Vice President--sales Employment Agreement

EXHIBIT 10.24


STATE OF NORTH CAROLINA :
: SALARY CONTINUATION AGREEMENT COUNTY OF CATAWBA :


THIS AGREEMENT is made and entered into this 1st day of March, 1983, by and between Ridgeview Mills, Inc., a domestic corporation, having its principal office in Newton, North Carolina, hereinafter called "the Corporation", and William D. Durrant, a resident of Newton, North Carolina, hereinafter called "the Employee";


W I T N E S S E T H:


WHEREAS, the Employee has been employed by the Corporation for 7 years and is currently employed by the Corporation in the capacity of Vice President--Sales; and


WHEREAS, the Corporation is motivated to retain the valuable services and business counsel of the Employee and to induce the Employee to remain in the executive capacity with the Corporation; and


WHEREAS, the Corporation wishes to retain the Employee in order to prevent the substantial financial loss which the Corporation would incur if the Employee were to leave and were to enter the employment of a competitor; and


WHEREAS, the Employee is willing to continue in the employment of the Corporation, provided the Corporation will agree to provide an additional fringe benefit in the form of certain payments in the event of the Employee's retirement, disability, or death; and


WHEREAS, the Employee is considered a highly compensated employee;


NOW, THEREFORE, the parties agree as follows:


1. CONDITIONS.


A. The payment of benefits to the Employee or his
designated recipient under this Agreement is
conditioned upon the continuous employment of the
Employee with the Corporation (including periods of
disability and authorized leaves of absence as
described in this Agreement) until his 65th birthday
or retirement, whichever comes later, or his death,
whichever is the sooner, and upon the Employee's
compliance with the terms of this Agreement.


B. Payment of benefits is further conditioned upon the
Employee's rendering such reasonable business,
consulting, and advisory services as the
Corporation's Board of Directors may call upon him to
provide, and as his health may permit, for a 2


period from his retirement to his death or until
prior disability.


1. It is understood that such services shall not
require the Employee to be active in the
Corporation's day-to-day activities and that
the Employee shall perform such services as
an independent contractor.


2. It is further understood that the Employee
shall be compensated for such services in an
amount to be then agreed upon and shall be
reimbursed for all expenses incurred in
performing such services.


C. Payment of benefits is further conditioned upon the
Employee's not acting in any similar employment
capacity for any business enterprise which competes
to a substantial degree with the Corporation or
engaging in any activity involving substantial
competition with the Corporation during his
employment with the Corporation, after his retirement
from the Corporation, or after his prior disability
while he is receiving benefits without the prior
written consent of the Corporation.


2. DEATH BENEFIT.


A. If the Employee dies during the period of his active
employment or during a disability as defined under
Section 3 of this Agreement, a payment shall be made
as provided in the attached Schedule A made a part
hereof. Such payment shall be made by the Corporation
to such person as the Employee shall designate in
writing prior to this death. The Employee shall have
the right to change the designated recipient(s) of
these payments by presenting a written amendment to
the Corporation prior to his death in a form as
provided in Schedule B attached hereto and made a
part hereof. In the event the Employee shall fail to
designate a recipient prior to his death, the
payments shall be made to the Employee's living
spouse; otherwise, to the personal representative of
the Employee's estate.


B. This benefit shall not be payable if the Employee's
death results from suicide, whether sane or insane,
within two years after the execution of this
Agreement.


3. DISABILITY BENEFIT. If Employee becomes totally and
permanently disabled prior to his retirement as the result of
an injury or a sickness and such total disability prevents the
Employee from performing all of


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the substantial and material duties of his regular occupation,
the Corporation agrees to pay the Employee's regular salary
during his absence for personal illness according to the
following schedule:


First 30 days of absence Full pay
during a calendar year


Second 30 days of absence 75% of pay


Third 30 days of absence 50% of pay


If after the 90-day period of disability the Employee is
unable to perform all of the substantial and material duties
of any occupation for which he is reasonably fitted by
education, training, or experience and such disability is the
result of injury or sickness, the Corporation will commence
monthly payments as provided in the attached Schedule C made a
part hereof.


4. SALARY CONTINUATION. If the Employee is still in the employ of
the Corporation at retirement under this Agreement, whether or
not disabled, the Corporation shall, within 30 days after the
Employee's retirement, commence monthly payments as provided
in the attached Schedule C made a part hereof. In the event
Employee should die after the payments have begun but before
the end of the last payment month, the unpaid balance of the
payments due shall be continued to be paid by the Corporation
to the recipient as designated in Section 2 herein.


5. NAMED FIDUCIARY AND CLAIMS PROCEDURE.


A. The named Fiduciary of the plan and for purposes of
the claim procedure under this Agreement is the
President of the Corporation, Albert C. Gaither.


1. The business address and telephone number of
the named Fiduciary under this Agreement is
Post Office Box 8, Newton, North Carolina
28658, (704) 464-2972.


2. The Corporation shall have the right to
change the named Fiduciary of the plan
created under this Agreement. The Corporation
shall also have the right to change the
address and telephone number of the named
Fiduciary. The Corporation shall give the
Employee written notice of any change of the
named Fiduciary or any change in the address
and telephone number of the named Fiduciary.


B. Benefits shall be paid in accordance with the
provisions of this Agreement. The Employee or a


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designated recipient or an ...