Document:

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                                                                    Exhibit 10.8

                                                                  EXECUTION COPY

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                             INTERCREDITOR AGREEMENT

                            Made as of April 3, 2002

                                     Between

                      GENERAL ELECTRIC CAPITAL CORPORATION

                                       and

                      GENERAL ELECTRIC CAPITAL CANADA INC.

                                       and

                  THE BANK OF NEW YORK, AS US COLLATERAL AGENT

                                       and

            BNY TRUST COMPANY OF CANADA, AS CANADIAN COLLATERAL AGENT

                                       and

                   THE BANK OF NEW YORK, AS INDENTURE TRUSTEE

                                       and

          SPORT MASKA INC., THE HOCKEY COMPANY, SPORTS HOLDINGS CORP.,
        MASKA U.S., INC., SLM TRADEMARK ACQUISITION CANADA CORPORATION,
             SLM TRADEMARK ACQUISITION CORP. AND WAP HOLDINGS INC.

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                                                                  EXECUTION COPY

SECTION 1 - INTERPRETATION

         1.1      Definitions..................................................3
         1.2      Headings....................................................12
         1.3      References..................................................12
         1.4      Number and Gender...........................................12
         1.5      Time of the Essence.........................................12

SECTION 2
         INTERCREDITOR AGREEMENT..............................................12
         2.1      Lien Priorities.............................................12
         2.2      Distribution of Proceeds of Collateral......................15
         2.3      Enforcement Actions.........................................17
         2.4      Liquidation Periods.........................................19
         2.5      Use of Collateral Agent Senior Collateral...................20
         2.6      Collateral Agent's Rights During Liquidation Periods........21
         2.7      Availability and Delivery of Books, Records Etc.............21
         2.8      Expenses During Liquidation Periods.........................22
         2.9      Release of Liens............................................22
         2.10     Release of Pledged Share Documents..........................23
         2.11     Intellectual Property Licence...............................23
         2.12     Use of Intellectual Property................................24
         2.13     Amounts to be Received in Trust.............................24
         2.14     Additional Credit Extensions; Amendments....................24
         2.15     Accounting..................................................25
         2.16     Notice of Defaults..........................................25
         2.17     Insurance...................................................25
         2.18     Notices of Sale.............................................27
         2.19     Agents for each of the Secured Parties......................27
         2.20     Collateral Agent Obligations................................27

SECTION 3 - MISCELLANEOUS
         28
         3.1      Notices.....................................................28
         3.2      Contesting Liens or Security Interests......................28
         3.3      The Debtors Acknowledgement on Insolvency Proceedings.......28
         3.4      No Additional Rights for the Debtors Hereunder..............28
         3.5      Independent Credit Investigations...........................29
         3.6      Limitation on Liability of Agents to Each Other.............29
         3.7      Amendments to this Agreement................................29
         3.8      Entire Agreement............................................29
         3.9      Further Assurances..........................................29
         3.10     No Waiver...................................................29
         3.11     Severability................................................30
         3.12     Successors and Assigns; Counterparts........................30
         3.13     Governing Law...............................................30
         3.14     Attornment..................................................30

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         3.15     Information.................................................30
         3.16     Termination.................................................30
         3.17     Agreement Does Not Apply to Certain Property................31

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                             INTERCREDITOR AGREEMENT

This lntercreditor Agreement (as amended, supplemented. restated or otherwise
modified from time to time, this "AGREEMENT") is made as of April 3, 2002,
between

              GENERAL ELECTRIC CAPITAL CORPORATION., a Delaware corporation (in
              its capacity as agent for itself and the other US Lenders (as
              defined in Recital A), together with its successors and assigns in
              such capacity, "GECC")

                                       and

              GENERAL ELECTRIC CAPITAL CANADA INC., a Canada corporation (in its
              capacity as agent for itself and the other Canadian Lenders (as
              defined in Recital B), together with its successors and assigns in
              such capacity, "GE CAPITAL CANADA")

                                       and

              THE BANK OF NEW YORK, a New York banking corporation (solely in
              its capacity as US collateral agent for the Holders and the
              Indenture Trustee (each as defined in Recital C) together with its
              successors and assigns, "US COLLATERAL AGENT")

                                       and

              BNY TRUST COMPANY OF CANADA, a trust company incorporated pursuant
              to the laws of Canada (solely in its capacity as Canadian
              collateral agent and as fonde de pouvoir for the Indenture Trustee
              and the Holders (each as defined in Recital C) together with its
              successors and assigns, "CANADIAN COLLATERAL AGENT")

                                       and

              THE BANK OF NEW YORK, a New York banking corporation (solely in
              its capacity as indenture trustee for the Holders, together with
              its successors and assigns, "INDENTURE TRUSTEE")

                                       and

              THE HOCKEY COMPANY, a Delaware corporation (together with its
              successors and assigns, "THC")

                                       and

              SPORTS HOLDINGS CORP., a Delaware corporation (together with its
              successors and assigns, "SHC")

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                                       and

              SLM TRADEMARK ACQUISITION CANADA CORPORATION, a New Brunswick
              corporation (together with its successors and assigns, "TRADEMARK
              CANADA")

                                       and

              SLM TRADEMARK ACQUISITION CORP., a Delaware corporation (together
              with its successors and assigns, "TRADEMARK US")

                                       and

              MASKA U.S., INC., a Vermont corporation (together with its
              successors and assigns, "US BORROWER")

                                       and

              SPORT MASKA INC., a New Brunswick corporation (together with its
              successors and assigns "CANADIAN BORROWER")

                                       and

              WAP HOLDINGS INC., a Delaware corporation (together with its
              successors and assigns, "WAP")

RECITALS

A.     US Borrower, THC, SHC, Canadian Borrower, Trademark US, Trademark Canada,
       WAP and the other credit parties signatory thereto (collectively, the "US
       FACILITY CREDIT PARTIES"), the lender or lenders thereunder from time to
       time (the "US LENDERS", and together with GECC, the "GECC SECURED
       PARTIES") and GECC are parties to a Credit Agreement made November 19,
       1998 (as amended, supplemented, restated or otherwise modified from time
       to time, the "US CREDIT AGREEMENT") under which GECC and the US Lenders
       have agreed to provide to US Borrower revolving credit facilities of up
       to the aggregate principal amount of US$35,000,000.

B.     Canadian Borrower, THC, SHC, US Borrower, Trademark US, Trademark Canada,
       WAP and the other credit parties signatory thereto (collectively, the
       "CANADIAN FACILITY CREDIT PARTIES"), the lender or lenders thereunder
       from time to time (the "CANADIAN LENDERS", and together with GE Capital
       Canada, the "GE CAPITAL CANADA SECURED PARTIES") and GE Capital Canada
       are parties to a Credit Agreement dated as of November 19, 1998 (as
       amended, supplemented, restated or otherwise modified from time to time,
       the "CANADIAN CREDIT AGREEMENT") under which GE Capital Canada and the
       Canadian Lenders have agreed to provide to Canadian Borrower revolving
       credit facilities of up to the aggregate principal amount of
       US$35,000,000.

C.     THC, Sport Maska Inc., the other Canadian Facility Credit Parties, and
       Indenture Trustee are parties to an Indenture dated as of April 3, 2002
       (as amended, supplemented restated

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       or otherwise modified from time to time, the "INDENTURE") under which THC
       and Sport Maska Inc. have issued units ("UNITS") in the aggregate
       principal amount of $125,000,000 consisting of $ 62,500,000 principal
       amount of 11.25% senior secured notes, due 2009, of THC and $62,500,000
       principal amount of 11.25% senior secured notes, due 2009, of Sport Maska
       Inc. (collectively, the "SENIOR NOTES").

D.     US Collateral Agent is the US collateral agent on behalf of the holders
       of the Units ("HOLDERS") and the Indenture Trustee in accordance with the
       Indenture and Canadian Collateral Agent is the Canadian collateral agent
       on behalf of the Holders and the Indenture Trustee, in accordance with an
       agreement between Canadian Collateral Agent, Canadian Borrower, THC, the
       other Canadian Facility Credit Parties and Indenture Trustee (as amended,
       supplemented restated or otherwise modified from time to time, the
       "COLLATERAL AGENCY AGREEMENT; and Holders, Indenture Trustee, US
       Collateral Agent and Canadian Collateral Agent are collectively referred
       to herein as the "COLLATERAL AGENT SECURED PARTIES").

E.     The GECC Secured Parties, the GE Capital Canada Secured Parties and the
       Collateral Agent Secured Parties have each obtained, and may hereafter
       obtain, assignments, security interests, hypothecs, charges, pledges and
       other liens (collectively, the "LIENS") in certain assets of the US
       Facility Credit Parties and the Canadian Facility Credit Parties
       (collectively the "DEBTORS") under the assignments, deeds of hypothec,
       security agreements, pledges, mortgages and other security documents
       entered into now and hereafter under, by virtue of, or otherwise in
       connection with, the US Credit Agreement, the Canadian Credit Agreement
       and the Indenture (collectively, the "SECURITY DOCUMENTS").

F.     GECC, GE Capital Canada, Indenture Trustee, US Collateral Agent and
       Canadian Collateral Agent desire to agree on the relative priority of the
       respective Liens of the GECC Secured Parties, the GE Capital Canada
       Secured Parties and the Collateral Agent Secured Parties and certain
       other rights, priorities and interests.

FOR VALUE RECEIVED, the parties agree as follows:

                           SECTION 1 - INTERPRETATION

1.1    DEFINITIONS.

In this Agreement, including the Recitals, the following words and phrases shall
have the following meanings:

       (1)    "ACCOUNTS" shall mean:

              (a)    all of the Debtors' accounts and book debts and generally
                     all debts, dues, claims, choses in action and demands of
                     every nature and kind howsoever arising or secured,
                     including letters of credit and advices of credit, which
                     are now due, owing or accruing or growing due to or owned
                     by or which may hereafter become due, owing or accruing or
                     growing due to or owned by the Debtors including, without
                     limitation, all amounts due from other Debtors and all
                     deposit and other accounts held in a Debtor's name or a

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                     trade or business name of a Debtor or for the benefit of a
                     Debtor with a financial institution or other deposit-taking
                     entity and all deposits therein;

              (b)    all deeds, documents, writings, papers, books of account
                     and other books relating to or being records of any other
                     Accounts referred to in this Section 1.1(1);

              (c)    all instruments, chattel paper, documents of title,
                     contractual rights and other intangibles or incorporeal
                     property evidencing, securing or otherwise relating to any
                     other Accounts referred to in this Section 1.1; and

              (d)    all books and records and software pertaining to any of the
                     foregoing,

              except to the extent that the property described in paragraphs (a)
              through (d) above constitutes Collateral Agent Bank Accounts or
              amounts deposited therein, or arises as a result of the
              disposition of Equipment, Real Property or Collateral Agent
              Intangibles, including Intellectual Property.

       (2)    "ACCOUNTS LIQUIDATION PERIOD" shall have the meaning given to it
              in Section 2.4(1).

       (3)    "AGREEMENT" shall have the meaning given to it in the first
              paragraph of this Agreement.

       (4)    "CANADIAN BORROWER" shall have the meaning given to it in the
              first paragraph of this Agreement.

       (5)    "CANADIAN BORROWER AND TRADEMARK CANADA ACCOUNTS" shall mean all
              Accounts of the Canadian Borrower and Trademark Canada.

       (6)    "CANADIAN BORROWER AND TRADEMARK CANADA INVENTORY" shall mean all
              Inventory of the Canadian Borrower and Trademark Canada.

       (7)    "CANADIAN COLLATERAL AGENT" shall have the meaning given to it in
              the first paragraph of this Agreement.

       (8)    "CANADIAN CREDIT AGREEMENT" shall have the meaning given to it in
              Recital B.

       (9)    "CANADIAN FACILITY CREDIT PARTIES" shall have the meaning given to
              it in Recital B.

       (10)   "CANADIAN LENDERS" shall have the meaning given to it in Recital
              B.

       (11)   "COLLATERAL" shall mean all the assets, rights, property or
              interests in property described in Sections 1.1(1), 1.1(16),
              1.1(23), 1.1(29), 1.1(36), 1.1(40), 1.1(46), 1.1(47), 1.1(53),
              1.1(54) and 1.1(56) and includes the Proceeds and products
              thereof, and where applicable, the Proceeds of insurance or escrow
              accounts covering any such property.

       (12)   "COLLATERAL AGENCY AGREEMENT" shall have the meaning given to it
              in Recital D.

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       (13)   "COLLATERAL AGENT" shall mean, as the context requires, the
              Canadian Collateral Agent and/or the US Collateral Agent.

       (14)   "COLLATERAL AGENT BANK ACCOUNTS" means any deposit or other bank
              account of which Collateral Agent has given each of GECC and GE
              Canada prior written notice and into which Proceeds of other
              Collateral Agent Senior Collateral have been deposited but shall
              exclude any depository or other bank accounts of the Debtors used
              in connection with the cash management arrangements between the
              Debtors, their relationship banks or similar entities and GECC or
              the Debtors, their relationship banks or similar entities and GE
              Capital Canada.

       (15)   "COLLATERAL AGENT CLAIM" shall mean all obligations and
              liabilities of THC, Sport Maska Inc. and the other Debtors that
              are party to the Indenture, to the Collateral Agent Secured
              Parties pursuant to the Collateral Agency Agreement, the Indenture
              and the Senior Notes, including, without limitation, all sums
              loaned or disbursed to or for the benefit of THC and Sport Maska
              Inc. at any time, all interest and fees with respect thereto, and
              all costs of collection or enforcement, including legal expenses
              and all amounts due under, and obligations owing in respect of,
              guarantees given by the Debtors to the Collateral Agent Secured
              Parties.

       (16)   "COLLATERAL AGENT INTANGIBLES" shall mean all of the Debtors' now
              owned or hereafter acquired (i) contract rights, choses in action,
              causes of action, and rights to refunds or indemnification
              relating to other Collateral Agent Senior Collateral, including,
              without limitation, claims for tax or other refunds against any
              city, county, province, state or federal government, or any agency
              or authority or other subdivision thereof relating to other
              Collateral Agent Senior Collateral, (ii) corporate or other
              business records, ledgers and computer programs relating to other
              Collateral Agent Senior Collateral and (iii) all other general
              intangibles and incorporeal property relating to other Collateral
              Agent Senior Collateral.

       (17)   "COLLATERAL AGENT SECURED PARTIES" shall have the meaning given to
              it in Recital D.

       (18)   "COLLATERAL AGENT SENIOR COLLATERAL" shall mean the Collateral in
              which Collateral Agent on behalf of the Collateral Agent Secured
              Parties have a senior Lien, as described in and provided by
              Section 2.1(1)(d).

       (19)   "DEBTORS" shall have the meaning given to it in Recital E.

       (20)   "ENFORCEMENT ACTIONS" shall mean, collectively or individually,
              after an Event of Default has occurred that is continuing under
              the US Credit Agreement, the Canadian Credit Agreement and/or the
              Indenture, as applicable, for all or any of GECC, GE Capital
              Canada and Collateral Agent (and/or any Receiver(s)) to take any
              action to repossess or realize upon any material amount of
              Collateral, to exercise rights of set-off or commence the judicial
              or non-judicial enforcement of any of the rights and remedies
              (including hypothecary remedies under the Civil Code of Quebec)
              under any Security Document, or pursuant to the Liens, including
              the withdrawal of an authorization to collect claims (as
              contemplated by

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              Article 2745 of the CIVIL CODE OF QUEBEC). For greater certainty,
              applications of amounts received by GECC or GE Capital Canada
              under cash management arrangements implemented in connection with
              the US Credit Agreement or the Canadian Credit Agreement shall not
              constitute Enforcement Actions.

       (21)   "ENFORCEMENT NOTICE" shall mean a written notice delivered by any
              of GECC, GE Capital Canada or Collateral Agent to each of the
              others following acceleration of the GECC Claim, the GE Capital
              Canada Claim or the Collateral Agent Claim, as applicable, stating
              that immediately after the giving of such notice it will be taking
              one or more Enforcement Actions and such notice shall specify the
              relevant Event of Default and the current balance of the GECC
              Claim, the GE Capital Canada Claim or the Collateral Agent Claim,
              as applicable.

       (22)   "ENFORCEMENT PERIOD" shall mean the period of time following the
              date of receipt by two of GECC, GE Capital Canada or Collateral
              Agent of an Enforcement Notice from the other until either (i) the
              final payment or satisfaction in full of two of the GECC Claim,
              the GE Capital Canada Claim and the Collateral Agent Claim, or
              (ii) GECC, GE Capital Canada and Collateral Agent, agree in
              writing to terminate the Enforcement Period.

       (23)   "EQUIPMENT" shall mean all of the Debtors' machinery and equipment
              (other than Inventory), including, without limitation, processing
              equipment, conveyors, machine tools, data processing and computer
              equipment with software and peripheral equipment and all
              engineering, processing and manufacturing equipment, office
              machinery, furniture, materials handling equipment, tools,
              attachments, accessories, automotive equipment, trailers, trucks,
              forklifts, molds, dies, stamps, motor vehicles, rolling stock and
              other equipment of every kind and nature, and fixtures, all
              whether now owned or hereafter acquired, and wherever situated,
              together with all additions and accessions thereto, replacements
              therefor, all parts therefor, all substitutes for any of the
              foregoing, fuel therefor, and all manuals, drawings, instructions,
              warranties and rights with respect thereto.

       (24)   "EVENT OF DEFAULT" shall mean an "EVENT OF DEFAULT" as such term
              is defined in the US Credit Agreement, the Canadian Credit
              Agreement and/or the Indenture.

       (25)   "FINISHED GOODS LIQUIDATION PERIOD" shall have the meaning given
              to it in Section 2.4(1).

       (26)   "GE CAPITAL CANADA" shall have the meaning given to it in the
              first paragraph of this Agreement.

