Document:

SECOND AMENDMENT TO
COMMERCIAL LEASE AGREEMENT 

        THIS
SECOND AMENDMENT TO COMMERCIAL LEASE AGREEMENT (this “Amendment”) is entered on
and to be effective as of September 1, 2003, by and between CABOT INDUSTRIAL PROPERTIES,
L.P., a Delaware limited partnership, as landlord (“Landlord”), and ADAMS GOLF,
LTD., a Texas limited partnership, as tenant (“Tenant”). 

R E C I T A L S 

        WHEREAS,
Jackson-Shaw Technology Center II, Ltd. (“Original Landlord”) and Adams Golf,
Inc. (“Original Tenant”), predecessor in interest to Tenant, entered into that
certain Commercial Lease Agreement dated December 8, 1997, as amended by that certain
Correction and Ratification Agreement dated August 11, 1998, between Arshaw Partners II,
successor in interest to Original Landlord and predecessor in interest to Landlord, and
Original Tenant (as amended, the “Lease”), pursuant to which Tenant leases from
Landlord certain industrial space known as 2801 East Plano Parkway, Plano, Texas (the
“leased Premises”); and 

        WHEREAS,
Tenant has requested that Landlord extend the term of the Lease; and 

        WHEREAS, Landlord
and Tenant desire to set forth the terms and conditions upon which the Lease will be
extended. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, Landlord and Tenant hereby agree that the Lease should be, and hereby
is, amended as follows: 

         1.       
          Term of Lease. The term of the Lease shall be extended to August 31, 2008
          (unless terminated sooner pursuant to the Lease). As used herein, the term
          “Extended Term” shall mean the period from April 1, 2004 through
          August 31, 2008. 

         2.       
          Base Rent. The terms “Base Rent” or “Base Rental”, as
          defined in the Lease, shall be amended to mean, for each month in the time
          periods specified, the following: 

		           Time Period	Monthly Base Rent
		
September 1, 2003 through April 30, 2004	
$-0-
		
May 1, 2004 through August 31, 2005	
$35,281.46
		
September 1, 2005 through August 31, 2007	
$36,638.44
		
September 1, 2007 through August 31, 2008	
$37,995.42

	

Base Rent prior to the September 1,
2003 shall remain as currently set forth in the Lease. Tenant shall have no obligation for
Tenant’s pro rata portion of Tax and Insurance Costs or Common Area Maintenance
Expenses, as such terms are defined in the Lease, for the period from September 1, 2003
through April 30, 2004. 

         3.       
          Security Deposit. So long as no event of default (or event which with
          notice and/or lapse of time could become an event of default) under the Lease
          has occurred on or before April 30, 2005, Landlord agrees to refund to Tenant
          the remaining portion of the Security Deposit then being held by Landlord.
          Landlord currently holds the amount of $50,296.99 as a Security Deposit under
          the Lease. 

     4.       
          Improvements to Leased Premises. Tenant hereby accepts the Leased
          Premises for the Extended Term in its as-is condition, and Landlord shall have
          no obligation to make any improvements thereto in connection with this
          Amendment, except for those Leasehold Improvements (herein so called) to

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     the Premises which are requested in writing by Tenant and which shall be completed
          in accordance with the terms of this Paragraph 4. Upon receipt of Tenant’s
          request for the completion of the Leasehold Improvements, Landlord agrees to
          submit plans and specifications for the Leasehold Improvements to Tenant for
          written approval. Tenant shall advise Landlord, no later than two (2) days after
          receipt of such plans and specifications, of its approval of such plans and
          specifications or, if applicable, of any matters which are unsatisfactory or
          require change. The approved plans and specifications, including all changes
          required by Landlord, shall be referred to herein as the “Approved
          Plans”. Landlord shall complete the Leasehold Improvements by hiring a
          contractor to install or construct the Leasehold Improvements. So long as no
          event of default (or any event which with notice and/or lapse of time could
          become an event of default) has occurred under the Lease, Landlord agrees to
          provide Tenant an allowance equal to One Hundred Sixty-Two Thousand Eight
          Hundred Thirty-Seven and 50/100 Dollars ($162,837.50) (the “Improvement
          Allowance”), which allowance is to be used solely for completion of the
          Leasehold Improvements and satisfaction of any architectural or design fees. Any
          work (labor or materials) outside the scope of the Leasehold Improvements or the
          cost of which is in excess of the Improvement Allowance shall be at
          Tenant’s sole cost and expense. Tenant shall reimburse Landlord for any
          such additional amount within ten (10) days after receipt of an invoice
          therefor, and if not paid within such ten (10) day period, Landlord shall be
          entitled to a late charge equal to ten percent (10%) of such additional amount.
          Any portion of the Improvement Allowance remaining upon completion of the
          Leasehold Improvements shall be deemed forfeited by Tenant. 

