Enh. An employer who uses a cliff incentivizes an unhappy employee to leave only after passing the cliff. If there was no cliff, he/she could take his 11m of

Enh. An employer who uses a cliff incentivizes an unhappy employee to leave only after passing the cliff. If there was no cliff, he/she could take his 11m of options and go. But in a binary situation, the employee might as well wait out the time to get past the cliff.