Survived layoff, suffered the firm-wide paycut

In the name of 'CTC Restructuring'; 15% of fixed pay is now (effective immediately) compensated in ESOPs - CTC is same, Fixed components are modified.

Tell me if this changes the negotiation game when looking out.

If yes, how drastic/different will it be, if no, why not?

CTC: 17lpa, YoE: 0.75