Okaloosa County BOCC — November 4, 2012 — Gulf Coast Seafood and Tourism Promotional Fund Contract — reading text

ÐÎÑÓÑÌ×ÑÒßÔ ÚËÒÜ ÙÎßÒÌ ßÙÎÛÛÓÛÒÌ This Promotional Fund Agreement • • • •• • • • • • • • •• • • • • Grantee • • • • • • • •• • • •• • • • •• • •• • • • ; Patrick Juneau, as Trustee Settlement Trust Claims Administrator of the Court Supervised Settlement Claims Administrator solely for the purposes of taking cognizance and approving the terms of this Agreement, BP Exploration BP Exploration RECITALS BP been named as defendants in on April 20, 2010 MDL Litigation WHEREAS, BP and the Economic Class Representatives, individually and on behalf of the Economic and Property Damages Settlement Class, by and through Lead Class Counsel entered into an Economic and Property Damag Settlement Agreement amended May 1, 2012, for the purpose of settling all Released Claims against the Released Parties, including BP; WHEREAS, the United States District Court of the Eastern District o Court Preliminary Approval Order WHEREAS, on May 4, 2012, BP, Lead Class Counsel, the Trustee and J.P. Morgan Trust Company (the Directed Trustee Deepwater Horizon Economic and Property Damages Trust Trust Agreement WHEREAS, the Settlement Trust is intended to meet the requirements of a qualified settlement fund within the meaning of section 468B of the Internal Revenue Code of 1986, as amended from time to time, and section 1.468B-1(c) of the Treasury Regulations promulgated thereunder; to pay Settlement Payments (as defined in the Settlement Agreement) and the costs of administering the Settlement Program (as defined in the Settlement Agreement) in accordance with the terms of the Settlement Agreement and the Trust Agreement. WHEREAS, the Trustee has the power, pursuant and subject to the terms of the Settlement Agreement and the Trust Agreement, to make distributions from the funds held by the Settlement Trust subject to the terms and conditions thereof; and WHEREAS, Grantee desires to obtain funds for promotional services as described on attached Schedule ; NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to the terms and conditions set forth herein. 1 {00194230-1}  AGREEMENT 1. Definitions. The following words and phrases have the meanings indicated. Other words and phrases appearing in capital letters throughout this Agreement shall have the meanings they are given with their first operative use. Terms not otherwise defined herein shall have the same meanings ascribed to them in the Settlement Agreement and/or the Trust Agreement. 1.1 Applicable Law: means all applicable local, state and federal laws, rules and regulations. 1.2 Claims Administrator: has the meaning ascribed to it in the Settlement Agreement. 1.3 Individual: means a natural person. 1.4 Lead Class Counsel: means the lawyers appointed by the Court to represent the Class of Claimants. 1.5 Settlement Trust: means the qualified settlement trust fund established pursuant to that certain Deepwater Horizon Economic and Property Damages Trust Agreement, dated May 4, 2012, among BP, Lead Class Counsel, the Claims Administrator, and the Directed Trustee. 1.6 Parties: means the Settlement Trust, the Claims Administrator, Grantee, BP and Lead Class Counsel. BP and Lead Class Counsel are only made Parties to this Agreement for the purposes of taking cognizance and approving the terms of this Agreement. 1.7 Preliminary Approval Order: means the Order entered by the Court on May 2, 2012 granting preliminary approval of the Settlement Agreement. 2. Scope of Services. 2.1 Services. The general scope of the services to be furnished by Grantee shall be those 2.2 The Services shall be provided in strict accordance with the terms of the Settlement Agreement, the Preliminary Approval Order, a final approval order (if one is entered) and in compliance with Applicable Law. 3. Grant Award. 3.1 Amount of Grant. Subject to the terms and conditions of this Agreement, and contingent upon sufficient funding of the Settlement Trust by BP, the Settlement Trust agrees to award to Grantee up to $450,000.00 for the period December 1, 2012 to November 30, 2013. The Grant shall be payable as follows: $112,500.00 after signing and processing of the contract. $112,500.00 upon receipt and approval of the first quarter report. $112,500.00 upon receipt and approval of the second and third quarter reports. $112,500.00 upon receipt and approval of the final report and submission of all of the 2 {00194230-1}  deliverables as outlined in Schedule 1. 