Term Sheet for Multi-Picture Director Agreement between MJW Media, Inc. and Nick Cassavetes (June 28, 2018)

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Summary

MJW Media, Inc. and director Nick Cassavetes have agreed to a six-year contract for Cassavetes to direct five films. Cassavetes will receive $250,000 annually for development work, a director fee for each film at least as favorable as his previous project 'The Manuscript,' and annual stock options in Escondido Innovations, Inc. Both parties must mutually agree on each film, with Cassavetes retaining creative control. The parties will formalize these terms in a long-form agreement, and the terms in this term sheet are binding.

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EX-10.1 2 exhibit_10-1.htm TERM SHEET FOR A MULTI-PICTURE DIRECTOR AGREEMENT BETWEEN MJW MEDIA, INC. AND NICK CASSAVETES DATED JUNE 28, 2018. Blueprint
  Exhibit 10.1
 
TERM SHEET FOR A MULTI-PICTURE DIRECTOR AGREEMENT
 
June 28, 2018
 
MJW Media, Inc.
Nick Cassavetes
1166 E Warner Rd #101-B
Gilbert, AZ 85296
 
The following are the terms and conditions for a multi-picture Director Agreement between MJW Media, Inc., Producer and Nick Cassavetes, Director.
 
1.
Term:
Six Years
 
 
 
 
2. 
Number of film productions during term:
Five
   
 
 
 
3. 
Director Compensation:
a.
$250,000 paid by Producer on January 2nd each of the next five years for development and other work towards the film production.
   
 
 
        
   
 
b.
Director fee on each film production no less favorable than that of the film known as The Manuscript.
   
 
 
    
   
 
c.
Escondido Innovations, Inc. stock option awards each January 2nd upon completion of principal photography, for 250,000 shares each of years, for five years.
   
 
 
     
4.
Choice of production and creative control:
Mutual agreement between Michael Witherill and Nick Cassavetes on choice of production with Nick having creative control.
 
 
 
 
5.
Long Form:
MJW Media, Inc. and Nick Cassavetes will enter into a long form agreement based around the terms contained in this Term Sheet. The terms outlined herein are binding.
 
Agreed and Accepted:
 
 
 
MJW Media, Inc.
Nick Cassavetes
 
 
 
 
By: /s/ Michael Witherill               
By: /s/ Nick Cassavetes               
  Michael Witherill, CEO