Document:

FIRST AMENDMENT TO LOAN AGREEMENT

     THIS FIRST  AMENDMENT  to Loan  Agreement  is made this _____ day of March,
1999,  by and among  AARICA  HOLDINGS,  INC., a Texas  corporation  (hereinafter
called "Borrower"), CAROL KOLOZS (hereinafter called "Guarantor"), and ROBERT E.
SCHMIDT, JR., (hereinafter called the "Lender").

         WHEREAS, Borrower, Guarantor, and Lender entered into that certain Loan
Agreement dated March 8, 1999 (the "Agreement"),  whereby Borrower  acknowledged
borrowing $240,000.00  ("Original Loan"), and borrowed an additional $250,000.00
("Second Loan");  and Guarantor  guaranteed payment of both the First and Second
Loan; and

         WHEREAS,  Lender has already advanced  $50,000.00 in the form of a wire
transfer  and  $50,000.00  in the form of a Letter of Credit for the  benefit of
Taimark, pursuant to the terms of the Second Loan; and

         WHEREAS, Borrower and Guarantor have requested Lender change the manner
of the final distribution of the Second Loan and advance $150,000.00 in the form
of a wire  transfer or bank check  instead of a Letter of Credit for the benefit
of Shing Tak to which request Lender has agreed; and

         WHEREAS, Borrower,  Guarantor, and Lender desire to amend the Agreement
to reflect the change in the form of final distribution under the Second Loan.

         NOW, THEREFORE, in consideration of the premises herein contained,  Ten
Dollars  ($10.00)  and other good and  valuable  consideration,  the receipt and
sufficiency of which are hereby acknowledged,  the parties hereto agree that the
Agreement be amended as follows:

         Paragraph  (b) of Article I of the Agreement is deleted in its entirety
and the following substituted therefor:

     "(b) $150,000.00 in the form of a wire transfer or bank check; and"

         Except as  modified  by this  Amendment,  the  Agreement  shall  remain
unchanged  and in full force and  effect,  and the parties  reaffirm  and ratify
their respective obligations thereunder.

         The  recitals  hereto,  which  the  parties  acknowledge  are  true and
correct,  are hereby  incorporated  herein by reference.  This  Amendment 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  one  and  the  same
instrument. This Amendment shall be binding upon and inure to the benefit of the
parties

<PAGE>

                                       -2-

hereto and their respective permitted successors,  grantees, heirs, and assigns.
This  Amendment  shall be construed  and  interpreted  in accordance  with,  and
governed by, the laws of the State of Florida.

GUARANTOR:                 BORROWER:

                                            AARICA HOLDINGS, INC., a Texas
corporation

------------------------------------
Carol Kolozs

                                             By:______________________________
                                            Its:______________________________

                                              LENDER:

   ------------------------------------
                                             Robert E. Schmidt, Jr.

ORL95  109952.1 - CJGSECOND AMENDMENT TO LOAN AGREEMENT

     THIS SECOND  AMENDMENT  TO Loan  Agreement is made this 26the day of March,
1999,  by and among  AARICA  HOLDINGS,  INC., a Texas  corporation  (hereinafter
called  "Borrower"),  and CAROL KOLOZS  (hereinafter  called  "Guarantor"),  and
ROBERT E. SCHMIDT, JR., (hereinafter called the "Lender").
WHEREAS Borrower, Guarantor and Lender entered in to that certain loan agreement
dated  March 8, 1999 (the  "Agreement")  as amended  March 23,  1999 and wish to
further amend the Agreement in the manner provided herein.

