Simple Partnership Agreement (between Partner A&B)
Below are the terms and conditions between Partner A & B concerning Project X - including the Non-Disclosure Clause
With Partner B’s agreement,
Share Ownership & Terms of the Contract
- Partner A will own 10% of the company
- These share are never diluted (undiluted) even when new shareholders and board members are added.
- Partner A will be a Board Member of Project X
Project Kick-Off
Project kick-off has 4 dependencies:
- Capital raised will reach to at least CAD $50,000 that will be held in Project X bank account
- Board is confirmed among Board Members
- Developers are confirmed by the Board
- Scope & Timelines are agreed by the board, project manager and the developers.
Skills Brought & Time Share
- Partner A brings technical expertise as well as project management skills to Project X
- Partner A agrees to initiate daily involvement with the project starting with the Project Kick-Off. From this point, Partner A will lead technical development in agile Project Management framework – with the role: Project Manager
- Overall, Partner A will spend up to 4 hours/week leading development sprints that are 2 weeks in span .
Cost Sharing
- Partner A to pay 10% of the costs related (appr. ~$5,000)
- Partner A will contribute this amount after raising at least $40,000 necessary capital for MVP
Voting Rights
- Partner A will have equal voting rights with all Board Members in the company
- Adding new members to the Board and to the Development team will require Partner A’s approval as well.
Non-Disclosure Clause
- Partner B & Partner A agrees not to share any commercial details and/or confidential information regarding of Project X with anyone outside of the Project X Board, unless agreed with other members of the Board.
Non-Compete Clause
- Partner A agrees a non-complete clause with Project X - meaning if for any reason Partner A departs from Project X, Partner A will not involved with any direct competitor to Project X.