Document:

EX-10.5

EXECUTION COPY

NON-QUALIFIED

STOCK OPTION AGREEMENT

UNDER

LORAL SPACE & COMMUNICATIONS INC.

2005 STOCK INCENTIVE PLAN

THIS AGREEMENT, made as of this 19th day of June, 2006 (the “Grant Date”), by and
between Loral Space & Communications Inc., a Delaware corporation (the “Company”), and Dean
A. Olmstead (the “Optionee”).

WHEREAS, the Optionee is employed by or is providing services to the Company or an Affiliate
in a key capacity, and the Company desires to afford Optionee the opportunity to acquire the
Company’s Common Stock, par value $.01 per share (the “Stock”), so that Optionee may have a
direct proprietary interest in the Company’s success;

WHEREAS, all capitalized terms not otherwise defined herein shall have the same meaning as set
forth in Company’s 2005 Stock Incentive Plan (the “Plan”); and

WHEREAS, the Company and the Optionee have entered into a Consulting Agreement dated June 7,
2006 (the “Consulting Agreement”); and

WHEREAS, the Company intends to seek shareholder and any other necessary approvals required to
amend the Plan to increase the number of shares available for grant thereunder (the
“Approvals”).

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties
hereto hereby agree as follows:

1. Grant of Option. Subject to the terms and conditions set forth herein and in the
Plan, and subject to obtaining the Approvals, the Company hereby grants to the Optionee, during the
period commencing on the Grant Date and ending on the date that is seven years from the Grant Date
(the “Option Period”), the right and option (the right to purchase any one share of Stock
hereunder being an “Option”) to purchase from the Company, at an exercise price of $26.52
per share (the “Option Price”), an aggregate of 120,000 shares of Stock. The Options are
not intended to be “incentive stock options,” as defined in Section 422 of the Internal Revenue
Code of 1986, as amended.

2. Vesting and Exercisability of Options.

(a) Subject to the terms and conditions set forth herein and provided the Optionee’s
employment or service continues,

	 	(X)	 	20,000 of the Options (the “Base Grant Options”) shall
vest and become exercisable in accordance with the following schedule:

(i) one-fourth of the Base Grant Options shall vest and become exercisable on
the one-year anniversary of the Grant Date;

(ii) an additional one-fourth of the Base Grant Options shall vest and become
exercisable on the two-year anniversary of the Grant Date;

(iii) an additional one-fourth of the Base Grant Options shall vest and become
exercisable on the three-year anniversary of the Grant Date; and

(iv) the remainder of the Base Grant Options shall vest and become exercisable
on the four-year anniversary of the Grant Date;

provided, however, that in the event of a Termination Event (as defined in
the Consulting Agreement), the next full tranche of unvested Base Grant Options that would
have vested on the next vesting date following such Termination Event shall vest and become
exercisable; and

	 	(Y)	 	100,000 of the Options (the “Performance Based
Options”) shall vest and become exercisable in accordance with the
following schedule:

(i) 25,000 of the Performance Based Options shall vest and become exercisable
upon closing of a satellite services business transaction with a value to the
Company of between $100 million and less than $250 million;

(ii) 50,000 of the Performance Based Options shall vest and become exercisable
upon closing of a satellite services business transaction with a value to the
Company of between $250 million and less than $500 million;

(iii) 75,000 of the Performance Based Options shall vest and become exercisable
upon closing of a satellite services business transaction with a value to the
Company of between $500 million and less than $1,000 million; and

