EXECUTIVE EMPLOYMENT AGREEMENT
This employment agreement ("EMPLOYMENT AGREEMENT") is as of the 12th day of
July, 2001 (the "EFFECTIVE DATE"), by and between AVID SPORTSWEAR & GOLF CORP.,
a Nevada corporation ("the "COMPANY"), and MICHELLE MATHIS (the "EXECUTIVE").
1. SERVICES AGREEMENT. Subject to the terms and conditions set forth in this
Agreement, the Company agrees to engage Michelle Mathis to perform the function
of Director of Corporate and Legal Affairs in accordance with the terms and
conditions set forth in this Employment Agreement.
2. TERM. The term of engagement under this Employment Agreement shall be for
three (3) years, beginning July 12, 2001 ending June 25, 2004 (the "EMPLOYMENT
PERIOD"), unless terminated earlier as provided herein. This Agreement will be
automatically renewed for additional twelve (12) month periods unless either the
Executive or the Company provides advanced written notice, given at least ninety
(90) days prior to the end of the then-existing Employment Period, of its intent
not to renew. Any twelve (12) month renewal shall be considered part of the
Employment Period.
3. SERVICES OF THE EXECUTIVE. It is expressly understood by the parties that
throughout the Engagement Period the Executive shall faithfully perform such
services for the business and affairs of the Company as are consistent with the
duties and responsibilities of the Company's Director of Corporate and Legal
Affairs (the "Services"). The Executive shall be the Director of Corporate and
Legal Affairs. As part of the services, the Company shall assign the Executive
such duties and responsibilities as are into materially consistent with the
title and position of Director of Corporate and Legal Affairs and that may be
properly assigned to the Executive from time to time by the Chief Executive
Officer of the Company (the "CEO") or the Board of Directors of the Company (the
"BOARD").
The Executive shall report to the CEO in her performance of the Services. It
is expressly understood by the parties that the Executive shall devote her best
efforts and full business time and attention to the performance of the Services;
provided, however, that the Executive may, to the extent such participation or
service does not materially interfere with the performance of the Services, (i)
participate in charitable, civic, political, social, trade, or other non-profit
organizations; (ii) with the consent of the board, produce and retain rights in
and proceeds from books, speeches, seminars, articles and papers; and (iii) with
the consent of the Board, serve as a non-management director of business
corporations (or in a like capacity in other for-profit organizations).
4. PLACE OF PERFORMANCE. The Executive shall perform the Services at the
executive offices of the Company located at a mutually agreed upon location by
the Executive and the Company. If the Executive is required to relocate her
permanent place of residence from Delray Beach, Florida, the Company shall pay
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or reimburse the Executive for all moving and relocation expenses, including all
home sale/purchase expenses incurred by the Executive and her family to
establish a personal residence at the new location, plus traveling and temporary
living expenses for her and her family.
5. SALARIES.
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5.1 BASE SALARY. During the period from the Effective Date through
September 25, 2001) the Company shall pay to the Executive the
salary equal to an annual rate of fifty thousand dollars
($50,000.00). After September 25, 2001, the Company shall pay to
the Executive an annual salary (the "BASE SALARY"), which
initially shall be at the rate per year totaling one hundred
thousand dollars ($100,000.00).
In view of the fact that the Base Salary is likely to be below
market while the Company is in its early stages of development,
the parties agree to an annual review at the first anniversary
date of this Employment Agreement (July 12, 2002) and to adjust
the Base Salary to a market competitive level. Except as
otherwise agreed in writing by the Executive, the Base Salary
shall not be reduced from the annual salary of one hundred
thousand dollars ($100,000.00). The Base Salary shall be payable
in equal twenty-four semi-monthly installments or in such other
installments as shall be consistent with the Company's payroll
procedures.