90% of replies have been "you'll be fired" or "get an attorney".
The reality is much more complex.
If the owners trust OP, believe he can produce a new line of revenue, or that the company would benefit from OP's entrepreneurial spirit, the owners might offer OP a promotion or a better deal than a standard employment agreement, such as shareholder, partner/founder of a spinoff company or licensee on the IP in question.
If the owners do not trust OP, or see their employees purely from the "employee relationship is the best relationship" point of view (which many corporate attorneys preach) then OP is putting his job at risk, should carefully research the situation and seek legal advice.
I own a corporation (with employees) and an LLC (consultantcy services). I've pushed companies to their limits (was fired once) and built $50 million/year lines of business in 2 years. I've recently been offered equity on two start-ups. So I've seen the point of view of several owners, their corporate attorneys and attorneys who represented me.
Some attorneys who litigate a lot of partnership disputes will tell you "employee relationship is the best relationship" or "never give out equity because it gives others legal interest/cause to sue you". Others will say the opposite, namely "provide incentive with equity or options to breed entrepreneurs within the company". A third group of attorneys will admit that this is a terribly difficult decision filled with trust issues and risks and will suggest a very detailed shareholders/employeement agreement to manage expectations and contingency plans for the partners/shareholders should things not go as planned.
The reality is these matters are potentially very complex. In my opinion everything boils down to the details of the situation and the preferences, skill and experience of those involved, whether it be the preferences/skill/experiences of OP's company's management, owners or attorneys or OP's own attorney. Ask enough business owners and attorneys and you'll get tremendously different responses, just like everything else in the world.