PROFIT SHARING AGREEMENT
PROFIT SHARING AGREEMENT
THIS AGREEMENT is made the day set out below by and between
2B Holding AB (556394-0310), a company incorporated under the laws of Sweden with its office located in Malmö, Sweden (hereinafter referred to as " 2BH")
AND
Texas Onshore AB (556623-5718), a company incorporated under the laws of Sweden with its office located in Malmö, Sweden (hereinafter referred to as “TOS")
WHEREAS 2BH is working with intermediation in Iraq.
WHEREAS this agreement shall regulate the distribution of the profits between the parties of said intermediation.
WHEREAS the parties under this agreement that mainly refers to as the Swedish group are 2BH and TOS, and their part of the profit is referred to as the Swedish part of the profit. It could also be other partners both Swedish and foreign companies and individuals that can be included in this group. Excluded from this group are 2BH partners in Iraq, Russia or other countries.
WHEREAS if other parties shall have a part of the Swedish profit shall that part be deducted from 2BHs part. TOS part of the Swedish profit will always remain in full.
NOW THEREFORE, the Parties hereto agree as follows:
1 Duration of agreement
This agreement shall only be valid under the year 2019. After the year 2019 TOS has no right to profit sharing with 2BH.
2 Profit sharing
This agreement deals only with the issue of profit sharing of the Swedish part of the profit. Any other issues will be handled through other written agreements.
3 Distribution of Swedish part of the profit 2BH part of the profit 90 % TOS part of the profit 10 % Total 100 %
4 Payer.
The total profit will be paid to 2BH and 2BH will then distribute the profit according this agreement.
5 Term of Agreement
This Agreement enters into force upon the signing of the parties.
This agreement replaces previous profit sharing agreements both written and oral between 2BH and TOS.
6 Applicable Law and Dispute
This Agreement is construed, enforced and governed by the law in force in Sweden.
Any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the Rules of the Arbitration Institute of the Stockholm Chamber of Commerce for expedited arbitration procedure.
The arbitration proceeding shall be conducted in the English language and take place in Stockholm, Sweden.
This Agreement has been executed in two copies, of which the parties have taken one each.
Place: Malmö Place: Malmö
Date: 2019-01- Date: 2019-01-
For Texas Onshore AB For Texas Onshore AB
Jonas Svantesson Rune Stensby
Place: Malmö Date: 2019-01-
For 2B Holding AB
Thord Lernesjö
This agreement has been approved by Texas Onshore ABs extra shareholders meeting held in Malmö 2019-01-17.
Place: Malmö Place: Malmö
Date: 2019-01- Date: 2019-01-
For Texas Onshore AB For Texas Onshore AB
Jonas Svantesson Rune Stensby
Sweden Natural Assets AB has no claim or any demand of compensation regarding this agreement and said agreement have been approved by Sweden Natural Asset ABs extra shareholders meeting held in Malmö 2019-01-17.
Place: Malmö Place: Malmö
Date: 2019-01- Date: 2019-01-
For Sweden Natural Assets AB For Sweden Natural Assets AB
Jonas Svantesson Rune Stensby