[serve_yay]

Not giving equity strikes me as a tactical error, because the hurt feelings seem to be worth a lot more to him than the money he now has and apparently isn't interested in. I understand the justification for not doing it, but it seems like he's paying a different price for it now.

[wolfgke]

At least in Germany (I assume in Sweden it's the same, but IANAL) it is legally very involved to offer equity - this is the reason why it's highly unusual to have equity as part of the compensation.