Legal Question in Entertainment Law in New Jersey

My band signed this "agreement". But they havent goven us any money from any sales at alll and we havemt given them any either. Does this make the contract null and void? Are we still locked into this?

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Mediaskare Entertainment

19528 Ventura Blvd.

Suite 249

Tarzana, CA 91356

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​Dated As of January 18, 2011

Re: Float Face Down Exclusive Recording Agreement offer

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Ronald Gilbert, Kyle Shope, Richard Catalano

Matthew Douglas and George Bergin

Individually and collectively p/k/a �Float Face Down�

Whose address is: 35 Devon Dr. Manalapan, NJ 07726

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Gentlemen:

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The following shall constitute our offer (the �Offer�) with respect to your providing us with your exclusive recording services Individually and Collectively as members of the musical group p/k/a �Float Face Down� (the �Group�) as set forth in detail herein below.

Services. �You shall, in accordance with the provisions hereof, render to us your exclusive services as recording artists throughout the Universe (�Territory�) for the purpose of recording Masters (as hereinafter defined) and Delivering (as hereinafter defined) such Masters to us.

1. Term.

(a) �Initial Period� of (2) Albums

(b) �Option Renewal Period� of (3) irrevocable, separate, consecutive options.

2. Recording Costs and Advances.

(a) All in recording fund of Two Thousand Dollars ($2,000) for the First Album, Three Thousand Dollars ($3,000) for the Second Album, Four Thousand Dollars ($4,000) for the Third Album and Five Thousand Dollars ($5,000) for all Subsequent Album(s), as applicable. �In the event that you record either the First Album and/or the Subsequent Album(s) in Mediaskare�s recording studio, the daily studio rate shall be $500/day, which amount shall be deemed a Recording Cost and shall be recoupable from your share of the Net Income.

3. Net Income. � � Conditioned upon your full and faithful performance of the terms of this Agreement, we shall pay you Fifty percent (50%) of our Net Income from all sources, including, without limitation, all third party distributors, assignees or licensees. ��Net Income� shall mean all income actually received by us, including, without limitation, all net advances received and directly related to the Records and Videos, less our actual expenses, which shall include, without limitation, payment of mechanical royalties, marketing and promotional expenses, distribution fees, manufacturing costs, VAT taxes, container fees, accounting fees, legal fees (excluding with respect to this Agreement or amendments thereto) and all other third party expenses incurred by us in connection with any Record under this Agreement. �Additionally, Recording Costs and Advances shall be recoupable from your share of our Net Income.

4. Merchandising.​You hereby grant to us (and we may grant to others) during the Term, throughout the Territory, the exclusive right to produce and distribute retail and online merchandising in connection with the use of your professional or individual names either as member of the Group or individually, including, without limitation, the name of the Group and any and all trademarks owned or controlled by the group. We shall pay you fifty percent (50%) of the net proceeds received by us for retail and online merchandise. Amount shall be paid to you without regard to the position your account with respect to the Net Income derived from the sale of Records and/or Videos hereunder. �

5. Other Rights.​During the term of the Agreement, you shall pay Mediaskare Entertainment Twenty percent (20%) of all net income earned by you from your activities in the entertainment industry (other than music publishing, retail and online merchandising or recording), including, without limitation, income from touring, tour merchandise, sponsorships and acting.

6. Co Publishing.​ 50/50 Co Publishing Agreement to run concurrently with Recording Agreement and with an additional one time Advance of (Two Thousand Dollars) $2,000 of which said amount is to be payable 2 weeks prior to the initial commercial release of the 1st album. �

7. Sub Label. � � � � �Your First and or Second Album will be released on our Sub Label �Rite Of Passage.�

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Very truly yours,

� � � � � � � Mediaskare Entertainment

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� � � � �By: ___________________________

​ � � �

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