Exhibit 10.13


	
      Exhibit
      10.13

      MUTUAL
      RELEASE

              THIS MUTUAL RELEASE
      is made this 24th day of February, 2004 by and between FIRST
      COMMUNITY FINANCIAL CORPORATION, an Arizona corporation (“FCFC”),
      and ADAMS GOLF, LTD., a Texas limited partnership
      (“Borrower”).

      RECITALS:

              A. Borrower and
      FCFC entered into that certain Accounts Receivable Security Agreement
      dated March 26, 2003 (“the Security Agreement”), evidencing a lending
      relationship between Borrower and FCFC.

              B. Such lending
      relationship arising under the Security Agreement between the parties has
      terminated, by expiration, cancellation, or otherwise, and the parties are
      desirous of documenting the termination and release from further rights or
      obligations of the parties under the Security Agreement or any instruments
      relating thereto.

      AGREEMENTS:

      NOW, THEREFORE, in
      consideration of the premises and other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the parties
      agree as follows:

      1. Borrower and FCFC
      hereby release and discharge each other and their officers, directors,
      servants, agents, employees, subsidiaries and affiliates from any and
      every claim, liability, obligation, cost, demand, accounts, contracts,
      damage, action and cause of action of whatever character, of any kind or
      nature, whether known or unknown, suspected or unsuspected, arising out of
      the Security Agreement or the lending relationship evidenced thereby. All
      accounts receivable which have heretofore been assigned to FCFC pursuant
      to the Security Agreement are hereby reassigned to Borrower without
      recourse or warranty.

      2. Each of the
      parties hereto acknowledged that all indebtedness due or to become due
      directly or indirectly arising out of or related to the Security Agreement
      to the other party has been paid and satisfied.

      3. Borrower and FCFC
      hereby agree that if either of them shall at any time take any action to
      contest, set aside, limit, revoke, or in any way question this Mutual
      Release, or assert any right or claim inconsistent herewith, such person
      shall indemnify and hold harmless the other party named above with respect
      to any claim, damage, expense or cost, including reasonable attorneys'
      fees, that said party may incur or suffer on account thereof.

      4. Simultaneously
      with the execution and delivery of this Mutual Release by both parties,
      FCFC agrees to deliver to Borrower a Uniform Commercial Code Termination
      Statement, properly executed by FCFC, terminating the security interest
      claimed by FCFC in the collateral described in the Security
      Agreement.

      5. This Release shall
      be governed as to its scope, interpretation, execution and performance
      solely by the laws of the State of Arizona.

      

    



	
      IN WITNESS WHEREOF,
      the parties have executed this Mutual Release in the date first
      hereinabove set forth.

      FCFC:

      FIRST COMMUNITY
      FINANCIAL CORPORATION,
an Arizona corporation


      By: /S/ GREGG A.
      SHARP
------------
             Gregg
      A. Sharp

      Its: Vice
      President


      BORROWER:

      ADAMS GOLF,
      LTD.,
a Texas limited partnership 

      GENERAL
      PARTNER:

      Adams Golf GP
      Corp.,
a Delaware corporation 


      By: /S/ OLIVER G.
      BREWER
>------------
         Oliver
      G. Brewer, III

      Title:
      CEO
>------------

      LIMITED
      PARTNER:

      Adams Golf Holding
      Corp.,
a Delaware corporation 


      By: /S/ OLIVER G.
      BREWER
>------------
         Oliver
      G. Brewer, III

      Title:
      CEO
------------