       (27)   "GE CAPITAL CANADA CLAIM" shall mean all "Obligations" of the
              Debtors to the GE Capital Canada Secured Parties as defined in the
              Canadian Credit Agreement, including, without limitation, all sums
              loaned or advanced to or for the benefit of the Debtors and all
              letter of credit obligations incurred for the account of the
              Debtors at any time, all interest and fees with respect thereto,
              all future advances and all costs of collection or enforcement,
              including legal expenses and all amounts due under, and
              obligations owing in respect of, guarantees given by the Debtors
              to the GE Capital Canada Secured Parties.

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       (28)   "GE CAPITAL CANADA COMMITMENT" shall mean the commitment of the GE
              Capital Canada Secured Parties, or any of them, to make revolving
              loans to the Canadian Borrower or to incur letter of credit
              obligations for the accounts of the Canadian Borrower under the
              Canadian Credit Agreement.

       (29)   "GE CAPITAL CANADA INTANGIBLES" shall mean:

              (a)    all of the Canadian Borrower and Trademark Canada's now
                     owned or hereafter acquired (i) contract rights (other than
                     contractual rights relating to Intellectual Property),
                     choses in action, causes of action, and rights to refunds
                     or indemnification relating to other GE Capital Canada
                     Senior Collateral, including, without limitation, claims
                     for tax or other refunds against any city, county, state,
                     province or federal government, or any agency or authority
                     or other subdivision thereof relating to other GE Capital
                     Canada Senior Collateral, (ii) corporate or other business
                     records, ledgers and computer programs relating to other GE
                     Capital Canada Senior Collateral and (iii) all other
                     general intangibles and incorporeal property (excluding
                     Intellectual Property) relating to other GE Capital Canada
                     Senior Collateral;

              (b)    all deeds, documents, writings, papers, books of account
                     and other books relating to or being records of any other
                     GE Capital Canada Intangibles referred to in this Section
                     1.1(29);

              (c)    all instruments, chattel paper, documents of title,
                     contractual rights and other intangibles or incorporeal
                     property evidencing, securing or otherwise relating to any
                     other GE Capital Canada Intangibles referred to in this
                     Section 1.1(29); and

              (d)    all books and records and software pertaining to any of the
                     foregoing.

       (30)   "GE CAPITAL CANADA SECURED PARTIES" shall have the meaning
              assigned to in Recital B.

       (31)   "GE CAPITAL CANADA SENIOR COLLATERAL" shall mean Collateral in
              which GE Capital Canada on behalf of the GE Capital Canada Secured
              Parties, or the GE Capital Canada Secured Parties, as applicable,
              have a senior Lien, as described in and provided by Section
              2.1(1)(b).

       (32)   "GE CAPITAL CANADA SUBORDINATED COLLATERAL" shall have the meaning
              given to it in Section 2.1(2)(b).

       (33)   "GECC" shall have the meaning given to it in the first paragraph
              of this Agreement.

       (34)   "GECC CLAIM" shall mean all "Obligations" of the Debtors to the
              GECC Secured Parties as defined in the US Credit Agreement,
              including, without limitation, all sums loaned or advanced to or
              for the benefit of the Debtors and all letter of credit
              obligations incurred for the account of the Debtors at any time,
              all interest and fees with respect thereto, all future advances
              and all costs of

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              collection or enforcement, including legal expenses and all
              amounts due under, and obligations owing in respect of, guarantees
              given by the Debtors to the GECC Secured Parties.

       (35)   "GECC COMMITMENT" shall mean the commitment of the GECC Secured
              Parties, or any or them, to make revolving loans to the US
              Borrower or to incur letter of credit obligations for the accounts
              of the US Borrower under the US Credit Agreement.

       (36)   "GECC INTANGIBLES" shall mean:

              (a)    all of the US Borrower's and Trademark US's now owned or
                     hereafter acquired (i) contract rights (other than
                     contractual rights relating to Intellectual Property),
                     choses in action, causes of action, and rights to refunds
                     or indemnification relating to other GECC Senior
                     Collateral, including, without limitation, claims for tax
                     or other refunds against any city, county, state, province
                     or federal government, or any agency or authority or other
                     subdivision thereof relating to other GECC Senior
                     Collateral, (ii) corporate or other business records,
                     ledger and computer programs relating to other GECC Senior
                     Collateral and (iii) all other general intangibles and
                     incorporeal property (other than Intellectual Property)
                     relating to other GECC Senior Collateral;

              (b)    all deeds, documents, writings, papers, books of account
                     and other books relating to or being records of any other
                     GECC Intangibles referred to in this Section 1.1(36);

              (c)    all instruments, chattel paper, documents of title,
                     contractual rights and other intangibles or incorporeal
                     property evidencing, securing or otherwise relating to any
                     other GECC Intangibles referred to in this Section 1.1(36);
                     and

              (d)    all books and records and software pertaining to any of the
                     foregoing.

       (37)   "GECC SECURED PARTIES" shall have the meaning assigned to in
              Recital A.

       (38)   "GECC SENIOR COLLATERAL" shall mean Collateral in which GECC, on
              behalf of the GECC Secured Parties, or the GECC Secured Parties,
              as applicable, have a senior Lien, as described in and provided by
              Section 2.l(1)(a).

       (39)   "GECC SUBORDINATED COLLATERAL" shall have the meaning given to it
              in Section 2.1 (2)(a).

       (40)   "GE JOINT INTANGIBLES" shall mean:

              (a)    all of the SHC's, THC's and WAP's now owned or hereafter
                     acquired (i) contract rights (other than contractual tights
                     relating to Intellectual Property), choses in action,
                     causes of action, and rights to refunds or indemnification
                     relating to other GE Joint Senior Collateral, including,
                     without limitation, claims for tax or other refunds against
                     any city, county,

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                     state, province or federal government, or any agency or
                     authority or other subdivision thereof relating to other GE
                     Joint Senior Collateral, (ii) corporate or other business
                     records, ledgers and computer programs relating to other GE
                     Joint Senior Collateral and (iii) all other general
                     intangibles and incorporeal property (excluding
                     Intellectual Property) relating to other GE Joint Senior
                     Collateral;

              (b)    all deeds, documents, writings, papers, books of account
                     and other books relating to or being records of any other
                     GE Joint Intangibles referred to in this Section 1.1(40);

              (c)    all instruments, chattel paper, documents of title,
                     contractual rights and other intangibles or incorporeal
                     property evidencing, securing or otherwise relating to any
                     other GE Joint Intangibles referred to in this Section
                     1.1(40); and

              (d)    all books and records and software pertaining to any of the
                     foregoing.

       (41)   "GE JOINT SENIOR COLLATERAL" shall have the meaning given to it in
              Section 2.1(1) (c).

       (42)   "HOLDERS" shall have the meaning given to it in Recital D.

       (43)   "INDENTURE" shall have the meaning given to it in Recital C.

       (44)   "INSOLVENCY LAW" shall mean any of the BANKRUPTCY AND INSOLVENCY
              ACT (Canada), the COMPANIES' CREDITORS ARRANGEMENT ACT (Canada),
              the WINDING-UP AND RESTRUCTURING ACT (Canada), and Title 11 of the
              United States Code entitled "Bankruptcy", each as now and
              hereafter in effect, any successors to such statutes and any other
              applicable insolvency or other similar law of any jurisdiction
              including, without limitation, any law of any jurisdiction
              permitting a debtor to obtain a stay or a compromise of the claims
              of its creditors against it.

       (45)   "INSOLVENCY PROCEEDINGS" shall mean any dissolution, bankruptcy,
              receivership, winding-up, liquidation or other similar proceedings
              in respect of the Debtors (whether voluntary or involuntary), any
              proposal or other proceeding seeking a stay of proceedings,
              reorganization or compromise of the claims of creditors made or
              commenced by the Debtors or others under any Insolvency Law or any
              distribution of assets of the Debtors among their creditors in any
              manner whatever.

       (46)   "INTELLECTUAL PROPERTY" shall mean all intellectual and industrial
              property, including, without limitation, all patents, industrial
              designs, copyrights, trademarks, trade names, trade secrets, and
              options and rights to use any of the foregoing and, when the
              context permits, all registrations and applications that have been
              made or shall be made or filed in any office in any jurisdiction
              in respect of the foregoing, and all reissues, extensions and
              renewals thereof.

       (47)   "INVENTORY" shall mean:

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              (a)    all inventory of whatever kind and wherever situate,
                     whether now owned or hereafter acquired by the Debtors,
                     including, without limitation, all inventory, merchandise,
                     goods and other personal property which are held by or on
                     behalf of any Debtor for sale or lease or are furnished or
                     are to be furnished under a contract of service, or which
                     constitute raw materials, work in process or materials used
                     or consumed or to be used or consumed in such Debtor's
                     business or in the processing, production, packaging,
                     promotion, delivery or shipping of the same, including
                     other supplies;

              (b)    all deeds, documents, writings, papers, books of account
                     and other books relating to or being records of any other
                     Inventory referred to in this Section 1.1(47);

              (c)    all instruments, chattel paper, documents of title,
                     contractual rights and other intangibles or incorporeal
                     property evidencing, securing or otherwise relating to any
                     other Inventory referred to in this Section 1.1(47); and

              (d)    all books and records and software pertaining to any of the
                     foregoing.

       (48)   "LIENS" shall have the meaning given to it in Recital E.

       (49)   "LIQUIDATION PERIODS" shall have the meaning given to it in
              Section 2.4(1).

       (50)   "OFFICES" shall mean the offices of the Debtors where the ledgers,
              books, records, computers, books of account, computer programs,
              disks, tape files, printout runs, and other computer-prepared
              information with respect to Accounts and Inventory, including data
              regarding accounts and claims and collections with respect thereto
              and any other Proceeds thereof, are maintained and where mail
              (including payments of any Accounts) is received.

       (51)   "PERSON" means any individual, sole proprietorship, partnership,
              joint venture, trust, unincorporated organization, association,
              corporation, limited liability company, company, institution,
              public benefit corporation, investment or other fund, government
              (whether federal, provincial, state, county, city, municipal or
              otherwise, including, without limitation, any instrumentality,
              division, agency, body or department thereof) or other entity of
              any nature.

       (52)   "PLEDGED SHARE DOCUMENTS" means all original share certificates,
              proxies and powers of attorney relating to the Pledged Shares.

       (53)   "PLEDGED SHARES" means any and all shares, warrants, options,
              general or limited partnership interests or other similar rights
              (regardless how designated) issued by any Debtor to another Debtor
              and pledged or hypothecated in favour of any of the GECC Secured
              Parties, the GE Capital Canada Secured Parties or the Collateral
              Agent Secured Parties, other than such property as constitutes
              Proceeds of other Collateral.

       (54)   "PROCEEDS" means identifiable or traceable property in any form
              derived directly or indirectly from any dealing with the
              Collateral or the proceeds therefrom, including any payment or
              right to a payment or insurance representing an

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              indemnity or compensation for loss of or damage to the Collateral
              or any part thereof or Proceeds therefrom.

       (55)   "RAW/WIP LIQUIDATION PERIOD" shall have the meaning given to it in
              Section 2.4(1).

       (56)   "REAL PROPERTY" shall mean all of the real and immoveable property
              now owned or hereafter acquired by the Debtors, all leasehold
              interests and rights under leases of the Debtors, and all
              improvements and fixtures attached thereto and the Debtors' rights
              to leases, rents and profits with respect thereto.

       (57)   "RECEIVER" shall mean any receiver, manager, receiver-manager,
              receiver and manager or other person exercising similar powers
              appointed by or at the request of GECC, GE Capital Canada or
              Collateral Agent as the context requires.

       (58)   "SECURITY DOCUMENTS" shall have the meaning given to it in Recital
              E.

       (59)   INTENTIONALLY LEFT BLANK.

       (60)   "SHC" shall have the meaning given to it in the first paragraph of
              this Agreement.

       (61)   "SHC, THC AND WAP ACCOUNTS" shall mean all Accounts of SHC, THC
              and WAP.

       (62)   "SHC, THC AND WAP INVENTORY" shall mean all Inventory of SHC, THC
              and WAP.

       (63)   "THC" shall have the meaning given to it in the first paragraph of
              this Agreement.

       (64)   "TRADEMARK CANADA" shall have the meaning given to it in the first
              paragraph of this Agreement.

       (65)   "TRADEMARK US" shall have the meaning given to it in the first
              paragraph of this Agreement.

       (66)   "US BORROWER" shall have the meaning given to it in the first
              paragraph of this Agreement.

       (67)   "US BORROWER AND TRADEMARK US ACCOUNTS" shall mean all Accounts of
              the US Borrower and Trademark US.

       (68)   "US BORROWER AND TRADEMARK US INVENTORY" shall mean all Inventory
              of the US Borrower and Trademark US.

       (69)   "US COLLATERAL AGENT" shall have the meaning given to it in the
              first paragraph of this Agreement.

       (70)   "US CREDIT AGREEMENT" shall have the meaning given to it in
              Recital A.

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       (71)   "US FACILITY CREDIT PARTIES" shall have the meaning given to it in
              Recital A.

       (72)   "US LENDERS" shall have the meaning given to it in Recital A.

1.2    HEADINGS.

The insertion of headings and the provision of a table of contents are for
convenience of reference only and shall not affect the construction or
interpretation of this Agreement.

1.3    REFERENCES.

Unless otherwise specifically provided, all references to Sections and Recitals
are to Sections and Recitals of this Agreement. The words "hereto", "herein",
"hereof', "hereunder" and similar expressions refer to this Agreement.

1.4    NUMBER AND GENDER.

Unless otherwise specifically provided, words importing the singular include the
plural and vice versa and words importing gender include all genders.

1.5    TIME OF THE ESSENCE.

Time shall be of the essence of this Agreement.

                                   SECTION 2
                             INTERCREDITOR AGREEMENT

2.1    LIEN PRIORITIES.

       (1)    As between the GECC Secured Parties, the GE Capital Canada Secured
              Parties and the Collateral Agent Secured Parties, the Liens of the
              GECC Secured Parties, the GE Capital Canada Secured Parties and
              the Collateral Agent Secured Parties in the Collateral shall have
              the following relative priorities:

              (a)    the GECC Secured Parties shall have a first ranking Lien in
                     or on all US Borrower and Trademark US Accounts, US
                     Borrower and Trademark US Inventory, GECC Intangibles and
                     all Proceeds of all of the foregoing in any form derived
                     directly or indirectly from any dealing with the foregoing
                     or the Proceeds therefrom, including, without limitation,
                     insurance Proceeds, other than, but subject to the proviso
                     in Section 2.13, Proceeds of the Collateral Agent Senior
                     Collateral,

              (collectively, "GECC SENIOR COLLATERAL"), and the GE Capital
              Canada Secured Parties shall have a second ranking Lien in the
              GECC Senior Collateral and the Collateral Agent Secured Parties
              shall have a third ranking Lien in the GECC Senior Collateral;

              (b)    the GE Capital Canada Secured Parties shall have a first
                     ranking Lien in or on all Canadian Borrower and Trademark
                     Canada Accounts, Canadian Borrower and Trademark Canada
                     Inventory, GE Capital Canada Intangibles and all Proceeds
                     of all of the foregoing in any form derived

                                       12
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                     directly or indirectly from any dealing with the foregoing
                     or the Proceeds therefrom, including, without limitation,
                     insurance Proceeds, other than, but subject to the proviso
                     in Section 2.13, Proceeds of the Collateral Agent Senior
                     Collateral,

              (collectively, "GE CAPITAL CANADA SENIOR COLLATERAL"), and the
              GECC Secured Parties shall have a second ranking Lien in the GE
              Capital Canada Senior Collateral and the Collateral Agent Secured
              Parties shall have a third ranking Lien in the GE Capital Canada
              Senior Collateral;

              (c)    the GECC Secured Parties and the GE Capital Canada Secured
                     Parties shall have a first ranking PARI PASSU Lien in or on
                     all SHC, THC and WAP Accounts, SHC, THC and WAP Inventory,
                     GE Joint Intangibles and all Proceeds of all of the
                     foregoing in any form derived directly or indirectly from
                     any dealing with the foregoing or the Proceeds therefrom,
                     including, without limitation, insurance Proceeds other
                     than, but subject to the proviso in Section 2.13, Proceeds
                     of the Collateral Agent Senior Collateral;

              (collectively, "GE JOINT SENIOR COLLATERAL") and the Collateral
              Agent Secured Parties shall have a second ranking Lien in the GE
              Joint Senior Collateral;

              (d)    the Collateral Agent Secured Parties shall have a first
                     ranking Lien in or on all Real Property, Equipment,
                     Intellectual Property and other assets of the Debtors other
                     than GECC Senior Collateral, GE Capital Canada Senior
                     Collateral and GE Joint Senior Collateral and all Proceeds
                     of all of such assets in any form derived directly or
                     indirectly from any dealing with such assets or the
                     Proceeds therefrom, including, without limitation,
                     insurance Proceeds, ("COLLATERAL AGENT SENIOR COLLATERAL"),
                     and the GECC Secured Parties and the GE Capital Canada
                     Secured Parties shall have a second or third ranking Lien
                     therein, as set out in subsection 2.1(2).

       (2)    As between the GECC Secured Parties and the GE Capital Canada
              Secured Parties, the Liens of the GECC Secured Parties and the GE
              Capital Canada Secured Parties in the Collateral Agent Senior
              Collateral shall have the following relative priorities:

              (a)    the GECC Secured Parties shall have a second ranking Lien
                     in or on all Collateral Agent Senior Collateral, other than
                     Pledged Shares and Collateral Agent Senior Collateral
                     consisting of assets and property of Canadian Borrower,
                     Trademark Canada, THC, SHC and WAP (the "GECC SUBORDINATED
                     COLLATERAL"), and the GE Capital Canada Secured Parties
                     shall have a third ranking Lien therein; and

              (b)    the GE Capital Canada Secured Parties shall have a second
                     ranking Lien in or on all Collateral Agent Senior
                     Collateral, other than the GECC Subordinated Collateral,
                     Pledged Shares and Collateral Agent Senior Collateral
                     consisting of assets and property of THC, SHC and WAP (the
                     "GE CAPITAL CANADA SUBORDINATED COLLATERAL"), and the GECC

                                       13
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                     Secured Parties shall have a third ranking Lien in the GE
                     Capital Canada Subordinated Collateral;

              (c)    the GECC Secured Parties and the GE Capital Canada Secured
                     Parties shall have a second ranking PARI PASSU Lien on the
                     Pledged Shares and Collateral Agent Senior Collateral
                     consisting of assets and property of THC, SHC and WAP.

