What is a Strategic Advisory Board Letter?
This is a letter from your startup addressed (and counter-signed) by an advisor you would like to appoint to your Strategic Advisory Board (SAB).
What is included in the letter?
It confirms that the advisor will join the SAB, their time commitment and compensation (by way of stock option grant under the startup's equity incentive plan). It also requires the advisor to sign a Proprietary Information and Invention Assignment Agreement.
When should you this letter?
This letter should be used whenever you want to appoint someone as an advisor to your startup and to join your SAB. It sets out the overall structure for the engagement and any next steps that need to be taken (such as regarding their equity grant and the execution of the Proprietary Information and Invention Assignment Agreement).