Document:

Exhibit 10.11

                         EXECUTIVE EMPLOYMENT AGREEMENT
                         ------------------------------

       THIS EMPLOYMENT AGREEMENT (the "Employment Agreement") is made and
                             entered into as of the

        8th Day of April, 2005 (the "Commencement Date"), by and between

                    Execute Sports, Inc. (the "Company"), and

                   Geno Apicella , an individual ("Employee").

WITNESSETH:  WHEREAS,  the Company  under the name Execute  Sports,  Inc.  (such
activities,   together  with  all  other  activities  of  the  Company  and  its
subsidiaries,  if any,  as  conducted  at or  prior to the  termination  of this
Employment Agreement, and any future activities reasonably related thereto which
are  contemplated  by the Company and/or its  subsidiaries at the termination of
this  Employment  Agreement  identified in writing by the Company to Employee at
the date of such  termination,  are  hereinafter  referred  to as the  "Business
Activities");

WHEREAS,  the Company  desires to employ  Employee upon the terms and subject to
the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises, the mutual promises, covenants
and conditions herein contained and for other good and valuable  considerations,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
intending to be legally bound hereby agree as follows:

EMPLOYMENT.  The Company hereby employs  Employee,  and Employee  hereby accepts
employment  with the Company,  all upon the terms and subject to the  conditions
set forth in this Employment Agreement.

TERM OF EMPLOYMENT.  The term of employment of Employee by the Company  pursuant
to this Employment  agreement shall be for the period (the "Employment  Period")
commencing on the  Commencement  Date and ending on the two year  anniversary of
the  Commencement  Date,  or such earlier  date that  Employee's  employment  is
terminated  in accordance  with the  provisions  of this  Employment  Agreement;
provided however, that the Employment Period shall automatically be extended for
a successive  one year  period,  with  Employee's  written  consent,  unless the
Company gives Employee  thirty (30) days written notice prior to the end of such
year that it does not intend to extend the term of the Employment Period.

CAPACITY AND DUTIES. Employee is and shall be employed in the capacity of Vice
President of Sales of the Company and its subsidiaries and shall have such other
duties, responsibilities and authorities as are assigned to him by the Board of
Directors so long as such additional duties, responsibilities and authorities
are consistent with Employee's position and level of authority as Vice President
of Sales of the Company. Subject to the advice and general directions of the
Board of Directors, and except as otherwise herein provided, Employee shall
devote substantially all of his business time, best efforts and attention to
promote and advance the business of the Company and its subsidiaries and to
perform diligently and faithfully all the duties, responsibilities and
obligations of Employee to be performed by him under this Employment Agreement.
Employee's duties shall include all of those duties being performed by Employee
as of the date hereof.

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PLACE OF EMPLOYMENT. Employee's principal place of work shall be the corporate
headquarters of the Company, currently located in San Clemente, California,
provided that the location of the Company and its offices may be moved from time
to time in the discretion of the Board of Directors.

COMPENSATION. During the Employment Period, subject to all the terms and
conditions of this Employment Agreement and as compensation for all services to
be rendered by Employee under this Employment Agreement, the Company shall pay
to or provide Employee with the following:

1. BASE SALARY. The Company shall pay to employee a base annual salary at the
rate of $US Seventy Two Thousand ($72,000.00) dollars per annum, payable at such
intervals (at least monthly) as salaries are paid generally to other employees
of the Company.

(c) CASH BONUS. At the Board's discretion, and based upon quarterly performance
review by the Chief Executive Officer and the Board, Employee shall be eligible
to receive a bonus at the end of first year of employment, to be paid within
five business days one year after the Commencement Date.

2. STOCK. Effective upon the Commencement Date, Employee will be granted Two
Million, Five Hundred Thousand (2,500,000) shares of the Company's restricted
Common Stock. In the event of an Approved Transaction or Control Purchase of
Execute Sports, Inc., Employee will have the right for any and all options held
by Employee to vest immediately, both upon the closing of such a Transaction or
Purchase.

(a) CLAWBACK. If Employee engages in conduct which constitutes a basis for
termination WITH CAUSE by the Company, Employee agrees that any stock options
granted by the Company shall be rescinded and, upon demand by the Company, shall
be confirmed as having been rescinded. Employee and the Company agree that this
provision is subject to specific performance and gives rise to injunctive
relief.

3. VACATION AND OTHER BENEFITS. Employee shall be entitled to three (3) weeks
vacation during each calendar year. Vacation days not used during the calendar
year may not be carried into subsequent years.

(a) Health Plan. Company shall underwrite a mutually agreed upon health benefits
plan for Employee that Employee is responsible for administrating.

EXPENSES. The Company shall reimburse Employee for all reasonable, ordinary and
necessary expenses including, but not limited to, automobile and other business
travel and customer entertainment expenses) incurred by him in connection with
his employment hereunder in accordance with the written policy and guidelines
established by the Company for employee reimbursement, provided, however,
Employee shall render to the Company a complete and accurate accounting of all
such expenses in accordance with the substantiation requirements of the Internal
Revenue Code, as amended (the "Code"), as a condition precedent to such
reimbursement.

<PAGE>

ADHERENCE TO STANDARDS. Employee shall comply with the written policies,
standards, rules and regulations of the Company from time to time established
for all executive officers of the Company consistent with Employee's position
and level of authority.

REVIEW OF PERFORMANCE. The Board of Directors shall periodically review and
evaluate the performance of Employee under this Employment Agreement with
Employee.

TERMINATION WITH CAUSE BY THE COMPANY. This Employment Agreement may be
terminated with Cause (as hereinafter defined) by the Company provided that the
Company shall:

1. Give Employee the Notice of Termination (as hereinafter defined) and

2. Pay Employee his annual base salary through the Date of Termination (as
hereinafter defined) at the rate in effect at the time the Notice of Termination
is given plus any bonus or incentive compensation which has been earned or has
become payable pursuant to the terms of any compensation or benefit plan as of
the Date of Termination, but which have not yet been paid.

TERMINATION WITHOUT CAUSE BY THE COMPANY OR FOR GOOD REASON BY EMPLOYEE. This
Employment Agreement may be terminated by the Company:

1. At the end of the Term of Employment,

2. During the Term of Employment without cause as hereinafter defined, or

3. By reason of the death or Disability Reason (as hereinafter defined) provided
that the Company shall continue to pay to Employee (or the estate of Employee in
the event of termination due to the death of employee) the compensation and
other benefits described in the Section entitled Compensation of this Employment
Agreement, except for annual cash bonuses or incentive compensation for six (6)
months from the Date of Termination. Employee's right to terminate his
employment for Good Reason shall not be affected by his incapacity due to
physical or mental illness. In the event of termination by the Company by reason
of Employee's death or Disability, medical, hospitalization or disability
benefits coverage comparable to that provided by the company during Employee's
lifetime shall be provided to Employee, his spouse and dependents for six (6)
months from the Date of Termination, and for six (6) months from the Date of
Termination with respect to medical and hospitalization benefits for the
Employee and his family. The benefits provided under this Section shall be no
less favorable to Employee in terms of amounts, deductibles and costs to him, if
any, than such benefits provided by the Company to him and shall not be
interpreted so as to limit any benefits to which Employee, as a terminated
employee of the Company, or his family may be entitled under the Company's life
insurance, medical, hospitalization or disability plans following his Date of
Termination or under applicable law.

