4831152b25
- Add SnS Technology Group LLC (planned) - Add SnS Hospitality Group LLC (Kiowa Scott 15%, coffee trailers 2-year plan) - Add SnS Properties LLC (planned) - Move 04-foodtruck1 to sns-hospitality-group/indian-food-truck-legacy - Add Kiowa partnership agreement HTML (Option C split-grant, group-level) - Add NDA, equity framework, legal services docs - Add coffee trailers business plan (10 locations, NW IN + S. Michigan) - Add corporate structure HTML (visual org chart) - Add Holdings legal docs (certificate, EIN, operating agreement HTML)
474 lines
21 KiB
HTML
474 lines
21 KiB
HTML
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<body>
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<div class="doc">
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<div class="header">
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<h1>PARTNERSHIP & EQUITY FRAMEWORK</h1>
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<div class="subtitle">SnS Network Solutions Holdings LLC — Kiowa Scott</div>
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</div>
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<div class="meta">
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<div><b>Holding entity:</b> SnS Network Solutions Holdings LLC</div>
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<div><b>Managing Member:</b> Samuel S. James (97%)</div>
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<div><b>Partner:</b> Kiowa Scott</div>
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<div><b>State:</b> Indiana</div>
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<div><b>Effective:</b> ________________</div>
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</div>
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<div class="note">
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<b>Not legal advice.</b> This is a working draft for LegalShield / attorney review.
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Items in <em>[brackets]</em> need confirmation before signing. Neither party should
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rely on this document until reviewed by an Indiana-licensed attorney and CPA.
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</div>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>1. Purpose & Scope</h2>
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<p>This framework governs the Membership Interest granted to <b>Kiowa Scott</b>
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("Kiowa") in any subsidiary LLC of SnS Network Solutions Holdings LLC ("Holdings")
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that Kiowa originates, sources, or manages for launch. It is applied <b>fresh, per
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venture</b> — each venture gets its own independent grant, vesting clock, and
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invested-capital figure. Performance on one venture has no effect on any other.</p>
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<p>Kiowa is <b>not</b> a Member of Holdings itself. Samuel S. James remains Holdings'
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controlling owner. This framework applies only at the subsidiary level.</p>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>2. Kiowa's Role (Per Venture)</h2>
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<ul>
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<li>Sourcing and scouting the business opportunity</li>
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<li>Entity formation — Articles of Organization, EIN application, INBiz filings</li>
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<li>Ongoing legal compliance — permits, renewals, filings, registered-agent duties</li>
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<li>Management oversight — financial review, vendor coordination, ensuring profitability</li>
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<li>Handling or coordinating any legal issues that arise in operations</li>
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</ul>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>3. The Grant — Split Structure</h2>
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<p>Total potential equity per venture: <b>15% Membership Interest</b>, split into two buckets:</p>
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<table>
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<tr><th>Bucket</th><th>Amount</th><th>Condition</th></tr>
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<tr>
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<td><b>Formation Grant</b></td>
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<td>5%</td>
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<td>Vests immediately on the <b>Formation Date</b> (date Articles of Organization are
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filed). Payment for sourcing the venture and completing entity formation. <b>No
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clawback.</b></td>
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</tr>
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<tr>
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<td><b>Service Grant</b></td>
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<td>10%</td>
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<td>Vests in 4 equal quarterly tranches (2.5% each) from the <b>Opening Date</b>,
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conditional on active service (see §4).</td>
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</tr>
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</table>
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<div class="highlight">
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<b>Formation Date</b> = day the subsidiary's Articles of Organization are filed with
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the Indiana Secretary of State.<br>
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<b>Opening Date</b> = day the venture begins revenue-generating operations (e.g., first
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paying customer). The vesting clock starts here, not the Formation Date.
