Exhibit 10.61


                              EMPLOYMENT AGREEMENT

THIS  EMPLOYMENT  AGREEMENT  (the  "Agreement"),  effective  on March  18,  2002
("Effective  Date") is entered  into among  Royal  Precision,  Inc.,  a Delaware
corporation,  (herein  called  the  "Company"),  James  Davidson,  currently  an
employee of the Company  (herein called the "Employee") and Richard P. Johnston,
currently a major  stockholder  and Chairman of the Board of the Company (herein
called the "Guarantor") who agree to be bound by all of the terms hereof.

WHEREAS, Employee is currently employed by the Company; and

WHEREAS,  in consideration of Employee  remaining with the Company,  the Company
shall offer Employee an employment package herein contained.

NOW  THEREFORE,  in  consideration  of the mutual  covenants and promises of the
parties, the parties hereto covenant and agree as follows:

1.  CONSIDERATION.  In the event  that prior to the  second  anniversary  of the
Effective Date (the "End of Term Date"), Employee's employment is terminated for
"Termination  Other Than for Cause",  Employee  will be paid as severance pay an
amount equal to Employee's then base salary with the Company for the period (the
"Severance  Period")  commencing  on the  date  that  Employee's  employment  is
terminated  (the  "Termination  Date") and ending on the later of (a) the End of
Term Date,  or (b) 12 months from the  Termination  Date,  payable in accordance
with  the  customary  pay  practices  of  the  Company  ("Employment  Package");
provided,  however, that if Employee obtains new employment during the Severance
Period  which pays  Employee an annual  base salary  which is (y) less than such
base salary,  the monthly  difference (net of applicable taxes, if any) shall be
paid by the  Company to  Employee  for any month that  Employee  was so employed
during the Severance Period, or (z) equal to or more than such base salary,  the
Company  shall have no  obligation  to pay any amounts under this section on and
after the start date of such new employment.  "Termination Other Than for Cause"
shall mean  termination  by the Company of Employee's  employment by the Company
for reasons  other than the  disability  or the death of Employee or those which
constitute   "Termination  for  Cause".   "Termination  for  Cause"  shall  mean
termination by the Company of Employee's  employment (a) by reason of Employee's
willful dishonesty towards, fraud upon, or deliberate injury or attempted injury
to,  the  Company  or (b) by  reason of  Employee's  negligence  or  intentional
misconduct with respect to the performance of Employee's  duties. The Employment
Package  represents  any and all  severance  pay,  back  pay,  wages,  incentive
compensation  payments,  vacation pay,  damages  (liquidated  or  unliquidated),
benefits,  attorney's  fees,  costs,  interest or other monies to which Employee
will be entitled from the Company. Notwithstanding anything in this Agreement to
the  contrary,  any vested  rights  the  Employee  may have under the  Company's
retirement  or stock option plan are excluded  from the scope of this  Agreement
and  are not  terminated  or  released  by the  execution  or  delivery  of this
Agreement.
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2. GUARANTY OF EMPLOYMENT  PACKAGE.  Guarantor  unconditionally  and  absolutely
guarantees the full and timely payment by the Company to Employee of any and all
of the Employment  Package which may become due and payable to Employee from the
Company in accordance with the terms and conditions of the Agreement.

3. RELEASE. As consideration for the Employment Package, once Employee begins to
receive the Employment  Package,  except to enforce Employee's rights under this
Agreement,  Employee  (a)  agrees  not  to  file  any  charges,  claims,  suits,
complaints  or grievances  against the Company with any federal,  state or local
governmental  agency,  or in any court of law, with respect to any aspect of his
employment by, or  termination of employment  from, the Company and (b) acquits,
releases and forever  discharges  the Company of and from all, and in all manner
of, actions and causes of action,  suits,  debts, claims and demands whatsoever,
in law or in equity,  which he ever had, may now have or may hereafter have with
respect to any aspect of his employment  by, or termination of employment  from,
the Company, including but not limited to any claim under the Age Discrimination
in Employment Act and any other federal, state or local law with respect to age,
sex,  race,  and other forms of employment  discrimination,  breach of contract,
tort or other  federal,  state and local laws  relating  to  employment  and its
termination.  In the event that Employee, or any person, entity or organizations
authorized by him,  breaches any of his promises made in this  Agreement and the
Company defends or pursues any charge, suit, complaint,  claim or grievance as a
result thereof, Employee shall be liable to Company for all damages,  attorney's
fees,  expenses,  and costs (including  discovery costs) incurred by the Company
and for all funds paid to him under this Agreement.

4.  CONFIDENTIALITY.  Employee  agrees that he will not reveal the  existence of
this  Agreement,  nor any terms thereof,  to any person,  entity or organization
except to his attorneys, investment advisor, his immediate family or as required
by law.

5. POST  EMPLOYMENT.  Once Employee  begins to receive the  Employment  Package,
Employee covenants and agrees that he will not, except in the course of ordinary
course of his  business,  directly or  indirectly,  (a) attempt to discourage or
otherwise  attempt to prevent any person from doing business with the Company or
(b) take any action or encourage any other person to take any action or make any
remark  which is intended  to, or which would tend to,  disparage or degrade the
reputation or business of, the Company.  Additionally,  Employee  recognizes and
acknowledges  that  information  possessed by Employee about the Company and its
business  activities  not  generally  known  which is used or is  useful  in the
conduct  of the  Company's  business,  or which  confers  or  tends to  confer a
competitive  advantage  over  one  who  does  not  possess  the  information  is
"Confidential   Information".   Confidential  Information  also  includes  trade
secrets,  know-how,  information  about  existing,  new  or  envisioned  Company
merchandise, pricing, costs and quotations. Employee covenants and agrees not to
use or disclose any confidential information.

6. INDEPENDENT  ADVICE.  Each of Employee and the Company hereby  represents and
warrants  to the  other  that  he or it has  been  advised  to and  has  had the
opportunity  to seek the advice of independent  counsel in connection  with this
Agreement  and  the  transactions  contemplated  hereby  and has  obtained  such
independent  advice or hereby  waives his or its right to seek such  independent
advice.  Each further  represents that he or it has made the decision to execute
<PAGE>
this  Agreement  independent  of any  other  agreement  and  independent  of any
statements  or  opinions  which  may have  been  made or  given by any  counsel,
Employee or the Company.

7. MISCELLANEOUS.

     7.1.  WAIVER.  The waiver of any breach of any provision of this  Agreement
will not operate or be  construed  as a waiver of any  subsequent  breach of the
same or other provision of this Agreement.

     7.2. ENTIRE AGREEMENT;  MODIFICATION.  Except as otherwise provided in this
Agreement,  this Agreement represents the entire understanding among the parties
with  respect  to the  subject  matter  of this  Agreement,  and this  Agreement
supersedes   any  and  all  prior   understandings,   agreements,   plans,   and
negotiations,  whether  written  or oral,  with  respect to the  subject  matter
hereof,  including  without  limitation,  any  understandings,   agreements,  or
obligations respecting any past or future compensation, bonuses, reimbursements,
or other  payments  to  Employee  from the  Company.  All  modifications  to the
Agreement must be in writing and signed by the party against whom enforcement of
such modification is sought.

     7.3. DELIVERY OF MATERIALS;  NOTICES. Materials required to be delivered to
either party hereunder  shall be delivered as indicated  below.  Any notice,  or
other  communication  under  this  Agreement  shall be in  writing  and shall be
considered  given:  (a) upon personal  delivery or delivery by telecopier  (with
confirmation of completed delivery by sender), (b) two business days after being
deposited  with an "overnight"  courier or "express mail" service,  or (c) seven
business days after being mailed by  registered  or certified  first class mail,
return  receipt  requested,  in each case addressed to the notified party at its
address set forth  below (or at such other  address as such party may specify by
notice to the other delivered in accordance with this section):

     If to the Company:                          If to Employee:

     Royal Precision, Inc.                       James Davidson
     535 Migeon Avenue                           29 Woodland Road
     Torrington, Connecticut  06790              Torrington, CT  06790
     Attn.:  President

     If to Guarantor:

     Richard P. Johnston
     4350 Greens Place
     Wilson, WY  83014

     7.4.  HEADINGS.  The section  headings of this  Agreement  are intended for
reference and may not by themselves determine the construction or interpretation
of this Agreement.

     7.5.  GOVERNING LAW. This Agreement is executed in and shall be governed by
and construed in accordance with the laws of the State of Delaware applicable to
contracts to be performed solely in the State of Delaware.
<PAGE>
     7.6. SURVIVAL OF THE COMPANY'S OBLIGATIONS.  This Agreement will be binding
on,  and  inure  to  the  benefit  of,  the  executors,  administrators,  heirs,
successors,  and  assigns of the  parties;  provided,  however,  that  except as
expressly provided in this Agreement,  this Agreement may not be assigned either
by the Company or by Employee.

     7.7.  COUNTERPARTS.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  all of which  taken  together  will  constitute  one and the same
Agreement.

     7.8.  ENFORCEMENT.  If any portion of this  Agreement is  determined  to be
invalid or  unenforceable,  that  portion of this  Agreement  will be  adjusted,
rather than voided, to achieve the intent of the parties under this Agreement.
<PAGE>
IN WITNESS  WHEREOF,  the  parties  hereto  have  executed  and  delivered  this
Agreement as of the date first written above.


ROYAL PRECISION, INC.                           EXECUTIVE


By: /s/ John Lauchnor                           /s/ James Davidson
    --------------------------------            --------------------------------
    John Lauchnor, President                    James Davidson


GUARANTOR

/s/ Richard P. Johnston
--------------------------------
Richard P. Johnston