Lil Pump
via Instagram / Lil Pump

Lil Pump finally got a binding contact, and the pay is no joke.

According to TMZ, the rapper has signed a seven-year record deal with Warner Bros. Records, worth a reported $8 million, but that’s not it.

In addition to an $8 million advance, he will also be bringing in $9,000 in his first year, $12,000 in the second, and $15,000 in his third and remaining years of his contract. In addition, he will receive royalties of 14% in the U.S. and possibly higher. “There are provisions that give him up to 66% in royalties depending on the format.”

The 17-year-old rapper was previously signed to Warner Bros., but it was voided, due to his age.

It was thought Pump had signed to Gucci Mane’s 1017 label, after he was seen with a new chain sporting the label’s logo, but that’s not the case.

Lil Pump’s mixtape Harvard Dropout is expected to drop soon.