Document:

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”)
dated as of September 13, 2012 by and between San Lotus Holding Inc., a Nevada Corporation (the “Seller”) and Yu
Chien Yang (the “Purchaser”).

 

RECITALS

 

A. Seller is the owner of 7,000,000
of the issued and outstanding shares (the “Shares”) of A Benbow Holding, Inc., a Nevada corporation (the "Company").

 

B. Pursuant to the terms and conditions
of this Agreement, Seller desires to sell, and Purchaser desires to purchase, all of the Seller’s rights, title, and interest
in and to 3,500,000 of the Shares in the Company as further described herein.

 

NOW, THEREFORE, in consideration of the
covenants, promises and representations set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

1.           Agreement
to Purchase and Sell.  Subject to the terms and conditions of this Agreement, simultaneous with the execution
and delivery of this Agreement, Seller shall sell, assign, transfer, convey and deliver to Purchaser, and Purchaser shall accept
and purchase, the Shares and any and all rights in the Shares to which Seller is entitled, and by doing so Seller shall be deemed
to have assigned all of its rights, title and interest in and to the Shares to Purchaser.  Such sale of the Shares shall
be evidenced by stock certificates, duly endorsed in blank or accompanied by stock powers duly executed in blank or other instruments
of transfer in form and substance reasonably satisfactory to the transfer agent of the Company or the Company, in the event the
Company has no transfer agent.

 

2.           Consideration.  In
consideration for the sale of the Shares, Purchaser shall deliver to Seller an aggregate of US $35,000 or US $.01 per share (the
“Purchase Price”).

 

3.           Closing;
Deliverables.

 

(a)           The
purchase and sale of the Shares shall be held simultaneously with the execution of this Agreement (the “Closing”).

 

(b)           At
the Closing  (1) Seller shall deliver to Purchaser (A) stock certificates evidencing the Shares, duly endorsed in blank
or accompanied by stock powers duly executed in blank, or other instruments of transfer in a form and substance reasonably satisfactory
to Purchaser, (B) any documentary evidence of the due recordation in the Company’s share register of Purchaser’s full
and unrestricted title to the Shares and (C) such other documents as may be required under applicable law or reasonably requested
by Purchaser, and (2) Purchaser shall deliver to Seller the Purchase Price by wire transfer of immediately available funds to an
account designated by the Seller.

 

    	 

    	 	

    
 

4.       Representations
and Warranties of Seller.  As an inducement to Purchaser to enter into this Agreement and to consummate the transactions
contemplated herein, Seller represents and warrants to Purchaser as follows:

 

4.1           Authority.  Seller
has the right, power, authority and capacity to execute and deliver this Agreement, to consummate the transactions contemplated
hereby and to perform her obligations under this Agreement.  This Agreement constitutes the legal, valid and binding
obligations of Seller, enforceable against Seller in accordance with the terms hereof.

 

4.2           Ownership.  Seller
is the sole record and beneficial owner of the Shares, has good and marketable title to the Shares, free and clear of all Encumbrances
(hereafter defined), other than applicable restrictions under applicable securities laws, and has full legal right and power to
sell, transfer and deliver the Shares to Purchaser in accordance with this Agreement.  “Encumbrances” means
any liens, pledges, hypothecations, charges, adverse claims, options, preferential arrangements or restrictions of any kind, including,
without limitation, any restriction of the use, voting, transfer, receipt of income or other exercise of any attributes of ownership.  Upon
the execution and delivery of this Agreement, Purchaser will receive good and marketable title to the Shares, free and clear of
all Encumbrances, other than restrictions imposed pursuant to any applicable securities laws and regulations.  There
are no stockholders’ agreements, voting trusts, proxies, options, rights of first refusal or any other agreements or understandings
with respect to the Shares.

 

4.3           Valid
Issuance.  The Shares are duly authorized, validly issued, fully paid and non-assessable, and were not issued in
violation of any preemptive or similar rights.

 

4.4           No
Conflict.  None of the execution, delivery, or performance of this Agreement, and the consummation of the transactions
contemplated hereby, conflicts or will conflict with, or (with or without notice or lapse of time, or both) result in a termination,
breach or violation of (i) any instrument, contract or agreement to which the Seller is a party or by which he is bound, or to
which the Shares are subject; or (ii) any federal, state, local or foreign law, ordinance, judgment, decree, order, statute or
regulation, or that of any other governmental body or authority, applicable to the Seller or the Shares.

 

4.5          No Consent.  No
consent, approval, authorization or order of, or any filing or declaration with any governmental authority or any other person
is required for the consummation by the Seller of any of the transactions on its part contemplated under this Agreement.

 

4.6           No
General Solicitation or Advertising. Neither any Seller nor any of its affiliates nor any person acting on its or their behalf
(i) has conducted or will conduct any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising
with respect to any of the Shares, or (ii) made any offers or sales of any security or solicited any offers to buy any security
under any circumstances that would require registration of the Shares under the Securities Act of 1933, as amended (the “Securities
Act”).

 

    	 

    	 	

    
 

4.7           Full
Disclosure. No representation or warranty of the Seller to the Purchaser in this Agreement omits to state a material fact necessary
to make the statements herein, in light of the circumstances in which they were made, not misleading. There is no fact known to
the Seller that has specific application to the Shares or the Company that materially adversely affects or, as far as can be reasonably
foreseen, materially threatens the Shares or the Company that has not been set forth in this Agreement.

 

5.      Representations
and Warranties of Purchaser.  As an inducement to Seller to enter into this Agreement and to consummate the transactions
contemplated herein, Purchaser represents and warrants to Seller as follows:

 

5.1           Authority.  Purchaser
has the right, power, authority and capacity to execute and deliver this Agreement, to consummate the transactions contemplated
hereby and to perform his obligations under this Agreement.  This Agreement constitutes the legal, valid and binding
obligations of Purchaser, enforceable against Purchaser in accordance with the terms hereof.

 

5.2           No
Consent.  No consent, approval, authorization or order of, or any filing or declaration with any governmental
authority or any other person is required for the consummation by the Purchaser of any of the transactions on its part contemplated
under this Agreement.

 

5.3           No
Conflict.  None of the execution, delivery or performance of this Agreement, and the consummation of the transactions
contemplated hereby, conflicts or will conflict with, or (with or without notice or lapse of time, or both) result in a termination,
breach or violation of (i) any instrument, contract or agreement to which Purchaser is a party or by which it is bound; or (ii)
any federal, state, local or foreign law, ordinance, judgment, decree, order, statute or regulation, or that of any other governmental
body or authority, applicable to Purchaser.

 

5.4           Potential
Loss of Investment.  Purchaser understands that an investment in the Shares is a speculative investment which involves
a high degree of risk and the potential loss of its entire investment.