In the event of Termination by the Employee for Good Reason, the Company shall
continue to pay to Employee the compensation and other benefits described in the
Section entitled Compensation of this Employment Agreement, except for annual
cash bonuses or incentive compensation for two (2) months from the Date of
Termination, and shall continue to provide medical, hospitalization or
disability benefits coverage to Employee, his spouse and dependents for two (2)
months from the Date of Termination.

In the event that within a period of one (1) year(s) of a Change in Control,
this Employment Agreement is terminated by the Company for any reason other than
for cause (or the Company gives notice that it is not renewing the Employment
Agreement pursuant to the Section entitled Term Of Employment), the Company
shall continue to pay to Employee the compensation and other benefits described
in the Section entitled Compensation of this Employment Agreement, except for

<PAGE>

annual cash bonuses or incentive compensation for six (6) months from the Date
of Termination, and shall continue to provide medical, hospitalization or
disability benefits coverage to Employee, his spouse and dependents for a period
of six (6) months from the Date of Termination.

DEFINITIONS. In addition to the words and terms elsewhere defined in this
Employment Agreement, certain capitalized words and terms used in this
Employment Agreement shall have the meanings given to them by the definitions
and descriptions in this Section entitled Definitions unless the context or use
indicates another or different meaning or intent, and such definition shall be
equally applicable to both the singular and plural forms of any of the
capitalized words and terms herein defined. The following words and terms are
defined terms under this Employment Agreement:

1. "Disability" shall mean a physical or mental illness which, in the judgment
of the company after consultation with the licensed physician attending
Employee, impairs Employee's ability to substantially perform his duties under
this Employment Agreement as an employee and as a result of which he shall have
been absent from his duties with the Company on a full-time basis for one (1)
entire month.

2. A termination with "Cause" shall mean a termination of this Employment
Agreement by reason of a good faith determination by the Board that Employee:

(a) Failed to substantially perform his duties with this Company (other than a
failure resulting from his incapacity due to physical or mental illness) after a
written demand for substantial performance has been delivered to him by the
Board, which demand specifically identifies the manner in which the Board
believes he has not substantially performed his duties;

(b) Has engaged in conduct the consequences of which are materially adverse to
the company, monetarily or otherwise; or

(c) Has materially breached the terms of this Employment Agreement. No act, or
failure to act, on Employee's part shall be grounds for termination with Cause
unless he has acted or failed to act with an absence of good faith or without a
reasonable belief that his action or failure to act was in or at least not
opposed to the best interests of the Company. Employee shall not be deemed to
have been terminated with cause unless there shall have been delivered to
Employee a letter setting forth the reasons for the Company's termination of the
Employee with cause.

3. "Good Reason" shall mean the occurrence of any of the following events
without Employee's prior express written consent:

(a) Any material change in Employee's status, title, authorities or
responsibilities under this Employment Agreement which represents a demotion
from such status, title, position or responsibilities which are materially
inconsistent with his status, title, position or work responsibilities set forth
in this Employment Agreement, or any removal of Employee from, or failure to
appoint, elect, reappoint or reelect Employee to, any of such positions, except
in connection with the termination of his employment with Cause, or as a result
of his death or Disability, provided, however, that no change in title,
authorities or responsibilities customarily attributable solely to the Company
ceasing to be a publicly traded corporation shall constitute Good Reason
hereunder;

(b) The failure by the Company to continue in effect any incentive, bonus or
other compensation plan in which Employee participates, unless an equitable
arrangement (embodied in an ongoing substitute or alternative plan) has been
made with respect to the failure to continue such plan, or the failure by the
Company to continue Employee's participation therein, or any action by the
Company which would directly or indirectly materially reduce his participation
therein or reward opportunities thereunder; provided, however, that Employee
continues to meet all eligibility requirements thereof;
<PAGE>

(c) The failure by the Company to continue in effect any
employee benefit plan (including any medical, hospitalization, life insurance or
disability benefit plan in which Employee participates), or any material fringe
benefit or prerequisite enjoyed by him unless an equitable arrangement (embodied
in an ongoing substitute or alternative plan) has been made with respect to the
failure to continue such plan, or the failure by the Company to continue
Employee's participation therein, or any action by the Company which would
directly or indirectly materially reduce his participation therein or reward
opportunities thereunder, or the failure by the Company to provide him with the
benefits to which he is entitled under this Employment Agreement; provided,
however, that Employee continues to meet all eligibility requirements thereof;

(d) Any other material breach by the Company of any provision of this Employment
Agreement;

(e) The failure of the Company to obtain a satisfactory agreement from any
successor or assign of the Company to assume and agree to perform this
Employment Agreement, as contemplated in the Section entitled Indemnification
Agreement hereof;

(f) Any purported termination of employee's employment which is not effected
pursuant to a Notice of Termination satisfying the requirements of this
Employment Agreement; and for purposes of this Employment Agreement, no such
purported termination shall be effective; or

(g) Any Change of Control (as defined herein) of the Company.

4. Change of Control. "Change of Control" shall be deemed to have occurred when:

(a) Securities of the Company representing 50% or more of the combined voting
power of the Company's then outstanding voting securities are acquired pursuant
to a tender offer or an exchange offer by a person or entity which is not a
wholly-owned subsidiary of the Company or any of its affiliates;

(b) A merger or consolidation is consummated in which the Company is a
constituent corporation and which results in less than 50% of the outstanding
voting securities of the surviving or resulting entity being owned by the then
existing stockholders of the Company;

(c) A sale is consummated by the Company of substantially all of the Company's
assets to a person or entity which is not a wholly-owned subsidiary of the
Company or any of its affiliates; or (d) During any period of two consecutive
years, individuals who, at the beginning of such period, constituted the Board
cease, for any reason, to constitute at least a majority thereof, unless the
election or nomination for election for each new director was approved by the
vote of at least two-thirds of the directors then still in office who were
directors at the beginning of the period.

5. Notice of Termination. "Notice of Termination" shall mean a written notice
which shall indicate the specified termination provision in this Employment
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Employee's
employment under the provision so indicated; provided, however, no such
purported termination shall be effective without such Notice of Termination;
provided further, however, any purported termination by the Company or by
Employee shall be communicated by a Notice of Termination to the other party
hereto in accordance with the Section entitled Notices of this Employment
Agreement.

6. Date of Termination. "Date of Termination" shall mean the date specified in
the Notice of Termination (which, in the case of a termination pursuant to the
Section entitled Termination Without Cause By The Company Or For Good Reason By
Employee of this Employment Agreement shall not be less than sixty (60) days,
and in the case of a termination pursuant to this Section, entitled Definitions,
of this Employment Agreement shall not be more than sixty (60) days, from the

<PAGE>

date such Notice of Termination is given); provided, however, that if within
thirty (30) days after any Notice of Termination is given the party receiving
such Notice of Termination notifies the other party that a dispute exists
concerning the termination, the Date of Termination shall be the date finally
determined by either mutual written agreement of the parties or by the final
judgment, order or decree of a court of competent jurisdiction (the time for
appeal therefrom having expired and no appeal having been taken).

FEES AND EXPENSES. The Company shall pay all legal fees and related expenses
(including the costs of experts, evidence and counsel) incurred by Employee as a
result of a contest or dispute over Employee's termination of employment if such
contest or dispute is resolved in Employee's favor.

