Document:

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                                                                  EXHIBIT 10.53

                     EXECUTIVE OFFICER EMPLOYMENT AGREEMENT

        This Executive Officer Employment Agreement ("Agreement") is entered
into as of June 1, 2001, by and between CALLAWAY GOLF COMPANY, a Delaware
corporation (the "Company"), and ROBERT PENICKA ("Employee").

        1. TERM.

           (a) The Company hereby employs Employee and Employee hereby accepts
employment pursuant to the terms and provisions of this Agreement for the period
commencing June 1, 2001 and terminating December 31, 2002 (the "Initial Term"),
unless this Agreement is earlier terminated as hereinafter provided.

           (b) On December 31, 2002, and on each December 31 thereafter (the
"Extension Dates"), the expiration date of this Agreement shall be automatically
extended one (1) year, through December 31 of the following year, so long as (a)
this Agreement is otherwise still in full force and effect, (b) Employee is
still employed by the Company pursuant to this Agreement, (c) Employee is not
otherwise in breach of this Agreement, and (d) neither the Company nor Employee
has given notice as provided in Section 1(c) of this Agreement.

           (c) At any time prior to an Extension Date, either Employee or the
Company may give written notice to the other ("Notice") that the next automatic
extension of the expiration date of this Agreement pursuant to Section 1(b)
shall be the final such automatic extension of the expiration date of this
Agreement. Thus, if either Employee or the Company gives Notice on or before
December 31, 2002, and all other conditions for automatic extension of the
expiration date of this Agreement pursuant to Section 1(b) exist, then on
December 31, 2002 the expiration date of this Agreement shall be extended
pursuant to Section 1(b) from December 31, 2002 to December 31, 2003, with this
Agreement expiring on that date (if not earlier terminated pursuant to its
terms) without any further automatic extensions.

           (d) Upon expiration of this Agreement, Employee's status shall be one
of at will employment.

        2. SERVICES.

           (a) Employee shall serve as Executive Vice President, Manufacturing,
of the Company. Employee's duties shall be the usual and customary duties of the
offices in which Employee serves. Employee shall report to such person as the
Chief Executive Officer shall designate. The Board of Directors and/or the Chief
Executive Officer of the Company may change employee's title, position and/or
duties at any time.

           (b) Employee shall be required to comply with all policies and
procedures of the Company, as such shall be adopted, modified or otherwise
established by the Company from time to time.

           (c) The Company and Employee agree that the services being provided
by Employee for the Company under the terms of this Agreement are unique and
intellectual in character and that the Employee and Company are entering into
this Agreement so that the Company will have the exclusive benefit of those
services during the entire term of the Agreement and any extensions of the
Agreement.

        3. SERVICES TO BE EXCLUSIVE. During the term hereof, Employee agrees to
devote his or her full productive time and best efforts to the performance of
Employee's duties hereunder pursuant to the supervision and direction of the
Company's Board of Directors and its Chief Executive Officer. Employee further
agrees, as a condition to the performance by the Company of each and all of its
obligations hereunder, that so long as Employee is employed by the Company or
otherwise receiving compensation or other consideration from the Company,
Employee will not directly or indirectly render

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services of any nature to, otherwise become employed by, or otherwise
participate or engage in any other business without the Company's prior written
consent. Employee further agrees to execute such secrecy, non-disclosure,
patent, trademark, copyright and other proprietary rights agreements, if any, as
the Company may from time to time reasonably require. Nothing herein contained
shall be deemed to preclude Employee from having outside personal investments
and involvement with appropriate community activities, and from devoting a
reasonable amount of time to such matters, provided that this shall in no manner
interfere with or derogate from Employee's work for the Company.

        4. COMPENSATION.

           (a) The Company agrees to pay Employee a base salary at the rate of
$400,000.00 per year effective June 1, 2001, prorated for the balance of 2001.

           (b) The Company shall provide Employee an opportunity to earn an
annual bonus based upon participation in the Company's officer bonus plan as it
may or may not exist from time to time. Employee acknowledges that currently all
bonuses are discretionary, that the current officer bonus plan does not include
any nondiscretionary bonus plan, and that the Company does not currently
contemplate establishing any nondiscretionary bonus plan applicable to Employee.

        5. EXPENSES AND BENEFITS.

           (a) Reasonable and Necessary Expenses. In addition to the
compensation provided for in Section 4 hereof, the Company shall reimburse
Employee for all reasonable, customary, and necessary expenses incurred in the
performance of Employee's duties hereunder. Employee shall first account for
such expenses by submitting a signed statement itemizing such expenses prepared
in accordance with the policy set by the Company for reimbursement of such
expenses. The amount, nature, and extent of such expenses shall always be
subject to the control, supervision, and direction of the Company and its Chief
Executive Officer.

           (b) Vacation. Employee shall receive four (4) weeks paid vacation for
each twelve (12) month period of employment with the Company. The vacation may
be taken any time during the year subject to prior approval by the Company, such
approval not to be unreasonably withheld. Any unused vacation will be carried
forward from year to year. The maximum vacation time Employee may accrue shall
be three times Employee's annual vacation benefit. The Company reserves the
right to pay Employee for unused, accrued vacation benefits in lieu of providing
time off.

           (c) Benefits. During Employee's employment with the Company pursuant
to this Agreement, the Company shall provide for Employee to:

               (i) participate in the Company's health insurance and disability
insurance plans as the same may be modified from time to time;

               (ii) receive, if Employee is insurable under usual underwriting
standards, term life insurance coverage on Employee's life, payable to whomever
the Employee directs, in the face amount of $1,000,000.00, provided that
Employee's physical condition does not prevent Employee from qualifying for such
insurance coverage under reasonable terms and conditions;

               (iii) participate in the Company's 401(k) pension plan pursuant
to the terms of the plan, as the same may be modified from time to time;

               (iv) participate in the Company's Executive Deferred Compensation
Plan, as the same may be modified from time to time; and

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               (v) participate in any other benefit plans the Company provides
from time to time to executive officers. It is understood that benefit plans
within the meaning of this subsection do not include compensation or bonus
plans.

           (d) Estate Planning and Other Perquisites. To the extent the Company
provides tax and estate planning and related services, or any other perquisites
and personal benefits to other executive officers generally from time to time,
such services and perquisites shall be made available to Employee on the same
terms and conditions.

        6. TAX INDEMNIFICATION. Employee shall be indemnified by the Company for
certain excise tax obligations, as more specifically set forth in Exhibit A to
this Agreement.

        7. NONCOMPETITION.

           (a) Other Business. To the fullest extent permitted by law, Employee
agrees that, while employed by the Company or otherwise receiving compensation
or other consideration from the Company (including any severance pursuant to
Section 8 of this Agreement), Employee will not, directly or indirectly (whether
as agent, consultant, holder of a beneficial interest, creditor, or in any other
capacity), engage in any business or venture which engages directly or
indirectly in competition with the business of the Company or any of its
affiliates, or have any interest in any person, firm, corporation, or venture
which engages directly or indirectly in competition with the business of the
Company or any of its affiliates. For purposes of this section, the ownership of
interests in a broadly based mutual fund shall not constitute ownership of the
stocks held by the fund.

           (b) Other Employees. Except as may be required in the performance of
his or her duties hereunder, Employee shall not cause or induce, or attempt to
cause or induce, any person now or hereafter employed by the Company or any of
its affiliates to terminate such employment while employed by the Company and
for a period of one (1) year thereafter.

           (c) Suppliers. While employed by the Company, and for one (1) year
thereafter, Employee shall not cause or induce, or attempt to cause or induce,
any person or firm supplying goods, services or credit to the Company or any of
its affiliates to diminish or cease furnishing such goods, services or credit.

           (d) Conflict of Interest. While employed by the Company, Employee
shall not engage in any conduct or enterprise that shall constitute an actual or
apparent conflict of interest with respect to Employee's duties and obligations
to the Company.

           (e) Non-Interference. While employed by the Company, and for one (1)
year thereafter, Employee shall not in any way undertake to harm, injure or
disparage the Company, its officers, directors, employees, agents, affiliates,
vendors, products, or customers, or their successors, or in any other way
exhibit an attitude of hostility toward them. Employee understands that it is
the policy of the Company that only the Chief Executive Officer, the Vice
President of Press, Public and Media Relations and their specific designees may
speak to the press or media about the Company or its business, and agrees not to
interfere with the Company's press and public relations by violating this
policy.

        8. TERMINATION.

           (a) Termination at the Company's Convenience. Employee's employment
under this Agreement may be terminated by the Company at its convenience at any
time. In the event of a termination by the Company for its convenience, Employee
shall be entitled to receive (i) any compensation accrued and unpaid as of the
date of termination; and (ii) the immediate vesting of all unvested stock
options held by Employee as of the date of such termination. In addition to the
foregoing, and subject to the provisions of Section 20, Employee shall be
entitled to Special Severance equal to (i) severance payments equal to
Employee's then current salary at the same rate and on the same schedule

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as in effect at the time of termination for a period of time equal to the
greater of the remainder of the Initial Term of this Agreement or twelve (12)
months from the date of termination; (ii) the payment of premiums owed for COBRA
insurance benefits for a period of twelve (12) months from the date of
termination; and (iii) no other severance.

           (b) Termination by the Company for Substantial Cause. Employee's
employment under this Agreement may be terminated immediately by the Company for
substantial cause at any time. In the event of a termination by the Company for
substantial cause, Employee shall be entitled to receive (i) any compensation
accrued and unpaid as of the date of termination; and (ii) no other severance.
"Substantial cause" shall mean for purposes of this subsection failure by
Employee to substantially perform his or her duties, material breach of this
Agreement, or misconduct, including but not limited to, dishonesty, theft, use
or possession of illegal drugs during work, and/or felony criminal conduct.

           (c) Termination by Employee for Substantial Cause. Employee's
employment under this Agreement may be terminated immediately by Employee for
substantial cause at any time. In the event of a termination by Employee for
substantial cause, Employee shall be entitled to receive (i) any compensation
accrued and unpaid as of the date of termination; and (ii) the immediate vesting
of all unvested stock options held by Employee as of the date of such
termination. In addition to the foregoing, and subject to the provisions of
Section 20, Employee shall be entitled to Special Severance equal to (i)
severance payments equal to Employee's then current salary at the same rate and
on the same schedule as in effect at the time of termination for a period of
time equal to the greater of the remainder of the Initial Term of this Agreement
or twelve (12) months from the date of termination; (ii) the payment of premiums
owed for COBRA insurance benefits for a period of twelve (12) months from the
date of termination; and (iii) no other severance. "Substantial cause" shall
mean for purposes of this subsection a material breach of this Agreement by the
Company.

