Private Company Sell to Cover Options

Hello -

Looking to see if anyone has had success with setting up a "sell to cover" type arrangement for their employees in a private company.  The idea here is that company would buyback options in order to allow employees to exercise/purchase there shares without outlaying cash.  For simplicities sake, I would assume the employee has to pay and manage their own taxes - this would be a net $0 cash transaction between company and employee.  I know this is very common with public companies with the public market, but trying to figure out if anything similar could be implemented at a private venture backed company.  

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Melissa
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