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I would avoid talking about shares till it starts to take off. It might be worth getting agreement on what will happen if it takes off. Otherwise you might feel locked in to something you can't walk away from easily.

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Yes, he said he wont be able to pay any cash till he gets it funded. I wouldn't really mind not getting cash, because the application indeed looked pretty useful. But like you said it's better to know an exact % of the pie if it does take off, cause otherwise I will be stuck to a binding agreement. I don't know the % yet, as this part was done over email to which I politely responded saying it somehow seems low. I am yet to hear back from him saying if its low or high, based on what the total share pool is.

Also, based on my current employment, if I calculate my wages as $75/hr, then his 1000options/40hrs come out as 25 options/hr which is like saying his options are worth $3(which is insane).

It's not low if there are only 10,000 shares. As others have mentioned, only percentage of ownership diluted matters.

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