Ric Roman Waugh has been signed by Participant Media to rewrite and direct “Bobby Martinez.”Fact-based film will follow the Mexican-American’s rise from life on the gang-ridden streets of Southern California to become a champion surfer and role model. Waugh, who wrote and directed “Felon,” will rewrite a first draft by Robert Munic, who remains aboard the project as producer. State Street Pictures’ Bob Teitel and George Tillman are producing. The project fits Participant Media’s mandate to tell uplifting, socially relevant stories. Waugh’s repped by ICM and Management 360.