The Finn Moray Social Compact Statement

1. Introduction and Status of this Document

This Social Compact constitutes a formal public undertaking by the artist known as Finn Moray, whose legal name is David Sheret and owned by Sheret Energy Offshore Limited. It is issued in respect of all current and future activities connected to the creative works produced under the Finn Moray name, including music, merchandise, touring and all related media.

This is not a partnership, trust or incorporated entity. However, for the avoidance of doubt, it shall be treated as a binding unilateral declaration of ethical and financial commitments enforceable in accordance with the principles of good faith, equity and the laws of Scotland.

All distributions and undertakings set out herein shall be made in a manner consistent with the relevant provisions of Scots law, including the law of contract, the law of charities, and any applicable statutory duties.

2. Purpose of the Social Compact

The purpose of this Social Compact is to ensure that all income derived from the Finn Moray project is distributed in accordance with a values-led framework, which prioritises:

• The redistribution of profits to charitable and underfunded regional projects in Scotland

• The long-term sustainability of the Finn Moray project and its core personnel

• Transparency, accountability and public trust in the ethical commitments made

• Cultural integrity and the preservation of artistic standards and intent

The Social Compact also serves as a declaration of intent to apply profit-sharing arrangements to all relevant commercial activities and to operate transparently in the public interest.

3. Scope of Revenues Covered

This Compact applies to all net revenues received in connection with the Finn Moray project, whether directly or indirectly generated. For the purposes of this document, net revenue is defined as total income received less reasonable and verifiable costs incurred for production, delivery, administration and legal compliance.

The revenue sources covered include but are not limited to:

• Digital and physical sales of music, including singles and albums

• Streaming and licensing income

• Performance and publishing royalties

• Merchandising, including apparel and physical goods

• Touring and public performance income, including ticket sales, sponsorship and appearance fees

• Educational and cultural programme participation

• Brand collaborations and sponsored projects

• Any other directly related income arising from the Finn Moray name, likeness, catalogue or related creative output

4. Distribution of Net Profit

The following commitments are made regarding the division of net profits across all revenue categories described in section three.

Fifty percent of all net profits shall be directed to charitable, community or underfunded cultural projects in Scotland. Distribution shall be made either to designated regional organisations or to a central Scottish fund for the equitable support of culture, access and wellbeing.

The remaining fifty percent shall be retained by Finn Moray for the purpose of sustaining the project, including funding future artistic production, maintaining necessary staffing, and enabling strategic growth.

In respect of songs purchased or streamed individually, the regional allocation shall be made to the specific geographic region in Scotland referenced by or thematically linked to the song.

In respect of the full-length album known as Aon, comprising fifteen songs, the regional share shall be divided evenly across the fourteen identified regions, each receiving one fourteenth of the fifty percent allocated for community benefit.

For touring and live performance revenues, including ticket sales and sponsorship, net profit shall be divided in the same manner, subject to the verification of event-specific costs and the location of delivery.

For merchandise and non-musical goods, unless otherwise linked to a specific locality, the charitable portion shall be allocated evenly across the fourteen regions or to a Scotland-wide initiative aligned with the artist’s values.

5. Remixes and Derivative Works

Where an external artist seeks to remix, reinterpret or cover a song by Finn Moray, they may do so subject to the following conditions:

• The work must maintain a standard of artistic quality consistent with the original and must align with the ethical and aesthetic values of the Finn Moray project

• Prior written consent must be obtained before any commercial release

• Upon release, the net profit derived from the remix or cover shall be divided as follows:

o Fifty percent to the region associated with the original work

o Twenty-five percent to the contributing artist

o Twenty-five percent retained by Finn Moray

No exclusivity or copyright assignment shall be implied or granted unless set out in a separate written agreement.

6. Oversight, Governance and Reporting

The Social Compact shall be stewarded by Finn Moray in good faith and with due regard to fiduciary responsibility, ethical practice and community benefit.

An annual report shall be prepared and made available publicly, summarising:

• Gross and net revenues from all covered activities

• A breakdown of charitable or regional contributions

• Expenditures retained to support the project and its delivery

• Any notable developments or amendments to the structure of the compact

Distributions shall be made to registered charities, community interest companies, or informal organisations where there is clear evidence of legitimacy, good governance and impact. Finn Moray reserves the right to determine recipients in consultation with relevant advisors and community representatives.

7. Legal Compliance and Frameworks

This Social Compact shall operate in full compliance with the laws of Scotland and any applicable international laws governing intellectual property, commerce and charitable giving. Specific legislation and regulatory frameworks include:

• Copyright, Designs and Patents Act 1988

• Companies Act 2006

• The Charities and Trustee Investment (Scotland) Act 2005

• Consumer Protection from Unfair Trading Regulations 2008

• Data Protection Act 2018 and the UK General Data Protection Regulation

• Relevant HMRC guidance on profit distribution, charitable donations and VAT

• Local licensing, performance rights and contractual obligations under music law

• Digital platform terms and international rights frameworks for distribution and resale

8. Amendments and Interpretive Guidance

This Compact may be amended from time to time at the discretion of Finn Moray, provided that all changes are reasonable, published in writing, and do not retrospectively alter distributions already made or committed.

Interpretation of this Compact shall give precedence to the stated purpose and spirit of the agreement as a whole. Where ambiguity arises, it shall be resolved in favour of the social good and artistic integrity.

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Dated: 21 September 2025