Lans Holdings, Inc. (OTCMKTS:LAHO) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On August 17, 2017, we entered into an amendment (the “Amendment”) to our consultancy agreement (the “Agreement”) with Transaction Data USA Inc. (“TDUSA”), a company controlled by our President, Anthony Ribas. The description of the Amendment provided below is qualified in its entirety by reference to the complete terms of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Under the Agreement, we had originally agreed to compensate TDUSA $3,500 per month for the work. Under the Amendment, we revised the compensation structure of the consultancy agreement with TDUSA, which will now consist of a percentage of revenues as follows:
| Accumulative MRR in Tiers | Tier # | Compensation Tier % Factor | |||
| $ | 1.00 | $ | 5,000.00 | [1] | 80% |
| $ | 5,001.00 | $ | 40,000.00 | [2] | 15% |
| $ | 40,001.00 | $ | 80,000.00 | [3] | 20% |
| $ | 80,001.00 | $ | 120,000.00 | [4] | 25% |
| $ | 120,001.00 | [5] | 30% |
The compensation plan is to enable a substantial share of MRR up front to the sales person with a tiered model to support increased revenue. The compensation amount is based upon the Accumulative MRR within tiers 1 – 5 that are calculated by the tier percent factor. Qualifying revenue for the MRR calculation must be derived from the list of registered accounts, and revenue from house accounts (accounts derived from our company) does not qualify.
Further under the Amendment, in the event the Agreement is terminated, TDUSA will be entitled to ongoing compensation at the rate of 25% of the total monthly revenue generated by TDUSA for a period of 12 months so long we receive a minimum recurring revenue of $25,000.
SECTION 5 – Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The disclosures in Item 1.01 above are incorporated herein by reference.
SECTION 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit No. | Description |
| 10.1 | Amendment |
Lans Holdings, Inc. ExhibitEX-10.1 2 ex10_1.htm AMENDMENT TO CONSULTANCY AGREEMENT This Amendment to Consultancy Agreement (“Amendment”) is made this 17th day of August,…To view the full exhibit click here
About Lans Holdings, Inc. (OTCMKTS:LAHO)
Lans Holdings, Inc. is engaged in the business of developing payment processor solutions and providing information technology (IT) services. The Company’s plan is to develop a payment processor business. The Company intends to provide solutions for retail and e-commerce businesses. The Company intends that its solutions will be used to enable businesses to process payments whether online or in a retail store front. It intends to offer white label solutions for payment service providers to enable business-to-consumer and business-to-business payments through physical point of sale (POS), mobile devices, online and software integrations. The Company also intends to provide business processing outsourcing through its Fractional IT Services and complaint ready hosted solutions through its Infrastructure on Demand. The Company is in the process of certifying its CLOUDCRYPT, Payment-Engine, PaymentSandBox and Paysperity applications by its Payment Card Industry (PCI) Auditor-Dara Security.