NOTICES. For the purposes of this Employment Agreement, notices and all other
communications provided for in the Employment Agreement shall be in writing and
shall be deemed to have been duly given when personally delivered or sent by
certified mail, return receipt requested, postage prepaid, or by expedited
(overnight) courier with established national reputation, shipping prepaid or
billed to sender, in either case addressed to the respective addresses last
given by each party to the other (provided that all notices to the Company shall
be directed to the attention of the Chairman with a copy to the Secretary of the
Company) or to such other address as either party may have furnished to the
other in writing in accordance herewith. All notices and communication shall be
deemed to have been received on the date of delivery thereof, or on the second
day after deposit thereof with an expedited courier service, except that notice
of change of address shall be effective only upon receipt.

|_|        Company at: 1284 Puerta Del Sol, San Clemente, CA 92672
|_|        Employee at: _________________________________________

LIFE INSURANCE. The Company may, at any time after the execution of this
Employment Agreement, apply for and procure as owner and for its own benefit,
life insurance on Employee, in such amounts and in such form or forms as the
Company may determine. Employee shall, at the request of the Company, submit to
such medical examinations, supply such information, and execute such documents
as may be required by the insurance company or companies to whom the Company has
applied for such insurance. Employee hereby represents that to his knowledge he
is in excellent physical and mental condition and is not under the influence of
alcohol, drugs or similar substance.

PRIOR EMPLOYMENT AGREEMENTS. Employee represents and warrants that Employee's
performance of all the terms of this Employment Agreement and as an employee of
the Company does not, and will not, breach any employment agreement, arrangement
or understanding or any agreement, arrangement or understanding to keep in
confidence proprietary information acquired by Employee in confidence or in
trust prior to Employee's employment by the Company. Employee has not entered
into, and shall not enter into, any agreement, arrangement or understanding,
either written or oral, which is in conflict with this Employment Agreement or
which would be violated by Employee entering into, or carrying out his
obligations under, this Employment Agreement.

PROPRIETARY INFORMATION AND INVENTIONS. Employee understands and acknowledges
that:

1. During the term of the Employee's employment under this agreement, the
Employee shall not, directly or indirectly, engage or be interested (as a
stockholder, director, officer, employee, salesperson, agent, broker, partner,
individual proprietor, lender, consultant, or otherwise), either individually or

<PAGE>

in or through any person (whether a corporation, partnership, association, or
other entity) which engages, anywhere in the United States, in a business which
is conducted by the Company on the date of termination of his/her employment,
except that he/she may be employed by an affiliate of the Company and hold not
more than 2% of the outstanding securities of any class of any publicly held
company which is competitive with the business of the Company.

2. The Employee shall not, directly or indirectly, either during the term of the
Employee's employment under this Agreement or thereafter, disclose to anyone
(except in the regular course of the Company's business or as required by law),
or use in any manner, any information acquired by the Employee during his/her
employment by the Company with respect to any clients or customers of the
Company or any confidential or secret aspect of the Company's operations or
affairs unless such information has become public knowledge other than by reason
of actions, direct or indirect, of the Employee. Information subject to the
provisions of this paragraph shall include, without limitation:

(a) Procedures for computer access and passwords of the Company's clients and
customers, program manuals, user manuals, or other documentation, run books,
screen, file, or database layouts, systems flowcharts, and all documentation
normally related to the design or implementation of any computer programs
developed by the Company relating to computer programs or systems installed
either for customers or for internal use;

(b) Lists of present clients and customers and the names of individuals at each
client or customer location with whom the Company deals, the type of equipment
or computer software they purchase or use, and information relating to those
clients and customers which has been given to the Company by them or developed
by the Company, relating to computer programs or systems installed;

(c) Lists of or information about personnel seeking employment with or who are
employed by the Company;

(d) Prospect lists for actual or potential clients and customers of the Company
and contact persons at such actual or potential clients and customers;

(e) Any other information relating to the Company's research, development,
inventions, purchasing, engineering, marketing, merchandising, and selling.

3. The Employee shall not, directly or indirectly, either during the term of the
Employee's employment under this Agreement or for a period of one (1) year
thereafter or for six (6) months following the Termination Date if this
Employment Agreement is terminated by the Company other than with Cause or by
the Employee for Good Reason;

(a) Solicit, directly or indirectly, the services of any person who was a
full-time employee of the Company, its subsidiaries, divisions, or affiliates,
or solicit the business of any person who was a client or customer of the
Company, its subsidiaries, divisions, or affiliates, in each case at any time
during the past year of the term of the Employee's employment under this
Agreement. For purposes of this Agreement, the term "person" shall include
natural persons, corporations, business trusts, associations, sole
proprietorships, unincorporated organizations, partnerships, joint ventures, and
governments, or any agencies, instrumentalities, or political subdivisions
thereof.

(b) Induce employees of the Company to terminate their employment with the
Company or engage in any Competitive Business in the United States; provided,
however, that the ownership of the outstanding capital stock of a corporation
whose shares are traded on a national securities exchange or on the
over-the-counter market or the ownership and/or operation of a franchise under a
franchise agreement with the Company shall not be deemed engaging any
Competitive Business. "Competitive Business" shall mean any other business that
is the same as or similar to the Company concept as it exists on the date of
this Employment Agreement or on the Termination Date.

<PAGE>

4. All memoranda, notes, records, or other documents made or composed by the
Employee, or made available to him during the term of this Agreement concerning
or in any way relating to the business or affairs of the Company, its
subsidiaries, divisions, affiliates, or clients shall be the Company's property
and shall be delivered to the Company on the termination of this Agreement or at
any other time at the request of the Company.

5.

(a) The Employee hereby assigns and agrees to assign to the Company all his
rights to and title and interest to all Inventions, and to applications for
United States and foreign patents and United States and foreign patents granted
upon such Inventions and to all copyrightable material or other works related
thereto.

(b) The Employee agrees for himself and his heirs, personal representatives,
successors, and assigns, upon request of the Company, to at all times do such
acts, such as giving testimony in support of the Employee's inventorship, and to
execute and deliver promptly to the Company such papers, instruments, and
documents, without expense to him, as from time to time may be necessary or
useful in the Company's opinion to apply for, secure, maintain, reissue, extend,
or defend the Company's worldwide rights in the Inventions or in any or all
United States patents and in any or all patents in any country foreign to the
United States, so as to secure to the Company the full benefits of the
Inventions or discoveries and otherwise to carry into full force and effect the
text and the intent of the assignment set out in this Section, Proprietary
Information And Inventions.

(c) Notwithstanding any provision of this Agreement to the contrary, the Company
shall have the royalty-free right to use in its business, and to make, have
made, use, and sell products, processes, and services to make, have made, use,
and sell products, processes, and services derived from any inventions,
discoveries, concepts, and ideas, whether or not patentable, including, but not
limited to, processes, methods, formulas, and techniques, as well as
improvements thereof and know-how related thereto, that are not inventions as
defined herein, but which are made or conceived by the Employee during his
employment by the Company or with the use or assistance of the Company's
facilities, materials, or personnel. If the Company determines that it has no
present or future interest in any invention or discovery made by the Employee
under this paragraph, the Company shall release such invention or discovery to
the Employee within Sixty (60) days after the Employee's notice in writing is
received by the Company requesting such release. If the Company determines that
it does or may in the future have an interest in any such invention or
discovery, such information will be communicated to the Employee within the
60-day period described above.

(d) For purposes of this Section, Proprietary Information And Inventions,
"Inventions" means inventions, discoveries, concepts, and ideas, whether
patentable or not, including, but not limited to, processes, methods, formulas,
and techniques, as well as improvements thereof or know-how related thereto,
concerning any present or prospective activities of the Company with which the
Employee becomes acquainted as a result of her employment by the Company.

6. The Employee acknowledges that the agreements provided in this Section,
Proprietary Information And Inventions, were an inducement to the Company
entering into this Agreement and that the remedy at law for breach of Employee's
covenants under this Section, Proprietary Information And Inventions, will be
inadequate and, accordingly, in the event of any breach or threatened breach by
the Employee of any provision of this Section, Proprietary Information And
Inventions, the Company shall be entitled, in addition to all other remedies, to
an injunction restraining any such breach.

<PAGE>

TRUST. Employee's employment creates a relationship of confidence and trust
between Employee and the Company with respect to certain information applicable
to the business of the Company, its subsidiaries, if any, (collectively, the
"Group") or applicable to the business of any franchisee, vendor or customer of
any of the Group, which may be made known to Employee by the Group or by any
franchisee, vendor or customer of any of the Group or learned by Employee during
the employment Period.

REMEDIES. Employee acknowledges and agrees that the Company's remedy at law for
a breach or a threatened breach of the provisions herein would be inadequate,
and in recognition of this Fact, in the event of a breach or threatened breach
by Employee of any of the provisions of this Employment Agreement, it is agreed
that the Company shall be entitled to, equitable relief in the form of specific
performance, a temporary restraining order, a temporary or permanent injunction
or any other equitable remedy which may then be available, without posting bond
or other security. Employee acknowledges that the granting of a temporary
injunction, a temporary restraining order or other permanent injunction merely
prohibiting Employee from engaging in any Business Activities would not be an
adequate remedy upon breach or threatened breach of this Employment Agreement,
and consequently agrees upon any such breach or threatened breach to the
granting of injunctive relief prohibiting Employee from engaging in any
activities prohibited by this Employment Agreement. No remedy herein conferred
is intended to be exclusive of any other remedy, and each and every such remedy
shall be cumulative and shall be in addition to any other remedy given hereunder
now or hereinafter existing at law or in equity or by statute or otherwise.

SUCCESSIVE EMPLOYMENT NOTICE. Within five (5) business days after the
Termination Date, Employee shall provide notice to the Company of Employee's
next intended employment. If such employment is not known by employee at such
date, Employee shall notify the Company immediately upon determination of such
information. Employee shall continue to provide the company with notice of
employee's place and nature of employment and any change in place or nature of
employment during the period ending:

1. Two (2) years after the Termination Date if this Employment Agreement is
terminated by the Company for Cause or by the Employee other than for Good
Reason or

2. Six (6) months after the Termination Date if this Employment Agreement is
terminated by the company other than for Cause or by the Employee for Good
Reason.

Failure of Employee to provide the company with such information in an accurate
and timely fashion shall be deemed to be a breach of this Employment Agreement
and shall entitle the Company to all remedies provided for in this Employment
Agreement as a result of such breach.

SUCCESSORS. This Employment Agreement shall be binding on the Company and any
successor to any of its businesses or assets. Without limiting the effect of the
prior sentence, the Company shall use its best efforts to require any successor
or assign (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Employment Agreement in
the same manner and to the same extent that the Company would be required to
perform it if no such succession or assignment had taken place. As used in this
Employment Agreement, "Company" shall mean the Company as hereinbefore defined
and any successor or assign to its business and/or assets as aforesaid which
assumes and agrees to perform this Employment Agreement or which is otherwise
obligated under this Agreement by the first sentence of this Section, entitled
Successors, by operation of law or otherwise.

<PAGE>

INDEMNIFICATION AGREEMENT. Upon the execution of this Employment Agreement, the
Company and employee shall each execute and deliver to the other an
Indemnification Agreement dated as of the date hereof.

BINDING EFFECT. This Employment Agreement shall inure to the benefit of and be
enforceable by Employee's personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If
Employee should die while any amounts would still be payable to him hereunder if
he had continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Employment Agreement to
Employee's estate.

MODIFICATION AND WAIVER. No provision of this Employment Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by Employee and such officer as may be
specifically designated by the Board. No waiver by either party hereto at any
time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Employment Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

HEADINGS. Headings used in this Agreement are for convenience only and shall not
be used to interpret or construe its provisions.

WAIVER OF BREACH. The waiver of either the Company or Employee of a breach of
any provision of this Employment Agreement shall not operate or be construed as
a waiver of any subsequent breach by either the Company or Employee.

AMENDMENTS. No amendments or variations of the terms and conditions of this
Employment Agreement shall be valid unless the same is in writing and signed by
all of the parties hereto.

SEVERABILITY. The invalidity or unenforceability of any provision of this
Employment Agreement, whether in whole or in part, shall not in any way affect
the validity and/or enforceability of any other provision contained herein. Any
invalid or unenforceable provision shall be deemed severable to the extent of
any such invalidity or unenforceability. It is expressly understood and agreed
that while the Company and Employee consider the restrictions contained in this
Employment Agreement reasonable for the purpose of preserving for the Company
the good will, other proprietary rights and intangible business value of the
Company, if a final judicial determination is made by a court having
jurisdiction that the time or territory or any other restriction contained in
this Employment Agreement is an unreasonable or otherwise unenforceable
restriction against Employee, the provisions of such clause shall not be
rendered void but shall be deemed amended to apply as to maximum time and
territory and to such other extent as such court may judicially determine or
indicate to be reasonable.

GOVERNING LAW. This Employment Agreement shall be construed and enforced
pursuant to the laws of the State of California.

ARBITRATION. Any controversy or claim arising out of or relating to this
Employment Agreement or any transactions provided for herein, or the breach
thereof, other than a claim for injunctive relief shall be settled by
arbitration in accordance with the commercial Arbitration Rules of the American
Arbitration Association (the "Rules") in effect at the time demand for

<PAGE>

arbitration is made by any party. The evidentiary and procedural rules in such
proceedings shall be kept to the minimum level of formality that is consistent
with the Rules. One arbitrator shall be named by the Company, a second shall be
named by Employee and the third arbitrator shall be named by the two arbitrators
so chosen. In the event that the third arbitrator is not agreed upon, he or she
shall be named by the American Arbitration Association. Arbitration shall occur
in San Diego, California or such other location agreed to by the Company and
Employee. The award made by all or a majority of the panel of arbitrators shall
be final and binding, and judgment may be entered in any court of law having
competent jurisdiction. The award is subject to confirmation, modification,
correction, or vacation only as explicitly provided in Title 9 of the United
States Code. The prevailing party shall be entitled to an award of pre- and
post-award interest as well as reasonable attorneys' fees incurred in connection
with the arbitration and any judicial proceedings related thereto.

EXECUTIVE OFFICER STATUS. Employee acknowledges that he may be deemed to be an
"executive officer" of the Company for purposes of the Securities Act of 1993,
as amended (the "1933 Act"), and the Securities Exchange Act of 1934, as amended
(the "1934 Act") and, if so, he shall comply in all respects with all the rules
and regulations under the 1933 Act and the 1934 Act applicable to him in a
timely and non-delinquent manner. In order to assist the company in complying
with its obligations under the 1933 Act and 1934 Act, Employee shall provide to
the Company such information about Employee as the Company shall reasonably
request including, but not limited to, information relating to personal history
and stockholdings. Employee shall report to the General Counsel of the Company
or other designated officer of the Company all changes in beneficial ownership
of any shares of the Company Common Stock deemed to be beneficially owned by
Employee and/or any members of Employee's immediate family.

PRONOUNS. All pronouns and any variations thereof shall be deemed to refer to
the masculine, feminine, neuter, singular, or plural, as the identity of the
person or entity may require. As used in this agreement: (1) words of the
masculine gender shall mean and include corresponding neuter words or words of
the feminine gender, (2) words in the singular shall mean and include the plural
and vice versa, and (3) the word "may" gives sole discretion without any
obligation to take any action.

COUNTERPARTS. This Employment Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute but one document.

EXHIBITS. Any Exhibits attached hereto are incorporated herein by reference and
are an integral part of this Employment Agreement.

      IN WITNESS WHEREOF, this Employment Agreement has been duly executed by
the Company and the Employee as of the date first above written.

EXECUTE SPORTS, INC.

Employee: _____________________________________     Date: ____________

Accepted by: ___________________________________

Name/Title: Don Dallape/President and CEO           Date:____________Exhibit 10.12

                        FACTORING AND SECURITY AGREEMENT

      This Factoring and Security Agreement, dated as of May 10, 2004 is between
Padova International U.S.A., a Nevada corporation, which sometimes uses the name
Padova International and which sometimes uses the name Execute MX Racing and
which sometimes uses the dba phase 2 Sales International and which sometimes
uses the dba Execute Sports (collectively the "Client") and Benefactor Funding
Corp., a Colorado corporation (the "Factor").

      In consideration of the respective promises, representations, warranties,
covenants and agreements contained herein, Client and Factor agree as follows(,)

1. PURCHASE AND SALE OF ACCOUNTS RECEIVABLE

      (a) Client hereby sells, assigns, transfers, conveys and delivers to
Factor, and Factor purchases and accepts from Client upon the tents and
conditions set forth heroin, all of Client's right, title and interest in and to
(i) all accounts receivable which are accepted for purchase by Factor as
described in Section 1(b) (any and all accounts receivable which arc created by
Client, whether or not Factor accepts and purchases them, are defined herein as
"Accounts"; the term "Accepted Accounts" is defined herein as Accounts which are
accepted for purchase by Factor) and (ii) all guarantees and security for
Accepted Accounts, and all merchandise or Client services represented by
Accepted Accounts, including all of Client's rights to returned goods and rights
of stoppage in transit, replevin and reclamation as an unpaid vendor (with
respect to each Accepted Account, such guarantees, security and rights arc
called "Rights").

      (b) Client shall submit Accounts to Factor, to be put on a schedule of
accounts ("Schedule") to the form of Exhibit A. Factor is only obligated to
purchase Accounts when it accepts the Accounts by signing the Schedule; any
Accounts which are Crossed out by Factor are not accepted for purchase. Factor
may refuse to purchase any Account for any reason whatsoever, in Factor's sole
discretion. It is hereby agreed and understood that Factor m y verify, with the
Account Debtor (each of the terms "Account Debtor" and "Debtor" is defined
herein as a customer of Client), the amount, validity, due date and absence of
adjustments and offsets, of some or all of the Accounts prior to Factors
acceptance of such Accounts.

      (e) At the time the Schedule is presented, Client shall also deliver to
Factor the original andlor a copy of an invoice for each Account, together with
evidence of shipment and the Account Debtor's purchase order.

      (d) Each and every payment on each and every Accepted Account by an
Account Debtor, or any other person or entity, is the sole property of Factor.

      (e) Prior to Factor's acceptance and purchase of any Account from a
particular Account Debtor, Client shall deliver to Factor an agreement in the
form of Exhibit B hereto ("Customer Agreement").

      (1) Invoices should plainly state on their face that the amounts payable
thereunder have been assigned to and are payable to Benefactor Funding Corp. and
billing on such invoice shall constitute an assignment to 13eneFactor Funding
Corp. of the accounts thereby represented whether or not a specific written
assignment was executed.

      (g) Upon signing this Agreement, Client shall sign all UCC financing
statements requested by Factor and, simultaneously with the initial funding
pursuant to this Agreement.

2. PURCHASE PRICE.

      The Purchase Price for each Accepted Account shall be equal to (i) the
face amount of such Accepted Account less (ii) the Commission, and less (iii)
the Factor's Fee, and less (iv) the amount of any trade or cash discounts,
r;redits or allowances, set-raft's or any other reductions or adjustments to
such Accepted Account. The Commission for each Accepted Account shall equal 1.5%
of the face amount of the Accepted Account, and shall compensate Factor for
Factor's purchase and handling of the Accepted Account. The Factors Fee

<PAGE>

compensates Factor for Factor's administration, monitoring, collection and
reporting activities with respect to each Accepted Account and shall be
determined by the number of days from the date of Factors Initial Payment (as
defined below) on the Accepted Account to Client to the date of Account Debtor's
full payment of the Accepted Account to Factor as follows: 0% of the face amount
of the Accepted Account for one to thirty days, and .)% of such face amount for
each one to ten day period thereafter (with the 5% earned on the first day of
each such one to ten day period.) Upon purchase of an Accepted Account from
Client, Factor shall make an initial payment of the Purchase Price to Client
("Initial Payment") in the amount of 80% of the face amount of such Accepted
Account. The difference between the face amount of an Accepted Account and the
Initial Payment shall go into the Reserve Account (as defined in Section 4
below). 'Full payment' of an Accepted Account by an Account Debtor shall occur
when Factor receives a check for the full amount of the Accepted Account from
the Account Debtor and such check clears and becomes available for factor's use.

      Client and Execute (as defined below) agree to sell and assign to Factor a
minimum of $1,200,000 of accounts receivable for each twelve month period that
this Agreement is in effect beginning with May 2004 and if such minimum isn't
met, Factor will charge Client an amount equal to 1.5% times $1,200,000 less the
actual amount of receivables sold for each such twelve month period, either by
charging the Reserve Account or invoicing Client. Client and Factor agree that
Client's right to terminate the Agreement pursuant to Section I I is subject to
the minimums in this paragraph.

      Client is responsible for all accounts receivable (the "Execute Accounts")
purchased by Factor from Execute Sport& Marketing, Inc., a California
corporation, which sometimes uses the name Execute Sports and which sometimes
uses the name Execute MX Racing and which sometimes uses the name Phase 2 Sales
International and which sometimes uses the name Padova international
(collectively, "Execute") pursuant to the Factoring and Security Agreement,
dated as of May 10, 2004, between Execute and Factor (the "Execute Agreement"),
and all terms of this Agreement shall apply to the Execute Accounts and the
Execute Accounts shall be considered Accepted Accounts hereunder, Any dethult
order the Execute Agreement shall be an Event of Default under this Agreement.

3. RECOURSE PROVISIONS.

      (a) All Accepted Accounts shall be purchased by Factor with recourse
against Client. The term "Recourse Event" shall include, without limitation, the
following: (i) a breach of any representation or warranty or covenant of this
Agreement by Client; (ii) the existence of any dispute of any kind, regardless
of validity, now or hereafter arising, between Client and an Account Debtor, or
between an Account Debtor and Factor, that is asserted by an Account Debtor as a
basis for refusing to pay all or part of any Accepted Account ("Dispute"); (iii)
the assertion by any Account Debtor, or by a bankruptcy trustee or any other
party which is acting for an Account Debtor. of a claim of loss, counterclaim,
refund, credit, return of goods, return of payment or offset of any kind against
Client or Factor ("Claim'); and (iv) non-payment by the Account Debtor of the
full amount of any Accepted Account 91 days after the purchase of such Accepted
Account by Factor, or, if Factor believes, in Factor's sole judgment. at any
time prior to such 91" day, that the Account Debtor may be unable to pay any
Accepted Account; Client and factor hereby agree that any Accepted Account
covered by clause (iv) is a "defective good'. Upon the occurrence of any event
described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client
wilt immediately pay to Factor, on the Accepted Account which is subject to the
Recourse Event, the amount of the Initial Payment on the Accepted Account plus
the Commission and Factor's Fee on the Accepted Account calculated at the time
of Client's payment. If Factor does not receive an immediate payment from
Client, Factor may, in addition to any other tanodics available to Factor under
this Agreement, immediately charge back to Client Any Accepted Account which is
subject to a Recourse Event by taking funds out of the Reserve Account, or
Immediately exercise the remedies described in Section 10. With Factor's
agreement, Client may assign other accounts receivable which are acceptable to
Factor, in substitution for an Accepted Account which is subject to a Recourse
Event.

      (b) Factor may charge the Reserve Account with the amount of any Account
Debtor Repayment (as defined below). An "Account Debtor Repayment" shall refer
to a payment made by Factor to an Account Debtor of Client to reimburse the
Account Debtor for a payment theretofore made by the Account Debtor to the
Factor other than on account of an Accepted Account.

      (e) Client shall notify Factor of any Recourse Event immediately.

      (d) Factor may settle any Dispute or Claim directly with Account Debtor;
such settlement does not relieve Client of final responsibility (or payment of
any such Accepted Account.

<PAGE>

4. RESERVE ACCOUNT.

      (a) Factor shall create and maintain at all times a reserve account
("Reserve Account") for all Accepted Accounts equal to the difference between
the aggregate face amounts and the aggregate Initial Payments on all Accepted
Accounts. Factor may, in addition to any other remedies available to Factor
under this Agreement, charge back to Client by taking funds out of the Reserve
Account, any amount for which Client may be obligated to Factor at any time;
such amounts Include (i) any amounts which Client is obligated to pay Factor
pursuant to the recourse provisions of Section 3, (ii) any damages suffered by
Factor as a result of Client's breach of any provision of Section 5 hereof,
(iii) any amount charged back to Client pursuant to Section 10 hereof, (iv) any
other offsets or adjustments to any Accepted Account, and (v) reasonable
attorneys fees and disbursements related to any of the foregoing. If Factor
receives payment on an Accepted Account from Account Debtor subsequent to the
Accepted Account being charged against the Reserve Account pursuant to the
preceding sentence, factor will credit the Reserve Account by the amount of such
payment

      (b) The Reserve Account shall be calculated and maintained on a regular
basis, and any funds which are credited by Factor to Client's Reserve Account as
a result of collected invoices for Client, less alt funds charged back to Client
pursuant to this Section 4 ("Excess Reserve") shall be paid to Client weekly;
provided, however, that Factor shall not be obligated to pay the Excess Reserve
to Client if a Recourse Event or an Event of Default has occurred and is
continuing. If Client shall cease selling Accounts to Factor, Factor shall not
pay the Reserve Account to Client until all Accepted Accounts have been
collected in full or charged against the Reserve Account, and all Commissions
and Factor's Fees and other sums due Factor hereunder have been paid; if the
Reserve Account has a negative balance after such collections, charges and fees,
then Client shall make the applicable payment to Factor.

      (c) Factor may, at Factor's sole option and discretion, return payments
for Client's account to the applicable account debtor, and deduct such items
from the Reserve Account; Client shall then seek such payments from the
applicable account debtor.

5. CLIENT'S REPRESENTATIONS AND WARRANTIES. Client represents and warrants to
Factor that:

      (a) Client is the sole owner and holder of each and every Account and all
related Rights, and, upon Factor's purchase of any Account, Factor shall become
the sole owner and holder of such Account and its related Rights; and each
Account is free and clear of all liens, encumbrances, charges, security
interests, rights to purchase, or other claims of any kind or nature. and none
or such Accounts have been previously sold or assigned to any person or entity;

      (b) There are no financing statements now on file in any public office
governing any property of Client of any kind, real or personal, in which Client
is named in or has signed as the debtor, except the financing statement or
statements filed or to be filed with respect to this Agreement, or those
statements now on file that have been disclosed in writing by Client to Factor.
Client will not execute any financing statement in favor of any other person or
entity, except Factor, during the term of this Agreement;

      (c) The full amount of each Account is due and owing to Client, and each
Account is an accurate statement of a bons fide sale and delivery by Client and
acceptance by an Account Debtor of merchandise or services. Each Account is due
and payable within 30 days or less, and is not contingent upon the fulfillment
by Client of any further performance of any nature;

      (d) The application ("Application") made by Client in connection with this
Agreement, and the statements made in such Application ere true and correct as
of the time that this Agreement is executed;

      (e) There are no actions, suits, proceedings, attachment proceedings,
orders, or arbitration proceedings, pending or threatened, at law or in equity,
against Client or any affiliate of Client or affecting the Accounts, before any
federal, state, municipal or other governmental court, department, commission,
board, agency or instrumentality. Client will immediately notify Factor if any
matter described in the preceding sentence arises; and

      (f) Client is a corporation duly organized, validly existing and in good
standing under the laws of Nevada. This Agreement and transactions contemplated
hereby have been duly authorized by skit necessary action by Client.

<PAGE>

6. AFFIRMATIVE COVENANTS BY CLIENT.

      Client covenants and agrees that, from the date hereof and until
termination of this Agreement and payment in full of all Accepted Accounts to
Factor, Client will:

      (a) Pay alt taxes or fees in rotation to the Accounts and all goods sold
or services rendered which give rise to Accounts;

      (b) Hold in trust for Factor, and immediately notify and turn over to
Factor, any payment on an Accepted Account whenever any such payment comes into
Client's possession, whether such payment is by cash, check (payable to Client,
Factor or both), money order, credit card, debit card or other form of payment.
Client shall also, where such payment is issued to the order of Client,
immediately endorse the payment to the order of Factor. II Client comes into
possession of a check or other payment which consists of payments owing to both
Client and Factor (i.e. the payment covers both Accepted Accounts and Accounts
which were not purchased by Factor or other amounts owing to Client from Account
Debtor), Client shall immediately endorse the check or other payment to Factor
and turn it over to Factor who will then credit Client's portion to Client's
Reserve Account. Client acknowledges that an Event of Default pursuant to
Section 10 shall have occurred, and that Client will become subject to criminal
prosecution and civil actions, if Client does not immediately turn over to
Factor each and every payment on an Accepted Account which comes into Client's
possession. In addition, If Client deposits or otherwise negotiates a cheek or
other payment, or accepts a credit card or debit card payment, which, by the
terms of thin Section 6 (b), should have been turned over to Factor, Client
shall pay Factor a misdirected payment fee equal to 20% of the amount of the
cheep, credit or debit card payment, or other payment,,

      (c) Not factor, sell, transfer, pledge or give a security interest in any
of its Accounts, other accounts receivable or other Collateral to any person or
entity other than Factor;

      (d) Notify Factor immediately if Account Debtor returns to Client any
goods giving rise to an Accepted Account, and deliver such goods to Factor.
Client shall not intermingle such goods with Client's other property. as the
goods are the property of Factor;

      (e) Client shall not change its mailing address, principal place of
business, chief executive office or its legal structure (i.e. from a
proprietorship to a corporation, ate.), or merge with or acquire any other
entity, or be acquired, without Factor's prior written consent;

      (I) Immediately notify factor of (i) any development which would
materially and adversely affect the business, properties or financial condition
of Client or any Account Debtor, the Accounts or the ability of Client to
perform its obligations under this Agreement, and/or (ii) any actual or
potential insolvency of Client or any Account Debtor;

      (g) Give Factor not less than ten days prior written notice of any
bankruptcy filing by Client; and

      (h) Client will provide to Factor monthly accounts receivable and accounts
payable songs and, customer contact information, and proof of payment of payroll
and other taxes, for the term of this Agreement.