(iv) 100,000 of the Performance Based Options shall vest and become exercisable
upon closing of a satellite services business transaction with a value to the
Company of $1,000 million or more;

for the avoidance of doubt, for purposes of the above Performance Based Option vesting
schedule, in computing the value of a transaction, value shall mean enterprise value, and,
in the case of a transaction in which the Company is not the sole participant, the
Performance Based Options shall vest based on the value of the transaction to the Company
(e.g., if the Company acquires 40% of a company with an enterprise valuation of $2 billion,
the value of such transaction to the Company would be $800 million). Further, for the
avoidance of doubt, in the case of an agreement entered into by the Company with respect to
a satellite services transaction with a value to the Company that would qualify for vesting,
vesting shall occur upon closing of such transaction notwithstanding the occurrence of a
Termination Event (as defined in the Consulting Agreement) after signing but before closing;

provided, however, that no Options (including both the Base Grant Options
and the Performance Based Options) shall become exercisable (even though vested) prior to
the date on which the Approvals have been obtained and the Options that would have become
exercisable prior to the date the Approvals are obtained, but for this prohibition on
exercisability prior to the date the Approvals are obtained, shall become exercisable on the
date that the Approvals are obtained; and further provided, however,
that, except as otherwise set forth herein, no vesting shall occur following the Optionee’s
termination of employment or service with the Company and all Affiliates.

(b) The Options shall vest only as to full shares of Stock rounded down to the nearest
full share during the first three vesting dates and all fractions shall be amalgamated and
become exercisable on the last vesting date. Except as otherwise stated in this Agreement,
the Options shall expire on the seven-year anniversary of the Grant Date.

3. Exercisability following Termination of Employment or Service.

(a) If the Optionee’s employment or service with the Company and all Affiliates is
terminated for Cause, or if the Optionee resigns from employment or service with the Company
and all Affiliates other than for “Good Reason,” all Options (whether vested or not) shall
immediately expire.

(b) If the Optionee’s employment or service with the Company and all Affiliates is
terminated by the Company or an Affiliate other than for Cause or the Optionee resigns for
“Good Reason,” all Options that are vested at the time of termination will remain outstanding
and exercisable (but only to the extent such Options are exercisable at the time of
termination) until the earlier of (i) three months following the termination of employment of
the Optionee and (ii) the expiration of the Option Period. All Options that are not vested
at the time of such termination shall immediately expire upon such termination of employment.

(c) If the Optionee’s employment or service with the Company and all Affiliates
terminates on account of the Optionee’s death or Disability, all Options that are vested at
the time of such termination will remain outstanding and exercisable (but only to the extent
such Options are exercisable at the time of such termination) until the earlier of (i) one
year following the termination on account of death or Disability of the Optionee (in the case
of death, by the executor or administrator of the estate of the Optionee) and (ii) the
expiration of the Option Period. All Options that are not vested at the time of such
termination shall immediately expire upon such termination of employment.

4. Method of Exercising Option.

(a) Options which have become exercisable may be exercised by delivery of written notice
of exercise to the Committee accompanied by payment of the Option Price. Payment for shares
of Stock acquired pursuant to Options shall be made in full, upon exercise of the Options in
immediately available funds in United States dollars, by certified or bank cashier’s check
or, in the discretion of the Committee, (i) by surrender to the Company of Mature Shares held
by the Participant; (ii) by delivering to the Committee a copy of irrevocable instructions to
a stockbroker to deliver promptly to the Company an amount of sale or loan proceeds
sufficient to pay the aggregate Option exercise price; (iii) through a net exercise of the
Options whereby the Optionee instructs the Company to withhold that number of shares of Stock
having a fair market value equal to the aggregate Option Price of the Options being exercised
and deliver to the Optionee the remainder of the shares subject to exercise or (iv) by any
other means approved by the Committee. For purposes of this paragraph, the term “Mature
Shares” shall mean shares of Stock for which the Optionee has good title, free and clear
of all liens and encumbrances, and which the Optionee either (i) has held for at least six
months or (ii) has purchased on the open market.

(b) At the time of exercise, (i) the Company shall have the right to withhold from the
number of shares of Stock to be issued upon exercise, the minimum number of shares necessary
or (ii) at the discretion of the Committee, the Optionee shall be obligated to pay to the
Company such amount as the Company deems necessary, in either event, to satisfy its
obligation to withhold Federal, state and local income or other taxes incurred by reason of
the exercise or the transfer of shares thereupon.

