I should have been clearer. I’m saying it is ok that the expected comp is lower. If the other things add up for you, it’s not necessarily a bad deal. (But it can be, you have to evaluate with clear eyes)
Another way of thinking about this: developers aren’t really fungible , neither are roles.
For clarity, although this is probably buried by now: I definitely think that if there is real upside at some point it should be shared with early employees, not just key senior hires later - and I push for this wherever I am. I just don't believe you can make this stick in a expectation-value sense. Certainly not rigorously.
Another way of thinking about this: developers aren’t really fungible , neither are roles.