NOW, THEREFORE,  in consideration of the premises herein contained,  ten dollars
and other good and valuable consideration,  the receipt and sufficiency of which
are hereby acknowledged,  the parties hereto agree that the Agreement be further
amended as follows:

ARTICLE V is deleted in its entirety and the following substituted therefor:

         "Borrower is making a private  offering of its common stock pursuant to
a Confidential  Private Placement  Memorandum  attached hereto as Exhibit B (the
"Memorandum").  Lender shall have the right, but not the obligation,  to convert
any unpaid principal and/or interest on the Original Loan to common stock of the
Borrower at eighty  percent  (80%) of the offering  price of  Borrower's  common
stock as set forth in the Memorandum. Lender shall not convert the principal and
interest on the Original Loan until the Borrower has finally  closed its private
offering.  Borrower and Guarantor agree that no material changes will be made to
the terms of the Offering without the written approval of Lender."

         Except as  modified  by this  Amendment,  the  Agreement  and the First
Amendment  thereto shall remain unchanged and in full force and effect,  and the
parties reaffirm and ratify their respective obligations thereunder.

<PAGE>

         The  recitals  hereto,  which  the  parties  acknowledge  are  true and
correct,  are hereby  incorporated  herein by reference.  This  Amendment 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  one  and  the  same
instrument. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective permitted successors,  grantees,  heirs, and
assigns.  This amendment shall be construed and interpreted in accordance  with,
and governed by, the laws of the State of Florida.

     GUARANTOR:                                     BORROWER:
                                                 a Texas Corporation

     s/ Carol Kolozs

     Carol Kolozs                                    By: Carol Kolozs

                                                   Carol Kolozs, President

                                                    LENDER:

                                                   /s/ Robert E. Schmidt, Jr.
                                                   -------------------------
                                                     Robert E. Schmidt, Jr.

ORL95 111218.1 BAMTHIRD AMENDMENT TO LOAN AGREEMENT

     THIS  THIRD  AMENDMENT  to Loan  Agreement  is made as of the  14th  day of
January,  2000,  by  and  among  AARICA  HOLDINGS,  INC.,  a  Texas  corporation
(hereinafter called "Borrower"),  CAROL KOLOZS (hereinafter called "Guarantor"),
AARICA SPORT, S.A. de C.V.  (hereinafter  called "Aarica"),  TAIMEX  INDUSTRIES,
S.A.  de C.V.  (hereinafter  called  "Taimex"),  SCHMIDT  INTERNATIONAL,  LLC, a
Florida limited  liability  company  (hereinafter  called "LLC"),  and ROBERT E.
SCHMIDT, JR. or his Assigns, (hereinafter called the "Lender").

         WHEREAS, Borrower, Guarantor, and Lender entered into that certain Loan
Agreement dated March 8, 1999 (the "Agreement"),  whereby Borrower  acknowledged
borrowing  $240,000.00  through its subsidiary,  Taimex ("Original  Loan"),  and
borrowed  an  additional  $250,000.00,  of which  $137,500.00  has  been  repaid
("Second Loan");  and Guarantor  guaranteed payment of both the First and Second
Loan; and

         WHEREAS,  Lender has advanced an additional  $100,000.00  on October 6,
1999, $75,000.00 on October 22, 1999, $50,000.00 on December 9, 1999, $75,000.00
on December 14, 1999, and $50,000.00 on January 7, 2000; and

         WHEREAS,  Borrower has also been provided with letters of credit issued
or provided by Lender or Lender's bank ("Letters of Credit"); and

     WHEREAS,  Lender desires to assign all of his right,  title and interest in
the Loan to LLC; and

         WHEREAS,  Borrower  and/or  Aaarica  and Taimex  desire to borrow  from
Lender and Lender  desires to lend at Lender's  option  through its wholly owned
entity, the LLC, to Borrower an additional $1,537,500.00; and

         WHEREAS, Borrower,  Guarantor, and Lender desire to amend the Agreement
to reflect the additional  $1,537,500.00 bringing the total of the third loan to
$1,887,500.00 ("Third Loan"), to agree to the assignment of the loan from Lender
to LLC, and to provide that the security from  Borrower,  Guarantor,  Aarica and
Taimex cover the Original  Loan,  Second  Loan,  Third Loan,  and the Letters of
Credit.

