INCENTIVE AGREEMENT
This Incentive Agreement (hereinafter referred to as the “Agreement”) is made on
this _____ day of _______ 20XX between XXX LIMITED (hereinafter
referred to as the “Company”) on one part and _________________ (hereinafter
referred to as the “Employee”) on the other part. Together referred to as “parties”.
WHEREAS the employee is a freelance employee employed by the Company; and,
WHEREAS the Company is in the business of marketing and strategy;
NOW, THEREFORE, in consideration of the promises herein set, the parties
mutually agree as follows; –
1. Compensation.
The parties herein agree that subject to the terms and conditions of this Agreement,
and as long as the employee remains continuously employed by the Company, once
the Company attains £1,000,000 in profit in the bank account; –
i. The Company will release a bonus payout of £120,000, excluding any salary
payments.
ii. The Company will allocate the Employee 5% share of the Company.
iii. The Ownership allocated to the employee shall then increase from
approximately 1% each year to 10% in the profit-making years.
iv. The employee shall earn 10% of the sales of the final sale value of the
Company once sold.
2. Employment.
The parties herein agree that this Agreement shall not be construed as granting the
employee any rights with respect to any continued employment by the Company in
the Company.
3. Governing Law.
The terms and conditions of this Agreement shall be construed in accordance with
the Laws of __________.
4. Assignment.
This Agreement shall be binding upon the parties herein, and their respective rights,
obligations, and duties shall not be assigned to any third parties.
5. Amendment.
Any modifications or amendments to this Agreement shall be made in writing and
signed by both parties to be binding and effective.
6. Severability.
If any term of this Agreement is deemed invalid or unenforceable, the same shall be
severed from the Agreement, and the remaining provision shall continue to apply in
full force and effect.
7. Entire Agreement.
This Agreement contains the entire Agreement between the parties regarding this
subject matter and supersedes any prior written or oral agreements between the
parties herein.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as hereinbelow; –
By the COMPANY: –
Signature:
___________________________
Date:
_______________________________
Email Address:
_______________________
By the EMPLOYEE: –
Signature:
___________________________
Date:
_______________________________
Email Address:
_______________________
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