And even if you get the 2%, you should consider it as $0 when evaluating your options. Almost all startup equity ends up worthless; but the connections you may make could be quite valuable.
For someone with a six-figure income, the marginal utility of an extra $100 is basically nothing - but "notionally worthless" shares are a bit like getting a free lottery ticket every week. You don't expect anything to come of it, but it's nice to dream - and the regret-avoidance factor of not wanting to let go of your lottery ticket is huge. Of course none of this considers the true downside, which is the opportunity cost of working at a startup in the first place, versus a more stable or better-paying alternative.
It'd be kind of fun to work out the actual math; working at a startup and getting options can probably be converted into "Powerball tickets per month".
If we're valuing a thing that will turn out to be $0 with 99% certainty, or $1M with 1% certainty, then "a hundred bucks" is not a good proposal. 1% of $1M and there might be something to talk about.
Offer to buy it for a hundred and give them a perpetual right to call it back at ten thousand ... I wonder where the math would put the various values to make it basically break-even.
The amount of money someone needs to spend on a lawyer to actually have "a perpetual right to call it back at ten thousand" will most likely be above a hundred.