 

5.5           Receipt
of Information.  Purchaser has received all documents, records, books and other information pertaining to his investment
that has been requested by the Purchaser, including without limitation, a certificate of good standing of the Company, its articles
of incorporation and bylaws. Purchaser further agrees and acknowledges that the Company is a shell company.

 

    	 

    	 	

    
 

5.6           No
Advertising.  At no time was the Purchaser presented with or solicited by any leaflet, newspaper or magazine article,
radio or television advertisement, or any other form of general advertising or solicited or invited to attend a promotional meeting
otherwise than in connection and concurrently with such communicated offer.

 

5.7          
Investment Experience.  The Purchaser (either by itself or with its advisors) is (i) experienced in making investments
of the kind described in this Agreement, (ii) able, by reason of its business and financial experience to protect its own interests
in connection with the transactions described in this Agreement, and (iii) able to afford the entire loss of its investment in
the Shares.

 

5.8           Investment
Purposes.  The Purchaser is acquiring the restricted Shares for its own account as principal, not as a nominee or
agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole
or in part and no other person has a direct or indirect beneficial interest in the amount of restricted Shares the Purchaser is
acquiring herein.  Further, the Purchaser does not have any contract, undertaking, agreement or arrangement with any
person to sell, transfer or grant participations to such person or to any third person, with respect to the restricted Shares the
Purchaser is acquiring.

 

6.       Indemnification;
Survival.

 

6.1           Indemnification.  Each
party hereto shall jointly and severally indemnify and hold harmless the other party and such other party’s agents, beneficiaries,
affiliates, representatives and their respective successors and assigns (collectively, the “Indemnified Persons”) from
and against any and all damages, losses, liabilities, taxes and costs and expenses (including, without limitation, attorneys’
fees and costs) (collectively, “Losses”) resulting directly or indirectly from (a) any inaccuracy, misrepresentation,
breach of warranty or non-fulfillment of any of the representations and warranties of such party in this Agreement, or any actions,
omissions or statements of fact inconsistent with in any material respect any such representation or warranty, or (b) any failure
by such party to perform or comply with any agreement, covenant or obligation in this Agreement.

 

6.2           Survival.  All
representations, warranties, covenants and agreements of the parties contained herein or in any other certificate or document delivered
pursuant hereto shall survive the date hereof until the expiration of the applicable statute of limitations.

 

7.      Miscellaneous.

 

7.1           Further
Assurances.  From time to time, whether at or following the Closing, each party shall make reasonable commercial
efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things reasonably necessary, proper or
advisable, including as required by applicable laws, to consummate and make effective as promptly as practicable the transactions
contemplated by this Agreement.

 

    	 

    	 	

    
 

7.2           Notices.  All
notices or other communications required or permitted hereunder shall be in writing and shall be deemed duly given (a) if by personal
delivery, when so delivered, (b) if mailed, three (3) business days after having been sent by registered or certified mail, return
receipt requested, postage prepaid and addressed to the intended recipient as set forth below, or (c) if sent through an overnight
delivery service in circumstances to which such service guarantees next day delivery, the day following being so sent to the addresses
of the parties as indicated on the signature page hereto. Any party may change the address to which notices and other communications
hereunder are to be delivered by giving the other parties notice in the manner herein set forth.

 

7.3           Choice
of Law; Jurisdiction.  This Agreement shall be governed, construed and enforced in accordance with the laws of the
State of New York, without giving effect to its principles of conflicts of law.

 

7.4          
Arbitration. All disputes arising out of or relating to this Agreement shall be settled by arbitration administered by the
American Arbitration Association under its Commercial Arbitration Rules. Judgment on any award rendered by one or more arbitrators
may be entered in any court having jurisdiction

 

7.5           Entire Agreement.  This
Agreement sets forth the entire agreement and understanding of the parties in respect of the transactions contemplated hereby and
supersedes all prior and contemporaneous  agreements, arrangements and understandings of the parties relating to the
subject matter hereof.  No representation, promise, inducement, waiver of rights, agreement or statement of intention
has been made by any of the parties which is not expressly embodied in this Agreement. 

 

7.6           Assignment.
Each party's rights and obligations under this Agreement shall not be assigned or delegated, by operation of law or otherwise,
without the other party's prior written consent, and any such assignment or attempted assignment shall be void, of no force or
effect, and shall constitute a material default by such party.

 

7.7           Amendments.  This
Agreement may be amended, modified, superseded or cancelled, and any of the terms, covenants, representations, warranties or conditions
hereof may be waived, only by a written instrument executed by the parties hereto.

 

7.8           Waivers.  The
failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right at
a later time to enforce the same.  No waiver by any party of any condition, or the breach of any term, covenant, representation
or warranty contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be or
construed as a further or continuing waiver of any such condition or breach or a waiver of any other term, covenant, representation
or warranty of this Agreement.

 

    	 

    	 	

    
 

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

 

7.10          Severability. 
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination,
the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

 

7.11         Interpretation.  The
parties agree that this Agreement shall be deemed to have been jointly and equally drafted by them, and that the provisions of
this Agreement therefore shall not be construed against a party or parties on the ground that such party or parties drafted or
was more responsible for the drafting of any such provision(s). The parties further agree that they have each carefully read the
terms and conditions of this Agreement, that they know and understand the contents and effect of this Agreement and that the legal
effect of this Agreement has been fully explained to its satisfaction by counsel of its own choosing.

 

SIGNATURE PAGE TO FOLLOW

 

    	 

    	 	

    
 

IN WITNESS WHEREOF, the parties have duly
executed this Stock Purchase Agreement as of the date first above written.

 

	 	
        SELLER:

         

        San Lotus Holding Inc.

         

        By: /s/ Yu Chien Yang__________

        Yu Chien Yang

        Vice President

         San Lotus Holding Inc.

         

        PURCHASER:

         

         

        ___/s/ Yu Chien Yang___________

        Yu Chien YangEXHIBIT 10.1

 

EXECUTIVE SEVERANCE AGREEMENT

 

THIS EXECUTIVE SEVERANCE AGREEMENT
(this “Agreement”) dated as of the 14th day of September, 2012 (the “Effective Date”) is
made by and between Escalade, Incorporated, an Indiana corporation (the “Company”), and Robert J.
Keller (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company and the Executive
wish to enter into this Agreement to set forth the rights and obligations of each of them with respect to any termination of the
Executive’s employment with the Company.

 

WHEREAS, the Board of Directors of
the Company (the “Board”) further believes that it is in the best interest of the Company and its shareholders
to assure that the Company will have the continued dedication of the Executive, and to encourage the Executive’s full attention
and dedication to the Company;

 

WHEREAS, in order to accomplish the
foregoing objectives, the Company and the Executive desire to enter into this Agreement which, among other things, provides for
the payment of compensation and benefits payable to the Executive if the Executive’s employment

terminates in certain circumstances.

 

NOW THEREFORE, in consideration of
the premises and mutual covenants contained herein, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.Definitions. As used herein,
capitalized terms shall have the meanings set forth in the body of this Agreement or in Appendix I.

