> all equity does is make your cap sheet look marginally worse But at the time the employee is negotiating this has already been decided. The company has some

> all equity does is make your cap sheet look marginally worse But at the time the employee is negotiating this has already been decided. The company has some valuation and you are offering some known percentage of that scarce resource. You could argue that the valuation itself is the thing being manipulated (which is partially true), but that doesn't change the cost of the offer to the company in units of equity %