           (d) Termination Due to Permanent Disability. Subject to all
applicable laws, Employee's employment under this Agreement may be terminated
immediately by the Company in the event Employee becomes permanently disabled.
Permanent disability shall be defined as Employee's failure to perform or being
unable to perform all or substantially all of Employee's duties under this
Agreement for a continuous period of more than six (6) months on account of any
physical or mental disability, either as mutually agreed to by the parties or as
reflected in the opinions of three qualified physicians, one of which has been
selected by the Company, one of which has been selected by Employee, and one of
which has been selected by the two other physicians jointly. In the event of a
termination by the Company due to Employee's permanent disability, Employee
shall be entitled to (i) any compensation accrued and unpaid as of the date of
termination; (ii) severance payments equal to Employee's then current salary at
the same rate and on the same schedule as in effect at the time of termination
for a period of twelve (12) months from the date of termination; (iii) the
immediate vesting of outstanding but unvested stock options held by Employee as
of such termination date in a prorated amount based upon the number of days in
the option vesting period that elapsed prior to Employee's termination; (iv) the
payment of premiums owed for COBRA insurance benefits for a period of twelve
(12) months from the date of termination; and (v) no other severance. The
Company shall be entitled to take, as an offset against any amounts due pursuant
to subsections (i) and (ii) above, any amounts received by Employee pursuant to
disability or other insurance, or similar sources, provided by the Company.

           (e) Termination Due to Death. Employee's employment under this
Agreement shall be terminated immediately by the Company in the event of
Employee's death. In the event of a termination due to Employee's death,
Employee's estate shall be entitled to (i) any compensation accrued and unpaid
as of the date of death; (ii) severance payments equal to Employee's then
current base salary at the same rate and on the same schedule as in effect at
the time of death for a period of twelve (12) months from the date of death;
(iii) the immediate vesting of outstanding but unvested stock options held by
Employee as of the date of death in a prorated amount based upon the number of
days in the option vesting period that elapsed prior to Employee's death; and
(iv) no other severance.

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           (f) Any severance payments shall be subject to usual and customary
employee payroll practices and all applicable withholding requirements. Except
for such severance pay and other amounts specifically provided pursuant to this
Section 8, Employee shall not be entitled to any further compensation, bonus,
damages, restitution, relocation benefits, or other severance benefits upon
termination of employment. The amounts payable to Employee pursuant to this
Section 8 shall not be treated as damages, but as severance compensation to
which Employee is entitled by reason of termination of employment under the
applicable circumstances. The Company shall not be entitled to set off against
the amounts payable to Employee hereunder any amounts earned by Employee in
other employment after termination of his or her employment with the Company
pursuant to this Agreement, or any amounts which might have been earned by
Employee in other employment had Employee sought such other employment. The
provisions of this Section 8 shall not limit Employee's rights under or pursuant
to any other agreement or understanding with the Company regarding any pension,
profit sharing, insurance or other employee benefit plan of the Company to which
Employee is entitled pursuant to the terms of such plan.

           (g) Termination By Mutual Agreement of the Parties. Employee's
employment pursuant to this Agreement may be terminated at any time upon the
mutual agreement in writing of the parties. Any such termination of employment
shall have the consequences specified in such agreement.

           (h) Pre-Termination Rights. The Company shall have the right, at its
option, to require Employee to vacate his or her office or otherwise remain off
the Company's premises and to cease any and all activities on the Company's
behalf without such action constituting a termination of employment or a breach
of this Agreement.

        9. RIGHTS UPON A CHANGE IN CONTROL.

           (a) If a Change in Control (as defined in Exhibit B hereto) occurs
before the termination of Employee's employment hereunder, then this Agreement
shall be automatically renewed (the "Renewed Employment Agreement") in the same
form and substance as in effect immediately prior to the Change in Control,
except that the Initial Term, as specified pursuant to Section 1 of this
Agreement, shall be two (2) years commencing with the effective date of the
Change in Control, and the Extension Dates shall commence with the second
anniversary of the effective date of the Change in Control.

           (b) Notwithstanding anything in this Agreement to the contrary, if
upon or at any time within one (1) year following any Change in Control that
occurs during the term of this Agreement there is a Termination Event (as
defined below), Employee shall be treated as if he or she had been terminated
for the convenience of the Company pursuant to Section 8(a), and Employee shall
be entitled to receive the same compensation and other benefits and entitlements
as are described in Section 8(a), as appropriate, of this Agreement.
Furthermore, the provisions of Section 8 shall continue to apply during the term
of the Renewed Employment Agreement except that, in the event of a conflict
between Section 8 and the rights of Employee described in this Section 9, the
provisions of this Section 9 shall govern.

           (c) A "Termination Event" shall mean the occurrence of any one or
more of the following, and in the absence of the Employee's permanent disability
(defined in Section 8(d)), Employee's death, and any of the factors enumerated
in Section 8(b) providing for termination by the Company for substantial cause:

               (i) the termination or material breach of this Agreement by the
Company;

               (ii) a failure by the Company to obtain the assumption of this
Agreement by any successor to the Company or any assignee of all or
substantially all of the Company's assets;

               (iii) any material diminishment in the title, position, duties,
responsibilities or status that Employee had with the Company, as a publicly
traded entity, immediately prior to the Change in Control;

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               (iv) any reduction, limitation or failure to pay or provide any
of the compensation, reimbursable expenses, stock options, incentive programs,
or other benefits or perquisites provided to Employee under the terms of this
Agreement or any other agreement or understanding between the Company and
Employee, or pursuant to the Company's policies and past practices as of the
date immediately prior to the Change in Control; or

               (v) any requirement that Employee relocate or any assignment to
Employee of duties that would make it unreasonably difficult for Employee to
maintain the principal residence he or she had immediately prior to the Change
in Control.

        10. SURRENDER OF EQUIPMENT, BOOKS AND RECORDS. Employee understands and
agrees that all equipment, books, records, customer lists and documents
connected with the business of the Company and/or its affiliates are the
property of and belong to the Company. Under no circumstances shall Employee
remove from the Company's facilities any of the Company's and/or its affiliates'
equipment, books, records, documents, lists or any copies of the same without
the Company's permission, nor shall Employee make any copies of the Company's
and/or its affiliates' books, records, documents or lists for use outside the
Company's office except as specifically authorized by the Company. Employee
shall return to the Company and/or its affiliates all equipment, books, records,
documents and customer lists belonging to the Company and/or its affiliates upon
termination of Employee's employment with the Company.

        11. GENERAL RELATIONSHIP. Employee shall be considered an employee of
the Company within the meaning of all federal, state and local laws and
regulations, including, but not limited to, laws and regulations governing
unemployment insurance, workers' compensation, industrial accident, labor and
taxes.

        12. TRADE SECRETS AND CONFIDENTIAL INFORMATION.

            (a) As used in this Agreement, the term "Trade Secrets and
Confidential Information" means information, whether written or oral, not
generally available to the public, regardless of whether it is suitable to be
patented, copyrighted and/or trademarked, which is received from the Company
and/or its affiliates, either directly or indirectly, including but not limited
to (i) concepts, ideas, plans and strategies involved in the Company's and/or
its affiliates' products, (ii) the processes, formulae and techniques disclosed
by the Company and/or its affiliates to Employee or observed by Employee, (iii)
the designs, inventions and innovations and related plans, strategies and
applications which Employee develops during the term of this Agreement in
connection with the work performed by Employee for the Company and/or its
affiliates; and (iv) third party information which the Company and/or its
affiliates has/have agreed to keep confidential.

            (b) Notwithstanding the provisions of subsection 12(a), the term
"Trade Secrets and Confidential Information" does not include (i) information
which, at the time of disclosure or observation, had been previously published
or otherwise publicly disclosed; (ii) information which is published (or
otherwise publicly disclosed) after disclosure or observation, unless such
publication is a breach of this Agreement or is otherwise a violation of
contractual, legal or fiduciary duties owed to the Company, which violation is
known to Employee; or (iii) information which, subsequent to disclosure or
observation, is obtained by Employee from a third person who is lawfully in
possession of such information (which information is not acquired in violation
of any contractual, legal, or fiduciary obligation owed to the Company with
respect to such information, and is known by Employee) and who is not required
to refrain from disclosing such information to others.

            (c) While employed by the Company, Employee will have access to and
become familiar with various Trade Secrets and Confidential Information.
Employee acknowledges that the Trade Secrets and Confidential Information are
owned and shall continue to be owned solely by the Company and/or its
affiliates. Employee agrees that Employee will not, at any time, whether during
or subsequent to

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Employee's employment by the Company and/or its affiliates, use or disclose
Trade Secrets and Confidential Information for any competitive purpose or
divulge the same to any person other than the Company or persons with respect to
whom the Company has given its written consent, unless Employee is compelled to
disclose it by governmental process. In the event Employee believes that
Employee is legally required to disclose any Trade Secrets or Confidential
Information, Employee shall give reasonable notice to the Company prior to
disclosing such information and shall assist the Company in taking such legally
permissible steps as are reasonable and necessary to protect the Trade Secrets
or Confidential Information, including, but not limited to, execution by the
receiving party of a non-disclosure agreement in a form acceptable to the
Company.

            (d) The provisions of this Section 12 shall survive the termination
or expiration of this Agreement, and shall be binding upon Employee in
perpetuity.

        13. ASSIGNMENT OF RIGHTS.

            (a) As used in this Agreement, "Designs, Inventions and
Innovations," whether or not they have been patented, trademarked, or
copyrighted, include, but are not limited to designs, inventions, innovations,
ideas, improvements, processes, sources of and uses for materials, apparatus,
plans, systems and computer programs relating to the design, manufacture, use,
marketing, distribution and management of the Company's and/or its affiliates'
products.

            (b) As a material part of the terms and understandings of this
Agreement, Employee agrees to assign to the Company all Designs, Inventions and
Innovations developed, conceived and/or reduced to practice by Employee, alone
or with anyone else, in connection with the work performed by Employee for the
Company during Employee's employment with the Company, regardless of whether
they are suitable to be patented, trademarked and/or copyrighted.