 

2.Employment at Will. Notwithstanding anything
herein to the contrary, and subject to the provisions of any other agreement between the Executive and the Company, the Executive
shall remain an employee at will and nothing herein shall confer upon the Executive any right to continued employment and shall
not affect the right of the Company to terminate the Executive for any reason not prohibited by law; provided, however, that any
such removal shall be without prejudice to any rights the Executive may have to receive payments and benefits pursuant to this
Agreement.

 

3.Term of Agreement. This Agreement
will begin on the date hereof and will continue in effect through December 31, 2013, unless extended as provided in this Section
3. On December 31, 2013 or the anniversary date of any term thereafter (a “Renewal Date”), this Agreement will
expire unless the Company, upon approval of the Board, provides written notice to the Executive not later than one year prior to
such expiration that it has elected to extend this Agreement for an additional one-year period (e.g. if notice to extend is given
on or before December 31, 2012, then this Agreement will be extended through December 31, 2014; if no notice is given, then this
Agreement will terminate as of 11:59 p.m. on December 31. 2013). Notwithstanding the foregoing, (a) if a Change in Control of the
Company occurs during the term of this Agreement, then the term of this Agreement will be extended for 12 months beyond the end
of the month in which any such Change in Control occurs, or (b) if the Executive’s employment with the Company is terminated
at any time prior to a Change in Control of the Company but after the commencement of discussions with a third party relating to
such a possible Change in Control which Change of Control is consummated by that third party within 12 months after the date of
the Executive’s termination of employment with the Company, then this Agreement will be deemed to have continued in full
force and effect through the end of the month in which such Change in Control occurred.

 

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4.Compensation Payable on Termination.
In connection with a termination of the Executive’s employment with the Company, the Executive shall be entitled to receive
the following compensation as applicable (the “Severance Benefits”):

 

		(a)	Upon Death or Disability. In the event of termination of the Executive’s employment with the Company due to the
Executive’s death or permanent disability, the Company shall continue to pay the Executive, his estate, surviving spouse
or other representative his Base Salary and continue his Employee Benefits through the Executive’s last day of employment.
At the end of the Company’s fiscal year in which such death or disability occurs, the Company will determine if Incentives
have been met and the incentive compensation amount payable if the Executive had served the full year. The Company shall pay the
Executive, his estate, surviving spouse or other representative the proportionate amount of such incentive compensation upon the
later of 75 days of the end of such year to which such incentive compensation relates or the date the Company makes incentive payments
to other employees receiving similar Incentives.

 

		(b)	Upon Cause or Voluntary Termination. In the event of termination of the Executive’s employment by the Company
for Cause or by the Executive other than for Good Reason, the Executive shall not be entitled to any additional compensation, Incentives
or Employee Benefits other than compensation or Employee Benefits already paid or received through the date of termination. Notwithstanding
anything in the preceding sentence to the contrary, the Company shall pay the Executive his Base Salary and continue his Employee
Benefits through the Executive’s last day of employment.

 

		(c)	Without Cause or Upon Good Reason. In the event of termination of the Executive’s employment by the Company without
Cause or by the Executive for Good Reason, the Company shall continue to pay the Executive his Base Salary and continue his Employee
Benefits through the Executive’s last day of employment. At the end of the Company’s fiscal year in which such termination
occurs, the Company will determine if Incentives have been met and the incentive compensation amount payable if the Executive had
served the full year. The Company shall pay the Executive the proportionate amount of such incentive compensation upon the later
of 75 days of the end of such year to which such incentive compensation relates or the date the Company makes incentive payments
to other employees receiving similar Incentives. In addition, the Executive shall also receive payment equal to one year Base Salary,
payable in accordance with the regular payroll practices of the Company as applicable to the Executive immediately prior to termination.

 

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		(d)	Long-Term Incentive Compensation. All equity incentive awards granted to the Executive and outstanding at the time that
the Executive’s employment with the Company is terminated shall be treated in the manner set forth in the applicable Incentive
Compensation Plan of the Company, provided, however, that all such equity incentive awards held by the Executive that have not
vested prior to a termination of employment subject to clause (c) above, shall vest in full immediately prior to such termination
and shall be exercisable for a period of at least 90 days thereafter.

 

		(e)	Health Insurance. Following any termination of the Executive’s employment, the Executive
and his family members who are then covered by the Company’s medical plan shall be entitled to the continuation of such health
care benefits under the provisions of the Consolidated Omnibus Budget Reconciliation Act or any substantially equivalent successor
law (“COBRA”), subject to meeting ongoing eligibility requirements. If termination of the Executive’s
employment is subject to clause (c) above, then the Company will pay the applicable COBRA premiums on his behalf for 12 months
following such termination and the Executive shall be responsible for all COBRA premiums thereafter. If termination of the Executive’s
employment was for any reason other than as covered by clause (c) above, then the Executive shall be responsible for all COBRA
premiums.

 

		(f)	Personal Property. Promptly following the Executive’s termination of employment with
the Company, the Executive may remove all of his personal items, including office furnishings, from the Company’s offices.
Upon the Company’s request, the Executive shall provide reasonably satisfactory evidence of ownership of any or all such
items to the Company. 

 

5.Condition Precedent to Payment
of Severance Benefits. The Company’s payments of the Severance Benefits contemplated by Section 4(c), (d) and (e) will
be conditioned on the Executive’s signing and not revoking a general waiver and release of claims, and the Executive’s
signing an agreement not to compete against the interests of the Company or to solicit employees or customers and not disparage
the Company nor disclose trade secrets or confidential information for a period of time extending from the termination of the Executive’s
employment with the Company until 12 months following the Executive’s termination of employment. Such waiver and release
agreement shall be substantially in the form attached hereto as Exhibit A. The Company agrees that the Company’s refusal
or other failure to sign a waiver and release agreement in the form of Exhibit A shall not excuse the Company from making the payments
contemplated by this Section 5.

 

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6.IRC Section 409A. It is the
parties’ intention that the various applicable provisions of this Agreement are either exempt from Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) or satisfy the requirements of Section 409A of the Code. The parties
agree that this Agreement shall be interpreted accordingly, including without limitation the following provisions:

 

		(a)	If at the time of the Executive’s termination of employment with the Company, the Executive is a "specified employee"
within the meaning of Section 409A of the Code and the final regulations and any other guidance promulgated thereunder, no Severance
Benefit that may be considered deferred compensation under Section 409A of the Code and that is payable on account of the Executive’s
Separation from Service may be paid prior to the earlier of: (i) the expiration of the six-month period measured from the date
of the Executive’s separation of service under Section 409A of the Code, or (ii) the Executive’s death. Notwithstanding
the foregoing, any portion of the Severance Benefits that would otherwise be payable during the six-month period from the date
of the Executive’s separation of service, but that is not treated as a payment of deferred compensation under Section 409A
of the Code either due to (i) the application of the short-term deferral rule or (ii) because such Severance Benefits are separation
pay due to involuntary separation from service that satisfies the amount and duration limits of Section 409A of the Code, may be
paid in the six-month period from the Executive’s separation of service.

