RSUs are common in late stage startups. The share price at the time of grant is calculated based on an estimated valuation. If I remember correctly, in the year

RSUs are common in late stage startups. The share price at the time of grant is calculated based on an estimated valuation. If I remember correctly, in the year or two leading up to IPO, Uber issued RSUs to employees at a valuation of $49/share so the IPO price of $45 was already below grant price for many that joined late.