The missing element from the RSU/options conversion is the (very important) liquidity premium. For a Series C company, I would expect to not see material liquid

The missing element from the RSU/options conversion is the (very important) liquidity premium. For a Series C company, I would expect to not see material liquidity from options for 4+ years, so I would discount the options by at least 70% off the top to account for lack of liquidity and possibility of future funding rounds reducing the value of my options. Engineers who had options during the .com crash and the GFC can share more about why near-term liquidity matters.