Smaller refreshes than the original grant are a clear message from management that they don't necessarily want you around, but you aren't underperforming so muc

Smaller refreshes than the original grant are a clear message from management that they don't necessarily want you around, but you aren't underperforming so much as to want to bother with the hassle of a Pip. In any place that isn't massively dysfunctional, a manager can hand out large enough refreshes to the people they want to keep in the long run.