Not exactly - while the initial stock they grant vests on a 5/15/40/40 schedule, they also have a large cash "bonus" which "vests" monthly for the first two yea

Not exactly - while the initial stock they grant vests on a 5/15/40/40 schedule, they also have a large cash "bonus" which "vests" monthly for the first two years. With their assumption of 15% stock growth per year, you should have equal TC per year for your first 4 years. Of course, assuming 15% annual stock growth is silly, but you can run the numbers however you want. The point is that compensation for the first two years is predominantly cash.