<PAGE>

                                                                   EXHIBIT 10(p)

                         CONTRACT TERMINATION AGREEMENT

         This Contract Termination Agreement (this "Agreement") is made and
entered into effective as October 31, 2002 (the "Effective Date") by and among
Ashworth, Inc., a Delaware Corporation ("Ashworth"), James W. Nantz, III, an
individual ("Nantz"), and Nantz Communications, Inc. ("NCI").

                                   BACKGROUND

         A. Ashworth, Nantz and NCI previously entered into that certain
         Promotion Agreement, effective as of November 1, 2001 (the "Promotion
         Agreement").

         B. The parties wish to terminate the Promotion Agreement as of the
         Effective Date of this Agreement.

         C. The parties further wish to enter into and document a new
         promotional agreement (the "New Agreement") on the terms set forth
         below.

                                    AGREEMENT

     1. TERMINATION OF PROMOTION AGREEMENT. Ashworth, Nantz and NCI hereby agree
     that, as of the Effective Date of this Agreement, the Promotion Agreement
     is hereby terminated by mutual agreement. All parties acknowledge and agree
     that each party properly performed all obligations and duties required of
     it or him up through the Effective Date of this Agreement; provided,
     however, that Ashworth shall promptly calculate and pay to Nantz all unpaid
     fees for director compensation consistent with the fees paid to other
     outside Directors. All parties further acknowledge and agree that all
     future obligations and duties required of each party after the Effective
     Date of this Agreement shall be governed by the terms of the New Agreement
     (and this Agreement) and that all parties are hereby released from future
     obligations based upon or arising under the Promotion Agreement.

     In this regard, all of the Options granted to Nantz pursuant to Sections 16
     through 21, inclusive, of the Promotion Agreement (i.e., the second through
     seventh Options, inclusive) are hereby cancelled in accordance with the
     terms of Sections 16 through 21, inclusive. In addition, Ashworth shall
     have no obligation to grant to Nantz additional options for 10,000 shares
     pursuant to Section 22 of the Promotion Agreement, but Nantz shall be
     entitled, as long as he serves as a Director of Ashworth, to receive
     outside Director compensation (consistent with Board policy) separate from
     this Agreement or the New Agreement. With respect to the first Option for
     40,000 shares granted to Nantz pursuant to Section 15 of the Promotion
     Agreement, however, Nantz shall have the right to exercise such first
     Option up until the earlier of (a) November 1, 2007 or (b) the date of
     termination of the New

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     Agreement by Ashworth if occurring prior to October 31, 2004,
     notwithstanding the termination of the Promotion Agreement as of the
     Effective Date of this Agreement.

     2. NEW AGREEMENT. Ashworth, Nantz and NCI (or an affiliate of Nantz at his
     election) hereby agree to document and enter into the New Agreement,
     effective as of the Effective Date of this Agreement. The terms of the New
     Agreement shall require the performance of substantially the same duties
     and obligations as each party was obligated to provide under the terms of
     the Promotion Agreement, except that Nantz shall be obligated to continue
     the Services (as defined in the Promotion Agreement) up through January 15,
     2007, and shall be paid an additional $50,000 for this extension in
     quarterly installments of $12,500 commencing December 1, 2005. In this
     regard, however, Ashworth shall not be obligated to grant any additional
     stock options to Nantz for Services, but shall be obligated to pay the
     following (annual) cash amounts (in quarterly installments commencing
     December 1 for the first three years) during the following periods (in
     addition to the annual consulting fee):

<TABLE>
            <S>                                          <C>
             November 1, 2002 - October 31, 2003          $200,000

             November 1, 2003 - October 31, 2004          $300,000

             November 1, 2004 - October 31, 2005          $300,000

             November 1, 2005 - January 15, 2007          $400,000
                                (payable 100% on
                                January 15, 2007)
</TABLE>

     The final $400,000 annual amount may, at Ashworth's election, be paid in
     cash, registered common stock of Ashworth (valued at fair market value on
     the date of the stock issuance), or some combination thereof.

     3. TIMING. The parties shall work together in the best of good faith to
     execute and deliver the New Agreement by January 31, 2003.

     4. BINDING OBLIGATION. Even though the definitive New Agreement may not be
     signed and delivered until a later date, Section 2 of this Agreement and
     the obligation of each party (or, at Nantz's election, an affiliate of NCI)
     to enter into the New Agreement on the terms specified in Section 2 are
     binding and enforceable.

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     In Witness Whereof, the parties have entered into this Agreement as of the
     Effective Date.

             Ashworth, Inc.                     James W. Nantz, III

     By: /s/ Randall L. Herrel, Sr.         By: /s/ James W. Nantz, III
         -------------------------              -----------------------
         Randall L. Herrel, Sr.                 James W. Nantz, III
         Chairman, President and
         Chief Executive Officer

                            Nantz Communications, Inc.

                           By: /s/ James W. Nantz, III
                               -----------------------
                               James W. Nantz, III
                               President

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