Preferred Services Agreement between Sensasure Technologies, Inc. and Michael Doron
This agreement is between Sensasure Technologies, Inc. and Michael Doron, who will provide specified services in exchange for 500 Class B preferred shares. The shares are issued upon the start date, but can only be converted to common shares one month after Sensasure completes its OTC listing. The converted shares become freely tradable 12 months after Sensasure completes a Nasdaq listing. The contractor is responsible for any expenses unless otherwise agreed in writing. The agreement starts May 1, 2021, and ends upon completion of a $10 million fundraising for the client.
Exhibit 10.13
This agreement, hereby dated April 25, 2021, concerning the parties,
Sensasure Technologies, Inc., “the Client”,
and
Michael Doron “the Contractor,”
agree to the following terms, conditions, and details to which both parties are hereby obligated to follow;
SERVICES PROVIDED
The client hereby agrees to engage the contractor to provide “the Services” stated in the PAYMENT Section;
The services may additionally include any ad hoc tasks that the parties may agree upon prior to the signing of this agreement.
THE TERM GOVERNING THIS AGREEMENT
The term of which “the Services” are to commence and reach completion are as follows;
Start Date May 1, 2021
End Date Upon Project Completion stated in PAYMENT Section
PAYMENT
Both parties, i.e., the client and the contractor, should note that, for the purposes of this agreement, all monetary values are to be denoted in U.S dollars and payable in the form of class B preferred shares of the Client. “Compensation Shares”
The contractor hereby agrees to charge the client:
500 Compensation Shares upon completion of $10 million fundraising in aggregate for the Client through sales of common shares or equivalent of the Client. “Project Completion”
The Client hereby agrees that such Compensation Shares will be issued upon Start Date.
CONVERSION AND FREE TRADING OF COMPENSATION SHARES
The Compensation Shares can be converted into common shares of the Client upon one month after the Client completes its OTC listing. (“Converted Common Shares”)
The Converted Common Shares can be freely trading without restrictions only upon the Project Completion and 12 months after the completion of Nasdaq listing of the Client:
Any and all expenses concerning progress and/or completion of the services, if applicable, are borne by the Contractor unless the Client agrees to reimburse such expenses in written.
SIGNATURE of the “Client”
DATE: April 25, 2021
SIGNATURE of the “Contractor”
DATE: April 25, 2021
