Document:

Exhibit 10.18

 

EMPLOYMENT
AGREEMENT

(as amended on July 5, 2005)

 

THIS Employment Agreement is entered into as of this
11th day of December 2004, by and between John T. Wyatt, (“Wyatt”) and
Cutter & Buck Inc., a Washington corporation (“Cutter & Buck”).

 

WHEREAS, Wyatt desires to enter the employment of
Cutter & Buck and Cutter & Buck desires to employ Wyatt;

 

NOW, THEREFORE, in consideration of the mutual
agreements set forth below, the parties agree as follows:

 

1.                                       Employment
Duties.  Cutter & Buck
hereby employs Wyatt and Wyatt hereby accepts employment on the terms and
conditions set forth by this Agreement. 
Wyatt shall serve as President and Chief Executive Officer.  In that capacity, subject to the direction
and control of the Cutter & Buck’s Board of Directors (the “Board”),
Wyatt shall exercise general supervision and control over Cutter &
Buck’s property, business and affairs. 
Wyatt shall devote his full-time efforts to Cutter & Buck and
shall not undertake self-employment, nor shall he perform any services or
undertake employment for any other employer except as may be approved in
advance by the Board.  Wyatt further
agrees to participate in no other activities during his employment that may
conflict with the best interest of Cutter & Buck.

 

Wyatt’s represents
and warrants that he has not entered into any agreements, written or oral, with
any third party, including but not limited to his former employer(s), that
would limit, impair or restrict his ability to fulfill his duties to Cutter &
Buck under this Agreement and that he has not taken any confidential or
proprietary information or trade secrets from any third party, including but
not limited to his former employer(s).

 

2.                                       Compensation.

 

a.                                       Base
Compensation.  Cutter & Buck
agrees to pay Wyatt a base salary of Five Hundred Thousand Dollars
($500,000.00) per annum, less all lawful and applicable withholdings and
deductions, payable on a basis conforming to the established payroll practices
of Cutter & Buck.

 

b.                                      Incentive
Compensation in Addition to Base Salary. 
In addition to the basic compensation set forth above, Cutter &
Buck agrees to pay Wyatt incentive compensation as follows:

 

(i)                                     Performance
Compensation:  During Wyatt’s
employment with Cutter & Buck, Wyatt shall be entitled to participate in
Cutter & Buck’s performance incentive program for executives (the “Incentive
Plan”), as administered by the Compensation Committee of the Board.  Pursuant to Wyatt’s participation in the
Incentive Plan, Wyatt shall be eligible to 

 

 

receive cash awards,
subject to lawful withholding, of up to thirty percent (30%) of Wyatt’s base
salary, upon the achievement of pre-established performance objectives.

 

(ii)                                  Equity
Compensation:  Upon commencing
employment with Cutter & Buck, Wyatt shall be awarded twenty thousand
(20,000) shares of restricted Cutter & Buck Common Stock and one or
more options to purchase an aggregate of eighty thousand (80,000) shares of
Cutter & Buck Common Stock at an exercise price equal to the closing
price of Cutter & Buck’s Common Stock on that date.  All options and restricted shares will be
subject to the terms and conditions of Cutter & Buck’s stock option
and restricted stock grant plans and the terms of each such grant or
award.  The options or shares, as
applicable, underlying each category of equity incentive described in this section shall
vest in equal one-third (1/3) amounts on each twelve (12) month anniversary of
continuous service to Cutter & Buck as President.

 

