Ask HN: Advisor Participation and Compensation – Best Practices

Tl;dr I am hoping that readers can share do’s and don’ts and best practices of bringing an advisor onboard, leveraging the expertise of the advisor, and the compensation structure. My Situation: I have a side project (SaaS) that I developed while learning web development. Now has good user base (1,500+) on minimal promotion. Had no domain knowledge but now have couple of domain specific consulting assignments. One SaaS startup in same domain only focuses on large businesses raised $20M (Seed + A + B) and another SaaS startup focuses on similar group as mine raised $4M (Seed + A). A few months ago, I was approached by a guy, who previously started and sold his startup in the same domain and claims to have domain connections with potential business customers. He is also an adjunct professor at a well known University. Initially, I didn't show any interest but he stayed in touch, brought me a business lead and helped me turn the lead into customer. He believes that in couple of years the project can easily generate several millions in revenue. He thinks he can help me strategically, not operationally, and wants to be advisor. He asked for 6% of fully diluted outstanding LLC units with vesting over 12 months. What type of compensation should I consider for an advisor? What are things that I need to watch out for? What are the things that I need to consider in making an agreement with an advisor.