            (c) Employee agrees to disclose in writing to the President and CEO
of the Company any Design, Invention or Innovation relating to the business of
the Company and/or its affiliates, which Employee develops, conceives and/or
reduces to practice in connection with any work performed by Employee for the
Company, either alone or with anyone else, while employed by the Company and/or
within twelve (12) months of the termination of employment. Employee shall
disclose all Designs, Inventions and Innovations to the Company, even if
Employee does not believe that he or she is required under this Agreement, or
pursuant to California Labor Code Section 2870, to assign his or her interest in
such Design, Invention or Innovation to the Company. If the Company and Employee
disagree as to whether or not a Design, Invention or Innovation is included
within the terms of this Agreement, it will be the responsibility of Employee to
prove that it is not included.

            (d) Pursuant to California Labor Code Section 2870, the obligation
to assign as provided in this Agreement does not apply to any Design, Invention
or Innovation to the extent such obligation would conflict with any state or
federal law. The obligation to assign as provided in this Agreement does not
apply to any Design, Invention or Innovation that Employee developed entirely on
Employee's own time without using the Company's equipment, supplies, facilities
or Trade Secrets and Confidential Information except those Designs, Inventions
or Innovations that either:

                  (i) Relate at the time of conception or reduction to practice
to the Company's and/or its affiliates' business, or actual or demonstrably
anticipated research of the Company and/or its affiliates; or

                  (ii) Result from any work performed by Employee for the
Company and/or its affiliates.

            (e) Employee agrees that any Design, Invention and/or Innovation
which is required under the provisions of this Agreement to be assigned to the
Company shall be the sole and exclusive property of the Company. Upon the
Company's request, at no expense to Employee, Employee shall

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execute any and all proper applications for patents, copyrights and/or
trademarks, assignments to the Company, and all other applicable documents, and
will give testimony when and where requested to perfect the title and/or patents
(both within and without the United States) in all Designs, Inventions and
Innovations belonging to the Company.

            (f) The provisions of this Section 13 shall survive the termination
or expiration of this Agreement, and shall be binding upon Employee in
perpetuity.

        14. ASSIGNMENT. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and the successors and assigns of the Company.
Employee shall have no right to assign his rights, benefits, duties, obligations
or other interests in this Agreement, it being understood that this Agreement is
personal to Employee.

        15. ATTORNEYS' FEES AND COSTS. If any arbitration or other proceeding is
brought for the enforcement of this Agreement, or because of an alleged dispute
or default in connection with any of its provisions, the successful or
prevailing party shall be entitled to recover reasonable attorneys' fees
incurred in such action or proceeding.

        16. ENTIRE UNDERSTANDING. This Agreement sets forth the entire
understanding of the parties hereto with respect to the subject matter hereof,
and no other representations, warranties or agreements whatsoever as to that
subject matter have been made by Employee or the Company. This Agreement shall
not be modified, amended or terminated except by another instrument in writing
executed by the parties hereto. This Agreement replaces and supersedes any and
all prior understandings or agreements between Employee and the Company
regarding employment.

        17. NOTICES. Any notice, request, demand, or other communication
required or permitted hereunder, shall be deemed properly given when actually
received or within five (5) days of mailing by certified or registered mail,
postage prepaid, to:

            Employee:     Robert Penicka
                          3321 Avenida Nieve
                          Carlsbad, California  92009

            Company:      Callaway Golf Company
                          2180 Rutherford Road
                          Carlsbad, California  92008
                          Attn:  Steven C. McCracken
                          Senior Executive Vice President, Chief Legal Officer

or to such other address as Employee or the Company may from time to time
furnish, in writing, to the other.

        18. IRREVOCABLE ARBITRATION OF DISPUTES.

            (a) EMPLOYEE AND THE COMPANY AGREE THAT ANY DISPUTE, CONTROVERSY OR
CLAIM ARISING HEREUNDER OR IN ANY WAY RELATED TO THIS AGREEMENT, ITS
INTERPRETATION, ENFORCEABILITY, OR APPLICABILITY, OR RELATING TO EMPLOYEE'S
EMPLOYMENT, OR THE TERMINATION THEREOF, THAT CANNOT BE RESOLVED BY MUTUAL
AGREEMENT OF THE PARTIES SHALL BE SUBMITTED TO BINDING ARBITRATION. THIS
INCLUDES, BUT IS NOT LIMITED TO, ALLEGED VIOLATIONS OF FEDERAL, STATE AND/OR
LOCAL STATUTES, CLAIMS BASED ON ANY PURPORTED BREACH OF DUTY ARISING IN CONTRACT
OR TORT, INCLUDING BREACH OF CONTRACT, BREACH OF THE COVENANT OF GOOD FAITH AND
FAIR DEALING, VIOLATION OF PUBLIC POLICY, VIOLATION OF ANY STATUTORY,
CONTRACTUAL OR COMMON LAW RIGHTS, BUT EXCLUDING WORKERS' COMPENSATION,
UNEMPLOYMENT MATTERS, OR ANY MATTER FALLING WITHIN THE JURISDICTION OF THE STATE
LABOR COMMISSIONER. THE PARTIES AGREE THAT ARBITRATION IS THE PARTIES' ONLY
RECOURSE FOR SUCH CLAIMS AND HEREBY WAIVE THE RIGHT TO

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PURSUE SUCH CLAIMS IN ANY OTHER FORUM, UNLESS OTHERWISE PROVIDED BY LAW. ANY
COURT ACTION INVOLVING A DISPUTE WHICH IS NOT SUBJECT TO ARBITRATION SHALL BE
STAYED PENDING ARBITRATION OF ARBITRABLE DISPUTES.

            (b) EMPLOYEE AND THE COMPANY AGREE THAT THE ARBITRATOR SHALL HAVE
THE AUTHORITY TO ISSUE PROVISIONAL RELIEF. EMPLOYEE AND THE COMPANY FURTHER
AGREE THAT EACH HAS THE RIGHT, PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE
SECTION 1281.8, TO APPLY TO A COURT FOR A PROVISIONAL REMEDY IN CONNECTION WITH
AN ARBITRABLE DISPUTE SO AS TO PREVENT THE ARBITRATION FROM BEING RENDERED
INEFFECTIVE.

            (c) ANY DEMAND FOR ARBITRATION SHALL BE IN WRITING AND MUST BE
COMMUNICATED TO THE OTHER PARTY PRIOR TO THE EXPIRATION OF THE APPLICABLE
STATUTE OF LIMITATIONS.

            (d) THE ARBITRATION SHALL BE CONDUCTED PURSUANT TO THE PROCEDURAL
RULES STATED IN THE NATIONAL RULES FOR RESOLUTION OF EMPLOYMENT DISPUTES OF THE
AMERICAN ARBITRATION ASSOCIATION ("AAA"). THE ARBITRATION SHALL BE CONDUCTED IN
SAN DIEGO BY A FORMER OR RETIRED JUDGE OR ATTORNEY WITH AT LEAST 10 YEARS
EXPERIENCE IN EMPLOYMENT-RELATED DISPUTES, OR A NON-ATTORNEY WITH LIKE
EXPERIENCE IN THE AREA OF DISPUTE, WHO SHALL HAVE THE POWER TO HEAR MOTIONS,
CONTROL DISCOVERY, CONDUCT HEARINGS AND OTHERWISE DO ALL THAT IS NECESSARY TO
RESOLVE THE MATTER. THE PARTIES MUST MUTUALLY AGREE ON THE ARBITRATOR. IF THE
PARTIES CANNOT AGREE ON THE ARBITRATOR AFTER THEIR BEST EFFORTS, AN ARBITRATOR
FROM THE AMERICAN ARBITRATION ASSOCIATION WILL BE SELECTED PURSUANT TO THE
AMERICAN ARBITRATION ASSOCIATION NATIONAL RULES FOR RESOLUTION OF EMPLOYMENT
DISPUTES. THE COMPANY SHALL PAY THE COSTS OF THE ARBITRATOR'S FEES.

            (e) THE ARBITRATION WILL BE DECIDED UPON A WRITTEN DECISION OF THE
ARBITRATOR STATING THE ESSENTIAL FINDINGS AND CONCLUSIONS UPON WHICH THE AWARD
IS BASED. THE ARBITRATOR SHALL HAVE THE AUTHORITY TO AWARD DAMAGES, IF ANY, TO
THE EXTENT THAT THEY ARE AVAILABLE UNDER APPLICABLE LAW(S). THE ARBITRATION
AWARD SHALL BE FINAL AND BINDING, AND MAY BE ENTERED AS A JUDGMENT IN ANY COURT
HAVING COMPETENT JURISDICTION. EITHER PARTY MAY SEEK REVIEW PURSUANT TO
CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 1286, ET SEQ.

            (f) IT IS EXPRESSLY UNDERSTOOD THAT THE PARTIES HAVE CHOSEN
ARBITRATION TO AVOID THE BURDENS, COSTS AND PUBLICITY OF A COURT PROCEEDING, AND
THE ARBITRATOR IS EXPECTED TO HANDLE ALL ASPECTS OF THE MATTER, INCLUDING
DISCOVERY AND ANY HEARINGS, IN SUCH A WAY AS TO MINIMIZE THE EXPENSE, TIME,
BURDEN AND PUBLICITY OF THE PROCESS, WHILE ASSURING A FAIR AND JUST RESULT. IN
PARTICULAR, THE PARTIES EXPECT THAT THE ARBITRATOR WILL LIMIT DISCOVERY BY
CONTROLLING THE AMOUNT OF DISCOVERY THAT MAY BE TAKEN (E.G., THE NUMBER OF
DEPOSITIONS OR INTERROGATORIES) AND BY RESTRICTING THE SCOPE OF DISCOVERY ONLY
TO THOSE MATTERS CLEARLY RELEVANT TO THE DISPUTE. HOWEVER, AT A MINIMUM, EACH
PARTY WILL BE ENTITLED TO AT LEAST ONE DEPOSITION AND SHALL HAVE ACCESS TO
ESSENTIAL DOCUMENTS AND WITNESSES AS DETERMINED BY THE ARBITRATOR.

            (g) THE PREVAILING PARTY SHALL BE ENTITLED TO AN AWARD BY THE
ARBITRATOR OF REASONABLE ATTORNEYS' FEES AND OTHER COSTS REASONABLY INCURRED IN
CONNECTION WITH THE ARBITRATION.

