[s11doingfine]

I will avoid getting into too much detail. I am in the "old guard" at one of the S11 batch companies who are "chugging along". a few points:

- most people who were around early enough for their grant to begin expiring by now moved on, so the standard termination clause already kicked in.

- some of those who have left did exercise, and understood the risk they took by doing so.

- those who are still here and are approaching that expiration have plenty of leverage to renegotiate.

not all companies in YC are unicorns, and they don't have to be. we are positioned very well, despite taking some time to get there.