This is in response to the latest story about how Skype stock options are worthless: http://blogs.reuters.com/felix-salmon/2011/06/24/upgrading-skype-and-silver-lake-to-evil/
This is shocking, and as far as I know, very unusual.
Look into the key paragraph in the stock options agreement. It comes on page 3, and up to that point, everything looks like a boilerplate stock-options agreement:
I hate it when a contract mentions something (the management partnership) with no prior definition or explanation. If you only read this stock-options agreement, you have no clue what this partnership is.
The two other signs that something was potentially risky: Skype is not a Delaware company (warning sign #1) and these are non-qualified stock options, rather than ISO, meaning they can have weird clauses. Indeed they did!