       (3)    The priorities provided for in this Agreement shall apply
              notwithstanding:

              (a)    the priorities otherwise accorded to the Liens on the GECC
                     Senior Collateral, GE Capital Canada Senior Collateral, GE
                     Joint Senior Collateral and the Collateral Agent Senior
                     Collateral under applicable law;

              (b)    the time of creation, granting, execution, delivery,
                     attachment, registration, publication, perfection or
                     enforcement of the Liens on the GECC Senior Collateral, the
                     GE Capital Canada Senior Collateral, the GE Joint Senior
                     Collateral and the Collateral Agent Senior Collateral;

              (c)    that any of the Liens on the GECC Senior Collateral, the GE
                     Capital Canada Senior Collateral, the GE Joint Senior
                     Collateral and the Collateral Agent Senior Collateral shall
                     be defective, unperfected, unpublished, or unenforceable
                     for any reason whatsoever;

              (d)    the time of crystallization of any floating charge or
                     floating hypothec in or on the GECC Senior Collateral, the
                     GE Capital Canada Senior Collateral, the GE Joint Senior
                     Collateral and the Collateral Agent Senior Collateral;

              (e)    the provisions of the US Credit Agreement, the Canadian
                     Credit Agreement, the Collateral Agency Agreement, the
                     Indenture or the Security Documents;

              (f)    any forbearance whatsoever, whether as to time, performance
                     or otherwise or any release, discharge, loss or alteration
                     in or dealing with all or any part of the Liens on the GECC
                     Senior Collateral, the GE Capital Canada Senior Collateral,
                     the GE Joint Senior Collateral and the Collateral Agent
                     Senior Collateral or any part thereof;

              (g)    any failure or delay in giving any notice required under
                     this Agreement;

              (h)    any invalidity or unenforceability of, or any limitation
                     on, the liability of the Debtors;

              (i)    any defence, compensation, set-off or counterclaim which
                     the Debtors may have or assert;

              (j)    any Insolvency Proceedings;

              (k)    the date of incurrence of the GECC Claim, the GE Capital
                     Canada Claim or the Collateral Agent Claim or any portion
                     thereof;

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<Page>

              (l)    any priority granted by any principle of law or any
                     statute; or

              (m)    any other matter whatsoever.

2.2    DISTRIBUTION OF PROCEEDS OF COLLATERAL.

As between the GECC Secured Parties, the GE Capital Canada Secured Parties and
the Collateral Agent Secured Parties:

       (1)    All Proceeds of GECC Senior Collateral shall be paid first, to
              GECC for application to the GECC Claim and, after the full and
              irrevocable payment of the GECC Claim and termination of the GECC
              Commitment, any residual of the GECC Senior Collateral shall be
              paid second to GE Capital Canada for application to the GE Capital
              Canada Claim and, after the full and irrevocable payment of the GE
              Capital Canada Claim and termination of the GE Capital Canada
              Commitment, any residual of the GECC Senior Collateral, if any,
              shall be paid third, to Collateral Agent for application to the
              Collateral Agent Claim in accordance with the Indenture and the
              Collateral Agreements (as defined therein), unless an Event of
              Default is not continuing under the Indenture, and then, in those
              circumstances, to the appropriate Debtor.

       (2)    All Proceeds of GE Capital Canada Senior Collateral shall be paid
              first, to GE Capital Canada for application to the GE Capital
              Canada Claim and, after the full and irrevocable payment of the GE
              Capital Canada Claim and termination of the GE Capital Canada
              Commitment, any residual of the GE Capital Canada Senior
              Collateral shall be paid second to GECC for application to the
              GECC Claim and, after full and irrevocable payment of the GECC
              Claim and termination of the GECC Commitment, any residual of the
              GE Capital Canada Senior Collateral, if any, shall be paid third
              to Collateral Agent for application to the Collateral Agent Claim
              in accordance with the Indenture and the Collateral Agreements (as
              defined therein), unless an Event of Default is not continuing
              under the Indenture, and then, in those circumstances, to the
              appropriate Debtor.

       (3)    All Proceeds of GE Joint Senior Collateral shall be paid first to
              GECC and GE Capital Canada pro rata in accordance with the GECC
              Claim and GE Capital Canada Claim for application to such claims,
              and after the full and irrevocable payment of the GECC Claim and
              the GE Capital Canada Claim and termination of the GECC Commitment
              and the GE Capital Canada Commitment, any residual of the GE Joint
              Senior Collateral, if any, shall be paid second to Collateral
              Agent for application to the Collateral Agent Claim in accordance
              with the Indenture and the Collateral Agreements (as defined
              therein), unless an Event of Default is not continuing under the
              Indenture, and then, in those circumstances, to the appropriate
              Debtor.

       (4)    Provided an Event of Default has occurred and is continuing under
              the Indenture , all Proceeds of Collateral Agent Senior Collateral
              shall be paid to Collateral Agent for application to the
              Collateral Agent Claim in accordance with the Indenture and the
              Collateral Agreements (as defined therein) and, after the full

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<Page>

              and irrevocable payment of the Collateral Agent Claim, any
              residual of the Collateral Agent Senior Collateral shall:

                     (i)    subject to paragraph (iii) below, with respect to
                            the GE Capital Canada Subordinated Collateral, be
                            paid to GE Capital Canada for application to the GE
                            Capital Canada Claim, if any, and, after the full
                            and irrevocable payment of the GE Capital Canada
                            Claim and termination of the GE Capital Canada
                            Commitment, any residual of the GE Capital Canada
                            Subordinated Collateral shall be paid to GECC for
                            application to the GECC Claim, if any,

                     (ii)   subject to paragraph (iii) below, with respect to
                            the GECC Subordinated Collateral, be paid to GECC
                            for application to the GECC Claim and, after the
                            full and irrevocable payment of the GECC Claim and
                            termination of the GECC Commitment, any residual of
                            the GECC Subordinated Collateral shall be paid to GE
                            Capital Canada for application to the GE Capital
                            Canada Claim, if any, and

                     (iii)  with respect to Pledged Shares and Collateral Agent
                            Senior Collateral consisting of assets and property
                            of THC, SHC and WAP, be paid to GECC and GE Capital
                            Canada pro rata in accordance with the GECC Claim
                            and GE Capital Canada Claim for application to the
                            GECC Claim and GE Capital Canada Claim if any.

       (5)    After the GECC Claim, the GE Capital Canada Claim and the
              Collateral Agent Claim, if any, have been irrevocably paid and
              satisfied in full and the GECC Commitment and the GE Capital
              Canada Commitment are terminated, the balance of Proceeds of the
              Collateral, if any, shall be paid as required by applicable law.

       (6)    If the GECC Secured Parties, the GE Capital Canada Secured Parties
              or the Collateral Agent Secured Parties have any Lien on any of
              the Debtors' Collateral as security for payment of any
              indebtedness of the Debtors, or of any other party, other than
              indebtedness incurred pursuant to or in connection with the US
              Credit Agreement, the Canadian Credit Agreement or the Indenture
              and the Senior Notes, then GECC, GE Capital Canada or Collateral
              Agent, as the case may be, may not apply the Proceeds of any of
              the Collateral to satisfy such other indebtedness until the GECC
              Claim, the GE Capital Canada Claim and the Collateral Agent Claim,
              if any, are irrevocably paid in full or otherwise satisfied.

2.3    ENFORCEMENT ACTIONS.

GECC, GE Capital Canada and Collateral Agent agree not to commence any
Enforcement Action until an Enforcement Notice has been given to the others.
During an Enforcement Period, GECC, GE Capital Canada and Collateral Agent agree
that:

       (1)    GECC and its Receiver may, at GECC's option, take any action to
              foreclose or realize upon or enforce any of the GECC Secured
              Parties' rights and remedies with respect to the GECC Senior
              Collateral without the prior written consent of

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<Page>

              GE Capital Canada or Collateral Agent. GECC and its Receiver shall
              have the sole and exclusive right to take Enforcement Actions with
              respect to the GECC Senior Collateral and, accordingly, GE Capital
              Canada, Collateral Agent and their Receivers shall not take any
              action to foreclose or realize upon or to otherwise enforce any of
              the GE Capital Canada Secured Parties' or Collateral Agent Secured
              Parties' rights and remedies with respect to any GECC Senior
              Collateral without GECC's prior written consent; provided,
              however, that the exclusive rights of GECC and its Receiver with
              respect to GECC Senior Collateral shall not extend beyond the
              periods provided in Section 2.4 (1) (ii) with respect to Inventory
              and 2.4 (1) (iii) with respect to Accounts unless (and only for so
              long as) GECC and its Receiver are diligently proceeding beyond
              such periods with Enforcement Actions with respect to the
              applicable Collateral.

       (2)    GE Capital Canada and its Receiver may, at GE Capital Canada's
              option, take any action to foreclose or realize upon or enforce
              any of the GE Capital Canada Secured Parties' rights and remedies
              with respect to the GE Capital Canada Senior Collateral without
              the prior written consent of GECC or Collateral Agent. GE Capital
              Canada and its Receiver shall have the sole and exclusive right to
              take Enforcement Actions with respect to the GE Capital Canada
              Senior Collateral and, accordingly, GECC, Collateral Agent and
              their Receivers shall not take any action to foreclose or realize
              upon or to otherwise enforce any of the GECC Secured Parties' or
              Collateral Agent Secured Parties' rights and remedies with respect
              to any GE Capital Canada Senior Collateral without GE Capital
              Canada's prior written consent, provided, however, that the
              exclusive rights of GE Capital Canada and its Receiver with
              respect to GE Capital Canada Senior Collateral shall not extend
              beyond the periods provided in Section 2.4 (1) (ii) with respect
              to Inventory and 2.4 (1) (iii) with respect to Accounts unless
              (and only for so long as) GE Capital Canada and its Receiver are
              diligently proceeding beyond such periods with Enforcement Actions
              with respect to the applicable Collateral.

       (3)    GECC and GE Capital Canada and their Receivers may, at GECC's and
              GE Capital Canada's option, take any action to foreclose or
              realize upon or enforce any of the GECC Secured Parties' and GE
              Capital Canada Secured Parties' rights and remedies with respect
              to the GE Joint Senior Collateral without the prior written
              consent of Collateral Agent. GECC and GE Capital Canada and their
              Receivers shall have the sole and exclusive right to take
              Enforcement Actions with respect to the GE Joint Senior Collateral
              and, accordingly, Collateral Agent and its Receiver shall not take
              any action to foreclose or realize upon or to otherwise enforce
              any of the Collateral Agent Secured Parties' rights and remedies
              with respect to any GE Joint Senior Collateral without GECC's and
              GE Capital Canada's prior written consent; provided, however, that
              the exclusive rights of GECC and GE Capital Canada and their
              Receivers with respect to GE Joint Senior Collateral shall not
              extend beyond the periods provided in Section 2.4 (1) (ii) with
              respect to Inventory and 2.4 (1) (iii) with respect to Accounts
              unless (and only for so long as) either GECC and its Receiver or
              GE Capital Canada and its Receiver, as the case may be, are
              diligently proceeding beyond such periods with Enforcement Actions
              with respect to the applicable Collateral.

                                       17
<Page>

       (4)    Collateral Agent and its Receiver may, if an Event of Default has
              occurred and is continuing under the Indenture, at Collateral
              Agent's option, take any action to foreclose or realize upon or
              otherwise enforce any of the Collateral Agent Secured Parties'
              rights with respect to the Collateral Agent Senior Collateral
              without the prior written consent of GECC or GE Capital Canada.
              For so long as Collateral Agent and its Receiver are diligently
              proceeding with an Enforcement Action, Collateral Agent and its
              Receiver shall have the sole and exclusive right to take
              Enforcement Actions with respect to Collateral Agent Senior
              Collateral and, accordingly, GECC, GE Capital Canada and their
              Respective Receivers shall not take any action to foreclose or
              realize upon or to otherwise enforce any of the GECC Secured
              Parties' or GE Capital Canada Secured Parties' rights and remedies
              with respect to any Collateral Agent Senior Collateral without the
              prior written consent of Collateral Agent; provided, that until
              the expiration of the relevant Liquidation Period, if Collateral
              Agent receives an Enforcement Notice from GECC or GE Capital
              Canada or if, upon receipt of an Enforcement Notice from
              Collateral Agent, either GECC or GE Capital Canada informs
              Collateral Agent of its intention to also take Enforcement Action,
              GECC, GE Capital Canada and their respective Receivers shall have
              the rights afforded by Sections 2.4, 2.5 and 2.7 and Collateral
              Agent's and its Receiver's rights and remedies in respect of the
              Collateral Agent Senior Collateral shall be subject thereto and to
              Collateral Agent's obligations under clause (ii) of Section 2.6
              and under Section 2.7.

       (5)    If two or more of GECC, GE Capital Canada and Collateral Agent
              elect to proceed with Enforcement Actions, then each of the
              enforcing parties and its Receiver shall proceed in accordance
              with the provisions of this Agreement with Enforcement Actions
              with respect to the Collateral in which it has a first ranking
              Lien under this Section 2.

       (6)    GECC and GE Capital Canada agree with each other that, unless they
              agree otherwise after the date hereof, all decisions by GECC and
              GE Capital Canada in respect of Collateral on which they have a
              first or second ranking PARI PASSU Lien shall be taken jointly,
              including any decision to take any action to foreclose, realize
              upon or otherwise enforce rights with respect to such Collateral;
              provided, that Collateral Agent and the Debtors agree that any
              notice, consent or instruction given by either GECC or GE Capital
              Canada to Collateral Agent or any Debtor in respect to such
              Collateral shall be sufficient and binding upon GECC, GE Capital
              Canada, Collateral Agent and such Debtor.

2.4    LIQUIDATION PERIODS.

       (1)    Each of GECC and GE Capital Canada, as applicable, and its
              respective Receiver may occupy and use the Collateral Agent Senior
              Collateral, for the purposes set out in Section 2.5, including
              Collateral Agent Senior Collateral consisting of or located within

              (i)    manufacturing facilities leased by each Debtor for up to
                     ninety (90) days, manufacturing facilities owned by Sport
                     Maska Inc. in Mount Forest, Ontario for up to ninety (90)
                     days and all other

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                     manufacturing facilities for up to sixty (60) days (the
                     "RAW/WIP LIQUIDATION PERIOD"),

              (ii)   each Debtor's warehouse and distribution facilities which
                     are owned by the Debtor for up to sixty (60) days, unless
                     such Debtor's warehouse and distribution facilities are
                     located at premises referred to in Section 2.4 (1) (i) or
                     are owned by Maska US in Bradford, Vermont, and then for up
                     to ninety (90) days in each case, or in all other cases for
                     up to one hundred and fifty (150) days, if the relevant
                     Enforcement Notice is delivered on or after January 1 and
                     on or before June 30 in any year, and one hundred and
                     twenty (120) days, if the relevant Enforcement Notice is
                     delivered on or after July 1 and on or before December 31
                     in any year (the "FINISHED GOODS LIQUIDATION PERIOD"), and

              (iii)  each Debtor's Offices for up to ninety (90) days in respect
                     of Offices located at facilities referred to in Section 2.4
                     (1) (i), for up to sixty (60) days in respect of other
                     Offices located at facilities owned by Debtors, or in all
                     other cases for one hundred and eighty (180) days, which
                     latter period may be extended by ninety (90) days if GECC
                     or GE Capital Canada, as applicable, is unable to sell,
                     liquidate or otherwise dispose of Accounts of the Debtors
                     during such 180-day period (the "ACCOUNTS LIQUIDATION
                     PERIOD") (the Raw/WIP Liquidation Period, the Finished
                     Goods Liquidation Period and the Accounts Liquidation
                     Period, collectively, the "LIQUIDATION PERIODS"),

              following the earlier to occur of the commencement of an
              Enforcement Action by GECC in respect of the GECC Senior
              Collateral, by GE Capital Canada in respect of the GE Capital
              Canada Senior Collateral or by GECC and GE Capital Canada in
              respect of the GE Joint Senior Collateral, as applicable, or
              receipt by GECC and GE Capital Canada of an Enforcement Notice
              from Collateral Agent and, in each and every case, following the
              expiration of any period during which either of GECC or GE Capital
              Canada or its respective Receiver is stayed or enjoined or
              precluded by statute or otherwise (through no fault of GECC or GE
              Capital Canada. as applicable, or its Receiver) from taking one or
              more Enforcement Actions in respect of the GECC Senior Collateral,
              the GE Capital Canada Senior Collateral or the GE Joint Senior
              Collateral, as applicable. During the applicable Liquidation
              Periods provided above, GECC and its Receiver and GE Capital
              Canada and its Receiver may use and occupy the Collateral Agent
              Senior Collateral, in each case, without force or process of law
              and without any obligation to pay rents, royalties, fees or other
              amounts to Collateral Agent, except for payment or reimbursement
              of direct expenses as set forth in Section 2.8.

       (2)    The license or lease to use and occupy the Collateral Agent Senior
              Collateral during the applicable Liquidation Periods shall apply
              to and for the benefit of GECC, GE Capital Canada and their
              Receivers and any agents, brokers,

                                       19
<Page>

              appraisers, auctioneers or liquidators retained by GECC, GE
              Capital Canada or their Receivers.

       (3)    Within a reasonable time after the expiration of the Liquidation
              Periods, each of GECC or GE Capital Canada or their respective
              Receivers may make copies of all books, records, books of account,
              computer disks, printouts and tapes and other computer-generated
              information under the control of Collateral Agent and its Receiver
              and relating to GECC Senior Collateral, the GE Capital Canada
              Senior Collateral or the GE Joint Senior Collateral, as
              applicable, provided that the provisions of this paragraph shall
              not be construed as obliging Collateral Agent or its Receiver to
              keep control of any of the foregoing.

