CONTRACT OF AGREEMENT TO SPONSOR WHEREAS, Duncan Stewart (hereinafter referred to as “Player”) desires to pursue a golf career as a touring professional; and WHEREAS, Player is in need of financial assistance in order to pursue said career; and WHEREAS, _______________________ (hereinafter referred to as “Sponsor”) desires to assist Player in pursuit of his career.
Player and Sponsor agree as follows: 1. TERM: This Contract shall commence on the date of execution and payment by Sponsor of the sums hereinafter set forth and shall terminate on December 31, 2016. 2.
SPONSOR INVESTMENT: Sponsor agrees to invest the total amount of__________________ Pounds (£____________) which, upon payment, entitle Sponsor to __________ units of sponsorship at One Hundred Pounds (£100.00) per unit.
3.
ENTITLEMENT TO SPONSOR: Upon acquisition of shares, Sponsor shall:
4.
5.
A.
Be entitled to repayment only as set out hereinafter in numbered paragraph 7.
B.
Shall only be entitled to the earnings of the Player from January 1st, 2016 to 31st day of December, 2016.
C.
Not own nor have any future claims, rights or other interest in Player, except as herein set forth.
D.
Be entitled to have their name or business on the Players clothing, golf bag, car or attachment if they have purchased the required amount of shares for the area in numbered paragraph 11.
OCCUPATION OF PLAYER: Player agrees: A.
To pursue a full-time career as a professional golfer through December 31 2016
B.
Enter and participate in such tournaments as Player, in his sole discretion, deems appropriate.
C.
Will practise on each non-competitive day and train to maintain physical condition. This may include the use of coaches/trainers.
SPONSORSHIP MONEY: Player agrees in regard to sponsorship money as follows: A.
A separate account will be established in which sponsorship money will be deposited.
B.
6.
7.
Player will pay solely his expenses associated with professional golf tournaments from this account. Said expenses shall consist of the following: i)
Registration fees for tournaments;
ii)
All golf expenses, including range balls, fees for practice rounds, entry fees, yardage books;
iii)
Travel expenses, including but not limited to fuel, insurance and upkeep, airline tickets, and charges;
iv)
Lodging;
v)
Per diem meals and out-of-pocket expenses;
vi)
General living expenses with capped allowance
vii)
Any and all other expenses Player deems necessary in order to pursue his career, including but not limited to coaching, golf equipment and balls, clothing, shoes, gym membership etc.;
TOURNAMENT WINNINGS: Player shall: A.
Establish a separate savings account in which all tournament winning cheques shall be deposited. Said cheques will be deposited promptly after receipt.
B.
Tournament winnings will be distributed pursuant to paragraph 7 on or before 21 January, 2017.
DISTRIBUTION OF PLAYERS’ WINNINGS: Player’s winnings shall be allocated for distribution as follows: A.
Tournament winnings shall be divided as follows minus PGA levy and withholding tax. i) Player sells 1-150 shares: 70% of said tournament winnings to Player; 30% pro rata per share to Sponsor; ii) Player sells 151-200 shares: 60% of said tournament winnings to Player; 40% pro rata per share to Sponsor; iii) Player sells 201-300 shares: 50% of said tournament winnings to Player; 50% pro rata per share to Sponsor;
8.
REPORT TO SPONSOR: Sponsor will be provided no less than a bi-monthly report to Player’s progress. This may be in the form of social networking sites or e-newsletters.
9.
TOURNAMENT WINNINGS ACCOUNT: Tournament winnings account shall contain the earnings from playing golf by the Player and shall include only tournament cheques or winnings.
10.
ENDORSEMENT OR CONTRACT MONEY: This Agreement does not include, nor shall Sponsor be entitled to any claim, interest or benefit in any endorsement contract, agreement, or other arrangement Player may enter into that provides income or benefits to Player. Player reserves the right, in his sole discretion, to enter into such endorsement contracts, agreements, or other arrangements as he deems appropriate.
11.
LOGO PRICE: Left chest- £2000 (20 shares) – Right chest – SOLD Left arm- £2000 (20 shares) – Right arm – SOLD Right collar- £1500 (15 shares) – Left collar- £1500 (15 shares) – Front of Cap- £2000 (20 shares) – Right side of Cap- £1500 (15 shares) Left side of Cap- £1500 (15 shares) Golf Bag- £2000 (20 shares) Car- £1500 (15 shares) –
12.
MISCELLANEOUS: A.
Sponsor understands and agrees that Player shall be soliciting more than one Sponsorship Agreement. That it is the Player’s intent to raise through these Sponsorship Agreements approximately £25,000-£30,000
B.
This Sponsorship Agreement shall terminate on December 31, 2016.
C.
Sponsor(s) for 2016 will be given first option to renew agreement for 2017.
D.
This Agreement supersedes and specifically terminates any previous agreements between Sponsor and Player.
E.
No shares may be purchased after May 1 2016.
DATE this ____ day of ___________________, 2016.
SPONSOR: __________________________Date:_______ PLAYER: __________________________Date:_______
Please return to: Duncan Stewart Flat 1 9 East Pilton Farm Place Edinburgh EH5 2QT Telephone: 07890881042 or 0131 531 2290
SHAREHOLDERS DETAILS
NAME:_________________________________________________________
ADDRESS:______________________________________________________ ______________________________________________________ ______________________________________________________ ______________________________________________________ ______________________________________________________
PHONE NUMBER:_______________________________________________
EMAIL:_________________________________________________________
NAME ON WEBSITE:
YES
NO
NUMBER OF SHARES PURCHASED:______________________________
