Thought about this some more. Reading between the lines a bit, so certainly, correct me if I get this wrong.
But it looks like this: your investors are a bigger problem than your partner. First they write this deal where you don't really own your equity, then they don't let you pay yourselves like owners. Seems to me you're really getting screwed. Seriously: what are you getting out of this job besides experience?
I'm afraid you're in the position of a wolf caught in a trap: you're going to have to chew your own leg off to get out. It'll hurt like all hell, but if you don't do it, you'll die.
In fact, the more I think about this, the more fucked-up it seems. The investors have given you the illusion of owning part of this company, but it's a mirage. You have no way to benefit from that equity. You have no authority, you control no budget, you're paid a pittance, and the only way you can monetize your ostensible share of the company is by dying!
You've been taken, and it doesn't sound like there's anything you can do about it (IANAL; maybe you should consult one, but I'm not optimistic they can do anything for you).
As I said: time to chew your leg off and get free.
But it looks like this: your investors are a bigger problem than your partner. First they write this deal where you don't really own your equity, then they don't let you pay yourselves like owners. Seems to me you're really getting screwed. Seriously: what are you getting out of this job besides experience?
I'm afraid you're in the position of a wolf caught in a trap: you're going to have to chew your own leg off to get out. It'll hurt like all hell, but if you don't do it, you'll die.