Document:

exv10w1

Exhibit 10.1

Agreement Regarding the Amended and Restated Executive Officer Change In Control Agreement

This Agreement, dated to be effective as of June 15, 2009, is by and between Sport Supply Group,
Inc. (the “Company”) and Adam Blumenfeld (the “Executive”).

Whereas: the Company has entered into an Amended and Restated Executive Officer Change In Control
Agreement (the “CIC Agreement”) with Executive dated October 1, 2008;

Whereas: Pursuant to the CIC Agreement, the Executive may receive a “Severance Payment” (as
defined within the CIC Agreement), whose value is derived in part from a calculation based on the
Executive’s salary and the “actual bonus paid to the Executive by the Company or any of its
subsidiaries for the most recent fiscal year ended prior to the occurrence of the Change in
Control,” (as defined in that CIC Agreement);

Whereas: The Company’s Compensation Committee (the “Compensation Committee”) intends to alter the
component parts of the fiscal year 2010 compensation plan for the Executive, including a cash
salary and the grant of stock options, but excluding an opportunity for the Executive to earn a
cash bonus achieved as a result of meeting or exceeding a predetermined goal;

Whereas: The term “actual bonus paid” in the CIC Agreement does not give guidance on how to
ascribe value to a non-cash bonus, such as a bonus/short-term incentive compensation in the form of
the grant, exercise, or vesting of any common equity, equity option, or equity-linked derivative;

Whereas: Both the Compensation Committee and the Executive mutually recognize that replacing the
cash bonus in fiscal 2010 with an equity grant will make it difficult to value the bonus portion of
the Severance Payment to the Executive in the event of a Change in Control during the Company’s
2011 fiscal year ending June 30, 2011;

Therefore, in association with the changes in the compensation plan for the Executive for the
Company’s 2010 fiscal year, the undersigned do hereby agree that:

During the Company’s 2010 fiscal year, the value to be used for the “actual bonus paid” in
determining the Severance Payment associated with the CIC Agreement shall be equal to the amount of
cash bonus paid to the Executive pursuant to the terms of the Company’s short-term bonus incentive
compensation program for the fiscal year-ending June 30, 2009 or such other amounts paid in cash to
the Executive at the Committee’s discretion. During the Company’s 2011 fiscal year, the value to
be used for the “actual bonus paid” in determining the Severance Payment associated with the CIC
Agreement shall be US$150,000.00.

Signed:

	 	 	 	 	 
	 	 	 
	Sport Supply Group, Inc.: 	By:  	/s/ William M. Lockhart
 	 
	 	 	William M. Lockhart 	 
	 	 	Chairman, Compensation Committee of the Board 	 
	 
	 	 	 
	Executive: 	By:  	/s/ Adam Blumenfeld
 	 
	 	 	Adam Blumenfeld 	 
	 	 	Chief Executive Officerexv10w2

Exhibit 10.2

Agreement Regarding the Amended and Restated Executive Officer Change In Control Agreement

This Agreement, dated to be effective as of June 15, 2009, is by and between Sport Supply Group,
Inc. (the “Company”) and Terrence M Babilla (the “Executive”).

Whereas: the Company has entered into an Amended and Restated Executive Officer Change In Control
Agreement (the “CIC Agreement”) with Executive dated October 1, 2008;

Whereas: Pursuant to the CIC Agreement, the Executive may receive a “Severance Payment” (as
defined within the CIC Agreement), whose value is derived in part from a calculation based on the
Executive’s salary and the “actual bonus paid to the Executive by the Company or any of its
subsidiaries for the most recent fiscal year ended prior to the occurrence of the Change in
Control,” (as defined in that CIC Agreement);

Whereas: The Company’s Compensation Committee (the “Compensation Committee”) intends to alter the
component parts of the fiscal year 2010 compensation plan for the Executive, including a cash
salary and the grant of stock options, but excluding an opportunity for the Executive to earn a
cash bonus achieved as a result of meeting or exceeding a predetermined goal;

Whereas: The term “actual bonus paid” in the CIC Agreement does not give guidance on how to
ascribe value to a non-cash bonus, such as a bonus/short-term incentive compensation in the form of
the grant, exercise, or vesting of any common equity, equity option, or equity-linked derivative;

Whereas: Both the Compensation Committee and the Executive mutually recognize that replacing the
cash bonus in fiscal 2010 with an equity grant will make it difficult to value the bonus portion of
the Severance Payment to the Executive in the event of a Change in Control during the Company’s
2011 fiscal year ending June 30, 2011;

