Document:

EXHIBIT 10.2

    TENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT AND
                               WAIVER OF DEFAULTS

     This  Amendment,  dated as of April 10, 2002,  is made by and between ROYAL
GRIP,  INC., a Nevada  corporation,  and ROYAL GRIP HEADWEAR  COMPANY,  a Nevada
corporation  (collectively,  jointly and severally,  the "Borrower"),  and WELLS
FARGO BUSINESS CREDIT, INC., a Minnesota corporation (the "Lender").

                                    Recitals

     The Borrower  and the Lender have  entered  into that  certain  Amended and
Restated  Credit and Security  Agreement dated as of October 9, 1998, as amended
by that certain Amendment to Amended and Restated Credit and Security  Agreement
and Waiver of Defaults  dated March 16, 1999, as amended by that certain  Second
Amendment to Amended and Restated  Credit and Security  Agreement  and Waiver of
Defaults  dated April 13, 1999 as amended by that  certain  Third  Amendment  to
Credit and  Security  Agreement  dated  November  10,  1999,  as amended by that
certain Fourth  Amendment to Amended and Restated  Credit  Agreement dated March
24, 2000, and as amended by that certain Fifth  Amendment to Credit and Security
Agreement  dated August 3, 2000, as amended by that certain  Sixth  Amendment to
Amended and Restated  Credit and Security  Agreement  dated November 8, 2000, as
amended by that certain  Seventh  Amendment  to Amended and Restated  Credit and
Security  Agreement  dated  March 9, 2001,  as amended  by that  certain  Eighth
Amendment to Amended and Restated  Credit and Security  Agreement  dated May 30,
2001 and as amended  by that  certain  Ninth  Amendment  to Credit and  Security
Agreement  and Waiver of Defaults  dated  November 13, 2001  (collectively,  the
"Credit Agreement").  Capitalized terms used in these recitals have the meanings
given to them in the Credit Agreement unless otherwise specified.

     The Borrower has  requested  that certain  amendments be made to the Credit
Agreement,  which  the  Lender  is  willing  to make  pursuant  to the terms and
conditions set forth herein.

     NOW,  THEREFORE,  in  consideration  of the  premises  and  of  the  mutual
covenants and agreements herein contained, it is agreed as follows:

     1.  DEFINED  TERMS.  Capitalized  terms  used in this  Amendment  which are
defined in the Credit Agreement shall have the same meanings as defined therein,
unless otherwise defined herein.

     2. AMENDMENTS. The Credit Agreement is hereby amended as follows:

          (a) The definition of "Revolving  Floating Rate"  contained in Section
1.1 of the Credit Agreement are hereby deleted and replaced as follows:

     "Revolving Floating Rate" means an annual rate equal to the sum of the
     Prime  Rate plus four and  one-quarter  of one  percent  (4.25%).  The
     Revolving  Floating Rate shall  automatically  be reduced to an annual

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     rate  equal to the sum of the  Prime  Rate  plus  one and  one-quarter
     percent  (1.25%) on the first day of the first  full  month  following
     Lender's  receipt of  Borrower's  2003 fiscal year  audited  financial
     statements  complying  with Section  6.1(a) below,  if but only if (i)
     said financial  statements indicate that the Borrower and the Covenant
     Entities  have  achieved a Net Income for the  Borrower's  2003 fiscal
     year of not less than  $600,000.00  (exclusive  of  non-cash  expenses
     resulting  from the  conversion in  Borrower's  2003 fiscal year of an
     amount,  which when added to the amount of debt converted to equity in
     Borrower's   2002  fiscal  year,  is  not  more  than   $1,675,000  of
     subordinated  debt to  equity at the rate of $.25 of debt per share of
     Common Stock of the  Guarantor,  the "Non-Cash  Expenses"),  (ii) said
     financial  statements  indicate  that the  Borrower  and the  Covenant
     Entities  increased their  aggregate Net Worth during  Borrower's 2003
     fiscal year by not less than  $600,000.00  (exclusive  of the Non-Cash
     Expenses),  and (iii) there is not a then existing Event of Default or
     Default Period.  The Revolving  Floating Rate shall change when and as
     the Prime Rate changes.

          (b) There is hereby added a new Section 2.8(h) to the Credit Agreement
which provides as follows:

          (h) DEFAULT  PERIOD  INTEREST.  In the event any event of default
          occurs under Sections 6.12,  6.13,  6.14, 6.15 or 7.10 applicable
          to any  fiscal  quarter  or  year  end of  Borrower  through  and
          including May 31, 2002 then, in addition to the interest  payable
          pursuant to Sections 2.8(a),  2.8(b), 2.8(c), 2.8(d), 2.8(f), and
          2.8(g) above,  effective  retroactively  to February 1, 2002, the
          outstanding principal balances of the Revolving Note and the Term
          Notes shall automatically additionally bear interest at an annual
          rate equal to one percent (1.0%).  The interest accruing pursuant
          to  this  Section  2.8(h)  is  collectively  referred  to as  the
          "Default Period Interest".

          (c)  Section  5.12 of the  Credit  Agreement  is  hereby  deleted  and
replaced as follows:

          Section 5.12 ENVIRONMENTAL MATTERS.

               (a)  DEFINITIONS.  As used in this Agreement,  the following
          terms shall have the following meanings:

                    (i) "Environmental Law" means any federal, state, local
          or  other  governmental  statute,  regulation,  law or  ordinance
          dealing with the protection of human health and the environment.

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               (ii) "Hazardous Substances" means pollutants,  contaminants,
          hazardous substances,  hazardous wastes,  petroleum and fractions
          thereof,  and  all  other  chemicals,   wastes,   substances  and
          materials   listed  in,   regulated  by  or   identified  in  any
          Environmental Law.

               (b) The Premises were  acquired by Borrower  from  Brunswick
          Corporation. In accordance with the provisions of the Connecticut
          Transfer Act, Brunswick  Corporation accepted  responsibility for
          environmental  remediation  of the  site.  Other  than  Hazardous
          Substances  for which  Brunswick has assumed  responsibility  and
          except for the information in subparagraph  5.12(f) below, to the
          Borrower's best knowledge,  there are not present in, on or under
          the Premises any Hazardous Substances in such form or quantity as
          to create any liability or obligation  for either the Borrower or
          the  Lender  under  common law of any  jurisdiction  or under any
          Environmental  Law,  and no Hazardous  Substances  have ever been
          stored, buried, spilled, leaked, discharged,  emitted or released
          in, on or under the  Premises in such a way as to create any such
          liability,  except for those Hazardous  Substances  identified in
          the April  1996 Phase II  Environmental  Site  Assessment  of the
          Premises  by GZA  GeoEnvironmental,  Inc.  with  respect to which
          Brunswick Corporation is contractually obligated to remediate.

