Net Unrealized Appreciation (NUA) can turn decades of company-stock growth inside a 401(k) into long-term capital gains outside the plan—often at lower tax rates and without the 10% early-withdrawal penalty. Greg and Scott break down how NUA works, who qualifies, the "final liquidating distribution" rule, hybrid holding periods, the NIIT carve-out, IRD/step-up considerations, and why ExxonMobil retirees often have unique opportunities. They also cover pitfalls (over-trading, partial distributions at 59½) and when after-tax ("post-'86") balances may supercharge an NUA strategy—or be better used for a mega backdoor Roth. Educational only. Not tax advice.