That's not exactly what I'm saying, it's easier to discuss with an arbitrary example: suppose you get a job offer for $100k in cash and 1000 RSUs at a current s

That's not exactly what I'm saying, it's easier to discuss with an arbitrary example: suppose you get a job offer for $100k in cash and 1000 RSUs at a current stock price of $100. I'm saying that you should value this at slightly more than $200k/yr. Suppose after some time you start looking for jobs again, get another offer worth $215k/yr, and the stock price has done some movement. If the price is above $115/share, this would be a pay cut, so you decline the offer and state what it would take to get you on board. If it's below $115/share, you accept the job offer and get a pay raise. This is what I mean by "optionality" here. If your employer's stock does well, you get an automatic raise from staying put. If your employer's stock does poorly, you get a raise with effort from finding alternate employment. You are more exposed to upside than downside in your employer's stock - it's effectively a call option with a strike price equal to the difference between your current cash compensation and your best alternative to negotiated agreement.