Then they've failed the second test - getting a good programmer who doesn't want to leave. A programmer on no pay with 10% equity is bound to be look for a new

Then they've failed the second test - getting a good programmer who doesn't want to leave. A programmer on no pay with 10% equity is bound to be look for a new position if the company goes through a rough patch (hint, it will). A programmer with 50% equity will stick it out.