[n2d4]

An understated benefit is that, if you have 4 year vesting, you can choose after year 1 or year 2 whether you want to stay.

Meaning, if the company's stock went up 2x after year 1, your salary has effectively doubled for years 2-4. If the stock went down -50% however, you just leave and get market salary somewhere else.

So, considering this, the expected value of $100 in stock options is actually more than $100.

[hiatus]

> Meaning, if the company's stock went up 2x after year 1, your salary has effectively doubled for years 2-4. If the stock went down -50% however, you just leave and get market salary somewhere else.

If you get 25k shares worth <$1.00 and, you won't double your salary even if the share price doubles. Not to mention that only 1/4 would be able to be exercised, and you have no liquidity to realize the gain.

[n2d4]

The assumption in my comment is that your entire salary is in stock — otherwise, obviously you need to adjust accordingly. But only 1/4th of the stock being exercisable makes sense if you think of vesting like a monthly salary — each month, another 1/48th becomes exercisable. Even if you technically own the rest as well, it's more appropriate to think that you don't.