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Promotion Agreement

 

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Title:

Promotion Agreement

Entities:

Ashworth, Inc.; Couples, Fred

Date:

2001

Size:

Preview shows 4KB of 24KB total

Price:

$31

ID:

#376496

 

 

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                           PROMOTION AGREEMENT BETWEEN

ASHWORTH, INC. AND FRED COUPLES


THIS PROMOTION AGREEMENT (the "Agreement") is entered into by and between
ASHWORTH, INC. (hereinafter the "Company" or "Ashworth") and FRED COUPLES
(hereinafter "Couples"), effective November 1, 1999.

WHEREAS, this Agreement supercedes and replaces all prior agreements
between the parties including but not limited to that Promotion Agreement dated
September 1, 1994 and all amendments and addenda thereto; and

WHEREAS, the Company desires to retain Couples to provide certain
promotional and other services ("Services") and Couples is willing to provide
such Services; and

WHEREAS, the parties hereto desire to set forth in writing their
understanding and agreement as to the promotional arrangement;

NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties do hereby agree as follows:


DEFINITIONS

As used herein, the terms set forth below shall be defined as follows:

ASHWORTH APPAREL shall mean all ASHWORTH(R) brand apparel contained in the
Company's present and future collections.

CONTRACT TERRITORY shall be worldwide.

DISABILITY shall mean mental or physical illness or medical condition
rendering Couples incapable of fulfilling his obligations under this Agreement.

ENDORSEMENT shall include only the right to use the name, any nickname,
initials, autograph, facsimile signature, photograph, portrait, likeness, and/or
endorsement of Couples.


TERMS OF RELATIONSHIP

1. GRANT AND ACCEPTANCE. The Company hereby retains Couples to provide the
below-described Services and Couples agrees to provide the Services upon
the terms and conditions herein set forth.


1
{PAGE} 2

2. TERM. Except as otherwise provided herein, this Agreement shall commence
effective as of November 1, 1999, and shall automatically terminate on
October 31, 2011 (the "Term").


SERVICES

Couples shall furnish the following Services:

1. ENDORSEMENT. Worldwide Endorsement of the following products:

a. Ashworth(R)Apparel;

b. Ashworth(R)headwear (through advertising media);

c. A shoe line under the trademark "Ashworth," "Couples," or "Fred
Couples" or a combination thereof.

Couples agrees that the Company may use the Endorsement in connection with
advertisement, promotion, and sale of Ashworth Apparel, headwear, shoes and
accessories in the Company's present and future collections.

2. GOLF TOURNAMENTS. Couples agrees to play a minimum of fifteen (15)
regularly scheduled and sanctioned U.S. and/or international competitive golf
events during each November 1 through October 31 twelve-month period through and
including October 31, 2004 and a mutually agreed schedule no less than a
reasonable tour exposure during the next seven years of this Agreement or
through and including 2011. Couples and the Company agree that Couples may in
his sole discretion elect to play fewer regularly scheduled and sanctioned golf
events during the term of this Agreement, in which event his $1,000,000 annual
cash compensation as described herein below shall be reduced proportionately.
For example, if he plays in 75% of the required events, his $1,000,000 annual
cash compensation payable under "Compensation" Paragraph 1 for that year shall
be reduced by 25%.

3. ASHWORTH APPAREL AND PRODUCTS. Couples shall wear the Ashworth Apparel and

 

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