I disagree when talking about public companies. If you are vesting 1MM/yr in equity then you can turn that into cash. The stock price will change, but that just means your comp changes. You may not be able to get that matched, but you would still see a pay cut leaving for another job.

And if you are vesting RSUs you are paying tax on FMV at vest.

I think the parent is saying “post-vest gains don’t count as salary” (and per the IRS, they don’t), and you’re saying (if I read you right) that market value at vest counts as salary (which the IRS also agrees with), but that the market conditions introduce an element of risk in your salary.

So, you’re both right? ;)

I didn’t read the blog post closely enough to figure out if he was talking about pre-vest gains or post-vest gains, but certainly caveats apply.

On the other hand, similar caveats apply to, say, hedge fund traders whose comp is subject to market conditions.