7. SECURITY INTEREST AND COLLATERAL

      In order to secure the payment and performance of all obligations of
Client to Factor, whether presently existing or hereafter arising, Client hereby
grants to Factor a security interest in and lien upon all of Client's right.
title and interest in all of Client's assets, which include, without limitation,
(i) all of Client's accounts recivable, returned goods and related Rights,
instruments, inventory, inventory proceeds, documents, contract rights, chattel
paper, general intangibles and the proceeds and insurance proceeds thereof, now
or hereafter owned by Client, or in which Client how or hereafter may have any
rights, wherever located, (ii) the Reserve Account and all payments (if any) due
or to become due to Client from the Reserve Account, and all other sums due from
factors, (iii) all of Client's other properties and assets. which include.
without limitation, equipment, machinery, products, furniture, fixtures, roots,
raw materials, work in process and supplies, and the proceeds thereof, now or
hereafter owned by Client, or in which Client now or hereafter may have any
rights, wherever located, and (iv) the proceeds of any insurance policies
covering any of the foregoing (collectively, the "Collateral"). Client agrees to
comply with all appropriate laws in order to perfect Facto's security interest
in and to the Collateral and to execute and deliver to Factor and/or file UCC-I
Financing Statements and any other financing statement(s) or docuntems that
Factor may require. Scott D. Swendener and Donutd A. Daflape will sign personal
guaranties, which guaranties are acceptable h+ Factor and further secures
Client's obligations hereunder.

<PAGE>

8. COLLECTION OF ACCOUNTS.

      Factor shall have the sole and exclusive power and authority to collect
each Account, through legal action or otherwise, and trey, in its sole
discretion, settle, compromise or assign (in whole or in part) any Account, or
otherwise exercise any other right now existing or hereafter arising with
respect to any Account. Without Factor's prior written consent, Client shall not
(a) attempt to collect any Account, (b) attempt to collect other Iron. factored
accounts receivable when Factor has unpaid Accepted Accounts +vn the same
Account Debtor, or (c) violate any of the terms of Exhibit B hereof with respect
to any applicable Account Debtor. Any violation of this Section $ is an Event of
Default hereunder.

9. POWER OF ATTORNEY.

      Client grants to Factor an irrevocable power of attorney authorizing and
permitting Factor, at its option, without notice to Client, to do any or all of
the following:

      (a) Endorse the name of Client on any checks or other form of payment
whatsoever that may come into the possession of Factor regarding Accepted
Accounts, any other accounts or Collateral;

      (h) Pay, settle. compromise, prosecute or defend any Claim, Dispute,
action, or other proceeding relating to Accepted Accounts or Collateral;

      (c) To extend the time of payment of any or all Accepted Accounts and to
make any discounts, offsets, allowances or other adjustments with reference
thereto;

      (d) Execute and file on behalf of Client any financing statement deemed
necessary or appropriate by Factor to protect Factor's interest in and to the
Accepted Accounts or Collateral, or under any provision of this Agreement; and

      (a) To do all things necessary and proper in order to carry out this
Agreement,

      The power of attorney and authority granted to Factor herein is
irrevocable until this Agreement is terminated and all Accepted Accounts have
been paid in full and Client has satisfied in full all other obligations owed to
Factor,

10. DEFAULTS AND REMEDIES

      (a) An event of default ("Event of Default") shall be deemed to have
occurred under this Agreement upon the happening of one or more of the
following:

      (A) Client shall fail to pay as and when due any amount of money owed to
Factor:

      (B) There shall be commenced by or against Client any voluntary or
involuntary cast under the tederal Bankruptcy Code, or any assignment for the
benefit of creditors, or any appointment of a receiver or custodian or trustee
for any of Client's assets;

      (C) Client shaft become insolvent, or Client admits in writing its
inability to pay its debts as they mature;

      (D) A material and adverse change shall have occurred in Client's
financial condition, business or operations, or Factor, in Factor's sole
discretion deems its position insecure or determines that the Collateral has
lost value;

      (E) Client shall have a federal, state or local tax lien filed against any
of its properties, or shall fail to pay any federal, state or local tax when
due, or shall fail to file any federal, state or local tax form as and when due,
or shall have a notice of seizure against it sent out by any federal or state
taxing authority;

      (F) Any check or other payment described in Section 6(b) cones into
Client's possession find Client does not immediately endorse and turn over such
check or payment to Factor;

      (G) A Recourse Event shaill occur;

      (H) Client shall stop selling and assigning new Accounts to Factor, or
Factor shall stop purchasing new Accounts from Client;

      (1) Client violates any provision of Section 8 hereof; or (J) Any event
described in Section 12(h) and/or Section 12(i) asccurs; OF

      (K) An Event of Default under the Execute Agreement shall occur.

<PAGE>

      (b) If an Event ut Default occurs, Factor may immediately exercise any and
all of its rights and remedies with respect to Accounts and Collateral under
this Agreement, the Uniform Commercial Code, and applicable law, which rights
and remedies include, without limitation: (A) the right to declare any amount
owed by Client to Factor immediately due and payable; (B) enforcement of the
security interest given hereunder pursuant to the Uniform Commercial Code or any
other law; (C) entering the premises of Client and taking possession of the
Collateral and of the records pertaining to the Accounts and the Collateral; (D)
granting exlenaions, cong romising claims and settling Accounts for leas than
face value, without prior notice to Client, (E) collecting and depositing all of
Client's accounts receivable, and the proceeds thereof, whether such accounts
were purchased by Factor or not, (F) retaining any surplus realized from asset
sales and holding Client liable for any deficiency as provided in the Uniform
Commercial Code; and (0) without limiting Factor's rights pursuant to Sections 3
and 4, to charge back to Client any and all amounts or obligations owed by
Client to Factor by taking funds out of the Reserve Account. Client shall also
pay Factor immediately upon demand for all damages, costs and losses caused to
Factor which are in any way related to an Event of Default and/or Recourse
Event, including. without limitation, all Attorneys fees, court costs,
disbursements, other collection expenses and all other expenses and costs
incurred or paid by Factor to obtain performance or to enforce any covenant or
agreement of Client hereunder In order to satisfy any amount owed by Client to
Factor pursuant to this Agreement, Factor is hereby authorized by Client to
initiate electronic debit or credit entries through the ACH system to each and
every deposit account maintained by Client wherever such accounts are located.

11. TERM

      (a) This Agreement shall become effective on the date hereof and shall
continue in full force and effect for a period of twelve (12) months from the
date hereof and will be automatically renewed for like periods thereafter,
unless terminated by Client as of any anniversary date, by Client giving not
less than sixty (60) days prior written notice to Factor or unless terminated by
Factor at any time. Notwithstanding the foregoing. Client may terminate this
Agreement early at any time by giving Factor not less than sixty (60) days prior
written notice, and Factor may terminate this Agreement early at any time
without notice should any Event of Default or Recourse Event ocean, provided
that in either event, Client will be obligated to pay Factor in full for all
amounts owing to Factor pursuant to this Agreement and for an additional early
termination fee equal to the amounts calculated pursuant to the second paragraph
of Section 2 for each and every remaining month of the term, After termination
of this Agreement and/or termination of Factor's lien on the Collateral, Client
shall remain fully responsible to Factor for any and all representations,
warranties and covenants contained herein, and for any asserted claims and/or
payment demands described in Section 12(h) and/or Section 12(i) no matter when
such demands arise.