 

		(b)	Any portion of the Severance Benefits that would otherwise be payable during the six-month period from the date of the Executive’s
separation from service, but that cannot be paid at that time under the preceding paragraph shall accrue and become payable on
the date that is six months and one day following the date of the Executive’s separation from service. All subsequent Severance
Benefits, if any, will be payable in accordance with the applicable payment schedule. For these purposes, each Severance Benefit
payment is hereby designated as a separate payment and will not collectively be treated as a single payment. This provision is
intended to comply with the requirements of Section 409A of the Code so that none of the Severance Benefits to be provided hereunder
will be subject to the additional tax imposed under Section 409A of the Code, and any ambiguities herein will be interpreted to
so comply. The Company and the Executive agree to work together in good faith to take such reasonable actions which are necessary,
appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to the Executive
under Section 409A of the Code.

 

7.Effect of Certain Payments.
Notwithstanding anything herein to the contrary, if any payment or right accruing to the Executive hereunder (without the application
of this Section 7), either alone or together with other payments or rights accruing to the Executive from the Company would constitute
a “parachute payment” (as defined in Section 280G of the Code), and regulations thereunder), such payment or right
shall be reduced to the largest amount that will result in no portion of the amount payable or right accruing hereunder being subject
to an excise tax under Section 4999 of the Code, unless the Executive would be in a better after-tax economic position if no such
reduction were to occur. The determination of the amount of any potential reduction in the rights or payments shall
be made in good faith by the Company. The Executive shall cooperate in good faith with the Company in making such determination
and providing the necessary information for this purpose.

 

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8.Withholding of Taxes. The Company
will withhold from any amounts payable under this Agreement all federal, state, city or other taxes as required by law.

 

9.Resolution of Differences Over
Breaches of Agreement. Except as otherwise provided herein, in the event of any controversy, dispute or claim arising out of,
or relating to this Agreement, or the breach thereof, or arising out of any other matter relating to the termination of Executive’s
employment with the Company, the parties may seek recourse only for temporary or preliminary injunctive relief to the courts having
jurisdiction thereof and if any relief other than injunctive relief is sought, the Company and the Executive agree that such underlying
controversy, dispute or claim shall be settled by arbitration conducted in Evansville, Indiana in accordance with this Section
9 and the Commercial Arbitration Rules of the American Arbitration Association (“AAA”). The matter shall be
heard and decided, and awards rendered by a single arbitrator mutually acceptable to the Company and the Executive, provided, that
if the cannot agree on an arbitrator, the AAA shall select the arbitrator. The award rendered by the arbitrator shall be final
and binding as between the parties hereto and their heirs, executors, administrators, successors and assigns, and judgment on the
award may be entered by any court having jurisdiction thereof. The Company and the Executive will each bear their own costs for
legal representation in any arbitration, except that the arbitrator will have the authority to award all remedies
provided by applicable law, including recovery of attorney fees when so provided by applicable law. The Company will pay all arbitrators’
fees and other administrative fees in connection with any arbitration hereunder; provided, however, that the arbitrator may require
all or a portion of such fees and expenses to be paid by the Executive in the event the arbitrator determines that
the Executive’s position in the arbitration proceeding was without merit (which for purposes of this Agreement shall mean
a position that is made for an improper purpose or that contains frivolous arguments or arguments that have no evidentiary support).

 

10.Damages.
The Company hereby acknowledges that it will be difficult and may be impossible for the Executive to find reasonably comparable
employment, or to measure the amount of damages which the Executive may suffer as a result of termination of employment hereunder.
Accordingly, the payment of the Severance Benefits by the Company to the Executive in accordance with the terms of this Agreement
is hereby acknowledged by the Company to be reasonable and will be liquidated damages, and the Executive will not be required to
mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor will any profits,
income, earnings, or other benefits from any source whatsoever create any mitigation, offset, reduction, or any other obligation
on the part of the Executive hereunder or otherwise. The Company shall not be entitled to set off or counterclaim against amounts
payable hereunder with respect to any claim, debt, or obligation of the Executive.

 

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11.Enforcement
Costs; Interest. The Company is aware that, upon the occurrence of a Change in Control of the Company, the Board or
a stockholder of the Company may then cause or attempt to cause the Company to refuse to comply with its obligations under this
Agreement, or may cause or attempt to cause the Company to institute, or may institute, litigation, arbitration, or other legal
action seeking to have this Agreement declared unenforceable, or may take, or attempt to take, other action to deny the Executive
the benefits intended under this Agreement. In these circumstances, the purpose of this Agreement could be frustrated. It is the
intent of the Company that the Executive not be required to incur the expenses associated with the enforcement of the Executive’s
rights under this Agreement by litigation, arbitration, or other legal action nor be bound to negotiate any settlement of the Executive’s
rights hereunder under threat of incurring such expenses because the cost and expense thereof would substantially detract from
the benefits intended to be extended to the Executive under this Agreement. Accordingly, if following a Change in Control it should
appear to the Executive that the Company has failed to comply with any of its obligations under this Agreement, or in the event
that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institute any litigation
or other legal action designed to deny, diminish, or to recover from the Executive, the benefits intended to be provided to the
Executive hereunder, the Company irrevocably authorizes the Executive from time to time to retain counsel (legal and accounting)
of the Executive’s choice at the expense of the Company as provided in this Section 11 to represent the Executive in
connection with the initiation or defense of any litigation or other legal action, whether by or against the Company or any director,
officer, stockholder, or other person affiliated with the Company. The reasonable fees and expenses of counsel selected from time
to time by the Executive as provided in this Section shall be paid or reimbursed to the Executive by the Company on a regular,
periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel in accordance with its
customary practices. In all events, such amounts shall be paid within thirty days following the Executive’s delivery to the
Company of such counsel’s invoice(s) for services rendered. In any action involving this Agreement, the Executive shall be
entitled to prejudgment interest on any amounts found to be due him from the date such amounts would have been payable to the Executive
pursuant to this Agreement at an annual rate of interest equal to the prime commercial rate in effect at JPMorgan Chase Bank, N.A.,
or its successor from time to time during the prejudgment period plus two percent.

 

12. Arrangements Not Exclusive. The
specific benefit arrangements referred to in this Agreement are not intended to exclude the Executive from participation in or
from other benefits available to executive personnel generally or to preclude the Executive’s right to other compensation
or benefits as may be authorized by the Board at any time. The provisions of this Agreement and any payments provided for hereunder
shall not reduce any Incentives to which the Executive then may be entitled or any other amounts otherwise payable, or in any way
diminish the Executive’s existing rights, or rights which would accrue solely as the result of the passage of time under
any compensation plan, benefit plan, incentive plan, stock option plan, employment agreement, or other contract, plan, or arrangement
except as may be specified in such contract, plan, or arrangement.

