WSOP Staking Agreement

NOTE: This is a standard staking agreement, and it will be completed by the author in full with appropriate names and dates before the WSOP 2010.

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STAKING AGREEMENT



Scope

This document ("Agreement") is a contract between the undersigned parties _______________ ("PSP BACKERS”) for financial backing in the 2010 World Series of Poker Event #_______ (“TOURNAMENT”) and for the sharing of all profits from said Tournament. This Agreement represents the entire agreement, and any amendments must be made in writing and be signed by both parties.



Games

This Agreement is in effect for the following TOURNAMENT:



The 2010 World Series of Poker

Event ____ No-Limit Hold-Em

Date _______________

$1000 Entry Fee



$1000.00 provided by PSP BACKERS shall be used for the buy-in, entry fee and other costs to the TOURNAMENT, and none shall be used neither for any other tournaments or cash games, nor for any additional expenses including, without limitation, travel, lodging or meals.



$________ provided by PSP BACKERS may be used for additional expenses including, without limitation, travel, lodging or meals.



This Agreement is only in effect for the herein above listed Tournament and REPRESENTATIVE can retain all profit from other poker tournaments and poker cash games in which he plays.


REPRESENTATIVE agrees to perform in good faith and with full intent on maximizing return for both PSP BACKERS and REPRESENTATIVE.


REPRESENTATIVE is permitted to negotiate a chop of any prize money in the Tournament provided REPRESENTATIVE has a reasonable expectation that the value of the chop is greater than the value of playing out the Tournament.



Settlement



Payout from the Tournament shall be split as follows: 40% for PSP BACKERS, distributed equally amongst PSP BACKERS and 60% for REPRESENTATIVE.



REPRESENTATIVE must make payment of any split payout to PSP BACKERS within 2 weeks of receiving the Tournament prize money.



Taxes

The parties hereto do hereby agree to provide all information necessary to prepare IRS Form 5754. REPRESENTATIVE agrees to execute and present same to the payer for preparation of Form W-2G for each of the persons listed as PSP BACKERS.



Termination

Once the Stake is in play in TOURNAMENT this Agreement is binding for TOURNAMENT and cannot be terminated by either party.



If the Stake is not currently in play in TOURNAMENT, PSP BACKERS can terminate the Agreement at any time for any reason. PSP BACKERS can terminate the Agreement through written or oral notification to REPRESENTATIVE, either in person or via phone.



If the Stake is not currently in play in TOURNAMENT, REPRESENTATIVE can terminate the Agreement solely by returning 100% of the Stake to the PSP BACKERS.



This Agreement is automatically terminated at the completion and settlement of TOURNAMENT.




Signatures

The undersigned PSPWSOPC BACKERS and REPRESENTATIVE agree to this Staking Agreement and agree to all terms and conditions hereinabove.





REPRESENTATIVE Date:





PSP BACKERS Date: