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                                                                   EXHIBIT 10.45

                             RESIGNATION AGREEMENT

This Agreement is made this 28th day of February, 1997, by and between The Sled
Dogs Company, a Colorado corporation (the "Company"), and John Sundet
("Sundet").

                                   WITNESSETH

     WHEREAS, Sundet is serving as the Chief Executive Officer and President of
the Company and as a Director of the Company; and

     WHEREAS, Sundet has decided to resign as an Officer and Director of the
Company; and

     WHEREAS, the Company and Sundet desire to resolve any possible or
potential issues in dispute between them in connection with Sundet's
resignation; and

     WHEREAS, the Company and Sundet desire to set forth their agreement with
respect to certain matters in connection with Sundet's resignation;

     NOW, THEREFORE, in consideration of the premises and the mutual promises
and covenants contained in this Agreement, the Company and Sundet hereby agree
as follows:

     1. Resignation.  Effective on the opening of business on the date hereof,
(a) Sundet hereby resigns from his positions as Chief Executive Officer,
President and Director, and all other positions which he may hold, in the
Company, and (b) that certain Employment Agreement, dated January 1, 1994, by
and between Sundet and the Company, as amended on October 31, 1995 (the
"Employment Agreement"), shall be null and void and of no further force and
effect.  In consideration of the benefits provided hereunder, and (c) Sundet
hereby unconditionally and irrevocably waives any rights to any compensation
under the Employment Agreement, including, without limitation, any payments
upon termination of employment, and (d) the Company hereby unconditionally and
irrevocably waives its rights to enforce any provisions of the Employment
Agreement, including, without limitation, the restrictions on competition.

     2. Options.  Subject to Section 16 hereof, effective on the date hereof
the Company shall reprice all of the stock options currently granted to Sundet,
which the parties agree is 415,000, at an exercise price of $.50 per share, and
will, upon delivery to the Company of option certificates representing the said
415,000 options, reissue new certificates to Sundet, representing such new
options, which shall be fully vested and exercisable  on the sixteenth day
after the date hereof, for a term of five years from the date hereof.

     3. Vacations and Benefits.  The Company will offer Sundet the option of
continuing his medical benefits, as required by the Consolidated Omnibus Budget
Reconciliation Act of 1986, as amended, at Sundet's expense; provided, however,
that the foregoing obligation shall terminate on the earlier of (a) the date on
which Sundet accepts full-time employment, or (b) two years from the date
hereof.  The Company shall also reimburse Sundet for any legitimate business



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expenses incurred by him prior to the date hereof, upon presentation of
appropriate documentation therefor.  The parties acknowledge that such expenses
do not exceed $500.00.

     4.    Restrictive Covenants.

           (a) For a period of twelve months from the date hereof, Sundet shall
      not engage, either directly or indirectly, as a proprietor, partner,
      employee, officer, director, consultant, shareholder, joint venturer,
      member, governor, in any business or in any activities in competition
      with the business of the Company.  A business or activity shall be deemed
      to be "in competition with the business of the Company" only if it
      directly relates to the sport of snow skating.  The restriction contained
      in this subsection shall not prohibit Sundet from becoming involved with
      a sporting goods or other enterprise which enters the snow skate
      business, so long as none of Sundet's activities for such enterprise are
      related thereto.

           (b) For a period of twelve months from the date hereof, Sundet shall
      not solicit any person who is then employed by or otherwise engaged to
      perform services for the Company, or is a customer or supplier of the
      Company, to terminate such person's relationship with the Company, or
      interfere with the Company's relationship with any such person.

           (c) Sundet shall not communicate to any person, firm or entity, or
      use for his own benefit, any confidential information which he may have
      acquired with respect to the business of the Company.  "Confidential
      information" means any information not generally known and proprietary to
      the Company and includes, without limiting the generality of the
      foregoing, trade secrets, inventions and information pertaining to
      research, development, manufacturing, manufacturing methods,
      manufacturing processes, techniques, engineering, purchasing, marketing,
      selling, accounting, customers, prices and licensing.  Such confidential
      information may be contained in the Company's development plans, business
      plans, proposed new products, product designs, marketing plans or
      proposals, customer lists, the particular needs and requirements of
      customers and the identify of customers and potential customers.  Such
      information shall be treated as confidential information irrespective of
      its source.

