[cipheredStones]

I agree with you in general, but this part is off:

> which is low since that 500k isn't cash comp and you wait for long term capital gains to kick in

Stock that a company gives you as compensation is treated as ordinary income at the time it vests, based on the value when it vests. If your total comp is $250k salary + $1M in stock over four years, and the stock value stays flat, your taxes are the same as if you got $500k in salary each year (a bit worse, actually, because of the first year vesting all at once making your income $250k and then $750k); if it doubles the day after your grant and stays flat after that, your taxes are the same as if you got $750k in salary each year. Long-term capital gains only apply to increases in stock value after it vests - not any different than if you sold your company stock immediately and bought another stock.

[fragmede]

Good point! You're totally right, assuming they're RSUs, which they probably are.

There are more exotic situations where they aren't, and also there are ESPPs (employee stock purchase program) which are also different though that's not a grant, but I don't want to rathole on stock option grant stuff here.