Document:

Exhibit 10.2

 

FANTEX, INC.

 

October 30, 2013

 

Vernon Davis

The Duke Marketing LLC

c/o V. Brown & Co., Inc.

888 Seventh Avenue

Suite 500

New York, NY 10019

Attn: Mr. John Warren

 

Re:  Brand Agreement

 

Dear Mr. Davis:

 

This letter agreement (“Letter Agreement”) and attached exhibits are being provided to you in response to your interest in entering into a Brand Agreement with Fantex, Inc. (“Fantex”), in connection with a potential securities offering by Fantex linked to the value of the Brand Amount as set forth in greater detail in this letter and each of the Exhibits, schedules and related documents referenced herein (all of which, together, constitutes the complete “Agreement”) between The Duke Marketing LLC (the “Company”) and you (together with the Company, jointly and severally, as “Participant”) and Fantex.  Sometimes each of Participant and Fantex are referred to herein as a “Party” and together as the “Parties.”

 

Please review the enclosed materials carefully, including the terms and conditions of this Letter Agreement and each of the following Exhibits.  If you agree with the terms and conditions outlined in each of the attached documents, then please complete and execute (where indicated) this letter and a copy of each of the following applicable documents, and forward the entire set of completed and executed documents to Fantex for our review:

 

o            Exhibit A:  Participant Questionnaire

o            Exhibit B:  Definitions and Examples of “Field” and “Brand Income”

o            Exhibit C:  Brand Agreement — Standard Terms and Conditions

o            Exhibit D:  Closing Certificate

o            Exhibit E:  Quarterly Report

o            Exhibit F:  Spousal Consent

o            Exhibit G:  Form of Irrevocable Payment Instructions

 

IT IS IMPORTANT FOR YOU TO ENSURE THE ACCURACY AND COMPLETENESS OF ALL INFORMATION PROVIDED TO FANTEX ON THE FORMS REFERENCED HEREIN, WHICH WILL BE RELIED UPON BY FANTEX IN CONNECTION WITH THE POTENTIAL SECURITIES OFFERING AND OTHER MATTERS UNDER THIS AGREEMENT.

 

Also, it is important to remember that Fantex is not, and will not at any time be, an agent, representative or advisor to Participant.  We encourage you to secure personal counsel to advise you with respect to legal, tax, accounting and other issues as you and your advisors deem advisable in connection with the attached materials and potential transaction. By participating in the transactions contemplated herein, Participant is deemed to represent that it has obtained advice from its advisors regarding the consequences of being a Participant and Participant is not relying on any representations or warranties regarding the tax consequences to Participant of the transactions contemplated hereby.

 

 

For purposes of this Agreement, “Participant” shall refer to you, Vernon Davis (“Talent”), and/or the Company, jointly and severally, as the context may require.  Talent represents, warrants and covenants, as applicable, that he is, and throughout the Term shall remain, the sole owner and have complete control of the Company (other than in the case of death or incapacity of Talent), through which a portion of the Brand Income may be received; and Company represents and warrants that it is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization and all other jurisdictions in which its ownership of property or conduct of business requires it to be qualified.

 

Upon execution of this letter where indicated below by each of Fantex, and Talent and Company (together as Participant), the Parties hereby agree to the following terms and conditions effective as of the date of this Agreement (“Effective Date”):

 

1.                                      Purchase Price.  Upon the terms and subject to the conditions of this Agreement, as full, final and complete consideration for the right to receive the Brand Amount and to participate in Equity Income and Brand Investment Opportunities (as described in more detail in Exhibit B) during the Term of this Agreement, Fantex shall pay Participant an amount equal to $4,000,000 (the “Purchase Price”), less an amount equal to 5% of the Purchase Price (the “Escrow Holdback”) and less the Pre-Closing Brand Amount (as defined below).  The Escrow Holdback shall be deposited into an escrow account at Wells Fargo Bank, N.A. (the “Escrow Agent”) established pursuant to the terms of a written escrow agreement mutually agreed among the Parties and the Escrow Agent based on the form of agreement provided by Escrow Agent as modified to be consistent with the terms of this Agreement, as applicable.

 

2.                                      Offering.  Subject to the terms and conditions of this Agreement, Fantex will use commercially reasonable efforts to conduct, as promptly as practicable after the Effective Date, a registered offering to the public (the “Offering”) of a new series of securities (the “Series”) linked to the value of the Brand Amount.  Fantex hereby represents, warrants and covenants, as applicable, that following the Offering (if it occurs): (a) the Series shall be publicly traded on an exchange or alternative trading system (the “ATS”) registered with the United States Securities and Exchange Commission (the “SEC”), (b) Fantex Brokerage Services, LLC (“FBS”), an Affiliate of Fantex, shall be a broker-dealer registered with the SEC, and (c) FBS shall be a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).  Upon written request from Participant from time to time after the commencement of the Offering, Fantex shall provide to Participant reasonable information regarding the progress in connection with the Offering and demand for the Series.

 

3.                                      Financing Contingency; Closing. The obligations of Fantex to pay the Purchase Price and consummate the transactions contemplated by this Agreement are subject to Fantex obtaining the financing to pay the Purchase Price as contemplated by the Offering, unless waived in writing by the Company. If the Offering does not result in aggregate Net Proceeds at least equal to the Purchase Price (or Fantex does not otherwise waive such condition) on or before the earlier of (i) the date that is one month after the effectiveness of a Registration Statement on Form S-1 (the “Registration Statement”) for the Series filed with the SEC and (ii) February 28, 2014, or such later date approved by Participant in writing (the “Outside Closing Date”), then as the sole and exclusive remedy therefor, each of Fantex and Participant shall have the unilateral right, exercisable in its sole and absolute discretion, to terminate this Agreement, which termination shall be automatically effective immediately upon delivery of written notice to the other Party.

 

a.              “Gross Proceeds” means an amount equal to the gross proceeds resulting from the Offering.

 

b.              “Net Proceeds” means an amount equal to the Gross Proceeds, less the applicable Underwriting Amount payable to FBS, an Affiliate of Fantex, and such other underwriters selected by Fantex (together, the “Underwriters”).

 

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c.               “Underwriting Amount” means underwriting commissions equal to five percent (5%) of the Gross Proceeds of the Offering.

 

4.                                      Closing.  The Offering shall be consummated on such date as shall be reasonably determined by Fantex (“Closing”), but in no event greater than ten (10) days, after either (a) Fantex has received commitments to purchase the Series such that the Net Proceeds would equal or exceed the Purchase Price, or (b) Fantex has elected in writing to waive the condition contained in the foregoing clause (a).  Upon Closing, Participant will execute and provide to Fantex a written certification in the form attached as Exhibit D.

 

5.                                      Brand Amount; Assignment for Security.

 

a.              Except with respect to Brand Income in the form of stock or other equity interests (which is addressed in Section 2 of Exhibit B) or as otherwise agreed in writing by Fantex in its sole discretion with respect to Merchandise Income (on a case-by-case basis), Participant shall pay to Fantex an amount of cash equal to the Brand Amount, subject and pursuant to the terms of Section 4.1 of the Standard Terms and Conditions.  To secure Fantex’s right to receive the payment equal to the Brand Amount, to the maximum extent permitted under applicable law in effect from time to time, Participant hereby assigns (as and when earned), or will assign when Participant has an assignable interest in any future Brand Amounts, to Fantex, all right, title and interest in and to the Brand Amount.  The “Brand Amount” means an amount equal to the product obtained by multiplying (i) any and all Brand Income earned by Participant (whether or not contracted or paid through any third party for or on behalf of Participant, such as a personal services corporation, agency, or otherwise) during the Term, less any applicable Merchandise Income Deduction, by (ii) the Brand Percentage.

 

b.              Prior to receipt of any Brand Income (other than Nonrecurring Brand Income) after the Closing, except as otherwise agreed to in writing by Fantex (email correspondence from the CEO, Chief Financial Officer or Chief Legal Officer of Fantex is acceptable), Participant shall (i) execute and deliver to each payor of Brand Income under all contracts existing at such time an irrevocable payment instruction in the form attached as Exhibit G, and (ii) execute and deliver such additional documents or take such other actions as reasonably requested by Fantex to effectuate and perfect an assignment by Participant of the Brand Amount to secure Participant’s payment obligations to Fantex hereunder. To the extent that (A) any part of the Brand Amount is resulting from Nonrecurring Brand Income, or (B) it is not commercially practical, without unreasonable burden to Participant, for installments of the Brand Amount to be delivered directly to Fantex, or (C) any assignment of the Brand Amount (or any portion thereof) is deemed invalid or not enforceable, then such installments of the Brand Amount shall be received by Participant as agent for Fantex, and Participant shall pay and deliver such installments of the Brand Amount to Fantex promptly after the receipt of the corresponding Brand Income by Participant (but in no event later than the fifteenth (15th) day following the receipt of such Brand Amount) pursuant to the timing and other terms as set forth in Section 4.1 of the Standard Terms and Conditions.

 

c.               Notwithstanding anything to the contrary herein, to the extent that Participant receives any Brand Income after the Effective Date but prior to the Closing, then within five (5) business days after receipt of such Brand Income (but no later than the Closing), Participant shall report to Fantex the amount and source of such Brand Income, but shall not be required to pay such Brand Amounts associated therewith (“Pre-Closing Brand Amount”) prior to the Closing, which Pre-Closing Brand Amount shall be deducted from the Purchase Price to be paid to Participant hereunder.

 

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d.              Key Defined Terms:

 

(i)                               “Affiliate” means, with respect to any specified Person, any Person that directly or indirectly controls, or is under common control with, or is controlled by, such specified Person.  As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

(ii)                            “Brand Percentage” equals ten percent (10%).

 

(iii)                         “Brand Income” has the meaning set forth on Exhibit B attached hereto, which excludes the Excluded Income as defined below, if any.

 

(iv)                        “Brand Income Contract” means any contract, commitment, or other arrangement or understanding (and all amendments and supplements thereto), whether written or oral (each a “Contract”), to which Participant is or becomes a party, or under which Participant is obligated to perform, or from which Participant receives any benefit, and in each case which is in the Field, other than Contracts excluded in their entirety (if any) pursuant to the definition of Excluded Income.

 

(v)                           “Excluded Income” means any and all cash or other consideration that either (A) has been paid, issued, conveyed, granted or transferred to Participant prior to the Effective Date or (B) is payable or otherwise owed to Participant after the Effective Date pursuant to any Contract identified on Appendix I attached hereto, which shall be deemed to be excluded from Brand Income.

 

(vi)                        “Merchandise Income” means any Brand Income in the form of any merchandise, services, service plans, or credits for any of the foregoing.

 

(vii)                     “Merchandise Income Deduction” means an annual (calendar year) deduction from Brand Income solely for the purpose of determining the Brand Amount, equal to the sum of (A) the fair market value of Merchandise Income, up to the lesser of (1) $40,000 and (2) 4% (four percent) of all Brand Income (including Merchandise Income) received by Participant during such calendar year during the Term, and (B) the fair market value of any other Merchandise Income to the extent agreed to by Fantex in writing, in its sole and absolute discretion.

 

(viii)                  “Nonrecurring Brand Income” means the Brand Income payable under any Brand Income Contract pursuant to which Participant is only entitled to receive a single payment under such Brand Income Contract.

 

(ix)                        “Person” means any individual, corporation, company, voluntary association, partnership, limited liability company, joint venture, trust, unincorporated organization or government (or any agency, instrumentality or political subdivision thereof).

 

6.                                      Principal Business; Claw Back.

 

a.                                      Defined.  For purposes of this Agreement, including the determination of the Field and Brand Income (as set forth in Exhibit B attached hereto), “Principal Business” means the sport of American football, at the professional, college or other level, regardless of the country in which it is played or the football league or governing body.

 

b.                                      Claw Back.  If Talent resigns from his employment as a professional football player (a “Professional Athlete”) in the National Football League (the “NFL”) at any time prior to the second anniversary of the Closing for any reason other than Good Reason, Fantex may elect, in its sole discretion, to terminate this Agreement upon written notice to Participant (the date of such notice is hereinafter referred to as the “Termination Date”).

 

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In the event of such termination, Participant shall pay to Fantex, not later than thirty (30) days following the Termination Date, an amount equal to (i) the Purchase Price plus an amount equal to the Underwriting Amount, minus (ii) all Brand Amounts previously paid to Fantex, including the Pre-Closing Brand Amount.  In addition, Participant shall concurrently pay to Fantex interest on the Purchase Price at the rate of five percent (5%) per annum, measured from the date the Purchase Price was paid to Participant.

 

c.                                       “Good Reason” means Talent’s resignation from his employment as a Professional Athlete for any of the following reasons: (i) Talent suffers or sustains any injury, illness or medical condition, after the Closing (any of the foregoing, a “Major Injury”) which renders Talent incapable of performing as a Professional Athlete; or (ii) Talent suffers or sustains a Major Injury after the Closing and a qualified medical physician (depending on the nature of the Major Injury) advises Talent that as a result thereof Talent is putting his physical health at substantial risk (i.e., a risk that is substantially greater than simply by virtue of Participant’s participation as a Professional Athlete) by continuing to perform as a Professional Athlete.

 

d.                                      Dispute Resolution.  In the event of any dispute between Fantex and Participant concerning whether there is Good Reason for any resignation by Talent from his employment as a Professional Athlete, then the Parties shall engage in informal, good faith discussions and attempt to resolve such dispute.  If the Parties are unable to resolve such dispute, then existence of Good Reason shall be determined by a qualified physician selected by agreement of the Parties or, if no agreement can be reached, then each Party shall select a physician qualified in the field applicable to the claimed Good Reason, and those two physicians shall select a third physician qualified in such field to make the final determination regarding such claimed Good Reason.

 

7.                                      Limited Brand Income Encumbrances.  In addition to (i.e., exclusive of) the Brand Percentage, Participant shall ensure that the aggregate amount of all other encumbrances on any Brand Income in connection with the payment of agents, financial advisors and any other fee arrangements based on a percentage of Participant’s income (or any portion thereof) shall not exceed a maximum of (i) fifteen percent (15%) of all Brand Income resulting from any employment or player contracts in any given year, and (ii) thirty percent (30%) of all other Brand Income in any given year.  Without Fantex’s prior written approval, Participant shall not enter into any other arrangement similar to this Agreement (i.e., pursuant to which Participant receives compensation in exchange for a portion of Participant’s future Brand Income) with respect to any portion of the Brand Income.

 

8.                                      Term.  The “Term” of this Agreement shall commence as of the Effective Date and shall continue in perpetuity unless and until terminated pursuant to the terms of this Agreement.

 

9.                                      Notices.  All notices, requests, consents and other communications required or given by the Parties hereunder shall be in writing and shall be deemed to be delivered (i) on the date delivered, if personally delivered or transmitted via facsimile or electronic mail with return confirmation of such transmission; (ii) on the business day after the date sent, if sent by recognized overnight courier service and (iii) on the fifth day (or on the next business day thereafter if such fifth day is not a business day) after the date sent, if mailed by first-class certified mail, postage prepaid and return receipt requested, to the addresses of the applicable Party set forth below:

 

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If to Participant:

 

Vernon Davis

The Duke Marketing LLC

c/o V. Brown & Co., Inc.

888 Seventh Avenue

Suite 500

New York, NY 10019

Attn: Mr. John Warren

Fax: 212.847.2350

 

Email:

 

with a copy (which is required, but not alone sufficient, to constitute notice hereunder) to:

O’Hara General Counsel

4151 Redwood Avenue #208

Los Angeles, CA 90066

Attention: Joe O’Hara, Esq.

Fax: (424) 228-2083

Email: joe@oharagc.com

 

If to Fantex:

 

Fantex, Inc.

330 Townsend Street, Suite 234

San Francisco, CA 94107

Attention: Mr. David Mullin, Chief Financial Officer, and

Mr. Bill Garvey, Chief Legal Officer

 

with a copy (which is required, but not alone sufficient, to constitute notice hereunder) to:

Latham & Watkins

140 Scott Drive

Menlo Park, CA 94025

Attn: Patrick Pohlen

Fax: (650) 463-2600

Email: Patrick.Pohlen@LW.com

and

David Blood

Fax: (213) 891-8763

Email: David.Blood@LW.com

 

10.                               Standard Terms and Conditions.  The Parties agree to be bound by the Standard Terms and Conditions attached hereto as Exhibit C (the “Standard Terms and Conditions”), which are incorporated herein by this reference.  Any reference in this Agreement or the Standard Terms and Conditions to this “Agreement” shall be deemed to be a reference to this Agreement and the Standard Terms and Conditions, taken as a whole.

 

11.                               Non-Circumvention. It is not Fantex’s intention to deter Talent from performing charitable acts, whether for the benefit of The Vernon Davis Foundation (the “Foundation”) or otherwise.  However, Participant hereby covenants and agrees that he shall not perform services for the Foundation, or for third parties in exchange for donations or other payments to the Foundation or any other charitable organization (collectively, “Charitable Contributions”), if Participant’s

 

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intention in connection therewith is to circumvent the intent and purposes of this Letter Agreement.

 

Upon execution by both Participant and Fantex, this Agreement and the exhibits attached hereto shall constitute a binding commitment of the Parties, as the entire agreement and understanding between the Parties concerning the subject matter hereof and thereof, and shall supersede and replace all prior negotiations, proposed agreements, and discussions, written or oral, relating hereto or thereto.

 

[Signatures on following page]

 

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Please confirm your agreement with the foregoing by signing where indicated below.

