I've just been offered a developer job at a startup in the current situation. - Pre-Series A. - Current seed funding gives them a valuation of $5 mil. - 4 founders, no employees, 1 founder is a developer.
Offer consists of pay that is 50% of market value, and ownership based on the schedule found here http://venturehacks.com/articles/option-pool-shuffle#market (in the 0.33-0.66 range), 4 year vesting, 1 year cliff.
Note: I believe that schedule is based on post series A funding.
At current valuation (I hope I have this correct), 0.66% would be $33,000. Given only 1/4 would vest after 1 year, my gross take would be 50% of market value + 8250 (market value about $100k).
Would it be reasonable to request pay + equity where after 1 year I should have grossed my market value consisting of salary received plus vested options? Ideally more, as anything below market value is effectively my risk.