[AnotherMarc]

Seems pretty shady. Deferred raise, or bonus based on revenues, would be fine.

I assume in this particular example, they mean to replace cash now with options, but it's worded strangely. If you defer all cash (or everything over min wage) with options, I'd consider that a founder.

If the startup is "hot" -- and that's a definition everyone will have to make for what matters to them -- you could consider maximizing equity and minimizing cash. The odds are low, true, but you may still be able to legitimately decide it's worth it. But pretty tough for me to imagine a scenario where it's worth it for 30+ people to do.