 

 

	
PARTICIPANT:
    	
 
    	
FANTEX:
    
	
 
    	
 
    	
 
    
	
Vernon Davis
    	
 
    	
Fantex, Inc.
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Vernon Davis
    	
 
    	
By:
    	
/s/ David Mullin
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    	
Name:
    	
David Mullin
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
October 30, 2013
    	
 
    	
Date:
    	
October 30, 2013
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
The Duke Marketing LLC
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Vernon Davis
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Vernon L. Davis
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
President/CEO
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
October 30, 2013
    	
 
    	
 
    
						

 

Signature Page

— Brand Agreement —

 

 

Appendix I

 

Excluded Income

 

1.              All consideration payable to Participant as of the Effective Date pursuant to that certain letter dated July 20, 2013 from Ike Shehadeh and Ike’s Love & Franchise LLC in favor of Talent (i.e., any additional consideration payable to Participant that is agreed to after the Effective Date (including, without limitation, any right granted to Participant to invest his or its own funds, subject to the terms of the Brand Agreement and the exhibits thereto) shall not be excluded from Brand Income).

 

2.              All consideration payable to Talent as of the Effective Date pursuant to that certain Advertising and Promotion Agreement, dated as of August 1, 2013, by and between Jamba Juice Company and Talent (i.e., any additional consideration payable by Jamba Juice Company to Participant that is agreed to after the Effective Date (including, without limitation, any right granted to Participant to invest his or its own funds, subject to the terms of the Brand Agreement and the exhibits thereto) shall not be excluded from Brand Income).

 

 

Exhibit A

Participant Questionnaire

 

Please answer each of the following questions correctly and completely as of the Effective Date.  The completeness and accuracy of each such statement must be answered from the perspective of both the Company and Talent, as applicable, and must be initialed by Talent on behalf of himself and Company where indicated.  Capitalized terms used in this questionnaire shall be defined as set forth in the Brand Agreement (including other Exhibits) to which this questionnaire is attached (the “Agreement”).

 

IMPORTANT:  Review each of the following statements and initial each statement where indicated.  By placing your initials next to each below statement you hereby represent, warrant and covenant, as applicable, that each such statement is true and complete, except only as otherwise disclosed on Schedule 3 of the “Personal Information Schedule” delivered to Fantex in connection with this Agreement.

 

In addition, please provide copies of all documents or other information specifically requested as part of the below statements and/or relevant to any matter for which additional information has been disclosed pursuant to Schedule 3 of the Personal Information Schedule.

 

	
Initials
    	
 
    	
Statement
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
1. I have read and fully   understand the terms and conditions of the Agreement to which this   questionnaire is attached, and I have had the opportunity to be represented   by an attorney in the review, negotiation and execution of the Agreement and   performance of my obligations thereunder.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
2. I have not made, nor will   I hereafter make, any grant, license or assignment whatsoever, which might   conflict with or impair the complete enjoyment of the rights and privileges   granted to Fantex under the Agreement.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
3. I do not require any consent,   approval, authorization or permit from, or filing or notification to, any   Person in connection with my execution and delivery of the Agreement, and   performance of my obligations thereunder.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
4. I am not subject to any   condition, restriction, disability or obligation (whether physical, legal or   contractual), and am otherwise not aware of any material nonpublic   information, which could prevent or interfere with my continued participation   as a Professional Athlete in a manner consistent with such participation   throughout the preceding year, and I will promptly disclose the occurrence of   any such event to Fantex as required pursuant to Section 6.2 of the   Standard Terms and Conditions (Exhibit C).
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
5. I have never been   convicted in a criminal proceeding, nor have I been named the subject of a   criminal proceeding that is presently pending (excluding only traffic   violations and similar minor offenses).
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
6. Except only as listed on Schedule   1 of the Personal Information Schedule, no other Person has any right to   receive any portion of my Brand Income in the form of any commission, royalty   or other payment based on a percentage or set amount of some or all of the   Brand Income. I have secured all necessary consents to make available for review   by Fantex (and have so made available) a complete copy of each Contract   pursuant to which any such payments are owed.
    

 

 

	
Initials
    	
 
    	
Statement
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
7. No other Person has any   right to demand or receive any portion of the Brand Income in a manner that   conflicts with any rights granted to Fantex under this Agreement with respect   to the Brand Amounts.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
8. I control all assets of   Participant, including, if I have delegated the management of any assets to a   third party (“Manager”), then I have also retained the right in my discretion   (a) to approve and/or disapprove any decision by a Manager regarding   Participant’s assets, and (b) to remove any Manager and/or change   Managers at any time.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
9. To the extent that I have   delegated, or during the Term do delegate, the management of any of my assets   to a Manager, then throughout the Term (subject only to the death or   incapacity of Talent), I will:  (a) retain the right in my   discretion to remove any Manager and/or approve or disapprove any decision by   a Manager regarding my assets, (b) exercise reasonable control and   oversight regarding each Manager’s activities in connection with my assets,   and (c) cause any such Manager to comply with the terms and conditions   of this Agreement, as applicable.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
10. I am not a party   (plaintiff or defendant) in any lawsuit, government investigation,   arbitration or other legal action, and to my knowledge, there is no valid   basis for any of the foregoing.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
11. I am not subject to any   judgment, order or decree of any court or other government authority.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
12. Schedule 2 of the   Personal Information Schedule consists of a complete list of all Brand   Income Contracts under which Participant is obligated to perform, or from   which Participant is entitled to receive any benefit, on after the Effective   Date.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
13. I have provided or made   available to Fantex true, correct and complete copies of each written Brand   Income Contract, and an accurate detailed written summary of each oral Brand   Income Contract. Throughout the Term of the Agreement, I will promptly   provide a copy of each new Brand Income Contract or amendment to any Brand   Income Contract once executed by all of the parties thereto.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
14. I am currently, and   during the past three years have been, in compliance with all material terms   under each Brand Income Contract, to the extent applicable, and Participant   and I have not received any notice regarding any breach, default, termination   or attempt to renegotiate, with respect to any Brand Income Contract.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
15. I am not aware of any   facts or circumstances that would cause the payments under the Brand Income   Contracts to be materially less than the amounts specified in the Brand   Income Contracts.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
16. I am not aware of any   material breach by any other party under any Brand Income Contract.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
17. I have timely paid any   taxes, fees or withholdings required by any state or federal or international   government authority. I have also timely filed all forms and documentation   required in connection with any such taxes, fees or withholdings.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
18. I am not, and have not   been subject to any audit by a government authority in connection with any   taxes or governmental fees. I am not subject to any unsatisfied judgments or tax   liens.
    

 

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Initials
    	
 
    	
Statement
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
19. I have not conducted   business, applied for or secured credit in, or received any official   government identification under, any name or alias, other than the name   listed in Section 1 of the Personal Information Schedule provided by   Participant concurrently herewith.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
20. Neither I, nor any   business owned or controlled by me, has ever declared bankruptcy or settled   any debt for less than the amounts actually owed.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
21. I have the ability to pay   all of my debts and obligations as such debts mature and I do not have any   present intention to incur debt beyond my ability to pay as such debts   mature.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
22. I am not in violation of,   and, subject to the immediately following sentence, throughout the Term will   not violate in any material respect, any (a) laws, codes, permit   requirements, rules, regulations, ordinances and/or provisions of any   foreign, federal, state or local government authority, including with respect   to employment, health and safety, wage and hours, improper payments, bribery,   taxation or securities laws; or (b) rules, standards or requirements of   any league, organization, governing body or association to which I am a member   or under which I am bound to comply in connection with my participation in   the Principal Business as a Professional Athlete, including regarding   gambling, anti-doping, or reporting of any injury or incidents.   Notwithstanding the immediately preceding sentence, I am agreeing to the   covenant contained in the foregoing clause (b) on the express condition   that any violation by me of any “on field” rules of play (as stated in   the NFL rulebook, as modified from time to time), or the interpretation or   enforcement of any of such NFL rules of play, in each case solely to the   extent that it relates to my actions on the field of play (regardless of   whether any such violation carries with it a fine, suspension or any other   economic consequence to me imposed by the NFL), shall not be deemed to be a   breach of the foregoing clause (b).
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
23. Without limiting the   effect of any statement in this Exhibit A (Participant Questionnaire),   all of the documents and information that I have provided, and will provide,   to Fantex in connection with this Agreement (including the Personal   Information Schedule) are true, correct and complete in all material   respects, except with respect to any statement that, by its terms, is already   limited as to materiality. My responses to this questionnaire (and any   documents or other information provided by me to Fantex in connection with   this Agreement) do not, and will not, contain any untrue statement or fail to   state a material fact necessary to not make any of such information not   misleading, in light of the circumstances in which it was provided.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
24. I have disclosed, and   throughout the Term will promptly disclose, all facts and circumstances that   could reasonably be expected to be material to Fantex or a reasonable   investor or potential investor in the Series in the context of the   transactions contemplated by this Agreement, including any event required to   be reported to the league, organization, governing body or association to   which I am a member or under which I am bound to comply in connection with my   participation in the Principal Business as a Professional Athlete.
    
	
 
    	
 
    	
 
    
	
VD
    	
 
    	
25. I have obtained advice   from my advisors regarding the tax and accounting consequences of entering   into this Agreement and becoming a Participant and the transactions   contemplated hereby and I am not relying on a representation, warranty or   statement made by Fantex, or any of its representatives or advisors,   regarding such tax and accounting consequences of becoming a Participant and   the transactions contemplated hereby.
    

 

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Exhibit B

Fantex Brand Agreement

Field / Brand Income

 

1.              “Field” means: (a) any activities in or substantially related to the Principal Business (as defined in the Letter Agreement to which this Exhibit is attached), including without limitation, Talent’s employment as a Professional Athlete; (b) any and all of Participant’s employee, independent contractor or licensor activities, including any use of Participant’s name, voice, likeness, image, caricature, biography, signature (including facsimile signature), talents, or live, photographed or recorded performance (collectively, “Participant’s Persona”), or the assignment of the rights in Participant’s Persona, in connection with motion pictures, television and Internet programming, radio, music, literary, talent engagements, personal appearances, public appearances, records and recording, or publications; (c) any use of Participant’s Persona via Participant’s rendering of employee or independent contractor services or Participant’s licensing or assignment of rights in Participant’s Persona for purposes of advertising, merchandising, or trade, including sponsorships, endorsements and appearances, and any other employee, independent contractor or licensor activities in which Participant’s Persona is used, or the assignment of rights in Participant’s Persona, to generate income; and (d) any other personal services performed by Participant which is of the type typically performed by individuals in the Principal Business because of their status as a Professional Athlete or other professional within the Principal Business (e.g., without limitation, sports casting, coaching, participating in sports camps, acting as spokesperson)  In the event that there is any ambiguity as to whether an activity is in the Field, the Parties shall discuss in good faith and seek to resolve such matter.  In the event that a resolution is not met within 30 days after initial notice by either Party to the other regarding such activity, then either Party shall be free to refer such matter to arbitration for resolution pursuant to the terms of Section 16.5 of the Standard Terms and Conditions. Notwithstanding the above, each of the following shall be expressly excluded from the Field: (i) any sports agency or athlete management company owned by Participant, (ii) the opportunity for Talent or his Affiliates to purchase an interest in a professional sports team; and (iii) the use of Talent’s name to promote a franchise of a third party company where such franchise is owned by Participant.

 

2.              “Brand Income” means any and all gross monies or other consideration of any type that Participant may earn, other than Excluded Income (as defined in the Letter Agreement), as a result of Participant’s activities in the Field.  For the avoidance of doubt, Brand Income shall include Distributions in connection with any Indirect Fantex Equity and/or Indirect Fantex Co-Investments (subject to Section (B) below) and an amount equal to the fair market value of any Merchandise Income (subject to Section (C) below).

 

A.            The term “gross monies or other consideration” shall include, without limitation, salaries, earnings, fees, royalties, bonuses, shares of profit, shares of stock, partnership interests, percentages and the total amount paid to Participant for any activities in the Field, and received by Participant or Participant’s heirs, executors, administrators or assigns, or by any other Person on Participant’s behalf, net of (i) any reasonable and documented out-of-pocket legal fees incurred by Participant in connection with securing, negotiating or preparing any Brand Income Contract which are not reimbursable pursuant to the terms of such Brand Income Contract, (ii) any reasonable and documented travel, lodging and per diem expenses incurred by Participant or Participant’s representatives in connection with securing any Brand Income Contract not to exceed Two Thousand Dollars ($2,000) per Brand Income Contract, (iii) self-employment taxes to which Participant is subject in connection with the receipt of such amounts or items to the extent that such amounts or items constitute Brand Income and (iv) in the case of Brand Income of Participant described in clause (a) of the definition of “Field” for which there is no Brand Income Contract (e.g., ownership of any business the primary operations of which are in or substantially related to the Principal Business, such as a football camp owned by Participant and

 

 

branded with Participant’s Persona), any and all expenses of Participant incurred in connection with Participant’s activities that generate such Brand Income, but prior to the deduction or withholding of (a) any amounts payable to any third party (e.g., agency commissions), (b) any voluntary or personal deductions (e.g., contributions to retirement funds), or (c) any taxes required to be deducted or withheld by any federal, state or local government authority based on the net income of Participant (but excluding any deduction or withholding for payroll, medicare or FICA taxes or other deductions or payments required to be made to any federal, state or local government authority).

 

In the event that Participant elects to voluntarily defer receipt of any Brand Income (so that such Brand Income is actually received by Participant at a date later than when Participant has the right to receive such Brand Income pursuant to the applicable Brand Income Contract), then for purposes of this Agreement, such Brand Income shall be deemed to have been received on the date that Participant has the right to receive such Brand Income pursuant to the applicable Brand Income Contract.

 

B.            Equity Participations:

 

(i)                         Equity Income:  In the event that Participant receives, pursuant to any Brand Income Contract, stock or other equity interests (including membership interests and partnership interests), or options, warrants or other rights to acquire any of the foregoing interests in any other Person (collectively, “Equity Income”), then the following shall apply:

 

(a)               Notice and Response:

 

(1)                     Participant shall provide reasonable advance written notice (an “Equity Deal Notice”) to Fantex prior to entering into any Brand Income Contract pursuant to which Participant may receive Equity Income, including all details reasonably necessary for Fantex to evaluate such Equity Income.

 

(2)                     Fantex will use commercially reasonable efforts to respond to each Equity Deal Notice within five (5) business days (but no later than ten (10) business days), indicating whether or not Fantex elects to (x) participate in the applicable Equity Income by being issued and holding a direct equity interest in the applicable issuer of such Equity Income (“Direct Fantex Equity”) in an amount calculated by multiplying the Brand Percentage by the shares, membership interests, units (or other reasonable means of measurement) of such Equity Income payable to Participant (any of the foregoing, a “Fantex Equity Interest”), or (y) indirectly participate in the applicable Equity Income as described in Section 2.B.(i)(d) below (“Indirect Fantex Equity”).

 

(3)                     If Fantex fails to timely respond to any Equity Deal Notice, then Fantex shall be deemed to have expressly rejected receiving the Direct Fantex Equity with respect to such Brand Income Contract, and elected instead to receive Indirect Fantex Equity.

 

(4)                     If the terms and conditions with respect to any Equity Income change from what were previously presented to Fantex in any Equity Deal Notice, then Participant shall provide a new Equity Deal Notice to Fantex with the updated terms and conditions, and this Section 2.B.(i)(a) shall apply to such new Equity Deal Notice.

 

(b)               Fantex Participation; Reimbursement of Costs:

 

(1)                     If Participant is required to make any payment in consideration for such Equity Income (e.g., without limitation, payments required by the terms of exercise of any options, warrants or other similar rights to acquire stock or other equity interests) (an “Exercise Payment”), and Fantex elects to receive either Direct Fantex Equity or

 

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Indirect Fantex Equity, then Fantex shall contribute to Participant (in the case of Indirect Fantex Equity), or pay directly to the applicable issuer (in the case of Direct Fantex Equity) an amount equal to the product of the Brand Percentage multiplied by such Exercise Payment timely and in accordance with the terms of the applicable Brand Income Contract relating to such Equity Income (which shall be deemed to include any subscription agreement, warrant, option agreement or other agreement pursuant to which Participant and Fantex, if applicable, is granted or issued such Equity Income).

 

(2)                     Fantex shall pay to Participant an amount equal to the amount of any self-employment taxes payable by Participant, or the amount of any payroll, medicare or FICA taxes or other deductions or payments required to be made to any federal, state or local government (other than taxes based on the income of Participant), in each case to the extent resulting from any Direct Fantex Equity or Indirect Fantex Equity, as applicable.  Fantex shall pay such amounts due under this Section 2.B.(i)(b)(2) within five (5) business days after receipt of notice from Participant detailing such amounts (which notice will be delivered after delivery of the stock certificates or other documentation evidencing such Equity Income, or in the case of a warrant, option or other similar right to acquire stock or other equity interest, after exercising such warrant, option or right to acquire the stock or other equity interest).

 

(3)                     In addition, to the extent that Participant incurs any additional cost or expense resulting from Fantex participating (whether via Direct Fantex Equity or Indirect Fantex Equity) in such Equity Income, then Fantex shall pay such incremental costs incurred by Participant (i.e., over and above such amounts that Participant would have incurred but for Fantex’s participation).

 

(c)                      Direct Fantex Equity.  If Fantex elects to receive Direct Fantex Equity, then Participant shall use commercially reasonable efforts to cause the issuer of such equity to issue the applicable Fantex Equity Interest directly to Fantex; provided, however, that if (after such efforts by Participant) such issuer does not agree to issue the applicable Fantex Equity Interest directly to Fantex, then Fantex shall receive Indirect Fantex Equity with respect to such Equity Income as provided in Section 2.B.(i)(d) below.  If Fantex receives Direct Fantex Equity and Participant is required to execute any documentation (including without limitation, subscription agreements, warrants and option agreements) for such Equity Income, then Fantex shall be required to execute substantially similar documentation, as applicable.