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</div>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>4. Service Grant — Vesting Schedule</h2>
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<p>Measured from the <b>Opening Date</b>:</p>
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<table>
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<tr><th>Milestone</th><th>Vests</th><th>Cumulative Total</th><th>Condition</th></tr>
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<tr><td>Formation Date</td><td>5.0%</td><td>5.0%</td><td>Immediate — formation work complete</td></tr>
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<tr><td>3 months</td><td>2.5%</td><td>7.5%</td><td>Actively performing duties</td></tr>
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<tr><td>6 months</td><td>2.5%</td><td>10.0%</td><td>Actively performing duties</td></tr>
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<tr><td>9 months</td><td>2.5%</td><td>12.5%</td><td>Actively performing duties</td></tr>
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<tr><td>12 months</td><td>2.5%</td><td>15.0%</td><td>Actively performing duties</td></tr>
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</table>
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<h3>4.1 "Actively Performing" Defined</h3>
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<p>At each quarterly milestone, Kiowa must be, at minimum:</p>
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<ul>
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<li>Handling or coordinating legal filings, permits, renewals, and regulatory compliance</li>
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<li>Providing regular management oversight (financial reviews, vendor/operator
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coordination, staffing decisions)</li>
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<li>Responsive and available for Company business decisions within reasonable timeframes</li>
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<li>Not in material breach of the NDA or operating agreement</li>
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</ul>
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<h3>4.2 Acceleration</h3>
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<p>If cumulative net profit reaches <b>2× Sam's invested capital</b> at any point before
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month 12, all remaining unvested service tranches vest immediately — Kiowa jumps to the
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full 15%. This rewards exceptional performance without punishing normal first-year economics.</p>
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<h3>4.3 Forfeiture / Separation</h3>
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<p>If at any quarterly milestone Kiowa is <b>not</b> actively performing (she resigned,
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became unresponsive, or was removed for cause), that tranche and all future tranches
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<b>do not vest</b>. She keeps the 5% formation grant + any service tranches that already
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vested. Unvested tranches revert to Holdings.</p>
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<table>
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<tr><th>Scenario</th><th>Kiowa Keeps</th></tr>
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<tr><td>Quits before Opening Date (formation work done)</td><td>5%</td></tr>
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<tr><td>Quits at month 2 (before first service tranche)</td><td>5%</td></tr>
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<tr><td>Active through month 3, quits at month 5</td><td>7.5%</td></tr>
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<tr><td>Active through month 9</td><td>12.5%</td></tr>
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<tr><td>Active through month 12</td><td>15% (fully vested)</td></tr>
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<tr><td>Business hits 2× at month 7, Kiowa active</td><td>15% (accelerated)</td></tr>
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</table>
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<p>No cure period. No re-earning forfeited tranches. Final and permanent.</p>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>5. Capital Contributions & Buy-Up Option</h2>
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<p>The default arrangement is that Kiowa contributes <b>$0 cash</b> — her equity is
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earned through services. However, Kiowa may elect to invest her own capital into a
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venture under the following terms:</p>
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<h3>5.1 Buy-Up Mechanics</h3>
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<ul>
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<li><b>Additional equity available:</b> up to <b>10% additional Membership Interest</b>
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beyond the 15% service/formation grant (maximum total: 25%)</li>
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<li><b>Price:</b> at the same valuation as Sam's invested capital (i.e., $1 of Kiowa's
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money buys the same % as $1 of Sam's money)</li>
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<li><b>Timing:</b> capital must be contributed <b>before or on the Opening Date</b> —
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this is a launch investment, not a mid-stream buy-in at a discount</li>
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<li><b>Vesting:</b> capital-contributed equity vests <b>immediately</b> (she paid cash,
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so no service condition — same as Sam's investment)</li>
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<li><b>Cap:</b> Holdings must retain at least 51% of any subsidiary to maintain control.
