Athlete Agent Surety Bond {2504}

Form 2504--General Information (Athlete Agent Surety Bond) The attached form is designed to meet minimal statutory filing requirements pursuant to the relevant code provisions. This form and the information provided are not substitutes for the advice and services of an attorney. Commentary Pursuant to sections 2051.151(a), Occupations Code and 78.1 and 78.51, Administrative Code, an application for registration (Form 2501) must be accompanied by a $50,000 surety bond. The bond must conform to the Insurance Code and be issued by a surety company authorized to do business in Texas. This form may be used for the surety bond. Instructions for Form · Principal/Athlete Agent/Applicant: Provide the name and address of the athlete agent/applicant filing the surety bond. A document on file with the secretary of state is a public record subject to public access and disclosure. When providing address information, use a business or post office box address rather than a residence address if privacy concerns are an issue. · · Bond: Provide the number used by the surety company to identify the bond. Surety: Provide the name of the surety company. The surety company must be authorized to do business as a surety company in Texas. Revised 12/11 Form 2504 1 American LegalNet, Inc. www.FormsWorkFlow.com Form #2504 Rev. 12/2011 This space reserved for office use Submit with Application (Form 2501) to: SECRETARY OF STATE Registrations Unit P O Box 13550 Austin, TX 78711-3550 512-475-0775 512-475-2815 - Fax Filing Fee: None. ATHLETE AGENT SURETY BOND PRINCIPAL/ ATHLETE AGENT/ APPLICANT BOND SURETY Name: Street Number: Name: City State Zip Amount : Fifty thousand dollars ($50,000.00) We, PRINCIPAL AND SURETY identified above, our heirs, executors, successors and assigns, jointly and severally, are liable to the State of Texas, for the amount of the bond shown, in favor of the state for the benefit of a person damaged by PRINCIPAL's violation of Chapter 2051, Occupations Code. SURETY acknowledges that it is duly authorized and qualified to do business as a surety company in Texas. This agreement is subject to the following terms and conditions: The bond shall be maintained for not less than two years after the later of (i) the date that PRINCIPAL ceases to provide financial services to an athlete; or (ii) the date the athlete agent's certificate of registration expires, or is revoked, surrendered, or cancelled. This bond shall serve as the security required by § 2051.151(a), Occupations Code, so that PRINCIPAL may contact an athlete or enter into a contract with an athlete. As a condition of SURETY's obligation, PRINCIPAL shall (1) faithfully discharge all obligations, duties and responsibilities under Chapter 2051, Occupations Code, as that statute is presently worded, and as it may hereafter be amended to read; (2) pay any administrative penalty under subchapter J, Chapter 2051; and (3) pay damages awarded to an institution of higher education or an athlete as a result of the agent offering or providing a thing of value to an athlete or family member of the athlete. Any party injured by PRINCIPAL's failure to meet the conditions of the bond may bring an action based on the bond and recover against the bond. The aggregate liability of SURETY for all breaches of bond conditions may not exceed the amount of the bond. Regardless of the number of years the bond continues in force or the number of premiums paid or payable, the limit of SURETY's liability stated in the bond shall not be cumulative from year to year or period to period. The bond shall not be subject to cancellation by either PRINCIPAL or SURETY unless written notice of intent to cancel is forwarded to the Secretary of State, Registrations Unit, not later than the 60th day before the date of cancellation. If the cancellation is at the request of SURETY, SURETY shall also provide PRINCIPAL with written notification at least 60 days prior to the effective date of cancellation. It is agreed that the bond shall be in full force and effect as of the following date: Date: Signature of authorized person for PRINCIPAL Printed or typed name of authorized person for PRINCIPAL Date: Signature of authorized person for SURETY Printed or typed name of authorized person for SURETY Form 2504 2 American LegalNet, Inc. www.FormsWorkFlow.com