90 Day Exercise Windows
TL;DR
Stanford analysis explaining why 90-day exercise windows are a harmful historical accident.
Academic analysis of the 90-day exercise window problem from a Stanford researcher. Documents the history of how this standard emerged and why it persists despite being harmful to employees. Provides intellectual framework for policy change.
Key Findings from Gupta (2016)
- 90-day window is historical anachronism from quick-IPO era
- Median time-to-IPO now closer to 10 years
- Options designed for 4-year vesting don't work for 10+ year private periods
- Companies choosing extended windows face no negative consequences