 

(d)                     Indirect Fantex Equity.  If Fantex receives Indirect Fantex Equity (whether by Fantex’s election, or because the issuer of such Equity Income does not agree to issue Direct Fantex Equity to Fantex), then, without limiting Fantex’s obligations under Section 2.B.(i)(b) above, (y) Fantex shall be entitled to receive as part of the Brand Amount hereunder an amount equal to the Brand Percentage of any Distributions to Participant with respect to such Equity Income, and (z) upon Fantex’s request, Participant will grant to Fantex a security interest in such Equity Income, and will do all acts and execute and deliver, or cause to be executed and delivered, all agreements, documents and instruments that Fantex may reasonably require, and take all further steps relating to the Equity Income and such security interest that Fantex may reasonably require, to perfect such security interest and Fantex’s rights therein and hereunder.

 

“Distributions” means any gross monies or other consideration received by Participant as a result of Participant receiving, holding, transferring, selling and/or otherwise disposing of any stock or other equity interest issued pursuant to any Brand Income Contract (whether as Equity Income or pursuant to any equity purchased pursuant to a Brand Investment

 

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Opportunity), including, without limitation any distributions, dividends, profit payments, proceeds resulting from the sale, lease, license, exchange, liquidation or other disposition of any equity or assets of the issuer of such Equity Income or Brand Investment Opportunity, or otherwise.

 

(ii)                      Co-Investment Opportunity:  In the event that Participant receives, pursuant to any Brand Income Contract, the right or opportunity to invest in any other Person, including the right to purchase any stock or other equity interests (including membership interests and partnership interests) (each, a “Brand Investment Opportunity”), then the following shall apply, subject to clause (e) of this Section 2.B.(ii):

 

(a)               Notice and Response:

 

(1)                     Participant shall provide reasonable advance written notice (an “Investment Deal Notice”) to Fantex prior to entering into any Brand Income Contract pursuant to which Participant receives any Brand Investment Opportunity, including all details reasonably necessary for Fantex to evaluate such Brand Investment Opportunity.

 

(2)                     Fantex will use commercially reasonable efforts to respond to each Investment Deal Notice within five (5) business days (but no later than ten (10) business days), indicating whether or not Fantex elects to (x) participate in the applicable Brand Investment Opportunity by being issued and holding a direct equity interest in the applicable issuer of such equity (“Direct Fantex Co-Investment”) in an amount calculated by multiplying the Brand Percentage by the number of shares, membership interests, units (or other reasonable means of measurement) applicable to such Brand Investment Opportunity (any of the foregoing, a “Fantex Co-Investment Interest”), or (y) indirectly participate in the applicable Brand Investment Opportunity as described in Section 2.B.(ii)(d), and subject to Section 2.B.(ii)(e), below (“Indirect Fantex Co-Investment”).

 

(3)                     If Fantex fails to timely respond to any Investment Deal Notice, then Fantex shall be deemed to have expressly rejected participating as either a Direct Fantex Co-Investment or an Indirect Fantex Co-Investment with respect to such Brand Investment Opportunity, and elected instead to not participate in such Brand Investment Opportunity.

 

(4)                     If the terms and conditions with respect to any Brand Investment Opportunity change from what were previously presented to Fantex in any Investment Deal Notice, then Participant shall provide a new Investment Deal Notice to Fantex with the updated terms and conditions, and this Section 2.B.(ii)(a) shall apply to such new Equity Deal Notice.

 

(b)               Fantex Participation; Reimbursement of Costs:

 

(1)                     If Participant is required to make any payment as consideration for any equity interest being issued in connection with such Brand Investment Opportunity (e.g., without limitation, payments required for the purchase of any such equity interests) (a “Purchase Payment”), and Fantex elects to participate in such Brand Investment Opportunity either as a Direct Fantex Co-Investment or an Indirect Fantex Co-Investment, then Fantex shall contribute to Participant or such other Person as the Parties may mutually agree depending on the structure of the Indirect Fantex Co-Investment (in the case of an Indirect Fantex Co-Investment), or pay directly to the applicable issuer (in the case of a Direct Fantex Co-Investment) an amount equal to the product of the Brand Percentage multiplied by such Purchase Payment timely and in accordance with the terms of the applicable Brand Income Contract relating to such

 

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Brand Investment Opportunity (which shall be deemed to include any subscription agreement, purchase agreement or other agreement pursuant to which Participant and Fantex, if applicable, participates in such Brand Investment Opportunity).

 

(2)                 In addition, to the extent that Participant would incur any additional cost or expense resulting from Fantex participating (whether via Direct Fantex Co-Investment or Indirect Fantex Co-Investment) in such Brand Investment Opportunity (including, without limitation, costs relating to the structuring or documentation of any joint ventures, investment vehicles, special purpose entities or similar relationships between the Parties to hold the securities relating to such Brand Investment Opportunity), then Fantex shall pay directly, or reimburse Participant for, such incremental costs incurred by Participant (i.e., over and above such amounts that Participant would have incurred but for Fantex’s participation).

 

(c)                Direct Fantex Co-Investment.  If Fantex elects to participate in a Direct Fantex Co-Investment, then Participant shall use commercially reasonable efforts to cause the issuer of such equity to issue the applicable Fantex Co-Investment Interest directly to Fantex; provided, however, that if (after such efforts by Participant) such issuer does not agree to issue the applicable Fantex Co-Investment Interest directly to Fantex, then Fantex shall instead participate via an Indirect Fantex Co-Investment with respect to such Brand Investment Opportunity as provided in Section 2.B.(ii)(d) below.  If Fantex participates in a Direct Fantex Co-Investment and Participant is required to execute any documentation (including without limitation, subscription agreements and purchase agreements) in connection with such Brand Investment Opportunity, then Fantex shall be required to execute substantially similar documentation, as applicable.

 

(d)               Indirect Fantex Equity.

 

(1)                     If Fantex participates in a Brand Investment Opportunity via an Indirect Fantex Co-Investment (whether by Fantex’s election, or because the issuer of the equity interest related to such Brand Investment Opportunity does not agree to permit a Direct Fantex Co-Investment), then, without limiting Fantex’s obligations under Section 2.B.(ii)(b) above, (y) Fantex shall be entitled to receive as part of the Brand Amount hereunder an amount equal to the Brand Percentage of any Distributions to Participant with respect to such Brand Investment Opportunity, and (z) upon Fantex’s request, Participant will grant to Fantex a security interest in such equity acquired pursuant to such Brand Investment Opportunity, and will do all acts and execute and deliver, or cause to be executed and delivered, all agreements, documents and instruments that Fantex may reasonably require, and take all further steps relating to the Brand Investment Opportunity and such security interest that Fantex may reasonably require, to perfect such security interest and Fantex’s rights therein and hereunder.  For the avoidance of doubt, and notwithstanding anything to the contrary contained elsewhere in this Section 2.B.(ii), it is the mutual intention of the Parties (to be interpreted in the broadest possible manner) that Participant shall not have, incur or suffer any liability, responsibility, damage, cost or expense, including, without limitation, any self-employment taxes payable by Participant, or the amount of any payroll, medicare or FICA taxes or other deductions or payments required to be made to any federal, state or local government, in connection with Fantex participating in a Brand Investment Opportunity via an Indirect Fantex Co-Investment (collectively, a “Transaction Liability”), regardless of its structure or the events or circumstances leading thereto, in excess of the Transaction Liabilities that Participant would have had, incurred or suffered had Fantex not participated in such Brand Investment Opportunity (such excess, the “Incremental Cost”).  Furthermore, if any Indirect Fantex Co-Investment

 

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results in Participant incurring any Incremental Cost, then, within five (5) business days after delivery by Participant to Fantex of reasonably satisfactory supporting documentation, Fantex shall pay Participant an amount equal to such Incremental Cost.

 

(2)                     In the event that Fantex elects to participate in a Brand Investment Opportunity other than via a Direct Fantex Co-Investment, then (without limiting the effect of Section 2.B.(ii)(d)(1) with respect with respect to Incremental Costs), the Parties shall in good faith use best efforts to structure such transaction in a manner that is efficient to both Parties from an overall tax and expense perspective.

 

(e)                Non-Customary Endorsement Services.  Notwithstanding anything to the contrary contained elsewhere in this Section 2.B.(ii), in the event that Participant receives a Brand Investment Opportunity and such Brand Investment Opportunity will allow Participant to make an investment at less than fair market value (a “Discounted Brand Investment Opportunity”) and such Discounted Brand Investment Opportunity was offered as a result of Participant performing or being obligated to perform services that are not customary within celebrity endorsement transaction standards (e.g., without limitation, agreeing and providing for a third party to accompany Talent to an awards ceremony or a sporting event, concert or other live performance) (“Off-Market Endorsement Services”), then Fantex and Participant will negotiate in good faith to determine at what price and on what other terms Fantex will be permitted to exercise its co-investment right in the Discounted Brand Investment Opportunity, with the understanding that Fantex’s investment amount relative to the full cash amount of the Discounted Brand Investment Opportunity payable by Participant will represent a percentage of such Discounted Brand Investment Opportunity that is greater than the Brand Percentage, after taking into account the value of the Off-Market Endorsement Services.  In the event that there is any ambiguity as to whether an activity is an Off-Market Endorsement Service required of Participant, the Parties shall discuss in good faith and seek to resolve such matter.  In the event that a resolution is not met within 30 days after initial notice by either Party to the other regarding such activity, then either Party shall be free to refer such matter to arbitration for resolution pursuant to the terms of Section 16.5 of the Standard Terms and Conditions.

 

C.            Merchandise Income: In the event that Participant receives Merchandise Income, then the Brand Income applicable to such Merchandise Income shall be equal to the fair market value of such goods or services determined as follows: (a) the Parties shall seek to reach mutual agreement of such value within ten (10) business days after receipt thereof by Participant, and (b) if the Parties fail to reach such agreement within such period of time, then the Parties shall engage an independent third party appraiser (if the Parties fail to mutually agree on an appraiser within five business days, then either Party may petition JAMS to promptly appoint such an appraiser), and the Parties shall be bound by the determination of any such appraiser, which shall be delivered in writing within fifteen (15) days after the appraiser’s selection or appointment.  The cost and expenses associated with such an appraiser (and any petition to JAMS) shall be shared by the Parties in proportion to their respective interest in such Brand Income (i.e., Fantex shall pay a portion of such costs and expenses equal to the Brand Percentage).

 

For the avoidance of doubt, the following sources of revenue shall not be included in Brand Income:

 

a.              Any revenues resulting from Participant’s investments in stocks or other equity, bonds, commodities, derivatives, debt, franchises or real estate, so long as such stocks or other equity, bonds, commodities, derivatives, debt investments, franchises and real estate are not received by Participant as compensation for activities (including licensing of rights) in the Field.

 

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b.              Any income earned from employment, services rendered or other activities not in the Field (including, without limitation, any income (i) related to Talent’s performance as a painter, sculptor or artist in any other fine or graphic arts medium, (ii) of Gallery 85 or any other art gallery owned by Participant or (iii) any school for the arts established in part by Participant or his Affiliates, whether charitable or for profit, regardless of whether Participant’s Persona is used to market or promote such school).

 

c.               Subject to Section 11 of the Letter Agreement, any income of: (1) the Vernon Davis Foundation or (2) any other charitable foundation or organization as a result of personal services performed by Talent.

 

d.              Any reasonable reimbursement of incidental expenses actually incurred by Participant, including travel, lodging, per diem and other incidental expenses, or the value of any such items paid by a third party on Participant’s behalf.

 

e.               Any Excluded Income.

 

Examples (Brand Income)

 

Examples of income that would be Brand Income include, without limitation, the following:

 

·                  50 Cent received an equity stake in Energy Brands as part of an endorsement deal for Vitamin Water, which would be considered Brand Income because it was consideration for 50 Cent’s endorsement.

 

·                  Magic Johnson founded Magic Johnson Enterprises to provide entertainment, products and services to urban communities. A portion of Magic Johnson’s income and equity value in Magic Johnson Enterprises would be considered Brand Income of Magic Johnson to the extent that they directly relate to Magic Johnson’s career as a basketball player.  For example, profits from any basketball camps owned by Magic Johnson Enterprises would be deemed Brand Income because they are in the Field, they directly relate to Magic Johnson’s skills as a basketball player, and operating basketball camps is an activity typically undertaken by a professional basketball player.  However, profits from 24-Hour Fitness clubs owned by Magic Johnson Enterprises (but not bearing or branded with the Magic Johnson name) would not be considered Brand Income because Magic Johnson’s name and likeness are not used to promote the clubs.  Finally, profits from businesses owned by Magic Johnson such as movie theaters, restaurants and coffee shops, regardless of whether they bear or are branded with the Magic Johnson name, would not be considered Brand Income, because those types of businesses are not in the Field.

 

·                  Talent plays any role on an episode of a television drama or sitcom.  Compensation paid to Talent for his performance in such episode would be considered Brand Income.

 

·                  Talent plays any role in a motion picture (or a made for TV movie, or a feature film distributed over the Internet).  Compensation paid to Talent for his performance in such motion picture would be considered Brand Income.

 

·                  Talent becomes the host of The Tonight Show.  Compensation paid to Talent for his services as a talk show host for The Tonight Show would be considered Brand Income.

 

·                  Talent receives a car lease worth $12,000 (i.e., value of monthly lease of $1,000) in exchange for endorsement services for a local car dealership, a $25,000 clothing allowance from an apparel company in exchange for endorsement services, and $3,000 worth of products and service plans from a wireless phone carrier (i.e., a total of $40,000 of Merchandise Income) in exchange for endorsement services.  All of such Merchandise Income would be included in Brand Income.  However, solely for purposes of calculating the Brand Amount, Participant would be entitled to deduct from its Brand Income for such year all of such Merchandise Income under its Merchandise Income Deduction (assuming that such amount is less than 4% of all Brand Income earned by Participant that year).  If, in addition to the foregoing Merchandise Income, Participant

 

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also received computer equipment in exchange for endorsement services from a retailer with a fair market value of $5,000, then such $5,000 of Merchandise Income would not be deductible from Brand Income for such year because it exceeds the amount of the allowable Merchandise Income Deduction.

 

·                  Talent receives a 2014 Chevrolet Corvette Stingray as the Super Bowl XLVIII Most Valuable Player.  The cash value of the MSRP of the Corvette would be considered Brand Income because it was earned by Talent for his performance as a Professional Athlete.  However, solely for purposes of calculating the Brand Amount, up to $40,000 (or 4% of all Brand Income, if less than $40,000) of such value would be deductible from Brand Income for such calendar year under the Merchandise Income Deduction for such year.

 

Examples of types of income that would not be Brand Income include, without limitation, the following:

 

·                  John Elway received an equity stake in Fantex Holdings, Inc., the parent company of Fantex, because he serves on the board of directors.  John Elway’s equity stake in Fantex Holdings, Inc. would not be considered Brand Income because his service as a director of Fantex Holdings is not directly in the Field and John Elway’s selection was attributable to qualifications other than his performance in professional football.

 

·                  Roger Staubach formed the Staubach Corporation, which became a leading provider of corporate real estate services. Roger Staubach’s income and equity value in the Staubach Corporation, including the sale to Jones Lang LaSalle in 2008, would not be considered Brand Income because this business is not in the Field and the success of the enterprise was attributable to qualifications other than his performance in professional football.

 

·                  Arnold Schwarzenegger served as the governor of California from 2003 to 2011. His income from the state of California would not be considered Brand Income because it is not in the Field.

 

·                  Kerri Strug was employed as an elementary school teacher and in various positions at the U.S. Treasury and Justice Departments. Her employment as a teacher and various positions at the U.S. Treasury and Justice Departments would not be considered Brand Income because such employment was based on her educational background, training and professional skills unrelated to gymnastics, and her salary did not exceed the ordinary amount paid to employees in such position with a similar educational background, training and professional skills and is not in the Field.

 

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EXHIBIT C

Fantex Brand Agreement

Standard Terms and Conditions

 

	
1.              Definitions;   Interpretation.

 

1.1.              Capitalized   terms used in these Standard Terms and Conditions and not otherwise defined   herein, shall have the meaning set forth in the Letter Agreement (and any   Exhibits thereto) to which these Standard Terms and Conditions are   attached.  In the event of any   inconsistency or conflict between these Standard Terms and Conditions and the   Letter Agreement, the terms of the Letter Agreement shall govern.

 

2.              Offering.

 

2.1.              Offering. Fantex will   use commercially reasonable efforts to conduct the Offering of the   Series as promptly as practicable after the Effective Date.  In connection with such Offering,   Participant recognizes that Fantex shall have the sole and exclusive right to   (and to authorize any other Person to) promote and offer for sale the   Series in connection with the Offering.

 

2.2.              Further   Assurances; Credit Report Consent. Participant shall   execute and deliver to Fantex such further documents, information, consents,   forms, instruments, certificates, and other deliveries as Fantex shall   reasonably request in writing to further effectuate the intentions of the   Parties under this Agreement, or so Fantex can comply with any applicable   legal requirements and Participant recognizes that Fantex will rely on   information provided by Participant in the preparation and submission of the   Registration Statement and materials to meet other reporting obligations as   required by applicable law.    Participant shall reasonably cooperate with Fantex, upon Fantex’s   specific request, in connection with the offering, marketing and sales of the   Offering and the Series; provided, that any such cooperation that would   require any personal services on the part of Talent shall be at times and for   durations mutually agreed to by Fantex and Participant; provided further,   that any such personal services in the form of a personal appearance by   Talent shall be on terms mutually agreed to by Fantex and Participant.   Participant hereby consents to Fantex and its agents or representatives   (i) obtaining reports of Participant’s credit records from time to time   throughout the Term of this Agreement (as reasonably determined by Fantex and   at Fantex’s sole cost and expense), and (ii) using the information from   that report in connection with any diligence related to Participant and the   Offering, and reporting obligations under applicable law.  Upon request by Participant, Fantex shall   provide to Participant a copy of any report of Participant’s credit records   that is received by Fantex.
    	