c.                                       Relocation
Assistance.  Cutter & Buck
shall engage, at its own expense, a relocation firm to assist Wyatt in
relocating to the Seattle area.  In
addition, Cutter & Buck will pay up to Two Hundred Fifty Thousand
Dollars ($250,000.00) (the “Relocation Expense Allowance”) to assist with Wyatt’s
relocation to the Seattle area.  The
Relocation Expense Allowance shall be allocated as follows: (i) Cutter &
Buck shall reimburse Wyatt for the costs of retaining a moving company to
relocate Wyatt’s family to the Seattle area; and (ii) Cutter &
Buck will reimburse Wyatt for two thirds (2/3) of the closing costs actually
incurred in the sale of Wyatt’s residence at 7280 Kings Mountain Road,
Birmingham, Alabama 35242.  In the event
that Wyatt’s employment with Cutter & Buck terminates for any reason
prior to the one-year anniversary of this Agreement, Wyatt shall be obligated
to repay to Cutter & Buck that percentage of the Relocation Expense
Allowance equal to the number of days remaining prior to the one-year
anniversary of this Agreement divided by three hundred sixty-five (365).  In addition, Cutter & Buck will
agree to reimburse Wyatt, upon presentation of receipts, for the costs of
temporary living quarters for a period of time beginning on the execution date
of this Agreement and ending on the earlier of February 1, 2006 or when
Wyatt secures permanent housing (such period the “Relocation Period”).  Cutter & Buck’s obligation to pay
the costs of temporary living quarters during the Relocation Period shall be
limited to the sum of Four Thousand Nine Hundred Eighty Dollars ($4,980) per
month, provided, however, that this limitation may be adjusted
upwards by the mutual agreement of the parties if it is ultimately determined
that there are no suitable temporary living quarters available at or below that
amount.  In connection with the
reimbursement payments for temporary living quarters, Cutter & Buck
further agrees to provide Wyatt with an additional tax gross-up payment so that
on a net after-tax basis, the result to Mr. Wyatt would be the same as if
all federal state and local income taxes had not been imposed on the
reimbursement payments.

 

3.                                       Term.  This Agreement shall continue for a period of
two years from its effective date, subject to earlier termination in accordance
with its provisions.  Upon its
expiration, unless earlier terminated in accordance with its provisions, this
Agreement, shall be renewed automatically upon the same terms and conditions
for successive periods of one year, unless otherwise negotiated and agreed upon
by the parties.  The successive one year renewals
shall also be subject to the earlier termination provisions of this Agreement.

 

2

 

4.                                       Retirement
Plans.  Subject to the satisfaction
of eligibility requirements, Wyatt shall participate in Cutter & Buck’s
qualified pension, profit-sharing or other deferred compensation plan or
combination thereof, if any as offered or amended at Cutter & Buck’s
discretion.

 

5.                                       Time
Off.  Wyatt shall receive time off
for holidays in accordance with Cutter & Buck’s policies.  Subject to Cutter & Buck’s policies
regarding limits on accrual and payout, Wyatt shall be entitled to sixteen (16)
days of paid time off per year, accruable at the rate of 4.92 hours per pay
period.

 

6.                                       Reimbursable
Expenses.  Wyatt shall be entitled to
reimbursement for all reasonable and necessary expenses including cell phone
charges incurred by Wyatt and approved by Cutter & Buck in connection
with Cutter & Buck’s business, including (i) monthly golf club
membership dues (but excluding initiation fees); (ii) entertainment and
promotional expenses (including “greens” fees); and (iii) other direct
expenses approved by Cutter & Buck. 
All such reimbursements shall be paid monthly, provided Wyatt has
furnished to Cutter & Buck such supporting documentation as Cutter &
Buck may reasonably require.

 

7.                                       Insurance.  Wyatt shall receive similar medical, dental,
group disability and life insurance coverage provided to all other employees of
Cutter & Buck and upon the same terms and conditions.

 

8.                                       Termination  Notwithstanding the Term of this Agreement or
any renewals, this Agreement may be terminated by either party as set forth
below:

 

a.                                       Termination
Without Cause.  Cutter &
Buck may terminate Wyatt’s employment hereunder without Cause upon written notice
to Wyatt.  In the event of termination of
Wyatt by Cutter & Buck without Cause, and contingent upon Wyatt’s
execution of a release of all claims against Cutter & Buck and its
officers, directors, employees and agents, Cutter & Buck shall pay
Wyatt as a separation payment a sum equal to twelve (12) months of his
base compensation as of the date of his termination, less all appropriate
deductions (the “Separation Benefit”). 
Such sum shall be payable in twelve (12) equal monthly
installments.  Notwithstanding the
foregoing, in the event that Wyatt is terminated without cause under
circumstances that would give rise to a right to a Severance Payment under the
provisions of the Change in Control Agreement executed contemporaneously with
this Agreement, Wyatt’s right to receive a Separation Benefit under this
Agreement, will be subject to the provisions of the Change in Control
Agreement.  Under no circumstances will
Wyatt be entitled to receive both a Separation Benefit under this Agreement and
a Severance Payment under the Change in Control Agreement that would exceed the
amount to which he would be entitled under the Change in Control Agreement.

