EQUITY VESTING AGREEMENT

EQUITY VESTING AGREEMENT

 

THIS EQUITY VESTING AGREEMENT (“this Agreement”), effective as of [DATE] (“effective date”), is made and entered into by and between COURTNEY DUNLOP and MICHELLE SIELOFF-FELDMAN (Founders), both of GOOD SKIN LIFESTYLE, LLC., of address [ADDRESS] (“Company”), and HAMMODY NASHAWATY of [ADDRESS] and DANIEL RUTBERG of [ADDRESS] (“the employees”).

 

WHEREAS COURTNEY DUNLOP and MICHELLE SIELOFF-FELDMAN are founders and/or owners of GOOD SKIN LIFESTYLE, LLC.

 

WHEREAS Founders intend to grant phantom equity payments to Employees, under the provisions of this Agreement.

 

WHEREAS the Employees accept such offer under the provision of this Agreement. 

 

Now, Therefore, in consideration of the foregoing premises, and of the mutual promises and covenants herein contained, the parties, intending to be legally bound, do hereby agree as follows:

  • THE COMPANY


GOOD SKIN LIFESTYLE, LLC, a Missouri limited liability company, that deals in [ENTER AREA OF OPERATION].

  • PHANTOM EQUITY

 

The Employees shall receive a phantom equity payment under the terms of this Agreement. This payment shall only be available if the Employees maintain a business relationship with the Company. The phantom payments shall be tied to the Company’s profit goals.  

  • VESTING


  •  The phantom payments will vest pursuant to the following schedule:
  1.  Each employee would get 5% equity every time the Company hits the following profit margin goals, for a maximum total of 20% each.

 

  • $8,000 per month profit margin
  • $16,700 per month profit margin
  •  $41,500 per month profit margin
  • $83,000 per month profit margin

 

  1.  Equity will be given within 30 days of reaching the corresponding profit margin goal.

  • TERM 

 

The term of this Agreement begins May 17, 2021 and remains indefinitely until otherwise terminated by the parties.

  • FORCE MAJEURE

 

If either party to this Agreement is rendered unable, wholly or in part, by reason of a Force Majeure Event to perform obligations under this Agreement, then such obligations SHALL be suspended to the extent affected by the Force Majeure Event.

  • ENTIRETY


  •  This Agreement represents the entire Agreement between the Employees and the Company pertaining the phantom equity payment and supersedes any previous written or oral agreement. 

 

  1.  This Agreement may be modified at any time, provided the written consent of both the Founders and the Employees.

 

  1.  The Employees enters this Agreement based on the terms and conditions herein, and not based on any representation made by any person other than as set out in this Agreement.

  • SEVERABILITY

 

The parties agree that if any portion of this contract is found to be void or unenforceable, it shall be struck from the record, and the remaining provisions will retain their full force and effect.

  • APPLICABLE LAW


  •  This Agreement shall be construed and enforced under the laws of the State of MISSOURI, U.S.A. 

 

  1.  Venue for any action under this Agreement shall lie in any Court of competent jurisdiction in MISSOURI, U.S.A. 

  • DISPUTES RESOLUTION

 

Any and all disputes that arise from this Agreement shall be settled by Mediation with a neutral third party. 

  • TERMINATION

 

This Agreement SHALL terminate if either Employee ceases to work on the Company. Upon termination, the equity of the Employers returns to the company.

  • NON-DISCLOSURE

 

The Employees agree to abide by the NON-DISCLOSURE AGREEMENT already signed with the Company.

 

In Witness Whereof, this Agreement is duly executed by the parties or their duly authorized representatives as set forth below:

 

____________________________________ ___________________________

                  Investor’s Signature                                               Date

 

__________________________________ ___________________________

                Dunlop’s Signature                                               Date

 

__________________________________ ___________________________

            SIELOFF-FELDMAN Signature                       Date

 

__________________________________ ___________________________

                Company’s Official Signature                       Date

 

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