[dats]

The only remarkable thing about the equity being asked for is the anti-dilution provision. I don't think he's suggesting you ask for liquidation preference or participating preference (which wouldn't make any sense).

Anti-dillution is there to prevent unscrupulous partners from buying tons of equity (issuing new shares) at absurdly low prices just to dilute you.

[dhimes]

You should be as dilutable as your partners in a fair arrangement.