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Examples
 
Option Agreement #2
Tuesday, Jan 30, 2007
 
January XX, 20XX

From:

Hollywood Production Company
1234 Hollywood Blvd.
Hollywood, CA 98765

To:

Sam Screenwriter
123 Main Street
Any Town, Some State 12345

Re: “My Amazing Script”

Dear Sam:

This will confirm our agreement as follows:

1. Grant of Option: In consideration of the payment to you of the sum of XXX Dollars ($XXX.00 U.S.) (the “Option Fee”), receipt of which you hereby acknowledge, you hereby grant to us the exclusive and irrevocable option to acquire from you certain rights in and to the screenplay currently entitled “MY AMAZING SCRIPT” (the “Property”), upon and subject to the terms, covenants, conditions, representations and warranties more particularly set forth in these documents.

2. Option Periods: Said option shall remain in full force and effect for an option period of twelve (12) months from and after the date hereof; provided, however, that we shall have the right to extend said option for a further option period of one year by giving you written notice of our election to do so at any time prior to the expiration of said initial option period and by paying you an additional XXX Dollars ($XXX.00 U.S.); and provided, further, that in the event the production of motion pictures by us, or the other activities referred to in Paragraph 4(a) below, shall be prevented or substantially interfered with by reason of any force majeure event (i.e., any labor dispute, fire, war, governmental action or other unexpected or disruptive event) the initial option period or the further option period, as the case may be (depending upon which of said periods shall be in effect at the commencement of such force majeure event), shall be automatically extended for a period equivalent to the period that such force majeure event exists. In the event that the initial option period or further option period, as the case may be, would otherwise expire on a Saturday, Sunday or national holiday, said period shall be automatically extended until the close of business on the next following business day.

3. Exercise of Option: Upon notice to you that we desire to exercise the Option, or upon commencement of principal photography of the first production (theatrical, television, direct to video) of the Property, which ever occurs first, we will be deemed to have exercised the Option, and shall within ten (10) business days thereof pay a cash purchase price equal to the greater of $XX.XX or one percent (3%) of the direct cost budget of the applicable production of the Property less the Option Fee. Final purchase price is not to exceed XXXX Dollars ($XXXXX.00 U.S.). The term "direct cost budget" shall be deemed to mean the final approved (and bonded, if a completion guarantor guarantees completion) "going in" budget of the applicable production of the Property, excluding all finance costs, interest charges, completion bond fees, contingency amounts and deferments. Upon our exercise of the Option, you agree that we will acquire in perpetuity and throughout the universe, all right, title and interest in the Property including, but not limited to, the exclusive right to produce and distribute for and in all media now known or hereafter devised all types of audiovisual works of any kind and allied rights therein (including by way of illustration all soundtrack, music publishing and merchandising rights) based on the Property.

4. Pending Exercise of Option: Pending the exercise of said Option:

(a) Development: We shall have the right to prepare screenplays, budgets, teleplays, treatments or other material, and engage in other customary preproduction activities. We will not commence principal photog¬raphy of any motion picture or television film based upon the literary material covered hereby without first exercising said option. We shall own all rights of every kind and character whatsoever in and to material prepared by us, subject only to such rights as you may have in the material herein referred to if we do not exercise said option within the time and in the manner hereinabove set forth.

(b) Representations and Warranties: You hereby represent and warrant that: (a) the Property was written solely by and is original with you; (b) the Property is not based in whole or in part on the life of any real person except as disclosed in writing to us prior to the execution hereof; (c) neither the Property nor any element thereof infringes the copyright in any other work; (d) neither the Property nor its exploitation will violate the rights to privacy or publicity of any person or constitute a defamation against any person, or in any other way violate the rights of any person whomsoever; (e) you own all rights assigned to us free and clear of any liens, encum¬brances or other third party interests of any kind, and free of any claims or litigation, whether pending or threat¬ened; (f) you have the full right and power to make and perform this Agreement without the consent of any third party; and (g) the Property has not previously been exploited as a motion picture or television pro¬duction.

(c) Indemnification: You will indem¬nify us against any liability, loss, damage, cost or expense (including reasonable attorneys' fees) incurred by reason of any third party claim arising out of the breach by you of any of your representations, warranties or agreements herein.

(d) Copyright Registration: In the event the material covered hereby is not presently registered for copyright in the United States Copyright Office, we or our nominee shall have the right as your attorney-in-fact to obtain and register the copyright therein in your name. We shall also have the right as your attorney-in-fact to execute and record such documents as we may deem necessary to evidence our option rights hereunder as a matter of record.

5. Delivery of Documents: Concurrently with the execution of this agreement, you shall execute and deliver to us:

(a) Short Form Option: A short form Option Agreement (which may be recorded in the Copyright Office of the United States), in the form attached hereto.

