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Can I receive equity options in a privately-held company and continue to participate in research sponsored by the same company?

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Can I receive equity options in a privately-held company and continue to participate in research sponsored by the same company?

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A. If one accepts equity options as payment for extramural activities from a privately-held company, they are not permitted to serve as Principal Investigator on research sponsored by the same because the value is indeterminate.

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