If you aren't actively working for the company, and maybe even if you are, it's trivial for your options to end up diluted out to crap by any random funding event that might happen.
I raised this issue once at a company I was at and got the response that "they weren't helping move the company forward any more."
That's another great point: if you invest more time at a company, and have no real control, then you are out of luck when the liquidation actually happens.
Startups are faith based to some extent, and it's unwise to put so much time on pure faith in a business relationship.
I raised this issue once at a company I was at and got the response that "they weren't helping move the company forward any more."
Assume your options are 0.