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Fred Wilson writes :

Vesting periods are not standard but I prefer a four year vest with a retention grant after two years of service. That way no employee is more than half vested on their entire equity position.

Can anybody explain what's a 'retention grant'?

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A "retention grant" is another stock option granted to the same employee later on in his or her employment. It is used so that the employee still has a financial incentive to stick around, even after four years when the first option is fully vested.

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