Document:

<PAGE>   1

                                                                   Exhibit 10.19

                              EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT, dated as of December 18, 2000, by and between LEXENT
INC., a Delaware corporation (the "Company"), and Joel H. Rothwax (the
"Employee").

                                  WITNESSETH:

     WHEREAS the Company desires to induce the Employee to enter into employment
with the Company for the period provided in this Agreement, and the Employee is
willing to accept such employment with the Company on a full-time basis, all in
accordance with the terms and conditions set forth below;

     NOW, THEREFORE, for and in consideration of the premises hereof and the
mutual covenants contained herein, the parties hereto hereby covenant and agree
as follows:

     1.  Employment.

          (a) The Company hereby agrees to employ the Employee, and the Employee
              hereby agrees to accept such employment with the Company,
              commencing on           , 2000 (the "Commencement Date") and
              continuing for the period set forth in Section 2 hereof, all upon
              the terms and conditions hereinafter set forth.

          (b) The Employee affirms and represents that as of the commencement of
              his employment by the Company, he was under no obligation to any
              former employer or other party which is in any way inconsistent
              with, or which imposes any restriction upon, the Employee's
              acceptance of employment hereunder with the Company, the
              employment of the Employee by the Company, or the Employee's
              undertakings under this Agreement.

     2.  Term of Employment.  Unless earlier terminated as provided in this
Agreement, the term of the Employee's employment under this Agreement shall be
for a period beginning on the Commencement Date and ending on           , 2004.
The period from the Commencement Date until             ,2004, or, in the event
that the Employee's employment hereunder is earlier terminated as provided
herein, such shorter period, is hereinafter called the "Employment Term" (the
"Employment Term").

     3.  Duties.  The Employee shall be employed as Senior Vice
President -- Human Resources, of the Company, shall faithfully perform and
discharge such duties as inhere in the positions of Senior Vice
President -- Human Resources of the Company as may be specified in the By-laws
of the Company with respect to such positions, and shall also perform and
discharge such other duties and responsibilities consistent with such position
as the Board of Directors of the Company (the "Board of Directors") shall from
time to time determine. The Employee shall report to the Chief Executive Officer
of the Company. The Employee shall perform his duties principally at offices of
the Company in New York City, New York, with such travel to such other locations
from time to time as the Chief Executive Officer may reasonably prescribe.
Except as may otherwise be approved in advance by the Board of Directors, and
except during vacation periods and reasonable periods of absence due to
sickness, personal injury or other disability, the Employee shall devote his
full business time throughout the Employment Term to the services required of
him hereunder. The Employee shall render his business services exclusively to
the Company and its subsidiaries during the Employment Term and shall use his
best efforts, judgment and energy to improve and advance the business and
interests of the Company and its subsidiaries in a manner consistent with the
duties of his position.

     4.  Compensation.

          (a) Salary.  As compensation for the performance by the Employee of
              the services to be performed by the Employee hereunder during the
              Employment Term, the Company shall pay the Employee a base salary
              at the annual rate of Two Hundred Twenty Thousand Dollars
              ($220,000) (said amount, together with any increases thereto as
              may be determined from time to time by the Board of Directors in
              its sole discretion, being hereinafter referred to as "Salary").
              The Employee's Salary shall be reviewed mid-year 2001, and
              Employee will be
<PAGE>   2

              eligible for an increase in his base salary based upon a review
              of Employee's performance. Any Salary payable hereunder shall be
              paid in regular intervals in accordance with the Company's
              payroll practices from time to time in effect.

          (b) Bonus.  The Employee shall be eligible to receive bonus
              compensation from the Company in respect of each fiscal year (or
              portion thereof) occurring during the Employment Term in an amount
              targeted at 40% of his Salary (pro rated for any portion of a
              fiscal year occurring during the Employment Term) if the Company
              achieves the target performance objectives established by the
              Compensation Committee of the Board of Directors (the
              "Compensation Committee") with respect to such fiscal year. The
              Employee shall also be eligible to receive additional bonus
              compensation from the Company in respect of each fiscal year (or
              portion thereof) occurring during the Employment Term for
              exceptional performance as may be determined by the Compensation
              Committee in its sole discretion.

     5.  Other Benefits; Options.

          (a) General.  During the Employment Term, the Employee shall:

             (i)   be eligible to participate in employee fringe benefits and
                   pension and/or profit sharing plans that may be provided by
                   the Company for its senior executive employees in accordance
                   with the provisions of such plans, as may be in effect from
                   time to time;

             (ii)  be eligible to participate in any medical and health plans or
                   other employee welfare benefit plans that may be provided by
                   the Company for its senior executive employees in accordance
                   with the provisions of any such plans, as may be in effect
                   from time to time;

             (iii) be entitled to the number of paid vacation days in each
                   calendar year determined by the Company from time to time
                   for its senior executive officers, provided that such number
                   of paid vacation days in each calendar year shall not be
                   less than fifteen (15) work days (three calendar weeks). The
                   Employee shall also be entitled to all paid holidays given
                   by the Company to its senior executive officers;

             (iv)  be entitled to sick leave, sick pay and disability benefits
                   in accordance with any Company policy that may be applicable
                   to senior executive employees from time to time; and

             (v)   be entitled to reimbursement for all reasonable and necessary
                   out-of-pocket business expenses incurred by the Employee in
                   the performance of his duties hereunder in accordance with
                   the Company's normal policies from time to time in effect.

