Our new draft

Dear colleagues, please read the draft and leave your comments!

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An Initial Period commencing on the date of signature hereof and expiring 180 day$ following first release of LP 1. Four separate and consecutive Option Periods, each Period commencing on the date following expiry of the preceding Period and expiring 180 days following first release of the LP for the Period in question. Notice of exercise of each Option shall be given in writing by Counteragent A prior to expiry of 180 days following first release of the LP for such Period (unless otherwise mutually agreed in writing by the parties).

Rights vest in Counteragent A for life of copyright.

Minimum commitment:

1 LP per period (each LP to be no less than 40 minutes and 10 tracks) Choice of singles and number of singles to be mutually agreed, and COUNTERAGENT B to deliver such ‘B’ sides as required by Counteragent A (up to a maximum of three (3) in respect of each album)

Counteragent A may release so called Greatest Hits album(s) during and after the Term provided that if Counteragent A propose to release a Greatest Hits album during the Term they will not do so prior to the release of the third album and they will not do so without the prior written consent of COUNTERAGENT B, which consent will nm be unreasonably withheld or delayed.

Counteragent A and COUNTERAGENT B will mutually agree an additional advance payable in respect of any Greatest Hits album released during the term provided that such advance shall not exceed 50% of the advance payable to the Artist in respect of the previous album released and COUNTERAGENT B will procure that the Artist carries out all promotional work required by Counteragent A in respect of such Greatest Hits album.

For the avoidance of doubt Counteragent A may release Greatest Hits album(s) after the Term without the consent of COUNTERAGENT B and without payment of an additional advance.

Deliverables:

COUNTERAGENT B to deliver technically, artistically and commercially satisfactory master tapes comprising the first album on or before 31st January 2000. COUNTERAGENT B to mutually agree with Counteragent A A&R direction of the albums and tracks contained therein. Deliverable dates on options to be mutually agreed.

Release commitment:

Counteragent A will release each album in the UK within 180 days of delivery and within the Major Territories within 12 months of UK release (provided that if the last day on which Counteragent A is obliged to release an album falls between 1st November and 31st December in any year then Counteragent A will not be obliged to release each album prior 10 the last day of January in the next succeeding year).

In the event that Counteragent A fail to release an album in the UK within 180 days of delivery then Artist shall have the right to terminate the Term and provided that COUNTERAGENT B pays to Counteragent A all recording costs incurred in respect of such album and agrees to assume full responsibility for all of Counteragent A’s continuing obligations in ‘ relation to such album including without limitation its obligations to pay royalties to producers, engineers and third parties then COUNTERAGENT B may require Counteragent A to reassign to COUNTERAGENT B the rights in such unreleased album only.

In the event that Counteragent A fails to release an album in any of the Major Territories within 12 months of the UK release of such album then COUNTERAGENT B may require Counteragent A to license on an exclusive basis rights in such album for the Major Territory in which Counteragent A have failed to release such album to a third party chosen by COUNTERAGENT B. In the event of Counteragent A so licensing such album then in lieu of oil obligations herein contained to account to COUNTERAGENT B for royalties or other monies arising from the exploitation of such album by such licensee, Counteragent A shall credit COUNTERAGENT B’s royalty account with ___________percent (%) of its net receipts (including advances) from such license and shall pay to COUNTERAGENT B an additional thirty seven and a half per cent (37.5%) of its net receipts (including advances) from such license.