            (h) THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE EXPIRATION OR
TERMINATION OF THE AGREEMENT, AND SHALL BE BINDING UPON THE PARTIES.

THE PARTIES HAVE READ SECTION 18 AND IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE
IDENTIFIED ABOVE.

        ______ (EMPLOYEE)                        ______ (COMPANY)

                                       9
<PAGE>   10

        19. MISCELLANEOUS.

            (a) Headings. The headings of the several sections and paragraphs of
this Agreement are inserted solely for the convenience of reference and are not
a part of and are not intended to govern, limit or aid in the construction of
any term or provision hereof.

            (b) Waiver. Failure of either party at any time to require
performance by the other of any provision of this Agreement shall in no way
affect that party's rights thereafter to enforce the same, nor shall the waiver
by either party of any breach of any provision hereof be held to be a waiver of
any succeeding breach of any provision or a waiver of the provision itself.

            (c) Applicable Law. This Agreement shall constitute a contract under
the internal laws of the State of California and shall be governed and construed
in accordance with the laws of said state as to both interpretation and
performance.

            (d) Severability. In the event any provision or provisions of this
Agreement is or are held invalid, the remaining provisions of this Agreement
shall not be affected thereby.

            (e) Advertising Waiver. Employee agrees to permit the Company and/or
its affiliates, and persons or other organizations authorized by the Company
and/or its affiliates, to use, publish and distribute advertising or sales
promotional literature concerning the products of the Company and/or its
affiliates, or the machinery and equipment used in the manufacture thereof, in
which Employee's name and/or pictures of Employee taken in the course of
Employee's provision of services to the Company and/or its affiliates, appear.
Employee hereby waives and releases any claim or right Employee may otherwise
have arising out of such use, publication or distribution.

            (f) Counterparts. This Agreement may be executed in one or more
counterparts which, when fully executed by the parties, shall be treated as one
agreement.

        20. CONDITIONS ON SPECIAL SEVERANCE. Notwithstanding anything else to
the contrary, it is expressly understood that any obligation of the Company to
pay Special Severance pursuant to this Agreement shall be subject to:

            (a) Employee's continued compliance with the terms and conditions of
Sections 7(a), 7(b), 7(c), 7(e), 12, 13 and 18;

            (b) Employee must not, directly or indirectly (whether as agent,
consultant, holder of a beneficial interest, creditor, or in any other
capacity), engage in any business which engages directly or indirectly in
competition with the businesses of the Company or any of its affiliates, or have
any interest, direct or indirect, in any person, firm, corporation, or venture
which directly or indirectly competes with the businesses of the Company or any
of its affiliates. For purposes of this section, the ownership of interests in a
broadly based mutual fund shall not constitute ownership of the stocks held by
the fund; and

            (c) Employee must not, directly, indirectly, or in any other way,
disparage the Company, its officers or employees, vendors, customers, products
or activities, or otherwise interfere with the Company's press, public and media
relations.

        21. SUPERSEDES OLD OFFICER EMPLOYMENT AGREEMENT. Employee and the
Company recognize that prior to the effective date of this Agreement they were
parties to a certain Officer Employment Agreement effective June 1, 2000 (the
"Old Officer Employment Agreement"). It is the intent of the parties that as of
the effective date of this Agreement, this Agreement shall replace and supersede
the Old Officer Employment Agreement entirely, that the Old Officer Employment
Agreement shall no longer be of any force or effect except as to Sections 7, 12,
13, 15 and 18 thereof, and that to the extent there is any conflict between the
Old Officer Employment Agreement and this Agreement, this Agreement

                                       10
<PAGE>   11

shall control and all agreements shall be construed so as to give the maximum
force and effect to the provisions of this Agreement.

        IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed effective the date first written above.

EMPLOYEE                               COMPANY

                                       Callaway Golf Company,
                                       a Delaware corporation

/s/ ROBERT PENICKA                     By: /s/ RONALD A. DRAPEAU
-----------------------------             -------------------------------------
Robert Penicka                            Ronald A. Drapeau
                                          President and Chief Executive Officer

                                       11
<PAGE>   12

                                    EXHIBIT A

                               TAX INDEMNIFICATION

        Pursuant to Section 6 of Employee's Executive Officer Employment
Agreement ("Section 6"), the Company agrees to indemnify Employee with respect
to certain excise tax obligations as follows:

        1. Definitions. For purposes of Section 6 and this Exhibit A, the
following terms shall have the meanings specified herein:

           (a) "Claim" shall mean any written claim (whether in the form of a
tax assessment, proposed tax deficiency or similar written notification) by the
Internal Revenue Service or any state or local tax authority that, if
successful, would result in any Excise Tax or an Underpayment.

           (b) "Code" shall mean the Internal Revenue Code of 1986, as amended.
All references herein to any section, subsection or other provision of the Code
shall be deemed to refer to any successor thereto.

           (c) "Excise Tax" shall mean (i) any excise tax imposed by Section
4999 of the Code or any comparable federal, state or local tax, and (ii) any
interest and/or penalties incurred with respect to any tax described in 1(c)(i).

           (d) Gross-Up Payment shall mean a cash payment as specified in
Section 2.

           (e) "Overpayment" and "Underpayment" shall have the meanings
specified in Section 4.

           (f) "Payment" shall mean any payment, benefit or distribution
(including, without limitation, cash, the acceleration of the granting, vesting
or exercisability of stock options or other incentive awards, or the accrual or
continuation of any other payments or benefits) granted or paid to or for the
benefit of Employee by the Company or by any person or persons whose actions
result in a Taxable Event (as defined in this Section), or by any person
affiliated with the Company or such person(s), whether paid or payable pursuant
to the terms of this Agreement or otherwise. Notwithstanding the foregoing, a
Payment shall not include any Gross-Up Payment required under Section 6 and this
Exhibit A

           (g) "Taxable Event" shall mean any change in control or other event
which triggers the imposition of any Excise Tax on any Payment.

        2. In the event that any Payment is determined to be subject to any
Excise Tax, then Employee shall be entitled to receive from the Company a
Gross-Up Payment in an amount such that, after the payment of all income taxes,
Excise Taxes and any other taxes imposed with respect to the Gross-Up Payment
(together with payment of all interest and penalties imposed with respect to any
such taxes), Employee shall retain a net amount of the Gross-Up Payment equal to
the Excise Tax imposed with respect to the Payments.

        3. All determinations required to be made under Section 6 and this
Exhibit A, including, without limitation, whether and when a Gross-Up Payment is
required and the amount of such Gross-Up Payment, and the assumptions to be
utilized in arriving at such determinations, shall be made by the accounting
firm of Pricewaterhouse Coopers LLP or, if applicable, its successor as the
Company's independent auditor (the "Accounting Firm"). In the event that the
Accounting Firm is serving as accountant or auditor for the individual, entity
or group effecting the Taxable Event to which a possible Gross-Up Payment is
related, another nationally recognized accounting firm that is mutually
acceptable to the Company and Employee shall be appointed to make the
determinations required hereunder (which accounting firm shall then be referred
to as the Accounting Firm hereunder). The Accounting Firm shall provide detailed
supporting calculations to the Company and to Employee regarding the amount of
Excise

                                       12
<PAGE>   13

Tax (if any) which is payable, and the Gross-Up Payment (if any) required
hereunder, with respect to any Payment or Payments, with such calculations to be
provided at such time as may be requested by the Company but in no event later
than fifteen (15) business days following receipt of a written notice from
Employee that there has been a Payment that may be subject to an Excise Tax. All
fees and expenses of the Accounting Firm shall be borne solely by the Company.
Any Gross-Up Payment as determined pursuant to Section 6 and this Exhibit A
shall be paid by the Company to Employee within five (5) business days after
receipt of the Accounting Firm's determination. If the Accounting Firm
determines that no Excise Tax is payable by Employee, the Accounting Firm shall
furnish Employee with a written opinion that failure to disclose, report or pay
the Excise Tax on Employee's federal or other applicable tax returns will not
result in the imposition of a negligence penalty, understatement penalty or
other similar penalty. All determinations by the Accounting Firm shall be
binding upon the Company and Employee in the absence of clear and indisputable
mathematical error. Following receipt of a Gross-Up Payment as provided herein,
Employee shall be obligated to properly and timely report his Excise Tax
liability on the applicable tax returns or reports and to pay the full amount of
Excise Tax with funds provided through such Gross-Up Payment. Notwithstanding
the foregoing, if the Company reasonably determines that the Employee will be
unable or otherwise may fail to make such Excise Tax payment, the Company may
elect to pay the Excise Tax to the Internal Revenue Service and/or other
applicable tax authority on behalf of the Employee, in which case the Company
shall pay the net balance of the Gross-Up Payment (after deduction of such
Excess Tax payment) to the Employee.

        4. As a result of uncertainty in the application of Section 4999 of the
Code, it is possible that a Gross-Up Payment will not have been made by the
Company that should have been made (an "Underpayment") or that a Gross-Up
Payment is made that should not have been made (an "Overpayment"). In the event
that Employee is required to make a payment of any Excise Tax, due to an
Underpayment, the Accounting Firm shall determine the amount of Underpayment
that has occurred and any such Underpayment shall be promptly paid by the
Company to Employee in which case Employee shall be obligated to make a timely
payment of the full amount of the applicable Excise Tax to the applicable tax
authority, provided, however, the Company may elect to pay the Excise Tax to the
applicable tax authority on behalf of Employee consistent with the provisions of
Section 3, in which case the Company shall pay the net balance of the
Underpayment (after deduction of such Excise Tax payment) to Employee. In the
event that the Accounting Firm determines that an Overpayment has been made, any
such Overpayment shall be repaid by Employee to the Company within ninety (90)
days after written demand to Employee by the Company, provided, however, that
Employee shall have no obligation to repay any amount of the Overpayment that
has been paid to, and not recovered from, a tax authority, provided further,
however, in such event the Company may direct Employee to prosecute a claim for
a refund of such amount consistent with the principles set forth in Section 5.