 
    	
2.3.              Participant   Name and Likeness.  Fantex   shall have the non-exclusive, irrevocable, fully paid, worldwide right to use   and to authorize other Persons, as determined by Fantex, in its reasonable   discretion, to use Participant’s name, likeness, voice and biographical   information (collectively, the “Persona”) from the Effective Date   until the termination of this Agreement through any and all distribution   channels in connection with the offering, marketing and sales of the Offering   or the Series; provided, however, that Fantex   shall not make any use, or authorize any other party to make any use, of any   part of the Persona without the prior written approval of Participant;   provided further, that any use of the Persona approved by Participant shall   be deemed to be approval of subsequent uses of the same previously approved   use until the time that Participant provides written notice to the contrary   to Fantex.

 

2.4.              Participant   Restrictions.

 

(i)               No Promotion   of Series. Except as otherwise expressly approved by Fantex   in writing, Participant shall not, and shall not authorize any other Person   to, solicit, promote or offer the Series in connection with the   Offering.  To the extent that   Participant receives unsolicited requests for information regarding the   Offering or the Series, then except as otherwise expressly approved by Fantex   in writing, Participant shall refer such inquiry to the Registration   Statement or to one of the Underwriters of the Offering.

 

(ii)            No Assignment   of Similar Rights. Participant has not and will not assign or grant   to any other Person rights to receive a portion of Brand Income other than   (a) as may be granted in the ordinary course of pursuing activities in   the Principal Business (such as commissions payable to an agent or financial   advisors); (b) in a manner that will not conflict with the rights   granted to Fantex, or the obligations of Participant, hereunder with respect   to any installment payment of the Brand Amount, and (c) in an amount   that would not violate any other the terms of this Agreement.

 

3.              Purchase Price.

 

3.1.              Payment.  Within fifteen (15) days after the Closing   of the Offering, Fantex shall pay to Participant an amount equal to the   Purchase Price, less the Escrow Holdback and less the Pre-Closing Brand   Amount, via wire transfer (less any fees charged by any third party in   connection with such transfer, such as bank fees) pursuant to the   instructions provided in the Personal
    

 

 

	
Information   Schedule, or such updated wire transfer instruction as may be provided by   Participant to Fantex in writing from time to time.

 

4.              Brand   Amount.

 

4.1.              Payment Terms.

 

(i)               Direct   Payment.    Participant shall deliver an irrevocable payment instruction in the   form attached as Exhibit G to the Letter Agreement to each payor   of Brand Income (other than Nonrecurring Brand Income), and otherwise use   commercially reasonable efforts to ensure that the Brand Amount is assigned   to Fantex and delivered directly to Fantex from each such payor of Brand   Income.  To the extent that direct   payment from the source of the Brand Income is not commercially practical,   without unreasonable burden on Participant, or any assignment of Brand Income   is deemed invalid or not enforceable, then Participant shall comply with   paragraph (ii) below and use commercially reasonable efforts to set up   automated payments of installments of the Brand Amount through Participant’s   banking relationships.

 

(ii)            Alternative   Payment; Timing.  To the   extent that it is not commercially practical, without unreasonable burden on   Participant, for Brand Amounts to be delivered directly to Fantex from any   payor of Brand Income, or any assignment of Brand Income is deemed invalid or   not enforceable, then Participant shall receive such portion of the Brand Amount   as agent for Fantex and will deliver such portion of the Brand Amount to   Fantex as and when (or as promptly as practicable after) such Brand Income is   received by Participant; provided, however,   that in no case shall any Brand Amount be delivered later than fifteen (15)   days following receipt of funds by Participant (or any other Person on behalf   of Participant) with respect to such payment.    If Participant owns a business that is in or substantially related to the   Principal Business (an “Owned Business”) and Brand Income arises from the   Owned Business (“Participant Business Profits”), Participant shall   deliver to Fantex the Brand Amount relating to such Brand Income in any   calendar year, if any, no later than the earlier of (i) April 30th of the subsequent calendar   year or (ii) 15 days after Participant files the annual tax return for   such calendar year (“Annual Payment Date”).    If Participant reports any losses to Fantex relating to an Owned   Business on any Annual Payment Date, then such losses shall be first offset   against any future Participant Business Profits relating to such Owned   Business and Participant shall not have any obligation to make any payment to   Fantex with respect to Participant Business Profits in such Owned
    	
 
    	
Business   until the Participant Business Profits exceed the reported losses for the   Owned Business.

 

(iii)         Wire Transfer.  Except as otherwise approved by Fantex in   writing, each installment payment of the Brand Amount shall be made via wire   transfer pursuant to the wire transfer instructions provided by Fantex to   Participant in writing, as may be updated by Fantex from time to time;   provided, however, that to the extent that any individual installment payment   of the Brand Amount is less than $500, such amount may be paid via check.

 

4.2.              Additional   Provisions.

 

(i)               In the event   that Participant is prohibited from making payment of any installment of the   Brand Amount at the time when same is due and payable to Fantex hereunder by   reason of any applicable laws, including currency regulations, Participant   shall promptly so advise Fantex and Participant shall, upon Fantex’s request,   deposit any such blocked funds to the credit of Fantex in a bank or banks or   other depository institution as permitted by law and designated in writing by   Fantex, or pay them promptly to such Persons as Fantex may designate in   writing consistent with applicable law.

 

(ii)            Participant   acknowledges and agrees that time is of the essence in connection with its   payment obligations hereunder.  In the   event that any payment due to Fantex hereunder is not paid in full by the   applicable date due (unless there is a cure period, then by the date the cure   period ends), then, without limiting any other rights or remedies of Fantex,   Participant shall also pay to Fantex interest on such amount at the rate of   the lesser of (a) the then current prime rate (as reported in the Wall   Street Journal) plus three percent (3%) per year, compounded monthly, or   (b) the maximum rate permitted by applicable law, measured from the date   such amount was due until it is fully paid.

 

(iii)         Participant   acknowledges and agrees that Fantex may disclose to the public any material   breach by Participant of this Agreement, including any failure of Participant   to pay any amounts as and when due hereunder (subject to applicable notice   and cure periods contained herein); provided, that Fantex covenants and   agrees not to make any such disclosure without first notifying Participant   and giving Participant a reasonable amount of time to cure such breach, except   that no such cure period is required in the event of at least two prior   instances of a similar breach (with such notice provided in each instance)   during the 12 months period prior to such breach.
    

 

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4.3.              Records.  Participant shall, and shall cause its   Affiliates to, maintain (until at least twelve months after termination of   this Agreement), records of all Brand Income Contracts, receipts, invoices,   reports and other documents relating to the Brand Income and Brand Amount for   at least the then current year and previous three (3) calendar years (or   such longer period as may be required by law); provided, that the foregoing   obligation shall not extend to any time period prior to the Effective Date.

 

4.4.              Audit Rights.  Commencing upon the Effective Date and   continuing through the date that is twelve (12) months after termination of   this Agreement (“Audit Period”), Fantex or its representatives shall   have the right to inspect and make copies of the books and records of   Participant (and its Affiliates) relating to the Brand Income Contracts, the   Brand Income and Brand Amount.  Such audit shall be at Fantex’s sole   cost and expense and shall not cover any period greater than the current year   and previous three (3) calendar years at the time of such audit, provided that if an audit reveals an underpayment of the   Brand Amount by greater than five percent (5%) for the period being audited,   then Participant shall reimburse Fantex for its reasonable and documented audit   costs.  In any case, either (a) Participant shall promptly pay to   Fantex any underpaid amount, together with any interest thereon as provided   in Section 4.2(ii) or (b) Fantex shall promptly pay to Participant   any overpaid amount together with interest at the same rate provided in   Section 4.2(ii); provided, that at Participant’s election, Participant   may set off against the immediately following installment payment of the   Brand Amount an amount equal to such overpayment.  Fantex shall not audit Participant’s books   and records more frequently than once per year during the Audit Period.    Fantex shall provide Participant with reasonable advance written notice that   it will be conducting an audit, and any such audit shall be conducted during   normal business hours.

 

5.              Escrow Holdback.

 

5.1.              Escrow Amount.  Participant hereby authorizes and instructs   Fantex to deduct from the Purchase Price otherwise payable to Participant, an   aggregate amount equal to the Escrow Holdback.  Fantex shall deposit the Escrow Holdback   into an escrow account (the “Escrow Account” and all such funds   included in the Escrow Account, the “Escrow Funds”) established   pursuant to the terms of a written escrow agreement mutually agreed among the   Parties and the Escrow Agent (the “Escrow Agreement”) based on the   form of agreement provided by Escrow Agent as modified to be consistent with   the terms of this Agreement, as applicable.
    	
 
    	
5.2.              Use of Escrow   Amount.  In the   event that Participant fails to timely deliver any installment payment of the   Brand Amount prior to the release of Escrow Funds pursuant to Section 5.3,   then in addition to and without limiting any other rights or remedies   available to Fantex, upon written notice from Fantex to the Escrow Agent and   Participant, the Escrow Agent shall release to Fantex (up to the amount of   available Escrow Funds) an amount equal to such due installment payment of   the Brand Amount as notified by Fantex.    Participant shall promptly replenish the Escrow Account by depositing   in the Escrow Account an amount equal to any Escrow Funds that are released   to Fantex pursuant to this Section 5.2.

 

5.3.              Release of   Escrow Amount.  Within   five (5) business days immediately following the first consecutive six   (6) month period after the Closing during which all installment payments   of the Brand Amount have been timely delivered to Fantex when due (subject to   applicable notice and cure periods contained herein), then the Escrow Agent   shall deliver to Participant all amounts then remaining in the Escrow   Account, the Escrow Agreement shall be terminated, and Participant shall   thereafter have no obligation to maintain any amounts in the Escrow Account.

 

5.4.              Ownership of   Escrow Holdback.  The   Parties agree to treat the Escrow Holdback as owned by Fantex until released   to Participant pursuant to terms hereof; provided, that any interest accrued   on the Escrow Holdback shall be the property of Participant.

 

5.5.              Controlling   Terms. In the event of any conflict or inconsistency between the terms of   this Section 5 and the terms of the Escrow Agreement, the terms of the   Escrow Agreement shall govern.

 

6.              Information Rights; New   Contracts.

 

6.1.              Quarterly   Reports.  Within   ten (10) business days after the end of each calendar quarter during the   Term, Participant shall provide to Fantex a report in the form mutually   agreed by the Parties (each a “Quarterly Report”), which shall detail   all Brand Income earned during such quarter, detail the calculation of the   Brand Amount for such quarter with respect to such Brand Income, and provide   such additional information and certifications required to be included in the   Quarterly Report, including such matters as specified in Exhibit E.

 

6.2.              Material   Change.    Participant shall promptly provide written notice to Fantex if at any   time after the Effective Date and during the Term of this Agreement, there   occurs any condition, restriction, disability or obligation (whether   physical, legal or contractual) that will or could reasonably be expected to   (i) prevent or
    

 

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materially   interfere with Participant’s continued performance under any existing Brand   Income Contract, participation in the Principal Business as a Professional   Athlete, and/or receipt of endorsements and sponsorships in the Field in a   manner consistent with such participation throughout the year prior to such   event, or (ii) result in any of the representations or warranties made   by the Participant on Exhibit A to be untrue in any material respect;   provided, that Participant shall not have any obligation to notify Fantex of   the contents of any Brand Income Contract provided by Participant to Fantex,   including the expiration of any contract pursuant to its terms.

 

6.3.              Brand Income   Contracts.    Throughout the Term, Participant shall promptly (and in any case, no   later than five (5) business days after the occurrence of the applicable   event, and prior to any public announcement thereof) notify Fantex, in   writing, and provide copies of all relevant documents and correspondence   related to each such occurrence (including copies of all Brand Income   Contracts), in the event that:

 

(i)               Participant   enters into any Brand Income Contract, including any amendments,   modifications or supplements to an existing Brand Income Contract, after the   Effective Date (“New Brand Income Contract”);

 

(ii)            Participant   receives any notice of termination, cancellation, breach or default under any   Brand Income Contract;

 

(iii)         Participant   becomes aware of any event which, with the passage of time or the giving of   notice or both, would result in any material default, breach or event of   noncompliance by Participant under any Brand Income Contract;

 

(iv)        Participant   becomes aware that any other party to any Brand Income Contract is in   material breach thereof or default thereunder; or

 

(v)           there are any   renegotiations of or outstanding rights to renegotiate any material amounts   paid or payable to Participant under any of the Brand Income Contracts with   any Person, or Participant receives any demand for such renegotiation.

 

6.4.              New Brand   Income Contracts.  Upon the   execution of a New Brand Income Contract, Participant shall be deemed to   represent and warrant that such New Brand Income Contract is valid, binding   and enforceable against Participant, and enforceable by Participant against   the other parties thereto, in accordance with their respective terms, subject   to the effect of any applicable bankruptcy, reorganization, insolvency,   moratorium or similar laws affecting creditors’ rights generally, and
    	
 
    	
subject,   as to enforceability, to the effect of general principles of equity, as may   apply.

 

6.5.              Disclosure of   Brand Income Contracts.

 

(i)                         Notwithstanding   anything herein to the contrary, Fantex may publicly disclose the terms and   conditions of any New Brand Income Contract, to the extent that such   disclosure is required in connection with any filing related to the Offering   or the Series, as determined by Fantex, upon advice of counsel in connection   with such disclosure.

 

(ii)                      Participant   shall use commercially reasonable efforts to cause each counterparty to a   Brand Income Contract containing a legal, valid and binding confidentiality   obligation of Participant existing as of the Effective Date (each, a “Confidential   Brand Income Contract”), to consent to Fantex’s public disclosure of the   terms and conditions of such Confidential Brand Income Contract; provided,   that Fantex shall not make any disclosure of any terms or conditions of such   an existing Confidential Brand Income Contract if such counterparty fails to   so consent; provided further, that failure to obtain a counterparty’s consent   with respect to an existing Confidential Brand Income Contract shall not be a   breach of this Agreement by Participant.    Participant shall ensure that any necessary consents to permit   disclosure of each New Brand Income Contract (as permitted pursuant to   Section 6.5(i)) are obtained so that such disclosure will not result in   any breach of any confidentiality obligation to any Person.

 

(iii)                   Fantex shall,   in consultation with Participant, use commercially reasonable efforts to   secure confidential treatment, or similar protection, with respect to any   disclosure of any information contained in any New Brand Income Contract   which could reasonably be expected to be sensitive to, or the confidential   information of, any counterparty to such New Brand Income Contract.

 

(iv)                  From time to   time, as Participant is negotiating or reviewing any potential Brand Income   Contract (or any renewal of a Brand Income Contract), Fantex will respond to   reasonable requests from Participant (including all relevant details with   respect to such potential new or renewed Brand Income Contract) regarding   whether or not the terms of such potential Brand Income Contract would be   expected to be material and require disclosure pursuant to Section 6.5(i),   assuming such Brand Income Contract were executed at the time of such   response.  Participant may decide in   its sole and absolute discretion whether or not to execute any potential   Brand Income Contract (or any renewal of a Brand Income Contract).
    

 

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6.6.              Brand Income   Statements.    Concurrent with delivery of each Quarterly Report (as required by   Section 6.1), Participant shall also provide copies of all receipts,   invoices, pay stubs, or other documents evidencing all Brand Income   referenced in the applicable Quarterly Report.

 

6.7.              Marital   Status.    Participant shall use reasonable efforts to secure the signature of   Participant’s spouse on the spousal consent attached hereto as Exhibit F.  In the event that Participant fails to   secure such signature, and as a result a portion of the Brand Income of   Participant is deemed “community property” or Participant’s spouse can   otherwise claim legal ownership to any Brand Income, then Participant shall   nonetheless be required to calculate and deliver any installment payments of   the Brand Amount based on the entirety of the Brand Income (including any   such portion thereof that is deemed to be such spouse’s share of community   property or otherwise property of such spouse).

 

6.8.              Additional   Information.    Participant shall provide to Fantex such additional information as   Fantex shall reasonably request from time to time (in a reasonable amount of   time after such request) in connection with the Brand Income and Participant’s   participation in the Principal Business; provided, that Fantex shall use   commercially reasonable efforts to limit any such requests to no more than   once per calendar quarter.

 

7.              Taxes.

 

7.1.              Related to   Purchase Price.    Participant shall be solely responsible for the payment of all taxes   on the Purchase Price.  Fantex shall be   entitled to deduct and withhold any amounts required by applicable law to be   deducted and withheld from the Purchase Price and such withheld amounts shall   be treated as paid to Participant.    Fantex shall not be required to indemnify or “gross up” Participant   for any such amounts withheld.    Participant will indemnify Fantex for and hold it harmless from and   against any taxes of Participant, which may be sought against, imposed upon   or suffered by Fantex or which Fantex may incur as a result of Fantex’s   failure to deduct and withhold such taxes from the Purchase Price payable   under this Agreement.

 

7.2.              Related to   Brand Amounts.  Fantex   shall be solely responsible for the payment of all taxes on the Brand   Amounts.  Participant shall be entitled   to deduct and withhold any amounts required by applicable law to be deducted   and withheld from any installment payment of the Brand Amount.  To the extent that any such installment   payment of the Brand Amount is made directly from the payor to Fantex and a   withholding obligation is imposed on Participant and Participant has
    	
 
    	
no   ability to withhold or cause the payor to withhold from such Brand Amounts   the required amounts, then Fantex shall make a payment to Participant (for   remittance to the applicable taxing authority), within five (5) business   days after receipt of such installment payment, equal to the amount that   Participant would have been entitled to deduct and withhold hereunder had   such installment payment been made by the payor to Participant and   subsequently remitted by Participant to Fantex.  Any such withheld amounts, or amounts paid   by Fantex to Participant for remittance to the applicable taxing authorities,   shall be treated as having been paid to Fantex.  Participant shall not be required to   indemnify or “gross up” Fantex for any such amounts withheld.  Fantex will indemnify Participant for and   hold it harmless from and against any taxes of Fantex which may be sought   against, imposed upon or suffered by Participant or which Participant may   incur as a result of Participant’s failure to deduct and withhold such taxes   from any installment payment of the Brand Amount to be delivered under this   Agreement.

