I do think it's fair. Is it fair that I'm not going to return any of my pay if things go poorly? The investors took the risk of paying me a market salary (no discounts, sorry) to make something there was no assurance anyone would want. They deserve the rewards or the losses as the case may be. That their profits in bubbles like this will be silly relative to the value they've created does not justify greed on my part.
If you still think there's a problem here, pay market wages and let anyone who chooses come along on their own dime on any subsequent funding round at fair value. No vesting/expiring options, no stock grants, no look-back, no discount, no limits, just the opportunity to be an investor -- in the moment -- on the same terms as everyone else. Just make sure (non-)participation is 100% confidential. I think very few of your employees genuinely want to be capitalists, but those who do should have to put cash on the barrelhead like everyone else.
If you still think there's a problem here, pay market wages and let anyone who chooses come along on their own dime on any subsequent funding round at fair value. No vesting/expiring options, no stock grants, no look-back, no discount, no limits, just the opportunity to be an investor -- in the moment -- on the same terms as everyone else. Just make sure (non-)participation is 100% confidential. I think very few of your employees genuinely want to be capitalists, but those who do should have to put cash on the barrelhead like everyone else.