Management Services Arrangement Between International Textile Group, Inc. and W.L. Ross & Co. LLC
International Textile Group, Inc. has an arrangement with W.L. Ross & Co. LLC, under which WLR provides management, consulting, and advisory services to the company. These services include strategic and financial planning, investment management, and other business operations support as requested by the company's Board of Directors. In return, International Textile Group pays WLR a fee of $500,000 each calendar quarter for these services.
Exhibit 10.14
DESCRIPTION OF MANAGEMENT SERVICES ARRANGEMENT
Description of Management Services Arrangement Between
International Textile Group, Inc. and W.L. Ross & Co. LLC
International Textile Group, Inc. (the “Company”) pays to W.L. Ross & Co. LLC (“WLR”) fees for certain management services provided by WLR to the Company pursuant to an unwritten arrangement. These services may include, but are not limited to, consulting and advisory services in connection with strategic and financial planning, investment management and administration, as well as other matters relating to the business and operations of the Company of a type customarily provided by sponsors of U.S. private equity firms to companies in which they have substantial investments, including, without limitation, any such consulting or advisory services which the Board of Directors of the Company reasonably requests that WLR provide to the Company (the “Services”).
In exchange for the provision of the Services, the Company pays WLR $500,000 per calendar quarter.
