Document:

<PAGE>

                                                                 EXHIBIT 10.4

This Exhibit contains confidential information which has been omitted and
filed separately with the Security and Exchange Commission pursuant to a
confidential treatment request under rule 24b-2 of the Securities and
Exchange Act of 1934. The confidential information has been replaced with
asterisks.

                    EXCLUSIVE FIELD OF USE LICENSE AGREEMENT

      This Agreement, and any Exhibits, Schedules, and Appendices
(collectively, the "AGREEMENT"), effective as of September 30, 1999, is
entered into between Cragar Industries, Inc., a Delaware corporation having
its principal place of business at 4636 North 43rd Avenue, Phoenix, Arizona
85031 (hereinafter "LICENSOR"), and Weld Racing, Inc., a Missouri corporation
having its principal place of business at 933 Mulberry Street, Kansas City,
Missouri 64101 (hereinafter "LICENSEE").

      WHEREAS, Licensor is the owner of the various trademark and/or
servicemark rights listed on the attached SCHEDULE A (hereinafter the
"TRADEMARK RIGHTS");

      WHEREAS, Licensor is the owner of the various patent rights listed on
the attached SCHEDULE B (hereinafter the "PATENT RIGHTS");

      WHEREAS, Licensee and Licensor have entered into a certain Agreement of
Sale and Purchase of Assets, dated as of September 30, 1999; and

      WHEREAS, Licensee desires to obtain an exclusive license, in the field
of use designated herein, under the Trademark Rights, the Patent Rights, and
other intangible rights owned by Licensor.

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

1.    DEFINITIONS

      1.1.   "PATENTED PRODUCT" means any device or system covered by a claim
of any currently issued patent contained in the Patent Rights, or any patent
that issues from a currently pending patent application contained in the
Patent Rights.

      1.2.  "LICENSED PRODUCTS" means the products listed on the attached
SCHEDULE C and any Patented Product.

      1.3.  "LICENSED PRODUCT CLASS" means one of the categories of Licensed
Products set forth on the attached SCHEDULE C.

      1.4.  "LICENSED FIELD" means the Licensor's line of racing, automobile,
motorcycle and light truck wheels having a non-cast, wrought aluminum alloy
outer rim, and related accessories (whether currently offered by Licensor or
to be developed in the future).

      1.5.  "IMPROVEMENT" means any modification in the structure or design
of the Licensed Products, whether patentable or unpatentable, which depends
upon a Licensed

                                      1

<PAGE>

Product for its use or effectiveness or which increases the effectiveness or
manufacturability of a Licensed Product, including, without limitation, any
modification of a part, component, or process or apparatus for the
manufacture thereof.

      1.6.  "INTANGIBLE RIGHTS" means (i) any and all documents in whatever
form, including but not limited to writings, computer disks, computer tapes,
and electronic records, containing design and technical information,
engineering or production data, drawings, plans, specifications, techniques,
methods, processes, trade secrets, reports, models, market research data,
customer lists, and any and all other material or matter used by or in
possession of Licensor and applicable to the design, manufacture, assembly,
service, and sale of the Licensed Products, (ii) Licensor's general and
specific knowledge, experience, and information, not in written or printed
form, applicable to the design, manufacture, assembly, service, and sale of
the Licensed Products, and (iii) any other trade secret information, and
proprietary information that may be applicable to the design, manufacture,
assembly, service, and sale of the Licensed Products.

      1.7.  "LICENSED RIGHTS" means one or more of any of the Trademark
Rights, the Patent Rights, and the Intangible Rights.

2.    LICENSE GRANT

      2.1.  TRADEMARKS.  Licensor grants to Licensee a worldwide exclusive
license in the Licensed Field to use the Trademark Rights in connection with
the marketing and sale of the Licensed Products, subject to the terms of this
Agreement.

            2.1.1.      The parties agree that Licensee's use of the Trademark
      Rights, including the goodwill arising from such use, shall inure to the
      benefit of Licensor, and Licensee shall have no right whatsoever to the
      Trademark Rights except as specifically set forth herein.  Licensee agrees
      to not use the Trademark Rights, or any simulation or variant thereof, or
      any mark, name, logo, design, likeness, or other representation
      confusingly similar to any of the marks included in the Trademark Rights,
      except as specifically set forth herein.

            2.1.2.      Licensee shall not at any time do or cause to be done
      any act or thing contesting or in any way impairing or tending to impair
      any part of Licensor's right, title, and interest respecting the Trademark
      Rights.  Licensee shall not in any manner represent that it has any
      ownership in the Trademark Rights, and Licensee acknowledges that its use
      of the Trademark Rights shall not create in Licensee's favor any right,
      title, or interest in or to the Trademark Rights.

      2.2.  LICENSED PRODUCTS.  Licensor grants to Licensee a worldwide
exclusive license in the Licensed Field to make, use, sell, and offer for
sale the Licensed Products, subject to the terms of this Agreement.  In
connection with this grant, Licensor grants to Licensee a worldwide exclusive
license in the Licensed Field to use the Patent Rights and the Intangible
Rights to manufacture the Licensed Products.

                                      2

<PAGE>

            2.2.1.      Licensor makes no warranty related to the validity or
      enforceability of any of the issued patents included in the Patent Rights.