         NOW, THEREFORE, in consideration of the premises herein contained,  Ten
Dollars  ($10.00)  and other good and  valuable  consideration,  the receipt and
sufficiency of which are hereby acknowledged,  the parties hereto agree that the
Agreement be amended as follows:

1.  Borrower,  Guarantor,  Aarica and Taimex hereby agree that Lender may assign
all of his right,  title,  and  interest  in the Loan,  including  the  Warrants
granted herein, to LLC.

     2. All  payments  made under the Loan shall be  forwarded  to Lender at the
following  address:  c/o Boulder Venture,  330 E. Kilbourn  Avenue,  Suite 1454,
Milwaukee, WI 53202.

<PAGE>

                                                        -7-

3.       A new paragraph is added to Article I which reads as follows:

                  Further,  the Borrower  agrees to borrow from the Lender,  and
                  the Lender agrees to lend to the  Borrower,  the aggregate sum
                  of  One  Million  Eight  Hundred  Eighty-Seven  Thousand  Five
                  Hundred Dollars ($1,887,500.00) (the "Third Loan") distributed
                  as follows:

(1)      $100,000.00 on October 6, 1999;

(2)      $75,000.00 on October 22, 1999;

(3)      $50,000.00 on December 9, 1999;

(4)      $75,000.00 on December 14, 1999;

(5)      $50,000.00 on January 7, 2000; and

(6)  $750,000.00  on January 14, 2000 in the form of wire transfer or bank check
to be  evidenced  by a  $750,000.00  promissory  note of Aarica and Taimex  (the
"Subsidiary Note").

(7) $787,500.00 to be distributed to Borrower from time to time as necessary for
the  operations  of Borrower,  in such  amounts and at such times as  determined
solely by Lender.

4.       Article II is deleted in its entirety and the following substituted
therefor:

                  The  obligation  to repay the Loan shall be  evidenced  by the
                  Borrower's Promissory Note, Replacement Promissory Note, Third
                  Promissory   Note,  and  the  Subsidiary   Note,   hereinafter
                  collectively  called the "Note", all in substantially the form
                  of "Exhibit "A" hereto attached.

                  Further,  the Loan shall be secured by Guarantor's Amended and
                  Restated  Guaranty  and  Amended  and  Restated  Stock  Pledge
                  Agreement,  as well as an Amended and Restated  Guaranty  from
                  each of Aarica and  Taimex,  a  Guaranty  of  Borrower  of the
                  Subsidiary Note and an Amended and Restated Security Agreement
                  granting Lender a security interest in the accounts receivable
                  and inventory of each.

<PAGE>

5.       The paragraph constituting Article V is to be labeled Section 5.01 and
 is amended to read as follows:

                  Borrower  anticipates  making a public  offering  of its stock
                  (the "Offering").  Lender shall have the option to convert any
                  unpaid principal and/or interest on the Original Loan to stock
                  of the Borrower at eighty percent (80%) of the offering price.
                  In addition,  Borrower grants Lender the option to redeem such
                  converted  shares  within  twenty-four  (24) months  after the
                  conversion  and  Borrower  shall be  required  to redeem  such
                  converted  shares  at the  conversion  price  payable  in cash
                  within thirty (30) days of receipt of Lender's  written notice
                  of his exercise of his option to redeem the converted  shares.
                  The  option to  convert  the  Original  Loan and the option to
                  redeem  granted in this  Section  5.01 shall not expire  until
                  such time as the Loan is paid in full.

6.       There is added to Article V a Section 5.02 which reads as follows:

                  Lender shall have the option to convert the original principal
                  amount  of the  Second  Loan to stock of the  Borrower  at the
                  conversion  rate of $2.00 per share,  assuming  Lender pays to
                  Borrower any amounts previously repaid to Lender on the Second
                  Loan.  The option to convert  the Second Loan  granted  hereby
                  must be  exercised  on or  before  August  31,  2000  ("Second
                  Option").

