[robot]

We have a similar setup. I am a technical founder who owns the project and company, I hired two developers from overseas full time. They joined because each were interested in the project, and were heavily trained by me. I paid them full salary of their market rate - they told me their existing salaries, and we started from there, including pay rises every 6 months.

This is how it should be. I am taking the risk and paying them full time, and since they were also happy with the interesting work they did not need or ask for equity. In your case you should either get full salary or equity. Because you are taking the risk with them. It is simple as that.

I don't get to judgement that your employer is taking advantage of you, sometimes arranging equity gets complicated, you need lawyers etc. He may have good intentions to keep you until you see the upside. But there is no guarantee, and if he is not paying you now, he should agree to offer you something in exchange that should fulfill you, or simply just pay you your market rate.

You are not overthinking at all. You should protect your rights at all times.