Document:

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                                                                     EXHIBIT 4.3

                                                                 EXECUTION DRAFT

                                  $125,000,000

                               THE HOCKEY COMPANY

                  11 1/4% OF SENIOR SECURED NOTE UNITS DUE 2009

                          REGISTRATION RIGHTS AGREEMENT

                                                                   April 3, 2002
JEFFERIES & COMPANY, INC.
11100 Santa Monica Boulevard
10th Floor
Los Angeles, CA 90025

Ladies and Gentlemen:

     THE HOCKEY COMPANY, a Delaware corporation (the "COMPANY"), and its
wholly-owned subsidiary SPORT MASKA INC., a New Brunswick corporation ("SPORT
MASKA" and, together with the Company, the "ISSUERS"), are issuing and selling
to Jefferies & Company, Inc. (the "INITIAL PURCHASER"), upon the terms set forth
in the Purchase Agreement, dated March 26, 2002, between the Issuers and the
Initial Purchaser (the "PURCHASE AGREEMENT"), 125,000 Units (each a "UNIT" and,
collectively, the "UNITS"), each Unit consisting of $500 principal amount of 11
1/4% Senior Secured Notes due 2009 issued by the Company (the "PARENT NOTES")
and $500 principal amount of 11 1/4% Senior Secured Notes due 2009 issued by
Sport Maska (the "SUBSIDIARY NOTES"). As an inducement to the Initial Purchaser
to enter into the Purchase Agreement, the Issuers agree with the Initial
Purchaser, for the benefit of the Holders (as defined below) of the Units
(including, without limitation, the Initial Purchaser), as follows:

1.   DEFINITIONS

     Capitalized terms that are used herein without definition and are defined
in the Purchase Agreement shall have the respective meanings ascribed to them in
the Purchase Agreement. As used in this Agreement, the following terms shall
have the following meanings:

     ADDITIONAL INTEREST: See Section 4(a).

     ADVICE: See Section 6(v).

     AGREEMENT: This Registration Rights Agreement, dated as of the Closing
Date, among the Issuers and the Initial Purchaser.

     APPLICABLE PERIOD: See Section 2(e).

     BUSINESS DAY: A day that is not a Saturday, a Sunday or a day on which
banking institutions in the City of New York are authorized or required by law
or executive order to be closed.

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     CLOSING DATE: April 3, 2002.

     COLLATERAL AGREEMENTS: Shall have the meaning set forth in the Indenture.

     COMPANY: See the introductory paragraph to this Agreement.

     DAY: Unless otherwise expressly provided, a calendar day.

     EFFECTIVENESS DATE: The 180th day after the Issue Date.

     EFFECTIVENESS PERIOD: See Section 3(a).

     EVENT DATE: See Section 4(b).

     EXCHANGE ACT: The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder.

     EXCHANGE NOTES: The Exchange Parent Notes and Exchange Subsidiary Notes.

     EXCHANGE OFFER: See Section 2(a).

     EXCHANGE PARENT NOTES: Senior Secured Notes due 2009 of the Company,
identical to the Parent Notes, including the guarantees endorsed thereon, except
for references to series and restrictive legends.

     EXCHANGE REGISTRATION STATEMENT: See Section 2(a).

     EXCHANGE SUBSIDIARY NOTES: Senior Secured Notes due 2009 of Sport Maska,
identical to the Subsidiary Notes, including the guarantees endorsed thereon,
except for references to series and restrictive legends.

     EXCHANGE UNITS: Senior Secured Note Units, each consisting of the $500
principal amount of Exchange Parent Notes and $500 principal amount of Exchange
Subsidiary Notes, identical to the Units, except for references to series and
restrictive legends.

     FILING DATE: The 90th day after the Issue Date.

     HOLDER: Any registered holder of Registrable Units.

     INDEMNIFIED PARTY: See Section 8(c).

     INDEMNIFYING PARTY: See Section 8(c).

     INDENTURE: The Indenture, dated as of the Closing Date, among the Issuers,
the Subsidiary Guarantors and The Bank of New York, as trustee, pursuant to
which the Units are being issued, as amended or supplemented from time to time
in accordance with the terms hereof.

     INITIAL PURCHASER: See the introductory paragraph to this Agreement.

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     INITIAL SHELF REGISTRATION: See Section 3(a).

     INSPECTORS: See Section 6(o).

     ISSUE DATE: March 26, 2002

     ISSUERS: See the introductory paragraph to this Agreement.

     LOSSES: See Section 8(a).

     NASD: National Association of Securities Dealers, Inc.

     NOTES: The Parent Notes and Subsidiary Notes.

     PARENT NOTES: See the introductory paragraph to this Agreement.

     PARTICIPATING BROKER-DEALER: See Section 2(e).

     PERSON: An individual, trustee, corporation, partnership, limited liability
company, joint stock company, trust, unincorporated association, union, business
association, firm, government or agency or political subdivision thereof, or
other legal entity.

     PRIVATE EXCHANGE: See Section 2(f).

     PRIVATE EXCHANGE UNITS: See Section 2(f).

     PROSPECTUS: The prospectus included in any Registration Statement
(including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Units covered by such
Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

     PURCHASE AGREEMENT: See the introductory paragraph to this Agreement.

     RECORDS: See Section 6(o).

     REGISTRABLE UNITS: (i) Units, (ii) Exchange Units and (iii) Private
Exchange Units received in the Exchange Offer, in each case, that may not be
sold without restriction under federal or state securities laws.

     REGISTRATION STATEMENT: Any registration statement of the Issuers filed
with the SEC under the Securities Act (including, but not limited to, the
Exchange Registration Statement, the Shelf Registration and any subsequent Shelf
Registration) that covers any of the Registrable Units pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits and

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all material incorporated by reference or deemed to be incorporated by reference
in such registration statement.

     RULE 144: Rule 144 promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule 144A) or
regulation hereafter adopted by the SEC providing for offers and sales of
securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of an issuer or such securities being
free of the registration and prospectus delivery requirements of the Securities
Act.

     RULE 144A: Rule 144A promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule 144) or
regulation hereafter adopted by the SEC.

     RULE 415: Rule 415 promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.

     SEC: The Securities and Exchange Commission.

     SECURITIES: The Units, the Exchange Units and the Private Exchange Units.

     SECURITIES ACT: The Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.

     SHELF NOTICE: See Section 2(j).

     SHELF REGISTRATION: See Section 3(b).

     SPORT MASKA: See the introductory paragraph to this Agreement.

     SUBSEQUENT SHELF REGISTRATION: See Section 3(b).

     SUBSIDIARY GUARANTOR: Each subsidiary of the Issuers that guarantees the
obligations of the Issuers under the Notes and Indenture.

     SUBSIDIARY NOTES: See the introductory paragraph to this Agreement.

     TIA: The Trust Indenture Act of 1939, as amended.

     TRUSTEE: The trustee under the Indenture and, if existent, the trustee
under any indenture governing the Exchange Units and Private Exchange Units (if
any).

     UNDERWRITTEN REGISTRATION OR UNDERWRITTEN OFFERING: A registration in which
securities of the Issuers are sold to an underwriter for reoffering to the
public.

     UNITS: See the introductory paragraph to this Agreement.

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2.   EXCHANGE OFFER

     (a)  The Issuers shall (and shall cause each Subsidiary Guarantor with
          respect to its guarantee) to (i) prepare and file with the SEC
          promptly after the date hereof, but in no event later than the Filing
          Date, a registration statement (the "EXCHANGE REGISTRATION STATEMENT")
          on an appropriate form under the Securities Act with respect to an
          offer (the "EXCHANGE OFFER") to the Holders of Registrable Units to
          issue and deliver to such Holders, in exchange for the Units, a like
          number of Exchange Units as substitute evidence of indebtedness
          originally evidenced by the Registrable Units, (ii) use their best
          efforts to cause the Exchange Registration Statement to be declared
          effective by the SEC as promptly as practicable after the filing
          thereof, but in no event later than the Effectiveness Date, (iii) keep
          the Exchange Registration Statement effective until the consummation
          of the Exchange Offer in accordance with its terms, including the
          right of the Holders of Registrable Units to exchange their Units for
          Exchange Units, and (iv) unless the Exchange Offer would not be
          permitted by a policy of the SEC, commence the Exchange Offer and use
          their best efforts to issue on or prior to 30 Business Days after the
          date on which the Exchange Registration Statement is declared
          effective, Exchange Units in exchange for all Units tendered prior
          thereto in the Exchange Offer. The Exchange Offer shall not be subject
          to any conditions, other than that the Exchange Offer does not violate
          applicable law or any applicable interpretation of the staff of the
          SEC. Upon consummation of the Exchange Offer in accordance with this
          Section 2, the Issuers shall have no further registration obligations
          other than with respect to (i) Private Exchange Notes, (ii) Exchange
          Notes held by Participating Broker-Dealers and (iii) Notes or Exchange
          Notes as to which Section 3 hereof applies.

     (b)  The Exchange Units shall be issued under, and entitled to the benefits
          of, (i) the Indenture or a trust indenture that is identical to the
          Indenture (other than such changes as are necessary to comply with any
          requirements of the SEC to effect or maintain the qualifications
          thereof under the TIA) and (ii) the Collateral Agreements.

     (c)  Interest on the Exchange Notes will accrue from the last interest
          payment due date on which interest was paid on the Notes surrendered
          in exchange therefor or, if no interest has been paid on the Notes,
          from the date of original issue of the Notes. Each Exchange Note shall
          bear interest at the rate set forth thereon; PROVIDED, that interest
          with respect to the period prior to the issuance thereof shall accrue
          at the rate or rates borne by the Notes from time to time during such
          period.

     (d)  The Issuers may require each Holder as a condition to participation in
          the Exchange Offer to represent (i) that any Exchange Units received
          by it will be acquired in the ordinary course of its business, (ii)
          that at the time of the commencement and consummation of the Exchange
          Offer such Holder has not entered into any arrangement or
          understanding with any Person to participate in the distribution
          (within the meaning of the Securities Act) of the Exchange Units in
          violation of the provisions of the Securities Act, (iii) that if such
          Holder is an

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          affiliate of the Issuers within the meaning of the Securities Act, it
          will comply with the registration and prospectus delivery requirements
          of the Securities Act to the extent applicable to it, (iv) if such
          Holder is not a broker-dealer, that it is not engaged in, and does not
          intend to engage in, the distribution of the Units and (v) if such
          Holder is a Participating Broker-Dealer, that it will deliver a
          Prospectus in connection with any resale of the Exchange Units.

     (e)  The Issuers shall include within the Prospectus contained in the
          Exchange Registration Statement a section entitled "Plan of
          Distribution," which shall contain a summary statement of the
          positions taken or policies made by the staff of the SEC with respect
          to the potential "underwriter" status of any broker-dealer that is the
          beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
          Exchange Units received by such broker-dealer in the Exchange Offer
          for its own account in exchange for Units that were acquired by it as
          a result of market-making or other trading activity (a "PARTICIPATING
          BROKER-DEALER"), whether such positions or policies have been publicly
          disseminated by the staff of the SEC or such positions or policies, in
          the judgment of the Initial Purchaser, represent the prevailing views
          of the staff of the SEC. Such "Plan of Distribution" section shall
          also allow, to the extent permitted by applicable policies and
          regulations of the SEC, the use of the Prospectus by all Persons
          subject to the prospectus delivery requirements of the Securities Act,
          including, to the extent so permitted, all Participating
          Broker-Dealers, and include a statement describing the manner in which
          Participating Broker-Dealers may resell the Exchange Units. The
          Issuers shall use their best efforts to keep the Exchange Registration
          Statement effective and to amend and supplement the Prospectus
          contained therein, in order to permit such Prospectus to be lawfully
          delivered by all Persons subject to the prospectus delivery
          requirements of the Securities Act for such period of time as such
          Persons must comply with such requirements in order to resell the
          Exchange Units; PROVIDED, HOWEVER, that (i) in the case where such
          Prospectus and any amendment or supplement thereto must be delivered
          by a Participating Broker-Dealer or the Initial Purchaser, such period
          shall be the lesser of 180 days and the date on which all
          Participating Broker-Dealers and the Initial Purchaser have sold all
          Exchange Units held by them (unless such period is extended pursuant
          to Section 6(k) below) and (ii) the Issuers shall make such Prospectus
          and any amendment or supplement thereto, available to any
          Participating Broker-Dealer for use in connection with any resale of
          any Exchange Units for a period not less than 90 days after the
          consummation of the Exchange Offer (the "APPLICABLE PERIOD").

     (f)  If, upon consummation of the Exchange Offer, the Initial Purchaser
          holds any Units acquired by it and having the status of an unsold
          allotment in the initial distribution, the Issuers (upon the written
          request from the Initial Purchaser) shall, simultaneously with the
          delivery of the Exchange Units in the Exchange Offer, issue and
          deliver to the Initial Purchaser, in exchange (the "PRIVATE EXCHANGE")
          for the Units held by the Initial Purchaser, a number of Senior
          Secured Note Units, each consisting of the $500 principal amount of
          Exchange Parent Notes and $500 principal amount of Exchange Subsidiary
          Notes, that are identical to the

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          Exchange Units except for the existence of restrictions on transfer
          thereof under the Securities Act and securities laws of the several
          states of the United States (the "PRIVATE EXCHANGE UNITS") (and which
          are issued pursuant to the same indenture as the Exchange Units). The
          Private Exchange Units shall bear the same CUSIP number as the
          Exchange Units.

     (g)  In connection with the Exchange Offer, the Issuers shall:

          (i)    mail, or cause to be mailed, to each Holder a copy of the
                 Prospectus forming part of the Exchange Registration Statement,
                 together with an appropriate letter of transmittal and related
                 documents;

          (ii)   utilize the services of a depository for the Exchange Offer
                 with an address in the Borough of Manhattan, the City of New
                 York, which may be the Trustee or an affiliate thereof;

          (iii)  permit Holders to withdraw tendered Registrable Units at any
                 time prior to the close of business, New York time, on the last
                 Business Day on which the Exchange Offer shall remain open; and

          (iv)   otherwise comply in all material respects with all applicable
                 laws.

     (h)  As soon as practicable after the close of the Exchange Offer or the
          Private Exchange, as the case may be, the Issuers shall:

          (i)    accept for exchange all Registrable Units validly tendered
                 pursuant to the Exchange Offer or the Private Exchange, as the
                 case may be, and not validly withdrawn;

          (ii)   deliver to the Trustee for cancellation all Registrable Units
                 so accepted for exchange; and

          (iii)  cause the Trustee to authenticate and deliver promptly to each
                 Holder tendering such Registrable Units consisting of Exchange
                 Parent Notes and Exchange Subsidiary Notes, equal in principal
                 amount to the Parent Notes and Subsidiary Notes of such Holder
                 so accepted for exchange.

     (i)  The Exchange Units and the Private Exchange Units may be issued under
          (i) the Indenture or (ii) an indenture identical in all material
          respects to the Indenture, which in either event will provide that the
          Exchange Units will not be subject to the transfer restrictions set
          forth in the Indenture, that the Private Exchange Units will be
          subject to the transfer restrictions set forth in the Indenture, and
          that the Exchange Units, the Private Exchange Units and the Units, if
          any, will be deemed one class of security (subject to the provisions
          of the Indenture) and entitled to participate in all the security
          granted by the Issuers pursuant to the Collateral Agreements and in
          any Subsidiary Guarantee (as such terms are defined in the Indenture)
          on an equal and ratable basis.

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     (j)  If, (i) applicable interpretations of the staff of the SEC would not
          permit the consummation of the Exchange Offer as contemplated by
          Section 2 hereof, (ii) the Exchange Offer is not consummated within 30
          Business Days after the Effectiveness Date for any reason, (iii) any
          holder of Private Exchange Units so requests in writing to the Issuers
          within 45 days after the consummation of the Exchange Offer or (iv) in
          the case of any Holder not permitted to participate in the Exchange
          Offer or any Holder that participates in the Exchange Offer but does
          not receive Exchange Units on the date of the exchange that may be
          sold without restriction under state and federal securities laws
          (other than due solely to the status of such Holder as an affiliate of
          the Issuers within the meaning of the Securities Act) and so notifies
          the Issuers within 45 days of consummation of the Exchange Offer, then
          the Issuers (and any then existing Subsidiary Guarantor) shall
          promptly deliver to the Holders and the Trustee written notice thereof
          (the "SHELF NOTICE") and shall file an Initial Shelf Registration
          pursuant to Section 3.

3.   SHELF REGISTRATION

     If a Shelf Notice is delivered pursuant to Section 2(j), then this Section
3 shall apply to all Registrable Units. Otherwise, upon consummation of the
Exchange Offer in accordance with Section 2, the provisions of Section 3 shall
apply solely with respect to (i) Units held by any Holder thereof not permitted
to participate in the Exchange Offer and (ii) Exchange Units that are not freely
tradeable as contemplated by Section 2(j)(iv) hereof, provided in each case that
the relevant Holder has duly notified the Issuers within 45 days of the Exchange
Offer as required by Section 2(j)(iv).

     (a)  INITIAL SHELF REGISTRATION. The Issuers shall as promptly as
          practicable file (and shall cause any then existing Subsidiary
          Guarantor to file) with the SEC a Registration Statement for an
          offering to be made on a continuous basis pursuant to Rule 415
          covering all of the Registrable Units (the "INITIAL SHELF
          REGISTRATION"). If the Issuers (and any then existing Subsidiary
          Guarantor) have not yet filed an Exchange Registration Statement, the
          Issuers shall file (and shall cause any then existing Subsidiary
          Guarantor to file) with the SEC the Initial Shelf Registration on or
          prior to the Filing Date and shall use their best efforts to cause
          such Initial Shelf Registration to be declared effective under the
          Securities Act on or prior to the Effectiveness Date. Otherwise, the
          Issuers shall use their best efforts to file (and shall cause any then
          existing Subsidiary Guarantor to file) with the SEC the Initial Shelf
          Registration within 30 days of the delivery of the Shelf Notice and
          shall use their best efforts to cause such Shelf Registration to be
          declared effective under the Securities Act as promptly as practicable
          thereafter. The Initial Shelf Registration shall be on Form S-1 or
          another appropriate form permitting registration of such Registrable
          Units for resale by Holders in the manner or manners reasonably
          designated by them (including, without limitation, one or more
          underwritten offerings). The Issuers and Subsidiary Guarantors shall
          not permit any securities other than the Registrable Units to be
          included in any Shelf Registration. No Holder of Registrable Units
          shall be entitled to include any of its Registrable Units in any Shelf
          Registration pursuant to this Agreement unless such Holder furnishes
          to the Issuers and the Trustee in writing, within 20 days

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          after receipt of a request therefor, such information as the Issuers
          and the Trustee after conferring with counsel with regard to
          information relating to Holders that would be required by the SEC to
          be included in such Shelf Registration or Prospectus included therein,
          may reasonably request for inclusion in any Shelf Registration or
          Prospectus included therein. The Issuers shall use their best efforts
          to keep the Initial Shelf Registration continuously effective under
          the Securities Act until the date which is 24 months from the Closing
          Date (the "EFFECTIVENESS PERIOD"), or such shorter period ending when
          (i) all Registrable Units covered by the Initial Shelf Registration
          have been sold in the manner set forth and as contemplated in the
          Initial Shelf Registration or (ii) a Subsequent Shelf Registration
          covering all of the Registrable Units covered by and not sold under
          the Initial Shelf Registration or an earlier Subsequent Shelf
          Registration has been declared effective under the Securities Act.

