117	1106	8	with	with	ADP
cblr-5117	1106	9	tax	tax	NOUN
cblr-5117	1106	10	planning	planning	NOUN
cblr-5117	1106	11	§	§	PROPN
cblr-5117	1106	12	133.04	133.04	NUM
cblr-5117	1106	13	(	(	PUNCT
cblr-5117	1106	14	2019	2019	NUM
cblr-5117	1106	15	)	)	PUNCT
cblr-5117	1106	16	;	;	PUNCT
cblr-5117	1106	17	see	see	VERB
cblr-5117	1106	18	also	also	ADV
cblr-5117	1106	19	victor	victor	PROPN
cblr-5117	1106	20	fleischer	fleischer	PROPN
cblr-5117	1106	21	,	,	PUNCT
cblr-5117	1106	22	options	option	NOUN
cblr-5117	1106	23	backdating	backdating	NOUN
cblr-5117	1106	24	,	,	PUNCT
cblr-5117	1106	25	tax	tax	NOUN
cblr-5117	1106	26	shelters	shelter	NOUN
cblr-5117	1106	27	,	,	PUNCT
cblr-5117	1106	28	and	and	CCONJ
cblr-5117	1106	29	corporate	corporate	ADJ
cblr-5117	1106	30	culture	culture	NOUN
cblr-5117	1106	31	,	,	PUNCT
cblr-5117	1106	32	26	26	NUM
cblr-5117	1106	33	va	va	NOUN
cblr-5117	1106	34	.	.	PUNCT
cblr-5117	1107	1	tax	tax	PROPN
cblr-5117	1107	2	rev	rev	PROPN
cblr-5117	1107	3	.	.	PROPN
cblr-5117	1107	4	1031	1031	NUM
cblr-5117	1107	5	,	,	PUNCT
cblr-5117	1107	6	1043	1043	NUM
cblr-5117	1107	7	(	(	PUNCT
cblr-5117	1107	8	2007	2007	NUM
cblr-5117	1107	9	)	)	PUNCT
cblr-5117	1107	10	.	.	PUNCT
cblr-5117	1108	1	stock	stock	NOUN
cblr-5117	1108	2	options	option	NOUN
cblr-5117	1108	3	are	be	AUX
cblr-5117	1108	4	considered	consider	VERB
cblr-5117	1108	5	“	"	PUNCT
cblr-5117	1108	6	nonqualified	nonqualifie	VERB
cblr-5117	1108	7	deferred	defer	VERB
cblr-5117	1108	8	compensation	compensation	NOUN
cblr-5117	1108	9	.	.	PUNCT
cblr-5117	1108	10	”	"	PUNCT
cblr-5117	1109	1	the	the	DET
cblr-5117	1109	2	grant	grant	NOUN
cblr-5117	1109	3	of	of	ADP
cblr-5117	1109	4	restricted	restrict	VERB
cblr-5117	1109	5	stock	stock	NOUN
cblr-5117	1109	6	and	and	CCONJ
cblr-5117	1109	7	rsus	rsus	NOUN
cblr-5117	1109	8	does	do	AUX
cblr-5117	1109	9	not	not	PART
cblr-5117	1109	10	require	require	VERB
cblr-5117	1109	11	a	a	DET
cblr-5117	1109	12	409a	409a	PROPN
cblr-5117	1109	13	valuation	valuation	NOUN
cblr-5117	1109	14	because	because	SCONJ
cblr-5117	1109	15	these	these	DET
cblr-5117	1109	16	securities	security	NOUN
cblr-5117	1109	17	do	do	AUX
cblr-5117	1109	18	have	have	VERB
cblr-5117	1109	19	a	a	DET
cblr-5117	1109	20	strike	strike	NOUN
cblr-5117	1109	21	price	price	NOUN
cblr-5117	1109	22	.	.	PUNCT
cblr-5117	1110	1	268	268	NUM
cblr-5117	1110	2	see	see	VERB
cblr-5117	1110	3	altman	altman	PROPN
cblr-5117	1110	4	,	,	PUNCT
cblr-5117	1110	5	supra	supra	PROPN
cblr-5117	1110	6	note	note	PROPN
cblr-5117	1110	7	267	267	NUM
cblr-5117	1110	8	,	,	PUNCT
cblr-5117	1110	9	at	at	ADP
cblr-5117	1110	10	§	§	PROPN
cblr-5117	1110	11	133.04	133.04	NUM
cblr-5117	1110	12	.	.	PUNCT
cblr-5117	1110	13	269	269	NUM
cblr-5117	1111	1	i	i	NOUN
cblr-5117	1111	2	d.	d.	NOUN
cblr-5117	1111	3	270	270	NUM
cblr-5117	1112	1	i	i	PROPN
cblr-5117	1112	2	d.	d.	PROPN
cblr-5117	1112	3	271	271	NUM
cblr-5117	1112	4	see	see	VERB
cblr-5117	1112	5	,	,	PUNCT
cblr-5117	1112	6	e.g.	e.g.	ADV
cblr-5117	1112	7	,	,	PUNCT
cblr-5117	1112	8	409a	409a	NOUN
cblr-5117	1112	9	as	as	ADP
cblr-5117	1112	10	a	a	DET
cblr-5117	1112	11	service	service	NOUN
cblr-5117	1112	12	:	:	PUNCT
cblr-5117	1112	13	cash	cash	NOUN
cblr-5117	1112	14	cows	cow	NOUN
cblr-5117	1112	15	get	get	AUX
cblr-5117	1112	16	slaughtered	slaughter	VERB
cblr-5117	1112	17	,	,	PUNCT
cblr-5117	1112	18	silicon	silicon	NOUN
cblr-5117	1112	19	hills	hill	NOUN
cblr-5117	1112	20	lawyer	lawyer	NOUN
cblr-5117	1112	21	(	(	PUNCT
cblr-5117	1112	22	mar	mar	PROPN
cblr-5117	1112	23	.	.	PROPN
cblr-5117	1112	24	15	15	NUM
cblr-5117	1112	25	,	,	PUNCT
cblr-5117	1112	26	2014	2014	NUM
cblr-5117	1112	27	)	)	PUNCT
cblr-5117	1112	28	,	,	PUNCT
cblr-5117	1112	29	https://siliconhillslawyer.com/2014/03/15/409a-service-cash-cows-getslaughtered/.	https://siliconhillslawyer.com/2014/03/15/409a-service-cash-cows-getslaughtered/.	PUNCT
cblr-5117	1113	1	[	[	X
cblr-5117	1113	2	https://perma.cc/wmv3-algd	https://perma.cc/wmv3-algd	X
cblr-5117	1113	3	]	]	PUNCT
cblr-5117	1113	4	(	(	PUNCT
cblr-5117	1113	5	“	"	PUNCT
cblr-5117	1113	6	while	while	SCONJ
cblr-5117	1113	7	well	well	ADV
cblr-5117	1113	8	-	-	PUNCT
cblr-5117	1113	9	intentioned	intentione	VERB
cblr-5117	1113	10	,	,	PUNCT
cblr-5117	1113	11	it	it	PRON
cblr-5117	1113	12	spawned	spawn	VERB
cblr-5117	1113	13	a	a	DET
cblr-5117	1113	14	cottage	cottage	NOUN
cblr-5117	1113	15	industry	industry	NOUN
cblr-5117	1113	16	of	of	ADP
cblr-5117	1113	17	third	third	ADJ
cblr-5117	1113	18	-	-	PUNCT
cblr-5117	1113	19	party	party	NOUN
cblr-5117	1113	20	valuation	valuation	NOUN
cblr-5117	1113	21	firms	firm	NOUN
cblr-5117	1113	22	.	.	PUNCT
cblr-5117	1113	23	”	"	PUNCT
cblr-5117	1113	24	)	)	PUNCT
cblr-5117	1113	25	.	.	PUNCT
cblr-5117	1114	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1114	2	(	(	PUNCT
cblr-5117	1114	3	do	do	AUX
cblr-5117	1114	4	not	not	PART
cblr-5117	1114	5	delte	delte	VERB
cblr-5117	1114	6	)	)	PUNCT
cblr-5117	1114	7	1/8/2020	1/8/2020	NUM
cblr-5117	1114	8	4:44	4:44	NUM
cblr-5117	1114	9	pm	pm	NOUN
cblr-5117	1114	10	948	948	NUM
cblr-5117	1114	11	columbia	columbia	PROPN
cblr-5117	1114	12	business	business	NOUN
cblr-5117	1114	13	law	law	PROPN
cblr-5117	1114	14	review	review	NOUN
cblr-5117	1114	15	[	[	X
cblr-5117	1114	16	vol	vol	NOUN
cblr-5117	1114	17	.	.	PUNCT
cblr-5117	1115	1	2019	2019	NUM
cblr-5117	1115	2	private	private	ADJ
cblr-5117	1115	3	issuers	issuer	NOUN
cblr-5117	1115	4	are	be	AUX
cblr-5117	1115	5	required	require	VERB
cblr-5117	1115	6	to	to	PART
cblr-5117	1115	7	update	update	VERB
cblr-5117	1115	8	their	their	PRON
cblr-5117	1115	9	409a	409a	PROPN
cblr-5117	1115	10	valuations	valuation	NOUN
cblr-5117	1115	11	every	every	DET
cblr-5117	1115	12	twelve	twelve	NUM
cblr-5117	1115	13	months	month	NOUN
cblr-5117	1115	14	and	and	CCONJ
cblr-5117	1115	15	anytime	anytime	ADP
cblr-5117	1115	16	their	their	PRON
cblr-5117	1115	17	value	value	NOUN
cblr-5117	1115	18	materially	materially	ADV
cblr-5117	1115	19	changes	change	VERB
cblr-5117	1115	20	—	—	PUNCT
cblr-5117	1115	21	for	for	ADP
cblr-5117	1115	22	example	example	NOUN
cblr-5117	1115	23	,	,	PUNCT
cblr-5117	1115	24	following	follow	VERB
cblr-5117	1115	25	a	a	DET
cblr-5117	1115	26	new	new	ADJ
cblr-5117	1115	27	funding	funding	NOUN
cblr-5117	1115	28	round.272	round.272	VERB
cblr-5117	1115	29	the	the	DET
cblr-5117	1115	30	appropriate	appropriate	ADJ
cblr-5117	1115	31	valuation	valuation	NOUN
cblr-5117	1115	32	methodology	methodology	NOUN
cblr-5117	1115	33	varies	vary	VERB
cblr-5117	1115	34	according	accord	VERB
cblr-5117	1115	35	to	to	ADP
cblr-5117	1115	36	the	the	DET
cblr-5117	1115	37	company	company	NOUN
cblr-5117	1115	38	’s	’s	PART
cblr-5117	1115	39	stage	stage	NOUN
cblr-5117	1115	40	of	of	ADP
cblr-5117	1115	41	development,273	development,273	PRON
cblr-5117	1116	1	but	but	CCONJ
cblr-5117	1116	2	it	it	PRON
cblr-5117	1116	3	almost	almost	ADV
cblr-5117	1116	4	always	always	ADV
cblr-5117	1116	5	requires	require	VERB
cblr-5117	1116	6	in	in	ADP
cblr-5117	1116	7	one	one	NUM
cblr-5117	1116	8	form	form	NOUN
cblr-5117	1116	9	or	or	CCONJ
cblr-5117	1116	10	another	another	PRON
cblr-5117	1116	11	the	the	DET
cblr-5117	1116	12	performance	performance	NOUN
cblr-5117	1116	13	of	of	ADP
cblr-5117	1116	14	a	a	DET
cblr-5117	1116	15	waterfall	waterfall	NOUN
cblr-5117	1116	16	analysis	analysis	NOUN
cblr-5117	1116	17	.	.	PUNCT
cblr-5117	1117	1	274	274	NUM
cblr-5117	1117	2	this	this	DET
cblr-5117	1117	3	analysis	analysis	NOUN
cblr-5117	1117	4	assumes	assume	VERB
cblr-5117	1117	5	that	that	SCONJ
cblr-5117	1117	6	the	the	DET
cblr-5117	1117	7	company	company	NOUN
cblr-5117	1117	8	’s	’s	PART
cblr-5117	1117	9	equity	equity	NOUN
cblr-5117	1117	10	is	be	AUX
cblr-5117	1117	11	sold	sell	VERB
cblr-5117	1117	12	and	and	CCONJ
cblr-5117	1117	13	the	the	DET
cblr-5117	1117	14	proceeds	proceed	NOUN
cblr-5117	1117	15	are	be	AUX
cblr-5117	1117	16	allocated	allocate	VERB
cblr-5117	1117	17	in	in	ADP
cblr-5117	1117	18	a	a	DET
cblr-5117	1117	19	“	"	PUNCT
cblr-5117	1117	20	waterfall	waterfall	NOUN
cblr-5117	1117	21	”	"	PUNCT
cblr-5117	1117	22	down	down	ADP
cblr-5117	1117	23	the	the	DET
cblr-5117	1117	24	different	different	ADJ
cblr-5117	1117	25	equity	equity	NOUN
cblr-5117	1117	26	classes	class	NOUN
cblr-5117	1117	27	of	of	ADP
cblr-5117	1117	28	shares	share	NOUN
cblr-5117	1117	29	,	,	PUNCT
cblr-5117	1117	30	according	accord	VERB
cblr-5117	1117	31	to	to	ADP
cblr-5117	1117	32	their	their	PRON
cblr-5117	1117	33	respective	respective	ADJ
cblr-5117	1117	34	liquidation	liquidation	NOUN
cblr-5117	1117	35	preferences	preference	NOUN
cblr-5117	1117	36	,	,	PUNCT
cblr-5117	1117	37	until	until	SCONJ
cblr-5117	1117	38	the	the	DET
cblr-5117	1117	39	common	common	ADJ
cblr-5117	1117	40	stockholders	stockholder	NOUN
cblr-5117	1117	41	finally	finally	ADV
cblr-5117	1117	42	receive	receive	VERB
cblr-5117	1117	43	the	the	DET
cblr-5117	1117	44	residual	residual	ADJ
cblr-5117	1117	45	claim	claim	NOUN
cblr-5117	1117	46	,	,	PUNCT
cblr-5117	1117	47	if	if	SCONJ
cblr-5117	1117	48	any	any	DET
cblr-5117	1117	49	exists.275	exists.275	ADJ
cblr-5117	1117	50	the	the	DET
cblr-5117	1117	51	waterfall	waterfall	NOUN
cblr-5117	1117	52	analysis	analysis	NOUN
cblr-5117	1117	53	itself	itself	PRON
cblr-5117	1117	54	would	would	AUX
cblr-5117	1117	55	be	be	AUX
cblr-5117	1117	56	272	272	NUM
cblr-5117	1117	57	commenting	comment	VERB
cblr-5117	1117	58	on	on	ADP
cblr-5117	1117	59	this	this	DET
cblr-5117	1117	60	requirement	requirement	NOUN
cblr-5117	1117	61	,	,	PUNCT
cblr-5117	1117	62	altman	altman	PROPN
cblr-5117	1117	63	notes	note	VERB
cblr-5117	1117	64	that	that	SCONJ
cblr-5117	1117	65	:	:	PUNCT
cblr-5117	1117	66	[	[	X
cblr-5117	1117	67	t]he	t]he	X
cblr-5117	1117	68	use	use	NOUN
cblr-5117	1117	69	of	of	ADP
cblr-5117	1117	70	a	a	DET
cblr-5117	1117	71	value	value	NOUN
cblr-5117	1117	72	previously	previously	ADV
cblr-5117	1117	73	calculated	calculate	VERB
cblr-5117	1117	74	under	under	ADP
cblr-5117	1117	75	a	a	DET
cblr-5117	1117	76	valuation	valuation	NOUN
cblr-5117	1117	77	method	method	NOUN
cblr-5117	1117	78	is	be	AUX
cblr-5117	1117	79	not	not	PART
cblr-5117	1117	80	reasonable	reasonable	ADJ
cblr-5117	1117	81	as	as	ADP
cblr-5117	1117	82	of	of	ADP
cblr-5117	1117	83	a	a	DET
cblr-5117	1117	84	later	later	ADJ
cblr-5117	1117	85	date	date	NOUN
cblr-5117	1117	86	if	if	SCONJ
cblr-5117	1117	87	the	the	DET
cblr-5117	1117	88	calculation	calculation	NOUN
cblr-5117	1117	89	fails	fail	VERB
cblr-5117	1117	90	to	to	PART
cblr-5117	1117	91	reflect	reflect	VERB
cblr-5117	1117	92	information	information	NOUN
cblr-5117	1117	93	available	available	ADJ
cblr-5117	1117	94	after	after	ADP
cblr-5117	1117	95	the	the	DET
cblr-5117	1117	96	date	date	NOUN
cblr-5117	1117	97	of	of	ADP
cblr-5117	1117	98	the	the	DET
cblr-5117	1117	99	calculation	calculation	NOUN
cblr-5117	1117	100	that	that	PRON
cblr-5117	1117	101	may	may	AUX
cblr-5117	1117	102	materially	materially	ADV
cblr-5117	1117	103	affect	affect	VERB
cblr-5117	1117	104	the	the	DET
cblr-5117	1117	105	value	value	NOUN
cblr-5117	1117	106	of	of	ADP
cblr-5117	1117	107	the	the	DET
cblr-5117	1117	108	corporation	corporation	NOUN
cblr-5117	1117	109	.	.	PUNCT
cblr-5117	1117	110	.	.	PUNCT
cblr-5117	1117	111	.	.	PUNCT
cblr-5117	1117	112	.	.	PUNCT
cblr-5117	1118	1	furthermore	furthermore	ADV
cblr-5117	1118	2	,	,	PUNCT
cblr-5117	1118	3	the	the	DET
cblr-5117	1118	4	value	value	NOUN
cblr-5117	1118	5	can	can	AUX
cblr-5117	1118	6	not	not	PART
cblr-5117	1118	7	have	have	AUX
cblr-5117	1118	8	been	be	AUX
cblr-5117	1118	9	calculated	calculate	VERB
cblr-5117	1118	10	for	for	ADP
cblr-5117	1118	11	a	a	DET
cblr-5117	1118	12	date	date	NOUN
cblr-5117	1118	13	that	that	PRON
cblr-5117	1118	14	is	be	AUX
cblr-5117	1118	15	more	more	ADJ
cblr-5117	1118	16	than	than	ADP
cblr-5117	1118	17	12	12	NUM
cblr-5117	1118	18	months	month	NOUN
cblr-5117	1118	19	earlier	early	ADV
cblr-5117	1118	20	than	than	ADP
cblr-5117	1118	21	the	the	DET
cblr-5117	1118	22	date	date	NOUN
cblr-5117	1118	23	for	for	ADP
cblr-5117	1118	24	which	which	PRON
cblr-5117	1118	25	the	the	DET
cblr-5117	1118	26	valuation	valuation	NOUN
cblr-5117	1118	27	is	be	AUX
cblr-5117	1118	28	being	be	AUX
cblr-5117	1118	29	used	use	VERB
cblr-5117	1118	30	.	.	PUNCT
cblr-5117	1119	1	altman	altman	PROPN
cblr-5117	1119	2	,	,	PUNCT
cblr-5117	1119	3	supra	supra	PROPN
cblr-5117	1119	4	note	note	PROPN
cblr-5117	1119	5	267	267	NUM
cblr-5117	1119	6	,	,	PUNCT
cblr-5117	1119	7	at	at	ADP
cblr-5117	1119	8	§	§	PROPN
cblr-5117	1119	9	133.04(7	133.04(7	NUM
cblr-5117	1119	10	)	)	PUNCT
cblr-5117	1119	11	.	.	PUNCT
cblr-5117	1120	1	the	the	DET
cblr-5117	1120	2	consequences	consequence	NOUN
cblr-5117	1120	3	of	of	ADP
cblr-5117	1120	4	not	not	PART
cblr-5117	1120	5	obtaining	obtain	VERB
cblr-5117	1120	6	a	a	DET
cblr-5117	1120	7	409a	409a	PROPN
cblr-5117	1120	8	valuation	valuation	NOUN
cblr-5117	1120	9	and	and	CCONJ
cblr-5117	1120	10	pricing	price	VERB
cblr-5117	1120	11	the	the	DET
cblr-5117	1120	12	strike	strike	NOUN
cblr-5117	1120	13	price	price	NOUN
cblr-5117	1120	14	of	of	ADP
cblr-5117	1120	15	stock	stock	NOUN
cblr-5117	1120	16	option	option	NOUN
cblr-5117	1120	17	grants	grant	NOUN
cblr-5117	1120	18	in	in	ADP
cblr-5117	1120	19	a	a	DET
cblr-5117	1120	20	less	less	ADV
cblr-5117	1120	21	formal	formal	ADJ
cblr-5117	1120	22	manner	manner	NOUN
cblr-5117	1120	23	could	could	AUX
cblr-5117	1120	24	cause	cause	VERB
cblr-5117	1120	25	significant	significant	ADJ
cblr-5117	1120	26	tax	tax	NOUN
cblr-5117	1120	27	penalties	penalty	NOUN
cblr-5117	1120	28	.	.	PUNCT
cblr-5117	1121	1	any	any	DET
cblr-5117	1121	2	option	option	NOUN
cblr-5117	1121	3	holders	holder	NOUN
cblr-5117	1121	4	discovered	discover	VERB
cblr-5117	1121	5	to	to	PART
cblr-5117	1121	6	violate	violate	VERB
cblr-5117	1121	7	409a	409a	PROPN
cblr-5117	1121	8	will	will	AUX
cblr-5117	1121	9	have	have	VERB
cblr-5117	1121	10	to	to	PART
cblr-5117	1121	11	pay	pay	VERB
cblr-5117	1121	12	taxes	taxis	NOUN
cblr-5117	1121	13	plus	plus	CCONJ
cblr-5117	1121	14	a	a	DET
cblr-5117	1121	15	20	20	NUM
cblr-5117	1121	16	%	%	NOUN
cblr-5117	1121	17	federal	federal	ADJ
cblr-5117	1121	18	penalty	penalty	NOUN
cblr-5117	1121	19	,	,	PUNCT
cblr-5117	1121	20	any	any	DET
cblr-5117	1121	21	applicable	applicable	ADJ
cblr-5117	1121	22	state	state	NOUN
cblr-5117	1121	23	penalties	penalty	NOUN
cblr-5117	1121	24	,	,	PUNCT
cblr-5117	1121	25	an	an	DET
cblr-5117	1121	26	irs	irs	PROPN
cblr-5117	1121	27	tax	tax	NOUN
cblr-5117	1121	28	underpayment	underpayment	ADJ
cblr-5117	1121	29	penalty	penalty	NOUN
cblr-5117	1121	30	,	,	PUNCT
cblr-5117	1121	31	and	and	CCONJ
cblr-5117	1121	32	any	any	DET
cblr-5117	1121	33	interest	interest	NOUN
cblr-5117	1121	34	on	on	ADP
cblr-5117	1121	35	unpaid	unpaid	ADJ
cblr-5117	1121	36	taxes	taxis	NOUN
cblr-5117	1121	37	.	.	PUNCT
cblr-5117	1122	1	273	273	NUM
cblr-5117	1122	2	see	see	VERB
cblr-5117	1122	3	valuation	valuation	NOUN
cblr-5117	1122	4	allocation	allocation	NOUN
cblr-5117	1122	5	methods	method	NOUN
cblr-5117	1122	6	,	,	PUNCT
cblr-5117	1122	7	veristrat	veristrat	NOUN
cblr-5117	1122	8	(	(	PUNCT
cblr-5117	1122	9	sept	sept	PROPN
cblr-5117	1122	10	.	.	PROPN
cblr-5117	1122	11	8	8	NUM
cblr-5117	1122	12	,	,	PUNCT
cblr-5117	1122	13	2015	2015	NUM
cblr-5117	1122	14	)	)	PUNCT
cblr-5117	1122	15	,	,	PUNCT
cblr-5117	1122	16	https://www.veristrat.com/blog-valuation/valuation-allocation-methods/	https://www.veristrat.com/blog-valuation/valuation-allocation-methods/	X
cblr-5117	1123	1	[	[	X
cblr-5117	1123	2	https://perma.cc/rc6q-7rlx	https://perma.cc/rc6q-7rlx	X
cblr-5117	1123	3	]	]	X
cblr-5117	1123	4	;	;	PUNCT
cblr-5117	1123	5	see	see	VERB
cblr-5117	1123	6	also	also	ADV
cblr-5117	1123	7	nate	nate	PROPN
cblr-5117	1123	8	nead	nead	PROPN
cblr-5117	1123	9	,	,	PUNCT
cblr-5117	1123	10	409a	409a	PROPN
cblr-5117	1123	11	valuations	valuation	NOUN
cblr-5117	1123	12	methods	method	NOUN
cblr-5117	1123	13	,	,	PUNCT
cblr-5117	1123	14	inv	inv	ADJ
cblr-5117	1123	15	.	.	PUNCT
cblr-5117	1124	1	bank	bank	NOUN
cblr-5117	1124	2	,	,	PUNCT
cblr-5117	1124	3	https://investmentbank.com/409a-valuation-methods/	https://investmentbank.com/409a-valuation-methods/	PROPN
cblr-5117	1125	1	[	[	X
cblr-5117	1125	2	https://perma.cc/2u3d-6u3v	https://perma.cc/2u3d-6u3v	ADV
cblr-5117	1125	3	]	]	X
cblr-5117	1125	4	.	.	PUNCT
cblr-5117	1126	1	274	274	NUM
cblr-5117	1126	2	see	see	VERB
cblr-5117	1126	3	valuation	valuation	NOUN
cblr-5117	1126	4	allocation	allocation	NOUN
cblr-5117	1126	5	methods	method	NOUN
cblr-5117	1126	6	,	,	PUNCT
cblr-5117	1126	7	supra	supra	PROPN
cblr-5117	1126	8	note	note	PROPN
cblr-5117	1126	9	273	273	NUM
cblr-5117	1126	10	;	;	PUNCT
cblr-5117	1126	11	see	see	VERB
cblr-5117	1126	12	also	also	ADV
cblr-5117	1126	13	henry	henry	PROPN
cblr-5117	1126	14	ward	ward	PROPN
cblr-5117	1126	15	,	,	PUNCT
cblr-5117	1126	16	transparent	transparent	ADJ
cblr-5117	1126	17	409a	409a	PROPN
cblr-5117	1126	18	,	,	PUNCT
cblr-5117	1126	19	carta	carta	PROPN
cblr-5117	1126	20	blog	blog	NOUN
cblr-5117	1126	21	(	(	PUNCT
cblr-5117	1126	22	may	may	PROPN
cblr-5117	1126	23	3	3	NUM
cblr-5117	1126	24	,	,	PUNCT
cblr-5117	1126	25	2016	2016	NUM
cblr-5117	1126	26	)	)	PUNCT
cblr-5117	1126	27	,	,	PUNCT
cblr-5117	1126	28	https://carta.com/blog/transparent-409a/	https://carta.com/blog/transparent-409a/	X
cblr-5117	1127	1	[	[	X
cblr-5117	1127	2	https://perma.cc/f7xs-wgy9	https://perma.cc/f7xs-wgy9	X
cblr-5117	1127	3	]	]	X
cblr-5117	1127	4	(	(	PUNCT
cblr-5117	1127	5	“	"	PUNCT
cblr-5117	1127	6	a	a	DET
cblr-5117	1127	7	proper	proper	ADJ
cblr-5117	1127	8	409a	409a	NOUN
cblr-5117	1127	9	creates	create	VERB
cblr-5117	1127	10	a	a	DET
cblr-5117	1127	11	waterfall	waterfall	NOUN
cblr-5117	1127	12	on	on	ADP
cblr-5117	1127	13	the	the	DET
cblr-5117	1127	14	capital	capital	NOUN
cblr-5117	1127	15	structure	structure	NOUN
cblr-5117	1127	16	of	of	ADP
cblr-5117	1127	17	the	the	DET
cblr-5117	1127	18	company	company	NOUN
cblr-5117	1127	19	.	.	PUNCT
cblr-5117	1128	1	the	the	DET
cblr-5117	1128	2	waterfall	waterfall	NOUN
cblr-5117	1128	3	is	be	AUX
cblr-5117	1128	4	the	the	DET
cblr-5117	1128	5	most	most	ADV
cblr-5117	1128	6	important	important	ADJ
cblr-5117	1128	7	piece	piece	NOUN
cblr-5117	1128	8	of	of	ADP
cblr-5117	1128	9	a	a	DET
cblr-5117	1128	10	valuation	valuation	NOUN
cblr-5117	1128	11	because	because	SCONJ
cblr-5117	1128	12	it	it	PRON
cblr-5117	1128	13	captures	capture	VERB
cblr-5117	1128	14	the	the	DET
cblr-5117	1128	15	embedded	embed	VERB
cblr-5117	1128	16	liquidation	liquidation	NOUN
cblr-5117	1128	17	preferences	preference	NOUN
cblr-5117	1128	18	.	.	PUNCT
cblr-5117	1128	19	”	"	PUNCT
cblr-5117	1129	1	)	)	PUNCT
cblr-5117	1129	2	275	275	NUM
cblr-5117	1129	3	see	see	VERB
cblr-5117	1129	4	i	i	PRON
cblr-5117	1129	5	d.	d.	PROPN
cblr-5117	1129	6	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1129	7	(	(	PUNCT
cblr-5117	1129	8	do	do	AUX
cblr-5117	1129	9	not	not	PART
cblr-5117	1129	10	delete	delete	VERB
cblr-5117	1129	11	)	)	PUNCT
cblr-5117	1129	12	1/8/2020	1/8/2020	NUM
cblr-5117	1129	13	4:44	4:44	NUM
cblr-5117	1129	14	pm	pm	NOUN
cblr-5117	1129	15	no	no	INTJ
cblr-5117	1129	16	.	.	PUNCT
cblr-5117	1130	1	3:867	3:867	NUM
cblr-5117	1130	2	]	]	PUNCT
cblr-5117	1130	3	making	make	VERB
cblr-5117	1130	4	disclosure	disclosure	NOUN
cblr-5117	1130	5	work	work	NOUN
cblr-5117	1130	6	949	949	NUM
cblr-5117	1130	7	used	use	VERB
cblr-5117	1130	8	to	to	PART
cblr-5117	1130	9	generate	generate	VERB
cblr-5117	1130	10	the	the	DET
cblr-5117	1130	11	final	final	ADJ
cblr-5117	1130	12	409a	409a	PROPN
cblr-5117	1130	13	valuation	valuation	NOUN
cblr-5117	1130	14	,	,	PUNCT
cblr-5117	1130	15	but	but	CCONJ
cblr-5117	1130	16	typically	typically	ADV
cblr-5117	1130	17	would	would	AUX
cblr-5117	1130	18	not	not	PART
cblr-5117	1130	19	be	be	AUX
cblr-5117	1130	20	included	include	VERB
cblr-5117	1130	21	in	in	ADP
cblr-5117	1130	22	the	the	DET
cblr-5117	1130	23	final	final	ADJ
cblr-5117	1130	24	report.276	report.276	PROPN
cblr-5117	1130	25	currently	currently	ADV
cblr-5117	1130	26	,	,	PUNCT
cblr-5117	1130	27	the	the	DET
cblr-5117	1130	28	“	"	PUNCT
cblr-5117	1130	29	409a	409a	PROPN
cblr-5117	1130	30	valuation	valuation	NOUN
cblr-5117	1130	31	”	"	PUNCT
cblr-5117	1130	32	is	be	AUX
cblr-5117	1130	33	meant	mean	VERB
cblr-5117	1130	34	to	to	PART
cblr-5117	1130	35	serve	serve	VERB
cblr-5117	1130	36	the	the	DET
cblr-5117	1130	37	reporting	reporting	NOUN
cblr-5117	1130	38	obligation	obligation	NOUN
cblr-5117	1130	39	of	of	ADP
cblr-5117	1130	40	companies	company	NOUN
cblr-5117	1130	41	towards	towards	ADP
cblr-5117	1130	42	the	the	DET
cblr-5117	1130	43	relevant	relevant	ADJ
cblr-5117	1130	44	tax	tax	NOUN
cblr-5117	1130	45	authorities	authority	NOUN
cblr-5117	1130	46	,	,	PUNCT
cblr-5117	1130	47	not	not	PART
cblr-5117	1130	48	towards	towards	ADP
cblr-5117	1130	49	its	its	PRON
cblr-5117	1130	50	employees.277	employees.277	NOUN
cblr-5117	1130	51	companies	company	NOUN
cblr-5117	1130	52	typically	typically	ADV
cblr-5117	1130	53	try	try	VERB
cblr-5117	1130	54	to	to	PART
cblr-5117	1130	55	keep	keep	VERB
cblr-5117	1130	56	their	their	PRON
cblr-5117	1130	57	“	"	PUNCT
cblr-5117	1130	58	409a	409a	PROPN
cblr-5117	1130	59	valuation	valuation	NOUN
cblr-5117	1130	60	”	"	PUNCT
cblr-5117	1130	61	as	as	ADV
cblr-5117	1130	62	low	low	ADJ
cblr-5117	1130	63	as	as	ADP
cblr-5117	1130	64	possible	possible	ADJ
cblr-5117	1130	65	because	because	SCONJ
cblr-5117	1130	66	a	a	DET
cblr-5117	1130	67	low	low	ADJ
cblr-5117	1130	68	“	"	PUNCT
cblr-5117	1130	69	409a	409a	PROPN
cblr-5117	1130	70	valuation	valuation	NOUN
cblr-5117	1130	71	”	"	PUNCT
cblr-5117	1130	72	allows	allow	VERB
cblr-5117	1130	73	for	for	ADP
cblr-5117	1130	74	setting	set	VERB
cblr-5117	1130	75	a	a	DET
cblr-5117	1130	76	low	low	ADJ
cblr-5117	1130	77	strike	strike	NOUN
cblr-5117	1130	78	price	price	NOUN
cblr-5117	1130	79	for	for	ADP
cblr-5117	1130	80	employees	employee	NOUN
cblr-5117	1130	81	’	'	PUNCT
cblr-5117	1130	82	stock	stock	NOUN
cblr-5117	1130	83	options.278	options.278	PROPN
cblr-5117	1130	84	the	the	PRON
cblr-5117	1130	85	lower	low	ADJ
cblr-5117	1130	86	the	the	DET
cblr-5117	1130	87	strike	strike	NOUN
cblr-5117	1130	88	price	price	NOUN
cblr-5117	1130	89	is	be	AUX
cblr-5117	1130	90	,	,	PUNCT
cblr-5117	1130	91	the	the	DET
cblr-5117	1130	92	more	more	ADV
cblr-5117	1130	93	useful	useful	ADJ
cblr-5117	1130	94	employee	employee	NOUN
cblr-5117	1130	95	stock	stock	NOUN
cblr-5117	1130	96	options	option	NOUN
cblr-5117	1130	97	are	be	AUX
cblr-5117	1130	98	for	for	ADP
cblr-5117	1130	99	recruitment	recruitment	NOUN
cblr-5117	1130	100	and	and	CCONJ
cblr-5117	1130	101	retention	retention	NOUN
cblr-5117	1130	102	purposes.279	purposes.279	NOUN
cblr-5117	1130	103	it	it	PRON
cblr-5117	1130	104	is	be	AUX
cblr-5117	1130	105	,	,	PUNCT
cblr-5117	1130	106	therefore	therefore	ADV
cblr-5117	1130	107	,	,	PUNCT
cblr-5117	1130	108	a	a	DET
cblr-5117	1130	109	well	well	ADV
cblr-5117	1130	110	-	-	PUNCT
cblr-5117	1130	111	known	know	VERB
cblr-5117	1130	112	secret	secret	NOUN
cblr-5117	1130	113	that	that	SCONJ
cblr-5117	1130	114	these	these	DET
cblr-5117	1130	115	valuations	valuation	NOUN
cblr-5117	1130	116	are	be	AUX
cblr-5117	1130	117	highly	highly	ADV
cblr-5117	1130	118	inaccurate	inaccurate	ADJ
cblr-5117	1130	119	and	and	CCONJ
cblr-5117	1130	120	can	can	AUX
cblr-5117	1130	121	be	be	AUX
cblr-5117	1130	122	negotiated	negotiate	VERB
cblr-5117	1130	123	276	276	NUM
cblr-5117	1130	124	i	i	PROPN
cblr-5117	1130	125	d.	d.	PROPN
cblr-5117	1130	126	(	(	PUNCT
cblr-5117	1130	127	“	"	PUNCT
cblr-5117	1130	128	this	this	PRON
cblr-5117	1130	129	is	be	AUX
cblr-5117	1130	130	hidden	hide	VERB
cblr-5117	1130	131	in	in	ADP
cblr-5117	1130	132	most	most	ADJ
cblr-5117	1130	133	reports	report	NOUN
cblr-5117	1130	134	.	.	PUNCT
cblr-5117	1130	135	”	"	PUNCT
cblr-5117	1130	136	)	)	PUNCT
cblr-5117	1130	137	.	.	PUNCT
cblr-5117	1131	1	277	277	NUM
cblr-5117	1131	2	see	see	VERB
cblr-5117	1131	3	william	william	PROPN
cblr-5117	1131	4	d.	d.	PROPN
cblr-5117	1131	5	cohan	cohan	PROPN
cblr-5117	1131	6	,	,	PUNCT
cblr-5117	1131	7	valuation	valuation	NOUN
cblr-5117	1131	8	shell	shell	NOUN
cblr-5117	1131	9	game	game	NOUN
cblr-5117	1131	10	:	:	PUNCT
cblr-5117	1131	11	silicon	silicon	PROPN
cblr-5117	1131	12	valley	valley	PROPN
cblr-5117	1131	13	’s	’s	PART
cblr-5117	1131	14	dirty	dirty	ADJ
cblr-5117	1131	15	secret	secret	NOUN
cblr-5117	1131	16	,	,	PUNCT
cblr-5117	1131	17	n.y	n.y	PROPN
cblr-5117	1131	18	.	.	PROPN
cblr-5117	1131	19	times	times	PROPN
cblr-5117	1131	20	dealbook	dealbook	PROPN
cblr-5117	1131	21	(	(	PUNCT
cblr-5117	1131	22	mar	mar	PROPN
cblr-5117	1131	23	.	.	PROPN
cblr-5117	1131	24	8	8	NUM
cblr-5117	1131	25	,	,	PUNCT
cblr-5117	1131	26	2017	2017	NUM
cblr-5117	1131	27	)	)	PUNCT
cblr-5117	1131	28	,	,	PUNCT
cblr-5117	1131	29	https://www.nytimes.com/2017/03/08/business/dealbook/valuation-shellgame-silicon-valleys-dirty-secret.html	https://www.nytimes.com/2017/03/08/business/dealbook/valuation-shellgame-silicon-valleys-dirty-secret.html	PUNCT
cblr-5117	1132	1	[	[	X
cblr-5117	1132	2	https://perma.cc/sr5g-5f2y	https://perma.cc/sr5g-5f2y	X
cblr-5117	1132	3	]	]	PUNCT
cblr-5117	1132	4	(	(	PUNCT
cblr-5117	1132	5	“	"	PUNCT
cblr-5117	1132	6	you	you	PRON
cblr-5117	1132	7	want	want	VERB
cblr-5117	1132	8	to	to	PART
cblr-5117	1132	9	know	know	VERB
cblr-5117	1132	10	the	the	DET
cblr-5117	1132	11	dirty	dirty	ADJ
cblr-5117	1132	12	little	little	ADJ
cblr-5117	1132	13	secret	secret	NOUN
cblr-5117	1132	14	of	of	ADP
cblr-5117	1132	15	silicon	silicon	NOUN
cblr-5117	1132	16	valley	valley	NOUN
cblr-5117	1132	17	?	?	PUNCT
cblr-5117	1133	1	it	it	PRON
cblr-5117	1133	2	’s	’s	AUX
cblr-5117	1133	3	called	call	VERB
cblr-5117	1133	4	the	the	DET
cblr-5117	1133	5	409a	409a	PROPN
cblr-5117	1133	6	valuation	valuation	NOUN
cblr-5117	1133	7	.	.	PUNCT
cblr-5117	1133	8	”	"	PUNCT
cblr-5117	1133	9	)	)	PUNCT
cblr-5117	1133	10	.	.	PUNCT
cblr-5117	1134	1	278	278	NUM
cblr-5117	1134	2	for	for	ADP
cblr-5117	1134	3	a	a	DET
cblr-5117	1134	4	classic	classic	ADJ
cblr-5117	1134	5	but	but	CCONJ
cblr-5117	1134	6	outdated	outdated	ADJ
cblr-5117	1134	7	treatment	treatment	NOUN
cblr-5117	1134	8	of	of	ADP
cblr-5117	1134	9	the	the	DET
cblr-5117	1134	10	issue	issue	NOUN
cblr-5117	1134	11	,	,	PUNCT
cblr-5117	1134	12	see	see	VERB
cblr-5117	1134	13	gilson	gilson	PROPN
cblr-5117	1134	14	&	&	CCONJ
cblr-5117	1134	15	schizer	schizer	PROPN
cblr-5117	1134	16	,	,	PUNCT
cblr-5117	1134	17	supra	supra	PROPN
cblr-5117	1134	18	note	note	PROPN
cblr-5117	1134	19	172	172	NUM
cblr-5117	1134	20	,	,	PUNCT
cblr-5117	1134	21	at	at	ADP
cblr-5117	1134	22	898	898	NUM
cblr-5117	1134	23	(	(	PUNCT
cblr-5117	1134	24	“	"	PUNCT
cblr-5117	1134	25	the	the	DET
cblr-5117	1134	26	key	key	NOUN
cblr-5117	1134	27	to	to	ADP
cblr-5117	1134	28	a	a	DET
cblr-5117	1134	29	reduced	reduce	VERB
cblr-5117	1134	30	tax	tax	NOUN
cblr-5117	1134	31	bill	bill	NOUN
cblr-5117	1134	32	,	,	PUNCT
cblr-5117	1134	33	then	then	ADV
cblr-5117	1134	34	,	,	PUNCT
cblr-5117	1134	35	is	be	AUX
cblr-5117	1134	36	to	to	PART
cblr-5117	1134	37	value	value	VERB
cblr-5117	1134	38	the	the	DET
cblr-5117	1134	39	common	common	ADJ
cblr-5117	1134	40	stock	stock	NOUN
cblr-5117	1134	41	based	base	VERB
cblr-5117	1134	42	on	on	ADP
cblr-5117	1134	43	a	a	DET
cblr-5117	1134	44	hypothetical	hypothetical	ADJ
cblr-5117	1134	45	immediate	immediate	ADJ
cblr-5117	1134	46	liquidation	liquidation	NOUN
cblr-5117	1134	47	in	in	ADP
cblr-5117	1134	48	which	which	PRON
cblr-5117	1134	49	preferred	preferred	ADJ
cblr-5117	1134	50	stockholders	stockholder	NOUN
cblr-5117	1134	51	claim	claim	VERB
cblr-5117	1134	52	almost	almost	ADV
cblr-5117	1134	53	everything	everything	PRON
cblr-5117	1134	54	.	.	PUNCT
cblr-5117	1134	55	”	"	PUNCT
cblr-5117	1134	56	)	)	PUNCT
cblr-5117	1134	57	.	.	PUNCT
cblr-5117	1135	1	see	see	VERB
cblr-5117	1135	2	also	also	ADV
cblr-5117	1135	3	founders	founder	NOUN
cblr-5117	1135	4	circle	circle	VERB
cblr-5117	1135	5	,	,	PUNCT
cblr-5117	1135	6	10	10	NUM
cblr-5117	1135	7	things	thing	NOUN
cblr-5117	1135	8	to	to	PART
cblr-5117	1135	9	know	know	VERB
cblr-5117	1135	10	about	about	ADP
cblr-5117	1135	11	409a	409a	PROPN
cblr-5117	1135	12	valuation	valuation	NOUN
cblr-5117	1135	13	:	:	PUNCT
cblr-5117	1135	14	dispersion	dispersion	NOUN
cblr-5117	1135	15	of	of	ADP
cblr-5117	1135	16	employee	employee	NOUN
cblr-5117	1135	17	wealth	wealth	NOUN
cblr-5117	1135	18	:	:	PUNCT
cblr-5117	1135	19	409a	409a	PROPN
cblr-5117	1135	20	valuation	valuation	NOUN
cblr-5117	1135	21	,	,	PUNCT
cblr-5117	1135	22	medium	medium	NOUN
cblr-5117	1135	23	(	(	PUNCT
cblr-5117	1135	24	aug	aug	PROPN
cblr-5117	1135	25	.	.	PROPN
cblr-5117	1135	26	3	3	NUM
cblr-5117	1135	27	,	,	PUNCT
cblr-5117	1135	28	2017	2017	NUM
cblr-5117	1135	29	)	)	PUNCT
cblr-5117	1135	30	https://medium.com/kitchen-table-series/everything-you-need-to-knowabout-409a-valuation-dispersion-of-employee-wealth-e4adf647f4d5	https://medium.com/kitchen-table-series/everything-you-need-to-knowabout-409a-valuation-dispersion-of-employee-wealth-e4adf647f4d5	NOUN
cblr-5117	1135	31	.	.	PUNCT
cblr-5117	1136	1	[	[	X
cblr-5117	1136	2	https://perma.cc/fx5b-zbxv	https://perma.cc/fx5b-zbxv	NOUN
cblr-5117	1136	3	]	]	X
