Your best engineers are paper millionaires who can't make a down payment. Your early investors want out, your new investors want a say in the price, and the IPO window is open for some companies but may not be open for yours. Every late-stage CFO ends up designing a liquidity program, whether they planned to or not. Get it right and you keep your best people through another two years of private life. Get it wrong and you've set a valuation mark the next round has to beat, handed top performers the cash to leave, or started a fight between employees and investors over who sells first. This panel won't agree, and that's the point. For some on stage, regular liquidity is now part of how you retain talent. For others, every tender is a valuation mark you can't take back. Expect a direct comparison of how they've structured it: how often they run tenders, who qualifies, how much each person can sell, and how they priced it. Key takeaways: - How peers set tender frequency, eligibility and sell limits without creating a run for the exit - What your tender price signals to future investors, and how to manage it - The governance decisions to settle with your board before you launch one