          (b) Grant of Initial Options.  In connection with the execution and
              delivery of this Agreement by the Employee, the Company is
              granting to the Employee options ("Initial Options") to purchase
              100,000 shares of Company Common Stock, $.001 par value ("Common
              Stock"), at a purchase price equal to the Fair Market Value (as
              defined in (d) below) on the Commencement Date, of which options
              to purchase 25% of such shares of Common Stock shall vest on the
              first anniversary of the Commencement Date and options to purchase
              the remaining shares of Common Stock shall vest in thirty-six
              equal increments over the thirty-six month period beginning at the
              end of the month following the first anniversary of the
              Commencement Date, all as provided in the Stock Option Agreement
              of even date herewith between the Company and the Employee.

          (c) Grant of Subsequent Options.  In connection with his continued
              employment by the Company, on the first anniversary of the
              Commencement Date, and on each of the subsequent anniversaries
              thereof during the Employment Term, the Company agrees to grant
              the Employee options ("Subsequent Options") to purchase a minimum
              of 10,000 shares (as adjusted equitably for stock dividends, stock
              splits, combinations, etc.) of Common Stock at a purchase price
              equal to the Fair Market Value (as defined in (d) below) of the
              Common Stock on the pertinent anniversaries. The Subsequent
              Options shall vest in accordance with the following schedule: 25%
              shall vest one year from the grant date of the Subsequent Options
              during the Employment
                                        2
<PAGE>   3

               Term, and options to purchase the remaining shares issued
               pursuant to each grant of the Subsequent Options shall vest in
               equal increments over the subsequent 36 months, as more fully
               described in 5(b) above. Each grant of these Subsequent Options
               shall be pursuant to specific terms set forth in a stock option
               agreement between the Company and the Employee.

          (d) Fair Market Value.  "Fair Market Value" means as of any date, the
              value of Common Stock determined as follows:

             (i)  If the Common Stock is listed on any established stock
                  exchange or a national market system, including without
                  limitation the National Market System of the National
                  Association of Securities Dealers, Inc. Automated Quotation
                  ("NASDAQ") System, the Fair Market Value of a share of Common
                  Stock shall be the closing sales price for such stock (or the
                  closing bid, if no sales were reported) as quoted on such
                  system or exchange (or the exchange with the greatest volume
                  of trading in Common Stock) on the trading day of the day of
                  grant of the particular Options and as reported in the Wall
                  Street Journal or such other source as the Compensation
                  Committee deems reliable;

             (ii) If the Common Stock is quoted on the NASDAQ System (but not
                  on the National Market System thereof) or is regularly quoted
                  by a recognized securities dealer but selling prices are not
                  reported, the Fair Market Value of a share of Common Stock
                  shall be the average between the high bid and low asked
                  prices for the Common Stock on the last market trading day
                  prior to the day of grant of the particular Subsequent
                  Options and as reported in the Wall Street Journal or such
                  other source as the Compensation Committee deems reliable; or

            (iii) In the absence of an established market for the Common
                  Stock, the Fair Market Value shall be determined in good
                  faith by the Compensation Committee.

     6.  Confidential Information.  The Employee hereby covenants, agrees and
acknowledges as follows:

          (a) The Employee has and will have access to and will participate in
              the development of or be acquainted with confidential or
              proprietary information and trade secrets related to the business
              of the Company and any present or future subsidiaries or
              affiliates of the Company (collectively with the Company, the
              "Companies"), including but not limited to (i) customer lists;
              related records and compilations of information; the identity,
              lists or descriptions of any new customers, referral sources or
              organizations; financial statements; cost reports or other
              financial information; contract proposals or bidding information;
              business plans; training and operations methods and manuals;
              personnel records; software programs; reports and correspondence;
              and management systems, policies or procedures, including related
              forms and manuals; (ii) information pertaining to future
              developments such as future marketing or acquisition plans or
              ideas, and potential new business locations and (iii) all other
              tangible and intangible property, which are used in the business
              and operations of the Companies but not made public. The
              information and trade secrets relating to the business of the
              Companies described hereinabove in this paragraph (a) are
              hereinafter referred to collectively as the "Confidential
              Information", provided that the term Confidential Information
              shall not include any information (A) that is or becomes generally
              publicly available (other than as a result of violation of this
              Agreement by the Employee), (B) that the Employee receives on a
              nonconfidential basis from a source (other than the Companies or
              their representatives) that is not known by him to be bound by an
              obligation of secrecy or confidentiality to any of the Companies
              or (C) that was in the possession of the Employee prior to
              disclosure by the Companies.

          (b) The Employee shall not disclose, use or make known for his or
              another's benefit any Confidential Information or use such
              Confidential Information in any way except as is in the best
              interests of the Companies in the performance of the Employee's
              duties under this Agreement. The Employee may disclose
              Confidential Information when required by a third party and
              applicable law or judicial process, but only after providing
              immediate notice to the

                                        3
<PAGE>   4

              Company of any third party's request for such information, which
              notice shall include the Employee's intent to disclose any
              Confidential Information with respect to such request.