cblr-5117	1136	4	(	(	PUNCT
cblr-5117	1136	5	“	"	PUNCT
cblr-5117	1136	6	management	management	NOUN
cblr-5117	1136	7	typically	typically	ADV
cblr-5117	1136	8	wants	want	VERB
cblr-5117	1136	9	to	to	PART
cblr-5117	1136	10	grant	grant	VERB
cblr-5117	1136	11	as	as	ADV
cblr-5117	1136	12	many	many	ADJ
cblr-5117	1136	13	shares	share	NOUN
cblr-5117	1136	14	as	as	ADP
cblr-5117	1136	15	possible	possible	ADJ
cblr-5117	1136	16	at	at	ADP
cblr-5117	1136	17	the	the	DET
cblr-5117	1136	18	lowest	low	ADJ
cblr-5117	1136	19	price	price	NOUN
cblr-5117	1136	20	as	as	ADP
cblr-5117	1136	21	possible	possible	ADJ
cblr-5117	1136	22	to	to	PART
cblr-5117	1136	23	incentivize	incentivize	VERB
cblr-5117	1136	24	for	for	ADP
cblr-5117	1136	25	long	long	ADJ
cblr-5117	1136	26	-	-	PUNCT
cblr-5117	1136	27	term	term	NOUN
cblr-5117	1136	28	wealth	wealth	NOUN
cblr-5117	1136	29	creation	creation	NOUN
cblr-5117	1136	30	.	.	PUNCT
cblr-5117	1136	31	”	"	PUNCT
cblr-5117	1136	32	)	)	PUNCT
cblr-5117	1136	33	;	;	PUNCT
cblr-5117	1136	34	jeron	jeron	PROPN
cblr-5117	1136	35	paul	paul	PROPN
cblr-5117	1136	36	,	,	PUNCT
cblr-5117	1136	37	409a	409a	PROPN
cblr-5117	1136	38	valuations	valuation	NOUN
cblr-5117	1136	39	vs	vs	ADP
cblr-5117	1136	40	venture	venture	NOUN
cblr-5117	1136	41	valuations	valuation	NOUN
cblr-5117	1136	42	,	,	PUNCT
cblr-5117	1136	43	capshare	capshare	NOUN
cblr-5117	1136	44	blog	blog	NOUN
cblr-5117	1136	45	(	(	PUNCT
cblr-5117	1136	46	aug	aug	PROPN
cblr-5117	1136	47	.	.	PROPN
cblr-5117	1136	48	7	7	NUM
cblr-5117	1136	49	,	,	PUNCT
cblr-5117	1136	50	2018	2018	NUM
cblr-5117	1136	51	)	)	PUNCT
cblr-5117	1136	52	,	,	PUNCT
cblr-5117	1136	53	https://www.capshare.com/blog/409a-valuations-vs-venture-valuations/	https://www.capshare.com/blog/409a-valuations-vs-venture-valuations/	NOUN
cblr-5117	1137	1	[	[	X
cblr-5117	1137	2	https://perma.cc/8upq-39yj	https://perma.cc/8upq-39yj	X
cblr-5117	1137	3	]	]	X
cblr-5117	1137	4	(	(	PUNCT
cblr-5117	1137	5	“	"	PUNCT
cblr-5117	1137	6	409a	409a	PROPN
cblr-5117	1137	7	valuation	valuation	NOUN
cblr-5117	1137	8	firms	firm	NOUN
cblr-5117	1137	9	pick	pick	VERB
cblr-5117	1137	10	a	a	DET
cblr-5117	1137	11	point	point	NOUN
cblr-5117	1137	12	estimate	estimate	NOUN
cblr-5117	1137	13	that	that	PRON
cblr-5117	1137	14	is	be	AUX
cblr-5117	1137	15	toward	toward	ADP
cblr-5117	1137	16	the	the	DET
cblr-5117	1137	17	low	low	ADJ
cblr-5117	1137	18	end	end	NOUN
cblr-5117	1137	19	of	of	ADP
cblr-5117	1137	20	a	a	DET
cblr-5117	1137	21	defensible	defensible	ADJ
cblr-5117	1137	22	range	range	NOUN
cblr-5117	1137	23	of	of	ADP
cblr-5117	1137	24	values	value	NOUN
cblr-5117	1137	25	.	.	PUNCT
cblr-5117	1138	1	they	they	PRON
cblr-5117	1138	2	do	do	VERB
cblr-5117	1138	3	this	this	PRON
cblr-5117	1138	4	because	because	SCONJ
cblr-5117	1138	5	their	their	PRON
cblr-5117	1138	6	clients	client	NOUN
cblr-5117	1138	7	want	want	VERB
cblr-5117	1138	8	the	the	DET
cblr-5117	1138	9	valuation	valuation	NOUN
cblr-5117	1138	10	to	to	PART
cblr-5117	1138	11	be	be	AUX
cblr-5117	1138	12	as	as	ADV
cblr-5117	1138	13	low	low	ADJ
cblr-5117	1138	14	as	as	ADP
cblr-5117	1138	15	possible	possible	ADJ
cblr-5117	1138	16	.	.	PUNCT
cblr-5117	1139	1	clients	client	NOUN
cblr-5117	1139	2	want	want	VERB
cblr-5117	1139	3	a	a	DET
cblr-5117	1139	4	low	low	ADJ
cblr-5117	1139	5	409a	409a	PROPN
cblr-5117	1139	6	valuation	valuation	NOUN
cblr-5117	1139	7	.	.	PUNCT
cblr-5117	1140	1	this	this	PRON
cblr-5117	1140	2	allows	allow	VERB
cblr-5117	1140	3	them	they	PRON
cblr-5117	1140	4	to	to	PART
cblr-5117	1140	5	grant	grant	VERB
cblr-5117	1140	6	stock	stock	NOUN
cblr-5117	1140	7	options	option	NOUN
cblr-5117	1140	8	to	to	ADP
cblr-5117	1140	9	their	their	PRON
cblr-5117	1140	10	employees	employee	NOUN
cblr-5117	1140	11	at	at	ADP
cblr-5117	1140	12	a	a	DET
cblr-5117	1140	13	low	low	ADJ
cblr-5117	1140	14	price	price	NOUN
cblr-5117	1140	15	.	.	PUNCT
cblr-5117	1140	16	”	"	PUNCT
cblr-5117	1140	17	)	)	PUNCT
cblr-5117	1140	18	;	;	PUNCT
cblr-5117	1140	19	gornall	gornall	PROPN
cblr-5117	1140	20	&	&	CCONJ
cblr-5117	1140	21	strebulaev	strebulaev	PROPN
cblr-5117	1140	22	,	,	PUNCT
cblr-5117	1140	23	supra	supra	PROPN
cblr-5117	1140	24	note	note	PROPN
cblr-5117	1140	25	135	135	NUM
cblr-5117	1140	26	,	,	PUNCT
cblr-5117	1140	27	at	at	ADP
cblr-5117	1140	28	9	9	NUM
cblr-5117	1140	29	(	(	PUNCT
cblr-5117	1140	30	“	"	PUNCT
cblr-5117	1140	31	many	many	ADJ
cblr-5117	1140	32	companies	company	NOUN
cblr-5117	1140	33	push	push	VERB
cblr-5117	1140	34	their	their	PRON
cblr-5117	1140	35	409a	409a	NOUN
cblr-5117	1140	36	providers	provider	NOUN
cblr-5117	1140	37	for	for	ADP
cblr-5117	1140	38	lower	low	ADJ
cblr-5117	1140	39	valuations	valuation	NOUN
cblr-5117	1140	40	as	as	SCONJ
cblr-5117	1140	41	this	this	PRON
cblr-5117	1140	42	allows	allow	VERB
cblr-5117	1140	43	them	they	PRON
cblr-5117	1140	44	greater	great	ADJ
cblr-5117	1140	45	freedom	freedom	NOUN
cblr-5117	1140	46	in	in	ADP
cblr-5117	1140	47	setting	set	VERB
cblr-5117	1140	48	option	option	NOUN
cblr-5117	1140	49	strike	strike	NOUN
cblr-5117	1140	50	prices	price	NOUN
cblr-5117	1140	51	.	.	PUNCT
cblr-5117	1140	52	”	"	PUNCT
cblr-5117	1140	53	)	)	PUNCT
cblr-5117	1140	54	.	.	PUNCT
cblr-5117	1141	1	279	279	NUM
cblr-5117	1141	2	see	see	VERB
cblr-5117	1141	3	founders	founder	NOUN
cblr-5117	1141	4	circle	circle	VERB
cblr-5117	1141	5	,	,	PUNCT
cblr-5117	1141	6	supra	supra	PROPN
cblr-5117	1141	7	note	note	NOUN
cblr-5117	1141	8	278	278	NUM
cblr-5117	1141	9	.	.	PUNCT
cblr-5117	1142	1	https://medium.com/kitchen-table-series/everything-you-need-to-know-about-409a-valuation-dispersion-of-employee-wealth-e4adf647f4d5	https://medium.com/kitchen-table-series/everything-you-need-to-know-about-409a-valuation-dispersion-of-employee-wealth-e4adf647f4d5	NOUN
cblr-5117	1142	2	https://medium.com/kitchen-table-series/everything-you-need-to-know-about-409a-valuation-dispersion-of-employee-wealth-e4adf647f4d5	https://medium.com/kitchen-table-series/everything-you-need-to-know-about-409a-valuation-dispersion-of-employee-wealth-e4adf647f4d5	PROPN
cblr-5117	1142	3	https://perma.cc/fx5b-zbxv	https://perma.cc/fx5b-zbxv	PROPN
cblr-5117	1142	4	https://perma.cc/8upq-39yj	https://perma.cc/8upq-39yj	PROPN
cblr-5117	1142	5	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1142	6	(	(	PUNCT
cblr-5117	1142	7	do	do	AUX
cblr-5117	1142	8	not	not	PART
cblr-5117	1142	9	delte	delte	VERB
cblr-5117	1142	10	)	)	PUNCT
cblr-5117	1142	11	1/8/2020	1/8/2020	NUM
cblr-5117	1142	12	4:44	4:44	NUM
cblr-5117	1142	13	pm	pm	NOUN
cblr-5117	1142	14	950	950	NUM
cblr-5117	1142	15	columbia	columbia	PROPN
cblr-5117	1142	16	business	business	NOUN
cblr-5117	1142	17	law	law	PROPN
cblr-5117	1142	18	review	review	NOUN
cblr-5117	1143	1	[	[	X
cblr-5117	1143	2	vol	vol	NOUN
cblr-5117	1143	3	.	.	NOUN
cblr-5117	1143	4	2019	2019	NUM
cblr-5117	1143	5	down	down	ADV
cblr-5117	1143	6	by	by	ADP
cblr-5117	1143	7	the	the	DET
cblr-5117	1143	8	company.280	company.280	NOUN
cblr-5117	1143	9	because	because	SCONJ
cblr-5117	1143	10	the	the	DET
cblr-5117	1143	11	appraisal	appraisal	NOUN
cblr-5117	1143	12	firm	firm	NOUN
cblr-5117	1143	13	wishes	wish	VERB
cblr-5117	1143	14	to	to	PART
cblr-5117	1143	15	maintain	maintain	VERB
cblr-5117	1143	16	a	a	DET
cblr-5117	1143	17	long	long	ADV
cblr-5117	1143	18	-	-	PUNCT
cblr-5117	1143	19	lasting	last	VERB
cblr-5117	1143	20	business	business	NOUN
cblr-5117	1143	21	relationship	relationship	NOUN
cblr-5117	1143	22	with	with	ADP
cblr-5117	1143	23	the	the	DET
cblr-5117	1143	24	company	company	NOUN
cblr-5117	1143	25	,	,	PUNCT
cblr-5117	1143	26	and	and	CCONJ
cblr-5117	1143	27	given	give	VERB
cblr-5117	1143	28	that	that	SCONJ
cblr-5117	1143	29	the	the	DET
cblr-5117	1143	30	valuation	valuation	NOUN
cblr-5117	1143	31	is	be	AUX
cblr-5117	1143	32	based	base	VERB
cblr-5117	1143	33	on	on	ADP
cblr-5117	1143	34	information	information	NOUN
cblr-5117	1143	35	provided	provide	VERB
cblr-5117	1143	36	by	by	ADP
cblr-5117	1143	37	the	the	DET
cblr-5117	1143	38	management	management	NOUN
cblr-5117	1143	39	team	team	NOUN
cblr-5117	1143	40	and	and	CCONJ
cblr-5117	1143	41	is	be	AUX
cblr-5117	1143	42	subject	subject	ADJ
cblr-5117	1143	43	to	to	ADP
cblr-5117	1143	44	board	board	NOUN
cblr-5117	1143	45	approval	approval	NOUN
cblr-5117	1143	46	,	,	PUNCT
cblr-5117	1143	47	the	the	DET
cblr-5117	1143	48	employer	employer	NOUN
cblr-5117	1143	49	maintains	maintain	VERB
cblr-5117	1143	50	nearly	nearly	ADV
cblr-5117	1143	51	full	full	ADJ
cblr-5117	1143	52	control	control	NOUN
cblr-5117	1143	53	over	over	ADP
cblr-5117	1143	54	the	the	DET
cblr-5117	1143	55	result.281	result.281	NOUN
cblr-5117	1143	56	nevertheless	nevertheless	ADV
cblr-5117	1143	57	,	,	PUNCT
cblr-5117	1143	58	start	start	NOUN
cblr-5117	1143	59	-	-	PUNCT
cblr-5117	1143	60	ups	up	NOUN
cblr-5117	1143	61	’	'	PUNCT
cblr-5117	1143	62	control	control	NOUN
cblr-5117	1143	63	over	over	ADP
cblr-5117	1143	64	their	their	PRON
cblr-5117	1143	65	409a	409a	PROPN
cblr-5117	1143	66	valuation	valuation	NOUN
cblr-5117	1143	67	tends	tend	VERB
cblr-5117	1143	68	to	to	PART
cblr-5117	1143	69	weaken	weaken	VERB
cblr-5117	1143	70	as	as	ADP
cblr-5117	1143	71	the	the	DET
cblr-5117	1143	72	company	company	NOUN
cblr-5117	1143	73	matures	mature	NOUN
cblr-5117	1143	74	.	.	PUNCT
cblr-5117	1144	1	that	that	PRON
cblr-5117	1144	2	is	be	AUX
cblr-5117	1144	3	because	because	SCONJ
cblr-5117	1144	4	,	,	PUNCT
cblr-5117	1144	5	in	in	ADP
cblr-5117	1144	6	a	a	DET
cblr-5117	1144	7	mature	mature	ADJ
cblr-5117	1144	8	company	company	NOUN
cblr-5117	1144	9	,	,	PUNCT
cblr-5117	1144	10	significant	significant	ADJ
cblr-5117	1144	11	cash	cash	NOUN
cblr-5117	1144	12	flows	flow	NOUN
cblr-5117	1144	13	could	could	AUX
cblr-5117	1144	14	be	be	AUX
cblr-5117	1144	15	equated	equate	VERB
cblr-5117	1144	16	to	to	ADP
cblr-5117	1144	17	comparable	comparable	ADJ
cblr-5117	1144	18	public	public	ADJ
cblr-5117	1144	19	companies	company	NOUN
cblr-5117	1144	20	to	to	PART
cblr-5117	1144	21	generate	generate	VERB
cblr-5117	1144	22	valuation	valuation	NOUN
cblr-5117	1144	23	multiples	multiple	NOUN
cblr-5117	1144	24	that	that	PRON
cblr-5117	1144	25	are	be	AUX
cblr-5117	1144	26	used	use	VERB
cblr-5117	1144	27	to	to	PART
cblr-5117	1144	28	calculate	calculate	VERB
cblr-5117	1144	29	the	the	DET
cblr-5117	1144	30	fair	fair	ADJ
cblr-5117	1144	31	market	market	NOUN
cblr-5117	1144	32	value	value	NOUN
cblr-5117	1144	33	.	.	PUNCT
cblr-5117	1145	1	moreover	moreover	ADV
cblr-5117	1145	2	,	,	PUNCT
cblr-5117	1145	3	employees	employee	NOUN
cblr-5117	1145	4	of	of	ADP
cblr-5117	1145	5	mature	mature	ADJ
cblr-5117	1145	6	start	start	NOUN
cblr-5117	1145	7	-	-	PUNCT
cblr-5117	1145	8	ups	up	NOUN
cblr-5117	1145	9	typically	typically	ADV
cblr-5117	1145	10	start	start	VERB
cblr-5117	1145	11	trading	trade	VERB
cblr-5117	1145	12	their	their	PRON
cblr-5117	1145	13	securities	security	NOUN
cblr-5117	1145	14	on	on	ADP
cblr-5117	1145	15	secondary	secondary	ADJ
cblr-5117	1145	16	markets	market	NOUN
cblr-5117	1145	17	thereby	thereby	ADV
cblr-5117	1145	18	generating	generate	VERB
cblr-5117	1145	19	market	market	NOUN
cblr-5117	1145	20	price	price	NOUN
cblr-5117	1145	21	indications	indication	NOUN
cblr-5117	1145	22	.	.	PUNCT
cblr-5117	1146	1	besides	besides	SCONJ
cblr-5117	1146	2	,	,	PUNCT
cblr-5117	1146	3	as	as	SCONJ
cblr-5117	1146	4	the	the	DET
cblr-5117	1146	5	company	company	NOUN
cblr-5117	1146	6	matures	mature	NOUN
cblr-5117	1146	7	,	,	PUNCT
cblr-5117	1146	8	it	it	PRON
cblr-5117	1146	9	is	be	AUX
cblr-5117	1146	10	likely	likely	ADJ
cblr-5117	1146	11	to	to	PART
cblr-5117	1146	12	shift	shift	VERB
cblr-5117	1146	13	to	to	ADP
cblr-5117	1146	14	granting	grant	VERB
cblr-5117	1146	15	rsus	rsus	NOUN
cblr-5117	1146	16	to	to	ADP
cblr-5117	1146	17	its	its	PRON
cblr-5117	1146	18	employees	employee	NOUN
cblr-5117	1146	19	instead	instead	ADV
cblr-5117	1146	20	of	of	ADP
cblr-5117	1146	21	relying	rely	VERB
cblr-5117	1146	22	on	on	ADP
cblr-5117	1146	23	stock	stock	NOUN
cblr-5117	1146	24	options	option	NOUN
cblr-5117	1146	25	.	.	PUNCT
cblr-5117	1147	1	such	such	DET
cblr-5117	1147	2	a	a	DET
cblr-5117	1147	3	shift	shift	NOUN
cblr-5117	1147	4	eliminates	eliminate	VERB
cblr-5117	1147	5	the	the	DET
cblr-5117	1147	6	motivation	motivation	NOUN
cblr-5117	1147	7	to	to	PART
cblr-5117	1147	8	lower	lower	VERB
cblr-5117	1147	9	the	the	DET
cblr-5117	1147	10	409a	409a	PROPN
cblr-5117	1147	11	valuation	valuation	NOUN
cblr-5117	1147	12	to	to	PART
cblr-5117	1147	13	keep	keep	VERB
cblr-5117	1147	14	the	the	DET
cblr-5117	1147	15	exercise	exercise	NOUN
cblr-5117	1147	16	price	price	NOUN
cblr-5117	1147	17	attractive	attractive	ADJ
cblr-5117	1147	18	to	to	ADP
cblr-5117	1147	19	employees.282	employees.282	PROPN
cblr-5117	1147	20	as	as	ADP
cblr-5117	1147	21	sullivan	sullivan	PROPN
cblr-5117	1147	22	&	&	CCONJ
cblr-5117	1147	23	cromwell	cromwell	PROPN
cblr-5117	1147	24	’s	’s	PART
cblr-5117	1147	25	proposal	proposal	NOUN
cblr-5117	1147	26	correctly	correctly	ADV
cblr-5117	1147	27	points	point	VERB
cblr-5117	1147	28	out	out	ADP
cblr-5117	1147	29	,	,	PUNCT
cblr-5117	1147	30	409a	409a	PROPN
cblr-5117	1147	31	valuations	valuation	NOUN
cblr-5117	1147	32	are	be	AUX
cblr-5117	1147	33	more	more	ADV
cblr-5117	1147	34	relevant	relevant	ADJ
cblr-5117	1147	35	to	to	ADP
cblr-5117	1147	36	employees	employee	NOUN
cblr-5117	1147	37	’	'	PUNCT
cblr-5117	1147	38	needs.283	needs.283	PROPN
cblr-5117	1147	39	however	however	ADV
cblr-5117	1147	40	,	,	PUNCT
cblr-5117	1147	41	two	two	NUM
cblr-5117	1147	42	caveats	caveat	NOUN
cblr-5117	1147	43	are	be	AUX
cblr-5117	1147	44	in	in	ADP
cblr-5117	1147	45	order	order	NOUN
cblr-5117	1147	46	:	:	PUNCT
cblr-5117	1147	47	these	these	DET
cblr-5117	1147	48	valuations	valuation	NOUN
cblr-5117	1147	49	only	only	ADV
cblr-5117	1147	50	have	have	VERB
cblr-5117	1147	51	280	280	NUM
cblr-5117	1147	52	see	see	NOUN
cblr-5117	1147	53	cohan	cohan	PROPN
cblr-5117	1147	54	,	,	PUNCT
cblr-5117	1147	55	supra	supra	PROPN
cblr-5117	1147	56	note	note	PROPN
cblr-5117	1147	57	277	277	NUM
cblr-5117	1147	58	;	;	PUNCT
cblr-5117	1147	59	see	see	VERB
cblr-5117	1147	60	also	also	ADV
cblr-5117	1147	61	interviews	interview	NOUN
cblr-5117	1147	62	,	,	PUNCT
cblr-5117	1147	63	supra	supra	PROPN
cblr-5117	1147	64	note	note	PROPN
cblr-5117	1147	65	29	29	NUM
cblr-5117	1147	66	(	(	PUNCT
cblr-5117	1147	67	referencing	reference	VERB
cblr-5117	1147	68	l02	l02	NOUN
cblr-5117	1147	69	expressing	express	VERB
cblr-5117	1147	70	somewhat	somewhat	ADV
cblr-5117	1147	71	cynical	cynical	ADJ
cblr-5117	1147	72	view	view	NOUN
cblr-5117	1147	73	of	of	ADP
cblr-5117	1147	74	the	the	DET
cblr-5117	1147	75	industry	industry	NOUN
cblr-5117	1147	76	:	:	PUNCT
cblr-5117	1147	77	“	"	PUNCT
cblr-5117	1147	78	before	before	ADP
cblr-5117	1147	79	409a	409a	NOUN
cblr-5117	1147	80	,	,	PUNCT
cblr-5117	1147	81	we	we	PRON
cblr-5117	1147	82	used	use	VERB
cblr-5117	1147	83	to	to	PART
cblr-5117	1147	84	deal	deal	VERB
cblr-5117	1147	85	with	with	ADP
cblr-5117	1147	86	common	common	ADJ
cblr-5117	1147	87	stock	stock	NOUN
cblr-5117	1147	88	valuation	valuation	NOUN
cblr-5117	1147	89	in	in	ADP
cblr-5117	1147	90	the	the	DET
cblr-5117	1147	91	following	following	ADJ
cblr-5117	1147	92	way	way	NOUN
cblr-5117	1147	93	:	:	PUNCT
cblr-5117	1147	94	the	the	DET
cblr-5117	1147	95	common	common	ADJ
cblr-5117	1147	96	stock	stock	NOUN
cblr-5117	1147	97	was	be	AUX
cblr-5117	1147	98	generally	generally	ADV
cblr-5117	1147	99	valued	value	VERB
cblr-5117	1147	100	at	at	ADP
cblr-5117	1147	101	10	10	NUM
cblr-5117	1147	102	%	%	NOUN
cblr-5117	1147	103	of	of	ADP
cblr-5117	1147	104	the	the	DET
cblr-5117	1147	105	preferred	preferred	ADJ
cblr-5117	1147	106	,	,	PUNCT
cblr-5117	1147	107	and	and	CCONJ
cblr-5117	1147	108	as	as	SCONJ
cblr-5117	1147	109	we	we	PRON
cblr-5117	1147	110	got	get	VERB
cblr-5117	1147	111	closer	close	ADJ
cblr-5117	1147	112	to	to	ADP
cblr-5117	1147	113	an	an	DET
cblr-5117	1147	114	ipo	ipo	NOUN
cblr-5117	1147	115	,	,	PUNCT
cblr-5117	1147	116	the	the	DET
cblr-5117	1147	117	10	10	NUM
cblr-5117	1147	118	%	%	NOUN
cblr-5117	1147	119	gap	gap	NOUN
cblr-5117	1147	120	shrunk	shrink	VERB
cblr-5117	1147	121	.	.	PUNCT
cblr-5117	1148	1	today	today	NOUN
cblr-5117	1148	2	there	there	PRON
cblr-5117	1148	3	is	be	VERB
cblr-5117	1148	4	an	an	DET
cblr-5117	1148	5	entire	entire	ADJ
cblr-5117	1148	6	cottage	cottage	NOUN
cblr-5117	1148	7	industry	industry	NOUN
cblr-5117	1148	8	around	around	ADP
cblr-5117	1148	9	409a	409a	PROPN
cblr-5117	1148	10	valuations	valuation	NOUN
cblr-5117	1148	11	,	,	PUNCT
cblr-5117	1148	12	but	but	CCONJ
cblr-5117	1148	13	the	the	DET
cblr-5117	1148	14	result	result	NOUN
cblr-5117	1148	15	is	be	AUX
cblr-5117	1148	16	similar	similar	ADJ
cblr-5117	1148	17	”	"	PUNCT
cblr-5117	1148	18	)	)	PUNCT
cblr-5117	1148	19	;	;	PUNCT
cblr-5117	1148	20	interviews	interview	NOUN
cblr-5117	1148	21	,	,	PUNCT
cblr-5117	1148	22	supra	supra	PROPN
cblr-5117	1148	23	note	note	PROPN
cblr-5117	1148	24	29	29	NUM
cblr-5117	1148	25	(	(	PUNCT
cblr-5117	1148	26	quoting	quote	VERB
cblr-5117	1148	27	f07	f07	NOUN
cblr-5117	1148	28	:	:	PUNCT
cblr-5117	1148	29	“	"	PUNCT
cblr-5117	1148	30	[	[	X
cblr-5117	1148	31	i]t	i]t	X
cblr-5117	1148	32	’s	’	VERB
cblr-5117	1148	33	just	just	ADV
cblr-5117	1148	34	a	a	DET
cblr-5117	1148	35	farce	farce	NOUN
cblr-5117	1148	36	for	for	ADP
cblr-5117	1148	37	the	the	DET
cblr-5117	1148	38	irs	irs	PROPN
cblr-5117	1148	39	.	.	PUNCT
cblr-5117	1148	40	”	"	PUNCT
cblr-5117	1148	41	)	)	PUNCT
cblr-5117	1148	42	;	;	PUNCT
cblr-5117	1148	43	interviews	interview	NOUN
cblr-5117	1148	44	,	,	PUNCT
cblr-5117	1148	45	supra	supra	PROPN
cblr-5117	1148	46	note	note	PROPN
cblr-5117	1148	47	29	29	NUM
cblr-5117	1148	48	(	(	PUNCT
cblr-5117	1148	49	quoting	quote	VERB
cblr-5117	1148	50	f03	f03	NOUN
cblr-5117	1148	51	:	:	PUNCT
cblr-5117	1148	52	“	"	PUNCT
cblr-5117	1148	53	409a	409a	NUM
cblr-5117	1148	54	valuations	valuation	NOUN
cblr-5117	1148	55	are	be	AUX
cblr-5117	1148	56	irrelevant	irrelevant	ADJ
cblr-5117	1148	57	.	.	PUNCT
cblr-5117	1148	58	”	"	PUNCT
cblr-5117	1148	59	)	)	PUNCT
cblr-5117	1148	60	.	.	PUNCT
cblr-5117	1149	1	281	281	NUM
cblr-5117	1149	2	see	see	NOUN
cblr-5117	1149	3	interviews	interview	NOUN
cblr-5117	1149	4	,	,	PUNCT
cblr-5117	1149	5	supra	supra	PROPN
cblr-5117	1149	6	note	note	PROPN
cblr-5117	1149	7	29	29	NUM
cblr-5117	1149	8	(	(	PUNCT
cblr-5117	1149	9	citing	cite	VERB
cblr-5117	1149	10	f07	f07	NOUN
cblr-5117	1149	11	describing	describe	VERB
cblr-5117	1149	12	negotiations	negotiation	NOUN
cblr-5117	1149	13	with	with	ADP
cblr-5117	1149	14	409a	409a	NOUN
cblr-5117	1149	15	appraisal	appraisal	NOUN
cblr-5117	1149	16	firms	firm	NOUN
cblr-5117	1149	17	regarding	regard	VERB
cblr-5117	1149	18	the	the	DET
cblr-5117	1149	19	final	final	ADJ
cblr-5117	1149	20	result	result	NOUN
cblr-5117	1149	21	)	)	PUNCT
cblr-5117	1149	22	.	.	PUNCT
cblr-5117	1150	1	282	282	NUM
cblr-5117	1150	2	founders	founder	NOUN
cblr-5117	1150	3	circle	circle	VERB
cblr-5117	1150	4	,	,	PUNCT
cblr-5117	1150	5	supra	supra	PROPN
cblr-5117	1150	6	note	note	NOUN
cblr-5117	1150	7	278	278	NUM
cblr-5117	1150	8	(	(	PUNCT
cblr-5117	1150	9	“	"	PUNCT
cblr-5117	1150	10	[	[	X
cblr-5117	1150	11	w]hen	w]hen	ADV
cblr-5117	1150	12	the	the	DET
cblr-5117	1150	13	company	company	NOUN
cblr-5117	1150	14	matures	mature	VERB
cblr-5117	1150	15	]	]	PUNCT
cblr-5117	1151	1	[	[	X
cblr-5117	1151	2	y]ou	y]ou	PROPN
cblr-5117	1151	3	can	can	AUX
cblr-5117	1151	4	rely	rely	VERB
cblr-5117	1151	5	more	more	ADV
cblr-5117	1151	6	on	on	ADP
cblr-5117	1151	7	the	the	DET
cblr-5117	1151	8	company	company	NOUN
cblr-5117	1151	9	’s	’s	PART
cblr-5117	1151	10	financial	financial	ADJ
cblr-5117	1151	11	forecast	forecast	NOUN
cblr-5117	1151	12	,	,	PUNCT
cblr-5117	1151	13	and	and	CCONJ
cblr-5117	1151	14	public	public	ADJ
cblr-5117	1151	15	comps	comp	NOUN
cblr-5117	1151	16	become	become	VERB
cblr-5117	1151	17	a	a	DET
cblr-5117	1151	18	more	more	ADV
cblr-5117	1151	19	reliable	reliable	ADJ
cblr-5117	1151	20	benchmark	benchmark	NOUN
cblr-5117	1151	21	.	.	PUNCT
cblr-5117	1151	22	”	"	PUNCT
cblr-5117	1151	23	)	)	PUNCT
cblr-5117	1151	24	;	;	PUNCT
cblr-5117	1151	25	see	see	VERB
cblr-5117	1151	26	also	also	ADV
cblr-5117	1151	27	cohan	cohan	PROPN
cblr-5117	1151	28	,	,	PUNCT
cblr-5117	1151	29	supra	supra	PROPN
cblr-5117	1151	30	note	note	PROPN
cblr-5117	1151	31	277	277	NUM
cblr-5117	1151	32	(	(	PUNCT
cblr-5117	1151	33	“	"	PUNCT
cblr-5117	1151	34	obviously	obviously	ADV
cblr-5117	1151	35	this	this	PRON
cblr-5117	1151	36	becomes	become	VERB
cblr-5117	1151	37	a	a	DET
cblr-5117	1151	38	problem	problem	NOUN
cblr-5117	1151	39	when	when	SCONJ
cblr-5117	1151	40	an	an	DET
cblr-5117	1151	41	employee	employee	NOUN
cblr-5117	1151	42	wants	want	VERB
cblr-5117	1151	43	to	to	PART
cblr-5117	1151	44	sell	sell	VERB
cblr-5117	1151	45	his	his	PRON
cblr-5117	1151	46	or	or	CCONJ
cblr-5117	1151	47	her	her	PRON
cblr-5117	1151	48	private	private	ADJ
cblr-5117	1151	49	stock	stock	NOUN
cblr-5117	1151	50	.	.	PUNCT
cblr-5117	1151	51	.	.	PUNCT
cblr-5117	1151	52	.	.	PUNCT
cblr-5117	1152	1	.	.	PUNCT
cblr-5117	1153	1	this	this	PRON
cblr-5117	1153	2	is	be	AUX
cblr-5117	1153	3	often	often	ADV
cblr-5117	1153	4	the	the	DET
cblr-5117	1153	5	point	point	NOUN
cblr-5117	1153	6	where	where	SCONJ
cblr-5117	1153	7	the	the	DET
cblr-5117	1153	8	founder	founder	NOUN
cblr-5117	1153	9	steps	step	VERB
cblr-5117	1153	10	in	in	ADP
cblr-5117	1153	11	and	and	CCONJ
cblr-5117	1153	12	says	say	VERB
cblr-5117	1153	13	,	,	PUNCT
cblr-5117	1153	14	sorry	sorry	ADJ
cblr-5117	1153	15	,	,	PUNCT
cblr-5117	1153	16	no	no	DET
cblr-5117	1153	17	sale	sale	NOUN
cblr-5117	1153	18	,	,	PUNCT
cblr-5117	1153	19	or	or	CCONJ
cblr-5117	1153	20	at	at	ADP
cblr-5117	1153	21	least	least	ADJ
cblr-5117	1153	22	not	not	PART
cblr-5117	1153	23	at	at	ADP
cblr-5117	1153	24	the	the	DET
cblr-5117	1153	25	higher	high	ADJ
cblr-5117	1153	26	valuation	valuation	NOUN
cblr-5117	1153	27	.	.	PUNCT
cblr-5117	1153	28	”	"	PUNCT
cblr-5117	1153	29	)	)	PUNCT
cblr-5117	1153	30	.	.	PUNCT
cblr-5117	1154	1	283	283	NUM
cblr-5117	1154	2	sullivan	sullivan	PROPN
cblr-5117	1154	3	&	&	CCONJ
cblr-5117	1154	4	cromwell	cromwell	PROPN
cblr-5117	1154	5	llp	llp	PROPN
cblr-5117	1154	6	,	,	PUNCT
cblr-5117	1154	7	supra	supra	PROPN
cblr-5117	1154	8	note	note	PROPN
cblr-5117	1154	9	265	265	NUM
cblr-5117	1154	10	,	,	PUNCT
cblr-5117	1154	11	at	at	ADP
cblr-5117	1154	12	9	9	NUM
cblr-5117	1154	13	(	(	PUNCT
cblr-5117	1154	14	“	"	PUNCT
cblr-5117	1154	15	in	in	ADP
cblr-5117	1154	16	our	our	PRON
cblr-5117	1154	17	experience	experience	NOUN
cblr-5117	1154	18	,	,	PUNCT
cblr-5117	1154	19	valuation	valuation	NOUN
cblr-5117	1154	20	information	information	NOUN
cblr-5117	1154	21	is	be	AUX
cblr-5117	1154	22	more	more	ADV
cblr-5117	1154	23	useful	useful	ADJ
cblr-5117	1154	24	for	for	SCONJ
cblr-5117	1154	25	an	an	DET
cblr-5117	1154	26	employee	employee	NOUN
cblr-5117	1154	27	to	to	PART
cblr-5117	1154	28	evaluate	evaluate	VERB
cblr-5117	1154	29	his	his	PRON
cblr-5117	1154	30	or	or	CCONJ
cblr-5117	1154	31	her	her	PRON
cblr-5117	1154	32	equity	equity	NOUN
cblr-5117	1154	33	award	award	NOUN
cblr-5117	1154	34	grant	grant	NOUN
cblr-5117	1154	35	than	than	ADP
cblr-5117	1154	36	early	early	ADJ
cblr-5117	1154	37	-	-	PUNCT
cblr-5117	1154	38	stage	stage	NOUN
cblr-5117	1154	39	financial	financial	ADJ
cblr-5117	1154	40	information	information	NOUN
cblr-5117	1154	41	.	.	PUNCT
cblr-5117	1154	42	”	"	PUNCT
cblr-5117	1154	43	)	)	PUNCT
cblr-5117	1154	44	.	.	PUNCT
cblr-5117	1155	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1155	2	(	(	PUNCT
cblr-5117	1155	3	do	do	AUX
cblr-5117	1155	4	not	not	PART
cblr-5117	1155	5	delete	delete	VERB
cblr-5117	1155	6	)	)	PUNCT
cblr-5117	1155	7	1/8/2020	1/8/2020	NUM
cblr-5117	1155	8	4:44	4:44	NUM
cblr-5117	1155	9	pm	pm	NOUN
cblr-5117	1155	10	no	no	INTJ
cblr-5117	1155	11	.	.	PUNCT
cblr-5117	1156	1	3:867	3:867	NUM
cblr-5117	1156	2	]	]	PUNCT
cblr-5117	1156	3	making	make	VERB
cblr-5117	1156	4	disclosure	disclosure	NOUN
cblr-5117	1156	5	work	work	NOUN
cblr-5117	1156	6	951	951	NUM
cblr-5117	1156	7	informational	informational	ADJ
cblr-5117	1156	8	value	value	NOUN
cblr-5117	1156	9	for	for	ADP
cblr-5117	1156	10	relatively	relatively	ADV
cblr-5117	1156	11	mature	mature	ADJ
cblr-5117	1156	12	start	start	NOUN
cblr-5117	1156	13	-	-	PUNCT
cblr-5117	1156	14	ups	up	NOUN
cblr-5117	1156	15	,	,	PUNCT
cblr-5117	1156	16	and	and	CCONJ
cblr-5117	1156	17	only	only	ADV
cblr-5117	1156	18	when	when	SCONJ
cblr-5117	1156	19	accompanied	accompany	VERB
cblr-5117	1156	20	by	by	ADP
cblr-5117	1156	21	the	the	DET
cblr-5117	1156	22	waterfall	waterfall	NOUN
cblr-5117	1156	23	analysis	analysis	NOUN
cblr-5117	1156	24	that	that	PRON
cblr-5117	1156	25	was	be	AUX
cblr-5117	1156	26	used	use	VERB
cblr-5117	1156	27	to	to	PART
cblr-5117	1156	28	generate	generate	VERB
cblr-5117	1156	29	the	the	DET
cblr-5117	1156	30	final	final	ADJ
cblr-5117	1156	31	outcome	outcome	NOUN
cblr-5117	1156	32	.	.	PUNCT
cblr-5117	1157	1	the	the	DET
cblr-5117	1157	2	disclosure	disclosure	NOUN
cblr-5117	1157	3	of	of	ADP
cblr-5117	1157	4	the	the	DET
cblr-5117	1157	5	409a	409a	PROPN
cblr-5117	1157	6	valuation	valuation	NOUN
cblr-5117	1157	7	,	,	PUNCT
cblr-5117	1157	8	in	in	ADP
cblr-5117	1157	9	and	and	CCONJ
cblr-5117	1157	10	of	of	ADP
cblr-5117	1157	11	itself	itself	PRON
cblr-5117	1157	12	,	,	PUNCT
cblr-5117	1157	13	can	can	AUX
cblr-5117	1157	14	not	not	PART
cblr-5117	1157	15	satisfy	satisfy	VERB
cblr-5117	1157	16	employees	employee	NOUN
cblr-5117	1157	17	’	'	PUNCT
cblr-5117	1157	18	need	need	VERB
cblr-5117	1157	19	for	for	ADP
cblr-5117	1157	20	information	information	NOUN
cblr-5117	1157	21	because	because	SCONJ
cblr-5117	1157	22	it	it	PRON
cblr-5117	1157	23	presents	present	VERB
cblr-5117	1157	24	an	an	DET
cblr-5117	1157	25	estimate	estimate	NOUN
cblr-5117	1157	26	of	of	ADP
cblr-5117	1157	27	the	the	DET
cblr-5117	1157	28	value	value	NOUN
cblr-5117	1157	29	of	of	ADP
cblr-5117	1157	30	the	the	DET
cblr-5117	1157	31	common	common	ADJ
cblr-5117	1157	32	stock	stock	NOUN
cblr-5117	1157	33	at	at	ADP
cblr-5117	1157	34	a	a	DET
cblr-5117	1157	35	specific	specific	ADJ
cblr-5117	1157	36	point	point	NOUN
cblr-5117	1157	37	in	in	ADP
cblr-5117	1157	38	time	time	NOUN
cblr-5117	1157	39	.	.	PUNCT
cblr-5117	1158	1	the	the	DET
cblr-5117	1158	2	disclosure	disclosure	NOUN
cblr-5117	1158	3	of	of	ADP
cblr-5117	1158	4	the	the	DET
cblr-5117	1158	5	valuation	valuation	NOUN
cblr-5117	1158	6	alone	alone	ADV
cblr-5117	1158	7	will	will	AUX
cblr-5117	1158	8	not	not	PART
cblr-5117	1158	9	reveal	reveal	VERB
cblr-5117	1158	10	the	the	DET
cblr-5117	1158	11	effect	effect	NOUN
cblr-5117	1158	12	of	of	ADP
cblr-5117	1158	13	the	the	DET
cblr-5117	1158	14	preferred	preferred	ADJ
cblr-5117	1158	15	shareholders	shareholder	NOUN
cblr-5117	1158	16	’	'	PUNCT
cblr-5117	1158	17	right	right	NOUN
cblr-5117	1158	18	on	on	ADP
cblr-5117	1158	19	the	the	DET
cblr-5117	1158	20	value	value	NOUN
cblr-5117	1158	21	of	of	ADP
cblr-5117	1158	22	the	the	DET
cblr-5117	1158	23	common	common	ADJ
cblr-5117	1158	24	stock	stock	NOUN
cblr-5117	1158	25	in	in	ADP
cblr-5117	1158	26	various	various	ADJ
cblr-5117	1158	27	exit	exit	NOUN
cblr-5117	1158	28	scenarios	scenario	NOUN
cblr-5117	1158	29	down	down	ADP
cblr-5117	1158	30	the	the	DET
cblr-5117	1158	31	road	road	NOUN
cblr-5117	1158	32	.	.	PUNCT
cblr-5117	1159	1	the	the	DET
cblr-5117	1159	2	minimalist	minimalist	ADJ
cblr-5117	1159	3	approach	approach	NOUN
cblr-5117	1159	4	offered	offer	VERB
cblr-5117	1159	5	by	by	ADP
cblr-5117	1159	6	sullivan	sullivan	PROPN
cblr-5117	1159	7	&	&	CCONJ
cblr-5117	1159	8	cromwell	cromwell	PROPN
cblr-5117	1159	9	thus	thus	ADV
cblr-5117	1159	10	has	have	VERB
cblr-5117	1159	11	clear	clear	ADJ
cblr-5117	1159	12	benefits	benefit	NOUN
cblr-5117	1159	13	.	.	PUNCT
cblr-5117	1160	1	obviously	obviously	ADV
cblr-5117	1160	2	,	,	PUNCT
cblr-5117	1160	3	a	a	DET
cblr-5117	1160	4	company	company	NOUN
cblr-5117	1160	5	can	can	AUX
cblr-5117	1160	6	not	not	PART
cblr-5117	1160	7	have	have	VERB
cblr-5117	1160	8	two	two	NUM
cblr-5117	1160	9	different	different	ADJ
cblr-5117	1160	10	valuations	valuation	NOUN
cblr-5117	1160	11	;	;	PUNCT
cblr-5117	1160	12	one	one	NUM
cblr-5117	1160	13	to	to	PART
cblr-5117	1160	14	satisfy	satisfy	VERB
cblr-5117	1160	15	disclosure	disclosure	NOUN
cblr-5117	1160	16	obligations	obligation	NOUN
cblr-5117	1160	17	towards	towards	ADP
cblr-5117	1160	18	employees	employee	NOUN
cblr-5117	1160	19	,	,	PUNCT
cblr-5117	1160	20	and	and	CCONJ
cblr-5117	1160	21	another	another	PRON
cblr-5117	1160	22	to	to	PART
cblr-5117	1160	23	comply	comply	VERB
cblr-5117	1160	24	with	with	ADP
cblr-5117	1160	25	tax	tax	NOUN
cblr-5117	1160	26	laws.284	laws.284	NOUN
cblr-5117	1160	27	therefore	therefore	ADV
cblr-5117	1160	28	,	,	PUNCT
cblr-5117	1160	29	any	any	DET
cblr-5117	1160	30	reworking	reworking	NOUN
cblr-5117	1160	31	of	of	ADP
cblr-5117	1160	32	the	the	DET
cblr-5117	1160	33	disclosure	disclosure	NOUN
cblr-5117	1160	34	obligation	obligation	NOUN
cblr-5117	1160	35	towards	towards	ADP
cblr-5117	1160	36	employees	employee	NOUN
cblr-5117	1160	37	needs	need	VERB
cblr-5117	1160	38	to	to	PART
