Selling Your Brand Partner Account
Brand Partners may sell their Brand Partner account as they could any other asset. NewAge reserves the right, in its sole discretion, to approve or disapprove any proposed sale, assignment, or transfer of a Brand Partner account. NewAge also reserves the right to charge a fee for the sale or transfer of a Brand Partner account. Any sale, assignment, or transfer of any Brand Partner account or controlling entity thereof is subject to the following conditions:
NewAge possesses the right of first refusal with respect to any sale, assignment, or transfer of any Brand Partner account. At NewAge’s request, a Brand Partner wishing to sell their Brand Partner account must provide NewAge with the option to purchase the Brand Partner account on the same terms and conditions as any outstanding or intended offer. If NewAge plans to accept the offer, NewAge will notify the Brand Partner within 15 days of the receipt of the offer.
A Brand Partner Account must be in good standing to be sold, transferred, or modified. A Brand Partner account may not be sold, transferred, or modified in any way if any of the following conditions apply: the Brand Partner has any unresolved debt obligations to NewAge, temporary account, hold on the account, suspended account, account has been sent notice of intent to terminate, terminated account, account under investigation by NewAge’s Compliance or Legal Departments, or NewAge in its sole discretion believes that the sale, transfer, or modification is an attempt to evade NewAge’s policies.
- The selling or transferring Brand Partner must provide NewAge with a completed Sale of Brand Partner Account Form, including the documents listed on the Sale of Brand Partner Account Form. A completed Sale of Brand Partner Account Form must also be provided to transfer ownership of a Brand Partner account from an individual to any entity, or to transfer ownership from any entity to an individual, even if the individual also owns the entity. This Sale of Brand Partner Account Form may be found in this manual and on www.NewAge.com. Brand Partner signatures and authorizations will be considered valid for 90 days from the date of the signature or 90 days from the date the signature or authorization is first submitted to NewAge, whichever date is earlier. In its sole discretion, NewAge may require the seller and purchaser to sign a supplemental Sale of Brand Partner Account Form, which will be provided by NewAge.
- A new, signed Brand Partner Agreement must be submitted from the purchaser, as well as any other documents necessary for enrollment.
Upon a sale, transfer, or assignment being approved in writing by NewAge, the buying Brand Partner understand the transaction is “as is.” The Brand Partner must assume the position and obligations of the selling Brand Partner and will be entitled to the same rights, titles, and privileges afforded to the former owner, with the exception of participation in the “Founder’s Club,” “Partner’s Council,” or other specialty councils. Participation in these councils is non-transferrable.
Selling Brand Partners will be subject to the Required Waiting Period policy if they wish to re-enroll or purchase another Brand Partner account. Members and Brand Partners cannot frequently transact or be involved in the buying or selling of accounts.
If all documents are completed correctly, the sale, transfer, or modification will be processed within 30 days of receipt of the complete paperwork. If, after approving a sale, transfer, or modification of a Brand Partner account, NewAge later determines, in its discretion, that the sale, transfer, or modification was done to evade NewAge policies, NewAge will have the right to reverse the sale, transfer, or modification or terminate the account in question.