 

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13.Waiver. The waiver by a party
hereto of any breach by the other party hereto of any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach by a party hereto.

 

14.Assignment. This Agreement
shall be binding upon and inure to the benefit of the successors and assigns of the Company. The Company shall be obligated to
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all
of the Company’s business or assets, by a written agreement in form and substance satisfactory to the Executive, to expressly
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
if no succession had taken place. This Agreement shall inure to the extent provided hereunder to the benefit of and be enforceable
by the Executive or his legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
The Executive may not delegate any of his duties, responsibilities, obligations or positions hereunder to any person and any such
purported delegation by him shall be void and of no force and effect with respect to matters relating to his employment and termination
of employment. Without limiting the foregoing, the Executive’s rights to receive payments and benefits hereunder shall not
be assignable or transferable, other than a transfer by the Executive’s will or by the laws of descent and distribution.

 

15.Notices. Any notices required
or permitted to be given under this Agreement shall be sufficient if in writing, and if personally delivered or when sent by first
class certified or registered mail, postage prepaid, return receipt requested; in the case of the Executive, to his residence address
as set forth in the books and records of the Company, and in the case of the Company, to the address of its principal place of
business, to such person or at such other address with respect to each party as such party shall notify the other in writing.

 

16.Entire Agreement. This Agreement
contains the entire agreement of the parties concerning the matters set forth herein and all promises, representations, understandings,
arrangements and prior agreements regarding the subject matter hereof are merged herein and superseded hereby. The provisions of
this Agreement may not be amended, modified, repealed, waived, extended or discharged except by an agreement in writing signed
by the party against whom enforcement of any amendment, modification, repeal, waiver, extension or discharge is sought. No person
acting other than pursuant to a resolution of the Board of Directors shall have authority on behalf of the Company to agree to
amend, modify, repeal, waive, extend or discharge any provision of this Agreement or anything in reference thereto or to exercise
any of the Company’s rights to terminate this Agreement.

 

17.Construction of Agreement.

 

		(a)	Governing Law. This Agreement shall be governed by and construed under the laws of the State of Indiana without regard
to its conflict of law provisions.

 

		(b)	Severability. In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or unpaired
thereby.

 

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		(c)	Headings. The descriptive headings of the several paragraphs of this Agreement are inserted for convenience of reference
only and shall not constitute apart of this Agreement.

 

18.Counterparts. This Agreement
may be signed in counterparts and each of such counterpart shall constitute an original document and such counterparts, taken together,
shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date first above written.

 

	“EXECUTIVE”	“COMPANY”
	 	 
	 	ESCALADE, INCORPORATED
	 	 
	 	 
	/s/ ROBERT J. KELLER	By: /s/ RICHARD D. WHITE
	Robert J. Keller	Name: Richard D. White
	 	Title: Compensation Committee Chairman and Director

 

 

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APPENDIX I

 

Definitions

 

“Base Salary” shall mean
the Executive’s annual base salary as in effect on the applicable dates, which base salary may be adjusted by the Board from
time to time. Base Salary shall be deemed to accrue from day to day such that in the event of any termination of the Executive’s
employment, payment shall be made to him pro rata on a time basis up to the date of such termination.

 

“Cause” shall mean any
termination of the Executive’s employment by the Company due to: (i) the Executive’s commission of a fraud with respect
to the Company or its Subsidiaries; (ii) the Executive’s indictment for the commission of a felony; (iii) the Executive’s
willful or intentional disregard of the express instructions of the Company’s Board of Directors, which disregard continues
for not less than 15 days following the Executive’s receipt of written notice of such regard; (iv) the Executive’s
willful or intentional misconduct or gross negligence resulting in material harm to the Company or its Subsidiaries; (v) the Executive’s
violation of any policy or procedure of the Company resulting in material harm to the Company or its Subsidiaries; or (vi) the
Executive’s willful or intentional failure (other than as a result of absence due to illness or injury or permitted leave)
to perform the Executive’s duties or responsibilities as the Chief Executive Officer and President of the Company, which
failure continues for not less than 15 days following the Executive’s receipt of written notice of such failure.

 

“Change in Control” shall
be as defined in the Company’s 2007 Incentive Plan, which means the occurrence of any one of the following events:

 

(i)During
any twenty-four (24) month period, individuals who, as of the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a
director subsequent to the beginning of such period whose election or nomination for election was approved by a vote of at least
a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation
of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

 

(ii)Any
“person” (as such term is defined in the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of
the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing 40% or more of the combined voting power of the Company’s
then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”);
provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control
by virtue of any of the following acquisitions:  (a) by the Company or any subsidiary, (b) by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any subsidiary, (c) by any underwriter temporarily holding securities
pursuant to an offering of such securities, (d) pursuant to a Non-Qualifying Transaction, as defined in paragraph (iii), or
(v) by any person of Voting Securities from the Company, if a majority of the Incumbent Board approves in advance the acquisition
of beneficial ownership of 40% or more of Company Voting Securities by such person;

 

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(iii)The
consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company
or any of its subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the
issuance of securities in the transaction (a “Business Combination”), unless immediately following such
Business Combination: (a) at least 60% of the total voting power of (A) the corporation resulting from such Business
Combination (the “Surviving Corporation”), or (B) if applicable, the ultimate parent corporation
that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving
Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding
immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities
were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business
Combination, (b) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving
Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 40% or more of the total
voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) and (c) at least a majority of the members of the board of directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination
were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such
Business Combination (any Business Combination which satisfies all of the criteria specified in (a), (b) and (c) above shall be
deemed to be a “Non-Qualifying Transaction”);

 

(iv)The
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or the consummation of a sale
of all or substantially all of the Company’s assets; or

 

(v)The
occurrence of any other event that the Board determines by a duly approved resolution constitutes a Change in Control.

 

Notwithstanding the foregoing, a Change in
Control shall not be deemed to occur solely because any person acquires beneficial ownership of more than 40% of the Company Voting
Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting
Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial
owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially
owned by such person, a Change in Control of the Company shall then occur.

 

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“Employee
Benefits” shall mean the Company’s retirement, insurance and other fringe benefit programs in which the Executive
may participate in from time to time, if any, in accordance with the terms and conditions of such benefit programs and subject
to the eligibility requirements of the applicable plan.

