[legohead]

Make demands if you still have power/clout left. My story was pretty much just like yours -- I was engineer #2 (after the CTO), I pretty much built the company along with the CTO. I have patents with me as the inventor on them through the company.

Early on I was promised equity in the company, but never got anything in writing (I knew nothing about startups when taking this job).

I was actually treated pretty well as an employee, given good raises, position upgraded to Director level.. but that equity thing was always out of reach, and they kept pushing it off with various excuses. I trusted the CTO, but the CEO was a greedy type.

By the time I put my foot down, it was too late, and they had no problem letting me go. If I had made demands about 6 months earlier they would have been forced to do something or end up REALLY hurting. But I had knew that I had waited too long, so I secured a job before I tried anything. I learned a lot at the company, so I'm grateful for that, and I'm working at a much better and more interesting place now :)