5. Issuance of Shares. As promptly as practical after receipt by the Company of a
written notice of exercise and full payment to the Company of the aggregate Option Price and any
required income tax withholding amount, the Company shall issue or transfer to the Optionee the
number of shares of Stock with respect to which Options have been so exercised, or the net number
of shares of Stock in the event of an exercise pursuant to Section 4(a)(iii), or to the extent
applicable in Section 4(a)(iv), or after application of Section 4(b), or both, and shall deliver to
the Optionee (or the Optionee’s estate or beneficiary, if applicable) a certificate or certificates
therefore, registered in the name of the Optionee (or such estate or beneficiary).

6. Non-Transferability. The Options are not transferable by the Optionee otherwise
than by will or the laws of descent and distribution and are exercisable during the Optionee’s
lifetime only by Optionee. No assignment or transfer of the Options, or of the rights represented
thereby, whether voluntary or involuntary, by operation of law or otherwise (except by will or the
laws of descent and distribution), shall vest in the assignee or transferee any interest or right
herein whatsoever, but immediately upon such assignment or transfer the Options shall terminate and
become of no further effect.

7. Rights as Stockholder. Neither the Optionee nor a permitted transferee of the
Options shall have any rights as a stockholder with respect to any share of Stock covered by the
Options until the Optionee or any transferee shall have become the holder of record of such share,
and no adjustment shall be made for dividends or distributions or other rights in respect of such
share for which the record date is prior to the date upon which the Optionee or any transferee
shall become the holder of record thereof.

8. Compliance with Law. Notwithstanding any of the provisions hereof, the Optionee
hereby agrees that Optionee will not exercise the Options, and that the Company will not be
obligated to issue or transfer any shares of Stock to the Optionee hereunder, if the exercise
hereof or the issuance or transfer of such shares shall constitute a violation by the Optionee or
the Company of any provisions of any law or regulation of any governmental authority. Any
determination in this connection by the Committee shall be final, binding and conclusive. The
Company shall in no event be obliged to register any securities pursuant to the Securities Act of
1933 (as now in effect or as hereafter amended) or to take any other affirmative action in order to
cause the exercise of the Options or the issuance or transfer of shares of Stock pursuant thereto
to comply with any law or regulation of any governmental authority.

9. Notice. Every notice or other communication relating to this Agreement shall be in
writing, and shall be mailed to or delivered to the party for whom it is intended at such address
as may from time to time be designated by it in a notice mailed or delivered to the other party as
herein provided, provided that, unless and until some other address be so designated, all notices
or communications by the Optionee to the Company shall be mailed or delivered to the Company at its
principal executive office, and all notices or communications by the Company to the Optionee may be
given to the Optionee personally or may be mailed to Optionee at the Optionee’s last known address,
as reflected in the Company’s records.

10. Binding Effect. Subject to Section 6 hereof, this Agreement shall be binding upon
the heirs, executors, administrators and successors of the parties hereto.

11. Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the state of Delaware, without regard to the principles of conflicts of law
thereof.

12. Plan. The terms and provisions of the Plan are incorporated herein by reference;
provided, however, that upon an acceleration of vesting of the Options in the event of a Change in
Control, as provided in Section 13(a) of the Plan, the Options shall not be exercisable unless the
Approvals have been obtained by the time the Change in Control occurs. In the event of a conflict
or inconsistency between discretionary terms and provisions of the Plan and the express provisions
of this Agreement, this Agreement shall govern and control. Except as specifically provided
herein, in all other instances of conflicts or inconsistencies or omissions, the terms and
provisions of the Plan shall govern and control.