cblr-5117	1160	39	consider	consider	VERB
cblr-5117	1160	40	possible	possible	ADJ
cblr-5117	1160	41	tax	tax	NOUN
cblr-5117	1160	42	implications	implication	NOUN
cblr-5117	1160	43	and	and	CCONJ
cblr-5117	1160	44	must	must	AUX
cblr-5117	1160	45	try	try	VERB
cblr-5117	1160	46	to	to	PART
cblr-5117	1160	47	avoid	avoid	VERB
cblr-5117	1160	48	adverse	adverse	ADJ
cblr-5117	1160	49	consequences	consequence	NOUN
cblr-5117	1160	50	,	,	PUNCT
cblr-5117	1160	51	such	such	ADJ
cblr-5117	1160	52	as	as	ADP
cblr-5117	1160	53	sabotaging	sabotage	VERB
cblr-5117	1160	54	companies	company	NOUN
cblr-5117	1160	55	’	'	PUNCT
cblr-5117	1160	56	ability	ability	NOUN
cblr-5117	1160	57	to	to	PART
cblr-5117	1160	58	rely	rely	VERB
cblr-5117	1160	59	on	on	ADP
cblr-5117	1160	60	stock	stock	NOUN
cblr-5117	1160	61	options	option	NOUN
cblr-5117	1160	62	for	for	ADP
cblr-5117	1160	63	recruitment	recruitment	NOUN
cblr-5117	1160	64	purposes	purpose	NOUN
cblr-5117	1160	65	.	.	PUNCT
cblr-5117	1161	1	moreover	moreover	ADV
cblr-5117	1161	2	,	,	PUNCT
cblr-5117	1161	3	two	two	NUM
cblr-5117	1161	4	auditing	auditing	NOUN
cblr-5117	1161	5	systems	system	NOUN
cblr-5117	1161	6	are	be	AUX
cblr-5117	1161	7	impractical	impractical	ADJ
cblr-5117	1161	8	as	as	SCONJ
cblr-5117	1161	9	they	they	PRON
cblr-5117	1161	10	double	double	VERB
cblr-5117	1161	11	compliance	compliance	NOUN
cblr-5117	1161	12	costs	cost	NOUN
cblr-5117	1161	13	and	and	CCONJ
cblr-5117	1161	14	managerial	managerial	ADJ
cblr-5117	1161	15	distraction	distraction	NOUN
cblr-5117	1161	16	.	.	PUNCT
cblr-5117	1162	1	still	still	ADV
cblr-5117	1162	2	,	,	PUNCT
cblr-5117	1162	3	409a	409a	PROPN
cblr-5117	1162	4	valuations	valuation	NOUN
cblr-5117	1162	5	without	without	ADP
cblr-5117	1162	6	an	an	DET
cblr-5117	1162	7	accompanying	accompanying	ADJ
cblr-5117	1162	8	exit	exit	NOUN
cblr-5117	1162	9	waterfall	waterfall	NOUN
cblr-5117	1162	10	analysis	analysis	NOUN
cblr-5117	1162	11	leave	leave	VERB
cblr-5117	1162	12	the	the	DET
cblr-5117	1162	13	most	most	ADV
cblr-5117	1162	14	important	important	ADJ
cblr-5117	1162	15	information	information	NOUN
cblr-5117	1162	16	for	for	ADP
cblr-5117	1162	17	employees	employee	NOUN
cblr-5117	1162	18	’	'	PUNCT
cblr-5117	1162	19	needs	need	VERB
cblr-5117	1162	20	out	out	ADP
cblr-5117	1162	21	.	.	PUNCT
cblr-5117	1163	1	thus	thus	ADV
cblr-5117	1163	2	far	far	ADV
cblr-5117	1163	3	,	,	PUNCT
cblr-5117	1163	4	we	we	PRON
cblr-5117	1163	5	have	have	AUX
cblr-5117	1163	6	explored	explore	VERB
cblr-5117	1163	7	two	two	NUM
cblr-5117	1163	8	possible	possible	ADJ
cblr-5117	1163	9	approaches	approach	NOUN
cblr-5117	1163	10	–	–	PUNCT
cblr-5117	1163	11	the	the	DET
cblr-5117	1163	12	maximalist	maximalist	ADJ
cblr-5117	1163	13	approach	approach	NOUN
cblr-5117	1163	14	,	,	PUNCT
cblr-5117	1163	15	offered	offer	VERB
cblr-5117	1163	16	by	by	ADP
cblr-5117	1163	17	alon	alon	PROPN
cblr-5117	1163	18	-	-	PUNCT
cblr-5117	1163	19	beck	beck	PROPN
cblr-5117	1163	20	,	,	PUNCT
cblr-5117	1163	21	and	and	CCONJ
cblr-5117	1163	22	the	the	DET
cblr-5117	1163	23	minimalist	minimalist	ADJ
cblr-5117	1163	24	approach	approach	NOUN
cblr-5117	1163	25	,	,	PUNCT
cblr-5117	1163	26	advanced	advanced	ADJ
cblr-5117	1163	27	,	,	PUNCT
cblr-5117	1163	28	inter	inter	NOUN
cblr-5117	1163	29	alios	alio	NOUN
cblr-5117	1163	30	,	,	PUNCT
cblr-5117	1163	31	by	by	ADP
cblr-5117	1163	32	sullivan	sullivan	PROPN
cblr-5117	1163	33	&	&	CCONJ
cblr-5117	1163	34	cromwell	cromwell	PROPN
cblr-5117	1163	35	llp	llp	PROPN
cblr-5117	1163	36	.	.	PUNCT
cblr-5117	1164	1	both	both	DET
cblr-5117	1164	2	approaches	approach	NOUN
cblr-5117	1164	3	have	have	VERB
cblr-5117	1164	4	advantages	advantage	NOUN
cblr-5117	1164	5	and	and	CCONJ
cblr-5117	1164	6	disadvantages	disadvantage	NOUN
cblr-5117	1164	7	,	,	PUNCT
cblr-5117	1164	8	and	and	CCONJ
cblr-5117	1164	9	offer	offer	VERB
cblr-5117	1164	10	meaningful	meaningful	ADJ
cblr-5117	1164	11	insights	insight	NOUN
cblr-5117	1164	12	moving	move	VERB
cblr-5117	1164	13	forward	forward	ADV
cblr-5117	1164	14	.	.	PUNCT
cblr-5117	1165	1	specifically	specifically	ADV
cblr-5117	1165	2	,	,	PUNCT
cblr-5117	1165	3	alon	alon	PROPN
cblr-5117	1165	4	-	-	PUNCT
cblr-5117	1165	5	beck	beck	PROPN
cblr-5117	1165	6	’s	’s	PART
cblr-5117	1165	7	proposal	proposal	NOUN
cblr-5117	1165	8	addresses	address	VERB
cblr-5117	1165	9	the	the	DET
cblr-5117	1165	10	need	need	NOUN
cblr-5117	1165	11	to	to	PART
cblr-5117	1165	12	tailor	tailor	VERB
cblr-5117	1165	13	the	the	DET
cblr-5117	1165	14	disclosure	disclosure	NOUN
cblr-5117	1165	15	items	item	NOUN
cblr-5117	1165	16	to	to	ADP
cblr-5117	1165	17	the	the	DET
cblr-5117	1165	18	capital	capital	NOUN
cblr-5117	1165	19	structure	structure	NOUN
cblr-5117	1165	20	of	of	ADP
cblr-5117	1165	21	venture	venture	NOUN
cblr-5117	1165	22	-	-	PUNCT
cblr-5117	1165	23	backed	back	VERB
cblr-5117	1165	24	companies	company	NOUN
cblr-5117	1165	25	and	and	CCONJ
cblr-5117	1165	26	tackle	tackle	VERB
cblr-5117	1165	27	the	the	DET
cblr-5117	1165	28	agency	agency	NOUN
cblr-5117	1165	29	problems	problem	NOUN
cblr-5117	1165	30	that	that	PRON
cblr-5117	1165	31	arise	arise	VERB
cblr-5117	1165	32	between	between	ADP
cblr-5117	1165	33	employees	employee	NOUN
cblr-5117	1165	34	and	and	CCONJ
cblr-5117	1165	35	management	management	NOUN
cblr-5117	1165	36	(	(	PUNCT
cblr-5117	1165	37	via	via	ADP
cblr-5117	1165	38	disclosure	disclosure	NOUN
cblr-5117	1165	39	of	of	ADP
cblr-5117	1165	40	management	management	NOUN
cblr-5117	1165	41	incentives	incentive	NOUN
cblr-5117	1165	42	,	,	PUNCT
cblr-5117	1165	43	and	and	CCONJ
cblr-5117	1165	44	the	the	DET
cblr-5117	1165	45	use	use	NOUN
cblr-5117	1165	46	of	of	ADP
cblr-5117	1165	47	purchaser	purchaser	NOUN
cblr-5117	1165	48	representatives	representative	NOUN
cblr-5117	1165	49	)	)	PUNCT
cblr-5117	1165	50	.	.	PUNCT
cblr-5117	1166	1	on	on	ADP
cblr-5117	1166	2	the	the	DET
cblr-5117	1166	3	other	other	ADJ
cblr-5117	1166	4	hand	hand	NOUN
cblr-5117	1166	5	,	,	PUNCT
cblr-5117	1166	6	sullivan	sullivan	PROPN
cblr-5117	1166	7	&	&	CCONJ
cblr-5117	1166	8	cromwell	cromwell	PROPN
cblr-5117	1166	9	’s	’s	PART
cblr-5117	1166	10	proposal	proposal	NOUN
cblr-5117	1166	11	brings	bring	VERB
cblr-5117	1166	12	to	to	ADP
cblr-5117	1166	13	front	front	ADJ
cblr-5117	1166	14	pragmatic	pragmatic	ADJ
cblr-5117	1166	15	considerations	consideration	NOUN
cblr-5117	1166	16	,	,	PUNCT
cblr-5117	1166	17	including	include	VERB
cblr-5117	1166	18	the	the	DET
cblr-5117	1166	19	futility	futility	NOUN
cblr-5117	1166	20	of	of	ADP
cblr-5117	1166	21	the	the	DET
cblr-5117	1166	22	requirement	requirement	NOUN
cblr-5117	1166	23	to	to	PART
cblr-5117	1166	24	disclose	disclose	VERB
cblr-5117	1166	25	financial	financial	ADJ
cblr-5117	1166	26	statements	statement	NOUN
cblr-5117	1166	27	,	,	PUNCT
cblr-5117	1166	28	and	and	CCONJ
cblr-5117	1166	29	the	the	DET
cblr-5117	1166	30	need	need	NOUN
cblr-5117	1166	31	to	to	PART
cblr-5117	1166	32	unify	unify	VERB
cblr-5117	1166	33	companies	company	NOUN
cblr-5117	1166	34	’	'	PUNCT
cblr-5117	1166	35	disclosure	disclosure	NOUN
cblr-5117	1166	36	obligations	obligation	NOUN
cblr-5117	1166	37	towards	towards	ADP
cblr-5117	1166	38	tax	tax	NOUN
cblr-5117	1166	39	authorities	authority	NOUN
cblr-5117	1166	40	and	and	CCONJ
cblr-5117	1166	41	employees	employee	NOUN
cblr-5117	1166	42	.	.	PUNCT
cblr-5117	1167	1	284	284	NUM
cblr-5117	1167	2	see	see	VERB
cblr-5117	1167	3	,	,	PUNCT
cblr-5117	1167	4	e.g.	e.g.	ADV
cblr-5117	1167	5	,	,	PUNCT
cblr-5117	1167	6	gilson	gilson	PROPN
cblr-5117	1167	7	&	&	CCONJ
cblr-5117	1167	8	schizer	schizer	PROPN
cblr-5117	1167	9	,	,	PUNCT
cblr-5117	1167	10	supra	supra	PROPN
cblr-5117	1167	11	note	note	PROPN
cblr-5117	1167	12	172	172	NUM
cblr-5117	1167	13	,	,	PUNCT
cblr-5117	1167	14	at	at	ADP
cblr-5117	1167	15	898	898	NUM
cblr-5117	1167	16	.	.	PUNCT
cblr-5117	1168	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1168	2	(	(	PUNCT
cblr-5117	1168	3	do	do	AUX
cblr-5117	1168	4	not	not	PART
cblr-5117	1168	5	delte	delte	VERB
cblr-5117	1168	6	)	)	PUNCT
cblr-5117	1168	7	1/8/2020	1/8/2020	NUM
cblr-5117	1168	8	4:44	4:44	NUM
cblr-5117	1168	9	pm	pm	NOUN
cblr-5117	1168	10	952	952	NUM
cblr-5117	1168	11	columbia	columbia	PROPN
cblr-5117	1168	12	business	business	NOUN
cblr-5117	1168	13	law	law	PROPN
cblr-5117	1168	14	review	review	NOUN
cblr-5117	1169	1	[	[	X
cblr-5117	1169	2	vol	vol	NOUN
cblr-5117	1169	3	.	.	PUNCT
cblr-5117	1169	4	2019	2019	NUM
cblr-5117	1169	5	the	the	DET
cblr-5117	1169	6	following	follow	VERB
cblr-5117	1169	7	section	section	NOUN
cblr-5117	1169	8	offers	offer	VERB
cblr-5117	1169	9	a	a	DET
cblr-5117	1169	10	middle	middle	ADJ
cblr-5117	1169	11	ground	ground	NOUN
cblr-5117	1169	12	between	between	ADP
cblr-5117	1169	13	the	the	DET
cblr-5117	1169	14	maximalist	maximalist	NOUN
cblr-5117	1169	15	and	and	CCONJ
cblr-5117	1169	16	minimalist	minimalist	ADJ
cblr-5117	1169	17	approaches	approach	NOUN
cblr-5117	1169	18	,	,	PUNCT
cblr-5117	1169	19	which	which	PRON
cblr-5117	1169	20	integrates	integrate	VERB
cblr-5117	1169	21	practical	practical	ADJ
cblr-5117	1169	22	considerations	consideration	NOUN
cblr-5117	1169	23	and	and	CCONJ
cblr-5117	1169	24	ensures	ensure	VERB
cblr-5117	1169	25	the	the	DET
cblr-5117	1169	26	timely	timely	ADJ
cblr-5117	1169	27	and	and	CCONJ
cblr-5117	1169	28	full	full	ADJ
cblr-5117	1169	29	disclosure	disclosure	NOUN
cblr-5117	1169	30	to	to	ADP
cblr-5117	1169	31	employees	employee	NOUN
cblr-5117	1169	32	.	.	PUNCT
cblr-5117	1170	1	b.	b.	PROPN
cblr-5117	1170	2	an	an	DET
cblr-5117	1170	3	intermediate	intermediate	ADJ
cblr-5117	1170	4	approach	approach	NOUN
cblr-5117	1170	5	to	to	ADP
cblr-5117	1170	6	disclosure	disclosure	NOUN
cblr-5117	1170	7	pragmatism	pragmatism	NOUN
cblr-5117	1170	8	and	and	CCONJ
cblr-5117	1170	9	comprehensive	comprehensive	ADJ
cblr-5117	1170	10	disclosures	disclosure	NOUN
cblr-5117	1170	11	are	be	AUX
cblr-5117	1170	12	often	often	ADV
cblr-5117	1170	13	portrayed	portray	VERB
cblr-5117	1170	14	as	as	ADP
cblr-5117	1170	15	competing	compete	VERB
cblr-5117	1170	16	objectives	objective	NOUN
cblr-5117	1170	17	that	that	PRON
cblr-5117	1170	18	regulators	regulator	NOUN
cblr-5117	1170	19	are	be	AUX
cblr-5117	1170	20	rarely	rarely	ADV
cblr-5117	1170	21	able	able	ADJ
cblr-5117	1170	22	to	to	PART
cblr-5117	1170	23	satisfy	satisfy	VERB
cblr-5117	1170	24	at	at	ADP
cblr-5117	1170	25	the	the	DET
cblr-5117	1170	26	same	same	ADJ
cblr-5117	1170	27	time	time	NOUN
cblr-5117	1170	28	.	.	PUNCT
cblr-5117	1171	1	however	however	ADV
cblr-5117	1171	2	,	,	PUNCT
cblr-5117	1171	3	in	in	ADP
cblr-5117	1171	4	the	the	DET
cblr-5117	1171	5	context	context	NOUN
cblr-5117	1171	6	of	of	ADP
cblr-5117	1171	7	private	private	ADJ
cblr-5117	1171	8	issuers	issuer	NOUN
cblr-5117	1171	9	’	'	PUNCT
cblr-5117	1171	10	disclosure	disclosure	NOUN
cblr-5117	1171	11	to	to	ADP
cblr-5117	1171	12	equity	equity	NOUN
cblr-5117	1171	13	-	-	PUNCT
cblr-5117	1171	14	compensated	compensate	VERB
cblr-5117	1171	15	employees	employee	NOUN
cblr-5117	1171	16	,	,	PUNCT
cblr-5117	1171	17	it	it	PRON
cblr-5117	1171	18	is	be	AUX
cblr-5117	1171	19	possible	possible	ADJ
cblr-5117	1171	20	to	to	PART
cblr-5117	1171	21	move	move	VERB
cblr-5117	1171	22	forward	forward	ADV
cblr-5117	1171	23	on	on	ADP
cblr-5117	1171	24	both	both	DET
cblr-5117	1171	25	fronts	front	NOUN
cblr-5117	1171	26	.	.	PUNCT
cblr-5117	1172	1	the	the	DET
cblr-5117	1172	2	following	follow	VERB
cblr-5117	1172	3	sections	section	NOUN
cblr-5117	1172	4	lay	lie	VERB
cblr-5117	1172	5	out	out	ADP
cblr-5117	1172	6	the	the	DET
cblr-5117	1172	7	proposed	propose	VERB
cblr-5117	1172	8	amendments	amendment	NOUN
cblr-5117	1172	9	in	in	ADP
cblr-5117	1172	10	the	the	DET
cblr-5117	1172	11	content	content	NOUN
cblr-5117	1172	12	,	,	PUNCT
cblr-5117	1172	13	timing	timing	NOUN
cblr-5117	1172	14	,	,	PUNCT
cblr-5117	1172	15	and	and	CCONJ
cblr-5117	1172	16	threshold	threshold	NOUN
cblr-5117	1172	17	to	to	PART
cblr-5117	1172	18	trigger	trigger	VERB
cblr-5117	1172	19	an	an	DET
cblr-5117	1172	20	enhanced	enhanced	ADJ
cblr-5117	1172	21	disclosure	disclosure	NOUN
cblr-5117	1172	22	obligation	obligation	NOUN
cblr-5117	1172	23	towards	towards	ADP
cblr-5117	1172	24	start	start	VERB
cblr-5117	1172	25	-	-	PUNCT
cblr-5117	1172	26	up	up	ADP
cblr-5117	1172	27	employees	employee	NOUN
cblr-5117	1172	28	.	.	PUNCT
cblr-5117	1173	1	1	1	X
cblr-5117	1173	2	.	.	X
cblr-5117	1173	3	content	content	NOUN
cblr-5117	1173	4	of	of	ADP
cblr-5117	1173	5	the	the	DET
cblr-5117	1173	6	disclosure	disclosure	NOUN
cblr-5117	1173	7	as	as	SCONJ
cblr-5117	1173	8	argued	argue	VERB
cblr-5117	1173	9	in	in	ADP
cblr-5117	1173	10	section	section	NOUN
cblr-5117	1173	11	iii.c.1	iii.c.1	PROPN
cblr-5117	1173	12	,	,	PUNCT
cblr-5117	1173	13	the	the	DET
cblr-5117	1173	14	starting	starting	NOUN
cblr-5117	1173	15	point	point	NOUN
cblr-5117	1173	16	for	for	ADP
cblr-5117	1173	17	drafting	draft	VERB
cblr-5117	1173	18	the	the	DET
cblr-5117	1173	19	disclosure	disclosure	NOUN
cblr-5117	1173	20	requirement	requirement	NOUN
cblr-5117	1173	21	to	to	PART
cblr-5117	1173	22	start	start	VERB
cblr-5117	1173	23	-	-	PUNCT
cblr-5117	1173	24	up	up	ADP
cblr-5117	1173	25	employees	employee	NOUN
cblr-5117	1173	26	should	should	AUX
cblr-5117	1173	27	be	be	AUX
cblr-5117	1173	28	the	the	DET
cblr-5117	1173	29	recognition	recognition	NOUN
cblr-5117	1173	30	that	that	SCONJ
cblr-5117	1173	31	,	,	PUNCT
cblr-5117	1173	32	unlike	unlike	ADP
cblr-5117	1173	33	in	in	ADP
cblr-5117	1173	34	other	other	ADJ
cblr-5117	1173	35	disclosure	disclosure	NOUN
cblr-5117	1173	36	contexts	contexts	NOUN
cblr-5117	1173	37	,	,	PUNCT
cblr-5117	1173	38	the	the	DET
cblr-5117	1173	39	primary	primary	ADJ
cblr-5117	1173	40	recipient	recipient	NOUN
cblr-5117	1173	41	of	of	ADP
cblr-5117	1173	42	the	the	DET
cblr-5117	1173	43	disclosure	disclosure	NOUN
cblr-5117	1173	44	here	here	ADV
cblr-5117	1173	45	is	be	AUX
cblr-5117	1173	46	an	an	DET
cblr-5117	1173	47	unsophisticated	unsophisticated	ADJ
cblr-5117	1173	48	investor.285	investor.285	NOUN
cblr-5117	1173	49	moreover	moreover	ADV
cblr-5117	1173	50	,	,	PUNCT
cblr-5117	1173	51	start	start	VERB
cblr-5117	1173	52	-	-	PUNCT
cblr-5117	1173	53	up	up	ADP
cblr-5117	1173	54	employees	employee	NOUN
cblr-5117	1173	55	do	do	AUX
cblr-5117	1173	56	not	not	PART
cblr-5117	1173	57	participate	participate	VERB
cblr-5117	1173	58	in	in	ADP
cblr-5117	1173	59	an	an	DET
cblr-5117	1173	60	active	active	ADJ
cblr-5117	1173	61	efficient	efficient	ADJ
cblr-5117	1173	62	market	market	NOUN
cblr-5117	1173	63	in	in	ADP
cblr-5117	1173	64	which	which	PRON
cblr-5117	1173	65	information	information	NOUN
cblr-5117	1173	66	is	be	AUX
cblr-5117	1173	67	quickly	quickly	ADV
cblr-5117	1173	68	absorbed	absorb	VERB
cblr-5117	1173	69	in	in	ADP
cblr-5117	1173	70	the	the	DET
cblr-5117	1173	71	stock	stock	NOUN
cblr-5117	1173	72	’s	’s	PART
cblr-5117	1173	73	price.286	price.286	PROPN
cblr-5117	1173	74	therefore	therefore	ADV
cblr-5117	1173	75	,	,	PUNCT
cblr-5117	1173	76	to	to	PART
cblr-5117	1173	77	create	create	VERB
cblr-5117	1173	78	a	a	DET
cblr-5117	1173	79	disclosure	disclosure	NOUN
cblr-5117	1173	80	framework	framework	NOUN
cblr-5117	1173	81	that	that	PRON
cblr-5117	1173	82	could	could	AUX
cblr-5117	1173	83	serve	serve	VERB
cblr-5117	1173	84	this	this	DET
cblr-5117	1173	85	particular	particular	ADJ
cblr-5117	1173	86	class	class	NOUN
cblr-5117	1173	87	of	of	ADP
cblr-5117	1173	88	investors	investor	NOUN
cblr-5117	1173	89	,	,	PUNCT
cblr-5117	1173	90	there	there	PRON
cblr-5117	1173	91	is	be	VERB
cblr-5117	1173	92	a	a	DET
cblr-5117	1173	93	need	need	NOUN
cblr-5117	1173	94	to	to	PART
cblr-5117	1173	95	depart	depart	VERB
cblr-5117	1173	96	from	from	ADP
cblr-5117	1173	97	standard	standard	ADJ
cblr-5117	1173	98	disclosure	disclosure	NOUN
cblr-5117	1173	99	forms	form	NOUN
cblr-5117	1173	100	that	that	PRON
cblr-5117	1173	101	are	be	AUX
cblr-5117	1173	102	designed	design	VERB
cblr-5117	1173	103	to	to	PART
cblr-5117	1173	104	accommodate	accommodate	VERB
cblr-5117	1173	105	the	the	DET
cblr-5117	1173	106	needs	need	NOUN
cblr-5117	1173	107	of	of	ADP
cblr-5117	1173	108	public	public	ADJ
cblr-5117	1173	109	market	market	NOUN
cblr-5117	1173	110	investors	investor	NOUN
cblr-5117	1173	111	.	.	PUNCT
cblr-5117	1174	1	in	in	ADP
cblr-5117	1174	2	other	other	ADJ
cblr-5117	1174	3	words	word	NOUN
cblr-5117	1174	4	,	,	PUNCT
cblr-5117	1174	5	employees	employee	NOUN
cblr-5117	1174	6	’	’	PART
cblr-5117	1174	7	lack	lack	NOUN
cblr-5117	1174	8	of	of	ADP
cblr-5117	1174	9	financial	financial	ADJ
cblr-5117	1174	10	proficiency	proficiency	NOUN
cblr-5117	1174	11	should	should	AUX
cblr-5117	1174	12	guide	guide	VERB
cblr-5117	1174	13	not	not	PART
cblr-5117	1174	14	only	only	ADV
cblr-5117	1174	15	the	the	DET
cblr-5117	1174	16	existence	existence	NOUN
cblr-5117	1174	17	of	of	ADP
cblr-5117	1174	18	a	a	DET
cblr-5117	1174	19	disclosure	disclosure	NOUN
cblr-5117	1174	20	requirement	requirement	NOUN
cblr-5117	1174	21	but	but	CCONJ
cblr-5117	1174	22	also	also	ADV
cblr-5117	1174	23	the	the	DET
cblr-5117	1174	24	form	form	NOUN
cblr-5117	1174	25	of	of	ADP
cblr-5117	1174	26	the	the	DET
cblr-5117	1174	27	disclosure	disclosure	NOUN
cblr-5117	1174	28	.	.	PUNCT
cblr-5117	1175	1	if	if	SCONJ
cblr-5117	1175	2	disclosure	disclosure	NOUN
cblr-5117	1175	3	to	to	ADP
cblr-5117	1175	4	employees	employee	NOUN
cblr-5117	1175	5	is	be	AUX
cblr-5117	1175	6	packed	pack	VERB
cblr-5117	1175	7	with	with	ADP
cblr-5117	1175	8	irrelevant	irrelevant	ADJ
cblr-5117	1175	9	information	information	NOUN
cblr-5117	1175	10	and	and	CCONJ
cblr-5117	1175	11	is	be	AUX
cblr-5117	1175	12	cluttered	clutter	VERB
cblr-5117	1175	13	with	with	ADP
cblr-5117	1175	14	financial	financial	ADJ
cblr-5117	1175	15	and	and	CCONJ
cblr-5117	1175	16	legal	legal	ADJ
cblr-5117	1175	17	terms	term	NOUN
cblr-5117	1175	18	that	that	SCONJ
cblr-5117	1175	19	a	a	DET
cblr-5117	1175	20	layperson	layperson	NOUN
cblr-5117	1175	21	does	do	AUX
cblr-5117	1175	22	not	not	PART
cblr-5117	1175	23	understand	understand	VERB
cblr-5117	1175	24	,	,	PUNCT
cblr-5117	1175	25	such	such	ADJ
cblr-5117	1175	26	disclosure	disclosure	NOUN
cblr-5117	1175	27	would	would	AUX
cblr-5117	1175	28	frustrate	frustrate	VERB
cblr-5117	1175	29	,	,	PUNCT
cblr-5117	1175	30	not	not	PART
cblr-5117	1175	31	satisfy	satisfy	VERB
cblr-5117	1175	32	,	,	PUNCT
cblr-5117	1175	33	285	285	NUM
cblr-5117	1175	34	see	see	VERB
cblr-5117	1175	35	supra	supra	PROPN
cblr-5117	1175	36	section	section	PROPN
cblr-5117	1175	37	iii.c.1	iii.c.1	PROPN
cblr-5117	1175	38	.	.	PUNCT
cblr-5117	1176	1	286	286	NUM
cblr-5117	1176	2	see	see	NOUN
cblr-5117	1176	3	supra	supra	PROPN
cblr-5117	1176	4	section	section	PROPN
cblr-5117	1176	5	iii.c.3	iii.c.3	PROPN
cblr-5117	1176	6	.	.	PUNCT
cblr-5117	1177	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1177	2	(	(	PUNCT
cblr-5117	1177	3	do	do	AUX
cblr-5117	1177	4	not	not	PART
cblr-5117	1177	5	delete	delete	VERB
cblr-5117	1177	6	)	)	PUNCT
cblr-5117	1177	7	1/8/2020	1/8/2020	NUM
cblr-5117	1177	8	4:44	4:44	NUM
cblr-5117	1177	9	pm	pm	NOUN
cblr-5117	1177	10	no	no	INTJ
cblr-5117	1177	11	.	.	PUNCT
cblr-5117	1178	1	3:867	3:867	NUM
cblr-5117	1178	2	]	]	PUNCT
cblr-5117	1178	3	making	make	VERB
cblr-5117	1178	4	disclosure	disclosure	NOUN
cblr-5117	1178	5	work	work	VERB
cblr-5117	1178	6	953	953	NUM
cblr-5117	1178	7	the	the	DET
cblr-5117	1178	8	goal	goal	NOUN
cblr-5117	1178	9	of	of	ADP
cblr-5117	1178	10	allowing	allow	VERB
cblr-5117	1178	11	employees	employee	NOUN
cblr-5117	1178	12	to	to	PART
cblr-5117	1178	13	form	form	VERB
cblr-5117	1178	14	intelligent	intelligent	ADJ
cblr-5117	1178	15	investment	investment	NOUN
cblr-5117	1178	16	decisions.287	decisions.287	NOUN
cblr-5117	1178	17	the	the	DET
cblr-5117	1178	18	fact	fact	NOUN
cblr-5117	1178	19	that	that	SCONJ
cblr-5117	1178	20	the	the	DET
cblr-5117	1178	21	financial	financial	ADJ
cblr-5117	1178	22	structure	structure	NOUN
cblr-5117	1178	23	of	of	ADP
cblr-5117	1178	24	start	start	NOUN
cblr-5117	1178	25	-	-	PUNCT
cblr-5117	1178	26	ups	up	NOUN
cblr-5117	1178	27	is	be	AUX
cblr-5117	1178	28	often	often	ADV
cblr-5117	1178	29	multilayered	multilayere	VERB
cblr-5117	1178	30	and	and	CCONJ
cblr-5117	1178	31	complicated	complicate	VERB
cblr-5117	1178	32	,	,	PUNCT
cblr-5117	1178	33	as	as	SCONJ
cblr-5117	1178	34	described	describe	VERB
cblr-5117	1178	35	in	in	ADP
cblr-5117	1178	36	section	section	PROPN
cblr-5117	1178	37	iii.c.2	iii.c.2	PROPN
cblr-5117	1178	38	,	,	PUNCT
cblr-5117	1178	39	does	do	AUX
cblr-5117	1178	40	not	not	PART
cblr-5117	1178	41	necessarily	necessarily	ADV
cblr-5117	1178	42	dictate	dictate	VERB
cblr-5117	1178	43	that	that	SCONJ
cblr-5117	1178	44	disclosure	disclosure	NOUN
cblr-5117	1178	45	to	to	ADP
cblr-5117	1178	46	employees	employee	NOUN
cblr-5117	1178	47	should	should	AUX
cblr-5117	1178	48	be	be	AUX
cblr-5117	1178	49	complicated	complicate	VERB
cblr-5117	1178	50	as	as	ADV
cblr-5117	1178	51	well	well	ADV
cblr-5117	1178	52	.	.	PUNCT
cblr-5117	1179	1	delivering	deliver	VERB
cblr-5117	1179	2	all	all	DET
cblr-5117	1179	3	the	the	DET
cblr-5117	1179	4	information	information	NOUN
cblr-5117	1179	5	that	that	PRON
cblr-5117	1179	6	the	the	DET
cblr-5117	1179	7	maximalist	maximalist	ADJ
cblr-5117	1179	8	approach	approach	NOUN
cblr-5117	1179	9	requires	require	VERB
cblr-5117	1179	10	,	,	PUNCT
cblr-5117	1179	11	including	include	VERB
cblr-5117	1179	12	quarterly	quarterly	ADJ
cblr-5117	1179	13	fair	fair	ADJ
cblr-5117	1179	14	market	market	NOUN
cblr-5117	1179	15	value	value	NOUN
cblr-5117	1179	16	estimates	estimate	NOUN
cblr-5117	1179	17	and	and	CCONJ
cblr-5117	1179	18	a	a	DET
cblr-5117	1179	19	full	full	ADJ
cblr-5117	1179	20	description	description	NOUN
cblr-5117	1179	21	of	of	ADP
cblr-5117	1179	22	a	a	DET
cblr-5117	1179	23	company	company	NOUN
cblr-5117	1179	24	’s	’s	PART
cblr-5117	1179	25	ownership	ownership	NOUN
cblr-5117	1179	26	structure	structure	NOUN
cblr-5117	1179	27	,	,	PUNCT
cblr-5117	1179	28	downside	downside	ADJ
cblr-5117	1179	29	protections	protection	NOUN
cblr-5117	1179	30	,	,	PUNCT
cblr-5117	1179	31	and	and	CCONJ
cblr-5117	1179	32	super	super	ADJ
cblr-5117	1179	33	-	-	ADJ
cblr-5117	1179	34	voting	voting	ADJ
cblr-5117	1179	35	rights	right	NOUN
cblr-5117	1179	36	might	might	AUX
cblr-5117	1179	37	be	be	AUX
cblr-5117	1179	38	overwhelming	overwhelming	ADJ
cblr-5117	1179	39	to	to	ADP
cblr-5117	1179	40	employees	employee	NOUN
cblr-5117	1179	41	who	who	PRON
cblr-5117	1179	42	,	,	PUNCT
cblr-5117	1179	43	as	as	SCONJ
cblr-5117	1179	44	established	establish	VERB
cblr-5117	1179	45	in	in	ADP
cblr-5117	1179	46	section	section	NOUN
cblr-5117	1179	47	iii.c.1	iii.c.1	PROPN
cblr-5117	1179	48	,	,	PUNCT
cblr-5117	1179	49	on	on	ADP
cblr-5117	1179	50	the	the	DET
cblr-5117	1179	51	whole	whole	NOUN
cblr-5117	1179	52	,	,	PUNCT
cblr-5117	1179	53	do	do	AUX
cblr-5117	1179	54	not	not	PART
cblr-5117	1179	55	know	know	VERB
cblr-5117	1179	56	how	how	SCONJ
cblr-5117	1179	57	to	to	PART
cblr-5117	1179	58	account	account	VERB
cblr-5117	1179	59	for	for	ADP
cblr-5117	1179	60	the	the	DET
cblr-5117	1179	61	economic	economic	ADJ
cblr-5117	1179	62	meaning	meaning	NOUN
cblr-5117	1179	63	of	of	ADP
cblr-5117	1179	64	this	this	DET
cblr-5117	1179	65	information	information	NOUN
cblr-5117	1179	66	.	.	PUNCT
cblr-5117	1180	1	however	however	ADV
cblr-5117	1180	2	,	,	PUNCT
cblr-5117	1180	3	most	most	ADJ
cblr-5117	1180	4	of	of	ADP
cblr-5117	1180	5	the	the	DET
cblr-5117	1180	6	information	information	NOUN
cblr-5117	1180	7	that	that	PRON
cblr-5117	1180	8	the	the	DET
cblr-5117	1180	9	maximalist	maximalist	ADJ
cblr-5117	1180	10	approach	approach	NOUN
cblr-5117	1180	11	calls	call	VERB
cblr-5117	1180	12	to	to	PART
cblr-5117	1180	13	disclose	disclose	VERB
cblr-5117	1180	14	,	,	PUNCT
cblr-5117	1180	15	including	include	VERB
cblr-5117	1180	16	details	detail	NOUN
cblr-5117	1180	17	as	as	ADP
cblr-5117	1180	18	to	to	PART
cblr-5117	1180	19	downside	downside	ADJ
cblr-5117	1180	20	protections	protection	NOUN
cblr-5117	1180	21	,	,	PUNCT
cblr-5117	1180	22	management	management	NOUN
cblr-5117	1180	23	incentive	incentive	NOUN
cblr-5117	1180	24	programs	program	NOUN
cblr-5117	1180	25	,	,	PUNCT
cblr-5117	1180	26	and	and	CCONJ
cblr-5117	1180	27	the	the	DET
cblr-5117	1180	28	fair	fair	ADJ
cblr-5117	1180	29	market	market	NOUN
cblr-5117	1180	30	value	value	NOUN
cblr-5117	1180	31	of	of	ADP
cblr-5117	1180	32	the	the	DET
cblr-5117	1180	33	common	common	ADJ
cblr-5117	1180	34	stock	stock	NOUN
cblr-5117	1180	35	,	,	PUNCT
cblr-5117	1180	36	could	could	AUX
cblr-5117	1180	37	be	be	AUX
cblr-5117	1180	38	delivered	deliver	VERB
cblr-5117	1180	39	in	in	ADP
cblr-5117	1180	40	a	a	DET
cblr-5117	1180	41	more	more	ADV
cblr-5117	1180	42	digestible	digestible	ADJ
cblr-5117	1180	43	,	,	PUNCT
cblr-5117	1180	44	aggregate	aggregate	ADJ
cblr-5117	1180	45	form	form	NOUN
cblr-5117	1180	46	in	in	ADP
cblr-5117	1180	47	combining	combine	VERB
cblr-5117	1180	48	a	a	DET
cblr-5117	1180	49	409a	409a	PROPN
cblr-5117	1180	50	valuation	valuation	NOUN
cblr-5117	1180	51	and	and	CCONJ
cblr-5117	1180	52	exit	exit	NOUN
cblr-5117	1180	53	waterfall	waterfall	NOUN
cblr-5117	1180	54	analysis	analysis	NOUN
cblr-5117	1180	55	through	through	ADP
cblr-5117	1180	56	data	data	NOUN
cblr-5117	1180	57	visualization	visualization	NOUN
cblr-5117	1180	58	(	(	PUNCT
cblr-5117	1180	59	graphical	graphical	ADJ
cblr-5117	1180	60	representation	representation	NOUN
cblr-5117	1180	61	)	)	PUNCT
cblr-5117	1180	62	.	.	PUNCT
cblr-5117	1181	1	over	over	ADP
cblr-5117	1181	2	the	the	DET
cblr-5117	1181	3	years	year	NOUN
cblr-5117	1181	4	,	,	PUNCT
cblr-5117	1181	5	multiple	multiple	ADJ
cblr-5117	1181	6	capitalization	capitalization	NOUN
cblr-5117	1181	7	table	table	NOUN
cblr-5117	1181	8	software	software	NOUN
cblr-5117	1181	9	programs	program	NOUN
cblr-5117	1181	10	have	have	AUX
cblr-5117	1181	11	evolved	evolve	VERB
cblr-5117	1181	12	to	to	PART
cblr-5117	1181	13	help	help	VERB
cblr-5117	1181	14	companies	company	NOUN
cblr-5117	1181	15	document	document	VERB
cblr-5117	1181	16	,	,	PUNCT
cblr-5117	1181	17	manage	manage	VERB
cblr-5117	1181	18	,	,	PUNCT
cblr-5117	1181	19	and	and	CCONJ
cblr-5117	1181	20	simulate	simulate	VERB
cblr-5117	1181	21	capitalization	capitalization	NOUN
cblr-5117	1181	22	table	table	NOUN
cblr-5117	1181	23	data	datum	NOUN
cblr-5117	1181	24	and	and	CCONJ
cblr-5117	1181	25	employee	employee	NOUN
cblr-5117	1181	26	incentive	incentive	NOUN
cblr-5117	1181	27	programs	program	NOUN
cblr-5117	1181	28	,	,	PUNCT
cblr-5117	1181	29	as	as	ADV
cblr-5117	1181	30	well	well	ADV
cblr-5117	1181	31	as	as	ADP
cblr-5117	1181	32	to	to	PART
cblr-5117	1181	33	visualize	visualize	VERB
cblr-5117	1181	34	the	the	DET
cblr-5117	1181	35	distribution	distribution	NOUN
cblr-5117	1181	36	of	of	ADP
cblr-5117	1181	37	proceeds	proceed	NOUN
cblr-5117	1181	38	among	among	ADP
cblr-5117	1181	39	the	the	DET
cblr-5117	1181	40	various	various	ADJ
cblr-5117	1181	41	equity	equity	NOUN
cblr-5117	1181	42	holders	holder	NOUN
cblr-5117	1181	43	in	in	ADP
cblr-5117	1181	44	different	different	ADJ
cblr-5117	1181	45	exit	exit	NOUN
cblr-5117	1181	46	scenarios.288	scenarios.288	NOUN
cblr-5117	1181	47	287	287	NUM
cblr-5117	1181	48	see	see	VERB
cblr-5117	1181	49	omri	omri	PROPN
cblr-5117	1181	50	ben	ben	PROPN
cblr-5117	1181	51	-	-	PROPN
cblr-5117	1181	52	shahar	shahar	PROPN
cblr-5117	1181	53	&	&	CCONJ
cblr-5117	1181	54	carl	carl	PROPN
cblr-5117	1181	55	e.	e.	PROPN
cblr-5117	1181	56	schneider	schneider	PROPN
cblr-5117	1181	57	,	,	PUNCT
cblr-5117	1181	58	more	more	ADJ
cblr-5117	1181	59	than	than	SCONJ
cblr-5117	1181	60	you	you	PRON
cblr-5117	1181	61	wanted	want	VERB
cblr-5117	1181	62	to	to	PART
cblr-5117	1181	63	know	know	VERB
cblr-5117	1181	64	:	:	PUNCT
cblr-5117	1181	65	the	the	DET
cblr-5117	1181	66	failure	failure	NOUN
cblr-5117	1181	67	of	of	ADP
cblr-5117	1181	68	mandated	mandate	VERB
cblr-5117	1181	69	disclosure	disclosure	NOUN
cblr-5117	1181	70	101–106	101–106	NUM
cblr-5117	1181	71	(	(	PUNCT
cblr-5117	1181	72	2014	2014	NUM
cblr-5117	1181	73	)	)	PUNCT
cblr-5117	1181	74	(	(	PUNCT
cblr-5117	1181	75	explaining	explain	VERB
cblr-5117	1181	76	that	that	SCONJ
cblr-5117	1181	77	quantity	quantity	NOUN
cblr-5117	1181	78	and	and	CCONJ
cblr-5117	1181	79	complexity	complexity	NOUN
cblr-5117	1181	80	reduce	reduce	VERB
cblr-5117	1181	81	the	the	DET
cblr-5117	1181	82	effectiveness	effectiveness	NOUN
cblr-5117	1181	83	of	of	ADP
cblr-5117	1181	84	disclosures	disclosure	NOUN
cblr-5117	1181	85	due	due	ADJ
cblr-5117	1181	86	to	to	ADP
cblr-5117	1181	87	the	the	DET
cblr-5117	1181	88	information	information	NOUN
cblr-5117	1181	89	overload	overload	NOUN
cblr-5117	1181	90	problem	problem	NOUN
cblr-5117	1181	91	by	by	ADP
cblr-5117	1181	92	reviewing	review	VERB
cblr-5117	1181	93	relevant	relevant	ADJ
cblr-5117	1181	94	empirical	empirical	ADJ
cblr-5117	1181	95	evidence	evidence	NOUN
cblr-5117	1181	96	)	)	PUNCT
cblr-5117	1181	97	;	;	PUNCT
cblr-5117	1181	98	see	see	VERB
cblr-5117	1181	99	also	also	ADV
cblr-5117	1181	100	oren	oren	NOUN
cblr-5117	1181	101	bar	bar	NOUN
cblr-5117	1181	102	-	-	PUNCT
cblr-5117	1181	103	gill	gill	NOUN
cblr-5117	1181	104	,	,	PUNCT
cblr-5117	1181	105	seduction	seduction	NOUN