               (c) To the Borrower's best  knowledge,  the Borrower has not
          disposed of  Hazardous  Substances  in such a manner as to create
          any liability under any Environmental Law.

               (d) Except for the ongoing actions by Brunswick  Corporation
          under the  Connecticut  Transfer  Act and  except as noted in the
          concluding three sentences of this  subparagraph  5.12(d),  there
          are  no  requests,  claims,  notices,  investigations,   demands,
          administrative proceedings,  hearings or litigation,  relating in
          any  way to the  Premises  or the  Borrower,  alleging  liability
          under,  violation of, or noncompliance with any Environmental Law
          or any license,  permit or other  authorization  issued  pursuant
          thereto  that  have  not  been  appropriately   resolved  to  the
          satisfaction  of the  administrative  agency having  jurisdiction
          over the  matter.  Provided,  however,  there  is an  outstanding
          Notice of Violation for noncompliance with a State of Connecticut
          water discharge permit.  The Borrower has taken appropriate steps
          to resolve this issue with the State of Connecticut  and had made
          changes in its discharge  system to prevent  further  violations.
          The Borrower's  financial  statements make provisions for cost of
          the system and the fine that might be imposed.

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               (e)  Except  as  set  forth  in  Section  5.12(d),   to  the
          Borrower's best knowledge, the Borrower's businesses are and have
          in  the  past  always  been  conducted  in  accordance  with  all
          Environmental   Laws  and  all   licenses,   permits   and  other
          authorizations  required  pursuant to any  Environmental  Law and
          necessary  for  the  lawful  and  efficient   operation  of  such
          businesses are in the Borrower's possession and are in full force
          and effect.  No permit,  for which a renewal  application has not
          been submitted, required under any Environmental Law is scheduled
          to expire  within 12 months (other than those that are renewed on
          an annual  basis)  and there is no threat  known to the  Borrower
          that  any  such  permit   currently  held  by  Borrower  will  be
          withdrawn,  terminated,  limited or materially changed. Provided,
          however,   that  the  water   discharge   permit   referenced  in
          subparagraph 5.12(d) will be materially changed from the previous
          permit.

               (f) To the Borrower's  best  knowledge,  the Premises is not
          listed on the National  Priorities  List, or any similar federal,
          state  or local  list,  schedule,  log,  inventory  or  database.
          Provided,   however,   the  premises  have  been  listed  on  the
          Comprehensive Environmental Response,  Compensation and Liability
          Information System.

               (g) The Borrower has  delivered to Lender all  environmental
          assessments  in  Borrower's  possession  or  which  Borrower  has
          knowledge  of,  audits,  reports,  permits,  licenses  and  other
          documents  describing  or relating in any way to the  Premises or
          Borrower's   businesses   (while  under  the   ownership  of  the
          Borrower).

          (d) Effective April 1, 2002,  Section 6.13 of the Credit  Agreement is
hereby deleted and replaced as follows:

          Section 6.13 NET WORTH. The Borrower covenants that as of May 31,
          2001, the aggregate  consolidated  Net Worth of Royal Grip, Royal
          Grip Headwear and the Covenant Entities was  $13,841,589.69.  The
          Borrower covenants that said aggregate  consolidated Net Worth as
          of the end of each future  fiscal  quarter end shall  increase by
          not less than (or in the event a decrease is allowed, decrease by
          not more than) the amounts  set forth below as measured  from the
          immediately  preceding fiscal year ending aggregate  consolidated
          Net Worth.

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          Quarter Ending                          Net Worth Increase (Decrease)
          --------------                          -----------------------------
          February 28, 2002                       ($3,200,000.00)
          May 31, 2002                            ($2,700,000.00)
          August 31, 2002                         ($50,000.00)
          November 30, 2002 and each
          November 30 thereafter                  ($300,000.00)
          February 28, 2003 and each
          February 28 thereafter                  ($100,000.00)
          May 31, 2003 and each May 31
          thereafter                              $600,000.00
          August 31, 2003 and each
          August 31 thereafter                    $0.00

          For purposes of calculating  the above covenants for the quarters
          ending  February 28, 2002 and May 31, 2002 only, the  calculation
          of  the  Net  Worth  Decrease  shall  be  exclusive  of  goodwill
          impairment,  non-cash  increase  in the  valuation  allowance  on
          deferred  income tax assets,  amortization  of non-cash  expenses
          associated  with the issuance of warrants to the Johnston  Family
          Charitable  Foundation  on October 26,  2001,  non-cash  expenses
          resulting from the conversion of  subordinated  debt (owed to the
          Johnston  Family  Charitable  Foundation  arising  pursuant to an
          instrument dated October 26, 2001), to equity,  non-cash expenses
          resulting  from  modifications  to "in the money" options held by
          employees  who lost their jobs in  connection  with the corporate
          restructuring  approved on September 25, 2001  (collectively  the
          "Fiscal   Year  2002   Non-Cash   Expenses").   For  purposes  of
          calculating   the  above   covenants  for  the  quarters  in  the
          Borrower's  2003 fiscal year only, the Net Worth Increase and Net
          Worth Decrease, as applicable, shall be exclusive of amortization
          (not to exceed  $300,000.00) of non-cash expenses associated with
          the  issuance  of  warrants  to the  Johnston  Family  Charitable
          Foundation on October 26, 2001 (the "Non-Cash Warrant  Expenses")
          and the Non-Cash Expenses.

          (e)  Section  6.14 of the Credit  Agreement  is hereby  deleted in its
entirety and replaced as follows:

          Section 6.14 NET INCOME.  The Borrower covenants that Royal Grip,
          Royal Grip  Headwear and the Covenant  Entities  shall achieve an
          aggregate consolidated Net Income of at least (or, in the event a
          Net Loss is allowed  for such fiscal  quarter,  a Net Loss of not
          more than) the amount set forth below for each fiscal  quarter as
          measured from the immediately preceding fiscal year end.

