Brad Feld offers very good advice on how to compensate board members:

- "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."

Very helpful!