I can tell you the traditional answer to your question, then it's up to you decide how to treat it.

If your labor is compensated in stock and not FRNs, you have received traditional wages. This will be calculated by the company based on it's estimated fair market value at the time of the grant. That value is an expense for them and a reportable item to you (W-2 or 1099). The character of the income is wages, and is subject to all the normal withholdings. Your basis in the stock for purposes of gain was the estimated value at the time of the grant.

Stock granted in this way may be restricted stock under Rule 144, meaning that you can't immediately sell it into an established market without getting it registered.