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          Quarter Ending                                Net Income (Loss)
          --------------                                -----------------
          February 28, 2002                             ($3,200,000.00)
          May 31, 2002                                  ($2,700,000.00)
          August 31, 2002                               ($50,000.00)
          November 30, 2002 and each November 30
          thereafter                                    ($300,000.00)
          February 28, 2003 and each February 28
          thereafter                                    ($100,000.00)
          May 31, 2003 and each May 31 thereafter       $600,000.00
          August 31, 2003 and each August 31
          thereafter                                    $0.00

          For purposes of calculating  the above covenants for the quarters
          ending  February 28, 2002 and May 31, 2002 only, the  calculation
          of the Net Loss  shall  exclude  the  Fiscal  Year 2002  Non-Cash
          Expenses. For purposes of calculating the above covenants for the
          quarters in the Borrower's  2003 fiscal year only, the Net Income
          and Net Loss, as applicable,  shall exclude the Non-Cash  Warrant
          Expenses and the Non-Cash Expenses.

          (f)  Section  6.15 of the Credit  Agreement  is hereby  deleted in its
entirety and replaced as follows:

          Section 6.15 MONTHLY NET INCOME/NET LOSS. The Borrower  covenants
          that  beginning with March 1, 2002, and continuing for each month
          thereafter,  Royal Grip,  Royal Grip  Headwear  and the  Covenant
          Entities  shall achieve an aggregate  consolidated  Net Income of
          not less  than (or in the  event a Net Loss is  allowed  for such
          month,  a Net Loss of not more than) the  amounts set forth below
          for each month as measured  from the last day of the  immediately
          preceding month.

          Month                                            Net Income/(Net Loss)
          -----                                            ---------------------
          March, 2002                                      ($50,000.00)
          April, 2002                                      $150,000.00
          May, 2002                                        $150,000.00
          June of 2002 and each June thereafter            $0.00
          July of 2002 and each July thereafter            $0.00

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          August of 2002 and each August thereafter        ($300,000.00)
          September of 2002 and each September
          thereafter                                       ($150,000.00)
          October of 2002 and each October thereafter      ($200,000.00)
          November of 2002 and each November thereafter    ($100,000.00)
          December of 2002 and each December thereafter    ($350,000.00)
          January, 2003 and each January thereafter        ($50,000.00)
          February, 2003 and each February thereafter      $0.00
          March, 2003 and each March thereafter            $0.00
          April, 2003 and each April thereafter            $0.00
          May, 2003 and each May thereafter                $0.00

          For purposes of  calculating  the above  covenants for the months
          through and until May 31, 2002 only,  the  calculation of the Net
          Income/Net  Loss  shall  exclude  the Fiscal  Year 2002  Non-Cash
          Expenses. For purposes of calculating the above covenants for the
          months of June through October in the Borrower's 2003 fiscal year
          only, the  calculation  of the Net Income/Net  Loss shall exclude
          the Non-Cash Warrant Expenses and the Non-Cash Expenses.

          3. NO OTHER CHANGES.  Except as explicitly  amended by this Amendment,
all of the terms and  conditions  of the Credit  Agreement  shall remain in full
force and effect and shall apply to any advance or letter of credit thereunder.

          4. THE TERM  ADVANCES.  The  Borrower  shall  prepay  the  outstanding
principal  balance of the Term Advances on the date of this Amendment (the "Term
Advance Prepayment"). Lender hereby waives the application of the prepayment fee
set forth in Section 2.13(b) of the Credit  Agreement as the same applies to the
Term  Advance  Prepayment.  This waiver is  applicable  only to the Term Advance
Prepayment.  This waiver  shall not entitle the Borrower to any other or further
waiver in any similar or other  circumstances,  including without limitation any
termination  or  reduction in the Credit  Facility.  Borrower  acknowledges  and
agrees that the Lender has no further  obligation  to make any  additional  Term
Advances.

          5. THE  EQUIPMENT  APPRAISAL.  Lender  shall  have the  right to cause
Borrower's Equipment to be appraised by an appraiser  satisfactory to the Lender
(the "Appraisal"). Borrower shall, upon demand, reimburse Lender for any and all
costs incurred by Lender in connection with the Appraisal.

                                      -7-
<PAGE>
          6. WAIVER OF DEFAULTS. The Borrower has indicated that for the quarter
ending  February  28,  2002,  the  Borrower  was in  default  of  the  following
provisions of the Credit Agreement (collectively, the "Existing Defaults"):

               (a) The  Borrower  and the Covenant  Entities  have  exceeded the
permitted  Net  Worth  Decrease  in  violation  of  Section  6.13 of the  Credit
Agreement.

               (b) The Borrower and the Covenant Entities have failed to achieve
the required Net Income in violation of Section 6.14 of the Credit Agreement.

               (c) The  Borrower  and the Covenant  Entities  have  exceeded the
permitted Net Loss in violation of Section 6.15 of the Credit Agreement.

Upon the terms and subject to the  conditions set forth in this  Amendment,  the
Lender hereby waives the Existing Defaults.  This waiver shall be effective only
in this  specific  instance and for the specific  purpose for which it is given,
and this waiver shall not entitle the Borrower to any other or further waiver in
any similar or other circumstances.

          7. [INTENTIONALLY DELETED]

          8. CONDITIONS PRECEDENT.  This Amendment,  and the waiver set forth in
Paragraph 5 hereof,  shall be effective  when the Lender shall have  received an
executed original hereof, together with each of the following, each in substance
and form acceptable to the Lender in its sole discretion:

               (a)  Subordination  Agreements,   properly  acknowledged  by  the
Borrower  and the Covenant  Entities and properly  executed on behalf of Richard
and Jayne Johnston,  Trustees of the Johnston Family Living Trust (the "Trust"),
Christopher  A.  Johnston,  Charles S.  Mechem,  Jr.,  John C.  Lauchnor and DWR
Custodian for Kenneth Warren Attorney at Law f/b/o Kenneth J. Warren VIP+ Profit
Sharing Plan dated March 24, 1997, Account No. 362 050358 036.

