Start-Up/pre-IPO Employees: Any experience negotiating equity/restricted stock?

I'm in the interview process at a couple of employers, and for the salary negotiation process (if I'm lucky), I'm thinking of replacing any annual performance bonuses with some restricted stock/equity agreements. It's a small company (<100) but growing very rapidly, so a sale/IPO in the next 3-5 years would not surprise me.

I'm thinking of a structure similar to this: instead of a normal $XK performance bonus, I could get $XK worth of equity, based on the valuation of the most-recent funding round. Or half cash half equity, $XK singing bonus in equity w/ no year-end bonuses, etc.

Does anyone have experience asking for something like this? I've heard a lot of tech companies have this structure already, and I think it's a great way to be invested in your company's success.

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