my partner is not meeting his part

[Rogelio Castro]

What is the name of your state? C,A

I left my 14 year job to came to work for an smaller company, the owner of the new company offered me to meet my salary requirememts plus a 10% owner ship just for joining the company, plus another 10% after the first year if the relation was working fine.
the only thing I didn't get at the begening was the owner ship certificates, I trusted my new partner

we signed a contract stating all these details, him and I signed on it.

is been now 8 months and he have not provided me with the owner ship certificates, coming with all the excuses as of why he is not been able to do so.

now he is bring in a new investor with a lot of money buying 70% of the company, my partner is now telling me that he will give me my 10% in a period of 5 years 2% per year, he say that this is to avoid having to pay taxes, him and I.

do this sounds right???

and that he will now not be able to give me the other 10% because he had to sell 70%

what should I do?

all this is new to me, I need guide.

Thanks