           (d) Sundet shall not remove any files, documents or any other
      property of the Company (regardless of the medium) relating to the
      business of the Company or constituting confidential information from the
      Company's place of business and shall return to the Company all such
      items which are in his personal possession or under his control.  Sundet
      hereby represents that he either has not removed any such Company
      property or has returned any of the same.

      5.    Indemnification.  The Company shall maintain a policy of officer and
director liability insurance, covering Sundet as an insured, for so long as it
maintains such insurance for its then-existing officers and directors and such
policy shall cover Sundet to the same extent as existing officers and directors
are covered.  In addition, the  Company shall cause Sundet to be



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released from that certain agreement with Norwest Business Credit ("NBC"),
obligating Sundet to perform certain srvices for NBC, by the fifteenth day
after the date hereof and will indemnify and hold Sundet harmless from any
obligations thereunder.
          
     6.    Acknowledgments.

           (a) Sundet acknowledges that (i) he has been informed of his right
      to consider this Agreement for twenty-one (21) days before signing this
      Agreement, insofar as it extends to potential claims under the Federal
      Age Discrimination in Employment Act (29 U.S.C. Section 621 et. seq.) and
      he hereby waives such right; and (ii) he has been informed of his right
      to rescind or revoke this Agreement under the Federal Age Discrimination
      in Employment Act within seven (7) calendar days following execution of
      this Agreement.

           (b) Sundet acknowledges that he has been informed of his right to
      rescind this Agreement, insofar as it extends to potential claims under
      the Minnesota Human Rights Act, Minnesota Statutes Chapter 363, which
      prohibits discrimination in employment on the basis of race, sex, age,
      national origin, disability, marital status, status with regard to public
      assistance and status for having served on a local or state commission,
      within fifteen (15) calendar days following the execution of this
      Agreement.  This fifteen day time period encompasses the seven (7) day
      rescission or revocation period referenced above under the Federal Age
      Discrimination in Employment Act.  Sundet understands that for any
      rescission to be effective he must comply with the terms of the Notice
      which appears after the signature page of this Agreement.

      7.    Release by Sundet.  In consideration of the faithful performance of
this Agreement by the Company, Sundet hereby irrevocably and unconditionally
releases, acquits and forever discharges the Company, its officers, directors,
agents, employees, shareholders, partners, divisions, subsidiaries, successors
and assigns, individually and in their representative capacities, and any
entity affiliated with any of the foregoing, from any and all past or present,
known or unknown claims, demands, obligations, actions, damages, expenses, and
compensation of any nature and from whatever source, whether based in tort,
contract, or any other theory of recovery, and whether for compensatory or
punitive or other damages, which Sundet now has or which may hereafter accrue
on account of or in any way growing out the employment relationship among the
parties or his service as a director, the termination of employment, and the
statements or actions of the Company, including, without limitation, claims
arising under the Minnesota Human Rights Act, Minnesota Statutes Section 363
et. seq. (or all applicable provisions in the Minnesota Human Rights Act),
claims arising under the Federal Age Discrimination in Employment Act, claims
of violation of civil rights, discrimination, promissory estoppel, wrongful
termination, or contract rights; provided, however, that this release shall not
apply to (a) the executory provisions of this Agreement; (b) a third party
action (including a shareholder or shareholder directive suit) relating to the
operations, management or activities of the Company, in which Sundet in good
faith believes that the Company or its other officers and directors may be
liable, in which case, Sundet may proceed with an action which includes joinder
of such persons, making such persons third party defendants, seeking indemnity
or contribution from such persons,


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or seeking an apportionment of liability between or among himself and such
persons; and (c) any claims by Sundet to indemnification arising out of his
capacity as an officer, director, employee or agent of the Company pursuant to
Minnesota Statutes, Section 302A.521.