 

“Good Reason” shall mean
the Executive’s resignation of employment with the Company following (unless otherwise consented to in writing by the Executive):
(i) the Company’s requiring the Executive to relocate anywhere in excess of 50 miles from the Company’s corporate offices
in Evansville, Indiana; (ii) the Company requiring the Executive to perform duties or responsibilities which are inconsistent with
the positions of the Chief Executive Officer or President of the Company; (iii) removing the Executive from the position of Chief
Executive Officer of the Company; or (iv) any material breach of the terms of this Agreement by the Company; provided, however,
that for the Executive’s resignation to constitute Good Reason, the Executive must give written notice to the Company of
the event constituting Good Reason within 90 days of the occurrence of the event, the Company must fail to cure such event within
30 days thereafter, and the Executive must resign within 30 days following the expiration of the Company’s 30 day cure period.

 

“Incentives” shall mean
the Company’s bonus and incentive plans in which the Executive may participate in from time to time, if any, in accordance
with the terms and conditions of such benefit programs and subject to the eligibility requirements of the applicable plan.   

  

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EXHIBIT A

 

Form Of Waiver, Release, Non-Competition,
Non-Solicitation and Non-Disclosure Agreement

 

AGREEMENT

 

The following is an agreement (the “Agreement”)
by and between Robert J. Keller (“Executive”) and Escalade, Incorporated, an Indiana corporation (“Escalade”)
regarding Executive’s termination from all positions held by Executive with Escalade and its various subsidiaries and affiliates.
Escalade and Executive are sometimes referred to collectively as the “parties” and individually as a “party,”
and the term “Company” shall mean Escalade and its various subsidiaries and affiliates collectively.

Recitals:

 

A.Executive is the Chief Executive Officer and President
of Escalade [and any other positions with Escalade] [and any positions as an officer and/or director of various subsidiaries and
affiliates of Escalade]; and

 

B.Executive’s employment with the Company has
terminated; and

 

C.Executive and the Company are parties to that certain
Executive Severance Agreement dated as of __________, 2012 (the “Executive Agreement”), which Executive Agreement
represents the parties’ mutual agreement with respect to all matters related to Executive’s termination of employment
with the Company.

 

NOW, THEREFORE, in consideration of the
mutual promises contained in this Agreement, the Company and Executive agree as follows:

 

1.Termination. Executive hereby affirms his termination
from his positions as Chief Executive Officer and President of Escalade and from all other executive officer and director positions
that he holds with Escalade and any of Escalade’s subsidiaries and their affiliates, effective as of ___________, 20__ (the
“Employment End Date”). Executive acknowledges and agrees as of the Employment End Date he also retires as a
trustee or other administrator of any and all Company benefit plans, including without limitation the Company’s retirement
plan. Executive and the Company agree that Executive’s resignation as a Director of Escalade is not related to any disagreement
between them (other than as may relate to the termination of the Executive’s employment with the Company).

 

2.Compensation and Benefits.
Provided that Executive fulfills his obligations as set forth in this Agreement, the Company shall pay to Executive the Severance
Benefits in accordance with the terms of the Executive Agreement.

 

3.Executive’s Obligations. In consideration
of the payments and benefits provided in Section 2 above, Executive will:

 

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(a)fully cooperate and assist the Company with any litigation
matters or regulatory or agency proceedings for which his testimony or cooperation is requested by Company following the Employment
End Date, provided that he is reimbursed for any reasonable and necessary expenses incurred as a result of his cooperation and
assistance, and further provided that the Company and Executive shall discuss in advance of Executive’s providing any such
cooperation and assistance the anticipated time commitment that would likely be required of Executive with respect to any such
matter and shall mutually determine whether Executive should be compensated for his time and the amount of any such compensation,
it being understood and agreed that if the parties cannot reach agreement as to any such compensation, then the Company shall not
request, and Executive shall not be required, to provide cooperation and assistance with respect to such litigation or proceeding;

 

(b)sign all necessary resignations from the boards of
directors and/or all other officer, employee and trustee positions of the Company, but in any event Executive shall be deemed to
have resigned any such executive officer, director and trustee positions as of the Employment End Date;

 

(c)through the Employment End Date, continue to comply
with the Company’s Insider Trading Policy, Code of Ethics and all other Company policies and procedures applicable to employees
of the Company including, without limitation, no destruction of any documents belonging to or relating to the Company or Executive’s
employment with the Company, whether in paper, electronic, digital or any other format, unless such destruction is approved in
advance and observed by an officer of the Company specifically designated and authorized by Escalade’s Board of Directors;

 

(d)comply with all laws relating to the
Company’s business and operations as applicable to Executive and the Company; and

 

(e)comply with all covenants contained in the Executive
Agreement and in this Agreement, including without limitation Sections 4, 5 and 6 hereof.

 

4.Mutual Nondisparagement.

 

(a)Executive’s Covenant. Beginning on the
Employment End Date, Executive shall not make, participate in the making of, or encourage any other person to make, any statements,
written or oral, which criticize, disparage, or defame the reputation of, or which embarrass the Company, its subsidiaries and
their affiliates or any of their respective present, former or future directors, officers, executives, employees and/or shareholders.

 

(b)Company’s Covenant. Beginning on the
Employment End Date, the Company shall not, and shall instruct the members of Escalade’s Board of Directors and executive
officers not to, make, participate in the making of, or encourage any employees or any other person to make, any statements, written
or oral, which criticize, disparage, or defame the reputation of, or which are intended to embarrass, the Executive.

 

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5.Confidentiality. Executive understands and
agrees that:

 

(a) Escalade is required to describe the
material terms of this Agreement in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission no later
than four (4) business days after this Agreement is signed by the Executive and Escalade, and that the Company will attach this
Agreement in its entirety as an Exhibit to such public filing;

 

(b)Executive has been through the Employment
End Date in the course of employment with the Company entrusted with or obtained access to information proprietary to the Company
with respect to the following (all of which information is referred to hereinafter collectively as the "Information"):
the organization and management of the Company; the names, addresses, buying habits, and other special information regarding past,
present and potential customers, employees and suppliers of the Company; customer and supplier contracts and transactions or price
lists of the Company and their suppliers; products, services, programs and processes sold, licensed or developed by the Company;
technical data, plans and specifications, present and/or future development projects of the Company; financial and/or marketing
data respecting the conduct of the present or future phases of business of the Company; computer programs, systems and/or software;
ideas, inventions, trademarks, trade secrets, business information, know-how, processes, improvements, designs, redesigns, discoveries
and developments of the Company; and other information considered confidential by any of the Company or its customers or suppliers.
At all times through the Employment End Date and thereafter, Executive agrees to retain the Information in absolute confidence
and not to disclose the Information to any person or organization except as required in the performance of Executive's duties for
the Company as provided in this Agreement, without the express written consent of the Company; provided that Executive’s
obligation of confidentiality shall not extend to any Information which becomes generally available to the public other than as
a result of disclosure by Executive; and

 

(c)Executive and the Company agree that
effective no later than [__ days following {length of time will depend upon information that Executive may have at the time of
termination}] the Employment End Date, Executive will no longer be privy to material, non-public information regarding the Company.
Accordingly, the Company agrees that Executive shall not be subject to the Company’s Insider Trading Policy thereafter, provided,
however, that if and to the extent that Executive may from time to time acquire knowledge of material, non-public information regarding
the Company, Executive acknowledges and agrees that he may not trade based upon such information and must comply with all applicable
laws prohibiting insider trading. The Company further agrees that it will not intentionally provide material, non-public information
to Executive following the Employment End Date except in connection with such events, actions or circumstances that would require
stockholder approval and the Company has made a good faith determination that it is necessary and appropriate to disclose such
information to Executive given his then current ownership of Escalade common stock, and that the Company will use its reasonable
best efforts to prevent any inadvertent disclosures of material, non-public information to Executive.

