Daily Tournament, Key hand

30 minute rounds, 15 players left, top 8 players in the money. Hero had 40 BB, raised 2.8 BB and faced a re-raise of 8 BB. Hero considered fold, call, re-raise. Villain was new to table and his tendencies were unknown. Hero decided to 4 bet, putting him all-in. In retrospect, I believe hero should have folded. He should have respected the 3 Bet. I would value your input and analysis. Thanks in advance, Hero