Ask HN: Company promised equity, still no plan. What can I do?

I started a new role at a company about six months ago. At the time that I joined the company, an equity/stock option plan was not in place, but was told it would be imminent. I didn't accept less salary in exchange for a vague promise of equity, but still fully expected that the details would be worked out soon and felt confident that the details of the equity grant, once it became available, would be satisfactory. It has now been six months and due to various factors that have to do with the structure of the company (not a typical VC-backed co), the equity plan still hasn't been rolled out, and the exec team is unable to give me any timeline on when it will go into effect...other than to assure me that they're doing everything they can to make it happen as soon as possible. I don't think I have any legal recourse since this was effectively a handshake deal upon joining, but wondering what you'd do if you were in my shoes? What are my options here? Do I go to the CEO and threaten to leave if an equity plan isn't in place within the next 30 days? Ask for more base compensation since there effectively isn't an equity plan in place which was part of the full package we initially agreed upon? Appreciate any advice/feedback you might have. Thanks in advance.