What can get deceptive is if the company is trying to lowball you on salary and tell you that your equity will become worth millions some day as if it was a sure thing, which is of course a scummy practice. And the whole expiration after 90 days thing is garbage. But deceptive? Complicated? I don't think it is.
For people fresh out of school or people who have spent many years in public companies and haven't had to think about how much the options are actually worth, there's likely to be a disconnect between what is written on paper and what is perceived.
The equity clauses in the typical employment contract, for example, won't tell you about AMT taxes, liquidation preferences, how hard it actually is to decide to exercise 90 days after you leave (you'll mostly likely leave before the cash-out), or how unlikely that equity is to be worth much. Those things aren't said or written but are important to understand. The recruiter won't tell you that either because they want you to join.
That last item is entirely about your ability to accurately assess the value of the company, which is usually a crapshoot even when you have complete information, which you don't. Plenty of people I know/knew, including a younger version of myself, think about it subjectively and don't have a cynical enough view on the chances of cashing out.
It might not be deceptive, but it certainly is complex, and you're probably not being told the most important parts of the deal. The saying "caveat emptor" comes to mind, which is definitely about surprises showing up after you commit.
For people fresh out of school or people who have spent many years in public companies and haven't had to think about how much the options are actually worth, there's likely to be a disconnect between what is written on paper and what is perceived.
The equity clauses in the typical employment contract, for example, won't tell you about AMT taxes, liquidation preferences, how hard it actually is to decide to exercise 90 days after you leave (you'll mostly likely leave before the cash-out), or how unlikely that equity is to be worth much. Those things aren't said or written but are important to understand. The recruiter won't tell you that either because they want you to join.
That last item is entirely about your ability to accurately assess the value of the company, which is usually a crapshoot even when you have complete information, which you don't. Plenty of people I know/knew, including a younger version of myself, think about it subjectively and don't have a cynical enough view on the chances of cashing out.
It might not be deceptive, but it certainly is complex, and you're probably not being told the most important parts of the deal. The saying "caveat emptor" comes to mind, which is definitely about surprises showing up after you commit.