I've been approached by a company like that. They invest in "vertical SaaS". The deal was similar, they would have paired me (as CTO) and someone with business experience in the vertical as CEO.

The starting equity of each cofounder would be about 20%. Salary, I'm not entirely sure but you're a founder right? Are you _supposed_ to worry about salary at this point?

Anyway it didn't make much sense to me. I think I would be a bit unmotivated to get ready to rock as a "founder with 20%". Just feels weird you know?