The most important term in a startup term sheet that no one seems to think carefully about isfounder vesting. There are two key points about vesting: 1) All startup employees – including founders! – should vest over 4 years from their start date (with a one year “cliff”). 2) Founders should always have acceleration on change of control!
(Ful Post: http://cdixon.org/2009/04/21/founder-vesting/)