        5. Employee shall notify the Company in writing of any Claim. Such
notice (a) shall be given as soon as practicable, but in no event later than
fifteen (15) business days, following Employee's receipt of written notice of
the Claim from the applicable tax authority, and (b) shall include a compete and
accurate copy of the tax authority's written Claim or otherwise fully inform the
Company of the nature of the Claim and the date on which any payment of the
Claim must be paid, provided that Employee shall not be required to give notice
to the Company of facts of which the Company is already aware, and provided
further that failure or delay by Employee to give such notice shall not
constitute a breach of Section 6 or this Exhibit A except to the extent that the
Company is prejudiced thereby. Employee shall not pay any portion of a Claim
prior to the earlier of (a) the expiration of thirty (30) days following the
date on which Employee gives the foregoing notice to the Company, (b) the date
that any Excise Tax payment under the Claim is due, or (c) the date the Company
notifies Employee that it does not intend to contest the Claim. If, prior to
expiration of such period, the Company notifies Employee in writing that it
desires to contest the Claim, Employee shall:

           (a) give the Company any information reasonably requested by the
Company relating to the Claim;

                                       13
<PAGE>   14

           (b) take such action in connection with contesting the Claim as the
Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to the Claim by
an attorney selected and compensated by the Company who is reasonably acceptable
to Employee;

           (c) cooperate with the Company in good faith in order to effectively
contest the Claim; and

           (d) permit the Company to participate (at its expense) in any and all
proceedings and conferences pertaining to the Claim; provided, however, that the
Company shall bear and pay directly all costs and expenses (including, without
limitation, additional interest and penalties and attorneys' fees) incurred in
connection with any such contest, and shall indemnify and hold Employee
harmless, on an after-tax basis, for any Excise Tax or income tax (including,
without limitation, interest and penalties with respect thereto) and all costs
imposed or incurred in connection with such contests. Without limitation upon
the foregoing provisions of this Section 5, and except as provided below, the
Company shall control all proceedings concerning any such contest and, at its
sole option, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with tax authorities pertaining to the
Claim. At the written request of the Company, and upon payment to Employee of an
amount at least equal to the Claim plus any additional amount necessary to
obtain the jurisdiction of the appropriate tribunal and/or court, Employee shall
pay the same and sue for a refund or otherwise contest the Claim in any
permissible manner as directed by the Company. Employee agrees to prosecute any
contest of a Claim to a determination before any administrative tribunal, in a
court of initial jurisdiction and in one or more appellate courts, as the
Company shall determine, provided, however, that if the Company requests
Employee to pay the Claim and sue for a refund, the Company shall indemnify and
hold Employee harmless, on an after-tax basis, from any Excise Tax or income tax
(including, without limitation, interest and penalties with respect thereto) and
costs imposed or incurred in connection with such contest or with respect to any
imputed income attributable to any advances or payments by the Company
hereunder. Any extension of the statute of limitations relating to assessment of
any Excise Tax for the taxable year of Employee which is the subject of a Claim
is to be limited solely to the Claim. Furthermore, the Company's control of a
contest as provided hereunder shall be limited to issues for which a Gross-Up
Payment would be payable hereunder, and Employee shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other tax authority.

        6. If Employee receives a refund from a tax authority of all or any
portion of an Excise Tax paid by or on behalf of Employee with amounts advanced
by the Company pursuant to Section 6 and this Exhibit A, Employee shall promptly
pay to the Company the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto). Employee shall, if so directed
by the Company, file and otherwise prosecute a claim for refund of any Excise
Tax payment made by or on behalf of Employee with amounts advanced by the
Company pursuant to Section 6 and this Exhibit A, with any such refund claim to
be effected in accordance with the principles set forth in Section 5. If a
determination is made that Employee shall not be entitled to any refund and the
Company does not notify Employee in writing of its intent to contest such denial
of refund prior to the expiration of thirty (30) days after such determination,
then Employee shall have no further obligation hereunder to contest such denial
or to repay to the Company the amount involved in such unsuccessful refund
claim. The amount of any advances which are made by the Company in connection
with any such refund claim hereunder, to the extent not refunded by the
applicable tax authority to Employee, shall offset, as appropriate consistent
with the purposes of Section 6 and this Exhibit A, the amount of any Gross-Up
Payment required hereunder to be paid by the Company to Employee.

                                       14
<PAGE>   15

                                    EXHIBIT B

                                CHANGE IN CONTROL

        A "Change in Control" means the following and shall be deemed to occur
if any of the following events occurs:

        1. Any person, entity or group, within the meaning of Section 13(d) or
14(d) of the Securities Exchange Act of 1934 (the "Exchange Act") but excluding
the Company and its affiliates and any employee benefit or stock ownership plan
of the Company or its affiliates and also excluding an underwriter or
underwriting syndicate that has acquired the Company's securities solely in
connection with a public offering thereof (such person, entity or group being
referred to herein as a "Person") becomes the beneficial owner (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of
either the then outstanding shares of Common Stock or the combined voting power
of the Company's then outstanding securities entitled to vote generally in the
election of directors; or

        2. Individuals who, as of the effective date hereof, constitute the
Board of Directors of the Company (the "Incumbent Board") cease for any reason
to constitute at least a majority of the Board of Directors of the Company,
provided that any individual who becomes a director after the effective date
hereof whose election, or nomination for election by the Company's shareholders,
is approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered to be a member of the Incumbent Board
unless that individual was nominated or elected by any Person having the power
to exercise, through beneficial ownership, voting agreement and/or proxy, 20% or
more of either the outstanding shares of Common Stock or the combined voting
power of the Company's then outstanding voting securities entitled to vote
generally in the election of directors, in which case that individual shall not
be considered to be a member of the Incumbent Board unless such individual's
election or nomination for election by the Company's shareholders is approved by
a vote of at least two-thirds of the directors then comprising the Incumbent
Board; or

        3. Consummation by the Company of the sale or other disposition by the
Company of all or substantially all of the Company's assets or a reorganization
or merger or consolidation of the Company with any other person, entity or
corporation, other than

           (a) a reorganization or merger or consolidation that would result in
the voting securities of the Company outstanding immediately prior thereto (or,
in the case of a reorganization or merger or consolidation that is preceded or
accomplished by an acquisition or series of related acquisitions by any Person,
by tender or exchange offer or otherwise, of voting securities representing 5%
or more of the combined voting power of all securities of the Company,
immediately prior to such acquisition or the first acquisition in such series of
acquisitions) continuing to represent, either by remaining outstanding or by
being converted into voting securities of another entity, more than 50% of the
combined voting power of the voting securities of the Company or such other
entity outstanding immediately after such reorganization or merger or
consolidation (or series of related transactions involving such a reorganization
or merger or consolidation), or

           (b) a reorganization or merger or consolidation effected to implement
a recapitalization or reincorporation of the Company (or similar transaction)
that does not result in a material change in beneficial ownership of the voting
securities of the Company or its successor; or

        4. Approval by the shareholders of the Company or an order by a court of
competent jurisdiction of a plan of liquidation of the Company.

                                       15<PAGE>   1
                                                                  EXHIBIT 10.109

                        DAYBREAK - THE BIG PICTURES(TM)
                            MASTER LICENSE AGREEMENT

        THIS MASTER LICENSE AGREEMENT (the "AGREEMENT") is entered into this
twenty second day of December, 1999, by and between SUPERSOLUTIONS CORPORATION,
a Minnesota corporation ("SUPERSOLUTIONS") and ONYX ACCEPTANCE CORPORATION, a
Delaware corporation ("LICENSEE").

                                  WITNESSETH:

        WHEREAS, SuperSolutions has developed at great expense and over a long
period of time a configuration of software and related documentation; and

        WHEREAS, SuperSolutions and Licensee desire to enter into an agreement
involving the licensing by SuperSolutions of certain software and systems to
Licensee;

        NOW, THEREFORE, for and in consideration of the premises and the mutual
promises, covenants and agreements set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned, desiring to be legally bound, hereby agree as
follows:

                                    SECTION 1

                                   DEFINITIONS

        For purposes of this Agreement, the following terms shall be defined as
follows:

        (a) "DOCUMENTATION" shall mean and include the SuperSolutions' manuals
delivered to Licensee which explain or teach the use or operation of the System
(as defined below).

        (b) "BASIC HARDWARE SYSTEM" shall consist of that certain basic
configuration of machinery and equipment required to operate the System as more
fully described on the attached EXHIBIT A, incorporated herein by this
reference.

        (c) "LICENSEE" shall include the party listed as Licensee in the first
paragraph of this Agreement, as well as all successors, affiliates or assigns.

        (d) "SUPERSOLUTIONS" shall include SuperSolutions and any predecessors,
successors, affiliates or assigns.

        (e) "MEDIA" includes the media upon which the Software is delivered to
Licensee.

        (f) "OFFICE" shall mean and include the location of Licensee set forth
in the applicable Software License Schedule attached hereto and incorporated
herein by this reference, where Licensee's designated central processing unit
(the "DESIGNATED SERVER/CPU") is located, which is the sole location where the
Software may be used. Licensee may transfer the Software from the Designated
Server/CPU to a backup Server/CPU when the Designated Server/CPU is temporarily
inoperable, until operable status is restored to the Designated Server/CPU.
Licensee may also, with notice to SuperSolutions, (i) designate a new or
additional Office or Offices, and (ii) store the Software at an alternative
location as part of a disaster recovery plan.

        (g) "PERSON" OR "PERSONS" includes any individuals, firms, corporations,
partnerships, joint ventures, trusts, associations, agencies, governmental
bodies or other entities.
<PAGE>   2

        (h) "SOFTWARE" shall include the software licensed to Licensee by
SuperSolutions hereunder which is set forth in a Software License Schedule from
time to time as agreed to by the parties.

        (i) "SOFTWARE LICENSE SCHEDULES" shall mean the schedules attached
hereto from time to time, and hereby made a part hereof, which describe the
specific Daybreak - The Big Picture (TM) software being licensed by
SuperSolutions to Licensee. Each Software License Schedule hereto incorporates
all of the terms and conditions of this Agreement and shall contain such
additional terms and conditions as the parties agree upon for the Software.

        Q) "SYSTEM" shall be defined as the collective configuration of the
Software and the Documentation licensed to Licensee pursuant to this Agreement.

                                   SECTION 2.

