REDACTED COPY
                                                    -------------





                CONFIDENTIAL TREATMENT REQUESTED
                --------------------------------


                  CONFIDENTIAL PORTIONS OF THIS
                  -----------------------------

                   DOCUMENT HAVE BEEN REDACTED
                   ---------------------------

                    AND HAVE BEEN SEPARATELY
                    ------------------------

                    FILED WITH THE COMMISSION
                    -------------------------









<PAGE>


                      ENDORSEMENT AGREEMENT
                      ---------------------


     This Agreement is entered into on January 13, 2005 between
professional golfer, TOM WATSON, (hereinafter referred to as
"CONSULTANT") and ADAMS GOLF, LTD. (hereinafter referred to as
"ADAMS GOLF").

                           WITNESSETH
                           ----------

     WHEREAS, ADAMS GOLF desires to obtain the right to use the
name, likeness and ENDORSEMENT of CONSULTANT in connection with
the advertisement and promotion of ADAMS GOLF'S PRODUCT;

     NOW THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:


                         CONTRACT PERIOD
                         ---------------

1.  TERM OF CONTRACT
    ----------------

    The Term of this Agreement shall be for a period of 5 years
    and 4 months commencing the 1st day of September 2004 and
    terminating the 31st day of December 2009.

2.  DEFINITIONS
    -----------

     As used in this Agreement, the following terms shall be
defined as set forth below:

       A.   CONSULTANT'S "ENDORSEMENT" means the right to use
       the CONSULTANT'S name, fame, nickname, autograph, voice,
       facsimile, signature, photograph, likeness, and image in
       connection with the marketing, advertising, promotion and
       sale of ADAMS GOLF'S PRODUCT.

     B."PRODUCT" shall mean all golf clubs including, but not
       limited to, metal woods, drivers, fairway woods, irons,
       iron-woods, utility clubs, wedges, and putters, bags, and
       headwear.

     C."MANDATORY PRODUCTS" shall mean the following ADAMS GOLF
       PRODUCTS that CONSULTANT must exclusively play/use in all
       Champions/Senior Professional Golf Association (SPGA) and
       Professional Golf Association (PGA) events at all times:


                               -1-

<PAGE>


       1. [*****]
       2. Sufficient [*****] to maintain total minimum of [*****]
            ADAMS GOLF [*****] (includes [*****])[*****] at all
            times
       3. [*****]
       4. [*****]   (CONSULTANT  may  continue  to  place   the
            [*****]   logo   on   the  [*****]  consistent   with
            historical practice.)

     D. "CONTRACT TERRITORY" shall mean the entire world.


                    CONSULTANT'S OBLIGATIONS

3.   CONSULTANT'S ENDORSEMENT
     -----------------------

     CONSULTANT hereby gives and grants to ADAMS GOLF the
     exclusive right and license to use CONSULTANT'S ENDORSEMENT
     in connection with the manufacture, sale, distribution,
     advertising and promotion of PRODUCT in the CONTRACT
     TERRITORY.

4.   EXCLUSIVITY OF ENDORSEMENT
     --------------------------

     During the term of this Agreement, unless otherwise
     authorized at the sole discretion of ADAMS GOLF in writing,
     CONSULTANT shall not:

     A. give the right to use or permit the use of CONSULTANT'S
        name, facsimile signature, nickname, voice or likeness to
        any other manufacturer or seller of  PRODUCT;

     B. sponsor or endorse PRODUCT made or sold by any other
        manufacturer or seller; or

     C. serve as a CONSULTANT or advisor of any other
        manufacturer or seller of PRODUCT.

     D. Notwithstanding paragraphs 4A, 4B and 4C above,
        CONSULTANT shall be entitled to endorse and play the
        [*****].  The parties expressly agree that CONSULTANT may
        permit [*****] the use of CONSULTANT'S name and/or
        likeness in [*****] print and/or television advertisement
        provided that this is executed in a manner consistent
        with [*****] past [*****] advertising practice using
        similarly situated professional golfers with competing
        golf club endorsement agreements that include [*****].
        If [*****] use of CONSULTANT varies from past practice of
        utilizing similarly situated professionals, CONSULTANT
        will take action to remedy the situation [*****]. If
        CONSULTANT participates directly in any [*****] sponsored
        photo shoots for advertising or PR, CONSULTANT shall wear
        his ADAMS GOLF [*****].  The parties further expressly
        agree that CONSULTANT'S endorsement of


-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -2-

<PAGE>


        the [*****] shall not include the right to place a
        [*****] logo on his ADAMS GOLF [*****] or the ADAMS GOLF
        [*****].  If CONSULTANT'S relationship with [*****]
        terminates during this Agreement, CONSULTANT shall be
        permitted to replace the [*****] endorsement with another
        [*****] endorsement under the same terms and conditions
        expressed herein.