            2.2.2       Licensee may only disclose the Intangible Rights to
      third parties if such disclosure is necessary for Licensee to perform its
      obligations under this Agreement, PROVIDED, that no disclosure of the
      Intangible Rights shall be made by Licensee unless Licensee has obtained
      from the third party a signed nondisclosure agreement that affords
      Licensor at least the same protection as set forth in PARAGRAPH 8 herein.

      2.3.  NO TRANSFER.  The rights granted under this PARAGRAPH 2 may not
be sublicensed or transferred without the express prior written consent of
Licensor.

3.    ROYALTIES AND PAYMENT TERMS

      3.1.  Licensee shall pay to Licensor the royalty on Annual Net Sales of
Licensed Products as specified in the attached SCHEDULE D.  Licensee's
obligation to pay royalties under this Agreement will be triggered by the
invoice date or the shipping date of the Licensed Products, whichever occurs
first.  Royalty payments are due thirty (30) days after the end of each
calendar quarter.

      3.2.  Licensee shall keep accurate and complete records containing all
information required for the computation and verification of the payments due
under Paragraph 3.1.  Licensor shall have the right to inspect such records
during Licensee's ordinary business hours to verify the accuracy of any
royalty payments made under this Agreement.  If an audit by Licensor uncovers
a deficiency in any royalty payment, Licensee must pay the cost of such audit
and immediately remit the amount due, including a two percent (2.0%) per
month finance charge.

      3.3.  Any past due royalty payments will carry an interest rate of two
percent (1.5%) per month commencing on the due date and compounding every
thirty (30) days thereafter.

      3.4.  Within thirty (30) days after the end of each calendar quarter,
Licensee will have paid to Licensor at least the following cumulative royalty
payment amounts:

      First Quarter:    [*] of the total minimum annual royalty for that year.
      Second Quarter:   [*] of the total minimum annual royalty for that year.
      Third Quarter:    [*] of the total minimum annual royalty for that year.
      Fourth Quarter:   [*] of the total minimum annual royalty for that year.

      If any of the above cumulative royalty payment amounts is not met by
Licensee, or if Licensee is late for any quarterly royalty payment, Licensee
will be deemed to have defaulted.  Upon written notice of such default,
Licensee shall have ninety (90) days to cure such default, otherwise Licensor
may immediately terminate this Agreement.

[*] Redacted Information

                                      3

<PAGE>

4.    QUALITY CONTROL

      4.1.  Licensee shall use the Trademark Rights in connection with the
Licensed Products only upon employing quality standards that meet or exceed
each of the following:  (a) the current standards under which such products
have in the past been manufactured by Licensor; and (b) the standards
recognized by the industry as acceptable for such products.

      4.2.  Licensee agrees that Licensor has the right to control the
quality of all Licensed Products manufactured, sold, and marketed by Licensee
under the Trademark Rights.  If Licensor determines, in Licensor's sole
reasonable discretion, that the quality of the Licensed Products fail to meet
the quality control standards set forth herein, then such failure shall
constitute a material breach of this Agreement, permitting Licensor to
terminate this Agreement upon ninety (90) days' written notice to Licensee,
unless such breach is cured.

      4.3.  Licensee shall permit Licensor or Licensor's appointed agent to
inspect and to monitor Licensee's use of the Trademark Rights including,
without limitation, (a) allowing Licensor or Licensor's appointed agent, at
reasonable times, to review Licensee's advertisements and other materials
using the Trademark Rights, and (b) with reasonable advance notice, to enter
the premises of Licensee, or any premises under the control of Licensee,
where any Licensed Product is manufactured or sold, to inspect the Licensed
Products and the manner in which the Licensed Products are marketed.
Licensee shall also provide, upon request of Licensor, representative samples
of the Licensed Products and any advertising therefor.

      4.4.  Licensee agrees not to use the Trademark Rights in connection
with any Licensed Products where the character, appearance, quality, or
suitability thereof is disapproved by Licensor.  The Licensed Products sold
and manufactured under the Trademark Rights shall be in compliance with all
applicable national, state, and local laws and regulations governing the
Licensed Products.

      4.5.  LEVERAGING OF THE TRADEMARK RIGHTS

            4.5.1.      Subject to approval of Licensor and subject to the
      quality control standards set forth herein, Licensee may utilize the
      Trademark Rights in conjunction with any marks owned or created by
      Licensee, but only to the extent that such use of the Trademark Rights is
      reasonably intended to promote the Licensed Products, and only to the
      extent that such use does not dilute any of the Trademark Rights.

            4.5.2.      Subject to approval of Licensor and subject to the
      quality control standards set forth herein, Licensee shall use the word
      mark CRAGAR to create new trademark or service mark designs on behalf of
      Licensor (hereinafter "NEW MARKS").  Such New Marks are only to be used in
      connection with the sales,

                                      4

<PAGE>

      promotion, or marketing of the Licensed Products and such New Marks
      must be distinctive over all other New Marks that are created by
      additional Licensees of Licensor under similar terms.  The parties agree
      that Licensee's use of such New Marks, including the goodwill arising
      from such use, shall inure to the benefit of Licensor, and Licensee shall
      have no right whatsoever to the New Marks except as specifically set
      forth herein.  Licensee agrees to not use the New Marks, or any
      simulation or variant thereof, or any mark, name, logo, design, likeness,
      or other representation confusingly similar to any of the New Marks,
      except as specifically set forth herein.

