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Exhibit 10.1
Interim Compensation Agreement
December 30, 2010
GMFJ, LLC
0000 Xxxx Xxxxx Xxxxx, Xxxxx 0
Xxx Xxxxx, Xxxxxx 00000
Attention: Xxxxxx Xxxxx, Managing Member
Re: Interim Agreement to Serve as Mondial Ventures' CEO and Chairman
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Dear Xxxxxx:
The purpose of this letter is to memorialize an interim agreement between
FMFJ, LLC, a California limited liability company ("GMFJ") and Mondial Ventures,
Inc., a Nevada corporation (the "Company") following the merger (the "Merger")
of Legacy Athletic Apparel LLC, a Virginia limited liability company and the
Company. This letter is the interim compensation agreement between GMFJ and the
Company referenced in Section 6.8 of the Agreement and Plan of Merger dated as
of December 14, 2010 and relating to the Merger. It is effective as of the
Effective Time of the Merger.
In connection with the Merger, you have been appointed a director of the
Company. The Company desires and has offered to compensate GMFJ for your
services as its Chairman of the Board of Directors, President and Chief
Executive Officer ("CEO"), and GMFJ has accepted our offer and agreed to allow
you to serve, on the interim terms set forth in this letter and on a
non-exclusive basis, in each of those capacities for the Company.
The term of this interim arrangement will be for a period not to extend
beyond June 30, 2011. During this interim period, you will serve as the
Company's Chairman and CEO. During this period, GMFJ will accrue monthly
compensation of $10,000, the payment of which will be delayed until the Company
has obtained additional financing or commenced revenue generating operations. As
an executive, you will be entitled to all other benefits and perquisites made
available to our senior managers.
We covenant and agree to negotiate with GMFJ in good faith and to use our
commercial best efforts to enter into a long-term employment or compensation
agreement with GMFJ as soon as practicable in the interim period. When completed
and signed, that agreement will supersede this agreement. It may or may not also
be retroactive to the date of this agreement, as we mutually determine.
Sincerely,
/s/ Xxx Xxxxxx
Xxx Xxxxxx
Chief Operating Officer
Mondial Ventures, Inc.
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