# FDE Equity Negotiation Card

One-page checklist for comparing Forward Deployed Engineer offers across RSUs, PPUs, and private paper equity.

## Separate the stack (always)

1. **Cash floor** — base + target bonus you need for lifestyle risk
2. **Equity face value** — grant size at the company’s quote
3. **Liquidity reality** — can you sell on vest, or is it paper until an event?
4. **Refreshers** — expected annual top-ups (ask explicitly)
5. **Field tax** — travel %, on-call, and site time that change effective hourly value

## Questions to ask in the offer call

- What is the vest schedule and cliff?
- Are refreshers expected annually? At what rough size?
- Is equity liquid RSU, private stock/options, or PPU/paper?
- What trading windows / tax withholding apply on vest?
- How was leveling decided — and what would move level up?
- What travel % and customer intensity is typical for this seat?

## Liquidity haircuts (directional)

| Type | Common home | Practical haircut mindset |
|------|-------------|---------------------------|
| Public RSU | Palantir, public platforms | Near 0% for modeling (windows/taxes still real) |
| PPU / lab units | OpenAI, Anthropic-style | Often 25–40% until liquidity path is concrete |
| Private paper | Growth / defense startups | Often 30–50%+ without secondary / IPO clarity |

Haircuts are judgment aids — not valuation advice.

## Negotiation sequence

1. Confirm level and scope first (wrong level dwarfs a $10K base bump)
2. Protect cash floor
3. Negotiate grant size + refresher language
4. Only then trade cash ↔ equity if you modeled both sides
5. Get competing offer comparisons at the **same level**

## Instant fail modes

- Treating PPU face value as cash-equivalent TC
- Ignoring refreshers (year 2–4 can dominate)
- Negotiating a number before clarifying level/scope
- No 4-year model under conservative growth
- Forgetting travel as a real compensation input

## Model it

- Comp calculator: https://fdehub.dev/tools/comp-calculator
- Negotiation guide: https://fdehub.dev/learn/fde-compensation-negotiation
- Palantir levels: https://fdehub.dev/salaries/palantir-l4-fde-salary
- Company hubs: https://fdehub.dev/salaries