2.5    USE OF COLLATERAL AGENT SENIOR COLLATERAL.

The Liquidation Periods, as they relate to GECC or GE Capital Canada, as the
case may be, shall commence on the same date and run concurrently. During a
Raw/WIP Liquidation Period, GECC or GE Capital Canada, as applicable and its
Receiver shall have access to and use and occupancy of each Debtors'
manufacturing facilities and other Collateral Agent Senior Collateral located
therein to convert raw materials and complete the manufacturing of work in
process. At the conclusion of such Raw/WIP Liquidation Period, Collateral Agent
shall have exclusive use and occupancy of each Debtor's manufacturing
facilities.

During a Finished Goods Liquidation Period, GECC or GE Capital Canada, as
applicable and its Receiver may use each Debtors' warehouse and distribution
facilities and other Collateral Agent Senior Collateral located therein and in
the Offices to package, ship, sell, liquidate or otherwise dispose of Inventory.
At the conclusion of such Finished Goods Liquidation Period, Collateral Agent
shall have exclusive use and occupancy of each Debtor's warehouse and
distribution facilities.

During an Accounts Liquidation Period, GECC or GE Capital Canada, as applicable
and its Receiver shall have access to and use and occupancy of the Offices of
each Debtor as provided in Section 2.4(1)(iii) and the Collateral Agent Senior
Collateral located therein, including. without limitation, computers and
computer programs and all other office equipment and supplies, to collect, sell
or otherwise dispose of Accounts. At the conclusion of such Accounts Liquidation
Period, Collateral Agent shall have exclusive use and occupancy of each Debtor's
Office.

If GECC or GE Capital Canada or its respective Receiver is unable (i) during any
Raw/WIP Liquidation Period, to substantially complete the conversion of raw
materials and the manufacturing of work in process, or (ii) during any
applicable Finished Goods Liquidation Period, to substantially complete the
packaging, shipping, sale, liquidation or disposition of Inventory, it may
continue to use and occupy the applicable Collateral Agent Senior Collateral for
an additional period of 60 days from the end of the applicable Liquidation
Period, provided a 10-day prior notice to that effect is given to Collateral
Agent prior to the expiry of such Liquidation Period, except with respect to any
Collateral Agent Senior Collateral which Collateral Agent would have undertaken
to deliver or grant access to a third party in the course of any Enforcement
Action and GECC's, GE Capital Canada's and its respective Receiver's use and
occupation of the applicable Collateral Agent Senior Collateral would interfere
in any respect material to Collateral Agent, acting reasonably, with Collateral
Agent's ability to fulfill

                                       20
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such undertaking or with such third party's access. Except for any such
Collateral Agent Senior Collateral, each of GECC and GE Capital Canada and their
respective Receivers shall benefit from the same rights and be subject to the
same obligations during any such additional 60-day period as if such additional
period were a Liquidation Period.

2.6    COLLATERAL AGENT'S RIGHTS DURING LIQUIDATION PERIODS.

During the Liquidation Periods commenced by it, GECC's or GE Capital Canada's
(as applicable) use and occupancy of the Collateral Agent Senior Collateral
shall not be exclusive and, provided that none of the following interfere in any
respect material to GECC or GE Capital Canada, as applicable, acting reasonably,
in connection with the exercise by it or its Receiver of the rights afforded by
Sections 2.4 and 2.5, including the liquidation, sale or other disposition by it
of the GECC Senior Collateral, the GE Capital Canada Senior Collateral or GE
Joint Senior Collateral, as applicable: (i) Collateral Agent shall have access
to the Collateral Agent Senior Collateral to preserve, protect, appraise and
evaluate the Collateral Agent Senior Collateral, to show it to potential
purchasers and to offer it for sale, and (ii) Collateral Agent may sell some or
all of the Collateral Agent Senior Collateral, provided that each purchaser of
such Collateral shall have expressly agreed in writing to be bound by the
Collateral Agent's obligations under this Agreement with respect to the
purchased Collateral until the expiration of the Liquidation Periods and that
the items purchased shall remain in place and shall remain subject to the rights
of use and occupancy of GECC, GE Capital Canada and their Receivers, in
accordance with this Agreement.

2.7    AVAILABILITY AND DELIVERY OF BOOKS, RECORDS ETC.

For the purposes of the sale or other disposal of the GECC Senior Collateral,
the GE Capital Canada Senior Collateral, GE Joint Senior Collateral and the
Collateral Agent Senior Collateral, GECC, GE Capital Canada and Collateral Agent
shall co-operate during the Liquidation Periods in assembling the Debtors'
assets. During the Liquidation Periods, Collateral Agent and the Debtors shall
make available to GECC and GE Capital Canada and their Receivers copies of all
books, records, books of account, computer disks, printouts, tapes and other
computer prepared information and other information with respect to GECC Senior
Collateral, GE Capital Canada Senior Collateral, GE Joint Senior Collateral and
the Collateral Agent Senior Collateral and Collateral Agent shall deliver to
GECC and GE Capital Canada copies of all ledgers and documents, if any held by
it and related to GECC Senior Collateral, GE Capital Canada Senior Collateral
and GE Joint Senior Collateral. After the Raw/WIP Liquidation Period and
Finished Goods Liquidation Period, GE Capital Canada and GECC may remove from
Debtors' facilities and Offices hardware and software containing records and
other information related to Accounts to premises selected by them and use them
during the Accounts Liquidation Period for the purposes of collecting Accounts.

2.8    EXPENSES DURING LIQUIDATION PERIODS.

In the event that either GECC or GE Capital Canada or its Receiver elects to use
some or all of the Debtors' premises as set forth in this Section 2, to the
extent and for so long as GECC or GE Capital Canada, as applicable, or its
Receiver occupies a manufacturing, warehouse or distribution facility or Office
owned by the Debtors, GECC or GE Capital Canada, as applicable, agrees with
Collateral Agent that it shall be responsible for all direct expenses related to
its use and occupation including, without limitation, costs with respect to
heat, light, electricity, water

                                       21
<Page>

and real property taxes with respect to that portion of any building so used or
occupied. Each of GECC and GE Capital Canada agrees to hold Collateral Agent
harmless concerning any third party liability resulting from its, or its
Receiver's gross negligence or wilful misconduct in its operation of such
facilities. In the case of facilities leased to the Debtors and used or occupied
by GECC or GE Capital Canada, as applicable, or its Receiver, GECC or GE Capital
Canada, as applicable, agrees with Collateral Agent that it shall pay the rental
and other payments required to be paid to the lessor in accordance with the
terms of such lease for the period of such use and occupancy of the subject
facility, unless the applicable lessor, bankruptcy trustee or other
representative of the applicable Debtor shall have otherwise agreed, or such
amounts are otherwise paid. GECC or GE Capital Canada, as applicable, agrees
with Collateral Agent to promptly repair, at its own expense, any physical
damage to the Collateral Agent Senior Collateral actually caused by it or its
Receiver or any other person acting under its direction during the use or
occupancy of the premises or the Equipment by it or on its behalf or any sale,
removal or other disposition of its Collateral (ordinary wear and tear
excluded). The Collateral Agent Senior Collateral so used or occupied shall be
left in the same state of repair (ordinary wear and tear excluded) by GECC or GE
Capital Canada, as applicable and its Receiver, at the expiration of the
applicable term of the Liquidation Periods commenced by it as existed upon the
commencement of the Liquidation Periods. GECC and GE Capital Canada shall not be
liable for any diminution in value of the Collateral Agent Senior Collateral
caused by the absence of GECC Senior Collateral, GE Capital Canada Senior
Collateral or GE Joint Senior Collateral, as the case may be, actually removed
or by any necessity of replacing the GECC Senior Collateral, GE Capital Canada
Senior Collateral or GE Joint Senior Collateral, as applicable, or, subject to
the immediately preceding sentence, for any other reason. To the extent that the
Debtors have not maintained liability insurance naming GECC, GE Capital Canada
and Collateral Agent as additional insureds, so long as and to the extent that
either GECC or GE Capital Canada uses and occupies a Debtor's manufacturing,
warehouse and distribution facilities, GECC or GE Capital Canada, as applicable,
agrees with Collateral Agent that it shall use its best efforts to maintain
liability insurance with respect thereto naming GECC or GE Capital Canada, as
applicable, and Collateral Agent (to the extent that Collateral Agent has an
insurable interest) as additional insureds in such amounts and with such
coverages as were previously maintained by the Debtors.

2.9    RELEASE OF LIENS.

Each of Collateral Agent and GE Capital Canada shall release and discharge, as
applicable, all or a portion (as requested by GECC) of its Liens on the GECC
Senior Collateral following receipt of a request by GECC or its Receiver, upon
the sale or other disposition of such Collateral by GECC or its Receiver. Each
of Collateral Agent and GECC shall release and discharge, as applicable, all or
a portion (as requested by GE Capital Canada) of its Liens on the GE Capital
Canada Senior Collateral following receipt of a request by GE Capital Canada or
its Receiver, upon the sale or other disposition of such Collateral by GE
Capital Canada or its Receiver. Collateral Agent shall release and discharge all
or a portion (as requested by GECC and/or GE Capital Canada) of its Liens on the
GE Joint Senior Collateral following a request by GECC and/or GE Capital Canada
or a Receiver for either, upon the sale or other disposition of such Collateral
by GECC, GE Capital Canada and/or its respective Receiver. Each of GECC and GE
Capital Canada shall release and discharge, as applicable, all or a portion (as
requested by Collateral Agent) of its Liens or their Liens, as applicable, on
the Collateral Agent Senior Collateral following receipt of a request by
Collateral Agent or its Receiver, upon the sale or other disposition of such
Collateral by Collateral Agent or its Receiver.

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<Page>

Upon and after the full and irrevocable payment of the GECC Claim and the
termination of the GECC Commitment, the GECC Secured Parties shall release and
discharge all of their Liens on Collateral following receipt of a request by GE
Capital Canada or Collateral Agent or its Receiver and upon the sale or other
disposition of such Collateral by GE Capital Canada or Collateral Agent, as
applicable, or its Receiver. Upon and after the full and irrevocable payment of
the GE Capital Canada Claim and the termination of the GE Capital Canada
Commitment, the GE Capital Canada Secured Parties shall release and discharge
all of their Liens on Collateral following receipt of a request by GECC or
Collateral Agent or its Receiver and upon the sale or other disposition of the
such Collateral by GECC or Collateral Agent, as applicable, or its Receiver.
Upon and after the full and irrevocable payment of the Collateral Agent Claim,
the Collateral Agent Secured Parties shall release and discharge all of their
Liens on Collateral following receipt of a request by GECC or GE Capital Canada
or its Receiver and upon the sale or other disposition of such Collateral by
GECC or GE Capital Canada, as applicable, or its Receiver.

2.10   RELEASE OF PLEDGED SHARE DOCUMENTS.

Collateral Agent shall deliver to GECC or GE Capital Canada or if they otherwise
jointly direct, then in the manner so directed, all Pledged Share Documents held
by Collateral Agent upon payment in full of the Collateral Agent Claim.
Collateral Agent agrees to act as GECC's and GE Capital Canada's mandatary or
agent for the purpose of perfecting and publishing GECC's and GE Capital
Canada's Liens in the Pledged Shares. Collateral Agent agrees that it will not
discharge its Lien in the Pledged Shares without providing prior written notice
to each of GECC and GE Capital Canada.

2.11   INTELLECTUAL PROPERTY LICENCE.

The Debtors hereby grant to GECC, GE Capital Canada, Collateral Agent and any of
their Receivers an irrevocable licence and right to use, without charge, the
Debtors' Intellectual Property and advertising material, or any property of a
similar nature, as it pertains to the Collateral, in converting any raw
materials, completing work in process, shipping Collateral, packaging
Collateral, advertising for sale and selling any Collateral or collecting
Accounts in connection with an enforcement of the Liens thereon and the rights
of the Debtors under all licences shall enure to the benefit of GECC, GE Capital
Canada, Collateral Agent and their Receivers.

2.12   USE OF INTELLECTUAL PROPERTY.

In addition to the rights given to GECC and GE Capital Canada under the other
provisions of Section 2, Collateral Agent agrees that each of GECC, GE Capital
Canada and their Receivers shall have the full use of the Collateral Agent
Senior Collateral comprising Intellectual Property, without any cost to GECC or
GE Capital Canada, as applicable, for the purposes (but only for such purposes)
of converting any raw materials, completing work in process, shipping
Collateral, packaging Collateral, advertising for sale and selling any
Collateral or collecting Accounts in connection with an enforcement of the Liens
thereon for the duration of the Liquidation Periods. Collateral Agent may sell
some or all of such Intellectual Property, provided that each purchaser of such
Collateral shall have expressly agreed in writing to be bound by the Collateral
Agent's obligations under this Agreement for the duration of the Liquidation
Periods. For greater certainty, GECC's, GE Capital Canada's and their respective
Receivers' rights to use Collateral

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<Page>

Agent Senior Collateral comprising Intellectual Property shall extend for the
full 120-day or 150-day (as applicable) duration of the Finished Goods
Liquidation Period provided in Section 2.4(1)(ii) notwithstanding that Section
2.4(1)(ii) provides for the use and occupation of certain facilities for shorter
periods of time.

2.13   AMOUNTS TO BE RECEIVED IN TRUST.

If GECC, GE Capital Canada or Collateral Agent accepts or receives Proceeds of
Collateral contrary to the provisions of this Agreement, it shall receive the
same in trust and shall not commingle such Proceeds with any of its own funds
and shall hold such Proceeds in a separate account as mandatary or agent on
behalf of GECC, GE Capital Canada or Collateral Agent, as applicable, to be
applied and to be promptly paid over to the party entitled to receive same in
accordance with this Agreement; provided, that the foregoing and the provisions
of the first sentence of Section 2.17(4) shall not apply to Proceeds that are
received by, or are payable to, GECC and GE Capital Canada as a result of cash
management arrangements between the US Facility Credit Parties, their
relationship banks or similar entities and GECC or Canadian Facility Credit
Parties, their relationship banks and GE Capital Canada, unless, prior to
receipt by GECC or GE Capital Canada, as applicable, GECC or GE Capital Canada,
as applicable, has received written notice from Collateral Agent that the money
to be received by GECC or GE Capital Canada is Proceeds of Collateral Agent
Senior Collateral and an Event of Default has occurred and is continuing under
the Indenture.

2.14   ADDITIONAL CREDIT EXTENSIONS; AMENDMENTS.

Each of (i) GECC and the US Lenders and (ii) GE Capital Canada and the Canadian
Lenders and (iii) Collateral Agent, Indenture Trustee and the Holders, shall
have the right, without the other parties' consent, to make amendments and
modifications to, and to extend credit to the Debtors in excess of the maximum
amounts set forth in, the US Credit Agreement, the Canadian Credit Agreement and
the Indenture, respectively, as of the date of this Agreement, secured by the
GECC Senior Collateral, the GE Capital Canada Senior Collateral, the GE Joint
Senior Collateral and the Collateral Agent Senior Collateral. Any such
extensions of credit shall become part of the GECC Claim, the GE Capital Canada
Claim or the Collateral Agent Claim, as applicable, up to an amount in each case
not to exceed 10% of (a) US$35,000,000 in the case of the US Credit Agreement,
(b) US$35,000,000 or the equivalent amount thereof in Canadian dollars in the
case of the Canadian Credit Agreement and (c) US $125,000,000 in the case of the
Indenture and the Senior Notes and, to such extent, shall be accorded their
respective priorities under this Agreement.

Each of GECC, GE Capital Canada and Indenture Trustee or Collateral Agent, as
applicable shall use reasonable efforts to give to the others notice of the
intent to extend additional credit or amend or modify the US Credit Agreement,
the Canadian Credit Agreement, the Indenture or the Collateral Agency Agreement,
as applicable, including, without limitation, the amendment or modification of
the applicable financial covenants contained therein, but the failure to do so
shall not affect the validity of the extension of credit, amendment or
modification, create any claim or right on behalf of any third party, or subject
to the preceding sentence, create a cause of action against the party failing to
give such notice. GECC, GE Capital Canada, Indenture Trustee and Collateral
Agent shall, upon request of each other, provide copies of all such
modifications or amendments and copies of all other documentation relevant to
the Collateral.

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<Page>

2.15   ACCOUNTING.

After the commencement of an Enforcement Action and on a continuing basis, as
determined by GECC, GE Capital Canada or Collateral Agent, acting reasonably,
each of GECC, GE Capital Canada and Collateral Agent agrees to account fully to
the others as to the nature and amount of the GECC Claim, the GE Capital Canada
Claim or the Collateral Agent Claim, as applicable, the Proceeds of any
Collateral sold or otherwise disposed of and the manner and effect of the
application of any Proceeds against the GECC Claim, the GE Capital Canada Claim
or the Collateral Agent Claim, as applicable.

2.16   NOTICE OF DEFAULTS.

GECC, GE Capital Canada and Indenture Trustee or Collateral Agent, as the case
may be, agree to use their best efforts to give to the other copies of any
notice of the occurrence or existence of an Event of Default sent to the Debtors
simultaneously with the sending of such notice to the Debtors, provided that
failure to do so shall not affect the validity of such notice or create a cause
of action against the party failing to give such notice or create any claim or
right on behalf of any third party. None of GECC, GE Capital Canada, Indenture
Trustee or Collateral Agent shall incur any liability nor shall it have any
obligation to cure any Event of Default as a result of receipt of any notice
required under this Section 2.16.

2.17   INSURANCE.

GECC, GE Capital Canada and Collateral Agent each agree as follows:

       (1)    GECC shall have the sole and exclusive right to adjust settlement
              of the relevant insurance policy in the event of any loss with
              respect to GECC Senior Collateral and the Proceeds of each
              insurance policy covering GECC Senior Collateral shall be paid to
              GECC. With respect to any Proceeds of insurance relating to GECC
              Senior Collateral after full and irrevocable payment of the GECC
              Claim, including, without limitation, all collection, enforcement
              and legal expenses, and termination of the GECC Commitment, any
              remaining Proceeds shall be promptly paid in accordance with
              Section 2.2.