13. Section 409A. The Options are not intended to be considered “nonqualified
deferred compensation” within the meaning of Section 409A of the Code. It is also intended that
(i) the Option Price per share of Stock to be purchased pursuant to any Option will never be less
than the “fair market value” (determined in a manner consistent with standards of Section 409A of
the Code and the guidance and regulations promulgated thereunder (the “409A Standards”)) of
one share of Stock on the date of the grant of the Options, (ii) the transfer or exercise of the
Options will be subject to taxation pursuant to Section 83 of the Code and Treas. Reg. §1.83-7; and
(iii) no Option will include any feature for the deferral of compensation, other than the deferral
of recognition of income until the later of exercise or disposition of the Option under Treas. Reg.
§1.83-7, or the time the Stock, acquired pursuant to the exercise of the Option, first becomes
substantially vested (as defined in Treas. Reg. §1.83-3(b)). The Company shall indemnify and hold
the Optionee harmless, on an after tax basis, for any additional tax (including interest and
penalties with respect thereto) that may be imposed on the Optionee by Code Section 409A as a
result of the Options being granted subject to the Approvals (the “409A Indemnity”). To
the extent that the Options are considered nonqualified deferred compensation subject to Section
409A of the Code, the Company and the Optionee intend for this Agreement to comply with the 409A
Standards. The Company reserves the right to amend this Agreement at any time without the
Optionee’s consent to cause this Agreement, or any terms of this Agreement, to either comply with
or be exempt from Section 409A of the Code and the 409A Standards and, upon any such amendment, the
409A Indemnity shall expire.

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

LORAL SPACE & COMMUNICATIONS INC.

	 	 	 
	By:

Name:

Title:

	 	/s/ Michael B. Targoff

Michael B. Targoff

Chief Executive Officer

Accepted:

/s/ Dean A. Olmstead

Optionee—Dean A. Olmstead

Address

42 Wilkinson Way

Princeton, New Jersey 08540

     

Social Security NumberEX-10.1

Form

of

Executive Officer

Change in Control Agreement

This Change in Control Agreement (the “Agreement”) is dated as of June      , 2006, by and among
Collegiate Pacific Inc. (the “Company”) and      (the “Executive”).

The following recitals are true and constitute the basis for this Agreement:

	 	A.	 	The Company recognizes that the current business environment
makes it difficult to attract and retain highly-qualified executives
unless a certain degree of security can be offered to such executives
against organizational and personnel changes which frequently follow a
Change in Control (as defined below) of a corporation;	 

	 	B.	 	The Board of Directors of the Company (the “Board”) recognizes
the long and valued service the Executive has provided as an officer of
the Company and considers the Executive to be an important resource the
Company desires to retain;	 

	 	C.	 	The Company desires to assure fair treatment of its key
executives in the event of a Change in Control and to allow them to make
critical career decisions without undue time pressure and financial
uncertainty, thereby increasing their willingness to remain with the
Company notwithstanding the outcome of a possible Change in Control of
the Company;	 

	 	D.	 	The Company recognizes its key executives will be involved in
evaluating or negotiating any offers, proposals or other transactions
that could result in a Change in Control of the Company and believes that
it is in the best interests of the Company and its stockholders that such
key executives be in a position, free from personal financial and
employment consideration, to be able to assess objectively and pursue
aggressively the interests of the Company’s stockholders in making these
evaluations and carrying on such negotiations; and	 

	 	E.	 	The Board believes it is essential to provide the Executive with
compensation arrangements upon a Change of Control that provide the
Executive with individual financial security and which are competitive
with those of other corporations, and in order to accomplish these
objectives, the Board has caused the Company to enter into this
Agreement.	 

NOW THEREFORE in consideration of the Executive’s willingness to continue working as an
employee of the Company or any of its subsidiaries and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Certain Definitions. In addition to the terms that are defined in other parts of
this Agreement, the following terms shall have the specified meanings set forth below:

(a) “Cause” for purposes of this Agreement shall mean (i) the conviction of the Executive of a
felony, (ii) an act or acts of personal dishonesty taken by the Executive and intended to result in
substantial personal enrichment of the Executive at the expense of the Company or (iii) repeated
violations by the Executive of the Executive’s obligations under Sections 5, 16 and 17 of this
Agreement that are demonstrably willful and deliberate on the Executive’s part and that are not
remedied in a reasonable period of time after receipt of written notice from the Company.