                  LICENSE OF THE SOFTWARE AND THE DOCUMENTATION

        SuperSolutions hereby grants to Licensee, and Licensee hereby accepts
from SuperSolutions, a perpetual, private, transferable, nonsublicenseable and
non-exclusive license, in object form only, to use the Software for the
legitimate and legal business purposes of Licensee, all pursuant and subject to
the terms and conditions set forth in this Agreement. This license is restricted
to the internal use by Licensee of the Software, and Licensee may not sell,
assign, sublicense or otherwise transfer the Software or use it to provide
services to others, with the exception of (i) providing services for liquidating
portfolios and (ii) a sale, assignment, or transfer in connection with a sale or
transfer of all, or substantially all, of Licensee's stock and/or assets.
Licensee may not, directly or indirectly, solicit, market or provide or perform
service bureau processing, any form of host processing services or similar type
services or act as an application service provider utilizing the Software, with
the exception of providing such services for liquidating portfolios. Licensee
may, directly or indirectly, provide any type of products or services utilizing
the Software through or involving the Internet or a similar or competing
computer network. The Software may be utilized by an unlimited number of
end-users of Licensee.

                              ESCROW OF SOURCE CODE

SuperSolutions certifies that it has deposited a copy of the source code of the
Software and all related documentation necessary to install, operate and
maintain the Software and System with: an escrow agent that is mutually agreed
upon by Licensee and SuperSolutions.

Such source code and documentation will be promptly updated with the escrow
agent following substantial changes or modifications to the source code or
documentation. Such copies of the source code and documentation will be held in
escrow and in the event of adjudication of SuperSolutions as bankrupt, or upon
failure, refusal or other inability of SuperSolutions to provide maintenance
services to Licensee in a commercially practicable manner and as required under
this Agreement or another agreement, Licensee will, upon notice to the escrow
agent and payment of the duplication cost and other handling charges of the
escrow agent, be entitled to obtain a copy of such source code and documentation
from the escrow agent. Thereafter, Licensee shall continue to enjoy its license
to use the Software and System as permitted under this Agreement and the
applicable Software License Schedule, and may utilize the source code to perform
maintenance on the Software. Licensee shall be entitled at its own cost to
periodically audit the escrowed source code and documentation to ensure
SuperSolutions' compliance with this Section.

This Section is separate from Licensee's ability to purchase the source code and
related documentation in accordance with Software License Schedule No. 001.
However, if SuperSolutions fails to deliver the source code and related
documentation after payment by Licensee of the agreed cost shown in such
Software License Schedule, then Licensee may obtain the source code and related
documentation from the escrow agent.

                                       2
<PAGE>   3

                                   SECTION 3.

                       DESIGN AND APPROVAL SPECIFICATIONS

        Licensee acknowledges that SuperSolutions has developed comprehensive
application programs, packages, and documentation contained in the System which
includes existing Daybreak functionality in addition to the Gap Analysis
functionality described in the Onyx Gap Analysis in EXHIBIT B attached hereto
and incorporated herein by this reference (the "SPECIFICATIONS").

                                   SECTION 4.

                                    TRAINING

        SuperSolutions shall perform training pursuant to the terms set forth in
the applicable Software License Schedule. Licensee and SuperSolutions shall
mutually agree upon the manner in which Licensee's employees shall be trained in
the methodology, operation and use of the System as well as the length of
training for each of those employees (the "TRAINING"). All Training shall take
place at such locations as Licensee and SuperSolutions shall agree upon, and
Training shall be conducted by SuperSolutions personnel as determined by
SuperSolutions.

                                   SECTION 5.

                 DELIVERY OF THE SOFTWARE AND THE DOCUMENTATION

        (a) As soon as reasonably possible after receipt of the initial license
fee installment as set forth in the Software License Schedule, SuperSolutions
shall deliver the Software and Documentation to Licensee for installation as set
forth in a Software License Schedule. Licensee shall acknowledge receipt of the
Software and Documentation in writing.

        (b) SuperSolutions shall retain title to the Software (including any
enhancements, modifications or alterations), all rights of Licensee in and to
the Software being expressly limited to the license granted under this
Agreement. Licensee shall not alter or remove any copyright or proprietary
rights markings or other identification on the Software or any component thereof
indicating SuperSolutions' ownership.

        (c) A copy of this Agreement, once executed, may also be filed with such
appropriate officials or offices as SuperSolutions shall deem necessary or
appropriate to evidence the interests in the Software, the Documentation and the
System retained by SuperSolutions and those rights granted to Licensee.

        (d) Notwithstanding anything herein to the contrary, as between
SuperSolutions and Licensee, ownership of the System, the Software and the
Documentation shall at all times be and remain vested in SuperSolutions, and as
a result, Licensee agrees to grant, execute and deliver to SuperSolutions any
and all instruments, writings, documents and evidences of ownership, security
and other interests retained by SuperSolutions in the license granted to
Licensee hereunder, which SuperSolutions shall in its reasonable discretion deem
reasonably necessary or appropriate from time to time.

                                   SECTION 6.

                             TESTING AND ACCEPTANCE

        (a) SuperSolutions shall make the Software available to Licensee for
review and use to permit Licensee to verify that the Software meets the
Specifications. This review period ("Review Period") will terminate on the
thirtieth (30th) day after live production date by Licensee.

        (b) Licensee may discontinue the license with respect to any specific
Software License Schedule if SuperSolutions receives written notice to such
effect during the Review Period for such Software

                                       3
<PAGE>   4

License Schedule, and all obligations of the parties under such Software License
Schedule will terminate and Licensee will receive a refund of fifty (50) percent
of all monies paid with respect to such Software License Schedule. The Software
shall be deemed accepted unless SuperSolutions receives written notice of
rejection prior to the expiration of the Review Period.

                                   SECTION 7.

                                      TERM

        (a) This Agreement shall continue indefinitely unless terminated in
accordance with its provisions.

        (b) Each Software license granted under this Agreement shall commence
upon acceptance of the Software by Licensee and shall continue in perpetuity
unless sooner terminated in accordance with the provisions of this Agreement.

                                   SECTION 8.

                             LICENSE AND OTHER FEES

        (a) Licensee shall pay SuperSolutions in accordance with the payment
schedule corresponding to each Software License Schedule.

        (b) Invoices shall identify such charges as may be payable under this
Agreement for products, services and other items supplied in the performance of
this Agreement. Invoices submitted by SuperSolutions are due and payable fifteen
(15) days after receipt. Invoices not paid when due shall be subject to an
interest charge at the prime rate as established by Citibank, N.A., plus two
percent (2%).

        (c) All reasonable air fare, lodging, transportation, telecommunications
and related out-of-pocket expenses incurred by SuperSolutions and any of its
employees, officers, agents or independent contractors in connection with their
performance under this Agreement, including all other costs and expenses in
connection with the transporting, operating, repairing and disconnecting of the
System, shall be paid by Licensee. SuperSolutions will provide the necessary
resources to meet the timeliness of the development schedule. Travel related
expenses will not exceed $20,000 per month without prior written approval of
Licensee and will be in accordance with Licensee's standard travel policies.
SuperSolutions employees and contractors shall perform services at Licensee's
location as reasonably requested by Licensee.

        (d) In addition to any other right or remedy available to
SuperSolutions, if Licensee fails to timely make any payment or reimbursement of
any sum due SuperSolutions hereunder after any applicable cure periods,
SuperSolutions shall have the option, in its reasonable discretion, to
immediately and without any notice, cease performing any duty, obligation or
work for or on behalf of Licensee until such time as Licensee shall bring itself
current on all sums owed SuperSolutions, including any applicable penalty or
late charge.

        (e) In addition to all fees, expenses or sums due SuperSolutions
pursuant to this Agreement, Licensee shall remain liable for and shall pay on a
timely basis an amount equal to all assessments, fees, duties, charges,
penalties, interest, withholdings or taxes (whether sales, use, excise, personal
property or otherwise) paid, payable or required to be collected or paid by
SuperSolutions or Licensee, which are levied or based on or as a result of the
licensing of the System, the Software and the Documentation or this Agreement,
except gross income or franchise taxes of SuperSolutions arising out of this
Agreement or out of the licensing of the System, the Software, and the
Documentation.

                                       4
<PAGE>   5

                                   SECTION 9.

                           WARRANTIES AND DISCLAIMERS

        (a) SuperSolutions warrants to Licensee that, for ninety (90) days from
the date of delivery thereof to Licensee, all Media delivered to Licensee shall
be free from defects in materials and workmanship under normal use, conditions
and service, and all Software will conform to the Specifications; provided,
however, that if Licensee shall have modified (without SuperSolutions' written
approval), damaged or abused the Software or Media in any way, the foregoing
warranty shall be NULL AND VOID, notwithstanding anything herein to the
contrary. If during this ninety (90) day period a defect should appear in any
such Media, or the Software shall not conform to the Specifications, Licensee's
sole and exclusive remedy is to return such defective Media or Software and
satisfactory proof of its delivery date to SuperSolutions, and SuperSolutions'
sole responsibility thereafter shall be to replace such defective Media or
Software without charge; provided, however, that SuperSolutions may, in its sole
discretion, refuse to honor any warranty claim if the defect on the Media or
Software alleged to be defective has resulted from accident, abuse or misuse.

        (b) SuperSolutions shall have no responsibility with respect to errors
in the Software occurring in whole or in substantial part by reason of: (i)
Licensee modifications WITHOUT WRITTEN APPROVAL by SuperSolutions; (ii)
Licensee's negligence or misuse of the Software; (iii) computer equipment
malfunction; or (iv) any other causes external to the Software not arising by
reason of the fault or negligence of SuperSolutions.

        (c) EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN SECTION 9 HEREOF, THE
SOFTWARE, THE DOCUMENTATION, THE SYSTEM AND THE MEDIA ARE PROVIDED "AS IS", AND
THERE ARE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS OR
IMPLIED, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE,
WITH RESPECT TO THE SOFTWARE, THE DOCUMENTATION, THE SYSTEM, THE MEDIA OR ANY OF
THEM. NOR DOES SUPERSOLUTIONS WARRANT THAT THE FUNCTIONS CONTAINED IN ANY PART
OF THE SYSTEM WILL MEET LICENSEE'S, ANY CUSTOMER'S OR ANY OTHER PERSON'S
REQUIREMENTS OR THAT THE USE AND OPERATION OF THE SYSTEM WILL BE UNINTERRUPTED
OR ERROR-FREE.

        (d) SUPERSOLUTIONS SHALL NOT HAVE ANY LIABILITY TO LICENSEE OR ANY OTHER
PERSON FOR ANY CLAIM, LOSS OR DAMAGE OF ANY KIND OR NATURE, ARISING OUT OF OR IN
CONNECTION WITH: ANY LOSS OF PROFITS, SALES, BUSINESS OR OTHER CONSEQUENTIAL OR
SPECIAL LOSS OR DAMAGE OF ANY KIND OR NATURE.