            4.5.3   Licensee agrees to use the New Marks whenever the Cragar
      name or logo is used.

            4.5.4.  Licensee's right to use the Trademark Rights, any marks
      derived from or including any of the Trademark Rights, and any New Marks,
      as contemplated by this PARAGRAPH 4.5, shall immediately cease upon
      termination of this Agreement for any reason.

      4.6.  Notwithstanding the foregoing, Licensee shall be responsible for
assuring that the Licensed Products sold under this Agreement are free from
defects in materials or workmanship, are of merchantable quality, and are fit
for the purposes intended by Licensee's customers.

5.    MARKINGS

      5.1.  Licensee shall mark each Patented Product and its associated
packaging with the applicable patent number.

      5.2.  Licensee shall place the trademark registration symbol
"-Registered Trademark-" immediately following each use of a federally
registered trademark included in the Trademark Rights.  Licensee shall place
the trademark symbol "-TM-" immediately following each use of a
non-federally-registered trademark included in the Trademark Rights.

      5.3.  Licensee shall mark each Licensed Product it manufactures with
the actual manufacturing date of such Licensed Product, along with any other
government-mandated, statutory, or other regulatory markings that may be
required.  Licensee shall be fully responsible for, and agrees to indemnify
Licensor for, any and all product liability and product warranty claims (and
any associated costs and damages) caused by Licensee's failure to properly
mark the Licensed Products under this Paragraph 5.3.

6.    IMPROVEMENTS

      6.1.  If Licensee develops an Improvement, Licensee shall immediately
disclose such Improvements to Licensor prior to incorporation or
implementation of such Improvement into any Licensed Product.  Licensee shall
obtain written approval from

                                      5

<PAGE>

Licensor, which shall not be unreasonably denied by Licensor, before any such
Improvement is incorporated or implemented into any Licensed Product.

      6.2.  Upon termination of this Agreement, Licensee shall grant to
Licensor a non-exclusive and royalty-free license to make, use, sell, offer
for sale, and import products that embody or utilize any Improvement
developed by Licensor.

      6.3.  Licensor shall retain all rights in and to any Improvement
developed or acquired by Licensor.  Licensor agrees to grant to Licensee
licenses of the scope specified in Paragraph 2 herein for any Improvements
developed by Licensor, and the terms of this Agreement shall also apply to
such Improvements. No additional royalty shall be due for such additional
licenses for such Improvements.  Licensee agrees to cooperate with Licensor,
without further consideration, during the preparation and prosecution of any
patent applications filed in connection with Improvements developed by
Licensor.

7.    BEST EFFORTS

      7.1.  Licensee shall use its best efforts to promote the sale of the
Licensed Products, including making commercially reasonable advertising and
marketing expenditures, prospecting and contacting customers and potential
customers of the Licensed Products, and striving to achieve a cost-efficient
manufacturing process while maintaining a high quality of Licensed Products.

      7.2.  Licensor may request Licensee to prepare a written quarterly
summary of promotional, marketing, and sales activity related to the Licensed
Products.

      7.3.  If, for any two (2) year period, Licensee does not market and
promote a particular Licensed Product Class, Licensor shall have the right to
exclude from this Agreement any and all products contained in such Licensed
Product Class.  Licensor shall have the right to offer the Licensed Rights
for products contained in any excluded Licensed Product Class to any third
party.

      7.4.  If, for any reason, Licensee ceases to actively market and
promote the Licensed Products for any continuous ninety (90) day period,
Licensee shall promptly notify Licensor and Licensor shall have the right to
immediately terminate this Agreement.

8.    CONFIDENTIALITY

      8.1.  During the term of this Agreement, one party (the "DISCLOSING
PARTY") may disclose to another party (the "RECEIVING PARTY") confidential
information, proprietary information, trade secret information, marketing
data, and the like (hereinafter "CONFIDENTIAL INFORMATION").  The Receiving
Party shall not use or disclose any Confidential Information, except for the
purpose of complying with its obligations under this Agreement.

                                      6

<PAGE>

      8.2.  The Receiving Party agrees to keep all Confidential Information
strictly confidential, subject to the limited disclosure to a selected number
of employees as may be reasonably necessary to enable the Receiving Party to
comply with its obligations under this Agreement.

      8.3.  Upon termination of this Agreement, the Receiving Party shall
return (or destroy if requested by the Disclosing Party) all Confidential
Information in its possession.  Notwithstanding the foregoing, the
confidentiality provisions set forth herein shall survive any termination of
this Agreement.

9.    INFRINGEMENT

      9.1.  If either party discovers an infringing use of any of the
Licensed Rights by any third party, the discovering party shall promptly
notify the other party.  If Licensor elects to institute an action to end
such third party infringement, Licensee shall provide all reasonable
assistance to Licensor in connection with such action.  If Licensor elects to
not institute such an action, Licensee may initiate such action, and Licensor
agrees to provide reasonable assistance to Licensee in connection with such
action.

      9.2   Any lawsuit or action initiated pursuant to Paragraph 9.1 shall
be prosecuted at the sole expense of the party bringing suit and all sums
recovered shall be divided equally between the parties after deduction of all
reasonable expenses and attorney fees.

10.   TERM AND TERMINATION

      10.1. This Agreement shall have a term of [*] from its effective date,
with perpetual renewal rights.  Any renewal of this Agreement shall have a
term of [*].