(b) “Code” for purposes of this Agreement shall mean the Internal Revenue Code of 1986, as
amended, and any reference to any subsection thereof shall be construed to incorporate reference to
any section or subsection of the Code enacted as a successor thereto, any applicable proposed,
temporary or final regulations promulgated pursuant to such sections and any applicable
interpretation thereof by the Internal Revenue Service.

(c) “Competes” for purposes of this Agreement shall mean any one or more of the following
activities:

(i) manufacturing, distributing, designing, selling or
installing sports equipment and supplies (the “Sports Distribution
Business”) to any Person within any industry segment for which the
Company has either offered to or actually provided or conducted the
Sports Distribution Business; or

(ii) engaging in any other business activities (other than
those described in (c)(i) above) which are conducted, offered or
provided by the Company while the Executive is employed by the
Company and as to which Executive is involved, if those activities
are in the same markets or states as the Company engaged in during
Executive’s employment with the Company.

(d) “Good Reason” for purposes of this Agreement shall mean any of the following acts by the
Company (or any of its affiliates) following a Change of Control, without the consent of the
Executive (in each case, other than an isolated, insubstantial and inadvertent action not taken in
bad faith and which is remedied by the Company (or an affiliate) promptly after receipt of notice
thereof given by the Executive): (a) a material diminution in the Executive’s position, authority,
duties or responsibilities as in effect immediately prior to the Change in Control, (b) a reduction
of the Executive’s base salary from his or her highest base salary in effect at any time within 12
months preceding the Change in Control; (c) the failure by the Company (or an affiliate) to
continue the Executive’s participation in any compensation plan in which he or she participated
immediately prior to the Change in Control (or in a substitute or alternative plan) on a basis not
materially less favorable, both in terms of the amount of benefits provided and the level of the
Executive’s participation relative to similarly situated employees or (d) the relocation of the
Executive, without his or her consent, to an office or location more than 50 miles from the
location at which the Executive was stationed immediately prior to the Change in Control.

(e) “Person” for purposes of this Agreement shall mean any individual, corporation, limited
liability company, partnership, joint venture, association, trust, unincorporated organization or
other entity.

(f) “Present Value” for purposes of this Agreement shall mean the amount determined in
accordance with Section 280G(d)(4) of the Code as of the date specified for such determination,
applying a discount rate, compounded no less frequently than monthly, that is equivalent to the
rate specified for such determination.

(g) “Principal Obligations” for purposes of this Agreement shall mean either (i) the
principal, premium, interest, fees, costs, expenses and other amounts accrued or due on the
Company’s existing or future credit facilities, term loans or revolving credit or commercial paper
facilities (including any related hedging obligations or letter of credit subfacilities) entered
into with commercial banks or financial institutions and guarantees thereof or (ii) the Company’s
5.75% convertible senior subordinated notes due 2009 or any future senior subordinated notes.

2. Term. This Agreement shall commence on the date hereof and shall terminate, except
to the extent that any obligation of the Company hereunder remains unpaid as of such time, upon the
earlier of (a) the termination of Executive’s employment with the Company or any of its
subsidiaries for any reason (by either the Company or the Executive) prior to a Change in Control
or (b) upon the occurrence of a Change in Control of the Company (the “Term”).

