PROFIT SHARING AGREEMENT
This Profit Sharing Agreement is entered into on ________, 2023 between XXX of __(address)_______________ and _____________ (“EMPLOYEE
/STAFF MEMBER”) _(address)_______, hereinafter referred to as “the parties.”
Whereas, XXX and EMPLOYEE/STAFF MEMBER desire , for the
duration of this Agreement, to build , promote and expand the business of XXX for their mutual benefit;
Therefore, the parties do hereby agree to the terms and conditions set forth below and
acknowledge that valuable consideration has been provided for same:
I. TERMS AND CONDITIONS
XXX and ________________ EMPLOYEE/STAFF MEMBER shall
adhere to the terms and conditions of this Profit sharing Agreement for duration of this
Agreement .
II. DURATION
This Agreement shall stay in full force and effect for the duration of one year from
the execution date of this Agreement.
III. PROFIT SHARING
BLACK AT CANNES desires to incentivize its Employees/staff members by
rewarding excellent performance.
For each and every legally binding partnership formed with XXX
solely as a result of the actions and work performance of an EMPLOYEE/STAFF
MEMBER, XXX will provide the EMPLOYEE/STAFF MEMBER 20% of
the gross profits generated from said partnership.
For each and every legally binding partnership formed with XXX in
which an EMPLOYEE/STAFF MEMBER played a major role in its acquisition, XXX will pay the EMPLOYEE/ STAFF MEMBER 10% of the net profit
generated from the partnership as determined by XXX.
IV. DISTRIBUTION
The distribution of a profit-sharing payment under this Agreement shall be made
during a given accounting period once gross and net income have been are determined
by XXX. The parties agree and understand that the expenses accrued
2
by XXX during any accounting period may have an unintentional
detrimental effect on its ability to make a profit sharing payment under this Agreement.
Such expenses may include but are not limited to: the expenses of conducting
business, salaries, interest on loans or other borrowings by XXX,
taxes and assessments levied against XXX or levied against its
properties and payable by it, depreciation of and losses on its properties, bad debts and
any contingencies for which reserves should have properly be stablished, all incidental
expenses incidental to the conduct of business
V. CHOICE OF LAWS
The parties agree that all disputes that arise under this Agreement shall be subject to
the laws of the State of Michigan.
VI. TERMINATION
If EMPLOYEE/ STAFF MEMBER’s employment is terminated for any reason, the
payment of any profit share will be made after the next accounting period and in
accordance with the provisions of this Agreement.
PARTIES HEREBY UNDERSTAND AND AGREE TO BE BOUND BY THE
TERMS AND CONDITIONS OF THIS AGREEMENT:
_______________________________________
XXX (date)
________________________________________
EMPLOYEE/ STAFF MEMBER (date)
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