       (2)    GE Capital Canada shall have the sole and exclusive right to
              adjust settlement of the relevant insurance policy in the event of
              any loss with respect to GE Capital Canada Senior Collateral and
              that the Proceeds of each insurance policy covering GE Capital
              Canada Senior Collateral shall be paid to GE Capital Canada. With
              respect to any Proceeds of insurance relating to GE Capital Canada
              Senior Collateral after full and irrevocable payment of the GE
              Capital Canada Claim, including, without limitation, all
              collection, enforcement and legal expenses, and termination of the
              GE Capital Canada Commitment, any remaining Proceeds shall be
              promptly paid in accordance with Section 2.2.

       (3)    GECC and GE Capital Canada jointly shall have the sole and
              exclusive right to adjust settlement of the relevant insurance
              policy in the event of any loss with respect to GE Joint Senior
              Collateral and the Proceeds of each insurance policy covering GE
              Joint Senior Collateral shall be paid to GECC and GE Capital
              Canada jointly. With respect to any Proceeds of insurance relating
              to GE Joint Senior Collateral after full and irrevocable payment
              of the GECC Claim and the

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<Page>

              GE Canada Claim, including, without limitation, all collection,
              enforcement and legal expenses, and termination of the GECC
              Commitment and the GE Canada Commitment, any remaining Proceeds
              shall be promptly paid in accordance with Section 2.2.

       (4)    The Debtors, or if an Event of Default has occurred and is
              continuing under the Indenture, Collateral Agent, shall have the
              sole and exclusive right to adjust settlement of the relevant
              insurance policy in the event of any loss with respect to
              Collateral Agent Senior Collateral and the Proceeds of each
              insurance policy covering Collateral Agent Senior Collateral shall
              be paid to Collateral Agent for application to the Collateral
              Agent Claim, in accordance with the Indenture and the Collateral
              Agreements (as defined therein), unless an Event of Default is not
              continuing under the Indenture, and then, in those circumstances,
              to the appropriate Debtor. With respect to any Proceeds of
              insurance relating to Collateral Agent Senior Collateral after
              full and irrevocable payment of the Collateral Agent Claim,
              including, without limitation, all collection, enforcement and
              legal expenses, any remaining Proceeds shall be promptly paid in
              accordance with Section 2.2.

       (5)    From the occurrence of an Event of Default and provided that such
              Event of Default is continuing, any payment received in respect of
              proceeds of the Debtors' business interruption insurance shall be
              applied pro rata to the GECC Claim, the GE Capital Canada Claim
              and, unless an Event of Default is not continuing under the
              Indenture, the Collateral Agent Claim in accordance with the
              Indenture and the Collateral Agreements (as defined therein), as
              of the date of receipt of the payment (but without taking into
              account the amount of same). Any payment in respect of proceeds of
              the Debtors' business interruption insurance received at a time
              where no Event of Default has occurred and is continuing shall be
              applied as agreed on between the Debtors and GECC and the Debtors
              and GE Capital Canada.

2.18   NOTICES OF SALE.

In the event that the GECC Secured Parties, the GE Capital Canada Secured
Parties, the Collateral Agent Secured Parties or any of their Receivers shall be
required by the UNIFORM COMMERCIAL CODE, Insolvency Law or by any other
applicable law to give notice to the other of an intended disposition of
Collateral, such notice shall be given in accordance with Section 3.1 and,
subject to applicable law, fifteen (15) days or more prior notice shall be
deemed to be commercially reasonable.

2.19   AGENTS FOR EACH OF THE SECURED PARTIES.

For purposes of this Agreement, GECC and GE Capital Canada shall be entitled to
rely upon any consent or agreement of Collateral Agent, as agent acting on
behalf of the Collateral Agent Secured Parties, and such approval and agreement
shall be binding upon each Collateral Agent Secured Party. In the event that the
Collateral Agent is not acting as "fonde de pouvoir" or collateral agent of the
Indenture Trustee and/or Holders for the purpose of the Liens on the Collateral
located in Quebec or elsewhere, the Collateral Agent and/or the Indenture
Trustee shall cause such "fonde de pouvoir" or collateral agent, as applicable,
to agree in writing to be

                                       26
<Page>

bound by the provisions hereof in the same manner as the Collateral Agent prior
to or contemporaneous with such Person acting as such "fonde de pouvoir" or
collateral agent. Each of the Debtors shall not issue any debentures to any
Person other than Collateral Agent unless that Person has delivered to GECC and
GE Capital Canada an agreement to be bound by this Agreement in the same manner
as the Collateral Agent Secured Parties. Collateral Agent shall be entitled to
rely upon any consent or agreement of GECC, as agent acting on behalf of the
GECC Secured Parties, and such approval and agreement shall be binding upon each
of the GECC Secured Parties. Collateral Agent shall be entitled to rely upon any
consent or agreement of GE Capital Canada, as agent acting on behalf of the GE
Capital Canada Secured Parties and such approval and agreement shall be binding
upon each of the GE Capital Canada Secured Parties. Each of the Collateral
Agent, GECC and GE Capital Canada agree and acknowledge that, to the extent a
security interest or Lien in any of the Collateral has been perfected or
published by possession or control of such Collateral by or on behalf of such
Person, such Person so possessing or controlling shall hold such Collateral as
agent and mandatary for each of the Collateral Agent Secured Parties, the GECC
Secured Parties and the GE Capital Canada Secured Parties, as the case may be,
in accordance with the priorities set forth in this Agreement. Furthermore, each
of Collateral Agent, GECC and GE Capital Canada agree and acknowledge that, to
the extent that any agreement to which they are a party with any Debtor requires
that such Debtor deliver to or provide control of any Collateral to such Person,
the requirement of delivering to or the providing of control of such Collateral
to such Person shall be deemed to be met if the Debtor has delivered or provided
control of such Collateral to any of Collateral Agent, GECC and GE Capital
Canada.

2.20   COLLATERAL AGENT OBLIGATIONS

Solely with reference to Sections 2.4, 2.5, 2.7 and 2.12, Collateral Agent shall
not be obligated to take any action in respect of any Collateral Agent Secured
Collateral, in order to facilitate the GECC Secured Parties' or GE Capital
Canada Secured Parties' exercise of their rights under such sections in respect
of such Collateral, of which Collateral Agent does not have possession or
control, provided however that Collateral Agent shall not take any action which
would interfere in any respect with the rights of GECC Secured Parties or GE
Capital Canada Secured Parties.

                           SECTION 3 - MISCELLANEOUS

3.1    NOTICES.

Except as otherwise expressly provided herein, any notice required or desired to
be served, given or delivered hereunder shall be in writing, and shall be deemed
to have been validly served, given or delivered three (3) days after deposit in
the mails, with proper postage prepaid. or upon delivery by courier or upon
transmission by telecopy to the addresses set out in Schedule 3.1.

3.2    CONTESTING LIENS OR SECURITY INTERESTS.

Each of GECC, GE Capital Canada and Collateral Agent agrees that it shall not
contest the validity, perfection, publication, priority or enforceability of any
Lien in the Collateral granted to the GECC Secured Parties, the GE Capital
Canada Secured Parties and the Collateral Agent Secured Parties.

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<Page>

3.3    THE DEBTORS ACKNOWLEDGEMENT ON INSOLVENCY PROCEEDINGS.

The Debtors each acknowledge that the interests of the GECC Secured Parties, the
GE Capital Canada Secured Parties and the Collateral Agent Secured Parties are
distinct, having regard to the nature of the obligations owed by the Debtors,
the nature and priority of their respective security and the remedies available
to them. In the event of the commencement of any Insolvency Proceedings, the
Debtors each acknowledge and agree that the GECC Secured Parties, the GE Capital
Canada Secured Parties and the Collateral Agent Secured Parties, shall be
treated as unaffected creditors or, alternatively, shall be placed in separate
classes for all purposes related to such proceedings including, without
limitation, for the purposes of voting on or approving any plan of arrangement,
proposal, compromise, reorganization plan or other agreement or document with
similar effect.

3.4    NO ADDITIONAL RIGHTS FOR THE DEBTORS HEREUNDER.

If the GECC Secured Parties, the GE Capital Canada Secured Parties or the
Collateral Agent Secured Parties enforce their rights or remedies in violation
of the terms of this Agreement, the Debtors shall not be entitled to use such
violation as a defense to any Enforcement Action under the US Credit Agreement,
the Canadian Credit Agreement, the Indenture, the Collateral Agency Agreement or
under any Security Document, nor shall the Debtors assert such violation as a
counterclaim or basis for set-off or recoupment against the GECC Secured
Parties, the GE Capital Canada Secured Parties or the Collateral Agent Secured
Parties. The Debtors each agree that nothing in this Agreement shall relieve any
Debtor of any of its obligations under any of the US Credit Agreement, the
Canadian Credit Agreement, the Indenture, the Collateral Agency Agreement, the
Security Documents or any other document, agreement or instrument that any
Debtor may be a party to with any of the GECC Secured Parties, the GE Capital
Canada Secured Parties or the Collateral Agent Secured Parties.

3.5    INDEPENDENT CREDIT INVESTIGATIONS.

Neither GECC, GE Capital Canada nor Collateral Agent nor any of their respective
directors, officers, agents or employees shall be responsible to each other or
to any other person, firm or corporation, for the Debtors' solvency, financial
condition or ability to repay the GECC Claim, the GE Capital Canada Claim or the
Collateral Agent Claim or for statements of the Debtors, oral or written, or for
the validity, sufficiency or enforceability of the GECC Claim, the GE Capital
Canada Claim or the Collateral Agency Agreement Claim, the US Credit Agreement,
the Canadian Credit Agreement, the Indenture or any Liens granted by the Debtors
to the GECC Secured Parties, the GE Capital Canada Secured Parties or the
Collateral Agent Secured Parties in connection therewith. Each of GECC, GE
Capital Canada and Collateral Agent makes no warranty or representation to the
other nor does it rely upon any representation of the other with respect to
matters identified or referred to in this Section 3.5.

3.6    LIMITATION ON LIABILITY OF AGENTS TO EACH OTHER.

Except as provided in this Agreement, GECC, GE Capital Canada and Collateral
Agent shall have no liability to each other, except for wilful misconduct or
breach of this Agreement.

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3.7    AMENDMENTS TO THIS AGREEMENT.

All modifications or amendments of this Agreement must be in writing and duly
executed by an authorized officer of each of GECC, GE Capital Canada, Collateral
Agent, Indenture Trustee and, to the extent that such modification or amendment
would increase the obligations of a Debtor under this Agreement, by an
authorized officer of such Debtor, to be binding and enforceable.

3.8    ENTIRE AGREEMENT.

This Agreement constitutes the entire agreement between the parties with respect
to the subject matter and supersedes all prior negotiations, undertakings,
representations and understandings with respect to the subject matter.

3.9    FURTHER ASSURANCES.

Each party hereto shall do, perform, execute and deliver all acts, deeds and
documents as may be necessary from time to time to give full effect to the terms
and intent of this Agreement including, without limitation, such further
instruments as may be necessary or advisable under any statute to perfect,
publish, record or otherwise give effect to the rights of priority, the
postponements and subordinations and rights of use and occupancy and cessions of
ranks provided for in this Agreement.

3.10   NO WAIVER.

No waiver by a party or failure or delay in exercising any right, power or
remedy (whether in whole or in part) under this Agreement shall take effect or
be binding upon the party unless in writing and signed by such party or shall
limit or affect the rights of such party with respect to any other right, power
or remedy.

3.11   SEVERABILITY.

If any provision of this Agreement is or becomes illegal, invalid or
unenforceable in any jurisdiction, the illegality, invalidity or
unenforceability of that provision will not affect:

       (1)    the legality, validity or enforceability of the remaining
              provisions of this Agreement; or

       (2)    the legality, validity or enforceability of that provision in any
              other jurisdiction.

3.12   SUCCESSORS AND ASSIGNS; COUNTERPARTS.

This Agreement shall be binding upon and inure to the benefit of the respective
successors and assigns of each of the parties hereto, but does not otherwise
create, and shall not be construed as creating, any rights enforceable by any
person not a party to this Agreement. This Agreement may be executed in any
number of separate counterparts, each of which shall, collectively and
separately, constitute one Agreement. Delivery of an executed signature page to
this Agreement by facsimile transmission shall be as effective as a manually
signed counterpart of this Agreement.

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3.13   GOVERNING LAW.

This Agreement shall be governed as to validity, interpretations, enforcement
and effect by the internal laws (as opposed to conflicts of law provisions) of
the Province of Ontario; provided that to the extent that the laws of any
jurisdiction in which Collateral is located govern the priority, attachment,
perfection, and enforcement of Liens in or upon such Collateral, the local laws
of such jurisdiction shall continue to govern.

3.14   ATTORNMENT.

Each of the parties irrevocably attorns to the non-exclusive jurisdiction of the
courts of the Provinces of Quebec and Ontario.

3.15   INFORMATION.

Upon the request of any of GECC, GE Capital Canada or Collateral Agent and/or
Indenture Trustee, GECC, GE Capital Canada and Collateral Agent and/or Indenture
Trustee agree to use their best efforts to provide to each other all information
relating to the transactions contemplated by the US Credit Agreement, the
Canadian Credit Agreement, the Indenture and the Collateral Agency Agreement and
with any credit or other information with respect to any of the Collateral or
the Debtors.

3.16   TERMINATION.

This Agreement shall terminate and be of no further force and effect as to all
the parties hereto at such time as the GECC Claim, the GE Capital Canada Claim
and the Collateral Agency Agreement Claim have been irrevocably paid in full and
the GECC Commitment and the GE Capital Canada Commitment have been terminated.

3.17   AGREEMENT DOES NOT APPLY TO CERTAIN PROPERTY.

Notwithstanding any other provision of this Agreement, none of the provisions of
this Agreement shall apply to or affect in any manner whatsoever under any
circumstances (1) any interest and rights of GECC or GE Capital Canada or any of
their respective affiliates in respect of any equipment or other personal or
movable property (whether or not such property becomes attached to any real or
immoveable property) or any real or immoveable property that GECC or GE Capital
Canada, as applicable, or any of their respective affiliates may lease or sell
from time to time to the Debtors, and such property shall in all cases be
subject to the terms of the lease(s) or sale agreement(s) relating thereto or
(2) the indebtedness and other obligations of the Debtors to GECC or GE Capital
Canada or any of its affiliates under each such lease or sale agreement, as
applicable.

                           [INTENTIONALLY LEFT BLANK]

                                       30
<Page>

The parties have executed this Agreement.

                                    GENERAL ELECTRIC CAPITAL CORPORATION, as
                                    agent for the US Lenders

                                    By: /s/ Christopher Cox
                                        ----------------------------------------
                                        Name:  Christopher Cox
                                        Title:  Duly authorized Signatory

                                    GENERAL ELECTRIC CAPITAL CANADA INC., as
                                    agent for the Canadian Lenders

                                    By: /s/ Stephen B. Smith
                                        ----------------------------------------
                                        Name:  Stephen B. Smith
                                        Title:  Duly authorized Signatory

                                    THE BANK OF NEW YORK, solely in its capacity
                                    as US Collateral Agent for the Holders and
                                    the Indenture Trustee

                                    By: /s/ Patricia Phillips
                                        ----------------------------------------
                                        Name: Patricia Phillips
                                        Title: Assistant Vice President

                                    BNY TRUST COMPANY OF CANADA, solely in its
                                    capacity as Canadian Collateral Agent for
                                    the Holders and the Indenture Trustee

                                    By: /s/ Lawrence Olsen
                                        ----------------------------------------
                                        Name: Lawrence Olsen
                                        Title: Vice President

                                       31
<Page>

                                    THE BANK OF NEW YORK, solely in its capacity
                                    as Indenture Trustee for the Holders

                                    By: /s/ Patricia Phillips
                                        ----------------------------------------
                                        Name: Patricia Phillips
                                        Title: Assistant Vice President

                                    SPORT MASKA INC.

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                    MASKA U.S. INC.

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                    THE HOCKEY COMPANY

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Chief Financial Officer
                                               and Vice President,
                                               Finance and Administration

                                       32
<Page>

                                    SPORTS HOLDING CORP.

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                        ----------------------------------------
                                        Name:
                                        Title:

                                    SLM TRADEMARK ACQUISITION CANADA CORPORATION

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                        ----------------------------------------
                                        Name:
                                        Title:

                                    SLM TRADEMARK ACQUISITION CORP.

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                        ----------------------------------------
                                        Name:
                                        Title:

                                    WAP HOLDINGS INC.