     (b)  SUBSEQUENT SHELF REGISTRATIONS. If the Initial Shelf Registration or
          any Subsequent Shelf Registration ceases to be effective for any
          reason at any time during the Effectiveness Period (other than because
          of the sale of all of the securities registered thereunder), the
          Issuers shall use their best efforts to obtain the prompt withdrawal
          of any order suspending the effectiveness thereof, and in any event
          shall within 30 days of such cessation of effectiveness amend such
          Shelf Registration in a manner to obtain the withdrawal of the order
          suspending the effectiveness thereof, or file (and cause any then
          existing Subsidiary Guarantor to file) an additional "shelf"
          Registration Statement pursuant to Rule 415 covering all of the
          Registrable Units covered by and not sold under the Initial Shelf
          Registration or an earlier Subsequent Shelf Registration (a
          "SUBSEQUENT SHELF REGISTRATION"). If a Subsequent Shelf Registration
          is filed, the Issuers shall use their best efforts to cause the
          Subsequent Shelf Registration to be declared effective as soon as
          practicable after such filing and to keep such Subsequent Shelf
          Registration continuously effective for a period equal to the number
          of days in the Effectiveness Period less the aggregate number of days
          during which the Initial Shelf Registration or any Subsequent Shelf
          Registration was previously continuously effective. As used herein the
          term "Shelf Registration" means the Initial Shelf Registration and any
          Subsequent Shelf Registrations

     (c)  SUPPLEMENTS AND AMENDMENTS. The Issuers shall promptly supplement and
          amend any Shelf Registration if required by the rules, regulations or
          instructions applicable to the registration form used for such Shelf
          Registration, if required by the Securities Act, or if reasonably
          requested by the Holders of a majority of the Registrable Units
          covered by such Shelf Registration or by any underwriter of such
          Registrable Units.

4.   ADDITIONAL INTEREST

     (a)  The Issuers acknowledge and agree that the Holders of Registrable
          Units will suffer damages if the Issuers fail to fulfill their
          material obligations under Section 2 or Section 3 hereof and that it
          would not be feasible to ascertain the extent of such damages with
          precision. Accordingly, the Issuers agree to pay additional

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          interest on the Notes ("ADDITIONAL INTEREST") under the circumstances
          and to the extent set forth below (each of which shall be given
          independent effect):

          (i)    if neither the Exchange Registration Statement nor the Initial
                 Shelf Registration has been filed on or prior to the Filing
                 Date, Additional Interest shall accrue on the Notes over and
                 above any stated interest at a rate of 0.25% per annum of the
                 principal amount of such Notes for the first 90 days
                 immediately following the Filing Date, such Additional Interest
                 rate increasing by an additional 0.25% per annum at the
                 beginning of each subsequent 90-day period;

          (ii)   if neither the Exchange Registration Statement nor the Initial
                 Shelf Registration is declared effective on or prior to the
                 Effectiveness Date, Additional Interest shall accrue on the
                 Notes over and above any stated interest at a rate of 0.25% per
                 annum of the principal amount of such Notes for the first 90
                 days immediately following the Effectiveness Date, such
                 Additional Interest rate increasing by an additional 0.25% per
                 annum at the beginning of each subsequent 90-day period;

          (iii)  if (A) the Issuers (and any then existing Subsidiary Guarantor)
                 have not exchanged Exchange Units for all Units validly
                 tendered in accordance with the terms of the Exchange Offer on
                 or prior to the 30 Business Days after the Effectiveness Date,
                 (B) the Exchange Registration Statement ceases to be effective
                 at any time prior to the time that the Exchange Offer is
                 consummated, (C) if applicable, a Shelf Registration has been
                 declared effective and such Shelf Registration ceases to be
                 effective at any time prior to the second anniversary of its
                 effective date (other than such time as all Units have been
                 disposed of thereunder) and is not declared effective again
                 within 30 days, or (D) pending the announcement of a material
                 corporate transaction, the Issuers issue a written notice
                 pursuant to Section 6(e)(v) or (vi) that a Shelf Registration
                 Statement or Exchange Registration Statement is unusable and
                 the aggregate number of days in any 365-day period for which
                 all such notices issued or required to be issued, have been, or
                 were required to be, in effect exceeds 120 days in the
                 aggregate or 30 days consecutively, in the case of a Shelf
                 Registration statement, or 15 days in the aggregate in the case
                 of an Exchange Registration Statement, then Additional Interest
                 shall accrue on the Notes, over and above any stated interest,
                 at a rate of 0.25% per annum of the principal amount of such
                 Notes commencing on (w) the 31st Business Day after the
                 Effectiveness Date, in the case of (A) above, or (x) the date
                 the Exchange Registration Statement ceases to be effective
                 without being declared effective again within 30 days, in the
                 case of clause (B) above, or (y) the day such Shelf
                 Registration ceases to be effective in the case of (C) above,
                 or (z) the day the Exchange Registration Statement or Shelf
                 Registration ceases to be usable in case of clause (D) above,
                 such Additional Interest rate increasing by an additional 0.25%
                 per annum at the beginning of each such subsequent 90-day
                 period;

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                 PROVIDED, HOWEVER, that the maximum Additional Interest rate on
                 the Notes may not exceed at any one time in the aggregate 1.00%
                 per annum; and PROVIDED FURTHER, that (1) upon the filing of
                 the Exchange Registration Statement or Initial Shelf
                 Registration (in the case of (i) above), (2) upon the
                 effectiveness of the Exchange Registration Statement or Initial
                 Shelf Registration (in the case of (ii) above), or (3) upon the
                 exchange of Exchange Units for all Units tendered (in the case
                 of (iii)(A) above), or upon the effectiveness of the Exchange
                 Registration Statement that had ceased to remain effective (in
                 the case of clause (iii)(B) above), or upon the effectiveness
                 of a Shelf Registration which had ceased to remain effective
                 (in the case of (iii)(C) above), Additional Interest on the
                 Notes as a result of such clause (or the relevant subclause
                 thereof) or upon the effectiveness of such Registration
                 Statement or Exchange Registration Statement (in the case of
                 clause (iii)(D) above), as the case may be, shall cease to
                 accrue.

     (b)  The Issuers shall notify the Trustee within 3 Business Days after each
          and every date on which an event occurs in respect of which Additional
          Interest is required to be paid (an "EVENT DATE"). Any amounts of
          Additional Interest due pursuant to clause (a)(i), (a)(ii) or (a)(iii)
          of this Section 4 will be payable in cash, on the dates and in the
          manner provided in the Indenture and whether or not any cash interest
          would then be payable on such date, commencing with the first such
          semi-annual date occurring after any such Additional Interest
          commences to accrue. The amount of Additional Interest will be
          determined by multiplying the applicable Additional Interest rate by
          the principal amount of the Notes, multiplied by a fraction, the
          numerator of which is the number of days such Additional Interest rate
          was applicable during such period (determined on the basis of a
          360-day year comprised of twelve 30-day months and, in the case of a
          partial month, the actual number of days elapsed), and the denominator
          of which is 360.

5.   HOLD-BACK AGREEMENTS

     The Issuers agree that they will not effect any public or private sale or
distribution (including a sale pursuant to Regulation D under the Securities
Act) of any securities the same as or similar to those covered by a Registration
Statement filed pursuant to Section 2 or 3 hereof (other than Additional Units
(as defined in the Indenture) issued under the Indenture), or any securities
convertible into or exchangeable or exercisable for such securities, during the
10 days prior to, and during the 90-day period beginning on, the effective date
of any Registration Statement filed pursuant to Sections 2 and 3 hereof unless
the Holders of a majority of the Registrable Units to be included in such
Registration Statement consent.

6.   REGISTRATION PROCEDURES

     In connection with the filing of any Registration Statement pursuant to
Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the
sale of such securities covered thereby in accordance with the intended method
or methods of disposition thereof, and pursuant thereto and in connection with
any Registration Statement filed by the Issuers hereunder, the Issuers shall:

                                       11
<Page>

     (a)  Prepare and file with the SEC as soon as practicable after the date
          hereof but in any event on or prior to the Filing Date, the Exchange
          Registration Statement or if the Exchange Registration Statement is
          not filed because of the circumstances contemplated by Section
          2(j)(ii), a Shelf Registration as prescribed by Section 3, and use
          their best efforts to cause each such Registration Statement to become
          effective and remain effective as provided herein; PROVIDED that, if
          (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Units during the Applicable Period relating thereto, before filing any
          Registration Statement or Prospectus or any amendments or supplements
          thereto the Issuers shall, if requested, furnish to and afford the
          Holders of the Registrable Units to be registered pursuant to such
          Shelf Registration Statement, or each Participating Broker-Dealer and
          to their counsel and the managing underwriters, if any, a reasonable
          opportunity to review copies of all such documents (including copies
          of any documents to be incorporated by reference therein and all
          exhibits thereto) proposed to be filed (in each case at least 5
          Business Days prior to such filing). The Issuers shall not file any
          such Registration Statement or Prospectus or any amendments or
          supplements thereto in respect of which the Holders must provide
          information for the inclusion therein without the Holders being
          afforded an opportunity to review such documentation if the holders of
          a majority of the Registrable Units covered by such Registration
          Statement, or any such Participating Broker-Dealer, as the case may
          be, their counsel, or the managing underwriters, if any, shall
          reasonably object in writing on a timely basis.

     (b)  Provide an indenture trustee for the Registrable Units, the Exchange
          Units or the Private Exchange Units, as the case may be, and cause the
          Indenture (or other indenture relating to the Registrable Units) to be
          qualified under the TIA not later than the effective date of the first
          Registration Statement; and in connection therewith, cooperate with
          the trustee under any indenture and the Holders of the Registrable
          Units to effect such changes to such indenture as may be required for
          such indenture to be so qualified in accordance with the terms of the
          TIA; and execute, and use their best efforts to cause such trustee to
          execute, all documents as may be required to effect such changes, and
          all other forms and documents required to be filed with the SEC to
          enable such indenture to be so qualified in a timely manner.

     (c)  Prepare and file with the SEC such amendments and post-effective
          amendments to each Shelf Registration or Exchange Registration
          Statement, as the case may be, as may be necessary to keep such
          Registration Statement continuously effective for the Effectiveness
          Period or the Applicable Period, as the case may because the related
          Prospectus to be supplemented by any Prospectus supplement required by
          applicable law, and as so supplemented to be filed pursuant to Rule
          424 (or any similar provisions then in force) promulgated under the
          Securities Act; and comply with the provisions of the Securities Act
          and the Exchange Act applicable to them with respect to the
          disposition of all securities covered by such

                                       12
<Page>

          Registration Statement as so amended or in such Prospectus as so
          supplemented and with respect to the subsequent resale of any
          securities being sold by a Participating Broker-Dealer covered by any
          such Prospectus. The Issuers shall not, during the Applicable Period,
          voluntarily take any action that would result in selling Holders of
          the Registrable Units covered by a Registration Statement or
          Participating Broker-Dealers seeking to sell Exchange Units not being
          able to sell such Registrable Units or such Exchange Units during that
          period, unless such action is required by applicable law, rule or
          regulation or permitted by this Agreement.

     (d)  If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Units during the Applicable Period relating thereto, furnish to such
          selling Holders and Participating Broker-Dealers who so request in
          writing (i) one conformed copy of such Registration Statement and of
          each amendment and supplement thereto (in each case including any
          documents incorporated therein by reference and all exhibits), (ii)
          one conformed copy of the Prospectus included in such Registration
          Statement (including each preliminary Prospectus) and each amendment
          or supplement thereto, and such reasonable number of copies of the
          final Prospectus as filed by the Issuers pursuant to Rule 424(b) under
          the Securities Act, in conformity with the requirements of the
          Securities Act and each amendment or supplement thereto, and (iii)
          such other documents incorporated by reference in the Prospectus
          (including any amendments required to be filed pursuant to clause (c)
          of this Section), as any such Person may reasonably request. Subject
          to Section 6(v), the Issuers hereby consent to the use of the
          Prospectus by each of the selling Holders of Registrable Units or each
          such Participating Broker-Dealer, as the case may be, and the
          underwriters or agents, if any, and dealers, if any, in connection
          with the offering and sale of the Registrable Units covered by, or the
          sale by Participating Broker-Dealers of the Exchange Units pursuant
          to, such Prospectus and any amendment thereto.

     (e)  If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Units during the Applicable Period relating thereto. The Issuers shall
          notify in writing the selling Holders of Registrable Units, or each
          such Participating Broker-Dealer, as the case may be, their counsel
          and the managing underwriters, if any, promptly (but in any event
          within 2 Business Days) (i) when a Prospectus or any prospectus
          supplement or post-effective amendment has been filed, and, with
          respect to a Registration Statement or any post-effective amendment,
          when the same has become effective (including in such notice a written
          statement that any Holder may, upon request, obtain, without charge,
          one conformed copy of such Registration Statement or post-effective
          amendment including financial statements and schedules, documents
          incorporated or deemed to be incorporated by reference and exhibits),
          (ii) of the

                                       13
<Page>

          issuance by the SEC of any stop order suspending the effectiveness of
          a Registration Statement or of any order preventing or suspending the
          use of any Prospectus or the initiation of any proceedings for that
          purpose, (iii) if at any time when a Prospectus is required by the
          Securities Act to be delivered in connection with sales of the
          Registrable Units the representations and warranties of the Issuers
          contained in any agreement (including any underwriting agreement)
          contemplated by Section 6(n) hereof cease to be true and correct, (iv)
          of the receipt by the Issuers of any notification with respect to the
          suspension of the qualification or exemption from qualification of a
          Registration Statement or any of the Registrable Units or the Exchange
          Units to be sold by any Participating Broker-Dealer for offer or sale
          in any jurisdiction, or the initiation or threatening of any
          proceeding for such purpose, (v) of the happening of any event, the
          existence of any condition of any information becoming known that
          makes any statement made in such Registration Statement or related
          Prospectus or any document incorporated or deemed to be incorporated
          therein by reference untrue in any material respect or that requires
          the making of any changes in, or amendments or supplements to, such
          Registration Statement, Prospectus or documents so that, in the case
          of the Registration Statement and the Prospectus, it will not contain
          any untrue statement of a material fact or omit to state any material
          fact required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading and (vi) of any reasonable determination by the Issuers
          that a post-effective amendment to a Registration Statement would be
          appropriate.

     (f)  If (A) a Shelf Registration is filed pursuant to Section 3 or (B) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Units during the Applicable Period, use their best efforts to prevent
          the issuance of any order suspending the effectiveness of a
          Registration Statement or of any order preventing or suspending the
          use of a Prospectus or suspending the qualification (or exemption from
          qualification) of any of the Registrable Units or the Exchange Units
          to be sold by any Participating Broker-Dealer, for sale in any
          jurisdiction, and, if any such order is issued, to use their best
          efforts to obtain the withdrawal of any such order at the earliest
          possible date.

     (g)  If (A) a Shelf Registration is filed pursuant to Section 3 or (B) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Units during the Applicable Period or (C) reasonably requested in
          writing by the managing underwriters, if any, or the Holders of a
          majority of the Registrable Units being sold in connection with an
          underwritten offering, (i) promptly incorporate in a prospectus
          supplement or post-effective amendment such information or revisions
          to information therein relating to such underwriters or selling
          Holders as the managing underwriters, if any, or such Holders or their
          counsel reasonably request to be included or made therein and (ii)
          make all required filings of such prospectus supplement or such

                                       14
<Page>

          post-effective amendment as soon as practicable after the Issuers have
          received notification of the matters to be incorporated in such
          prospectus supplements or post-effective amendment.

     (h)  Prior to any public offering of Registrable Units or any delivery of a
          Prospectus contained in the Exchange Registration Statement by any
          Participating Broker-Dealer who seeks to sell Exchange Units during
          the Applicable Period, use their best efforts to register or qualify,
          and to cooperate with the selling Holders of Registrable Units or each
          such Participating Broker-Dealer, as the case may be, the
          underwriters, if any, and their respective counsel in connection with
          the registration or qualification (or exemption from such registration
          or qualification) of such Registrable Units or Exchange Units, as the
          case may be, for offer and sale under the securities or Blue Sky laws
          of such jurisdictions within the United States as any selling Holder,
          Participating Broker-Dealer or any managing underwriter or
          underwriters, if any, reasonably request in writing; PROVIDED that
          where Exchange Units held by Participating Broker-Dealers or
          Registrable Units are offered other than through an underwritten
          offering, the Issuers agree to cause their counsel to perform Blue Sky
          investigations and file any registrations and qualifications required
          to be filed pursuant to this Section 6(h), keep each such registration
          or qualification (or exemption therefrom) effective during the period
          such Registration Statement is required to be kept effective and do
          any and all other acts or things reasonably necessary or advisable to
          enable the disposition in such jurisdictions of the Exchange Units
          held by Participating Broker-Dealers or the Registrable Units covered
          by the applicable Registration Statement; PROVIDED that neither the
          Issuers nor any existing Subsidiary Guarantor shall be required to (A)
          qualify generally to do business in any jurisdiction where it is not
          then so qualified, (B) take any action that would subject it to
          general service of process in any such jurisdiction where it is not
          then so subject or (C) subject itself to taxation in any such
          jurisdiction where it is not then so subject.

     (i)  If (A) a Shelf Registration is filed pursuant to Section 3 or (B) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is requested to be delivered under the
          Securities Act by any Participating Broker-Dealer who seeks to sell
          Exchange Units during the Applicable Period, cooperate with the
          selling Holders of Registrable Units and the managing underwriter or
          underwriters, if any, to facilitate the timely preparation and
          delivery of certificates representing Registrable Units to be sold,
          which certificates shall not bear any restrictive legends and shall be
          in a form eligible for deposit with The Depository Trust Company, and
          enable such Registrable Units to be in such denominations and
          registered in such names as the managing underwriter or underwriters,
          if any, or Holders may reasonably request in writing.

     (j)  Use their best efforts to cause the Registrable Units covered by any
          Registration Statement to be registered with or approved by such
          governmental agencies or authorities as may be necessary to enable the
          seller or sellers thereof or the underwriter, if any, to consummate
          the disposition of such Registrable Units, except as may be required
          solely as a consequence of the nature of such selling

                                       15
<Page>

          Holder's business, in which case the Issuers will cooperate in all
          reasonable respects with the filing of such Registration Statement and
          the granting of such approvals; PROVIDED that neither the Issuers nor
          any existing Subsidiary Guarantor shall be required to (A) qualify
          generally to do business in any jurisdiction where it is not then so
          qualified, (B) take any action that would subject it to general
          service of process in any such jurisdiction where it is not then so
          subject or (C) subject itself to taxation in any such jurisdiction
          where it is not then so subject.

