Because the CEO needs the engineer more than the engineer needs the CEO.

By definition, the CEO is issuing stock in lieu of money.

They are issuing a chance at very large future compensation (say 10% chance at 12x) in lieu of current cold cash (100% chance of 1x).

The CEO is not in the driver's seat, otherwise they wouldn't issue stock.

NOTE: This is a totally different thing than stock incentive programs.

That was my point. One can still ask but there isn't much reason to, and so there isn't much reason to expect a response.