        Tenant
acknowledges and agrees that Landlord has conditioned its agreement to complete the
Leasehold Improvements and provide the Improvement Allowance on the finalization of the
Approved Plans on or before March 31, 2004. In the event Landlord has not received
Tenant’s request for completion of the Leasehold Improvements on or before February
29, 2004, or if Landlord and Tenant have not finalized the Approved Plans on or before
March 31, 2004, Landlord will have no further obligation to complete the Leasehold
Improvements, and the Improvement Allowance shall be deemed forfeited by Tenant. 

         5.       
          Common Area Maintenance Expenses. The following is hereby added to the
          Lease as Paragraph 6(b)(7): 

          		             “(7)       
               Notwithstanding anything contained in this Lease to the contrary, it is
               understood and agreed that for purposes of calculation Tenant’s pro rata
               portion of Controllable Expenses (as hereinafter defined) in any calendar year
               after calendar year 2004, the amount of Controllable Expenses shall be limited
               to the percentages of the actual amount of Controllable Expenses in calendar
               year 2004 set forth below: 

               

		Calendar Year	% of the Actual Amount of Controllable
Expenses in Calendar Year 2004
		
      2005	
106%
		
      2006	
112%
		
      2007	
119%
		
      2008	
126%

	  	
As
used herein, the term ‘Controllable Expenses’ shall mean the cost of
landscaping, cleaning the common areas, and trash removal from the common areas.
Tenant’s liability for (i) Common Area Maintenance Expenses which are not
Controllable Expenses and (ii) Tax and Insurance Costs shall not be similarly limited, and
therefore, Tenant shall remain liable in any calendar year for the full amount of
Tenant’s pro rata portion of (i) Common Area Maintenance Expenses which are not
Controllable Expenses and (ii) Tax and Insurance Costs.” 

	

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         6.       
          HVAC Repairs and Replacements. The following language is hereby added to
          Paragraph 7(a) of the Lease: 

	  	
“So
long as Tenant complies with the requirements of Paragraph 7(d) and provides adequate
evidence that the existing heating, ventilating, and air conditioning units serving the
office portion of the Leased Premises (collectively, the ‘Existing HVAC Units’)
are being regularly maintained in accordance with Tenant’s service contract, Landlord
shall: 

          		    (i)       
               repair or replace any Existing HVAC Unit which requires repair or replacement
               prior to February 28, 2005, as evidenced by a written report from Tenant’s
               service provider dated on or before February 28, 2005; and 

               

          		    (ii)       
               from March 1, 2005 through the remainder of the Extended Term, reimburse Tenant
               for the cost of any necessary repairs to or replacements of the Existing HVAC
               Units which exceed $2,000.00 per unit in any calendar year, so long as Tenant
               provides Landlord with paid invoices for such repairs or replacements; Tenant
               shall remain obligated for the first $2,000.00 of any such repairs or
               replacements to each unit during such calendar year. 

               

	  	
Landlord
shall cause any replacement required under this Paragraph to be completed within a
reasonable period of time following Tenant’s written notice to Landlord that such
replacement is required; provided, however, that if Landlord disagrees with the need for
replacement, it may select a qualified unrelated third-party engineer to inspect the unit
and the determination of such engineer shall be binding on Landlord and Tenant. Tenant
expressly acknowledges and agrees that the cost of all routine service and maintenance of
the Existing HVAC Units remain Tenant’s obligation. Any repairs or replacements
necessitated by the negligence or misconduct of Tenant, its agents, contractors, or
employees shall be made by Tenant at Tenant’s sole cost.” 