          (c) The Employee acknowledges and agrees that a remedy at law for any
              breach or threatened breach of the provisions of this Section 6
              would be inadequate and, therefore, agrees that the Companies
              shall be entitled to seek injunctive relief in addition to any
              other available rights and remedies in case of any such breach or
              threatened breach by the Employee; provided, however, that nothing
              contained herein shall be construed as prohibiting the Companies
              from pursuing any other rights and remedies available for any such
              breach or threatened breach.

          (d) The Employee agrees that upon termination of his employment with
              the Company for any reason, the Employee shall forthwith return to
              the Company all Confidential Information in whatever form
              maintained (including, without limitation, computer discs and
              other electronic media).

          (e) The obligations of the Employee under this Section 6 shall, except
              as otherwise provided herein, survive the termination of the
              Employment Term and the expiration or termination of this
              Agreement.

          (f) Without limiting the generality of Section 12 hereof, the Employee
              hereby expressly agrees that the foregoing provisions of this
              Section 6 shall be binding upon the Employee's heirs, successors
              and legal representatives.

     7.  Termination of Employment.

          (a) The Employee's employment hereunder shall be terminated upon the
              occurrence of any of the following:

             (i)    death of the Employee;

             (ii)   the Employee's inability to perform his duties on account of
                    disability or incapacity for a period of one hundred eighty
                    (180) or more days, whether or not consecutive, within any
                    period of twelve (12) consecutive months;

             (iii)  the Company giving written notice, at any time, to the
                    Employee that the Employee's employment is being terminated
                    for "Cause" (as defined in (b) below);

             (iv)   the Company giving written notice, at any time, to the
                    Employee that the Employee's employment is being terminated
                    or is not being renewed, other than pursuant to clause (i),
                    (ii) or (iii) above ("Without Cause");

             (v)    the Employee terminates his employment hereunder for "Good
                    Reason" (as defined in (c) below); or

             (vi)   the Employee terminates his employment hereunder for any
                    reason whatsoever (whether by reason of retirement,
                    resignation or otherwise), ("Without Good Reason"), other
                    than in accordance with (v) above.

          (b) Cause.  The following actions, failures and events by or affecting
              the Employee shall constitute "Cause" for termination within the
              meaning of clause (iii) of Section 7 (a) above:

             (i)    indictment for or conviction of the Employee of, or the
                    entering of a plea of nolo contendere by the Employee with
                    respect to, having committed a felony;

             (ii)   abuse of controlled substances or alcohol or acts of
                    dishonesty or moral turpitude by the Employee that are
                    materially detrimental to one or more of the Companies;

             (iii)  acts or omissions by the Employee that the Employee knew
                    were likely to damage the business of one or more of the
                    Companies;

                                        4
<PAGE>   5

             (iv)  negligence by the Employee in the performance of, or
                   disregard by the Employee of his material obligations under
                   this Agreement or otherwise relating to his employment, which
                   negligence or disregard continue unremedied for a period of
                   fifteen (15) days after written notice thereof to the
                   Employee; or

             (v)   failure by the Employee to obey the reasonable and lawful
                   orders and policies of the Board of Directors that are
                   consistent with the provisions of this Agreement, which
                   failure to obey continues unremedied for a period of fifteen
                   (15) days after written notice thereof to the Employee.

          (c) Good Reason.  The Employee may terminate his employment with the
              Company for "Good Reason" if, without the Employee's written
              consent, there is:

             (i)   a material adverse change in the Employee's title or Salary;

             (ii)  the assignment of duties to the Employee materially and
                   adversely inconsistent with the Employee's position;

             (iii) any requirement by the Company that the Employee's primary
                   office location be other than in the New York City
                   metropolitan area; or

             (iv)  a change in the Employee's reporting relationship from
                   reporting to the Chief Executive Officer to any other other
                   Company official, except that a change in reporting
                   relationship to the Chairman of the Board, Chief Operating
                   Officer or the Chief Administrative Officer shall not
                   constitute "Good Reason".

     8.  Payments Upon Termination.

          (a) Termination Without Cause.  In the event that the Employee's
              employment is terminated by the Company Without Cause or by the
              Employee for Good Reason during the Employment Term and provided
              that the Employee is acting in accordance with his obligations
              pursuant to Section 10, then the Company shall pay to the
              Employee, as severance pay or liquidated damages or both, monthly
              payments at the rate per annum of his Salary at the time of such
              termination for a period of:

             (i)  eighteen (18) months after such termination if such
                  termination occurs in the first month during the period
                  between the Commencement Date and the date six months
                  following the Commence Date ("Initial Period");

             (ii)  seventeen (17) months after such termination if such
                   termination occurs in the second month of the Initial Period;

             (iii)  sixteen (16) months after such termination if such
                    termination occurs in the third month of the Initial Period;

             (iv)  fifteen (15) months after such termination if such
                   termination occurs in the fourth month of the Initial Period;

             (v)  fourteen (14) months after such termination if such
                  termination occurs in the fifth month of the Initial Period;

             (vi)  thirteen (13) months after such termination if such
                   termination occurs in the sixth month of the Initial Period;
                   and

             (vii) twelve (12) months after such termination if such termination
                   occurs after the end of the Initial Period.