cblr-5117	1181	106	by	by	ADP
cblr-5117	1181	107	contract	contract	NOUN
cblr-5117	1181	108	:	:	PUNCT
cblr-5117	1181	109	law	law	NOUN
cblr-5117	1181	110	,	,	PUNCT
cblr-5117	1181	111	economics	economic	NOUN
cblr-5117	1181	112	,	,	PUNCT
cblr-5117	1181	113	and	and	CCONJ
cblr-5117	1181	114	psychology	psychology	NOUN
cblr-5117	1181	115	in	in	ADP
cblr-5117	1181	116	consumer	consumer	NOUN
cblr-5117	1181	117	markets	market	NOUN
cblr-5117	1181	118	36	36	NUM
cblr-5117	1181	119	(	(	PUNCT
cblr-5117	1181	120	2012	2012	NUM
cblr-5117	1181	121	)	)	PUNCT
cblr-5117	1181	122	(	(	PUNCT
cblr-5117	1181	123	“	"	PUNCT
cblr-5117	1181	124	for	for	ADP
cblr-5117	1181	125	imperfectly	imperfectly	ADV
cblr-5117	1181	126	rational	rational	ADJ
cblr-5117	1181	127	consumers	consumer	NOUN
cblr-5117	1181	128	,	,	PUNCT
cblr-5117	1181	129	information	information	NOUN
cblr-5117	1181	130	overload	overload	NOUN
cblr-5117	1181	131	is	be	AUX
cblr-5117	1181	132	an	an	DET
cblr-5117	1181	133	even	even	ADV
cblr-5117	1181	134	bigger	big	ADJ
cblr-5117	1181	135	problem	problem	NOUN
cblr-5117	1181	136	.	.	PUNCT
cblr-5117	1181	137	”	"	PUNCT
cblr-5117	1181	138	)	)	PUNCT
cblr-5117	1181	139	;	;	PUNCT
cblr-5117	1181	140	alexandra	alexandra	PROPN
cblr-5117	1181	141	galkin	galkin	PROPN
cblr-5117	1181	142	,	,	PUNCT
cblr-5117	1181	143	how	how	SCONJ
cblr-5117	1181	144	to	to	PART
cblr-5117	1181	145	share	share	VERB
cblr-5117	1181	146	company	company	NOUN
cblr-5117	1181	147	financials	financial	NOUN
cblr-5117	1181	148	with	with	ADP
cblr-5117	1181	149	your	your	PRON
cblr-5117	1181	150	employees	employee	NOUN
cblr-5117	1181	151	,	,	PUNCT
cblr-5117	1181	152	inc	inc	PROPN
cblr-5117	1181	153	.	.	PROPN
cblr-5117	1181	154	mag	mag	PROPN
cblr-5117	1181	155	.	.	PUNCT
cblr-5117	1182	1	(	(	PUNCT
cblr-5117	1182	2	aug	aug	PROPN
cblr-5117	1182	3	.	.	PROPN
cblr-5117	1182	4	1	1	NUM
cblr-5117	1182	5	,	,	PUNCT
cblr-5117	1182	6	2011	2011	NUM
cblr-5117	1182	7	)	)	PUNCT
cblr-5117	1182	8	,	,	PUNCT
cblr-5117	1182	9	https://www.inc.com/guides/201108/what-company-finances-to-share-withemployees.html	https://www.inc.com/guides/201108/what-company-finances-to-share-withemployees.html	X
cblr-5117	1183	1	[	[	X
cblr-5117	1183	2	https://perma.cc/58ms-u7w9	https://perma.cc/58ms-u7w9	X
cblr-5117	1183	3	]	]	X
cblr-5117	1183	4	(	(	PUNCT
cblr-5117	1183	5	advising	advise	VERB
cblr-5117	1183	6	not	not	PART
cblr-5117	1183	7	to	to	PART
cblr-5117	1183	8	give	give	VERB
cblr-5117	1183	9	raw	raw	ADJ
cblr-5117	1183	10	financials	financial	NOUN
cblr-5117	1183	11	because	because	SCONJ
cblr-5117	1183	12	employees	employee	NOUN
cblr-5117	1183	13	do	do	AUX
cblr-5117	1183	14	not	not	PART
cblr-5117	1183	15	understand	understand	VERB
cblr-5117	1183	16	them	they	PRON
cblr-5117	1183	17	,	,	PUNCT
cblr-5117	1183	18	and	and	CCONJ
cblr-5117	1183	19	recommending	recommend	VERB
cblr-5117	1183	20	instead	instead	ADV
cblr-5117	1183	21	to	to	ADP
cblr-5117	1183	22	“	"	PUNCT
cblr-5117	1183	23	present	present	VERB
cblr-5117	1183	24	information	information	NOUN
cblr-5117	1183	25	in	in	ADP
cblr-5117	1183	26	digest	digest	ADJ
cblr-5117	1183	27	or	or	CCONJ
cblr-5117	1183	28	summary	summary	NOUN
cblr-5117	1183	29	format	format	NOUN
cblr-5117	1183	30	”	"	PUNCT
cblr-5117	1183	31	)	)	PUNCT
cblr-5117	1183	32	.	.	PUNCT
cblr-5117	1184	1	288	288	NUM
cblr-5117	1184	2	according	accord	VERB
cblr-5117	1184	3	to	to	ADP
cblr-5117	1184	4	a	a	DET
cblr-5117	1184	5	2019	2019	NUM
cblr-5117	1184	6	report	report	NOUN
cblr-5117	1184	7	by	by	ADP
cblr-5117	1184	8	orbis	orbis	PROPN
cblr-5117	1184	9	research	research	NOUN
cblr-5117	1184	10	on	on	ADP
cblr-5117	1184	11	the	the	DET
cblr-5117	1184	12	cap	cap	NOUN
cblr-5117	1184	13	table	table	NOUN
cblr-5117	1184	14	management	management	NOUN
cblr-5117	1184	15	software	software	NOUN
cblr-5117	1184	16	market	market	NOUN
cblr-5117	1184	17	,	,	PUNCT
cblr-5117	1184	18	the	the	DET
cblr-5117	1184	19	key	key	ADJ
cblr-5117	1184	20	players	player	NOUN
cblr-5117	1184	21	in	in	ADP
cblr-5117	1184	22	this	this	DET
cblr-5117	1184	23	domain	domain	NOUN
cblr-5117	1184	24	include	include	VERB
cblr-5117	1184	25	:	:	PUNCT
cblr-5117	1184	26	https://perma.cc/58ms-u7w9	https://perma.cc/58ms-u7w9	PROPN
cblr-5117	1184	27	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1184	28	(	(	PUNCT
cblr-5117	1184	29	do	do	AUX
cblr-5117	1184	30	not	not	PART
cblr-5117	1184	31	delte	delte	VERB
cblr-5117	1184	32	)	)	PUNCT
cblr-5117	1184	33	1/8/2020	1/8/2020	NUM
cblr-5117	1184	34	4:44	4:44	NUM
cblr-5117	1184	35	pm	pm	NOUN
cblr-5117	1184	36	954	954	NUM
cblr-5117	1184	37	columbia	columbia	PROPN
cblr-5117	1184	38	business	business	NOUN
cblr-5117	1184	39	law	law	PROPN
cblr-5117	1184	40	review	review	NOUN
cblr-5117	1184	41	[	[	X
cblr-5117	1184	42	vol	vol	NOUN
cblr-5117	1184	43	.	.	PUNCT
cblr-5117	1185	1	2019	2019	NUM
cblr-5117	1185	2	one	one	NUM
cblr-5117	1185	3	of	of	ADP
cblr-5117	1185	4	the	the	DET
cblr-5117	1185	5	crucial	crucial	ADJ
cblr-5117	1185	6	functions	function	NOUN
cblr-5117	1185	7	that	that	PRON
cblr-5117	1185	8	some	some	PRON
cblr-5117	1185	9	of	of	ADP
cblr-5117	1185	10	these	these	DET
cblr-5117	1185	11	programs	program	NOUN
cblr-5117	1185	12	automate	automate	VERB
cblr-5117	1185	13	is	be	AUX
cblr-5117	1185	14	the	the	DET
cblr-5117	1185	15	exit	exit	NOUN
cblr-5117	1185	16	waterfall	waterfall	NOUN
cblr-5117	1185	17	analysis	analysis	NOUN
cblr-5117	1185	18	—	—	PUNCT
cblr-5117	1185	19	i.e.	i.e.	X
cblr-5117	1185	20	,	,	PUNCT
cblr-5117	1185	21	the	the	DET
cblr-5117	1185	22	distribution	distribution	NOUN
cblr-5117	1185	23	of	of	ADP
cblr-5117	1185	24	proceeds	proceed	NOUN
cblr-5117	1185	25	to	to	ADP
cblr-5117	1185	26	the	the	DET
cblr-5117	1185	27	different	different	ADJ
cblr-5117	1185	28	classes	class	NOUN
cblr-5117	1185	29	of	of	ADP
cblr-5117	1185	30	shareholders	shareholder	NOUN
cblr-5117	1185	31	based	base	VERB
cblr-5117	1185	32	on	on	ADP
cblr-5117	1185	33	the	the	DET
cblr-5117	1185	34	capitalization	capitalization	NOUN
cblr-5117	1185	35	table	table	NOUN
cblr-5117	1185	36	data	datum	NOUN
cblr-5117	1185	37	accounting	account	VERB
cblr-5117	1185	38	for	for	ADP
cblr-5117	1185	39	liquidation	liquidation	NOUN
cblr-5117	1185	40	preferences	preference	NOUN
cblr-5117	1185	41	and	and	CCONJ
cblr-5117	1185	42	other	other	ADJ
cblr-5117	1185	43	preferred	preferred	ADJ
cblr-5117	1185	44	rights	right	NOUN
cblr-5117	1185	45	,	,	PUNCT
cblr-5117	1185	46	conversion	conversion	NOUN
cblr-5117	1185	47	scenarios	scenario	NOUN
cblr-5117	1185	48	,	,	PUNCT
cblr-5117	1185	49	and	and	CCONJ
cblr-5117	1185	50	the	the	DET
cblr-5117	1185	51	seniority	seniority	NOUN
cblr-5117	1185	52	of	of	ADP
cblr-5117	1185	53	different	different	ADJ
cblr-5117	1185	54	share	share	NOUN
cblr-5117	1185	55	classes.289	classes.289	PROPN
cblr-5117	1185	56	an	an	DET
cblr-5117	1185	57	exit	exit	NOUN
cblr-5117	1185	58	waterfall	waterfall	NOUN
cblr-5117	1185	59	analysis	analysis	NOUN
cblr-5117	1185	60	provides	provide	VERB
cblr-5117	1185	61	the	the	DET
cblr-5117	1185	62	payout	payout	NOUN
cblr-5117	1185	63	to	to	ADP
cblr-5117	1185	64	every	every	DET
cblr-5117	1185	65	class	class	NOUN
cblr-5117	1185	66	of	of	ADP
cblr-5117	1185	67	shares	share	NOUN
cblr-5117	1185	68	(	(	PUNCT
cblr-5117	1185	69	or	or	CCONJ
cblr-5117	1185	70	individual	individual	ADJ
cblr-5117	1185	71	equity	equity	NOUN
cblr-5117	1185	72	holder	holder	NOUN
cblr-5117	1185	73	/	/	SYM
cblr-5117	1185	74	optionee	optionee	NOUN
cblr-5117	1185	75	)	)	PUNCT
cblr-5117	1185	76	under	under	ADP
cblr-5117	1185	77	any	any	DET
cblr-5117	1185	78	given	give	VERB
cblr-5117	1185	79	exit	exit	NOUN
cblr-5117	1185	80	scenario	scenario	NOUN
cblr-5117	1185	81	.	.	PUNCT
cblr-5117	1186	1	thus	thus	ADV
cblr-5117	1186	2	,	,	PUNCT
cblr-5117	1186	3	for	for	ADP
cblr-5117	1186	4	each	each	DET
cblr-5117	1186	5	“	"	PUNCT
cblr-5117	1186	6	exit	exit	NOUN
cblr-5117	1186	7	valuation	valuation	NOUN
cblr-5117	1186	8	”	"	PUNCT
cblr-5117	1186	9	xvalue	xvalue	NOUN
cblr-5117	1186	10	,	,	PUNCT
cblr-5117	1186	11	the	the	DET
cblr-5117	1186	12	analysis	analysis	NOUN
cblr-5117	1186	13	would	would	AUX
cblr-5117	1186	14	produce	produce	VERB
cblr-5117	1186	15	a	a	DET
cblr-5117	1186	16	y	y	NOUN
cblr-5117	1186	17	-	-	PUNCT
cblr-5117	1186	18	value	value	NOUN
cblr-5117	1186	19	of	of	ADP
cblr-5117	1186	20	an	an	DET
cblr-5117	1186	21	individualized	individualized	ADJ
cblr-5117	1186	22	“	"	PUNCT
cblr-5117	1186	23	payout	payout	NOUN
cblr-5117	1186	24	.	.	PUNCT
cblr-5117	1186	25	”	"	PUNCT
cblr-5117	1187	1	these	these	DET
cblr-5117	1187	2	values	value	NOUN
cblr-5117	1187	3	can	can	AUX
cblr-5117	1187	4	then	then	ADV
cblr-5117	1187	5	be	be	AUX
cblr-5117	1187	6	presented	present	VERB
cblr-5117	1187	7	in	in	ADP
cblr-5117	1187	8	graphical	graphical	ADJ
cblr-5117	1187	9	form	form	NOUN
cblr-5117	1187	10	,	,	PUNCT
cblr-5117	1187	11	in	in	ADP
cblr-5117	1187	12	which	which	PRON
cblr-5117	1187	13	the	the	DET
cblr-5117	1187	14	y	y	NOUN
cblr-5117	1187	15	-	-	PUNCT
cblr-5117	1187	16	axis	axis	NOUN
cblr-5117	1187	17	represents	represent	VERB
cblr-5117	1187	18	the	the	DET
cblr-5117	1187	19	payouts	payout	NOUN
cblr-5117	1187	20	,	,	PUNCT
cblr-5117	1187	21	and	and	CCONJ
cblr-5117	1187	22	the	the	DET
cblr-5117	1187	23	x	x	NOUN
cblr-5117	1187	24	-	-	NOUN
cblr-5117	1187	25	axis	axis	NOUN
cblr-5117	1187	26	represents	represent	VERB
cblr-5117	1187	27	the	the	DET
cblr-5117	1187	28	exit	exit	NOUN
cblr-5117	1187	29	value	value	NOUN
cblr-5117	1187	30	—	—	PUNCT
cblr-5117	1187	31	also	also	ADV
cblr-5117	1187	32	known	know	VERB
cblr-5117	1187	33	as	as	ADP
cblr-5117	1187	34	a	a	DET
cblr-5117	1187	35	“	"	PUNCT
cblr-5117	1187	36	breakpoint	breakpoint	NOUN
cblr-5117	1187	37	report	report	NOUN
cblr-5117	1187	38	.	.	PUNCT
cblr-5117	1187	39	”	"	PUNCT
cblr-5117	1188	1	the	the	DET
cblr-5117	1188	2	advantage	advantage	NOUN
cblr-5117	1188	3	of	of	ADP
cblr-5117	1188	4	this	this	DET
cblr-5117	1188	5	report	report	NOUN
cblr-5117	1188	6	for	for	ADP
cblr-5117	1188	7	disclosure	disclosure	NOUN
cblr-5117	1188	8	purposes	purpose	NOUN
cblr-5117	1188	9	is	be	AUX
cblr-5117	1188	10	that	that	SCONJ
cblr-5117	1188	11	it	it	PRON
cblr-5117	1188	12	provides	provide	VERB
cblr-5117	1188	13	individualized	individualized	ADJ
cblr-5117	1188	14	bottomline	bottomline	NOUN
cblr-5117	1188	15	information	information	NOUN
cblr-5117	1188	16	in	in	ADP
cblr-5117	1188	17	a	a	DET
cblr-5117	1188	18	clear	clear	ADJ
cblr-5117	1188	19	form	form	NOUN
cblr-5117	1188	20	,	,	PUNCT
cblr-5117	1188	21	regardless	regardless	ADV
cblr-5117	1188	22	of	of	ADP
cblr-5117	1188	23	employees	employee	NOUN
cblr-5117	1188	24	’	'	PUNCT
cblr-5117	1188	25	lack	lack	NOUN
cblr-5117	1188	26	of	of	ADP
cblr-5117	1188	27	understanding	understanding	NOUN
cblr-5117	1188	28	of	of	ADP
cblr-5117	1188	29	the	the	DET
cblr-5117	1188	30	legal	legal	ADJ
cblr-5117	1188	31	and	and	CCONJ
cblr-5117	1188	32	algebraic	algebraic	ADJ
cblr-5117	1188	33	meaning	meaning	NOUN
cblr-5117	1188	34	of	of	ADP
cblr-5117	1188	35	provisions	provision	NOUN
cblr-5117	1188	36	such	such	ADJ
cblr-5117	1188	37	as	as	ADP
cblr-5117	1188	38	liquidation	liquidation	NOUN
cblr-5117	1188	39	preferences	preference	NOUN
cblr-5117	1188	40	,	,	PUNCT
cblr-5117	1188	41	participation	participation	NOUN
cblr-5117	1188	42	rights	right	NOUN
cblr-5117	1188	43	,	,	PUNCT
cblr-5117	1188	44	caps	cap	NOUN
cblr-5117	1188	45	to	to	PART
cblr-5117	1188	46	participation	participation	NOUN
cblr-5117	1188	47	,	,	PUNCT
cblr-5117	1188	48	dividends	dividend	NOUN
cblr-5117	1188	49	,	,	PUNCT
cblr-5117	1188	50	ratchets	ratchet	NOUN
cblr-5117	1188	51	,	,	PUNCT
cblr-5117	1188	52	and	and	CCONJ
cblr-5117	1188	53	so	so	ADV
cblr-5117	1188	54	on.290	on.290	PROPN
cblr-5117	1188	55	a	a	DET
cblr-5117	1188	56	middle	middle	ADJ
cblr-5117	1188	57	ground	ground	NOUN
cblr-5117	1188	58	between	between	ADP
cblr-5117	1188	59	the	the	DET
cblr-5117	1188	60	minimalist	minimalist	NOUN
cblr-5117	1188	61	and	and	CCONJ
cblr-5117	1188	62	the	the	DET
cblr-5117	1188	63	maximalist	maximalist	ADJ
cblr-5117	1188	64	approaches	approach	NOUN
cblr-5117	1188	65	could	could	AUX
cblr-5117	1188	66	thereby	thereby	ADV
cblr-5117	1188	67	be	be	AUX
cblr-5117	1188	68	reached	reach	VERB
cblr-5117	1188	69	by	by	ADP
cblr-5117	1188	70	replacing	replace	VERB
cblr-5117	1188	71	the	the	DET
cblr-5117	1188	72	disclosure	disclosure	NOUN
cblr-5117	1188	73	of	of	ADP
cblr-5117	1188	74	financial	financial	ADJ
cblr-5117	1188	75	statements	statement	NOUN
cblr-5117	1188	76	,	,	PUNCT
cblr-5117	1188	77	which	which	PRON
cblr-5117	1188	78	from	from	ADP
cblr-5117	1188	79	employees	employee	NOUN
cblr-5117	1188	80	’	’	PART
cblr-5117	1188	81	perspective	perspective	NOUN
cblr-5117	1188	82	,	,	PUNCT
cblr-5117	1188	83	contain	contain	VERB
cblr-5117	1188	84	irrelevant	irrelevant	ADJ
cblr-5117	1188	85	and	and	CCONJ
cblr-5117	1188	86	incomprehensible	incomprehensible	ADJ
cblr-5117	1188	87	information,291	information,291	PROPN
cblr-5117	1188	88	with	with	ADP
cblr-5117	1188	89	the	the	DET
cblr-5117	1188	90	disclosure	disclosure	NOUN
cblr-5117	1188	91	of	of	ADP
cblr-5117	1188	92	a	a	DET
cblr-5117	1188	93	company	company	NOUN
cblr-5117	1188	94	’s	’s	PART
cblr-5117	1188	95	409a	409a	PROPN
cblr-5117	1188	96	valuation	valuation	NOUN
cblr-5117	1188	97	accompanied	accompany	VERB
cblr-5117	1188	98	by	by	ADP
cblr-5117	1188	99	a	a	DET
cblr-5117	1188	100	graphical	graphical	ADJ
cblr-5117	1188	101	exit	exit	NOUN
cblr-5117	1188	102	waterfall	waterfall	NOUN
cblr-5117	1188	103	report	report	PROPN
cblr-5117	1188	104	carta	carta	PROPN
cblr-5117	1188	105	,	,	PUNCT
cblr-5117	1188	106	certent	certent	NOUN
cblr-5117	1188	107	,	,	PUNCT
cblr-5117	1188	108	solium	solium	NOUN
cblr-5117	1188	109	,	,	PUNCT
cblr-5117	1188	110	imagineer	imagineer	NOUN
cblr-5117	1188	111	technology	technology	PROPN
cblr-5117	1188	112	group	group	PROPN
cblr-5117	1188	113	,	,	PUNCT
cblr-5117	1188	114	capdesk	capdesk	NOUN
cblr-5117	1188	115	,	,	PUNCT
cblr-5117	1188	116	computershare	computershare	PROPN
cblr-5117	1188	117	,	,	PUNCT
cblr-5117	1188	118	koger	koger	NOUN
cblr-5117	1188	119	,	,	PUNCT
cblr-5117	1188	120	altvia	altvia	PROPN
cblr-5117	1188	121	solutions	solution	NOUN
cblr-5117	1188	122	,	,	PUNCT
cblr-5117	1188	123	preqin	preqin	ADJ
cblr-5117	1188	124	solutions	solution	NOUN
cblr-5117	1188	125	,	,	PUNCT
cblr-5117	1188	126	gust	gust	NOUN
cblr-5117	1188	127	,	,	PUNCT
cblr-5117	1188	128	global	global	ADJ
cblr-5117	1188	129	shares	share	NOUN
cblr-5117	1188	130	,	,	PUNCT
cblr-5117	1188	131	truequity	truequity	NOUN
cblr-5117	1188	132	,	,	PUNCT
cblr-5117	1188	133	eqvista	eqvista	NOUN
cblr-5117	1188	134	,	,	PUNCT
cblr-5117	1188	135	and	and	CCONJ
cblr-5117	1188	136	euronext	euronext	PROPN
cblr-5117	1188	137	.	.	PUNCT
cblr-5117	1189	1	see	see	VERB
cblr-5117	1189	2	husain	husain	NOUN
cblr-5117	1189	3	,	,	PUNCT
cblr-5117	1189	4	global	global	ADJ
cblr-5117	1189	5	equity	equity	NOUN
cblr-5117	1189	6	management	management	NOUN
cblr-5117	1189	7	software	software	NOUN
cblr-5117	1189	8	market	market	NOUN
cblr-5117	1189	9	insights	insight	NOUN
cblr-5117	1189	10	2019	2019	NUM
cblr-5117	1189	11	:	:	PUNCT
cblr-5117	1189	12	industry	industry	NOUN
cblr-5117	1189	13	overview	overview	NOUN
cblr-5117	1189	14	,	,	PUNCT
cblr-5117	1189	15	competitive	competitive	ADJ
cblr-5117	1189	16	players	player	NOUN
cblr-5117	1189	17	&	&	CCONJ
cblr-5117	1189	18	forecast	forecast	PROPN
cblr-5117	1189	19	2024	2024	NUM
cblr-5117	1189	20	,	,	PUNCT
cblr-5117	1189	21	tech	tech	NOUN
cblr-5117	1189	22	.	.	PUNCT
cblr-5117	1190	1	mkt	mkt	PROPN
cblr-5117	1190	2	.	.	PUNCT
cblr-5117	1191	1	(	(	PUNCT
cblr-5117	1191	2	july	july	PROPN
cblr-5117	1191	3	2	2	NUM
cblr-5117	1191	4	,	,	PUNCT
cblr-5117	1191	5	2019	2019	NUM
cblr-5117	1191	6	)	)	PUNCT
cblr-5117	1191	7	,	,	PUNCT
cblr-5117	1191	8	http://atechnologymarket.com/global-equity-management-softwaremarket-insights-2019-industry-overview-competitive-players-forecast2024-carta-certent-gust-global-shares-truequity-eqvista-euronext-etc/	http://atechnologymarket.com/global-equity-management-softwaremarket-insights-2019-industry-overview-competitive-players-forecast2024-carta-certent-gust-global-shares-truequity-eqvista-euronext-etc/	VERB
cblr-5117	1191	9	[	[	X
cblr-5117	1191	10	https://perma.cc/4g8b-wzsh	https://perma.cc/4g8b-wzsh	X
cblr-5117	1191	11	]	]	PUNCT
cblr-5117	1191	12	.	.	PUNCT
cblr-5117	1192	1	289	289	NUM
cblr-5117	1192	2	see	see	VERB
cblr-5117	1192	3	,	,	PUNCT
cblr-5117	1192	4	e.g.	e.g.	ADV
cblr-5117	1192	5	,	,	PUNCT
cblr-5117	1192	6	plan	plan	NOUN
cblr-5117	1192	7	for	for	ADP
cblr-5117	1192	8	the	the	DET
cblr-5117	1192	9	future	future	NOUN
cblr-5117	1192	10	with	with	ADP
cblr-5117	1192	11	scenario	scenario	NOUN
cblr-5117	1192	12	modeling	modeling	NOUN
cblr-5117	1192	13	,	,	PUNCT
cblr-5117	1192	14	carta	carta	PROPN
cblr-5117	1192	15	,	,	PUNCT
cblr-5117	1192	16	https://carta.com/scenario-modeling/	https://carta.com/scenario-modeling/	PROPN
cblr-5117	1192	17	[	[	X
cblr-5117	1192	18	https://perma.cc/y8um-qfkz	https://perma.cc/y8um-qfkz	NOUN
cblr-5117	1192	19	]	]	PUNCT
cblr-5117	1192	20	;	;	PUNCT
cblr-5117	1192	21	see	see	VERB
cblr-5117	1192	22	also	also	ADV
cblr-5117	1192	23	engelken	engelken	PROPN
cblr-5117	1192	24	,	,	PUNCT
cblr-5117	1192	25	supra	supra	PROPN
cblr-5117	1192	26	note	note	NOUN
cblr-5117	1192	27	243	243	NUM
cblr-5117	1192	28	.	.	NOUN
cblr-5117	1192	29	290	290	NUM
cblr-5117	1193	1	see	see	VERB
cblr-5117	1194	1	supra	supra	PROPN
cblr-5117	1194	2	section	section	PROPN
cblr-5117	1194	3	iii.c.2	iii.c.2	PROPN
cblr-5117	1194	4	.	.	PROPN
cblr-5117	1195	1	291	291	NUM
cblr-5117	1195	2	see	see	VERB
cblr-5117	1195	3	supra	supra	PROPN
cblr-5117	1195	4	section	section	PROPN
cblr-5117	1195	5	iii.a	iii.a	PROPN
cblr-5117	1195	6	.	.	PUNCT
cblr-5117	1196	1	https://carta.com/scenario-modeling/	https://carta.com/scenario-modeling/	PROPN
cblr-5117	1196	2	https://perma.cc/y8um-qfkz	https://perma.cc/y8um-qfkz	NOUN
cblr-5117	1196	3	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1196	4	(	(	PUNCT
cblr-5117	1196	5	do	do	AUX
cblr-5117	1196	6	not	not	PART
cblr-5117	1196	7	delete	delete	VERB
cblr-5117	1196	8	)	)	PUNCT
cblr-5117	1196	9	1/8/2020	1/8/2020	NUM
cblr-5117	1196	10	4:44	4:44	NUM
cblr-5117	1196	11	pm	pm	NOUN
cblr-5117	1196	12	no	no	INTJ
cblr-5117	1196	13	.	.	PUNCT
cblr-5117	1197	1	3:867	3:867	NUM
cblr-5117	1197	2	]	]	PUNCT
cblr-5117	1197	3	making	make	VERB
cblr-5117	1197	4	disclosure	disclosure	NOUN
cblr-5117	1197	5	work	work	VERB
cblr-5117	1197	6	955	955	NUM
cblr-5117	1197	7	that	that	PRON
cblr-5117	1197	8	reveals	reveal	VERB
cblr-5117	1197	9	the	the	DET
cblr-5117	1197	10	payout	payout	NOUN
cblr-5117	1197	11	to	to	ADP
cblr-5117	1197	12	the	the	DET
cblr-5117	1197	13	specific	specific	ADJ
cblr-5117	1197	14	employee	employee	NOUN
cblr-5117	1197	15	under	under	ADP
cblr-5117	1197	16	various	various	ADJ
cblr-5117	1197	17	exit	exit	NOUN
cblr-5117	1197	18	scenarios	scenario	NOUN
cblr-5117	1197	19	.	.	PUNCT
cblr-5117	1198	1	such	such	DET
cblr-5117	1198	2	a	a	DET
cblr-5117	1198	3	shift	shift	NOUN
cblr-5117	1198	4	would	would	AUX
cblr-5117	1198	5	allow	allow	VERB
cblr-5117	1198	6	parties	party	NOUN
cblr-5117	1198	7	to	to	PART
cblr-5117	1198	8	meet	meet	VERB
cblr-5117	1198	9	halfway	halfway	NOUN
cblr-5117	1198	10	:	:	PUNCT
cblr-5117	1198	11	employers	employer	NOUN
cblr-5117	1198	12	would	would	AUX
cblr-5117	1198	13	get	get	VERB
cblr-5117	1198	14	to	to	PART
cblr-5117	1198	15	keep	keep	VERB
cblr-5117	1198	16	the	the	DET
cblr-5117	1198	17	confidentiality	confidentiality	NOUN
cblr-5117	1198	18	of	of	ADP
cblr-5117	1198	19	their	their	PRON
cblr-5117	1198	20	financial	financial	ADJ
cblr-5117	1198	21	statements	statement	NOUN
cblr-5117	1198	22	,	,	PUNCT
cblr-5117	1198	23	and	and	CCONJ
cblr-5117	1198	24	would	would	AUX
cblr-5117	1198	25	only	only	ADV
cblr-5117	1198	26	be	be	AUX
cblr-5117	1198	27	subjected	subject	VERB
cblr-5117	1198	28	to	to	ADP
cblr-5117	1198	29	an	an	DET
cblr-5117	1198	30	existing	exist	VERB
cblr-5117	1198	31	regulatory	regulatory	ADJ
cblr-5117	1198	32	scheme	scheme	NOUN
cblr-5117	1198	33	with	with	ADP
cblr-5117	1198	34	a	a	DET
cblr-5117	1198	35	minor	minor	ADJ
cblr-5117	1198	36	modification	modification	NOUN
cblr-5117	1198	37	(	(	PUNCT
cblr-5117	1198	38	the	the	DET
cblr-5117	1198	39	disclosure	disclosure	NOUN
cblr-5117	1198	40	of	of	ADP
cblr-5117	1198	41	an	an	DET
cblr-5117	1198	42	exit	exit	NOUN
cblr-5117	1198	43	waterfall	waterfall	NOUN
cblr-5117	1198	44	report	report	NOUN
cblr-5117	1198	45	that	that	PRON
cblr-5117	1198	46	includes	include	VERB
cblr-5117	1198	47	a	a	DET
cblr-5117	1198	48	graphical	graphical	ADJ
cblr-5117	1198	49	representation	representation	NOUN
cblr-5117	1198	50	of	of	ADP
cblr-5117	1198	51	the	the	DET
cblr-5117	1198	52	range	range	NOUN
cblr-5117	1198	53	of	of	ADP
cblr-5117	1198	54	possible	possible	ADJ
cblr-5117	1198	55	payouts	payout	NOUN
cblr-5117	1198	56	to	to	ADP
cblr-5117	1198	57	employees	employee	NOUN
cblr-5117	1198	58	)	)	PUNCT
cblr-5117	1198	59	.	.	PUNCT
cblr-5117	1199	1	at	at	ADP
cblr-5117	1199	2	the	the	DET
cblr-5117	1199	3	same	same	ADJ
cblr-5117	1199	4	time	time	NOUN
cblr-5117	1199	5	,	,	PUNCT
cblr-5117	1199	6	employees	employee	NOUN
cblr-5117	1199	7	would	would	AUX
cblr-5117	1199	8	receive	receive	VERB
cblr-5117	1199	9	access	access	NOUN
cblr-5117	1199	10	to	to	ADP
cblr-5117	1199	11	the	the	DET
cblr-5117	1199	12	information	information	NOUN
cblr-5117	1199	13	that	that	PRON
cblr-5117	1199	14	is	be	AUX
cblr-5117	1199	15	relevant	relevant	ADJ
cblr-5117	1199	16	to	to	ADP
cblr-5117	1199	17	their	their	PRON
cblr-5117	1199	18	valuation	valuation	NOUN
cblr-5117	1199	19	challenge,292	challenge,292	NOUN
cblr-5117	1199	20	including	include	VERB
cblr-5117	1199	21	all	all	DET
cblr-5117	1199	22	material	material	NOUN
cblr-5117	1199	23	information	information	NOUN
cblr-5117	1199	24	regarding	regard	VERB
cblr-5117	1199	25	the	the	DET
cblr-5117	1199	26	capital	capital	NOUN
cblr-5117	1199	27	structure	structure	NOUN
cblr-5117	1199	28	of	of	ADP
cblr-5117	1199	29	the	the	DET
cblr-5117	1199	30	company	company	NOUN
cblr-5117	1199	31	and	and	CCONJ
cblr-5117	1199	32	its	its	PRON
cblr-5117	1199	33	anticipated	anticipate	VERB
cblr-5117	1199	34	impact	impact	NOUN
cblr-5117	1199	35	on	on	ADP
cblr-5117	1199	36	employee	employee	NOUN
cblr-5117	1199	37	payout	payout	NOUN
cblr-5117	1199	38	based	base	VERB
cblr-5117	1199	39	on	on	ADP
cblr-5117	1199	40	various	various	ADJ
cblr-5117	1199	41	exit	exit	NOUN
cblr-5117	1199	42	valuations	valuation	NOUN
cblr-5117	1199	43	.	.	PUNCT
cblr-5117	1200	1	the	the	DET
cblr-5117	1200	2	proposed	propose	VERB
cblr-5117	1200	3	reform	reform	NOUN
cblr-5117	1200	4	significantly	significantly	ADV
cblr-5117	1200	5	reduces	reduce	VERB
cblr-5117	1200	6	the	the	DET
cblr-5117	1200	7	burden	burden	NOUN
cblr-5117	1200	8	on	on	ADP
cblr-5117	1200	9	issuers	issuer	NOUN
cblr-5117	1200	10	by	by	ADP
cblr-5117	1200	11	replacing	replace	VERB
cblr-5117	1200	12	the	the	DET
cblr-5117	1200	13	disclosure	disclosure	NOUN
cblr-5117	1200	14	of	of	ADP
cblr-5117	1200	15	financial	financial	ADJ
cblr-5117	1200	16	statements	statement	NOUN
cblr-5117	1200	17	with	with	ADP
cblr-5117	1200	18	a	a	DET
cblr-5117	1200	19	much	much	ADV
cblr-5117	1200	20	more	more	ADV
cblr-5117	1200	21	modest	modest	ADJ
cblr-5117	1200	22	form	form	NOUN
cblr-5117	1200	23	of	of	ADP
cblr-5117	1200	24	disclosure	disclosure	NOUN
cblr-5117	1200	25	—	—	PUNCT
cblr-5117	1200	26	valuation	valuation	NOUN
cblr-5117	1200	27	information	information	NOUN
cblr-5117	1200	28	and	and	CCONJ
cblr-5117	1200	29	exit	exit	NOUN
cblr-5117	1200	30	waterfall	waterfall	NOUN
cblr-5117	1200	31	analysis	analysis	NOUN
cblr-5117	1200	32	.	.	PUNCT
cblr-5117	1201	1	considering	consider	VERB
cblr-5117	1201	2	the	the	DET
cblr-5117	1201	3	amount	amount	NOUN
cblr-5117	1201	4	of	of	ADP
cblr-5117	1201	5	information	information	NOUN
cblr-5117	1201	6	included	include	VERB
cblr-5117	1201	7	in	in	ADP
cblr-5117	1201	8	this	this	DET
cblr-5117	1201	9	demand	demand	NOUN
cblr-5117	1201	10	and	and	CCONJ
cblr-5117	1201	11	the	the	DET
cblr-5117	1201	12	nonproprietary	nonproprietary	ADJ
cblr-5117	1201	13	nature	nature	NOUN
cblr-5117	1201	14	of	of	ADP
cblr-5117	1201	15	the	the	DET
cblr-5117	1201	16	information,293	information,293	NOUN
cblr-5117	1201	17	it	it	PRON
cblr-5117	1201	18	would	would	AUX
cblr-5117	1201	19	be	be	AUX
cblr-5117	1201	20	reasonable	reasonable	ADJ
cblr-5117	1201	21	to	to	PART
cblr-5117	1201	22	require	require	VERB
cblr-5117	1201	23	companies	company	NOUN
cblr-5117	1201	24	to	to	PART
cblr-5117	1201	25	provide	provide	VERB
cblr-5117	1201	26	this	this	DET
cblr-5117	1201	27	information	information	NOUN
cblr-5117	1201	28	to	to	ADP
cblr-5117	1201	29	prospective	prospective	ADJ
cblr-5117	1201	30	employees	employee	NOUN
cblr-5117	1201	31	before	before	SCONJ
cblr-5117	1201	32	they	they	PRON
cblr-5117	1201	33	make	make	VERB
cblr-5117	1201	34	an	an	DET
cblr-5117	1201	35	investment	investment	NOUN
cblr-5117	1201	36	decision	decision	NOUN
cblr-5117	1201	37	.	.	PUNCT
cblr-5117	1202	1	thus	thus	ADV
cblr-5117	1202	2	,	,	PUNCT
cblr-5117	1202	3	this	this	DET
cblr-5117	1202	4	article	article	NOUN
cblr-5117	1202	5	calls	call	VERB
cblr-5117	1202	6	for	for	ADP
cblr-5117	1202	7	the	the	DET
cblr-5117	1202	8	disclosure	disclosure	NOUN
cblr-5117	1202	9	obligation	obligation	NOUN
cblr-5117	1202	10	to	to	PART
cblr-5117	1202	11	precede	precede	VERB
cblr-5117	1202	12	the	the	DET
cblr-5117	1202	13	commencement	commencement	NOUN
cblr-5117	1202	14	of	of	ADP
cblr-5117	1202	15	the	the	DET
cblr-5117	1202	16	employment	employment	NOUN
cblr-5117	1202	17	relationship	relationship	NOUN
cblr-5117	1202	18	by	by	ADP
cblr-5117	1202	19	incorporating	incorporate	VERB
cblr-5117	1202	20	the	the	DET
cblr-5117	1202	21	relevant	relevant	ADJ
cblr-5117	1202	22	information	information	NOUN
cblr-5117	1202	23	in	in	ADP
cblr-5117	1202	24	the	the	DET
cblr-5117	1202	25	offer	offer	NOUN
cblr-5117	1202	26	letter	letter	NOUN
cblr-5117	1202	27	—	—	PUNCT
cblr-5117	1202	28	as	as	SCONJ
cblr-5117	1202	29	explained	explain	VERB
cblr-5117	1202	30	in	in	ADP
cblr-5117	1202	31	the	the	DET
cblr-5117	1202	32	following	follow	VERB
cblr-5117	1202	33	section	section	NOUN
cblr-5117	1202	34	.	.	PUNCT
cblr-5117	1203	1	2	2	X
cblr-5117	1203	2	.	.	X
cblr-5117	1203	3	timing	timing	NOUN
cblr-5117	1203	4	of	of	ADP
cblr-5117	1203	5	the	the	DET
cblr-5117	1203	6	disclosure	disclosure	NOUN
cblr-5117	1203	7	the	the	DET
cblr-5117	1203	8	relationship	relationship	NOUN
cblr-5117	1203	9	between	between	ADP
cblr-5117	1203	10	start	start	NOUN
cblr-5117	1203	11	-	-	PUNCT
cblr-5117	1203	12	ups	up	NOUN
cblr-5117	1203	13	and	and	CCONJ
cblr-5117	1203	14	their	their	PRON
cblr-5117	1203	15	employeeequity	employeeequity	NOUN
cblr-5117	1203	16	-	-	PUNCT
cblr-5117	1203	17	holders	holder	NOUN
cblr-5117	1203	18	involves	involve	VERB
cblr-5117	1203	19	more	more	ADJ
cblr-5117	1203	20	than	than	ADP
cblr-5117	1203	21	a	a	DET
cblr-5117	1203	22	single	single	ADJ
cblr-5117	1203	23	investment	investment	NOUN
cblr-5117	1203	24	decision	decision	NOUN
cblr-5117	1203	25	.	.	PUNCT
cblr-5117	1204	1	the	the	DET
cblr-5117	1204	2	first	first	ADJ
cblr-5117	1204	3	decision	decision	NOUN
cblr-5117	1204	4	facing	face	VERB
cblr-5117	1204	5	the	the	DET
cblr-5117	1204	6	employee	employee	NOUN
cblr-5117	1204	7	is	be	AUX
cblr-5117	1204	8	whether	whether	SCONJ
cblr-5117	1204	9	to	to	PART
cblr-5117	1204	10	accept	accept	VERB
cblr-5117	1204	11	a	a	DET
cblr-5117	1204	12	job	job	NOUN
cblr-5117	1204	13	offer	offer	NOUN
cblr-5117	1204	14	that	that	PRON
cblr-5117	1204	15	includes	include	VERB
cblr-5117	1204	16	an	an	DET
cblr-5117	1204	17	equity	equity	NOUN
cblr-5117	1204	18	compensation	compensation	NOUN
cblr-5117	1204	19	component	component	NOUN
cblr-5117	1204	20	,	,	PUNCT
cblr-5117	1204	21	reject	reject	VERB
cblr-5117	1204	22	the	the	DET
cblr-5117	1204	23	offer	offer	NOUN
cblr-5117	1204	24	,	,	PUNCT
cblr-5117	1204	25	or	or	CCONJ
cblr-5117	1204	26	negotiate	negotiate	VERB
cblr-5117	1204	27	the	the	DET
cblr-5117	1204	28	levels	level	NOUN
cblr-5117	1204	29	of	of	ADP
cblr-5117	1204	30	cash	cash	NOUN
cblr-5117	1204	31	and	and	CCONJ
cblr-5117	1204	32	equity	equity	NOUN
cblr-5117	1204	33	in	in	ADP
cblr-5117	1204	34	the	the	DET
cblr-5117	1204	35	compensation	compensation	NOUN
cblr-5117	1204	36	agreement.294	agreement.294	VERB
cblr-5117	1204	37	the	the	DET
cblr-5117	1204	38	second	second	ADJ
cblr-5117	1204	39	decision	decision	NOUN
cblr-5117	1204	40	is	be	AUX
cblr-5117	1204	41	an	an	DET
cblr-5117	1204	42	ongoing	ongoing	ADJ
cblr-5117	1204	43	one	one	NUM
cblr-5117	1204	44	—	—	PUNCT
cblr-5117	1204	45	the	the	DET
cblr-5117	1204	46	decision	decision	NOUN
cblr-5117	1204	47	to	to	PART
cblr-5117	1204	48	continue	continue	VERB
cblr-5117	1204	49	working	work	VERB
cblr-5117	1204	50	for	for	ADP
cblr-5117	1204	51	the	the	DET
cblr-5117	1204	52	firm	firm	NOUN
cblr-5117	1204	53	in	in	ADP
cblr-5117	1204	54	an	an	DET
cblr-5117	1204	55	effort	effort	NOUN
cblr-5117	1204	56	to	to	PART
cblr-5117	1204	57	satisfy	satisfy	VERB
cblr-5117	1204	58	the	the	DET
