Lease Termination Agreement between Delta Woodside Industries, Inc. and 233 North Main, Inc. dated June 22, 2000

Summary

Delta Woodside Industries, Inc. and 233 North Main, Inc. have agreed to end their lease for premises at 233 N. Main Street, Greenville, SC. Delta Woodside will vacate the property by June 30, 2000, and pay a termination fee of $135,268. If Delta Woodside needs to stay longer, they may lease the space month-to-month at a specified rate. Once the fee is paid and the property is vacated, the lease will be officially terminated. This agreement is binding on both parties and their successors.

EX-10.1 4 0004.txt DELTA WOODSIDE INDUSTRIES, INC. 233 N. MAIN STREET GREENVILLE, SC 29601 June 22, 2000 BY HAND DELIVERY - ------------------ 233 North Main, Inc. 233 N. Main Street Greenville, SC 29601 Re: Termination of Lease Agreement dated September 1, 1998 (the "Lease") by and between Delta Woodside Industries, Inc., a South Carolina corporation ("Tenant") and 233 North Main, Inc., a South Carolina corporation ("Landlord") Dear 233 North Main, Inc.: This letter agreement shall serve to evidence Tenant's and Landlord's agreement regarding the termination of the above-referenced Lease. Unless the tenancy is continued as permitted herein, Tenant agrees to peacefully vacate and surrender the Premises to Landlord no later than the end of business on June 30, 2000 (the "Termination Date"). On or before the Termination Date, Tenant shall pay Landlord One Hundred Thirty Five Thousand Two Hundred Sixty Eight and No/100 Dollars ($135,268.00) (the "Termination Fee"). In the event Tenant requires space within the currently leased premises after the Termination Date, Landlord agrees to lease the same to Tenant on a month-to-month basis at a Minimum Rent (as that term is defined in the Lease) of Fourteen Dollars ($14.00) per square foot per year (plus certain other expenses as required under the Lease) and otherwise according to the terms and conditions of the Lease. Upon the latter of payment of the Termination Fee or vacation and surrender of the Premises as described above, the Lease shall automatically be terminated and of no further force and effect. This termination letter agreement shall be binding on and inure to the benefit of both Tenant and Landlord and their respective successors and assigns. All terms capitalized herein which are not defined shall have the meanings ascribed to them in the Lease. If Landlord is in agreement with the foregoing, please arrange for an authorized representative of Landlord to sign below where indicated. Sincerely, Delta Woodside Industries, Inc., a South Carolina corporation By: /s/ David R. Palmer ------------------------------ David R. Palmer, Controller Agreed and Accepted by Landlord this 22 day of June, 2000 233 North Main, Inc., a South Carolina corporation By: /s/ Jane H. Greer -------------------- Name: Jane H. Greer Title: President