That's not how it works for this comp. It is the max total stock comp for a 10 years employment if every milestone is hit and reddit market cap goes up 300%.
As to the exact timing of the accounting treatment in this case, I'm not privy to that. The statement above was that the CEO was paid ~$193m in stock, which implies it was issued in that fiscal year. Maybe it was in this case, maybe it wasn't, but that doesn't change the underlying point.
Stock grants absolutely do adversely impact GAAP profitability. A company will dilute existing holders to issue RSUs or otherwise.
I was talking specifically about their comp, not stock in general. Which is why I specifically said "their comp" and not more general language.