Equipped Character gets the Assassin subtype, Stealth, "This unit's speed is 40.", and "This unit can't gain or lose speed."
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.
Stealth
Stealth: An isolated, static ability that means, "This unit can't be attacked unless it's tapped or has damage counters on it." An untapped and undamaged unit with Stealth can still be affected by alternative types of damage. (Such as Overkill.) As long as the unit has any number of damage counters on it, it can't use Stealth.