EXHIBIT 10.16
AGREEMENT
This Agreement is between XX Xxxxx (the "Player") and Teardrop Golf Company (the
"Company") and is made this 25th day of September, 1996. The term of the
Agreement shall commence as of this date and continue until December 31, 1996.
1. BASE COMPENSATION: For every Nike Tour Tournament or PGA Tournament that
Player uses the Teardrop Putter, Company shall pay Player $250.00 per week.
Player also agrees to place the Teardrop logo on his bag, shirt or hat. Company
shall supply Player Company's logo slick.
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 or PGA
Tour Tournament Company shall pay Player $10,000.
2. PLACE 2ND. - Every time Player finishes second in a Nike Tour
Tournament or PGA Tour Tournament, Company shall pay
Player $1,000.
3. PLACE 3RD. - Every time Player finishes third in a Nike Tour
Tournament or PGA Tour Tournament, Company shall pay
Player $500.
3. PERSONAL APPEARANCES: Player shall make 3 personal appearances if so
requested by the Company. Company shall pay for Players travel expenses and
lodging and said appearances shall not interfere with Player's tournament or
golf schedule.
4. USAGE: Player shall use a Teardrop Putter during the contract period. If
Player becomes unsatisfied with a Teardrop Putter, Player shall work with the
Company to make changes to the Putter in order to make it satisfactory. If
Company is unable to supply a Putter satisfactory to Player, Player may use
another Company's Putter, provided Player may not promote another Company's
Putter during the contract period.
5. 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 during the fourth quarter of 1996.
The Company
Teardrop Golf Company
By: /s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx
President
The Player:
/s/ X.X. Xxxxx
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XX Xxxxx