 

b.                                      Termination
for Cause.  Cutter & Buck
may terminate Wyatt’s employment hereunder for “Cause” as that term is defined
below:

 

3

 

(i)                                     Wyatt’s
failure to perform substantially his responsibilities under this Agreement,
after demand for substantial performance has been given by Cutter &
Buck that specifically identifies how Wyatt has not substantially performed his
responsibilities,

 

(ii)                                  Wyatt’s
conviction of any felony or of a misdemeanor involving fraud, dishonesty or
moral turpitude or the entry against him of any civil judgment arising from
allegations of fraud, dishonesty or moral turpitude, or any violation of law
which has a material adverse effect on Cutter & Buck,

 

(iii)                               Wyatt’s
breach of this Agreement that results in financial or reputational detriment to
Cutter & Buck,

 

(iv)                              Wyatt’s
misconduct in the performance of his duties under the Agreement that results in
financial or reputational detriment to Cutter & Buck,

 

(v)                                 Wyatt’s
breach of Cutter & Buck’s Code of Ethics or Insider Trading Policy, as
now in effect or as modified in the future,

 

(vi)                              Wyatt’s
theft or embezzlement from Cutter & Buck, or

 

(vii)                           Wyatt’s
attempt to obstruct or failure to cooperate with any investigation authorized
by Cutter & Buck or any governmental or self-regulatory entity.

 

In the event of
termination “for Cause,” all obligations of Cutter & Buck to pay
compensation under this Agreement will immediately cease and Wyatt shall be
entitled to no further compensation of any kind with the exception of base
compensation accrued to the date of termination.

 

c.                                       Resignation
without Good Reason.  Should Wyatt
wish to terminate his employment with Cutter & Buck without Good
Reason (as defined below) during the term of this Agreement, Wyatt shall give
thirty (30) days prior written notice to Cutter & Buck specifying
the date on which such resignation is to become effective.  In the event of a resignation without Good
Reason, Cutter & Buck shall have no further obligations to pay
compensation to Wyatt under this Agreement other than to pay Wyatt his base
compensation through the date of resignation.  At Cutter & Buck’s sole option, it
may elect to end Wyatt’s service at a date earlier than specified in Wyatt’s
written notice and pay his compensation through the end of a thirty (30) day
notice period.

 

d.                                      Resignation
with Good Reason.  Wyatt may terminate
his employment hereunder for “Good Reason” as that term is defined below:

 

(i)                                     The
material diminution of Wyatt’s position, duties, responsibilities or status
with Cutter & Buck,

 

(ii)                                  Cutter &
Buck’s assignment of Wyatt on a substantially full-time basis to work at a
location where the distance between the new location and Wyatt’s principal 

 

4

 

residence is at
least 30 miles greater than the distance between the former location and such
residence,

 

(iii)                               Any
reduction in Wyatt’s base salary, or a material reduction in benefits payable
to Wyatt or the failure of Cutter & Buck to pay Wyatt any earned
salary, bonus or benefits except with Wyatt’s prior written consent,

 

(iv)                              Cutter &
Buck’s failure to obtain an assumption of the obligations incumbent upon Cutter &
Buck under this Agreement by any successor to Cutter & Buck,

 

(v)                                 The
exclusion or limitation of Wyatt from participating in some form of variable
compensation plan which provides Wyatt the opportunity to achieve a level of
total compensation consistent with Wyatt’s potential compensation under this
Agreement, or

 

(vi)                              Any
demand by any director of the Company that Wyatt take any action or refrain
from taking any action where such action or inaction, as the case may be, would
violate any law, rule, regulation or other governmental pronouncement, court
order, decree or judgment, or breach any agreement or fiduciary duty.

