In my experience, yes, it was unlimited - but the CEO had really worked to create an environment of trust and openness within the company (which he then later destroyed, but that's another story entirely).
I asked him about it once, and he told me: "Look, I expect you to work hard. What I don't expect is for you to kill yourselves. I did a ton of research on it, and the research showed that generally, people who have unlimited vacation time and a flexible working environment don't necessarily take more vacation time, but they take *better* vacation time - meaning actual vacations, instead of spending parts of them answering email. That's what I'm after. I demand a lot from you guys, but I also recognize that you're adults, and if you need to take a break, you need a break. Also, if you have a sick kid, or parent, or dog, or whatever, or there's a snow day, you shouldn't be penalized for having to stay home."
So, he agreed that of course there are people who will try to take advantage (and those people never really last long for other reasons), but for the most part people were really good about it. And, of course, there were parameters such as clearing it with your managers, and if it was longer than two weeks in a row, making sure your work load was covered, etc.
I miss it, lol
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