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Kiowa's total (service + capital) cannot exceed 49%.</li>
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</ul>
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<h3>5.2 How the Math Works</h3>
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<p>If Sam invests $50,000 for Holdings' share, that $50,000 buys the "remaining"
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percentage after Kiowa's service grant (85% under the default). Kiowa can buy additional
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points at the same rate:</p>
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<div class="highlight">
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<b>Rate per point</b> = Sam's invested capital ÷ Sam's percentage<br>
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Example: $50,000 ÷ 85% = $588.24 per 1% of Membership Interest<br>
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Kiowa wants 10% more → contributes $5,882.35 at or before Opening Date
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</div>
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<p>The resulting cap table would be:</p>
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<table>
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<tr><th>Member</th><th>Interest</th><th>Capital</th><th>How Earned</th></tr>
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<tr><td>Holdings (Sam)</td><td>75%</td><td>$50,000</td><td>Cash investment</td></tr>
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<tr><td>Kiowa (service)</td><td>15%</td><td>$0</td><td>Formation + management (vesting)</td></tr>
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<tr><td>Kiowa (capital)</td><td>10%</td><td>$5,882</td><td>Cash investment (immediate vest)</td></tr>
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<tr><td><b>Total</b></td><td><b>100%</b></td><td><b>$55,882</b></td><td></td></tr>
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</table>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>6. Per-Venture Independence</h2>
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<p>Each venture Kiowa brings or manages gets its own:</p>
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<ul>
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<li>Grant (fresh 15% service + optional capital buy-up)</li>
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<li>Opening Date and vesting clock</li>
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<li>Invested-capital figure and acceleration threshold</li>
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<li>Operating agreement</li>
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</ul>
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<p>Underperformance on one venture has no bearing on her interest in any other.
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Overperformance on one does not accelerate another.</p>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>7. Distributions</h2>
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<ul>
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<li>The <b>5% formation grant</b> earns distributions from the Formation Date forward.</li>
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<li><b>Service tranches</b> earn distributions only once vested — unvested tranches
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do not participate in distributions.</li>
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<li><b>Capital-contributed equity</b> earns distributions immediately (same as Sam's).</li>
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<li>Distributions are pro rata to each Member's vested Membership Interest.</li>
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</ul>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>8. Tax Treatment</h2>
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<ul>
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<li>The <b>formation + service grant</b> (15%) is intended as a <b>profits interest</b>
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under Rev. Proc. 93-27 / 2001-43 — no taxable income to Kiowa on grant.</li>
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<li>The <b>capital buy-up</b> is a straightforward capital contribution — not a profits
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interest. Kiowa's tax basis equals her cash contributed.</li>
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<li><b>Section 83(b) election:</b> Kiowa should file a protective 83(b) within 30 days
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of each grant date. This is a <b>hard IRS deadline with no extensions</b> — the
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single highest-stakes item in this arrangement.</li>
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<li>Each two-member subsidiary files its own Form 1065 partnership return and issues
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K-1s to both Members.</li>
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</ul>
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<div class="note">
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<b>CPA review required</b> before any grant: confirm profits-interest qualification,
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83(b) timing, and tiered-partnership filing mechanics between the subsidiary and Holdings.
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</div>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>9. Confidentiality</h2>
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<p>Kiowa's access to Sam's personal information (SSN, financial accounts, IRS
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correspondence) during formation work is governed by a separate <b>Non-Disclosure
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Agreement</b> (see <code>nda-formation-partner.md</code>). The NDA applies regardless
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of which ventures she vests into and survives termination of any individual venture
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relationship.</p>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>10. Definitions</h2>
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<table>
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<tr><th>Term</th><th>Meaning</th></tr>
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<tr><td>"Holdings"</td><td>SnS Network Solutions Holdings LLC</td></tr>
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<tr><td>"Sam"</td><td>Samuel S. James, authorized representative of Holdings</td></tr>
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<tr><td>"Kiowa"</td><td>Kiowa Scott</td></tr>
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<tr><td>"Formation Date"</td><td>Date Articles of Organization filed with IN Secretary of State</td></tr>
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<tr><td>"Opening Date"</td><td>Date the venture begins revenue-generating operations</td></tr>
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<tr><td>"Sam's invested capital"</td><td>Cumulative cash Holdings contributes to that subsidiary</td></tr>
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<tr><td>"Cumulative net profit"</td><td>Venture's net profit from Opening Date forward</td></tr>
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<tr><td>"Actively performing"</td><td>Meeting the duties defined in §4.1</td></tr>
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</table>
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<!-- ═══════════════════════════════════════════════ -->
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<h2>11. Worked Examples</h2>
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<div class="example-box">
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<h3>Example A — Food Truck (Service Only, No Capital Buy-Up)</h3>
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<p><b>Setup:</b> Sam invests $60,000 in Foodtruck1 LLC (truck + build-out + working capital).
