Ask HN: Stock options as a contractor?

Hey there,

I guy I once co-founded a company with (which we firesold for a big of profit) has approached me to help with a new startup he is doing, but instead of self bootstrapping like we did last time, he's got some solid venture capital lined up. Under no circumstances do I ever want to work as an employee for this guy again, however he wants me more in a consulting role to make sure the correct technologies are used from the get-go and some quick prototypes (something I'm good at at this domain).

As the backing seems solid, I'm pretty positive I can get a good rate on the consulting, but as this guy also seems to have an ass full of horseshoes, I'm wondering if consultants/contractors are ever offered options in a fresh startup? I'm just trying to flesh out my knowledge before we finalize my rate.

Thanks.