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                        ----------------------------------------
                                        Name:
                                        Title:

                                       33
<Page>

                                  SCHEDULE 3.1

                                NOTICE ADDRESSES

(1)      If to GECC, at

         General Electric Capital Corporation
         800 Connecticut Avenue
         Two North
         Norwalk, Connecticut
         06854
         Attention:        Portfolio - The Hockey Company
         Telecopier No.:   (203) 852-3630
         Telephone No.:    (203) 852-3616

         with copies to:

         General Electric Capital Corporation
         201 High Ridge Road
         Stamford, Connecticut
         06927-5100
         Attention:        Corporate Counsel - Commercial Finance
         Telecopier No.    (203) 316-7889
         Telephone No.:    (203) 316-7784

         Weil, Gotshal & Manges
         767 Fifth Avenue
         New York, New York,
         10153
         Attention:        Ted Waksman
         Telecopier No.:   (212) 310-8677
         Telephone No.:    (212) 310-8362

(2)      if to GE Capital Canada, at

         General Electric Capital Canada Inc.
         c/o GE Capital Commercial Finance, Inc.
         800 Connecticut Avenue
         Two North
         Norwalk, Connecticut
         06854
         Attention:        Portfolio - The Hockey Company
         Telecopier No.:   (203) 852-3630
         Telephone No.:    (203) 852-3616

                                       1
<Page>

         with copies to:

         General Electric Capital Corporation
         201 High Ridge Road
         Stamford, Connecticut
         06927-5100
         Attention:        Corporate Counsel -  Commercial Finance
         Telecopier No.:   (203) 316-7889
         Telephone No.:    (203) 316-7784

         and:

         Osler, Hoskin & Harcourt LLP
         Box 50, 1 First Canadian Place
         Toronto, Ontario
         M5X 1B8
         Attention:        Scott Horner/Dale Seymour
         Telecopier No.:   (416) 862-6666
         Telephone No.:    (416) 862-6596

(3)      if to US Collateral Agent, at:

         The Bank of New York
         101 Barclay Street, Floor 21W
         New York, New York 10286
         Attention: Corporate Trust Administration--Global Finance Unit
         Telecopier No.: (212) 235-2530
         Telephone No.: (212) 235-2403

(4)      if to Canadian Collateral Agent, at:

         BNY Trust Company of Canada
         4 King Street West
         Suite 1101
         Toronto, Ontario M5H1B6
         Attention: Senior Trust Officer
         Telecopier No.: (416) 360-1711/1727
         Telephone No.: (416) 933-8504

(5)      if to Indenture Trustee, at:

         The Bank of New York
         101 Barclay Street, Floor 21W
         New York, New York 10286
         Attention: Corporate Trust Administration--Global Finance Unit
         Telecopier No.: (212) 235-2530
         Telephone No.: (212) 235-2403

                                       2
<Page>

(6)      if to The Hockey Company, at

         3500 De Maisonneuve Blvd. West
         Suite 800
         Westmount, Quebec
         H3Z3C1
         Attention:        Chief Financial Officer
         Telecopier No.:   (514) 932-6020
         Telephone No.:    (514) 932-1118

(7)      if to any Debtor other than The Hockey Company,  at

         c/o The Hockey Company
         3500 De Maisonneuve Blvd. West
         Suite 800
         Westmount, Quebec
         H3Z3C1
         Attention:        Chief Financial Officer
         Telecopier No.:   (514) 932-6020
         Telephone No.:    (514) 932-1118

or to such other address as each party designates to the other in the manner
herein prescribed.

                                       3<Page>
                                                                    Exhibit 10.9

                                                                  EXECUTION COPY

--------------------------------------------------------------------------------

                       THIRD AMENDMENT TO CREDIT AGREEMENT

                           Dated as of March 11, 2002

                                     Between

                                MASKA U.S., INC.
                                   as Borrower

                                       and

                       THE CREDIT PARTIES SIGNATORY HERETO
                                as Credit Parties

                                       and

                     THE LENDERS UNDER THE CREDIT AGREEMENT
                                   as Lenders

                                       and

                      GENERAL ELECTRIC CAPITAL CORPORATION
                               as Agent and Lender

--------------------------------------------------------------------------------

                          Osler, Hoskin & Harcourt LLP

<Page>

                       THIRD AMENDMENT TO CREDIT AGREEMENT

This Third Amendment to Credit Agreement (this "THIRD AMENDMENT") is dated as of
March 11, 2002, between

                  MASKA U.S. INC., a Vermont corporation ("BORROWER" or "MASKA
                  US")

                                       and

                  THE CREDIT PARTIES SIGNATORY HERETO ("CREDIT PARTIES")

                                       and

                  THE LENDERS SIGNATORY HERETO ("LENDERS")

                                       and

                  GENERAL ELECTRIC CAPITAL CORPORATION, a New York corporation,
                  as Agent for the Lenders ("AGENT")

RECITALS

A. Borrower (the corporation surviving from the merger of SHC Hockey Inc. into
Maska U.S., Inc.), Credit Parties, Agent and Lenders are parties to a Credit
Agreement made as of November 19, 1998 (as amended, restated, supplemented and
otherwise modified as of the date hereof, the "EXISTING CREDIT AGREEMENT").

B. Sport Maska Inc. ("MASKA CANADA"), Credit Parties, General Electric Capital
Canada Inc. and certain lenders are also party to a Credit Agreement made
November 19, 1998 (as amended, supplemented, restated and otherwise modified as
of the date hereof, the "CANADIAN FACILITY AGREEMENT").

C. Maska Canada, The Hockey Company ("ULTIMATE PARENT"), Caisse de depot et
placement du Quebec, as agent and lender and Montreal Trust Company, as paying
agent, are parties to a Credit Agreement dated as of November 19, 1998 (the
"TERM LOAN AGREEMENT"), as amended and restated by the Amended and Restated
Credit Agreement entered into on March 14, 2001 (the "AMENDED AND RESTATED TERM
LOAN AGREEMENT").

D. Maska Canada and Ultimate Parent have issued, or will be issuing, units
("UNITS"), which will consist of US$ 62,500,000 principal amount of 11.25%
senior secured notes, due 2009, of Ultimate Parent (the "ULTIMATE PARENT SENIOR
NOTES") and US$ 62,500,000 principal amount of 11.25% senior secured notes, due
2009 of Borrower (the "MASKA CANADA SENIOR NOTES" and, together with the
Ultimate Parent Senior Notes, the "SENIOR NOTES"). The Units have been issued,
or will be issued, under an indenture (the "INDENTURE"), among INTER ALIA,
Ultimate Parent, Maska Canada, certain subsidiaries of Ultimate Parent and Maska
Canada, including

<Page>
                                       2

Borrower, as guarantors, and the Person named as Indenture Trustee therein (the
"INDENTURE TRUSTEE").

E. The Ultimate Parent Senior Notes will be senior secured obligations of
Ultimate Parent, ranking senior in right of payment to all of Ultimate Parent's
subordinated indebtedness and ranking PARI PASSU in right of payment with all of
Ultimate Parent's other senior indebtedness, including indebtedness under the
Existing Credit Agreement and the Canadian Facility Agreement. The Maska Canada
Senior Notes will be senior secured obligations of Maska Canada, ranking senior
in right of payment to all of Maska Canada's subordinated indebtedness and
ranking PARI PASSU in right of payment with all of Maska Canada's other senior
indebtedness, including indebtedness under the Existing Credit Agreement and the
Canadian Facility Agreement. The obligations of Ultimate Parent and Maska Canada
under the Senior Notes and the Indenture (as well as the obligations of certain
subsidiaries of Ultimate Parent and Maska Canada, including Borrower, who have
guaranteed Ultimate Parent's and Maska Canada's obligations under the Senior
Notes and the Indenture) will be secured pursuant to security granted in favour
of one or more of a fonde de pouvoir, a collateral agent, a trustee and/or
similar Person acting on behalf of the holders of the Senior Notes.

F. Part of the net proceeds from the sale of the Units will be used by Ultimate
Parent and Maska Canada to (i) repay in full the amounts owing to the Caisse
Secured Parties under the Amended and Restated Term Loan Agreement, and (ii)
repay certain Indebtedness owing under the Existing Credit Agreement and the
Canadian Facility Agreement, all as more particularly described in Schedule "A"
attached hereto.

G. Borrower has requested amendments to and waivers of certain provisions of the
Existing Credit Agreement (as well as the Canadian Facility Agreement) in
connection with the foregoing.

H. Agent and Lenders have agreed to grant Borrower's request on the terms and
subject to the conditions contained in this Third Amendment.

FOR VALUE RECEIVED, the parties agree as follows:

SECTION 1 - INTERPRETATION

1.1    DEFINITIONS

Capitalized terms used and not defined in this Third Amendment have the meanings
given to them in the Existing Credit Agreement and the term "EFFECTIVE DATE" has
the meaning given to that term in Section 10.1 of this Third Amendment.

1.2    INCORPORATION INTO EXISTING CREDIT AGREEMENT

The Existing Credit Agreement and this Third Agreement shall henceforth be read
together and shall have the effect as if all the provisions of such agreements
were contained in one agreement.

<Page>
                                       3

SECTION 2 - AMENDMENTS OF SECTION 1.3 OF CREDIT AGREEMENT

2.1    AMENDMENT OF SECTION 1.3 - PREPAYMENTS

(1)    On and after the Effective Date, Section 1.3(a.1) is inserted into the
       Existing Credit Agreement immediately following Section 1.3(a) as
       follows:

       "(a.1) CLEAN DOWN. Borrower shall cause the sum of the outstanding
       principal amount of the Loans under this Agreement and the Loans under
       the Canadian Facility Agreement to be repaid to the extent so required by
       the Indenture.".

(2)    On and after the Effective Date, Section 1.3(b)(ii) is amended and
       restated as follows:

       "Immediately upon receipt by any Credit Party of cash proceeds of any
       asset disposition (including condemnation proceeds, but excluding
       proceeds of asset dispositions permitted by SECTION 6.8(A)) or any sale
       of Stock of any Subsidiary of any Credit Party, Borrower shall, subject
       to the Intercreditor Agreement, prepay the Loans (in the case of proceeds
       pertaining to any Credit Party other than Borrower, to be applied ratably
       to all of the Loans owing by Borrower) in an amount equal to all (except
       as set forth in the last sentence of this clause (b)) such cash proceeds,
       net of (A) commissions and other reasonable and customary transaction
       costs, fees, discounts and expenses properly attributable to such
       transaction and payable by a Credit Party in connection therewith (in
       each case, paid to non-Affiliates) including, without limitation,
       reasonable and customary fees payable to legal counsel, accountants and
       other professionals, (B) transfer taxes, (C) amounts payable to holders
       of senior Liens with respect to any asset subject to such disposition (to
       the extent such Liens constitute Permitted Encumbrances; except that,
       with respect to any amount payable to the Collateral Agent, such amount
       may only be paid to the Collateral Agent if the Collateral Agent has
       given the requisite notice pursuant to the Intercreditor Agreement), if
       any, (D) an appropriate reserve for income taxes in accordance with GAAP
       in connection therewith, and (E) such other reserves as Agent may permit
       from time to time, acting reasonably, including for indemnification
       obligations or amounts held in escrow. If Ultimate Parent shall receive
       any such proceeds, Borrower shall prepay the Loans in an amount equal to
       the net amount, as calculated above, multiplied by a fraction equal to
       the aggregate outstanding amount of the Loans, divided by the sum of the
       aggregate outstanding amount of the Loans, plus the revolving loans,
       swing line loans and letter of credit obligations under the Canadian
       Facility. Any such prepayment shall be applied in accordance with CLAUSE
       (C) below. Notwithstanding anything else herein or in the Canadian
       Facility Agreement to the contrary, the proceeds of any sale of assets
       which are the subject of a first ranking Lien in favour of the Collateral
       Agent (to the extent that such Liens constitute Permitted Encumbrances)
       may be used to repurchase replacement assets to the extent permitted
       under the Indenture; PROVIDED, that such sale of assets is permitted
       pursuant to Sections 6.8(b) and (c) hereof and no Default or Event of
       Default shall have occurred and be continuing or would result
       therefrom.".

(3)    On and after the Effective Date, Section 1.3(b)(iii) is amended and
       restated as follows:

       "If Ultimate Parent issues Stock, no later than the Business Day
       following the date of receipt of the proceeds thereof, and subject to the
       right of Maska Canada and Ultimate

<Page>
                                       4

       Parent to prepay up to thirty-three and one third percent (33 1/3%) of
       the principal amount of the Senior Notes as provided for in the
       Indenture, Borrower shall prepay the Loans, to be applied ratably to all
       of the Loans owing by Borrower, in an amount equal to all such proceeds,
       net of underwriting discounts and commissions and other reasonable costs
       paid to non-Affiliates in connection therewith, multiplied by a fraction
       equal to the aggregate outstanding amount of the Loans divided by the sum
       of the aggregate outstanding amount of the Loans plus the revolving
       loans, swing line loans and letter of credit obligations under the
       Canadian Facility. Any such prepayment shall be applied in accordance
       with CLAUSE (C) below."

SECTION 3 - AMENDMENT OF SECTION 6

3.1    AMENDMENT OF SECTION 6.3 - INDEBTEDNESS

On and after the Effective Date, Section 6.3 is amended and restated as follows:

       (a) No Credit Party shall create, incur, assume or permit to exist any
       Indebtedness, except (without duplication) (i) Indebtedness secured by
       purchase money security interests and Capital Leases permitted in SECTION
       6.7(C), (ii) the Loans and the other Obligations, (iii) unfunded pension
       fund and other employee benefit plan obligations and liabilities to the
       extent they are permitted to remain unfunded under applicable law, (iv)
       (x) existing Indebtedness described in DISCLOSURE SCHEDULE 6.3, (y) with
       respect to the Canadian Borrowers, Indebtedness under the Canadian
       Facility not to exceed $35,000,000 and (z) with respect to Ultimate
       Parent, Indebtedness under the Senior Notes not to exceed $62,500,000,
       less, at all times, the aggregate amount thereof repaid and, with respect
       to Maska Canada, Indebtedness under the Senior Notes not to exceed
       $62,500,000, less, at all times, the aggregate amount thereof repaid and,
       with respect to Indebtedness permitted under each of the foregoing
       clauses (a)(i) and (a)(iv)(x), refinancings thereof or amendments or
       modifications thereto which do not have the effect of increasing the
       principal amount thereof or changing the amortization thereof (other than
       to extend the same) and which are otherwise on terms and conditions no
       less favourable to any Credit Party, Agent or any Lender, as determined
       by Agent, acting reasonably, than the terms of the Indebtedness being
       refinanced, amended or modified, (v) Indebtedness under interest rate and
       currency hedging arrangements entered into in the ordinary course of a
       Credit Party's business, consistent with past practices, (vi)
       Indebtedness of SHC to Ultimate Parent in the amount of $50,215,024.08
       payable on demand resulting from an intercompany advance made by Ultimate
       Parent to US Acquisition Sub with the proceeds of the Term Loan and the
       Phoenix Investment for the purpose of consummating the transactions
       contemplated by the US Acquisition, (vii) Indebtedness in the form of
       loans made by Maska Canada and Maska US to Ultimate Parent that are
       payable on demand and do not exceed, individually or in the aggregate for
       all such loans, in any Fiscal Year, $900,000 or the Equivalent Amount
       thereof on a pro-rata basis (to be determined for each of Maska Canada
       and Maska US based on the ratio of such Person's EBITDA to the total of
       Maska Canada's and Maska US's EBITDA for the Fiscal Quarter most recently
       ended before any such loan) for the purposes of paying the necessary fees
       and expenses to maintain Ultimate Parent's corporate existence, the
       reasonable costs of its directors' and officers' insurance, its legal and
       accounting fees to the extent such fees relate to legal and accounting
       services provided directly to it by entities that are not its Affiliates,
       and its other general, administrative and regulatory fees,

<Page>
                                       5

       (viii) Indebtedness in the form of loans made by Maska Canada to Maska US
       that are payable on demand and the proceeds of which are used for the
       purpose of paying trade creditors of Maska US, in an aggregate amount
       outstanding not to exceed, at any time, C$1,000,000 or the Equivalent
       Amount thereof; (ix) Indebtedness in the form of loans made by Maska US
       to Ultimate Parent for the purpose of paying, to the extent otherwise
       expressly permitted in this Agreement, up to ninety percent (90%) of
       fifty percent (50%) of (A) (x) regularly scheduled interest payments on,
       and prepayments of principal of, the Senior Notes and (y) customary and
       reasonable fees and expenses of the Indenture Trustee and the Collateral
       Agent required to be paid pursuant to the Indenture and the Collateral
       Agency Agreement in an aggregate amount that does not exceed $100,000 or
       the Equivalent Amount thereof in any Fiscal Year and (B) Additional
       Interest; (x) indemnity obligations of Ultimate Parent or any of its
       Subsidiaries (other than Borrower or Canadian Borrower) in favour of the
       directors or officers of Ultimate Parent or any of its Subsidiaries in
       respect of all costs, charges and expenses incurred by them by reason of
       any action taken in their capacity as such; (xi) Indebtedness in the form
       of loans made by Tropsport to SHC Hockey for the purpose of paying trade
       creditors of SHC Hockey, in an aggregate amount outstanding not to
       exceed, at any time, C$75,000 or the Equivalent Amount thereof; (xii)
       Indebtedness in the form of intercompany loans made on the Closing Date
       described under "Intercompany Loans" in DISCLOSURE SCHEDULE 1.4,
       subordinated as required in accordance with SECTION 6.3(B), and (xiii)
       Indebtedness in the form of an operating credit facility made available
       to Maska Canada by National Bank of Canada in a principal amount not
       exceeding C$500,000 for the purposes of reimbursing National Bank of
       Canada in respect of overdrafts that occur from time to time in accounts
       of Maska Canada maintained at that bank which operating credit facilities
       shall be unsecured except for a standby letter of credit in the amount of
       up to C$500,000 issued pursuant to the Canadian Facility Agreement;
       PROVIDED that, in the cases of clauses (vi), (vii), (viii), (ix), (x),
       (xi) and (xii), (A) each Credit Party shall record all intercompany
       transactions to which it is a party on its books and records in
       accordance with GAAP; (B) at the time any such intercompany loan is made
       by a Credit Party, and after giving effect thereto, each Credit Party
       party thereto shall be Solvent; (C) such intercompany loan would not be
       prohibited by any applicable law (including financial assistance and
       fraudulent conveyance provisions, if any, thereunder) and (D) no Default
       or Event of Default has occurred that is continuing or would occur and be
       continuing after giving effect to any such proposed intercompany loan;
       and provided, further, that in the case of clause (ix), if such
       intercompany loan is made, in whole or in part, for the purpose of making
       a prepayment of principal of the Senior Notes under clause (ix)(A)(x), a
       payment of fees or expenses under clause (ix)(A)(y) or a payment of
       Additional Interest under clause (ix)(B), then the Fixed Charge Coverage
       Ratio, calculated on a pro forma basis, after giving effect to the
       aggregate amount of such prepayment of principal of the Senior Notes,
       payment of fees or expenses or payment of Additional Interest as
       permitted herein, as the case may be, and based on the financial results
       of Ultimate Parent for the four Fiscal Quarters then most recently ended,
       shall not be less than 1.25:1 and Ultimate Parent shall have delivered to
       Agent and Lenders, prior to such payment being made, a certificate of the
       Vice-President, Finance and Administration showing in reasonable detail
       the calculation used in determining compliance with the foregoing
       financial test and certifying that the other financial covenants set
       forth on ANNEX G shall be met, on a pro forma basis, after giving effect
       to such prepayment of principal, and that in the case of clause (xiii),
       no Default or Event of Default has occurred that is continuing at the
       time

<Page>
                                       6

       of any advance or loan made under the operating credit facility described
       therein or would occur and be continuing after giving effect to any such
       advance or loan.

