| 1. | Position; Reporting; Commencement. The position title shall be Corporate Controller
and you shall initially report to Randy Herrel in his position of Chairman/CEO, effective
February 7, 2006. You will be required to observe the Company’s personnel and business
policies and procedures. In the event of any conflict, the terms of this letter will control. |
| 2. | Base Salary; Reviews. You will receive a bi-weekly salary of $5,384.62, less
applicable withholding and deductions, which is payable every other Friday. |
| 3. | Bonus: You have an opportunity to receive a 25% bonus ($35,000) of your annual
salary if the Company meets the plan. In order to be eligible for the bonus program you must
be employed with Ashworth Inc. through the end of each fiscal year. |
| 4. | Retention Bonus: You will receive two guaranteed payments of a retention bonus as
follows. The first payment, equal to six months salary (net pay of $70,000), shall be made
after the 3rd quarter 10-Q is filed, (September 11, 2006). In order to be eligible
for the first payment you must be employed with Ashworth Inc. through September 11, 2006.
Should Ashworth terminate your employment for reasons other than cause, on or prior to
September 11, 2006 you will receive the retention bonus as described for September 11, 2006.
In addition, you will receive a second retention payment of $14,500 (net pay) to be paid on
June 30, 2007. |
| 5. | Savings Plan/Insurance Benefits. Your savings plan will remain the same. In
addition to your existing insurance benefits you will be eligible for Ashworth’s Exec-U-Care
health benefits |
| 6. | Business Expenses, Mileage Reimbursement and Clothing Allowance. You will receive
reimbursement for normal, ordinary and reasonable business expenses upon your submission of
receipts substantiating the expenses claimed in accordance with Company policy. As part of
reasonable expenses, you will be
entitled to reimbursement for business usage of your personal automobile. You will receive a
Clothing Allowance in accordance with Company policy of $100.00 per month. |
/s/Randall L. Herrel, Sr. |
||
Chairman, President and CEO |
/s/Greg Slack
|