In short, function over form. What function (value) can a founder bring to the startup? If the function serves its role well and did it well enough, the founder can (earn the right to) exercise some form. Like arrogance or anti-suit attitude.
Equity equates to liability if the company folds and incurred debt. Hence all the shares must be defined at the point in time and not only 5% now and then another 5% when X is done.
Hmmm...