      10.2. At least two hundred seventy (270) days prior to the termination
date of the original Agreement or any subsequently renewed Agreement,
Licensee shall provide written notice to Licensor of Licensee's intent to
terminate or renew the current Agreement.

      10.3. If Licensee fails to comply with any of the terms of this
Agreement or of the Agreement of Sale and Purchase of Assets, then Licensee
will be deemed to have defaulted.  Upon written notice of such default,
unless otherwise specified herein, Licensee shall have ninety (90) days to
cure such default, otherwise Licensor may immediately terminate this
Agreement.

      10.4. In the event of failure, receivership, or seizure of Licensee,
this Agreement shall terminate immediately.

[*] Redacted Information

                                      7

<PAGE>

      10.5. If this Agreement is terminated for any reason, Licensee shall
not be relieved of any duties or obligations owing as of the date of
termination, including without limitation, accounting for any outstanding
royalties, responsibility for product warranties and product liability for
any Licensed Products, and the duty to maintain confidentiality in accordance
with Paragraph 8 herein.  Any royalty payments due upon termination of this
Agreement must be paid by Licensee within sixty (60) days of the termination
date.

      10.6. Upon termination of this Agreement for any reason, Licensee shall
immediately cease and desist from any use whatsoever of the Licensed Rights.
Licensee or primary lender may, however, liquidate all remaining inventory in
its possession at time of termination, provided that (i) Licensor shall be
given the right of first refusal to purchase any or all of the inventory upon
the same terms as Licensee offers to third parties, (ii) royalties shall be
payable to Licensor on all liquidated inventory.  Further, upon termination
of this Agreement for any reason, Licensee shall immediately transfer to
Licensor or destroy, at Licensor's election, any and all documents and things
bearing any mark included within the Trademark Rights.

11.   ARBITRATION

      Any controversy or claim arising out of or relating to this Agreement,
or its breach, shall be settled by binding arbitration in accordance with the
rules of the American Arbitration Association with all proceedings conducted
in Phoenix, Arizona.  Judgement upon the award rendered by the arbitrator(s)
may be entered in any court having competent jurisdiction.

12.   MISCELLANEOUS TERMS

      12.1. Licensor may assign its rights under this Agreement to any third
party, without prior notice or consent of Licensee.

      12.2. Licensee agrees to indemnify and hold Licensor and its officers,
directors, representatives, agents, and employees harmless from and against
any and all liability, damage, loss, or expense, which Licensor may sustain
or incur in any action brought or claim made by any person, organization, or
governmental entity or agency (including Licensee), irrespective of the legal
theory on which such action or claim may be based, to the extent such
liability relates to this Agreement.

      12.3. EXCEPT AS EXPRESSLY SET FORTH HEREIN, LICENSOR, AND ANY RELATED
ENTITIES INCLUDING LICENSOR'S DIRECTORS, OFFICERS, EMPLOYEES, AND AFFILIATES
MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER
EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF ISSUED OR
PENDING PATENT CLAIMS, IN THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR
NOT DISCOVERABLE.  NOTHING IN THIS AGREEMENT SHALL

                                     8

<PAGE>

BE CONSTRUED AS A REPRESENTATION MADE OR WARRANTY GIVEN BY LICENSOR THAT THE
PRACTICE BY LICENSEE OF THE LICENSES GRANTED HEREUNDER SHALL NOT INFRINGE THE
PATENT OR TRADRMARK RIGHTS OF ANY THIRD PARTY.  IN NO EVENT SHALL LICENSOR,
ITS DIRECTORS, OFFICERS, EMPLYEEES, OR AFFILIATES BE LIABLE FOR INCIDENTAL OR
CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGE OR INJURY TO
PROPERTY OR LOST PROFITS, REGARDLESS OF WHETHER LICENSOR SHALL BE ADVISED,
SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY.

      12.4. Subject to PARAGRAPH 2.3 herein, this Agreement shall be binding
upon the successors, assigns, and legal representatives of the parties.

      12.5. Any payment, notice, or other communication required or permitted
to be made or given to either party pursuant to this Agreement shall be
sufficiently made or given upon actual receipt if hand-delivered or by
telecopy, or three days after the date of mailing if sent by certified or
registered mail, postage prepaid, addressed to such party at its address set
forth above or to any other address as it shall designate by written notice
to the other party.

      12.6. The parties agree that if any part, term, or provision of this
Agreement is found to be illegal, invalid, or unenforceable, the validity of
the remaining provisions shall not be affected thereby.

      12.7. This Agreement shall be governed by, construed, and interpreted
in accordance with the laws of the State of Arizona.

      12.8. The failure of any party to exercise any right, power, or remedy
hereunder shall not constitute a waiver thereof, nor shall any single or
partial exercise of any right, power, or remedy hereunder preclude any other
or further exercise thereof or the exercise of any other right, power, or
remedy.

      12.9. This Agreement constitutes the entire understanding between the
            parties as to the subject matter hereof.  No amendments to this
            Agreement shall be effective unless in writing and signed by the
            parties.

      Buyer and Seller have executed this Agreement on the date first written
above.  By signing below, each individual represents that he or she is a duly
elected officer of the company and is authorized to sign in that capacity.

