BUSINESS EQUITY AGREEMENT.
This Business Equity Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between _________________ LLC, Contact Info: _____________ (hereinafter referred to as the “Company”), and _________________, Contact Info: __________________ (herein referred to as the “Employee”).
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
- TERM.
The initial term of this Agreement shall be indefinite commencing on the Effective Date herein, until the Conditions are met. The Agreement shall remain enforceable with current and future employment agreements.
- CONDITION.
- The Company, now operating as an incorporated LLC, shall offer the Employee shares/equity of the Company once the Company is registered as a C-corp. The Company and the Employee shall negotiate the number/percentage of shares the Employee shall own upon the Company’s incorporation.
- The Employee understands that they cannot terminate/cancel this Agreement or terminate their employment and/or be in violation of the NDA between them and the Company. If any of the aforementioned reasons are present at any time, the Employee shall forfeit the rights and benefits covered under this Agreement.
- CONFIDENTIALITY.
The Parties agree to keep details of this Agreement and any other confidential information about the business covered under this Agreement, the employment Agreement, NDA and the dealings of the Company confidential. The Employee shall not use the said information without prior written consent by the Company except when;
- The information is required by law.
- The information is already in the public domain.
- WAIVER AND ASSIGNMENT.
- The waiver by either Party of any breach or failure to enforce any of the terms and conditions of this Agreement at any time shall NOT in any way affect, limit, or waive such party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement.
- No Party shall assign its rights or obligations under this Agreement without prior Notice or consent by the other Party.
- DISPUTE RESOLUTION.
Financial disputes between the Parties arising from their obligations under this Agreement shall be handled by an attorney and a CPA. Any and all creative or functional orders of business shall be fully reliant on the majority owner’s discretion.
- GENERAL PROVISION, GOVERNING LAW AND JURISDICTION.
- This Agreement contains the entire Agreement between the Partners relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both Partners hereto.
- This Agreement shall be governed by and construed in accordance with the laws of the State of Wyoming, USA. Exclusive jurisdiction and venue shall be in Wyoming, USA.
- Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date:
COMPANY: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
EMPLOYEE: _____________ ___________________________ ___________
(SIGNATURE) (NAME) (DATE)
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