     E. Notwithstanding paragraphs 4A, 4B and 4C above,
        CONSULTANT shall not be required to wear ADAMS GOLF
        [*****] in [*****] ads.

5.   EXCLUSIVE USE OF PRODUCT
     ------------------------

     During the term of this Agreement, CONSULTANT shall
exclusively play/use the MANDATORY PRODUCT.  (It is expressly
understood by the parties that CONSULTANT may play [*****] clubs
in the bag other than ADAMS GOLF clubs including, but not limited
to, a putter by a manufacturer other than ADAMS GOLF but may not
endorse those clubs and/or putter.)

6.   CONSULTANT'S ENDORSEMENT OF NON-COMPETITIVE PRODUCT
     ---------------------------------------------------

     If CONSULTANT endorses or promotes a non-competitive product
     and in that endorsement or promotion CONSULTANT wears,
     plays, uses, holds or is in any way associated with a
     product that would constitute PRODUCT as defined under this
     Agreement, CONSULTANT shall use objectively reasonable best
     efforts to ensure that PRODUCT is an ADAMS GOLF PRODUCT and
     it shall not be altered or changed in appearance in the
     endorsement in any manner whatsoever without the express
     written consent of ADAMS GOLF.   When endorsing a non-
     competitive product, under no circumstances shall CONSULTANT
     wear, play, use, hold or in any way be associated with an
     ADAMS GOLF competitor's Product.

7.   CONSULTANT'S SATISFACTION OF MANDATORY PRODUCT
     ----------------------------------------------

     It is particularly and expressly understood and agreed that
     if CONSULTANT shall find in his sincere best reasonable
     judgment that the MANDATORY PRODUCT so supplied is not
     suitable for his use in tournament competition, then he
     shall promptly notify ADAMS GOLF in writing of such fact and
     the reasons therefor. Thereafter, ADAMS GOLF shall have a
     period of thirty (30) days to either, at ADAMS GOLF'S sole
     discretion, supply CONSULTANT with MANDATORY PRODUCT that is
     acceptable to him or terminate the agreement.   It is agreed
     that if the contract is terminated pursuant to this
     paragraph, the compensation due CONSULTANT shall be prorated
     from the date this Agreement is terminated. Proration of
     compensation shall be determined on the same repayment
     schedule as provide in paragraph 8A below.


-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -3-

<PAGE>


8.   MINIMUM NUMBER OF TOURNAMENTS AND POTENTIAL REPAYMENT OF
     BASE COMPENSATION
     --------------------------------------------------------

     A.  In each and every calendar year of this Agreement,
CONSULTANT shall achieve a satisfactory record of play in a
minimum of [*****] professional golf association events on the
SPGA and/or PGA tour (which shall include both the PGA and SPGA
Tour Skins Games).  If for any reason, CONSULTANT should achieve
a satisfactory record of play in less than [*****] SPGA and/or
PGA tour events in a calendar year, he shall repay ADAMS GOLF an
amount per event for each event under [*****] achieved in the
given calendar year as follows:

     The agreed upon repayment amount per event per calendar
     year:

       1. Year 1.  $[*****]
       2. Year 2   $[*****]
       3. Year 3   $[*****]
       4. Year 4   $[*****]
       5. Year 5   $[*****]

     B. Payment shall be made to ADAMS GOLF within one month
        following the end of the calendar year.  For example, if
        in the calendar year 2005 CONSULTANT achieves a
        satisfactory record of play in [*****] events, he shall
        repay ADAMS GOLF [*****] dollars no later than January
        31, 2006.

     C. In the event that CONSULTANT is prevented from competing
        for reasons outside his control, the parties agree to a
        good faith attempt to resolve the issues.  If a
        resolution can not be reached, ADAMS GOLF may, at its
        sole discretion, demand prorated repayment pursuant to
        the repayment schedule in paragraph 8A above.

9.   PRODUCT DESIGN
     --------------

     During the term of this Agreement, CONSULTANT shall use best
     efforts to cooperate with ADAMS GOLF in giving advice,
     suggestions and recommendations concerning the acceptability
     and playability of current ADAMS GOLF lines, the development
     of new ADAMS GOLF lines, and information about significant
     golf PRODUCT and golf market trends, and meet as reasonably
     requested with ADAMS GOLF'S Design/Testing Teams.

10.  PROMOTION OF PRODUCT
     --------------------

     During the term of this Agreement, CONSULTANT shall use best
     efforts to wear the headwear and display ADAMS GOLF'S brand
     name and to demonstrate, discuss and emphasize the newest
     features of ADAMS GOLF PRODUCT at every opportunity
     including but not limited to all Senior PGA tour events and
     promotional and advertising events in which CONSULTANT takes
     part.



-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -4-

<PAGE>




11.  PROMOTIONAL APPEARANCES
     -----------------------

     A. During the term of this Agreement, CONSULTANT shall use
        best efforts to be available for such press interviews,
        radio or TV appearances arranged for CONSULTANT by ADAMS
        GOLF which are compatible with CONSULTANT'S own practice,
        play and personal time requirements.  CONSULTANT will be
        required to be available after a tournament for selected
        interviews, either the Sunday afternoon or Monday morning
        following the tournament.  In all such interviews and
        appearances, CONSULTANT will use his best efforts to make
        reference to the ADAMS GOLF PRODUCT and wear [*****] and
        display ADAMS GOLF'S brand name.

     B. During the term of this Agreement, CONSULTANT shall make
        himself available on not more than [*****] days for
        television and radio commercials, photo shoots, modeling
        and promotional appearances compatible with CONSULTANT'S
        own practice, play and personal time requirements. Said
        activities shall be directly related to the promotion of
        ADAMS GOLF PRODUCT.  ADAMS GOLF shall reimburse
        CONSULTANT for reasonable travel expenses for CONSULTANT
        when making special appearances for ADAMS GOLF pursuant
        to this paragraph but ADAMS GOLF shall not pay CONSULTANT
        session fees, residual payments or the like for
        television appearances.  Travel expenses shall include
        jet fuel or first-class round-trip airfare and  lodging,
        meals and local transportation.

12.  BEHAVIOR
     --------

     During the term of this Agreement, CONSULTANT will conduct
     himself at all times with due regard to public morals and
     conventions.  If the value of CONSULTANT'S ENDORSEMENT is
     materially reduced or impaired because CONSULTANT:

     A. committed or shall commit any public act that involves
        moral turpitude,
     B. commits or violates any material foreign, U.S., federal,
        or other applicable state or local law,
     C. commits any act which brings him into public disrepute,
        contempt, scandal or ridicule, or which insults or
        offends the community,
     D. makes any statements in derogation, in any material
        respect, of ADAMS GOLF or any of its affiliates or any of
        their respective PRODUCT or services and such statement
        is made to the general public or becomes a matter of
        public knowledge,

     then at any time after the occurrence of such act, thing or
     statement, ADAMS GOLF shall have the right, in addition to
     its other legal and equitable remedies, to immediately
     terminate this Agreement, by giving written notice to
     CONSULTANT.  ADAMS GOLF must exercise its right of
     termination within ninety (90) days of its senior management
     becoming aware of the conduct giving rise to the right of
     termination.


-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -5-

<PAGE>

13.  FREEDOM TO CONTRACT
     -------------------

     CONSULTANT represents and warrants that CONSULTANT is free
     of all prior undertakings and obligations which would
     prevent or tend to impair either the full performance of
     CONSULTANT'S obligations hereunder or ADAMS GOLF'S full
     enjoyment of the rights and privileges granted to it by
     CONSULTANT.

14.  INDEMNITY
     ---------

     CONSULTANT agrees to protect, indemnify and hold ADAMS GOLF
     harmless from any and all liability, claims, causes of
     action, suits, damages and expenses (including reasonable
     attorneys' fees and expenses) for which it becomes liable or
     is compelled to pay by reason of a breach of any covenant or
     representation by CONSULTANT in this Agreement.

15.  ABSENCE OF AGENCY
     -----------------

     CONSULTANT shall not and will not have the right or
     authority to bind ADAMS GOLF by any representation or in any
     other respect whatsoever or to incur any obligation or
     liability in the name of or on behalf of ADAMS GOLF.

16.  MEMBERSHIPS
     -----------

     CONSULTANT warrants and represents that during the term of
     this Agreement he is a member in good standing of SAG, AFTRA
     or any other organization having jurisdiction over
     CONSULTANT'S services hereunder.  This Agreement is subject
     to all of the terms and conditions of the collective
     bargaining agreements with SAG, AFTRA, or any other union
     agreements or codes having jurisdiction over CONSULTANT'S
     services hereunder.  Any and all payments required to be
     made to SAG or AFTRA or any other organization having
     jurisdiction over CONSULTANT'S services hereunder, shall be
     the sole responsibility of CONSULTANT.

                    ADAMS GOLF'S OBLIGATIONS
                    ------------------------

17.  SUPPLY OF PRODUCT
     -----------------

     A. During the term of this Agreement, ADAMS GOLF shall
        provide CONSULTANT with sufficient quantities of such
        MANDATORY PRODUCTS for CONSULTANT'S use as CONSULTANT may
        reasonably need to fulfill his obligations under this
        agreement.  ADAMS GOLF shall pay all charges in
        connection with the delivery of MANDATORY PRODUCTS to
        CONSULTANT.

     B. In addition to paragraph 17A above, ADAMS GOLF shall
        provide CONSULTANT with [*****] sets of clubs for
        CONSULTANT'S family and friends each calendar year of
        this Agreement.


-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -6-

<PAGE>


18.  BASE COMPENSATION
     -----------------

     For the entire term of this Agreement, from September 1,
     2004 through [*****], ADAMS GOLF shall pay CONSULTANT a base
     compensation of [*****] dollars.  The base compensation
     shall be paid [*****].

19.  PERFORMANCE BONUSES AND TOTAL COMPENSATION LIMITATION
     -----------------------------------------------------

     A. In addition to his base compensation, CONSULTANT shall
        also be entitled to bonuses based on performance in
        particular PGA and SPGA events and year-end standing as
        follows:

          1.   If CONSULTANT wins a PGA Tour Major (consisting of
               the Masters, US Open, PGA and British Open) or the
               Champion's Tour (SPGA) US Open, CONSULTANT shall
               receive a bonus of $ [*****].

          2.   If CONSULTANT wins a Champions/Seniors Tour (SPGA)
               major other than the US Open (which shall for the
               purposes of this agreement consist of the Senior PGA,
               Senior British, the Tradition and the Ford Seniors)
               CONSULTANT shall receive a bonus of $ [*****].

          3.   If CONSULTANT finishes in the top [*****] on
               the official year end money list of the Champion's Tour
               (SPGA), CONSULTANT shall also be entitled to a year end
               performance bonus according to the following schedule:

          a. 2005  $ [*****]
          b. 2006  $ [*****]
          c. 2007  $ [*****]
          d. 2008  $ [*****]
          e. 2009  $ [*****]

     B. Notwithstanding paragraph A and its subparts above, the
        maximum total annual bonuses shall in no case exceed the
        following schedule:

       1. 2005  $ [*****]
       2. 2006  $ [*****]
       3. 2007  $ [*****]
       4. 2008  $ [*****]
       5. 2009  $ [*****]

       (For example, if in the calendar year [*****]CONSULTANT
       wins every PGA tour major and finishes in the top [*****]
       on the official year end money list of the Champion's
       Tour (SPGA), CONSULTANT'S total bonuses shall be [*****]
       dollars.



-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -7-

<PAGE>



     C. In the event of ADAMS GOLF'S insolvency or bankruptcy, it
        is expressly agreed to by the parties that CONSULTANT
        shall not be obligated to repay any money so long as
        CONSULTANT continues to fully perform his obligations
        under this Agreement.

20.  APPROVAL OF ADVERTISING
     -----------------------

     Prior to publishing or placing any advertising or
     promotional material which uses CONSULTANT'S name, facsimile
     signature, nickname, voice or likeness, ADAMS GOLF shall
     submit the same to CONSULTANT, or CONSULTANT'S designee, for
     approval, which approval shall not be unreasonably withheld
     or delayed.  If CONSULTANT disapproves, the reasons
     therefore shall be given to ADAMS GOLF in writing within
     three (3) business days or shall be deemed approved.   ADAMS
     GOLF agrees to protect, indemnify and hold CONSULTANT
     harmless from and against any and all expenses, damages,
     claims, suits, actions, judgments and costs whatsoever,
     arising out of, or in any way connected with, any
     advertising material furnished by, or on behalf of, the
     company.

21.  INDEMNITY
     ---------

     ADAMS GOLF agrees to defend, indemnify and hold harmless
     CONSULTANT from any and all liability, claims, causes of
     action, suits, damages and expenses (including reasonable
     attorneys' fees and expenses) for which he becomes liable or
     is compelled to pay by reason of or arising out of any claim
     or action for personal injury, death or otherwise involving
     alleged defects in ADAMS GOLF'S PRODUCT, provided that ADAMS
     GOLF is promptly given notice in writing and is given
     complete authority and information required for the defense,
     and ADAMS GOLF shall pay all damages or costs awarded
     therein against CONSULTANT and any other cost incurred by
     CONSULTANT in defense of any suit, but shall not be
     responsible for any cost, expense or compromise incurred or
     made by CONSULTANT without ADAMS GOLF'S prior written
     consent.

                           TERMINATION
                           -----------

22.  FAILURE TO PLAY
     ---------------

     Notwithstanding any other paragraph of this Agreement, in
     the event that CONSULTANT dies or is unable to play tour
     golf at all, ADAMS GOLF may terminate this Agreement on
     thirty (30) days' written notice.  Upon such termination,
     CONSULTANT and/or CONSULTANT'S estate shall be required to
     repay ADAMS GOLF for that period of the Agreement not
     performed by CONSULTANT. The repayment amount shall be
     calculated in the same way as repayment is calculated under
     paragraph 8A.



-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -8-

<PAGE>


23.  TERMINATION FOR CAUSE
     ---------------------

     Notwithstanding any other paragraph of this Agreement, if
     either party commits any material breach of this Agreement,
     the other party may terminate for cause upon giving fifteen
     (15) days written notice of such cause and provided the
     breach is not rectified within such fifteen (15) day period.
     Upon such termination, CONSULTANT shall be required to repay
     ADAMS GOLF for that period of the Agreement not performed by
     CONSULTANT. The repayment amount shall be calculated in the
     same way as repayment is calculated under paragraph 8A.

24.  ADAMS GOLF'S RIGHTS UPON TERMINATION
     ------------------------------------

     A. In the event of termination of this Agreement, ADAMS GOLF
        shall cease using the name and/or likeness of CONSULTANT
        in advertising within [*****] days.

     B. In the event of termination of this Agreement, ADAMS GOLF
        shall cease using the name and/or likeness of CONSULTANT
        on Product within [*****] months after termination of
        this Agreement.

                    MISCELLANEOUS PROVISIONS
                    ------------------------

24.  SIGNIFICANCE OF HEADINGS
     ------------------------

     Section headings contained herein are solely for the purpose
     of aiding in speedy location of subject matter and are not
     in any sense to be given weight in the construction of this
     Agreement.  Accordingly, in case of any question with
     respect to the construction of this Agreement, it is to be
     construed as though such section headings had been omitted.

25.  APPLICABLE LAW
     --------------

     This Agreement shall be governed and construed according to
     the laws of the State of Kansas.

26.  ENTIRE AGREEMENT
     ----------------

     The provisions of this Agreement are intended by the parties
     as a complete, conclusive and final expression of their
     agreement concerning the subject matter hereof, which
     Agreement supersedes all prior agreements concerning the
     subject matter, and no other statement, representation,
     agreement or understanding, oral or written, made prior to
     or at the execution hereof, shall vary or modify the written
     terms hereof.  No amendments, modifications or releases from
     any provision hereof shall be effective unless in writing
     and signed by both parties.


-----------------
[*****]   Confidential Material redacted and filed separately
          with the Commission.

                               -9-

<PAGE>


27.  WAIVER
     ------

     Unless otherwise mutually agreed in writing, no departure
     from, waiver of, or omission to require compliance with any
     of the terms hereof by either party shall be deemed to
     authorize any prior or subsequent departure or waiver, or
     obligate either party to continue any departure or waiver.