 

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6.Covenant Not to Compete, No Interference;
No Solicitation. At all times through the twelfth month following the Employment End Date (or if this period is unenforceable
by law, then for such shorter period as shall be enforceable):

 

(a)Executive will not engage in any business
offering products or services related to the current business of the Company, whether as a principal, partner, joint venture, agent,
employee, salesman, consultant, director or officer, where such business or business activity is in competition with the Company
in any geographic market where the Company does business; provided, however, that Executive shall not be prohibited from performing
services for a subsidiary or division of a competitive business, as long as such subsidiary or division is not in competition with
the Company and the Executive abides by all other provisions of this Agreement including without limitation Sections 4, 5, 6(b)
and 6(c);

 

(b)Executive will not interfere with or adversely affect,
either directly or indirectly, the Company’s relationships with any person, firm, association, corporation or other entity
which is known by Executive to be, or is included on any listing to which Executive had access during the course of his employment
as a customer, client, supplier, consultant or employee of the Company, and Executive will not divert or change, or attempt to
divert or change, any such relationship to the detriment of the Company or to the benefit of any other person, firm, association,
corporation or other entity; and 

 

(c)Executive will not induce, seek to induce or participate
directly or indirectly with any third party in seeking to induce, any other employee of the Company to terminate his or her employment
relationship with the Company, provided, however, that this restriction shall not prohibit Executive from hiring any employee who
seeks employment from Executive or any third party with whom Executive may be employed or affiliated with in the future on an unsolicited
basis as long as such employment is not in competition with any business or operations of the Company.

 

Executive acknowledges and agrees that the
covenants, restrictions, agreements, and obligations set forth herein are founded upon valuable consideration, and, with respect
to the covenants, restrictions, agreements, and obligations set forth in this Section 6 are reasonable in duration and geographic
scope. The time period and geographical area set forth in this Section 6 are each divisible and separable, and, in the event that
the covenants not to compete and/or not to divert business or employees contained therein are judicially held invalid or unenforceable
as to such time period and/or geographical area, they will be valid and enforceable in such geographical area(s) and for such time
period(s) which the court determines to be reasonable and enforceable. Executive agrees that in the event that any court of competent
jurisdiction determines that the above covenants are invalid or unenforceable to join with the Company in requesting such court
to construe the applicable provision by limiting or reducing it so as to be enforceable to the extent compatible with the then
applicable law. Furthermore, it is agreed that any period of restriction or covenant hereinabove stated shall not include any period
of violation or period of time required for litigation or arbitration to enforce such restrictions or covenants.

 

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7.Tax Liability; Tax Withholding. Executive acknowledges
and agrees that he is responsible for the payment of all taxes relating to the consideration to be provided to him as contemplated
by this Agreement, including the payment of any taxes relating to his exercise of stock options and his receipt of any stock, cash
or other consideration relating to any other equity incentive awards he may have received from the Company. Notwithstanding any
other provision of this Agreement, the Company will withhold from any amounts payable under this Agreement, or any other benefits
received pursuant hereto, such federal, state and/or local taxes as shall be required to be withheld under any applicable law or
regulation.

 

8.No Mitigation; No Offset. In no event shall
Executive be obligated to seek other employment or to take any other action that would mitigate the amounts payable to Executive
under this Agreement. In the event that Executive would obtain subsequent employment, the Company may not offset any compensation
or other amounts earned by Executive from such subsequent employment or engagement of his services against the Executive’s
entitlements under this Agreement. Moreover, subject to Executive’s compliance with the covenants set forth in Sections 4,
5 and 6 of this Agreement, Executive shall be free to pursue any unsolicited, non-competitive opportunities for employment or services
as may arise from the Company’s customers, vendors, employees and affiliates.

 

9.Section 16 Reports. Executive and the Company
agree that notwithstanding Executive’s termination as an executive officer and a director of Escalade as of the Employment
End Date, Executive may continue to be subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder for up to six months following the Employment End Date. Accordingly, Executive
agrees to provide timely notice to Escalade’s chief financial officer of all transactions undertaken by Executive in Escalade
common stock, including the purchase or sale of any shares of Escalade common stock and the exercise of any stock options, during
the six month period following the Employment End Date, and the Company shall prepare and file the appropriate Section 16 reports
with the Securities and Exchange Commission on behalf of Executive. Upon the conclusion of such six month period, the Company acknowledges
that Executive will no longer be deemed an affiliate of the Company and, absent Executive being in possession of material, non-public
information concerning the Company, may freely engage in trades of Escalade securities.

 

10.Remedies.

 

(a)Arbitration; Submission
to Jurisdiction. Any dispute that may arise between the Company and Executive relating to this Agreement and the subject
matter hereof shall be settled by binding arbitration in accordance with Section 9 of the Executive Agreement.

 

(b)Injunctive Relief. Executive agrees that in
the event of any actual or threatened breach by him of any of the provisions contained in this Agreement, including those covenants
specifically set forth in Sections 3, 4, 5 and 6 hereof, the Company shall be entitled to seek immediate temporary injunctive and
other equitable relief, without the necessity of showing actual monetary damages, subject to hearing as soon thereafter as possible.
In the event of such injunctive relief, the periods of time referred to in Sections 5 and 6 shall be deemed extended for a period
equal to the respective period during which Employee is in breach thereof, in order to provide for injunctive relief and specific
performance for a period equal to the full term thereof and the Company shall be entitled to cease its obligations to Executive
pursuant to Section 2. In the event that the Company breaches its obligations to make payments and to provide the benefits specified
in Section 2 hereof, Executive may seek specific performance in addition to monetary damages and Executive will not be subject
to the provisions of Section 4, 5 or 6 hereof. Nothing contained herein shall be construed as prohibiting Executive or the Company
from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of any damages which
it is able to prove.

