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HEADS

OF AGREEMENT

Being a short form between the Artist and Split Minds Records

Date:

ARTIST:

FULL NAME:

ADDRESS:

TERM: Life of copyright

MASTER RIGHTS: Master rights in all Masters hereunder will be assigned


exclusively to Split Minds Records for the life of the copyright (Copyright, Design
and Patents Act 1988). Pre-master rights will be assigned to Split Minds Records for
5 years on signature of this agreement. The assignment of pre-master rights to Split
Minds Records will be in place from (release date) until (5 years after release date)
(subject to change). Even after the 5-year term, the artist will not be able to remove
a release from online services and other publishing mediums.
TERRITORY: Everywhere

RECOUPABLE COSTS: Costs include, but are not limited to advance, manufacturing,
promotion, tax, shipping, returns, credits, MCPS payments, marketing, promotion,
mastering, artwork/design, digital submission, and administration. The recoupable
amount will be calculated based on the royalty splits below.

ROYALTY: Digital download, internet digital file sales and online on-demand audio
or audio-visual streaming revenue, will generate a royalty equal to 50% of received
income. All physical revenue will generate a royalty equal to 20% of received
rd
income. Any income generated by means of licensing or synchronization to 3 party
releases will generate a royalty equal to 50% of received income. In house album re-
releases will generate a royalty equal to 50% of received income for single
downloads and a royalty equal to 10% for full album downloads. No costs will be
recouped for in house album re-releases.

SYNCHRONISATION Split Minds Records is allowed to negotiate on behalf of the


artist and (future) publishers when arranging synchronization licenses regarding
this track. Split Minds Records is entitled to 50% of all net publishing income and
master-rights income received in respect of synchronization licenses.

HALF RATE ITEMS: Mail order, TV advertised, budget releases, record club sales
will all attract a royalty rate 50% of the rate set out in (6) above.

PROMOTION: Club, Radio + Press in house.


MUSIC VIDEO: In the event of a music video, a suitable budget will be agreed in
advance, and 50% of such budget shall be recouped from the Royalties payable
hereunder.

EXPLOITATION: Not limited to release on any media known or unknown including


distribution + transmission on the Internet, sub licensing, synchronization to
moving picture etc.

ACCOUNTING: Standard bi annual, 90 days, industry standard under accounting


provisions applies. It is understood that Artist is hereby assigning a 50% share in
the above rights Master recording, and all Net Profit payable to Artist shall therefore
be calculated according to this percentage split.

Please note, by signing this short form agreement, you confirm that you have full authority to
assign the rights to the above Master(s), that you are the copyright owner, that any Masters
herein contain no uncleared samples, that you will fully indemnify us for any claims or expenses
incurred by us as a result of your failure to disclose or clear any samples or performances
contained in the Masters, and that you have sought the advice of a solicitor specializing in the
music industry. A full contract may be issued in due course, notwithstanding which the points
within this heads of agreement will remain fixed and are binding. Please also note that this
license will not come into effect until all samples composition copyrights contained within the
Masters herein have been successfully cleared and the final tracklisting on the Album is decided
and you are notified of such.

Read and agreed: ................................................. (Artist Full Name and Alias)

Date: ........................................

...............................................

James Walford (Split Minds Records)

...............................................

Benjamin Brooker (Split Minds Records)

Date: ........................................

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