The Undervalued Perk

Most candidates treat equity as a rounding error. At a growing company, it can become a major part of long-term pay, but only if you understand what the grant is worth. Ask for the 409A value used to set common-stock option strike prices, the latest preferred share price, and the total shares outstanding.

Those are not the same number. Preferred shares usually carry rights common shares do not, so a headline valuation can make an option grant look richer than it is. The goal is not to sound technical; it is to avoid mistaking paper upside for real compensation.