EXHIBIT 10.15
AGREEMENT
This Agreement is between Xxxx Xxxxxxx (the "Player") and TearDrop Golf Company
(the "Company") and is made the 10th day of September, 1996. The term of this
Agreement shall commence as of this date and continue until December 31, 1996.
1. BASE COMPENSATION For every Nike Tour Tournament that Player uses the
TearDrop putter and wears a TearDrop patch on his shirt, Company shall pay
Player $150 per week. Player and Company will agree to similar compensation
packages for tournaments other than Nike Tour Tournaments based upon their
format during the contract.
2. ADDITIONAL COMPENSATION:
A. MAKING THE CUT - For every week the Player qualifies for compensation
under paragraph one, and Player makes the cut, Player shall earn an additional
$150 per tournament.
B. TOURNAMENT BONUSES
1. WIN - Every time Player wins a Nike Tour Tournament, Company
shall pay Player $10,000.
2. PLACE 2ND. - Every time Player finishes second in a Nike Tour
Tournament, Company shall pay Player $1,000.
3. PLACE 3RD. - Every time Player finishes third in a Nike Tour
Tournament, Company shall pay Player $500.
3. PERSONAL APPEARANCES Player shall make 1 personal appearance if so
requested by the Company. Company shall pay for Player's travel expenses and
lodging and said appearances shall not interfere with Player's tournament or
golf schedule.
4. PLAYER'S ENDORSEMENT Player hereby endorses the TearDrop Putter and grants
the Company permission to use Player's name and likeness for promotional
purposes. Player recognizes the Company plans an initial public offering and
authorizes Company to use Player's endorsements in any prospectus associated
with the public offering.
5. TOUR SCHOOL TearDrop will pay $1,500 to offset Player's expenses, however,
any amounts pay under paragraph one or two above shall first be subtracted from
this $1,500 payment.
6. RENEWAL If Player qualifies for the PGA TOUR in 1997 this contract shall
renew for one year commencing Jan. 1, 1997 and shall apply tp PGA TOUR
Tournament.
The Company
TearDrop Golf Company
By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
The Player:
/s/ Xxxx Xxxxxxxx
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