Should I accept stock options in exchange for salary?

I received an offer letter with with the option to convert part of the salary to stock options as per the below table. Base salary is ₪33K/month (Israeli Shekel). Be aware of ‘₪’ vs ‘$’ in some columns. As of this writing the exchange rate is 1$ = 3.7₪.

Salary DeductionRun-Rate ValueNumber of Options%Value at $3.45B

Additionally the letter states:

Based on current run-rate, price per share is $2,675.

Exercise price will be at 90% discount of the last (at the time of signing) round price. If you are an American citizen, exercise price will be according to 409a valuation (~$800 per-share).

End of Offer Details

I would appreciate any help in understanding this information. What I’m mainly confused about is:

  • Does “Run-Rate Value” mean current value or something else?
  • Does “Exercise price will be at 90% discount” mean I pay 90% or 10%?
  • Does “the last (at the time of signing) round price” refer to the $2,675/share stated above?
  • What is the significance of the 4th and 5th columns?
  • Does it make sense to forfeit some salary continually and indefinitely, in exchange for a discount in stock? It seems to me, intuitively at least, that eventually the loss in salary deduction will outweigh the gain of discounted stock. I am an American citizen, what is a 409a valuation?

Thank you to anyone who can help me understand this.

Edit – RIP inbox. Sitting down now to read and respond to as many comments as I can.

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