 

In the event of a
resignation by Wyatt for Good Reason, and contingent upon Wyatt’s execution of
a release of all claims against Cutter & Buck and its officers,
directors, employees and agents, Cutter & Buck shall pay Wyatt a sum
equal to twelve (12) months of his base compensation as of the date of his
resignation, less all appropriate deductions (the “Separation Benefit”).  Such sum shall be payable in twelve (12)
equal monthly installments.  
Notwithstanding the foregoing, in the event that Wyatt resigns for good
reason under circumstances that would give rise to a right to a Severance
Payment under the provisions of the Change Control Agreement executed
contemporaneously with this Agreement, Wyatt’s right to receive a Separation
Benefit under this Agreement, will be subject to the provisions of the Change
in Control Agreement.  Under no
circumstances will Wyatt be entitled to receive both a Separation Benefit under
this Agreement and a Severance Payment under the Change in Control Agreement
that would exceed the amount to which he would be entitled under the Change in
Control Agreement.

 

e.                                       Death.  This Agreement, Wyatt’s employment hereunder,
and Cutter & Buck’s obligations hereunder shall terminate forthwith
upon the death of Wyatt and Cutter & Buck shall have no further
obligation to pay compensation to Wyatt or Wyatt’s estate, successors or
beneficiaries under this Agreement other than to pay Wyatt’s base salary
through the date of death.

 

f.                                         Disability.  If Wyatt shall fail or be unable to perform
this services required under this Agreement, with or without reasonable
accommodation, because of any physical or mental disability, and such failure
or inability shall continue for three consecutive months or for a total of
ninety (90) days during any consecutive twelve (12) month period,
Cutter & Buck shall have the right to terminate this Agreement thirty
days after delivering written notice of such termination to Wyatt; provided,
however, that Wyatt shall continue to receive his base compensation to the date
of termination.

 

5

 

9.                                       Trade
Secrets and Confidential Information.

 

a.                                       Wyatt
agrees that both during and after the Term of the Agreement he will keep
confidential and not disclose or use confidential information relating to
Cutter & Buck’s customers, personnel, designs, pricing, sourcing,
manufacturing and distribution policies, methods of doing business, sales
volume information, business prospects or plans, or any other proprietary
information which is not otherwise available to the general public, including,
but not limited to, information covered under the Uniform Trade Secrets Act,
RCW 19.108 et. seq., except in furtherance of the interests of Cutter &
Buck.

 

b.                                      Wyatt
acknowledges that Cutter & Buck’s business and future success depend
upon the preservation of the trade secrets and other confidential information
of Cutter & Buck, its subsidiaries, and their suppliers and customers
(the “Secrets”).  The Secrets may
include, without limitation, existing and to-be-developed or acquired product
designs, new product plans or ideas, market surveys, the identities of past,
present or potential customers, business and financial information, pricing
methods or data, terms of contracts with present or past customers, proposals
or bids, marketing plans, personnel information, procedural and technical
manuals and practices, servicing routines, and parts and supplier lists
proprietary to Cutter & Buck, its subsidiaries or their customers or
suppliers, and any other sorts of items or information of Cutter &
Buck or its subsidiaries or their customers or suppliers which are not
generally known to the public at large. 
Wyatt agrees to protect and to preserve as confidential during and after
the Term all of the Secrets at any time known to Wyatt or in his possession or
control (whether wholly or partially developed by Wyatt or provided to Wyatt,
and whether embodied in any tangible medium or merely remembered).

 

c.                                       Wyatt
shall neither use nor allow any other person to use any of the Secrets in any
way, except for the benefit of Cutter & Buck.  All material containing or disclosing any
portion of the Secrets shall be and remain the property of Cutter &
Buck, and shall be returned to Cutter & Buck upon the termination of
Wyatt’s employment or at the earlier request of the Board of Directors.  At such time, Wyatt shall also assemble all
materials in his possession or control that contain any of the Secrets, and
promptly deliver such items to Cutter & Buck.

 

10.                                 Intellectual
Properties.

 

a.                                       All
ownership, copyright, patent, trade secrecy and other rights in all works,
designs, inventions, ideas, manuals, improvements, discoveries, processes,
customer lists or other properties (the “Intellectual Properties”) made or
conceived by Wyatt during the Term and in connection with Wyatt’s employment
with Cutter & Buck shall be the right and property solely of Cutter &
Buck, whether developed independently by Wyatt or jointly with others, and
whether or not developed or conceived during regular working hours or at Cutter &
Buck’s facilities, and whether or not Cutter & Buck uses, registers,
or markets the same.

 

b.                                      If
and to the extent that Wyatt makes use, in the course of his employment, of any
items or Intellectual Properties previously developed by Wyatt or developed by
Wyatt outside the scope of this Agreement, Wyatt hereby grants Cutter &
Buck a nonexclusive, royalty-

 

6

 

free, perpetual,
irrevocable, worldwide license (with right to sublicense) to make, use, sell,
copy, distribute, modify, and otherwise to practice and exploit any and all
such items and Intellectual Properties.

 

c.                                       In
accordance with Cutter & Buck’s policy and Washington law, this section does
not apply to, and Wyatt has no obligation to assign to Cutter & Buck,
any invention for which no Cutter & Buck trade secrets and no
equipment, supplies or facilities of Cutter & Buck were used and which
was developed entirely on Wyatt’s own time, unless (i) the invention
relates directly to the business of Cutter & Buck; (ii) the
invention relates to actual or demonstrably anticipated research or development
work of Cutter & Buck; or (iii) the invention results from any
work performed by Wyatt for Cutter & Buck.

 

d.                                      Wyatt
will assist Cutter & Buck as reasonably requested during and after the
term of his employment to further evidence and perfect, and to enforce, Cutter &
Buck’s rights in and ownership of the Intellectual Properties covered hereby,
including without limitation, the execution of additional instruments of
conveyance and assisting Cutter & Buck with applications for patents
or copyright or other registrations.

 

11.                                 Authority
and Non-Infringement.  Wyatt warrants
that to the best of his knowledge any and all items, technology and
Intellectual Properties of any nature developed or provided by him under this Agreement
and in any way for or related to Cutter & Buck will be original to
Wyatt and will not, as provided to Cutter & Buck or when used and
exploited by Cutter & Buck and its contractors and customers and its
and their successors and assigns, infringe in any respect on the rights or
property of any third party.  Wyatt will
not, without prior authorization by the Board, use any equipment, supplies,
facilities or proprietary information of any other party.  Wyatt warrants that he is fully authorized to
enter into employment with Cutter & Buck and to perform under this
Agreement, without conflicting with any other commitments, understandings,
agreements or duties, whether to prior employers or otherwise.  Wyatt agrees to indemnify Cutter &
Buck for all losses, claims and expenses (including reasonable attorneys’ fees)
arising from claims brought against Cutter & Buck as a result of any
breach by Wyatt of this section.

 

12.                                 Noncompetition,
Nonsolicitation and Non-Hire.

 

a.                                       Subject
to the provisions of Section 12.d., below, Wyatt agrees that, both during
the term and for a period of twelve (12) months following the termination of
Wyatt’s employment with Cutter & Buck, Wyatt will not in any capacity,
directly or indirectly, engage or invest in, own, manage, operate, finance,
control or participate in the ownership, management, operation, financing or
control of, be employed by, associated with, or in any manner connected with,
lend his name or any similar name to, lend his credit to, render services or
advice to, or assist others to engage in or own a material interest in any
business or activity that is, or is preparing to be, in competition with Cutter &
Buck, its subsidiaries or licensees with respect to any product or any service
sold or provided by Cutter & Buck directly or through a subsidiary or
a licensee of the Cutter & Buck brand in any geographical area in
which such product or service is sold or is actively engaged in.  Notwithstanding any other provision of this
section, however, Wyatt shall be permitted to maintain an equity ownership
interest in a competing business if that 

 

7

 

business is
subject to reporting obligations under the Securities Exchange Act of 1934 and
Wyatt’s ownership interest does not exceed two percent (2%) of that entity’s
outstanding equity securities.

 

b.                                      Subject
to the provisions of Section 12.d., below, Wyatt further agrees that both
during the Term of this Agreement and for a period of twelve (12) months
following the termination of Wyatt’s employment with Cutter & Buck,
Wyatt will not:  (i) directly or
indirectly solicit or accept business from any actual or identified potential
customer of Cutter & Buck or its subsidiaries which might reasonably
be foreseen to decrease such customer’s likelihood to transact future business
with Cutter & Buck in a volume consistent with its historical
practices or reasonably anticipated future volume; or (ii) attempt to
entice away from Cutter & Buck or its subsidiaries any actual or
identified potential customer of Cutter & Buck or its subsidiaries,
nor will Wyatt assist others in doing so. 
Wyatt further agrees that during the Term of this Agreement and for a
period of twelve (12) months following termination of his employment with Cutter &
Buck, he will not induce or attempt to induce any customer, supplier, licensee,
shareholder, investor, or business relation of Cutter & Buck to sever
or diminish its relationship with Cutter & Buck, or refrain from doing
business with Cutter & Buck, its subsidiaries, or its licensees or in
any way interfere with the relationship between Cutter & Buck and any
customer, supplier, licensee, shareholder, investor or business relation of
Cutter & Buck.

 

c.                                       Subject
to the provisions of Section 12.d., below, Wyatt further agrees that both
during the Term of this Agreement and for a period of twelve (12) months
following the termination of his employment with Cutter & Buck, he
will not, directly or indirectly, for himself or any other person or entity; (i) induce
or attempt to induce any employee, consultant, independent sales representative
or independent contractor of Cutter & Buck to leave the employ of or
terminate his, her or its contract with Cutter & Buck; (ii) in
any way interfere with the relationship between Cutter & Buck and any
employee, consultant, independent sales representative or independent
contractor of Cutter & Buck; or (iii) employ, or otherwise engage
as an employee, consultant, independent sales representative or independent
contractor, or otherwise, any individual serving as an employee, consultant,
independent sales representative or independent contractor of Cutter &
Buck or its subsidiaries on the date this Agreement is executed.

 

d.                                      In
the event that Wyatt receives a Severance Payment under the Change in Control
Agreement, then the restrictions set forth in Sections 12.a., 12.b., and 12.c.,
above, shall be extended to require Wyatt to comply with those Sections for a
period of twenty-four (24) months from the termination of his employment.

 

e.                                       Nothing
in this Agreement prohibits Wyatt from providing truthful testimony to
governmental, regulatory or self regulatory authorities.

 

f.                                         Wyatt
acknowledges that the covenants contained in this section are necessary
and reasonable to protect Cutter & Buck in the conduct of its business
and that compliance with such covenants will not prevent him from pursuing his
livelihood.  However, should any court
find that any provision of such covenants is unreasonable, invalid or unenforceable,
whether in period of time, geographical area or otherwise, then in that event
the 

 

8

 

parties hereby
agree that such covenants shall be interpreted and enforced to the maximum
extent which the court deems reasonable.

 

13.                                 Remedies.
 Wyatt acknowledges that any breach by
him of the provisions of Sections 9, 10, 11 or 12 may be wholly or
partly irreparable and not fully compensable by damages.  Wyatt hereby agrees that such obligations may
be enforced by injunctive relief and other appropriate remedies, as well as by
damages.  The remedies available to
Cutter & Buck for violations of Sections 9, 10, 11 and 12 are
cumulative and not alternative.

 

14.                                 Amendment;
Waivers.  This Agreement may be
amended only by a written instrument signed by both parties.  No breach of any agreement, warranty or
representation shall be deemed waived unless expressly waived in writing and
signed by the party who might assert such breach.  No failure or delay by either party in
exercising any right under this Agreement shall operate as a waiver of such
right nor shall any single or partial exercise of any right preclude any other
or further exercise of such right or the exercise of any other right.

 

15.                                 Assignment
Prohibited.  Wyatt may not assign any
of his rights nor delegate any of his duties hereunder.  Cutter & Buck may assign this
Agreement and delegate its duties hereunder in connection with any merger,
consolidation, or sale of assets, or to any of its affiliates at any time owned
by, or under common ownership with, Cutter & Buck, provided that any
such successor or assignee expressly assumes in writing Cutter & Buck’s
obligations hereunder .

 

16.                                 Governing
Law.  This Agreement, including all
matters of construction, validity and performance, shall be governed by, and
construed and enforced in accordance with, the laws of the State of Washington
without regard to its choice of law provisions.

 

17.                                 Arbitration.  Except for Cutter & Buck’s right to
seek injunctive and other relief in any court of competent jurisdiction for
alleged violations of Paragraphs 9, 10, 11 and 12 of this Agreement, all
disputes and controversies of every kind between the parties hereto arising out
of or in connection with this Agreement and their employment relationship shall
be submitted to binding arbitration.  The
arbitrator shall be appointed by an arbitration service agreed upon by the
parties, or if the parties cannot agree upon an arbitration service, by the
Judicial Dispute Resolution of Seattle, Washington.  The arbitration shall take place in King
County, Washington.  The determination
made by the arbitrator shall be final and binding upon the parties hereto,
subject only to the right to appeal such decision to the Superior Court on any
basis authorized by the Federal Arbitration Act.

 

18.                                 Notices.  All notices and other communications called
for or required by this Agreement shall be in writing to the parties at their
respective addresses stated below, or to such other address as a party may
subsequently specify and shall be deemed to have been received (i) upon
delivery in person, (ii) upon the passage of seventy-two hours following
post by the first class registered or certified mail, return receipt requested,
with postage prepaid, (iii) upon passage of twenty-four hours following
post by overnight receipted courier service, or (iv) upon transmittal by
confirmed telex or facsimile provide that if sent by facsimile a copy of such
notice 

 

9

 

shall be
concurrently sent by U.S. certified mail, return receipt requested and postage
prepaid, with an indication that the original was sent facsimile and the date
of its transmittal.

 

19.                                 Savings
Clause.  If any provision of this
Agreement, is held to be invalid or unenforceable to any extent in any context,
it shall nevertheless be enforced to the fullest extent allowed by law in that
and other contexts, and the validity and force of the remainder of this
Agreement shall not be affected thereby.

 

20.                                 Counterparts.  This Agreement may be signed in several
counterparts, each of which shall be an original, but all of which together
shall constitute the same instrument.

 

21.                                 Complete
Agreement.  This Agreement comprises
the entire agreement between the parties. 
It supersedes and merges within it all prior agreements, discussions or
understandings between the parties, whether written or oral, express or
implied.  In interpreting and construing
this Agreement, the fact that any particular party may have drafted this
Agreement or any provision hereof shall not be given any weight or relevance.

 

22.                                 Costs
and Expenses of Enforcement.  If any
legal action or arbitration is brought to interpret or enforce any term or
provision of this Agreement, then, subject to applicable law, the prevailing
party shall, in addition to any other relief to which such party may be
entitled, be awarded against the nonprevailing party, his or its attorney’s
fees and costs reasonably and actually incurred.

 

By his signature below, Wyatt acknowledges that he has
read and understood this Agreement, that its terms have been fully and fairly
negotiated between himself and Cutter & Buck, that he has had the
opportunity to seek independent legal advice and has obtained such independent
legal advice about the terms and conditions of this Agreement as he sees fit,
and that he signs it and accepts its terms, covenants and restrictions
voluntarily.

 

Executed by the parties as of the date first written
above.

 

	
  CUTTER &
  BUCK INC.

  	
   

  	
  JOHN T. WYATT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By Douglas G.
  Southern

  	
   

  	
   

  
	
  Its Chairman

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notice Address:

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
   

  
	
  701 North 34th
  Street, Suite 400

  	
   

  	
  c/o
  Cutter & Buck Inc.

  
	
  Seattle, WA
  98103

  	
   

  	
  701 North 34th
  Street, Suite 400

  
	
  Attn: Chairman

  	
   

  	
  Seattle, WA
  98103

  

 

10Exhibit 10.1

 

The undersigned Lender hereby

 

ý            APPROVES
the waiver of (i) the 90-day delivery deadline for the stand-alone balance sheet and related statement of income and cash flows
of the Borrower for the fiscal year ending December 31, 2004 (and the accompanying opinion of the Borrower’s
independent certified public accountants) and (ii) the 45-day delivery deadline
for the unaudited stand-alone balance sheet and related statement of income and
cash flows of the Borrower for the fiscal quarters ending March 31, 2005 and
June 30, 2005 to permit delivery of such audited financial statements and the
auditors’ opinion and unaudited financial statements at any time prior to
August 31, 2005.

 

o            DOES
NOT APPROVE the waiver of (i) the 90-day delivery deadline for the stand-alone balance sheet and related statement
of income and cash flows of the Borrower for the fiscal year ending December
31, 2004 (and the accompanying
opinion of the Borrower’s independent certified public accountants) and (ii)
the 45-day delivery deadline for the unaudited stand-alone balance sheet and
related statement of income and cash flows of the Borrower for the fiscal
quarters ending March 31, 2005 and June 30, 2005 to permit delivery of such
audited financial statements and the auditors’ opinion and unaudited financial
statements at any time prior to August 31, 2005.

 

 

	
  Lender’s Name:

  	
    Royal Bank of Canada

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Jason York

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
        Jason York

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
       Attorney-In-Fact

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
       6/30/05

  	
   

  
							

 

 

The undersigned Lender hereby

 

ý            APPROVES the waiver of
(i) the 90-day delivery deadline for the stand-alone
balance sheet and related statement of income and cash flows of the Borrower
for the fiscal year ending December 31, 2004 (and the accompanying opinion of the Borrower’s
independent certified public accountants) and (ii) the 45-day delivery deadline
for the unaudited stand-alone balance sheet and related statement of income and
cash flows of the Borrower for the fiscal quarters ending March 31, 2005 and
June 30, 2005 to permit delivery of such audited financial statements and the
auditors’ opinion and unaudited financial statements at any time prior to
August 31, 2005.

 

o            DOES
NOT APPROVE the waiver of (i) the 90-day delivery deadline for the stand-alone balance sheet and related statement
of income and cash flows of the Borrower for the fiscal year ending December
31, 2004 (and the accompanying
opinion of the Borrower’s independent certified public accountants) and (ii)
the 45-day delivery deadline for the unaudited stand-alone balance sheet and
related statement of income and cash flows of the Borrower for the fiscal
quarters ending March 31, 2005 and June 30, 2005 to permit delivery of such
audited financial statements and the auditors’ opinion and unaudited financial
statements at any time prior to August 31, 2005.

 

 

	
  Lender’s Name:

  	
    Bank of Oklahoma National Association

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Michael M. Logan

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
    Michael M. Logan

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
    Senior Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
    30 June, 2005

  	
   

  
							

 

 

The undersigned Lender hereby

 

ý            APPROVES the waiver of (i) the 90-day
delivery deadline for the stand-alone
balance sheet and related statement of income and cash flows of the Borrower
for the fiscal year ending December 31, 2004 (and the accompanying opinion of the Borrower’s
independent certified public accountants) and (ii) the 45-day delivery deadline
for the unaudited stand-alone balance sheet and related statement of income and
cash flows of the Borrower for the fiscal quarters ending March 31, 2005 and
June 30, 2005 to permit delivery of such audited financial statements and the
auditors’ opinion and unaudited financial statements at any time prior to
August 31, 2005.

 

o            DOES
NOT APPROVE the waiver of (i) the 90-day delivery deadline for the stand-alone balance sheet and related statement
of income and cash flows of the Borrower for the fiscal year ending December
31, 2004 (and the accompanying
opinion of the Borrower’s independent certified public accountants) and (ii)
the 45-day delivery deadline for the unaudited stand-alone balance sheet and
related statement of income and cash flows of the Borrower for the fiscal
quarters ending March 31, 2005 and June 30, 2005 to permit delivery of such
audited financial statements and the auditors’ opinion and unaudited financial
statements at any time prior to August 31, 2005.

 

 

	
  Lender’s Name:

  	
    U.S. Bank National Association

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Mark E. Deckerd

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
    Mark E. Deckerd

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
    Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
    7/8/05

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]