If the owners explain things clearly, lay out the options and make me a significant shareholder (over 5%), then I would think about it, but otherwise this is a strange idea in my opinion. Why would you suffer if, when there is upside, you 'only' get the salary you were (contractually) entitled to all along? If someone wants me to work for free/less and there is a risk of the company going under before any gain, I would like to see significant compensation in shares (like 10* a market-conform salary minus the salary I get); what is the point otherwise. If you are a (co-)founder or owner then I would say it's something completely different; you believe in it so buckle up. But I know many who do not agree with that either.