     8.    Release by the Company.  In consideration of the faithful performance
of this Agreement by Sundet, the Company hereby irrevocably and unconditionally
releases, acquits and forever discharges Sundet, and his heirs and personal
representatives from any and all past or present, known or unknown claims,
demands, obligations, actions, damages, expenses, and compensation of any
nature and from whatever source, whether based in tort, contract, or any other
theory of recovery, and whether for compensatory or punitive or other damages,
which the Company now has or which may hereafter accrue on account of or in any
way growing out the employment relationship among the parties or his service as
a director, the termination of employment, and his statements or actions;
provided, however, that this release shall not apply to (a) the executory
provisions of this Agreement; and (b) a third party action (including a
shareholder or shareholder derivative suit) relating to the operations,
management or activities of Sundet, in which the Company or its officers and
directors in good faith believe that Sundet may be liable, in which case, the
Company or such persons may proceed with an action which includes joinder of
Sundet, making Sundet a third party defendant, seeking indemnity or
contribution from Sundet, or seeking an apportionment of liability between or
among such persons and Sundet.

     9.    Press Release.  The Company and Sundet have agreed on the wording 
of a press release regarding Sundet's resignation and on the statement the 
Company may make to prospective employers of Sundet.  Such press release and 
statement are attached hereto as Exhibit 1 and the parties shall make no 
communication or press release, nor statement to prospective employers, other 
than as set forth as Exhibit 1.

     10.   Future Statements.  Sundet and the Company agree that they will not
engage in speech or actions which are detrimental to the name and/or reputation
of each other, nor make any disparaging comments concerning each other,
including the products, plans and operations of the Company and the officers,
directors, agents, employees, and shareholders of the Company, except that this
provision shall have no effect in the event a party hereto is made the subject
of any action commenced by the other party, its officers, directors, agents,
employees or shareholders in the future.

     11.   Confidentiality.  Sundet and the Company agree that the terms and
conditions of, and the consideration under, this Agreement shall be
confidential and shall not be disclosed to third parties, subject to the
following:

           a. A party's right to discuss this Agreement with his or its
      attorney, tax adviser, accountant and spouse;

           b. A party's right to make disclosure pursuant to any lawfully
      issued court order and as may be required by state or federal law or
      regulation, in which case the disclosing party shall notify the other
      promptly of such disclosure; and

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           c. A party's right to make disclosure in the event it is necessary
      to commence any action to force compliance with the terms of this
      Agreement or in the event a party is made a defendant in any action
      commenced by the other party, its directors, officers, employees, agents,
      or shareholders.

     12. Referrals of Mail and Telephone Calls.  The Company shall promptly
forward all mail received by the Company and addressed to Sundet to Sundet's
home address.  The Company shall immediately refer all telephone calls for
Sundet that do not relate to the Company's business to Sundet's home telephone
number or to such other number as Sundet may reasonably request.

     13. Entire Agreement.  This Agreement constitutes the entire agreement
between the parties with respect to their claims against each other, Sundet's
employment relationship with the Company and his resignation from the Company
and the parties agree that there were no inducements or representations leading
to the execution hereof, except as herein stated.  This Agreement may not be
modified or amended except in a writing signed by Sundet and the Company.

     14. Minnesota Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Minnesota.  In accordance with
Minnesota Statues, Section 363.031, subd. 2, Sundet has been provided the
notice appended to this Agreement on the last page.

     15. Effect.  This Agreement shall be binding upon and inure to the benefit
of each party and upon his or its heirs, administrators, representatives,
executors, successors and assigns.

     16. Rescission.  In the event this Agreement is rescinded pursuant to
Minnesota Statutes, Section 363.031, subd. 2, as provided in the notice under
this statute, this Agreement shall immediately terminate and shall be null and
void and of no further force or effect.  Without limiting the generality of the
foregoing, in the event this Agreement is rescinded, the repricing of options
as provided for in Section 2 hereof shall be null and void and said options
shall revert to their original exercise prices.