CRAGAR INDUSTRIES, INC.,                  WELD RACING, INC.
a Delaware corporation                    a Missouri corporation

By:                                            By:
Name:_________________________                 Name:_______________________
Title: _______________________                 Title:______________________

                                       9

<PAGE>

                    SCHEDULE A - LICENSOR'S TRADEMARK RIGHTS

      THIS SCHEDULE A ACCOMPANIES THE EXCLUSIVE FIELD OF USE LICENSE
AGREEMENT, EFFECTIVE ________________________________, BETWEEN CRAGAR
INDUSTRIES, INC. ("LICENSOR") AND WELD RACING, INC. ("LICENSEE").  THE
PARTIES AGREE THAT THIS SCHEDULE A MAY NOT BE AMENDED UNLESS SUCH AMENDMENT
IS IN WRITING AND IS SIGNED BY BOTH PARTIES.

LIST ALL APPLICABLE STATE, FEDERAL, AND FOREIGN REGISTERED TRADEMARKS AND
SERVICE MARKS, INCLUDING THE REGISTRATION NUMBERS AND APPROPRIATE EXHIBITS
SHOWING DESIGN MARKS.  ALSO LIST ALL APPLICABLE COMMON LAW TRADEMARKS AND
SERVICE MARKS, AND ALL APPLICABLE STATE, FEDERAL, AND FOREIGN TRADEMARK
APPLICATIONS.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------
                      SCHEDULE A
------------------------------------------------------------------------------
TRADEMARK NUMBER                   TRADEMARK DESCRIPTION
------------------------------------------------------------------------------
<S>                    <C>
    1478604             Trademark - Cragar America's Choice & design
------------------------------------------------------------------------------
    819800              Trademark - Cragar
------------------------------------------------------------------------------
    964061              Trademark - Super Trick
------------------------------------------------------------------------------
     70444              Trademark - S/S (State of California)
------------------------------------------------------------------------------
    1031812             Trademark - S/S
------------------------------------------------------------------------------
    252027              Trademark - CRAGAR in Class 19 Mexican
------------------------------------------------------------------------------
    354546              Trademark - CRAGAR  Mexican
------------------------------------------------------------------------------
    1870609             Trademark - CRAGAR  Japanese
------------------------------------------------------------------------------
    297264              Trademark - S/S CRAGAR Taiwanese
------------------------------------------------------------------------------
    297263              Trademark - CRAGAR Taiwanese
------------------------------------------------------------------------------
    295028              Trademark - CRAGAR Taiwanese
------------------------------------------------------------------------------
    A233367             Trademark - CRAGAR Australia
------------------------------------------------------------------------------
    A299886             Trademark - CRAGAR Australia
------------------------------------------------------------------------------
    161878              Trademark - CRAGAR Canadian
------------------------------------------------------------------------------
DMS 16273-000532903     Trademark - European Commercial
------------------------------------------------------------------------------

------------------------------------------------------------------------------
</TABLE>

                                      10

<PAGE>

                     SCHEDULE B - LICENSOR'S PATENT RIGHTS

      THIS SCHEDULE B ACCOMPANIES THE EXCLUSIVE FIELD OF USE LICENSE
AGREEMENT, EFFECTIVE ________________________________, BETWEEN CRAGAR
INDUSTRIES, INC. ("LICENSOR") AND WELD RACING, INC. ("LICENSEE").  THE
PARTIES AGREE THAT THIS SCHEDULE B MAY NOT BE AMENDED UNLESS SUCH AMENDMENT
IS IN WRITING AND IS SIGNED BY BOTH PARTIES.

                                     NONE

                                      11

<PAGE>

                            SCHEDULE C - CRAGAR PRODUCTS

      THIS SCHEDULE C ACCOMPANIES THE EXCLUSIVE FIELD OF USE LICENSE
AGREEMENT, EFFECTIVE ________________________________, BETWEEN CRAGAR
INDUSTRIES, INC. ("LICENSOR") AND WELD RACING, INC. ("LICENSEE").  THE
PARTIES AGREE THAT THIS SCHEDULE C MAY NOT BE AMENDED UNLESS SUCH AMENDMENT
IS IN WRITING AND IS SIGNED BY BOTH PARTIES.

      The Licensed Product Classes for the License Agreement shall be as
follows:

      1.    One piece non-cast, wrought aluminum alloy wheels and related
      accessories;

      2.    Two piece aluminum alloy wheels having a non-cast, wrought aluminum
      alloy outer rim, and related accessories;

      3.    Three (or more) piece alloy wheels having non-cast, wrought aluminum
      alloy outer rims, and related accessories.

      4.    Any type of aluminum or magnesium racing wheel built and marketed
      for the purposes of racing.

      5.    Any type of non-cast, wrought aluminum alloy wheel built and
      marketed for motorcycles.

      For purposes of the License Agreement, the Licensed Products that are
currently part of Licensor's product offering are strictly limited to the
following wheel series (and corresponding accessories).  The following wheel
series identification numbers are contained in the Cragar Industries, Inc.
Warehouse Distributor Workbook dated January 1, 1999:

            1.    41/42 (Drag Star);
            2.    44 (Super Star);
            3.    46/47 (Superlite II);
            4.    48 (Super Race);
            5.    280;
            6.    333; and
            7.    49 (Super Truck).

