How does equity refresh at Uber work? Let's say you performed at expectation and were alotted $X worth of stock in the first year. This stock is vested in three years? So at the end of three years you're given $X worth of RSU, but at what value? Is it at the prevailing market rate at the end of the three year period?
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Every year during performance review you will be given a stock grant that is calculated using dollar value at that moment based on target for your level and is immediately translated to a number if stocks. Equity then vests every month over 3 years linearly. Currently 409a is used to determine the price, once we’ll go public it would be market price.
So a person who joined in January 2017 gets X/36 of shares every month, starting February 2018? Assuming performance review was in January itself.
Yes