When evaluating an offer, do you assess the pay increase relarive to base + RSU's grant value or current value?

Context is my current company stock price has actually increased 20% in the past 2 years, but I've locked the grant price for 4 years. I'm wondering if it's fair to evaluate the implied pay increase based on current price, which would set a very high bar for me to want to leave. Or if I should evaluate it based on the lower grant price

like
Posting as :
works at
You are currently posting as works at

so if the price drops below the grant price, are you paid at the locked in grant price?

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