(b) Short Form Assignment: A short form Assignment (undated) in the form attached hereto. In the event we exercise the option, the date of exercise shall be inserted in the blank spaces provided therefore in said Short Form Assignment and the Short Form Assignment shall become a binding instrument without any further execution and delivery. In the event we do not exercise the option within the time and in the manner herein set forth, said Short Form Assignment shall be of no force or effect whatso¬ever and all signed copies thereof in our possession will be returned to you if you request us in writing to do so.

(c) Additional Documents: You shall promptly on our request execute and deliver any additional documents we may reasonably require to carry out the purpose of this agreement and to perfect the rights herein granted. If you shall fail so to do within 5 business days of our submission of same to you, then we may do same in your name, and for that purpose you irrevocably constitute us as your attorney-in-fact.

6. Miscellaneous: This agreement is fully assignable by us, and shall be binding upon and inure to the benefit of our respective successors and assigns, and your heirs, executors and administrators. In no event shall we have any less rights by reason of this agreement than any member of the public may now or hereafter have. All notices and payments hereunder shall be sent to you at your address shown on the face hereof. Notices and payments shall be deemed made when the same are deposited in the United States mail, postage prepaid, so addressed.

7. Credit: Producers agree to determine the Writer’s credit using the same guidelines used by the Writers Guild of America Basic Agreement.

Date of Execution: ________________________

Very truly yours,

Hollywood Production Company

By: ______________________

Peter Producer

Its: CEO

AGREED TO AND ACCEPTED BY:

_____________________________

WRITER


OPTION AGREEMENT

For valuable consideration, receipt of which is hereby acknowledged, the undersigned, SAM SCREENWRITER (”Writer”), whose address is 123 Main Street, Any Town, Some State 12345, hereby sells, grants, and assigns to HOLLYWOOD PRODUCTION COMPANY ("Purchaser"), whose address is 1234 Hollywood Blvd., Hollywood, CA 98765, the exclusive option, for an initial option period of 12 months plus extensions, to acquire in perpetuity and throughout the universe, all right, title and interest in and to among other things, the exclusive right to produce and distribute for and in all media now known or hereafter devised all types of audiovisual works of any kind and allied rights therein (including by way of illustration all soundtrack, music publishing and merchandising rights) based on that certain work of authorship described as follows:

Title: MY AMAZING SCRIPT

Written By: Sam Screenwriter

including the title, themes, stories and all other contents thereof, and the characters therein and all translations, adaptations, sequels and other versions thereof, whether now or hereafter acquired, and in and to the copyright thereof and all renewals and exten¬sions of such copyright.

The undersigned and Purchaser have entered into or are entering into a formal agreement dated January XX, 20XX relating to the transfer and assignment of the foregoing rights in and to said work, which rights are more fully described in said agree¬ment, and this option agreement is expressly made subject to all of the terms, conditions and provisions contained in said agreement.

The undersigned has executed this option agreement as of __________.

_______________________________________ WRITER

ALL-PURPOSE ACKNOWLEDGMENT

State of _______________________

County of ______________________

On _____________ before me, _______________________________, personally appeared ____________________________________________________________ ________________________________________________________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

__________________________________

Signature of Notary


ASSIGNMENT

For valuable consideration, receipt of which is hereby acknowledged, the undersigned, SAM SCREENWRITER (”Writer”), whose address is 123 Main Street, Any Town, Some State 12345, hereby sells, grants and assigns to HOLLYWOOD PRODUCTION COMPANY (“Purchaser"), whose address is 1234 Hollywood Blvd., Hollywood, CA 98765, in perpetuity and throughout the universe, all right, title and interest in and to among other things, the exclusive right to produce and distribute for and in all media now known or hereafter devised all types of audiovisual works of any kind and allied rights therein (including by way of illustration all soundtrack, music publishing and merchandising rights) based on that certain work of authorship described as follows:

Title: MY AMAZING SCRIPT

Written By: Sam Screenwriter

including the title, themes, stories and all other contents thereof, and the characters therein and all translations, adaptations, sequels and other versions thereof, whether now or hereafter acquired, and in and to the copyright thereof and all renewals and exten¬sions of such copyright.

The undersigned and Purchaser have entered into a formal agreement dated January XX, 20XX relating to the trans¬fer and assignment of the foregoing rights in and to said work, which rights are more fully described in said agreement, and this assignment is expressly made subject to all of the terms, conditions and provisions contained in said agreement. The option described in said agree¬ment has been exercised by Purchaser.

The undersigned has executed this assignment on ____________________, effective as of __________.

______________________________________

WRITER

ALL-PURPOSE ACKNOWLEDGMENT

State of ____________________

County of ___________________

On _____________ before me, _______________________________, personally appeared ____________________________________________________________ ________________________________________________________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

__________________________________

Signature of Notary

 


 

 

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