Sense check on two comp packages for our first commercial hire - equity vs cash split - I will not promote

Small B2B services company, two founders. We’re bringing on our first senior commercial hire on a formal package. He’s got 25 years in the space, has been working with us informally already, and we’d genuinely like to keep him. His stated floor is £100k. We can’t fund that yet. We’ve got one contract landing shortly and a larger one in the pipeline, but nothing collected at the scale that would support that salary. He said he’s down for equity. But he also has a mortgage and kids so we’ve got to support him. Two options we’re considering: Option 1 £4k/month base, stepping to £6k at £150k cumulative collected revenue and £8.3k at £400k. 10% commission on net collected revenue he originates, uncapped. 3% equity, four-year vest, twelve-month cliff. Option 2 £2.5k/month base plus £1.5k/month accruing, payable when our next contract signs. Same step-ups. 5% commission. 8% equity, same vesting. Our average sales contract is £50k pa. Both have commission on cash collected with clawback, plus standard leaver provisions. What I’d like a read on: Is 8% too much for a commercial hire at this stage, or about right given the pay cut? Does the tiered base read as a genuine route to his number, or as a dodge? Anything obviously missing or unfair that I’m too close to see? Happy to be told we’ve got this wrong.