I am considering joining a startup as employee #2. I expect to receive some equity (either stock or options).
Is there any way in which I can protect myself against the founders simply issuing themselves more shares after I join, thus diluting me?
Note that I am not asking about dilution as a result of new investment (from outside investors). Instead, I am concerned with the situation where the founders simply draft documents to create a ton of new shares at a very low par value and then issue those shares to themselves.