[tptacek]

18 months of 50% effort at no salary = 9 months full time no salary. Why do you think a 21% gap is too high for that?

Again: 4% is a very large share for an employee. When the company comes to its senses, nobody else is going to get anything even in that neighborhood.

[boucher]

4% isn't in any way an unreasonable share for a first or second hire, especially when they're asking you to take no salary.

[tptacek]

I agree, it's not unreasonable. Just high.