	

         7.       
          Insurance. Paragraphs 12(b) and 12(c) of the Lease are hereby deleted in
          their entireties, and the following is hereby substituted therefor: 

          		    “(b)       
               Tenant shall keep in force throughout the term of this Lease: (a) a Commercial
               General Liability insurance policy or policies to protect the Landlord Entities
               (as hereinafter defined) against any liability to the public or to any invitee
               of Tenant or a Landlord Entity incidental to the use of or resulting from any
               accident occurring in or upon the Leased Premises with a limit of not less than
               $1,000,000 per occurrence and not less than $2,000,000 in the annual aggregate,
               or such larger amount as Landlord may prudently require from time to time,
               covering bodily injury and property damage liability and $1,000,000
               products/completed operations aggregate; (b) Business Auto Liability covering
               owned, non-owned and hired vehicles with a limit of not less than $1,000,000 per
               accident; (c) insurance protecting against liability under Worker’s
               Compensation Laws with limits at least as required by statute; (d) Employers
               Liability with limits of $1,000,000 each accident, $1,000,000 disease policy
               limit, $1,000,000 disease—each employee; (e) All Risk or Special Form
               coverage protecting Tenant against loss of or damage to Tenant’s
               alterations, additions, improvements, carpeting, floor coverings, panelings,
               decorations, fixtures, inventory and other business personal property situated
               in or about the Leased Premises to the full replacement value of the property so
               insured; (f) Business Interruption Insurance for 100% of the 12 months actual
               loss sustained; and (g) Excess Liability in the amount of $5,000,000. Any
               indemnification or insurance of Landlord shall apply to and inure to the benefit
               of all the following ‘Landlord Entities’, being Landlord,
               Landlord’s investment manager, and the trustees, board of directors,
               officers, general partners, beneficiaries, stockholders, employees and agents of
               each of them. 

               

          		    (c)       
               The aforesaid policies shall (a) be provided at Tenant’s expense; (b) name
               the Landlord Entities as additional insureds (General Liability) and loss payee
               (Property-Special Form); (c) be issued by an insurance company with a minimum
               Best’s rating of ‘A:VII’ during the term of this Lease; and (d)
               provide that said insurance shall not be cancelled unless thirty (30)

               

	

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          		days prior
               written notice (ten days for non-payment or premium) shall have been given to
               Landlord; a certificate of Liability insurance on Accord Form 25 and a
               certificate of Property insurance on Accord Form 27 shall be delivered to
               Landlord by Tenant upon the Commencement Date and at lease thirty (30 days prior
               to each renewal of said insurance. 

               

	  	        Whenever
Tenant shall undertake any alterations, additions or improvements in, to or about the
Leased Premises (‘Work”), the aforesaid insurance protection must extend to and
include injuries to persons and damage to property arising in connection with such Work,
without limitation including liability under any applicable structural work act, and such
other insurance as Landlord shall require; and the policies of or certificates evidencing
such insurance must be delivered to Landlord prior to the commencement of any such
Work.” 

	

    8.       
Waiver of Subrogation. Paragraph 20 of the Lease is hereby deleted in
its entirety, and the following is hereby substituted therefor: 

               		“20.       WAIVER OF SUBROGATION: So long as their respective insurers so permit,
                    Tenant and Landlord hereby mutually wave their respective rights of recovery
                    against each other for any loss insured by fire, extended coverage, All Risks or
                    other property insurance now or hereafter existing for the benefit of the
                    respective party but only to the extent of the net insurance proceeds payable
                    under such policies. Each party shall obtain any special endorsements required
                    by their insurer to evidence compliance with the aforementioned waiver.” 