     (k)  If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Units during the Applicable Period, upon the occurrence of any event
          contemplated by paragraph 6(e)(v) or 6(e)(vi) hereof, as promptly as
          practicable, prepare and file with the SEC, at the expense of the
          Issuers, a supplement or post-effective amendment to the Registration
          Statement or a supplement to the related Prospectus or any document
          incorporated or deemed to be incorporated therein by reference, or
          file any other required document so that, as thereafter delivered to
          the purchasers of the Registrable Units being sold thereunder or to
          the purchasers of the Exchange Units to whom such Prospectus will be
          delivered by a Participating Broker-Dealer, such Prospectus will not
          contain an untrue statement of a material fact or omit to state a
          material fact required to be stated therein or necessary to make the
          statements therein, in light of the circumstances under which they
          were made, not misleading. Notwithstanding the foregoing, the Issuer
          shall not be required to amend or supplement a Registration Statement,
          any related Prospectus or any document incorporated therein by
          reference, in the event that, and for a period not to exceed an
          aggregate of 75 days in any calendar year if, (i) an event occurs and
          is continuing as a result of which a Shelf Registration would, in the
          Issuer's good faith judgment, contain an untrue statement of a
          material fact or omit to state a material fact necessary in order to
          make the statements therein, in the light of the circumstances under
          which they were made, not misleading, and (ii) (a) the Issuer
          determines in its good faith judgment that the disclosure of such
          event at such time would have a material adverse effect on the
          business, operations or prospects of the Issuer or (b) the disclosure
          otherwise relates to a pending material business transaction that has
          not yet been publicly disclosed.

     (l)  Use their best efforts to cause the Registrable Units covered by a
          Registration Statement to be rated with such appropriate rating
          agencies, if so requested by the Holders of a majority of the
          Registrable Units covered by such Registration Statement or the
          managing underwriter or underwriters, if any.

     (m)  Prior to the initial issuance of the Exchange Units, (i) provide the
          Trustee with one or more certificates for the Registrable Units in a
          form eligible for deposit with The Depository Trust Company and (ii)
          provide a CUSIP number for the Exchange Units.

                                       16
<Page>

     (n)  If a Shelf Registration is filed pursuant to Section 3, enter into
          such agreements (including an underwriting agreement in form, scope
          and substance as is customary in underwritten offerings of debt
          securities similar to the Units, as may be appropriate in the
          circumstances) and take all such other actions in connection therewith
          (including those reasonably requested in writing by the managing
          underwriters, if any, or the Holders of a majority of the Registrable
          Units being sold) in order to expedite or facilitate the registration
          or the disposition of such Registrable Units, and in such connection,
          whether or not an underwriting agreement is entered into and whether
          or not the registration is an Underwritten Registration, (i) make such
          representations and warranties to the Holders and the underwriters, if
          any, with respect to the business of the Issuers and their
          subsidiaries as then conducted, and the Registration Statement,
          Prospectus and documents, if any, incorporated or deemed to be
          incorporated by reference therein, in each case, in form, substance
          and scope as are customarily made by issuers to underwriters in
          underwritten offerings of debt securities similar to the Units, as may
          be appropriate in the circumstances, and confirm the same if and when
          reasonably required; (ii) obtain opinions of counsel to the Issuers
          and updates thereof (which opinions (in form, scope and substance)
          shall be reasonably satisfactory to the managing underwriters, if any,
          and the Holders of a majority of the Registrable Units being sold),
          addressed to each selling Holder and each of the underwriters, if any,
          covering the matters customarily covered in opinions of counsel to the
          Issuers requested in underwritten offerings of debt securities similar
          to the Units, as may be appropriate in the circumstances; (iii) obtain
          "cold comfort" letters and updates thereof (which letters and updates
          from the independent auditors of the Issuers (and, if necessary, any
          other independent certified public accountants of any subsidiary of
          the Issuers or of any business acquired by the Issuers for which
          financial statements and financial data are, or are required to be,
          included in the Registration Statement), addressed to each of the
          underwriters, such letters to be in customary form and covering
          matters of the type customarily covered in "cold comfort" letters in
          connection with underwritten offerings of debt securities similar to
          the Units, as may be appropriate in the circumstances, and such other
          matters as reasonably requested by the underwriters; and (iv) deliver
          such documents and certificates as may be reasonably requested in
          writing by the Holders of a majority of the Registrable Units being
          sold and the managing underwriters, if any, to evidence the continued
          validity of the representations and warranties of the Issuers and
          their subsidiaries made pursuant to clause (i) above and to evidence
          compliance with any conditions contained in the underwriting agreement
          or other similar agreement entered into by the Issuers.

     (o)  If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
          Prospectus contained in an Exchange Registration Statement filed
          pursuant to Section 2 is required to be delivered under the Securities
          Act by any Participating Broker-Dealer who seeks to sell Exchange
          Units during the Applicable Period, make available for inspection by
          any selling Holder of such Registrable Units being sold, or each such
          Participating Broker-Dealer, as the case may be, any underwriter
          participating in any such disposition of Registrable Units, if any,
          and

                                       17
<Page>

          any attorney, accountant or other agent retained by any such selling
          Holder or each such Participating Broker-Dealer, as the case may be,
          or underwriter (collectively, the "INSPECTORS"), at the offices where
          normally kept, during reasonable business hours, all financial and
          other records and pertinent corporate documents of the Issuers and
          their subsidiaries (collectively, the "RECORDS") as shall be
          reasonably necessary to enable them to exercise any applicable due
          diligence responsibilities, and cause the officers, directors and
          employees of the Issuers and their subsidiaries to supply all
          information reasonably requested in writing by any such Inspector in
          connection with such Registration Statement. Each Inspector shall
          agree in writing that it will keep the Records confidential and not
          disclose any of the Records unless (i) the disclosure of such Records
          is necessary to avoid or correct a misstatement or omission in such
          Registration Statement, (ii) the release of such Records is ordered
          pursuant to a subpoena or other order from a court of competent
          jurisdiction, (iii) the information in such Records is public or has
          been made generally available to the public other than as a result of
          a disclosure or failure to safeguard by such Inspector or (iv)
          disclosure of such information is, in the reasonable written opinion
          of counsel for any Inspector, necessary or advisable in connection
          with any action, claim, suit or proceeding, directly or indirectly,
          involving or potentially involving such Inspector and arising out of,
          based upon, related to, or involving this Agreement, or any
          transaction contemplated hereby or arising hereunder. Each selling
          Holder of such Registrable Units and each such Participating
          Broker-Dealer will be required to agree that information obtained by
          it as a result of such inspections shall be deemed confidential and
          shall not be used by it as the basis for any market transactions in
          the securities of the Issuers unless and until such is made generally
          available to the public. Each Inspector, each selling Holder of such
          Registrable Units and each such Participating Broker-Dealer will be
          required to further agree that it will, upon learning that disclosure
          of such Records is sought in a court of competent jurisdiction, give
          notice to the Issuers and, to the extent practicable, use their best
          efforts to allow the Issuers, at their expense, to undertake
          appropriate action to prevent disclosure of the Records deemed
          confidential at their expense.

     (p)  Comply with all applicable rules and regulations of the SEC and make
          generally available to the security holders of the Issuers with regard
          to any Applicable Registration Statement earning statements satisfying
          the provisions of section 11(a) of the Securities Act and Rule 158
          thereunder (or any similar rule promulgated under the Securities Act)
          no later than 45 days after the end of any 12-month period (or 90 days
          after the end of any 12-month period if such period is a fiscal year)
          (i) commencing at the end of any fiscal quarter in which Registrable
          Units are sold to underwriters in a firm commitment or best efforts
          underwritten offering and (ii) if not sold to underwriters in such an
          offering, commencing on the first day of the first fiscal quarter of
          the Issuers after the effective date of a Registration Statement,
          which statements shall cover said 12-month periods.

                                       18
<Page>

     (q)  Upon consummation of an Exchange Offer or Private Exchange, obtain an
          opinion of counsel to the Issuers (in form, scope and substance
          reasonably satisfactory to the Purchaser), addressed to the Trustee
          for the benefit of all Holders participating in the Exchange Offer or
          Private Exchange, as the case may be, to the effect that (i) the
          Issuers and the existing Subsidiary Guarantors have duly authorized,
          executed and delivered the Exchange Units or the Private Exchange
          Units, as the case may be, and the Indenture, (ii) the Exchange Units
          or the Private Exchange Units, as the case may be, and the Indenture
          constitute legal, valid and binding obligations of the Issuers and the
          existing Subsidiary Guarantors, enforceable against the Issuers and
          the existing Subsidiary Guarantors in accordance with their respective
          terms, except as such enforcement may be subject to customary United
          States and foreign exceptions and (iii) all obligations of the Issuers
          and the existing Subsidiary Guarantors under the Exchange Units or the
          Private Exchange Units, as the case may be, and the Indenture are
          secured by Liens on the assets securing the obligations of the Issuers
          under the Units, Indenture and Collateral Agreements to the extent and
          as discussed in the Registration Statement.

     (r)  If the Exchange Offer or a Private Exchange is to be consummated, upon
          delivery of the Registrable Units by the Holders to the Issuers (or to
          such other Person as directed by the Issuers) in exchange for the
          Exchange Units or the Private Exchange Units, as the case may be, the
          Issuers shall mark, or caused to be marked, on such Registrable Units
          that the Exchange Units or the Private Exchange Units, as the case may
          be, are being issued as substitute evidence of the indebtedness
          originally evidenced by the Registrable Units; PROVIDED that in no
          event shall such Registrable Units be marked as paid or otherwise
          satisfied.

     (s)  Cooperate with each seller of Registrable Units covered by any
          Registration Statement and each underwriter, if any, participating in
          the disposition of such Registrable Units and their respective counsel
          in connection with any filings required to be made with the NASD.

     (t)  Use their best efforts to take all other steps reasonably necessary to
          effect the registration of the Registrable Units covered by a
          Registration Statement contemplated hereby.

     (u)  The Issuers may require each seller of Registrable Units or
          Participating Broker-Dealer as to which any registration is being
          effected to furnish to the Issuers such information regarding such
          seller or Participating Broker-Dealer and the distribution of such
          Registrable Units as the Issuers may, from time to time, reasonably
          request. The Issuers may exclude from such registration the
          Registrable Units of any seller who fails to furnish such information
          within a reasonable time (which time in no event shall exceed 45 days)
          after receiving such request. Each seller of Registrable Units or
          Participating Broker-Dealer as to which any registration is being
          effected agrees to furnish promptly to the Issuer all information
          required to be disclosed in order to make the information previously
          furnished by such Seller not materially misleading.

                                       19
<Page>

     (v)  Each Holder of Registrable Units and each Participating Broker-Dealer
          agrees by acquisition of such Registrable Units or Exchange Units to
          be sold by such Participating Broker-Dealer, as the case may be, that,
          upon receipt of any notice from the Issuers of the happening of any
          event of the kind described in Section 6(e)(ii), 6(e)(iv), 6(e)(v), or
          6(e)(vi), such Holder will forthwith discontinue disposition of such
          Registrable Units covered by a Registration Statement and such
          Participating Broker-Dealer will forthwith discontinue disposition of
          such Exchange Units pursuant to any Prospectus and, in each case,
          forthwith discontinue dissemination of such Prospectus until such
          Holder's or Participating Broker-Dealer's receipt of the copies of the
          supplemented or amended Prospectus contemplated by Section 6(k), or
          until it is advised in writing (the "ADVICE") by the Issuers that the
          use of the applicable Prospectus may be resumed, and has received
          copies of any amendments or supplements thereto and, if so directed by
          the Issuers, such Holder or Participating Broker-Dealer, as the case
          may be, will deliver to the Issuers all copies, other than permanent
          file copies, then in such Holder's or Participating Broker-Dealer's
          possession, of the Prospectus covering such Registrable Units current
          at the time of the receipt of such notice. In the event the Issuers
          shall give any such notice, the Applicable Period shall be extended by
          the number of days during such periods from and including the date of
          the giving of such notice to and including the date when each
          Participating Broker-Dealer shall have received (x) the copies of the
          supplemented or amended Prospectus contemplated by Section 6(k) or (y)
          the Advice.

7.   REGISTRATION EXPENSES

     (a)  All fees and expenses incident to the performance of or compliance
          with this Agreement by the Issuers shall be borne by the Issuers,
          whether or not the Exchange Offer or a Shelf Registration is filed or
          becomes effective, including, without limitation, (i) all registration
          and filing fees, including, without limitation, (A) fees with respect
          to filings required to be made with the NASD in connection with any
          underwritten offering and (B) fees and expenses of compliance with
          state securities or Blue Sky laws as provided in Section 6(h) hereof,
          (ii) printing expenses, including, without limitation, expenses of
          printing Prospectuses if the printing of Prospectuses is requested by
          the managing underwriter or underwriters, if any, or by the Holders of
          a majority of the Registrable Units included in any Registration
          Statement or by any Participating Broker-Dealer during the Applicable
          Period, as the case may be, (iii) messenger, telephone and delivery
          expenses incurred in connection with the performance of their
          obligations hereunder, (iv) fees and disbursements of counsel for the
          Issuers, (v) fees and disbursements of all independent auditors
          referred to in Section 6 (including, without limitation, the expenses
          of any special audit and "cold comfort" letters required by or
          incident to such performance), (vi) rating agency fees, (vii)
          Securities Act liability insurance, if the Issuers desire such
          insurance, (viii) fees and expenses of all other Persons retained by
          the Issuers, (ix) internal expenses of the Issuers (including, without
          limitation, all salaries and expenses of officers and employees of the
          Issuers performing legal or accounting duties), (x) the expense of any
          annual audit, (xi) the fees and expenses of the Trustee and the

                                       20
<Page>

          Exchange Agent and (xii) the expenses relating to printing, word
          processing and distributing all Registration Statements, underwriting
          agreements, securities sales agreements, indentures and any other
          documents necessary in order to comply with this Agreement.

     (b)  The Issuers shall reimburse the Holders for the reasonable fees and
          disbursements of not more than one counsel chosen by the Holders of a
          majority of the Registrable Units to be included in any Registration
          Statement. The Issuers shall pay all documentary, stamp, transfer or
          other issue taxes attributable to the issuance or delivery of the
          Exchange Units or Private Exchange Units in exchange for the Units;
          PROVIDED that the Issuers shall not be required to pay taxes payable
          in respect of any transfer involved in the issuance or delivery of any
          Exchange Unit or Private Exchange Unit in a name other than that of
          the Holder of the Unit in respect of which such Exchange Unit or
          Private Exchange Unit is being issued. The Issuers shall reimburse the
          Holders for fees and expenses (including reasonable fees and expenses
          of counsel to the Holders) relating to any enforcement of any rights
          of the Holders under this Agreement.

8.   INDEMNIFICATION

     (a)  INDEMNIFICATION BY THE ISSUERS. The Issuers shall (and shall cause
          each Subsidiary Guarantor, jointly and severally, to), without
          limitation as to time, indemnify and hold harmless each Holder of
          Registrable Units, Exchange Units or Private Exchange Units and each
          Participating Broker-Dealer selling Exchange Units during the
          Applicable Period, each Person, if any, who controls each such Holder
          (within the meaning of Section 15 of the Securities Act or Section
          20(a) of the Exchange Act) and the officers, directors and partners of
          each such Holder, Participating Broker-Dealer and controlling person,
          to the fullest extent lawful, from and against any and all losses,
          claims, damages, liabilities, costs (including, without limitation,
          reasonable costs of preparation and reasonable attorneys' fees as
          provided in this Section 8) and expenses (including, without
          limitation, reasonable costs and expenses incurred in connection with
          investigating, preparing, pursuing or defending against any of the
          foregoing) (collectively, "LOSSES"), as incurred, directly or
          indirectly caused by, related to, based upon, arising out of or in
          connection with any untrue or alleged untrue statement of a material
          fact contained in any Registration Statement, Prospectus or form of
          prospectus, or in any amendment or supplement thereto, or in any
          preliminary prospectus, or any omission or alleged omission to state
          therein a material fact required to be stated therein or necessary to
          make the statements therein, in light of the circumstances under which
          they were made, not misleading, except insofar as such Losses are
          solely based upon information relating to such Holder or Participating
          Broker-Dealer and furnished in writing to the Issuers (or reviewed and
          approved in writing) by such Holder or Participating Broker-Dealer or
          their counsel expressly for use therein; PROVIDED, HOWEVER, that the
          Issuers will not be liable to any Indemnified Party (as defined below)
          under this Section 8 to the extent Losses were solely caused by an
          untrue statement or omission or alleged untrue statement or omission
          that was contained or made in any preliminary

                                       21
<Page>

          prospectus and corrected in the Prospectus or any amendment or
          supplement thereto if (i) the Prospectus does not contain any other
          untrue statement or omission or alleged untrue statement or omission
          of a material fact that was the subject matter of the related
          proceeding, (ii) any such Losses resulted from an action, claim or
          suit by any Person who purchased Registrable Units or Exchange Units
          which are the subject thereof from such Indemnified Party and (iii) it
          is established in the related proceeding that such Indemnified Party
          failed to deliver or provide a copy of the Prospectus (as amended or
          supplemented) to such Person with or prior to the confirmation of the
          sale of such Registrable Units or Exchange Units sold to such Person
          if required by applicable law, unless such failure to deliver or
          provide a copy of the Prospectus (as amended or supplemented) was a
          result of noncompliance by the Issuers with Section 6 of this
          Agreement. The Issuers shall also indemnify underwriters, selling
          brokers, dealer managers and similar securities industry professionals
          participating in the distribution, their officers, directors, agents
          and employees and each Person who controls such Persons (within the
          meaning of Section 5 of the Securities Act or Section 20(a) of the
          Exchange Act) to the same extent as provided above with respect to the
          indemnification of the Holders or the Participating Broker-Dealer.

     (b)  INDEMNIFICATION BY HOLDER. In connection with any Registration
          Statement, Prospectus or form of prospectus, any amendment or
          supplement thereto, or any preliminary prospectus in which a Holder is
          participating, such Holder shall furnish to the Issuers in writing
          such information as the Issuers reasonably request for use in
          connection with any Registration Statement, Prospectus or form of
          prospectus, any amendment or supplement thereto, or any preliminary
          prospectus and shall, without limitation as to time, indemnify and
          hold harmless the Issuers, their directors and each Person, if any,
          who controls the Issuers (within the meaning of Section 15 of the
          Securities Act and Section 20(a) of the Exchange Act), and the
          directors, officers and partners of such controlling persons, to the
          fullest extent lawful, from and against all Losses arising out of or
          based upon any untrue or alleged untrue statement of a material fact
          contained in any Registration Statement, Prospectus or form of
          prospectus or in any amendment or supplement thereto or in any
          preliminary prospectus, or any omission or alleged omission to state
          therein a material fact required to be stated therein or necessary to
          make the statements therein, in the light of the circumstances under
          which they were made, not misleading to the extent, but only to the
          extent, that such losses are finally judicially determined by a court
          of competent jurisdiction in a final, unappealable order to have
          resulted solely from an untrue statement or alleged untrue statement
          of a material fact or omission or alleged omission of a material fact
          contained in or omitted from any information so furnished in writing
          by such Holder to the Issuers expressly for use therein.
          Notwithstanding the foregoing, in no event shall the liability of any
          selling Holder be greater in amount than the dollar amount of the
          proceeds (net of payment of all expenses) received by such Holder upon
          the sale of the Registrable Units giving rise to such indemnification
          obligation.

