I initially reacted poorly to that part. However, on further thought, some people just don't want partners, which is where granting equity leads.

We don't know what being very well paid means in this case. If Kielsmeier was making $500k or $1 million a year, that wouldn't be too terrible, and perhaps would in the end be as much as he would have gotten from whatever equity he might have gotten.

Of course, well paid might have meant only $150k a year, which seems less fair. But really, we don't know and shouldn't jump to assuming that no equity didn't mean unfair compensation.