I see it happen so often and it drives me crazy! If you sign an option grant that says that everything offered in the grant is subject to the Option Plan, but then you don't review (or have your attorney review) the Option Plan, or it doesn't even exist yet, then it's like you're signing a blank check! It also means that whatever you're being offered in the option grant might not be worth the paper that it's printed on because theoretically things can be changed in the Option Plan. There's two ways to avoid this (+ 1 other tip): 1. Read the Option Plan and make sure it offers the same commercial terms. 2. Clearly state in the grant, that the Option Plan can't include any commercial conditions that are substantially worse than those offered to you in the grant (like the exercise period/price, the number of options, etc.). Tip: be sure to also check that there isn't a section that says that if they fire you "for Cause" that you don't get any Options, and if there is, then make sure that the reasons considered as "cause" are very limited. p.s.: actually there's no p.s. - just don't do sign it without doing the above....
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