I'm wondering how much equity I should be asking for in exchange for ~10 hours a week? Does anyone have any experience on not being a co-founder, but being the first person to assist in exchange for equity?
Depending on how much thought leadership he's provided and how much direction he's given you, it should range from 50/50 in the very best case for you to 80/20 in the worst case (assuming you if you're the #2). That split also depends on whether he is paying you or not to do the work, and whether you really want to loop in with him long-term on the startup.
Are you guys incorporated? Regardless, make sure that the terms are in paper.
When making equity decisions with my co-founder, I found these posts pretty valuable: http://startuplawyer.com/incorporation/how-to-split-the-star... http://startuplawyer.com/startup-issues/keep-your-startup-co...
Hope that helps.
This isn't his first company (hence why I'm happy to follow along and learn from his experience), but the amount of equity offered seems very low. 0.013% of all outstanding shares vesting per month.
Thanks for the links.