The worst part to me was that despite all of the claims of meritocracy, there was zero financial incentive to perform well during my four years there. That's because any previously-granted equity is counted against you when determining your total compensation for the next year. When those big year 3 & 4 equity vests kick in, they just stop giving you additional stock, because the stock you already had went up so much.

What this means is that in four years, despite glowing reviews every year and a promotion, I never got a meaningful raise/bonus/stock grant, because the stock was doing so well. My W2 income went up, but it was completely unrelated to my performance -- I could have done just enough to not get fired and would have made essentially the same amount. People who performed worse than me were regularly given larger stock grants.

It was super demoralizing to figure that out. Big part of the reason I left.