CONTRACT BETWEEN JEFF MANORE, PRO-GOLF TAECHING ACADEMY LLC AND ELEMENT 21 GOLF (AREM)
Exhibit 10.25
BETWEEN XXXX XXXXXX, PRO-GOLF TAECHING ACADEMY LLC AND
ELEMENT 21 GOLF (AREM)
October 20, 2010
VP OF RESEARCH AND DEVELOPMENT
PAYMENT TERM:
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1)
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3 SETS OF SHAFTS/ MONTH FOR 12 MONTHS (Maximum 8 shafts per set)
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2)
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$2,000/ MONTH PAID IN COMMON SHARES OF AREM BASED ON THE AVERAGE CLOSING PRICE OF THE LAST FIVE DAYS OF EACH MONTH
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3)
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PAY EXPENSES ON TRIP AND TOUR RELATED (Subject to all expenses pre-approved in writing)
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4)
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MAINTAIN AT LEAST 100 SHAFT INVENTORY AT JEFF'S FACILITY (0000 XXXXXX XX, XXXXXX LAKE, MI 49267) (TO BE INVOICED BY AREM TO XXXX) WITH THE STARTING INVENTORY OF 448 SHAFTS
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5)
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INCENTIVE PROGRAM TO BE DEVELOPED AS THE PRODUCT IS LAUNCHED
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DUTIES:
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1)
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FITTING OF PGA AND LPGA TOUR PLAYERS
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2)
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CREATION OF FITTING SCHEDULES AND CHARTS FOR OEMS, TOUR TRAILERS, CLUB MAKERS AND INDIVIDUAL SALES
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3)
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MANUFACTURING OF SHAFT SETS (IRONS, HYBRIDS, WEDGES AND PUTTERS)
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4)
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COORDINATING AND RUNNING SEMINARS FOR CLUB MAKERS
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5)
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R&D FOR SCANDIUM AND COMPOSITE SHAFTS
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6)
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SHAFTS RETAINED/ BOUGHT BY XXXX WILL BE CHARGED AT $24/SHAFT EXCEPT FOR THE 3 SETS PER MONTH FOR THE 12 MONTH PERIOD
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TERM:
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1)
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COMMENCING OCTOBER 20,2010 AND ENDING ON OCTOBER 19,2011
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2)
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RENEWABLE UPON MUTUAL AGREEMENT
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3)
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3 MONTHS TERMINATION BY EITHER PARTY
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XXXX XXXXXX
PRO-GOLF TEACHING ACADEMY LLC
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XXXXXXXX XXXXX
ELEMENT 21 GOLF COMPANY
(AREM)
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