Questionable Technical Co-Founder Agreement

An influencer in the fitness space who has genuine distribution and proven experience scaling one app, offered me (~6 years software engineering exp. w/ one side project scaled to 15k users) the following technical cofounder offer for a fitness app requiring a custom iOS vision module:

No payment to start. MVP base rate is 10k, 5k on delivery of phase A, 2.5k on phase B and 2.5k on phase C.

After the MVP is delivered, if we both want to move forward, then the 10k would turn into 2% equity vesting immediately, and 23% would vest over the next 3 years. When continuing as cofounders, he would then offer a 100k/year salary. If we do not continue as cofounders, I walk away with 10k and he gets the IP.

To me this sounds like he doesn’t respect my time, I estimated the MVP build at 300h. It comes off as “I want you to go through a 4 month job interview in order to become a technical cofounder with me”. The only thing that stands out is that I could also just build the MVP and do the bare minimum to maintain it after delivery while collecting the salary. Has anyone ever accepted a deal like this and found it worthwhile?

My worry is that I’m hung out to dry if he drops the project after the MVP delivery. Any recommendations on counter offers?