          (b) Payments Limited.  Notwithstanding anything to the contrary
              expressed or implied herein, except as required by applicable law
              and except as set forth in Sections 4(b) and 8(a) above, neither
              the Company nor any of its affiliates shall be obligated to make
              any payments to the Employee or on his behalf of whatever kind or
              nature by reason of the Employee's cessation of
                                        5
<PAGE>   6

             employment (including, without limitation, by reason of termination
             of the Employee's employment by the Company for Cause, Without
             Cause or otherwise or by the Employee for Good Reason), other than
             (i) such amounts, if any, of his Salary and bonus as shall have
             accrued and remained unpaid as of the date of said cessation and
             (ii) such other amounts, if any, which may be then otherwise
             payable to the Employee pursuant to the terms of the Company's
             benefits plans or pursuant to clause (v) of Section 5(a) above.

          (c) Interest.  No interest shall accrue on or be paid with respect to
              any portion of any payments under this Section 8.

          (d) The obligations of the Company under this section 8 shall, except
              as otherwise provided herein, survive the termination of the
              Employment Term and the expiration or termination of this
              Agreement.

     9.  Non-Assignability.

          (a) Neither this Agreement nor any right or interest hereunder shall
              be assignable by the Employee or his beneficiaries or legal
              representatives without the Company's prior written consent;
              provided, however, that nothing in this Section 9(a) shall
              preclude the Employee from designating a beneficiary to receive
              any benefit payable hereunder upon his death or incapacity. This
              Agreement may not be assigned by the Company except with the
              Employee's prior written consent, provided, however, that the
              Company may assign this Agreement to an affiliate of the Company
              with the financial resources to fulfill the Company's obligations
              hereunder.

          (b) Except as required by law, no right to receive payments under this
              Agreement shall be subject to anticipation, commutation,
              alienation, sale, assignment, encumbrance, charge, pledge, or
              hypothecation or to exclusion, attachment, levy or similar process
              or to assignment by operation of law, and any attempt, voluntary
              or involuntary, to effect any such action shall be null, void and
              of no effect.

     10. Restrictive Covenants.

          (a) Competition.  During the Employment Term and, in the event the
              Employee's employment is terminated, during the period (the
              "Applicable Continuation Period") following such termination and
              continuing until (i) the last payment is made to the Employee
              pursuant to Section 8(a) hereof, as the case may be, or (ii) in
              the case of a termination of the Employee's employment pursuant to
              Section 7(a)(iii) or (v) hereof, the first anniversary of the date
              of such termination, the Employee will not directly or indirectly
              (as a director, officer, executive employee, manager, consultant,
              independent contractor, advisor or otherwise) engage in
              competition with, or own any interest in, perform any services
              for, participate in or be connected with any business or
              organization which engages in competition with any of the
              Companies within the meaning of Section 10(d), provided, however,
              that the provisions of this Section 10(a) shall not be deemed to
              prohibit the Employee's ownership of not more than two percent
              (2%) of the total shares of all classes of stock outstanding of
              any publicly held company, or ownership, whether through direct or
              indirect stock holdings or otherwise, of not more than one percent
              (1%) of any other business.

          (b) Non-Solicitation.  During the Employment Term and during the
              Applicable Continuation Period, the Employee will not directly or
              indirectly induce or attempt to induce any employee of any of the
              Companies to leave the employ of the Company or such subsidiary or
              affiliate, or in any way interfere with the relationship between
              any of the Companies and any employee thereof.

          (c) Non-Interference.  During the Employment Term and during the
              Applicable Continuation Period, the Employee will not directly or
              indirectly hire, engage, send any work to, place orders with, or
              in any manner be associated with any supplier, contractor,
              subcontractor or other business relation of any of the Companies
              if such action by him would have an adverse effect on

                                        6
<PAGE>   7

                the business, assets or financial condition of any of the
                Companies, or materially interfere with the relationship
                between any such person or entity and any of the Companies.

          (d) Certain Definitions.

             (i)   For purposes of this Section 10, a person or entity
                   (including, without limitation, the Employee) shall be
                   deemed to be a competitor of one or more of the Companies,
                   or a person or entity (including, without limitation, the
                   Employee) shall be deemed to be engaging in competition
                   with one or more of the Companies, if such person or entity
                   conducts, or, to the knowledge of the Employee, plans to
                   conduct, the Specified Business (as hereinafter defined)
                   as a significant portion of its business in any of the
                   markets served by the Companies or, in the case of a person
                   or entity pursuing a business strategy of providing
                   telecommunications infrastructure services anywhere in the
                   continental United States.

             (ii)  For purposes of this Agreement, "Specified Business" means
                   (A) providing outsourced telecommunications infrastructure
                   services to local or long distance telecommunications
                   providers or engaging in any business conducted by the
                   Company at the time of termination of the Employee's
                   employment with the Company or (B) conducting, operating,
                   carrying out or engaging in the business of managing any
                   entity described in clause (A).