3. Change in Control. For the purpose of this Agreement, a “Change in Control” of the
Company shall mean the occurrence of any of the following events at any time during the Term:

(a) the acquisition by any person of beneficial ownership, directly or indirectly,
through a purchase, merger or other acquisition transaction or series of transactions, of
 shares of capital stock of the Company entitling such person to exercise 40% or more of the
total voting power of all shares of capital stock of the Company entitled to vote generally
in the elections of directors, other than any such acquisition by either (i) Michael J.
Blumenfeld or any other syndicate or group that includes Michael J. Blumenfeld as a member,
(ii) the Company or (iii) any subsidiary or any employee benefit plan of the Company, and
during any period of two consecutive years, individuals who at the beginning of such period
constituted the board of directors (together with any new directors whose election to the
board of directors, or whose nomination for election by the stockholders of the Company, was
approved by a vote of a majority of the directors then still in office who were either
directors at the beginning of such period or whose election or nomination for election was
previously approved) cease for any reason to constitute a majority of the board of directors
then in office; or

(b) the acquisition by any person of beneficial ownership, directly or indirectly,
through a purchase, merger or other acquisition transaction or series of transactions, of
 shares of capital stock of the Company entitling such person to exercise 50% or more of the
total voting power of all shares of capital stock of the Company entitled to vote generally
in the elections of directors, other than any such acquisition by either (i) Michael J.
Blumenfeld or any other syndicate or group that includes Michael J. Blumenfeld as a member,
(ii) the Company or (iii) any subsidiary or any employee benefit plan of the Company; or

(c) any consolidation of the Company with, or merger of the Company into, any other
person, any merger of another person into the Company, or any conveyance, sale, transfer or
lease or disposal of all or substantially all of the assets of the Company to another person
(other than (a) any such transaction (x) involving a merger or consolidation that does not
result in any reclassification, conversion, exchange or cancellation of outstanding shares
of capital stock of the Company (other than any reclassification, conversion, exchange or
cancellation of outstanding shares of capital stock of the Company solely for shares of
publicly traded common stock listed on the American Stock Exchange or on an established
national securities exchange or automated over-the-counter trading market in the United
States) and (y) pursuant to which the holders of 50% or more of the total voting power of
all shares of the Company’s capital stock entitled to vote generally in the election of
directors immediately prior to such transaction have the entitlement to exercise, directly
or indirectly, more than 50% of the total voting power of all shares of capital stock
entitled to vote generally in the election of directors of the continuing or surviving
corporation immediately after such transaction or (b) any transaction which is effected
solely to change the jurisdiction of incorporation of the Company and results in a
reclassification, conversion or exchange of outstanding shares of common stock into solely
 shares of common stock).

For purposes of this Section 3, whether a person is a “beneficial owner” will be determined in
accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and “person” includes any syndicate or group that would be deemed to be a person under
Section 13(d)(3) of the Exchange Act.

4. The Company’s Covenants. In order to induce the Executive to remain in the employ
of the Company and in consideration of the Executive’s covenants set forth in Sections 5, 16 or 17
of this Agreement, the Company agrees, under the conditions described herein, to pay the Executive
the Severance Payment (as defined in Section 6 below) and the other payments and benefits described
herein. This Agreement shall not be construed as creating an express or implied contract of
employment and, except as otherwise agreed in writing between the Executive and the Company, the
Executive shall not have any right to be retained in the employ of the Company.

5. The Executive’s Covenants. The Executive agrees that, subject to the terms and
conditions of this Agreement, in the event of a Change in Control while the Executive is employed
by the Company, the Executive will remain in the employ of the Company until the earliest of (a)
the date which is 6 months following the date of a Change in Control, (b) the date of termination
by the Executive of the Executive’s employment for Good Reason or (c) the termination by the
Company of the Executive’s employment either with or without Cause, or due to Executive’s death or
disability.

6. Severance Payment.

(a) If a Change in Control of the Company shall occur while the Executive is employed
by the Company and the Executive shall not have prior to the 6 month anniversary of the
Change of Control been terminated by the Company for Cause or resigned from the employ of
the Company without Good Reason, then the Company shall be obligated to pay to the Executive
in a lump sum in cash on the next business day following the 6 month anniversary of the
Change of Control an amount (subject to all withholding and applicable deductions) equal to
[2.99 or 1] times the sum of (i) Executive’s then current base salary on an annualized basis
as in effect immediately prior to the Change in Control of the Company and (ii) the actual
bonus paid to the Executive by the Company for the most recent fiscal year ended prior to
the occurrence of the Change of Control (the “Severance Payment”); provided, however, that
the amount of the Severance Payment shall be subject to being delayed and/or reduced in
accordance with either Section 7 or Section 8 below.

