Cliff: A period of time before your option grant vests. Often the cliff is the one-year period from your initial start date or the date your shares were issued.
Exercise: When you purchase your vested shares at the set strike price in your options grant.
Strike Price: The price per share it would cost to purchase (exercise) each vested option.
Liquidity: When you convert your stock into cash.
Liquidity Event: If your company is merging, has an offer to be purchased (tender offer), or IPO you can sell your shares for cash.
Lock-up period: A period of time that you cannot sell your stock, typically this only occurs when a company goes public.
Stock dilution: If your company is raising additional funds, a company could also issue additional shares. When additional shares are issued, your ownership via the shares is reduced.
Stock Options: The right for you to buy a certain number of shares at a defined strike price.
Trigger: An event that can accelerate vesting. A trigger typically occurs when an acquisition occurs or when you leave a company.
Vesting: The earning of assets such as stock options. The vesting period is typically in your offer letter and can last 3-4 years depending on your grant.
Vesting Period: The total amount of time for all of your shares to become eligible to purchase.
Vested Options: The amount of options you are eligible to purchase.