SkyBOX has grown with employees in three waves. Each wave came with it’s own set of issues. The programmers in the first two waves had left, so Tim offered equity to the third set. Unfortunately, .they did not have the skill sets to move in the direction the firm was moving and Tim now faces a dilemma: Can he ask these programmers to give up their salaries and their equity? If he has to hire a third set, can he afford to offer more equity?