Therefore, in association with the changes in the compensation plan for the Executive for the
Company’s 2010 fiscal year, the undersigned do hereby agree that:

During the Company’s 2010 fiscal year, the value to be used for the “actual bonus paid” in
determining the Severance Payment associated with the CIC Agreement shall be equal to the amount of
cash bonus paid to the Executive pursuant to the terms of the Company’s short-term bonus incentive
compensation program for the fiscal year-ending June 30, 2009 or such other amounts paid in cash to
the Executive at the Committee’s discretion. During the Company’s 2011 fiscal year, the value to
be used for the “actual bonus paid” in determining the Severance Payment associated with the CIC
Agreement shall be US$131,250.00.

Signed:

	 	 	 	 	 
	 	 	 
	Sport Supply Group, Inc.: 	By:  	/s/ William M. Lockhart
 	 
	 	 	William M. Lockhart 	 
	 	 	Chairman, Compensation Committee of the Board 	 
	 
	 	 	 
	Executive: 	By:  	/s/ Terrence M. Babilla
 	 
	 	 	Terrence M. Babilla 	 
	 	 	President, Chief Operating Officer, General Counselexv10w3

Exhibit 10.3

Agreement Regarding the Amended and Restated Executive Officer Change In Control Agreement

This Agreement, dated to be effective as of June 15, 2009, is by and between Sport Supply Group,
Inc. (the “Company”) and John Pitts (the “Executive”).

Whereas: the Company has entered into a Change In Control Agreement (the “CIC Agreement”) with
Executive dated October 1, 2008;

Whereas: Pursuant to the CIC Agreement, the Executive may receive a “Severance Payment” (as
defined within the CIC Agreement), whose value is derived in part from a calculation based on the
Executive’s salary and the “actual bonus paid to the Executive by the Company or any of its
subsidiaries for the most recent fiscal year ended prior to the occurrence of the Change in
Control,” (as defined in that CIC Agreement);

Whereas: The Company’s Compensation Committee (the “Compensation Committee”) intends to alter the
component parts of the fiscal year 2010 compensation plan for the Executive, including a cash
salary and the grant of stock options, but excluding an opportunity for the Executive to earn a
cash bonus achieved as a result of meeting or exceeding a predetermined goal;

Whereas: The term “actual bonus paid” in the CIC Agreement does not give guidance on how to
ascribe value to a non-cash bonus, such as a bonus/short-term incentive compensation in the form of
the grant, exercise, or vesting of any common equity, equity option, or equity-linked derivative;

Whereas: Both the Compensation Committee and the Executive mutually recognize that replacing the
cash bonus in fiscal 2010 with an equity grant will make it difficult to value the bonus portion of
the Severance Payment to the Executive in the event of a Change in Control during the Company’s
2011 fiscal year ending June 30, 2011;

Therefore, in association with the changes in the compensation plan for the Executive for the
Company’s 2010 fiscal year, the undersigned do hereby agree that:

During the Company’s 2010 fiscal year, the value to be used for the “actual bonus paid” in
determining the Severance Payment associated with the CIC Agreement shall be equal to the amount of
cash bonus paid to the Executive pursuant to the terms of the Company’s short-term bonus incentive
compensation program for the fiscal year-ending June 30, 2009 or such other amounts paid in cash to
the Executive at the Committee’s discretion. During the Company’s 2011 fiscal year, the value to
be used for the “actual bonus paid” in determining the Severance Payment associated with the CIC
Agreement shall be US$112,500.00.

Signed:

	 	 	 	 	 
	 	 	 
	Sport Supply Group, Inc.: 	By:  	/s/ William M. Lockhart
 	 
	 	 	William M. Lockhart 	 
	 	 	Chairman, Compensation Committee of the Board 	 
	 
	 	 	 
	Executive: 	By:  	/s/ John Pitts
 	 
	 	 	John Pitts 	 
	 	 	Chief Financial Officerexv10w1

EXHIBIT 10.1

SEVERANCE AGREEMENT AND RELEASE OF CLAIMS

          This Severance Agreement and Release of Claims (“Agreement”) is made and entered into
on June 16, 2009 by and between Edward A. White (“Director”) and White Electronic Designs
Corporation and all of its affiliated companies and divisions (collectively referred to as
“Company”) and is intended by the parties hereto to settle and dispose of all claims and
liabilities that exist between Director and Company as indicated herein.

RECITALS

          A. Director is a member of the Board of Directors (“Board”) of the Company and has
served as Chairman of the Board since August 2008.

          B. As of the date hereof, Director has tendered his resignation which will be effective as of
June 16, 2009 (the “Resignation Date”). Director will, as the date hereof, resign from his
position as a member of the Board and any other positions he holds on the Board or offices he holds
with the Company and with each of Company’s subsidiaries and affiliated entities on that date.

          C. By entering into this Agreement, the parties mutually and voluntarily agree to be legally
bound by the terms set forth below.

COVENANTS

          NOW, THEREFORE, for valuable consideration, the parties agree as follows:

I.

          A. The Company agrees to pay Director the cash sum of one hundred seventy five thousand four
hundred dollars ($175,400), less all lawfully required withholdings, which represents a
repurchase of Director’s options (pursuant to Article I, Section B.1) directly below, certain
remaining Board retainer fees for Director and other transition expenses. Payment shall be made
immediately following the expiration of the seven (7) day revocation period set forth in Section
VII, assuming that Director has not revoked his signature during that seven (7) day period. The
Company will also pay Director all appropriate expense reimbursement requests timely and properly
submitted, with supporting documentation as required by the Company, by Director prior to
December 31, 2009 and in compliance with Company policy. The parties agree that any
reimbursements submitted by Director after December 31, 2009 shall not be paid by the Company.
Director shall promptly pay any personal expenses that he incurred, directly or indirectly, with
respect to which the Company could be liable.

          B. The Company and Director agree to the following concerning

 

 

outstanding grants of stock options and restricted stock units (“RSUs”) to Director:

	 	1.	 	Director has elected to have the Company make a cash payment to Director
representing the Black Scholes value of all his existing stock options with the Company
which, for purposes of this Agreement, has been valued at one hundred and one thousand
four hundred dollars ($101,400) and is reflected in the payment contemplated in Article
I, Section A directly above. Director agrees that, as of the date hereof and in
consideration for this payment, he has forfeited any and all current or future rights
to any stock options relating to the Company’s securities.
	 
	 	2.	 	Director agrees and represents that he has 15,000 unvested RSUs relating to
the Company’s common stock pursuant to three separate grants. Such 15,000 unvested
RSUs shall automatically accelerate and be fully vested on the date hereof, assuming
that Director does not revoke his signature during the seven (7) day period (under
which case the vesting of these 15,000 RSUs shall operate pursuant to the applicable
RSU agreement and Company equity plan).
	 
	 	3.	 	Director agrees that any other unvested right to receive Company securities
shall terminate on the date hereof.

          C. Director acknowledges that upon receipt of the above, he is not owed any further money or
any further equity compensation by the Company. Director also agrees to cooperate to the extent
required by the Company with respect to timing of payments hereunder for purposes of complying
with Section 409A of the Internal Revenue Code.

          D. Director hereby resigns his position as of member of the Board, and any other positions
he holds with the Company and with each of Company’s subsidiaries and affiliated entities and the
Company hereby accepts the resignation(s). At the request of Company, Director agrees to execute
any documents reasonably requested to effectuate or to facilitate his resignation(s). Director
agrees he did not resign as a result of a disagreement of the type referred to in Item 5.02(a)(1)
of Form 8-K.

II.

          In consideration of the covenants set forth in Paragraph I above and the covenants herein:

          A. Director, on behalf of himself, his marital community if any, and his heirs or assigns,
expressly releases Company and its subsidiaries, affiliated companies, directors, officers, all
of their agents, employees, and attorneys; and all their predecessors and successors
(collectively the “Released Entities”) from ANY AND ALL RIGHTS, CLAIMS, DEMANDS, CAUSES
OF ACTION, OBLIGATIONS, DAMAGES, PENALTIES, FEES, COSTS, EXPENSES, AND LIABILITIES OF ANY NATURE
WHATSOEVER WHICH DIRECTOR HAS, HAD, OR MAY HAVE HAD

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AGAINST COMPANY OR ANY OR ALL OF THE RELEASED ENTITIES IN CONNECTION WITH ANY CAUSE OR
MATTER WHATSOEVER, WHETHER KNOWN OR UNKNOWN TO THE PARTIES AT THE TIME OF EXECUTION OF THIS
AGREEMENT AND EXISTING FROM THE BEGINNING OF TIME TO THE DATE OF THE EXECUTION OF THIS AGREEMENT
AND BEYOND AND INCLUDING, WITHOUT LIMITATION, ALL MATTERS RELATED TO DIRECTOR’S SERVICE WITH THE
COMPANY AND HIS RESIGNATION.

          By signing this Agreement, Director agrees that he is not an “employee” of the Company under
any corporate, federal or state concepts (whether statutory or otherwise) and also agrees to FULLY
WAIVE AND RELEASE ALL CLAIMS without limitation, such as attorneys’ fees, and all rights and claims
arising out of, or relating to, his service to the Company and resignation from the Board
including, BUT NOT LIMITED TO, any claim or other proceeding arising under (without assuming the
applicability of such statute or law to the Board or other service of Director):

	•	 	The Civil Rights Act of 1866 (“Section 1981”);
	 
	•	 	Title VII of the Civil Rights Act of 1964 as amended by the Civil Rights Act of 1991;
	 
	•	 	The Americans with Disabilities Act (“ADA”) and its subsequent amendments;
	 
	•	 	The Age Discrimination in Employment Act (“ADEA”);
	 
	•	 	The Labor Management Relations Act (“LMRA”);
	 
	•	 	The National Labor Relations Act (“NLRA”);
	 
	•	 	The Fair Labor Standards Act (“FLSA”);
	 
	•	 	The Family and Medical Leave Act of 1993 (“FMLA”) and its subsequent amendments;
	 
	•	 	The Arizona Civil Rights Act;
	 
	•	 	The Arizona Employment Protection Act;
	 
	•	 	The Older Workers Benefit Protection Act;
	 
	•	 	The Employee Retirement Income Security Act of 1974 (“ERISA”); and/or
	 
	•	 	Any common law or statutory cause of action arising out of Director’s employment or
termination of employment with the Company.

          This Agreement may be used by the Company to completely bar any action or suit before any
court, arbitral, or administrative body, other than with respect to any claim under federal, state,
local or other law relating to the obligations under this Agreement. Furthermore, Director
specifically agrees that he will not be entitled to any further payment of any kind from the
Company or its Board. Notwithstanding any provision hereof to the contrary, however, Director does
not release his rights to indemnification under provisions of the Company’s articles of
incorporation, bylaws or applicable law.

          Director represents and warrants that he is the sole and lawful owner of all right, title and
interest in and to every claim and other rights that are being released above and that no other
party has received any assignment or other right of substitution or subrogation to any such claim
or right. Director also represents that he has the full power and authority to enter into the
waivers and releases set forth in this Agreement.

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With respect to the foregoing release, Director hereby waives all rights or protection under
law of any state, territory, country or any political division thereof, to the extent applicable,
which purports to restrict or govern the granting of waivers and releases (such foregoing language
is not intended to indicate that the law of any jurisdiction other than Arizona is applicable to
this Agreement).

          B. Director shall deliver to Company any Company property, including any documents,
materials, files, or computer files, or copies, reproductions, duplicates, transcriptions, or
replicas thereof, relating to Company’s business or affairs, which are in Director’s possession
or control, or of which Director is aware.

          C. After the date hereof, Director hereby agrees to continue to comply with the fiduciary
duties applicable to all members of the Board with respect to matters under his purview while a
member of the Board and to comply with the “prohibition on securities trading using inside
information” and the “treatment of confidential information” as contained in the Company’s Code
of Ethics and Business Conduct. In addition, Director hereby agrees to comply with other
provisions of the company’s policies, including the Code of Ethics and Business Conduct, to the
extent such provisions remain relevant to Director after the date hereof, particularly with
respect to his knowledge of the Company’s operations and proprietary information. In this
regard, the Director agrees to comply with the Company’s Insider Trading Policy from the
Resignation Date until such time that he reasonably determines that he no longer is in possession
of non-material public information of the Company (unless otherwise specifically provided by the
Company’s Insider Trading Policy).

          D. Director acknowledges that in the course of his service with the Company, he has been
allowed to become acquainted with the Company’s business affairs, information, trade secrets, and
other matters which are of a proprietary or confidential nature, including but not limited to the
Company’s and its affiliates’ operations, business opportunities, price and cost information,
finance, customer information, business plans, various sales techniques, manuals, letters,
notebooks, procedures, reports, products, processes, services, and other confidential information
and knowledge (collectively the “Confidential Information”) concerning the Company’s and
its affiliates’ business. Director understands and acknowledges that the Confidential Information
is confidential, and he agrees not to disclose such Confidential Information to anyone outside the
Company except to the extent that (i) Director is required by order of a court of competent
jurisdiction (by subpoena or similar process) to disclose or discuss any Confidential Information,
provided that in such case, Director shall promptly inform the Company of such event, shall
cooperate with the Company in attempting to obtain a protective order or to otherwise restrict such
disclosure, and shall only disclose Confidential Information to the minimum extent necessary to
comply with any such court order; (ii) such Confidential Information becomes generally known to and
available for use in the Company’s industry, other than as a result of any action or inaction by
Director, directly or indirectly; or (iii) such information has been published in a form generally
available to the public prior to the date Director proposes to disclose or use such information.
Director agrees this covenant shall survive this Agreement and continue to be binding upon Director
after the expiration or termination of this