               (b) The  Acknowledgment  and  Agreement of Guarantor set forth at
the end of this Amendment, duly executed by the Guarantor.

               (c) A Certificate of the Secretary of the Borrower  certifying as
to (i) the  resolutions of the board of directors of the Borrower  approving the
execution and delivery of this Amendment,  (ii) the fact that the certificate of
incorporation and bylaws of the Borrower,  which were certified and delivered to
the Lender pursuant to the Certificate of Authority of the Borrower's  secretary
or  assistant  secretary  dated as of  October  9, 1998 in  connection  with the
execution and delivery of the Credit Agreement continue in full force and effect
and have not been  amended  or  otherwise  modified  except  as set forth in the
Certificate to be delivered,  and (iii) certifying as to the officers and agents
of the  Borrower  who have been  authorized  to sign and to act on behalf of the
Borrower  and setting  forth the sample  signatures  of each of the officers and
agents of the Borrower  authorized to execute and deliver this Amendment and all
other documents, agreements and certificates on behalf of the Borrower.

                                      -8-
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               (d) A guaranty,  properly  executed  and  notarized  by the Trust
which  Guaranty  shall be  applicable  to the  repayment of the  Overadvance  as
defined in the FM Credit Agreement, to the extent set forth in the Guaranty.

               (e) An opinion of the  Borrower's  counsel as to the  matters set
forth in  Paragraphs  9(a) and 9(b)  hereof and as to such other  matters as the
Lender shall require.

               (f) An opinion of the Trust counsel  (licensed to practice law in
the State of Wyoming) as to the  enforceability and validity of the Guaranty and
as to such other matters as Lender shall require.

               (g) An amendment to the Trust Agreement applicable to the Trust.

               (h) Evidence satisfactory to Lender than any and all indebtedness
owed by  Borrower,  the  Covenant  Entities and Royal  Precision,  Inc.,  to the
Johnston Family  Charitable  Foundation has been fully and finally  converted to
equity.

               (i) Such other matters as the Lender may require.

          9. REPRESENTATIONS AND WARRANTIES.  The Borrower hereby represents and
warrants to the Lender as follows:

               (a) The Borrower has all requisite power and authority to execute
this  Amendment  and to  perform  all of its  obligations  hereunder,  and  this
Amendment has been duly  executed and delivered by the Borrower and  constitutes
the  legal,  valid  and  binding  obligation  of the  Borrower,  enforceable  in
accordance with its terms.

               (b) The  execution,  delivery and  performance by the Borrower of
this Amendment have been duly authorized by all necessary  corporate  action and
do not (i) require any  authorization,  consent or approval by any  governmental
department,  commission,  board, bureau, agency or instrumentality,  domestic or
foreign,  (ii) violate any  provision of any law,  rule or  regulation or of any
order, writ,  injunction or decree presently in effect,  having applicability to
the Borrower, or the certificate of incorporation or by-laws of the Borrower, or
(iii) result in a breach of or  constitute a default under any indenture or loan
or credit  agreement or any other  agreement,  lease or  instrument to which the
Borrower is a party or by which it or its properties may be bound or affected.

               (c)  All of  the  representations  and  warranties  contained  in
Article V of the Credit  Agreement  are  correct on and as of the date hereof as
though  made  on  and  as  of  such  date,   except  to  the  extent  that  such
representations and warranties relate solely to an earlier date.

          10.  REFERENCES.  All  references  in the  Credit  Agreement  to "this
Agreement"  shall be deemed to refer to the Credit  Agreement as amended hereby;
and any and all  references  in the Security  Documents to the Credit  Agreement
shall be deemed to refer to the Credit Agreement as amended hereby.

          11. NO OTHER  WAIVER.  Except as set forth in Paragraph 5 hereof,  the
execution of this Amendment and acceptance of any documents related hereto shall
not be deemed to be a waiver of any Default,  Event of Default or Default Period
under the  Credit  Agreement  or breach,  default or event of default  under any

                                      -9-
<PAGE>
Security Document or other document held by the Lender,  whether or not known to
the Lender and whether or not existing on the date of this Amendment.

          12.  REPAYMENT  TO THE TRUST.  In the event the Trust pays  amounts to
Lender  pursuant  to the terms of the  Trust  Guaranty  (collectively  "Guaranty
Payments"), the Borrower shall have the right to repay such amounts to the Trust
if but only if:

               (a) The  aggregate of all payments made to the Trust by Borrower,
the Covenant  Entities and Royal  Precision,  Inc. does not exceed the aggregate
amount of the Guaranty Payments.

               (b) No Borrower  default has occurred and is  continuing  or will
occur as a result of or immediately following any such payment.

          After giving  effect to any and all payments  made to the Trust by the
Borrower,  the  Covenant  Entities  and  Royal  Precision,  Inc.  the sum of the
Revolving  Advances and the L/C Amounts  under the Credit  Agreement  and the FM
Credit  Agreement  does not  exceed  Aggregate  Availability  under  the  Credit
Agreement and the FM Credit Agreement.

          13.  RELEASE.   The  Borrower,   and  the  Guarantor  by  signing  the
Acknowledgment   and  Agreement  of  Guarantor  set  forth  below,  each  hereby
absolutely and  unconditionally  releases and forever discharges the Lender, and
any  and  all  participants,   parent  corporations,   subsidiary  corporations,
affiliated corporations,  insurers, indemnitors, successors and assigns thereof,
together  with all of the present  and former  directors,  officers,  agents and
employees of any of the foregoing, from any and all claims, demands or causes of
action of any kind,  nature or description,  whether arising in law or equity or
upon contract or tort or under any state or federal law or otherwise,  which the
Borrower or such  Guarantor  has had,  now has or has made claim to have against
any such person for or by reason of any act,  omission,  matter,  cause or thing
whatsoever  arising from the beginning of time to and including the date of this
Amendment,  whether  such  claims,  demands  and causes of action are matured or
unmatured or known or unknown.

