Ask HN: In this situation, what's a fair equity share?

I'm the third person, and my percentage is pretty low (low single digits). I came in pre-money, and I accepted the percentage given because (1) I was fine with the salary offered (deferred until funding) and expected money to come imminently (it took a bit longer, but we're getting customer revenue) and (2) realized I didn't have the full picture (how many points were in the option pool, saved for legal counsel, etc.) and couldn't evaluate what a fair share was.

It looks like funding is coming via customer revenue about... now. We'll be incorporating soon, which seems like a convenient time to revisit the equity question. I don't feel entitled to a 1/3 split, since the other two guys have been working on the project a lot longer than I have, but I did come in 7 months pre-money, so I feel entitled to all the trappings of founder status, and an equity share that would reflect that.

What's a good guideline for whether or not I'm getting a fair share? Is it wise or unwise to negotiate a higher share, and at what point (pre- or post-revenue)?

Also, how do board seats work? If I enjoy hacking more than business, do I want one, and how do I go about determining if I deserve one? (E.g., if there are 3 board seats, I don't feel entitled to one; if there are 5+, I'll be pissed if I don't get one.)

If you thought the original deal was unfair, you shouldn't have signed.

* How much have /you/ spent in relation to that?

* How affected was the outcome of the business by your presence, did you accelerate the growth, did you take it the extra step, can they survive without you etc.>>

I've done this math, valuing time at the market rate. I come out as about a 10% contributor, but they obviously can't give me 10%, since there need to be points for the option pool.

I was offered 2%, which seemed really low, but I was told that this was because the CEO wanted to conserve points for future hiring. I was also told the low number was because I wasn't relevant to getting the first round of funding (which appeared to be imminent). However, funding came later, at a time when I am relevant, and with 7 months on the line, I don't think this is enough, unless a large number of programmers much better than I am are hired (and they mentor me).