> which makes the grant neutral from a tax standpoint. Technically, it also makes the grant neutral from the value perspective. They’re giving you something wo

> which makes the grant neutral from a tax standpoint. Technically, it also makes the grant neutral from the value perspective. They’re giving you something worth $X, and asking you to pay $X for it. Why exactly should you value it more than $0 then? Maybe for the optionality, but ATM option just isn’t worth that much...