Compensation for Outside Directors

Brad feld offers this advice on compensating startup outside directors:

"-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."