          (e) Certain Representations of the Employee.  In connection with the
              forego-ing provisions of this Section 10, the Employee represents
              that his experience, capabilities and circumstances are such that
              such provisions will not prevent him from earning a livelihood.
              The Employee further agrees that the limitations set forth in this
              Section 10 (including, without limitation, time and territorial
              limitations) are reasonable and properly required for the adequate
              protection of the current and future businesses of the Companies.
              It is understood and agreed that the covenants made by the
              Employee in this Section 10 (and in Section 6 hereof) shall
              survive the expiration or termination of this Agreement.

          (f) Injunctive Relief.  The Employee acknowledges and agrees that a
              remedy at law for any breach or threatened breach of the
              provisions of Section 10 hereof would be inadequate and,
              therefore, agrees that the Company and any of its subsidiaries or
              affiliates shall be entitled to seek injunctive relief in addition
              to any other available rights and remedies in cases of any such
              breach or threatened breach; provided, however, that nothing
              contained herein shall be construed as prohibiting the Company or
              any of its affiliates from pursuing any other rights and remedies
              available for any such breach or threatened breach.

     11. Representations and Warranties.  The Employee represents and warrants
that he is not subject to or a party to any agreement, contract, covenants,
order or other restriction which in any way prohibits, restricts or impairs the
Employee's ability to enter into this Agreement and carry out his duties and
obligations hereunder. Each party hereto represents and warrants to the other
that (i) each has the full legal right and power and all authority and approvals
required to enter into, execute and deliver this Agreement and to perform fully
all of his or its obligations hereunder; and (ii) this Agreement has been duly
executed and delivered and constitutes a valid and binding obligation of each
party, enforceable in accordance with its terms.

     12. Binding Effect.  Without limiting or diminishing the effect of Section
9 hereof, this Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, successors, legal representatives and
assigns.

     13. Notices.  All notices which are required or may be given pursuant to
the terms of this Agreement shall be in writing and shall be sufficient in all
respects if given in writing and (i) delivered personally, (ii) mailed by
certified or registered mail, return receipt requested and postage prepaid,
(iii) sent via a nationally recognized overnight courier or (iv) sent via
facsimile confirmed in writing to the recipient, if to the Company at the
Company's principal place of business, and if to the Employee, at his home
address most recently filed with the Company, or to such other address or
addresses as either party shall have designated in
                                        7
<PAGE>   8

writing to the other party hereto, provided, however, that any notice sent by
certified or registered mail shall be deemed delivered on the date of delivery
as evidenced by the return receipt.

     14. Law Governing.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.

     15. Severability.  The Employee agrees that in the event that any court of
competent jurisdiction shall finally hold that any provision of Section 6 or 10
hereof is void or constitutes an unreasonable restriction against the Employee,
the provisions of such Section 6 or 10 shall not be rendered void but shall
apply with respect to such extent as such court may judicially determine
constitutes a reasonable restriction under the circumstances. If any part of
this Agreement other than Section 6 or 10 is held by a court of competent
jurisdiction to be invalid, illegible or incapable of being enforced in whole or
in part by reason of any rule of law or public policy, such part shall be deemed
to be severed from the remainder of this Agreement for the purpose only of the
particular legal proceedings in question and all other covenants and provisions
of this Agreement shall in every other respect continue in full force and effect
and no covenant or provision shall be deemed dependent upon any other covenant
or provision.

     16. Waiver.  Failure to insist upon strict compliance with any of the
terms, covenants or conditions hereof shall not be deemed a waiver of such term,
covenant or condition, nor shall any waiver or relinquishment of any right or
power hereunder at any one or more times be deemed a waiver or relinquishment of
such right or power at any other time or times.

     17. Entire Agreement; Modifications.  This Agreement constitutes the entire
and final expression of the agreement of the parties with respect to the subject
matter hereof and supersedes all prior agreements, oral and written, between the
parties hereto with respect to the subject matter hereof. This Agreement may be
modified or amended only by an instrument in writing signed by both parties
hereto.

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

                                        8
<PAGE>   9

     IN WITNESS WHEREOF, the Company and the Employee have duly executed and
delivered this Agreement as of the day and year first above written.

                                          LEXENT INC.

                                          By: /s/
                                            ------------------------------------
                                            Name:
                                            Title:

                                            ------------------------------------
                                            JOEL H. ROTHWAX

                                        9<PAGE>   1
                                                                    EXHIBIT 10.9

                       AMENDMENT NO. 2 TO CREDIT AGREEMENT

         THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (this "Amendment"), dated as
of November 17, 2000, is among True Temper Sports, Inc., a Delaware corporation
(the "Borrower"), the Lenders (as defined below) parties hereto, and Bank One,
NA (formerly known as The First National Bank of Chicago) having its main office
in Chicago, Illinois, as administrative agent (the "Administrative Agent") for
the Lenders.

