Description of Terms of Verbal Web Development Agreement for Boxing.com and Number.com
January 25, 2011
Parties:
Dmitry Dvinyaninov (the “Web Developer”)
And
Live Current Media Inc. (“LCM”)
(collectively, the “Parties”)
Boxing.com
1. | The Web Developer will handle all work and expenses related to the development and marketing of the site. |
2. | $1,500 of Boxing.com monthly revenue will be spent for Boxing.com unique content |
3. | All gross revenue remaining after the revenue in clause 2, is split 50% LCM and 50% Web Developer. |
4. | Upon any sale of Boxing.com: |
(a) | LCM will receive the first $1,000,000; and | |
(b) | Any sales proceeds above the initial $1,000,000 will be split 60% LCM and 40% Web Developer. |
As part of any sale of Boxing.com, the Web Developer will include all website data.
5. | The Web Developer has first right of refusal to match any offer LCM accepts during the term of the Agreement and for a period of 9 months after termination if the Agreement is terminated by LCM after the original 9 month period. |
6. | The Agreement may be terminated by either party at any time for any reason. |
Number.com
1. | The Web Developer will handle all work and expenses related to the development and marketing of the site as a directory for phone numbers from around the world. |
2. | All gross revenue from Number.com will be split 50/50 between the Web Developer and LCM. |
3. | If Number.com is sold within the first 9 months from the date of launch, LCM will receive 100% of the sales price. |
4. | If Number.com is sold after the first 9 months from the date of launch: |
a. | LCM will receive the first $250,000; and | |
b. | Any sales proceeds above the initial $250,000 will be split by the Parties 50/50. |
As part of any sale of Number.com, the Web Developer will include all website data.
5. | The Web Developer has first right of refusal to match any offer LCM accepts during the term of the Agreement and for a period of 9 months after termination if the Agreement is terminated by LCM after the original 9 month period. |
6. | The Agreement may be terminated by either party at any time for any reason. |