What should also be clarified are the conditions surrounding the equity. For instance, assuming there's a vesting agreement in place, it's probably set over 4y

What should also be clarified are the conditions surrounding the equity. For instance, assuming there's a vesting agreement in place, it's probably set over 4yrs, with a 1yr cliff. So, if this candidate leaves in less than 1yr's time, then he/she automatically looses any equity earned thus far. Its also interesting that they couldn't get anyone locally since the cofounder also runs a cofounder meetup group (http://www.meetup.com/Co-Founders-Wanted-Meetup/ http://www.meetup.com/Co-Founders-Wanted-Meetup/). All in all, it might appeal to someone just looking for an adventure in the valley without any need of compensation whatsoever (equity is worthless if the startup runs aground) and no expectations.