 

8.              Participant   Representations and Warranties.

 

Participant hereby represents, warrants and   covenants, as applicable, to Fantex that the statements contained in the   Participant Questionnaire attached to the Letter Agreement as Exhibit A,   and the statements contained in this Section are and will be true and   correct as of the Effective Date and throughout the Term (except only if a   different time period is expressly provided).

 

8.1.              Authority.  Participant is free and authorized to enter   into this Agreement, to make the covenants, representations and warranties   contained herein and to grant the rights granted herein.

 

8.2.              Binding   Agreement.  This   Agreement constitutes a valid and binding obligation of Participant (and its   successors and heirs), enforceable in accordance with its terms subject to   the effect of any applicable bankruptcy, reorganization, insolvency,   moratorium or similar laws affecting creditors’ rights generally, and   subject, as to enforceability, to the effect of general principles of equity,   as may apply.  Participant and its   successors and heirs, as applicable, will not challenge the validity or   enforceability of this Agreement, or any portion thereof, in any action,   proceeding, arbitration or otherwise.

 

8.3.              No Conflict.  Participant has not made nor will make any   grant, license or assignment whatsoever, which will or could reasonably be   expected to conflict with or impair the substantial enjoyment of the rights   and privileges granted to Fantex hereunder; and, the execution and   performance of this Agreement by Participant does not, and will not, violate   or conflict with
    

 

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any   agreement, arrangement, understanding or restriction, written or oral,   between Participant and any other Person.

 

8.4.              Brokerage.  Except as expressly contemplated by this   Agreement, there are no claims for brokerage commissions, finders’ fees or   similar compensation in connection with the transactions contemplated by this   Agreement based on any contract to which Participant is a party or that is otherwise   binding upon Participant.

 

8.5.              Intellectual   Property.  No   intellectual property provided by Participant to Fantex at any time in   connection with this Agreement will violate the rights of privacy or   publicity, constitute a libel or slander or infringe upon the copyright,   literary, personal, private, civil, property or other rights of any Person.

 

9.              Fantex Representations   and Warranties.

 

Fantex represents, warrants   and covenants, as applicable, to Participant, as of the Effective Date and   throughout the Term:

 

9.1.              Organization.  Fantex is duly incorporated, validly   existing and in good standing under the laws of the State of Delaware.

 

9.2.              Authority.  Fantex possesses all requisite corporate   power and authority necessary to enter into and carry out the transactions   contemplated by this Agreement.

 

9.3.              Binding   Agreement. This Agreement constitutes a valid and binding   obligation of Fantex, enforceable in accordance with its terms subject to the   effect of any applicable bankruptcy, reorganization, insolvency, moratorium   or similar laws affecting creditors’ rights generally, and subject, as to   enforceability, to the effect of general principles of equity, as may   apply.  Fantex will not challenge the   validity or enforceability of this Agreement, or any portion thereof, in any   action, proceeding, arbitration or otherwise.

 

9.4.              No Conflict. The   execution and performance of this Agreement by Fantex does not, and will not,   violate or conflict with any agreement, arrangement, understanding or   restriction, written or oral, between Fantex and any other Person.

 

9.5.              Brokerage.  Except as expressly contemplated by this   Agreement, there are no claims for brokerage commissions, finders’ fees or   similar compensation in connection with the transactions contemplated by this   Agreement based on any contract to which Fantex is a party or that is   otherwise binding upon Fantex.
    	
 
    	
9.6.              Permits.  Fantex and its Affiliates have all permits,   licenses, consents and approvals from all applicable governmental and   quasi-governmental bodies and agencies, and all self-regulatory   organizations, including the SEC and FINRA, necessary for it to carry out the   intents and purposes of this Agreement.

 

10.       Confidentiality; Public   Statements/Disclosures.

 

10.1.       Confidentiality.  Each Party agrees that the Confidential   Information of the other Party will be maintained confidentially and will not   be disclosed to any other Person except: (a) as may be required by law   or to comply with a valid order of a court of competent jurisdiction, in   which event the Party making such disclosure shall promptly notify the other   Party and shall seek confidential treatment of such information; (b) to   a Party’s employees, agents and representatives (including accountants,   auditors, legal advisors, underwriters, etc.), provided that such   recipients of the Confidential Information are bound by confidentiality   obligations with respect to such disclosure; (c) in order to enforce   such Party’s rights under this Agreement; or (d) if mutually agreed to   by the Parties in writing or otherwise permitted under this Agreement.  “Confidential Information” means all   confidential, proprietary, or commercially sensitive data, materials and/or   other information that is either identified as, or reasonably expected to be,   confidential information.  Confidential   Information of Fantex includes the existence of this Agreement and terms and   conditions of this Agreement (until and then only to the extent that such is   publicly disclosed by Fantex), and any other non-public information in connection   with the Offering, the Series, or Fantex or its Affiliates.  This Section 10 will survive the   expiration or termination of this Agreement.

 

10.2.       Public   Statements.    Participant will not issue any press release or public statement in   connection with the execution of this Agreement, the Series and/or the   Offering without Fantex’s prior written consent, which consent Fantex may   withhold in its sole discretion.    Fantex will not issue any press release or public statement in   connection with this Agreement or which makes any reference to Participant,   in each case, without Participant’s prior written consent, which consent will   not be unreasonably withheld or delayed and shall be deemed granted if   Participant fails to respond to any request for such consent within three   (3) days after Fantex requests such consent in writing, in accordance   with the notice requirements set forth in the Letter Agreement.

 

10.3.       Fantex   Disclosures. Notwithstanding anything herein to the contrary,   Fantex shall have the right to disclose the terms and conditions of this   Agreement
    

 

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and/or   any other information provided by Participant related to this Agreement or   the Offering or Series (including Brand Income Contracts, subject to Section 6.5),   to the extent that such disclosure is required by applicable law in   connection with any filing related to the Offering or the Series.  Fantex shall, in consultation with   Participant, use commercially reasonable efforts to secure confidential treatment,   or similar protection, with respect to any disclosure of personal and   confidential information provided by Participant, including the terms and   conditions of this Agreement and such information as is provided in the   Personal Information Schedule.

 

11.       Termination.

 

11.1.       By Mutual   Consent.  This   Agreement may be terminated by mutual written consent of Participant (or its   successors and heirs) and Fantex.

 

11.2.       By Either   Party.  This Agreement may be   terminated by either Party by delivering written notice of termination to the   extent such is permitted pursuant to Section 3 of the Letter Agreement.

 

11.3.       Effect of   Termination.  Upon the   effective date of termination, the rights and obligations of the Parties   under this Agreement will cease, except for rights and obligations arising   out of Sections 4, 7, 10, 13, 15 and 16 of these Standard Terms and   Conditions (to the extent applicable).

 

12.       Assignment.

 

12.1.       The rights   and obligations of Fantex under this Agreement will inure to the benefit of   and will be binding upon the successors and assigns of Fantex, and Fantex   shall have the right to assign its rights and delegate its obligations   hereunder (a) in whole or in part to any Affiliate of Fantex, and (b) in   connection with a merger, acquisition, corporate restructuring, financing,   sale of all or substantially all of its assets, or similar such transaction.

 

12.2.       This   Agreement is personal to Participant, and Participant does not have the right   to assign this Agreement, whether by operation of law or otherwise, or to   delegate any duties or obligations imposed upon Participant under this   Agreement without Fantex’s prior written consent; except only that this   Agreement shall be automatically assigned and binding on Participant’s   successors and heirs upon the death of Participant; provided, that any   assignment and assumption of this Agreement by a personal services   corporation (or “loan-out” corporation) that is wholly owned and controlled   by Talent in connection with a conversion or merger of the Company into such   a corporation shall be expressly authorized hereunder so long as Talent   remains the
    	
 
    	
Participant   hereunder, jointly and severally with such surviving corporation.

 

13.       Indemnification.

 

13.1.       Participant   hereby agrees to indemnify and hold harmless Fantex, its parents,   subsidiaries, Affiliates, assigns, successors, and each of their respective   officers, directors, agents, representatives and employees (collectively, “Fantex   Indemnified Party(ies)”), from and against any and all liabilities, actions,   claims, suits, proceedings or investigations of government, quasi-government   or administrative agencies, liens, judgments, demands, losses, costs,   expenses and damages, including reasonable attorneys’ fees and costs and any   and all damages of any kind and nature whatsoever (a “Claim”), arising   out of or relating to any breach by Participant, directly or indirectly   through any other Person, of any of the terms, covenants, conditions,   representations or warranties contained in this Agreement.

 

13.2.       Fantex hereby   agrees to indemnify and hold harmless Talent, Company and each of their   respective Affiliates, heirs, assigns, successors, and each of their   respective officers, directors, members, managers, agents, representatives   and employees, as applicable, (collectively, “Participant Indemnified   Party(ies)”), from and against any and all Claims by any third party   (including any and all Claims brought by any holder of the Series or   group of class thereof) arising out of or relating to Participant being a party   to this Agreement (except those arising out of or relating to any breach by   Participant, directly or indirectly through any other Person, of any of the   terms, covenants, conditions, representations or warranties contained in this   Agreement), including any and all Claims arising out of or relating to   (a) any breach by Fantex of any of the terms, covenants, conditions,   representations or warranties contained in this Agreement, (b) any   violation of any law by Fantex, including any securities laws or any rules or   regulations promulgated thereunder, or (c) the Offering, the Series, or   the Registration Statement.

 

13.3.       A Fantex   Indemnified Party or Participant Indemnified Party, as applicable (the “Indemnified   Party”), shall promptly deliver a written notice to the Party from whom   indemnification is sought (the “Indemnifying Party”), providing notice   (a “Claim Notice”) of any Claim asserted or filed by a third party (a   “Third-Party Action”) within twenty (20) days (or such shorter period   as reasonably necessary to permit timely response to such Claim) after   receipt by the Indemnified Party of notice of such Third-Party Action.  Delay or failure to notify the Indemnitor   in accordance with this Section 13.3 will not relieve the Indemnifying   Party of any liability that it may have to the Indemnified Party,
    

 

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except   to the extent the defense of such Claim is prejudiced by the Indemnified   Party’s delay or failure to give such Claim Notice.  Such Claim Notice shall describe in   reasonable detail (to the extent known by the Indemnified Party) the facts   constituting the basis for such Third-Party Action and the amount of the   claimed damages. Within twenty (20) days after delivery of such Claim Notice,   the Indemnifying Party may, upon written notice thereof to the Indemnified   Party, assume control of the defense of such Third-Party Action with counsel   selected by the Indemnifying Party, subject to the Indemnified Party’s   approval, which shall not be unreasonably withheld, conditioned or delayed.   If the Indemnifying Party does not so assume control of the defense of a   Third-Party Action, the Indemnified Party shall have the right to control   such defense at its own expense. The non-controlling party may participate in   such defense at its own expense. In Third-Party Actions in which the   Indemnifying Party is controlling the defense, the Indemnifying Party shall   not agree to any settlement of, or the entry of any judgment arising from,   any Third-Party Action without the prior written consent of the Indemnified   Party, which shall not be unreasonably withheld, conditioned or delayed;   provided, that such consent shall not be required if such settlement or   judgment (i) fully releases both the Indemnified Party and the   Indemnifying Party and (ii) involves only the payment of money damages   that are covered in full by the indemnity obligations of the Indemnifying   Party hereunder.  In Third-Party   Actions in which the Indemnified Party is controlling the defense, the   Indemnified Party shall not agree to any settlement of, or the entry of any   judgment arising from, any such Third-Party Action without the prior written   consent of the Indemnifying Party, which shall not be unreasonably withheld,   conditioned or delayed.

 

14.       Disclaimer of Warranties.

 

14.1.       Except as   expressly provided in this Agreement (including Exhibit A,   Participant Questionnaire) and to the maximum extent permitted by law,   neither Party makes any representation or warranty of any kind, whether   implied, statutory, or otherwise and disclaims, without limitation, implied   warranties of merchantability, fitness for a particular use, and   non-infringement.  Each Party   acknowledges that it does not rely and has not relied upon any representation   or statement made by the other Party or any of its representatives relating   to the subject matter of this Agreement except as expressly set forth herein.

 

14.2.       In addition   to, and without limiting the effect of, Section 14.1 above, Participant   expressly acknowledges and agrees that Fantex makes no representation or   warranty regarding the results of the
    	
 
    	
Offering,   including the amount of Net Proceeds to be collected or otherwise.

 

15.       Agents.

 

15.1.       Fantex shall   not be liable for any claims or demands for commissions or otherwise of any   agent of Participant and Participant hereby agrees to indemnify and hold   harmless Fantex, its Affiliates, advertisers, employees and all holders of   the Series harmless against any liabilities, damages or expenses (including   reasonable attorneys’ fees) incurred by them as a result of any such claims   or demands.

 

16.       General Terms.

 

16.1.       Entire   Agreement; Amendments.    The Agreement (including all Exhibits thereto, including these   Standard Terms and Conditions) contains the complete, final, exclusive and   binding statement of all of the agreements between the Parties with respect   to the subject matter thereof and hereof, and supersedes all existing   agreements, understandings, negotiations, communications or commitments   between the Parties, whether oral or written, concerning the same subject   matter.  This Agreement cannot be   amended or modified or any provisions or obligations waived or changed except   by a writing executed by Fantex and Participant.

 

16.2.       Waiver.  The failure or delay of a Party to insist   on strict adherence to any term of this Agreement will not be considered a   waiver of, or deprive that Party of the right thereafter to insist on strict   adherence to that term or any other term of this Agreement.  No waiver of any breach or default of the   other Party shall be construed as a continuing waiver of the same or any   other breach or default under this Agreement.

 

16.3.       Further   Actions; Attorney-in-Fact.  Participant will, as applicable, at the   request of Fantex, execute and deliver to Fantex all such documents as Fantex   may from time to time deem reasonably necessary or desirable to effectuate   assignment of, and for Fantex to receive all installment payments of, the   Brand Amount and otherwise effectuate the purposes of this Agreement.  If Participant fails or refuses to execute   or deliver to Fantex any such document within a reasonable period of time   following receipt of Fantex’s written request therefor, then Participant   irrevocably appoints Fantex as Participant’s agent and attorney-in-fact to   sign any such documents in Participant’s name and to make appropriate   disposition of them, consistent with this Agreement; provided, that prior to   exercising any rights under such power of attorney, Fantex shall notify   Participant of its intention to do so.    Participant acknowledges that Fantex’s agency and power of attorney   are coupled with an interest.
    

 

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16.4.       Interpretation.  In the interpretation and construction of   this Agreement, no term shall be construed against any Party on the basis   that the Party was the drafter, and the Parties waive any common law or   statutory provision that would construe an ambiguous term against the other   Party as the drafter of this Agreement.    Words importing the singular include the plural and vice versa, as the   context requires.  Whenever the words   “include,” “includes” or “including” are used in this Agreement, they shall   be deemed to be followed by the words “without limitation.”  The words “hereof,” “herein” and   “hereunder” and words of similar import when used in this Agreement shall   refer to this Agreement as a whole and not to any particular provision of   this Agreement.  Any reference to “this   Agreement,” even if such reference is contained in these Standard Terms and   Conditions, shall be a reference to the Letter Agreement and all of the   exhibits attached thereto.  The term   “or” is not exclusive.  The definitions   contained in this Agreement are applicable to the singular as well as the   plural forms of such terms and to the masculine as well as to the feminine   and neuter genders of such terms.  The   captions and headings in this Agreement are inserted for convenience of the   Parties only, do not constitute a part of this Agreement and will not be deemed   to govern, limit, modify or in any other manner affect the scope, meaning,   intent or interpretation of the provisions hereof or have any legal effect.

 

16.5.       Governing   Law; Arbitration.  The law   of California (exclusive of conflict or choice of law rules) shall govern,   construe and enforce all of the rights and duties of the Parties arising or   in any way relating to the subject matter of this Agreement.  In the event of any dispute, claim or   controversy arising out of or relating to this Agreement (including any claim   based on contract, tort or statute) or the breach, termination, enforcement,   interpretation or validity thereof, including the determination of the scope   or applicability of this agreement to arbitrate, (a “Dispute”), then   the Parties shall engage in informal, good faith discussions and attempt to   resolve the Dispute.  If the Parties   are unable to resolve the Dispute, then the Dispute shall be determined by   confidential binding arbitration in San Francisco before one arbitrator. The   arbitration shall be administered by JAMS pursuant to its Streamlined   Arbitration Rules and Procedures.    Judgment on any award pursuant to arbitration may be entered in any   court of competent jurisdiction.  The   arbitrator shall be a retired judge with at least five years of experience   presiding over disputes related to complex commercial transactions.  The arbitrator shall be appointed by   agreement of the Parties or, if no agreement can be reached, then each Party   shall appoint one JAMS arbitrator for the purpose of selecting the arbitrator   to
    	
 
    	
govern   the Dispute, and those two arbitrators shall select the arbitrator to govern   the Dispute.  In any arbitration   arising out of or related to this Agreement, the arbitrator shall award to   the prevailing Party, if any, the costs and attorneys’ fees reasonably incurred   by the prevailing Party in connection with the arbitration.  If the arbitrator determines a Party to be   the prevailing Party under circumstances where the prevailing Party won on   some but not all of the claims and counterclaims, the arbitrator may award   the prevailing Party an appropriate percentage of the costs and attorneys’   fees reasonably incurred by the prevailing Party in connection with the   arbitration.  Without limiting the   effect of Section 4.2(iii), the Parties shall maintain the confidential   nature of the arbitration proceeding and the award, except as may be   necessary in connection with a judicial challenge to an award or its   enforcement, or unless otherwise required by law or judicial decision.  Notwithstanding anything herein to the contrary,   either Party shall be entitled to seek to obtain any provisional remedy,   including injunctive or similar relief, from any court of competent   jurisdiction as may be necessary to protect that Party’s rights and   interests.

