| Annual Base Salary | — |
| Target Bonus | — |
| Equity Grant Estimated Value | — |
| Total Compensation | — |
| Equity Type | Options |
| Granted Units | — |
| Notional Value per Year | — |
| Notional Total Value | — |
| Strike Price | $2.01 |
| Post Termination Exercise Window | 90 day exercise window |
| Company Valuation | $265,000,000 |
| Latest Share Price | $15.01 |
| Current Value | — |
| Estimated Value (10x Growth) | — |
| Estimated Value (50x Growth) | — |
| Estimated Value (200x Growth) | — |
The calculations and expected values projected here are for illustrative purposes only and the company makes no representation or guarantee about the future value of your equity grant. The value of the equity award may increase, decrease, or stay the same as of the date the equity is granted. The date of grant and grant details are subject to change and require approval from the board.
This equity grant is structured as ISO options.
We have designed this equity grant to allow you to participate in the growth of the company. The share price was set based upon financing rounds, the price that investors paid for shares, and accounting for recent growth.
In addition to your initial equity grant, you will also be eligible for performance based refresher grants as part of normal compensation cycles.
Please reach out if you have any questions about the grant, vesting, or how to model the equity.
Your tax obligation may be dependent on when you exercise your options. This is not tax or legal advice. Assumes 20% dilution per additional round. This is an estimate and may not be representative of actual outcomes. See additional disclaimers below.
The calculations and expected values projected here are for illustrative purposes only and the company makes no representation or guarantee about the future value of your equity grant. The value of the equity award may increase, decrease, or stay the same as of the date the equity is granted. The date of grant and grant details are subject to change and require approval from the board.
A list of benefits that Magical provides.
It's important to take time to relax and unwind! We offer a flexible, unlimited PTO policy for all full-time employees.
Welcoming a child is one of life's most magical moments. At Magical, we want to provide as much coverage as possible to allow each individual time to adjust to their new life and bond with their child.
Beyond what's legally required (4 weeks of birth giver), Magical will also provide top up pay regardless of gender or birth-giver/non birth-giver status (at 100% of an employee's current base salary) for 12 weeks to support employees in this big life adjustment. Benefits (health, wellness, dental, etc) will continue during the leave period.
Other Perks
A gift from us! Send us your baby registry (or a request for a gift for your child) and with the wave of a wand, the Magical team will send you gifts up $500.
We're all eligible for equity awards, and we have big plans. That means when we grow together, we win together.
$300 annual stipend to spend on things to nourish the mind, body, or soul (ideas: Calm app subscription, fitness watch, yoga, etc).
$600 one-time stipend to make your home office setup super effective (ideas: ergonomic chair, sit stand desk, printers that actually work on the first try).
Lunch is on us for up to $100 per month. For extra fun calories, have lunch with your Magical colleagues virtually or in person if you're working in the same city!
Feel more productive in an office environment? You can expense working from a co-working space / office hub in whatever city you're in.
We don't like to take ourselves too seriously. We host monthly events where the entire team gets together. Dinner and drinks are on us! Past events include: Mai Tai making Magic Show, Candle making, Games nights (including a Wheel of Fortune with our co-founder's Mom as host 😄).
Magical allows you to put money toward your 401k, RRSP (Canada), and FSA plans to ensure both you and your family are taken care of.
We leverage Empire Life for our Canadian Employees. In the US, we offer 99% employer paid coverage for employees and 75% employer paid coverage for qualified dependents for PPO plans (dependents are fully covered under HMO plans). We're proud to offer three awesome Platinum & Gold PPO and HMO plans.
Dental: 100% employer paid coverage for employees and 75% employer paid coverage for qualified dependents.
Vision: 99% employer paid coverage for employees and 75% employer paid coverage for qualified dependents.
From Iceland to Dominican Republic, we take time two times a year to bring the entire company to build internal Magical moments. Join us for events that you will remember forever.
Vision: A global workforce free of mundane, soul-crushing tasks
Mission: Delivering products that empower all internet users with tools to make them incredibly efficient.
Our Values
Create magical moments for MagicMakers and Magicians through play, delight, and humor.
Put the team's purpose ahead of our own work agenda.
Give direct, helpful, and honest feedback to each other and our work.
Treat every person with extraordinary compassion.
Go big. If we're not nervous, it's not big enough.
At Magical, we look for team members from every background, discipline, and geography. Diversity in skills and diversity of experience are among the tools that make us strongest. We strive to build a place where everyone has a voice, is psychologically safe, and our differences are our greatest superpower.
Our team size is approximately 50 people.
Our humble team has accomplished building, scaling and selling some of the most impressive tech companies. Below are a few highlights.
| Term | Description |
| Equity | Ownership of a company (often in the forms of shares). Companies often award equity as an incentive to financially share in the growth of the company. |
| ISO (Incentive Stock Options) | These are stock options that are specifically for employees of the company. ISOs have a variety of tax advantages (such as the ability to gain long term capital gains treatment if properly exercised and held), but are also subject to restrictions such as a cap on the amount vesting per year as well as a mandatory Post Termination Exercise Window of three months. |
| NSO (Non Qualifying Stock Options) | These form of stock options are more flexible but involve a different taxation mechanism. NSOs are taxed as income upon exercise based upon the difference between the fair market value at the time of exercise and the fair market value at the time of grant. |
| Post Termination Exercise Window | This is the time period you have to exercise options if you are terminated. If you do not exercise the options before this period expires, the options will expire. |
| AMT (Alternative Minimum Tax) | If you exercise ISOs, the difference between the fair market value at the time of exercise and your strike price counts as income for AMT purposes. AMT is an alternate way to compute the taxes you owe every year. If your AMT amount exceeds certain limits, you may face a higher tax bill. |
| FMV Valuation | An assessment of the 'fair market value' of your company's stock. Ideally, the 409(A) valuation is a fraction (under 30%) of the valuation that investors paid which is actually a good thing since it lowers the cost of exercising. You may see this referred to as a 409(A) valuation. |
| Early Exercise | The ability to exercise your options before they fully vest (in exchange for stock with the same vesting schedule). This can be useful if you are confident that the stock will appreciate, but it is risky since you need to pay for the exercise immediately as well as any taxes (on the difference between the current 409(A) price and your strike price). If the 409(A) fair market valuation has not appreciated above your strike price, you may not have a tax burden. |
| 83(b) Election | An election that you file with the IRS to indicate you would like them to tax you on the current value of your exercise or purchase, rather than as it vests. This can be an important step when you are exercising your options or receiving restricted shares. Due to antiquated IRS rules, this must be physically mailed and received by the IRS within 30 days of the qualifying event (usually an early exercise). |