      (b) This Agreement and all covenants, agreements, representations and
warranties made herein, shall survive the purchase by Factor of the Accounts
hereunder, and shall continue in full force and effect after termination of this
Agreement. Once this Agreement has been terminated and (i) Factor has received
payment in full for all Accepted Accounts and all other amounts owing to Factor
pursuant to this Agreement, (ii) Client has mat all obligations to Factor
hereunder as of such time, and (iii) Client executes and delivers a written
release to Factor, in a form provided by and acceptable to Factor, releasing
Factor from all liabilities hereunder, then Factor shall promptly temNnate
Pactor's lion on the Collateral.

12. MISCELLANEOUS

      (a) Client shall pay Factor $10.00 for each wire transfer made by Factor
to Client, $7.$0 for each wire transfer made by Client or any Account Debtor to
Factor, $20.00 for each Fedtat, $2.00 for each cashier's check, $5.22 for each
certified piece of mail, standard postage rates for the mailing of invoices,
$28.00 for each Dun & Bradstreet report, all amounts billed to Factor by
Factor's lawyers in matters related to the Client, and all costs related to
Factor's ongoing UCC and tax lien searches on Client; provided, however that if
Factor's cost for the preceding items increases, Client shall also pay an
additional amount equal to such increase.

<PAGE>

      (b) This Agreement and the Exhibits and attachments hereto constitute the
entire agreement between the parties pertaining to the subject matter contained
in it and supersede all prior and contemporaneous agreements, commitments,
negotiations and understandings of the parties. No supplement, modification or
amendment of this Agreement or any part thereof shall be binding unless executed
in writing by both parties. This Agreement may not be assigned by Client without
the prior written consent of Factor. This Agreement may be assigned by Factor
without notice to or the consent of Client.

      (c) All rights, remedies and powers granted to Factor in this Agreement,
or in any other instrument or document given by Client to Factor, are cumulative
and may be exercised singularly or concurrently with such other rights as Factor
may have. No waiver of any of the provisions of this Agreement shall be deemed,
or shall constitute, a waiver of any other provisions, whether or not similar,
nor shall any waiver constitute a continuing waiver. No waiver shall be binding
unless executed in writing by the party making the waiver,

      (d) Whenever possible, each provision of this Agreement will be
interpreted in such a manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid
under applicable law, such provision will be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

      (e) Client shall hold Factor harmless against any Customer ill wilt
arising from (i) Factor's verification or collection of, or attempts to collect,
any Account, and/or (ii) any other actions of Factor pursuant to this Agreement,
Factor may owe attempts to collect any Accepted Account at any time.

      (f) All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed sufficiently given only if
salved personally on the party to whom notice is to be given, or sent by
facsimile (followed by a phone call which confirnn receipt) or mailed to the
party to whom notice is to be given, by first class mail, registered or
certified, postage prepaid, and properly addressed as follows:

To Client:
Padova International U.S.A.
1284 Puerta Del Sol, Suite 150
San Clemente, CA 92673
Attn: Scott D. Sweetener

Phone: (949) 498-5990 Fax: (949)498.6122

To Factor:
Benefactor Funding Corp.
249 Clayton St., Sic. 200

Denver, CO 80206 Attn: Randall Carter
Phone; (303) 333-6111 Fax:(303)333-5530

or to such other address as the patty may have specified in a notice duty given
to the other party as provided herein. Such notice or communication will be
deemed to have been given as of the date so delivered or faxed (and conftrrnud)
or three days after the date so mailed.

      (g) This Agreement and the legal relations between the parties shall be
governed by and construed in accordance with the laws of the State of Colorado
without regard to principles of conflicts of laws otherwise applicable to such
determinations, Client and Factor agree that any suit, action or proceeding
arising out of the subject matter hereof, or the interpretation, performance or
breach of this Agreement, shall, if Factor so elects, be instituted in any court
sitting in Colorado (the "Acceptable Forums"). Client and Factor agree that the
Acceptable Forums are convenient to it, and each party irrevocably submits to
the jurisdiction of the Acceptable Forums, irrevocably agrees to be bound by any
judgment rendered thereby in connection with this Ag,w.nmut, and waives any and
all objections to jurisdiction or venue that it may have under the laws of
Colorado or otherwise in those courts in any such suit, action or proceeding.
Should such proceeding be initiated in any other forum, Client waives any right
to oppose any motion or application made by Factor as a consequence of such
proceeding having been commenced in a forum other than an Acceptable Forum.

      (h) If an Account Debtor of Client files for or is forced into bankruptcy,
receivership or any other similar protection or status, and there is the
possibility of a preference or other similar action or claim against Factor by a
trustee in bankruptcy, debtor in possession, receiver, custodian err other party
related to payments received by Facto, then a Recourse Event under this

<PAGE>

Agreement shall have occurred and, in addition to other rights and remedies
hereunder, then Factor may, at Factor's option, hold or pay over to the trustee
in bankruptcy, debtor in possession, receiver, custodian or other party,
Client's Reserve Account in an amount equal to the total amount of payments
received by Factor for which there is a possibility of such a preference or
other similar action or claim: and if factor elects to hold such amount in the
Reserve Account, Factor may continue to hold such amount until all applicable
statutes of limitation for such preference or other similar actions or claims
have expired. Furthermore, if a trustee in Bankruptcy, debtor in possession,
receiver, custodian or other party demands that any payment received by Factor
be returned and/or given to such party or to a bankruptcy estate, then a
Recourse Event under this Agreement shall have occurred and Client shall owe
Factor any and all amounts demanded by such trustee in bankruptcy, debtor in
possession, receiver, custodian or other party, and Client shall pay such
amounts to Factor i,uu,,.diately upon Factor's demand. Client also agrees to
indemnify Factor and hold Factor harmless from and against any such preference
or other similar action or claim, regardless of whether such action or claim is
brought during the term of this Agreement or after termination of this
Agreement. This Section (h) shall survive the termination of this Agreement and
shall remain in effect for seven years after termination of this Agreement.

      (i) If Factor receives a payment from an Account Debtor and such Account
Debtor demands that the payment be returned, for any reason whatsoever, then a
Recourse Event under this Agreement shall have occurred and Client shall owe
Factor any and all amounts demanded by such Account Debtor, and Client shall pay
such amounts to Factor immediately upon Factor's demand. In addition, Client
agrees to indemnify and hold harmless Factor against any claims asserted by any
person or entity related in any way to the factoring relationship or any payment
made to Factor, whether or not such claims are asserted before or after
termination of this Agreement. This Section (i) shall survive the termination of
this Agreement and shall remain in effect for seven years after termination of
this Agreement.

      (j) Each of Client and Factor hereby (1) waive any right it may have to a
jury trial, or any right to claim or recover in any litigation any special,
exemplary, punitive or consequential damages, or damages other than. or in
addition to, actual damages, plus interest and fees, and (2) acknowledge that it
has been induced to enter into this Agreement and the transactions contemplated
hereby by, among other things, the mutual waivers contained in this subsection
(j).

      IN WITNESS WHEREOF, the parties to this Agreement have duly executed it as
of the day and year float above written.

FACTOR:

BENEFACTOR FUNDING CORP.

By: /s/ signature illegible
    ---------------------------
    Title: President

CLIENT:

PADOVA INTERNATIONAL U.S.A., WHICH SOMETIMES USES THE NAME PADOVA INTERNATIONAL
AND WHICH SOMETIMES USES THE NAME EXECUTE MX RACING AND WHICH SOMETIMES USES THE
DBA PHASE 2 SALES INTERNATIONAL AND WHICH SOMETIMES USES THE DBA EXECUTE SPORTS

ES THE DBA EXECUTE SPORTS

By: /s/ signature illegible
    ---------------------------
    Title: President

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