SHARE COMMISSION AGREEMENT
This share commission agreement (hereinafter referred to as the “Agreement”) is
entered into on this 23 rd day of August 2022 by and between ______________
(hereinafter referred to as the “Owner”), and ________________ (hereinafter
referred to as the “Agent”). Together referred to as “parties.”
WHEREAS the Owner owns an app known as Globble and;
WHEREAS the Owner intends to open a Company and already has an existing
company XED LTD C99936; and transfer its ownership of the app to the Company
and;
WHEREAS the Agent is desirous of entering into an agreement with the Owner of
the App and subsequently the Company;
Parties have agreed to be legally bound by the following terms and conditions; –
1. Purpose.
The parties agree that the agent herein is responsible for outsourcing and obtaining
contracts from restaurants, Shops, etc., to use the Owner’s app with the Owner’s
permission.
The Owner, after establishing the Company and already having established XED
Ltd, will transfer the rights and ownership of the App to the Company.
This agreement shall be binding on the Company.
Parties further agree that the Agent shall be entitled to 20% of the shares in the
Company to be incorporated by the Owner.
2. Term.
This agreement shall be indefinite until otherwise agreed between the parties.
Parties agree and acknowledge that the part in this agreement pertaining to the 20%
share ownership of the Company.
3. Commission.
The parties herein agree that the Company will compensate the Agent for every
restaurant recruitment service as follows:
______ on getting any restaurant etc., to use the App.
10% commission on getting above 25 restaurants etc., to use the App.
20% commission on getting above 50 restaurants etc., to use the App.
The Company shall pay the Agent €100 (Euro) after every restaurant, shop, food
truck, etc., has signed their contracts using the App.
The above-mentioned payment will be paid to the Agent on a weekly basis.
4. Decisions.
Parties herein agree and acknowledge that the shareholders shall make decisions in
regards to the Company. For any serious decisions impacting the Company, e.g.,
employment, loans, shares, or sale, 81% will be made by the shareholders.
5. Sale.
If the Owner wishes to sell the Company, give it to someone ls, or lease it, the
Agent’s consent will be required together with any further agreed consideration
agreed between the parties.
6. Non-Disclosure.
As an Agent herein, he acknowledges that during the performance of his obligations
under this agreement, they will come into contact with confidential information, trade
secrets, and intellectual property to which they acknowledge and agree not to
disclose to any third parties without the prior written consent from the Company.
7. Compliance.
The Agent herein agrees to comply with the rules and regulations that the Company
has set.
8. Liability.
The Company herein agrees and assumes all any liability, claim, damages, or injury
against it and against the Agent that may arise in connection with the provision of the
services stipulated in this agreement.
The Owner is further liable for any financial loss and will pay for claims that may
arise, e.g., loans, taxes, etc.
9. Dispute Resolution.
In the event of any dispute that may arise in connection with the terms of this
agreement, the same shall be settled through arbitration in accordance with the
provisions of the Arbitration Act of the Laws of Malta and the rules made thereunder.
The decision of the Arbitrator shall be final and binding upon all parties.
10. Governing Law.
Maltese laws shall govern this agreement’s terms, provisions, and conditions. Any
further or subsequent agreements shall conform to the Applicable law herein.
11. Death.
Upon the death of either party herein or in the event of a dissolution of the company,
the surviving party shall have the right to purchase the deceased’s shares in the
Company, terminate or liquidate the Company, or buy out the other party in the
business.
If the other party does not buy the shares, the shares of the deceased shall be
transferred to the deceased’s successors.
12. Modification.
The parties herein may only modify or amend the terms herein by the same being
reduced into writing and signed by both parties willingly.
13. Waiver.
The parties agree that no waiver of the rights under this agreement shall be
construed as a continuing waiver or as consent to any future or subsequent
breaches.
14. Assignment.
Parties herein agree that the Company may transfer their obligations under this
agreement to its affiliate, branch, or another company under similar terms herein or
renewed terms consented to by the Agent.
15. Entire Agreement.
This agreement constitutes the entire agreement between the parties herein and
supersedes any prior oral or written agreements or promises.
16. Acceptance.
By the parties signing herein below, they accept to be legally bound by the terms and
provisions of this agreement.
By the COMPANY; – By the AGENT; –
Name:
_____________________________
Designation:
________________________
Signature:
__________________________
Date:
______________________________
Name:
_____________________________
Signature:
__________________________
Date:
______________________________
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