The phrase Vesting in Peace, which means you work for stable company increasing in value, and you’re doing as little as possible until your stock options are worth something — just enough to be perceived as functional, but never to the point of exertion.

Klein gets this mostly right, though he fails to note where it most frequently happens: At startups after they're acquired. Most of the original YouTubers, for example, are only at Google because they're still vesting in peace.

(Photo by sfllaw)

We know you people prefer schadenfreude to jealousy. So while gazing at this photo of three out of four Connected Ventures founders (Ricky Van Veen, Josh Abramson and Jakob Lodwick plus entourage are present; Zach Klein spent the month in India), recall that despite his success Van Veen rents owns a tiny Manhattan apartment and that this trip cost the recently fired Lodwick his relationship with Julia Allison. He went with another woman. Follow the thumbnail to see the full image on Flickr. (Photo by mareen)

Seventeen years old and trying to figure out how to pay for college, Klein started an online pet store in the late '90s. He designed an online store front, took orders, and mailed a daily manifest to a breeder located near the Miami airport. He made enough cash to pay for a Wake Forest degree, too. The success gave him a taste for using the Internet to sell things. You know, actual things, not just advertising.

Which is good, because without BustedTees — Connected Ventures's online T-shirt shop — CollegeHumor.com might never have become what it is today, a sparkly gem in Barry Diller's IAC tiara. Early on, the CV founders noticed that many of CollegeHumor's advertisers were T-shirt retailers. They decided to cut out the middleman and sell their own shirts. Klein lead the charge, and BustedTees became CV's most significant source of profit.

That might not be the case anymore, but the memory of success stayed with Klein. In fact, he told me the act of creating something offline and selling it online was his most fulfilling responsibility at Connected Ventures. So expect more of that. What's Klein going to sell? He wouldn't say; he only hinted it might have to do with real estate in an online world. Or selling geckos.

Word is MySpace wants Connected Ventures cofounder Zach Klein, best known for designing Vimeo and CollegeHumor Defunker. Here's a quick look at some of Klein's work.

Here's the Defunker front page:

My guess is Klein would get the gig for his work at Vimeo:

Probably the biggest surprise last night was that despite Facebook's busy day announcing new features to allow users to spam each other, one of the company's Harvard connections still showed at last night's Founders Club party here in New York. Which one? ConnectU founder and litigious claimant to the Facebook throne, Divya Narendra, of course.

What, you were expecting Adidas? I asked Narendra what he really thinks of Zuckerberg, but he wouldn't. Didn't want to piss off his lawyers. Narendra was happy to dish on fellow wannabe Facebook founder Aaron Greenspan, however.

"I have no idea how he got that New York Times article," Narendra told me. "He has nothing to do with any of this."

Bitches just jealous.

New York angel investor Ron Conway also turned up last night. I'd have snapped a photo of him, but for a big fella, the man pulls a mean pirouette at the sight of a camera. And did you really want to see a photo of his backside? Silicon Alley wantrepreneurs are not allowed to answer that.

One thing I didn't know about Adelson: Apparently he lives in Dutchess County, north of New York, and commutes to San Francisco to run Digg. Does this mean we can claim him for Silicon Alley? (Ed.'s note: No.)

CollegeHumor's Zach Klein and Ricky Van Veen also showed, dragging down the whole affair with their ironic style and funny-looking glasses. They only cost $7 dollars on eBay. Father figures Josh Mohrer of BustedTees and Vimeo's Jonathan Marcus mostly managed to keep the boys in line, though dress code violations (sneakers) barred the entire crew from the Rainbow Room afterparty. Nobody said beauty was easy, fellas.