UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934
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Emerging growth company
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| Item 1.01 | Entry Into A Material Definitive Agreement. |
Effective October 5, 2021, DarkPulse, Inc., a Delaware corporation (the “Company”), entered into a Teaming Agreement (the “Agreement”) with CADG Engineering Pte Ltd (“CADG”). Pursuant to the Agreement, CADG agrees to serve as a non-exclusive project sales lead generator for the Company. The Company agrees to use its best efforts to promote and support project lead finding and after-sales support of CADG. When custom products are designed, developed and to be delivered to CADG-identified prospective clients, the parties shall agree to a proposed sales price for use during the project in writing prior to the commencement of each project. For any product or solution sold to any prospective clients introduced by CADG registered with the Company via email to the Company’s CEO and delivered through CADG or a designated distribution affiliate(s) of the Company or sales channel(s), CADG shall receive a fee of equal to 50% of Revenue (as defined in the Agreement) from each project payable NET thirty (30) days after each client payment on delivered products received at the Company’s bank account. CADG shall receive 10% of Revenue related to monitoring services. The Parties shall each receive 50% of Revenue for all design and installation services CADG provides to the Company. The term of the Agreement is for 12 months and will be automatically renewed for an additional 12-month period unless either party shall notify the other in writing of its intention not to renew. Any such notice will be given 90 days prior to expiration of the original term. The Agreement may also be terminated by either party upon 90 days written notice.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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DarkPulse, Inc.
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| Date: October 12, 2021 | By: | /s/ Dennis O’Leary |
| Dennis O’Leary, Chief Executive Officer | ||
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