Equipped Character or Squad gets Shields 1 and "Forewarning: Prevent 1 damage to this unit."
Equipped non-unique Character or Squad also gets Lucky 1.
Keywords
Equip
Equip: A selective effect on Equipment activated during the build step that means, "Attach this Equipment to a unit. Play only during your build step." You can pay the Equip cost only once per turn.
Forewarning
Forewarning: [Effect]: A static, layered effect that means, "Whenever this unit is attacked, you may predict the number of hits that will be rolled for that attack. If you're correct, gain the [effect]. For example, a unit with "Forewarning: Gain 2 Force" will give you 2 Force if you guess the number of hits rolled correctly.
Lucky
Lucky X: A cumulative, static ability that means, "Each time this unit attacks or is attacked, you may re-roll up to X of this unit's attack dice or have your opponent re-roll up to X attack dice against this unit." Both players can use Lucky effects according to the rules for POP chances. Lucky is used only once after all triggered re-roll effects resolve. You can't re-roll more dice than are rolled for the attack. You may choose to roll any number of dice up to the Lucky value.
Shields
Shields X: A cumulative, static ability that means, "The attacking unit gets –X power against this unit." Shields only matters when attack dice are rolled. If you give a unit Shields after your opponent has rolled for damage, it doesn't affect the roll.