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Are you more interested in eventually getting compensated for your time or having a piece of a potential larger valuation? Which do you think Jim is more interested in?

If you are primary looking to for the former, you could propose a deal where you get 40% up to whatever you both agree would be a market wage for the effort you put into the startup ($10/hr seems low, but I know nothing of your local economy). That may be more acceptable to Jim, and it keeps you from feeling like you got a raw deal if he has a great exit in a few months.

I don't think he has the money to pay me the real value (maybe he has, but in that case he'd never agree to pay me that. even the sum like $2000 would be a problem) so I'd prefer to split it - I'll retain a small equity stake along with some money. That's the thing I've told Jim I'm flexible in & willing to accommodate, but Jim simply doesn't think so

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