2024 marked the first year that we had several tenured teammates with options expiring (stock options expire 10 years from the grant date unless exercised and converted to stock).

This is a really exciting milestone and underscores our dedication to ensuring that ownership and control of the company remain with those who are actively contributing to our success.

*Note: Due to the timing of the options expiring, we did not execute a cashless exercise. Instead, each individual exercised and then then participated in a Buffer stock buyback.

For teammates with options expiring this year we:

• Offered to buyback 40% of each person’s stock (post exercise) to account for the cost of exercise and the taxes due as a result of the exercise.
• For those interested in participating, we purchased their stock at our current 409a valuation: $2.64/share.
• The buyback opportunity was completely optional; each person was able to chose to sell up to 40%, less than 40% or none at all.
• All eligible team members were given the option to have Buffer cover the exercise + tax costs, partially cover them, or not cover them at all.

Note: A benefit of covering all or a portion of these costs yourself is that you will be able to maintain more of the shares.

Here are the details of those that participated:

In total, Buffer spent $259,639 in this buyback ($315,388 minus the funds received through each person’s exercise).

This is a really fun milestone to celebrate and the start of what we envision will be a regular liquidity event as apart of equity benefits we want to offer teammates.