                    

	

    9.       
Indemnification. Paragraph 21 of the Lease is hereby deleted in its entirety, and the following is hereby substituted therefor:

               		“21.       INDEMNIFICATION: None of the Landlord Entities shall be liable and
                    Tenant hereby waives all claims against them for any damage to any property or
                    any injury to any person in or bout the Leased Premises, the Building, or the
                    Project by or from any cause whatsoever (including without limiting the
                    foregoing, rain or water leakage of any character from the roof, windows, walls
                    basement, pipes, plumbing works or appliances, the Building or the Project not
                    being in good condition or repair, gas, fire, oil, electricity or theft), except
                    to the extent caused by or arising from the gross negligence or willful
                    misconduct of Landlord or its agents, employees or contractors. Tenant shall
                    protect, indemnify and hold the Landlord Entities harmless from and against any
                    and all loss, claims, liability or costs (including court costs and
                    attorneys’ fees) incurred by reason of (a) any damage to any property
                    (including but not limited to property of any Landlord Entity) or any injury
                    (including but not limited to death) to any person occurring in, on or about the
                    Leased Premises, the Building, or the Project to the extent that such injury or
                    damage shall be caused by or arise from any actual or alleged act, neglect,
                    fault, or omission by or of Tenant or its agents, contractors, employees,
                    licensees or invitees (collectively, the ‘Tenant Entities’) to meet
                    any standards imposed by any duty with respect to the injury or damage; (b) the
                    conduct or management of any work or thing whatsoever done by the Tenant in or
                    about the Leased Premises or from transactions of the Tenant concerning the
                    Leased Premises; (c) Tenant’s failure to comply with any and all
                    governmental laws, ordinances and regulations applicable to the condition or use
                    of the Leased Premises or its occupancy; or (d) any breach or default on the
                    part of Tenant in the performance of any covenant or agreement on the part of
                    the Tenant to be performed pursuant to this Lease. The provisions of this
                    Paragraph shall survive the termination of this Lease with respect to any claims
                    or liability accruing prior to such termination.” 

                    

	

    10.       
Compliance with Environmental Laws. Paragraph 38 of the Lease is hereby
deleted in its entirety, and the following is hereby substituted therefor:

               		“38.       COMPLIANCE WITH ENVIRONMENTAL LAWS: Tenant shall not, and shall not
                    direct, suffer or permit any of the Tenant Entities to at any time handle, use,
                    manufacture, store or dispose of in or about the Leased Premises, the Building,
                    or the Project any (collectively ‘Hazardous Materials’) flammables,
                    explosives, radioactive materials, hazardous wastes or materials, toxic wastes
                    or materials, or other similar substances, petroleum products or derivatives 

                    

	

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               		or
                    any substance subject to regulation by or under any federal, state and local
                    laws and ordinances relating to the protection of the environment or the
                    keeping, use or disposition of environmentally hazardous materials, substances,
                    or wastes, presently in effect or hereafter adopted, all amendments to any of
                    them and all rules and regulations issued pursuant to any of such laws or
                    ordinances (collectively ‘Environmental Laws’), nor shall Tenant
                    suffer or permit any Hazardous Materials to be used in any manner not fully in
                    compliance with all Environmental Laws, in the Leased Premises, the Building,
                    the Project, and appurtenant land or allow the environment to become
                    contaminated with any Hazardous Materials. Notwithstanding the foregoing, Tenant
                    may handle, store, use or dispose of products containing small quantities of
                    Hazardous Materials (such as aerosol cans containing insecticides, toner for
                    copiers, paints, paint remover and the like) to the extent customary and
                    necessary for the use of the Leased Premises for general office purposes;
                    provided that Tenant shall always handle, store, use, and dispose of any such
                    Hazardous Materials in a safe and lawful manner and never allow such Hazardous
                    Materials to contaminate the Leased Premises, Building, Project, and appurtenant
                    land or the environment. Tenant shall protect, defend, indemnify and hold each
                    and all of the Landlord Entities harmless from and against any and all loss,
                    claims, liability or costs (including court costs and attorney’s fees)
                    incurred by reason of any actual or asserted failure of Tenant to fully comply
                    with all applicable Environmental Laws, or the presence, handling, use or
                    disposition in or from the Leased Premises of any Hazardous Materials by Tenant
                    or any Tenant Entity (even though permissible under all applicable Environmental
                    Laws or the provisions of this Lease), or by reason of any actual or asserted
                    failure of Tenant to keep, observe, or perform any provision of the Paragraph
                    38.” 

