[beachstartup]

> I already talked to him about lowering his share options (which he currently holds about 40%, (same as me, after seed round dilution))

if you're a co-founder and all you have is options and not a significant chunk of real equity, i'd say the problem is not that he isn't pulling his weight, but you (that's you, not him) got short-changed for the amount of work you are doing. and you are probably upset about that.

if he's a CFO/money type that's been charged with fund raising, money management, records, dealing with vendors and HR, etc, his compensation (no actual equity?) is probably correct, or even under-valued.

in which case, if you go to the board, you are going to be forced into a position of justifying why you want an increase in compensation for your work, instead of lowering his compensation for the work he's doing.

these are the kinds of things you learn so that your 2nd and 3rd time around are easier.