What's the upside of equity? Is he going to raise cash? ie. Are you going to be diluted? Read the equity equation by pg and the founder's pie (google it). You

What's the upside of equity? Is he going to raise cash? ie. Are you going to be diluted? Read the equity equation by pg and the founder's pie (google it). You need to ask yourself not only how much you think is fair based on work you've done (and compensation received) but also what will keep you motivated till an exit, and how much dilution you can live with.