          14. COSTS AND EXPENSES.  The Borrower  hereby  reaffirms its agreement
under the  Credit  Agreement  to pay or  reimburse  the Lender on demand for all
costs and expenses incurred by the Lender in connection with the Loan Documents,
including  without  limitation all reasonable  fees and  disbursements  of legal
counsel.  Without  limiting  the  generality  of  the  foregoing,  the  Borrower
specifically  agrees to pay all fees and  disbursements of counsel to the Lender
for the services performed by such counsel in connection with the preparation of
this Amendment and the documents and instruments incidental hereto. The Borrower
hereby  agrees that the Lender may, at any time or from time to time in its sole
discretion and without further authorization by the Borrower, make a loan to the
Borrower under the Credit Agreement,  or apply the proceeds of any loan, for the
purpose  of  paying  the Term  Advance  Prepayment  and  paying  any such  fees,
disbursements, costs and expenses.

          15. MISCELLANEOUS. This Amendment and the Acknowledgment and Agreement
of Guarantor may be executed in any number of  counterparts,  each of which when
so  executed  and  delivered  shall  be  deemed  an  original  and all of  which
counterparts, taken together, shall constitute one and the same instrument.

                                      -10-
<PAGE>
     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Amendment to be
duly executed as of the date first written above.

                                        WELLS FARGO BUSINESS CREDIT, INC.,
                                        a Minnesota corporation

                                        By
                                           -------------------------------------

                                           Its
                                               ---------------------------------

                                        ROYAL GRIP, INC., a Nevada corporation

                                        By /s/ John C. Lauchnor
                                           -------------------------------------
                                           John C. Lauchnor, President

                                        ROYAL GRIP HEADWEAR COMPANY,
                                        a Nevada corporation

                                        By /s/ John C. Lauchnor
                                           -------------------------------------
                                           John C. Lauchnor, President

                                      -11-
<PAGE>
                    ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR

     The  undersigned,  a guarantor of the  indebtedness of Royal Grip, Inc. and
Royal Grip Headwear Company, each Nevada corporations (collectively, jointly and
severally, the "Borrowers") to Wells Fargo Business Credit, Inc., (the "Lender")
pursuant to a Guaranty dated as of October 9, 1998 (the "Guaranty"),  hereby (i)
acknowledges  receipt of the  foregoing  Amendment;  (ii)  consents to the terms
(including  without  limitation  the  release set forth in  paragraph  11 of the
Amendment) and execution thereof;  (iii) reaffirms its obligations to the Lender
pursuant to the terms of its Guaranty; and (iv) acknowledges that the Lender may
amend,  restate,  extend, renew or otherwise modify the Credit Agreement and any
indebtedness or agreement of the Borrower, or enter into any agreement or extend
additional or other credit  accommodations,  without  notifying or obtaining the
consent  of  the  undersigned  and  without   impairing  the  liability  of  the
undersigned  under the  Guaranty  for all of the  Borrowers'  present and future
indebtedness to the Lender.

                                          ROYAL PRECISION, INC.,
                                          a Delaware corporation

                                          By /s/ John C. Lauchnor
                                             -----------------------------------
                                             John C. Lauchnor, President

                                      -12-EXHIBIT 10.3

  THIS IS A FORM OF SUBORDINATION AGREEMENT DATED APRIL 10, 2002, BETWEEN THE
 COMPANY AND CHRISTOPHER A. JOHNSTON, JOHN C. LAUCHNOR, CHARLES S. MECHEM, JR.,
 DWR CUSTODIAN FOR KENNETH WARREN ATTORNEY AT LAW F/B/O KENNETH J. WARREN VIP+
 PROFIT SHARING PLAN DATED MARCH 24, 1997, AND THE JOHNSTON FAMILY LIVING TRUST
              FOR THE BENEFIT OF WELLS FARGO BUSINESS CREDIT, INC.

                             SUBORDINATION AGREEMENT

     This   Agreement,    dated   as   of   April   10,   2002,   is   made   by
_____________________  (the "Subordinated  Creditor"),  for the benefit of Wells
Fargo Business Credit, Inc., a Minnesota corporation (the "Lender").

     Royal Grip, Inc., a Nevada  corporation ("RG") Royal Grip Headwear Company,
a Nevada corporation ("RGHC"), FM Precision Golf Manufacturing Corp., a Delaware
corporation  ("FMM") and FM Precision Golf Sales Corp.,  a Delaware  corporation
("FMS") are now or  hereafter  may be indebted to the Lender on account of loans
or the other extensions of credit or financial accommodations from the Lender to
them, or to any other person under the guaranty or endorsement of them.

     Royal Precision,  Inc., a Delaware  corporation  ("RP") is the guarantor of
all indebtedness owed to RG, RGHC, FMM and FMS to Lender.  RP, RG, RGHC, FMS and
FMM are collectively referred to as the "Borrower".

     The  Subordinated  Creditor  has  made or may make  loans  or  grant  other
financial accommodations to the Borrower.

     As a condition to making any loan or  extension of credit to the  Borrower,
the Lender has required that the Subordinated  Creditor  subordinate the payment
of the Subordinated  Creditor's loans and other financial  accommodations to the
payment of any and all indebtedness of the Borrower to the Lender. Assisting the
Borrower in obtaining credit  accommodations  from the Lender and  subordinating
its interests  pursuant to the terms of this  Agreement are in the  Subordinated
Creditor's best interest.

     ACCORDINGLY,   in   consideration   of  the  loans   and  other   financial
accommodations  that have been made and may  hereafter be made by the Lender for
the benefit of the Borrower, and for other good and valuable consideration,  the
receipt  and  sufficiency  of which are hereby  acknowledged,  the  Subordinated
Creditor hereby agrees as follows:

     1. DEFINITIONS.  As used herein,  the following terms have the meanings set
forth below:

          "Borrower  Default"  means a Default or Event of Default as defined in
     any agreement or instrument evidencing,  governing, or issued in connection
     with Lender  Indebtedness,  including,  but not limited to, (i) the Amended
     and Restated Credit and Security  Agreement dated as of October 9, 1998, as
     amended  from time to time by and  between  RG,  RGHC and the Lender as the
     same may hereafter be amended,  supplemented or restated from time to time,

                                      -1-
<PAGE>
     (ii) the  Credit and  Security  Agreement  dated as of October 9, 1998,  as
     amended  from time to time,  by and between  FMS, FMM and the Lender as the
     same may hereafter be amended,  supplemented or restated from time to time,
     (iii) the Guaranty dated as of October 9, 1998 by RP in favor of Lender, as
     the same may  hereafter be amended,  supplemented  or restated from time to
     time, and (iv) the  Replacement  Guaranty dated as of October 9, 1998 by RP
     in favor of Lender,  as the same may hereafter be amended,  supplemented or
     restated  from  time to time,  or any  default  under or breach of any such
     agreement or instrument.

