Document:

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                                                                   EXHIBIT 10.10

                                    AGREEMENT

The present agreement (the "Agreement") is made effective as of the 1/st/ day of
February 2002 by and between

Santoni SpA, a corporation established and organized under the laws of the
Italian Republic, having its legal address in Italy, 25135 Brescia, Via Carlo
Fenzi 14, fiscal code and registered nr. 00273280172, represented by its legal
representative Mr. Ettore Lonati (hereinafter "Santoni");

Vignoni Srl, a company established and organized under the laws of the Italian
Republic, having its legal address in Italy, 23135 Brescia, Via Carlo Fenzi 14,
registered nr. 03476200179, represented by its legal representative Mr. Ettore
Lonati (hereinafter "Vignoni");

Marchisio Srl on voluntary winding up, a company established and organized under
the laws of the Italian Republic, having its legal address in Italy, 25135
Brescia, Via Carlo Fenzi 14, registered nr. 03452440179, represented by its
liquidator Mr. Ettore Lonati (hereinafter "Marchisio");

Matec SpA, a corporation established and organized under the laws of the Italian
Republic, having its legal address in Italy, 50018 Scandicci (FI), Via
dellenazioni Unite 7, registered nr. 04475560480, represented by its legal
representative Mr. Ettore Lonati (hereinafter "Matec");

Dinema SpA, a corporation established and organized under the laws of the
Italian Republic, having its legal address in Italy, 25134 Brescia, Via San Polo
183, fiscal code and registered nr. 00292820172, represented by its legal
representative Mr. Ettore Lonati (hereinafter "Dinema")

                                   (hereinafter collectively the "Compan(y)ies")
                                                       parties of the first part

                                       and

Speizman Industries, Inc., a corporation established and organized under the
laws of the State of Delaware ("Speizman"), having its legal address and
principal office at 701 Griffith Road, Charlotte, North Carolina 28217,
represented by its legal representative and executive officer, Mr. Robert S.
Speizman;

Speizman Yarn Equipment, Inc., a corporation established and organized under the
laws of the State of South Carolina, having its legal address and principal
office at 701 Griffith Road, Charlotte, North Carolina 28217, represented by its
legal representative and executive officer, Mr. Robert S. Speizman;

Wink Davis Equipment Co., Inc., a corporation established and organized under
the laws of the State of Georgia, having its legal address and principal office
at 4938 S. Atlanta Road, Suite 800 & 900, Smyrna, Georgia 30080, represented by
its legal representative and executive officer Mr. Robert S. Speizman;

                                           (hereinafter collectively "Speizman")
                                                      parties of the second part

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                             Preliminary Statement:

A.     On March 12/th/, 1999 Santoni and Speizman entered a certain Exclusive
       Distributorship Agreement, (hereinafter the "Original Agreement"), in
       order to appoint Speizman as Santoni's exclusive distributor in U.S.A.
       and Canada for the sale of its products (machines and spare parts);

B.     During the Original Agreement performance, Speizman was on default on its
       contractual obligations to pay Santoni's ordered products;

C.     On account of separate past transactions (hereinafter the "other
       transactions"), several debts emerged toward Vignoni, Marchisio, Matec
       and Dinema;

D.     Presently, Speizman owes to the above mentioned Companies the following
       amount of money:

       d.1 Santoni's outstanding claim: (Euro) 258.531,30 (Two Hundred
       Fifty-Eight Thousand Five Hundred Thirty-One and 30/100 Euro), net of
       Speizman's counterclaims;

       d.2 Vignoni's outstanding claim: USD 185,185.48 (One Hundred Eighty-Five
       Thousand One Hundred Eighty-Five and 48/100 US Dollar);

       d.3 Marchisio's outstanding claim: USD 287,043.00 (Two Hundred
       Eighty-Seven Thousand Forty-Three and 00/100 US Dollar);

       d.4 Matec's outstanding claim: (Euro) 28.995,05 (Twenty-Eight Thousand
       Nine Hundred Ninety-Five and 05/100 Euro)

       d.5 Dinema's outstanding claim: USD 172,371.00 (One Hundred Seventy-Two
       Thousand Three Hundred Seventy-One and 00/100 US Dollar);

E.     The Parties wish to enter this Agreement for the purpose of agreeing and
       confirming the terms and conditions of payment of both the outstanding
       and subsequent trade Speizman's debts as well as the supplements and
       modifications to the Original Agreement as set forth herein.

Now therefore, in consideration of the premises and the mutual promises and
covenants set forth herein, the Parties hereby agree as follows:

                                   Agreement:

1.     Premises

The above stated premises are an integral part of this Agreement.

2.     Outstanding debt

2.1 Speizman shall repay the total outstanding debt owed to Santoni, Vignoni and
Marchisio ((Euro) 258.531,30 + USD 185,815.48 + USD 287,043.00) with sixty-nine
(69) successive equal weekly payments of (Euro) 10,000.00 each (Ten Thousand and
00/100 Euro) - total for all three aforementioned companies), on Friday of each
week and a seventieth (70) and final weekly payment in an amount equal to the
outstanding unpaid balance , until the debt is paid in full, with the first
payment due on March 1/st/, 2002. Speizman and Santoni further acknowledge and
agree that Santoni's outstanding claim in the present amount of (Euro)
253.531,30 is net of, and calculated after credit for, the sum of USD 252,729.73
(Two Hundred Fifty-Two Thousand Seven Hundred Twenty-Nine and 73/100 U.S.
Dollars) which was owed by Santoni to Speizman as of February 27/th/, 2002 (the
"Credited Amount"), excluding the amount of USD 285,000.00 according to the Alba
Waldensian, Inc., settlement, and which has been paid and satisfied in full by
setting off such

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amount against the amounts owed by Speizman to Santoni. Speizman acknowledges
and agrees that after crediting the Credited Amount against the indebtedness of
Speizman, there remains outstanding and payable by Speizman to Santoni the
indebtedness comprising the outstanding claim in the amount of (Euro)
258.531,30.

2.2 All payments shall be allocated among Santoni, Vignoni and Marchisio in
proportion to the outstanding amount of the indebtedness owned to each of such
companies by Speizman. In the event that any weekly payment is not made when
due, the amount which is delinquent shall bear interest until paid at a default
rate of interest of 6% per year, which interest shall be due and payable weekly
on Friday of each week together with the regularly scheduled installment of
principal.

2.3 Speizman shall repay the USD 172,371.00 (One Hundred Seventy-Two Thousand
Three Hundred Seventy-One and 00/100 US Dollar) outstanding debt owed to Dinema
with monthly payment of USD 14,300.00 (Fourteen Thousand Three Hundred and
00/100 US Dollar) each until paid in full, with first payment due on March
1/st/, 2002.

2.4 Moreover, Speizman commits themselves to insure the correct and full
performance of all outstanding and further trade debts towards Matec according
to the terms and conditions of payment previously agreed upon by Matec itself
and Speizman in the purchase orders and related correspondence.

2.5 Subject to the terms, conditions, and understandings contained in this
Agreement, and for so long as there does not exist a default under the terms of
this Agreement, the Companies hereby agree to refrain and forbear temporarily
from exercising and enforcing any of their remedies with respect to the
outstanding debt of Speizman to the Companies.

3.       Further trade debts

3.1 Speizman shall pay all future spare parts orders on and after the ate of
this Agreement by irrevocable and confirmed Letter of Credit net ninety (90)
days from the date of the invoice.

3.2 Furthermore, on and after the ate of this Agreement, Speizman shall pay for
new machine orders comprising Products on the following payment terms: ten
percent (10%) of the purchase price by down-payment in cash at the order
confirmation and the remaining ninety percent (90%) of the purchase price
against ninety (90) days irrevocable and confirmed Letter of Credit.

3.3 The effectiveness of each purchase order is conditioned upon the correct and
full payment and performance of the aforementioned ten percent (10%)
down-payment.

3.4 Each irrevocable Letter of Credit shall be issued at least 7 days prior to
the shipment date and shall be payable at 90 (ninety) days from the invoice
issued by each Company for the Products. With respect to purchases after the
date of this Agreement, Speizman shall pay for Products in Euros ((Euro)) or US
Dollars on account of the currency designated in the invoices and all letters of
credit issued with respect to such purchases shall be payable in Euros ((Euro))
or US Dollars as well. All letters of credit must be irrevocable when issued and
must be issued and confirmed by a bank satisfactory to the Companies. Other
terms of the Letters of Credit must be satisfactory to each Company.

3.5 The terms of payment set forth in this Section 3 shall apply to all
purchases by Speizman of Products (as defined in the Original Agreement and
other transactions), including spare parts and new machines, made after the date
of this Agreement.

<PAGE>

Spare part orders that are less than USD 50,000 (Fifty Thousand and 00/100 US
Dollars) in value shall be paid by wire transfer upon each Company's notice that
the goods are ready to be shipped.

4.       Default and termination

4.1 The Companies may terminate this Agreement and/or the Original Agreement
and/or the other transactions immediately by written notice to Speizman in the
event that:

a)     Speizman is in breach of its contractual obligations and fails to remedy
       such breach within a reasonable term, not to exceed thirty (30) days from
       the receipt of the other party's written notice stating the occurrence of
       the breach.

b)     Speizman or any subsidiary of Speizman shall (i) commence a voluntary
       case under the federal bankruptcy laws (as now or hereafter in effect),
       (ii) file a petition seeking to take advantage of any other laws,
       domestic or foreign, relating to bankruptcy, insolvency, reorganization,
       winding up or composition for adjustment of debts, (iii) consent to or
       fail to contest in a timely and appropriate manner any petition filed
       against it in an involuntary case under such bankruptcy laws or other
       laws, (iv) apply for or consent to, or fail to contest in a timely and
       appropriate manner, the appointment of, or the taking of possession by a
       receiver, custodian, trustee, or liquidator of itself or of a substantial
       part of its property, domestic or foreign, (v) admit in writing its
       inability to pay its debts as they become due, (vi) make a general
       assignment for the benefit of creditors, or (vii) take any corporate
       action for the purpose of authorizing any of the foregoing;

c)     A case or other proceeding shall be commenced against Speizman or any
       subsidiary of Speizman in any court of competent jurisdiction seeking (i)
       relief under the federal bankruptcy laws (as now or hereafter in effect)
       or under any other laws, domestic or foreign, relating to bankruptcy,
       insolvency, reorganization, winding up or adjustment of debts, or (ii)
       the appointment of a trustee, receiver, custodian, liquidator or the like
       for Speizman or any subsidiary of Speizman or for all or any substantial
       part of their respective assets, domestic or foreign, and such case or
       proceeding shall continue without dismissal or stay for a period of sixty
       (60) consecutive days, or an order granting the relief requested in such
       case or proceeding (including but not limited to an order for relief
       under such federal bankruptcy laws) shall be entered.

d)     A judgment or order for the payment of money which causes the aggregate
       amount of all such judgments (to the extent not fully covered by
       insurance) to exceed $1,000,000 shall be entered against Speizman or any
       of its subsidiaries by any court and such judgment or order shall
       continue without discharge or stay for a period of sixty (60) days.

e)     Speizman shall default in the payment or performance of its existing
       credit facility with SouthTrust Bank, N.A. (apart from the continuation
       during any agreed-upon forbearance period of any existing default which
       is the subject of a binding forbearance agreement by SouthTrust Bank,
       N.A.).

f)     Speizman or any of its subsidiaries shall default in the payment of any
       indebtedness for borrowed money, the aggregate outstanding amount of
       which indebtedness is in excess of USD 1,000,000 beyond the period of
       grace if any, provided in the instrument or agreement under which such
       indebtedness was created.

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g)     Speizman shall fail to obtain refinancing of the existing credit facility
       from SouthTrust Bank, N.A. or other banks upon maturity of such facility
       (by acceleration upon default or otherwise) in the principal amount of at
       least USD 12,000,000.00 (Twelve Million US Dollars) and for a term
       extending beyond January 31, 2003.

4.2 Accordingly, in the event of early termination of this agreement, the time
limits provided herein in favour of debtor are to expiry immediately and each
Company will be entitled to claim any and all accrued credits against Speizman
pursuant to the Original Agreement and other transactions.

4.3 Immediately upon the occurrence of any default under this Agreement (i) the
obligations, agreement, and commitments of the Companies set forth in this
Agreement shall immediately and automatically terminate and be of no further
force or effect without further notice to or consent of Speizman, (ii) Santoni
shall have the right to terminate the Original Agreement, as amended hereby, and
all of Speizman's rights and agency thereunder, (iii) the Companies shall each
have the right to declare the principal of and interest on the indebtedness of
Speizman to such Companies, or any of them, at the time outstanding, and all
other amounts owed to the Companies, or any of them, to be immediately due and
payable, whereupon the same shall immediately become due and payable without
presentment, demand, protest or other notice of any kind, all of which are
expressly waived and (iv) each of the Companies shall have the right to exercise
and enforce any and all rights and remedies available to each such Company under
this Agreement, under any and all documents executed and delivered in
connections with this Agreement, under the Original Agreement and under
applicable laws to the same extent as though no forbearance had been agreed to
by the Companies as provided in this Agreement, without regard to any notice or
cure period contained in any of the foregoing or otherwise available under
applicable laws.

5.       Exclusive distribution

5.1 Speizman will be Santoni's exclusive distributor in the U.S.A. and Canada
for the sale of the Products through and including July 3/rd/, 2004, unless the
early termination of the Original Agreement and/or of this Agreement occur.

6.       Reference currency

All transactions relating to this Agreement, Original Agreement as well as the
other transactions, are to be wholly paid in Euros ((euro)) or US Dollars on
account of the currency designated in the invoices.

7.       Governing law and Exclusive Forum for disputes

7.1 This Agreement shall be governed and construed in all respects in accordance
with the Laws of the Republic of Italy. The parties expressly exclude the
applicability of the United Nations Convention on Contracts for the
International Sale of Goods and any other international conventions or treaties
regarding the international sale of goods. Any allusion to local uses or customs
is merely indicative.

7.2 The Parties agree that the exclusive competent Forum to resolve any dispute
that could arise between the Parties in terms of interpretation, execution and
performance of this agreement or otherwise directly or indirectly pertaining to
this agreement, shall be the Court of Brescia (Italy). However, the Companies
shall have the further right to file any legal

<PAGE>

proceeding against Speizman before any court of competent jurisdiction, State or
Federal, in the Sates of North and South Carolina.

8.       Final Clause

8.1 Should any provisions of this agreement be or become invalid, illegal or
unenforceable under applicable law, the other provisions of this Agreement shall
not be affected, and, to the extent permissible under applicable law, the
Parties shall use their best efforts to modify said invalid, illegal, or
unenforceable provisions so as to comply with such laws.

8.2 This Agreement shall not constitute a novation of the Original Agreement and
the other transactions which shall remain in full force and effect except
expressly amended hereby.

Santoni SpA                                   Speizman Industries, Inc.

By:  /s/ Ettore Lonati                        By:  /s/ Robert S. Speizman
     ------------------------------                -----------------------------
Name:  E. Lonati                              Name:  Robert S. Speizman
Title:  President                             Title:  President

Vignoni Srl                                   Speizman Yarn Equipment, Inc.

By:  /s/ Ettore Lonati                        By:  /s/ Robert S. Speizman
     ------------------------------                -----------------------------
Name:  E. Lonati                              Name:  Robert S. Speizman
Title:  President                             Title:  President

Marchisio Srl in liquidazione                 Wink Davis Equipment Co., Inc.

By:  /s/ Ettore Lonati                        By:  /s/ P. Donald Mullen, II
     ------------------------------                -----------------------------
Name:  E. Lonati                              Name:  P. Donald Mullen, II
Title:  President                             Title:  President

Matec SpA

By:  /s/ Ettore Lonati
     ------------------------------
Name:  E. Lonati
Title:  President

Dinema SpA

By:  /s/ Ettore Lonati
     ------------------------------
Name:  E. Lonati
Title:  President

Brescia, (date)                               Charlotte, (date)
24-06-02                                      June 25, 2002

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                               Specific Acceptance

Speizman declare to accept specifically, pursuant to articles 1341 and 1342 of
the Italian Civil Code, the following clauses as described above: 4. default and
termination; 5. exclusive distribution; 7. governing law and exclusive forum for
disputes.

                                         Speizman Industries, Inc.

                                         By:  /s/ Robert S. Speizman
                                              ----------------------------------
                                         Name:  Robert S. Speizman
                                         Title: President

                                         Speizman Yarn Equipment, Inc.

                                         By:  /s/ Robert S. Speizman
                                              ----------------------------------
                                         Name:  Robert S. Speizman
                                         Title: President

                                         Wink Davis Equipment Co., Inc.

                                         By:  /s/ P. Donald Mullen, II
                                              ----------------------------------
                                         Name:  P. Donald Mullen, II
                                         Title: President

                                         Charlotte (date)
                                         June 25, 2002

                                         /s/ EL<PAGE>

                                                                   EXHIBIT 10.11

                          [Conti Complett letterhead]

                                                      Dated: 2/nd/ October, 1989

                           Distributorship Agreement

                                    between

Conti Complett S.p.A., an Italian Company having its headquarters in Milan, Via
Varese, 18, represented by its Managing Director, Dr. Roberto Conti (hereinafter
"Conti Complett"), on one side

                                      and

SPEIZMAN INDUSTRIES, INC., a United States Company having its headquarters in
Charlotte, NC 28231 - 508 West 5/th/ Street - P.O. Box 31215 U.S.A., represented
by its Managing Director, Mr. Bob Speizman (hereinafter the "Distributor"), on
the other side

                                    whereas

Conti Complett manufacturer of Linking and Special Sewing Machines;

-    Distributor intends to obtain the exclusive distributorship of the Products
     for United States (hereinafter the "Territory") and Conti Complett intends
     to grant such exclusive distributorship, now, therefore, the following is
     agreed and stipulated:

1.   Appointment of Distributor - Conti Complett hereby appoints the Distributor
     as the exclusive distributor in the Territory for the machines listed in
     Attachment "A" hereto (hereinafter the "Products").

2.   Exclusivity

     a.   The Distributor agrees that it shall not offer for sale, sell either
          directly or indirectly in the Territory, other new products competing
          with the Products.

     b.   The Distributor agrees not to offer for sale, sell or deliver any of
          the Products destined for export outside of the Territory to any
          person, firm or company without Conti Complett's prior written
          consent.

     c.   Conti Complett shall sell and deliver the Products to the Distributor
          on an exclusive basis and, therefore, Conti Complett will not offer
          for sale or deliver the Products to any other person, firm or company
          in the Territory for use within the Territory.

3.   Prices - Discounts - Terms of Payment - Sales prices to customers of the
     Products and of the spare parts shall be those indicated in Attachment "B"
     hereto, which also shows discounts to Distributors. Conti Complett shall
     have the right to change the list prices and discounts at its

<PAGE>

     own discretion giving 15 days prior written notice to the Distributor.
     Payment by Distributors shall be made as follows:

     Machines:  Direct remittance at 30 days from date of invoice.  Ex Works

     Spare parts: Direct remittance at 30 days from date of invoice.

     The Distributor shall be free to fix such resale prices for the Products as
     it deems suitable, provided that such prices are not fixed so high that
     they might jeopardize the sale of the Products, in Conti Complett's
     opinion. In all cases, Conti Complett shall be informed in advance of the
     sale prices quoted by the Distributor.

4.   Distributor's Obligations - The Distributor agrees to provide satisfactory
     sales and service facilities in the Territory and without limiting the
     generality of its obligations it agrees to do its best to:

     a.   Engage and maintain a sufficient number of competent sales personnel
          and provide a customer relations organization adequate to take
          advantage of the sales and services in the potential channels of
          distribution in the Territory.

     b.   Provide satisfactory facilities and equipment for warehousing and
          transportation and distribution of the Products in the Territory.

     c.   Have at all times stock of the Products and spare parts in the
          Territory adequate to meet the normal needs of its customers.

     d.   Adequately perform the accepted service obligations including, without
          limitation, installation service, after-sale inspection and
          maintenance service.

     e.   Promptly notify Conti Complett of all complaints or claims regarding
          the Products.

     f.   Not disclose any technical and commercial information regarding the
          Products, industrial secrets, etc., either during the Agreement or
          after its dissolution.

5.   Conti Complett's Obligation - Conti Complett agrees to do its best to
     support the activities of the Distributor and to help with the introduction
     of the Products. Conti Complett agrees to make available samples and
     literature free of charge in quantities adequate for the needs of the
     Territory.

6.   Delivery - Conti Complett shall use its best efforts to meet delivery dates
     agreed upon from time to time.

     Conti Complett shall not be liable for any delay due to any strike, either
     local or national, or for any reason beyond its control.

                                                                               2

<PAGE>

7.   Conti Complett's liability - Conti Complett guarantees that the Products
     and spare parts are suitable to the use for which they are destined and
     that they are free of all flaws and defects.

     In all cases, Conti Complett's liability for flaws and defects in the
     Products and spare parts is limited to the net price paid by the
     Distributor for the Products as indicated in Attachment "B" hereto.

     8.   Trademark and Patents - The Distributor undertakes not to tamper with
          or alter the trademarks affixed to the Products, spare parts or their
          packaging. The Distributor shall have the right to add its own
          trademarks to the Products, spare parts and their packaging.

     In the event that the Distributor becomes aware of any infringement of
     Conti Complett's trademark or patents, it shall promptly notify Conti
     Complett thereof and shall cooperate with Conti Complett in enforcing,
     judicially or otherwise, Conti Complett's ownership rights on such
     trademarks or patents.

9.   Assignment - Sub-distributorships - The Distributor shall not transfer this
     Agreement to any other person, firm or company.

     However, the Distributor can appoint sub-distributors at its exclusive
     liability.

10.  Duration - This agreement shall be effective from the date of its
     stipulation until December 31/st/, 1990.

     It shall be automatically renewed, from year to year, unless written notice
     of dissolution is given by either part by registered letter three months
     prior to the initial extended expiration date.

11.  Accelerated dissolution - In spite of that set forth in point 10 above,
     Conti Complett shall have the right to dissolve this agreement without
     prior notice in the following cases:

     a.   Distributor's bankruptcy or insolvency or admission to a composition
          or controlled management procedure, or the worsening of its financial
          situation.

     b.   Change in Distributor's ownership or control.

     c.   Breach by Distributor of any of its obligations set forth herein,
          which are not of minor importance.

12.  Governing Law - This Agreement shall be governed by Italian Law.

SPEIZMAN INDUSTRIES, INC.                   CONTI COMPLETT

By: /s/ Robert Speizman                     By: /s/ Roberto Conti
    --------------------------                  --------------------------------
    Robert Speizman                             Roberto Conti

                                                                               3

<PAGE>

ATTACHMENT "A"

Sock Toe Closing Machine Mod 220

Sock Turning Device "AUTOREVERSE"

                                                                               4

<PAGE>

ATTACHMENT "B"

Discount of distributor

Machines:         20%

Spare parts:      20%

In case of acting as our Agent, direct invoice from Conti Complett to the
customer, Conti Complett will pay the following commission:

Machines:         20%

Spare parts:      20%

                                                                               5

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