Thanks for joining us today. I'm Craig Fehr, Head of Private Wealth at Edward Jones. We've seen significant moves in market conditions this year, and thanks to your hard work building something truly remarkable, you've now reached a significant moment and milestone in your own personal financial conditions. More specifically, this milestone is receiving this equity compensation, which presents the opportunity to convert years of work into a tangible asset that can support your long-term security. 

For more than a century, Edward Jones has served investors and families through dynamic market cycles, generational wealth transfers and the evolution of financial instruments and securities - including new public offerings. Our experience, resources and long track record give us the expertise and perspective built to serve, guide and walk alongside you in moments just like this. 

This opportunity is significant, and so are the decisions you make in the weeks and months ahead. Let me walk you through some things you can think about. 

There are multiple forms of equity compensation, with the two most common forms being restricted stock and employee stock options. Each has different considerations, including differences in tax treatment. As such, it's important to consider how this equity fits within your income and financial plan.

With employee stock options, recipients receive the right to buy shares at a set price (the exercise price) for a set period of time. With restricted stock, shares are granted and are subject to restrictions. When those restrictions lapse (like when the stock vests), the tax clock starts. 

So, while a public offering introduces new wealth, the restriction period means employees are subject to time when it comes to liquidity of that wealth. Put more plainly, employees won't be able to sell immediately - often a 90- to 100-day lock-up is standard. So, importantly, this window should not be idle time. Instead, it should be planning time. 

Now, before we talk taxes, let's talk about something that often gets overlooked — what owning a large position in a single stock actually means for your full financial picture. 

This is not about doubting your company — it's about smart financial construction alongside prudent risk management. When your equity and your paycheck both come from the same employer, you're doubly exposed. Many employees have grown accustomed to predictable, semiannual share buybacks as a source of liquidity. However, public markets work very differently and day-to-day volatility can feel jarring at first. 

I'll spare you the old "all your eggs in one basket" adage, but it's important not to lose sight of that message, even when your basket is a world-class company. Diversification doesn't have to happen all at once. Tax-efficient approaches include gradual sell-downs across multiple tax years, pursuing qualification for long-term capital gain status, tax-loss harvesting and charitable or annual gifting strategies. 

Diversification is really just part of a strategy to address a bigger question — and that question is, "What do you want this wealth to do for you?" 

Beyond diversification, the most important work is identifying what long-term financial goals this wealth should serve. You may have a question like: 

• Do I have enough to retire when I want to?
• How do I turn this equity into reliable income?
• Can I provide for my family in the way I've always imagined, or maybe even in ways I haven't imagined?

Instead of starting with the stock price, start with your destination. A sound financial strategy works backward from your goals to design the strategies and solutions that actually fit your situation. 

Because once you've mapped where you're headed, you're in a much better position to make smarter decisions for the journey ahead - including taxes. 

A liquidity event can trigger a sizable tax liability in the current tax year, so here are a few things to consider:

• The withholding gap: Employers typically enact withholding on restricted stock — but depending on total compensation, your actual bill could be much higher. Employees should strongly consider making quarterly estimated tax payments or increasing paycheck withholding to avoid large surprises at tax time.
• Multi-year exercising: If you have a larger number of stock options, exercising across multiple tax years — rather than all at once — can potentially meaningfully reduce your overall tax burden. A defined strategy for exercising options can be integrated within a larger income and tax optimization plan. 
  Another consideration is:
• Holding periods and elections: How long you hold shares after exercising an option affects whether gains are taxed as ordinary income or at the more favorable long-term capital gains rate. There are additional strategies to consider and explore with your financial advisor and tax professional, such as elections around the timing of tax payments on unvested shares that can create longer-term tax benefits.

Tax planning around equity compensation has a lot of moving parts — and the right moves are specific to your situation. Your financial advisor and your tax expert will be essential resources to help you identify an appropriate course. 

Your company's offering is a landmark moment — and with the right plan, it can be the foundation of your financial future. Your Edward Jones Financial Advisor and team of professionals can guide you through this and build a personalized plan to cover your equity type, income dynamics, tax and estate planning strategy, and diversification approach, all in alignment with your financial goals and priorities. 

Your equity compensation is a major moment, and you don't have to navigate it alone. Talk to your Edward Jones financial advisor to help ensure what you've worked for continues working just as hard for you.