                    

	

    11.       
Notice Address for Landlord. Landlord’s address for notices under
the Lease is hereby amended to read as follows: “c/o RREEF Management
Company, 1406 Halsey Way, Suite 110, Carrolton, TX 75007.” 

    12.       
Renewal Option. The renewal option set forth in the Addendum to the
                    Lease is hereby deleted in its entirety. In lieu thereof, Tenant shall have, at
                    its option (the “Renewal Option”), the right to renew and extend this
                    Lease for one term of five (5) years (the “Renewal Term”). The Renewal
                    Term shall commence immediately upon the expiration of the Extended Term by
                    Tenant’s giving written notice thereof to Landlord no earlier than twelve
                    (12) months, and no later than nine (9) months, prior to the expiration of the
                    Extended Term. Once Tenant shall exercise the Renewal Option, Tenant may not
                    thereafter revoke such exercise, except as expressly set forth below. Tenant
                    shall not have the right to exercise the Renewal Option at a time that an event
                    of default (or an event which with notice and/or lapse of time could become an
                    event of default) under this Lease has occurred. Tenant’s failure to
                    exercise timely the Renewal Option for any reason whatsoever shall conclusively
                    be deemed a waiver thereof. At Landlord’s option, Landlord may adjust the
                    Base Rent for the Renewal Term at an annual rate equal to the Fair Market Value
                    Rate (as hereinafter defined) for the Renewal Term as of the commencement of the
                    Renewal Term for comparable tenants taking comparable space in comparable
                    conditions under comparable terms (including any rental concessions and/or
                    tenant improvements or allowance therefor which are being provided) in
                    comparable buildings in the same rental market (hereinafter called
                    “Comparable Buildings”); provided, however, that in no event shall the
                    Base Rent for the Renewal Term be less than the Base Rent for the last twelve
                    (12) months of the Extended Term. It is also agreed and understood that the Fair
                    Market Value Rate shall include: (a) rent; and (b) rental operating expenses,
                    property tax, and utility and expense adjustments that are being included as
                    part of the terms and conditions of industrial tenant leases for comparable
                    tenants in Comparable Buildings as of the time of determination of the Fair
                    Market Value Rate. Landlord shall advise Tenant within twenty (20) days after
                    Tenant exercises the Renewal Option of the Fair Market Value Rate which shall be
                    in effect as of the commencement date of the Renewal Term. Tenant shall then
                    have fifteen (15) days to notify Landlord of its acceptance or rejection of the
                    Fair Market Value Rate for the Renewal Term. In the event Tenant fails to so
                    notify Landlord within such fifteen (15) day period, Tenant shall be deemed to
                    have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding
                    the prohibition on Tenant’s right to revoke its exercise of the Renewal
                    Option, in the event Tenant and Landlord are unable to agree on the Fair Market
                    Value Rate for the Renewal Term within sixty (60) days after Tenant exercises
                    the Renewal Option, Tenant shall be deemed to have revoked the Renewal Option,
                    and the Renewal Option shall be deemed null and void and of no further force or
                    effect. Tenant shall take the Leased Premises “as is” for the Renewal
                    Term, and Landlord shall have no obligation to make any improvements or
                    alterations to the Leased Premises. Except as set forth in this paragraph, the
                    leasing of the Premises for the Renewal Term shall be upon the same terms and
                    conditions as the leasing of the Premises for the Extended Term and shall be
                    upon and subject to all of the provisions of this Lease. Any Renewal Option
                    granted to Tenant under this Paragraph shall be personal to Tenant and shall not
                    be transferred, encumbered, or assigned by Tenant or in any manner transferred
                    to, or exercised by, any subtenant of Tenant. 