     (c)  CONDUCT OF INDEMNIFICATION PROCEEDINGS. If any proceeding shall be
          brought or asserted against any Person entitled to indemnity hereunder
          (an "INDEMNIFIED

                                       22
<Page>

          PARTY"), such Indemnified Party shall promptly notify the party or
          parties from which such indemnity is sought (the "INDEMNIFYING PARTY"
          or "INDEMNIFYING PARTIES", as applicable) in writing; PROVIDED, that
          the failure to so notify the Indemnifying Parties shall not relieve
          the Indemnifying Parties from any obligation or liability except to
          the extent (but only to the extent) that it shall be finally
          determined by a court of competent jurisdiction (which determination
          is not subject to appeal) that the Indemnifying Parties have been
          prejudiced materially by such failure.

     The Indemnifying Party shall have the right, exercisable by giving written
notice to an Indemnified Party, within 20 Business Days after receipt of written
notice from such Indemnified Party of such proceeding, to assume, at its
expense, the defense of any such proceeding, PROVIDED, that an Indemnified Party
shall have the right to employ separate counsel in any such proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnified Party or parties unless: (1) the
Indemnifying Party has agreed to pay such fees and expenses; or (2) the
Indemnifying Party shall have failed promptly to assume the defense of such
proceeding or shall have failed to employ counsel reasonably satisfactory to
such Indemnified Party; or (3) the named parties to any such proceeding
(including any impleaded parties) include both such Indemnified Party and the
Indemnifying Party or any of its affiliates or controlling persons, and such
Indemnified Party shall have been advised by counsel that there may be one or
more defenses available to such Indemnified Party that are in addition to, or in
conflict with, those defenses available to the Indemnifying Party or such
affiliate or controlling person (in which case, if such Indemnified Party
notifies the Indemnifying Parties in writing that it elects to employ separate
counsel at the expense of the Indemnifying Parties, the Indemnifying Parties
shall not have the right to assume the defense and the reasonable fees and
expenses of such counsel shall be at the expense of the Indemnifying Party; it
being understood, however, that, the Indemnifying Party shall not, in connection
with any one such proceeding or separate but substantially similar or related
proceedings in the same jurisdiction, arising out of the same general
allegations or circumstances, be liable for the fees and expenses of more than
one separate firm of attorneys (together with appropriate local counsel) at any
time for such Indemnified Party).

     No Indemnifying Party shall be liable for any settlement of any such
proceeding effected without its written consent, which shall not be unreasonably
withheld, but if settled with its written consent, or if there be a final
judgment for the plaintiff in any such proceeding, each Indemnifying Party
jointly and severally agrees, subject to the exceptions and limitations set
forth above, to indemnify and hold harmless each Indemnified Party from and
against any and all Losses by reason of such settlement or judgment. The
Indemnifying Party shall not consent to the entry of any judgment or enter into
any settlement that does not include as an unconditional term thereof the giving
by the claimant or plaintiff to each Indemnified Party of a release, in form and
substance reasonably satisfactory to the Indemnified Party, from all liability
in respect of such proceeding for which such Indemnified Party would be entitled
to indemnification hereunder (whether or not any Indemnified Party is a party
thereto).

     (d)  CONTRIBUTION. If the indemnification provided for in this Section 8 is
          unavailable to an Indemnified Party or is insufficient to hold such
          Indemnified Party harmless for any Losses in respect of which this
          Section 8 would otherwise apply by its

                                       23
<Page>

          terms (other than by reason of exceptions provided in this Section 8),
          then each applicable Indemnifying Party, in lieu of indemnifying such
          Indemnified Party, shall have a joint and several obligation to
          contribute to the amount paid or payable by such Indemnified Party as
          a result of such Losses, in such proportion as is appropriate to
          reflect the relative fault of the Indemnifying Party, on the one hand,
          and such Indemnified Party, on the other hand, in connection with the
          actions, statements or omissions that resulted in such Losses as well
          as any other relevant equitable considerations. The relative fault of
          such Indemnifying Party, on the one hand, and Indemnified Party, on
          the other hand, shall be determined by reference to, among other
          things, whether any untrue or alleged untrue statement of a material
          fact or omission or alleged omission to state a material fact relates
          to information supplied by such Indemnifying Party or Indemnified
          Party, and the parties' relative intent, knowledge, access to
          information and opportunity to correct or prevent any such statement
          or omission. The amount paid or payable by an Indemnified Party as a
          result of any Losses shall be deemed to include any legal or other
          fees or expenses incurred by such party in connection with any
          proceeding, to the extent such party would have been indemnified for
          such fees or expenses if the indemnification provided for in Section
          8(a) or 8(b) was available to such party.

     The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8(d) were determined by pro rata
allocation or by other method of allocation that does not take account of the
equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 8(d), a selling Holder shall not
be required to contribute, in the aggregate, any amount in excess of such
Holder's Maximum Contribution Amount. A selling Holder's "MAXIMUM CONTRIBUTION
AMOUNT" shall equal the excess of (i) the aggregate proceeds received by such
Holder pursuant to the sale of such Registrable Units or Exchange Units over
(ii) the aggregate amount of damages that such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation.

     The indemnity and contribution agreements contained in this Section 8 are
in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties.

9.   RULES 144 AND 144A

     The Issuers covenant that they shall (a) file the reports required to be
filed by them (if so required) under the Securities Act and the Exchange Act in
a timely manner and, if at any time the Issuers are not required to file such
reports, they will, upon the request of any Holder of Registrable Units, make
publicly available other information necessary to permit sales pursuant to Rule
144 and 144A and (b) take such further action as any Holder may reasonably
request in writing, all to the extent required from time to time to enable such
Holder to sell Registrable Units without registration under the Securities Act
pursuant to the exemptions provided by Rule 144 and Rule 144A. Upon the request
of any Holder, the Issuers shall deliver to such Holder a written statement as
to whether they have complied with such information and requirements.

                                       24
<Page>

10.  UNDERWRITTEN REGISTRATIONS OF REGISTRABLE UNITS

     If any of the Registrable Units covered by any Shelf Registration is to be
sold in an underwritten offering, the investment banker or investment bankers
and manager or managers that will manage the offering will be selected by the
Holders of a majority of such Registrable Units included in such offering;
PROVIDED, HOWEVER, that such investment banker or investment bankers and manager
or managers must be reasonably acceptable to the Issuers.

     No Holder of Registrable Units may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder's
Registrable Units on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements.

11.  MISCELLANEOUS

     (a)  NO INCONSISTENT AGREEMENTS. The Issuers have not entered, as of the
          date hereof, and the Issuers shall not enter, after the date of this
          Agreement, into any agreement with respect to any of their securities
          that is inconsistent with the rights granted to the Holders of
          Securities in this Agreement or otherwise conflicts with the
          provisions hereof. The Issuers have not entered and will not enter
          into any agreement with respect to any of their securities that will
          grant to any Person piggy-back rights with respect to a Registration
          Statement.

     (b)  ADJUSTMENTS AFFECTING REGISTRABLE UNITS. The Issuers shall not,
          directly or indirectly, take any action with respect to the
          Registrable Units as a class that would adversely affect the ability
          of the Holders to include such Registrable Units in a registration
          undertaken pursuant to this Agreement.

     (c)  AMENDMENTS AND WAIVERS. The provisions of this Agreement may not be
          amended, modified or supplemented, and waivers or consents to
          departures from the provisions hereof may not be given, otherwise than
          with the prior written consent of in circumstances that would
          adversely affect any Holders of Registrable Units, the Holders of not
          less than a majority of the then outstanding Registrable Units
          PROVIDED, HOWEVER, that Section 8 and this Section 11(c) may not be
          amended, modified or supplemented without the prior written consent of
          each Holder. Notwithstanding the foregoing, a waiver or consent to
          depart from the provisions hereof with respect to a matter that
          relates exclusively to the rights of Holders of Registrable Units
          whose securities are being tendered pursuant to the Exchange Offer or
          sold pursuant to a Registration Statement and that does not directly
          or indirectly affect, impair, limit or compromise the rights of other
          Holders of Registrable Units may be given by Holders of at least a
          majority of the Registrable Units being tendered or being sold by such
          Holders pursuant to such Registration Statement.

                                       25
<Page>

     (d)  NOTICES. All notices and other communications provided for or
          permitted hereunder shall be made in writing by hand delivery,
          registered first-class mail, next-day air courier or telecopier:

          (i)    if to a Holder of Securities or to any Participating
                 Broker-Dealer, at the most current address of such Holder or
                 Participating Broker-Dealer, as the case may be, set forth on
                 the records of the registrar of the Units, with a copy in like
                 manner to the Initial Purchaser as follows:

                    Jefferies & Company, Inc.
                    11100 Santa Monica Boulevard, 10th Floor
                    Los Angeles, California 90025
                    Facsimile No.: (310) 575-5166
                    Attention: Andrew Booth

                 with a copy to:

                    Mayer, Brown, Rowe & Maw
                    1675 Broadway
                    New York, New York  10019
                    Facsimile No.: (212) 262-1910
                    Attention: Ronald S. Brody, Esq.

          (ii)   if to the Initial Purchaser, at the address specified in
                 Section 12(d)(1);

          (iii)  if to the Issuers, as follows:

                    The Hockey Company
                    3500 Boul. de Maisonneuve Suite 800
                    Montreal, Quebec Canada H3Z 3C1
                    Facsimile No.: (514) 932-6020
                    Attention: Chief Executive Officer

                 with a copy to:

                    Morgan, Lewis & Bockius LLP
                    101 Park Avenue
                    New York, New York 10178
                    Facsimile No.: (212) 309-6273
                    Attention: David W. Pollak, Esq.

     All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; five business days after
being deposited in the United States mail, postage prepaid, if mailed, one
business day after being deposited in the United States mail, postage prepaid,
if mailed; one business day after being timely delivered to a next-day air
courier guaranteeing overnight delivery; and when receipt is acknowledged by the
addressee, if telecopied.

                                       26
<Page>

     Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee under the
Indenture at the address specified in such Indenture.

     (e)  SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit of
          and be binding upon the successors and assigns of each of the parties
          hereto, including, without limitation and without the need for an
          express assignment, subsequent Holders of Securities.

     (f)  COUNTERPARTS. This Agreement may be executed in any number of
          counterparts and by the parties hereto in separate counterparts, each
          of which when so executed shall be deemed to be an original and all of
          which taken together shall constitute one and the same agreement.

     (g)  HEADINGS. The headings in this Agreement are for convenience of
          reference only and shall not limit or otherwise affect the meaning
          hereof.

     (h)  GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
          ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
          PRINCIPLES OF CONFLICT OF LAW. THE ISSUERS HEREBY IRREVOCABLY SUBMIT
          TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH
          OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN
          THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY
          SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
          AGREEMENT, AND IRREVOCABLY ACCEPT FOR THEIR AND IN RESPECT OF THEIR
          PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID
          COURTS. THE ISSUERS IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THEY MAY
          EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY
          OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
          OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND
          ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
          COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE ISSUERS
          IRREVOCABLY CONSENT, TO THE FULLEST EXTENT THEY MAY EFFECTIVELY DO SO
          UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE
          AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING
          OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO
          THE ISSUERS AT THEIR SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30
          DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY
          HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
          COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE ISSUERS IN
          ANY OTHER JURISDICTION.

                                       27
<Page>

     (i)  SERVICE OF PROCESS. Sport Maska has, by a separate written instrument,
          irrevocably appointed CT Corporation System, as its authorized agent
          in the Borough of Manhattan in The City of New York upon which process
          may be served in any such suit or proceeding, and agrees that service
          of process upon such agent, and written notice of said service to
          Sport Maska, by the person serving the same to the address provided in
          Section 11(d), shall be deemed in every respect effect service of
          process upon Sport Maska in any such suit or proceeding. Sport Maska
          further agrees to take any and all action as may be necessary to
          maintain such designation and appointment of such agent in full force
          and effect for a period of seven years from the date of this
          Agreement.

     (j)  SEVERABILITY. If any term, provision, covenant or restriction of this
          Agreement is held by a court of competent jurisdiction to be invalid,
          illegal, void or unenforceable, the remainder of the terms,
          provisions, covenants and restrictions set forth herein shall remain
          in full force and effect and shall in no way be affected, impaired or
          invalidated, and the parties hereto shall use their best efforts to
          find and employ an alternative means to achieve the same or
          substantially the same result as that contemplated by such term,
          provision, covenant or restriction. It is hereby stipulated and
          declared to be the intention of the parties that they would have
          executed the remaining terms, provisions, covenants and restrictions
          without including any of such that may be hereafter declared invalid,
          illegal, void or unenforceable.

     (k)  SECURITIES HELD BY THE ISSUERS OR THEIR AFFILIATES. Whenever the
          consent or approval of Holders of a specified percentage of Securities
          is required hereunder, Securities held by the Issuers or their
          affiliates (as such term is defined in Rule 405 under the Securities
          Act) shall not be counted in determining whether such consent or
          approval was given by the Holders of such required percentage.

     (l)  THIRD PARTY BENEFICIARIES. Holders and Participating Broker-Dealers
          are intended third party beneficiaries of this Agreement and this
          Agreement may be enforced by such Persons.

     (m)  ENTIRE AGREEMENT. This Agreement, together with the Purchase
          Agreement, the Indenture and the Collateral Agreements, is intended by
          the parties as a final and exclusive statement of the agreement and
          understanding of the parties hereto in respect of the subject matter
          contained herein and therein and any and all prior oral or written
          agreements, representations, or warranties, contracts, understanding,
          correspondence, conversations and memoranda between the Initial
          Purchaser on the one hand and the Issuers on the other, or between or
          among any agents, representatives, parents, subsidiaries, affiliates,
          predecessors in interest or successors in interest with respect to the
          subject matter hereof and thereof are merged herein and replaced
          hereby.

                                       28
<Page>

     (n)  COMPLIANCE WITH CANADIAN SECURITIES LAWS. Notwithstanding any
          provision of this Agreement, the obligations of the Issuers hereunder
          are subject to compliance with applicable Canadian securities laws,
          including, without limitation, the availability of any and all
          exemptions thereunder from the registration and prospectus
          requirements thereof and the obtaining of such other approvals or
          consents that may be required in connection with the transactions
          contemplated by this Agreement. For greater certainty, nothing in this
          Agreement shall require the Issuers to file a prospectus in any
          Canadian jurisdiction to qualify the Registrable Units in Canada for
          purposes of any transactions contemplated by this Agreement.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       29
<Page>

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

                                          THE HOCKEY COMPANY

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

                                          SPORT MASKA INC.

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

ACCEPTED AND AGREED TO:

JEFFERIES & COMPANIES, INC.

By: /s/ Andrew Booth
    -----------------------
Name:  Andrew Booth
Title: Managing Director

                                                   REGISTRATION RIGHTS AGREEMENT

                                       30<Page>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                          PLEDGE AND SECURITY AGREEMENT

                            DATED AS OF APRIL 3, 2002

                                      AMONG

                               THE HOCKEY COMPANY,

                 THE SUBSIDIARIES FROM TIME TO TIME PARTY HERETO

                                       AND

                              THE BANK OF NEW YORK,
                               AS COLLATERAL AGENT

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                              PAGE
                                                                              ----

<S>             <C>                                                             <C>
                                    ARTICLE I
                                   DEFINITIONS

SECTION 1.1.    Certain Terms....................................................1
SECTION 1.2.    Indenture Definitions............................................7
SECTION 1.3.    UCC Definitions..................................................7

                                   ARTICLE II
                                SECURITY INTEREST

SECTION 2.1.    Grant of Security................................................8
SECTION 2.2.    Delivery of Certificated Securities..............................9
SECTION 2.3.    Dividends on Securities..........................................9
SECTION 2.4.    Continuing Security Interest; Transfer of Notes..................9
SECTION 2.5.    Grantor Remains Liable..........................................10
SECTION 2.6.    Security Interest Absolute......................................10
SECTION 2.7.    Postponement of Subrogation, etc................................11

                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

SECTION 3.1.    Representations and Warranties..................................12
SECTION 3.2.    As to Capital Stock of Subsidiaries.............................12
SECTION 3.3.    Grantor Name, Location, etc.....................................12
SECTION 3.4.    Ownership, No Liens, etc........................................12
SECTION 3.5.    Possession and Control..........................................12
SECTION 3.6.    Negotiable Documents, Instruments and Chattel Paper.............13
SECTION 3.7.    Intellectual Property Collateral................................13
SECTION 3.8.    Validity, etc...................................................13
SECTION 3.9.    Authorization, Approval, etc....................................14
SECTION 3.10.   Compliance with Laws............................................14

                                   ARTICLE IV
                                    COVENANTS

SECTION 4.1.    Certain Covenants...............................................15
SECTION 4.2.    As to Investment Property; Etc..................................15

     SECTION 4.2.1.    Capital Stock of Subsidiaries............................15
     SECTION 4.2.2.    Investment Property (other than Certificated Securities).15
     SECTION 4.2.3.    Stock Powers, etc........................................15
     SECTION 4.2.4.    Continuous Pledge........................................15
     SECTION 4.2.5.    Voting Rights; Dividends, etc............................16
     SECTION 4.2.6.    Amendment of Organic Documents...........................16

SECTION 4.3.    Segregation of Proceeds; Cash Proceeds Account..................17
SECTION 4.4.    Motor Vehicles..................................................17
SECTION 4.5.    General Provisions Pertinent as to Collateral...................18
</Table>

                                       -i-
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                              PAGE
                                                                              ----

<S>                                                                             <C>
SECTION 4.6.    As to Intellectual Property Collateral..........................19
SECTION 4.7.    Insurance.......................................................20
SECTION 4.8.    Further Assurances, etc.........................................20

                                    ARTICLE V
                              THE COLLATERAL AGENT

SECTION 5.1.    Appointment of Collateral Agent.................................21
SECTION 5.2.    Collateral Agent Appointed Attorney-in-Fact.....................21
SECTION 5.3.    Collateral Agent Has No Duty....................................21
SECTION 5.4.    Reasonable Care; Limitation on Duty of Collateral Agent in
                Respect of Collateral...........................................21
SECTION 5.5.    No Discretion...................................................22
SECTION 5.6.    Incorporation by Reference......................................22

                                   ARTICLE VI
                                    REMEDIES

SECTION 6.1.    Certain Remedies................................................22
SECTION 6.2.    Compliance with Restrictions....................................23
SECTION 6.3.    Securities Laws.................................................23
SECTION 6.4.    Indemnity and Expenses..........................................24

                                   ARTICLE VII
                                  MISCELLANEOUS

SECTION 7.1.    Related Document................................................25
SECTION 7.2.    Amendments; etc.................................................25
SECTION 7.3.    Protection of Collateral........................................25
SECTION 7.4.    Addresses for Notices...........................................25
SECTION 7.5.    Additional Grantors.............................................25
SECTION 7.6.    Section Captions................................................25
SECTION 7.7.    Severability....................................................25
SECTION 7.8.    Counterparts....................................................26
SECTION 7.9.    Governing Law, Entire Agreement, etc............................26
SECTION 7.10.   Intercreditor Agreement.........................................26
</Table>

                                      -ii-
<Page>

                          PLEDGE AND SECURITY AGREEMENT

          This PLEDGE AND SECURITY AGREEMENT (as amended, modified or
supplemented from time to time, this "PLEDGE AND SECURITY AGREEMENT") is dated
as of April 3, 2002 and is among THE HOCKEY COMPANY, a Delaware corporation,
(the "COMPANY"), each Subsidiary (as defined below) of the Company which is a
signatory hereto and each other Subsidiary of the Company which may from time to
time hereafter become a party hereto pursuant to SECTION 7.5 (each such
Subsidiary, individually, an "ADDITIONAL GRANTOR", and collectively, the
"ADDITIONAL GRANTORS", and together with the Company, each, individually, a
"GRANTOR", and collectively, the "GRANTORS"), in favor of THE BANK OF NEW YORK,
not in its individual capacity but solely as trustee under the Indenture
referred to below (together with its successors and assigns, in such capacity,
the "TRUSTEE"), as Collateral Agent for its benefit and for the ratable benefit
of the Trustee and the Holders (as defined below) (together with its successors
and assigns, in such capacity, the "COLLATERAL AGENT").

