[gigamon]

Take it as a redeemable loan with the condition that it will be converted into equity upon closing of your next (first) round of investment. You don't need a lawyer for this, just write it in plain English so everyone can understand.

[rms]

Yeah... convertible debt is the way to go.

[lisper]

I agree. Taking an equity investment at a too-high valuation can jeopardize your chances of getting more money down the road. If, as you say, you don't need the cash and you're doing this for the connections, just give them the 0.1% in exchange for their services as a consultant. Taking such a tiny amount of cash for equity will be more trouble than it's worth.