28.  EXECUTION AND DELIVERY REQUIRED
     -------------------------------

     This instrument shall not be considered to be an agreement
     or contract nor shall it create any obligation whatsoever on
     the part of CONSULTANT or ADAMS GOLF unless and until it has
     been signed by CONSULTANT, or a duly authorized
     representative, and by duly authorized representatives of
     ADAMS GOLF and delivery has been made of a fully signed
     original to both parties.

29.  SEVERABILITY
     ------------

     Any provision or part of this Agreement prohibited by
     applicable law shall be ineffective to the extent of such
     prohibition without invalidating the remaining provisions or
     parts hereof.

30.  RELATIONSHIP
     ------------

     Both parties agree that this Agreement does not constitute
     and shall not be construed as a constituting of a
     partnership or joint venture between ADAMS GOLF and
     CONSULTANT.  Neither party shall have any right to obligate
     or bind the other party in any manner whatsoever, and
     nothing herein contained shall give or is intended to give
     any rights of any kind to any third person.

31.  ASSIGNMENT AND CHANGE OF CONTROL
     --------------------------------

     Neither ADAMS GOLF nor CONSULTANT shall have the right to
     grant sublicenses hereunder or to assign, alienate or
     otherwise transfer any of its rights or obligations
     hereunder.

32.  CONFIDENTIALITY
     ---------------

     Both parties understand that the contents of this Agreement,
     including, but not limited to, all amounts paid or to be
     paid and any additional consideration, are extremely
     confidential, and that disclosure of same to any third party
     could be detrimental to the interests of one or both
     parties.  Therefore, both parties agree not to disclose the
     terms of this Agreement, without the permission of the other
     party, to any third party other than to CONSULTANT'S
     business, legal and financial advisors, and with respect to
     all such advisors, CONSULTANT shall take all reasonable
     steps to ensure such confidentiality to ADAMS GOLF.
     Furthermore, CONSULTANT recognizes that during the course of
     performing his duties hereunder he may become aware of
     proprietary, confidential information concerning ADAMS GOLF,
     its PRODUCT, methods, processes, billing practices,
     financial condition, etc., or information ADAMS GOLF
     designates as confidential (collectively "Confidential
     Information").  CONSULTANT agrees that he

                              -10-

<PAGE>


     will maintain in confidence and not disclose to any third
     party at any time any such Confidential Information and
     shall not use any such information to the detriment of ADAMS
     GOLF or for any purpose not contemplated by the Agreement.

33.  ARBITRATION
     -----------

     In the event a dispute arises under this Agreement which
     cannot be resolved, such dispute shall be submitted to
     arbitration and resolved by a panel of three arbitrators
     (who shall be lawyers), in a decision required by a majority
     of the arbitrators.  If the parties cannot agree upon the
     panel of three arbitrators, then each party may pick an
     arbitrator and the two chosen arbitrators shall choose upon
     the three-arbitrator panel.  The arbitration shall be
     conducted in accordance with the Arbitration Rules of the
     American Arbitration Association.  Venue shall be Kansas.
     The award or decision rendered by the arbitration panel
     shall be final, binding and conclusive and judgment may be
     entered upon such award by any court of competent
     jurisdiction.

34.  NOTICE
     ------

     Every written notice or written report which may be served
     upon CONSULTANT, according to the terms of this Agreement,
     may be served by enclosing it in a postpaid envelope
     addressed to:

     Mr. Tom Watson
     C/O Assured Management Company
     1901 W. 47th Place, Suite 200
     Westwood, Kansas 66205

     or at such other address as is given in writing to ADAMS
     GOLF by CONSULTANT.

     Every written notice which may be served upon ADAMS GOLF,
     according to the terms of this Agreement, shall be served by
     enclosing it in a postpaid envelope addressed to:

     Attention Legal Department
     ADAMS GOLF, LTD.
     2801 East Plano Parkway
     Plano, Texas  75074

     or at such other address as is given in writing by ADAMS
     GOLF to CONSULTANT.

                              -11-

<PAGE>


     IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed as of the date first set forth above.


APPROVED FOR CONSULTANT

By:  /s/ Tom Watson                    Date: January 13, 2005
   ---------------------                     -----------------
     Tom Watson



APPROVED FOR ADAMS GOLF, LTD.

By:  /s/ Oliver G. "Chip" Brewer III   Date: January 13, 2005
   -------------------------------             -----------------
     Oliver G. ("Chip") Brewer III
     CEO, ADAMS GOLF













                              -12-