Am I obligated to give interest to someone who did not meet the original terms of agreement? Posted on August 04, 2011

In May I talked with someone about providing a product for my LLC. I sent him a Letter of Understanding (which included all deadlines, etc.) and a copy of my Operating Agreement. In exchange for the product he was to deliver, he would receive a member interest in the company. He has failed to meet ANY deadline and have provided absolutely no work product. In addition, none of the documents I sent him were ever acknowledged or signed. He now says he won't get the work done in time for me to use it but he still wants his company interest. Am I obligated to give him this interest because we DID agree to terms, but he has not meet them.

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