          The Company and Sport Maska Inc., a New Brunswick corporation (the
"SUBSIDIARY ISSUER"), have entered into a Purchase Agreement dated as of
March 26, 2002 (as amended, modified or supplemented from time to time, the
"PURCHASE AGREEMENT") with Jefferies & Company, Inc., as initial purchaser,
providing for the issuance and sale of $125,000,000 of (i) Senior Secured Note
Units (each an "INITIAL UNIT" and, collectively, the "INITIAL UNITS"), each
Initial Unit consisting of $500.00 principal amount of 11-1/4% Senior Secured
Notes due April 15, 2009 issued by the Company (the "INITIAL PARENT NOTES") and
$500.00 principal amount of 11-1/4% Senior Secured Notes due April 15, 2009
issued by the Subsidiary Issuer (the "INITIAL SUBSIDIARY ISSUER NOTES" and,
collectively with the Initial Parent Notes, the "INITIAL NOTES") and Series B
11-1/4% Senior Secured Notes Units due April 15, 2009 (each an "EXCHANGE UNIT"
and, collectively the "EXCHANGE UNITS"), each Exchange Unit to consist of
$500.00 principal amount of 11-1/4% Senior Secured Notes due April 15, 2009 to
be issued by the Company (the "EXCHANGE PARENT NOTES") and $500.00 principal
amount of 11-1/4% Senior Secured Notes due April 15, 2009 to be issued by the
Subsidiary Issuer (the "EXCHANGE SUBSIDIARY ISSUER NOTES" and, collectively with
the Exchange Parent Notes, the "EXCHANGE NOTES"). The Initial Parent Notes and
the Exchange Parent Notes are herein collectively referred to as the "PARENT
NOTES", the Initial Subsidiary Issuer Notes and the Exchange Subsidiary Issuer
Notes are herein collectively referred to as the "SUBSIDIARY ISSUER NOTES", the
Parent Notes and the Subsidiary Issuer Notes are herein collectively referred to
as the "NOTES" and the Initial Units and the Exchange Units are herein
collectively referred to as the "UNITS".

          The Notes will be issued under and pursuant to an Indenture dated as
of April 3, 2002 (as amended, modified or supplemented from time to time, the
"INDENTURE" among the Company, the Subsidiary Issuer, certain restricted
subsidiaries of the Company and the Trustee. As a condition precedent to the
issuance of the Notes, each Grantor has agreed to grant a continuing security
interest in and to the Collateral (as defined below) to secure the Secured
Obligations (as defined below). Accordingly, in consideration of the premises
and the covenants set forth herein and in the Indenture, the parties hereto
agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

          SECTION 1.1. CERTAIN TERMS. The following terms (whether or not
underscored) when used in this Pledge and Security Agreement, including its
preamble and recitals, shall have the following meanings (such definitions to be
equally applicable to the singular and plural forms thereof) and any capitalized
terms not herein defined shall have the meanings set forth in the Indenture:

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          "ACCOUNT DEBTOR" means an "account debtor" (as defined in the UCC),
and also means and includes Persons obligated to pay negotiable instruments and
other Receivables.

          "ADDITIONAL GRANTOR" and "ADDITIONAL GRANTORS" are defined in the
PREAMBLE.

          "CAPITAL STOCK" means, means (i) with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock, including
each class of Common Stock and Preferred Stock of such Person, and (ii) with
respect to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person.

          "CASH PROCEEDS ACCOUNT" is defined in SECTION 4.3.

          "COLLATERAL" is defined in SECTION 2.1.

          "COLLATERAL AGENT" is defined in the PREAMBLE.

          "COLLATERAL AGREEMENTS" means this Pledge and Security Agreement and
any other pledge and security agreement, supplement to pledge and security
agreement, copyright security agreement, patent security agreement, trademark
security agreement or any other security agreement relating to any Secured
Obligation.

          "COMMON STOCK" of any Person means any and all shares, interests or
other participations in, and other equivalents (however designated and whether
voting or non-voting) of, such Person's common stock, whether outstanding on the
Issue Date or issued after the Issue Date, and includes, without limitation, all
series and classes of such common stock.

          "COMPANY" is defined in the PREAMBLE.

          "COMPUTER HARDWARE AND SOFTWARE COLLATERAL" means:

             (i) all computer and other electronic data processing hardware,
     integrated computer systems, central processing units, memory units,
     display terminals, printers, features, computer elements, card readers,
     tape drives, hard and soft disk drives, cables, electrical supply hardware,
     generators, power equalizers, accessories and all peripheral devices and
     other related computer hardware of each Grantor;

             (ii) all software programs of each Grantor (including both source
     code, object code and all related applications and data files) and all
     software licenses, whether now owned, licensed or leased or hereafter
     acquired by any Grantor, designed for use on the computers and electronic
     data processing hardware described in CLAUSE (i) above;

             (iii) all firmware of each Grantor associated therewith;

             (iv) all documentation (including flow charts, logic diagrams,
     manuals, guides and specifications) with respect to such hardware, software
     and firmware described in the preceding CLAUSES (i) through (iii); and

             (v) all rights of each Grantor with respect to all of the
     foregoing, including any and all copyrights, licenses, options, warranties,
     service contracts, program services, test rights,

                                        2
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     maintenance rights, support rights, improvement rights, renewal rights and
     indemnifications and any substitutions, replacements, additions or model
     conversions of any of the foregoing.

          "CONTROL AGREEMENT" means an agreement in form and substance
reasonably satisfactory to the Collateral Agent which provides for the
Collateral Agent to have "control" (as defined in Section 8-106 of the UCC, as
such term relates to Investment Property (other than certificated Securities or
commodity contracts), or as used in Section 9-115(e) of the UCC, as such term
relates to commodity contracts).

          "COPYRIGHT COLLATERAL" means all copyrights (including all copyrights
for semiconductor chip product mask works) of each Grantor, whether statutory or
common law, registered or unregistered, now or hereafter in force throughout the
world, including all of such Grantor's right, title and interest in and to all
copyrights registered in the United States Copyright Office or anywhere else in
the world, including the copyrights referred to in ITEM A of SCHEDULE V attached
hereto, and all applications for registration thereof all copyright licenses,
including each copyright license referred to in ITEM B of SCHEDULE V attached
hereto, the right to sue for past, present and future infringements of any
thereof, all rights corresponding thereto throughout the world, all extensions
and renewals of any thereof and all proceeds of the foregoing, including
licenses, royalties, income, payments, claims, damages and proceeds of suit.

          "DISTRIBUTIONS" means all stock dividends, liquidating dividends,
shares of stock resulting from (or in connection with the exercise of) stock
splits, reclassifications, warrants, options, non-cash dividends, mergers,
consolidations, and all other distributions (whether similar or dissimilar to
the foregoing) on or with respect to any Securities constituting Collateral, but
shall not include Dividends.

          "DIVIDENDS" means cash dividends and cash distributions with respect
to any Securities constituting Collateral made in the ordinary course of
business and not a liquidating dividend.

          "EQUIPMENT" is defined in CLAUSE (d) of SECTION 2.1.

          "EUROPEAN BORROWING FACILITIES" means (i) the credit agreement by and
between Jofa AB and Nordea Bank in Sweden, dated as of March 18, 1999, (ii) the
credit agreement by and between KHF Finland Oy and Nordea Bank in Finland, dated
as of July 10, 2001, (iii) the credit agreement between Jofa AB and Nordea Bank
in Sweden, dated May 2000, and (iv) any other credit agreements between The
Hockey Company, or any of its European Subsidiaries, and a European financial
institution, as any may be amended, modified or supplemented from time to time.

          "EXCLUDED CONTRACT" means at any date any rights or interest of a
Grantor in, to or under any agreement, contract, license, instrument, document
or other general intangible (referred to solely for purposes of this definition
as a "CONTRACT") (i) which, and to the extent that the, Contract by the express
terms of a valid and enforceable restriction in favor of a Person who is not an
Affiliate of a Grantor, prohibits, or requires any consent or establishes any
other conditions for, an assignment thereof, or a grant of a security interest
therein, by a Grantor and (ii) either (x) arises under one or more of the
"License Agreements", as defined and referred to in the NHLE Consent, or (y) if
otherwise in existence, or in which a Grantor has rights, on the Issue Date, is
individually or collectively not material to the conduct of the business of a
Grantor; PROVIDED that: (i) rights to payment under any such Contract otherwise
constituting an Excluded Contract by virtue of this definition shall be included
in the Collateral to the extent permitted thereby or by Section 9-406 or Section
9-408 of the UCC, (ii) all proceeds paid or payable to any Grantor from any
sale, transfer or assignment of such Contract and all rights to receive such
proceeds shall be included in the Collateral and (iii) the term "EXCLUDED
CONTRACT" shall not include any rights or interest of a Grantor in, to or under
any Contract arising after the Issue Date which is

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material to the conduct of the business of a Grantor or with respect to which a
contravention or other violation caused or arising by its inclusion as
Collateral under this Pledge and Security Agreement could reasonably be expected
to have a Material Adverse Effect unless (1) the Grantor shall have used, or
shall be diligently using, commercially reasonable and good faith efforts to
obtain all requisite consents or approvals by the other party to such Contract
of all of such Grantor's right, title and interest thereunder to the Collateral
Agent or its designee and (2) the Grantor shall have given prompt written notice
to the Collateral Agent upon any failure to obtain such consent or approval.

          "EXCLUDED EQUIPMENT" means at any date any Equipment of a Grantor
which is subject to, or secured by, a Capitalized Lease Obligation or Purchase
Money Indebtedness which is permitted under CLAUSES (vi) or (vii) of the
definition of "PERMITTED LIEN" in the Indenture if and to the extent that (i)
the express terms of a valid and enforceable restriction in favor of a Person
who is not an Affiliate of a Grantor contained in the agreements or documents
granting or governing such Capitalized Lease Obligation or Purchase Money
Indebtedness prohibits, or requires any consent or establishes any other
conditions for, an assignment thereof, or a grant of a security interest
therein, by a Grantor and (ii) such restriction relates only to the asset or
assets acquired by a Grantor with the proceeds of such Capitalized Lease
Obligation or Purchase Money Indebtedness; PROVIDED that all proceeds paid or
payable to any Grantor from any sale, transfer or assignment or other voluntary
or involuntary disposition of such Equipment and all rights to receive such
proceeds shall be included in the Collateral to the extent not otherwise
required to be paid to the holder of the Capitalized Lease Obligation or
Purchase Money Indebtedness secured by such Equipment.

          "GRANTOR" and "GRANTORS" are defined in the PREAMBLE.

          "HOLDER" has the meaning set forth in the Indenture.

          "INDENTURE" means the trust indenture, dated as of April 3, 2002,
among the Company, Sport Maska, Inc., the Subsidiary Guarantors named therein
and the Trustee, relating to the Notes, as amended, modified or supplemented
from time to time in accordance with its terms.

          "INTELLECTUAL PROPERTY COLLATERAL" means, collectively, the Computer
Hardware and Software Collateral, the Copyright Collateral, the Patent
Collateral, the Trademark Collateral, the Trade Secrets Collateral and, to the
extent not otherwise included in the foregoing, all rights in intellectual
property, goodwill, trade names, service marks, trade secrets, confidential or
proprietary technical and business information, know-how, show-how, domain
names, customer lists, vendor lists, subscription lists, data bases and related
documentation, registrations, franchises and all other intellectual or other
similar property rights.

          "INTERCREDITOR AGREEMENT" means the Intercreditor Agreement, dated as
of April 3, 2002, by and among General Electric Capital Corporation, General
Electric Capital Canada Inc., the Trustee, BNY Trust Company of Canada, as
Canadian Collateral Agent, the Collateral Agent, each of the Subsidiaries of the
Company which is a party hereto, the Subsidiary Issuer and SLM Trademark
Acquisition Canada Corporation, as supplemented, amended or amended and restated
from time to time.

          "INVENTORY" is defined in CLAUSE (c) of SECTION 2.1.

          "INVESTMENT PROPERTY" means all "investment property" (as defined in
the UCC), including, without limitation, all certificated Securities, all
uncertificated Securities, all security entitlements, all securities accounts,
all commodity contracts and all commodity accounts.

                                        4
<Page>

          "LIEN" means any lien, mortgage, deed of trust, pledge, security
interest, charge or encumbrance of any kind (including any conditional sale or
other title retention agreement, any lease in the nature thereof and any
agreement to give any security interest).

          "MATERIAL ADVERSE EFFECT" means a material adverse effect on:

             (i) the business, operating results or condition (financial or
     otherwise) of the Company and its Subsidiaries, taken as a whole;

             (ii) the ability of any Grantor to perform its obligations under
     any of the Related Documents, including the payment of any principal,
     interest, fees, expenses or other amounts under or in respect of any of the
     Related Documents; or

             (iii) the validity or enforceability of any of the Related
     Documents or the rights or remedies of the Collateral Agent, as Secured
     Party, under any of the Related Documents.

          "MOTOR VEHICLES" shall mean motor vehicles, tractors, trailers and
other like property, whether or not the title thereto is governed by a
certificate of title or ownership.

          "NHLE CONSENT" means the Consent Agreement, effective as of the date
hereof, among NHL Enterprises, L.P. and NHL Enterprises Canada, L.P., the
various licensees listed therein and the Collateral Agent, as amended, modified
or supplemented from time to time.

          "NOTES" has the meaning set forth in the PREAMBLE.

          "ORGANIC DOCUMENTS" means the articles of incorporation, by-laws,
certificates of formation, operating agreements, partnership agreements,
certificates of limited partnership, or other similar documents that govern the
organizational formation and governance of any of the Grantors.

          "PATENT COLLATERAL" means:

             (i) all letters patent and applications of each Grantor for letters
     patent throughout the world, including all patent applications in
     preparation for filing anywhere in the world, including each patent and
     patent application referred to in ITEM A of SCHEDULE III attached hereto;

             (ii) all reissues, divisions, continuations, continuations-in-part,
     extensions, renewals and reexaminations of any of the items described in
     CLAUSE (i);

             (iii) all patent licenses, including each patent license referred
     to in ITEM B of SCHEDULE III attached hereto; and

             (iv) all proceeds of, and rights associated with, the foregoing
     (including license royalties and proceeds of infringement suits), the right
     to sue third parties for past, present or future infringements of any
     patent or patent application, including any patent or patent application
     referred to in ITEM A of SCHEDULE III attached hereto, and for breach or
     enforcement of any patent license, including any patent license referred to
     in ITEM B of SCHEDULE III attached hereto, and all rights corresponding
     thereto throughout the world.

          "PERSON" means any individual, corporation, partnership, limited
liability company, business trust, partnership, joint venture, association,
joint stock company, unincorporated organization or government or any agency or
political subdivision thereof.

                                        5
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          "PLEDGE AND SECURITY AGREEMENT" is defined in the PREAMBLE.

          "PREFERRED STOCK" of any Person means any Capital Stock of such Person
that has preferential rights to any other Capital Stock of such Person with
respect to dividends or redemptions or upon liquidation

          "RECEIVABLES" is defined in CLAUSE (d) of SECTION 2.1.

          "RELATED CONTRACTS" is defined in CLAUSE (d) of SECTION 2.1.

          "RELATED DOCUMENTS" means the Indenture, the Notes, this Pledge and
Security Agreement, the Trademark Security Agreement, if any, the Patent
Security Agreement, if any, the Copyright Security Agreement, if any, any other
Collateral Agreement and any Mortgage.

          "SECURED OBLIGATIONS" is defined in SECTION 2.1.

          "SECURED PARTY" means the Collateral Agent for its own benefit and for
the ratable benefit of the Trustee and the Holders.

          "SECURITY" means a "security" (as defined in the UCC), and also means
and includes any obligation of an issuer or a share, participation or other
interest in an issuer or in property or an enterprise of an issuer which: (i) is
represented by a Security Certificate in bearer or registered form, or the
transfer of which may be registered upon books maintained for that purpose by or
on behalf of the issuer; (ii) is one of a class or series or by its terms is
divisible into a class or series of shares, participations, interests or
obligations; (iii) (A) is, or is of a type, dealt in or traded on securities
exchanges or securities markets or (B) is a medium for investment and by its
terms expressly provides that it is a security governed by Article 8 of the UCC;
and (iv) is not excluded from the definition of "security" as defined in the
UCC) pursuant to the provisions of Section 8-103 of the UCC.

          "SECURITY CERTIFICATE" means a "security certificate" (as defined in
the UCC).

          "SECURITIES ACT" is defined in SECTION 6.3.

          "SUBSIDIARY" means, with respect to any Person, (i) any corporation of
which the outstanding Capital Stock having at least a majority of the votes
entitled to be cast in the election of directors under ordinary circumstances
shall at the time be owned, directly or indirectly, by such Person or (ii) any
other Person of which at least a majority of the voting interest under ordinary
circumstances is at the time, directly or indirectly, owned by such Person.

          "TRADEMARK" has the meaning set forth in CLAUSE (i) of the definition
of "Trademark Collateral" below.

          "TRADEMARK COLLATERAL" means:

             (i) all trademarks, trade names, corporate names, company names,
     business names, fictitious business names, trade styles, service marks,
     certification marks, collective marks, logos, other source of business
     identifiers, prints and labels on which any of the foregoing have appeared
     or appear, designs and general intangibles of a like nature (all of the
     foregoing items in this CLAUSE (i) being collectively called a "TRADEMARK")
     of each Grantor, now existing anywhere in the world or hereafter adopted or
     acquired, all registrations and recordings thereof and all applications in
     connection therewith including registrations, recordings and applications
     in

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     the United States Patent and Trademark Office or in any office or agency of
     the United States of America or any State thereof or any foreign country,
     including those referred to in ITEM A of SCHEDULE IV attached hereto;

             (ii) all Trademark licenses, including each Trademark license
     referred to in ITEM B of SCHEDULE IV attached hereto;

             (iii) all reissues, extensions or renewals of any of the items
     described in CLAUSE (i) and (ii);

             (iv) all of the goodwill of the business connected with the use of,
     and symbolized by the items described in, CLAUSES (i) through (iii); and

             (v) all proceeds of, and rights associated with, the foregoing,
     including any claim by any Grantor against third parties for past, present
     or future infringement or dilution of any Trademark or Trademark license,
     including any Trademark or Trademark license referred to in ITEM A and
     ITEM B of SCHEDULE IV attached hereto, or for any injury to the goodwill
     associated with the use of any such Trademark or for breach or enforcement
     of any Trademark license referred to in Item B of SCHEDULE IV attached
     hereto.

