Why are you doing this job at all?

You said your salary isn't competitive and you have no equity. I can't imagine why you'd even want to be there. Usually underpaid C-level are there on the promise of a big return on equity, but you don't have that carrot. So, why is this even a question? Go make more money and/or find a company you can own a stake in.

(no disrespect meant. I just can't comprehend what would make you want to take this job in the first place or stay at this point)