[robocat]

I suspect you should take the $120k because that will diversify your risk. Also over the next four years you can bank $$$ in your country risk free, and you get on the salary ladder for a future better job (you often only get paid a bit more than your last job). You already have vested options, so you already have exposure to the upside if your current company wins. The actual likelihood of a future win is low, so value extra options at a low amount.

Make sure you understand preferential shares (VCs get paid first, so company needs a big win for you to get anything), and understand how much you are likely to be diluted over time. Also make sure you understand the benefit of cash now to invest in a home or in funds. My equity is locked up and it truely truely sucks.

The other thing to do is ask for $120k, plus options on top of that. You can’t lose by asking if you have another job lined up. But be prepared to walk, and don’t threaten them with your other job, as I have read multiple times that isn’t a good idea (read advice from clued up people, not me).

Two articles to help you think about it like a VC:

https://avc.com/2021/11/seed-rounds-at-100mm-post-money/

https://techcrunch.com/2017/06/01/the-meeting-that-showed-me...