I am soon to launch an interesting network. I have completed product development and currently testing the product. In the course of working on the project, I met an experienced man who loved the project and asked to work on it with me. For this, we agreed verbally and via email that he would have sweat equity of 5% plus another 5% if he invested 30,000 USD which he did. The problem though is that I didn't specify then of any vesting period even though I had it in mind - I was waiting for the contract to be prepared where these conditions would be specified.
Two weeks ago, he came in with some heart issues and wants an early exit. But he wants to keep his sweat equity. Of course, I totally disagree. He has worked for few months (part-time) and now wants to claim 5%. Now he is sending stories about facebook being sued at a later stage and telling me to settle this amicably.
What kind of protection do I have here? I honestly had in my to put the cliff and vesting into the contract but since we just agreed briefly via email for him to start work, the vesting was not discussed.
Please, let me know what cover I have here. I haven't signed anything. I am going to speak to a lawyer but want to crowdsource your opinions also.
Many thanks in advance