[repsilat]

True enough, provided you also apply a 40% discount to marginal salary increases.

[sidlls]

Unless your contract specifies guaranteed salary increases why would you count it at all? Salary increases aren't like RSUs.

[repsilat]

I meant increases in offered/negotiated salary. A marginal dollar of salary gets taxed the same way as a marginal dollar of vesting shares, so discounting one in the offer because of taxes makes sense if you discount the other in the same way.

You shouldn't trade away a dollar's worth of shares for 60 cents more salary just because of taxes.