Stock Options for Board Members

"Several people have recently asked me variants on the question 'How should I compensate a board member in my young private company?'...

In general, I have a set of simple rules for board member compensation:

-0.25% to 1.00% vesting annually over four years
-Single trigger acceleration on change of control
-Clear understanding as to how the vesting will work if the board member leaves the board
-No direct cash compensation
-Reimbursements for reasonable expenses
-Opportunity to invest in the most recent financing"

See this post from Brad Feld for a detailed explanation of each item.