REVENUE SHARING AGREEMENT
THIS AGREEMENT is by _____________ and between ILLUSTRATIVE DESIGNS, LLC, a Colorado LLC (hereinafter referred to as “ID”), whose business address is 427 South Loomis Ave, Fort Collins, Co 80521, (hereinafter referred to as “ID”) and….
“__________________________”, an individual whose address is___________________________________________ (hereinafter referred to as “Revenue Sharer”), dated and effective as of the last party to affix their signature below.
WHEREAS Revenue Sharer has exclusive use of U.S. Patent No. TBD (“Patent”) for a new product fitting a description of Revenue Sharer and other custom design; assigned through the US Patent Office to Revenue Sharer.
THEREFORE it is agreed as follows:
Article I. Revenue Sharing
“Revenue Sharer” will send ID 7% of its total profit quarterly, beginning Q1 of 2023.
Article II. Ownership of Patent and Ownership of ID Shares
It is agreed by all parties that Revenue Sharer has interest and ownership in the Patent, has no voting power within ID, and that they own no shares of ID.
Illustrative Designs, LLC