Well, if you stay 4 years and don't get an equity refresh that's a pretty strong signal they want you to move on. Starting year 5 you'd be taking a pay cut. So

Well, if you stay 4 years and don't get an equity refresh that's a pretty strong signal they want you to move on. Starting year 5 you'd be taking a pay cut. So I imagine it would be a rare outcome. (Of course, this only holds under current conventions. With the OP's proposal companies would have a strong incentive to make life miserable for employees past year 7 or so, because those who left wouldn't be able to take their stock with them.)