       (b) The payment of any of the obligations of Maska Canada, Maska US or
       Tropsport under the intercompany loans made by Ultimate Parent or SHC, as
       applicable, permitted in SECTION 6.3(A)(XII) above (the "SUBORDINATED
       OBLIGATIONS") shall hereby be subordinated, to the extent and in the
       manner provided for herein, to the prior payment in full of all
       Obligations. Upon any distribution of assets of Maska Canada, Maska US or
       Tropsport in any dissolution, winding up, liquidation or reorganization
       (whether in bankruptcy, insolvency or receivership proceedings or upon an
       assignment for the benefit of creditors or otherwise):

              (i) Agent and Lenders shall first be entitled to receive payment
              in full in cash of the Obligations before Ultimate Parent or SHC,
              as applicable, is entitled to receive any payment on account of
              the Subordinated Obligations;

              (ii) any payment or distribution of assets of Maska Canada, Maska
              US or Tropsport of any kind or character, whether in cash,
              property or securities, to which Ultimate Parent or SHC would be
              entitled except for the provisions of this SECTION 6.3(B), shall
              be paid by the trustee or agent or other Person making such
              payment or distribution directly to Agent in the manner set forth
              in this Agreement, to the extent necessary to make payment in full
              of all Obligations remaining unpaid after giving effect to any
              concurrent payment or distribution or provisions therefor to Agent
              for itself and Lenders; and

              (iii) in the event that notwithstanding the foregoing provisions
              of this SECTION 6.3(B), any payment or distribution of assets of
              Maska Canada, Maska US or Tropsport of any kind or character,
              whether in cash, property or securities, shall be received by
              Ultimate Parent or SHC, as applicable, on account of the
              Subordinated Obligations before all Obligations are paid in full,
              such payment or distribution shall be received and held in trust
              for and shall be paid over to Agent for itself and Lenders for
              application to the payment of the Obligations until all of the
              Obligations shall have been paid in full, after giving effect to
              any concurrent payment or distribution or provision therefor to
              Agent for itself and Lenders.

              No right of Agent or any Lender to enforce the subordination
              provisions herein shall at any time in any way be prejudiced or
              impaired by any act or failure to act on the part of a Credit
              Party or by any act or failure to act, in good faith, by any
              Credit Party, or by any noncompliance by a Credit Party with the
              terms of this Agreement, regardless of any knowledge thereof which
              any Credit Party may have or be otherwise charged with.

       (c) No Credit Party shall, directly or indirectly, voluntarily purchase,
       redeem, defease or prepay any principal of, premium, if any, interest or
       other amount payable in respect of any Indebtedness, other than (i) the
       Obligations, (ii) the Canadian Facility Obligations, (iii) Indebtedness
       secured by a Permitted Encumbrance if the asset securing such
       Indebtedness has been sold or otherwise disposed of in accordance with
       SECTION 6.8(B) or 6.8(C), (iv) other Indebtedness (excluding the Senior
       Notes Indebtedness) not in excess of

<Page>
                                       7

       C$250,000 or the Equivalent Amount thereof in another currency, and (v)
       Indebtedness under the Senior Notes permitted to be prepaid under SECTION
       6.14. ".

3.2    AMENDMENT TO SECTION 6.7 - LIENS.

On and after the Effective Date, Section 6.7 is amended and restated as follows:

       "No Credit Party shall create, incur, assume or permit to exist any Lien
       on or with respect to its Accounts or any of its other properties or
       assets (whether now owned or hereafter acquired) except for (a) Permitted
       Encumbrances; (b) Liens in existence on the date hereof and summarized on
       DISCLOSURE SCHEDULE 6.7; (c) Liens created after the date hereof by
       conditional sale or other title retention agreements (including Capital
       Leases) or in connection with purchase money Indebtedness with respect to
       Equipment and Fixtures acquired by any Credit Party in the ordinary
       course of business, involving the incurrence of an aggregate amount of
       purchase money Indebtedness and Capital Lease Obligations (for all Credit
       Parties) of not more than $7,000,000 or the Equivalent Amount thereof in
       another currency outstanding at any one time for all such Liens (PROVIDED
       that such Liens attach only to the assets subject to such purchase money
       debt and such Indebtedness is incurred within thirty-five (35) days
       following such purchase and does not exceed 100% of the purchase price of
       the subject assets); (d) Liens of the Canadian Lenders and the Canadian
       Agent in the Collateral securing Indebtedness and Guaranteed Indebtedness
       under the Canadian Facility subject to the Intercreditor Agreement and to
       the extent such Indebtedness and Guaranteed Indebtedness is permitted by
       SECTIONS 6.3(A) and 6.6, as applicable (the "Canadian Facility Liens");
       and (e) Liens of the Collateral Agent in the Collateral securing
       Indebtedness under the Senior Notes, the Credit Parties' obligations to
       pay customary fees and expenses of the Collateral Agent and the Indenture
       Trustee required to be paid pursuant to the Indenture and the Collateral
       Agency Agreement and the Credit Parties' indemnification obligations
       under the Indenture and Guaranteed Indebtedness under guarantees of such
       Indebtedness and other obligations to the extent such Liens are subject
       to the Intercreditor Agreement and such Indebtedness and Guaranteed
       Indebtedness are permitted by SECTIONS 6.3(A) and 6.6, as applicable (the
       "Collateral Agent Liens"). No Credit Party shall create, incur, assume or
       permit to exist, or permit to be created, incurred or assumed, any Lien
       on the Intellectual Property of any European Subsidiary other than the
       Collateral Agent Liens. In addition, no Credit Party shall become a party
       to any agreement, note, indenture or instrument, or take any other
       action, which would prohibit the creation of a Lien on any of its
       properties or other assets in favour of Agent, on behalf of itself and
       Lenders, or the Lenders, as applicable, as additional collateral for the
       Obligations, except operating leases, Capital Leases or Licenses, the
       Canadian Facility Agreement or the Indenture which prohibit additional
       Liens upon the assets that are subject thereto." .

3.3    AMENDMENT TO SECTION 6.8 - SALE OF STOCK AND ASSETS

On and after the Effective Date, Section 6.8 is amended and restated as follows:

       "No Credit Party shall sell, transfer, convey, assign or otherwise
       dispose of any of its properties or other assets, including its Stock or
       the capital Stock of any of its Subsidiaries or CCM (whether in a public
       or a private offering or otherwise) or any of their Accounts, other than
       (a) the sale of Inventory in the ordinary course of business, (b)

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                                       8

       the sale, transfer, conveyance or other disposition by a Credit Party of
       Equipment, Fixtures or Real Estate that are obsolete or no longer used or
       useful in such Credit Party's business, (c) other Equipment and Fixtures
       having a value not exceeding $250,000 or the Equivalent Amount thereof in
       another currency in any single transaction or $750,000 or the Equivalent
       Amount thereof in another currency in the aggregate in any Fiscal Year,
       and (d) any issuances of Stock permitted under SECTION 6.5. With respect
       to any disposition of assets or other properties permitted pursuant to
       clause (b) and clause (c) above, Agent and Lenders, if applicable, agree
       on reasonable prior written notice to release their Liens on such assets
       or other properties in order to permit the applicable Credit Party to
       effect such disposition and shall execute and deliver to Borrower, at
       Borrower's expense, appropriate termination statements and other releases
       as reasonably requested by Borrower. For greater certainty, this Section
       6.8 shall not prohibit an assignment by a Credit Party of its properties
       or other assets, by way of security, which is expressly permitted by
       SECTION 6.7.".

3.4    AMENDMENT TO SECTION 6.14 - RESTRICTED PAYMENTS

On and after the Effective Date, Section 6.14 is amended and restated as
follows:

       "No Credit Party shall make any Restricted Payment, except (a) dividends
       and distributions by Subsidiaries of Borrower paid to Borrower, (b)
       employee loans permitted under SECTION 6.4(B) above, (c) payment on the
       Closing Date of management fees by Ultimate Parent to Ultimate Parent
       Stockholders in the aggregate amount of $1,000,000 in connection with
       services provided in closing the Related Transactions, (d) dividend
       payments in kind (that is, in the form of common Stock and not, in any
       case, in cash) including, without limitation, in respect of the Phoenix
       Investment; (e) Ultimate Parent may issue common Stock issuable upon the
       exercise of warrants or options, as permitted under SECTION 6.5; (f)
       payments by Ultimate Parent and Maska Canada from the gross proceeds of
       the sale of the Units of up to $4,800,000 in the aggregate on or
       immediately following the date of issuance of the Units on account of
       fees and expenses relating to the offering of the Units, (g) loans by
       Maska Canada and Maska US to Ultimate Parent in the form, on the terms
       and to the extent permitted under SECTION 6.3(A)(VII) and loans by Maska
       US to Ultimate Parent in the form, on the terms and to the extent
       permitted under SECTION 6.3(A)(IX); (h) Ultimate Parent and Maska Canada
       may prepay the principal of the Senior Notes and pay Additional Interest
       and customary and reasonable fees and expenses of the Indenture Trustee
       and the Collateral Agent in an aggregate amount that does not exceed
       $100,000 or the Equivalent Amount thereof in any Fiscal Year required to
       be paid pursuant to the Indenture and the Collateral Agency Agreement;
       provided, that (i) the amount of Ultimate Parent's prepayment or payment,
       as applicable, shall not exceed fifty percent (50%) of the amount being
       prepaid or paid and the amount of Maska Canada's prepayment or payment,
       as applicable, shall not exceed fifty percent (50%) of the amount being
       prepaid or paid; (ii) Requisite Lenders shall have given their prior
       consent to each prepayment, exercising their reasonable credit judgment,
       (iii) after giving effect to each prepayment or payment, Net Borrowing
       Availability shall be at least fifteen percent (15%) of the lesser of the
       Maximum Amount and the Borrowing Base, and, (iv) the Fixed Charge
       Coverage Ratio, calculated on a pro forma basis, after giving effect to
       the aggregate amount of such prepayments of principal of the Senior Notes
       and payments of Additional Interest and fees and expenses and based on
       the

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                                       9

       financial results of Ultimate Parent for the four Fiscal Quarters then
       most recently ended, shall not be less than 1.25:1 and Ultimate Parent
       shall have delivered to Agent and Lenders, prior to each payment being
       made, a certificate of the Vice-President, Finance and Administration
       showing in reasonable detail the calculation used in determining
       compliance with the foregoing financial test and certifying that the
       other financial covenants set forth on ANNEX G shall be met, on a pro
       forma basis, after giving effect to such prepayment of principal or
       payment of Additional Interest and fees and expenses; (i) Ultimate Parent
       and Maska Canada may pay (in each case, on a pro rata basis based on the
       amounts that their respective portions of the Senior Notes Indebtedness
       (as described in SECTION 6.3(A)(IV)(Z)) represent of the total Senior
       Notes Indebtedness) regularly scheduled interest on the Senior Notes and
       customary and reasonable fees and expenses of the Indenture Trustee and
       the Collateral Agent in an aggregate amount that does not exceed $100,000
       or the Equivalent Amount thereof in any Fiscal Year required to be paid
       pursuant to the Indenture and the Collateral Agency Agreement; (j) (i)
       Ultimate Parent may pay Maska Canada Guarantee Fees and (ii) Maska Canada
       may pay Ultimate Parent Guarantee Fees in an aggregate amount that does
       not exceed $1,250,000 (or the Equivalent Amount thereof) in respect of
       any Fiscal Year (with such payments being pro-rated for the number of
       days in the period in respect of which such fee is paid if the relevant
       period is less than a Fiscal Year); provided, that the aggregate amount
       of such Guarantee Fees paid by Maska Canada under this clause (j) shall
       at no time exceed the amount of Guarantee Fees in cash that have been
       previously paid or are concurrently paid by Ultimate Parent to Maska
       Canada in respect of the same period; and provided further, however, that
       payments by Maska Canada and Ultimate Parent of Guarantee Fees may be
       off-set against their rights to receive such fees from the other of them;
       provided, that (i) in the cases of clauses (c), (f), (g), (h), (i) and
       (j), no Default or Event of Default shall have occurred and be continuing
       or would result after giving effect to any payment under such clauses,
       (ii) at least ten percent (10%) of Ultimate Parent's payments under
       clauses (h) and (i) shall be obtained or contributed from Subsidiaries of
       Ultimate Parent other than the Credit Parties, (iii) after giving effect
       to each payment under clauses (i) and (j), Net Borrowing Availability
       shall be at least fifteen percent (15%) of the lesser of the Maximum
       Amount and the Borrowing Base, (iv) in the case of clause (j), the
       proceeds of the sale of Units by Ultimate Parent that may be transferred
       by Ultimate Parent to Maska Canada shall not constitute Guarantee Fees
       paid by Ultimate Parent to Maska Canada and Maska Canada shall not make
       any payment until after the delivery of the Financial Statements
       described in clause (4) of Annex E to the Canadian Facility Agreement for
       the Fiscal Year in respect of which Maska Canada intends to pay a
       Guarantee Fee together with the items that should accompany such
       Financial Statements pursuant to such clause and, prior to any payment
       being made by Maska Canada, Maska Canada shall have delivered to Agent
       and Lenders a certificate of its Vice-President, Finance and
       Administration certifying that the payment that Maska Canada proposes to
       make will be in compliance with the applicable clause and showing in
       reasonable detail the calculation used in determining that Maska Canada
       may make such payment; (k) dividends and distributions by Subsidiaries of
       Ultimate Parent paid to Ultimate Parent to the extent required to enable
       Ultimate Parent to make payments of Additional Interest that are
       permitted to be paid under clause (h) and the payments of interest, fees
       and expenses that are permitted to be paid by Ultimate Parent under
       clause (i); and (l) notwithstanding clause (h), Ultimate Parent and Maska
       Canada may prepay or repay up to thirty-three and

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                                       10

       one third percent (33 1/3%) of the principal amount of the Senior Notes
       with the proceeds of common Stock issuances by Ultimate Parent, as
       provided for in the Indenture. ".

3.5    AMENDMENT TO SECTION 6.18 - CHANGES RELATING TO OTHER INDEBTEDNESS.

On and after the Effective Date, Section 6.18 is amended and restated as
follows:

       "No Credit Party shall change or amend the terms of the Indenture, the
       Collateral Agency Agreement, the Senior Notes or the Units, as in effect
       on the Effective Date (or any indenture or agreement in connection
       therewith) if the effect of such amendment is to: (1) increase the
       interest rate on such Indebtedness; (2) change the dates upon which
       payments of principal or interest are due on such Indebtedness other than
       to extend such dates; (3) change any default or event of default other
       than to delete or make less restrictive any default provision therein, or
       add any covenant with respect to such Indebtedness; (4) change the
       redemption or prepayment provisions of such Indebtedness other than to
       extend the dates therefor or to reduce the premiums payable in connection
       therewith; (5) grant any security or collateral to secure payment of such
       Indebtedness other than the Liens granted on the Collateral as of the
       date of issuance and sale of the Units; or (6) change or amend any other
       term if such change or amendment would increase the obligations of the
       obligor or confer additional rights to the Collateral Agent Secured
       Parties in a manner materially adverse to any Credit Party, Agent or any
       Lender, as determined by Agent in its discretion, acting reasonably.".

SECTION 4 - AMENDMENT OF SECTION 8

4.1    AMENDMENT OF SECTION 8.1 - EVENTS OF DEFAULT

On and after the Effective Date, Clause (n) of Section 8.1 of the Existing
Credit Agreement is amended and restated as follows:

       "(n) one or both of Ultimate Parent or Maska Canada become liable to pay,
       to or on behalf of the Holders, Additional Interest, which liability,
       individually or in the aggregate, exceeds $1,500,000.".

SECTION 5 - AMENDMENTS OF ANNEXES

5.1    AMENDMENT OF ANNEX A - DEFINITIONS

On and after the Effective Date, Annex A is amended and restated as follows:

(1)    The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "ACQUISITION" as follows:

       "ADDITIONAL INTEREST shall mean any additional interest, damages or
       claims payable in respect of the Units and arising out of (a) the failure
       of one or both of Ultimate Parent or Maska Canada to (i) file the
       registration statement required in respect of the Units on a timely
       basis, or (ii) complete the offer to exchange the Units for the Exchange
       Units (as defined in the Indenture) within thirty (30) business days from
       the date the registration statement is required to be effective, (b) the
       failure of the Securities Exchange Commission to declare the required
       registration statement in respect of the Units effective

<Page>
                                       11

       on time, or (c) the failure of Ultimate Parent to grant, or cause its
       Subsidiaries to grant, to the Collateral Agent, a perfected security
       interest in and to the Collateral (as defined in the Indenture) which is
       located in Sweden, as more particularly described in section 4.17 of the
       Indenture. For greater certainty, Additional Interest shall constitute
       Interest Expense."

