# Worked Example — Benefits Decoder

## The brief

Priya has an offer from a Series-C startup: $165k base, "0.05% equity," "unlimited PTO," 401(k) "with match," health coverage "fully paid," $2,000 learning budget. The recruiter says the package is "worth well over $200k." She pastes the benefits summary and the equity grant notice: "what's this actually worth?"

## The output

### Benefits Decode: the Series-C offer

**The verdict:** honest all-in value is **$178k–$186k/year**, not "$200k+." The gap lives in three places: equity that vests on a cliff you might not reach, a 401(k) match with a trap in the vesting schedule, and "unlimited" PTO that statistically pays less than a banked policy. None of it is disqualifying — two items are worth asks.

**Benefit-by-benefit, valued**

| Benefit | As pitched | Decoded value | The fine print that moves it |
|---|---|---|---|
| Equity: 0.05%, 4yr vest, 1yr cliff | "~$40k over 4 years" | **$0–$10k/yr, risk-adjusted** | Grant notice §3: strike price set at last 409A; value assumes the *next* round prices up. 90-day exercise window on departure (§7) — leaving in year 2 means writing a check to keep what vested. Ask for the current 409A FMV and share count outstanding — % without denominator context is a vibe. |
| 401(k) match | "with match" | **$3,300/yr — but see vesting** | Plan doc: 50% match up to 4% of base… vesting 0% until year 2, then 50%/yr. Leave inside two years and the match was $0. |
| "Unlimited" PTO | "take what you need" | **Worth *less* than 20 banked days** | No accrual = no payout on departure (~$12.7k of banked value at this salary forgone), and unlimited-PTO employees average *fewer* days taken. Ask: "what did the team actually take last year?" |
| Health "fully paid" | premium covered | **~$8.4k/yr real value** | Employee premium yes; dependents at 50% (≈$310/mo if adding a partner). Deductible $3,000 — "fully paid" describes the premium, not the care. |
| Learning budget | $2,000 | $2,000 (use-it-or-lose-it, manager-approved per handbook) | Fine. |
| Bonus | — | **None.** | "Discretionary recognition awards" ≠ a bonus plan. Price the offer as base + benefits only. |

**All-in honest math:** $165k base + $3.3k match (if you stay 2+ yrs) + $8.4k health + $2k learning + $0–10k risk-adjusted equity ≈ **$178k–$186k**.

**The two asks, ranked**
1. **Equity information, not more equity:** current 409A FMV, total shares outstanding, and a 10-year exercise window (companies increasingly grant it; costs them ~nothing, changes your downside materially).
2. **A signing bonus of $8–10k** — prices the unvested-match risk and the PTO payout you're giving up; one-time asks close easier than salary moves.

**Get in writing:** the match schedule, the dependent premium, and the exercise window — "the recruiter said" is not a plan document.

*This is a plain-language reading, not financial or legal advice — plans vary; confirm anything load-bearing with the actual plan documents.*

## Why it's shaped this way

- **Every benefit becomes a dollar figure or an honest range** — "worth well over $200k" dissolves under a table; that dissolution is the product.
- **Equity is risk-adjusted and information-first** — the skill bans taking grant-value pitches at face; the 90-day exercise window is the classic buried cost.
- **"Unlimited PTO" gets the economics treatment** — payout forgone + usage statistics, not culture-war commentary.
- **"Discretionary" is decoded bluntly as no-bonus** — per the skill's decoded-vocabulary rules.
- **Asks are ranked by closeability** — information and one-time cash before recurring-cost changes.
- **"Get it in writing" closes the artifact** — verbal benefits are not benefits.