                                      12

<PAGE>

                         SCHEDULE D - ROYALTY PAYMENTS

      This Schedule D accompanies the Exclusive Field of Use License
Agreement, effective ________________________________, between Cragar
Industries, Inc. ("LICENSOR") and Weld Racing, Inc. ("LICENSEE"). The parties
agree that this Schedule D may not be amended unless such amendment is in
writing and is signed by both parties.

      1.    On the effective date of the License Agreement, Licensee shall
pay to Licensor a royalty prepayment of [*], which is to be applied to future
royalty payments due to Licensor.

      2.    On the effective date of the License Agreement, Licensee shall
provide to Licensor a non-interest bearing promissory note guaranteed by
Richard G. Weld which will be in the amount of the minimum annual royalty
payment for the second year.  Such promissory note shall be updated annually
on or before January 30 of the next year such that the amount of such
promissory note is equal to the minimum annual royalty payment for the next
year.  Licensor acknowledges that Licensee may have certain current
obligations with respect to securing Licensee's assets and Licensor will
endeavor to create a secured promissory note that will not adversely impact
the operation of Licensee's business.

      3.    Licensee agrees to pay Licensor the greater of a minimum annual
royalty of [*] or the amount due under Paragraph 5 below.

      4.    Until the aggregate royalty paid by Licensee to Licensor under
the License Agreement and any renewals thereof reaches [*], the parties agree
that the minimum annual royalty payment and the percentage royalty rate shall
be determined in accordance with the following table, where "ANNUAL NET
SALES" means the total gross sales price for all Licensed Products sold
during that year less the total gross sales price for all Licensed Products
returned to Licensee during that year, except where warranty returns are paid
for by Licensor as set forth in Paragraph 2.3 of the Agreement of Sale and
Purchase of Assets.

[*] Redacted Information

                                    13

<PAGE>

                        [*]                    [*]

      5.    [*]

[*] Redacted Information

                                     14<PAGE>

                                                                    Exhibit 10.8

                              BRADLEES STORES, INC.

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                              AMENDED AND RESTATED

                            EFFECTIVE OCTOBER 1, 1999

                                November 15, 1999

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                     PAGE
<S>                                                                                                 <C>
PREAMBLE.................................................................................................1

ARTICLE I      DEFINITIONS

     1.01     "Accrued Benefit" or "Benefit".............................................................1
     1.02     "Beneficiary"..............................................................................1
     1.03     "Boards of Directors"......................................................................1
     1.04     "Change in Control"........................................................................1
     1.05     "Code".....................................................................................2
     1.06     "Committee"................................................................................2
     1.07     "Company" or "Companies"...................................................................2
     1.08     "Compensation".............................................................................2
     1.09     "Effective Date"...........................................................................2
     1.10     "Final Average Compensation"...............................................................2
     1.11     "Normal Retirement Date" ..................................................................3
     1.12     "Participant"..............................................................................3
     1.13     "Participating Company"....................................................................3
     1.14     "Pension Benefit" .........................................................................3
     1.15     "Plan".....................................................................................3
     1.16     "Plan Year"................................................................................3
     1.17     "Social Security Taxable Wage Base" .......................................................3
     1.18     "Year of Service"..........................................................................3

ARTICLE II    PLAN PARTICIPATION

     2.01    Plan Participation .........................................................................4

ARTICLE III   BENEFITS

     3.01     Amount of Benefit..........................................................................4
     3.02     Payment of Benefits .......................................................................5
     3.03     Death of a Participant ....................................................................5

ARTICLE IV    VESTING

     4.01     Nonforfeitable Amounts.....................................................................5
     4.02     Change in Control..........................................................................5
     4.03     Termination or Amendment...................................................................5
</TABLE>

<PAGE>

TABLE OF CONTENTS

    Continued

<TABLE>
<CAPTION>

                                                                                                      PAGE

<S>                                                                                                   <C>

ARTICLE V     GENERAL PROVISIONS

      5.01    Plan Unfunded..............................................................................6
      5.02    Unsecured Creditor.........................................................................6
      5.03    Amendment and Termination..................................................................6
      5.04    Assignment of Benefits.....................................................................6
      5.05    Employment Not Guaranteed by Plan..........................................................6
      5.06    Taxes......................................................................................6
      5.07    Construction...............................................................................7
      5.08    Form of Communication......................................................................7
      5.09    Captions...................................................................................7
      5.10    Severability...............................................................................7
      5.11    Expenses...................................................................................7
      5.12    Plan Interpretation and Administration.....................................................7
      5.13    Binding Agreement..........................................................................7
      5.14    Participant Statement......................................................................7
      5.15    Dispute Mediation..........................................................................7

APPENDIX A    PARTICIPANTS...............................................................................9
</TABLE>

<PAGE>

     PREAMBLE

     WHEREAS, Bradlees, Inc. and Bradlees Stores, Inc. (collectively, the
"Company") adopted a nonqualified retirement plan, effective as of December 1,
1995, for the benefit of certain highly compensated employees by providing
supplemental retirement income to certain key members of the senior management
group and to replace certain benefits lost due to the limitations placed on the
amount of retirement benefits payable under qualified retirement plans by
sections 401(a)(17) and 415 of the Internal Revenue Code, and

     WHEREAS, the Company wishes to foster and enhance the interests of the
Company by revising the formula for determining supplemental retirement income
to such above mentioned employees,

     NOW, THEREFORE, effective as of October 1, 1999, the Bradlees Stores, Inc.
Supplemental Executive Retirement Plan is amended and restated as hereinafter
set forth:

                                    ARTICLE I

     DEFINITIONS

     1.01 "ACCRUED BENEFIT" or "BENEFIT" means, as of any date of reference, the
lump sum payment determined in accordance with Section 3.01, based upon the
Participant's Final Average Compensation, Years of Service, Pension Benefit, and
the Social Security Taxable Wage Base, all determined as of such date of
reference.

