Document:

EX-10.1

CONSULTING AGREEMENT

This AGREEMENT (the “Agreement”) made this 9th day of June, 2005, by and between Mr. Lawrence N.
Mondry (the “Consultant”), whose address is 17532 Woods Edge Drive, Dallas, TX 75287, and Golfsmith
International Holdings, Inc. (the “Company”), whose principal place of business is 11000 N. I H 35,
Austin, TX 78753.

WHEREAS, the Company desires to engage the services of the Consultant to perform for the Company
consulting services regarding the functions for the operation of as an independent contractor and
not as an employee; and

WHEREAS, Consultant desires to consult with the Board of Directors, the officers of the Company,
and the administrative staff, and to undertake for the Company consultation as to the direction of
certain functions in said management thereof;

NOW, THEREFORE, it is agreed as follows:

1. Term. This Agreement shall have an initial term of three (3) years, and may be terminated by
either party giving thirty (30) days’ prior written notice to the other party at the addresses
stated above or at an address chosen subsequent to the execution of this agreement and duly
communicated to the party giving notice.

2. Consultations. Consultant shall make himself available for ten (10) business days per calendar
year of the term to consult with the Board of Directors, the officers of the Company, and the heads
of the administrative staff, at reasonable times, concerning matters pertaining to the organization
of the administrative staff, retail sales models, the fiscal policies of the Company, the
relationship of the Company with its employees or with any organization representing its employees,
and, in general, the important problems of concern in the business affairs of the Company.

3. Liability. With regard to the services to be performed by the Consultant pursuant to the terms
of this agreement, the Consultant shall not be liable to the Company, or to anyone who may claim
any right due to any relationship with the Corporation, for any acts or omissions in the
performance of services on the part of the Consultant or on the part of the agents or employees of
the Consultant, except when said acts or omissions of the Consultant are due to willful misconduct
or gross negligence. The Company shall hold the Consultant free and harmless from any obligations,
costs, claims, judgments, attorneys’ fees, and attachments arising from or growing out of the
services rendered to the Company pursuant to the terms of this agreement or in any way connected
with the rendering of services, except when the same shall arise due to the willful misconduct or
gross negligence of the Consultant and the Consultant is adjudged to be guilty of willful
misconduct or gross negligence by a court of competent jurisdiction.

4. Compensation. The Company shall pay Consultant for the performance of the services rendered to
the Company pursuant to the §2 above, TWO THOUSAND DOLLARS ($2,000.00) per business day on which
services are performed. In addition, the Company shall reimburse the Consultant per diem for any
reasonable out-of-pocket expenses incurred by the Consultant pursuant to the terms of this
agreement. The Consultant shall submit itemized statements of hours of services performed and
expenses incurred during any particular month by the fifth (5th) day of the next succeeding month.
The amount shall be paid to the Consultant by the fifteenth (15th) day of the latter month.

5. Confidential Information. Consultant shall not use or disclose Company Confidential Information
except as necessary to perform services pursuant to this Agreement. For purposes of this Agreement,
“Company Confidential Information” shall mean written information which relates to Company’s
research, development or business activities, which is designated as confidential by Company in
writing to Consultant and which is disclosed to Consultant in connection with Consultant’s
performance of services pursuant to this Agreement, but shall not include any information which is
publicly disclosed either prior to or subsequent to Consultant’s receipt of such information, is
rightfully received by Consultant from a third party without obligation of confidence or is
independently developed by Consultant.

6. Information Ownership. Consultant and Company agree that any and all copyright interests in
and to any strategy, idea or concept developed by Consultant (the “Intellectual Property”) shall be
transferred to and owned exclusively by Company. The Intellectual Property developed by Consultant
shall be construed to create a “work- for-hire” by, in, and for Company and Company shall secure
from Consultant a written assignment to Company of all rights, title and interest in and to the
Intellectual Property.

7. Law and Jurisdiction. This Agreement shall bind and inure to the benefit of the parties hereto
and their successors and assigns. This Agreement shall be governed by the laws of the State of
Texas, without reference to conflict of laws principles. This document contains the entire
agreement between the parties with respect to the subject matter hereof. Any failure to enforce any
provision of this Agreement shall not constitute a waiver thereof or of any other provision hereof.
This Agreement may not be amended, nor any obligation waived, except by a writing signed by both
parties hereto.