cblr-5117	1204	59	vesting	vest	VERB
cblr-5117	1204	60	schedule	schedule	NOUN
cblr-5117	1204	61	.	.	PUNCT
cblr-5117	1205	1	once	once	SCONJ
cblr-5117	1205	2	the	the	DET
cblr-5117	1205	3	292	292	NUM
cblr-5117	1205	4	see	see	VERB
cblr-5117	1205	5	supra	supra	PROPN
cblr-5117	1205	6	section	section	PROPN
cblr-5117	1205	7	iii.c.3	iii.c.3	PROPN
cblr-5117	1205	8	.	.	PUNCT
cblr-5117	1206	1	293	293	NUM
cblr-5117	1206	2	see	see	VERB
cblr-5117	1206	3	supra	supra	PROPN
cblr-5117	1206	4	note	note	PROPN
cblr-5117	1206	5	248	248	NUM
cblr-5117	1206	6	and	and	CCONJ
cblr-5117	1206	7	accompanying	accompany	VERB
cblr-5117	1206	8	text	text	NOUN
cblr-5117	1206	9	.	.	PUNCT
cblr-5117	1207	1	294	294	NUM
cblr-5117	1207	2	see	see	VERB
cblr-5117	1207	3	supra	supra	PROPN
cblr-5117	1207	4	section	section	PROPN
cblr-5117	1207	5	ii.a	ii.a	PROPN
cblr-5117	1207	6	.	.	PUNCT
cblr-5117	1208	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1208	2	(	(	PUNCT
cblr-5117	1208	3	do	do	AUX
cblr-5117	1208	4	not	not	PART
cblr-5117	1208	5	delte	delte	VERB
cblr-5117	1208	6	)	)	PUNCT
cblr-5117	1208	7	1/8/2020	1/8/2020	NUM
cblr-5117	1208	8	4:44	4:44	NUM
cblr-5117	1208	9	pm	pm	NOUN
cblr-5117	1208	10	956	956	NUM
cblr-5117	1208	11	columbia	columbia	PROPN
cblr-5117	1208	12	business	business	NOUN
cblr-5117	1208	13	law	law	PROPN
cblr-5117	1208	14	review	review	NOUN
cblr-5117	1208	15	[	[	X
cblr-5117	1208	16	vol	vol	NOUN
cblr-5117	1208	17	.	.	NOUN
cblr-5117	1208	18	2019	2019	NUM
cblr-5117	1208	19	equity	equity	NOUN
cblr-5117	1208	20	grant	grant	NOUN
cblr-5117	1208	21	is	be	AUX
cblr-5117	1208	22	vested	vest	VERB
cblr-5117	1208	23	,	,	PUNCT
cblr-5117	1208	24	employees	employee	NOUN
cblr-5117	1208	25	who	who	PRON
cblr-5117	1208	26	earn	earn	VERB
cblr-5117	1208	27	stock	stock	NOUN
cblr-5117	1208	28	options	option	NOUN
cblr-5117	1208	29	(	(	PUNCT
cblr-5117	1208	30	rather	rather	ADV
cblr-5117	1208	31	than	than	ADP
cblr-5117	1208	32	restricted	restrict	VERB
cblr-5117	1208	33	stock	stock	NOUN
cblr-5117	1208	34	or	or	CCONJ
cblr-5117	1208	35	rsus	rsus	NOUN
cblr-5117	1208	36	)	)	PUNCT
cblr-5117	1208	37	need	need	VERB
cblr-5117	1208	38	to	to	PART
cblr-5117	1208	39	decide	decide	VERB
cblr-5117	1208	40	whether	whether	SCONJ
cblr-5117	1208	41	to	to	PART
cblr-5117	1208	42	exercise	exercise	VERB
cblr-5117	1208	43	the	the	DET
cblr-5117	1208	44	options	option	NOUN
cblr-5117	1208	45	and	and	CCONJ
cblr-5117	1208	46	purchase	purchase	VERB
cblr-5117	1208	47	the	the	DET
cblr-5117	1208	48	shares	share	NOUN
cblr-5117	1208	49	.	.	PUNCT
cblr-5117	1209	1	finally	finally	ADV
cblr-5117	1209	2	,	,	PUNCT
cblr-5117	1209	3	as	as	ADP
cblr-5117	1209	4	shareholders	shareholder	NOUN
cblr-5117	1209	5	,	,	PUNCT
cblr-5117	1209	6	employees	employee	NOUN
cblr-5117	1209	7	face	face	VERB
cblr-5117	1209	8	the	the	DET
cblr-5117	1209	9	dilemma	dilemma	NOUN
cblr-5117	1209	10	of	of	ADP
cblr-5117	1209	11	when	when	SCONJ
cblr-5117	1209	12	and	and	CCONJ
cblr-5117	1209	13	how	how	SCONJ
cblr-5117	1209	14	to	to	PART
cblr-5117	1209	15	sell	sell	VERB
cblr-5117	1209	16	their	their	PRON
cblr-5117	1209	17	equity	equity	NOUN
cblr-5117	1209	18	—	—	PUNCT
cblr-5117	1209	19	that	that	ADV
cblr-5117	1209	20	is	is	ADV
cblr-5117	1209	21	,	,	PUNCT
cblr-5117	1209	22	to	to	ADP
cblr-5117	1209	23	“	"	PUNCT
cblr-5117	1209	24	cash	cash	NOUN
cblr-5117	1209	25	-	-	PUNCT
cblr-5117	1209	26	out	out	NOUN
cblr-5117	1209	27	”	"	PUNCT
cblr-5117	1209	28	in	in	ADP
cblr-5117	1209	29	whole	whole	ADJ
cblr-5117	1209	30	or	or	CCONJ
cblr-5117	1209	31	in	in	ADP
cblr-5117	1209	32	part.295	part.295	NOUN
cblr-5117	1209	33	to	to	PART
cblr-5117	1209	34	make	make	VERB
cblr-5117	1209	35	these	these	DET
cblr-5117	1209	36	decisions	decision	NOUN
cblr-5117	1209	37	in	in	ADP
cblr-5117	1209	38	an	an	DET
cblr-5117	1209	39	informed	informed	ADJ
cblr-5117	1209	40	manner	manner	NOUN
cblr-5117	1209	41	,	,	PUNCT
cblr-5117	1209	42	employees	employee	NOUN
cblr-5117	1209	43	need	need	VERB
cblr-5117	1209	44	information	information	NOUN
cblr-5117	1209	45	.	.	PUNCT
cblr-5117	1210	1	first	first	ADV
cblr-5117	1210	2	,	,	PUNCT
cblr-5117	1210	3	in	in	ADP
cblr-5117	1210	4	order	order	NOUN
cblr-5117	1210	5	to	to	PART
cblr-5117	1210	6	help	help	VERB
cblr-5117	1210	7	guide	guide	VERB
cblr-5117	1210	8	employees	employee	NOUN
cblr-5117	1210	9	’	’	PART
cblr-5117	1210	10	decision	decision	NOUN
cblr-5117	1210	11	of	of	ADP
cblr-5117	1210	12	whether	whether	SCONJ
cblr-5117	1210	13	to	to	PART
cblr-5117	1210	14	enter	enter	VERB
cblr-5117	1210	15	into	into	ADP
cblr-5117	1210	16	an	an	DET
cblr-5117	1210	17	employment	employment	NOUN
cblr-5117	1210	18	relationship	relationship	NOUN
cblr-5117	1210	19	,	,	PUNCT
cblr-5117	1210	20	the	the	DET
cblr-5117	1210	21	disclosure	disclosure	NOUN
cblr-5117	1210	22	should	should	AUX
cblr-5117	1210	23	be	be	AUX
cblr-5117	1210	24	delivered	deliver	VERB
cblr-5117	1210	25	with	with	ADP
cblr-5117	1210	26	the	the	DET
cblr-5117	1210	27	offer	offer	NOUN
cblr-5117	1210	28	letter	letter	NOUN
cblr-5117	1210	29	.	.	PUNCT
cblr-5117	1211	1	such	such	ADJ
cblr-5117	1211	2	disclosure	disclosure	NOUN
cblr-5117	1211	3	will	will	AUX
cblr-5117	1211	4	allow	allow	VERB
cblr-5117	1211	5	prospective	prospective	ADJ
cblr-5117	1211	6	employees	employee	NOUN
cblr-5117	1211	7	to	to	PART
cblr-5117	1211	8	compare	compare	VERB
cblr-5117	1211	9	different	different	ADJ
cblr-5117	1211	10	job	job	NOUN
cblr-5117	1211	11	offers	offer	NOUN
cblr-5117	1211	12	and	and	CCONJ
cblr-5117	1211	13	separate	separate	ADJ
cblr-5117	1211	14	between	between	ADP
cblr-5117	1211	15	low	low	ADJ
cblr-5117	1211	16	-	-	PUNCT
cblr-5117	1211	17	quality	quality	NOUN
cblr-5117	1211	18	and	and	CCONJ
cblr-5117	1211	19	high	high	ADJ
cblr-5117	1211	20	-	-	PUNCT
cblr-5117	1211	21	quality	quality	NOUN
cblr-5117	1211	22	equity	equity	NOUN
cblr-5117	1211	23	grants	grant	NOUN
cblr-5117	1211	24	.	.	PUNCT
cblr-5117	1212	1	an	an	DET
cblr-5117	1212	2	ex	ex	NOUN
cblr-5117	1212	3	-	-	ADJ
cblr-5117	1212	4	ante	ante	ADJ
cblr-5117	1212	5	disclosure	disclosure	NOUN
cblr-5117	1212	6	regime	regime	NOUN
cblr-5117	1212	7	is	be	AUX
cblr-5117	1212	8	needed	need	VERB
cblr-5117	1212	9	in	in	ADP
cblr-5117	1212	10	order	order	NOUN
cblr-5117	1212	11	to	to	PART
cblr-5117	1212	12	resolve	resolve	VERB
cblr-5117	1212	13	the	the	DET
cblr-5117	1212	14	market	market	NOUN
cblr-5117	1212	15	inefficiencies	inefficiency	NOUN
cblr-5117	1212	16	caused	cause	VERB
cblr-5117	1212	17	by	by	ADP
cblr-5117	1212	18	information	information	NOUN
cblr-5117	1212	19	asymmetry	asymmetry	NOUN
cblr-5117	1212	20	,	,	PUNCT
cblr-5117	1212	21	including	include	VERB
cblr-5117	1212	22	suboptimal	suboptimal	ADJ
cblr-5117	1212	23	matches	match	NOUN
cblr-5117	1212	24	between	between	ADP
cblr-5117	1212	25	companies	company	NOUN
cblr-5117	1212	26	and	and	CCONJ
cblr-5117	1212	27	employees,296	employees,296	PROPN
cblr-5117	1212	28	and	and	CCONJ
cblr-5117	1212	29	the	the	DET
cblr-5117	1212	30	downward	downward	ADJ
cblr-5117	1212	31	spiral	spiral	NOUN
cblr-5117	1212	32	of	of	ADP
cblr-5117	1212	33	price	price	NOUN
cblr-5117	1212	34	and	and	CCONJ
cblr-5117	1212	35	quality	quality	NOUN
cblr-5117	1212	36	(	(	PUNCT
cblr-5117	1212	37	the	the	DET
cblr-5117	1212	38	lemons	lemon	NOUN
cblr-5117	1212	39	market	market	NOUN
cblr-5117	1212	40	problem).297	problem).297	VERB
cblr-5117	1212	41	an	an	DET
cblr-5117	1212	42	ex	ex	NOUN
cblr-5117	1212	43	-	-	ADJ
cblr-5117	1212	44	ante	ante	ADJ
cblr-5117	1212	45	disclosure	disclosure	NOUN
cblr-5117	1212	46	regime	regime	NOUN
cblr-5117	1212	47	might	might	AUX
cblr-5117	1212	48	strike	strike	VERB
cblr-5117	1212	49	some	some	DET
cblr-5117	1212	50	readers	reader	NOUN
cblr-5117	1212	51	as	as	ADP
cblr-5117	1212	52	excessive	excessive	ADJ
cblr-5117	1212	53	.	.	PUNCT
cblr-5117	1213	1	after	after	ADV
cblr-5117	1213	2	all	all	ADV
cblr-5117	1213	3	,	,	PUNCT
cblr-5117	1213	4	at	at	ADP
cblr-5117	1213	5	the	the	DET
cblr-5117	1213	6	offer	offer	NOUN
cblr-5117	1213	7	letter	letter	NOUN
cblr-5117	1213	8	stage	stage	NOUN
cblr-5117	1213	9	,	,	PUNCT
cblr-5117	1213	10	there	there	PRON
cblr-5117	1213	11	is	be	VERB
cblr-5117	1213	12	no	no	DET
cblr-5117	1213	13	guarantee	guarantee	NOUN
cblr-5117	1213	14	that	that	SCONJ
cblr-5117	1213	15	the	the	DET
cblr-5117	1213	16	candidate	candidate	NOUN
cblr-5117	1213	17	will	will	AUX
cblr-5117	1213	18	accept	accept	VERB
cblr-5117	1213	19	the	the	DET
cblr-5117	1213	20	offer	offer	NOUN
cblr-5117	1213	21	,	,	PUNCT
cblr-5117	1213	22	and	and	CCONJ
cblr-5117	1213	23	so	so	ADV
cblr-5117	1213	24	the	the	DET
cblr-5117	1213	25	company	company	NOUN
cblr-5117	1213	26	might	might	AUX
cblr-5117	1213	27	end	end	VERB
cblr-5117	1213	28	up	up	ADP
cblr-5117	1213	29	disclosing	disclose	VERB
cblr-5117	1213	30	information	information	NOUN
cblr-5117	1213	31	to	to	ADP
cblr-5117	1213	32	candidates	candidate	NOUN
cblr-5117	1213	33	295	295	NUM
cblr-5117	1213	34	cf	cf	NOUN
cblr-5117	1213	35	.	.	PUNCT
cblr-5117	1214	1	cable	cable	NOUN
cblr-5117	1214	2	,	,	PUNCT
cblr-5117	1214	3	supra	supra	PROPN
cblr-5117	1214	4	note	note	NOUN
cblr-5117	1214	5	5	5	NUM
cblr-5117	1214	6	,	,	PUNCT
cblr-5117	1214	7	at	at	ADP
cblr-5117	1214	8	615	615	NUM
cblr-5117	1214	9	(	(	PUNCT
cblr-5117	1214	10	describing	describe	VERB
cblr-5117	1214	11	three	three	NUM
cblr-5117	1214	12	investment	investment	NOUN
cblr-5117	1214	13	decisions	decision	NOUN
cblr-5117	1214	14	that	that	PRON
cblr-5117	1214	15	are	be	AUX
cblr-5117	1214	16	involved	involve	VERB
cblr-5117	1214	17	in	in	ADP
cblr-5117	1214	18	equity	equity	NOUN
cblr-5117	1214	19	compensation	compensation	NOUN
cblr-5117	1214	20	:	:	PUNCT
cblr-5117	1214	21	“	"	PUNCT
cblr-5117	1214	22	(	(	PUNCT
cblr-5117	1214	23	1	1	X
cblr-5117	1214	24	)	)	PUNCT
cblr-5117	1214	25	accepting	accept	VERB
cblr-5117	1214	26	the	the	DET
cblr-5117	1214	27	option	option	NOUN
cblr-5117	1214	28	initially	initially	ADV
cblr-5117	1214	29	in	in	ADP
cblr-5117	1214	30	exchange	exchange	NOUN
cblr-5117	1214	31	for	for	ADP
cblr-5117	1214	32	valuable	valuable	ADJ
cblr-5117	1214	33	human	human	ADJ
cblr-5117	1214	34	capital	capital	NOUN
cblr-5117	1214	35	,	,	PUNCT
cblr-5117	1214	36	(	(	PUNCT
cblr-5117	1214	37	2	2	X
cblr-5117	1214	38	)	)	PUNCT
cblr-5117	1214	39	continuing	continue	VERB
cblr-5117	1214	40	at	at	ADP
cblr-5117	1214	41	the	the	DET
cblr-5117	1214	42	company	company	NOUN
cblr-5117	1214	43	as	as	SCONJ
cblr-5117	1214	44	its	its	PRON
cblr-5117	1214	45	business	business	NOUN
cblr-5117	1214	46	developed	develop	VERB
cblr-5117	1214	47	,	,	PUNCT
cblr-5117	1214	48	and	and	CCONJ
cblr-5117	1214	49	(	(	PUNCT
cblr-5117	1214	50	3	3	X
cblr-5117	1214	51	)	)	PUNCT
cblr-5117	1214	52	exercising	exercise	VERB
cblr-5117	1214	53	the	the	DET
cblr-5117	1214	54	option	option	NOUN
cblr-5117	1214	55	(	(	PUNCT
cblr-5117	1214	56	typically	typically	ADV
cblr-5117	1214	57	through	through	ADP
cblr-5117	1214	58	a	a	DET
cblr-5117	1214	59	cash	cash	NOUN
cblr-5117	1214	60	payment	payment	NOUN
cblr-5117	1214	61	equal	equal	ADJ
cblr-5117	1214	62	to	to	ADP
cblr-5117	1214	63	the	the	DET
cblr-5117	1214	64	exercise	exercise	NOUN
cblr-5117	1214	65	price	price	NOUN
cblr-5117	1214	66	)	)	PUNCT
cblr-5117	1214	67	as	as	SCONJ
cblr-5117	1214	68	the	the	DET
cblr-5117	1214	69	stated	state	VERB
cblr-5117	1214	70	expiration	expiration	NOUN
cblr-5117	1214	71	date	date	NOUN
cblr-5117	1214	72	approached	approach	VERB
cblr-5117	1214	73	.	.	PUNCT
cblr-5117	1214	74	”	"	PUNCT
cblr-5117	1214	75	)	)	PUNCT
cblr-5117	1214	76	.	.	PUNCT
cblr-5117	1215	1	as	as	ADP
cblr-5117	1215	2	for	for	ADP
cblr-5117	1215	3	the	the	DET
cblr-5117	1215	4	fourth	fourth	ADJ
cblr-5117	1215	5	decision	decision	NOUN
cblr-5117	1215	6	–	–	PUNCT
cblr-5117	1215	7	of	of	ADP
cblr-5117	1215	8	whether	whether	SCONJ
cblr-5117	1215	9	and	and	CCONJ
cblr-5117	1215	10	when	when	SCONJ
cblr-5117	1215	11	to	to	PART
cblr-5117	1215	12	sell	sell	VERB
cblr-5117	1215	13	the	the	DET
cblr-5117	1215	14	shares	share	NOUN
cblr-5117	1215	15	—	—	PUNCT
cblr-5117	1215	16	traditionally	traditionally	ADV
cblr-5117	1215	17	,	,	PUNCT
cblr-5117	1215	18	the	the	DET
cblr-5117	1215	19	opportunity	opportunity	NOUN
cblr-5117	1215	20	to	to	PART
cblr-5117	1215	21	consider	consider	VERB
cblr-5117	1215	22	this	this	PRON
cblr-5117	1215	23	only	only	ADV
cblr-5117	1215	24	became	become	VERB
cblr-5117	1215	25	relevant	relevant	ADJ
cblr-5117	1215	26	after	after	ADP
cblr-5117	1215	27	the	the	DET
cblr-5117	1215	28	company	company	NOUN
cblr-5117	1215	29	’s	’s	PART
cblr-5117	1215	30	ipo	ipo	NOUN
cblr-5117	1215	31	,	,	PUNCT
cblr-5117	1215	32	by	by	ADP
cblr-5117	1215	33	which	which	DET
cblr-5117	1215	34	time	time	NOUN
cblr-5117	1215	35	,	,	PUNCT
cblr-5117	1215	36	the	the	DET
cblr-5117	1215	37	company	company	NOUN
cblr-5117	1215	38	was	be	AUX
cblr-5117	1215	39	already	already	ADV
cblr-5117	1215	40	subject	subject	ADJ
cblr-5117	1215	41	to	to	ADP
cblr-5117	1215	42	public	public	ADJ
cblr-5117	1215	43	disclosure	disclosure	NOUN
cblr-5117	1215	44	obligations	obligation	NOUN
cblr-5117	1215	45	and	and	CCONJ
cblr-5117	1215	46	its	its	PRON
cblr-5117	1215	47	share	share	NOUN
cblr-5117	1215	48	price	price	NOUN
cblr-5117	1215	49	had	have	AUX
cblr-5117	1215	50	already	already	ADV
cblr-5117	1215	51	been	be	AUX
cblr-5117	1215	52	determined	determine	VERB
cblr-5117	1215	53	by	by	ADP
cblr-5117	1215	54	an	an	DET
cblr-5117	1215	55	active	active	ADJ
cblr-5117	1215	56	market	market	NOUN
cblr-5117	1215	57	.	.	PUNCT
cblr-5117	1216	1	however	however	ADV
cblr-5117	1216	2	,	,	PUNCT
cblr-5117	1216	3	today	today	NOUN
cblr-5117	1216	4	,	,	PUNCT
cblr-5117	1216	5	companies	company	NOUN
cblr-5117	1216	6	stay	stay	VERB
cblr-5117	1216	7	private	private	ADJ
cblr-5117	1216	8	for	for	ADP
cblr-5117	1216	9	longer	long	ADJ
cblr-5117	1216	10	durations	duration	NOUN
cblr-5117	1216	11	,	,	PUNCT
cblr-5117	1216	12	and	and	CCONJ
cblr-5117	1216	13	secondary	secondary	ADJ
cblr-5117	1216	14	sales	sale	NOUN
cblr-5117	1216	15	of	of	ADP
cblr-5117	1216	16	employee	employee	NOUN
cblr-5117	1216	17	securities	security	NOUN
cblr-5117	1216	18	via	via	ADP
cblr-5117	1216	19	online	online	ADJ
cblr-5117	1216	20	private	private	ADJ
cblr-5117	1216	21	markets	market	NOUN
cblr-5117	1216	22	or	or	CCONJ
cblr-5117	1216	23	company	company	NOUN
cblr-5117	1216	24	-	-	PUNCT
cblr-5117	1216	25	sponsored	sponsor	VERB
cblr-5117	1216	26	programs	program	NOUN
cblr-5117	1216	27	become	become	VERB
cblr-5117	1216	28	significant	significant	ADJ
cblr-5117	1216	29	liquidity	liquidity	NOUN
cblr-5117	1216	30	opportunity	opportunity	NOUN
cblr-5117	1216	31	for	for	ADP
cblr-5117	1216	32	employees	employee	NOUN
cblr-5117	1216	33	.	.	PUNCT
cblr-5117	1217	1	as	as	ADP
cblr-5117	1217	2	such	such	ADJ
cblr-5117	1217	3	,	,	PUNCT
cblr-5117	1217	4	for	for	ADP
cblr-5117	1217	5	many	many	ADJ
cblr-5117	1217	6	employees	employee	NOUN
cblr-5117	1217	7	,	,	PUNCT
cblr-5117	1217	8	the	the	DET
cblr-5117	1217	9	decision	decision	NOUN
cblr-5117	1217	10	whether	whether	SCONJ
cblr-5117	1217	11	to	to	PART
cblr-5117	1217	12	sell	sell	VERB
cblr-5117	1217	13	their	their	PRON
cblr-5117	1217	14	shares	share	NOUN
cblr-5117	1217	15	becomes	become	VERB
cblr-5117	1217	16	relevant	relevant	ADJ
cblr-5117	1217	17	before	before	SCONJ
cblr-5117	1217	18	the	the	DET
cblr-5117	1217	19	company	company	NOUN
cblr-5117	1217	20	goes	go	VERB
cblr-5117	1217	21	public	public	ADJ
cblr-5117	1217	22	.	.	PUNCT
cblr-5117	1218	1	see	see	VERB
cblr-5117	1218	2	aran	aran	NOUN
cblr-5117	1218	3	,	,	PUNCT
cblr-5117	1218	4	supra	supra	PROPN
cblr-5117	1218	5	note	note	NOUN
cblr-5117	1218	6	4	4	NUM
cblr-5117	1218	7	,	,	PUNCT
cblr-5117	1218	8	at	at	ADP
cblr-5117	1218	9	1290	1290	NUM
cblr-5117	1218	10	;	;	PUNCT
cblr-5117	1218	11	see	see	VERB
cblr-5117	1218	12	also	also	ADV
cblr-5117	1218	13	pollman	pollman	NOUN
cblr-5117	1218	14	,	,	PUNCT
cblr-5117	1218	15	supra	supra	PROPN
cblr-5117	1218	16	note	note	NOUN
cblr-5117	1218	17	158	158	NUM
cblr-5117	1218	18	,	,	PUNCT
cblr-5117	1218	19	at	at	ADP
cblr-5117	1218	20	195–202	195–202	PROPN
cblr-5117	1218	21	(	(	PUNCT
cblr-5117	1218	22	describing	describe	VERB
cblr-5117	1218	23	the	the	DET
cblr-5117	1218	24	evolution	evolution	NOUN
cblr-5117	1218	25	of	of	ADP
cblr-5117	1218	26	online	online	ADJ
cblr-5117	1218	27	marketplaces	marketplace	NOUN
cblr-5117	1218	28	for	for	ADP
cblr-5117	1218	29	private	private	ADJ
cblr-5117	1218	30	companies	company	NOUN
cblr-5117	1218	31	’	’	PART
cblr-5117	1218	32	stock	stock	NOUN
cblr-5117	1218	33	,	,	PUNCT
cblr-5117	1218	34	and	and	CCONJ
cblr-5117	1218	35	detailing	detail	VERB
cblr-5117	1218	36	the	the	DET
cblr-5117	1218	37	trading	trading	NOUN
cblr-5117	1218	38	volumes	volume	NOUN
cblr-5117	1218	39	and	and	CCONJ
cblr-5117	1218	40	the	the	DET
cblr-5117	1218	41	information	information	NOUN
cblr-5117	1218	42	available	available	ADJ
cblr-5117	1218	43	on	on	ADP
cblr-5117	1218	44	two	two	NUM
cblr-5117	1218	45	such	such	ADJ
cblr-5117	1218	46	marketplaces	marketplace	NOUN
cblr-5117	1218	47	)	)	PUNCT
cblr-5117	1218	48	.	.	PUNCT
cblr-5117	1219	1	296	296	NUM
cblr-5117	1219	2	see	see	VERB
cblr-5117	1219	3	supra	supra	ADJ
cblr-5117	1219	4	section	section	NOUN
cblr-5117	1219	5	iv.a	iv.a	VERB
cblr-5117	1219	6	.	.	PUNCT
cblr-5117	1220	1	297	297	NUM
cblr-5117	1220	2	see	see	VERB
cblr-5117	1220	3	supra	supra	PROPN
cblr-5117	1220	4	section	section	PROPN
cblr-5117	1220	5	iv.b	iv.b	PROPN
cblr-5117	1220	6	.	.	PUNCT
cblr-5117	1221	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1221	2	(	(	PUNCT
cblr-5117	1221	3	do	do	AUX
cblr-5117	1221	4	not	not	PART
cblr-5117	1221	5	delete	delete	VERB
cblr-5117	1221	6	)	)	PUNCT
cblr-5117	1221	7	1/8/2020	1/8/2020	NUM
cblr-5117	1221	8	4:44	4:44	NUM
cblr-5117	1221	9	pm	pm	NOUN
cblr-5117	1221	10	no	no	INTJ
cblr-5117	1221	11	.	.	PUNCT
cblr-5117	1222	1	3:867	3:867	NUM
cblr-5117	1222	2	]	]	PUNCT
cblr-5117	1222	3	making	make	VERB
cblr-5117	1222	4	disclosure	disclosure	NOUN
cblr-5117	1222	5	work	work	NOUN
cblr-5117	1222	6	957	957	NUM
cblr-5117	1222	7	whom	whom	PRON
cblr-5117	1222	8	it	it	PRON
cblr-5117	1222	9	will	will	AUX
cblr-5117	1222	10	not	not	PART
cblr-5117	1222	11	ultimately	ultimately	ADV
cblr-5117	1222	12	hire	hire	VERB
cblr-5117	1222	13	.	.	PUNCT
cblr-5117	1223	1	however	however	ADV
cblr-5117	1223	2	,	,	PUNCT
cblr-5117	1223	3	the	the	DET
cblr-5117	1223	4	same	same	ADJ
cblr-5117	1223	5	problem	problem	NOUN
cblr-5117	1223	6	arises	arise	VERB
cblr-5117	1223	7	with	with	ADP
cblr-5117	1223	8	the	the	DET
cblr-5117	1223	9	disclosure	disclosure	NOUN
cblr-5117	1223	10	of	of	ADP
cblr-5117	1223	11	information	information	NOUN
cblr-5117	1223	12	to	to	ADP
cblr-5117	1223	13	potential	potential	ADJ
cblr-5117	1223	14	capital	capital	NOUN
cblr-5117	1223	15	investors	investor	NOUN
cblr-5117	1223	16	.	.	PUNCT
cblr-5117	1224	1	in	in	ADP
cblr-5117	1224	2	addition	addition	NOUN
cblr-5117	1224	3	,	,	PUNCT
cblr-5117	1224	4	this	this	DET
cblr-5117	1224	5	problem	problem	NOUN
cblr-5117	1224	6	can	can	AUX
cblr-5117	1224	7	be	be	AUX
cblr-5117	1224	8	addressed	address	VERB
cblr-5117	1224	9	by	by	ADP
cblr-5117	1224	10	nondisclosure	nondisclosure	NOUN
cblr-5117	1224	11	agreements.298	agreements.298	PROPN
cblr-5117	1224	12	after	after	ADP
cblr-5117	1224	13	the	the	DET
cblr-5117	1224	14	initial	initial	ADJ
cblr-5117	1224	15	disclosure	disclosure	NOUN
cblr-5117	1224	16	,	,	PUNCT
cblr-5117	1224	17	if	if	SCONJ
cblr-5117	1224	18	the	the	DET
cblr-5117	1224	19	candidate	candidate	NOUN
cblr-5117	1224	20	accepts	accept	VERB
cblr-5117	1224	21	the	the	DET
cblr-5117	1224	22	offer	offer	NOUN
cblr-5117	1224	23	,	,	PUNCT
cblr-5117	1224	24	the	the	DET
cblr-5117	1224	25	following	follow	VERB
cblr-5117	1224	26	disclosures	disclosure	NOUN
cblr-5117	1224	27	should	should	AUX
cblr-5117	1224	28	be	be	AUX
cblr-5117	1224	29	delivered	deliver	VERB
cblr-5117	1224	30	every	every	DET
cblr-5117	1224	31	twelve	twelve	NUM
cblr-5117	1224	32	months	month	NOUN
cblr-5117	1224	33	and	and	CCONJ
cblr-5117	1224	34	following	follow	VERB
cblr-5117	1224	35	any	any	DET
cblr-5117	1224	36	material	material	NOUN
cblr-5117	1224	37	event	event	NOUN
cblr-5117	1224	38	that	that	PRON
cblr-5117	1224	39	may	may	AUX
cblr-5117	1224	40	change	change	VERB
cblr-5117	1224	41	the	the	DET
cblr-5117	1224	42	valuation	valuation	NOUN
cblr-5117	1224	43	of	of	ADP
cblr-5117	1224	44	the	the	DET
cblr-5117	1224	45	company	company	NOUN
cblr-5117	1224	46	.	.	PUNCT
cblr-5117	1225	1	for	for	ADP
cblr-5117	1225	2	practical	practical	ADJ
cblr-5117	1225	3	reasons	reason	NOUN
cblr-5117	1225	4	,	,	PUNCT
cblr-5117	1225	5	and	and	CCONJ
cblr-5117	1225	6	to	to	PART
cblr-5117	1225	7	avoid	avoid	VERB
cblr-5117	1225	8	imposing	impose	VERB
cblr-5117	1225	9	additional	additional	ADJ
cblr-5117	1225	10	administrative	administrative	ADJ
cblr-5117	1225	11	burdens	burden	NOUN
cblr-5117	1225	12	on	on	ADP
cblr-5117	1225	13	the	the	DET
cblr-5117	1225	14	issuer	issuer	NOUN
cblr-5117	1225	15	,	,	PUNCT
cblr-5117	1225	16	the	the	DET
cblr-5117	1225	17	recommended	recommend	VERB
cblr-5117	1225	18	conditions	condition	NOUN
cblr-5117	1225	19	are	be	AUX
cblr-5117	1225	20	similar	similar	ADJ
cblr-5117	1225	21	to	to	ADP
cblr-5117	1225	22	those	those	PRON
cblr-5117	1225	23	set	set	VERB
cblr-5117	1225	24	forth	forth	ADP
cblr-5117	1225	25	in	in	ADP
cblr-5117	1225	26	section	section	NOUN
cblr-5117	1225	27	409a	409a	NOUN
cblr-5117	1225	28	to	to	ADP
cblr-5117	1225	29	the	the	DET
cblr-5117	1225	30	internal	internal	ADJ
cblr-5117	1225	31	revenue	revenue	NOUN
cblr-5117	1225	32	code	code	NOUN
cblr-5117	1225	33	.	.	PUNCT
cblr-5117	1226	1	299	299	NUM
cblr-5117	1226	2	the	the	DET
cblr-5117	1226	3	definition	definition	NOUN
cblr-5117	1226	4	of	of	ADP
cblr-5117	1226	5	“	"	PUNCT
cblr-5117	1226	6	material	material	ADJ
cblr-5117	1226	7	event	event	NOUN
cblr-5117	1226	8	”	"	PUNCT
cblr-5117	1226	9	shall	shall	AUX
cblr-5117	1226	10	include	include	VERB
cblr-5117	1226	11	,	,	PUNCT
cblr-5117	1226	12	for	for	ADP
cblr-5117	1226	13	example	example	NOUN
cblr-5117	1226	14	,	,	PUNCT
cblr-5117	1226	15	a	a	DET
cblr-5117	1226	16	new	new	ADJ
cblr-5117	1226	17	funding	funding	NOUN
cblr-5117	1226	18	round	round	NOUN
cblr-5117	1226	19	,	,	PUNCT
cblr-5117	1226	20	resolution	resolution	NOUN
cblr-5117	1226	21	of	of	ADP
cblr-5117	1226	22	material	material	NOUN
cblr-5117	1226	23	litigation	litigation	NOUN
cblr-5117	1226	24	,	,	PUNCT
cblr-5117	1226	25	issuance	issuance	NOUN
cblr-5117	1226	26	of	of	ADP
cblr-5117	1226	27	a	a	DET
cblr-5117	1226	28	patent	patent	NOUN
cblr-5117	1226	29	,	,	PUNCT
cblr-5117	1226	30	failure	failure	NOUN
cblr-5117	1226	31	to	to	PART
cblr-5117	1226	32	meet	meet	VERB
cblr-5117	1226	33	a	a	DET
cblr-5117	1226	34	significant	significant	ADJ
cblr-5117	1226	35	milestone	milestone	NOUN
cblr-5117	1226	36	,	,	PUNCT
cblr-5117	1226	37	major	major	ADJ
cblr-5117	1226	38	change	change	NOUN
cblr-5117	1226	39	to	to	ADP
cblr-5117	1226	40	the	the	DET
cblr-5117	1226	41	capitalization	capitalization	NOUN
cblr-5117	1226	42	table	table	NOUN
cblr-5117	1226	43	,	,	PUNCT
cblr-5117	1226	44	or	or	CCONJ
cblr-5117	1226	45	board	board	NOUN
cblr-5117	1226	46	approval	approval	NOUN
cblr-5117	1226	47	of	of	ADP
cblr-5117	1226	48	a	a	DET
cblr-5117	1226	49	management	management	NOUN
cblr-5117	1226	50	incentive	incentive	NOUN
cblr-5117	1226	51	plan	plan	NOUN
cblr-5117	1226	52	that	that	PRON
cblr-5117	1226	53	could	could	AUX
cblr-5117	1226	54	reasonably	reasonably	ADV
cblr-5117	1226	55	be	be	AUX
cblr-5117	1226	56	expected	expect	VERB
cblr-5117	1226	57	to	to	PART
cblr-5117	1226	58	affect	affect	VERB
cblr-5117	1226	59	the	the	DET
cblr-5117	1226	60	value	value	NOUN
cblr-5117	1226	61	of	of	ADP
cblr-5117	1226	62	the	the	DET
cblr-5117	1226	63	common	common	ADJ
cblr-5117	1226	64	stock.300	stock.300	NOUN
cblr-5117	1226	65	by	by	ADP
cblr-5117	1226	66	unifying	unify	VERB
cblr-5117	1226	67	rules	rule	NOUN
cblr-5117	1226	68	concerning	concern	VERB
cblr-5117	1226	69	the	the	DET
cblr-5117	1226	70	timing	timing	NOUN
cblr-5117	1226	71	of	of	ADP
cblr-5117	1226	72	appraisals	appraisal	NOUN
cblr-5117	1226	73	and	and	CCONJ
cblr-5117	1226	74	disclosures	disclosure	NOUN
cblr-5117	1226	75	across	across	ADP
cblr-5117	1226	76	tax	tax	NOUN
cblr-5117	1226	77	regulation	regulation	NOUN
cblr-5117	1226	78	(	(	PUNCT
cblr-5117	1226	79	section	section	NOUN
cblr-5117	1226	80	409a	409a	PROPN
cblr-5117	1226	81	)	)	PUNCT
cblr-5117	1226	82	and	and	CCONJ
cblr-5117	1226	83	securities	security	NOUN
cblr-5117	1226	84	regulation	regulation	NOUN
cblr-5117	1226	85	(	(	PUNCT
cblr-5117	1226	86	rule	rule	NOUN
cblr-5117	1226	87	701	701	NUM
cblr-5117	1226	88	)	)	PUNCT
cblr-5117	1226	89	,	,	PUNCT
cblr-5117	1226	90	it	it	PRON
cblr-5117	1226	91	is	be	AUX
cblr-5117	1226	92	possible	possible	ADJ
cblr-5117	1226	93	to	to	PART
cblr-5117	1226	94	lower	lower	VERB
cblr-5117	1226	95	the	the	DET
cblr-5117	1226	96	regulatory	regulatory	ADJ
cblr-5117	1226	97	burden	burden	NOUN
cblr-5117	1226	98	on	on	ADP
cblr-5117	1226	99	issuers	issuer	NOUN
cblr-5117	1226	100	and	and	CCONJ
cblr-5117	1226	101	deliver	deliver	VERB
cblr-5117	1226	102	up	up	ADP
cblr-5117	1226	103	-	-	PUNCT
cblr-5117	1226	104	to	to	ADP
cblr-5117	1226	105	-	-	PUNCT
cblr-5117	1226	106	date	date	NOUN
cblr-5117	1226	107	information	information	NOUN
cblr-5117	1226	108	to	to	ADP
cblr-5117	1226	109	employees	employee	NOUN
cblr-5117	1226	110	.	.	PUNCT
cblr-5117	1227	1	the	the	DET
cblr-5117	1227	2	following	follow	VERB
cblr-5117	1227	3	section	section	NOUN
cblr-5117	1227	4	offers	offer	VERB
cblr-5117	1227	5	a	a	DET
cblr-5117	1227	6	new	new	ADJ
cblr-5117	1227	7	threshold	threshold	NOUN
cblr-5117	1227	8	to	to	PART
cblr-5117	1227	9	trigger	trigger	VERB
cblr-5117	1227	10	the	the	DET
cblr-5117	1227	11	enhanced	enhanced	ADJ
cblr-5117	1227	12	disclosure	disclosure	NOUN
cblr-5117	1227	13	requirement	requirement	NOUN
cblr-5117	1227	14	.	.	PUNCT
cblr-5117	1228	1	298	298	NUM
cblr-5117	1229	1	for	for	ADP
cblr-5117	1229	2	a	a	DET
cblr-5117	1229	3	critical	critical	ADJ
cblr-5117	1229	4	discussion	discussion	NOUN
cblr-5117	1229	5	of	of	ADP
cblr-5117	1229	6	pre	pre	ADJ
cblr-5117	1229	7	-	-	ADJ
cblr-5117	1229	8	investment	investment	ADJ
cblr-5117	1229	9	non	non	ADJ
cblr-5117	1229	10	-	-	ADJ
cblr-5117	1229	11	disclosure	disclosure	ADJ
cblr-5117	1229	12	agreements	agreement	NOUN
cblr-5117	1229	13	see	see	VERB
cblr-5117	1229	14	e.g.	e.g.	ADV
cblr-5117	1229	15	,	,	PUNCT
cblr-5117	1229	16	chris	chris	PROPN
cblr-5117	1229	17	coulter	coulter	PROPN
cblr-5117	1229	18	,	,	PUNCT
cblr-5117	1229	19	should	should	AUX
cblr-5117	1229	20	you	you	PRON
cblr-5117	1229	21	require	require	VERB
cblr-5117	1229	22	a	a	DET
cblr-5117	1229	23	signed	sign	VERB
cblr-5117	1229	24	nda	nda	NOUN
cblr-5117	1229	25	from	from	ADP
cblr-5117	1229	26	a	a	DET
cblr-5117	1229	27	potential	potential	ADJ
cblr-5117	1229	28	vc	vc	PROPN
cblr-5117	1229	29	investor	investor	NOUN
cblr-5117	1229	30	?	?	PUNCT
cblr-5117	1229	31	,	,	PUNCT
cblr-5117	1229	32	cooleygo	cooleygo	NOUN
cblr-5117	1229	33	,	,	PUNCT
cblr-5117	1229	34	https://www.cooleygo.com/should-yourequire-a-signed-nda-from-a-potential-investor/	https://www.cooleygo.com/should-yourequire-a-signed-nda-from-a-potential-investor/	X
cblr-5117	1229	35	[	[	X
cblr-5117	1229	36	https://perma.cc/6jz22e43	https://perma.cc/6jz22e43	NOUN
cblr-5117	1229	37	]	]	PUNCT
cblr-5117	1229	38	;	;	PUNCT
cblr-5117	1229	39	see	see	VERB
cblr-5117	1229	40	also	also	ADV
cblr-5117	1229	41	padraig	padraig	PROPN
cblr-5117	1229	42	walsh	walsh	PROPN
cblr-5117	1229	43	,	,	PUNCT
cblr-5117	1229	44	when	when	SCONJ
cblr-5117	1229	45	you	you	PRON
cblr-5117	1229	46	should	should	AUX
cblr-5117	1229	47	(	(	PUNCT
cblr-5117	1229	48	but	but	CCONJ
cblr-5117	1229	49	mainly	mainly	ADV
cblr-5117	1229	50	should	should	AUX
cblr-5117	1229	51	n’t	not	PART
cblr-5117	1229	52	)	)	PUNCT
cblr-5117	1229	53	ask	ask	VERB
cblr-5117	1229	54	your	your	PRON
cblr-5117	1229	55	investors	investor	NOUN
cblr-5117	1229	56	to	to	PART
cblr-5117	1229	57	sign	sign	VERB
cblr-5117	1229	58	an	an	DET
cblr-5117	1229	59	nda	nda	NOUN
cblr-5117	1229	60	,	,	PUNCT
cblr-5117	1229	61	forbes	forbes	PROPN
cblr-5117	1229	62	(	(	PUNCT
cblr-5117	1229	63	mar	mar	PROPN
cblr-5117	1229	64	.	.	PROPN
cblr-5117	1229	65	20	20	NUM
cblr-5117	1229	66	,	,	PUNCT
cblr-5117	1229	67	2017	2017	NUM
cblr-5117	1229	68	)	)	PUNCT
cblr-5117	1229	69	,	,	PUNCT
cblr-5117	1229	70	https://www.forbes.com/sites/walshpadraig/2017/03/20/when-you-shouldbut-mainly-shouldnt-ask-your-investors-to-sign-an-nda/#7feff9fa537d	https://www.forbes.com/sites/walshpadraig/2017/03/20/when-you-shouldbut-mainly-shouldnt-ask-your-investors-to-sign-an-nda/#7feff9fa537d	X
cblr-5117	1229	71	[	[	X
cblr-5117	1229	72	https://perma.cc/9xkm-gaff	https://perma.cc/9xkm-gaff	X
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cblr-5117	1229	74	.	.	PUNCT
cblr-5117	1230	1	299	299	NUM
cblr-5117	1230	2	see	see	VERB
cblr-5117	1230	3	26	26	NUM
cblr-5117	1230	4	u.s.c	u.s.c	ADJ
cblr-5117	1230	5	.	.	PUNCT
cblr-5117	1231	1	§	§	PROPN
cblr-5117	1231	2	409a	409a	PROPN
cblr-5117	1231	3	(	(	PUNCT
cblr-5117	1231	4	2012	2012	NUM
cblr-5117	1231	5	)	)	PUNCT
cblr-5117	1231	6	.	.	PUNCT
