Kenya is keen on realizing equity between the state and local communities participating in sustainable forest management. Hence, prominence is accorded to Forest Management Agreements (FMAs) under the Participatory Forest Management (PFM) framework. However, there is a scarcity of equity lessons from FMAs implemented so far by the state and Community Forest Associations (CFAs). This paper addresses this gap by exploring two FMAs for procedural and distributive equity effects by comparing the processes of recognition, income, and cost-sharing as well as challenges experienced by the state and CFAs to determine whether FMA implementation was yielding equity outcomes or not. Using literature review and 19 key informant interviews, results from Gathiuru and Karima forests substantiate that FMA is a reasonably robust, multi-objective-win-win tool that promotes equity in PFM. However, the implementation process has been slow. There is a need for more capacity building of CFA members, establishing an inventory-based NTFPs utilization system, and complementing the current PFM framework with explicit provisions for Corporate Social Responsibility.