          "Lender  Indebtedness"  means  each  and  every  debt,  liability  and
     obligation of every type and  description  which the Borrower may now or at
     any time  hereafter  owe to the Lender,  whether  such debt,  liability  or
     obligation now exists or is hereafter  created or incurred,  and whether it
     is or may  be  direct  or  indirect,  due or to  become  due,  absolute  or
     contingent,  primary or secondary,  liquidated or  unliquidated,  or joint,
     several  or  joint  and  several,   all  interest  thereon,  all  renewals,
     extensions  and  modifications  thereof  and any  notes  issued in whole or
     partial substitution therefor.

          "Related Subordinated Notes" means RP's Subordinated Promissory Notes,
     each  dated  as of  February  28,  2002  (except  for the Note  payable  to
     Christopher  A.  Johnston,  which is dated March 8,  2002),  payable to the
     order of (i)  Richard  Johnston  and Jayne A.  Johnston  as Trustees of the
     Johnston Family Living Trust created by instrument  dated April 11, 1994 as
     restated on June 29, 1995 in the original  principal amount of $150,000.00,
     (ii) DWR  Custodian  for Kenneth  Warren  Attorney at Law f/b/o  Kenneth J.
     Warren  VIP+  Profit  Sharing  Plan dated  March 24,  1997 in the  original
     principal  amount  of  $50,000.00,  (iii)  Charles  S.  Mechem,  Jr. in the
     original  principal  amount of $50,000.00  and (iv) John C. Lauchnor in the
     original  principal  amount  of  $25,000.00,  together  with all  renewals,
     extensions  and  modifications  thereof  and any  note or notes  issued  in
     substitution thereof.

          "Subordinated  Indebtedness"  means  all  obligations  to repay  funds
     borrowed  as  evidenced  by the  Subordinated  Note  as  amended,  renewed,
     substituted or restated from time to time.

          "Subordinated Note" means RP's Subordinated  Promissory Note, dated as
     of February 28, 2002, payable to the order of the Subordinated  Creditor in
     the original  principal  amount of $50,000.00,  together with all renewals,
     extensions  and  modifications  thereof  and any  note or notes  issued  in
     substitution therefor.

     2.  SUBORDINATION.  The payment of all of the Subordinated  Indebtedness is
hereby  expressly  subordinated to the extent and in the manner  hereinafter set
forth to the payment in full of the Lender  Indebtedness;  and regardless of any
priority  otherwise  available  to  the  Subordinated  Creditor  by  law  or  by
agreement,  the Lender shall hold a first  security  interest in all  collateral
securing payment of the Lender Indebtedness (the "Collateral"), and any security
interest  claimed  therein  (including  any proceeds  thereof but  excluding the
Option (as defined in the Subordinated  Note) and the proceeds from the exercise
of  the  Option)  by  the  Subordinated  Creditor  shall  be  and  remain  fully
subordinate for all purposes to the security  interest of the Lender therein for
all purposes whatsoever.

                                      -2-
<PAGE>
     3. PRINCIPAL  PAYMENTS.  Until all of the Lender Indebtedness has been paid
in full, the Subordinated Creditor shall not, without the Lender's prior written
consent,  demand,  receive or accept any principal  payment from the Borrower in
respect of the Subordinated Indebtedness, or exercise any right of or permit any
setoff in respect of the Subordinated Indebtedness, except that the Subordinated
Creditor  may accept  scheduled  payments  (but not  prepayments  and the Lender
acknowledges that October 26, 2002 is the maturity of the Subordinated  Note) of
principal  required to be paid under the  Subordinated  Note,  so long as (i) no
Borrower  Default has occurred and is continuing or will occur as a result of or
immediately  following any such payment, (ii) the aggregate excess Availability,
as defined in the Credit Agreements (exclusive of any Availability existing as a
result of any  overadvance  component of either  Borrowing Base) for the 60 days
immediately  preceding any such payment is not less than  $500,000.00  and (iii)
after giving effect to each such payment, together with any payments made on the
Related  Subordinated  Notes,  the  aggregate  Availability  (exclusive  of  any
Availability  existing  as a result  of any  overadvance  components  of  either
Borrowing Base) under both Credit Agreements minus accounts payable more than 30
days past respective due date is not less than $500,000.00.

     4.  INTEREST  PAYMENTS.  Without the Lender's  prior written  consent,  the
Subordinated  Creditor shall not demand,  receive or accept any interest payment
from the  Borrower in respect of the  Subordinated  Indebtedness  so long as any
Borrower  Default  exists or if a Borrower  Default will occur as a result of or
immediately following such interest payment.

     5. RECEIPT OF PROHIBITED  PAYMENTS.  If the Subordinated  Creditor receives
any payment on the Subordinated  Indebtedness that the Subordinated  Creditor is
not entitled to receive under the provisions of this Agreement, the Subordinated
Creditor  will hold the  amount so  received  in trust for the  Lender  and will
forthwith turn over such payment to the Lender in the form received  (except for
the endorsement of the Subordinated Creditor where necessary) for application to
then-existing  Lender  Indebtedness  (whether  or not  due),  in such  manner of
application as the Lender may deem  appropriate.  If the  Subordinated  Creditor
exercises any right of setoff which the  Subordinated  Creditor is not permitted
to exercise under the provisions of this Agreement,  the  Subordinated  Creditor
will promptly pay over to the Lender, in immediately  available funds, an amount
equal to the amount of the claims or  obligations  offset.  If the  Subordinated
Creditor  fails to make any  endorsement  required  under  this  Agreement,  the
Lender,  or any of its  officers or employees or agents on behalf of the Lender,
is hereby irrevocably  appointed as the  attorney-in-fact  (which appointment is
coupled with an interest) for the Subordinated Creditor to make such endorsement
in the Subordinated Creditor's name.

