Equity refresh = a new grant on top of your initial grant, usually at year 2-3 of a 4-year vest. It's how big tech keeps comp competitive for tenured employees without needing to bump base salary.
When to ask: at performance review cycle, ideally year 2 of tenure, after you've shipped something visible. Year 1 is too early. Year 3+ is too late (you're already on the cliff).
How to position: "My initial grant was sized when [the company was at X stage / I was at X level / the stock was at $Y]. With the change in [stage / level / stock price], I'd like to discuss a refresh to keep my total comp competitive with market." Always frame as "market-aligned," not "I deserve more." The former is a finance conversation; the latter is an HR conversation. You want finance.
The magic words: "competitive with market" + "retention." Managers and HR have refresh budgets specifically allocated for retention of strong performers. Triggering both keywords activates the right budget envelope.
What size to ask for: Standard refresh: 25-50% of original grant Aggressive refresh: 75-100% of original (justifiable if you got promoted or stock dropped >30%) Stretch refresh: a full new grant equal to your original (justifiable only with a competing offer or extraordinary performance)
What you usually CAN'T get: Refresh at a strike price from years ago (always at current price) Cash equivalent (almost never, equity refresh budgets are separate from cash budgets) Acceleration of the vest schedule (rare; usually new 4-year vest from grant date)
Ask. Companies want to give refreshes to strong performers. They just don't proactively offer them.