A: Fair market rate hasn't been fair for a while, due to non-poaching agreements.
B: Nevertheless, "fair market rate" typically includes gaining equity over time at a company. More equity the younger the company is and the more it is growing while you're working there. If you work for "fair market rate" at Microsoft, Google, Amazon, Facebook, etc. you get stock grants, stock options, the whole nine yards. If you work for "fair market rate" at an up and coming startup you'd expect to receive stock as well, and in comparatively larger chunks.
