Is this correct?

afaik, a typical equity package (at a large public company) is worth 1-2x the annual salary, but is spread over several years. So you get something like Base+(Base1.3)/4 per year, not Base + Base1.3 every year. So a more typical package might be 150-200k average annual compensation, (which is matches the estimates for total compensation on glassdoor). It seems very unlikely that the median compensation for programmers in the Bay Area is at all close to 300k (although the upper few percent might certainly make that amount).