     6. ACTION ON SUBORDINATED DEBT. The Subordinated Creditor will not commence
any action or proceeding  against the Borrower to recover all or any part of the
Subordinated Indebtedness, or join with any creditor (unless the Lender shall so
join) in bringing  any  proceeding  against the Borrower  under any  bankruptcy,
reorganization,   readjustment  of  debt,   arrangement  of  debt  receivership,
liquidation or insolvency law or statute of the federal or any state government,
or take  possession  of,  sell,  or dispose of any  Collateral,  or  exercise or
enforce any right or remedy available to the Subordinated  Creditor with respect
to any such Collateral,  unless and until the Lender  Indebtedness has been paid
in full.

                                      -3-
<PAGE>
     7. ACTION CONCERNING COLLATERAL.

          (a)  Notwithstanding  any  security  interest  now  held or  hereafter
acquired by the Subordinated  Creditor, the Lender may take possession of, sell,
dispose of, and  otherwise  deal with all or any part of the  Collateral  (other
than the  Option and the  proceeds  from the  exercise  of the  Option)  and may
enforce any right or remedy available to it with respect to the Collateral,  all
without notice to or consent of the Subordinated Creditor except as specifically
required by applicable law.

          (b) In addition, and without limiting the generality of the foregoing,
if a Borrower Default has occurred and is continuing and the Borrower intends to
sell any Collateral to an unrelated  third party outside the ordinary  course of
business,  the Subordinated  Creditor shall, upon the Lender's request,  execute
and deliver to such purchaser such instruments as may reasonably be necessary to
terminate and release any security  interest or lien the  Subordinated  Creditor
has in the Collateral to be sold.

          (c) The Lender  shall  have no duty to  preserve,  protect,  care for,
insure,  take possession of, collect,  dispose of, or otherwise realize upon any
of the Collateral,  and in no event shall the Lender be deemed the  Subordinated
Creditor's  agent with respect to the Collateral.  All proceeds  received by the
Lender with respect to any Collateral may be applied, first, to pay or reimburse
the Lender for all costs and expenses  (including  reasonable  attorneys'  fees)
incurred by the Lender in connection with the collection of such proceeds,  and,
second,  to any indebtedness  secured by the Lender's  security interest in that
Collateral in any order that it may choose.

     8. BANKRUPTCY AND INSOLVENCY. In the event of any receivership, insolvency,
bankruptcy,   assignment  for  the  benefit  of  creditors,   reorganization  or
arrangement with creditors,  whether or not pursuant to bankruptcy law, the sale
of  all  or  substantially  all of the  assets  of  the  Borrower,  dissolution,
liquidation  or any  other  marshalling  of the  assets  or  liabilities  of the
Borrower,  the  Subordinated  Creditor will file all claims,  proofs of claim or
other instruments of similar  character  necessary to enforce the obligations of
the Borrower in respect of the Subordinated  Indebtedness and will hold in trust
for the Lender and promptly pay over to the Lender in the form received  (except
for  the  endorsement  of  the   Subordinated   Creditor  where  necessary)  for
application  to the  then-existing  Lender  Indebtedness,  any and  all  moneys,
dividends or other  assets  received in any such  proceedings  on account of the
Subordinated  Indebtedness,  unless and until the Lender  Indebtedness  has been
paid in full. If the  Subordinated  Creditor shall fail to take any such action,
the Lender, as  attorney-in-fact  for the Subordinated  Creditor,  may take such
action on the Subordinated  Creditor's behalf. The Subordinated  Creditor hereby
irrevocably  appoints the Lender,  or any of its officers or employees on behalf
of the Lender,  as the  attorney-in-fact  for the  Subordinated  Creditor (which
appointment  is  coupled  with an  interest)  with the power but not the duty to
demand, sue for, collect and receive any and all such moneys, dividends or other
assets and give  acquittance  therefor and to file any claim,  proof of claim or
other instrument of similar  character,  to vote claims comprising  Subordinated
Indebtedness  to accept or reject any plan of partial or  complete  liquidation,
reorganization,  arrangement,  composition  or extension  and to take such other
action in the Lender's own name or in the name of the  Subordinated  Creditor as
the Lender may deem necessary or advisable for the enforcement of the agreements
contained herein; and the Subordinated  Creditor will execute and deliver to the

                                      -4-
<PAGE>
Lender such other and further  powers-of-attorney  or  instruments as the Lender
may request in order to accomplish the foregoing.

     9.  RESTRICTIVE  LEGEND;   TRANSFER  OF  SUBORDINATED   INDEBTEDNESS.   The
Subordinated  Creditor will cause the  Subordinated  Note or any part thereof to
contain a specific statement thereon to the effect that the indebtedness thereby
evidenced is subject to the provisions of this Agreement,  and the  Subordinated
Creditor  will  mark its  books  conspicuously  to  evidence  the  subordination
effected hereby.  Attached hereto is a true and correct copy of the Subordinated
Note  bearing such  legend.  At the request of the Lender,  after and during the
continuance of a Borrower Default, the Subordinated  Creditor shall deposit with
the Lender the Subordinated Note and all of the other notes,  bonds,  debentures
or other  instruments  evidencing the  Subordinated  Indebtedness,  which notes,
bonds,  debentures or other instruments may be held by the Lender so long as any
Lender Indebtedness remains outstanding. The Subordinated Creditor is the lawful
holder of the Subordinated  Note and has not transferred any interest therein to
any other person.

     10.  CONTINUING  EFFECT.  This  Agreement  shall  constitute  a  continuing
agreement of subordination,  and the Lender may, without notice to or consent by
the  Subordinated  Creditor,  modify  any  term of the  Lender  Indebtedness  in
reliance upon this Agreement.  Without limiting the generality of the foregoing,
the  Lender  may,  at any time and from  time to time,  either  before  or after
receipt of any such  notice of  revocation,  without the consent of or notice to
the  Subordinated   Creditor  and  without   incurring   responsibility  to  the
Subordinated  Creditor or impairing or releasing  any of the Lender's  rights or
any of the Subordinated Creditor's obligations hereunder:

          (a) change the interest rate or change the amount of payment or extend
the time  for  payment  or renew or  otherwise  alter  the  terms of any  Lender
Indebtedness or any instrument evidencing the same in any manner;

          (b) sell, exchange, release or otherwise deal with any property at any
time  securing  payment  of the Lender  Indebtedness  or any part  thereof;

          (c) release  anyone liable in any manner for the payment or collection
of the Lender Indebtedness or any part thereof;

          (d) exercise or refrain from exercising any right against the Borrower
or any other person (including the Subordinated Creditor); and

(e) apply any sums  received  by the  Lender,  by  whomsoever  paid and  however
realized,  to the Lender  Indebtedness  in such manner as the Lender  shall deem
appropriate.