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Kiowa does formation work and manages the business.</p>
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<table>
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<tr><th>Event</th><th>Kiowa's Vested %</th><th>Holdings' %</th></tr>
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<tr><td>Formation Date (Articles filed)</td><td>5%</td><td>95%</td></tr>
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<tr><td>Opening Date (first customer served)</td><td>5% (clock starts)</td><td>95%</td></tr>
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<tr><td>Month 3 — Kiowa active, truck doing $8K/mo revenue</td><td>7.5%</td><td>92.5%</td></tr>
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<tr><td>Month 6 — Kiowa active, truck profitable</td><td>10%</td><td>90%</td></tr>
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<tr><td>Month 9 — Kiowa active</td><td>12.5%</td><td>87.5%</td></tr>
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<tr><td>Month 12 — Kiowa active, cumulative profit $45K (below 2× $60K)</td><td>15%</td><td>85%</td></tr>
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</table>
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<p><b>Result:</b> Kiowa fully vests at 15% through service alone. The 2× test wasn't hit,
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so no acceleration — but she wasn't penalized either. She earned it by showing up every quarter.</p>
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<p><b>Distributions:</b> From month 6 onward (when truck starts netting ~$4K/mo profit),
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Kiowa gets 10% × $4,000 = <b>$400/mo</b> in distributions (growing as her vested % increases).</p>
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</div>
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<div class="example-box">
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<h3>Example B — Food Truck (Kiowa Invests Her Own Money)</h3>
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<p><b>Setup:</b> Same $60,000 truck. But Kiowa believes in this one and wants more skin in
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the game. She contributes $7,059 of her own cash at launch.</p>
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<p><b>Math:</b> Sam's rate = $60,000 ÷ 85% = $705.88 per 1%. Kiowa's $7,059 buys 10% additional.</p>
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<table>
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<tr><th>Member</th><th>Interest</th><th>Capital In</th><th>Type</th></tr>
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<tr><td>Holdings</td><td>75%</td><td>$60,000</td><td>Cash</td></tr>
|
||
<tr><td>Kiowa (service)</td><td>15%</td><td>$0</td><td>Vesting per §4</td></tr>
|
||
<tr><td>Kiowa (capital)</td><td>10%</td><td>$7,059</td><td>Immediate (cash)</td></tr>
|
||
<tr><td><b>Total</b></td><td><b>100%</b></td><td><b>$67,059</b></td><td></td></tr>
|
||
</table>
|
||
<p><b>Day 1 (Opening Date):</b> Kiowa already holds 5% (formation, vested) + 10% (capital,
|
||
vested) = <b>15% vested immediately</b>, earning distributions from day one. Her service
|
||
tranches continue vesting quarterly toward a max of <b>25% total</b>.</p>
|
||
<p><b>Month 6:</b> Kiowa active → she's now at 5% + 5% (two service tranches) + 10% (capital)
|
||
= <b>20% vested</b>.</p>
|
||
<p><b>Month 12:</b> Fully vested → <b>25% total</b>. Holdings holds 75%.</p>
|
||
<p><b>Distributions at month 12:</b> If the truck nets $6K/mo, Kiowa gets 25% × $6,000 =
|
||
<b>$1,500/mo</b>. Plus she gets 25% of any year-end profit distribution.</p>
|
||
<p><b>Why Kiowa might do this:</b> her $7,059 investment is earning distributions from day
|
||
one (no vesting wait), and she's betting that 25% of a profitable food truck is worth far
|
||
more than $7K within a year or two. If the truck does $72K/yr net profit, her 25% = $18K/yr
|
||
return on a $7K investment. That's a 257% annual return.</p>
|
||
</div>
|
||
|
||
<div class="example-box">
|
||
<h3>Example C — Second Venture (Kiowa Scouts a Laundromat)</h3>
|
||
<p><b>Setup:</b> Kiowa finds a laundromat opportunity. Sam invests $120,000. Kiowa invests
|
||
$14,118 (buys another 10%). Completely separate from Foodtruck1.</p>
|
||
<table>
|
||
<tr><th>Member</th><th>Interest</th><th>Capital</th></tr>
|
||
<tr><td>Holdings</td><td>75%</td><td>$120,000</td></tr>
|
||
<tr><td>Kiowa (service)</td><td>15%</td><td>$0</td></tr>
|
||
<tr><td>Kiowa (capital)</td><td>10%</td><td>$14,118</td></tr>
|
||
</table>
|
||
<p><b>Month 5:</b> The laundromat crushes it — cumulative net profit hits $240,000 (2× Sam's
|
||
$120K). Kiowa's service tranches <b>accelerate</b> → she immediately jumps to 25% fully
|
||
vested. No waiting for months 6, 9, 12.</p>
|
||
<p><b>Meanwhile, Foodtruck1</b> is still on its own clock, unaffected. If it's struggling,
|
||
Kiowa's laundromat success doesn't help or hurt her food truck equity.</p>
|
||
</div>
|
||
|
||
<!-- ═══════════════════════════════════════════════ -->
|
||
<h2>12. Amendments</h2>
|
||
<p>This framework may be amended only by written agreement signed by both Sam and Kiowa.
|
||
Each subsidiary's operating agreement incorporates this framework's terms for that
|
||
specific venture — amendments to this framework do not retroactively change terms already
|
||
locked into a signed subsidiary operating agreement.</p>
|
||
|
||
<!-- ═══════════════════════════════════════════════ -->
|
||
<h2>13. Governing Law</h2>
|
||
<p>This Agreement is governed by the laws of the <b>State of Indiana</b>. Each subsidiary
|
||
operating agreement is also governed by Indiana law unless otherwise specified therein.</p>
|
||
|
||
<!-- ═══════════════════════════════════════════════ -->
|
||
<div class="sig-block">
|
||
<h2 style="margin-top:0">Execution</h2>
|
||
<p>The undersigned acknowledge and agree to this Partnership & Equity Framework as of
|
||
the Effective Date first written above.</p>
|
||
|
||
<p style="margin-top:28px;font-weight:700;color:var(--navy)">HOLDINGS — Samuel S. James</p>
|
||
<div class="sig-line"></div>
|
||
<div class="sig-label">Signature</div>
|
||
<p><b>Printed name:</b> Samuel S. James</p>
|
||
<p><b>Title:</b> Managing Member, SnS Network Solutions Holdings LLC</p>
|
||
<div class="sig-line" style="width:35%"></div>
|
||
<div class="sig-label">Date</div>
|
||
|
||
<p style="margin-top:28px;font-weight:700;color:var(--navy)">PARTNER — Kiowa Scott</p>
|
||
<div class="sig-line"></div>
|
||
<div class="sig-label">Signature</div>
|
||
<p><b>Printed name:</b> Kiowa Scott</p>
|
||
<div class="sig-line" style="width:35%"></div>
|
||
<div class="sig-label">Date</div>
|
||
</div>
|
||
|
||
</div>
|
||
|
||
<footer>
|
||
Draft — Review with an Indiana-licensed attorney and CPA before signing.<br>
|
||
SnS Network Solutions Holdings LLC • 759 Boxwood Drive, South Bend, IN 46641
|
||
</footer>
|
||
|
||
</body>
|
||
</html>
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