Home / Preview ID: 1715078

Endorsement Agreement

Entities:
Date:
2006
Size:
31K
ID:
#1715078

Start of Preview
                  CONFIDENTIAL PORTIONS OF THIS
                  -----------------------------

                   DOCUMENT HAVE BEEN REDACTED
                   ---------------------------

                    AND HAVE BEEN SEPARATELY
                    ------------------------

                    FILED WITH THE COMMISSION
                    -------------------------









                      ENDORSEMENT AGREEMENT
                      ---------------------


     This Agreement is entered into on January 13, 2005 between
professional golfer, TOM WATSON, (hereinafter referred to as
"CONSULTANT") and ADAMS GOLF, LTD. (hereinafter referred to as
"ADAMS GOLF").

                           WITNESSETH
                           ----------

     WHEREAS, ADAMS GOLF desires to obtain the right to use the
name, likeness and ENDORSEMENT of CONSULTANT in connection with
the advertisement and promotion of ADAMS GOLF'S PRODUCT;

     NOW THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:


                         CONTRACT PERIOD
                         ---------------

1.  TERM OF CONTRACT
    ----------------

    The Term of this Agreement shall be for a period of 5 years
    and 4 months commencing the 1st day of September 2004 and
    terminating the 31st day of December 2009.

2.  DEFINITIONS
    -----------

     As used in this Agreement, the following terms shall be
defined as set forth below:

       A.   CONSULTANT'S "ENDORSEMENT" means the right to use
       the CONSULTANT'S name, fame, nickname, autograph, voice,
       facsimile, signature, photograph, likeness, and image in
       connection with the marketing, advertising, promotion and
       sale of ADAMS GOLF'S PRODUCT.

     B."PRODUCT" shall mean all golf clubs including, but not
       limited to, metal woods, drivers, fairway woods, irons,
       iron-woods, utility clubs, wedges, and putters, bags, and
       headwear.

     C."MANDATORY PRODUCTS" shall mean the following ADAMS GOLF
       PRODUCTS that CONSULTANT must exclusively play/use in all
       Champions/Senior Professional Golf Association (SPGA) and
       Professional Golf Association (PGA) events at all times:


                               -1-




       1. [*****]
       2. Sufficient [*****] to maintain total minimum of [*****]
            ADAMS GOLF [*****] (includes [*****])[*****] at all
            times
       3. [*****]
       4. [*****]   (CONSULTANT  may  continue  to  place   the
            [*****]   logo   on   the  [*****]  consistent   with
            historical practice.)

     D. "CONTRACT TERRITORY" shall mean the entire world.


                    CONSULTANT'S OBLIGATIONS

3.   CONSULTANT'S ENDORSEMENT
     -----------------------

     CONSULTANT hereby gives and grants to ADAMS GOLF the
     exclusive right and license to use CONSULTANT'S ENDORSEMENT
     in connection with the manufacture, sale, distribution,
     advertising and promotion of PRODUCT in the CONTRACT
     TERRITORY.

4.   EXCLUSIVITY OF ENDORSEMENT
     --------------------------

     During the term of this Agreement, unless otherwise
     authorized at the sole discretion of ADAMS GOLF in writing,
     CONSULTANT shall not:

     A. give the right to use or permit the use of CONSULTANT'S
        name, facsimile signature, nickname, voice or likeness to
        any other manufacturer or seller of  PRODUCT;

     B. sponsor or endorse PRODUCT made or sold by any other
        manufacturer or seller; or

     C. serve as a CONSULTANT or advisor of any other
        manufacturer or seller of PRODUCT.

     D. Notwithstanding paragraphs 4A, 4B and 4C above,
        CONSULTANT shall be entitled to endorse and play the
        [*****].  The parties expressly agree that CONSULTANT may
        permit [*****] the use of CONSULTANT'S name and/or
        likeness in [*****] print and/or television advertisement
        provided that this is executed in a manner consistent
        with [*****] past [*****] advertising practice using
        similarly situated professional golfers with competing
        golf club endorsement agreements that include [*****].
        If [*****] use of CONSULTANT varies from past practice of
        utilizing similarly situated professionals, CONSULTANT
        will take action to remedy the situation [*****]. If
        CONSULTANT participates directly in any [*****] sponsored
        photo shoots for advertising or PR, CONSULTANT shall wear
        his ADAMS GOLF [*****].  The parties further expressly
        agree that CONSULTANT'S endorsement of


End of Preview