          "TRADE SECRETS COLLATERAL" means all trade secrets and all other
confidential or proprietary or useful information and all know-how obtained by
or used in or contemplated at any time for use in the business of any Grantor
(all of the foregoing being collectively called a "TRADE SECRET"), including all
documents and things embodying, incorporating or referring in any way to such
Trade Secret, each Trade Secret license referred to in SCHEDULE VI attached
hereto, and including the right to sue for and to enjoin and to collect damages
for the actual or threatened misappropriation of any Trade Secret and for the
breach or enforcement of any such Trade Secret license.

          "TRUSTEE" means The Bank of New York, in its capacity as Trustee under
the Indenture, and its successor or successors in such capacity.

          "UCC" or "UNIFORM COMMERCIAL CODE" means the Uniform Commercial Code
as in effect from time to time in the State of New York; PROVIDED that if by
reason of mandatory provisions of law, the perfection or the effect of
perfection or non-perfection of the security interests of the Collateral Agent
in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than New York, "UCC" means the Uniform Commercial Code as in
effect in such other jurisdiction for purposes of the provisions hereof relating
to such perfection or effect of perfection or non-perfection.

          SECTION 1.2. INDENTURE DEFINITIONS. Unless otherwise defined herein or
the context otherwise requires, terms used in this Pledge and Security
Agreement, including its preamble and recitals, have the meanings provided in
the Indenture.

          SECTION 1.3. UCC DEFINITIONS. Unless otherwise defined herein or in
the Indenture or the context otherwise requires, terms for which meanings are
provided in the UCC are used in this Pledge and Security Agreement, including
its preamble and recitals, with such meanings.

                                        7
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                                   ARTICLE II
                                SECURITY INTEREST

          SECTION 2.1. GRANT OF SECURITY. To secure the due and punctual payment
of the principal of, premium, if any, and interest (including additional
interest, if any) on the Notes when and as the same shall be due and payable,
whether on an interest payment date, at maturity, by acceleration, purchase,
repurchase, redemption or otherwise, and interest on any overdue principal of,
premium, if any, and interest (to the extent permitted by law), if any, on the
Notes and the performance of all other obligations for principal, premium,
interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities of the Company (i) to the Holders or the Trustee under the
Indenture, the Notes or the Units, (ii) to the Collateral Agent under this
Pledge and Security Agreement or any other Collateral Agreement or (iii) to the
Holders, the Trustee or the Collateral Agent under each other Related Document
to which the Company is now or may hereafter become a party, and all obligations
of each Grantor which is now or may hereafter become a Guarantor under the
Indenture under or in respect of its Guarantee, this Pledge and Security
Agreement and each other Related Document to which such Grantor is now or may
hereafter become a party, in each case howsoever created, arising or evidenced,
whether direct or indirect, absolute or contingent, now or hereafter existing or
due or to become due, in accordance with the terms thereof, (all of the
foregoing being herein collectively referred to as the "SECURED OBLIGATIONS"),
each Grantor hereby grants to the Collateral Agent for the benefit of the
Secured Party a security interest in, and each Grantor hereby pledges and
assigns to the Collateral Agent for the benefit of the Secured Party, all of
such Grantor's right, title and interest in, to and under the following, whether
now owned or existing or hereafter acquired, created or arising, whether
tangible or intangible; and regardless of where located:

          (a) all investment property in which such Grantor has an interest;

          (b) all equipment in all of its forms (including all Motor Vehicles)
of such Grantor, wherever located, including all parts thereof and all
accessions, additions, attachments, improvements, substitutions and replacements
thereto and therefor and all accessories related thereto (any and all of the
foregoing being the "EQUIPMENT");

          (c) all inventory in all of its forms of such Grantor, wherever
located, including

             (i) all raw materials and work in process therefor, finished goods
     thereof, and materials used or consumed in the manufacture or production
     thereof,

             (ii) all goods in which such Grantor has an interest in mass or a
     joint or other interest or right of any kind (including goods in which such
     Grantor has an interest or right as consignee), and

             (iii) all goods which are returned to or repossessed by such
     Grantor,

and all accessions thereto, products thereof and documents therefor (any and all
such inventory, materials, goods, accessions, products and documents being the
"INVENTORY");

          (d) all accounts, accounts receivable, contracts (including franchise
agreements), contract rights, chattel paper, documents, instruments, promissory
notes and general intangibles (including tax refunds and payment intangibles) of
such Grantor, whether or not arising out of or in connection with the sale or
lease of goods or the rendering of services, and all rights of such Grantor now
or hereafter existing in and to all security agreements, guaranties, leases and
other contracts securing or otherwise relating to any such accounts, contracts
(including franchise agreements), contract rights,

                                        8
<Page>

chattel paper, documents, instruments, promissory notes and general intangibles
(all of the foregoing being the "RECEIVABLES", and any and all such security
agreements, guaranties, leases and other contracts being the "RELATED
CONTRACTS");

          (e) the Cash Proceeds Account and all deposit accounts of such Grantor
and all checks, drafts, notes, bills of exchange, money orders and other like
instruments, if any, now owned or hereafter acquired, held therein (or in
sub-accounts thereof) and all certificates and instruments, if any, from time to
time representing or evidencing such investments, and all interest, earnings and
proceeds in respect thereof;

          (f) all Intellectual Property Collateral of such Grantor;

          (g) all of such Grantor's letter of credit rights;

          (h) all commercial tort claims in which such Grantor has rights
(including as a plaintiff);

          (i) all books, records, writings, data bases, information and other
property relating to, used or useful in connection with, evidencing, embodying,
incorporating or referring to, any of the foregoing in this SECTION 2.1;

          (j) all of such Grantor's other property and rights of every kind and
description and interests therein; and

          (k) all products, rents, profits, returns, income and proceeds of and
from any and all of the foregoing Collateral (including proceeds which
constitute property of the types described in CLAUSES (a) through (j), proceeds
deposited from time to time in any lock box or deposit account of such Grantor,
and, to the extent not otherwise included, all payments under insurance (whether
or not the Collateral Agent is the loss payee thereof), or any indemnity,
warranty or guaranty, payable by reason of loss or damage to or otherwise with
respect to any of the foregoing items);

all of the foregoing (other than any item which on any date constitutes an
Excluded Contract or Excluded Equipment) being herein referred to as the
"COLLATERAL".

          SECTION 2.2. DELIVERY OF CERTIFICATED SECURITIES. All Collateral
comprised of certificated Securities shall be delivered to and held by or on
behalf of the Collateral Agent pursuant hereto, shall be in suitable form for
transfer by delivery, and shall be accompanied by all necessary instruments of
transfer or assignment, duly executed in blank.

          SECTION 2.3. DIVIDENDS ON SECURITIES. In the event that any Dividend
is to be paid on any Security that constitutes Collateral at a time when no
Event of Default has occurred and is continuing or would result therefrom, such
Dividend or payment may be paid directly to the applicable Grantor. If any such
Event of Default has occurred and is continuing, then any such Dividend shall be
paid directly to the Collateral Agent.

          SECTION 2.4. CONTINUING SECURITY INTEREST; TRANSFER OF NOTES. This
Pledge and Security Agreement shall create a continuing security interest in the
Collateral and shall

          (a) remain in full force and effect until payment in full in cash of
all Secured Obligations,

                                        9
<Page>

          (b) be binding upon each Grantor, its successors, transferees and
assigns, and

          (c) inure, together with the rights and remedies of the Collateral
Agent hereunder, to the benefit of the Collateral Agent.

Upon the payment in full in cash of all Secured Obligations (but subject to the
terms of the Intercreditor Agreement), the security interest granted herein
shall terminate and all rights to the Collateral shall revert to such Grantor.
Upon any such termination, the Collateral Agent will, at such Grantor's sole
expense, execute and deliver to such Grantor such documents as such Grantor
shall reasonably request to evidence such termination. Upon (i) the sale,
transfer or other disposition of Collateral in accordance with Section 4.16 of
the Indenture or (ii) the payment in full of all Secured Obligations, but in
each case subject to the terms of the Intercreditor Agreement, the security
interests granted herein shall automatically terminate with respect to (x) such
Collateral (in the case of CLAUSE (i)) or (y) all Collateral (in the case of
CLAUSE (ii)). Upon any such sale, transfer, disposition or termination, the
Collateral Agent will, at such Grantor's sole expense, deliver to such Grantor,
without any representations, warranties or recourse of any kind whatsoever, all
applicable certificated Securities, together with all other applicable
Collateral held by the Collateral Agent hereunder, and execute and deliver to
such Grantor such documents as such Grantor shall reasonably request to evidence
such termination (including such documents as such Grantor shall reasonably
request to remove the notation of the Collateral Agent as lienholder on any
certificate of title for any applicable Motor Vehicle).

          SECTION 2.5. GRANTOR REMAINS LIABLE. Anything herein to the contrary
notwithstanding

          (a) each Grantor shall remain liable under the contracts and
agreements included in the Collateral to the extent set forth therein, and shall
perform all of its duties and obligations under such contracts and agreements to
the same extent as if this Pledge and Security Agreement had not been executed,

          (b) the exercise by the Collateral Agent of any of its rights
hereunder shall not release any Grantor from any of its duties or obligations
under any such contracts or agreements included in the Collateral, and

          (c) neither the Collateral Agent nor the Trustee nor any of the
Holders shall have any obligation or liability under any such contracts or
agreements included in the Collateral by reason of this Pledge and Security
Agreement, nor shall the Collateral Agent or the Trustee or any Holder be
obligated to perform any of the obligations or duties of any Grantor thereunder
or to take any action to collect or enforce any claim for payment assigned
hereunder.

          SECTION 2.6. SECURITY INTEREST ABSOLUTE. All rights of the Collateral
Agent and the security interests granted to the Collateral Agent hereunder, and
all obligations of each Grantor hereunder, shall be absolute and unconditional,
irrespective of

          (a) any lack of validity or enforceability of the Indenture, any Note
or any other Related Document;

          (b) the failure of the Collateral Agent

             (i) to assert any claim or demand or to enforce any right or remedy
     against the Company, any other Grantor or any other Person under the
     provisions of the Indenture, any Note, any other Related Document or
     otherwise, or

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             (ii) to exercise any right or remedy against any other guarantor
     of, or collateral securing, any Secured Obligations;

          (c) any change in the time, manner or place of payment of, or in any
other term of, all or any of the Secured Obligations or any other extension,
compromise or renewal of any Secured Obligations;

          (d) any reduction, limitation, impairment or termination of any
Secured Obligations for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to (and each
Grantor hereby waives any right to or claim of) any defense or setoff,
counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality, nongenuineness, irregularity, compromise, unenforceability of, or
any other event or occurrence affecting, any Secured Obligations or otherwise;

          (e) any amendment to, rescission, waiver, or other modification of, or
any consent to departure from, any of the terms of the Indenture, any Note or
any other Related Document;

          (f) any addition, exchange, release, surrender or non-perfection of
any collateral (including the Collateral), or any amendment to or waiver or
release of or addition to or consent to departure from any guaranty, for any of
the Secured Obligations; or

          (g) any other circumstances which might otherwise constitute a defense
available to, or a legal or equitable discharge of, the Company, any other
Grantor, any surety or any guarantor.

          SECTION 2.7. POSTPONEMENT OF SUBROGATION, ETC. Each Grantor hereby
agrees that it will not exercise any rights which it may acquire by reason of
any payment made hereunder, whether by way of subrogation, reimbursement or
otherwise, until the prior payment in full of all Secured Obligations. Any
amount paid to any Grantor on account of any payment made hereunder prior to the
payment in full of all Secured Obligations shall be held in trust for the
benefit of the Secured Party and shall immediately be paid to the Secured Party
and credited and applied against the Secured Obligations, whether matured or
unmatured, in accordance with the terms of the Indenture; PROVIDED, HOWEVER,
that if

          (a) such Grantor has made payment to the Secured Party of all or any
part of the Secured Obligations, and

          (b) all Secured Obligations have been paid in full in cash,

the Secured Party agrees that, at the requesting Grantor's request, the Secured
Party will execute and deliver to such Grantor appropriate documents (without
recourse and without representation or warranty) necessary to evidence the
transfer by subrogation to such Grantor of an interest in the Secured
Obligations resulting from such payment by such Grantor. In furtherance of the
foregoing, for so long as any Secured Obligations remain outstanding, each
Grantor shall refrain from taking any action or commencing any proceeding
against the Company or any other Grantor (or its successors or assigns, whether
in connection with a bankruptcy proceeding or otherwise) to recover any amounts
in respect of payments made under this Pledge and Security Agreement to the
Secured Party.

                                       11
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                                   ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.1. REPRESENTATIONS AND WARRANTIES. Each Grantor represents
and warrants to the Secured Party insofar as the representations and warranties
contained herein are applicable to such Grantor and its properties, as set forth
in this ARTICLE III.

          SECTION 3.2. AS TO CAPITAL STOCK OF SUBSIDIARIES. With respect to any
Subsidiary of any Grantor that is

          (a) a corporation, business trust, joint stock company or similar
Person, all Capital Stock issued by such Subsidiary is duly authorized and
validly issued, fully paid and non-assessable, and represented by a certificate;
and

          (b) a partnership or limited liability company, no Capital Stock
issued by such Subsidiary (i) is dealt in or traded on securities exchanges or
in securities markets, (ii) expressly provides that such Capital Stock is a
security governed by Article 8 of the UCC or (iii) is held in a securities
account.

The percentage of the issued and outstanding Capital Stock of each Subsidiary
pledged by any Grantor hereunder is as set forth in SCHEDULE I hereto.

          SECTION 3.3. GRANTOR NAME, LOCATION, ETC. The jurisdiction in which
each Grantor is located for purposes of Sections 9-301 and 9-307 of the UCC is
set forth in ITEM A of SCHEDULE II hereto. No Grantor has any trade names other
than those set forth in ITEM C of SCHEDULE II hereto. During the four months
preceding the date hereof, no Grantor has been known by any legal name different
from the one set forth on the signature page hereto, nor has such Grantor been
the subject of any merger or other corporate reorganization, except as set forth
in ITEM D of SCHEDULE II hereto. The name set forth on the signature page is the
true and correct name of such Grantor. Each Grantor's federal taxpayer
identification number is (and, during the four months preceding the date hereof,
such Grantor has not had a federal taxpayer identification number different from
that) set forth in ITEM E of SCHEDULE II hereto. If the Collateral of any
Grantor includes any inventory located in the State of California, such Grantor
is not a "retail merchant" within the meaning of Section 9102 of the Uniform
Commercial Code as in effect in the State of California. If any Grantor is a
party to any federal, state or local government contract such Grantor shall,
upon the reasonable request of the Collateral Agent, make a diligent attempt to
perfect a security interest in such contracts. No Grantor maintains any deposit
accounts with any Person except as set forth in ITEM F of SCHEDULE II hereto.

          SECTION 3.4. OWNERSHIP, NO LIENS, ETC. Such Grantor owns its
Collateral free and clear of any Lien, security interest, charge or encumbrance
except for the Liens permitted pursuant to Section 4.18 of the Indenture.

          SECTION 3.5. POSSESSION AND CONTROL. Each Grantor agrees that it will
maintain exclusive possession of its goods, instruments, promissory notes and
inventory, other than (a) inventory in transit in the ordinary course of
business, (b) inventory which is in the possession or control of a warehouseman,
bailee agent or other Person (other than a Person controlled by or under common
control with such Grantor) that has been notified of the security interest
created in favor of the Secured Party pursuant to this Pledge and Security
Agreement, and has agreed to hold such inventory subject to the Secured Party's
Lien and waive any Lien held by it against such inventory and (c) instruments or
promissory notes that have been delivered to the Collateral Agent pursuant to
SECTION 3.6 or as required pursuant to the Intercreditor Agreement.

                                       12
<Page>

          SECTION 3.6. NEGOTIABLE DOCUMENTS, INSTRUMENTS AND CHATTEL PAPER. Such
Grantor has contemporaneously herewith delivered to the Collateral Agent
possession of all originals of all negotiable documents, instruments and chattel
paper currently owned or held by such Grantor (duly endorsed in blank, if
requested by the Collateral Agent), except as otherwise required pursuant to the
Intercreditor Agreement.

          SECTION 3.7. INTELLECTUAL PROPERTY COLLATERAL. With respect to any
Intellectual Property Collateral the loss, impairment or infringement of which
could reasonably be expected to have a Material Adverse Effect:

          (a) such Intellectual Property Collateral is subsisting and has not
been adjudged invalid or unenforceable, in whole or in part;

          (b) such Intellectual Property Collateral is valid and enforceable;

          (c) such Grantor has made all necessary filings and recordations to
protect its interest in such Intellectual Property Collateral including
recordations of all of its interests in the Patent Collateral;

          (d) such Grantor is the owner of the entire and unencumbered right,
title and interest in and to such Intellectual Property Collateral and, to the
knowledge of such Grantor, no claim has been made that the use of such
Intellectual Property Collateral does or may violate the asserted rights of any
third party;

          (e) such Grantor has performed and will continue to perform all acts
and has paid and will continue to pay all required fees and taxes to maintain
each and every such item of Intellectual Property Collateral in full force and
effect throughout the world, as applicable; PROVIDED, HOWEVER, that if, in the
reasonable business judgment of such Grantor, certain Intellectual Property
Collateral owned by it is not necessary to be maintained, such Grantor may allow
the concomitant applications and/or registrations to lapse for that subject
Intellectual Property Collateral; and

          (f) each item of Intellectual Property Collateral owned or licensed by
such Grantor on the date hereof is described on Schedules III, IV, V or VI
hereto.

Such Grantor owns directly or is entitled to use by license or otherwise, all
patents, Trademarks, Trade Secrets, copyrights, mask works, technology,
know-how, processes and rights with respect to any of the foregoing necessary
for the conduct of such Grantor's business.

          SECTION 3.8. VALIDITY, ETC. This Pledge and Security Agreement creates
a valid continuing security interest in the Collateral securing the payment of
the Secured Obligations, and

          (a) in the case of Collateral comprised of certificated Securities or
instruments, upon the delivery of such Collateral to the Collateral Agent, such
security interest will be a valid perfected security interest;

          (b) in the case of Collateral comprised of uncertificated Securities
and other Investment Property (other than certificated Securities), upon the
Collateral Agent obtaining "control" (as defined in Section 8-106 of the UCC, as
such term relates to Investment Property (other than certificated securities or
commodity contracts), or as used in Section 9-106 of the UCC, as such term
relates to commodity contracts) of such Collateral and the filing of the Uniform
Commercial Code financing

                                       13
<Page>

statements delivered by the Grantor having an interest in such Collateral to the
Collateral Agent with respect to such Collateral, such security interest will be
a valid perfected security interest;

          (c) in the case of Collateral comprised of Motor Vehicles, upon the
recordation or notation of the Collateral Agent's Lien on the certificates of
title or ownership in respect of such Motor Vehicles and the filing of the
Uniform Commercial Code financing statements delivered by the Grantor having an
interest in such Motor Vehicles to the Collateral Agent with respect to such
Collateral, such security interest will be a valid perfected security interest;

          (d) in the case of all other Collateral in which a security interest
may be perfected by filing pursuant to the UCC, upon filing of UCC financing
statements with the Secretaries of State of Delaware and Vermont, as applicable,
(and, with respect to Collateral that is Patent Collateral or Trademark
Collateral that is registered at the U.S. Patent and Trademark Office, upon the
recording of a properly executed Patent Security Agreement or Trademark Security
Agreement in the form specified in Exhibits A or B hereto with the U.S. Patent
and Trademark Office, with respect to any Collateral that is Copyright
Collateral that is registered at the U.S. Copyright Office, upon recording of a
properly executed Copyright Security Agreement in the form specified in
Exhibit C hereto with the U.S. Copyright Office and, with respect to any
Collateral constituting fixtures, upon filing of UCC financing statements in the
office or offices listed in ITEM B to SCHEDULE II hereto), the security
interests of the Collateral Agent will constitute perfected security interests
in all right, title and interest of each Grantor in the Collateral to the extent
that a security interest therein may be perfected by filing pursuant to UCC,
prior to all other Liens and rights of others therein other than Permitted Liens
(as defined in the Indenture) and prior Liens contemplated by the Intercreditor
Agreement.