                              W I T N E S S E T H:

         WHEREAS, the Borrower, the various financial institutions parties
thereto (collectively, the "Lenders"), DLJ Capital Funding, Inc., as the
syndication agent, the Administrative Agent and Donaldson, Lufkin & Jenrette
Securities Corporation, as lead arranger, are parties to a Credit Agreement,
dated as of September 30, 1998 (as heretofore modified and supplemented and in
effect from time to time, the "Credit Agreement");

         WHEREAS, the Borrower desires, and the Lenders are willing, on the
terms and subject to the conditions hereinafter set forth, to amend the Credit
Agreement as set forth herein;

         NOW, THEREFORE, in consideration of the agreements herein contained,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

                                     PART I

                                   DEFINITIONS

         SUBPART 1.1. Certain Definitions. Unless otherwise defined herein or
the context otherwise requires, terms used in this Amendment, including its
preamble and recitals, have the following meanings (such meanings to be equally
applicable to the singular and plural forms thereof):

         "Administrative Agent" is defined in the preamble.

         "Amendment" is defined in the preamble.

         "Amendment Effective Date" is defined in Subpart 3.1.

<PAGE>   2

         "Borrower" is defined in the preamble.

         "Credit Agreement" is defined in the first recital.

         "Lenders" is defined in the first recital.

         SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Amendment, including its preamble
and recitals, have the meanings ascribed thereto in the Credit Agreement. Each
reference to "hereof", "hereunder", "herein" and "hereby" and each other similar
reference and each reference to "this Agreement" and each other similar
reference contained in the Credit Agreement shall from and after the Amendment
Effective Date refer to the Credit Agreement, as amended hereby.

                                     PART II

                         AMENDMENTS TO CREDIT AGREEMENT

         Effective on (and subject to the occurrence of) the Amendment Effective
Date, the Credit Agreement is amended in accordance with this Part II. Except to
the extent amended by this Amendment, the Credit Agreement is and shall continue
to be in full force and effect and is hereby ratified and confirmed in all
respects.

         SUBPART 2.1. Amendments to Article I. Article I of the Credit Agreement
("DEFINITIONS AND ACCOUNTING TERMS") is amended as set forth in this Subpart
2.1.

         SUBPART 2.1.1. New Definitions. Section 1.1 of the Credit Agreement
("Defined Terms") is hereby amended by inserting the following definitions in
their alphabetically appropriate places:

         "Available Amount" means, on any date (the "Availability Date"), an
amount equal to the excess on such date of

                           (a)  the sum of

                                    (i) 50% of Excess Cash Flow for the period
                           from January 1, 1999 through the most recently ended
                           Fiscal Quarter of the Borrower (provided, however,
                           that for purposes of calculating clause (b)(viii) of
                           the definition of the term "Excess Cash Flow" as used
                           in this, and only this, clause (a)(i), such clause
                           (b)(viii) shall be calculated without including the
                           amount of any Restricted Payments actually made in
                           cash
<PAGE>   3
                           during such period pursuant to clause (d) of Section
                           7.2.6 of the Credit Agreement),
                     plus

                                    (ii) the aggregate amount of all voluntary
                           prepayments of principal of Term Loans made under
                           clause (a)(i) of Section 3.1.1 during such period,
                    over

                           (b) the aggregate amount of Restricted Payments made
                  pursuant to clause (d) of Section 7.2.6 which constituted
                  usage of the Available Amount prior to the Availability Date.

                  "Second Amendment" means that certain Amendment No. 2 to
         Credit Agreement, dated as of November 17, 2000, among the Borrower,
         the Lenders parties thereto, and the Administrative Agent.

                  "Second Amendment Effective Date" means the Amendment
         Effective Date (as defined in the Second Amendment).

         SUBPART 2.1.2. Modified Definitions. (a) The following terms that are
defined in Section 1.1 of the Credit Agreement ("Defined Terms") are hereby
amended in their entirety to read as set forth below:

                  "Discount Notes" is defined in the first recital, and includes
         (a) the Discount Notes and (b) unsecured Debt that refinances Discount
         Notes in accordance with clause (ii) of the proviso to Section 5.12 of
         the Holdco Guaranty and Pledge Agreement, in each case, as amended,
         supplemented, amended and restated or otherwise modified from time to
         time in accordance with the terms hereof and thereof.

                  "Holdco Discount Note Agreement" means (a) the Securities
         Purchase Agreement, dated as of September 30, 1998, between Holdco and
         the purchaser party thereto and (b) any agreement entered into in
         connection with the issuance of any unsecured Debt that refinances any
         Discount Notes in accordance with clause (ii) of the proviso to Section
         5.12 of the Holdco Guaranty and Pledge Agreement, in each case, as
         amended, supplemented, amended and restated or otherwise modified from
         time to time in accordance with the terms hereof.

         (b) Clause (b)(viii) of the definition of the term "Excess Cash Flow"
appearing in Section 1.1 of the Credit Agreement ("Defined Terms") is hereby
amended in its entirety to read as follows:
<PAGE>   4

                  "(viii) without duplication, (A) Restricted Payments actually
         made in cash pursuant to clauses (c)(ii) and (c)(iii) of Section 7.2.6
         during such period and (B) the lesser of (1) Restricted Payments
         actually made in cash pursuant to clause (d) of Section 7.2.6 (to the
         extent, and only to the extent, such Restricted Payments actually made
         under such clause (d) would have been permitted to have been made if
         the definition of the term Available Amount did not include clause
         (a)(ii) therein) during such period and (2) 25% of Excess Cash Flow as
         determined without giving effect to this clause (b)(viii)(B);".

