EXHIBIT 10.14
AGREEMENT
This Agreement is between Xxxxxx Xxxxxx (the "Player") and TearDrop Golf Company
(the "Company") and is made this 29th day of August, 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 Player uses the TearDrop
putter, wears the TearDrop hat and either: A) wears the TearDrop shirt or B)
carries the TearDrop bag, Company shall pay Player $250 per week. Company shall
provide a reasonable quantity of hats, shirts and/or golf bag. Player will
compete in the world match play championship, PGA tour school qualifying and
other tournaments. Player and Company will agree to a similar compensation
package for these tournaments based upon their format.
2. ADDITIONAL COMPENSATION:
A. MAKING THE CUT - for every week Player qualifies for compensation under
paragraph one, and Player makes the cut, Player shall earn an additional $250
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.
The Company
TearDrop Golf Company
By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
The Player:
/s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