 

16.6.       Severability.  Wherever possible, each provision of this   Agreement (or portion thereof) will be interpreted in such manner as to be   effective and valid under applicable law, but if any provision of this   Agreement (or portion thereof) is held to be null, void, invalid, illegal or   unenforceable in any respect under any applicable law or rule by any   arbitrator or court of competent jurisdiction, then (a) such provision   (or portion thereof) shall be deemed to be restated, to the extent possible,   to reflect as nearly as possible the original intentions of the Parties in   accordance with applicable law, and if such restatement is not possible, then   such provision (or portion thereof) shall be severed, and (b) the   remaining provisions, terms or covenants and restrictions in this Agreement   will remain in full force and effect.

 

16.7.       No Third   Party Beneficiaries.    Nothing herein, express or implied, is intended to nor shall be   construed to confer upon or give to any Person, other than the Parties, any   interests, rights, remedies or other benefits with respect to or in   connection with any agreement or provision contained herein or contemplated   hereby.

 

16.8.       Independent   Contractors; No Fiduciaries.

 

(i)               The Parties   mutually agree that Participant and Fantex are each acting as independent contractors,   and that Participant and Fantex are not engaging in any form of employment,   partnership, co-ownership or a collaboration for the purpose of sharing any   profits or
    

 

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ownership in common, or acting   in the capacity of joint venture participants.

 

(ii)            Participant   and Fantex each acknowledges and agrees that: (a) this Agreement, and   the exercise of rights and performance of obligations hereunder, does not   create any agency, advisory or fiduciary relationship between Participant and   Fantex and its Affiliates; (b) Fantex is not, and at any time during the   Term will not be, an agent, representative or advisor to Participant; and   (c) Participant has relied on its own personal counsel and advisors with   respect to legal, tax, accounting and other issues in connection with   entering into and performing under this Agreement.
    	
 
    	
16.9.       Cumulative   Remedies.  None of   the rights, powers or remedies conferred upon any Party under this Agreement   will be mutually exclusive.  Each such   right, power or remedy will be cumulative and in addition to every other   right, power or remedy available to such Party, whether available at law, in   equity or otherwise.

 

16.10.        Counterparts;   Binding Agreement.  This   Agreement, may be executed in multiple counterparts, each of which   individually constitutes an original, but all of which together will   constitute one single agreement between the Parties.  The Parties agree that this Agreement shall   be legally binding upon the electronic transmission, including by facsimile   or email delivery of a .pdf or similar file, by each Party of a signed   signature page hereof to the other Party.
    

 

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Confidential

 

Exhibit D:  Form of Closing Certificate

 

CLOSING CERTIFICATE

 

[DATE]

 

Reference is made to that certain Brand Agreement, by and among Fantex, Inc. (“Fantex”), [INSERT TALENT NAME] and [INSERT COMPANY NAME] (jointly and severally as “Participant”), effective as of [·] (the “Brand Agreement”).  All capitalized terms used herein which are not defined herein have the meanings given to such terms in the Brand Agreement.

 

The undersigned, [INSERT TALENT NAME], certifies in his individual capacity and on behalf of [INSERT COMPANY NAME] to Fantex that he has carefully examined the Brand Agreement, the Participant Questionnaire and the Personal Information Schedule and that:

 

1.                          the statements included in the Participant Questionnaire remain true and correct (except as disclosed on Schedule 3 of the Personal Information Schedule) as of the date hereof;

 

2.                          Participant has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied under the Brand Agreement in all material respects at or prior to the Closing; and

 

3.                          since the date of the most recent Personal Information Schedule, the undersigned has not become aware of any condition, restriction, disability or obligation (whether physical, legal or contractual) that is described in Section 6.2 of the Standard Terms and Conditions attached as Exhibit C to the Brand Agreement.

 

IN WITNESS WHEREOF, the undersigned has executed this Closing Certificate as of the date first set forth above.

 

 

	
 
    	
By:
    	
 
    
	
 
    	
 
    	
[INSERT   TALENT NAME]
    

 

 

Confidential

 

Exhibit E:  Quarterly Report

 

Form of report to be mutually agreed by the Parties, and include at least the following details:

 

·                  detail all Brand Income earned during such quarter and provide a description of any material changes in the amount of revenue of the most recent quarter as compared to the same quarter in the previous year;

 

·                  detail the calculation of each Brand Amount with respect to such Brand Income;

 

·                  list all Brand Income Contracts entered into / terminated / amended, etc. during the quarter (and provide copies to the extent not previously provided);

 

·                  describe details regarding any condition, restriction, disability or obligation (whether physical, legal or contractual) that is described in Section 6.2 of the Standard Terms and Conditions attached as Exhibit C to the Agreement;

 

·                  certification that certain publicly available facts about the Participant provided by Fantex to Participant in writing are correct and that all facts previously certified by the Participant remain correct (provided, that Fantex provides Participant with a list of all such previously certified facts); and

 

·                  certification that the statements included in the Participant Questionnaire remain true and correct as of the date of such report (or provide any details with respect to any exceptions of such statements) or provide a detailed description of facts or circumstances that have changed to make the statements in the Participant Questionnaire untrue.

 

 

Confidential

 

Exhibit F:  Spousal Consent

(only required if Participant is married)

 

I, [                        ], being the spouse of [INSERT TALENT NAME], who is a signatory to that certain Brand Agreement dated as of [INSERT DATE] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”; capitalized terms used but not defined herein shall have the meaning assigned to such terms in the Agreement), in connection with a potential securities offering linked to the value of the Brand Amounts as set forth in greater detail in the Agreement.  I have had the opportunity to consult with legal counsel regarding this consent and the Agreement; and I am aware that pursuant to the provisions of the Agreement, my spouse agrees to grant a percentage of my spouse’s Brand Income in the form of all right, title and interest in the Brand Amounts to Fantex, which may include community property interest I may have thereof, if any.  I hereby consent to such grants of the Brand Amounts and approve of the provisions of the Agreement and any actions or performance arising therefrom, as applicable, to the extent the same affects any of my community property interest, if any. I further agree that my spouse may join in any future amendment, restatement, supplement or modification of the Agreement or any ratification of the foregoing in each case without any further consent from me.

 

This Spousal Consent shall be binding on the undersigned and on the undersigned’s successors, assigns, representatives, heirs and legatees.

 

 

	
 
    	
 
    
	
 
    	
Name:
    
	
 
    	
Date:
    

 

 

Confidential

 

Exhibit G:  Form of Irrevocable Payment Instructions

 

IRREVOCABLE PAYMENT INSTRUCTIONS

 

[DATE]

 

[BRAND INCOME SOURCE]

[ADDRESS]

Attn:  [NAME]

 

Re:                             Payment of Amounts to Fantex, Inc. (“Fantex”)

 

Ladies and Gentlemen:

 

[INSERT PARTICIPANT NAME] (“Participant”) has entered into an agreement with Fantex pursuant to which, among other things, Participant has assigned all right, title and interest in and to an amount equal to [                  ] percent ([    ]%) of all gross monies or other consideration of any type (the “Brand Amount”) that Participant may earn from [BRAND INCOME SOURCE] (“Company”) pursuant to [INSERT DESCRIPTION OF BRAND INCOME CONTRACT] (the “Agreement”).

 

Notwithstanding anything to the contrary contained in the Agreement or any prior instructions received by Company, unless and until Company receives written instructions from Fantex to the contrary, effective as of the date of this letter all Brand Amounts from any amounts payable by Company to Participant pursuant to the Agreement shall be delivered concurrent with any payment of the remaining amounts due to Participant, by federal funds wire transfer or electronic depository transfer directly to the following bank account:

 

[INSERT WIRE INSTRUCTIONS]

 

In the event Company receives any different instructions from Fantex with respect to the disposition of Brand Amounts, (a) Company is hereby irrevocably authorized and directed to follow such instructions, without inquiry as to Fantex’s right or authority to give such instructions.  Fantex acknowledges that any instructions from Fantex to Payment Source must be sent to [                                        ], Attention:  [                ]; and (b) such instructions shall only provide for Brand Amounts to be sent to a single deposit account of Fantex.

 

Except only as expressly provided herein with respect to the applicable deposit instructions, this Irrevocable Payment Instructions cannot be changed, modified, or terminated, except by written agreement signed by Fantex, Payment Source and Participant.

 

Please acknowledge your receipt of, and agreement to, the foregoing by signing in the space provided below.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
[INSERT   PARTICIPANT NAME]
    
	
 
    	
 
    
	
Acknowledged and Agreed:
    	
 
    
	
 
    	
 
    
	
Fantex, Inc.
    	
 
    	
[INSERT BRAND INCOME SOURCE]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    
	
Name/Title:
    	
 
    	
 
    	
Name/Title:
    	
 
    
	
Date:
    	
 
    	
 
    	
Title:Exhibit 10.3

 

 

THIS CONTRACT is between Vernon Davis, hereinafter “Player,” and San Francisco Forty Niners, Limited, a California (limited partnership) hereinafter “Club” operating under the name of the Forty Niners as a member of the National Football League, hereinafter “League,” In consideration of the promises made by each to the other, Player and Club agree as follows:

 

1.                  TERM. This contract covers 6 football season(s), and will begin on the date of execution or March 1, 2010, whichever is later, and end on February 28 or 29, 2016, unless extended, terminated, or renewed as specified elsewhere in this contract.

 

2.                  EMPLOYMENT AND SERVICES. Club employs Player as a skilled football player. Player accepts such employment. He agrees to give his best efforts and loyalty to the Club, and to conduct himself on and off the field with appropriate recognition of the fact that the success of professional football depends largely on public respect for and approval of those associated with the game. Player will report promptly for and participate fully in Club’s official mandatory mini-camp(s), official preseason training camp, all Club meetings and practice sessions, and all pre-season, regular season, and post-season football games scheduled for or by Club. If invited, Player will practice for and play in any all-star football game sponsored by the League. Player will not participate in any football game not sponsored by the League unless the game is first approved by the League.

 

3.                  OTHER ACTIVITIES. Without prior written consent of the Club, Player will not play football or engage in activities related to football otherwise than for Club or engage in any activity other than football which may involve a significant risk of personal injury. Player represents that he has special, exceptional and unique knowledge, skill, ability, and experience as a football player, the loss of which cannot be estimated with any certainty and cannot be fairly or adequately compensated by damages. Player therefore agrees that Club will have the right, in addition to any other right which Club may possess, to enjoin Player by appropriate proceedings from playing football or engaging in football-related activities other than for Club or from engaging in any activity other than football which may involve a significant risk of personal injury.

 

4.                  PUBLICITY AND NFLPA GROUP LICENSING PROGRAM. (a) Player grants to Club and the League, separately and together, the authority to use his name and picture for publicity and the promotion of NFL Football, the League or any of its member clubs in newspapers, magazines, motion pictures, game programs and roster manuals, broadcasts and telecasts, and all other publicity and advertising media, provided such publicity and promotion does not constitute an endorsement by Player of a commercial product. Player will cooperate with the news media, and will participate upon request in reasonable activities to promote the Club and the League. Player and National Football League Players Association, hereinafter “NFLPA,” will not contest the rights of the League and its member clubs to telecast, broadcast, or otherwise transmit NFL Football or the right of NFL Films to produce, sell, market, or distribute football game film footage, except insofar as such broadcast, telecast, or transmission of footage is used in any commercially marketable game or interactive use. The League and its member clubs, and Player and the NFLPA, reserve their respective rights as to the use of such broadcasts, telecasts or transmissions of footage in such games or interactive uses, which shall be unaffected by this subparagraph.

 

(b) Player hereby assigns to the NFLPA and its licensing affiliates, if any, the exclusive right to use and to grant to persons, firms, or corporations (collectively “licensees”) the right to use his name, signature facsimile, voice, picture, photograph, likeness, and/or biographical information (collectively “image”) in group licensing programs. Group licensing programs are defined as those licensing programs in which a licensee utilizes a total of six (6) or more NFL player images on or in conjunction with products, (including, but not limited to, trading cards, clothing, videogames, computer games, collectibles, internet sites, fantasy games, etc.) that are sold at retail or used as promotional or premium items. Player retains the right to grant permission to a licensee to utilize his image if that licensee is not concurrently utilizing the images of five (5) or more other NFL player on products that are sold at retail or are used as promotional or premium items. If Player’s inclusion in a particular NFLPA program is precluded by an individual exclusive endorsement agreement, and Player provides the NFLPA with timely written notice of that preclusion, the NFLPA will exclude Player from that particular program. In consideration for this assignment of rights, the NFLPA will use the revenues it receives from group licensing programs to support the objectives as set forth in the By-laws of the NFLPA. The NFLPA will use its best efforts to promote the use of NFL player images in group licensing programs, to provide group licensing opportunities to all NFL players, and to ensure that no entity utilizes the group licensing rights granted to the NFLPA without first obtaining a license from the NFLPA. This subparagraph (b) shall be construed under Virginia law without reference to conflicts of law principles. The assignment in this paragraph shall expire on December 31 of the later of (a) the third year following the execution of this contract, or (b) the year in which this contract expires. Neither Club nor the League is a party to the terms of this paragraph, which is included herein solely for the administrative convenience and benefit of Player and the NFLPA. The terms of this subparagraph apply unless, at the time of execution of this contract, Player indicates by striking out this subparagraph (b) and marking his initials adjacent to the stricken language his intention not to participate in the NFLPA Group Licensing Program. Nothing in this subparagraph shall be construed to supersede or any way broaden, expand, detract from, or otherwise alter in any way whatsoever, the rights of NFL Properties, Inc. as permitted under Article V (Union Security), Section 4 of the 1993 Collective Bargaining Agreement.

 

5.                  COMPENSATION. For performance of Player’s services and all other promises of Player, Club will pay Player a yearly salary as follows:

 

$3,874,000.00 for the 2010 season;

$4,708,000.00 for the 2011 season;

$5,751,000.00 for the 2012 season;

$6,072,000.00 for the 2013 season;

$4,700,000.00 for the 2014 season;

$4,350,000.00 for the 2015 season.

 

 

In addition, Club will pay Player such earned performance bonuses as may be called for in this contract; Player’s necessary traveling expenses from his residence to training camp; Player’s reasonable board and lodging expenses during pre-season training and in connection with playing pre-season, regular season, and post-season football games outside Club’s home city; Player’s necessary traveling expenses to and from pre-season, regular season, and post-season football games outside Club’s home city; Player’s necessary traveling expenses to his residence if this contract is terminated by Club; and such additional compensation, benefits, and reimbursement of expenses as may be called for in any collective bargaining agreement in existence during the term of this contract. (For purposes of this contract, a collective bargaining agreement will be deemed to be “in existence” during its stated term or during any period for which the parties to that agreement agree to extend it.)

 

6.                  PAYMENT. Unless this contract or any collective bargaining agreement in existence during the term of this contract specifically provides otherwise, Player will be paid 100% of his yearly salary under this contract in equal weekly or bi-weekly installments over the course of the applicable regular season period, commencing with the first regular season game played by Club in each season. Unless this contract specifically provides otherwise, if this contract is executed or Player is activated after the beginning of the regular season, the yearly salary payable to Player will be reduced proportionately and Player will be paid the weekly or bi-weekly portions of his yearly salary becoming due and payable after he is activated. Unless this contract specifically provides otherwise, if this contract is terminated after the beginning of the regular season, the yearly salary payable to Player will be reduced proportionately and Player will be paid the weekly or bi-weekly portions of his yearly salary having become due and payable up to the time of termination.

 

7.                  DEDUCTIONS. Any advance made to Player will be repaid to Club, and any properly levied Club fine or Commissioner fine against Player will be paid, in cash on demand or by means of deductions from payments coming due to the Player under this contract, the amount of such deductions to be determined by Club unless this contract or any collective bargaining agreement in existence during the term of this contract specifically provides otherwise.

 

8.                  PHYSICAL CONDITION. Player represents to Club that he is and will maintain himself in excellent physical condition. Player will undergo a complete physical examination by the Club physician upon Club request, during which physical examination Player agrees to make full and complete disclosure of any physical or mental condition known to him which might impair his performance under this contract and to respond fully and in good faith when questioned by the Club physician about such condition. If Player fails to establish or maintain his excellent physical condition to the satisfaction of the Club physician, or make the required full and complete disclosure and good faith responses to the Club physician, then Club may terminate this contract.

 

9.                  INJURY. Unless this contract specifically provides otherwise, if Player is injured in the performance of his services under this contract and promptly reports such injury to the Club physician or trainer, then Player will receive such medical and hospital care during the term of this contract as the Club physician may deem necessary, and will continue to receive his yearly salary for so long, during the season of injury only and for no subsequent period covered by this contract, as Player is physically unable to perform the services required of him by this contract because of such injury. If Player’s injury in the performance of his services under this contract results in his death, the unpaid balance of his yearly salary for the season of injury will be paid to his stated beneficiary, or in the absence of a stated beneficiary, to his estate.

 

10.           WORKERS’ COMPENSATION. Any compensation paid to Player under this contract or under any collective bargaining agreement in existence during the term of this contract for a period during which he is entitled to workers’ compensation benefits by reason of temporary total, permanent total, temporary partial, or permanent partial disability will he deemed an advance payment of workers’ compensation benefits due Player, and Club will be entitled to be reimbursed the amount of such payment out of any award of workers’ compensation.

