QnA : Sharing Equity when a Co-founder is Continuing with Job

We are three of us starting a company. While two are full time, one is part time & has promised to join in within a couple of years. While we are starting with equal share (with two of us taking salary (50% of our last salary)), we dont wan’t him to continue with an equal share and we have agreed that it will go down to 20/25% (from existing 33%) if he doesn’t join by the date as agreed. He wants this to go up again if he joins in after a couple of years. While we are okay with the same, we are stuck with the rate at which the shares should be exchanged, both at the time of his holding going down and going up.

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Sharing Ratio

We are three of us starting a company. While two are full time, one is part time & has promised to join in within a couple of years.

While we are starting with equal share (with two of us taking salary (50% of our last salary)), we dont wan’t him to continue with an equal share and we have agreed that it will go down to 20/25% (from existing 33%) if he doesn’t join by the date as agreed.

He wants this to go up again if he joins in after a couple of years. While we are okay with the same, we are stuck with the rate at which the shares should be exchanged, both at the time of his holding going down and going up.

He wants a market rate done through independent valuation but didn’t seem justified to us because on both occasions, he will be much more clear about the standing /prospects of the company and hence reducing his risks.

Any ideas on how we take resolve this??

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