I value those things differently, because the bonus is only for the first two years, and the stock is a one-time grant. Just like there's 'no replacement for displacement' in engines, there's no replacement for base salary in compensation. What I'm seeing in that compensation package is no incentive whatsoever to stay after you finish your second year, and no real incentives to start in the first place. $150k in Seattle is not great in my mind anyway, that's roughly equivalent to $90k where I'm living right now, but the average base salary in this area is around $120k...