Partner leaves endeavor, agrees 2 give me all work done w/ no compensation and his profit share, am I providing consideration?

He agrees to transfer to me his percentage of profit share and all the work done to date, for which he wants no compensation. Am I providing consideration? I agree not to take legal action for breaking our agreement, and for quitting suddenly and with no further explanation, even thou him quitting at this point it will affect the project negatively as I need to find somebody and more than likely the project won't make the desired deadline. Could the fact that I am not taking legal action for damages be considered as consideration for him transferring shares of profit and the actual work done? In any case, if both of us agree to these terms, would that be a valid agreement?