 

11.           SKILL, PERFORMANCE AND CONDUCT. Player understands that he is competing with other players for a position on Club’s roster within the applicable player limits. If at any time, in the sole judgement of Club, Player’s skill or performance has been unsatisfactory as compared with that of other players competing for positions on Club’s roster, or if Player has engaged in personal conduct reasonably judged by Club to adversely affect or reflect on Club, then Club may terminate this contract. In addition, during the period any salary cap is legally in effect, this contract may be terminated if, in Club’s opinion, Player is anticipated to make less of a contribution to Club’s ability to compete on the playing field than another player or players who Club intends to sign or attempts to sign, or another player or players who is or are already on Club’s roster, and for whom Club needs room.

 

12.           TERMINATION. The rights of termination set forth in this contract will be in addition to any other rights of termination allowed either party by law. Termination will be effective upon the giving of written notice, except that Player’s death, other than as a result of injury incurred in the performance of his services under this contract, will automatically terminate this contract. If this contract is terminated by Club and either Player or Club so requests, Player will promptly undergo a complete physical examination by the Club physician.

 

 

13.           INJURY GRIEVANCE. Unless a collective bargaining agreement in existence at the time of termination of this contract by Club provides otherwise, the following injury grievance procedure will apply: If Player believes that at the time of termination of this contract by Club he was physically unable to perform the services required of him by this contract because of an injury incurred in the performance of his services under this contract, Player may, within 60 days after examination by the Club physician, submit at his own expense to examination by a physician of his choice. If the opinion of Player’s physician with respect to his physical ability to perform the services required of him by this contract is contrary to that of the Club’s physician, the dispute will be submitted within a reasonable time to final and binding arbitration by an arbitrator selected by Club and Player or, if they are unable to agree, one selected in accordance with the procedures of the American Arbitration Association on application by either party.

 

14.           RULES. Player will comply with and be bound by all reasonable Club rules and regulations in effect during the term of this contract which are not inconsistent with the provisions of this contract or of any collective bargaining agreement in existence during the term of this contract. Player’s attention is also called to the fact that the League functions with certain rules and procedures expressive of its operation as a joint venture among its member clubs and that these rules and practices may affect Player’s relationship to the League and its member clubs independently of the provisions of this contract.

 

15.           INTEGRITY OF GAME. Player recognizes the detriment to the League and professional football that would result from impairment of public confidence in the honest and orderly conduct of NFL games or the integrity and good character of NFL players. Player therefore acknowledges his awareness that if he accepts a bribe or agrees to throw or fix an NFL game; fails to promptly report a bribe offer or an attempt to throw or fix an NFL game; bets on an NFL game; knowingly associates with gamblers or gambling activity; uses or provides other players with stimulants or other drugs for the purpose of attempting to enhance on-field performance; or is guilty of any other form of conduct reasonably judged by the League Commissioner to be detrimental to the League or professional football, the Commissioner will have the right, but only after giving Player the opportunity for a hearing at which he may be represented by counsel of his choice, to fine Player in a reasonable amount; to suspend Player for a period certain or indefinitely; and/or to terminate this contract.

 

16.           EXTENSION. Unless this contract specifically provides otherwise, if Player becomes a member of the Armed Forces of the United States or any other country, or retires from professional football as an active player, or otherwise fails or refuses to perform his services under this contract, then this contract will be tolled between the date of Player’s induction into the Armed Forces, or his retirement, or his failure or refusal to perform, and the later date of his return to professional football. During the period this contract is tolled, Player will not be entitled to any compensation or benefits. On Player’s return to professional football, the term of this contract will be extended for a period of time equal to the number of seasons (to the nearest multiple of one) remaining at the time the contract was tolled. The right of renewal, if any, contained in this contract will remain in effect until the end of any such extended term.

 

17.           ASSIGNMENT. Unless this contract specifically provides otherwise, Club may assign this contract and Player’s services under this contract to any successor to Club’s franchise or to any other Club in the League. Player will report to the assignee Club promptly upon being informed of the assignment of his contract and will faithfully perform his services under this contract. The assignee club will pay Player’s necessary traveling expenses in reporting to it and will faithfully perform this contract with Player.

 

18.           FILING. This contract will be valid and binding upon Player and Club immediately upon execution. A copy of this contract, including any attachment to it, will be filed by Club with the League Commissioner within 10 days after execution. The Commissioner will have the right to disapprove this contract on reasonable grounds, including but not limited to an attempt by the parties to abridge or impair the rights of any other club, uncertainty or incompleteness in expression of the parties’ respective rights and obligations, or conflict between the terms of this contract and any collective bargaining agreement then in existence. Approval will be automatic unless, within 10 days after receipt of this contract in his office, the Commissioner notifies the parties either of disapproval or of extension of this 10-day period for purposes of investigation or clarification pending his decision. On the receipt of notice of disapproval and termination, both parties will be relieved of their respective rights and obligations under this contract.

 

19.           DISPUTES. During the term of any collective bargaining agreement, any dispute between Player and Club involving the interpretation or application of any provision of this contract will be submitted to final and binding arbitration in accordance with the procedure called for in any collective bargaining agreement in existence at the time the event giving rise to any such dispute occurs.

 

20.           NOTICE. Any notice, request, approval or consent under this contract will be sufficiently given if in writing and delivered in person or mailed (certified or first class) by one party to the other at the address set forth in this contract or to such other address as the recipient may subsequently have furnished in writing to the sender.

 

21.           OTHER AGREEMENTS. This contract, including any attachment to it, sets forth the entire agreement between Player and Club and cannot be modified or supplemented orally. Player and Club represent that no other agreement, oral or written, except as attached to or specifically incorporated in this contract, exists between them. The provisions of this contract will govern the relationship between Player and Club unless there are conflicting provisions in any collective bargaining agreement in existence during the term of this contract, in which case the provisions of the collective bargaining agreement will take precedence over conflicting provisions of this contract relating to the rights or obligations of either party.

 

22.           LAW. This contract is made under and shall be governed by the laws of the State of                                                  .

 

23.           WAIVER AND RELEASE. Player waives and releases any claims that he may have arising out of, related to, or asserted in the lawsuit entitled White v. National Football League, including, but not limited to, any such claim regarding past NFL Rules, the College Draft, Plan B, the first refusal/compensation system, the NFL Player Contract, pre-season compensation, or any other term or condition of employment, except any claims asserted in Brown v. Pro Football, Inc. This waiver and release also extends to any conduct engaged in pursuant to the Stipulation and Settlement Agreement in White (“Settlement Agreement”) during the express term of that Settlement Agreement or any portion thereof. This waiver and release shall not limit any rights Player may have to performance by the Club under this Contract or Player’s rights as a member of the White class to object to the Settlement Agreement during its review by the court in Minnesota.  This waiver and release is subject to Article XIV (NFL Player Contract), Section 3(c) of the 1993 Collective Bargaining Agreement (CBA).

 

 

24.           OTHER PROVISIONS.  (a) Each of the undersigned hereby confirms that (i) this Contract, renegotiation, extension or amendment sets forth all components of the player’s remuneration for playing professional football (whether such compensation is being furnished directly by the Club or by a related or affiliated entity); and (ii) there are not undisclosed agreements of any kind, whether expressed or implied, oral or written, and there are no promises, undertakings, representations, commitments, inducements, assurances of intent, or understandings of any kind that have not been disclosed to the NFL involving consideration of any kind to be paid, furnished or made available to Player or any entity or person owned or controlled by, affiliated with, or related to Player, either during the term of this contract or thereafter.

 

(b) Each of the undersigned further confirms that, except insofar as any of the undersigned may describe in an addendum to this contract, to the best of their knowledge, no conduct in violation of the Anti-Collusion rules of the Settlement Agreement took place with respect to this contract. Each of the undersigned further confirms that nothing in this contract is designed or intended to defeat or circumvent any provisions of the Stipulation and Settlement Agreement in White v. NFL, including but not limited to the Rookie Pool and Salary Cap provisions; however, any conduct permitted by the CBA and/or the Settlement Agreement shall not be considered a violation of this confirmation.

 

(c) The Club further confirms that any information regarding the negotiation of this contract that it provided to the Neutral Verifier was, at the time the information was provided, true and correct in all material respects.

 

25.           SPECIAL PROVISIONS.

 

See Addenda to contract for special provisions.

 

 

THIS CONTRACT is executed in six (6) copies. Player acknowledges that before signing this contract he was given the opportunity to seek advice from or be represented by persons of his own selection.

 

	
Vernon Davis
    	
 
    	
SAN FRANCISCO FORTY NINERS
    
	
PLAYER
    	
 
    	
CLUB
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Paraag Marathe
    
	
Home Address
    	
 
    	
By
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
4949 CENTENNIAL BLVD.
    
	
 
    	
 
    	
Club Address
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SANTA CLARA, CA 95054
    
	
Telephone Number
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
9/11/10
    
	
Date
    	
 
    	
Date
    

 

	
Todd France
    
	
PLAYER’S CERTIFIED AGENT
    
	
 
    
	
3500 Lenox Road Suite 575

Atlanta, GA 30326
    
	
Address
    
	
 
    
	
404-816-2722
    
	
Telephone number
    
	
 
    
	
 
    
	
Date
    

 

	
Copy Distribution:
    	
White-League Office
    	
Yellow-Player
    	
Green-Member Club
    
	
 
    	
Blue-Management Council
    	
Gold-NFLPA
    	
Pink-Player Agent
    

 

 

ADDENDUM A

 

GUARANTEE AGREEMENT

 

BETWEEN SAN FRANCISCO 49ERS (“Club”)

 

and VERNON DAVIS (“Player”)

 

Club and Player are executing this Addendum concurrently with their execution of an NFL Player Contract for the 2010, 2011, 2012, 2013, 2014 and 2015 NFL League Years (the “Contract”), to which this Addendum is attached and incorporated therein.

 

I.                                        Injury Guarantee: Except as provided in this Addendum, Club agrees that it will pay Player:

 

i.             $3,874,000 of the $3,874,000 Salary provided for in Paragraph 5 of the Contract for the 2010 NFL League Year, and

ii.          $4,708,000 of the $4,708,000 Salary provided for in Paragraph 5 of the Contract for the 2011 NFL League Year, and

iii.       $4,418,000 of the $5,751,000 Salary provided for in Paragraph 5 of the Contract for the 2012 NFL League Year

 

despite the fact that due to an injury suffered while practicing or playing for Club, Player is unable to pass Club’s physical examination for the 2010, 2011 and/or 2012 NFL League Years, and the Contract is terminated.

 

Anything herein contained to the contrary notwithstanding, any payment made by Club hereunder shall be made in accordance with the salary payment terms of Player’s applicable Contract with Club. If Player’s Contract is terminated for any reason other than those set forth above, this Guarantee is immediately null and void.

 

II.                                   Skill and Cap Guarantee: Except as provided in this Addendum, Club agrees that it will pay player $1,112,000 of the $5,751,000 Salary provided for in Paragraph 5 of the Contract for the 2012 NFL League Year despite the fact that

 

a.                                      In Club’s judgment, Player’s skill or performance has been unsatisfactory as compared with that of other players competing for positions on Club’s roster; or

 

b.                                      During the period any salary cap is legally in effect, in Club’s opinion, Player is anticipated to make less of a contribution to Club’s ability to compete on the playing field than another player or players whom Club intends to sign or attempts to sign, or another player or players who is or are already on Club’s roster, and for whom Club needs room

 

Anything herein contained to the contrary notwithstanding, any payment made by Club hereunder shall be made in accordance with the salary payment terms of Player’s applicable Contract with Club. If Player’s Contract is terminated for any reason other than those set forth above, this Guarantee is immediately null and void.

 

	
 
    	
 
    	
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III.                            Default: In the event Player, at any time during the Contract year(s) specified herein, for any reason whatsoever,

 

(i)                                   fails any of the initial physical exams of Club preceding the 2010, 2011, 2012, 2013, 2014, and/or 2015 NFL seasons (except by reason of injury or death suffered while practicing or playing for Club),

(ii)                                fails or refuses to report to Club or fails or refuses to practice or play with Club without its consent (except by reason of injury or death suffered while practicing or playing for Club),

(iii)                             leaves Club without its consent,

(iv)                            retires from professional football,

(v)                               is suspended or fined by the NFL or Club for conduct detrimental to the NFL and/or Club,

(vi)                            is suspended by the NFL,

(vii)                         has his Contract terminated for engaging in personal conduct reasonably judged by Club to materially adversely affect or reflect on Club, or

(viii)                      makes any public comment to the media, including but not limited to the newspaper, magazines, television, radio or internet that Club determines, in its reasonable discretion, breaches a material obligation of loyalty to Club and/or materially undermines the public’s respect for the Club, Club’s ownership, Club coaches, or Club management, provided that the first violation of this subparagraph (viii) will result in a written warning, whereas the second and future violations may result in default,

 

then Club may place Player in default of the Contract. To place Player in default, Club shall provide written notice to the Player and Player’s NFLPA Certified Contract Advisor via certified mail, personal delivery by a recognized overnight delivery courier (e.g., Federal Express) or by facsimile transmission, within a reasonable amount of time.

 

In the event Player is in default, the full guarantee of the Paragraph 5 base compensation for the League Year(s) specified herein shall immediately become null and void from the beginning and in its entirety regardless of whether or not Player believes such Guarantee has otherwise been earned according to its terms at the time of Player’s Default.

 

To the extent any of the terms set forth above are deemed unenforceable under the Collective Bargaining Agreement, as amended, any forfeiture by Player under this Agreement shall be the maximum amount permitted by the terms of this Agreement and the Collective Bargaining Agreement, as amended.

 

This Guarantee by Club will not apply in any League Year other than the League Year(s) specified above.

 

This Guarantee in no way supersedes or obviates the applicability of the NFL waiver system to Player.

 

In the event this NFL Player Contract is terminated and Player subsequently has the opportunity to be employed by any professional football organization, Club’s obligation under this guarantee will be reduced by the amount of any and all compensation, including salary and signing, option, roster, reporting and/or incentive bonuses, earned or that reasonably could have been earned by Player from such football organization during the unexpired term covered by this guarantee.

 

	
 
    	
 
    	
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/s/ Vernon Davis
    	
 
    	
Date:
    	
09/11/10
    
	
Player’s Name: VERNON DAVIS
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Paraag Marathe
    	
 
    	
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ADDENDUM B 

 

SIGNING, REPORTING AND PLAYING BONUS AGREEMENT

 

BETWEEN SAN FRANCISCO 49ERS (“Club”)

 

and VERNON DAVIS (“Player”)

 

Club and Player are executing this Addendum concurrently with their execution of an NFL Player Contract for the 2010, 2011, 2012, 2013, 2014, and 2015 NFL League Years (the “Contract”), to which this Addendum is attached and incorporated therein.

 

Bonus Amount: As additional consideration for the execution of the NFL Player Contract for the 2010, 2011, 2012, 2013, 2014, and 2015 NFL League Years and for Player’s adherence to all provisions of the Contract (including without limitation, Player’s timely reporting to and active participation in Club’s training camp(s), mini-camp(s), meetings, practices, games and other activities as and when instructed by Club without unexcused interruption or suspension), and for Player’s receiving medical clearance to practice and play after taking the initial physical exam of Club that follows execution of this Contract, Club agrees to pay Player a bonus in the amount of Ten Million Dollars ($10,000,000) (the “Bonus”), less usual, customary and/or required deductions, payable as follows:

 

	
$ 4,000,000
    	
payable on September 24th, 2010; and
    
	
$ 2,500,000
    	
payable on October 15th, 2010; and
    
	
$ 3,500,000
    	
payable within 5 business days of Club’s 1st Regular Season game in the 2011 NFL League   Year
    

 

It is an express condition of this Signing, Reporting and Playing Bonus Agreement that Player receives a full medical clearance to practice and play with Club after taking the initial physical exam of Club that follows execution of this Contract. Payment of the Bonus prior to Player’s passing such physical exam shall not be a waiver of this condition.

 

It is expressly understood that no part of the Bonus is part of any salary in the Contract for the years set forth above or for any subsequent Contract years which may be added to the Contract by option, extension, or any other means and that such Bonus obligation is wholly separate and distinct therefrom and is not terminable if such Contract is terminated via the NFL waiver system for any reason other than Player’s default.

 

Default and Repayment: Player and Club agree that (1) if Player voluntarily retires or willfully withholds his services from one or more regular season games, then, upon demand by Club, Player shall immediately forfeit and return to the Club 1/17th of that year’s signing bonus allocation for each regular season week or game missed and/or (2) if Player willfully takes action that has the effect of substantially undermining his ability to fully participate and contribute in either the pre-season training camp or the regular season, then Player shall forfeit and return to the Club the greater of: (a) 25% of the prorated portion of his signing bonus for the applicable League Year for the first time such conduct occurs after the beginning of training camp until the end of the season, and the remaining 75% prorated portion of his signing bonus for the applicable year for the second time such conduct occurs during that period that year; or (b) 1/17th of that year’s signing bonus allocation for each regular season week or game missed.

 

	
 
    	
 
    	
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The parties acknowledge that it is difficult to calculate or determine the damages that Club would incur should Player fail to perform in the manner described above. Player and Club agree that the above calculation of such amount in liquidated damages is a fair and reasonable amount should Player fail to perform in the manner described above.

 

It is further understood and agreed that Player’s waiver of rights to certain unpaid amounts and Player’s obligation to re-pay certain amounts of the Bonus as indicated above are express provisions of this Contract and, but for the provisions herein contained, Club would not have executed this Contract. Club shall have a right of setoff and recoupment with respect to any amounts owed to Club.