         (c) Clause (b) of the definition of the term "Fixed Charge Coverage
Ratio" appearing in Section 1.1 of the Credit Agreement ("Defined Terms") is
hereby amended by deleting the period at the end of subclause (iii) thereof and
inserting the following words in lieu thereof:

         ";

         plus

                           (iv) all Restricted Payments made during all such
                  Fiscal Quarters pursuant to clause (d) of Section 7.2.6.".

         SUBPART 2.2. Amendments to Article VII. Article VII of the Credit
Agreement ("COVENANTS") is hereby amended as set forth in this Subpart 2.2.

         SUBPART 2.2.1. Amendment to Clause (o) of Section 7.2.2. Clause (o) of
Section 7.2.2 of the Credit Agreement ("Indebtedness") is hereby amended by
deleting the amount "$10,000,000" set forth therein and inserting the amount
"$20,000,000" in lieu thereof.

         SUBPART 2.2.2. Amendment to Section 7.2.4. Clause (d) of Section 7.2.4
of the Credit Agreement ("Financial Covenants") is hereby amended by (a)
deleting the last row of the table set forth in such clause and (b) replacing
the second row of such table to read in its entirety as follows:

               "1/1/2000 and thereafter                      1.10:1.0.".

         SUBPART 2.2.3. Amendment to Clause (n) of Section 7.2.5. Clause (n) of
Section 7.2.5 of the Credit Agreement ("Investments") is hereby amended by
deleting the amounts "$15,000,000" and "$30,000,000" set forth therein and
inserting the amounts "$25,000,000" and "$50,000,000", respectively, in lieu
thereof.

         SUBPART 2.2.4. Amendment to Clause (d) of Section 7.2.6. Clause (d) of
Section 7.2.6 of the Credit Agreement ("Restricted Payments, etc.") is hereby
amended by
<PAGE>   5
(a) deleting the words "the fifth anniversary of the Closing Date"
set forth therein and inserting the words "the Second Amendment Effective Date"
in lieu thereof and (b) deleting the words "25% of Excess Cash Flow for the
period from January 1, 1999 through the most recently ended Fiscal Quarter"
therefrom and inserting in lieu thereof the words "the lesser of (x) $1,250,000
in any Fiscal Quarter of the Borrower and (y) the Available Amount".

         SUBPART 2.2.5. Amendment to Clause (a) of Section 7.2.7. Clause (a) of
Section 7.2.7 of the Credit Agreement ("Capital Expenditures") is hereby amended
by deleting the amounts "$6,000,000" and "$15,000,000" set forth therein and
inserting the amounts "$10,000,000" and "$25,000,000", respectively, in lieu
thereof.

         SUBPART 2.3. Amendment to Exhibit E ("Form of Compliance Certificate").
Exhibit E ("Form of Compliance Certificate") to the Credit Agreement shall be
deleted therefrom and Exhibit E hereto shall be attached to the Credit Agreement
in lieu thereof.

                                    PART III

                           CONDITIONS TO EFFECTIVENESS

         SUBPART 3.1. Effective Date. This Amendment shall become effective as
of the date (the "Amendment Effective Date") when all of the conditions set
forth in this Subpart 3.1 shall have been satisfied.

         SUBPART 3.1.1. Execution of Counterparts. The Administrative Agent
shall have received counterparts of this Amendment duly executed by the
Borrower, the Administrative Agent and the Required Lenders (or evidence thereof
satisfactory to the Administrative Agent). The delivery of an executed
counterpart hereof by the Borrower shall constitute a representation and
warranty by the Borrower that, on the Amendment Effective Date, both before and
after giving effect to this Amendment, all statements set forth in clauses (a),
(b) and (c) of Section 5.2.1 of the Credit Agreement, as amended by the
Amendment, are true and correct as of such date, except to the extent that any
such statement expressly relates to an earlier date (in which case such
statement shall be true and correct on and as of such earlier date).

         SUBPART 3.1.2. Affirmation and Acknowledgment. The Administrative Agent
shall have received executed counterparts of the Affirmation and Acknowledgment,
dated the Amendment Effective Date, substantially in the form of Annex I hereto,
duly executed and delivered by the parties thereto.

         SUBPART 3.1.3. Payment of Fees and Expenses. The Borrower hereby agrees
to pay and reimburse the Administrative Agent for all its reasonable fees and
expenses incurred in connection with the negotiation, preparation, execution and
delivery of this Amendment and
<PAGE>   6
related documents, including all reasonable fees and disbursements of counsel to
the Administrative Agent.

         SUBPART 3.2. Limitation. Except as expressly provided hereby, all of
the representations, warranties, terms, covenants and conditions of the Credit
Agreement and each other Loan Document shall remain unamended and unwaived and
shall continue to be, and shall remain, in full force and effect in accordance
with their respective terms. The amendments, modifications and consents set
forth herein shall be limited precisely as provided for herein, and shall not be
deemed to be a waiver of, amendment of, consent to or modification of any other
term or provision of the Credit Agreement or of any term or provision of any
other Loan Document or other instrument referred to therein or herein, or of any
transaction or further or future action on the part of the Borrower or any other
Person which would require the consent of the Administrative Agent, the Issuer
or any of the Lenders under the Credit Agreement or any such other Loan Document
or instrument.

