I am thinking of bring someone on board to develop an application. I don't have money to pay him right now, but would like to structure something that would make it an worth while to developer the application with me. Once or If the application earn money, I would like to compensate him for his efforts. I am looking for sample contracts that covers this in detail.
Skip the stock options and other future payment details and just give the developer partial ownership in the company. Follow Joel's advice here on ownership allocation: