Exhibit 10.62


                     ROYAL PRECISION EXECUTIVE BONUS PROGRAM
                                     FY 2003


PURPOSE OF THE PROGRAM

The  purpose  of  the  Royal  Precision  Executive  Bonus  Program  is to  use a
combination of  performance  elements to focus  management  attention on various
objectives to improve shareholder value and to reward participants for achieving
those objectives.

OPERATION OF THE PROGRAM

I.   Eligibility

     A.   Royal Precision managers and executives who are continuously  employed
          from the  beginning of each fiscal year through the date of payment of
          bonus are eligible to  participate  in the Royal  Precision  Executive
          Bonus Program.

     B.   Royal  Precision  managers and  executives  whose  employment  in that
          capacity  starts  after  the  beginning  of the  fiscal  year or whose
          employment in that capacity terminates prior to the date of payment of
          the bonus are eligible to participate  in the Executive  Bonus Program
          only if approved by the Chairman and CEO of Royal Precision.

II.  Basis of Distribution

     A.   Bonus Opportunity Levels

          Bonus  opportunity  levels are established for each participant at the
          beginning of the fiscal year,  or on a subsequent  date if  employment
          starts  after the  beginning  of the fiscal  year.  Bonus  opportunity
          levels are assigned to each participant  based on competitive rates of
          pay, internal equity and the ability to influence results.

     B.   Performance Elements

          Performance will be measured on the following elements:

<TABLE>
<CAPTION>
          PERFORMANCE                                                                         TARGET
          ELEMENT                       DEFINITION                              WEIGHT         LEVEL
          -------                       ----------                              ------         -----
<S>                                     <C>                                     <C>           <C>
          EBIT                          Earnings before interest, taxes,          80%            *
                                        and non-operating items
                                        approved in advance by the
                                        Chairman and CEO.

          Operating Working             A four-quarter average of the             20%            *
          Capital per Sales Dollar      following calculation: the sum
                                        of accounts receivable and net
                                        inventories, less accounts
                                        payables (net of customer
                                        deposits) as of quarter end,
                                        divided by the annualized quarter
                                        sales.
</TABLE>

     C.   Eligible Compensation

          Eligible  compensation reflects each participant's annual base salary,
          or base  salary paid during the period of  eligibility  if  employment
          started after the beginning of the fiscal year.

III. Determination of Bonus Award

     A.   The  Bonus  Award  for  each  participant  will be  determined  on the
          following guidelines:

* CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

          1.   Actual results for each Performance Element will be determined on
               year- end financial results as reflected in the audited financial
               statements.

          2.   Achievement of Bonus Targets will be based on percent of Targeted
               Performance  attained,  as summarized  below and  illustrated  in
               Exhibit 1.*

                    PERCENT OF PERCENT OF
                    TARGETED PERFORMANCE      BONUS TARGET EARNED
                    --------------------      -------------------
                    Below 80%                          0%
                    80%                               80%
                    100%                             100%
                    115%                             115%
                    125% and above                   Linear

          3.   The  calculation  of the Bonus  Award is an  annual  computation.
               Overperformance  or  underperformance  in any  year  will  not be
               carried  forward or carried  backward  for use in another  year's
               computation.

     B.   A hypothetical  example of the  calculation of a  participant's  Bonus
          Award is provided  in Exhibit 1.* The exhibit shows the level to which
          calculations will be rounded.

IV.  Individual Performance Adjustment

     The  Chairman  and  CEO of  Royal  Precision  may  adjust  a  participant's
     formula-derived  Bonus  Award  upward or  downward  by up to 25% to reflect
     individual performance. The final Bonus Award for any participant may range
     from 75% to 125% of the formula-derived bonus award calculated from Exhibit
     1.*

V.   Payment of Bonus Awards and Discretionary Bonuses

     Bonus Awards and any  Discretionary  Special Bonuses will be paid within 60
     days  following the end of the  Company's  fiscal year and after receipt of
     audited financial statements.

VI.  Unexpected Changes in Operations or Unusual Adjustments

     In  the  event  of  major  unexpected  changes  in  operations  or  unusual
     adjustments  during the  fiscal  year,  Company  management  may  recommend
     adjustments or changes to the approved bonus program.  The Chairman and CEO
     of Royal  Precision will have final approval on any  adjustments or changes
     to the approved program.

VII. General Provisions

     A.   The  Royal  Precision  Bonus  Program  is  implemented  solely  at the
          discretion  of the  Company,  subject to approval by the  Compensation
          Committee  who  reserves  the  right to  amend,  modify,  suspend,  or
          terminate the Bonus Program.

     B.   Bonus Awards are totally  separate  from all other  Company  benefits.
          They will not be used as a basis for  determining  levels of any other
          benefit such as vacation pay, life  insurance  coverage,  future bonus
          pay, etc.

     C.   Establishment  of the  Royal  Precision  Bonus  Program  shall  not be
          construed  as  conferring  any legal  rights upon any  employee or any
          person for continuation of employment, nor shall it interfere with the
          rights of the Company to discharge any employee  without regard to the
          effect such discharge  might have upon the  employee's  eligibility or
          receipt of benefits through the Corporate Bonus Program.

*    EXHIBIT 1 OMITTED AS HYPOTHETICAL AND CONFIDENTIAL TREATMENT REQUESTED.