Another variable I once saw was options (subject to board approval) in the offer letter and then several months later an approval of the options grant that had

Another variable I once saw was options (subject to board approval) in the offer letter and then several months later an approval of the options grant that had to be signed. In this second document, there was a clause saying they could fire the employee and take back the options à la Zynga, Skype, etc. In that case, immediately discounting the value of my options by a quarter is reasonable since those kinds of terms being used for clawbacks is getting more common.