     1.02 "BENEFICIARY" means any person entitled to receive benefits under this
Plan upon the death of a Participant, as designated in writing on a Beneficiary
Designation Form provided by and filed with the Committee. In the event no
beneficiary is designated, the Participant's Beneficiary shall be deemed to be
the Participant's spouse, if any, or the Participant's estate, if there is no
spouse.

     1.03 "BOARD" means the Board of Directors of Bradlees, Inc., as constituted
at any point in time.

     1.04 "CHANGE IN CONTROL" shall mean the occurrence of one or more of the
following events:

          (i) any "person" (as such term is used in Sections 13(d) and 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act')) becomes
a "beneficial owner" (as such term is defined in Rule 13d-3 promulgated under
the Exchange Act) (other than the Company, any trustee or fiduciary holding
securities under an employee benefit plan of either of the Companies, or any
corporation owned directly or indirectly by the stockholders of either of the
Companies, in substantially the same proportions as their ownership of stock of
the Companies), directly or indirectly, of securities of either of the Companies
representing 50% or more of the combined voting power of either of the
Companies' then outstanding securities; or

          (ii) persons who, as of the Effective Date, constituted either
Companies' Board of Directors (the "Incumbent Board") cease for any reason,
including without limitation as a result of tender offer, proxy contest, merger
or similar transaction, to constitute at least a majority of the Board, provided
that any person becoming a director of either of the Companies subsequent to the
Effective

                                       1

<PAGE>

Date whose election was approved by at least a majority of the directors then
comprising the Incumbent Board shall, for purposes of this definition, be
considered a member of the Incumbent Board; or

          (iii) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation or other entity, other
than (A) a merger or consolidation which would result in the voting securities
of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity) more than 50% of the combined voting power of the voting
securities of the Companies or such surviving entity outstanding immediately
after such merger or consolidation or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no
"person" (as herein above defined) acquires more than 50% of the combined voting
power of the Company's then outstanding securities; or

          (iv) the stockholders of either of the Companies approve a plan of
complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company's assets.

     1.05 "CODE" means the Internal Revenue Code of 1986, as amended, and any
regulations issued thereunder.

     1.06 "COMMITTEE" means the individuals appointed by the Board to supervise
the administration of the Plan.

     1.07 "COMPANY" OR "COMPANIES" means Bradlees, Inc. and Bradlees Stores,
Inc. and any successor companies.

     1.08 "COMPENSATION" means the sum of the amounts determined under (a), (b),
and (c):

          (a)  for each calendar month, a Participant's highest rate of monthly
               base salary paid by the Company in such month prior to any salary
               reduction pursuant to Section 125 or 401(k) of the Code;

          (b)  amounts paid in cash under an annual bonus plan (including the
               Retention Bonus Plan, Emergence Bonus Plan, and the Annual
               Incentive Plan), attributed evenly over the months in the fiscal
               year during which such bonus was earned; and

          (c)  the "Severance Lump Sum" payment as such payment is defined in
               the Participant's individual severance agreement with the
               Company.

               The above amount in Paragraph 1.08(c) will be attributed to the
               Participant's final month of employment.

     1.09 "EFFECTIVE DATE" means December 1, 1995. The effective date of the
amended and restated Plan is October 1, 1999.

     1.10 "FINAL AVERAGE COMPENSATION" means the Participant's Compensation
averaged over the thirty-six (36) consecutive months, out of the last
eighty-four (84) months (or less if the

                                       2

<PAGE>

Participant has worked less than eighty-four (84) months) preceding the
Participant's termination of employment which produce the highest average,
multiplied by twelve (12). If a Participant has less than thirty-six (36)
consecutive months of Compensation, then the number of months included in the
average shall be equal to the Participant's completed months of Compensation and
such average shall be multiplied by twelve (12).

     1.11 "NORMAL RETIREMENT DATE" means the first day of the month coincident
with or next following a Participant's sixty-fifth birthday.

     1.12 "PARTICIPANT" means a member of the Senior Management Group of the
Company currently set forth in Appendix A, and any subsequent addition to such
group who is approved by the Board as a Participant in this Plan.

     1.13 "PARTICIPATING COMPANY" means the Company and each other organization
authorized by the Board to adopt this Plan.

     1.14 "PENSION BENEFIT" shall have the meaning as defined in Section 3.01.

     1.15 "PLAN" means the Bradlees Stores, Inc. Supplemental Executive
Retirement Plan, as set forth herein.

     1.16 "PLAN YEAR" will run concurrently with the fiscal year of the Company.

     1.17 "SOCIAL SECURITY TAXABLE WAGE BASE" shall have the meaning as defined
in Section 3.01.

     1.18 "YEAR OF SERVICE" A Participant shall earn one-twelfth of a Year of
Service for each calendar month during which the Participant is paid by the
Company for the performance of duties. A Participant shall also earn one-twelfth
of a Year of Service for each calendar month during which the Participant is not
paid by the Company for the performance of duties, but is considered by the
Company as an active employee or is on a Company approved leave of absence.

