That's a load of BS.

You're an employee, not a co-owner. You're paid to do a job and, more often than not, your input is completely irrelevant to the leadership.

And as someone who is paid to do a job, not to be a practical co-owner, you should be paid in cash.

I currently work at a 50 people startup... and guess what? I'm no co-owner, no matter how much options I get. Last reorganization was done without my input... and no one will ask in the future. If you think you're anything more than a service provider - you're either in the executive management or deluded.