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Sounds like they are not funded (or self funded). Any VC or lead angel would have required an options pool as part of the funding round. Assuming this is not true, granting options from an existing options pool is as simple as a few documents, if they can not do this it seems to me to be a sign of bigger problems.

"it doesn't matter whether they have a stock plan yet. It is not as if a pre-existing stock plan really protects you; after multiple rounds of VC, any deal that was on the table when you started will have been rewritten many times over."

Somewhat true, you are liable to be diluted over subsequent funding rounds, but then so is everyone else. Its no excuse not to grant options immediately. Its not as if the basics of options change with subsequent funding rounds. The only thing that should matter is the strike price at the date they are granted, which means you want to get them ASAP.



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