(b) If, however, prior to the 6 month anniversary of the Change of Control, (i) the
Company shall terminate the Executive’s employment without Cause, or Executive’s employment
shall terminate due to his death or disability, or (ii) the Executive shall terminate his or
her employment for Good Reason, the Severance Payment shall be due and payable by the
Company as of the effective date of the termination of the Executive’s employment with the
Company and shall be subject to being delayed and/or reduced in accordance with either
Section 7 or Section 8 below.

(c) Notwithstanding any other term or provision of this Agreement to the contrary, no
Severance Payment shall become due and payable by the Company to the Executive under the
terms of this Agreement if at the effective time of any Change in Control the Company shall
have been in default of any of its payment obligations under the terms of its Principal
Obligations or if any dissolution, assignment for the benefit of creditors or reorganization
under any chapter of Title 11 of the United States Code shall have caused a Change in
Control of the Company.

7. Reduction of Payments by the Company.

(a) Anything in this Agreement to the contrary notwithstanding, in the event it shall
be determined that any payment or distribution by the Company to or for the benefit of the
Executive (whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise) (a “Payment”) would be nondeductible by the Company for Federal
income tax purposes because of Section 280G of the Code, then the Severance Payment shall be
reduced in such a manner that its aggregate Present Value shall be equal to the Reduced
Amount. The “Reduced Amount” shall mean an amount expressed in Present Value that maximizes
the aggregate present value of the Severance Payment without causing any Payment to be
nondeductible by the Company because of Section 280G of the Code.

(b) All determinations required to be made under this Section 7 shall be made by an
independent accounting firm selected by the Company (the “Accounting Firm”) and the
Accounting Firm shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days of the payment date or such earlier time as is requested
by the Company. Any such determination by the Accounting Firm shall be binding upon the
Company and the Executive. The Executive shall determine which and how much of the
Severance Payment shall be eliminated or reduced consistent with the requirements of this
Section 7; provided, that, if the Executive does not make such determination within 10
business days of the receipt of the calculations made by the Accounting Firm, the Company
shall elect which and how much of the Severance Payment shall be eliminated or reduced
consistent with the requirements of this Section 7 and shall notify the Executive promptly
of such election. Within 5 business days thereafter, the Company shall pay to or distribute
to or for the benefit of the Executive such amounts as are then due to the Executive under
this Agreement.

(c) As a result of the uncertainty in the application of Section 280G of the Code at
the time of the initial determination by the Accounting Firm hereunder, it is possible that
the Severance Payment will have been made by the Company which should not have been made (an
“Overpayment”) or that an amount of the Severance Payment which will not have been made by
the Company could have been made (an “Underpayment”), in each case, consistent with the
calculations required to be made hereunder. In the event that the Accounting Firm, based
upon the assertion of a deficiency by the Internal Revenue Service against the Executive
that the Accounting Firm believes has a high probability of success determines an
Overpayment has been made, any such Overpayment paid or distributed by the Company to or for
the benefit of the Executive shall be repaid by the Executive to the Company together with
interest at the applicable Federal rate provided in Section 7872(f)(2) of the Code;
provided, however, that no amount shall be payable by the Executive to the Company if and to
the extent such deemed payment would not either reduce the amount on which the Executive is
subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such
taxes. In the event that the Accounting Firm, based upon controlling precedent or other
substantial authority, determines that an Underpayment has occurred, any such Underpayment
shall be promptly paid by the Company to or for the benefit of the Executive together with
interest at the applicable Federal rate provided in Section 7872(f)(2) of the Code.