7.       There is added to Article V a Section 5.03 which reads as follows:

                  Lender, Guarantor and Borrower shall enter into a Common Stock
                  Purchase  Warrant granting Lender Warrants to purchase 200,000
                  common  shares  of  Borrower  at  $.01  per  share   ("Warrant
                  Shares"). In the event Lender does not realize a return on the
                  Warrant  Shares at the time of the Offering in an amount equal
                  to or greater than the original  principal amount of the Third
                  Loan,  then Lender  shall be entitled to exercise  Warrants to
                  purchase  common stock of Borrower from  Guarantor at $.01 per
                  share ("Guarantor Shares") until the aggregate return realized
                  by Lender on the Warrant Shares and Guarantor Shares equals or
                  exceeds $2,000,000.00 ("Third Option").  Lender has received a
                  form of Warrant  which Lender has approved and will deliver to
                  Borrower.

8.       There is added to Article V a Section 5.04 which reads as follows:

<PAGE>

                  The parties agree that Lender's  conversion rate in the Second
                  Option and  purchase  price in the Third Option were agreed to
                  based  upon   Borrower   making  an   Offering   of  at  least
                  $10,000,000.00  with an  offering  price of  $10.00  per share
                  ("Anticipated   Offering").   In  the  event  the  Anticipated
                  Offering is not made by Borrower,  then the conversion rate in
                  the  Second  Option  and the per share  purchase  price in the
                  Third Option shall be adjusted  proportionately  to the actual
                  Offering made by Borrower.

9.       Paragraph (1) and (2) of Section 9.01 are amended to read as follows:

                  (1) Default shall be made in the payment of any installment of
                  principal  or of  interest  upon the Note for a period of five
                  (5) days  after it has  become  due and  payable,  whether  at
                  maturity, by notice of intention to repay, or otherwise; or

                  (2) Default shall be made in the due observance or performance
                  of any term, covenant, or provision of the Note and other loan
                  documents,  and such default has  continued  unremedied  for a
                  period of five (5) days; or

10.      Section 11.01 is amended to read as follows:

                  The  Borrower  agrees  to pay for all of  Lender's  reasonable
                  attorneys'  fees and expenses  incurred in connection with the
                  preparation of this Amendment, the amended loan documents, and
                  the  perfection  of the  security  interests  required  by the
                  amended loan documents,  plus all fees  (including  attorneys'
                  fees) and costs,  including  prepayment  penalties  associated
                  with Lender obtaining a loan from Marine Bank and Savings.

11.      Section 11.04 is amended to read as follows:

                  In the event that any installment of principal and/or interest
                  is  received  by the Lender  more than five (5) days after the
                  due date,  a late  payment  charge of five percent (5%) of the
                  payment  due will be added in addition to interest at the rate
                  provided  herein.  The  Borrower  agrees to pay the charge and
                  interest,  and  failure to do so after  five (5) days'  notice
                  shall  constitute  an Event of Default under Article X of this
                  Agreement.  This  charge  shall be in  addition  to all  other
                  rights and remedies available to the Lender at law, in equity,
                  or under this Agreement.

<PAGE>

     12.  Section 11.08 is amended to change the notice  address of Borrower and
Lender and to add the following addresses for notices to Taimex and Aarica:

                  If to Aarica and Taimex:       AARICA SPORT, S.A. de C.V.
                                                 TAIMEX INDUSTRIES, S.A. de C.V.
                                                 1080 Howell Branch Road
                                                 Winter Park, FL 32789

                  with a copy to:            Jim Schnorf, Esq.
                                             Continental Capital
                                             195 Wekiva Springs Road, Suite 200
                                             Longwood, FL 32779

                  If to Borrower:            AARICA HOLDINGS, INC.
                                            1080 Howell Branch Road
                                            Winter Park, FL 32789

                  with a copy to:           Jim Schnorf, Esq.
                                            Continental Capital
                                            195 Wekiva Springs Road, Suite 200
                                            Longwood, FL 32779

