PARTNER EXIT AGREEMENT

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Samples legal papers
March 19, 2023

PARTNER EXIT AGREEMENT

THIS PARTNER EXIT AGREEMENT (hereafter this ‘‘Agreement’’) is entered into and shall be effective as of the ______ day of ______________, 20___, by and between [NAME OF EXITING PARTNER] of address [ADDRESS] (Hereafter referred to as “exiting partner”) and _______ [NAMES OF ALL PARTNERS]. (Hereinafter collectively referred to as the “Partners“).

WHEREAS the Company deals in the business of __________________________________________________________________________________________________________________________________________________________________ and shall involve releasing of equity to the exiting partner;

WHEREAS the exiting partner intends to leave the Company fully while still retaining some rights such as receiving 30% equity in a timely manner as stipulated in this agreement;

NOW, THEREFORE, in consideration of the premises, and of the mutual promises and undertakings herein contained, the parties, intending to be legally bound, do agree as follows:

  1. Organization of the partnership
    1. The Partnership was organized as a Limited Liability Company as of the [DATE] in accordance with and for purposes of the provisions of Original Operating Agreement.
    1. The Company has been operational for a period of _____________ since the date stated in section 1.1 above.
  2. Terms of Exit
    1. The exiting partner exits the partnership due to the following reasons;

___________________________________________________________________________________________________________________________________________________________________________________________________________________.

  • _________________ (name) will receive 30 % of the account balance as of ____________________.
    •  _________________ (name) will receive 30% of all loans received by the Company and/or pending.
    • Upon appending signature on this document, all responsibilities delegated to _________________ (name) shall be relinquished.
  • Payment terms
    • The partner shall receive 30% equity via wire transfer 3 days after this contract has been signed.
    • Payments shall be made in full unless there are pending loans.
    • In the event of any pending loans, the exiting partner shall be notified ________ days prior to the deadline of any payment due.
  • Statutory Compliance.

 The Partnership exists under and governed by, and construed in accordance with the applicable laws of the State of New York.  The Partners shall make all filings and disclosures required by, and shall otherwise comply with, all such laws.

  • Dispute resolution

Any dispute arising out of or in connection with this Agreement shall be settled amicably by the parties in good faith by whatever means the parties deem appropriate. If the parties cannot themselves resolve any such dispute between them within 14 days from the time the dispute arose, initial resort shall be mediation or arbitration in a form agreed by the parties. If within a further 14 days after the dispute has arisen a satisfactory mediation process or arbitration process has not been agreed upon by the parties, or if within 30 days after the dispute has been submitted for mediation or arbitration it has not been resolved to the satisfaction of the parties, then the dispute may be submitted for final and conclusive resolution to any court of competent jurisdiction.

  • Severability

Every provision of this Agreement is intended to be severable.  If any term or provision hereof is illegal or invalid for any reason whatsoever, such legality or invalidity shall not affect the validity or legality of the remainder of this Agreement.

  • Entirety

This Agreement represents the entire agreement between the two parties and supersedes any previous written or oral agreement.

IN WITNESS WHEREOF, the parties have entered into this Agreement of Partnership as of the day first above set forth.

[Append the signatures of all partners and include the dates when the respective partners signed the agreement]

Signature__________________________ Date ________________

Signature__________________________ Date ________________

Signature _________________________ Date _________________

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