Peanut, you've hit on something of importance, that I was mis-valuing before: do I need his money?

Upon further reflection, I probably don't need it. And when I reach the stage where I do need it, I probably want to get it from a real angel investor. Even if that didn't work out, I still have better places to get funding than this guy.

Guess I'll just have to pay a lawyer who specializes in tech startups.

This really clarifies the decision. Thanks!