BUSINESS EQUITY SALE AGREEMENT.

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Samples legal papers
March 19, 2023

BUSINESS EQUITY SALE AGREEMENT.

This Business Equity Sale Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between _________________, Contact Info:  _____________ (hereinafter referred to as the “Seller”), and _________________, Contact Info: __________________ (hereinafter referred to as the “Partner”), for equity in the Concept Media (hereinafter referred to as the “Business).

WHEREAS, on the signing of this Agreement, the Business shall be registered as an LLC.

NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:

  1. TERM.

The initial term of this Agreement shall be indefinite, commencing on the Effective Date herein, with a buy-out option as shall/may be negotiated by the Parties.

  • CONDITION.

The Seller is selling 50% equity of the Business to the Partner for Twenty Five Thousand Dollars ($25000), paid to be made on the Effective Date herein. The Parties’ obligations ones the LLC has been registered shall be;

  1. _______________________________________________________________.
  2. _______________________________________________________________.
  3. _______________________________________________________________.
  4. BUYOUT OPTION.

The Partner’s equity shall be with a buyout option. The Seller shall pay the Partner ____ Dollars per customer perpetuity per month for a period of two years or until the Partner has received back his investment plus _____% interest. Once the Investor receives 100% plus interest return of the investment, the buyout shall be automatic.

  • 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.
  • WARRANTIES AND REPRESENTATION.
    • The Parties each represents and warrants that he/she is NOT party to any other agreement that would restrict such Equity Agreement.
    • Each Party represents and warrants that, for the purpose of this Agreement, no third party can claim any rights to any intellectual property or other proprietary rights possessed by the said Party as it relates to the Business concept covered by this Agreement.
  • 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.
  • MODIFICATIONS.

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 parties hereto.

  • DISPUTE RESOLUTION.

In the event of disputes arising about the execution of this Agreement and/or performance of obligations stated herein, the Parties shall solve such issues through a mediation process.

  • GOVERNING LAW/JURISDICTION.

This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, USA. Exclusive jurisdiction and venue shall be in Illinois, USA.

IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.

SELLER: _____________            ________________________               ___________

                        (SIGNATURE)                  (NAME)                                                (DATE)

PARTNER: _____________         ___________________________           ___________

                        (SIGNATURE)                           (NAME)                                    (DATE)

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