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The offer is based solely on milestone deliverables, and will vest when those are complete. I'm trying to assess what percentage of equity is a reasonable offer. There is no dilution protection and I'm not guaranteed any more work or stock after the deliverables are finished.
Essentially my inputs are: hours of work required, my current salary at day job, finger in the air valuation decided by lawyers/founders at time of formation.
My inclination would be to do something like this: https://guides.co/g/how-to-split-startup-equity/3522
i.e. (current hourly rate * risk modifier) as a percentage of valuation.
I'm struggling to come to what that risk modifier should be though, that article suggests 2x. Any thoughts?