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Agreement. Director further agrees that he will not use such Confidential Information in
competing, directly or indirectly, with the Company or provide such Confidential Information to
other party or entity for the purpose of competing with the Company. Consistent with Section II.B
above, as of the date hereof, Director will immediately turn over to the Company all Confidential
Information, including papers, documents, writings, electronically stored information, other
property, and all copies of them provided to or created by him during the course of his service
with the Company.

          E. Director agrees, for a period of two years after the Resignation Date, he will not employ
or directly or indirectly solicit, or cause the solicitation of, any employees of the Company who
are in the employ of the Company on the Resignation Date for employment by others or himself.

III.

          The provisions of this Agreement are severable. This means that if any provision is invalid,
it will not affect the validity of the other provision. If the scope of any restrictions of this
Agreement should ever be deemed to exceed that permitted by applicable law or be otherwise
overbroad, Director agrees that a court of competent jurisdiction shall enforce that restriction to
the maximum scope permitted by law under the circumstances.

IV.

          Director agrees, for a period of two years after the Resignation Date, that he will not seek
nor accept employment or Board service in the future with the Company or any of its subsidiaries,
affiliates, successors, or divisions.

V.

          By his signature below, Director affirms that he has been given at least 21 days during which
to consider this Agreement. Director has been advised to seek legal counsel and his legal counsel
has been provided the opportunity to review and comment on this Agreement prior to signing this
Agreement.

VI.

          The Company and Director mutually agree not to disparage the other, either directly or
indirectly. However, nothing in this Section precludes either party from testifying or
participating in any legal proceeding in which the party is required by law to provide information
about the other party.

VII.

          Director may revoke this Agreement at any time within seven (7) days following his execution
of this Agreement. Such revocation must be provided in writing and received during the seven (7)
day revocation period. To be effective, the revocation must be received by the following
individual:

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Roger A. Derse

Chief Financial Officer and Interim Office of the President

White Electronic Designs Corporation

3601 East University Drive, Suite 475

Phoenix, AZ 85034

          This Agreement shall not become effective or enforceable until the foregoing revocation period
has expired.

VIII.

          Other than as specifically and explicitly set forth herein, this Agreement supersedes and
replaces all prior discussions, understandings, and oral agreements between the parties except as
noted herein, and contains the entire agreement between them on the matters herein contained. This
Agreement may not be changed orally, but only by a written agreement signed by Director and
Company.

IX.

          The laws of the State of Arizona will govern and apply to this Agreement.

X.

     Except as to claims, rights or demands that arise from Director’s obligations to Company
under this Agreement, the Company, on behalf of itself and its subsidiaries, affiliated
companies, and all their predecessors and successors hereby release Director and his heirs or
assigns, (collectively the “Released Parties”) from ANY AND ALL KNOWN RIGHTS, CLAIMS,
DEMANDS, CAUSES OF ACTION, OBLIGATIONS, DAMAGES, PENALTIES, FEES, COSTS, EXPENSES, AND
LIABILITIES OF ANY NATURE WHATSOEVER WHICH THE COMPANY HAS OR HAD AGAINST THE RELEASED PARTIES OR
ANY OR ALL OF THE RELEASED PARTIES IN CONNECTION WITH DIRECTOR’S SERVICE ON THE BOARD, EXCEPT
FOR ACTS OF INTENTIONAL MISCONDUCT OR FRAUD.

          Other than with respect to his obligations under this Agreement, this Agreement may be used by
Director to bar any action or suit before any court, arbitral, or administrative body with respect
to any claim under federal, state, local or other law.

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 The parties execute this Agreement as of the date first written above.

	 	 	 	 	 
	 	DIRECTOR

 	 
	 	/s/ Edward A. White
 	 
	 	Edward A. White 	 
	 	 	 
	 
	 	WHITE ELECTRONIC DESIGNS CORPORATION

 	 
	 	/s/ Roger A. Derse
 	 
	 	By:     Roger A. Derse 	 
	 	Title:  	Chief Financial Officer and Interim Office of the President 	 
	 

[SIGNATURE PAGE OF

SETTLEMENT AGREEMENT]

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