5

    13.       
                     Parking. Paragraph 2 of the Addendum to the Lease is hereby deleted in
                    its entirety and replaced with the following:

               		“2)     PARKING: Tenant shall be entitled to the non-exclusive use of
                    Tenant’s pro rata portion of the total parking spaces available for the
                    Building.” 

                    

	

    14.       
Expansion. Paragraph 3 of the Addendum to the Lease entitled
“Expansion” is hereby deleted in its entirety.

    15.       
Termination Option. Tenant shall have the option (the “Termination
                    Option”) to terminate this Lease, which termination shall be effective no
                    earlier than September 1, 2006 and no later than November 30, 2006. Such
                    termination shall be exercised by providing Landlord at least 180 days prior
                    written notice of such termination and such notice shall set forth the proposed
                    termination date for the Lease (the “Early Termination Fee”). Tenant
                    shall pay to Landlord, upon its exercise of the Termination Option, an amount
                    equal to the sum of (i) $109,915.32, which amount represents three monthly
                    installments of Base Rent and (ii) an amount equal to Tenant’s pro rate
                    portion of Tax and Insurance Costs and Common Area Maintenance Expenses which
                    would otherwise have been payable under the Lease for the three month period
                    succeeding the Early Termination Date (the “Early Termination Fee:).
                    Notwithstanding the foregoing, Tenant agrees that if the amount of the
                    Improvement Allowance paid by Landlord exceeds $133,526.75, then the Early
                    Termination Fee shall be an amount equal to the sum of (i) $146,553.76, which
                    amount represents four monthly installments of Base Rent and (ii) an amount
                    equal to Tenant’s pro rata portion of Tax and Insurance Costs and Common
                    Area Maintenance Expenses which would otherwise have been payable under the
                    Lease for the four month period succeeding the Early Termination Date. Once
                    Tenant shall exercise the Termination Option, Tenant may not thereafter revoke
                    such exercise. Tenant shall not have the right to exercise the Termination
                    Option at a time that an event of default (or an event which with notice and/or
                    lapse of time could become an event of default) under the Lease has occurred and
                    its continuing, and any exercise of the Termination Option shall be deemed null
                    and void if an event of default (or an event which with notice and/or lapse of
                    time could become an event of default) has occurred and is continuing on the
                    Early Termination Date. Tenant’s failure to timely exercise the Termination
                    Option, or to pay the Early Termination Fee upon its exercise of the Termination
                    Option, for any reason whatsoever shall conclusively be deemed a waiver of such
                    and agree that they intend the aforesaid rights to terminate this Lease to be
                    “personal” to Tenant and that in no event shall any assignee or
                    sublessee exercise the aforesaid option.

    16.       
Termination of Lease at 2805 E. Plano Parkway and Return or Existing
                    Security Deposit. Reference is hereby made to that certain Commercial Lease
                    Agreement dated April 6, 1998, executed by and between Original Landlord and
                    Original Tenant, as amended by (i) that certain Correction and Ratification
                    Agreement dated August 11, 1998, by and between Arshaw Partners II, successor in
                    interest to Original Landlord and predecessor in interest to Landlord, and
                    Original Tenant, and (ii) that certain Amendment to Lease Agreement dated
                    January 31, 2000 by and between Original Landlord and Original Tenant (as
                    amended, the “2805 Lease”), pursuant to which Tenant leases space
                    known as Suite 300 at 2805 East Plano Parkway, Plano, Texas (the “2805
                    Space”). The 2805 Lease shall be deemed terminated and of no further force
                    and effect, except for any provisions which survive the termination thereof, as
                    set forth in the 2805 Lease or as otherwise provided under applicable law, on
                    the later of (a) august 31, 2003, or (b) the date upon which Tenant surrenders
                    possession of the 2805 Space to landlord in the condition required under the
                    2805 Lease. Any remaining security deposit held by Landlord under the 2805 Lease
                    shall be returned to Tenant no later than thirty (30) days following the
                    termination of the 2805 Lease. Landlord currently holds the amount of $15,958.76
                    as a security deposit under the 2805 Lease.

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    17.       
Brokerage Commissions. Each of the parties hereto represents and
                    warrants to the other that it has not dealt with any broker or finder in
                    connection with this Amentment, except RREEF Management Company and Dillon
                    Corporate Services, Inc. 

