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Which is fine so long as the argument isn't "we're paying you below market salary because of the value of the options." Because the argument of "it's so hard to quantify what they're worth, but imagine if we become the next Amazon, so let me not pay as much" is BS.
I think “we pay below-market salaries because of the *potential* value of the options” is very reasonable - though I think it’s a suboptimal strategy.
I agree that the framework is reasonable. It's the company not providing the information necessary to evaluate them. That's why I think restricted stock is way better.
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