Giving away company equity to a friend

So long story short, I have been working on a startup for about 2 years now and one of my closest friends has been supportive about it since the beginning.At about the first half a year to 1 year mark when things started to pick up a little, I started to open up about all the inner workings of the business with him and he generally became a lot more enthusiastic about it and started throwing in terms like "we are building this" , "we have to do this and that", "we are doing great" etc.At first it all seemed almost natural, as he is also an artist and I have been supporting him in his pursuit quite as much as well (helping do the covers, videos, share his work on my social media), so to me it felt we are just both supporting each other in our pursuits.However, as of this year when things started to pick up even more, he started talking about profit sharing and equity for all the "work" that he thinks he has put in (mainly spreading the word and building the brand name). I felt as a good friend it would be reasonable to give him a 50-50% commision for profit sharing for anyone he directly refers to buy the products. He was content with it at first, until recently he started stating that some of his efforts may be "untangible" and there has to be a better incentive for those as well, I.e. company equity or a percentage of the revenue.Now this is where the main problem has arised. Though, I appreciate him "spreading the word around", promoting the company on his Instagram (with 1000 followers) and just generally being very eager and supportive, I started it on my own, all the funding has been out of my pocket, as well as the development of brands assets (brand identity, products design, web design etc), operations, sales and pretty much 95% of all the work that goes into any start up , has been purely my effort and needless to say, it cost blood, sweat and tears to even get it to a point now where I am barely even breaking even.What I tried to explain to him, is that I can't give out company equity based on "spreading the word around". There has to be tangible and measurable results coming from his efforts in order for it to makes sense for me to do so. His argument is, that some things are just not quantifiable and there has to be an incentive for him, as he feels like for the "work" he has done he is a part of the company.Does he have a point? Does it make any sense to give away company equity based on him "spreading the word around" ? And if so what percentage if any of company equity would make sense in this case? Mixing friendships and business is definitely not the best decision, but I feel like unfortunately we have crossed that line, at least from his perspective and I wouldn't want to lose a good friend.Thoughts? see hubwealthy.com/wealthy