Fill and Sign the Agreement Funds Form

Joint Venture Agreement Joint Venture Agreement ____________________________________ (Joint Venture) made on the _________________________ (date) , between _____________________________ (Name of Player) , of ____________________________________________________________ _________________________________________ (street address, city, county, state, zip code) , hereinafter called Player , and ______________________________________ (Name of Limited Liability Company) , a limited liability company organized and existing under the laws of the state of __________________, with its principal office located at _________________________ ______________________________________________________________________________ (street address, city, county, state, zip code) , and hereinafter called LLC . Whereas, Player is a Golf Professional and desires to compete in the ________________ ____________________________ (Name of Tour) , hereinafter called Tour ; and Whereas, Player needs a sponsor or sponsors to help him pay Tour expenses, such as travel, lodging, and daily living expenses; and Whereas, LLC desires to pay such expenses in order to enable him to compete for prize money in professional golf tournaments and qualify for the PGA Tour i n exchange for a share of any money won on the Tour by Player ; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Nature and Amount of Contributions : The nature and amount of the contributions of each Party to the Joint Venture are as follows: A. Financial Contributions LLC shall contribute the sum of $______________ (e.g., per year, month, week) ________________________. Said sum shall be adjusted as necessary. B. Player Contribution Player shall contribute his time and skill as a golf professional on the professional tours and tournaments to be selected by him, and shall diligently and faithfully pursue the goal of qualifying for the PGA Tour and competing as a professional athlete . 2. Time for Making Contributions LLC shall each make its initial $_______________ contribution at the time it executes this Agreement or earlier. 3. Effective Date and Term This Joint Venture shall commence on _________________________ (date) and shall continue until ___________________________ (date) , at which time it shall terminate. 4. Division of Income A. Return of Contributions The goal of the joint venture is to return contributions to LLC from prize money earned by Player during the term of this Agreement, in exchange for enabling him financially to participate as a professional athlete. Sharing of prize money during the term of the Agreement shall be as follows: 1. ______ % to LLC ; and 2. ______ % to Player . B. Right to Buyout Existing Shares At any point within the Agreement, Player reserves the right to buy back all joint venture shares bought as of the date of his decision by fully paying back the LLC its contributions plus no less than _______% of the amount paid thus far. C. Sharing After Agreement Term End Upon termination of this Agreement, Player may, but shall have no further obligation, to share prize money with LLC , regardless whether the full contributions has been returned or not. 5. Computation of Division of Income Expenses of conducting the Joint Venture shall first be deducted from the assets of the Joint Venture, in accordance with the Budget attached to this Agreement as Exhibit A and incorporated by reference. LLC understands and agrees that Player shall be entitled to have all items set forth in the Budget paid from the assets of the Joint Venture and such items shall constitute an expense of the Joint Venture. 6. Accountability for Assets and Prize Money: The Parties agree that all monies contributed by the LLC shall be deposited in a bank account in the name of Player, which shall be under his exclusive control and supervision, and that all interest income therefrom shall be become Player’s property. Player shall obtain the services of a qualified certified public accountant, who shall maintain records regarding all Joint Venture expenditures. Both Player and LLC , upon reasonable prior notice to the accountant, shall be entitled to examine the books and records maintained by the accountant pertaining to this Agreement. 7. Death or Incapacity of Player A. Death If, during the term of this Agreement, Player shall die, this Agreement shall terminate. All remaining Joint Venture monies then on hand, less expenses incurred to the date of termination shall be distributed to the LLC and to the appropriate representative of the estate of Player in the same percentages as income is distributed as set forth in Paragraph 4 above. B. Incapacity If, during the term of this Agreement, Player becomes ill or injured, and thereby incapacitated to the extent that he is prevented from competing for more than half of a single professional golf season, LLC shall have the option to terminate this Agreement and receive back the monies representing the percentage set forth in Paragraph 4 , less all expenses incurred to the date of termination on a pro rata basis. 8. Assumption of Risk The LLC assume the risk of all losses, actions, proceedings, claims, and demands by reason of any liability that might arise against as a consequence of his entering this Agreement, if any there be, and expressly hold Player harmless from any such risk. 9. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 10. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of ____________________. 11. Notices Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 12 . Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 13. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 14. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. WITNESS our signatures as of the day and date first above stated. ________________________________ (Name of LLC) By: ______________________________ ________________________________ (P rinted or typed name) (Printed or Typed Name of Player) __________________________________ __________________________________ (Name and Office in LLC) EXHIBIT A ANNUAL BUDGET (E XPENSES OF THE J OINT V ENTURE ) Estimated Expenses Based on a (an) _____ month Playing Calendar Monthly Professional Expenses:  Entry Fees: _______________  Hotel: _______________  Car Payment: _______________  Car Insurance: _______________  Gasoline: _______________  Airfare: _______________  Rental Car: _______________  Food: _______________  Instruction Fees: _______________  Practice: _______________  Miscellaneous: _______________  PGA TOUR Q School: _______________  Q-school, travel, etc. _______________ TOTAL: _______________ Monthly Personal Expenses: 1. Rent: _______________ 2. Half Utilities (Electricity/Water): _______________ 3. Half Cable/Internet: _______________ 4. Laundry/Dry cleaning: _______________ 5. Haircuts: _______________ 6. Cell phone: _______________ 7. Student loan: _______________ 8. Gifts (family/hospitality): _______________ 9. Miscellaneous: _______________ 10. Clothing: _______________ 11. Health insurance: _______________ 12. Dental: _______________ 13. Vision: _______________ 14. Life/Disability: _______________ TOTAL: ________________________ Total Monthly Professional and Personal Expenses _______________________