So, the partner is desperate about getting some of his huge initial investment back. Let's face it: unless he is a billionaire, putting up 8-10m upfront is a huge investment for any investor. In many cases he has to take loans to come up with that money and needs to make payments. That's why he needs to sell all the shares he gets to make payments and recoup some of those millions back.
Vike, I thought I read somewhere (I can't remember) where the investors can't sell their shares for a period of time - 2 ,3 or 4 years, again I can't remember. Sort of like seed money where the investors are restricted from selling their shares during the initial start-up phase.