EQUITY PARTNERSHIP AGREEMENT
This Equity Partnership Agreement (hereinafter referred to as the “Agreement”) is
made on __________________20___ Between _____________ (hereinafter
referred to as the “Company”) and _______________ (hereinafter referred to as the
“Equity Partner”). Together referred to as the “Parties”.
1. Term.
The partnership herein shall begin on the date signed by the parties below
(hereinafter referred to as the “Effective Date”) and shall continue indefinitely.
2. Proceeds.
The parties agree that the Equity Partner’s salary would be dependent on the
Company’s profits for that year.
The equity partners can only take in 50% of the total equity profits in the first two
years. After that, they can have the amount of the profits that their equity is eligible
for.
Parties agree that there will be a bonus from the royalties in sales, which will be
received at the end of the year (unless the equity partner does not meet or does not
have the minimal expected duties as put in their contract).
3. Revenue Structure.
The parties agree and acknowledge that the Company’s revenue structure is as
follows: –
80% of profits will go to a non-profit/charity.
20% of profits from the NFT sales will go to the Company.
2% royalties from future resales – 40 % of this will go to the Company fund,
and 60% will be given as a bonus to the Company’s equity owners.
4. Equity Partner.
The parties agree that the Equity Partner will receive: –
20% of the profits from the 20% of the sales profits that go to the Company.
The partners can receive half this amount over two years. (ex. the 20% of the
profits equal to $100,000, the equity partner can receive $50,000 in salary in
year one and $50,000 again in year 2.)
20% of the 60% of the royalties as a bonus at year-end.
If the value of the Company’s fund goes up year after year, the equity partners
can also have half of the 20% of this increase added to their salary in the
upcoming year. ( ex our Company’s fund goes from being $100,000 value to
$200,000, the following year, they would be able to have half of there 20% of
this).
50% of the future Company sales profits can be added to their salary next
year.
5. Responsibilities.
The Equity Partner herein agrees to and acknowledges the following responsibilities
and duties; –
i. Conduct up to 250 Freedom hero interviews for video content.
ii. Carry out seven minimum interviews per month.
iii. Meet with the non-profit partners three days a month and with the team
involved in choosing the charities/non-profits.
iv. Hold 1 team meeting per month.
v. Adhere to the Company’s ethics and conducts and policies set in place.
6. Intellectual Property.
The parties herein agree that the Company owns the rights to the media in the form
of interviews with influential people who are part of the NFT collections as freedom
heroes.
7. Termination/withhold.
The parties agree that if the minimal responsibilities/duties are neglected or not
done, the Company holds power and right to withhold the bonus funds from the
equity partners or terminate the terms of this Agreement if failure is persistent for
over _____ and brings losses to the Company.
8. Death.
Upon the death of a partner, the surviving partner shall have all the rights to
terminate, liquidate or continue with the partnership business.
9. Dispute Resolution.
Any dispute or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled through mediation in accordance with the rules of Ontario,
Canada.
10. Governing Law.
This Agreement shall be construed, governed, and interpreted according to the Laws
of Ontario, Canada.
11. Waiver.
The waiver by either party of the breach of any covenant or provision in this
Agreement shall not operate or be construed as a waiver of any future breach by
either party.
12. Severability.
In the event it is declared that any term or provision of this Agreement is invalid or
unenforceable, this Agreement will remain in full force and effect and either:
a. The invalid or unenforceable provision(s) will be amended to the minimum
extent necessary to make such provision(s) is valid and enforceable
b. If such a modification is not possible, this Agreement will be interpreted as if
such invalid or unenforceable provision(s) were not a part of this Agreement.
13. Amendment.
This Agreement cannot be amended without the written consent of all parties herein.
IN WITNESS WHEREOF, the parties hereunto set their signatures and
acknowledged this Agreement as the date first above written.
THE COMPANY; –
Name:
______________________________
Signature:
__________________________
Date:
______________________________
Email Address:
_____________________
THE EQUITY PARTNER; -.
Name:
______________________________
Signature:
__________________________
Date:
_______________________________
Email Address:
_____________________
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )