Following are the Brad Feld guidelines for this as posted in his blog:
* Allow any board member to buy into the last VC round.
* Option grant vesting annually over four years that is equivalent to what a director/VP (not SVP/COO) level employee would get. This is typically 0.5% – 1% depending on the stage of the company (so 0.125% to 0.25% per year).
* Full acceleration on change of control (single trigger) – FYI – this is the ONLY time I’ll give single trigger (except in certain founder cases).
* 90 day exercise period if you leave the board. Sometimes I’ll extend this to a year, but I like this to be the same that employees get.
* No cash renumeration.
* Travel expenses covered.