Decide Whether to Accept Equity Over Salary

A company is offering you shares or options instead of part of your salary, and it sounds exciting until you try to value it. This works through the terms (shares or options, vesting, the cliff, your real percentage), the odds of a payout, and what you give up in cash. You put a sober number on the offer rather than a dream.

<context>
You have received a job offer or been offered a pay restructure at {COMPANY_NAME} where you are being asked to accept equity (shares or options) as part of your compensation. You want to assess whether this is a good deal.
</context>

<task>
**Step 1: Understand the equity terms**
Shares or options? Vesting schedule and cliff? Current valuation and your percentage stake? What liquidity events (IPO, acquisition) would allow you to realise value?

**Step 2: Assess the company**
What is the stage, sector, and investor quality? What is the realistic probability of a liquidity event that produces meaningful value from your equity stake?

**Step 3: Calculate the salary trade-off**
How much salary are you giving up, and what would you need the equity to be worth to make the trade worthwhile after tax?

**Step 4: Make a recommendation**
Accept the equity deal / Negotiate the terms / Decline and seek a salary-based offer, with the key reason.
</task>

<output_format>
- An equity terms summary in plain English
- A salary trade-off calculation
- A recommendation with the key reason
</output_format>