(2)    The definition of "CHANGE OF CONTROL" in Annex A of the Existing Credit
       Agreement is amended and restated as follows:

       "CHANGE OF CONTROL shall mean any event, transaction or occurrence as a
       result of which (a) Ultimate Parent Stockholders shall cease to own and
       control a percentage of all of the issued and outstanding capital Stock
       of all classes of Ultimate Parent on a fully diluted basis greater than
       the aggregate percentage of such Stock held by any other Person and any
       Affiliates of such other Person, (b) (A) so long as the board of
       directors of Ultimate Parent consists of five members, there shall cease
       to be two elected representatives of Ultimate Parent Stockholders on the
       board of directors of Ultimate Parent or Ultimate Parent Stockholders
       shall cease to have the right to nominate and ensure the election of a
       third representative on the board of directors of Ultimate Parent, or (B)
       if the number of directors on the board of Ultimate Parent is more or
       less than five, Ultimate Parent Stockholders shall cease to have, or be
       entitled to have, proportional representation on the board of Ultimate
       Parent equivalent to the proportional representation set out in clause
       (A), or (c) otherwise constitutes a "change of control" as defined under
       the Indenture.".

(3)    The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "COLLATERAL" as follows:

       "COLLATERAL AGENCY AGREEMENT shall mean the agreement between, among
       others, the Collateral Agent, Maska Canada, Ultimate Parent, the other
       Credit Parties and the Indenture Trustee.".

(4)    The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "COLLATERAL AGENCY AGREEMENT" as
       follows:

       "COLLATERAL AGENT shall mean one or more, as the context so requires, of
       the fonde de pouvoir, collateral agents, the trustee and/or a similar
       Person, in its capacity as the holder of security for the Holders of the
       Senior Notes, itself and the Indenture Trustee.".

(5)    The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "COLLATERAL AGENT" as follows:

       "COLLATERAL AGENT LIENS shall have the meaning given to it in SECTION
       6.7".

(6)    The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "COLLATERAL AGENT LIENS" as
       follows:

       "COLLATERAL AGENT SECURED PARTIES shall mean the Holders, the Collateral
       Agent and the Indenture Trustee.".

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                                       12

(7)    The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "COLLATERAL AGENT SECURED
       PARTIES" as follows:

       "COLLATERAL AGENT SENIOR COLLATERAL shall mean all assets of the Credit
       Parties and their Subsidiaries which are subject to the prior ranking
       Liens in favour of the Collateral Agent Secured Parties in accordance
       with the terms of the Intercreditor Agreement.".

(8)    The definition of "COMMITMENT TERMINATION DATE" in Annex A of the
       Existing Credit Agreement is amended and restated as follows:

       "COMMITMENT TERMINATION DATE shall mean the earliest of (a) October 17,
       2002, (b) the date of termination of Lenders' obligations to make Loans
       and/or incur Letter of Credit Obligations or permit existing Loans to
       remain outstanding pursuant to SECTION 8.2(B), and (c) the date of
       indefeasible prepayment in full by Borrower of the Loans and the
       cancellation and return (or stand-by guarantee) of all Letters of Credit
       or the cash collateralization of all Letter of Credit Obligations
       pursuant to ANNEX B, and the permanent reduction of the Revolving Loan
       Commitment and the Swing Line Commitment to zero dollars ($0)."

(9)    The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "GOVERNMENTAL AUTHORITY" as
       follows:

       "GUARANTEE FEES shall mean reasonable fees paid (a) by Maska Canada to
       Ultimate Parent solely as consideration for the guarantee by Ultimate
       Parent of Maska Canada's Senior Note Indebtedness or (b) by Ultimate
       Parent to Maska Canada solely as consideration for the guarantee by Maska
       Canada of Ultimate Parent's Senior Note Indebtedness, as the context
       requires and, in each case, pursuant to applicable law.".

(10)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "HKBC LENDERS" as follows:

       "HOLDER shall mean a holder of a Unit or Units.".

(11)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "INDEMNIFIED PERSON" as follows:

       "INDENTURE shall mean that certain indenture between, among others, the
       Indenture Trustee, Ultimate Parent, Maska Canada and the other Credit
       Parties with respect to the issuance of the Units and the Senior Notes.".

(12)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "INDENTURE" as follows:

       "INDENTURE TRUSTEE shall mean the Person acting in the capacity as
       trustee for Holders under the Indenture.".

(13)   The definition of "INTERCREDITOR AGREEMENT" in Annex A of the Existing
       Credit Agreement is amended and restated as follows:

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                                       13

       "INTERCREDITOR AGREEMENT shall mean the intercreditor agreement between
       the Agent, the Canadian Agent, the Indenture Trustee, the Collateral
       Agent and the Credit Parties, in form and substance satisfactory to Agent
       and Lenders, under which, among other things, are set out the relative
       priorities of the Liens of the Agent, the Lenders, the Canadian Agent,
       the Canadian Lenders, the Indenture Trustee and the Collateral Agent with
       respect to the Collateral, as amended, supplemented, modified and
       restated from time to time.".

(14)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "MASKA CANADA" as follows:

       "MASKA CANADA SENIOR NOTES shall mean the $62,500,000 principal amount of
       senior secured notes issued by Maska Canada to the Holders pursuant to
       the Indenture.".

(15)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "SECURITY AGREEMENTS" as
       follows:

       "SENIOR NOTES shall mean, collectively, the Ultimate Parent Senior Notes
       and the Maska Canada Senior Notes.".

(16)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "SENIOR NOTES" as follows:

       "SENIOR NOTES INDEBTEDNESS shall mean the Indebtedness of Ultimate Parent
       and Maska Canada under or pursuant to the Indenture and the Senior
       Notes.".

(17)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "ULTIMATE PARENT GUARANTEE" as
       follows:

       "ULTIMATE PARENT SENIOR NOTES shall mean the $62,500,000 principal amount
       of senior secured notes issued by Ultimate Parent to the Holders pursuant
       to the Indenture.".

(18)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "UNFUNDED PENSION LIABILITY" as
       follows:

       "UNIT shall mean one unit of (i) $500 principal amount of Ultimate Parent
       Senior Notes and (ii) $500 principal amount of Maska Canada Senior
       Notes.".

(19)   The following definition is inserted into Annex A of the Existing Credit
       Agreement immediately following the term "UNIT" as follows:

       "UNIT PURCHASE AGREEMENT" shall mean the Purchase Agreement between
       Ultimate Parent, Maska Canada and Jefferies & Company, Inc. pursuant to
       which Jefferies & Company, Inc. have agreed to buy the Units.".

SECTION 6 - MISCELLANEOUS AMENDMENTS

6.1    REPLACEMENT OF THE WORDS "TERM LOAN"

On and after the Effective Date, the words "TERM LOAN" are replaced with the
words "SENIOR NOTES INDEBTEDNESS" in the following sections of the Existing
Credit Agreement:

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                                       14

(1)    Section 3.8;

(2)    The definition of "FIXED CHARGES" in Annex A; and

(3)    The definition of "RESTRICTED PAYMENT" in Annex A.

6.2    REPLACEMENT OF WORDS "TERM LOAN AGREEMENT"

On and after the Effective Date, the words "TERM LOAN AGREEMENT" are replaced
with the word "INDENTURE" in Section 6.16 of the Existing Credit Agreement.

6.3    REPLACEMENT OF WORDS "TERM LOAN LIENS"

On and after the Effective Date, the words "TERM LOAN LIENS" are replaced with
"COLLATERAL AGENT LIENS" in the following sections of the Existing Credit
Agreement:

(1)    Section 1.6(f)(ii)(B);

(2)    Section 1.7(a)(iii);

(3)    Section 1.7(d)(b); and

(4)    Section 3.3(f).

CERTIFICATE OF ULTIMATE PARENT

On and after the Effective Date clause (m.1) is inserted into Annex E of the
Existing Credit Agreement immediately following clause (m) as follows:

       "(M.1) CERTIFICATE OF ULTIMATE PARENT. Prior to any payment by Ultimate
       Parent of Guarantee Fees, to Agent and Lenders, a certificate of Ultimate
       Parent's Vice-President, Finance and Administration designating the
       amount that Ultimate Parent proposes to pay to Maska Canada as a
       Guarantee Fee.".

SECTION 7 - CONSENTS AND WAIVERS

7.1    WAIVERS OF EVENTS OF DEFAULT

Agent and Requisite Lenders hereby waive any Events of Default that may have
occurred as a result of Maska Canada and Ultimate Parent making the payments
with respect to the Indebtedness under the Amended and Restated Term Loan
Agreement, Term Loan Facility 1 and Term Loan Facility 2, with the net proceeds
of the issuance of the Senior Notes, as more particularly described in Exhibit
A.

SECTION 8 - REPRESENTATIONS AND WARRANTIES

To induce Agent and Lenders to enter into this Third Amendment, Borrower makes
the following representations and warranties to Agent and each Lender, each of
which shall survive the execution and delivery of this Third Amendment:

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                                       15

8.1    CORPORATE POWER, AUTHORIZATION AND ENFORCEABLE OBLIGATIONS

(1)    The execution and delivery by each Credit Party of this Third Amendment,
       and the performance by each Credit Party of its obligations under this
       Third Amendment and the Existing Credit Agreement as amended by this
       Third Amendment:

       (a)    are within such Credit Party's corporate power;

       (b)    have been duly authorized by all necessary or proper corporate and
              shareholder action of such Credit Party;

       (c)    do not contravene any provision of such Credit Party's constating
              documents or by-laws or any shareholder's agreement to which such
              Credit Party is a party;

       (d)    do not violate any law or regulation, or any order or decree of
              any court or Governmental Authority;

       (e)    do not conflict with or result in the breach or termination of,
              constitute a default under or accelerate or permit the
              acceleration of any performance required by, any indenture,
              mortgage, deed of trust, lease, agreement or other instrument to
              which such Credit Party is a party or by which such Credit Party
              or any of its property is bound;

       (f)    do not result in the creation or imposition of any Lien upon any
              of the property of such Credit Party; and

       (g)    do not require the consent or approval of any Governmental
              Authority or any other Person.

(2)    This Third Amendment has been duly executed and delivered by each Credit
       Party and this Third Amendment and the Existing Credit Agreement, as
       amended by this Third Amendment, constitute legal, valid and binding
       obligations of each Credit Party and are enforceable against it in
       accordance with their respective terms.

(3)    Borrower has delivered to Agent a true and complete photocopy of the
       Indenture and each of the documents and instruments described in the
       schedule of additional documents attached hereto as Schedule "B"
       (collectively, the "INDENTURE DOCUMENTS") required to be delivered
       thereunder as conditions precedent to this Third Amendment becoming
       effective.

8.2    REPRESENTATIONS AND WARRANTIES TRUE AND CORRECT

After giving effect to this Third Amendment on the Effective Date, each of the
representations and warranties of every Credit Party contained in the Existing
Credit Agreement and each of the other Loan Documents is true and correct on and
as of the Effective Date as if made on such date, except to the extent any such
representation or warranty expressly relates to an earlier date and except for
changes expressly permitted or expressly contemplated by the Existing Credit
Agreement and subsequent amendments thereto.

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                                       16

8.3    NO DEFAULT OR EVENT OF DEFAULT

After giving effect to this Third Amendment on the Effective Date, no Default or
Event of Default shall be continuing.

SECTION 9 - AMENDMENT FEE

To induce Agent and Lenders to enter into this Third Amendment, Borrower agrees
to pay to Agent, for the ratable benefit of Lenders, an amendment fee of
US$50,000 ("AMENDMENT FEE").

SECTION 10 - CONDITIONS PRECEDENT

10.1   CONDITIONS PRECEDENT TO THIS FOURTH AMENDMENT BECOMING EFFECTIVE

This Third Amendment shall become effective as of the date on which the
following conditions shall have been satisfied in a manner satisfactory to Agent
or waived in writing by Agent and Lenders (such date is referred to herein as
the "EFFECTIVE DATE"):

(1)    THIRD AMENDMENT; INTERCREDITOR AGREEMENT. This Third Amendment (including
       Schedule "A" hereto) or counterparts hereof shall have been duly executed
       by the Credit Parties, Agent and Lenders, and delivered to Borrower,
       Agent and Lenders. The Intercreditor Agreement (as described in Section
       5.1(13), the "INTERCREDITOR AGREEMENT") or counterparts thereof in form
       and substance satisfactory to Agent and Lenders shall have been executed
       by and delivered to the parties thereto (with delivery to Borrower
       constituting delivery to all Credit Parties).

(2)    COMPLETION OF OFFERING OF UNITS; INDENTURE DOCUMENTS. The offering and
       sale of the Units shall have been completed as contemplated in the
       Offering Circular dated March 11, 2002 (3:10 a.m. printed version) under
       which the Units are being offered for sale and, for greater certainty, no
       amendment or supplement thereto shall have been made that is not
       acceptable to Agent and Lenders. The interest rates under the Senior
       Notes shall be acceptable to Lenders, acting reasonably. The Indenture
       Documents shall be in form and substance satisfactory to Agent and
       Lenders and copies of such documents shall have been delivered to Agent.
       The Indenture Documents also shall be in full force and effect.

(3)    OFFICER'S CERTIFICATE. Agent shall have received (in sufficient number of
       copies for distribution to Lenders) a certificate of an officer of
       Borrower certifying that the Indenture Documents are in full force and
       effect and that attached to such certificate are accurate and complete
       copies thereof.

(4)    AMENDED OPERATING PLAN. Agent and Lenders shall have received an amended
       and restated annual operating plan from Ultimate Parent and its
       Subsidiaries, in the form described in Clause (c) of Annex E of the
       Existing Credit Agreement, after having given effect to the issuance of
       the Units.

(5)    FINANCIAL STATEMENTS. Notwithstanding Clause (d) of Annex E of the
       Existing Credit Agreement, Agent and Lenders shall have received audited
       Financial Statements from Ultimate Parent and its Subsidiaries and the
       accompanying materials described in that Clause (d), for the Fiscal Year
       ended December 31, 2001.

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                                       17

(6)    DISCLOSURE STATEMENT. Agent and Lenders shall have received, not fewer
       than two (2) Business Days prior to the Effective Date, an amended and
       restated DISCLOSURE SCHEDULE 3.28, setting forth the required information
       in respect of each Credit Party, which schedule shall, as of the date of
       delivery, be marked to show any changes since the Closing Date.

(7)    FEES. Agent shall have received, for its and/or Lenders' accounts, as
       applicable, all fees due and payable to Agent and/or Lenders, including,
       without limitation, the Amendment Fee.

(8)    OPINIONS. Agent and Lenders shall have received legal opinions from
       counsel to the Credit Parties in respect of this Third Amendment, the
       Existing Credit Agreement, as amended by this Third Amendment, and the
       Intercreditor Agreement, in form and substance satisfactory to Agent,
       acting reasonably.

SECTION 11 - MISCELLANEOUS

11.1   RATIFICATION AND CONFIRMATION OF LOAN DOCUMENTS

Except as specifically amended by this Third Amendment, the Existing Credit
Agreement and all other Loan Documents (including all Guarantees) shall remain
in full force and effect and are hereby ratified and confirmed.

11.2   RESERVATION OF RIGHTS AND REMEDIES

This Third Amendment shall not, except as expressly provided herein, operate as
a waiver of any right or remedy of Agent or Lenders under any of the Loan
Documents, nor constitute a waiver of any provisions of the Loan Documents.
Agent and Lenders reserve all of their rights to proceed to enforce their rights
and remedies at any time and from time to time in connection with any and all
Defaults or Events of Default now existing or hereafter arising.

11.3   REFERENCES IN LOAN DOCUMENTS TO CREDIT AGREEMENT

On and after the Effective Date, each reference in the Loan Documents to the
Credit Agreement shall mean and be a reference to the Existing Credit Agreement,
as amended hereby.

11.4   HEADINGS

The headings used herein are for convenience only and do not constitute matters
to be considered in interpreting this Fourth Amendment.

11.5   REIMBURSEMENT

Without limiting any provisions of the Existing Credit Agreement, Borrower
agrees to reimburse Agent for all reasonable out-of-pocket fees and expenses,
including the reasonable fees and expenses of legal counsel, in connection with
the preparation, negotiation, execution and delivery of this Fourth Amendment
and the documents contemplated hereby.

<Page>
                                       18

11.6   COUNTERPARTS

This Third Amendment may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all of which shall together
constitute one agreement. Delivery of an executed counterpart of a signature
page of this Third Amendment by facsimile shall be as effective as delivery of a
manually executed counterpart of this Third Amendment.

11.7   LENDER AUTHORIZATION REGARDING INTERCREDITOR AGREEMENT

Each of the Lenders hereby approves the Intercreditor Agreement and authorizes
the Agent to execute and deliver the Intercreditor Agreement. Each of the
Lenders acknowledges receipt of a copy of the Intercreditor Agreement.

11.8   LOAN DOCUMENT

This Third Amendment constitutes a Loan Document.

                           [INTENTIONALLY LEFT BLANK]

<Page>
                                       19

The parties have executed this Agreement.

                                    MASKA U.S., INC., as Borrower

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                    THE HOCKEY COMPANY, as a Credit Party

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Chief Financial Officer
                                               and Vice President,
                                               Finance and Administration

                                    SPORTS HOLDINGS CORP., as Credit Party

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                    SPORT MASKA INC., as Credit Party

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                    SLM TRADEMARK ACQUISITION CORP., as Credit
                                    Party

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

<Page>
                                       20

                                    WAP HOLDINGS INC., as Credit Party

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                    SLM TRADEMARK ACQUISITION CANADA
                                    CORPORATION, as Credit Party

                                    By: /s/ Robert A. Desrosiers
                                        -------------------------------
                                        Name: Robert A. Desrosiers
                                        Title: Vice President, Finance
                                               and Administration

                                    FLEET BUSINESS CREDIT, LLC, as Lender

                                    By: /s/ Michael Kernekian
                                        ----------------------------------------
                                        Name: Michael Kernekian
                                        Title: Vice President

                                    GENERAL ELECTRIC CAPITAL CORPORATION, as
                                    Agent and Lender

                                    By: /s/ Charles Chiodo
                                        ----------------------------------------
                                        Name: Charles Chiodo
                                        Title: Authorized Signatory

                                    CONGRESS FINANCIAL CORPORATION (CENTRAL), as
                                    Lender

                                    By: /s/ Wendy Whitcher
                                        ----------------------------------------
                                        Name: Wendy Whitcher
                                        Title: Vice-President

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