My equity offer, Need help!

Hey guys,

Ive just been sent a contract at a newly formed startup, ill be heading the Product designer and branding for the project. I've received offer which includes $ 50K in equity post funding. I would love some clear clarification on what this all means as this is new to me.

This is taken from the contract: "shares in value of USD 50.000 once the company raises its seed funding round for the amount of (to be determined). The shares will be diluted and vested with a standard cliff over a period of 4 years."

Any clarification on how this all work and how my equity could grow (or not grow?) as the company increases in value would be awesome!