Each Grantor has executed and provided the Collateral Agent with all of the
Uniform Commercial Code financing statements referred to above for filing by CT
Corporation System with the appropriate offices therefor and has taken all of
the other actions referred to above necessary to create perfected, security
interests in the applicable Collateral.

          SECTION 3.9. AUTHORIZATION, APPROVAL, ETC. Except as have been
obtained or made and are in full force and effect (or otherwise provided for to
the satisfaction of the Collateral Agent), no authorization, approval or other
action by, and no notice to or filing with, any governmental authority or
regulatory body is required either

          (a) for the grant by such Grantor of the security interest granted
hereby, the pledge by such Grantor of any Collateral pursuant hereto or for the
execution, delivery and performance of this Pledge and Security Agreement by
such Grantor,

          (b) for the perfection of or the exercise by the Collateral Agent of
its rights and remedies hereunder, or

          (c) for the exercise by the Collateral Agent of the voting or other
rights provided for in this Pledge and Security Agreement, or, except with
respect to any Securities issued by a Subsidiary of such Grantor, as may be
required in connection with a disposition of such Securities by laws affecting
the offering and sale of securities generally, the remedies in respect of the
Collateral pursuant to this Pledge and Security Agreement.

          SECTION 3.10. COMPLIANCE WITH LAWS. All of such Grantor's Inventory
has been or will be produced in compliance with the applicable requirements of
the Fair Labor Standards Act, as amended from time to time, or any successor
statute and regulations promulgated thereunder. Such Grantor is in compliance
with the requirements of all applicable laws, rules, regulations and orders of

                                       14
<Page>

every governmental authority, the non-compliance with which could reasonably be
expected to have a Material Adverse Effect or which could reasonably be expected
to materially adversely affect the value of the Collateral.

                                   ARTICLE IV
                                    COVENANTS

          SECTION 4.1. CERTAIN COVENANTS. Each Grantor covenants and agrees
that, so long as any portion of the Secured Obligations shall remain unpaid,
such Grantor will, unless the Collateral Agent shall otherwise consent in
writing, perform, comply with and be bound by the obligations set forth in this
ARTICLE IV.

          SECTION 4.2. AS TO INVESTMENT PROPERTY; ETC.

               SECTION 4.2.1. CAPITAL STOCK OF SUBSIDIARIES. No Grantor will
allow any of its Subsidiaries that is

               (a) a corporation, business trust, joint stock company or similar
     Person, to issue uncertificated Securities; and

               (b) a partnership or limited liability company, to (i) issue
     Capital Stock that is to be dealt in or traded on securities exchanges or
     in securities markets, (ii) expressly provide in its organic documents that
     its Capital Stock are securities governed by Article 8 of the UCC, or (iii)
     place such Subsidiary's Capital Stock in a securities account.

               SECTION 4.2.2. INVESTMENT PROPERTY (OTHER THAN CERTIFICATED
SECURITIES). With respect to any Investment Property (other than certificated
Securities) of such Grantor, such Grantor shall, upon the reasonable request of
the Grantor, but subject to the terms of the Intercreditor Agreement, (a) cause
a Control Agreement relating to such Investment Property to be executed and
delivered in favor of the Collateral Agent and (b) deliver Uniform Commercial
Code financing statements which when filed will result in the Collateral Agent
having a perfected security interest in such Investment Property.

               SECTION 4.2.3. STOCK POWERS, ETC. Such Grantor agrees that all
certificated Securities constituting Collateral delivered by such Grantor
pursuant to this Pledge and Security Agreement will be accompanied by duly
executed undated blank stock powers, or other equivalent instruments of transfer
acceptable to the Collateral Agent. Such Grantor will, from time to time upon
the request of the Collateral Agent, but subject to the terms of the
Intercreditor Agreement, promptly deliver to the Collateral Agent such stock
powers, instruments, and similar documents, satisfactory in form and substance
to the Collateral Agent, with respect to such Collateral as the Collateral Agent
may reasonably request and will, from time to time upon the request of the
Collateral Agent after the occurrence of any Event of Default, promptly transfer
any Securities constituting Collateral into the name of any nominee designated
by the Collateral Agent.

               SECTION 4.2.4. CONTINUOUS PLEDGE. Such Grantor will, subject to
the terms of the Intercreditor Agreement, at all times, keep pledged to the
Collateral Agent pursuant hereto on perfected basis all Investment Property
constituting Collateral, all Dividends (if an Event of Default has occurred and
is continuing) and Distributions with respect thereto, and all interest,
principal and other proceeds received by the Collateral Agent with respect to
all other Collateral and other securities, instruments, proceeds, and rights
from time to time received by or distributable to such Grantor in respect

                                       15
<Page>

of any of the foregoing Collateral and will not permit any Subsidiary of such
Grantor to issue any Securities which shall not have been immediately duly
pledged hereunder.

               SECTION 4.2.5. VOTING RIGHTS; DIVIDENDS, ETC. Such Grantor
agrees:

               (a) while any Event of Default shall have occurred and be
     continuing, promptly upon receipt of notice thereof by such Grantor and
     without any request therefor by the Collateral Agent, to deliver (properly
     endorsed where required hereby or requested by the Collateral Agent) to the
     Collateral Agent all Dividends, Distributions, all interest, all principal,
     all other cash payments and all proceeds of the Collateral, all of which
     shall be held by the Collateral Agent as additional Collateral for use in
     accordance with CLAUSE (b) of SECTION 6.1; and

               (b) after any Event of Default shall have occurred and be
     continuing and the Collateral Agent has notified such Grantor of the
     Collateral Agent's intention to exercise its voting power under this
     SECTION 4.2.5(b):

               (i) the Collateral Agent may exercise (to the exclusion of such
          Grantor) the voting power and all other incidental rights of ownership
          with respect to any Securities or other Investment Property
          constituting Collateral and such Grantor hereby grants the Collateral
          Agent an irrevocable proxy, exercisable under such circumstances, to
          vote such Securities and such other Collateral; and

               (ii) promptly to deliver to the Collateral Agent such additional
          proxies and other documents as may be necessary to allow the
          Collateral Agent to exercise such voting power.

All Dividends, Distributions, interest, principal, cash payments, and proceeds
which may at any time and from time to time be held by such Grantor but which
such Grantor is then obligated to deliver to the Collateral Agent, shall, until
delivery to the Collateral Agent, be held by such Grantor separate and apart
from its other property in trust for the Collateral Agent. The Collateral Agent
agrees that unless an Event of Default shall have occurred and be continuing and
the Collateral Agent shall have given the notice referred to in this
SECTION 4.2.5(b), such Grantor shall have the exclusive voting power with
respect to any Securities constituting Collateral and the Collateral Agent
shall, upon the written request of such Grantor, promptly deliver such proxies
and other documents, if any, as shall be reasonably requested by such Grantor
which are necessary to allow such Grantor to exercise voting power with respect
to any such Securities; PROVIDED, HOWEVER, that no vote shall be cast, or
consent, waiver, or ratification given, or action taken by such Grantor that
would materially impair any such Collateral or be inconsistent with or violate
any provision of the Indenture or any other Related Document (including this
Pledge and Security Agreement).

               SECTION 4.2.6. AMENDMENT OF ORGANIC DOCUMENTS. Such Grantor will
not amend, supplement or otherwise modify, or permit, consent or suffer to occur
any amendment, supplement or modification of any terms or provisions contained
in, or applicable to, any Organic Document of any issuer of any Security
comprising the Collateral in which it has an equity interest if the effect
thereof is to materially impair, or is in any manner adverse to, the rights or
interests of the Collateral Agent as the Secured Party hereunder or under the
Indenture or any other Related Document, without the prior written consent of
the Collateral Agent. No Grantor will change its name or place of incorporation
or organization or federal taxpayer identification number except upon 30 days'
prior written notice to the Collateral Agent. If any Grantor is organized
outside of the United States, it will not change its "location" as determined in
accordance with Sections 9-301 and 9-307 of the UCC and as set forth in ITEM A
of SCHEDULE II hereto except upon 30 days' prior written notice to the
Collateral Agent.

                                       16
<Page>

          SECTION 4.3. SEGREGATION OF PROCEEDS; CASH PROCEEDS ACCOUNT.

          (a) There is hereby established with the Collateral Agent a securities
account (the "CASH PROCEEDS ACCOUNT") in the name of "The Bank of New York, as
Collateral Agent" and under the exclusive control of the Collateral Agent, into
which there shall be deposited from time to time the cash proceeds of the
Collateral required to be delivered to the Collateral Agent pursuant to
SUBSECTION (b) of this SECTION 4.3. Any income received by the Collateral Agent
with respect to the balance from time to time standing to the credit of the Cash
Proceeds Account shall remain, or be deposited, in the Cash Proceeds Account.
All right, title and interest in and to the cash amounts on deposit from time to
time in the Cash Proceeds Account together with any other property or assets
from time to time deposited in or credited to the Cash Proceeds Account shall
vest in and be under the sole dominion and control of the Collateral Agent for
the benefit of the Secured Parties, shall constitute part of the Collateral
hereunder and shall not constitute payment of the Secured Obligations until
applied thereto as hereinafter provided.

          (b) Upon the occurrence and during the continuance of an Event of
Default, promptly upon the request of the Collateral Agent, each Grantor shall,
if the Collateral Agent would currently be entitled under the Intercreditor
Agreement to receive payments in respect thereof, instruct all Account Debtors
and other Persons obligated in respect of its Receivables and other Collateral
to make all payments in respect of its Receivables and other Collateral either
(i) directly to the Collateral Agent (by instructing that such payments be
remitted by direct wire transfer to the Collateral Agent at its address referred
to in SECTION 7.4 or to a post office box which shall be in the name and under
the control of the Collateral Agent) or (ii) to one or more other banks in the
United States (by instructing that such payments be remitted by direct wire
transfer to, or to a post office box which shall be in the name and under the
control of, such bank) under a Control Agreement or similar depository bank
account control or blocked account agreement duly executed by each relevant
Grantor and such bank or under other arrangements, in form and substance
reasonably satisfactory to the Collateral Agent, pursuant to which each relevant
Grantor shall have irrevocably instructed such other bank (and such other bank
shall have agreed) to remit all proceeds of such payments directly to the
Collateral Agent for deposit into the Cash Proceeds Account or as the Collateral
Agent may otherwise instruct such bank. All such payments made to the Collateral
Agent shall be deposited in the Cash Proceeds Account. In addition to the
foregoing, each Grantor agrees that if the Proceeds of any Collateral hereunder
(including the payments made in respect of Receivables) shall be received by it
after the occurrence and during the continuance of an Event of Default, such
Grantor shall as promptly as possible deposit such Proceeds into the Cash
Proceeds Account. Until so deposited in accordance with the preceding sentence,
all such Proceeds shall be held in trust by the relevant Grantor for and as the
property of the Collateral Agent for the benefit of the Secured Parties and
shall not be commingled with any other funds or property of any Grantor. Each
Grantor hereby irrevocably authorizes and empowers the Collateral Agent, its
officers, employees and authorized agents, while an Event of Default shall be
continuing, to endorse and sign its name on all checks, drafts, money orders or
other media of payment so delivered, and such endorsements or assignments shall,
for all purposes, be deemed to have been made by the relevant Grantor prior to
any endorsement or assignment thereof by the Collateral Agent. The Collateral
Agent may use any convenient or customary means for the purpose of collecting
such checks, drafts, money orders or other media of payment.

          SECTION 4.4. MOTOR VEHICLES. (a) Such Grantor shall deliver to the
Collateral Agent the original of the certificate of title or ownership listing
the Collateral Agent as lienholder for (i) any Motor Vehicle owned by such
Grantor that has a fair market value of at least $50,000 or (ii) at the
reasonable request of the Collateral Agent, any other Motor Vehicle owned by
such Grantor.

          (b) Upon the acquisition after the date hereof by such Grantor of any
Motor Vehicle having a fair market value of at least $50,000, such Grantor shall
deliver to the Collateral Agent originals

                                       17
<Page>

of the certificates of title or ownership for such Motor Vehicles, together with
the manufacturer's statement of origin with the Collateral Agent listed as
lienholder.

          (c) Without limiting SECTION 5.2, such Grantor hereby appoints the
Collateral Agent as its attorney-in-fact, effective the date hereof and
terminating, subject to the Intercreditor Agreement, upon the termination of
this Pledge and Security Agreement and following directions of a Grantor or the
Trustee, for the purpose of (i) executing on behalf of such Grantor title or
ownership applications for filing with appropriate state agencies to enable
Motor Vehicles now owned or hereafter acquired by such Grantor to be retitled
and the Collateral Agent listed as lienholder thereon, (ii) filing such
applications with such state agencies and (iii) executing such other documents
and instruments on behalf of, and taking such other action in the name of, such
Grantor as instructed by the Grantor or the Trustee or as the Collateral Agent
may deem necessary or advisable to accomplish the purposes hereof (including,
without limitation, the purpose of creating in favor of the Collateral Agent a
perfected lien on the Motor Vehicles and exercising the rights and remedies of
the Collateral Agent under SECTION 6.1 hereof). This appointment as
attorney-in-fact is irrevocable and coupled with an interest.

          (d) Any certificates of title or ownership delivered pursuant to the
terms hereof shall be accompanied by odometer statements for each Motor Vehicle
covered thereby.

          SECTION 4.5. GENERAL PROVISIONS PERTINENT AS TO COLLATERAL. (a) Until
notice has been received from the Collateral Agent after the occurrence and
during the continuance of an Event of Default, which shall be effective so long
as such Event of Default shall be continuing, such Grantor (i) may, to the
extent permitted by the Indenture, at its own expense, sell, lease or furnish
under the contracts of service any of the Inventory normally held by such
Grantor for such purpose, and use and consume, in the ordinary course of its
business, any raw materials, work in process or materials normally held by such
Grantor for such purpose, (ii) will, at its own expense, endeavor to collect, as
and when due, all amounts due with respect to any of the Collateral, including
the taking of such action with respect to such collection as the Collateral
Agent may reasonably request following the occurrence and during the continuance
of an Event of Default or, in the absence of such request, as such Grantor may
deem advisable, and (iii) may grant, in the ordinary course of business (except
as otherwise prohibited under the Indenture), to any party obligated on any of
the Collateral, any rebate, refund or allowance to which such party may be
lawfully entitled, and may accept, in connection therewith, the return of goods,
the sale or lease of which shall have given rise to such Collateral. The
Collateral Agent, however, may, at any time following an Event of Default which
is continuing if the Collateral Agent would currently be entitled under the
Intercreditor Agreement to receive payments in respect thereof, whether before
or after any revocation of such power and authority or the maturity of any of
the Secured Obligations, notify any parties obligated on any of the Collateral
to make payment to the Collateral Agent of any amounts due or to become due
thereunder and enforce collection of any of the Collateral by suit or otherwise
and surrender, release, or exchange all or any part thereof, or compromise or
extend or renew for any period (whether or not longer than the original period)
any indebtedness thereunder or evidenced thereby. Upon request of the Collateral
Agent following an Event of Default which is continuing and if the Collateral
Agent would currently be entitled under the Intercreditor Agreement to receive
payments in respect thereof, such Grantor will, at its own expense, notify any
parties obligated on any of the Collateral to make payment to the Collateral
Agent of any amounts due or to become due thereunder.

          (b) Following an Event of Default which is continuing, the Collateral
Agent is authorized to endorse, in the name of such Grantor, any item, howsoever
received by the Collateral Agent, representing any payment on or other proceeds
of any of the Collateral.

                                       18
<Page>

          SECTION 4.6. AS TO INTELLECTUAL PROPERTY COLLATERAL. Each Grantor
covenants and agrees to comply with the following provisions as such provisions
relate to any Intellectual Property Collateral of such Grantor:

          (a) Unless such Grantor shall either (i) reasonably and in good faith
determine that any of the Patent Collateral is of negligible economic value to
such Grantor, or (ii) have a valid business purpose to do otherwise, such
Grantor shall not do any act or omit to do any act, whereby any of the Patent
Collateral may lapse or become abandoned or dedicated to the public or
unenforceable;

          (b) Unless such Grantor shall either (i) reasonably and in good faith
determine that any of the Trademark Collateral is of negligible economic value
to such Grantor, or (ii) have a valid business purpose to do otherwise such
Grantor shall not, and such Grantor shall not permit any of its licensees to,

             (i) fail to continue to use any of the Trademark Collateral in
     order to maintain all of the Trademark Collateral in full force free from
     any claim of abandonment for non-use,

             (ii) fail to maintain as in the past the quality of products and
     services offered under all of the Trademark Collateral in a manner which
     could reasonably be expected to cause material impairment of any such
     Trademark Collateral, and

             (iii) do or permit any act or knowingly omit to do any act whereby
     any of the Trademark Collateral may lapse or become invalid or
     unenforceable;

          (c) unless such Grantor shall either (i) reasonably and in good faith
determine that any of the Copyright Collateral or any of the Trade Secrets
Collateral is of negligible economic value to such Grantor, or (ii) have a valid
business purpose to do otherwise, such Grantor shall not do or permit any act or
knowingly omit to do any act whereby any of the Copyright Collateral or any of
the Trade Secrets Collateral may lapse or become invalid or unenforceable or
placed in the public domain except upon expiration of the end of an unrenewable
term of a registration thereof;

          (d) such Grantor shall notify the Collateral Agent immediately if it
knows that any application or registration relating to any material item of the
Intellectual Property Collateral will become abandoned or dedicated to the
public or placed in the public domain or invalid or unenforceable, or of any
final adverse determination or in the institution of any proceeding in the
United States Patent and Trademark Office, the United States Copyright Office or
any foreign counterpart thereof or any court regarding such Grantor's ownership
of any of the Intellectual Property Collateral, its right to register the same
or to keep and maintain and enforce the same;

          (e) in the event that such Grantor or any of its agents, employees,
designees or licensees file an application for the registration of any
Intellectual Property Collateral with the United States Patent and Trademark
Office, the United States Copyright Office or any similar office or agency in
any other country or any political subdivision thereof, it shall promptly inform
the Collateral Agent of such filing after the fact, shall execute and deliver
any and all agreements, instruments, documents and papers as is necessary or as
the Collateral Agent may reasonably request to evidence the Collateral Agent's
security interest in such Intellectual Property Collateral and the goodwill and
general intangibles of such Grantor relating thereto or represented thereby;

          (f) such Grantor shall take all necessary steps, in the reasonable
discretion of such Grantor, before the United States Patent and Trademark
Office, the United States Copyright Office or any similar office or agency in
any other country or any political subdivision thereof, to maintain and pursue

                                       19
<Page>

any application filed with respect to, and to maintain any registration of, the
Intellectual Property Collateral, including the filing of applications for
renewal, affidavits of use, affidavits of incontestability and the payment of
fees and taxes (except to the extent that dedication, abandonment or
invalidation is permitted under the foregoing CLAUSES (a), (b) and (c)); and

          (g) such Grantor shall, contemporaneously herewith, execute and
deliver to the Collateral Agent a Patent Security Agreement and a Trademark
Security Agreement in the forms of EXHIBITS A and B hereto, respectively, and
shall execute and deliver to the Collateral Agent any other document required to
record or perfect the Collateral Agent's interest in any part of the
Intellectual Property Collateral.

