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JR Rickert Settlement Agreement

JR Rickert Settlement Agreement

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Published by Darren Adam Heitner

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Published by: Darren Adam Heitner on May 29, 2012
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05/29/2012

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SETTLEMENTAGREEMEI{T
This Agreementmade his9th dayof January012by andbetweenationalSportsManagementLC aNewYorkLimitedLiability Companywith itsprincipalplaceof businesstStateStreet,Schenectady,ew York 12305hereinfter eferredo asNSM), JohnRickertJR)residingt 16Brendan ane,Niskayuna, ew York12309,ohrMassaroniJM)esiding t 3iBanckerAvenue,Scotia,New York 12302 ndMichaelGiorgioMG)residingat 6 NormandySquare,ltamont,New York l2009(hereinaftereferredoasPARTIES)
WITNESSETH:Whereas,he PARTIES are heonly officers,managers nd membersof NATIONALSPORTSMANAGEMENT,LLC aNew York Limited LiabilityCompanywithitsprincipalplaceofbusinessState StreetSchenectady,ewYork 12305 andWhereas,R desires o resign asan officer,managerand memberof NSM,andWhereasNSM,JMandMG individualiy and as theonly officers:managersnd membersof NSMdesireo acceptR's resisnations.ndWhereasJM,MG *d NS;uponacceptingJR'sresignationdesire orelease Rfrom thecovenantnot to competecontainedand heOperatingAgreementandts amendmentsfNSM.
NOWTFIEREFOREINCONSIDERATiONFTHESUMOFOne($1.00)ollar.aidbyeachparfy'toheother,and hemutualpromises,ovenantsndconditionsereafteret orth.itis heretoovenantedndagreeds ollor,r's:RESIGNATIONOF RICKERT1.JRhereby esignsndJIr{. vIGandNSM hereby cceptR's esigpationsoffrcer.manaserndor memberf NSM.
 
EXISTINGATHLETE2. The PARTIES agree hatthe annexedExhibitA attachedheretoand madeaparthereof representshecompleteistof allprofessionalathletes epresentedythe NSMand theparrywhowasresponsibie or securinghe athleteas aclient ofNSM(ProducingPartv). ntheeventthere are twoproducing partiesitwillbesodesignated. This shall notdepend onthenameon theSRA or otherprofessionalathiete representationAgreement. For thepurposesofthisAgreement, heseathleteswillbecalled"E)ilSTINGATHLETES".RE\{ENUESIL{RTNG3.The PARTIESagree oparticipaten revenuesharingasdefined below as ong asthisAgreements compliedwithby allparties.This revenue sharing agreementhallsupercedeanypre-existingsharingagreementsbetweenthe PARTIES and NSM.in the event that anyparryherein violatesthis Agreement hen the otherpartiesherein nseekingdamages r redressshallhave theoptionof enforcing either the revenue sharingagreement.vhichexistedpriortothisSettierrentAgreement. ortherevenue sharingagreementn this SettlementAgreement,atthe optionof the non breachingparlv.4.Commissions n E)OSTINGATHLETEwillbe split asollows:A.Withrespecto an Existing Athlete's contractwitha teamwhichisin effect at thetime ofthesigningofthisAgreement:["ExistingContract"]60?twillbepaidto the ProducinsPag'and thebaiancer,villbesplitevenlyby the non-producingpartiesforthedurationofsaidcontract.
 
C.
As to any newcontractsentered nto by ExistingAthleteswithin24monthsof settlement,"NewContract"] revenueswilibe splitas set orthin"A" above,untilthe NewContactexpires.After any ExistingContract.orNew Contractexpires. hen the splitonanysubsequentevenuesgenerated,van ExistingAthiete wilbe 75112.5112.5i.e.ProducingParrywillreceive75% andtheother twopartiesL2.5%each]. This splitwillcontinueuntil saidathlete etires.NEWATIILETE5.A"NEW ATHLETE" isdefined asan athlete who wasnot an DTSTINGATHLETEat the time ofthesigning ofthis Agreement.who u'ithin atwo-yearperiodaftersettlementsigns a representationagreementwithapart-vherein.Ifthat athlete enters nto acontractwithaprofessionalsports team, includinga boxerwhoeams money subject tocommission,within threeyearsafter settlement,hen all fees eamedonconffacts enteredntowiththat professionalsports team or ali feesearned attributable to an a*ilete,willbesplit75112.51I2.5fProducingiotherparty]until the expiration ofsuch contractor threeyearsrom thedateofsettlement f aboxeror other athletesnotsubiect o written contactr,vithaprofessionalsDonseam.
B.

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