BUSINESS EQUITY AGREEMENT.
This Business Equity Agreement (hereinafter referred to as the “Agreement”) is made and entered on this 4th day of June 2021 (the “Effective Date”), between Jacqueline M. Wallace owner of B. D. O. P. E. LLC, Contact Info: 25 West Sutton Rd, Lapeer, Michigan 48455 (hereinafter referred to as the “Company”), and Mariah R. Wallace, Contact Info: __________________ (herein referred to as the “Partner”).
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be indefinite commencing on the Effective Date herein, with yearly reviews with the option of the Partner growing their equity ownership to 45% if it is clear that they are growing the Company.
- The Company is transferring 30% equity to the Partner, as of the Effective Date herein, and shall be non-transferable to any other 3rd party without the Company’s prior written notice and consent.
- The Partner’s obligations shall be;
- Build the Company brand through social media by conducting marketing interviews and presentations.
- Generate sales for the Company.
- Develop a positive reputation for the Company.
- Diffuse and repair any negative publicity or damage caused by the brand and/or the Company.
- The Partner understands and acknowledges that the equity transfer covered under this Agreement is dependent entirely on them fulling their obligations, failure to which this Agreement shall be null and void and the Company shall resume 100% ownership of the equity.
The Parties agree to keep details of this Agreement and any other confidential information about the business covered under this Agreement and the dealings of the Company confidential. The Partner 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.
In the event of issues arising regarding the execution of this Agreement, the Parties shall resolve them through binding and final arbitration and/or mediation processes.
This Agreement contains the entire Agreement between the Parties 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.
- GOVERNING LAW/JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the State of Michigan, USA. Exclusive jurisdiction and venue shall be in Michigan, 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)
PARTNER: _____________ ___________________________ ___________
(SIGNATURE) (NAME) (DATE)
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