 

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11.Mutual Release. In consideration of the payments
and benefits set forth in this Agreement, such payments and benefits being good and valuable consideration:

 

(a)Release by Executive. Subject
to Section 10(b), Executive, on his own behalf and on behalf of his heirs, administrators, executors, successors, assigns and personal
representatives, covenants not to sue and hereby fully and forever releases, acquits and discharges the Company, its shareholders,
directors, officers, employees, agents, representatives, insurance carriers, and their successors and assigns (collectively the
“Releasees”), from any and all claims, demands, actions and causes of action of every kind, nature or description (collectively
“claims”) that Executive may have had, may now have, or may hereafter have against Releasees, including without limitation
any and all claims in any way related to or based upon Executive’s employment with the Company through the Employment End
Date and/or the cessation of Executive’s service as an employee, executive officer and director of the Company, including
without limitation any claims for breach of contract, implied contract, promissory estoppel, tortious conduct or claims arising
under any federal or state statute or law or local ordinance, including but not limited to: the Age Discrimination in Employment
Act as amended (“ADEA”); Older Workers’ Benefit Protection Act (“OWBPA”); Americans with Disabilities
Act (“ADA”) as amended; the Family and Medical Leave Act (“FMLA”); Title VII of the Civil Rights Act of
1964; the Civil Rights Acts of 1991; the Employee Retirement Income Security Act (“ERISA”); 42 U.S.C. § 1981;
29 U.S.C. § 206(d)(1); Section 503 and 504 of the Rehabilitation Disabilities Act; the WARN Act; Indiana’s fair employment
practices statutes; any other federal, state or local law dealing with employment discrimination; and any federal or state “Whistleblower”
law, existing as of the date of this Agreement. Provided, however, that if the Company were to breach this Agreement, this release
would not bar an action by Executive against the Company to enforce its term(s) or any applicable law. In addition, this Section
11(a) shall not affect adversely any benefits to which Executive may be entitled arising out of any social security, workers' compensation
or unemployment laws, or under the terms of any employee pension or welfare or benefit plans or programs of the Company, which
may be payable now or in the future to Executive.

 

(b)Acknowledgements
by Executive. Executive specifically acknowledges and agrees that: (i) Executive is waiving claims under the foregoing laws,
including specifically the ADEA and the OWBPA; (ii) this waiver of any rights or claims is knowing and voluntary; (iii) this Agreement
is written in a manner that Executive understands; (iv) the Company has hereby advised Executive to consult with an attorney before
executing this Agreement and that Executive has so consulted; (v) the waiver of rights under Section 11(a) does not waive rights
or claims arising after the date of this Agreement; (vi) Executive has been given a period of 21 days within which to consider
this Agreement; (vii) for a period of seven days following Executive’s execution of this Agreement, Executive may revoke
this Agreement and this Agreement will not become enforceable or effective until the revocation period expires; and (viii) the
waiver of rights in Section 11(a) is in exchange for consideration in addition to anything of value to which Executive was already
entitled to receive.

 

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(c)Release by the Company. Subject
to Section 10(b), the Company, on behalf of itself and its successors and assigns, covenants not to sue and hereby fully and forever
releases, acquits and discharges Executive and his successors and assigns, from any and all claims, demands, actions and causes
of action of every kind, nature or description (collectively “claims”) that the Company may have had, may now have,
or may hereafter have against Executive, including without limitation any and all claims in any way related to or based upon Executive’s
employment with the Company, its subsidiaries and affiliates through the Employment End Date and/or the cessation of Executive’s
service as an executive officer or director of the Company, including without limitation any claims for breach of contract, implied
contract, promissory estoppel, tortious conduct or claims arising under any federal or state statute or law or local ordinance,
existing as of the date of this Agreement. Provided, however, that if Executive were to breach this Agreement, this release would
not bar an action by the Company against Executive to enforce its term(s) or any applicable laws.

 

(d)Unknown Claims. This Agreement covers both
claims that Executive and/or the Company know about and those that Executive and/or the Company may not know about. The parties
hereto expressly waive all rights afforded by any statute that limits the effect of a release with respect to unknown claims. Each
of Executive and the Company understand the significance of its respective release of unknown claims and the waiver of statutory
protection against a release of unknown claims. However, this release shall not apply to any claim based on the fraud or intentional
misconduct of the other party or to any act that is determined to be a criminal act under any federal, state or local law committed
or perpetrated by Executive or the Company at any time prior to and through the Employment End Date. Neither Executive nor the
Company, based on the knowledge of Escalade’s Board of Directors and of the Company’s executive officers other than
Executive, is currently aware of any fraud or intentional misconduct of the other party to this Agreement.

 

(e)Future Claims Related to Employee and/or Shareholder
Status. Notwithstanding any provision of this Section 11 that may be construed to the contrary, Executive and the Company agree
that neither Executive nor the Company waive or release the other party hereto from any claim that may arise based on events occurring
after the Employment End Date. Executive and the Company further agree that Executive may not, based upon Executive’s status
as a shareholder of the Company, assert any claim subsequent to the Employment End Date against the Company or any Releasees relating
to any potential claim or matter that is the subject of or is otherwise covered by the release granted by Executive in this Agreement
or is in any way related to the event of Executive’s retirement from the Company.  

 

12.Future Service as Employee, Executive Officer
or Director. Executive agrees that his termination as an employee, executive officer and director of the Company is irrevocable,
and that the Company shall have no obligation whatsoever to rehire, reappoint or elect Executive to any such officer, director
or other position with the Company. Executive further agrees that if he would seek any such position and is not so hired, nominated,
appointed or elected, Executive will not bring a claim against the Company and/or any Releasee for refusal to so hire, nominate,
appoint or elect.

 

    	18

    	 

    

13.Binding Effect; Authority. This Agreement
shall bind the Executive’s heirs, executors, administrators, personal representatives, spouse, dependents, successors and
assigns. Escalade represents and warrants to Executive that the individual signing this Agreement on behalf of the Company is duly
authorized to enter into this Agreement and to bind the Company hereunder.

 

14.Non-Admission. This Agreement shall not be
construed as an admission by either party of any wrongdoing or any violation of any federal, state or local law, regulation or
ordinance, and the parties specifically disclaim any wrongdoing or violation.

 

15.Assignability. Neither this Agreement, nor
any right or interest hereunder, shall be assignable by Executive, his beneficiaries or legal representatives, without the prior
written consent of an executive officer of Escalade.

 

16.Entire Agreement. This Agreement sets forth
the entire agreement between the parties with respect to the subject matter hereof and supersedes any other written or oral promises
concerning the subject matter of this Agreement except as expressly stated otherwise herein or except as expressly stated otherwise
in the Executive Agreement. The terms of this Agreement may not be modified other than in a writing signed by the parties.

 

17.Governing Law. This Agreement shall in all
respects be interpreted, enforced and governed by the laws of the State of Indiana without giving effect to provisions thereof
regarding conflict of laws.

 

In Witness Whereof, the parties have entered
into this Agreement as of this __ day of _______, 20__.

 

 

	 	_____________________________
	 	Robert J. Keller
	 	 
	 	 
	 	 
	 	ESCALADE, INCORPORATED
	 	 
	 	 
	 	By: __________________________
	 	Name:  _______________________
	 	Title:  ________________________

 

    	19

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