This doesn't sound too good, but it's easy to get past.
You need a YES or NO answer on this question to the founder: Do you have your equity package already?
If YES:
Then you state that he needs to immediately prepare your stock agreement, and if he is unable to do that he must prepare a very brief document stating what % of equity you are being granted and on what vesting terms and at what valuation subject to the common shareholder agreement all other employees are or will be bound to. In other words, you can't be singled out at a later date.
If NO:
Then you ask him to draft a letter where he commits to providing your equity package concurrently with his own, and to immediately spell out what % of equity you will be granted and at what vesting rate. Demand that your terms me similar to all other hires brought on board at the same time or before you.
Overall, this stuff is just process and if he or she can't get it done, that's a bad sign.
You need a YES or NO answer on this question to the founder: Do you have your equity package already?
If YES: Then you state that he needs to immediately prepare your stock agreement, and if he is unable to do that he must prepare a very brief document stating what % of equity you are being granted and on what vesting terms and at what valuation subject to the common shareholder agreement all other employees are or will be bound to. In other words, you can't be singled out at a later date.
If NO: Then you ask him to draft a letter where he commits to providing your equity package concurrently with his own, and to immediately spell out what % of equity you will be granted and at what vesting rate. Demand that your terms me similar to all other hires brought on board at the same time or before you.
Overall, this stuff is just process and if he or she can't get it done, that's a bad sign.