This Sponsor Agreement (“Agreement”) is made effective at signature of the organization sponsoring one or more scholarships (“Sponsor”) for the Future Leaders in Cyber Scholarship, a workforce development initiative managed by FS-ISAC, Inc. (“FS-ISAC”), each a “Party” and collectively the “Parties”.
The Agreement ensures that FS-ISAC and Sponsor agree on the planned nature of the scholarship sponsorship events and items specified below. The Agreement shall remain in effect for the duration of the academic year, typically September through August. FS-ISAC manages the scholarship in strict compliance with all applicable laws and regulations.
Whereas FS-ISAC is a nonprofit tax-exempt association under section 501(c)(6) of the Internal Revenue Code and FS- ISAC provides a scholarship to students who are currently enrolled in cyber or related security educational programs to encourage new talent in the cybersecurity workforce; and whereas Sponsor is a financial services firm that desires a strong pipeline of talent and supports FS-ISAC’s mission and purposes by sponsoring the Future Leaders in Cyber Scholarship as described below. Now, therefore, based on mutual consideration, the receipt and adequacy of which are acknowledged, the parties agree as follows:
Section 1. Purpose
As the financial sector faces a global shortage of cybersecurity professionals due to the increasing complexity of threats and a demand that outpaces the supply of skilled workers, FS-ISAC is pleased to offer a program to support the education of students pursuing cyber or related programs of study through an annual scholarship. The program is 100 percent funded through the generosity of FS-ISAC members and the program provides a financial award, mentorship, and potential career opportunities to top-of-class students pursuing cyber or related careers in the financial services sector. The scholarship is merit-based; awards are based on applicant academic performance and future focus, rather than their financial situation, as FS-ISAC is unable to establish a consistent financial needs-based program across the globe.
Section 2. Scope
FS-ISAC and Sponsor agree that the purposes of the scholarship are educational in nature, that no product promotion or advertising services by FS-ISAC are intended in connection with the program, and that the program will be conducted in accordance with all relevant FS-ISAC guidelines and policies. The Sponsor’s participation in the Future Leaders in Cyber does not convey FS-ISAC's approval, endorsement, certification, acceptance or referral of any product or service provided by the Sponsor.
Section 3. Payment, Taxes and Scholarship Disbursement
Sponsor will pay to FS-ISAC the fees as described in the Order Documents (collectively, the “Fees”) and must be paid in full, prior to Sponsor choice of student(s). Payment will be made by credit card, ACH, wire bank transfer, or Purchase Order. Purchase Order information or number must be provided at time of Agreement. FS-ISAC does not sign Purchase Orders and payment terms may not supersede payment terms in Order Documents. By providing credit card to FS-ISAC, Sponsor authorizes FS-ISAC to charge the credit card. Fees are due upon receipt and are not cancelable or refundable. Sponsor has 30 days to comply with payment method agreed upon. If any Fees remain unpaid past the due date, FS-ISAC may cancel the sponsored scholarship(s). Fees are stated in U.S. Dollars.
All Fees are exclusive of all present and future sales, use, excise, value added, goods and services, withholding and other taxes, and all customs duties and tariffs now or hereafter claimed or imposed by any government authority upon the Sponsor fee which shall be invoiced to and paid by the Member. Any required taxes that are known to FS-ISAC at the time of Agreement are shown on the Order Documents. If Sponsor is required by law to make any deduction or withholding on any payments due to FS-ISAC, Sponsor will notify FS-ISAC and will pay FS-ISAC any additional amounts necessary to ensure that the net amount FS-ISAC receives, after any deduction or withholding, equals the amount FS-ISAC would have received if no deduction or withholding had been required.
FS-ISAC shall award each Scholarship recipient a total of $10,000 USD through the scholarship distribution process at the recipient’s learning institution.
Section 4. Scholarship Mentor
The Sponsor agrees to provide one mentor for each student who is sponsored, and agrees to the following:
Section 5. Future Leaders in Cyber Scholarship Promotion
FS-ISAC and Sponsor agree to mutual use of respective name and logo in relation to the Scholarship program in the following ways:
Section 6. Acceptance/Eligibility and Number of Sponsors and Students
FS-ISAC reserves the right to accept or decline Sponsors and scholarship applicants for any reason. FS-ISAC shall have sole discretion to determine the number of Sponsors and students allowed into the program and may change the number as needed to ensure the program's success.
Section 7. Cancellation
Sponsor may cancel its participation prior to the final payment date provided on the Sponsor Order; in which case, no further use may be made of the other's name, marks or other proprietary property or materials developed or intended for use in connection with the Future Leaders in Cyber scholarship. Once a scholarship has been awarded, Sponsor may not terminate award of such scholarship absent malfeasance or manifest error.
Section 8. Confidential Information
FS-ISAC and Sponsor, on behalf of themselves and their respective agents and employees, agree not to use or disclose at any time any confidential information about the other, except as may be authorized in writing by the other.
Section 9. Indemnification and Relationship
Parties agree to indemnify and hold harmless the other Party, its officers, directors, employees and agents from any and all claims, losses, damages, liabilities, judgments or settlements, including reasonable attorneys' fees, costs and other expenses (“Damages”) incurred on account of a Party’s willful or negligent acts or omissions in connection with the activities, except to the extent such Damages are due to the acts or omissions of the indemnified Party. The parties shall not be considered to have a partnership, agency or joint venture relationship.
Section 10. General
Each Party shall perform its obligations under the Agreement in accordance with all applicable laws, rules and regulations. The Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The courts of which shall have exclusive jurisdiction over any dispute arising hereunder.
This Agreement shall constitute the entire agreement between FS-ISAC and Sponsor for the respective academic year and contain all the understandings and agreements of the Parties in respect of the subject matter hereof. All prior understanding and agreements expressed or implied between the Parties hereto in respect of the subject matter hereof are superseded hereby.
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