HELP! Trying to fix a bad deal.

I started a B2B tech company about 1.5 years ago. We were in development for about a year and released our v1.0 of our software about 3 months ago. Have a healthy chunk of customers already buying, so we have some traction. Not a lot.

Early on we signed a really, really bad deal with a couple early team members (3rd and 4th people to join). Instead of an equity deal, we negotiated a perpetual off-the-top revenue sharing agreement with them. Very foolish of us, especially when we need to be reinvesting every dollar coming through the door back into the company and not worrying about paying people.

We’ve had a few outside advisors basically tell us that this deal is so bad that it could preclude us from raising venture capital in the future if it’s not replaced immediately.

I’m trying to fix this before it gets real bad, as more revenue starts to come in.

Any advice? Do I put an equity deal on the table? If not equity, what are the best alternatives?

To make things more complicated, one guy is much more valuable to the company than the other, but both were subject to same Rev share agreement.

Trying to solve this quick before it blows up!! Help!