I am a theatrical sound designer, and a play that I worked on has recently been filmed and they have approached me with a seperate contract. They want to give me $5000 for full rights. Should I ask for some points on the net profits, so that I don't lose out if it becomes "big"? The sound design was a major part of the play, winning two awards in NYC and one in LA.
I agree, asking for points is unusual. What would be the risks of asking for more money? If they specifically want your work then it sounds like you're in a good position to bargain. If they're currently low on funds try working some form of deferred payment clause into the license agreement if sales go above a certain amount. I don't know anything about the theatre world but $5000 for indefinite rights for an entire plays worth of sound seems low.