8. Compliance with Section 409A of the Code. To the extent applicable, it is intended
that this Agreement comply with the provisions of Section 409A of the Code. This Agreement shall
be administered in a manner consistent with this intent, and any provision that would cause this
Agreement to fail to satisfy Section 409A of the Code shall have no force and effect until amended
to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted
by Section 409A of the Code and may be made by the Company without the consent of the Executive).

9. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any benefit, bonus, incentive or other plans,
programs, policies or practices provided by the Company or any of its subsidiaries and for which
the Executive may qualify, nor shall anything herein limit or otherwise affect such rights the
Executive may have under any stock option or other agreements with the Company or any of its
subsidiaries. Amounts that are vested benefits or that the Executive is otherwise entitled to
receive under any plan, policy, practice or program of the Company or any of its subsidiaries at or
subsequent to the termination of Executive’s employment shall be payable in accordance with such
plan, policy, practice or program.

10. Successor to the Company.

(a) The Company will require any successor or assign (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company, by agreement in form and substance satisfactory to the
Executive, expressly, absolutely and unconditionally to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to
perform it if no such succession or assignment had taken place. Any failure of the Company
to obtain such agreement prior to the effectiveness of any such succession or assignment
shall be a material breach of this Agreement. As used in this Agreement, “Company” shall
mean the Company as hereinbefore defined and any successor or assign to its business and/or
assets as aforesaid which executes and delivers the agreement provided for in this Section
10 or which otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law. If at any time during the term of this Agreement the Executive is
employed by any corporation a majority of the voting securities of which is then owned by
the Company, “Company” as used in Section 3, 4, 5, 6, 7, 8, 16 and 17 hereof shall in
addition include such employer. In such event, the Company agrees that it shall pay or
shall cause such employer to pay any amounts owed to the Executive pursuant to Section 6
hereof.

(b) This Agreement shall inure to the benefit of and be enforceable by the Executive,
and the Executive’s personal and legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees. If the Executive should die while
any amounts are still payable to him or her hereunder, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to the
Executive’s devisee, legatee, or other designee or, if there be no such designee, to the
Executive’s estate.

11. Notice. For purposes of this Agreement, notices and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt requested, postage prepaid, to
the party entitled to receive such notice at the address shown on the signature page hereof, or to
such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

12. Miscellaneous. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the
Executive and the Company. No waiver by either party hereto at any time of any breach by the other
party hereto of, or compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by either party which
are not set forth expressly in this Agreement. This Agreement shall be governed by and construed
in accordance with the laws of the State of Texas, without regard to the choice of law provisions,
statutes, regulations or principles of this or any other jurisdiction.

13. Validity. The invalidity or unenforceability of any provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

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

15. Legal Fees and Expenses. The Company shall be obligated to pay all legal fees and
expenses that the Executive may incur as a result of the Company contesting the validity,
enforceability, or the Executive’s interpretation of, or determinations under, this Agreement.

16. Confidentiality. The Executive shall retain in confidence any and all
confidential information known to the Executive concerning the Company and its businesses so long
as such information is not otherwise publicly disclosed.

17. Noncompete. The Executive agrees that while Executive is employed by the Company
and for a period of 1 year immediately following the termination thereof for any reason (either by
the Company or the Executive) Executive shall not in any manner (other than for the Company),
directly or by assisting others, engage in, have an equity or profit interest in, or render
services of any kind or nature to any business that Competes with the Company. Notwithstanding
anything herein to the contrary, nothing in this Agreement shall prevent or prohibit Executive from
owning not more than 5% of a class of equity securities issued by any Person listed on any national
securities exchange or interdealer quotation system.

1

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

Collegiate Pacific inc. 

By:     

Name:     

Title:     

Executive:

     

(Print Name)

     

(Signature)

	 	 	 	 	 
	Address: 13950 Senlac Drive, Suite 100 Address
	 		:  _____________________	
	Dallas, TX 75234
	 		—	

2

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