     11. NO COMMITMENT. None of the provisions of this Agreement shall be deemed
or construed to constitute or imply any  commitment or obligation on the part of
the Lender to make any future loans or other  extensions  of credit or financial
accommodations to the Borrower.

     12.  NOTICE.  All notices and other  communications  hereunder  shall be in
writing and shall be (i) personally  delivered,  (ii)  transmitted by registered
mail, postage prepaid, or (iii) transmitted by telecopy,  in each case addressed
to the party to whom notice is being given at its address as set forth below:

                                      -5-
<PAGE>
          If to the Lender:

          Wells Fargo Business Credit, Inc
          100 West Washington Street, 7th Floor
          MAC S4101-076
          Phoenix, Arizona  85003
          Telecopier:  602-378-6215
          Attention:  Mr. Cliff Moschnik

          If to the Subordinated Creditor:

          Taft, Stettinius & Hollister LLP
          1800 Firstar Tower
          425 Walnut Street
          Cincinnati, OH  45202-3957
          Telecopier:  (513) 381-0205

or at such  other  address as may  hereafter  be  designated  in writing by that
party.  All such  notices or other  communications  shall be deemed to have been
given on (i) the date received if delivered personally, (ii) the date of posting
if  delivered  by  mail,  or (iii)  the date of  transmission  if  delivered  by
telecopy.

     13.  CONFLICT  IN  AGREEMENTS.  If  the  subordination  provisions  of  any
instrument evidencing Subordinated  Indebtedness conflict with the terms of this
Agreement, the terms of this Agreement shall govern the relationship between the
Lender and the Subordinated Creditor.

     14. NO  WAIVER.  No waiver  shall be deemed to be made by the Lender or the
Subordinated Creditor of any of its rights hereunder unless the same shall be in
writing signed on behalf of the Lender or the Subordinated Creditor, as the case
may be, and each such waiver, if any, shall be a waiver only with respect to the
specific  matter or  matters  to which the  waiver  relates  and shall in no way
impair the rights of the Lender or the Subordinated  Creditor or the obligations
of the  Subordinated  Creditor to the Lender or the obligations of the Lender to
the Subordinated Creditor in any other respect at any time.

     15. BINDING  EFFECT;  ACCEPTANCE.  This Agreement shall be binding upon the
parties hereto and their legal representatives, successors and assigns and shall
inure to the benefit of each party hereto and its  participants,  successors and
assigns irrespective of whether this or any similar agreement is executed by any
other Subordinated Creditor of the Borrower.

     16.   MISCELLANEOUS.   The  paragraph  headings  herein  are  included  for
convenience  of reference only and shall not constitute a part of this Agreement
for  any  other  purpose.  This  Agreement  may be  executed  in any  number  of
counterparts,  each of which  shall be an  original,  but all of which  together
shall constitute one instrument.

                                      -6-
<PAGE>
     17. GOVERNING LAW; CONSENT TO JURISDICTION AND VENUE; WAIVER OF JURY TRIAL.
This  Agreement  shall be  governed  by and  construed  in  accordance  with the
substantive laws (other than conflict laws) of the State of Arizona.  Each party
consents to the personal jurisdiction of the state and federal courts located in
the  State of  Arizona  in  connection  with  any  controversy  related  to this
Agreement,  waives any argument that venue in any such forum is not  convenient,
and agrees that any litigation  initiated by any of them in connection with this
Agreement  shall be venued in either  the  Superior  Court of  Maricopa  County,
Arizona or the United States  District Court,  District of Arizona.  THE PARTIES
WAIVE  ANY  RIGHT TO  TRIAL  BY JURY IN ANY  ACTION  OR  PROCEEDING  BASED ON OR
PERTAINING TO THIS ACKNOWLEDGMENT.

     IN WITNESS  WHEREOF,  each party has executed this  Agreement as of the day
and year first above-written.

Witness:
         ----------------------------        -----------------------------------

                                        WELLS FARGO BUSINESS CREDIT, INC.,
                                        a Minnesota corporation

                                        By:
                                            ------------------------------------

                                            Its:
                                                 -------------------------------

                                      -7-
<PAGE>
                           Acknowledgment by Borrower

     The undersigned, being the Borrower referred to in the foregoing Agreement,
hereby (i)  acknowledges  receipt of a copy  thereof,  (ii) agrees to all of the
terms and provisions thereof,  (iii) agrees to and with the Lender that it shall
make no payment on the Subordinated  Indebtedness that the Subordinated Creditor
would not be entitled to receive  under the  provisions of the  Agreement,  (iv)
agrees  that any such  payment  will  constitute  a  default  under  the  Lender
Indebtedness,  and (v) agrees to mark its books  conspicuously  to evidence  the
subordination of the Subordinated Indebtedness effected hereby.

                                        ROYAL PRECISION, INC., a Delaware
                                        corporation

                                        By:
                                            ------------------------------------

                                            Its:
                                                 -------------------------------

                                        ROYAL GRIP, INC., a Nevada corporation

                                        By:
                                            ------------------------------------

                                            Its:
                                                 -------------------------------

                                        ROYAL GRIP HEADWEAR COMPANY, a Nevada
                                        corporation

                                        By:
                                            ------------------------------------

                                            Its:
                                                 -------------------------------

                                      -8-
<PAGE>
                                        FM PRECISION GOLF MANUFACTURING CORP.,
                                        a Delaware corporation

                                        By:
                                            ------------------------------------

                                            Its:
                                                 -------------------------------

                                        FM PRECISION GOLF SALES CORP.,
                                        a Delaware corporation

                                        By:
                                            ------------------------------------

                                            Its:
                                                 -------------------------------

                                      -9-
<PAGE>
                                    EXHIBIT A

             attach copy of Subordinated Note with following legend

THIS  INSTRUMENT  IS  SUBJECT  TO THE  TERMS  OF A  SUBORDINATION  AGREEMENT  BY
___________________  IN FAVOR OF WELLS FARGO BUSINESS  CREDIT,  INC. DATED AS OF
APRIL 10, 2002.

                                      -10-

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