Unvested is a term used to describe the status of securities that remain subject to forfeiture or mandatory buyback provisions, even after being set aside for, or granted to, an individual. Unvested securities typically transform into vested securities, which are […]

Unanimous Written Consent (UWC)

Short for Action by Unanimous Written Consent, a UWC is a legal document that memorializes the unanimous consent of the board of directors and/or members of a corporate entity on a specific issue or action.

Utility Tokens

Utility Tokens are blockchain based units that grant holders access to goods or services. Utility tokens are likely exempt from securities laws if they function more like a coupon for a product instead of an equity interest in a company.


An Un-Launch is when a startup releases its product without fanfare, relying entirely on public reaction. This strategy works well for products that are so popular that they don’t need the hype of a hard launch, although an Un-Launch often […]


A Unicorn is a startup company valued at over $1 billion. Canadian tech unicorns are known as narwhals. A decacorn is a word used for those companies over $10 billion, while hectocorn is the appropriate term for such a company valued […]

UCC Financing Statement

A UCC Financing Statement is a legal form that creditors file to provide notice of their interest (current or future) in the personal property of debtors. It specifically details about the pledged collateral, the terms of the loan, and whether […]


Underwater is an adjective that is used to describe a security whose fair market value today is less than its original issuance or exercise price; in other words, if the security expired today, it would be worthless.


An Underwriter is responsible for selling new securities to the public on behalf of companies. Underwriters are traditionally investment banks.

Uniform Commercial Code (UCC)

The Uniform Commercial Code (UCC) is a set of model rules drafted to provide uniformity across every state. The UCC primarily covers commercial transactions, such as the sale of goods, property, and secured transactions. The UCC has nine different articles […]

Unrelated Business Taxable Income

Unrelated Business Taxable Income is income generated by a tax-exempt entity through taxable activities that are essential to generate income for the entity but not related to the entity’s main function. Such income is not exempt from income tax. You […]