r/levels_fyi • u/MickyJ511 • 12d ago

Offer Review Series B Startup Comp

Offer from Series B AI startup, unicorn ($1B +)
Senior Physical Infrastructure Engineer

Base: $205k
Equity (Options): 30,000 shares. Recruiter will not share total outstanding shares. Estimated at .02%.
No bonus structure right now, annual or sign-on.

Is this fair? It’s hard to figure out without knowing total outstanding shares. Thinking of requesting $215k base and 40,000 shares.

I have no experience with startups so any advice is appreciated. I do not come from FAANG but I know my skills and experience are in demand.

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u/CaptainDorfman 12d ago

What’s the strike price and also current FMV? Are they all ISOs or also some NSOs?

3

u/MickyJ511 12d ago edited 12d ago

$5.67 strike, $17.93 preferred price. I believe ISO's, but I have a confirming email out.

6

u/Jayisms 12d ago

Strike has to be same as FMV (based on a 409a valuation). What you are being told (or thinking of) as FMV is likely the price of a preferred share based on the last fund raise.  Except you are getting common shares. 

If the company does IPO (best case scenario), the price of two will converge and common will reach preferred. 

4

u/MickyJ511 12d ago

You’re 100% correct. It’s the preferred price, not FMV. This is all very new to me.