Unvested shares may not be equity in the company, but they very well may be equity in the equity. They represent a promise to grant actual shares when certain

Unvested shares may not be equity in the company, but they very well may be equity in the equity. They represent a promise to grant actual shares when certain conditions are met, and that promise is worth something in the present. Contriving to reneg on that promise is little different from defaulting on your debts. In a way, it actually is defaulting on a debt.