The answers so far are generally what I'd agree on but two points I'd add. First, it always makes me nervous when a company that is bootstrapping is adding "Two Vice Presidents" It raises some flags around the structure of the org. Really, in a bootstrapped org, there should be a max of three key people. Sales, Tech & Growth (previously known as Marketing).

As a general rule of thumb, creating a Stock Option Plan worth 15% of the total shares of the company all of which vests over a 3 or 4-year period is par for the course and most hires, even great hires can be granted equity from that pool.

However, the point that hasn't been made here is that it all depends on the talent you're recruiting. More specifically, it depends on how much value you expect each contributor will make. In other words, I would dilute 20% if I was recruiting someone who could add significant, transformational value to your enterprise.

It also depends very much on where you're based and how competitive a market there is for this same kind of talent. Finally, if you're paying below market rates, you should always be adding a premium equity component, even if the premium component is only earn-able as bonus.

I think if you're able to recruit "VP" level talent at under market rates with only a small amount of equity, you're probably not going to be hiring the best talent to grow your company.

Happy to talk with you in a call so that I can understand your location, business, and staffing plan a bit better and provide more actionable advice on how to optimize the recruiting packages and also ensure you're hiring the best talent for your objectives.