Quick notes fromt he USV partner’s live stream found here: http://www.avc.com/a_vc/2012/04/mba-mondays-live-employee-equity-archive-and-feedback.html
Founders - the people who are there at the very beginning. Who have the idea, created the company, who dropped everything they were doing and focused 100% on the startup. Founder stock has nominal value from the start. Next to no tax implications. This is a good thing.
Founding team - People the founders recruit to build the product. Can probably give them founders stock. Stock has economic value. Stock has value so they may need to pay taxes depending on how much it’s worth
Employees - people you hire when you’re turning yourself into a larger organization
Vesting - earn your equity over time, usually over 4 year wth 1 year cliff (need to complete at least 1 year with the company at a minimum)