                                     PART IV

                                  MISCELLANEOUS

         SUBPART 4.1. Cross-References. References in this Amendment to any Part
or Subpart are, unless otherwise specified, to such Part or Subpart of this
Amendment. References in this Amendment to any Article or Section are, unless
otherwise specified, to such Article or Section of the Credit Agreement.

         SUBPART 4.2. Loan Document Pursuant to Credit Agreement. This Amendment
is a Loan Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated therein) be construed, administered and applied in
accordance with the terms and provisions of the Credit Agreement, as amended
hereby, including Article X thereof.

         SUBPART 4.3. Counterparts, etc. This Amendment may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same
Agreement.

         SUBPART 4.4. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         SUBPART 4.5. Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.
<PAGE>   7
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers hereunto duly authorized as of the day and
year first above written.

                                           TRUE TEMPER SPORTS, INC.

                                           By:
                                              ------------------------
                                           Title:

                                           BANK ONE, NA (formerly
                                                known as The First
                                                National Bank of
                                                Chicago), as
                                                Administrative Agent,
                                                Issuer and as a Lender

                                           By:
                                              ------------------------
                                           Title:

                                           SUMMIT BANK, as a Lender

                                           By:
                                              ------------------------
                                           Title:

                                           THE PROVIDENT BANK, as a Lender

                                           By:
                                              ------------------------
                                           Title:

                                           VAN KAMPEN AMERICAN CAPITAL
                                               PRIME RATE INCOME TRUST,
                                               as a Lender

                                           By:
                                              ------------------------
                                           Title:
<PAGE>   8

                                           VAN KAMPEN AMERICAN CAPITAL SENIOR
                                                FLOATING RATE FUND, as a
                                                Lender

                                           By:
                                              ------------------------
                                           Title:

                                           KZH HIGHLAND-2 LLC, as a Lender

                                           By:
                                              ------------------------
                                           Title:

                                           HIGHLAND LEGACY LIMITED, as
                                                Lender By Highland Capital
                                                Management, L.P.

                                           By:
                                              ------------------------
                                           Title:

<PAGE>   9
                                                                         ANNEX I

                         AFFIRMATION AND ACKNOWLEDGMENT

                                                               November 17, 2000

The Lenders (as defined below) and
Bank One, N.A. (as successor to
  The First National Bank of Chicago),
  as Administrative Agent for the Lenders
One First National Plaza
Chicago, Illinois 60670-0286

Attention: Dawn Sodaro

                                  True Temper Sports, Inc.

Gentlemen and Ladies:

         This affirmation and acknowledgment is delivered to the Administrative
Agent and the Lenders pursuant to Subpart 3.1.2 of Amendment No. 2 to Credit
Agreement, dated as of the date hereof ("Amendment"), among True Temper Sports,
Inc., a Delaware corporation (the "Borrower"), the financial institutions
parties thereto (collectively, the "Lenders"), DLJ Capital Funding, Inc.
("DLJ"), as syndication agent for the Lenders, The First National Bank of
Chicago ("First Chicago"), as administrative agent (the "Administrative Agent")
for the Lenders and Donaldson, Lufkin & Jenrette Securities Corporation, as Lead
Arranger. Reference is also made to the Credit Agreement, dated as of September
30, 1998 (as amended or otherwise modified through the date hereof, the "Credit
Agreement"), among the Borrower, the Lenders, the Agents and the Arranger.
Unless otherwise defined herein or the context otherwise requires, terms used
herein have the meanings provided in the Credit Agreement.

         By its signature below, the undersigned hereby acknowledges receipt of
the Amendment and the modifications to the Credit Agreement, as contemplated
thereby, which amended Credit Agreement will provide for, among other things,
the increased ability for the Borrower to incur additional Indebtedness and make
Capital Expenditures, Investments and Restricted Payments. The undersigned
hereby reaffirms as of the Amendment Effective Date (as defined in the
Amendment), its covenants and agreements contained in each Loan Document to
which it is a party, including, in each case, as such covenants and agreements
may be modified by the Amendment. The undersigned hereby further certifies that,
as of the date hereof (both before and after giving effect to the effectiveness
of the Amendment), its representations and
<PAGE>   10
warranties contained in the Loan Documents to which it is a party are true and
correct with the same effect as if made on the date hereof, except to the extent
any thereof refer or pertain solely to a date prior to the date hereof. The
undersigned further confirms that each Loan Document to which it is a party is
and shall continue to be in full force and effect and the same are hereby
ratified and confirmed in all respects, except that upon the occurrence of the
Amendment Effective Date, all references in such Loan Documents to the "Credit
Agreement", "Loan Documents", "thereunder", "thereof", or words of like import
shall mean the Credit Agreement and the Loan Documents, as the case may be, as
in effect, as amended by the Amendment.
<PAGE>   11

      IN WITNESS WHEREOF, the party hereto has executed and delivered this
Affirmation and Acknowledgment as of the date first above written.

                                                       TRUE TEMPER CORPORATION

                                                       By:
                                                         -----------------------
                                                       Title:

                                      -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]