Vesting and the cliff
Also called vesting schedule, one-year cliff.
The schedule on which granted equity actually becomes yours — commonly four years, with nothing vesting until a one-year cliff is passed.
A standard grant vests over four years with a one-year cliff: leave before the first anniversary and you keep nothing, pass it and a quarter vests at once, with the rest accruing monthly or quarterly. The cliff is the reason a departure at eleven months is expensive in a way that one at thirteen isn't.
Variations matter. Back-weighted schedules that vest more in years three and four are worth less than they look. Post-termination exercise windows — often only ninety days at private companies — can make vested options unaffordable to actually buy when you leave. And a refresh grant policy determines whether year five is a large pay cut.
These are the questions to ask before signing, not after: the schedule, the cliff, the exercise window, the strike price, and whether refreshes are annual. All five are normal to ask and a recruiter who won't answer is telling you something.
Total compensation
Everything an offer is worth in a year — base salary plus bonus, equity, and benefits — rather than the headline salary alone.
Offer letter
The written document stating the terms of employment — and the only version of the offer that binds anyone.