     17. Remedies.  The parties acknowledge that any breach of the covenants
and agreements set forth herein would lead to irreparable injury which could
not be satisfied solely by monetary damages.  Accordingly, the parties agree
that each party hereto may, in addition to pursuing any and all remedies
provided by law, obtain equitable remedies, including the remedies of
injunction and specific performance, to restrain or prevent any breach or
threatened breach of the provisions of this Agreement.  The parties further
agree that no party seeking such remedy shall be required to post any bond.

     18. Consulting.  Upon the request of the Company, Sundet shall provide
consulting services to the Company, not to exceed ten hours per week for up to
eight weeks, at hourly rates to be agreed upon by the Company and Sundet.



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     20. Severability. If any provision of this Agreement is found to be
unenforceable, this shall not affect the other provisions, which are severable.
Without limiting the generality of the foregoing, if any court of competent
jurisdiction holds that any restriction in Sections 4(a) - (c) exceeds the
limit of restrictions that are enforceable under applicable law, then the
restriction will nevertheless apply to the maximum extent that is enforceable
under applicable law.

     21. Representation.  Sundet acknowledges that he has been represented by
his own attorney in this matter and that he has had a full opportunity to
consider this Agreement and the release contained herein.

     22. Counterparts.  This Agreement may be executed simultaneously in two or
more counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties have caused this Resignation Agreement to
be executed on the day and year first above written.

                                    THE SLED DOGS COMPANY



                                    By ________________________________
                                         Kent Rodriguez
                                         Chairman of the Board



                                    ___________________________________
                                         John Sundet




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NOTICE UNDER MINNESOTA STATUTES. SECTION 363.031. SUBD. 2.

     You may rescind this Settlement Agreement for any reason within fifteen
(15) calendar days after you have signed it. To be effective, the rescission
must be in writing and hand delivered or mailed to The Sled Dogs Company, 121
Third Avenue North, Suite 420, Minneapolis, MN 55401, Attention:  Kent
Rodriguez, within the fifteen (15) day period. If mailed, the rescission must
be sent by certified mail, return receipt requested.



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                                   EXHIBIT 1

PRESS RELEASE


     THE SLED DOGS COMPANY ANNOUNCES MANAGEMENT CHANGES

     MINNEAPOLIS, Feb. 00, 1997--The Sled Dogs Company (Nasdaq: SNOW) announced
today that John Sundet, the Company's President and Chief Executive Officer,
and Mary Horwath, the Company's Chief Operating Officer, have both resigned as
officers and members of the Company's Board of Directors, effective today, to
pursue other interests.  Kent Rodriguez, the Company's Chairman, stated:  "Mr.
Sundet and Ms. Horwath have laid the foundation for snow skating to become the
next big winter sport.  Our record breaking sales this season are a tribute to
their accomplishments here. The main task now is to raise additional financing
to ensure that the investment in that foundation delivers an attractive return.
Peter Osberg, Vice President of Sales and Lisa Svac, Director of Marketing,
have taken charge of the sales and marketing functions."

     The Sled Dogs Company markets, manufactures and distributes Sled Dogs
brand show skates and related accessories and is pioneering snow skating as a
new winter sport.  The Sled Dogs Company has developed the world's first
patented snow skate that integrates a comfortable, supportive boot and a unique
replaceable base allowing the skate to glide over the snow.  Snow skating is
currently enjoyed at approximately 75 percent of all ski/snow areas across the
country.  In addition to its U.S. roots, Sled Dogs has distribution in Canada,
Japan, Korea and Norway.


[FORWARD LOOKING STATEMENTS PARAGRAPH.]



STATEMENTS TO PROSPECTIVE EMPLOYERS:

     John Sundet was employed by The Sled Dogs Company in the position of
President and Chief Executive Officer from January 1, 1994, through February
____, 1997.  The Company issued a press release on February ____, 1997, which
said [QUOTE FROM PRESS RELEASE].



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