Guitar legend Jimi Hendrix signed his first recording contract on October 15, 1965. The then 22-year-old, who was working as a sideman for Curtis Knight and the Squires, inked a deal with producer Ed Chalpin. Hendrix was given $1 in cash and the rights to 1% of the retail sales of his recordings. Hendrix recorded a few numbers under the deal, but eventually left the Squires and went on to form the Jimi Hendrix Experience in Europe. Once he became famous, a series of lawsuits with Chalpin ensued. The litigation was eventually settled in 1968.