cblr-5117	1232	1	300	300	NUM
cblr-5117	1232	2	see	see	VERB
cblr-5117	1232	3	altman	altman	PROPN
cblr-5117	1232	4	,	,	PUNCT
cblr-5117	1232	5	supra	supra	PROPN
cblr-5117	1232	6	note	note	PROPN
cblr-5117	1232	7	267	267	NUM
cblr-5117	1232	8	,	,	PUNCT
cblr-5117	1232	9	at	at	ADP
cblr-5117	1232	10	§	§	PROPN
cblr-5117	1232	11	133.04(7	133.04(7	NUM
cblr-5117	1232	12	)	)	PUNCT
cblr-5117	1232	13	(	(	PUNCT
cblr-5117	1232	14	explaining	explain	VERB
cblr-5117	1232	15	that	that	SCONJ
cblr-5117	1232	16	an	an	DET
cblr-5117	1232	17	update	update	NOUN
cblr-5117	1232	18	to	to	ADP
cblr-5117	1232	19	a	a	DET
cblr-5117	1232	20	409a	409a	PROPN
cblr-5117	1232	21	valuation	valuation	NOUN
cblr-5117	1232	22	is	be	AUX
cblr-5117	1232	23	required	require	VERB
cblr-5117	1232	24	when	when	SCONJ
cblr-5117	1232	25	“	"	PUNCT
cblr-5117	1232	26	the	the	DET
cblr-5117	1232	27	[	[	X
cblr-5117	1232	28	previous	previous	ADJ
cblr-5117	1232	29	]	]	PUNCT
cblr-5117	1232	30	calculation	calculation	NOUN
cblr-5117	1232	31	fails	fail	VERB
cblr-5117	1232	32	to	to	PART
cblr-5117	1232	33	reflect	reflect	VERB
cblr-5117	1232	34	information	information	NOUN
cblr-5117	1232	35	available	available	ADJ
cblr-5117	1232	36	after	after	ADP
cblr-5117	1232	37	the	the	DET
cblr-5117	1232	38	date	date	NOUN
cblr-5117	1232	39	of	of	ADP
cblr-5117	1232	40	the	the	DET
cblr-5117	1232	41	calculation	calculation	NOUN
cblr-5117	1232	42	that	that	PRON
cblr-5117	1232	43	may	may	AUX
cblr-5117	1232	44	materially	materially	ADV
cblr-5117	1232	45	affect	affect	VERB
cblr-5117	1232	46	the	the	DET
cblr-5117	1232	47	value	value	NOUN
cblr-5117	1232	48	of	of	ADP
cblr-5117	1232	49	the	the	DET
cblr-5117	1232	50	corporation	corporation	NOUN
cblr-5117	1232	51	.	.	PUNCT
cblr-5117	1232	52	.	.	PUNCT
cblr-5117	1232	53	.	.	PUNCT
cblr-5117	1232	54	.	.	PUNCT
cblr-5117	1233	1	furthermore	furthermore	ADV
cblr-5117	1233	2	,	,	PUNCT
cblr-5117	1233	3	the	the	DET
cblr-5117	1233	4	value	value	NOUN
cblr-5117	1233	5	can	can	AUX
cblr-5117	1233	6	not	not	PART
cblr-5117	1233	7	have	have	AUX
cblr-5117	1233	8	been	be	AUX
cblr-5117	1233	9	calculated	calculate	VERB
cblr-5117	1233	10	for	for	ADP
cblr-5117	1233	11	a	a	DET
cblr-5117	1233	12	date	date	NOUN
cblr-5117	1233	13	that	that	PRON
cblr-5117	1233	14	is	be	AUX
cblr-5117	1233	15	more	more	ADJ
cblr-5117	1233	16	than	than	ADP
cblr-5117	1233	17	12	12	NUM
cblr-5117	1233	18	months	month	NOUN
cblr-5117	1233	19	earlier	early	ADV
cblr-5117	1233	20	than	than	ADP
cblr-5117	1233	21	the	the	DET
cblr-5117	1233	22	date	date	NOUN
cblr-5117	1233	23	for	for	ADP
cblr-5117	1233	24	which	which	PRON
cblr-5117	1233	25	the	the	DET
cblr-5117	1233	26	valuation	valuation	NOUN
cblr-5117	1233	27	is	be	AUX
cblr-5117	1233	28	being	be	AUX
cblr-5117	1233	29	used	use	VERB
cblr-5117	1233	30	.	.	PUNCT
cblr-5117	1233	31	”	"	PUNCT
cblr-5117	1233	32	)	)	PUNCT
cblr-5117	1233	33	.	.	PUNCT
cblr-5117	1234	1	https://perma.cc/6jz2-2e43	https://perma.cc/6jz2-2e43	PROPN
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cblr-5117	1234	5	https://perma.cc/9xkm-gaff	https://perma.cc/9xkm-gaff	X
cblr-5117	1235	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1235	2	(	(	PUNCT
cblr-5117	1235	3	do	do	AUX
cblr-5117	1235	4	not	not	PART
cblr-5117	1235	5	delte	delte	VERB
cblr-5117	1235	6	)	)	PUNCT
cblr-5117	1235	7	1/8/2020	1/8/2020	NUM
cblr-5117	1235	8	4:44	4:44	NUM
cblr-5117	1235	9	pm	pm	NOUN
cblr-5117	1235	10	958	958	NUM
cblr-5117	1235	11	columbia	columbia	PROPN
cblr-5117	1235	12	business	business	NOUN
cblr-5117	1235	13	law	law	PROPN
cblr-5117	1235	14	review	review	NOUN
cblr-5117	1235	15	[	[	X
cblr-5117	1235	16	vol	vol	NOUN
cblr-5117	1235	17	.	.	PUNCT
cblr-5117	1236	1	2019	2019	NUM
cblr-5117	1236	2	3	3	NUM
cblr-5117	1236	3	.	.	PUNCT
cblr-5117	1236	4	enhanced	enhance	VERB
cblr-5117	1236	5	disclosure	disclosure	NOUN
cblr-5117	1236	6	threshold	threshold	NOUN
cblr-5117	1236	7	under	under	ADP
cblr-5117	1236	8	the	the	DET
cblr-5117	1236	9	current	current	ADJ
cblr-5117	1236	10	disclosure	disclosure	NOUN
cblr-5117	1236	11	regime	regime	NOUN
cblr-5117	1236	12	,	,	PUNCT
cblr-5117	1236	13	issuers	issuer	NOUN
cblr-5117	1236	14	become	become	VERB
cblr-5117	1236	15	subject	subject	ADJ
cblr-5117	1236	16	to	to	ADP
cblr-5117	1236	17	the	the	DET
cblr-5117	1236	18	enhanced	enhanced	ADJ
cblr-5117	1236	19	disclosure	disclosure	NOUN
cblr-5117	1236	20	requirement	requirement	NOUN
cblr-5117	1236	21	only	only	ADV
cblr-5117	1236	22	when	when	SCONJ
cblr-5117	1236	23	they	they	PRON
cblr-5117	1236	24	issue	issue	VERB
cblr-5117	1236	25	more	more	ADJ
cblr-5117	1236	26	than	than	ADP
cblr-5117	1236	27	$	$	SYM
cblr-5117	1236	28	10	10	NUM
cblr-5117	1236	29	million	million	NUM
cblr-5117	1236	30	worth	worth	NOUN
cblr-5117	1236	31	of	of	ADP
cblr-5117	1236	32	securities	security	NOUN
cblr-5117	1236	33	during	during	ADP
cblr-5117	1236	34	a	a	DET
cblr-5117	1236	35	twelve	twelve	NUM
cblr-5117	1236	36	-	-	PUNCT
cblr-5117	1236	37	month	month	NOUN
cblr-5117	1236	38	period.301	period.301	NOUN
cblr-5117	1236	39	the	the	DET
cblr-5117	1236	40	$	$	SYM
cblr-5117	1236	41	10	10	NUM
cblr-5117	1236	42	million	million	NUM
cblr-5117	1236	43	threshold	threshold	NOUN
cblr-5117	1236	44	effectively	effectively	ADV
cblr-5117	1236	45	limits	limit	VERB
cblr-5117	1236	46	the	the	DET
cblr-5117	1236	47	enhanced	enhanced	ADJ
cblr-5117	1236	48	disclosure	disclosure	NOUN
cblr-5117	1236	49	obligation	obligation	NOUN
cblr-5117	1236	50	to	to	PART
cblr-5117	1236	51	very	very	ADV
cblr-5117	1236	52	large	large	ADJ
cblr-5117	1236	53	,	,	PUNCT
cblr-5117	1236	54	preipo	preipo	NOUN
cblr-5117	1236	55	issuers,302	issuers,302	PROPN
cblr-5117	1236	56	which	which	PRON
cblr-5117	1236	57	means	mean	VERB
cblr-5117	1236	58	that	that	SCONJ
cblr-5117	1236	59	disclosure	disclosure	NOUN
cblr-5117	1236	60	is	be	AUX
cblr-5117	1236	61	the	the	DET
cblr-5117	1236	62	exception	exception	NOUN
cblr-5117	1236	63	rather	rather	ADV
cblr-5117	1236	64	than	than	ADP
cblr-5117	1236	65	the	the	DET
cblr-5117	1236	66	rule	rule	NOUN
cblr-5117	1236	67	for	for	ADP
cblr-5117	1236	68	start	start	NOUN
cblr-5117	1236	69	-	-	PUNCT
cblr-5117	1236	70	ups.303	ups.303	VERB
cblr-5117	1236	71	the	the	DET
cblr-5117	1236	72	maximalist	maximalist	ADJ
cblr-5117	1236	73	approach	approach	NOUN
cblr-5117	1236	74	offered	offer	VERB
cblr-5117	1236	75	by	by	ADP
cblr-5117	1236	76	alon	alon	PROPN
cblr-5117	1236	77	-	-	PUNCT
cblr-5117	1236	78	beck	beck	NOUN
cblr-5117	1236	79	calls	call	VERB
cblr-5117	1236	80	to	to	PART
cblr-5117	1236	81	subject	subject	VERB
cblr-5117	1236	82	all	all	DET
cblr-5117	1236	83	unicorn	unicorn	ADJ
cblr-5117	1236	84	companies	company	NOUN
cblr-5117	1236	85	to	to	PART
cblr-5117	1236	86	enhanced	enhanced	ADJ
cblr-5117	1236	87	disclosure	disclosure	NOUN
cblr-5117	1236	88	requirements.304	requirements.304	PROPN
cblr-5117	1236	89	however	however	ADV
cblr-5117	1236	90	,	,	PUNCT
cblr-5117	1236	91	as	as	SCONJ
cblr-5117	1236	92	discussed	discuss	VERB
cblr-5117	1236	93	in	in	ADP
cblr-5117	1236	94	section	section	NOUN
cblr-5117	1236	95	iii.c.3	iii.c.3	NOUN
cblr-5117	1236	96	above	above	ADV
cblr-5117	1236	97	,	,	PUNCT
cblr-5117	1236	98	private	private	ADJ
cblr-5117	1236	99	market	market	NOUN
cblr-5117	1236	100	valuations	valuation	NOUN
cblr-5117	1236	101	are	be	AUX
cblr-5117	1236	102	somewhat	somewhat	ADV
cblr-5117	1236	103	arbitrary	arbitrary	ADJ
cblr-5117	1236	104	and	and	CCONJ
cblr-5117	1236	105	are	be	AUX
cblr-5117	1236	106	responsive	responsive	ADJ
cblr-5117	1236	107	to	to	ADP
cblr-5117	1236	108	the	the	DET
cblr-5117	1236	109	risk	risk	NOUN
cblr-5117	1236	110	allocation	allocation	NOUN
cblr-5117	1236	111	between	between	ADP
cblr-5117	1236	112	preferred	preferred	ADJ
cblr-5117	1236	113	stockholders	stockholder	NOUN
cblr-5117	1236	114	and	and	CCONJ
cblr-5117	1236	115	common	common	ADJ
cblr-5117	1236	116	stockholders.305	stockholders.305	PROPN
cblr-5117	1236	117	therefore	therefore	ADV
cblr-5117	1236	118	,	,	PUNCT
cblr-5117	1236	119	instead	instead	ADV
cblr-5117	1236	120	of	of	ADP
cblr-5117	1236	121	focusing	focus	VERB
cblr-5117	1236	122	on	on	ADP
cblr-5117	1236	123	the	the	DET
cblr-5117	1236	124	valuation	valuation	NOUN
cblr-5117	1236	125	,	,	PUNCT
cblr-5117	1236	126	the	the	DET
cblr-5117	1236	127	intermediate	intermediate	ADJ
cblr-5117	1236	128	approach	approach	NOUN
cblr-5117	1236	129	calls	call	VERB
cblr-5117	1236	130	to	to	PART
cblr-5117	1236	131	adopt	adopt	VERB
cblr-5117	1236	132	a	a	DET
cblr-5117	1236	133	two	two	NUM
cblr-5117	1236	134	-	-	PUNCT
cblr-5117	1236	135	pronged	pronged	ADJ
cblr-5117	1236	136	test	test	NOUN
cblr-5117	1236	137	to	to	PART
cblr-5117	1236	138	trigger	trigger	VERB
cblr-5117	1236	139	the	the	DET
cblr-5117	1236	140	enhanced	enhanced	ADJ
cblr-5117	1236	141	disclosure	disclosure	NOUN
cblr-5117	1236	142	requirement	requirement	NOUN
cblr-5117	1236	143	where	where	SCONJ
cblr-5117	1236	144	:	:	PUNCT
cblr-5117	1236	145	(	(	PUNCT
cblr-5117	1236	146	1	1	X
cblr-5117	1236	147	)	)	PUNCT
cblr-5117	1236	148	the	the	DET
cblr-5117	1236	149	company	company	NOUN
cblr-5117	1236	150	has	have	AUX
cblr-5117	1236	151	issued	issue	VERB
cblr-5117	1236	152	equity	equity	NOUN
cblr-5117	1236	153	incentives	incentive	NOUN
cblr-5117	1236	154	in	in	ADP
cblr-5117	1236	155	rule	rule	NOUN
cblr-5117	1236	156	701	701	NUM
cblr-5117	1236	157	offerings	offering	NOUN
cblr-5117	1236	158	to	to	ADP
cblr-5117	1236	159	100	100	NUM
cblr-5117	1236	160	employees	employee	NOUN
cblr-5117	1236	161	or	or	CCONJ
cblr-5117	1236	162	more	more	ADJ
cblr-5117	1236	163	;	;	PUNCT
cblr-5117	1236	164	and	and	CCONJ
cblr-5117	1236	165	(	(	PUNCT
cblr-5117	1236	166	2	2	X
cblr-5117	1236	167	)	)	PUNCT
cblr-5117	1236	168	the	the	DET
cblr-5117	1236	169	aggregate	aggregate	ADJ
cblr-5117	1236	170	ownership	ownership	NOUN
cblr-5117	1236	171	percentage	percentage	NOUN
cblr-5117	1236	172	of	of	ADP
cblr-5117	1236	173	these	these	DET
cblr-5117	1236	174	employees	employee	NOUN
cblr-5117	1236	175	on	on	ADP
cblr-5117	1236	176	a	a	DET
cblr-5117	1236	177	fully	fully	ADV
cblr-5117	1236	178	diluted	dilute	VERB
cblr-5117	1236	179	basis	basis	NOUN
cblr-5117	1236	180	is	be	AUX
cblr-5117	1236	181	more	more	ADJ
cblr-5117	1236	182	than	than	ADP
cblr-5117	1236	183	10	10	NUM
cblr-5117	1236	184	%	%	NOUN
cblr-5117	1236	185	of	of	ADP
cblr-5117	1236	186	a	a	DET
cblr-5117	1236	187	class	class	NOUN
cblr-5117	1236	188	of	of	ADP
cblr-5117	1236	189	the	the	DET
cblr-5117	1236	190	company	company	NOUN
cblr-5117	1236	191	’s	’s	PART
cblr-5117	1236	192	equity	equity	NOUN
cblr-5117	1236	193	securities	security	NOUN
cblr-5117	1236	194	.	.	PUNCT
cblr-5117	1237	1	the	the	DET
cblr-5117	1237	2	100	100	NUM
cblr-5117	1237	3	-	-	PUNCT
cblr-5117	1237	4	employee	employee	NOUN
cblr-5117	1237	5	threshold	threshold	NOUN
cblr-5117	1237	6	is	be	AUX
cblr-5117	1237	7	pragmatic	pragmatic	ADJ
cblr-5117	1237	8	and	and	CCONJ
cblr-5117	1237	9	reasonable	reasonable	ADJ
cblr-5117	1237	10	because	because	SCONJ
cblr-5117	1237	11	employers	employer	NOUN
cblr-5117	1237	12	of	of	ADP
cblr-5117	1237	13	that	that	DET
cblr-5117	1237	14	magnitude	magnitude	NOUN
cblr-5117	1237	15	are	be	AUX
cblr-5117	1237	16	already	already	ADV
cblr-5117	1237	17	expected	expect	VERB
cblr-5117	1237	18	to	to	PART
cblr-5117	1237	19	have	have	VERB
cblr-5117	1237	20	human	human	ADJ
cblr-5117	1237	21	resources	resource	NOUN
cblr-5117	1237	22	and	and	CCONJ
cblr-5117	1237	23	legal	legal	ADJ
cblr-5117	1237	24	departments	department	NOUN
cblr-5117	1237	25	in	in	ADP
cblr-5117	1237	26	place	place	NOUN
cblr-5117	1237	27	.	.	PUNCT
cblr-5117	1238	1	in	in	ADP
cblr-5117	1238	2	addition	addition	NOUN
cblr-5117	1238	3	,	,	PUNCT
cblr-5117	1238	4	in	in	ADP
cblr-5117	1238	5	such	such	ADJ
cblr-5117	1238	6	large	large	ADJ
cblr-5117	1238	7	organizations	organization	NOUN
cblr-5117	1238	8	employees	employee	NOUN
cblr-5117	1238	9	’	’	PART
cblr-5117	1238	10	ability	ability	NOUN
cblr-5117	1238	11	to	to	PART
cblr-5117	1238	12	access	access	VERB
cblr-5117	1238	13	financial	financial	ADJ
cblr-5117	1238	14	information	information	NOUN
cblr-5117	1238	15	and	and	CCONJ
cblr-5117	1238	16	monitor	monitor	VERB
cblr-5117	1238	17	managerial	managerial	ADJ
cblr-5117	1238	18	decisions	decision	NOUN
cblr-5117	1238	19	declines	decline	VERB
cblr-5117	1238	20	,	,	PUNCT
cblr-5117	1238	21	therefore	therefore	ADV
cblr-5117	1238	22	the	the	DET
cblr-5117	1238	23	need	need	NOUN
cblr-5117	1238	24	for	for	ADP
cblr-5117	1238	25	disclosure	disclosure	NOUN
cblr-5117	1238	26	301	301	NUM
cblr-5117	1238	27	see	see	NOUN
cblr-5117	1238	28	supra	supra	PROPN
cblr-5117	1238	29	section	section	NOUN
cblr-5117	1238	30	ii.c	ii.c	VERB
cblr-5117	1238	31	.	.	PUNCT
cblr-5117	1239	1	302	302	NUM
cblr-5117	1239	2	see	see	NOUN
cblr-5117	1239	3	interviews	interview	NOUN
cblr-5117	1239	4	,	,	PUNCT
cblr-5117	1239	5	supra	supra	PROPN
cblr-5117	1239	6	note	note	PROPN
cblr-5117	1239	7	29	29	NUM
cblr-5117	1239	8	(	(	PUNCT
cblr-5117	1239	9	quoting	quote	VERB
cblr-5117	1239	10	l04	l04	NOUN
cblr-5117	1239	11	:	:	PUNCT
cblr-5117	1239	12	“	"	PUNCT
cblr-5117	1239	13	[	[	X
cblr-5117	1239	14	m]ost	m]ost	NOUN
cblr-5117	1239	15	companies	company	NOUN
cblr-5117	1239	16	that	that	PRON
cblr-5117	1239	17	are	be	AUX
cblr-5117	1239	18	bumping	bump	VERB
cblr-5117	1239	19	into	into	ADP
cblr-5117	1239	20	this	this	DET
cblr-5117	1239	21	$	$	SYM
cblr-5117	1239	22	5	5	NUM
cblr-5117	1239	23	million	million	NUM
cblr-5117	1239	24	limit	limit	NOUN
cblr-5117	1239	25	are	be	AUX
cblr-5117	1239	26	bigger	big	ADJ
cblr-5117	1239	27	companies	company	NOUN
cblr-5117	1239	28	.	.	PUNCT
cblr-5117	1240	1	in	in	ADP
cblr-5117	1240	2	fact	fact	NOUN
cblr-5117	1240	3	,	,	PUNCT
cblr-5117	1240	4	they	they	PRON
cblr-5117	1240	5	’re	’re	VERB
cblr-5117	1240	6	usually	usually	ADV
cblr-5117	1240	7	on	on	ADP
cblr-5117	1240	8	the	the	DET
cblr-5117	1240	9	verge	verge	NOUN
cblr-5117	1240	10	of	of	ADP
cblr-5117	1240	11	a	a	DET
cblr-5117	1240	12	liquidity	liquidity	NOUN
cblr-5117	1240	13	event	event	NOUN
cblr-5117	1240	14	.	.	PUNCT
cblr-5117	1240	15	”	"	PUNCT
cblr-5117	1240	16	)	)	PUNCT
cblr-5117	1240	17	.	.	PUNCT
cblr-5117	1241	1	303	303	NUM
cblr-5117	1241	2	see	see	VERB
cblr-5117	1241	3	alon	alon	PROPN
cblr-5117	1241	4	-	-	PUNCT
cblr-5117	1241	5	beck	beck	PROPN
cblr-5117	1241	6	,	,	PUNCT
cblr-5117	1241	7	supra	supra	PROPN
cblr-5117	1241	8	note	note	PROPN
cblr-5117	1241	9	145	145	NUM
cblr-5117	1241	10	,	,	PUNCT
cblr-5117	1241	11	at	at	ADP
cblr-5117	1241	12	182	182	NUM
cblr-5117	1241	13	(	(	PUNCT
cblr-5117	1241	14	noting	note	VERB
cblr-5117	1241	15	that	that	SCONJ
cblr-5117	1241	16	“	"	PUNCT
cblr-5117	1241	17	[	[	X
cblr-5117	1241	18	t]he	t]he	ADJ
cblr-5117	1241	19	economic	economic	ADJ
cblr-5117	1241	20	growth	growth	NOUN
cblr-5117	1241	21	act	act	NOUN
cblr-5117	1241	22	.	.	PUNCT
cblr-5117	1241	23	.	.	PUNCT
cblr-5117	1241	24	.	.	PUNCT
cblr-5117	1242	1	leaves	leave	VERB
cblr-5117	1242	2	employees	employee	NOUN
cblr-5117	1242	3	holding	hold	VERB
cblr-5117	1242	4	potentially	potentially	ADV
cblr-5117	1242	5	tens	ten	NOUN
cblr-5117	1242	6	of	of	ADP
cblr-5117	1242	7	millions	million	NOUN
cblr-5117	1242	8	of	of	ADP
cblr-5117	1242	9	dollars	dollar	NOUN
cblr-5117	1242	10	of	of	ADP
cblr-5117	1242	11	illiquid	illiquid	ADJ
cblr-5117	1242	12	stock	stock	NOUN
cblr-5117	1242	13	at	at	ADP
cblr-5117	1242	14	the	the	DET
cblr-5117	1242	15	mercy	mercy	NOUN
cblr-5117	1242	16	of	of	ADP
cblr-5117	1242	17	the	the	DET
cblr-5117	1242	18	majority	majority	NOUN
cblr-5117	1242	19	,	,	PUNCT
cblr-5117	1242	20	without	without	ADP
cblr-5117	1242	21	access	access	NOUN
cblr-5117	1242	22	to	to	ADP
cblr-5117	1242	23	detailed	detailed	ADJ
cblr-5117	1242	24	financial	financial	ADJ
cblr-5117	1242	25	statements	statement	NOUN
cblr-5117	1242	26	and	and	CCONJ
cblr-5117	1242	27	adequate	adequate	ADJ
cblr-5117	1242	28	disclosures	disclosure	NOUN
cblr-5117	1242	29	of	of	ADP
cblr-5117	1242	30	risks	risk	NOUN
cblr-5117	1242	31	and	and	CCONJ
cblr-5117	1242	32	prospects	prospect	NOUN
cblr-5117	1242	33	to	to	PART
cblr-5117	1242	34	help	help	VERB
cblr-5117	1242	35	guide	guide	VERB
cblr-5117	1242	36	their	their	PRON
cblr-5117	1242	37	investment	investment	NOUN
cblr-5117	1242	38	decisions	decision	NOUN
cblr-5117	1242	39	”	"	PUNCT
cblr-5117	1242	40	)	)	PUNCT
cblr-5117	1242	41	.	.	PUNCT
cblr-5117	1243	1	304	304	NUM
cblr-5117	1243	2	see	see	VERB
cblr-5117	1243	3	supra	supra	PROPN
cblr-5117	1243	4	section	section	PROPN
cblr-5117	1243	5	vi.a.1	vi.a.1	PROPN
cblr-5117	1243	6	.	.	PUNCT
cblr-5117	1244	1	305	305	NUM
cblr-5117	1244	2	see	see	VERB
cblr-5117	1244	3	supra	supra	PROPN
cblr-5117	1244	4	section	section	PROPN
cblr-5117	1244	5	iii.c.3	iii.c.3	PROPN
cblr-5117	1244	6	.	.	PUNCT
cblr-5117	1245	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1245	2	(	(	PUNCT
cblr-5117	1245	3	do	do	AUX
cblr-5117	1245	4	not	not	PART
cblr-5117	1245	5	delete	delete	VERB
cblr-5117	1245	6	)	)	PUNCT
cblr-5117	1245	7	1/8/2020	1/8/2020	NUM
cblr-5117	1245	8	4:44	4:44	NUM
cblr-5117	1245	9	pm	pm	NOUN
cblr-5117	1245	10	no	no	INTJ
cblr-5117	1245	11	.	.	PUNCT
cblr-5117	1246	1	3:867	3:867	NUM
cblr-5117	1246	2	]	]	PUNCT
cblr-5117	1246	3	making	make	VERB
cblr-5117	1246	4	disclosure	disclosure	NOUN
cblr-5117	1246	5	work	work	NOUN
cblr-5117	1246	6	959	959	NUM
cblr-5117	1246	7	increases.306	increases.306	ADV
cblr-5117	1246	8	some	some	DET
cblr-5117	1246	9	commentators	commentator	NOUN
cblr-5117	1246	10	view	view	VERB
cblr-5117	1246	11	the	the	DET
cblr-5117	1246	12	100	100	NUM
cblr-5117	1246	13	-	-	PUNCT
cblr-5117	1246	14	employee	employee	NOUN
cblr-5117	1246	15	threshold	threshold	NOUN
cblr-5117	1246	16	as	as	ADP
cblr-5117	1246	17	a	a	DET
cblr-5117	1246	18	stage	stage	NOUN
cblr-5117	1246	19	at	at	ADP
cblr-5117	1246	20	which	which	PRON
cblr-5117	1246	21	the	the	DET
cblr-5117	1246	22	company	company	NOUN
cblr-5117	1246	23	ceases	cease	VERB
cblr-5117	1246	24	to	to	PART
cblr-5117	1246	25	be	be	AUX
cblr-5117	1246	26	a	a	DET
cblr-5117	1246	27	startup.307	startup.307	NOUN
cblr-5117	1246	28	more	more	ADV
cblr-5117	1246	29	importantly	importantly	ADV
cblr-5117	1246	30	,	,	PUNCT
cblr-5117	1246	31	start	start	NOUN
cblr-5117	1246	32	-	-	PUNCT
cblr-5117	1246	33	ups	up	NOUN
cblr-5117	1246	34	that	that	PRON
cblr-5117	1246	35	issue	issue	VERB
cblr-5117	1246	36	equity	equity	NOUN
cblr-5117	1246	37	incentives	incentive	NOUN
cblr-5117	1246	38	to	to	ADP
cblr-5117	1246	39	more	more	ADJ
cblr-5117	1246	40	than	than	ADP
cblr-5117	1246	41	100	100	NUM
cblr-5117	1246	42	employees	employee	NOUN
cblr-5117	1246	43	would	would	AUX
cblr-5117	1246	44	find	find	VERB
cblr-5117	1246	45	it	it	PRON
cblr-5117	1246	46	difficult	difficult	ADJ
cblr-5117	1246	47	not	not	PART
cblr-5117	1246	48	to	to	PART
cblr-5117	1246	49	use	use	VERB
cblr-5117	1246	50	capitalization	capitalization	NOUN
cblr-5117	1246	51	table	table	NOUN
cblr-5117	1246	52	management	management	NOUN
cblr-5117	1246	53	software	software	NOUN
cblr-5117	1246	54	(	(	PUNCT
cblr-5117	1246	55	which	which	PRON
cblr-5117	1246	56	is	be	AUX
cblr-5117	1246	57	often	often	ADV
cblr-5117	1246	58	requested	request	VERB
cblr-5117	1246	59	by	by	ADP
cblr-5117	1246	60	investors	investor	NOUN
cblr-5117	1246	61	as	as	ADP
cblr-5117	1246	62	part	part	NOUN
cblr-5117	1246	63	of	of	ADP
cblr-5117	1246	64	a	a	DET
cblr-5117	1246	65	due	due	ADJ
cblr-5117	1246	66	diligence	diligence	NOUN
cblr-5117	1246	67	process)308	process)308	NUM
cblr-5117	1246	68	and	and	CCONJ
cblr-5117	1246	69	to	to	PART
cblr-5117	1246	70	avoid	avoid	VERB
cblr-5117	1246	71	hiring	hire	VERB
cblr-5117	1246	72	an	an	DET
cblr-5117	1246	73	external	external	ADJ
cblr-5117	1246	74	valuation	valuation	NOUN
cblr-5117	1246	75	firm	firm	NOUN
cblr-5117	1246	76	to	to	PART
cblr-5117	1246	77	provide	provide	VERB
cblr-5117	1246	78	their	their	PRON
cblr-5117	1246	79	409a	409a	PROPN
cblr-5117	1246	80	valuation	valuation	NOUN
cblr-5117	1246	81	.	.	PUNCT
cblr-5117	1247	1	therefore	therefore	ADV
cblr-5117	1247	2	,	,	PUNCT
cblr-5117	1247	3	the	the	DET
cblr-5117	1247	4	disclosure	disclosure	NOUN
cblr-5117	1247	5	requirement	requirement	NOUN
cblr-5117	1247	6	would	would	AUX
cblr-5117	1247	7	not	not	PART
cblr-5117	1247	8	impose	impose	VERB
cblr-5117	1247	9	a	a	DET
cblr-5117	1247	10	significant	significant	ADJ
cblr-5117	1247	11	cost	cost	NOUN
cblr-5117	1247	12	on	on	ADP
cblr-5117	1247	13	start	start	NOUN
cblr-5117	1247	14	-	-	PUNCT
cblr-5117	1247	15	ups	up	NOUN
cblr-5117	1247	16	by	by	ADP
cblr-5117	1247	17	forcing	force	VERB
cblr-5117	1247	18	them	they	PRON
cblr-5117	1247	19	to	to	PART
cblr-5117	1247	20	pay	pay	VERB
cblr-5117	1247	21	for	for	ADP
cblr-5117	1247	22	additional	additional	ADJ
cblr-5117	1247	23	services	service	NOUN
cblr-5117	1247	24	.	.	PUNCT
cblr-5117	1248	1	the	the	DET
cblr-5117	1248	2	100	100	NUM
cblr-5117	1248	3	-	-	PUNCT
cblr-5117	1248	4	employee	employee	NOUN
cblr-5117	1248	5	threshold	threshold	NOUN
cblr-5117	1248	6	is	be	AUX
cblr-5117	1248	7	also	also	ADV
cblr-5117	1248	8	consonant	consonant	ADJ
cblr-5117	1248	9	with	with	ADP
cblr-5117	1248	10	the	the	DET
cblr-5117	1248	11	general	general	ADJ
cblr-5117	1248	12	notion	notion	NOUN
cblr-5117	1248	13	of	of	ADP
cblr-5117	1248	14	employment	employment	NOUN
cblr-5117	1248	15	law	law	NOUN
cblr-5117	1248	16	,	,	PUNCT
cblr-5117	1248	17	whereby	whereby	SCONJ
cblr-5117	1248	18	employers	employer	NOUN
cblr-5117	1248	19	of	of	ADP
cblr-5117	1248	20	100	100	NUM
cblr-5117	1248	21	employees	employee	NOUN
cblr-5117	1248	22	are	be	AUX
cblr-5117	1248	23	considered	consider	VERB
cblr-5117	1248	24	large	large	ADJ
cblr-5117	1248	25	enough	enough	ADV
cblr-5117	1248	26	to	to	PART
cblr-5117	1248	27	conform	conform	VERB
cblr-5117	1248	28	with	with	ADP
cblr-5117	1248	29	certain	certain	ADJ
cblr-5117	1248	30	regulatory	regulatory	ADJ
cblr-5117	1248	31	requirements	requirement	NOUN
cblr-5117	1248	32	.	.	PUNCT
cblr-5117	1249	1	moreover	moreover	ADV
cblr-5117	1249	2	,	,	PUNCT
cblr-5117	1249	3	companies	company	NOUN
cblr-5117	1249	4	with	with	ADP
cblr-5117	1249	5	over	over	ADP
cblr-5117	1249	6	100	100	NUM
cblr-5117	1249	7	employees	employee	NOUN
cblr-5117	1249	8	have	have	AUX
cblr-5117	1249	9	generally	generally	ADV
cblr-5117	1249	10	advanced	advance	VERB
cblr-5117	1249	11	their	their	PRON
cblr-5117	1249	12	business	business	NOUN
cblr-5117	1249	13	beyond	beyond	ADP
cblr-5117	1249	14	the	the	DET
cblr-5117	1249	15	seed	seed	NOUN
cblr-5117	1249	16	and	and	CCONJ
cblr-5117	1249	17	series	series	NOUN
cblr-5117	1249	18	a	a	DET
cblr-5117	1249	19	financing	financing	NOUN
cblr-5117	1249	20	round	round	NOUN
cblr-5117	1249	21	stages.309	stages.309	NOUN
cblr-5117	1249	22	as	as	ADP
cblr-5117	1249	23	the	the	DET
cblr-5117	1249	24	start	start	VERB
cblr-5117	1249	25	-	-	PUNCT
cblr-5117	1249	26	up	up	ADP
cblr-5117	1249	27	transitions	transition	NOUN
cblr-5117	1249	28	from	from	ADP
cblr-5117	1249	29	its	its	PRON
cblr-5117	1249	30	early	early	ADJ
cblr-5117	1249	31	-	-	PUNCT
cblr-5117	1249	32	stage	stage	NOUN
cblr-5117	1249	33	to	to	ADP
cblr-5117	1249	34	a	a	DET
cblr-5117	1249	35	phase	phase	NOUN
cblr-5117	1249	36	of	of	ADP
cblr-5117	1249	37	rapid	rapid	ADJ
cblr-5117	1249	38	growth	growth	NOUN
cblr-5117	1249	39	and	and	CCONJ
cblr-5117	1249	40	scaling	scaling	NOUN
cblr-5117	1249	41	,	,	PUNCT
cblr-5117	1249	42	it	it	PRON
cblr-5117	1249	43	will	will	AUX
cblr-5117	1249	44	typically	typically	ADV
cblr-5117	1249	45	turn	turn	VERB
cblr-5117	1249	46	to	to	PART
cblr-5117	1249	47	raise	raise	VERB
cblr-5117	1249	48	additional	additional	ADJ
cblr-5117	1249	49	rounds	round	NOUN
cblr-5117	1249	50	of	of	ADP
cblr-5117	1249	51	funding	funding	NOUN
cblr-5117	1249	52	,	,	PUNCT
cblr-5117	1249	53	which	which	PRON
cblr-5117	1249	54	will	will	AUX
cblr-5117	1249	55	likely	likely	ADV
cblr-5117	1249	56	increase	increase	VERB
cblr-5117	1249	57	the	the	DET
cblr-5117	1249	58	complexity	complexity	NOUN
cblr-5117	1249	59	of	of	ADP
cblr-5117	1249	60	its	its	PRON
cblr-5117	1249	61	capital	capital	NOUN
cblr-5117	1249	62	structure	structure	NOUN
cblr-5117	1249	63	and	and	CCONJ
cblr-5117	1249	64	the	the	DET
cblr-5117	1249	65	306	306	NUM
cblr-5117	1249	66	see	see	NOUN
cblr-5117	1249	67	cable	cable	NOUN
cblr-5117	1249	68	,	,	PUNCT
cblr-5117	1249	69	supra	supra	PROPN
cblr-5117	1249	70	note	note	NOUN
cblr-5117	1249	71	5	5	NUM
cblr-5117	1249	72	,	,	PUNCT
cblr-5117	1249	73	at	at	ADP
cblr-5117	1249	74	631	631	NUM
cblr-5117	1249	75	(	(	PUNCT
cblr-5117	1249	76	expressing	express	VERB
cblr-5117	1249	77	the	the	DET
cblr-5117	1249	78	view	view	NOUN
cblr-5117	1249	79	that	that	SCONJ
cblr-5117	1249	80	employees	employee	NOUN
cblr-5117	1249	81	of	of	ADP
cblr-5117	1249	82	early	early	ADJ
cblr-5117	1249	83	-	-	PUNCT
cblr-5117	1249	84	stage	stage	NOUN
cblr-5117	1249	85	startups	startup	NOUN
cblr-5117	1249	86	are	be	AUX
cblr-5117	1249	87	well	well	ADV
cblr-5117	1249	88	positioned	positioned	ADJ
cblr-5117	1249	89	to	to	PART
cblr-5117	1249	90	gain	gain	VERB
cblr-5117	1249	91	inside	inside	ADP
cblr-5117	1249	92	knowledge	knowledge	NOUN
cblr-5117	1249	93	and	and	CCONJ
cblr-5117	1249	94	monitor	monitor	VERB
cblr-5117	1249	95	management	management	NOUN
cblr-5117	1249	96	)	)	PUNCT
cblr-5117	1249	97	.	.	PUNCT
cblr-5117	1250	1	307	307	NUM
cblr-5117	1250	2	see	see	VERB
cblr-5117	1250	3	,	,	PUNCT
cblr-5117	1250	4	e.g.	e.g.	ADV
cblr-5117	1250	5	,	,	PUNCT
cblr-5117	1250	6	tom	tom	PROPN
cblr-5117	1250	7	ireland	ireland	PROPN
cblr-5117	1250	8	,	,	PUNCT
cblr-5117	1250	9	welcome	welcome	ADJ
cblr-5117	1250	10	to	to	ADP
cblr-5117	1250	11	the	the	DET
cblr-5117	1250	12	big	big	ADJ
cblr-5117	1250	13	leagues	league	NOUN
cblr-5117	1250	14	:	:	PUNCT
cblr-5117	1250	15	at	at	ADP
cblr-5117	1250	16	what	what	DET
cblr-5117	1250	17	point	point	NOUN
cblr-5117	1250	18	are	be	AUX
cblr-5117	1250	19	you	you	PRON
cblr-5117	1250	20	no	no	ADV
cblr-5117	1250	21	longer	long	ADV
cblr-5117	1250	22	a	a	DET
cblr-5117	1250	23	startup	startup	NOUN
cblr-5117	1250	24	?	?	PUNCT
cblr-5117	1251	1	business.com	business.com	X
cblr-5117	1251	2	(	(	PUNCT
cblr-5117	1251	3	dec	dec	PROPN
cblr-5117	1251	4	.	.	PROPN
cblr-5117	1251	5	14	14	NUM
cblr-5117	1251	6	,	,	PUNCT
cblr-5117	1251	7	2015	2015	NUM
cblr-5117	1251	8	)	)	PUNCT
cblr-5117	1251	9	,	,	PUNCT
cblr-5117	1251	10	https://www.business.com/articles/at-what-point-are-you-no-longer-astartup/	https://www.business.com/articles/at-what-point-are-you-no-longer-astartup/	PROPN
cblr-5117	1251	11	[	[	X
cblr-5117	1251	12	https://perma.cc/6rp2-vu5y	https://perma.cc/6rp2-vu5y	NOUN
cblr-5117	1251	13	]	]	X
cblr-5117	1251	14	.	.	PUNCT
cblr-5117	1252	1	308	308	NUM
cblr-5117	1252	2	see	see	VERB
cblr-5117	1252	3	e.g.	e.g.	ADV
cblr-5117	1252	4	,	,	PUNCT
cblr-5117	1252	5	sarath	sarath	PROPN
cblr-5117	1252	6	c	c	PROPN
cblr-5117	1252	7	p	p	PROPN
cblr-5117	1252	8	,	,	PUNCT
cblr-5117	1252	9	the	the	DET
cblr-5117	1252	10	benefits	benefit	NOUN
cblr-5117	1252	11	of	of	ADP
cblr-5117	1252	12	cap	cap	NOUN
cblr-5117	1252	13	table	table	NOUN
cblr-5117	1252	14	management	management	NOUN
cblr-5117	1252	15	software	software	NOUN
cblr-5117	1252	16	for	for	ADP
cblr-5117	1252	17	startups	startup	NOUN
cblr-5117	1252	18	,	,	PUNCT
cblr-5117	1252	19	hackernoon	hackernoon	PROPN
cblr-5117	1252	20	(	(	PUNCT
cblr-5117	1252	21	dec	dec	PROPN
cblr-5117	1252	22	.	.	PROPN
cblr-5117	1252	23	27	27	NUM
cblr-5117	1252	24	,	,	PUNCT
cblr-5117	1252	25	2018	2018	NUM
cblr-5117	1252	26	)	)	PUNCT
cblr-5117	1252	27	,	,	PUNCT
cblr-5117	1252	28	https://hackernoon.com/benefits-of-using-cap-table-management-softwarein-startups-7365ddd442d	https://hackernoon.com/benefits-of-using-cap-table-management-softwarein-startups-7365ddd442d	X
cblr-5117	1253	1	[	[	X
cblr-5117	1253	2	https://perma.cc/3fe3-3lhd	https://perma.cc/3fe3-3lhd	X
cblr-5117	1253	3	]	]	X
cblr-5117	1253	4	(	(	PUNCT
cblr-5117	1253	5	“	"	PUNCT
cblr-5117	1253	6	[	[	X
cblr-5117	1253	7	without	without	ADP
cblr-5117	1253	8	cap	cap	NOUN
cblr-5117	1253	9	table	table	NOUN
cblr-5117	1253	10	management	management	NOUN
cblr-5117	1253	11	software	software	NOUN
cblr-5117	1253	12	]	]	PUNCT
cblr-5117	1253	13	you	you	PRON
cblr-5117	1253	14	might	might	AUX
cblr-5117	1253	15	not	not	PART
cblr-5117	1253	16	be	be	AUX
cblr-5117	1253	17	able	able	ADJ
cblr-5117	1253	18	to	to	PART
cblr-5117	1253	19	raise	raise	VERB
cblr-5117	1253	20	money	money	NOUN
cblr-5117	1253	21	easily	easily	ADV
cblr-5117	1253	22	or	or	CCONJ
cblr-5117	1253	23	would	would	AUX
cblr-5117	1253	24	n’t	not	PART
cblr-5117	1253	25	be	be	AUX
cblr-5117	1253	26	able	able	ADJ
cblr-5117	1253	27	to	to	PART
cblr-5117	1253	28	raise	raise	VERB
cblr-5117	1253	29	money	money	NOUN
cblr-5117	1253	30	at	at	ADV
cblr-5117	1253	31	all	all	ADV
cblr-5117	1253	32	.	.	PUNCT
cblr-5117	1253	33	”	"	PUNCT
cblr-5117	1253	34	)	)	PUNCT
cblr-5117	1253	35	.	.	PUNCT
cblr-5117	1254	1	309	309	NUM
cblr-5117	1254	2	see	see	VERB
cblr-5117	1254	3	nathan	nathan	PROPN
cblr-5117	1254	4	reiff	reiff	PROPN
cblr-5117	1254	5	,	,	PUNCT
cblr-5117	1254	6	series	series	NOUN
cblr-5117	1254	7	a	a	PROPN
cblr-5117	1254	8	,	,	PUNCT
cblr-5117	1254	9	b	b	PROPN
cblr-5117	1254	10	,	,	PUNCT
cblr-5117	1254	11	c	c	PROPN
cblr-5117	1254	12	funding	funding	NOUN