        (e) SUPERSOLUTIONS DISCLAIMS ANY WARRANTY OR REPRESENTATION THAT THE
SOFTWARE COMPLIES WITH ANY REQUIREMENTS OF LAW APPLICABLE TO THE CONSUMER
LENDING BUSINESS RELATED TO LICENSEE OR ITS CUSTOMERS.

                                   SECTION 10.

                                 CONFIDENTIALITY

        (a) Licensee acknowledges that the System disclosed and tendered
pursuant to this Agreement, including, without limitation, the source and object
code of the Software, consists of commercially valuable trade secrets and
proprietary products of SuperSolutions, the development of which has involved
the expenditure of substantial amounts of time and money and the use of skilled
persons. Licensee acknowledges that the System contains and is confidential and
proprietary trade secret information of SuperSolutions, as between
SuperSolutions and Licensee, disclosed to Licensee on a confidential basis, to
be used only as may be expressly permitted by the terms and conditions of this
Agreement.

                                       5
<PAGE>   6

        (b) Each party hereby covenants and agrees that during the term of this
Agreement and for all times thereafter, it shall not, without the express prior
written consent of the other party, publish, disclose, divulge, sell, assign,
give or otherwise transfer or release any confidential and proprietary trade
secret information of the other party or the System, in whole or in part, alone
or in combination with any other information to any Person, or entity, or for
its own benefit or the benefit of any Person or entity, except as required with
respect to Licensee's operation of its business or of the System in accordance
with this Agreement.

        (c) Each party hereby covenants and agrees that during the term of this
Agreement and for all times thereafter it shall require all of its employees,
agents and independent contractors who shall have any access to the System or
any confidential and proprietary trade secret information of the other party, to
abide by the terms and conditions of this Agreement, and each party shall
further be responsible and indemnify the other party for any and all costs,
expenses, losses, injuries or damages suffered by the other party as a result of
the breach, threatened breach or violation of the terms of this Agreement,
including, without limitation, this Section 10, committed or performed by such
party or any employee, agent or independent contractor of such party.

                                  SECTION 11.

                  OWNERSHIP OF THE SYSTEM AND COPYING THEREOF

        (a) During the term of this Agreement and for all times thereafter, as
between SuperSolutions and Licensee, SuperSolutions shall retain sole title to,
copyright in and full ownership of the System and all parts thereof, including,
without limitation the Software and the Documentation, SuperSolutions being the
exclusive owner thereof and of all rights therein, whether or not any portion
thereof is or may be validly copyrighted, patented or similarly protected.

        (b) Until and unless the source code and related documentation is
purchased or otherwise received by Licensee in accordance with the terms of this
Agreement, neither the System nor any portion thereof may be amended, used to
create derivative works, modified, copied, decoded, decompiled, reprinted,
duplicated, translated, adapted, altered or recreated, directly or indirectly,
in whole or in part, alone or in combination with any data processing system or
software or otherwise, without the express prior written consent of
SuperSolutions, which consent may be withheld in SuperSolutions' reasonable
discretion; nor may the System, or any part thereof, be used for any purpose
other than the legitimate business purposes of Licensee for which it was
intended, unless otherwise permitted in writing by SuperSolutions under the
terms of this Agreement.

                                   SECTION 12.

                               CARE OF THE SYSTEM

        (a) Licensee shall at all times throughout the term of this Agreement
keep the System in its sole possession and control and shall not transfer or
move the System, or any part thereof, from the Office without prior notice to
SuperSolutions.

        (b) Upon any termination of the applicable Software License Schedule,
Licensee shall, at its expense, return each and every copy of every portion of
the System, including, without limitations all of Licensee's notes, memoranda,
tape cartridges, or other writings containing parts of the System, to
SuperSolutions at the location designated by SuperSolutions, in the same
operating order, repair, condition and appearance as of the date hereof,
reasonable wear and tear excepted.

        (c) The System shall at all times remain the property of SuperSolutions,
who may affix decals or notices thereto or thereon to indicate SuperSolutions'
ownership thereof. Licensee shall not permit removal or concealment of any such
decals or notices, or allow or take any action which would tend to

                                       6
<PAGE>   7

diminish or eliminate SuperSolutions' ownership, security or other interest in
or proof of ownership of the System.

        (d) Licensee shall immediate notify SuperSolutions of all details
concerning any loss, theft, damage or destruction to all or any part of the
System. Except as may be otherwise provided for herein, all risks of loss,
theft, damage or destruction to the System or any part thereof, however incurred
or occasioned, shall be borne by Licensee, unless arising from or related to the
actions or inaction of SuperSolutions.

        (e) If any items of the System are rendered unusable as a result of any
physical damage or destruction, Licensee shall give to SuperSolutions immediate
notice thereof and this Agreement shall continue in full force and effect,
except as hereinafter set forth. Licensee shall be responsible to SuperSolutions
for any cost incurred by SuperSolutions or any sums which must be expended to
repair or replace the damaged or destroyed portion of the System, unless arising
from or related to the actions or inaction of SuperSolutions.

        (f) Licensee shall use the System in a careful and proper manner, shall
comply with and conform to all governmental laws, rules and regulations relating
thereto, and shall cause the System to be operated in accordance with the
manufacturer's or supplier's instructions, manuals, and the Documentation.

        (g) Licensee acknowledges that the System, including, without limitation
the Software and the Documentation, is subject or will be subject to various
copyrights or patents or both and trade secret protection, and Licensee hereby
agrees to undertake no action which shall in any manner reduce, diminish,
eliminate or jeopardize the effect and enforceability of the copyrights or
patents or both owned or licensed by SuperSolutions or SuperSolutions' trade
secret protection therein.

        (h) Licensee further acknowledges that the names and marks "Daybreak -
The Big Picture" and "Daybreak," and other names and marks used by
SuperSolutions from time to time are trade names, trademarks or service marks of
SuperSolutions, whether registered or not, and are owned and licensed by
SuperSolutions, and Licensee shall not undertake any actions which shall in any
manner reduce, diminish, eliminate, jeopardize or effect the enforceability or
ownership interest of SuperSolutions in such names and marks.

                                   SECTION 13.

                         REPRESENTATIONS AND WARRANTIES

        In order to induce each other to enter into this Agreement and for
SuperSolutions to license the Software, the Documentation and the System to
Licensee hereunder, each party hereby represents and warrants to the other that:

        (a) It is duly organized and validly existing and in good standing under
the laws of the state of its formation;

        (b) It, and the individuals executing this Agreement on its behalf, have
full power, authority and the legal right to execute, deliver and perform all
provisions of this Agreement, and the execution, delivery and performance hereof
has been duly authorized by all necessary action and constitutes a legal, valid
and fully binding obligation enforceable against it in accordance with its own
terms;

        (c) The execution, delivery and performance of this Agreement has been
consented to and authorized by all Persons required to consent and authorize and
will not contravene any law, regulation, judgment or decree applicable to it or
will not cause a breach of or default in any other agreement, contract or
understanding to which it is a party;

                                       7
<PAGE>   8

        (d) It shall operate its business and take all reasonable actions
necessary to ensure all employees, agents and independent contractors perform
any and all actions necessary to fully comply with this Agreement; and

        (e) It shall comply with and ensure the compliance of all of its
employees, agents and independent contractors with all of the confidentiality
provisions hereof, including, without limitation, Section 10 hereof, throughout
the term of this Agreement, and after any expiration or termination of the term
hereof.

                                   SECTION 14.

                                   MAINTENANCE

        The parties shall execute the SuperSolutions Corporation Daybreak - The
Big Picture (TM) Service Level Agreement ("Service Level Agreement") attached
hereto as EXHIBIT C.

                                   SECTION 15.

             REMEDIES, DAMAGES, INJUNCTIONS AND SPECIFIC PERFORMANCE

        (a) It is expressly understood and agreed by the parties that many of
the covenants and agreements of each party and its employees, agents or
independent contractors pursuant to this Agreement shall survive any termination
of this Agreement, are special, unique and of extraordinary character, and in
addition to all remedies provided for elsewhere herein in the event of the
occurrence of any default or breach hereunder by a party or any of its
employees, agents, or independent contractors of any term, provision, section,
or paragraph of this Agreement to be performed by such party or any of its
employees, agents or independent contractors, the non-defaulting party shall be
entitled, if it so elects, to institute and prosecute proceedings in any court
of competent jurisdiction, either at law or in equity, and shall be entitled to
such relief as may be available to it at law or in equity, including injunctive
relief and specific performance.

        (b) Without limiting the generality of the foregoing, Licensee hereby
expressly acknowledges that upon the occurrence of any "Default" (as defined in
Section 17(a) hereof) or "Event of Default" (as defined in Section 17(b)
hereof), SuperSolutions shall be entitled to maintain any proceedings to: (i)
obtain damages for any Default of this Agreement; (ii) recover the entirety of
the license fee; (iii) order the specific performance by Licensee or its
employees, agents or independent contractors; or (iv) obtain preliminary
injunctive relief, permanent injunctive relief or both, as well as an equitable
accounting of all profits and benefits arising out of such violation or Event of
Default; all of which above rights and remedies shall be cumulative and in
addition to any other rights or remedies to which SuperSolutions may be
entitled.

                                   SECTION 16.

                                    INDEMNITY

        (a) Licensee shall indemnify and hold SuperSolutions harmless from any
and all liabilities, losses, damages, expenses, legal or otherwise, causes of
action, suits, claims or judgments arising from injury or loss to any Person,
property or business or loss of income resulting from or based upon the actual
or alleged use or operation of the System, or any portion thereof, by Licensee,
and Licensee shall at its own cost and expense, defend any and all suits or
other actions which may be brought against SuperSolutions, either alone or in
conjunction with others upon such claim or claims and shall satisfy, pay and
discharge all judgments, costs and fines that may be recovered against
SuperSolutions in any such suit or other actions. Any expense, including all
reasonable attorneys' fees, which SuperSolutions may pay or incur in defending
any such suits or other actions, as well as any judgments, costs, penalties,

                                       8
<PAGE>   9

damages and fines in any such suits or other actions which shall be paid by
SuperSolutions shall be immediately repaid to SuperSolutions by Licensee.

