Exhibit 10.31
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AMENDMENT TO EMPLOYMENT AGREEMENT
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THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "AMENDMENT"), effective as of
January 31, 2001, by and between AVID SPORTSWEAR, INC., a California corporation
(the "COMPANY"), and XXXXXX MOW (the "EMPLOYEE").
RECITALS
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A. The Company and the Employee are parties to an Employment Agreement,
dated as of September 17, 1999 (the "EMPLOYMENT AGREEMENT"), pursuant to which
the Employee serves as the President and Chief Executive Officer of the Company.
B. As a result of the Company's financial performance for the fiscal year
ended December 31, 2000, the parties hereto have agreed to renegotiate and amend
certain terms of the Employment Agreement.
C. The parties hereto desire to amend the Employment Agreement as set forth
herein.
D. Section 3.16 of the Employment Agreement provides that the Employment
Agreement may be modified by an agreement in writing between the parties
thereto.
AGREEMENT
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NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:
1. PREAMBLE AND RECITALS; DEFINED TERMS. The preamble and recitals
hereinabove set forth are incorporated herein and made a part hereof. Except as
otherwise provided herein, capitalized terms used in this Amendment shall have
the meanings ascribed thereto in the Employment Agreement.
2. AMENDMENT TO EMPLOYMENT AGREEMENT. The Company and the Employee hereby
agree that the Employee shall forfeit 1,200,000 shares of common stock, par
value $0.001 per share, of Avid Sportswear & Golf Corp. granted to the Employee
on January 17, 2000 and that Section 4 of Exhibit A to the Employment Agreement
shall be deleted in its entirety.
[Signature page to follow]
IN WITNESS WHEREOF, the undersigned have caused this Amendment to be
executed as of the date first written above.
AVID SPORTSWEAR, INC.
By: /s/ Xxxx Xxxxxxxxxx
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Xxxx Xxxxxxxxxx,
Chairman
/s/ Xxxxxx Mow
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Xxxxxx Mow
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