I can't tell you the best or even the most modern ways, but one of the simpler ways I've seen this done is a massive dilution where key owners (investors, found

I can't tell you the best or even the most modern ways, but one of the simpler ways I've seen this done is a massive dilution where key owners (investors, founders) have anti-dilution clauses coupled with new grants and acceleration for current employees. This works even if the liquidity event is so massive everyone involved is recouping well past their preferences. My impression is that options agreements and grants that offer any real protection against being screwed once the company lacks any incentive to keep you happy are few and far between. If you don't _know_ you're protected from such things, you're undoubtedly not.