Always ask about the preference stack. You'll rarely discover anything interesting, but if you do, it'll completely change how you value your equity grant.
"How much would the company need to sell for before my equity has value?"
Key #2 (not mentioned ANYWHERE):
"Can you guarantee that my equity will always be worth at least that in case of acquisition for the above value?"
Key #2 stated in writing (congruent with typical verbal promises of implied future wealth) will actually protect you and possibly justify your salary sacrifices.
Without Key #2 guarantees - the next round of funding will likely push your equity value out of existence.
"How much would the company need to sell for before my equity has value?"
Key #2 (not mentioned ANYWHERE): "Can you guarantee that my equity will always be worth at least that in case of acquisition for the above value?"
Key #2 stated in writing (congruent with typical verbal promises of implied future wealth) will actually protect you and possibly justify your salary sacrifices.
Without Key #2 guarantees - the next round of funding will likely push your equity value out of existence.