You’re not factoring in stock appreciation there. It’s somewhat common these days to see people sitting on huge unvested grants, so in your example, your yearly

You’re not factoring in stock appreciation there. It’s somewhat common these days to see people sitting on huge unvested grants, so in your example, your yearly comp won’t be the $300k/y you had at year one. Then it’s pretty hard to get a match on your “inflated” TC anywhere else. You don’t get that in an all-cash package, even if you buy stock from the company with your cash comp