A wants B’s budget; B wants C out of the way; D wants A’s headcount; and so on. Steep equity grant curves—big bonuses at the highest levels, tiny ones at the lowest levels—just raise the stakes of those battles. The big bonuses are just one or two steps up the ladder for middle managers like A, B, C, and D—so close they can taste them. The steep curve creates a middle-manager version of Survivor: a giant jackpot for those who succeed in crushing their colleagues and staying alive. If
