If someone comes in with much lower equity versus the average for a given level. Are there opportunities to refresh at a high level after the first year or two? Thanks in advance!

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Nope, refreshers are modeled based on performance, not on the initial grant.

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K1, that is correct. Not all folks get the exact same refresher. If you barely scrape through with a CME rating, you will get X, but if you do a good job and get a CME rating, you can get 1.3X.

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