Ask HN: What's the best way to give early employees ownership?

Question: What's the best way to give early employees ownership in a private tech company?

And by best, I mean best for the employees, not the company. There's options, RSU's, straight up equity (tax issues for receiver), and probably more...

With public companies, I get the value of issuing stock, because it has liquid value. But with private companies, without a definite IPO on the horizon, I'm truly interested at what talented engineers believe is the fairest instrument to share ownership/reward.

I own a private tech company that makes $30m rev, is profitable, and has big potential. We currently have no shared ownership and I want to roll out a plan that has real value for employees, not perceived hype.

Your thoughts/feedback would help me a ton!