Second Bite of the Apple is a phrase used when founders, executives, or early investors get a second opportunity to realize value—often by rolling equity into a new deal, retaining a stake after a partial sale, or participating in a recap and later exit again. In private equity and M&A, Second Bite of the Apple structures are used to keep management aligned post-transaction, and Second Bite of the Apple economics depend on rollover percentages, new equity incentives, and future exit valuation.