                  If to Lender:              Robert E. Schmidt, Jr.
                                            4340 W. Hillsborough Ave., #212
                                            Tampa, FL 33614

     13. There is added to Article XII Sections 11.09,  11.10, and 11.11,  11.12
which read as follows:

                  11.09  Lender  shall be  appointed  as a Director  of Borrower
                  effective as of the date hereof and shall remain a Director of
                  Borrower  until  such  time as the Loan is paid in  full.  The
                  number of directors of Borrower shall not be increased  during
                  such time.

                  11.10 As additional  consideration  for the Loan, Lender shall
                  receive,  at Lender's  option,  a ten percent (10%)  ownership
                  interest   in  any  and  all  future   ventures,   businesses,
                  enterprises,  or entities in which  Guarantor is to acquire at
                  least a fifty percent ownership interest, other than Borrower.

<PAGE>

                  11.11 As soon as practicable  after the date hereof,  Borrower
                  shall  purchase a life  insurance  policy on  Guarantor in the
                  amount of not less than  $3,000,000.00,  naming  Lender as the
                  sole Beneficiary.  Such policy shall be maintained by Borrower
                  until the Loan is paid in full.

                  11.12 To the extent  Lender or its  counsel  should,  in their
                  reasonable  opinion,  at any time during the term of the Loan,
                  require  any  additional  documents  to  be  executed  by  the
                  Borrower,  its affiliates,  or the Guarantors to carry out the
                  provisions of this Agreement and the loan documents, including
                  without  limitation,  the Notes, the Guarantees,  the Security
                  Agreement,  and  financing  statements,  the Borrowers and the
                  Guarantors  shall  immediately  comply  with said  request and
                  execute  such  documents.  In  regard  to  said  matters,  the
                  Borrower,  in accordance  with this  Agreement,  shall pay any
                  reasonable  additional  attorneys' fees incurred by the Lender
                  in said matters.  If the Borrower or Guarantors should fail to
                  execute any such  documents,  the Borrower and  Guarantors  do
                  hereby  designate and appoint the Lender as their  attorney in
                  fact to execute  such  documents on behalf of the Borrower and
                  Guarantors.  The  failure of the  Borrower  or  Guarantors  to
                  comply  with  the  provisions  of this  section  shall  be and
                  constitute, at the Lender's option, a default under the Loan.

         Except as  modified  by this  Amendment,  the  Agreement  shall  remain
unchanged  and in full force and  effect,  and the parties  reaffirm  and ratify
their respective obligations thereunder.

         The  recitals  hereto,  which  the  parties  acknowledge  are  true and
correct,  are hereby  incorporated  herein by reference.  This  Amendment 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  one  and  the  same
instrument. This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective permitted successors,  grantees,  heirs, and
assigns.  This Amendment shall be construed and interpreted in accordance  with,
and governed by, the laws of the State of Florida.

GUARANTORS:                BORROWER:

                                                AARICA HOLDINGS, INC., a Texas
corporation

/s/ Carol Kolozs

Carol Kolozs

                                                      By: /s/ Carol Kolozs_____
                                                     ----------------------
                                                    Carol Kolozs, President

<PAGE>

AARICA SPORT, S.A. de C.V.

By: /s/ Carol Kolozs______

     Carol Kolozs, President

TAIMEX INDUSTRIES, S.A. de C.V.

By: /s/ Carol Kolozs_____

     Carol Kolozs, President

                                            LENDER:

                                         /s/ Robert E. Schmidt, Jr.
                                         --------------------------
                                       Robert E. Schmidt, Jr.

                                        SCHMIDT INTERNATIONAL, LLC

                                     By:/s/ Robert E. Schmidt, Jr._____
                                       -----------------------------
                                       Robert E. Schmidt, Jr., Member

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