    18.       
                     Ratification and Assumption by Tenant. Tenant hereby represents and
                    warrants to Landlord that effective as of February 1, 1998, original Tenant
                    assigned all its right, title, and interest in and to the Lease, and Tenant
                    assumed and agreed to perform all of Original Tenant’s obligations under
                    the Lease as a direct obligation to Landlord. Tenant hereby ratifies and affirms
                    the tenant obligations under the Lease and agrees to be bound by all of the
                    terms and conditions of the Lease. 

    19.       
                     Tenant’s Authority. If Tenant signs as a corporation, partnership,
                    trust or other legal entity, the person executing this Amendment on behalf of
                    Tenant represents and warrants that Tenant has been and is qualified to do
                    business in the state in which the Building (as defined in the Lease) is
                    located, that the entity has full right and authority to enter into this
                    Amendment, and that the person signing on behalf of the entity was authorized to
                    do so by appropriate actions. Upon request, Tenant agrees to deliver to
                    Landlord, simultaneously with the delivery of this Amendment, a corporate
                    resolution, proof of due authorization by partners, opinion of counsel or other
                    appropriate documentation reasonably acceptable to Landlord evidencing the due
                    authorization of Tenant to enter into this Amendment. 

    20.       
                     Effectiveness. Except as modified herein, all other terms and conditions
                    of the Lease shall remain unchanged and shall continue in full force and effect. 

    21.       
                     Governing Law. The laws of the State of Texas and of the United States
                    of America shall govern the rights, remedies, and duties of the parties hereto
                    and the validity, construction, enforecement, and interpretation hereof. 

    22.       
                     Successors and Assigns. This Amendment shall be binding upon and inure
                    to the benefit of the parties hereto and their respective successors and
                    assigns. 

    23.       
                     Illegality. If any provision of this Amendment is held to be illegal,
                    invalid, or unenforceable under present or future laws, such provision shall be
                    fully severable; this Amendment shall be construed and enforced as if such
                    illegal, invalid, or unenforceable provision had never comprised a part hereof;
                    and the remaining provisions hereof shall remain in full force and effect and
                    shall not be affected by the illegal, invalid, or unenforceable provision or by
                    its severance herefrom. 

    24.       
                     Limited Liability. Redress for any claims against Landlord under this
                    Amendment or the Lease shall only be made against Landlord to the extent of
                    Landlord’s interest in the property to which the Leased Premises are a
                    part. The obligations of Landlord under this Amendment and the Lease shall not
                    be personally binding on, nor shall any resort be had to the private properties
                    of, any of its trustees or board of directors and officers, as the case may be,
                    the general partners thereof, or any beneficiaries, stockholders, employees or
                    agents of Landlord, or the investment manager. 

7

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

		
		
		LANDLORD:
		
CABOT INDUSTRIAL PROPERTIES, L.P.,
a Delaware limited partnership
		
By:      RREEF Management Company, a Delaware
            Corporation, its Authorized Agent
		
            By:  /S/ JOESEPH D. AKERS
            Name: Joseph D. Akers, CCIM
            Title: District Manager
		
TENANT:

ADAMS GOLF, LTD.,
a Texas limited partnership
		
By: /S/ OLIVER G. BREWER
Name: Oliver G. Brewer
Title: CEO

	

        Reference
is hereby made to that certain Guaranty dated July 14, 1998 (the “Guaranty”),
executed by the undersigned (“Guarantor”), for the benefit of Landlord.
Notwithstanding that the Guaranty provides that the liability of Guarantor thereunder
shall in no way be affected by any extension or modification of the Lease, and the
Guaranty does not require Landlord to obtain the consent of Guarantor to any such
extension or modification of the Lease, Guarantor hereby consents to the execution of this
Second Amendment to Commercial Lease Agreement and agrees that the obligations and
liabilities guaranteed by Guarantor pursuant to the Guaranty shall hereafter include any
additional obligations and liabilities created in this Second Amendment to Commercial
Lease Agreement. Guarantor hereby ratifies and affirms its obligations and liabilities
under the Guaranty, as modified hereby. Guarantor further agrees that the fact that
Landlord obtained its consent and agreement to the foregoing shall not be deemed to impose
upon Landlord any requirement to hereafter obtain the consent and agreement of Guarantor
to any other amendment, extension, modification, rearrangement, renewal, or restatement of
the Lease. 

