A lawsuit that ousted longtime members of the band Journey Ross Valory and Steve Smith have revealed never-before-seen details of the band's agreement with former singer Steve Perry.
Though he has not sung for them for 23 years, Perry still makes plenty of money off of the band he joined in 1977. When he split from the group in 1997, the terms of his departure included a lump sum payment of "50% of the net income due Schon or Cain, whichever is higher, from the first two post-Perry Journey albums." After that, Perry recieved a 25% lump sum payment from the income of the third post-Perry Journey album, and then a 12.5% payment from every Journey album that followed that, apparently into perpetuity.
Since Perry left, Journey has released four studio album, and one EP.
On top of that, Perry receives the same exact lump sum payments for each of Journey's tours as well, 50% after the first two without him, 25% after the third, and 12.5% for every tour following that. This deal includes "tour merchandise, tour sponsorship income, and any tour support payments." Though like the album deal, expenses can again be deducted, "excluding any salaries paid to Schon, Cain or any other member of the new Journey."
Perry is also entitled to any "miscellaneous income" from the band, and, according to the filings, "in no event shall the net income be less than 20 percent of the total amount earned."
That's a pretty sweet paycheck for NOT singing!