Common use of Revenue Sharing Clause in Contracts

Revenue Sharing. Commencing six (6) months from the Effective Date and thereafter throughout the Period of Employment, on a case-by-case basis, the Executive will receive up to 20% of Net Revenue derived from customers of the Company who (a) were demonstrably introduced to the Company solely by the Executive, and (b) who actually establish an account with the Company (a “Merchant Account”); provided, that, in the event more than one employee of the Company (including the Executive) claims responsibility for the Merchant Account, the total Net Revenue to be paid to all such claimants of the Merchant Account shall not exceed an aggregate of 20% of Net Revenue derived from the Merchant Account. “Net Revenue” is calculated as the revenue derived from referred Merchant Accounts after costs, such as discounts or fees, directly associated with the aforementioned Merchant Account have been deducted. All payments of Net Revenue required by this Section 3.2 will be payable monthly on the fifteenth (15th) day of the month following the month of collection. The Executive shall have the right to inspect any books, records and other information of the Company reasonably necessary to ensure compliance with this Section at the Executive’s own expense provided that such inspection does not occur during regular business hours.