		GUARANTOR:
		
ADAMS GOLF, INC.,
a Delaware corporation
		
By: /S/ OLIVER G. BREWER
Name: Oliver G. Brewer
Title: CEO

	

8Exhibit 10.13

	
      Exhibit
      10.13

      MUTUAL
      RELEASE

              THIS MUTUAL RELEASE
      is made this 24th day of February, 2004 by and between FIRST
      COMMUNITY FINANCIAL CORPORATION, an Arizona corporation (“FCFC”),
      and ADAMS GOLF, LTD., a Texas limited partnership
      (“Borrower”).

      RECITALS:

              A. Borrower and
      FCFC entered into that certain Accounts Receivable Security Agreement
      dated March 26, 2003 (“the Security Agreement”), evidencing a lending
      relationship between Borrower and FCFC.

              B. Such lending
      relationship arising under the Security Agreement between the parties has
      terminated, by expiration, cancellation, or otherwise, and the parties are
      desirous of documenting the termination and release from further rights or
      obligations of the parties under the Security Agreement or any instruments
      relating thereto.

      AGREEMENTS:

      NOW, THEREFORE, in
      consideration of the premises and other good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged, the parties
      agree as follows:

      1. Borrower and FCFC
      hereby release and discharge each other and their officers, directors,
      servants, agents, employees, subsidiaries and affiliates from any and
      every claim, liability, obligation, cost, demand, accounts, contracts,
      damage, action and cause of action of whatever character, of any kind or
      nature, whether known or unknown, suspected or unsuspected, arising out of
      the Security Agreement or the lending relationship evidenced thereby. All
      accounts receivable which have heretofore been assigned to FCFC pursuant
      to the Security Agreement are hereby reassigned to Borrower without
      recourse or warranty.

      2. Each of the
      parties hereto acknowledged that all indebtedness due or to become due
      directly or indirectly arising out of or related to the Security Agreement
      to the other party has been paid and satisfied.

      3. Borrower and FCFC
      hereby agree that if either of them shall at any time take any action to
      contest, set aside, limit, revoke, or in any way question this Mutual
      Release, or assert any right or claim inconsistent herewith, such person
      shall indemnify and hold harmless the other party named above with respect
      to any claim, damage, expense or cost, including reasonable attorneys'
      fees, that said party may incur or suffer on account thereof.

      4. Simultaneously
      with the execution and delivery of this Mutual Release by both parties,
      FCFC agrees to deliver to Borrower a Uniform Commercial Code Termination
      Statement, properly executed by FCFC, terminating the security interest
      claimed by FCFC in the collateral described in the Security
      Agreement.

      5. This Release shall
      be governed as to its scope, interpretation, execution and performance
      solely by the laws of the State of Arizona.

      

    

	
      IN WITNESS WHEREOF,
      the parties have executed this Mutual Release in the date first
      hereinabove set forth.

      FCFC:

      FIRST COMMUNITY
      FINANCIAL CORPORATION,
an Arizona corporation

      By: /S/ GREGG A.
      SHARP
------------
             Gregg
      A. Sharp

      Its: Vice
      President

      BORROWER:

      ADAMS GOLF,
      LTD.,
a Texas limited partnership 

      GENERAL
      PARTNER:

      Adams Golf GP
      Corp.,
a Delaware corporation 

      By: /S/ OLIVER G.
      BREWER
>------------
         Oliver
      G. Brewer, III

      Title:
      CEO
>------------

      LIMITED
      PARTNER:

      Adams Golf Holding
      Corp.,
a Delaware corporation 

      By: /S/ OLIVER G.
      BREWER
>------------
         Oliver
      G. Brewer, III

      Title:
      CEO
------------

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