 

Enforcement: In addition to any other remedies available to Club, and not in lieu thereof, Player hereby authorizes Club, at its option, to deduct and set off at any time and from time to time all or any part of any sums owed by Player to Club from any current or deferred or future wages, salaries, bonuses, severance pay and/or additional consideration owed to, or that may become owed to Player by Club whether by this Contract or otherwise. Additionally, Player authorizes any subsequent NFL Club that employs Player to deduct any amounts due Club from any sources whatsoever. In the event the full outstanding amount owed to Club cannot be satisfied by such deductions as set forth above, then Club shall retain all available rights and remedies to compel immediate payment, and Player agrees to pay all costs and expenses of collection including, but not limited to, attorney’s fees.

 

Written Modification Required: No term or condition of this agreement, and no breach thereof, shall be waived, altered or modified except by written instrument. No waiver shall be deemed to be a continuing waiver, but shall apply only to the specific event of default. No failure or delay on the part of the Club in exercising any power or right under the Contract shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.

 

The subtitles or section titles used in this Signing, Reporting and Playing Bonus Agreement are for convenience of reference only. Such subtitles in no way define, limit, extend, affirm, modify or describe in any way the scope or intent of any substantive provision.

 

	
/s/ Vernon Davis
    	
 
    	
Date:
    	
9/11/10
    
	
Player’s Name: VERNON DAVIS
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Paraag Marathe
    	
 
    	
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ADDENDUM C 

45-MAN ROSTER BONUS AGREEMENT

BETWEEN SAN FRANCISCO 49ERS (“Club”)

and VERNON DAVIS (“Player”)

 

Club and Player are executing this Addendum concurrently with their execution of an NFL Player Contract for the 2010, 2011, 2012, 2013, 2014, and 2015 NFL League Years (the “Contract”), to which this Addendum is attached and incorporated therein.

 

45-MAN ROSTER BONUSES

 

During each of the 2011, 2012, 2013, 2014, and 2015 NFL League Years, Player will receive $25,000 for each game he is a member of the Club’s 45-Man Active List. Club’s bye weekend is not included. The bonus, if earned, will be paid during the Regular Season in which it is earned at the same time Player is paid the Paragraph 5 Salary provided in Paragraph 5 of the Contract for that League Year. The maximum player can earn under this clause in any one NFL League Year is $400,000. The maximum that Player can receive over the life of this contract from this 45-Man Roster Bonus Addendum is $2,000,000.

 

If, during the 2011, 2012, 2013, 2014 and/or 2015 NFL League Years, Club participates in more than sixteen (16) regular season games, then player will receive an amount for each game he is a member of the Club’s 45-man Active List equal to $400,000 divided by the number of regular season games in that NFL League Year. For example, if during the 2012 NFL League Year, Club participates in eighteen (18) regular season games, then player will receive $22,222.22 for each game he is a member of the Club’s 45-man Active List.

 

 

	
/s/ Vernon Davis
    	
 
    	
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/s/ Paraag Marathe
    	
 
    	
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ADDENDUM D 

OFF-SEASON WORKOUT BONUS AGREEMENT

BETWEEN SAN FRANCISCO 49ERS (“Club”)

and VERNON DAVIS (“Player”)

 

Club and Player are executing this Addendum concurrently with their execution of an NFL Player Contract for the 2010, 2011, 2012, 2013, 2014 and 2015 NFL League Years (the “Contract”), to which this Addendum is attached and incorporated therein.

 

2011-2015 Workout Pay: For each of the 2011, 2012, 2013, 2014 and 2015 contract years, Player will receive Two Hundred Thousand Dollars ($200,000) if he participates in 90% or more of the Club’s Off-Season Conditioning Program in that respective year, as set forth by the Head Coach and certified by the Strength and Conditioning Coach, which participation rate shall be determined by the Club’s records. The Club’s Strength Coach will be solely responsible for maintaining attendance records, and this person’s records are final and binding on the respective parties. If Player receives a written excuse from the Head Coach for any one or more workouts, the excused workout(s) will not be included in the calculation of workout percentage completed for purposes of this participation requirement. Off Season workout participation shall not be rounded. Participation of 89.6% shall not qualify player for completion of a 90% participation requirement.

 

2012 Conditional Workout Amount: If Club does not hold a 2011 Off-Season Conditioning Program then player will receive an additional Two Hundred Thousand Dollars ($200,000) if he participates in 90% or more of the Club’s Off-Season Conditioning Program in the 2012 NFL League Year, as set forth by the Head Coach and certified by the Strength and Conditioning Coach, which participation rate shall be determined by the Club’s records. The Club’s Strength Coach will be solely responsible for maintaining attendance records, and this person’s records are final and binding on the respective parties. If Player receives a written excuse from the Head Coach for any one or more workouts, the excused workout(s) will not be included in the calculation of workout percentage completed for purposes of this participation requirement. Off Season workout participation shall not be rounded. Participation of 89.6% shall not qualify player for completion of a 90% participation requirement.

 

If, during the 2011 League Year, Club holds an Off-Season Conditioning Program then the 2012 Conditional Workout Amount will automatically become NULL and VOID regardless of whether Player participates in any or all of the 2011 Off-Season Conditioning Program.

 

Player must be a member of the Club’s 80-Man Roster at the completion of the respective Off-Season Conditioning Program and perform at a level that is satisfactory to the Strength and Conditioning Coach to earn this bonus. Player is required to report and fully complete strength, conditioning and skill sessions at a predetermined time under the supervision of Club’s Strength Coach.

 

	
 
    	
 
    	
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Any mini camps conducted by Club will NOT be considered a part of the off-season workout program and Player’s participation in any such mini camps will not count towards Player’s entitlement to the Workout Pay provided for herein.

 

The aforementioned Workout Pay is inclusive of any and all off-season monies, which may be due Player as determined under Article XXXV, Section 3 of the 1993 Collective Bargaining Agreement, as amended, for participation in an off-season workout program.

 

Any amount earned under this Incentive Addendum shall be payable on the later of two weeks after the conclusion of the workout program or June 30th of the League Year in which it is earned.

 

 

	
/s/ Vernon Davis
    	
 
    	
Date :
    	
9/11/10
    
	
Player’s Name: VERNON DAVIS
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Paraag Marathe
    	
 
    	
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ADDENDUM E 

GENERAL

BETWEEN SAN FRANCISCO 49ERS (“Club”)

and VERNON DAVIS (“Player”)

 

Club and Player are executing this Addendum concurrently with their execution of an NFL Player Contract for the 2010, 2011, 2012, 2013, 2014 and 2015 NFL League Years (the “Contract”), to which this Addendum is attached and incorporated therein.

 

A.                                    Automatic Conversions and/or Guarantee

 

Player and Club agree that on one or more occasions and at any time during the duration of this Contract, Club shall have the option to (i) convert a portion of Player’s 2010, 2011, 2012, 2013, 2014 and/or 2015 NFL Paragraph 5 Salary into Signing Bonus, (ii) convert part or all of the Roster Bonus(es), if any, set forth in this Contract into Signing Bonus and/or (iii) guarantee (or re-establish a guarantee that has been previously extinguished on) part or all of Player’s Paragraph 5 Salary or Roster Bonus(es). If Club exercises its option(s) to convert such Paragraph 5 Salary and/or Roster Bonus(es) as provided herein, Club shall use the same form of “Signing, Reporting and Playing Bonus Agreement” language as stated in this original Contract except that such converted Paragraph 5 Salary shall be payable in 17 equal weekly installments over the ensuing regular season. If Club exercises its option(s) to guarantee part or all of such Paragraph 5 Salary or Roster Bonus(es), Club shall use the same form of “Guarantee Agreement” language as stated in this original Contract. Player agrees to execute superseding NFL Player Contract(s) effecting the conversion(s) and/or guarantee(s) without receiving any additional consideration from the Club.

 

Player further agrees that the conversion(s) and/or guarantee(s) itself (or themselves), if effected, shall constitute valuable and adequate consideration for Player’s agreement to execute the new NFL Player Contract(s) and that Player shall be in default under the terms and conditions of this original Contract if he refuses or fails to promptly execute the new NFL Player Contract(s) after requested by Club.

 

B.                               Club Marketing

 

As set forth in Paragraph 4 of the NFL Player’s Contract, Player grants to Club and the League the right to use his name and picture for publicity and promotion. In that connection, Player grants to Club the nonexclusive right to use, in any and all media now existing or hereinafter developed (including Club’s Internet site), the authority to use Player’s name, portrait, image, picture or likeness, including any depiction, representation or image (still photograph, video or otherwise) (“Player’s Image”), in connection with any of Club’s promotional, advertising, trade, commercial or other proprietary activities.

 

C.                               Exclusive Services

 

Player acknowledges that if, during the term of this NFL Player Contract, Player were to negotiate or sign a contract to perform in the present or the future as a player for any other team or in any other sport, his services under this Contract would be impaired, that the intensity of his

 

	
 
    	
 
    	
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play, which is critical to his skill, performance, and contribution to the team, would deteriorate, team cohesiveness and morale (so central to success of a professional football team), would degenerate and fall off, and Club would be injured in these and other ways, the costs of which cannot be estimated with certainty and for which injury the Club cannot be fairly or adequately compensated by money damages.

 

Therefore, Player agrees that if, during the term of this NFL Player Contract, he or his agent or representative solicit or entertain offers or negotiate or sign a contract to perform in the present or the future as a player for any other party in any sport, that such action will materially breach this NFL Player Contract and Club will be entitled to a temporary restraining order and to an injunction restraining and enjoining the Player from negotiating, signing or performing such contract.

 

Nothing in this provision shall be construed as prohibiting Club from pursuing any of its remedies available to it for such breach, including the recovery of damages from Player, including any and all expenses incurred by Club directly or indirectly as a result of Club’s enforcement of this provision.

 

D.                               Player Appearances

 

As additional consideration for the compensation provided to Player in this Contract, Player will make annually at the request of Club a good faith effort to attend a minimum of ten (10) personal appearances on behalf of Club. It is acknowledged and agreed that each such appearance shall be of reasonable length and that player shall be reimbursed for his actual out-of-pocket expenses for mileage in going to and from the location of such appearances. Such appearances may, by way of example but not limited to, be for the promotion of Club and/or its commercial partners, be for the promotion of the Club’s new stadium sales efforts, be for Club’s sale of tickets, merchandise or other items, or be for charitable or community relations causes supported by Club.

 

Furthermore, Player agrees to autograph at the request of Club up to 300 designated items on behalf of Club for promotional or commercial purposes in each year of this NFL Player Contract. The designated items shall include, but are not limited to, football equipment, photographs and licensed apparel of the San Francisco 49ers. Club will pre-arrange times and places each year in which it will present to Player the designated items to be signed.

 

Additionally, Player agrees to perform at the request of Club up to two (2) hours of service per month on the Club’s official internet site (www.49ers.com) each month during the Term of this Contract. Club and Player will mutually agree on the dates and times of Player’s services.

 

E.                               Player Representation and Warranty

 

By executing the Contract, Player hereby represents and warrants, as of the date hereof that, except as otherwise disclosed to Club, Player (i) has not been charged with, indicted for, convicted of or pled nolo contendre to any felony and/or misdemeanor involving fraud or moral turpitude and (ii) has not engaged in conduct which could subject him to a charge, indictment or conviction of any such defense. Player acknowledges and agrees that his full and complete disclosure to Club of all information related to this representation and warranty has been relied upon by Club and is a condition precedent and material inducement to Club’s payment to Player and the potential compensation described in Addenda A through E of the Contract, and the

 

	
 
    	
 
    	
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parties intend that such paragraphs shall be severable and subject to rescission upon a material breach of this representation and warranty without affecting the parties remaining obligations pursuant to the Contract.

 

F.                                Insurable Interest

 

Club has an insurable interest in Player, and Player agrees to cooperate reasonably with Club in all matters pertaining to that interest, including taking a physical examination for insurance purposes.

 

G.                              Confidentiality

 

Player and Club agree not to disclose any terms of this Contract (including Addenda) to media, Player’s teammates or other external sources, other than the length of such Contract. Club will disclose the required elements of said contract to the National Football League Management Council.

 

H.                              Salary Owed Beyond Date of Termination of Contract

 

If this NFL Player Contract is terminated via the NFL waiver system and, as of the date of such termination and notwithstanding such termination, player is entitled to receive any Salary (as defined in Article XXIV, Section 1(c) of the 2006 NFL CBA, as amended) with payment dates after the date of termination, then player shall be paid such Salary no later than the earlier of (a) the date prescribed by the relevant provision of this NFL Player Contract or (b) the last day of the “applicable 21/2-month period” (as defined in Treas. Reg. § 1.409A-1(b)(4)(i)(A)) with respect to such payment. Any payment made before the date that would apply if not for this Paragraph H shall be discounted to the then-present value determined in accordance with the one-year Treasury Note rate published in The Wall Street Journal of the last February 1 on or before the payment is made (or, if The Wall Street Journal is not published on such February 1, the last day before such February 1 on which The Wall Street Journal is published).

 

This NFL Player Contract shall be interpreted and administered consistent with the intent that all compensation payable hereunder shall be exempt from the requirements of Section 409A of the Internal Revenue Code by reason of the “short-term deferral” rule set forth in Treas. Reg. § 1.409A-1(b)(4).

 

I.                                   Tax Consequences

 

Player and Player Representative(s) acknowledge and agree that neither Club nor any of its advisors or affiliates have any responsibility to provide Player, Player Representative(s) or any of Player’s advisors or affiliates with tax advice related to the tax consequences of this NFL Player Contract or otherwise. Player shall be responsible (and Club does not assume any responsibility) for paying all income, employment, excise and other taxes (including, but not limited to, any tax incurred pursuant to Section 409A of the Internal Revenue Code) on all payments, benefits, and other income (including imputed income) provided under, or resulting from, this Contract and any plan or other arrangement involving Club.

 

	
 
    	
 
    	
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/s/ Vernon Davis
    	
 
    	
Date:
    	
9/11/10
    
	
Player’s Name: VERNON DAVIS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Paraag Marathe
    	
 
    	
Date:
    	
9/11/10
    
	
San Francisco Forty Niners, Ltd. 
    	
 
    	
 
    
	
Football Operations
    	
 
    	
 
    

 

	
 
    	
 
    	
VD
    	
 
    	
 
    	
 
    	
PM
    	
 
    	
 
    
	
 
    	
 
    	
Player
    	
 
    	
Agent
    	
 
    	
Club
    	
 
    	
 
    

 

4

 

23.           WAIVER AND RELEASE. Player waives and releases any claims that he may have arising out of, related to, or asserted in the lawsuit entitled White v. National Football League, including, but not limited to, any such claim regarding past NFL Rules, the College Draft, Plan B, the first refusal/compensation system, the NFL Player Contract, pre-season compensation, or any other term or condition of employment, except any claims asserted in Brown v. Pro Football, Inc. This waiver and release also extends to any conduct engaged in pursuant to the Stipulation and Settlement Agreement in White (“Settlement Agreement”) during the express terms of that Settlement Agreement or any portion thereof. This waiver and release shall not limit any rights Player may have to performance by the Club under this Contract or Player’s rights as a member of the White class to object to the Settlement Agreement during its review by the court in Minnesota. This waiver and release is subject to Article X1V (NFL Player Contract), Section 3(c) of the 1993 Collective Bargaining Agreement (CBA).

 

24.           OTHER PROVISIONS.   (a) Each of the undersigned hereby confirms that (i) this Contract, renegotiation, extension or amendment sets forth all components of the player’s remuneration for playing professional football (whether such compensation is being furnished directly by the Club or by a related or affiliated entity); and (ii) there are not undisclosed agreements of any kind, whether expressed or implied, oral or written, and there are no promises, undertakings, representations, commitments, inducements, assurances of intent, or understandings of any kind that have not been disclosed to the NFL involving consideration of any kind to be paid, furnished or made available to Player or any entity or person owned or controlled by, affiliated with, or related to Player, either during the term of this contract or thereafter.

 

(b) Each of the undersigned further confirms that, except insofar as any of the undersigned may describe in an addendum to this contract, to the best of their knowledge, no conduct in violation of the Anti-Collusion rules of the Settlement Agreement took place with respect to this contract. Each of the undersigned further confirms that nothing in this contract is designed or intended to defeat or circumvent any provisions of the Stipulation and Settlement Agreement in White v. NFL, including but not limited to the Rookie Pool and Salary Cap provisions; however, any conduct permitted by the CBA and/or the Settlement Agreement shall not be considered a violation of this confirmation.

 

(c) The Club further confirms that any information regarding the negotiation of this contract that it provided to the Neutral Verifier was, at the time the information was provided, true and correct in all material respects.

 

25.           SPECIAL PROVISIONS.

 

See Addenda to contract for special provisions.

 

 

THIS CONTRACT is executed in six (6) copies. Player acknowledges that before signing this contract he was given the opportunity to seek advice from or be represented by persons of his own selection.

 

	
Vernon Davis
    	
 
    	
SAN FRANCISCO FORTY NINERS
    
	
PLAYER
    	
 
    	
CLUB
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Home Address
    	
 
    	
By
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
4949 CENTENNIAL BLVD.
    
	
 
    	
 
    	
Club Address
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SANTA CLARA, CA 95054
    
	
Telephone Number
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date
    	
 
    	
Date
    

 

	
/s/ Todd France
    
	
PLAYER’S CERTIFIED AGENT
    
	
 
    
	
3500 Lenox Road Suite 575

Atlanta, GA 30326
    
	
Address
    
	
 
    
	
404-816-2722
    
	
Telephone number
    
	
 
    
	
9/11/10
    
	
Date
    

 

	
Copy Distribution:
    	
White-League Office
    	
Yellow-Player
    	
Green-Member Club
    
	
 
    	
Blue-Management Council
    	
Gold-NFLPA
    	
Pink-Player Agent

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