The headline base differs by nine thousand in one direction and the package
differs by twenty-two in the other.
OFFER A OFFER B
Series B, 60 ppl listed, 4,000 ppl
---------------------------------- --------------- ----------------
Base £105,000 £96,000
Bonus target none 15%, paid
4 of last 4 yrs
Equity, annual value £30,000 stated £18,000 RSUs,
private options public, liquid
Equity refresh none confirmed ~£12,000/yr,
standard at level
Pension, employer 3% 10%
Private medical, family self-funded included
~£2,400/yr
HEADLINE TOTAL £138,000 £143,900
looks close looks close
RE-PRICED ON RELIABILITY
Base £105,000 £96,000
Bonus at historical payout £0 £14,400
Equity at defensible value £0 - £3,000 £18,000
A: options, £40k to exercise,
preference stack above common,
90-day window. Priced near nil.
B: vested quarterly, sellable.
Refresh, year 2 onwards £0 £12,000
Pension £3,150 £9,600
Medical £0 £2,400
RELIABLE YEAR-1 TOTAL £108,150 £140,400
RELIABLE YEAR-2 TOTAL £108,150 £152,400
Difference in year 2: £44,250 in favour of the lower base.
The arithmetic is not the point; the re-pricing rule is. Each component is
restated at what it will probably pay rather than at what the letter claims, and
almost the entire gap comes from three lines candidates habitually ignore:
pension, bonus history and equity liquidity. Seven percentage points of pension
alone is £6,450 of real money that never appears in a comparison of base
salaries.
The equity line is where the offers actually separate. Offer A quotes a
paper value that requires £40,000 of your cash to realise, sits behind a
preference stack and expires ninety days after you leave, so pricing it near zero
is not cynicism but arithmetic. Offer B's grant vests in tradable units on a
known schedule. The two numbers are not the same kind of object and adding them
into a single "total compensation" figure is the error the comparison exists to
prevent.
The refresh row is what makes year two decisive, and it is invisible in most
offer comparisons because it is not in either letter. Ask for it explicitly at
both companies. A company that grants annually at your level has a compounding
package; one that does not has a package that falls in year five, at which point
you are negotiating from inside rather than outside.
None of this settles the decision, and it is worth saying so in an interview
context. Offer A may still be right for the scope, the learning or a genuine view
on the company's trajectory — but it should be chosen as a £108,000 job with a
lottery ticket, not accepted as a £138,000 one.