3.2 Documentation. Grantee shall submit to the Claims Administrator all documentation as further described in Paragraph 3.3 within ten (10) days before the beginning of each calendar quarter, or more frequently as the Claims Administrator may require. The Claims Administrator shall review Grantee acceptable, authorize the next Grant payment. In the event that any documentation is deemed not acceptable by the Claims Administrator, Grantee shall be notified in writing of such deficiencies within ten (10) days of submission of the documentation. 3.3 Reporting. Grantee will provide reports to the Claims Administrator at least quarterly, within ten (10) days before the beginning of each quarter, or more often as the Claims Administrator may require, in which it will report, for the preceding quarter the following: a updated list of services and deliverables as outlined on Schedule 1. The Claims Administrator may distribute such reports as it deems appropriate. In addition, Grantee may be required to provide additional reports as may further be defined by the Claims Administrator in writing. 3.4 Ownership of Documentation. All records, reports, documents and other material delivered or transmitted to Grantee by the Claims Administrator shall remain the property of the Claims Administrator, and shall be returned by Grantee to the Claims Administrator, at Grantee's expense, at termination or expiration of this Agreement. All records, reports, documents, or other material related to this Agreement and/or obtained or prepared by Grantee in connection with the performance of the Services contracted for herein shall become the property of the Claims Administrator, and shall, upon request, be returned by Grantee to the Claims Administrator, at Grantee's expense, at termination or expiration of this Agreement. 3.5 Audit Rights. Grantee will provide to the Claims Administrator copies of its audit reports, if and when requested to do so by the Claims Administrator. In addition, the Claims Administrator or its authorized representatives may, at any time on reasonable notice, audit the operation of Grantee in relation to the activities undertaken pursuant to this Agreement. 3.6 Payment in Full. The Grant payments made hereunder are and shall be deemed to consti ervices performed by Grantee. 4. Term. 4.1 This Agreement is effective as of 12:01 a.m. Eastern Standard Time on December 1, 2012 ( Effective Date November 30, 2013 (the Expiration Date 4.2 or as otherwise agreed by the Parties. 4.2 Grantee shall be authorized to perform the Services as further defined to this Agreement starting on the Effective Date, through and including the earlier of the date that: (1) the Court denies the P of the Settlement Agreement; (2) the reversal on appeal of a Court order granting final approval of the Settlement Agreement; (3) the Court enters an Order closing the proposed Court Supervised Settlement Program; (4) Grantee is terminated by the Claims Administrator with at least thirty (30) days written notice before the end of any 3 {00194230-1}  quarter, which the Claims Administrator shall have the right to do with or without Termination Events As used herein, : (i) the failure of Grantee to perform the Services in accordance with the requirements of this Agreement, (ii) the breach by Grantee of any other obligations under this Agreement, which breach is not cured within ten (10) days of written notice thereof, (iii) the commission of any act or any omission involving gross negligence, fraud, or other intentional or willful misconduct by Grantee, and (iv) any other violation of a statute, regulation, order, decree or court requirement or other Applicable Law by Grantee. 5. [Intentionally Omitted] 6. Representations and Warranties. Grantee represents, warrants and covenants that: (i) it has the power and authority to enter into this Agreement and to perform all of its obligations hereunder; (ii) the execution, delivery and performance of this Agreement does not violate or conflict with any other agreement to which Grantee is a party or by which it is bound; (iii) Grantee has not previously entered into any agreement that would restrict Grantee in the performance of the Services; (iv) Grantee shall comply with all Applicable Law in performing its obligations under this Agreement; (v) Grantee shall use commercially reasonable efforts to verify that each of its employees performing Services is legally entitled to work in the United States and has all necessary visas and work permits; (vi) Grantee has the capacity and resources to perform the Services; (vii) all Services shall be performed by qualified personnel in a timely, professional and workmanlike manner in accordance with generally accepted industry practices; (viii) Grantee is either a governmental entity political subdivision of a governmental entity, or is