The scenario modeling tool in Pulley's offer letter generator illustrates your total compensation over a 4 year period.

Total compensation equals your salary over 4 years plus the value of your equity once you are fully vested.

As the company's valuation over the next four years increases, you'll notice that the "Equity Value" portion of your total compensation will increase accordingly. That's the power of equity - if your company succeeds, it will quickly make up a large portion of your total compensation.