        (b) Provided that Licensee notifies SuperSolutions promptly in writing
of any such action or claim, and SuperSolutions may fully participate in or take
over the exclusive defense of and decisions regarding any settlement of any such
action or claim, SuperSolutions agrees to defend, at its expense, actions
properly brought against Licensee to the extent that such actions contend that
the Software used by Licensee within the scope of the license granted hereunder
infringes an enforceable United States copyright or an enforceable United States
patent; provided that any such actions are not the result of the actions or
omissions of Licensee other than the use and possession of the Software pursuant
to this Agreement; and, notwithstanding any limitations on liability stated
herein, SuperSolutions will pay any damages finally awarded against Licensee in
any such action which are attributable to such claim. If the Software becomes,
or in SuperSolutions' opinion is likely to become, the subject of a claim of
infringement of an enforceable United States copyright or an enforceable United
States patent, SuperSolutions may: (i) procure for Licensee the right to
continue using the Software; or (ii) replace or modify the Software to make it
non-infringing or (iii) refund the entire license fee and related license costs.
Notwithstanding the foregoing or anything herein to the contrary,
SuperSolutions' indemnity obligations set forth in this Section 16(b) shall
immediately be terminated and voided and SuperSolutions shall have no liability
for any claim of copyright or patent infringement or otherwise with respect to
the Software if Licensee makes or permits to be made any modifications to the
Software, without written approval of SuperSolutions, or misuses or abuses the
Software, or uses the Software other than as permitted herein.

                                   SECTION 17.

                         DEFAULTS AND EVENTS OF DEFAULT

        (a) Any one or more of the following events shall constitute a "Default"
under this Agreement:

                (i) Licensee shall fail to make on a timely basis or delay in
        making any payment of any fees, amounts or other sums owing to
        SuperSolutions as such fees, amounts or other sums shall become due and
        owing to SuperSolutions; or

                (ii) Licensee or any of its employees, agents or independent
        contractors shall breach, default in the performance of or fail to
        perform or observe any material duty, obligation or other covenant,
        condition or agreement to be performed or observed by it or them with
        respect to this Agreement, or any other agreement between the parties
        hereto; or

                (iii) Any material covenant, agreement, representation or
        warranty made by Licensee herein or in any document, certificate or
        financial or other statement hereafter furnished by Licensee to
        SuperSolutions in connection with this Agreement or any other agreement
        between the parties hereto shall prove at any time to have been untrue,
        false or misleading in any material respect as of the time when made to
        the best of Licensee's knowledge and belief after due inquiry.

        (b) Any of the following events shall constitute an "Event of Default"
under this Agreement:

                (i) The failure of Licensee to cure any Default pursuant to
        Section 17(a)(i) hereof within five (5) days from the date Licensee
        receives written notice of any such Default; or

                (ii) The failure of Licensee to cure any Default pursuant to
        Section 17(a)(ii) or 17(a)(iii) hereof within thirty (30) days from the
        date Licensee receives written notice of any such Default.

                                       9
<PAGE>   10

                                   SECTION 18.

                                    REMEDIES

        (a) If any Event of Default shall occur hereunder, SuperSolutions may,
at its option, at any time thereafter without notice, do any one or more of the
following with respect to this Agreement and the System, or any part thereof, as
SuperSolutions in its sole discretion shall elect:

                (i) SuperSolutions may enter upon any premises of Licensee and
        the Office and any other location where the System, or any part thereof,
        is located and render inoperative the System, or any part thereof, all
        without liability for or by reason of such entry or taking of
        possession; or

                (ii) SuperSolutions may exercise any other right or remedy which
        may be available to it pursuant to this Agreement or any other agreement
        between the parties hereto or under applicable law, or proceed by
        appropriate court action to enforce the terms hereof or to recover
        damages for the breach hereof.

        (b) In addition to Sections 18(a)(i), through (ii) hereof, Licensee
shall be liable for any and all unpaid rents, fees, sums and all other amounts
due SuperSolutions before or during the exercise of any of the foregoing
remedies and for all reasonable legal fees and other costs and expenses incurred
by reason of the occurrence of any Event of Default or the exercise of
SuperSolutions' remedies with respect thereto.

        (c) No remedy referred to in this Section 18 or elsewhere in this
Agreement is intended to be exclusive, but each shall be cumulative and in
addition to any other remedy referred to herein or otherwise available to either
party at law or in equity, and the exercise or beginning of exercise by either
party of any one or more of such remedies shall not preclude the simultaneous or
later exercise by either party of any or all such other remedies. No express or
implied waiver by SuperSolutions of an Event of Default shall in any way be, or
be construed to be, a waiver of any future or subsequent Event of Default.

        (d) In any legal or other proceedings arising from or related to this
Agreement, the prevailing party shall be awarded its reasonable attorney fees
and costs incurred.

                                   SECTION 19.

                                     NOTICES

        (a) All notices, demands and other communications required or permitted
to be given hereunder shall be in writing, and shall be deemed to have been
given upon the earlier of receipt or five (5) days after mailing in the United
States mail, first class postage prepaid, certified mail, return receipt
requested, addressed as follows or to such other address as any of the following
entities may from time to time designate in writing to the other entity listed
below:

                (i) SuperSolutions:

                    SuperSolutions Corporation
                    10100 Viking Drive, Suite 100
                    Eden Prairie, MN 55344-7255
                    Attn: President

                                       10
<PAGE>   11

                (i) Licensee:

                    Onyx Acceptance Corporation
                    27051 Towne Centre Drive
                    Foothill Ranch, CA 92610
                    Attn: President
                    With a copy Attn: General Counsel

                                   SECTION 20.

                                  MISCELLANEOUS

        (a) Any section of this Agreement which is prohibited or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining sections hereof or portions thereof. To the
extent permitted by applicable law, both parties hereby waive any provision of
law which renders any section hereof prohibited or unenforceable in any respect.

        (b) This Agreement may not be amended orally, but only by an instrument
in writing signed by the party against which the enforcement of the change,
waiver, discharge or amendment is sought. No delay or failure on the part of
either party to exercise any power or right hereunder shall operate as a waiver
thereof, nor as an acquiescence in any default, nor shall any single or partial
exercise of any power or right preclude any other or further exercise thereof,
or the exercise of any other power or right.

        (c) This Agreement, including all Exhibits hereto and all Software
License Schedules, contains the full, final and exclusive statement of the
agreement between SuperSolutions and Licensee relating to the license of the
Software, the Documentation and the System and all other matters set forth
herein and supersedes all other oral and written understandings to the contrary.

        (d) This Agreement and the covenants and agreements contained herein
shall be binding upon, and inure to the benefit of each party and its respective
successors and assigns. Licensee may not assign its rights in and to this
Agreement, the Software or any Software License Schedule without prior written
notice to SuperSolutions.

        (e) The headings of the sections in this Agreement are for the
convenience of reference only, are not a part of this Agreement and shall not be
deemed to affect the meaning or construction of any of the provisions hereof.

        (f) This Agreement may be executed by the parties hereto in any number
of separate counterparts, each of which when so executed and delivered shall be
an original, but all such counterparts shall together constitute but one and the
same instrument.

        (g) This Agreement shall be interpreted and construed, and the legal
relationships created hereby shall be construed in accordance with the laws of
the State of Minnesota, without regard to conflicts of law provisions. Licensee
hereby (i) agrees that any litigation, action or proceeding arising out of or
relating to this Agreement shall be instituted in any state or federal court
only in Minneapolis, Minnesota, (ii) waives any objection which it might have
now or hereafter to the venue of any such litigation, action or proceeding,
(iii) irrevocably submits to the jurisdiction of any such court in any such
litigation, action or proceeding, and (iv) waives any claim or defense of
inconvenient forum. Licensee hereby consents to service of process by registered
mail, return receipt requested, at such party's address and expressly waives the
benefit of any contrary provision of foreign law.

        (h) Notwithstanding anything herein to the contrary, the entirety of
Sections 1, 9, 10, 11, 12, 13, 15, 16, 17, 18 and 20 shall survive any
termination hereof.

                                       11
<PAGE>   12

        (i) Should a provision of this Agreement require interpretation, it is
agreed that the court, individual, agency or entity interpreting or construing
this Agreement shall not apply the assumption that the terms hereof shall be
more strictly construed against the party preparing this Agreement, it being
agreed that both parties hereto have participated in the preparation of this
Agreement.

        (j) Each party agrees to submit to each other for review and approval
prior to issuance, publication, or dissemination any publications,
advertisement, press releases or other materials that may use or display the
trade names, trademarks, or otherwise identify either party, and no such
publication, advertisements, press releases or other materials shall be issued,
published, or disseminated without prior review and written approval.

        (k) SuperSolutions and Licensee each agree that, until the earlier of
one year after the termination of this Agreement or one year after an employee's
or independent contractor's termination of employment or contract, neither it
nor any of its subsidiaries or affiliates shall, except with the prior written
consent of the other, offer employment to or employ or contract with any person
employed or contracted by the other or any subsidiary or affiliate of the other
if such person was involved directly or indirectly in the use or implementation
of the System by Licensee.

        (l) No Third Party Beneficiaries. Nothing herein expressed or implied is
intended or shall be construed as conferring upon or giving to any person, firm
or corporation other than the parties hereto any rights or benefits under or by
reason of this Agreement, other than MBIA Insurance Corporation or another
financial insurer of Licensee.

                                       12
<PAGE>   13

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly authorized, executed and delivered under the seal as of the day and year
first above written.

                                       "LICENSOR"

                                       SUPERSOLUTIONS CORPORATION

                                       By  /s/  [SIGNATURE ILLEGIBLE]
                                         ---------------------------------------

                                         Title  President       12/23/99
                                              ----------------------------------

                                       "LICENSEE"

                                       ONYX ACCEPTANCE CORPORATION

                                       By  /s/  TODD A. PIERSON
                                         ---------------------------------------

                                         Title  SVP, CIO      12/30/99
                                              ----------------------------------

                                       13
<PAGE>   14

                                    EXHIBIT A

                              BASIC HARDWARE SYSTEM

TO BE DETERMINED BY LICENSEE.

                                       14
<PAGE>   15

                                    EXHIBIT B

                                 SPECIFICATIONS

SEE ATTACHED LOAN SERVICING AND COLLECTION SERVICES GAP ANALYSIS

                                       15
<PAGE>   16

                                    EXHIBIT C

                             SERVICE LEVEL AGREEMENT

SEE ATTACHED.

                                       16

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