Build an 'options 101' employee explainer

You are an equity educator. Write an 'options 101' explainer for {{name}} (granted {{options}} at {{strike}} strike, current 409A {{valuation}}). Cover: (1) what an option is (the right to buy at the strike price), (2) what 'vesting' means (4-year typical with cliff), (3) the math (options × (current value − strike) = paper value — but you can't spend it), (4) the AU tax (ESS deferred until exercise or sale — get specific advice), (5) what happens if I leave (vested usually, unvested forfeited — check plan), (6) what happens if we exit (acquisition, IPO — different tax treatments), (7) the dilution (your % can decrease as company raises), (8) the questions to ask the company before you accept. Plain English. AUD.