          SECTION 4.7. INSURANCE. Such Grantor will maintain or cause to be
maintained with responsible insurance companies insurance with respect to its
business and properties (including the Equipment and Inventory) against such
casualties and contingencies and of such types and in such amounts as is
required pursuant to the Indenture and will, upon the request of the Collateral
Agent, furnish a certificate of a reputable insurance broker setting forth the
nature and extent of all insurance maintained by such Grantor in accordance with
this Section.

          SECTION 4.8. FURTHER ASSURANCES, ETC. Such Grantor agrees that, from
time to time at its own expense, it will promptly execute and deliver all
further instruments and documents, and take all further action, that may be
necessary or desirable, or that the Collateral Agent may request in order to
perfect, preserve and protect any security interest granted or purported to be
granted hereby or to enable the Collateral Agent to exercise and enforce its
rights and remedies hereunder with respect to any Collateral. Without limiting
the generality of the foregoing, such Grantor will

          (a) if any Receivable shall be evidenced by a promissory note or other
instrument, negotiable document or chattel paper and if the Collateral Agent
would currently be entitled under the Intercreditor Agreement to receive
payments in respect thereof, deliver and pledge to the Collateral Agent
hereunder such promissory note, instrument, negotiable document or chattel paper
duly endorsed and accompanied by duly executed instruments of transfer or
assignment, all in form and substance satisfactory to the Collateral Agent;

          (b) promptly execute and deliver all further financing and
continuation statements and other instruments, and take all further action, that
may be necessary or desirable, or that the Collateral Agent may reasonably
request, in order to perfect and protect any security interest granted or
purported to be granted hereby or to enable the Collateral Agent to exercise and
enforce its rights and remedies hereunder with respect to any Collateral;

          (c) cause the Collateral Agent to be listed as the lienholder on the
certificate of title or ownership relating to (i) any Motor Vehicle owned by
such Grantor that has a fair market value of at least $50,000 or (ii) at the
reasonable request of the Collateral Agent, any other Motor Vehicle owned by
such Grantor; and

          (d) furnish to the Collateral Agent, from time to time at the
Collateral Agent's reasonable request, statements and schedules further
identifying and describing the Collateral and such other reports in connection
with the Collateral as the Collateral Agent may reasonably request, all in
reasonable detail.

With respect to the foregoing and the grant of the security interest hereunder,
such Grantor hereby authorizes the Collateral Agent to execute and cause the
filing of one or more financing or continuation statements, and amendments
thereto, relative to all or any part of the Collateral without the signature of

                                       20
<Page>

such Grantor where permitted by law. A xerographic, photographic or other
reproduction of this Pledge and Security Agreement or any financing statement
covering the Collateral or any part thereof shall be sufficient as a financing
statement where permitted by law.

                                    ARTICLE V
                              THE COLLATERAL AGENT

          SECTION 5.1. APPOINTMENT OF COLLATERAL AGENT. The Bank of New York is
hereby appointed as Collateral Agent for the benefit of the Secured Parties
hereunder, and the Collateral Agent hereby accepts the position as Collateral
Agent upon the terms and conditions hereof.

          SECTION 5.2. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT. Each Grantor
hereby irrevocably appoints the Collateral Agent as such Grantor's
attorney-in-fact, with full authority in the place and stead of such Grantor and
in the name of such Grantor or otherwise, from time to time in the Collateral
Agent's discretion, following the occurrence and continuation of an Event of
Default, to take any action, and to execute any instrument which the Collateral
Agent may deem necessary or advisable to accomplish the purposes of this Pledge
and Security Agreement, including:

          (a) to ask, demand, collect, sue for, recover, compromise, receive and
give acquittance and receipts for moneys due and to become due under or in
respect of any of the Collateral;

          (b) to receive, endorse, and collect any drafts or other instruments,
documents and chattel paper, in connection with CLAUSE (a) above;

          (c) to file any claims or take any action or institute any proceedings
which the Collateral Agent may deem necessary or desirable for the collection of
any of the Collateral or otherwise to enforce the rights of the Collateral Agent
with respect to any of the Collateral; and

          (d) to perform the affirmative obligations of such Grantor hereunder
(including all obligations of such Grantor pursuant to SECTION 4.10).

Such Grantor hereby acknowledges, consents and agrees that the power of attorney
granted pursuant to this Section is irrevocable and coupled with an interest.

          SECTION 5.3. COLLATERAL AGENT HAS NO DUTY. In addition to, and not in
limitation of, SECTION 2.5, the authority and powers conferred on the Collateral
Agent hereunder are solely to protect its interest in the Collateral and shall
not impose any duty on it to exercise any such authority and powers. Except for
reasonable care of any Collateral in its possession and the accounting for
moneys actually received by it hereunder, the Collateral Agent shall have no
duty as to any Collateral or responsibility for

          (a) ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Investment
Property, whether or not the Collateral Agent has or is deemed to have knowledge
of such matters, or

          (b) taking any necessary steps to preserve rights against prior
parties or any other rights pertaining to any Collateral.

          SECTION 5.4. REASONABLE CARE; LIMITATION ON DUTY OF COLLATERAL AGENT
IN RESPECT OF COLLATERAL. Beyond the exercise of reasonable care in the custody
thereof, neither the Collateral Agent nor the Secured Parties shall have any
duty to exercise any rights or take any steps to preserve the rights of

                                       21
<Page>

any Grantor in the Collateral in its or their possession or control or in the
possession or control of any agent or bailee or any income thereon or as to the
preservation of rights against prior parties or any other rights pertaining
thereto, nor shall the Collateral Agent nor the Secured Party be liable to any
Grantor or any other Person for failure to meet any obligation imposed by
Section 9-207 of the UCC or any successor provision. Each Grantor agrees that
the Collateral Agent shall at no time be required to, nor shall the Collateral
Agent be liable to any Grantor for any failure to, account separately to any
Grantor for amounts received or applied by the Collateral Agent from time to
time in respect of the Collateral pursuant to the terms of this Pledge and
Security Agreement. Without limiting the foregoing, the Collateral Agent shall
be deemed to have exercised reasonable care in the custody and preservation of
the Collateral in its possession if the Collateral is accorded treatment
substantially equal to that which the Collateral Agent accords its own property,
and shall not be liable or responsible for any loss or damage to any of the
Collateral, or for any diminution in the value thereof, by reason of the act or
omission of any warehouseman, carrier, forwarding agency, consignee or other
agent or bailee selected and employed by the Collateral Agent in good faith.

          SECTION 5.5. NO DISCRETION. In any circumstance where the Collateral
Agent is required to exercise discretion, approve documentation or distribute
proceeds under any Related Document or the Intercreditor Agreement, the
Collateral Agent may, at its option, seek to obtain instructions or directions
from one or more Grantors or, in case an Event of Default has occurred, the
Trustee with respect to such action. If the Collateral Agent so elects, then it
may refrain from taking such action until such directions or instructions are
received and shall have no liability for so refraining.

          SECTION 5.6. INCORPORATION BY REFERENCE. The rights, privileges,
protections and benefits given to the Trustee under the Indenture, including,
without limitation, its rights to be indemnified, are extended to, and shall be
enforceable by, the Collateral Agent hereunder and under the Related Documents,
and are expressly incorporated herein by reference thereto.

                                   ARTICLE VI
                                    REMEDIES

          SECTION 6.1. CERTAIN REMEDIES. If any Event of Default shall have
occurred and be continuing:

          (a) The Collateral Agent may exercise in respect of the Collateral, in
addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party on default under the UCC
(whether or not the UCC applies to the affected Collateral) and also may

             (i) require each Grantor to, and such Grantor hereby agrees that it
     will, at its expense and upon request of the Collateral Agent forthwith,
     assemble all or part of the Collateral as directed by the Collateral Agent
     and make it available to the Collateral Agent at a place to be designated
     by the Collateral Agent which is reasonably convenient to both parties, and

             (ii) without notice except as specified below, sell the Collateral
     or any part thereof in one or more parcels at public or private sale, at
     any of the Collateral Agent's offices or elsewhere, for cash, on credit or
     for future delivery, and upon such other terms as the Collateral Agent may
     reasonably deem to be commercially reasonable. Each Grantor agrees that, to
     the extent notice of sale shall be required by law, at least ten days'
     prior notice to such Grantor of the time and place of any public sale or
     the time after which any private sale is to be made shall constitute
     reasonable notification. The Collateral Agent shall not be obligated to
     make any sale

                                       22
<Page>

     of Collateral regardless of notice of sale having been given. The
     Collateral Agent may adjourn any public or private sale from time to time
     by announcement at the time and place fixed therefor, and such sale may,
     without further notice, be made at the time and place to which it was so
     adjourned.

          (b) All cash proceeds received by the Collateral Agent in respect of
any sale of, collection from, or other realization upon, all or any part of the
Collateral shall be applied by the Collateral Agent against, all or any part of
the Secured Obligations in accordance with the provisions of Section 6.10 of the
Indenture.

          (c) The Collateral Agent may

             (i) transfer all or any part of the Collateral into the name of the
     Collateral Agent or its nominee, with or without disclosing that such
     Collateral is subject to the lien and security interest hereunder,

             (ii) notify the parties obligated on any of the Collateral to make
     payment to the Collateral Agent of any amount due or to become due
     thereunder,

             (iii) enforce collection of any of the Collateral by suit or
     otherwise, and surrender, release or exchange all or any part thereof, or
     compromise or extend or renew for any period (whether or not longer than
     the original period) any obligations of any nature of any party with
     respect thereto,

             (iv) endorse any checks, drafts, or other writings in such
     Grantor's name to allow collection of the Collateral,

             (v) take control of any proceeds of the Collateral, and

             (vi) execute (in the name, place and stead of such Grantor)
     endorsements, assignments, stock powers and other instruments of conveyance
     or transfer with respect to all or any of the Collateral.

          SECTION 6.2. COMPLIANCE WITH RESTRICTIONS. Each Grantor agrees that in
any sale of any of the Collateral whenever an Event of Default shall have
occurred and be continuing, the Collateral Agent is hereby authorized to comply
with any limitation or restriction in connection with such sale as it may be
advised by counsel is necessary in order to avoid any violation of applicable
law (including compliance with such procedures as may restrict the number of
prospective bidders and purchasers, require that such prospective bidders and
purchasers have certain qualifications, and restrict such prospective bidders
and purchasers to Persons who will represent and agree that they are purchasing
for their own account for investment and not with a view to the distribution or
resale of such Collateral), or in order to obtain any required approval of the
sale or of the purchaser by any governmental regulatory authority or official,
and such Grantor further agrees that such compliance shall not result in such
sale being considered or deemed not to have been made in a commercially
reasonable manner, nor shall the Collateral Agent be liable nor accountable to
such Grantor for any discount allowed by the reason of the fact that such
Collateral is sold in compliance with any such limitation or restriction.

          SECTION 6.3. SECURITIES LAWS. If the Collateral Agent shall determine
to exercise its right to sell all or any of the Collateral pursuant to
SECTION 6.1 its commercially reasonable judgment and shall notify any Grantor of
its decision to invoke its rights under this SECTION 6.13, each Grantor agrees
that, upon request of the Collateral Agent, such Grantor will, at its own
expense:

                                       23
<Page>

          (a) execute and deliver, and cause each issuer of the Collateral
contemplated to be sold and the directors and officers thereof to execute and
deliver, all such instruments and documents, and do or cause to be done all such
other acts and things, as may be necessary or, as the Collateral Agent may
reasonably request, to register such Collateral under the provisions of the
Securities Act of 1933, as from time to time amended (the "SECURITIES ACT"), and
to cause the registration statement relating thereto to become effective and to
remain effective for such period as prospectuses are required by law to be
furnished, and to make all amendments and supplements thereto and to the related
prospectus which are necessary or advisable, all in conformity with the
requirements of the Securities Act and the rules and regulations of the
Securities and Exchange Commission applicable thereto;

          (b) use its best efforts to qualify the Collateral under the state
securities or "Blue Sky" laws and to obtain all necessary governmental approvals
for the sale of the Collateral, as reasonably requested by the Collateral Agent;

          (c) cause each such issuer to make available to its security holders,
as soon as practicable, an earnings statement that will satisfy the provisions
of Section 11(a) of the Securities Act; and

          (d) do or cause to be done all such other acts and things as may be
necessary to make such sale of the Collateral or any part thereof valid and
binding and in compliance with applicable law.

Each Grantor further acknowledges the impossibility of ascertaining the amount
of damages that would be suffered by the Collateral Agent or the Secured Party
by reason of the failure by any Grantor to perform any of the covenants
contained in this Section and, consequently, agrees that, if such Grantor shall
fail to perform any of such covenants, it shall pay, as liquidated damages and
not as a penalty, an amount equal to the value (as determined by the Collateral
Agent) of the Collateral on the date the Collateral Agent shall demand
compliance with this Section.

          SECTION 6.4. INDEMNITY AND EXPENSES.

          (a) In addition to the rights afforded the Collateral Agent under the
Indenture pursuant to Section 5.6 hereof, each Grantor jointly and severally
agrees to indemnify the Collateral Agent from and against any and all claims,
losses and liabilities arising out of or resulting from this Pledge and Security
Agreement (including enforcement of this Pledge and Security Agreement), except
claims, losses or liabilities resulting from the Collateral Agent's gross
negligence or willful misconduct.

          (b) Each Grantor will upon demand pay to the Collateral Agent the
amount of any and all reasonable expenses, including the reasonable fees and
disbursements of its counsel and of any experts and agents, which the Collateral
Agent may incur in connection with

             (i) the execution and administration of this Pledge and Security
     Agreement,

             (ii) the custody, preservation, use or operation of, or the sale
     of, collection from, or other realization upon, any of the Collateral,

             (iii) the exercise or enforcement of any of the rights of the
     Collateral Agent hereunder, and

             (iv) the failure by any Grantor to perform or observe any of the
     provisions hereof.

                                       24
<Page>

                                   ARTICLE VII
                                  MISCELLANEOUS

          SECTION 7.1. RELATED DOCUMENT. This Pledge and Security Agreement is a
Related Document executed pursuant to the Indenture and shall (unless otherwise
expressly indicated herein) be construed, administered and applied in accordance
with the terms and provisions of the Indenture.

          SECTION 7.2. AMENDMENTS; ETC. No amendment to, or waiver of, any
provision of this Pledge and Security Agreement shall in any event be effective
unless the same shall be in writing and signed by the Collateral Agent and each
Grantor directly affected by such amendment or waiver and shall comply with the
provisions of either SECTION 9.01 or SECTION 9.02 of the Indenture, as
applicable, and then any such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

          SECTION 7.3. PROTECTION OF COLLATERAL. The Collateral Agent may from
time to time, at its option, perform any act which each Grantor agrees hereunder
to perform and which such Grantor shall fail to perform after being requested in
writing so to perform (it being understood that no such request need be given
after the occurrence and during the continuance of an Event of Default) and the
Collateral Agent may from time to time take any other action which the
Collateral Agent reasonably deems necessary for the maintenance, preservation or
protection of any of the Collateral or of its security interest therein, and the
expenses of the Collateral Agent incurred in connection therewith shall be
payable by such Grantor pursuant to SECTION 6.4.

          SECTION 7.4. ADDRESSES FOR NOTICES. All notices and other
communications provided for hereunder shall be in writing (including telegraphic
communication) and, if to any Grantor, mailed or telecopied or delivered to it,
addressed to it in care of the Company at the address of the Company specified
in the Indenture, if to the Collateral Agent, mailed or telecopied or delivered
to it, addressed to it care of the Trustee at the address of the Trustee
specified in the Indenture. All such notices and other communications, when
mailed and properly addressed with postage prepaid or if properly addressed and
sent by pre-paid courier service, shall be deemed given when received; any such
notice or communication, if transmitted by telecopier, shall be deemed given
when transmitted and electronically confirmed.

          SECTION 7.5. ADDITIONAL GRANTORS. Upon the execution and delivery by
any other Person of an instrument in the form of ANNEX I hereto, such Person
shall become a "Grantor" hereunder with the same force and effect as if
originally named as a Grantor herein. The execution and delivery of any such
instrument shall not require the consent of any other Grantor hereunder. The
rights and obligations of each Grantor hereunder shall remain in full force and
effect notwithstanding the addition of any new Grantor as a party to this Pledge
and Security Agreement.

          SECTION 7.6. SECTION CAPTIONS. Section captions used in this Pledge
and Security Agreement are for convenience of reference only, and shall not
affect the construction of this Pledge and Security Agreement.

          SECTION 7.7. SEVERABILITY. Wherever possible each provision of this
Pledge and Security Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Pledge
and Security Agreement shall be prohibited by or invalid under such law, such
provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of this Pledge and Security Agreement.

                                       25
<Page>

          SECTION 7.8. COUNTERPARTS. This Pledge and Security Agreement may be
executed by the parties hereto in several counterparts, each of which shall be
deemed an original and all of which shall constitute together but one and the
same agreement.

          SECTION 7.9. GOVERNING LAW, ENTIRE AGREEMENT, ETC. THIS PLEDGE AND
SECURITY AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE VALIDITY OR
PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT
OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER
THAN THE STATE OF NEW YORK. THIS PLEDGE AND SECURITY AGREEMENT AND THE OTHER
RELATED DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO
WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY PRIOR
AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

          SECTION 7.10. INTERCREDITOR AGREEMENT. If, and to the extent that,
this Pledge and Security Agreement require that a Grantor take or omit to take
any action that is inconsistent with one or more express provisions of the
Intercreditor Agreement, such express provisions shall control the obligations
of such Grantor in respect of such action.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]

                                       26
<Page>

          IN WITNESS WHEREOF, each Grantor has caused this Pledge and Security
Agreement to be duly executed and delivered by its officer thereunto duly
authorized as of the date first above written.

                                  THE HOCKEY COMPANY, a Delaware corporation

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

                                  SPORTS HOLDINGS CORP., a Delaware corporation

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

                                  MASKA U.S., INC., a Vermont corporation

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

                                  WAP HOLDINGS INC., a Delaware corporation

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

                                  SLM TRADEMARK ACQUISITION CORP., a
                                    Delaware corporation

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

                                       S-1
<Page>

                                  ACKNOWLEDGED AND AGREED:

                                  THE BANK OF NEW YORK, as Collateral Agent

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

                                  THE BANK OF NEW YORK, as Trustee

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

                                       S-2

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