> if I were to put a price on my work for on $10/hour

That's an absurd valuation and what he is willing to pay is irrelevant. Your time for this level and value of investment as a cofounder is worth more like $250/hr. Plus the fact you've been going without salary or compensation for 2 years gives this a risk multiplier. People routinely pay business consultants, legal experts, and other such professional help $300-$500 an hour outright. When the expert accepts equity in lieu of pay, the expected payout to account for risk is much higher. That's why angel investors might spend $10,000 on something and invest 100 hours, and end up with a $100 million return. So their time was worth $1 million per hour.