This Commission Agreement is entered into by and between People’s Bank of Commerce, dba Steelhead Finance (“Steelhead”) and the above named individual/company (“Referrer”):
Warrants: Referrer warrants that the referral listed below (“Client”), was exclusively procured by the efforts of Referrer. In addition, Referrer warrants that all financial statements and data and representations of Referrer as provided to Steelhead by Referrer are at all times true, complete, and accurate.
Commissions: In full consideration for Referrer’s services, Steelhead agrees to pay and Referrer agrees to accept ten percent (10%) of factor and collateral management fees charged and collected by Steelhead for the full term of any factoring relationship entered into between Steelhead and Client, provided, however, that if Client is in default under the terms of any agreement or note with Steelhead, no such commission shall be due or payable unless and until any such default is fully cured by Client. Payment of commissions due shall be made monthly. The accumulated commission payments to Referrer under this Agreement shall not exceed 10% of the fees charged and collected by Steelhead.
Trade Secrets: In the course of your brokerage activities with Steelhead, you may have access to certain trade secrets of Steelhead. These trade secrets include our basic software programming for the business, information regarding our clients and prospective clients and other business information that you have access to from Steelhead. This information is a trade secret of Steelhead regardless of the form it takes. For example, the customer list is a trade secret whether it is in the computer, printed out on paper or copied on a disk. By signing this Referral Commission Agreement, Referrer agrees not to disclose such trade secrets to any person outside Steelhead. If Referrer ceases performing brokerage duties for Steelhead for any reason, Referrer will not use or disclose Steelhead‘s trade secrets for any purpose nor will Referrer take copies of such trade secrets in any form.
Non-Solicitation: Referrer agrees to not directly or indirectly, for the Referrer’s benefit or on behalf of any person, corporation, partnership or entity whatsoever, call on, solicit, perform services for, interfere with, or endeavor to entice away from Steelhead any client to whom Steelhead provides services at any time during the factoring relationship, or any prospective or current client to whom the Referrer had been made aware of or presented to in any way.