2013 WSOP Staking Agreement

STAKING AGREEMENT PSP 2013

Scope

This document ("Agreement") is a contract between the undersigned parties for financial backing in the 2013 World Series of Poker and for the sharing of all profits from said Tournament with the first place winner of a satellite tournament held on April 20, 2013 in Chris Manzoni's garage in Burbank. The first place winner of this satellite is hereafter referred to as the "Rep". 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:

A $1000 or $1500 Entry Event within -
The 2013 World Series of Poker

The Specific Bracelet Event is to be determined and will be chosen by the winner (REP) of the PSP Satellite (PSPS.01) played on April 20th, 2013.

$1000 or $1500.00 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.

Any additional money 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 the REP can retain all profit from other poker tournaments and poker cash games in which he plays.

The Rep agrees to perform in good faith and with full intent on maximizing return for both PSP Backers and the Rep.

The Rep is permitted to negotiate a chop of any prize money in the Tournament provided the Rep 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 the Rep.

The Rep must make payment of any split payout to PSP Backers within 4 weeks of receiving the Tournament prize money.



Taxes

The parties hereto do hereby agree to provide all information necessary to the IRS for payment.  The Rep agrees to execute and present same to the WSOP and the IRS for himself and for each of the members of 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 the 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 The Rep, either in person or via phone.

If the Stake is not currently in play in the Tournament, The Rep can terminate the Agreement solely by returning 100% of the Stake to the Flatline Backers.

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



Alternate Rep

If for any reason, the Rep is unable to play in a WSOP bracelet event, (the Rep must make an official decision on which WSOP bracelet event within 2 weeks of PSPS.01) - the Rep shall pass his or her seat to the second place finisher in PSPS.01, the 2ndREP. The 2ndREP shall be bound to the conditions of the first Rep, except that instead of collecting 60% of the tournament payout, the 2ndRep shall only receive 50%. PSP Backers shall still evenly divide 40%, but the extra 10% will go entirely to the first Rep, who will still be excluded from the PSP Backers share.

EXCEPTION:  If the Rep has a death in their immediate family, catastrophic injury or any other exceptional crisis that precludes participation in the 2013 WSOP, they may defer their participation until the WSOP in 2014.  The host of this event, Chris Manzoni, shall be the sole arbiter of allowing this deferment.


1K Seat - Optional $1500 Seat

If a player wins a 1K seat but prefers to play in a $1500 event (which, to be fair, offers a lot more options - including mixed game events) he/she has the option to do so and put up their own extra $500.  However, this staking agreement in it's entirety is still in effect regardless - with one exception.

EXCEPTION: Because the REP will be putting up substantially more money of their own the sharing split will be 70/30 instead of 60/40.  While this is not mathematically proportional or correct, it preserves the spirit of the PSP World Series Satellite, which is at it's heart a team endeavor.



Signatures

The undersigned Backer(s) and Rep agree to this Staking Agreement and agree to all terms and conditions herein above.