8. Severability. In the event any term of this Agreement is found by any court to be void or
otherwise unenforceable, the remainder of this agreement shall remain valid and enforceable as
though such term were absent upon the date of its execution.

IN WITNESS WHEREOF, the parties have hereunto executed this Agreement on the 9th day of June, 2005.

	 	 	 	 	 	 	 
	GOLFSMITH INTERNATIONAL	 	 	 	 
	HOLDINGS, INC.

	 	 	 	CONSULTANT

	 	

	 
	 	 	 	 	 	 
	By:

	 	/s/ James D. Thompson
	 	By:
	 	/s/ Lawrence M. Mondry
	
 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Print Name:

	 	James D. Thompson
	 	Print Name:
	 	Lawrence M. Mondry
	
 
	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Title:

	 	President and CEO
	 	Title:EX-10.20

Exhibit 10.20

[Bank Letterhead]

June 8, 2005

Mr. C. H. Lawrence, Jr.

The Fauquier Bank

Ten Courthouse Square

Warrenton, VA

Re: Consulting Agreement

Dear Buddy:

This letter agreement sets forth the terms under which you and The Fauquier Bank (the “Bank”)
have agreed that you will provide certain consulting services to the Bank in connection with the
Bank’s training program for its employees.

You and the Bank hereby agree as follows:

1. Engagement. You agree to provide consulting services to the Bank as provided
herein during the term of this letter agreement. The consulting services to be provided under this
letter agreement will include (i) the training classes described on Exhibit A attached to
this letter, and (ii) such other training classes and related consulting services as the Bank may
reasonably request. The training classes will be provided on such dates and at such times as are
requested by the Bank and agreed to by you.

2. Consulting Fees. In return for those consulting services, the Bank agrees to pay
you based on a rate of $500 for each half day and $1,000 for each full day of consulting services
provided to the Bank. In addition, subject to the restrictions contained in the next sentence, the
Bank will reimburse you for reasonable out-of-pocket expenses incurred by you in providing
consulting services hereunder. Your right to receive reimbursement for such expenses is contingent
upon submission of expense reports and appropriate receipts and, for expenses which exceed $100,
the prior written approval of the Bank.

3. Term. This letter agreement is effective as of the date hereof and, subject to the
next sentence, will remain in effect through December 31, 2006, which ending date may be extended
one or more times by the mutual agreement of the parties. Either party may terminate this letter
agreement at any time for any reason by giving thirty (30) days’ prior written notice to the other
party.

4. Ownership of Work Product. (a) You and the Bank specifically agree that, except as
provided in section 4(c) below, the Bank will have and retain full and exclusive rights to and
ownership of any and all materials and other work product created, developed or otherwise compiled
by you as part of providing consulting services to the Bank hereunder (collectively, the “Work
Product”), including, without limitation, full and exclusive rights to and ownership of all
copyrights, trade secrets, confidential information and other proprietary rights in connection with
the Work Product.

(b) If the Bank seeks to obtain copyrights or other intellectual property protection in the
United States or any other country on all or any part of the Work Product, you agree to cooperate
fully with the Bank without additional compensation in providing information, completing forms,
performing actions and obtaining the necessary signatures and/or assignments required to obtain
such copyrights or other intellectual property protection.

(c) Notwithstanding anything to the contrary contained in this letter agreement, the Bank
acknowledges and agrees that you have previously developed, and may continue to develop during the
term of this letter agreement, ideas, concepts, know-how and other intellectual property which were
not developed or will not be developed as part of providing consulting services to the Bank
hereunder (the “Non-Bank Intellectual Property”). The Bank specifically agrees that, except as
provided in the next sentence, you will retain full and exclusive rights to and ownership of all
such Non-Bank Intellectual Property. To the extent that any Non-Bank Intellectual Property is
incorporated into any of the Work Product or otherwise provided to the Bank in connection with the
consulting services provided hereunder, you hereby grant to the Bank and its parent, subsidiaries
and affiliates a nonexclusive, nontransferable, perpetual license to use such Non-Bank Intellectual
Property for its and their training and other internal business purposes.

5. Confidentiality. (a) You agree to treat all Confidential Information (as defined
below) of the Bank and its parent, subsidiaries and affiliates, and all notes, records, data and
other documents provided to you by the Bank in strict confidence and will not disclose any such
Confidential Information to any third person or entity without the Bank’s prior written consent.
For purposes of this letter agreement, “Confidential Information” includes (i) the Work Product and
the contents thereof, (ii) any and all financial and operations documents and data, marketing
strategies and related data, customer information, prospective customers and marketing research,
and (iii) any and all other information which is proprietary or confidential to the Bank.

(b) You acknowledge and agree that the recovery of damages may be inadequate to compensate the
Bank in the event that you breach Section 5(a) above, and accordingly you specifically agree that
the Bank will have the right to obtain injunctive relief and/or specific performance of Section
5(a). In addition, nothing contained in this letter agreement will prevent the Bank from pursuing
any other remedies at law or in equity in addition to injunctive relief and specific performance.

6. Relationship of Parties. (a) For all purposes of this letter agreement and the
consulting services to be provided by you hereunder, you are and will continue to be an independent
contractor. Nothing contained in this letter agreement is intended or should be construed to make
you an employee or agent of the Bank or a partner of or joint venture with the Bank.

(b) Without limiting the generality of the foregoing, you acknowledge and agree that (i) the
Bank will not be withholding any federal, state, local or social security taxes from any payments
made to you, (ii) you are solely responsible for the payment of all such taxes, and (iii) you will
not be covered by or otherwise eligible for any benefits, including, without limitation,
unemployment insurance and workers’ compensation insurance, that the Bank provides to its
employees.

(c) Neither party to this letter agreement has any authority whatsoever to make any
representations or warranties on behalf of the other party or to enter into any contracts or
agreements on behalf of the other party.

7. Miscellaneous. (a) This letter agreement will be governed by and construed in
accordance with the laws of the Commonwealth of Virginia.

(b) This letter agreement may not be amended or altered in any manner unless such amendment or
alteration is in writing and signed by both parties.

(c) This letter agreement constitutes the entire agreement of you and the Bank with respect to
the subject matter hereof and supercedes all prior or contemporaneous agreements, whether written
or oral.

Please sign as indicated below to evidence your agreement to the terms hereof and return a
copy of this letter agreement to the Bank.

Sincerely,

THE FAUQUIER BANK

By /s/ Randy K. Ferrell

Its CEO

AGREED TO:

/s/ C. H. Lawrence, Jr.

C. H. Lawrence, Jr.

#1369082

1

EXHIBIT A

TRAINING DESCRIPTION

Heroe’s Training Schedule

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Core Classes	 	# of classes	 	# of Days Teaching	 	# days Prep	 	Total Days
	Establishing Customer Relations
	 	 	2	 	 	3 each	 	 	0	 	 	 	6	 
	Leading the Winning Sales Team
	 	 	1	 	 	3 each	 	 	1	 	 	 	4	 
	Developing Teller Excellence
	 	 	5	 	 	1 each	 	 	0	 	 	 	5	 
	Supplemental Classes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Heroes Refresher Training
	 	 	6	 	 	1 each	 	 	1	 	 	 	7	 
	Coaching Interviews and Observation
	 	 	3	 	 	4 each	 	 	0	 	 	 	12	 
	Referral Training
	 	 	4	 	 	1 each	 	 	1	 	 	 	5	 
	Senior Leader Review
	 	 	1	 	 	1 each	 	 	0.5	 	 	 	1.5	 
	Heroes for Support Personnel
	 	 	2	 	 	.5 each	 	 	0.5	 	 	 	1.5	 
	New Training Modules
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TBD
	 	TBD                     
	 	TBD                           
	 	TBD                    
	 	TBD

	Notes:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

This is predicted on estimated annual need, turnover rates and new branching activities may
increase or decrease

the demand of the core classes listed above.

New training modules are scheduled if a need is determined to exist and a training class should be
developed and taught.

This year it was determined a module for Support Personnel was needed, the Heroe’s for Support
Training class was developed and rolled out.

2

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