I don't see the sense in trying to equate this against what one would charge for a job if they were the primary company securing the work. As has been said here, you are just an employee and the person hiring you is assuming all the risk. Having said that, I pay a little more than what the OP has been offered and I supply all the gear. I do allow them to take a copy of what they shot to use for self promotion but they sign a document saying that they will not contact the clients trying to sell these images or prints.
I would think that you should evaluate this just like you would any other job. Is it paying me enough for the skills that I bring to the table. Are the conditions of employment satisfactory to me. If you answer no to any of these I would give it a hard second look. If you aren't going to be happy with the job it can be reflected in the performance that you give. A motivated and happy employee will give you better work in the long run.