cblr-5117	1254	13	:	:	PUNCT
cblr-5117	1254	14	how	how	SCONJ
cblr-5117	1254	15	it	it	PRON
cblr-5117	1254	16	works	work	VERB
cblr-5117	1254	17	,	,	PUNCT
cblr-5117	1254	18	investopedia	investopedia	PROPN
cblr-5117	1254	19	(	(	PUNCT
cblr-5117	1254	20	june	june	PROPN
cblr-5117	1254	21	25	25	NUM
cblr-5117	1254	22	,	,	PUNCT
cblr-5117	1254	23	2019	2019	NUM
cblr-5117	1254	24	)	)	PUNCT
cblr-5117	1254	25	,	,	PUNCT
cblr-5117	1254	26	https://www.investopedia.com/articles/personal-finance/102015/series-b-cfunding-what-it-all-means-and-how-it-works.asp	https://www.investopedia.com/articles/personal-finance/102015/series-b-cfunding-what-it-all-means-and-how-it-works.asp	NOUN
cblr-5117	1255	1	[	[	X
cblr-5117	1255	2	https://perma.cc/8a3tpm3w	https://perma.cc/8a3tpm3w	PROPN
cblr-5117	1255	3	]	]	PUNCT
cblr-5117	1255	4	;	;	PUNCT
cblr-5117	1255	5	see	see	VERB
cblr-5117	1255	6	also	also	ADV
cblr-5117	1255	7	brittany	brittany	PROPN
cblr-5117	1255	8	laughlin	laughlin	PROPN
cblr-5117	1255	9	,	,	PUNCT
cblr-5117	1255	10	maturity	maturity	NOUN
cblr-5117	1255	11	map	map	NOUN
cblr-5117	1255	12	—	—	PUNCT
cblr-5117	1255	13	scale	scale	NOUN
cblr-5117	1255	14	stage	stage	NOUN
cblr-5117	1255	15	:	:	PUNCT
cblr-5117	1255	16	75–150	75–150	ADJ
cblr-5117	1255	17	employees	employee	NOUN
cblr-5117	1255	18	,	,	PUNCT
cblr-5117	1255	19	medium	medium	NOUN
cblr-5117	1255	20	(	(	PUNCT
cblr-5117	1255	21	nov	nov	PROPN
cblr-5117	1255	22	.	.	PROPN
cblr-5117	1255	23	20	20	NUM
cblr-5117	1255	24	,	,	PUNCT
cblr-5117	1255	25	2014	2014	NUM
cblr-5117	1255	26	)	)	PUNCT
cblr-5117	1255	27	,	,	PUNCT
cblr-5117	1255	28	https://medium.com/startupmaturity/maturity-map-scale-stage-75-150-employees-98532a1e44cf	https://medium.com/startupmaturity/maturity-map-scale-stage-75-150-employees-98532a1e44cf	NUM
cblr-5117	1255	29	[	[	X
cblr-5117	1255	30	https://perma.cc/e3b7-wwhk	https://perma.cc/e3b7-wwhk	NOUN
cblr-5117	1255	31	]	]	PUNCT
cblr-5117	1255	32	.	.	PUNCT
cblr-5117	1256	1	https://www.investopedia.com/articles/personal-finance/102015/series-b-c-funding-what-it-all-means-and-how-it-works.asp	https://www.investopedia.com/articles/personal-finance/102015/series-b-c-funding-what-it-all-means-and-how-it-works.asp	NOUN
cblr-5117	1256	2	https://www.investopedia.com/articles/personal-finance/102015/series-b-c-funding-what-it-all-means-and-how-it-works.asp	https://www.investopedia.com/articles/personal-finance/102015/series-b-c-funding-what-it-all-means-and-how-it-works.asp	NOUN
cblr-5117	1257	1	https://perma.cc/8a3t-pm3w	https://perma.cc/8a3t-pm3w	ADV
cblr-5117	1257	2	https://perma.cc/8a3t-pm3w	https://perma.cc/8a3t-pm3w	NUM
cblr-5117	1257	3	https://perma.cc/e3b7-wwhk	https://perma.cc/e3b7-wwhk	NOUN
cblr-5117	1257	4	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1257	5	(	(	PUNCT
cblr-5117	1257	6	do	do	AUX
cblr-5117	1257	7	not	not	PART
cblr-5117	1257	8	delte	delte	VERB
cblr-5117	1257	9	)	)	PUNCT
cblr-5117	1257	10	1/8/2020	1/8/2020	NUM
cblr-5117	1257	11	4:44	4:44	NUM
cblr-5117	1257	12	pm	pm	NOUN
cblr-5117	1257	13	960	960	NUM
cblr-5117	1257	14	columbia	columbia	PROPN
cblr-5117	1257	15	business	business	NOUN
cblr-5117	1257	16	law	law	PROPN
cblr-5117	1257	17	review	review	NOUN
cblr-5117	1257	18	[	[	X
cblr-5117	1257	19	vol	vol	NOUN
cblr-5117	1257	20	.	.	PUNCT
cblr-5117	1257	21	2019	2019	NUM
cblr-5117	1257	22	corresponding	correspond	VERB
cblr-5117	1257	23	aggregate	aggregate	ADJ
cblr-5117	1257	24	liquidation	liquidation	NOUN
cblr-5117	1257	25	preferences	preference	NOUN
cblr-5117	1257	26	amount	amount	NOUN
cblr-5117	1257	27	.	.	PUNCT
cblr-5117	1258	1	therefore	therefore	ADV
cblr-5117	1258	2	,	,	PUNCT
cblr-5117	1258	3	the	the	DET
cblr-5117	1258	4	need	need	NOUN
cblr-5117	1258	5	for	for	ADP
cblr-5117	1258	6	enhanced	enhanced	ADJ
cblr-5117	1258	7	disclosure	disclosure	NOUN
cblr-5117	1258	8	will	will	AUX
cblr-5117	1258	9	dramatically	dramatically	ADV
cblr-5117	1258	10	intensify	intensify	VERB
cblr-5117	1258	11	.	.	PUNCT
cblr-5117	1259	1	by	by	ADP
cblr-5117	1259	2	limiting	limit	VERB
cblr-5117	1259	3	the	the	DET
cblr-5117	1259	4	enhanced	enhanced	ADJ
cblr-5117	1259	5	disclosure	disclosure	NOUN
cblr-5117	1259	6	requirement	requirement	NOUN
cblr-5117	1259	7	to	to	ADP
cblr-5117	1259	8	companies	company	NOUN
cblr-5117	1259	9	that	that	PRON
cblr-5117	1259	10	rely	rely	VERB
cblr-5117	1259	11	on	on	ADP
cblr-5117	1259	12	rule	rule	NOUN
cblr-5117	1259	13	701	701	NUM
cblr-5117	1259	14	to	to	PART
cblr-5117	1259	15	issue	issue	VERB
cblr-5117	1259	16	equity	equity	NOUN
cblr-5117	1259	17	incentives	incentive	NOUN
cblr-5117	1259	18	to	to	ADP
cblr-5117	1259	19	100	100	NUM
cblr-5117	1259	20	employees	employee	NOUN
cblr-5117	1259	21	or	or	CCONJ
cblr-5117	1259	22	more	more	ADJ
cblr-5117	1259	23	,	,	PUNCT
cblr-5117	1259	24	the	the	DET
cblr-5117	1259	25	proposed	propose	VERB
cblr-5117	1259	26	amendment	amendment	NOUN
cblr-5117	1259	27	is	be	AUX
cblr-5117	1259	28	reflecting	reflect	VERB
cblr-5117	1259	29	a	a	DET
cblr-5117	1259	30	practical	practical	ADJ
cblr-5117	1259	31	approach	approach	NOUN
cblr-5117	1259	32	.	.	PUNCT
cblr-5117	1260	1	as	as	SCONJ
cblr-5117	1260	2	discussed	discuss	VERB
cblr-5117	1260	3	in	in	ADP
cblr-5117	1260	4	section	section	NOUN
cblr-5117	1260	5	vi.a.2	vi.a.2	PROPN
cblr-5117	1260	6	,	,	PUNCT
cblr-5117	1260	7	409a	409a	PROPN
cblr-5117	1260	8	valuations	valuation	NOUN
cblr-5117	1260	9	of	of	ADP
cblr-5117	1260	10	early	early	ADJ
cblr-5117	1260	11	-	-	PUNCT
cblr-5117	1260	12	stage	stage	NOUN
cblr-5117	1260	13	start	start	NOUN
cblr-5117	1260	14	-	-	PUNCT
cblr-5117	1260	15	ups	up	NOUN
cblr-5117	1260	16	tend	tend	VERB
cblr-5117	1260	17	to	to	PART
cblr-5117	1260	18	be	be	AUX
cblr-5117	1260	19	unreliable.310	unreliable.310	NOUN
cblr-5117	1260	20	these	these	DET
cblr-5117	1260	21	appraisals	appraisal	NOUN
cblr-5117	1260	22	,	,	PUNCT
cblr-5117	1260	23	however	however	ADV
cblr-5117	1260	24	,	,	PUNCT
cblr-5117	1260	25	become	become	VERB
cblr-5117	1260	26	more	more	ADV
cblr-5117	1260	27	reliable	reliable	ADJ
cblr-5117	1260	28	as	as	ADP
cblr-5117	1260	29	the	the	DET
cblr-5117	1260	30	company	company	NOUN
cblr-5117	1260	31	matures.311	matures.311	NOUN
cblr-5117	1260	32	moreover	moreover	ADV
cblr-5117	1260	33	,	,	PUNCT
cblr-5117	1260	34	by	by	ADP
cblr-5117	1260	35	requiring	require	VERB
cblr-5117	1260	36	the	the	DET
cblr-5117	1260	37	disclosure	disclosure	NOUN
cblr-5117	1260	38	of	of	ADP
cblr-5117	1260	39	the	the	DET
cblr-5117	1260	40	409a	409a	PROPN
cblr-5117	1260	41	valuation	valuation	NOUN
cblr-5117	1260	42	and	and	CCONJ
cblr-5117	1260	43	exit	exit	NOUN
cblr-5117	1260	44	waterfall	waterfall	NOUN
cblr-5117	1260	45	to	to	ADP
cblr-5117	1260	46	employees	employee	NOUN
cblr-5117	1260	47	and	and	CCONJ
cblr-5117	1260	48	prospective	prospective	ADJ
cblr-5117	1260	49	employees	employee	NOUN
cblr-5117	1260	50	,	,	PUNCT
cblr-5117	1260	51	the	the	DET
cblr-5117	1260	52	new	new	ADJ
cblr-5117	1260	53	rule	rule	NOUN
cblr-5117	1260	54	701	701	NUM
cblr-5117	1260	55	is	be	AUX
cblr-5117	1260	56	likely	likely	ADJ
cblr-5117	1260	57	to	to	PART
cblr-5117	1260	58	encourage	encourage	VERB
cblr-5117	1260	59	these	these	DET
cblr-5117	1260	60	mature	mature	ADJ
cblr-5117	1260	61	companies	company	NOUN
cblr-5117	1260	62	to	to	PART
cblr-5117	1260	63	move	move	VERB
cblr-5117	1260	64	from	from	ADP
cblr-5117	1260	65	relying	rely	VERB
cblr-5117	1260	66	on	on	ADP
cblr-5117	1260	67	stock	stock	NOUN
cblr-5117	1260	68	options	option	NOUN
cblr-5117	1260	69	to	to	ADP
cblr-5117	1260	70	using	use	VERB
cblr-5117	1260	71	rsus	rsus	NOUN
cblr-5117	1260	72	as	as	ADP
cblr-5117	1260	73	their	their	PRON
cblr-5117	1260	74	main	main	ADJ
cblr-5117	1260	75	equity	equity	NOUN
cblr-5117	1260	76	incentive	incentive	NOUN
cblr-5117	1260	77	.	.	PUNCT
cblr-5117	1261	1	that	that	PRON
cblr-5117	1261	2	is	be	AUX
cblr-5117	1261	3	because	because	SCONJ
cblr-5117	1261	4	using	use	VERB
cblr-5117	1261	5	stock	stock	NOUN
cblr-5117	1261	6	options	option	NOUN
cblr-5117	1261	7	as	as	ADP
cblr-5117	1261	8	a	a	DET
cblr-5117	1261	9	recruitment	recruitment	NOUN
cblr-5117	1261	10	device	device	NOUN
cblr-5117	1261	11	is	be	AUX
cblr-5117	1261	12	effective	effective	ADJ
cblr-5117	1261	13	predominantly	predominantly	ADV
cblr-5117	1261	14	when	when	SCONJ
cblr-5117	1261	15	the	the	DET
cblr-5117	1261	16	409a	409a	PROPN
cblr-5117	1261	17	valuation	valuation	NOUN
cblr-5117	1261	18	is	be	AUX
cblr-5117	1261	19	low,312	low,312	PUNCT
cblr-5117	1261	20	whereas	whereas	SCONJ
cblr-5117	1261	21	for	for	ADP
cblr-5117	1261	22	retention	retention	NOUN
cblr-5117	1261	23	purposes	purpose	NOUN
cblr-5117	1261	24	,	,	PUNCT
cblr-5117	1261	25	companies	company	NOUN
cblr-5117	1261	26	typically	typically	ADV
cblr-5117	1261	27	wish	wish	VERB
cblr-5117	1261	28	to	to	PART
cblr-5117	1261	29	signal	signal	VERB
cblr-5117	1261	30	that	that	SCONJ
cblr-5117	1261	31	their	their	PRON
cblr-5117	1261	32	valuation	valuation	NOUN
cblr-5117	1261	33	is	be	AUX
cblr-5117	1261	34	rising.313	rising.313	NUM
cblr-5117	1261	35	the	the	DET
cblr-5117	1261	36	shift	shift	NOUN
cblr-5117	1261	37	from	from	ADP
cblr-5117	1261	38	stock	stock	NOUN
cblr-5117	1261	39	options	option	NOUN
cblr-5117	1261	40	to	to	ADP
cblr-5117	1261	41	rsus	rsus	NOUN
cblr-5117	1261	42	would	would	AUX
cblr-5117	1261	43	be	be	AUX
cblr-5117	1261	44	an	an	DET
cblr-5117	1261	45	indirect	indirect	ADJ
cblr-5117	1261	46	benefit	benefit	NOUN
cblr-5117	1261	47	in	in	ADP
cblr-5117	1261	48	and	and	CCONJ
cblr-5117	1261	49	of	of	ADP
cblr-5117	1261	50	itself	itself	PRON
cblr-5117	1261	51	because	because	SCONJ
cblr-5117	1261	52	these	these	DET
cblr-5117	1261	53	securities	security	NOUN
cblr-5117	1261	54	are	be	AUX
cblr-5117	1261	55	less	less	ADV
cblr-5117	1261	56	risky	risky	ADJ
cblr-5117	1261	57	and	and	CCONJ
cblr-5117	1261	58	do	do	AUX
cblr-5117	1261	59	not	not	PART
cblr-5117	1261	60	have	have	VERB
cblr-5117	1261	61	the	the	DET
cblr-5117	1261	62	same	same	ADJ
cblr-5117	1261	63	propensity	propensity	NOUN
cblr-5117	1261	64	to	to	PART
cblr-5117	1261	65	limit	limit	VERB
cblr-5117	1261	66	employee	employee	NOUN
cblr-5117	1261	67	mobility	mobility	NOUN
cblr-5117	1261	68	as	as	ADP
cblr-5117	1261	69	stock	stock	NOUN
cblr-5117	1261	70	options.314	options.314	NOUN
cblr-5117	1261	71	310	310	NUM
cblr-5117	1261	72	see	see	VERB
cblr-5117	1261	73	supra	supra	PROPN
cblr-5117	1261	74	notes	note	VERB
cblr-5117	1261	75	277	277	NUM
cblr-5117	1261	76	,	,	PUNCT
cblr-5117	1261	77	280–1	280–1	NOUN
cblr-5117	1261	78	and	and	CCONJ
cblr-5117	1261	79	accompanying	accompany	VERB
cblr-5117	1261	80	text	text	NOUN
cblr-5117	1261	81	.	.	PUNCT
cblr-5117	1262	1	311	311	NUM
cblr-5117	1262	2	see	see	VERB
cblr-5117	1262	3	supra	supra	PROPN
cblr-5117	1262	4	note	note	PROPN
cblr-5117	1262	5	282	282	NUM
cblr-5117	1262	6	and	and	CCONJ
cblr-5117	1262	7	accompanying	accompany	VERB
cblr-5117	1262	8	text	text	NOUN
cblr-5117	1262	9	.	.	PUNCT
cblr-5117	1263	1	312	312	NUM
cblr-5117	1263	2	see	see	NOUN
cblr-5117	1263	3	supra	supra	PROPN
cblr-5117	1263	4	note	note	NOUN
cblr-5117	1263	5	278	278	NUM
cblr-5117	1263	6	and	and	CCONJ
cblr-5117	1263	7	accompanying	accompany	VERB
cblr-5117	1263	8	text	text	NOUN
cblr-5117	1263	9	.	.	PUNCT
cblr-5117	1264	1	313	313	NUM
cblr-5117	1264	2	see	see	VERB
cblr-5117	1264	3	supra	supra	PROPN
cblr-5117	1264	4	section	section	PROPN
cblr-5117	1264	5	iii.c.3	iii.c.3	PROPN
cblr-5117	1264	6	.	.	PUNCT
cblr-5117	1265	1	314	314	NUM
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cblr-5117	1265	3	-	-	PUNCT
cblr-5117	1265	4	beck	beck	NOUN
cblr-5117	1265	5	offers	offer	VERB
cblr-5117	1265	6	a	a	DET
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cblr-5117	1265	8	detailed	detailed	ADJ
cblr-5117	1265	9	description	description	NOUN
cblr-5117	1265	10	of	of	ADP
cblr-5117	1265	11	the	the	DET
cblr-5117	1265	12	benefits	benefit	NOUN
cblr-5117	1265	13	of	of	ADP
cblr-5117	1265	14	rsus	rsus	NOUN
cblr-5117	1265	15	,	,	PUNCT
cblr-5117	1265	16	noting	note	VERB
cblr-5117	1265	17	that	that	SCONJ
cblr-5117	1265	18	:	:	PUNCT
cblr-5117	1265	19	there	there	PRON
cblr-5117	1265	20	are	be	VERB
cblr-5117	1265	21	several	several	ADJ
cblr-5117	1265	22	advantages	advantage	NOUN
cblr-5117	1265	23	to	to	ADP
cblr-5117	1265	24	using	use	VERB
cblr-5117	1265	25	rsus	rsus	NOUN
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cblr-5117	1266	2	,	,	PUNCT
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cblr-5117	1266	5	not	not	PART
cblr-5117	1266	6	as	as	ADV
cblr-5117	1266	7	risky	risky	ADJ
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cblr-5117	1266	9	employees	employee	NOUN
cblr-5117	1266	10	;	;	PUNCT
cblr-5117	1266	11	unlike	unlike	ADP
cblr-5117	1266	12	options	option	NOUN
cblr-5117	1266	13	,	,	PUNCT
cblr-5117	1266	14	rsus	rsus	NOUN
cblr-5117	1266	15	have	have	VERB
cblr-5117	1266	16	downside	downside	ADJ
cblr-5117	1266	17	protection	protection	NOUN
cblr-5117	1266	18	,	,	PUNCT
cblr-5117	1266	19	because	because	SCONJ
cblr-5117	1266	20	they	they	PRON
cblr-5117	1266	21	do	do	AUX
cblr-5117	1266	22	not	not	PART
cblr-5117	1266	23	have	have	VERB
cblr-5117	1266	24	a	a	DET
cblr-5117	1266	25	strike	strike	NOUN
cblr-5117	1266	26	price	price	NOUN
cblr-5117	1266	27	.	.	PUNCT
cblr-5117	1267	1	second	second	ADJ
cblr-5117	1267	2	,	,	PUNCT
cblr-5117	1267	3	unlike	unlike	ADP
cblr-5117	1267	4	options	option	NOUN
cblr-5117	1267	5	,	,	PUNCT
cblr-5117	1267	6	rsus	rsus	NOUN
cblr-5117	1267	7	will	will	AUX
cblr-5117	1267	8	not	not	PART
cblr-5117	1267	9	be	be	AUX
cblr-5117	1267	10	worthless	worthless	ADJ
cblr-5117	1267	11	as	as	SCONJ
cblr-5117	1267	12	they	they	PRON
cblr-5117	1267	13	are	be	AUX
cblr-5117	1267	14	not	not	PART
cblr-5117	1267	15	subject	subject	ADJ
cblr-5117	1267	16	to	to	ADP
cblr-5117	1267	17	the	the	DET
cblr-5117	1267	18	unicorn	unicorn	ADJ
cblr-5117	1267	19	stock	stock	NOUN
cblr-5117	1267	20	price	price	NOUN
cblr-5117	1267	21	fluctuations	fluctuation	NOUN
cblr-5117	1267	22	.	.	PUNCT
cblr-5117	1268	1	rsus	rsus	NOUN
cblr-5117	1268	2	will	will	AUX
cblr-5117	1268	3	always	always	ADV
cblr-5117	1268	4	have	have	VERB
cblr-5117	1268	5	value	value	NOUN
cblr-5117	1268	6	equal	equal	ADJ
cblr-5117	1268	7	to	to	ADP
cblr-5117	1268	8	the	the	DET
cblr-5117	1268	9	price	price	NOUN
cblr-5117	1268	10	of	of	ADP
cblr-5117	1268	11	the	the	DET
cblr-5117	1268	12	stock	stock	NOUN
cblr-5117	1268	13	regardless	regardless	ADV
cblr-5117	1268	14	of	of	ADP
cblr-5117	1268	15	when	when	SCONJ
cblr-5117	1268	16	they	they	PRON
cblr-5117	1268	17	were	be	AUX
cblr-5117	1268	18	granted	grant	VERB
cblr-5117	1268	19	to	to	ADP
cblr-5117	1268	20	employees	employee	NOUN
cblr-5117	1268	21	.	.	PUNCT
cblr-5117	1269	1	third	third	ADV
cblr-5117	1269	2	,	,	PUNCT
cblr-5117	1269	3	granting	grant	VERB
cblr-5117	1269	4	rsus	rsus	NOUN
cblr-5117	1269	5	helps	help	VERB
cblr-5117	1269	6	the	the	DET
cblr-5117	1269	7	company	company	NOUN
cblr-5117	1269	8	mitigate	mitigate	VERB
cblr-5117	1269	9	the	the	DET
cblr-5117	1269	10	risk	risk	NOUN
cblr-5117	1269	11	of	of	ADP
cblr-5117	1269	12	employees	employee	NOUN
cblr-5117	1269	13	trading	trade	VERB
cblr-5117	1269	14	on	on	ADP
cblr-5117	1269	15	secondary	secondary	ADJ
cblr-5117	1269	16	markets	market	NOUN
cblr-5117	1269	17	,	,	PUNCT
cblr-5117	1269	18	as	as	SCONJ
cblr-5117	1269	19	rsus	rsus	NOUN
cblr-5117	1269	20	can	can	AUX
cblr-5117	1269	21	not	not	PART
cblr-5117	1269	22	be	be	AUX
cblr-5117	1269	23	sold	sell	VERB
cblr-5117	1269	24	prior	prior	ADV
cblr-5117	1269	25	to	to	ADP
cblr-5117	1269	26	an	an	DET
cblr-5117	1269	27	ipo	ipo	NOUN
cblr-5117	1269	28	.	.	PUNCT
cblr-5117	1269	29	alon	alon	PROPN
cblr-5117	1269	30	-	-	PUNCT
cblr-5117	1269	31	beck	beck	PROPN
cblr-5117	1269	32	,	,	PUNCT
cblr-5117	1269	33	supra	supra	PROPN
cblr-5117	1269	34	note	note	PROPN
cblr-5117	1269	35	145	145	NUM
cblr-5117	1269	36	,	,	PUNCT
cblr-5117	1269	37	at	at	ADP
cblr-5117	1269	38	169	169	NUM
cblr-5117	1269	39	.	.	PUNCT
cblr-5117	1270	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1270	2	(	(	PUNCT
cblr-5117	1270	3	do	do	AUX
cblr-5117	1270	4	not	not	PART
cblr-5117	1270	5	delete	delete	VERB
cblr-5117	1270	6	)	)	PUNCT
cblr-5117	1270	7	1/8/2020	1/8/2020	NUM
cblr-5117	1270	8	4:44	4:44	NUM
cblr-5117	1270	9	pm	pm	NOUN
cblr-5117	1270	10	no	no	INTJ
cblr-5117	1270	11	.	.	PUNCT
cblr-5117	1271	1	3:867	3:867	NUM
cblr-5117	1271	2	]	]	PUNCT
cblr-5117	1271	3	making	make	VERB
cblr-5117	1271	4	disclosure	disclosure	NOUN
cblr-5117	1271	5	work	work	VERB
cblr-5117	1271	6	961	961	NUM
cblr-5117	1271	7	the	the	DET
cblr-5117	1271	8	10	10	NUM
cblr-5117	1271	9	%	%	NOUN
cblr-5117	1271	10	aggregate	aggregate	NOUN
cblr-5117	1271	11	ownership	ownership	NOUN
cblr-5117	1271	12	threshold	threshold	NOUN
cblr-5117	1271	13	is	be	AUX
cblr-5117	1271	14	in	in	ADP
cblr-5117	1271	15	line	line	NOUN
cblr-5117	1271	16	with	with	ADP
cblr-5117	1271	17	the	the	DET
cblr-5117	1271	18	securities	security	NOUN
cblr-5117	1271	19	laws	law	NOUN
cblr-5117	1271	20	’	'	PUNCT
cblr-5117	1271	21	notion	notion	NOUN
cblr-5117	1271	22	that	that	SCONJ
cblr-5117	1271	23	10	10	NUM
cblr-5117	1271	24	%	%	NOUN
cblr-5117	1271	25	ownership	ownership	NOUN
cblr-5117	1271	26	is	be	AUX
cblr-5117	1271	27	a	a	DET
cblr-5117	1271	28	significant	significant	ADJ
cblr-5117	1271	29	stake	stake	NOUN
cblr-5117	1271	30	that	that	PRON
cblr-5117	1271	31	conveys	convey	VERB
cblr-5117	1271	32	“	"	PUNCT
cblr-5117	1271	33	insider	insider	NOUN
cblr-5117	1271	34	”	"	PUNCT
cblr-5117	1271	35	status	status	NOUN
cblr-5117	1271	36	and	and	CCONJ
cblr-5117	1271	37	privileged	privileged	ADJ
cblr-5117	1271	38	access	access	NOUN
cblr-5117	1271	39	to	to	ADP
cblr-5117	1271	40	company	company	NOUN
cblr-5117	1271	41	information	information	NOUN
cblr-5117	1271	42	.	.	PUNCT
cblr-5117	1272	1	for	for	ADP
cblr-5117	1272	2	example	example	NOUN
cblr-5117	1272	3	,	,	PUNCT
cblr-5117	1272	4	section	section	NOUN
cblr-5117	1272	5	16(a	16(a	NUM
cblr-5117	1272	6	)	)	PUNCT
cblr-5117	1272	7	of	of	ADP
cblr-5117	1272	8	the	the	DET
cblr-5117	1272	9	securities	securities	PROPN
cblr-5117	1272	10	exchange	exchange	PROPN
cblr-5117	1272	11	act	act	PROPN
cblr-5117	1272	12	of	of	ADP
cblr-5117	1272	13	1934	1934	NUM
cblr-5117	1272	14	requires	require	VERB
cblr-5117	1272	15	any	any	DET
cblr-5117	1272	16	beneficial	beneficial	ADJ
cblr-5117	1272	17	owners	owner	NOUN
cblr-5117	1272	18	of	of	ADP
cblr-5117	1272	19	more	more	ADJ
cblr-5117	1272	20	than	than	ADP
cblr-5117	1272	21	10	10	NUM
cblr-5117	1272	22	%	%	NOUN
cblr-5117	1272	23	of	of	ADP
cblr-5117	1272	24	a	a	DET
cblr-5117	1272	25	class	class	NOUN
cblr-5117	1272	26	of	of	ADP
cblr-5117	1272	27	a	a	DET
cblr-5117	1272	28	company	company	NOUN
cblr-5117	1272	29	’s	’s	PART
cblr-5117	1272	30	equity	equity	NOUN
cblr-5117	1272	31	securities	security	NOUN
cblr-5117	1272	32	to	to	PART
cblr-5117	1272	33	file	file	VERB
cblr-5117	1272	34	certain	certain	ADJ
cblr-5117	1272	35	reports	report	NOUN
cblr-5117	1272	36	regarding	regard	VERB
cblr-5117	1272	37	their	their	PRON
cblr-5117	1272	38	transactions	transaction	NOUN
cblr-5117	1272	39	and	and	CCONJ
cblr-5117	1272	40	changes	change	NOUN
cblr-5117	1272	41	to	to	ADP
cblr-5117	1272	42	their	their	PRON
cblr-5117	1272	43	ownership	ownership	NOUN
cblr-5117	1272	44	stake.315	stake.315	PROPN
cblr-5117	1272	45	moreover	moreover	ADV
cblr-5117	1272	46	,	,	PUNCT
cblr-5117	1272	47	the	the	DET
cblr-5117	1272	48	typical	typical	ADJ
cblr-5117	1272	49	size	size	NOUN
cblr-5117	1272	50	of	of	ADP
cblr-5117	1272	51	the	the	DET
cblr-5117	1272	52	employee	employee	NOUN
cblr-5117	1272	53	stock	stock	NOUN
cblr-5117	1272	54	option	option	NOUN
cblr-5117	1272	55	pool	pool	NOUN
cblr-5117	1272	56	in	in	ADP
cblr-5117	1272	57	venture	venture	NOUN
cblr-5117	1272	58	capitalbacked	capitalbacke	VERB
cblr-5117	1272	59	companies	company	NOUN
cblr-5117	1272	60	is	be	AUX
cblr-5117	1272	61	roughly	roughly	ADV
cblr-5117	1272	62	ten	ten	NUM
cblr-5117	1272	63	to	to	PART
cblr-5117	1272	64	fifteen	fifteen	NUM
cblr-5117	1272	65	percent.316	percent.316	PROPN
cblr-5117	1272	66	the	the	DET
cblr-5117	1272	67	proposed	propose	VERB
cblr-5117	1272	68	threshold	threshold	NOUN
cblr-5117	1272	69	is	be	AUX
cblr-5117	1272	70	therefore	therefore	ADV
cblr-5117	1272	71	designed	design	VERB
cblr-5117	1272	72	to	to	PART
cblr-5117	1272	73	capture	capture	VERB
cblr-5117	1272	74	companies	company	NOUN
cblr-5117	1272	75	that	that	PRON
cblr-5117	1272	76	are	be	AUX
cblr-5117	1272	77	structured	structure	VERB
cblr-5117	1272	78	after	after	ADP
cblr-5117	1272	79	the	the	DET
cblr-5117	1272	80	typical	typical	ADJ
cblr-5117	1272	81	model	model	NOUN
cblr-5117	1272	82	of	of	ADP
cblr-5117	1272	83	a	a	DET
cblr-5117	1272	84	start	start	VERB
cblr-5117	1272	85	-	-	PUNCT
cblr-5117	1272	86	up	up	ADP
cblr-5117	1272	87	company	company	NOUN
cblr-5117	1272	88	,	,	PUNCT
cblr-5117	1272	89	which	which	PRON
cblr-5117	1272	90	includes	include	VERB
cblr-5117	1272	91	a	a	DET
cblr-5117	1272	92	significant	significant	ADJ
cblr-5117	1272	93	ownership	ownership	NOUN
cblr-5117	1272	94	stake	stake	NOUN
cblr-5117	1272	95	by	by	ADP
cblr-5117	1272	96	rank	rank	NOUN
cblr-5117	1272	97	-	-	PUNCT
cblr-5117	1272	98	and	and	CCONJ
cblr-5117	1272	99	-	-	PUNCT
cblr-5117	1272	100	file	file	NOUN
cblr-5117	1272	101	employees.317	employees.317	VERB
cblr-5117	1272	102	the	the	DET
cblr-5117	1272	103	threshold	threshold	NOUN
cblr-5117	1272	104	is	be	AUX
cblr-5117	1272	105	not	not	PART
cblr-5117	1272	106	intended	intend	VERB
cblr-5117	1272	107	to	to	PART
cblr-5117	1272	108	capture	capture	VERB
cblr-5117	1272	109	other	other	ADJ
cblr-5117	1272	110	corporations	corporation	NOUN
cblr-5117	1272	111	in	in	ADP
cblr-5117	1272	112	which	which	PRON
cblr-5117	1272	113	equity	equity	NOUN
cblr-5117	1272	114	ownership	ownership	NOUN
cblr-5117	1272	115	is	be	AUX
cblr-5117	1272	116	limited	limit	VERB
cblr-5117	1272	117	to	to	ADP
cblr-5117	1272	118	executives	executive	NOUN
cblr-5117	1272	119	and	and	CCONJ
cblr-5117	1272	120	the	the	DET
cblr-5117	1272	121	aggregate	aggregate	ADJ
cblr-5117	1272	122	ownership	ownership	NOUN
cblr-5117	1272	123	stake	stake	NOUN
cblr-5117	1272	124	of	of	ADP
cblr-5117	1272	125	other	other	ADJ
cblr-5117	1272	126	employees	employee	NOUN
cblr-5117	1272	127	is	be	AUX
cblr-5117	1272	128	negligible	negligible	ADJ
cblr-5117	1272	129	.	.	PUNCT
cblr-5117	1273	1	to	to	ADP
cblr-5117	1273	2	recap	recap	VERB
cblr-5117	1273	3	,	,	PUNCT
cblr-5117	1273	4	the	the	DET
cblr-5117	1273	5	proposed	propose	VERB
cblr-5117	1273	6	amendments	amendment	NOUN
cblr-5117	1273	7	to	to	PART
cblr-5117	1273	8	rule	rule	VERB
cblr-5117	1273	9	701	701	NUM
cblr-5117	1273	10	reflect	reflect	VERB
cblr-5117	1273	11	an	an	DET
cblr-5117	1273	12	intermediate	intermediate	ADJ
cblr-5117	1273	13	approach	approach	NOUN
cblr-5117	1273	14	that	that	PRON
cblr-5117	1273	15	balances	balance	VERB
cblr-5117	1273	16	employees	employee	NOUN
cblr-5117	1273	17	’	'	PUNCT
cblr-5117	1273	18	need	need	VERB
cblr-5117	1273	19	for	for	ADP
cblr-5117	1273	20	reliable	reliable	ADJ
cblr-5117	1273	21	and	and	CCONJ
cblr-5117	1273	22	up	up	ADP
cblr-5117	1273	23	-	-	PUNCT
cblr-5117	1273	24	to	to	ADP
cblr-5117	1273	25	-	-	PUNCT
cblr-5117	1273	26	date	date	NOUN
cblr-5117	1273	27	information	information	NOUN
cblr-5117	1273	28	with	with	ADP
cblr-5117	1273	29	issuers	issuer	NOUN
cblr-5117	1273	30	’	'	PUNCT
cblr-5117	1273	31	legitimate	legitimate	ADJ
cblr-5117	1273	32	concerns	concern	NOUN
cblr-5117	1273	33	regarding	regard	VERB
cblr-5117	1273	34	the	the	DET
cblr-5117	1273	35	confidentiality	confidentiality	NOUN
cblr-5117	1273	36	of	of	ADP
cblr-5117	1273	37	their	their	PRON
cblr-5117	1273	38	financial	financial	ADJ
cblr-5117	1273	39	information	information	NOUN
cblr-5117	1273	40	and	and	CCONJ
cblr-5117	1273	41	their	their	PRON
cblr-5117	1273	42	compliance	compliance	NOUN
cblr-5117	1273	43	costs	cost	NOUN
cblr-5117	1273	44	.	.	PUNCT
cblr-5117	1274	1	specifically	specifically	ADV
cblr-5117	1274	2	,	,	PUNCT
cblr-5117	1274	3	rolling	roll	VERB
cblr-5117	1274	4	back	back	ADV
cblr-5117	1274	5	the	the	DET
cblr-5117	1274	6	requirement	requirement	NOUN
cblr-5117	1274	7	to	to	PART
cblr-5117	1274	8	disclose	disclose	VERB
cblr-5117	1274	9	financial	financial	ADJ
cblr-5117	1274	10	statements	statement	NOUN
cblr-5117	1274	11	and	and	CCONJ
cblr-5117	1274	12	replacing	replace	VERB
cblr-5117	1274	13	it	it	PRON
cblr-5117	1274	14	with	with	ADP
cblr-5117	1274	15	the	the	DET
cblr-5117	1274	16	disclosure	disclosure	NOUN
cblr-5117	1274	17	of	of	ADP
cblr-5117	1274	18	409a	409a	PROPN
cblr-5117	1274	19	valuation	valuation	NOUN
cblr-5117	1274	20	information	information	NOUN
cblr-5117	1274	21	and	and	CCONJ
cblr-5117	1274	22	an	an	DET
cblr-5117	1274	23	exit	exit	NOUN
cblr-5117	1274	24	waterfall	waterfall	NOUN
cblr-5117	1274	25	analysis	analysis	NOUN
cblr-5117	1274	26	would	would	AUX
cblr-5117	1274	27	improve	improve	VERB
cblr-5117	1274	28	the	the	DET
cblr-5117	1274	29	informational	informational	ADJ
cblr-5117	1274	30	and	and	CCONJ
cblr-5117	1274	31	regulatory	regulatory	ADJ
cblr-5117	1274	32	environment	environment	NOUN
cblr-5117	1274	33	for	for	ADP
cblr-5117	1274	34	employees	employee	NOUN
cblr-5117	1274	35	and	and	CCONJ
cblr-5117	1274	36	issuers	issuer	NOUN
cblr-5117	1274	37	alike	alike	ADV
cblr-5117	1274	38	.	.	PUNCT
cblr-5117	1275	1	moreover	moreover	ADV
cblr-5117	1275	2	,	,	PUNCT
cblr-5117	1275	3	by	by	ADP
cblr-5117	1275	4	unifying	unify	VERB
cblr-5117	1275	5	rules	rule	NOUN
cblr-5117	1275	6	concerning	concern	VERB
cblr-5117	1275	7	the	the	DET
cblr-5117	1275	8	timing	timing	NOUN
cblr-5117	1275	9	of	of	ADP
cblr-5117	1275	10	appraisals	appraisal	NOUN
cblr-5117	1275	11	and	and	CCONJ
cblr-5117	1275	12	disclosures	disclosure	NOUN
cblr-5117	1275	13	across	across	ADP
cblr-5117	1275	14	tax	tax	NOUN
cblr-5117	1275	15	regulation	regulation	NOUN
cblr-5117	1275	16	(	(	PUNCT
cblr-5117	1275	17	section	section	NOUN
cblr-5117	1275	18	409a	409a	PROPN
cblr-5117	1275	19	)	)	PUNCT
cblr-5117	1275	20	and	and	CCONJ
cblr-5117	1275	21	securities	security	NOUN
cblr-5117	1275	22	regulation	regulation	NOUN
cblr-5117	1275	23	(	(	PUNCT
cblr-5117	1275	24	rule	rule	NOUN
cblr-5117	1275	25	701	701	NUM
cblr-5117	1275	26	)	)	PUNCT
cblr-5117	1275	27	,	,	PUNCT
cblr-5117	1275	28	it	it	PRON
cblr-5117	1275	29	is	be	AUX
cblr-5117	1275	30	possible	possible	ADJ
cblr-5117	1275	31	to	to	PART
cblr-5117	1275	32	lower	lower	VERB
cblr-5117	1275	33	the	the	DET
cblr-5117	1275	34	regulatory	regulatory	ADJ
cblr-5117	1275	35	burden	burden	NOUN
cblr-5117	1275	36	on	on	ADP
cblr-5117	1275	37	issuers	issuer	NOUN
cblr-5117	1275	38	while	while	SCONJ
cblr-5117	1275	39	still	still	ADV
cblr-5117	1275	40	delivering	deliver	VERB
cblr-5117	1275	41	up	up	ADP
cblr-5117	1275	42	-	-	PUNCT
cblr-5117	1275	43	to	to	ADP
cblr-5117	1275	44	-	-	PUNCT
cblr-5117	1275	45	date	date	NOUN
cblr-5117	1275	46	information	information	NOUN
cblr-5117	1275	47	to	to	ADP
cblr-5117	1275	48	employees	employee	NOUN
cblr-5117	1275	49	.	.	PUNCT
cblr-5117	1276	1	given	give	VERB
cblr-5117	1276	2	the	the	DET
cblr-5117	1276	3	moderate	moderate	ADJ
cblr-5117	1276	4	burden	burden	NOUN
cblr-5117	1276	5	that	that	PRON
cblr-5117	1276	6	this	this	DET
cblr-5117	1276	7	regulation	regulation	NOUN
cblr-5117	1276	8	would	would	AUX
cblr-5117	1276	9	impose	impose	VERB
cblr-5117	1276	10	on	on	ADP
cblr-5117	1276	11	issuers	issuer	NOUN
cblr-5117	1276	12	,	,	PUNCT
cblr-5117	1276	13	and	and	CCONJ
cblr-5117	1276	14	due	due	ADP
cblr-5117	1276	15	to	to	ADP
cblr-5117	1276	16	the	the	DET
cblr-5117	1276	17	practical	practical	ADJ
cblr-5117	1276	18	changes	change	NOUN
cblr-5117	1276	19	that	that	PRON
cblr-5117	1276	20	start	start	VERB
cblr-5117	1276	21	-	-	PUNCT
cblr-5117	1276	22	ups	up	NOUN
cblr-5117	1276	23	315	315	NUM
cblr-5117	1276	24	section	section	NOUN
cblr-5117	1276	25	16	16	NUM
cblr-5117	1276	26	insiders	insider	NOUN
cblr-5117	1276	27	include	include	VERB
cblr-5117	1276	28	the	the	DET
cblr-5117	1276	29	company	company	NOUN
cblr-5117	1276	30	’s	’s	PART
cblr-5117	1276	31	directors	director	NOUN
cblr-5117	1276	32	,	,	PUNCT
cblr-5117	1276	33	officers	officer	NOUN
cblr-5117	1276	34	,	,	PUNCT
cblr-5117	1276	35	and	and	CCONJ
cblr-5117	1276	36	shareholders	shareholder	NOUN
cblr-5117	1276	37	who	who	PRON
cblr-5117	1276	38	beneficially	beneficially	ADV
cblr-5117	1276	39	own	own	VERB
cblr-5117	1276	40	more	more	ADJ
cblr-5117	1276	41	than	than	ADP
cblr-5117	1276	42	ten	ten	NUM
cblr-5117	1276	43	percent	percent	NOUN
cblr-5117	1276	44	of	of	ADP
cblr-5117	1276	45	a	a	DET
cblr-5117	1276	46	class	class	NOUN
cblr-5117	1276	47	of	of	ADP
cblr-5117	1276	48	the	the	DET
cblr-5117	1276	49	issuer	issuer	NOUN
cblr-5117	1276	50	’s	’s	PART
cblr-5117	1276	51	equity	equity	NOUN
cblr-5117	1276	52	securities	security	NOUN
cblr-5117	1276	53	.	.	PUNCT
cblr-5117	1277	1	see	see	VERB
cblr-5117	1277	2	15	15	NUM
cblr-5117	1277	3	u.s.c	u.s.c	ADJ
cblr-5117	1277	4	.	.	PUNCT
cblr-5117	1278	1	§	§	PROPN
cblr-5117	1278	2	78p(a)–(b	78p(a)–(b	NUM
cblr-5117	1278	3	)	)	PUNCT
cblr-5117	1278	4	(	(	PUNCT
cblr-5117	1278	5	2012	2012	NUM
cblr-5117	1278	6	)	)	PUNCT
cblr-5117	1278	7	.	.	PUNCT
cblr-5117	1279	1	316	316	NUM
cblr-5117	1279	2	see	see	VERB
cblr-5117	1279	3	ward	ward	NOUN
cblr-5117	1279	4	,	,	PUNCT
cblr-5117	1279	5	supra	supra	PROPN
cblr-5117	1279	6	note	note	PROPN
cblr-5117	1279	7	99	99	NUM
cblr-5117	1279	8	;	;	PUNCT
cblr-5117	1279	9	see	see	VERB
cblr-5117	1279	10	also	also	ADV
cblr-5117	1279	11	bowden	bowden	PROPN
cblr-5117	1279	12	,	,	PUNCT
cblr-5117	1279	13	supra	supra	PROPN
cblr-5117	1279	14	note	note	PROPN
cblr-5117	1279	15	99	99	NUM
cblr-5117	1279	16	.	.	NOUN
cblr-5117	1279	17	317	317	NUM
cblr-5117	1279	18	see	see	VERB
cblr-5117	1279	19	blasi	blasi	NOUN
cblr-5117	1279	20	,	,	PUNCT
cblr-5117	1279	21	supra	supra	PROPN
cblr-5117	1279	22	note	note	NOUN
cblr-5117	1279	23	4	4	NUM
cblr-5117	1279	24	and	and	CCONJ
cblr-5117	1279	25	accompanying	accompany	VERB
cblr-5117	1279	26	text	text	NOUN
cblr-5117	1279	27	.	.	PUNCT
cblr-5117	1280	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1280	2	(	(	PUNCT
cblr-5117	1280	3	do	do	AUX
cblr-5117	1280	4	not	not	PART
cblr-5117	1280	5	delte	delte	VERB
cblr-5117	1280	6	)	)	PUNCT
cblr-5117	1280	7	1/8/2020	1/8/2020	NUM
cblr-5117	1280	8	4:44	4:44	NUM
cblr-5117	1280	9	pm	pm	NOUN
cblr-5117	1280	10	962	962	NUM
cblr-5117	1280	11	columbia	columbia	PROPN
cblr-5117	1280	12	business	business	NOUN
cblr-5117	1280	13	law	law	PROPN
cblr-5117	1280	14	review	review	NOUN
cblr-5117	1280	15	[	[	X
cblr-5117	1280	16	vol	vol	NOUN
cblr-5117	1280	17	.	.	PUNCT
cblr-5117	1280	18	2019	2019	NUM
cblr-5117	1280	19	undergo	undergo	VERB
cblr-5117	1280	20	as	as	SCONJ
cblr-5117	1280	21	they	they	PRON
cblr-5117	1280	22	grow	grow	VERB
cblr-5117	1280	23	,	,	PUNCT
cblr-5117	1280	24	imposing	impose	VERB
cblr-5117	1280	25	the	the	DET
cblr-5117	1280	26	enhanced	enhanced	ADJ
cblr-5117	1280	27	disclosure	disclosure	NOUN
cblr-5117	1280	28	requirements	requirement	NOUN
cblr-5117	1280	29	on	on	ADP
cblr-5117	1280	30	companies	company	NOUN
cblr-5117	1280	31	that	that	PRON
cblr-5117	1280	32	rely	rely	VERB
cblr-5117	1280	33	on	on	ADP
cblr-5117	1280	34	rule	rule	NOUN
cblr-5117	1280	35	701	701	NUM
cblr-5117	1280	36	to	to	PART
cblr-5117	1280	37	issue	issue	VERB
cblr-5117	1280	38	equity	equity	NOUN
cblr-5117	1280	39	compensation	compensation	NOUN
cblr-5117	1280	40	to	to	ADP
cblr-5117	1280	41	100	100	NUM
cblr-5117	1280	42	employees	employee	NOUN
cblr-5117	1280	43	or	or	CCONJ
cblr-5117	1280	44	more	more	ADV
cblr-5117	1280	45	is	be	AUX
cblr-5117	1280	46	both	both	PRON
cblr-5117	1280	47	sensible	sensible	ADJ
cblr-5117	1280	48	and	and	CCONJ
cblr-5117	1280	49	appropriate	appropriate	ADJ
cblr-5117	1280	50	.	.	PUNCT
cblr-5117	1281	1	vi	vi	X
cblr-5117	1281	2	.	.	NOUN
cblr-5117	1281	3	conclusion	conclusion	NOUN
cblr-5117	1281	4	start	start	NOUN
cblr-5117	1281	5	-	-	PUNCT
cblr-5117	1281	6	ups	up	NOUN
cblr-5117	1281	7	rely	rely	VERB
cblr-5117	1281	8	heavily	heavily	ADV
cblr-5117	1281	9	on	on	ADP
cblr-5117	1281	10	equity	equity	NOUN
cblr-5117	1281	11	compensation	compensation	NOUN
cblr-5117	1281	12	to	to	PART
cblr-5117	1281	13	compete	compete	VERB
cblr-5117	1281	14	for	for	ADP
cblr-5117	1281	15	talent	talent	NOUN
cblr-5117	1281	16	with	with	ADP
cblr-5117	1281	17	more	more	ADV
cblr-5117	1281	18	established	established	ADJ
cblr-5117	1281	19	public	public	ADJ
cblr-5117	1281	20	firms	firm	NOUN
cblr-5117	1281	21	.	.	PUNCT
cblr-5117	1282	1	even	even	ADV
cblr-5117	1282	2	though	though	SCONJ
cblr-5117	1282	3	start	start	NOUN
cblr-5117	1282	4	-	-	PUNCT
cblr-5117	1282	5	ups	up	NOUN
cblr-5117	1282	6	’	'	PUNCT
cblr-5117	1282	7	reliance	reliance	NOUN
cblr-5117	1282	8	on	on	ADP
cblr-5117	1282	9	broad	broad	ADV
cblr-5117	1282	10	-	-	PUNCT
cblr-5117	1282	11	based	base	VERB
cblr-5117	1282	12	equity	equity	NOUN
cblr-5117	1282	13	compensation	compensation	NOUN
cblr-5117	1282	14	is	be	AUX
cblr-5117	1282	15	not	not	PART
cblr-5117	1282	16	a	a	DET
cblr-5117	1282	17	new	new	ADJ
cblr-5117	1282	18	phenomenon	phenomenon	NOUN
cblr-5117	1282	19	,	,	PUNCT
cblr-5117	1282	20	the	the	DET
cblr-5117	1282	21	legal	legal	ADJ
cblr-5117	1282	22	literature	literature	NOUN
cblr-5117	1282	23	on	on	ADP
cblr-5117	1282	24	this	this	DET
cblr-5117	1282	25	subject	subject	NOUN
cblr-5117	1282	26	is	be	AUX
cblr-5117	1282	27	just	just	ADV
cblr-5117	1282	28	starting	start	VERB
cblr-5117	1282	29	to	to	PART
cblr-5117	1282	30	emerge.318	emerge.318	VERB
cblr-5117	1282	31	the	the	DET
cblr-5117	1282	32	scarcity	scarcity	NOUN
cblr-5117	1282	33	of	of	ADP
cblr-5117	1282	34	academic	academic	ADJ
cblr-5117	1282	35	legal	legal	ADJ
cblr-5117	1282	36	discussion	discussion	NOUN
cblr-5117	1282	37	regarding	regard	VERB
cblr-5117	1282	38	employee	employee	NOUN
cblr-5117	1282	39	equity	equity	NOUN
cblr-5117	1282	40	compensation	compensation	NOUN
cblr-5117	1282	41	is	be	AUX
cblr-5117	1282	42	especially	especially	ADV
cblr-5117	1282	43	puzzling	puzzle	VERB
cblr-5117	1282	44	given	give	VERB
cblr-5117	1282	45	corporate	corporate	ADJ
cblr-5117	1282	46	law	law	NOUN
cblr-5117	1282	47	’s	’s	PART
cblr-5117	1282	48	obsession	obsession	NOUN
cblr-5117	1282	49	with	with	ADP
cblr-5117	1282	50	executive	executive	ADJ
cblr-5117	1282	51	equity	equity	NOUN
cblr-5117	1282	52	compensation.319	compensation.319	PROPN
cblr-5117	1282	53	this	this	DET
cblr-5117	1282	54	article	article	NOUN
cblr-5117	1282	55	lays	lay	VERB
cblr-5117	1282	56	the	the	DET
cblr-5117	1282	57	foundations	foundation	NOUN
cblr-5117	1282	58	for	for	ADP
cblr-5117	1282	59	a	a	DET
cblr-5117	1282	60	securities	security	NOUN
cblr-5117	1282	61	regulation	regulation	NOUN
cblr-5117	1282	62	approach	approach	NOUN
cblr-5117	1282	63	to	to	ADP
cblr-5117	1282	64	human	human	ADJ
cblr-5117	1282	65	capital	capital	NOUN
cblr-5117	1282	66	investments	investment	NOUN
cblr-5117	1282	67	by	by	ADP
cblr-5117	1282	68	start	start	NOUN
cblr-5117	1282	69	-	-	PUNCT
cblr-5117	1282	70	up	up	ADP
cblr-5117	1282	71	employees	employee	NOUN
cblr-5117	1282	72	.	.	PUNCT
cblr-5117	1283	1	it	it	PRON
cblr-5117	1283	2	establishes	establish	VERB
cblr-5117	1283	3	that	that	SCONJ
cblr-5117	1283	4	,	,	PUNCT
cblr-5117	1283	5	as	as	SCONJ
cblr-5117	1283	6	opposed	oppose	VERB
cblr-5117	1283	7	to	to	ADP
cblr-5117	1283	8	the	the	DET
cblr-5117	1283	9	notion	notion	NOUN
cblr-5117	1283	10	promoted	promote	VERB
cblr-5117	1283	11	by	by	ADP
cblr-5117	1283	12	deregulation	deregulation	NOUN
cblr-5117	1283	13	advocates	advocate	NOUN
cblr-5117	1283	14	,	,	PUNCT
cblr-5117	1283	15	pre	pre	ADJ
cblr-5117	1283	16	-	-	ADJ
cblr-5117	1283	17	negotiated	negotiate	VERB
cblr-5117	1283	18	equity	equity	NOUN
cblr-5117	1283	19	compensation	compensation	NOUN
cblr-5117	1283	20	is	be	AUX
cblr-5117	1283	21	a	a	DET
cblr-5117	1283	22	form	form	NOUN
cblr-5117	1283	23	of	of	ADP
cblr-5117	1283	24	investment	investment	NOUN
cblr-5117	1283	25	,	,	PUNCT
cblr-5117	1283	26	not	not	PART
cblr-5117	1283	27	merely	merely	ADV
cblr-5117	1283	28	a	a	DET
cblr-5117	1283	29	bonus	bonus	NOUN
cblr-5117	1283	30	or	or	CCONJ
cblr-5117	1283	31	incentive	incentive	NOUN
cblr-5117	1283	32	.	.	PUNCT
cblr-5117	1284	1	as	as	ADP
cblr-5117	1284	2	such	such	ADJ
cblr-5117	1284	3	,	,	PUNCT
cblr-5117	1284	4	this	this	DET
cblr-5117	1284	5	sort	sort	NOUN
cblr-5117	1284	6	of	of	ADP
cblr-5117	1284	7	compensation	compensation	NOUN
cblr-5117	1284	8	demands	demand	VERB
cblr-5117	1284	9	the	the	DET
cblr-5117	1284	10	protection	protection	NOUN
cblr-5117	1284	11	of	of	ADP
cblr-5117	1284	12	the	the	DET
cblr-5117	1284	13	securities	security	NOUN
cblr-5117	1284	14	laws	law	NOUN
cblr-5117	1284	15	.	.	PUNCT
cblr-5117	1285	1	318	318	NUM
cblr-5117	1285	2	see	see	VERB
cblr-5117	1285	3	cable	cable	NOUN
cblr-5117	1285	4	,	,	PUNCT
cblr-5117	1285	5	supra	supra	PROPN
cblr-5117	1285	6	note	note	NOUN
cblr-5117	1285	7	5	5	NUM
cblr-5117	1285	8	,	,	PUNCT
cblr-5117	1285	9	at	at	ADP
cblr-5117	1285	10	619	619	NUM
cblr-5117	1285	11	note	note	NOUN
cblr-5117	1285	12	14	14	NUM
cblr-5117	1285	13	(	(	PUNCT
cblr-5117	1285	14	citing	cite	VERB
cblr-5117	1285	15	relevant	relevant	ADJ
cblr-5117	1285	16	literature	literature	NOUN
cblr-5117	1285	17	and	and	CCONJ
cblr-5117	1285	18	noting	note	VERB
cblr-5117	1285	19	that	that	SCONJ
cblr-5117	1285	20	only	only	ADV
cblr-5117	1285	21	“	"	PUNCT
cblr-5117	1285	22	[	[	X
cblr-5117	1285	23	a	a	X
cblr-5117	1285	24	]	]	X
cblr-5117	1285	25	small	small	ADJ
cblr-5117	1285	26	number	number	NOUN
cblr-5117	1285	27	of	of	ADP
cblr-5117	1285	28	law	law	NOUN
cblr-5117	1285	29	review	review	NOUN
cblr-5117	1285	30	articles	article	NOUN
cblr-5117	1285	31	analyze	analyze	VERB
cblr-5117	1285	32	private	private	ADJ
cblr-5117	1285	33	company	company	NOUN
cblr-5117	1285	34	equity	equity	NOUN
cblr-5117	1285	35	compensation	compensation	PROPN
cblr-5117	1285	36	”	"	PUNCT
cblr-5117	1285	37	)	)	PUNCT
cblr-5117	1285	38	;	;	PUNCT
cblr-5117	1285	39	see	see	VERB
cblr-5117	1285	40	also	also	ADV
cblr-5117	1285	41	aran	aran	ADJ
cblr-5117	1285	42	,	,	PUNCT
cblr-5117	1285	43	supra	supra	PROPN
cblr-5117	1285	44	note	note	NOUN
cblr-5117	1285	45	4	4	NUM
cblr-5117	1285	46	;	;	PUNCT
cblr-5117	1285	47	alonbeck	alonbeck	ADV
cblr-5117	1285	48	,	,	PUNCT
cblr-5117	1285	49	supra	supra	PROPN
cblr-5117	1285	50	note	note	PROPN
cblr-5117	1285	51	145	145	NUM
cblr-5117	1285	52	;	;	PUNCT
cblr-5117	1285	53	booth	booth	NOUN
cblr-5117	1285	54	,	,	PUNCT
cblr-5117	1285	55	supra	supra	PROPN
cblr-5117	1285	56	note	note	PROPN
cblr-5117	1285	57	63	63	NUM
cblr-5117	1285	58	;	;	PUNCT
cblr-5117	1285	59	thomas	thomas	PROPN
cblr-5117	1285	60	a.	a.	PROPN
cblr-5117	1285	61	smith	smith	PROPN
cblr-5117	1285	62	,	,	PUNCT
cblr-5117	1285	63	the	the	DET
cblr-5117	1285	64	zynga	zynga	NOUN
cblr-5117	1285	65	clawback	clawback	NOUN
cblr-5117	1285	66	:	:	PUNCT
cblr-5117	1285	67	shoring	shore	VERB
cblr-5117	1285	68	up	up	ADP
cblr-5117	1285	69	the	the	DET
cblr-5117	1285	70	central	central	ADJ
cblr-5117	1285	71	pillar	pillar	NOUN
cblr-5117	1285	72	of	of	ADP
cblr-5117	1285	73	innovation	innovation	NOUN
cblr-5117	1285	74	,	,	PUNCT
cblr-5117	1285	75	53	53	NUM
cblr-5117	1285	76	santa	santa	PROPN
cblr-5117	1285	77	clara	clara	PROPN
cblr-5117	1285	78	l.	l.	PROPN
cblr-5117	1285	79	rev	rev	PROPN
cblr-5117	1285	80	.	.	PROPN
cblr-5117	1285	81	577	577	NUM
cblr-5117	1285	82	,	,	PUNCT
cblr-5117	1285	83	580	580	NUM
cblr-5117	1285	84	(	(	PUNCT
cblr-5117	1285	85	2013	2013	NUM
cblr-5117	1285	86	)	)	PUNCT
cblr-5117	1285	87	;	;	PUNCT
cblr-5117	1285	88	pollman	pollman	NOUN
cblr-5117	1285	89	,	,	PUNCT
cblr-5117	1285	90	supra	supra	PROPN
cblr-5117	1285	91	note	note	NOUN
cblr-5117	1285	92	158	158	NUM
cblr-5117	1285	93	,	,	PUNCT
cblr-5117	1285	94	at	at	ADP
cblr-5117	1285	95	195–202	195–202	PROPN
cblr-5117	1285	96	(	(	PUNCT
cblr-5117	1285	97	describing	describe	VERB
cblr-5117	1285	98	the	the	DET
cblr-5117	1285	99	evolution	evolution	NOUN
cblr-5117	1285	100	of	of	ADP
cblr-5117	1285	101	online	online	ADJ
cblr-5117	1285	102	marketplaces	marketplace	NOUN
cblr-5117	1285	103	for	for	ADP
cblr-5117	1285	104	private	private	ADJ
cblr-5117	1285	105	companies	company	NOUN
cblr-5117	1285	106	’	’	PART
cblr-5117	1285	107	stock	stock	NOUN
cblr-5117	1285	108	)	)	PUNCT
cblr-5117	1285	109	.	.	PUNCT
cblr-5117	1286	1	319	319	NUM
cblr-5117	1286	2	executive	executive	PROPN
cblr-5117	1286	3	equity	equity	NOUN
cblr-5117	1286	4	compensation	compensation	NOUN
cblr-5117	1286	5	has	have	AUX
cblr-5117	1286	6	been	be	AUX
cblr-5117	1286	7	one	one	NUM
cblr-5117	1286	8	of	of	ADP
cblr-5117	1286	9	the	the	DET
cblr-5117	1286	10	most	most	ADV
cblr-5117	1286	11	wellstudied	wellstudie	VERB
cblr-5117	1286	12	and	and	CCONJ
cblr-5117	1286	13	well	well	ADV
cblr-5117	1286	14	-	-	PUNCT
cblr-5117	1286	15	debated	debate	VERB
cblr-5117	1286	16	issues	issue	NOUN
cblr-5117	1286	17	in	in	ADP
cblr-5117	1286	18	corporate	corporate	ADJ
cblr-5117	1286	19	law	law	NOUN
cblr-5117	1286	20	for	for	ADP
cblr-5117	1286	21	more	more	ADJ
cblr-5117	1286	22	than	than	ADP
cblr-5117	1286	23	80	80	NUM
cblr-5117	1286	24	years	year	NOUN
cblr-5117	1286	25	,	,	PUNCT
cblr-5117	1286	26	starting	start	VERB
cblr-5117	1286	27	with	with	ADP
cblr-5117	1286	28	adolf	adolf	PROPN
cblr-5117	1286	29	berle	berle	PROPN
cblr-5117	1286	30	and	and	CCONJ
cblr-5117	1286	31	gardiner	gardiner	PROPN
cblr-5117	1286	32	means	means	PROPN
cblr-5117	1286	33	.	.	PUNCT
cblr-5117	1287	1	see	see	VERB
cblr-5117	1287	2	generally	generally	ADV
cblr-5117	1287	3	adolf	adolf	PROPN
cblr-5117	1287	4	a.	a.	PROPN
cblr-5117	1287	5	berle	berle	PROPN
cblr-5117	1287	6	&	&	CCONJ
cblr-5117	1287	7	gardiner	gardiner	PROPN
cblr-5117	1287	8	c.	c.	PROPN
cblr-5117	1287	9	means	mean	VERB
cblr-5117	1287	10	,	,	PUNCT
cblr-5117	1287	11	the	the	DET
cblr-5117	1287	12	modern	modern	ADJ
cblr-5117	1287	13	corporation	corporation	NOUN
cblr-5117	1287	14	and	and	CCONJ
cblr-5117	1287	15	private	private	ADJ
cblr-5117	1287	16	property	property	NOUN
cblr-5117	1287	17	(	(	PUNCT
cblr-5117	1287	18	1932	1932	NUM
cblr-5117	1287	19	)	)	PUNCT
cblr-5117	1287	20	.	.	PUNCT
cblr-5117	1288	1	on	on	ADP
cblr-5117	1288	2	the	the	DET
cblr-5117	1288	3	debate	debate	NOUN
cblr-5117	1288	4	regarding	regard	VERB
cblr-5117	1288	5	executive	executive	ADJ
cblr-5117	1288	6	equity	equity	NOUN
cblr-5117	1288	7	incentives	incentive	NOUN
cblr-5117	1288	8	,	,	PUNCT
cblr-5117	1288	9	see	see	VERB
cblr-5117	1288	10	generally	generally	ADV
cblr-5117	1288	11	lucian	lucian	PROPN
cblr-5117	1288	12	bebchuk	bebchuk	PROPN
cblr-5117	1288	13	&	&	CCONJ
cblr-5117	1288	14	jesse	jesse	PROPN
cblr-5117	1288	15	fried	fried	PROPN
cblr-5117	1288	16	,	,	PUNCT
cblr-5117	1288	17	pay	pay	VERB
cblr-5117	1288	18	without	without	ADP
cblr-5117	1288	19	performance	performance	NOUN
cblr-5117	1288	20	:	:	PUNCT
cblr-5117	1288	21	the	the	DET
cblr-5117	1288	22	unfulfilled	unfulfilled	ADJ
cblr-5117	1288	23	promise	promise	NOUN
cblr-5117	1288	24	of	of	ADP
cblr-5117	1288	25	executive	executive	ADJ
cblr-5117	1288	26	compensation	compensation	NOUN
cblr-5117	1288	27	7	7	NUM
cblr-5117	1288	28	(	(	PUNCT
cblr-5117	1288	29	2004	2004	NUM
cblr-5117	1288	30	)	)	PUNCT
cblr-5117	1288	31	;	;	PUNCT
cblr-5117	1288	32	see	see	VERB
cblr-5117	1288	33	also	also	ADV
cblr-5117	1288	34	michael	michael	PROPN
cblr-5117	1288	35	c.	c.	PROPN
cblr-5117	1288	36	dorf	dorf	PROPN
cblr-5117	1288	37	,	,	PUNCT
cblr-5117	1288	38	indispensable	indispensable	ADJ
cblr-5117	1288	39	and	and	CCONJ
cblr-5117	1288	40	other	other	ADJ
cblr-5117	1288	41	myths	myth	NOUN
cblr-5117	1288	42	:	:	PUNCT
cblr-5117	1288	43	why	why	SCONJ
cblr-5117	1288	44	the	the	DET
cblr-5117	1288	45	ceo	ceo	NOUN
cblr-5117	1288	46	pay	pay	NOUN
cblr-5117	1288	47	experiment	experiment	NOUN
cblr-5117	1288	48	failed	fail	VERB
cblr-5117	1288	49	and	and	CCONJ
cblr-5117	1288	50	how	how	SCONJ
cblr-5117	1288	51	to	to	PART
cblr-5117	1288	52	fix	fix	VERB
cblr-5117	1288	53	it	it	PRON
cblr-5117	1288	54	5–6	5–6	NOUN
cblr-5117	1288	55	(	(	PUNCT
cblr-5117	1288	56	2014	2014	NUM
cblr-5117	1288	57	)	)	PUNCT
cblr-5117	1288	58	(	(	PUNCT
cblr-5117	1288	59	doubting	doubt	VERB
cblr-5117	1288	60	the	the	DET
cblr-5117	1288	61	theoretical	theoretical	ADJ
cblr-5117	1288	62	justifications	justification	NOUN
cblr-5117	1288	63	for	for	ADP
cblr-5117	1288	64	executive	executive	ADJ
cblr-5117	1288	65	equity	equity	NOUN
cblr-5117	1288	66	compensation	compensation	NOUN
cblr-5117	1288	67	pay	pay	NOUN
cblr-5117	1288	68	and	and	CCONJ
cblr-5117	1288	69	calling	call	VERB
cblr-5117	1288	70	instead	instead	ADV
cblr-5117	1288	71	for	for	ADP
cblr-5117	1288	72	salary	salary	NOUN
cblr-5117	1288	73	-	-	PUNCT
cblr-5117	1288	74	based	base	VERB
cblr-5117	1288	75	pay	pay	NOUN
cblr-5117	1288	76	)	)	PUNCT
cblr-5117	1288	77	;	;	PUNCT
cblr-5117	1288	78	cf	cf	X
cblr-5117	1288	79	.	.	PUNCT
cblr-5117	1289	1	e.g.	e.g.	ADV
cblr-5117	1289	2	,	,	PUNCT
cblr-5117	1289	3	michael	michael	PROPN
cblr-5117	1289	4	c.	c.	PROPN
cblr-5117	1289	5	jensen	jensen	PROPN
cblr-5117	1289	6	&	&	CCONJ
cblr-5117	1289	7	kevin	kevin	PROPN
cblr-5117	1289	8	j.	j.	PROPN
cblr-5117	1289	9	murphy	murphy	PROPN
cblr-5117	1289	10	,	,	PUNCT
cblr-5117	1289	11	ceo	ceo	NOUN
cblr-5117	1289	12	incentives	incentive	NOUN
cblr-5117	1289	13	—	—	PUNCT
cblr-5117	1289	14	it	it	PRON
cblr-5117	1289	15	’s	’	VERB
cblr-5117	1289	16	not	not	PART
cblr-5117	1289	17	how	how	SCONJ
cblr-5117	1289	18	much	much	ADJ
cblr-5117	1289	19	you	you	PRON
cblr-5117	1289	20	pay	pay	VERB
cblr-5117	1289	21	,	,	PUNCT
cblr-5117	1289	22	but	but	CCONJ
cblr-5117	1289	23	how	how	SCONJ
cblr-5117	1289	24	,	,	PUNCT
cblr-5117	1289	25	68	68	NUM
cblr-5117	1289	26	harv	harv	NOUN
cblr-5117	1289	27	.	.	PUNCT
cblr-5117	1290	1	bus	bus	NOUN
cblr-5117	1290	2	.	.	PUNCT
cblr-5117	1291	1	rev	rev	PROPN
cblr-5117	1291	2	.	.	PROPN
cblr-5117	1291	3	138	138	NUM
cblr-5117	1291	4	,	,	PUNCT
cblr-5117	1291	5	145	145	NUM
cblr-5117	1291	6	(	(	PUNCT
cblr-5117	1291	7	1990	1990	NUM
cblr-5117	1291	8	)	)	PUNCT
cblr-5117	1291	9	(	(	PUNCT
cblr-5117	1291	10	advocating	advocate	VERB
cblr-5117	1291	11	for	for	ADP
cblr-5117	1291	12	equity	equity	NOUN
cblr-5117	1291	13	executive	executive	PROPN
cblr-5117	1291	14	compensation	compensation	NOUN
cblr-5117	1291	15	)	)	PUNCT
cblr-5117	1291	16	.	.	PUNCT
cblr-5117	1292	1	4_2019.3_aran	4_2019.3_aran	NUM
cblr-5117	1292	2	(	(	PUNCT
cblr-5117	1292	3	do	do	AUX
cblr-5117	1292	4	not	not	PART
cblr-5117	1292	5	delete	delete	VERB
cblr-5117	1292	6	)	)	PUNCT
cblr-5117	1292	7	1/8/2020	1/8/2020	NUM
cblr-5117	1292	8	4:44	4:44	NUM
cblr-5117	1292	9	pm	pm	NOUN
cblr-5117	1292	10	no	no	INTJ
cblr-5117	1292	11	.	.	PUNCT
cblr-5117	1293	1	3:867	3:867	NUM
cblr-5117	1293	2	]	]	PUNCT
cblr-5117	1293	3	making	make	VERB
cblr-5117	1293	4	disclosure	disclosure	NOUN
cblr-5117	1293	5	work	work	NOUN
cblr-5117	1293	6	963	963	NUM
cblr-5117	1293	7	thus	thus	ADV
cblr-5117	1293	8	far	far	ADV
cblr-5117	1293	9	,	,	PUNCT
cblr-5117	1293	10	the	the	DET
cblr-5117	1293	11	securities	security	NOUN
cblr-5117	1293	12	regulation	regulation	NOUN
cblr-5117	1293	13	regime	regime	NOUN
cblr-5117	1293	14	has	have	AUX
cblr-5117	1293	15	focused	focus	VERB
cblr-5117	1293	16	almost	almost	ADV
cblr-5117	1293	17	exclusively	exclusively	ADV
cblr-5117	1293	18	on	on	ADP
cblr-5117	1293	19	cash	cash	NOUN
cblr-5117	1293	20	investments	investment	NOUN
cblr-5117	1293	21	.	.	PUNCT
cblr-5117	1294	1	however	however	ADV
cblr-5117	1294	2	,	,	PUNCT
cblr-5117	1294	3	following	follow	VERB
cblr-5117	1294	4	the	the	DET
cblr-5117	1294	5	information	information	NOUN
cblr-5117	1294	6	technology	technology	NOUN
cblr-5117	1294	7	revolution	revolution	NOUN
cblr-5117	1294	8	and	and	CCONJ
cblr-5117	1294	9	the	the	DET
cblr-5117	1294	10	rise	rise	NOUN
cblr-5117	1294	11	of	of	ADP
cblr-5117	1294	12	the	the	DET
cblr-5117	1294	13	venture	venture	NOUN
cblr-5117	1294	14	capital	capital	NOUN
cblr-5117	1294	15	-	-	PUNCT
cblr-5117	1294	16	backed	back	VERB
cblr-5117	1294	17	firms	firm	NOUN
cblr-5117	1294	18	,	,	PUNCT
cblr-5117	1294	19	human	human	ADJ
cblr-5117	1294	20	capital	capital	NOUN
cblr-5117	1294	21	investment	investment	NOUN
cblr-5117	1294	22	by	by	ADP
cblr-5117	1294	23	employees	employee	NOUN
cblr-5117	1294	24	became	become	VERB
cblr-5117	1294	25	an	an	DET
cblr-5117	1294	26	integral	integral	ADJ
cblr-5117	1294	27	part	part	NOUN
cblr-5117	1294	28	of	of	ADP
cblr-5117	1294	29	the	the	DET
cblr-5117	1294	30	business	business	NOUN
cblr-5117	1294	31	model	model	NOUN
cblr-5117	1294	32	of	of	ADP
cblr-5117	1294	33	high	high	ADJ
cblr-5117	1294	34	-	-	PUNCT
cblr-5117	1294	35	growth	growth	NOUN
cblr-5117	1294	36	entrepreneurial	entrepreneurial	ADJ
cblr-5117	1294	37	companies	company	NOUN
cblr-5117	1294	38	.	.	PUNCT
cblr-5117	1295	1	it	it	PRON
cblr-5117	1295	2	is	be	AUX
cblr-5117	1295	3	therefore	therefore	ADV
cblr-5117	1295	4	time	time	NOUN
cblr-5117	1295	5	for	for	SCONJ
cblr-5117	1295	6	the	the	DET
cblr-5117	1295	7	securities	security	NOUN
cblr-5117	1295	8	regulation	regulation	PROPN
cblr-5117	1295	9	regime	regime	NOUN
cblr-5117	1295	10	to	to	PART
cblr-5117	1295	11	catch	catch	VERB
cblr-5117	1295	12	up	up	ADP
cblr-5117	1295	13	with	with	ADP
cblr-5117	1295	14	market	market	NOUN
cblr-5117	1295	15	dynamics	dynamic	NOUN
cblr-5117	1295	16	and	and	CCONJ
cblr-5117	1295	17	address	address	VERB
cblr-5117	1295	18	the	the	DET
cblr-5117	1295	19	challenges	challenge	NOUN
cblr-5117	1295	20	of	of	ADP
cblr-5117	1295	21	human	human	ADJ
cblr-5117	1295	22	capital	capital	NOUN
cblr-5117	1295	23	investments	investment	NOUN
cblr-5117	1295	24	by	by	ADP
cblr-5117	1295	25	employees	employee	NOUN
cblr-5117	1295	26	.	.	PUNCT
cblr-5117	1296	1	as	as	SCONJ
cblr-5117	1296	2	this	this	DET
cblr-5117	1296	3	article	article	NOUN
cblr-5117	1296	4	establishes	establish	VERB
cblr-5117	1296	5	,	,	PUNCT
cblr-5117	1296	6	both	both	CCONJ
cblr-5117	1296	7	on	on	ADP
cblr-5117	1296	8	theoretical	theoretical	ADJ
cblr-5117	1296	9	and	and	CCONJ
cblr-5117	1296	10	pragmatic	pragmatic	ADJ
cblr-5117	1296	11	grounds	ground	NOUN
cblr-5117	1296	12	,	,	PUNCT
cblr-5117	1296	13	employees	employee	NOUN
cblr-5117	1296	14	’	'	PUNCT
cblr-5117	1296	15	investments	investment	NOUN
cblr-5117	1296	16	are	be	AUX
cblr-5117	1296	17	susceptible	susceptible	ADJ
cblr-5117	1296	18	to	to	ADP
cblr-5117	1296	19	expropriation	expropriation	NOUN
cblr-5117	1296	20	,	,	PUNCT
cblr-5117	1296	21	agency	agency	NOUN
cblr-5117	1296	22	problems	problem	NOUN
cblr-5117	1296	23	,	,	PUNCT
cblr-5117	1296	24	and	and	CCONJ
cblr-5117	1296	25	information	information	NOUN
cblr-5117	1296	26	asymmetry	asymmetry	NOUN
cblr-5117	1296	27	—	—	PUNCT
cblr-5117	1296	28	just	just	ADV
cblr-5117	1296	29	as	as	SCONJ
cblr-5117	1296	30	other	other	ADJ
cblr-5117	1296	31	forms	form	NOUN
cblr-5117	1296	32	of	of	ADP
cblr-5117	1296	33	capital	capital	NOUN
cblr-5117	1296	34	investments	investment	NOUN
cblr-5117	1296	35	are	be	AUX
cblr-5117	1296	36	.	.	PUNCT
cblr-5117	1297	1	the	the	DET
cblr-5117	1297	2	current	current	ADJ
cblr-5117	1297	3	regulatory	regulatory	ADJ
cblr-5117	1297	4	framework	framework	NOUN
cblr-5117	1297	5	under	under	ADP
cblr-5117	1297	6	rule	rule	NOUN
cblr-5117	1297	7	701	701	NUM
cblr-5117	1297	8	fails	fail	NOUN
cblr-5117	1297	9	to	to	PART
cblr-5117	1297	10	address	address	VERB
cblr-5117	1297	11	these	these	DET
cblr-5117	1297	12	concerns	concern	NOUN
cblr-5117	1297	13	,	,	PUNCT
cblr-5117	1297	14	and	and	CCONJ
cblr-5117	1297	15	at	at	ADP
cblr-5117	1297	16	the	the	DET
cblr-5117	1297	17	same	same	ADJ
cblr-5117	1297	18	time	time	NOUN
cblr-5117	1297	19	it	it	PRON
cblr-5117	1297	20	places	place	VERB
cblr-5117	1297	21	an	an	DET
cblr-5117	1297	22	undue	undue	ADJ
cblr-5117	1297	23	burden	burden	NOUN
cblr-5117	1297	24	on	on	ADP
cblr-5117	1297	25	some	some	DET
cblr-5117	1297	26	issuers	issuer	NOUN
cblr-5117	1297	27	by	by	ADP
cblr-5117	1297	28	requiring	require	VERB
cblr-5117	1297	29	the	the	DET
cblr-5117	1297	30	disclosure	disclosure	NOUN
cblr-5117	1297	31	of	of	ADP
cblr-5117	1297	32	market	market	NOUN
cblr-5117	1297	33	-	-	PUNCT
cblr-5117	1297	34	sensitive	sensitive	ADJ
cblr-5117	1297	35	data	datum	NOUN
cblr-5117	1297	36	.	.	PUNCT
cblr-5117	1298	1	this	this	DET
cblr-5117	1298	2	article	article	NOUN
cblr-5117	1298	3	offers	offer	VERB
cblr-5117	1298	4	an	an	DET
cblr-5117	1298	5	outline	outline	NOUN
cblr-5117	1298	6	for	for	ADP
cblr-5117	1298	7	a	a	DET
cblr-5117	1298	8	better	well	ADJ
cblr-5117	1298	9	regulatory	regulatory	ADJ
cblr-5117	1298	10	scheme	scheme	NOUN
cblr-5117	1298	11	covering	cover	VERB
cblr-5117	1298	12	the	the	DET
cblr-5117	1298	13	relationship	relationship	NOUN
cblr-5117	1298	14	between	between	ADP
cblr-5117	1298	15	private	private	ADJ
cblr-5117	1298	16	issuers	issuer	NOUN
cblr-5117	1298	17	and	and	CCONJ
cblr-5117	1298	18	their	their	PRON
cblr-5117	1298	19	equity	equity	NOUN
cblr-5117	1298	20	-	-	PUNCT
cblr-5117	1298	21	compensated	compensate	VERB
cblr-5117	1298	22	employees	employee	NOUN
cblr-5117	1298	23	.	.	PUNCT
cblr-5117	1299	1	it	it	PRON
cblr-5117	1299	2	calls	call	VERB
cblr-5117	1299	3	to	to	PART
cblr-5117	1299	4	revisit	revisit	VERB
cblr-5117	1299	5	rule	rule	VERB
cblr-5117	1299	6	701	701	NUM
cblr-5117	1299	7	disclosure	disclosure	NOUN
cblr-5117	1299	8	requirements	requirement	NOUN
cblr-5117	1299	9	and	and	CCONJ
cblr-5117	1299	10	to	to	PART
cblr-5117	1299	11	tailor	tailor	VERB
cblr-5117	1299	12	the	the	DET
cblr-5117	1299	13	disclosure	disclosure	NOUN
cblr-5117	1299	14	to	to	ADP
cblr-5117	1299	15	the	the	DET
cblr-5117	1299	16	distinct	distinct	ADJ
cblr-5117	1299	17	attributes	attribute	NOUN
cblr-5117	1299	18	of	of	ADP
cblr-5117	1299	19	the	the	DET
cblr-5117	1299	20	venture	venture	NOUN
cblr-5117	1299	21	capital	capital	NOUN
cblr-5117	1299	22	-	-	PUNCT
cblr-5117	1299	23	backed	back	VERB
cblr-5117	1299	24	firm	firm	NOUN
cblr-5117	1299	25	—	—	PUNCT
cblr-5117	1299	26	namely	namely	ADV
cblr-5117	1299	27	,	,	PUNCT
cblr-5117	1299	28	the	the	DET
cblr-5117	1299	29	existence	existence	NOUN
cblr-5117	1299	30	of	of	ADP
cblr-5117	1299	31	multiple	multiple	ADJ
cblr-5117	1299	32	classes	class	NOUN
cblr-5117	1299	33	of	of	ADP
cblr-5117	1299	34	stock	stock	NOUN
cblr-5117	1299	35	with	with	ADP
cblr-5117	1299	36	different	different	ADJ
cblr-5117	1299	37	voting	voting	NOUN
cblr-5117	1299	38	and	and	CCONJ
cblr-5117	1299	39	cash	cash	NOUN
cblr-5117	1299	40	-	-	PUNCT
cblr-5117	1299	41	flow	flow	NOUN
cblr-5117	1299	42	rights	right	NOUN
cblr-5117	1299	43	tied	tie	VERB
cblr-5117	1299	44	to	to	ADP
cblr-5117	1299	45	each	each	DET
cblr-5117	1299	46	class	class	NOUN
cblr-5117	1299	47	.	.	PUNCT
cblr-5117	1300	1	the	the	DET
cblr-5117	1300	2	proposed	propose	VERB
cblr-5117	1300	3	disclosure	disclosure	NOUN
cblr-5117	1300	4	of	of	ADP
cblr-5117	1300	5	valuation	valuation	NOUN
cblr-5117	1300	6	information	information	NOUN
cblr-5117	1300	7	along	along	ADP
cblr-5117	1300	8	with	with	ADP
cblr-5117	1300	9	an	an	DET
cblr-5117	1300	10	exit	exit	NOUN
cblr-5117	1300	11	waterfall	waterfall	NOUN
cblr-5117	1300	12	analysis	analysis	NOUN
cblr-5117	1300	13	is	be	AUX
cblr-5117	1300	14	not	not	PART
cblr-5117	1300	15	only	only	ADV
cblr-5117	1300	16	materially	materially	ADV
cblr-5117	1300	17	relevant	relevant	ADJ
cblr-5117	1300	18	to	to	ADP
cblr-5117	1300	19	the	the	DET
cblr-5117	1300	20	investment	investment	NOUN
cblr-5117	1300	21	and	and	CCONJ
cblr-5117	1300	22	employment	employment	NOUN
cblr-5117	1300	23	decisions	decision	NOUN
cblr-5117	1300	24	of	of	ADP
cblr-5117	1300	25	employees	employee	NOUN
cblr-5117	1300	26	,	,	PUNCT
cblr-5117	1300	27	but	but	CCONJ
cblr-5117	1300	28	is	be	AUX
cblr-5117	1300	29	also	also	ADV
cblr-5117	1300	30	easier	easy	ADJ
cblr-5117	1300	31	to	to	PART
cblr-5117	1300	32	comply	comply	VERB
cblr-5117	1300	33	with	with	ADP
cblr-5117	1300	34	and	and	CCONJ
cblr-5117	1300	35	cost	cost	NOUN
cblr-5117	1300	36	-	-	PUNCT
cblr-5117	1300	37	effective	effective	ADJ
cblr-5117	1300	38	.	.	PUNCT
cblr-5117	1301	1	better	well	ADJ
cblr-5117	1301	2	disclosure	disclosure	NOUN
cblr-5117	1301	3	to	to	ADP
cblr-5117	1301	4	employees	employee	NOUN
cblr-5117	1301	5	is	be	AUX
cblr-5117	1301	6	needed	need	VERB
cblr-5117	1301	7	not	not	PART
cblr-5117	1301	8	only	only	ADV
cblr-5117	1301	9	to	to	PART
cblr-5117	1301	10	promote	promote	VERB
cblr-5117	1301	11	fairness	fairness	NOUN
cblr-5117	1301	12	and	and	CCONJ
cblr-5117	1301	13	transparency	transparency	NOUN
cblr-5117	1301	14	,	,	PUNCT
cblr-5117	1301	15	but	but	CCONJ
cblr-5117	1301	16	also	also	ADV
cblr-5117	1301	17	to	to	PART
cblr-5117	1301	18	prevent	prevent	VERB
cblr-5117	1301	19	the	the	DET
cblr-5117	1301	20	market	market	NOUN
cblr-5117	1301	21	for	for	ADP
cblr-5117	1301	22	equity	equity	NOUN
cblr-5117	1301	23	-	-	PUNCT
cblr-5117	1301	24	based	base	VERB
cblr-5117	1301	25	compensation	compensation	NOUN
cblr-5117	1301	26	from	from	ADP
cblr-5117	1301	27	becoming	become	VERB
cblr-5117	1301	28	a	a	DET
cblr-5117	1301	29	market	market	NOUN
cblr-5117	1301	30	for	for	ADP
cblr-5117	1301	31	lemons	lemon	NOUN
cblr-5117	1301	32	.	.	PUNCT
cblr-5117	1302	1	if	if	SCONJ
cblr-5117	1302	2	no	no	DET
cblr-5117	1302	3	alterations	alteration	NOUN
cblr-5117	1302	4	to	to	PART
cblr-5117	1302	5	rule	rule	VERB
cblr-5117	1302	6	701	701	NUM
cblr-5117	1302	7	are	be	AUX
cblr-5117	1302	8	adopted	adopt	VERB
cblr-5117	1302	9	,	,	PUNCT
cblr-5117	1302	10	employees	employee	NOUN
cblr-5117	1302	11	might	might	AUX
cblr-5117	1302	12	lose	lose	VERB
cblr-5117	1302	13	trust	trust	NOUN
cblr-5117	1302	14	in	in	ADP
cblr-5117	1302	15	this	this	DET
cblr-5117	1302	16	compensation	compensation	NOUN
cblr-5117	1302	17	device	device	NOUN
cblr-5117	1302	18	.	.	PUNCT
cblr-5117	1303	1	such	such	ADJ
cblr-5117	1303	2	market	market	NOUN
cblr-5117	1303	3	failure	failure	NOUN
cblr-5117	1303	4	might	might	AUX
cblr-5117	1303	5	in	in	ADP
cblr-5117	1303	6	turn	turn	NOUN
cblr-5117	1303	7	stifle	stifle	VERB
cblr-5117	1303	8	the	the	DET
cblr-5117	1303	9	competition	competition	NOUN
cblr-5117	1303	10	for	for	ADP
cblr-5117	1303	11	talent	talent	NOUN
cblr-5117	1303	12	and	and	CCONJ
cblr-5117	1303	13	increase	increase	VERB
cblr-5117	1303	14	the	the	DET
cblr-5117	1303	15	costs	cost	NOUN
cblr-5117	1303	16	of	of	ADP
cblr-5117	1303	17	creating	create	VERB
cblr-5117	1303	18	new	new	ADJ
cblr-5117	1303	19	entrepreneurial	entrepreneurial	ADJ
cblr-5117	1303	20	firms	firm	NOUN
cblr-5117	1303	21	.	.	PUNCT