[abalone]

This is clearly a shot at Kupor's infamous A16Z post where he claims employees who stay suffer a LOT more dilution (80%) when employees who leave keep 100%.[1] But this poster's model puts it at just 5%.

There's clearly wildly different assumptions at play here. Can someone smarter than me spell them out? One that jumps out is the assumption here that no employee stays past 3 years. Isn't that a pretty high attrition rate for a pre-IPO startup?

[1] http://a16z.com/2016/06/23/options-timing/