Hurley says, "I do not want to work hard. I want to live a soft life. I want to sleep for three hours every afternoon and nine hours at night. I do not want to stay awake the whole day so that I can get a few 350 grand at the end of each month. I do not want my talents to be exploited by a ruthless employer. I am a lazy man. That is why I choose to live off the net. I am too lethargic to try and survive in the real world. That is why I did not bother to hold down a job though my credit card debt soared.

"On the net things are handed to me by Google. The idea of youtube came to me from a dinner party with a half-dozen friends in the greatest city in the world San Francisco. It was January, 2005, and we couldnt figure out a good solution. Sending the clips around by e-mail was a bust: The e-mails kept getting rejected because they were so big. Posting the videos online was a headache, too. So we created a site and put in basic software.

"What I and Steve came up with is a Web site, now called YouTube, that has become an Internet phenomenon. Show the honey and the bees will flock to it. We worked for about six hours each week in a garage like that Apple dude Steve Jobs for two months designing youtube. We had the idea to create a community around the video.

?Once that was done we knew that tons of millions of dollars would just flow into our laps after the Google buyour. We will not have to work hard. In the old economy you have to work really hard for a lousy promotion which might give you a few more grand if your employer is very generous. You have to get up early in the morning and run for a few 350 grand each month. On the net you can become rich without working hard.

"On the net once you have the idea you just sit at home and then magic will happen. That is exactly what happened at Paypal, Skype, MySpace, Facebook. The basic, simple to design software that I and Chen designed allows people to post almost anything they like on YouTube in minutes. People can jack off on porn. Now we are sitting at home retired early after the Google buyout. Content has been handed to us on a silver platter. We do not have to slog hard to create content like a poorly paid online journalist who makes a lousy 450k each year. We do not have to experience daily financial pressure because our site does not get enough readers. We are not under pressure to meet deadlines. We get up at ten in the morning and consider that to be hard work. We do not have to work for ten llllong years. That is the privilege of those in the old economy. they take the tube to go to work for a bum 350,000 dollar paycheck at the end of the month.

http://www.secform4.com/insider-trading/1288776.htm

the labels wouldn't necessarily have exercised their warrants at change of control. they could exercise later or have been cashed out or they simply didn't receive registration rights with their warrants. in any case, this certainly doesn't mean there was no compensation to the labels.

btw. unvested and/or unexercised employee stock options are also not listed on the s-3