Equity Comparison: Zscaler → Cyera

Personal Benchmark (100% Verifiable)

🔷 Zscaler (December 2017)

Role Sales Engineer
Seniority Junior SE
Grant Date December 21, 2017
IPO March 2018 (3 months)
Valuation $1.9B
Risk Very Low (IPO-ready)
Shares 7,200 NSOs
Strike $5.76
Equity % 0.0048%
Value Today $1.25M gain (31x)

🔶 Cyera (2026)

Role Senior SE SENIOR
Seniority 8 years experience
Grant Date 2026
Est. IPO 2027-28 (18-24mo)
Valuation $9B (Series F)
Risk Higher (18-24mo)
Shares 2,000
Strike ~$19.50 (est.)
Equity % 0.00067%
Projected (if = ZS) $1.17M (7Y, 31x)
Years Experience 8 years
President's Club 2x Winner
Performance Rating Outstanding Impact
Deal Sizes $500k-$2M ARR
Territory Coverage DACH Enterprise
Technical Depth Zero Trust Expert

⚖️ The Gap

7.2x less equity percentage for a higher role with more risk.

Junior SE @ Zscaler (3 months to IPO): 0.0048%
Senior SE @ Cyera (18-24 months to IPO): 0.00067%

OTE $225k is competitive and fair. The gap is purely in equity.

Fair Equity Range

Zscaler-Adjusted for Company Size, Role & Risk

📐 Adjustment Methodology

Starting Point: Zscaler = 7,200 shares @ $1.9B (0.0048%)
Step 1 - Company Size: Cyera $9B ÷ Zscaler $1.9B = 4.7x larger
→ Naive adjustment: 7,200 ÷ 4.7 = ~1,530 shares
Step 2 - Seniority Uplift: Senior SE vs. Junior SE = 2.5x multiplier
→ 1,530 × 2.5 = ~3,800 shares
Step 3 - Risk Premium: 18-24mo vs. 3mo to liquidity = higher risk
→ Premium: +2,000-2,500 shares
Result: 5,800-6,300 shares
Primary Ask: 6,000-8,000 shares (0.002-0.0027%)
Still only 42-56% of Zscaler equity percentage
Scenario Shares Equity % vs. Zscaler
Current Offer 2,000 0.00067% 14% of ZS
Minimum 5,000 0.0017% 35% of ZS
Fair Range ⭐ 6,000-8,000 0.002-0.0027% 42-56% of ZS
ZS Parity (Reference) 14,400 0.0048% 100% of ZS

💡 Why This Range is Fair

• Adjusts for Cyera being 4.7x larger than Zscaler at IPO
• Provides appropriate uplift for Senior SE vs. Junior SE role
• Compensates for 6-8x longer time to liquidity (higher risk)
• Still represents less than half of Zscaler's equity %
• Aligns total comp with market standards for pre-IPO companies

Compensation Options

Flexible Approaches to Bridge the Gap

Option 1 ⭐

6,000-8,000
shares
Increase Initial Grant

  • Clean, straightforward
  • ZS-adjusted benchmark
  • Long-term upside focus
  • Preferred approach

Option 2

100%
Refreshes
Guaranteed Annual Grants

  • Initial: 2,000 shares
  • +2,000/year (3 years)
  • Total: ~8,000 after 4Y
  • Must be in offer letter

Option 3

$80k +
50% Refresh
Hybrid Approach

  • Signing: $80k
  • 50% refresh (3 years)
  • Balances cash + equity
  • Year 1 comp boost
Scenario Year 1 IPO (2.8x) Year 5 (15x) Year 7 (31x)
Current (2k) $240k $71k gain $487k $1.01M
Fair (7k) ⭐ $261k $248k $1.70M $3.54M
Option 2 (100% refresh) $240k $284k $1.95M $4.06M
Option 3 ($80k + 50%) $305k $177k + cash $1.22M + cash $2.53M + cash

🎯 Recommendation

Option 1 is preferred: Clean, demonstrates confidence in Cyera's success.

Option 2 provides similar long-term value with flexibility in offer structure.

Option 3 balances immediate comp boost while maintaining equity upside.

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