     For purposes of determining the Participant's Accrued Benefit only and not
for purposes of determining vesting under Article IV, Years of Service shall not
include any period of employment prior to the later of:

          (a)  February 1, 1995; or
          (b)  the date the Participant became a Participant in this Plan.

     Years of Service shall not include any period during which the Participant
is receiving severance pay.

                                       3

<PAGE>

                                   ARTICLE II

     PLAN PARTICIPATION

     2.01 PLAN PARTICIPATION

     A Participant shall participate in the Plan as of the date so designated by
the Board of Directors of the Company.

                                   ARTICLE III

     BENEFITS

     3.01 AMOUNT OF BENEFIT

     The benefit shall be a single lump sum in cash payable to the Participant
in an amount equal to (a) minus (b) minus (c), the result multiplied by (d),
where:

          (a)  is the Participant's Final Average Compensation;

          (b)  is one-half (1/2) of the Social Security Taxable Wage Base;

          (c)  is the Participant's Pension Benefit; and

          (d)  is the percentage in the table below that corresponds to the
               Participant's Years of Service rounded up to the next full year.

                           LUMP SUM PERCENTAGE FACTOR
        BASED ON YEARS OF SERVICE SINCE DATE OF PARTICIPATION IN THE PLAN

<TABLE>
<CAPTION>

          YEARS                     PERCENT                         YEARS                 PERCENT OF
       OF SERVICE                  OF BENEFIT                     OF SERVICE                BENEFIT

<S>                               <C>                            <C>                      <C>

            1                         10%                             9                         165%
            2                         25%                            10                         190%
            3                         40%                            11                         225%
            4                         55%                            12                         260%
            5                         75%                            13                         295%
            6                         95%                            14                         340%
            7                        115%                        15 or more                     385%
            8                        140%

</TABLE>

     For purposes of this subsection 3.01,

          (i) "Social Security Taxable Wage Base" means the contribution and
benefit limit in effect under Section 230 of the Social Security Act on the
first day of the Plan Year preceding the Participant's termination of employment
date; and

                                       4

<PAGE>

          (ii) "Pension Benefit" means the annual benefit the Participant is
eligible to receive, expressed in the form of a single life annuity commencing
at Normal Retirement Date (or actual termination of employment date, if later),
under the Bradlees Stores, Inc. Retirement Plan.

     Notwithstanding above, such Participant's Accrued Benefit under this
Section 3.01 shall not be less than the lump sum value of the benefit the
Participant had accrued on September 30, 1999 under the terms of the Plan in
effect prior to this October 1, 1999 amendment and restatement.

     3.02 PAYMENT OF BENEFITS

     Each Participant who has a vested nonforfeitable interest in his Accrued
Benefit and whose employment terminates shall be entitled to receive his Accrued
Benefit, determined as of his termination of employment date, and payable in a
lump sum in cash as soon as practicable following the Participant's termination
of employment date but no later than thirty (30) days following termination of
employment.

     3.03 DEATH OF A PARTICIPANT

     Upon the death of a Participant while in the employment of the Company, he
shall have a vested nonforfeitable interest in his Accrued Benefit and his
Beneficiary shall be entitled to receive the Participant's Accrued Benefit,
determined as if the Participant terminated employment on the date of his death.
Such amount shall be paid in a lump sum in cash as soon as practicable following
the Participant's death but no later than thirty (30) days following date of
death.

                                   ARTICLE IV

     VESTING

     4.01 NONFORFEITABLE AMOUNTS

     A Participant shall have a 100% vested nonforfeitable interest in his
Accrued Benefit upon completion of three or more Years of Service from the
Participant's employment commencement date with the Company.

     Notwithstanding above, such Participant's nonforfeitable interest under
this Section 4.01 shall not be less than the nonforfeitable interest the
Participant had earned on September 30, 1999 under the terms of the Plan in
effect prior to this October 1, 1999 amendment and restatement.

     4.02 CHANGE IN CONTROL

     In the event of a Change in Control as defined in Paragraph 1.04, each
Participant hereunder shall have a 100% vested nonforfeitable interest in his
Accrued Benefit under the Plan.

     4.03 TERMINATION OR AMENDMENT

     In the event of the termination of the Plan, or any amendment to the Plan
which reduces or otherwise curtails the rate of future benefit accruals
hereunder, each Participant shall become fully

                                       5

<PAGE>

vested in his Accrued Benefit, as determined on the day before such termination
or amendment to the Plan is effective.

                                    ARTICLE V

     GENERAL PROVISIONS

     5.01 PLAN UNFUNDED

     The Plan shall be unfunded and no assets shall be set aside for the payment
of benefits under the Plan. All benefits shall be paid from the general assets
of the Company, which remain subject to the claims of all general creditors of
the Company and to unrestricted use by the Company until benefit payments are
made.

     5.02 UNSECURED CREDITOR

     The right of a Participant or his Beneficiary to benefits under this Plan
shall be solely that of an unsecured creditor of the Company and any
Participating Company.

     5.03 AMENDMENT AND TERMINATION

     The Board may at any time amend or terminate the Plan, subject to
Participants' vested rights under Article IV. The Board may not reduce or modify
an Accrued Benefit which has accrued under Article III without the written
consent of the Participant, or if a Participant is deceased, the Participant's
Beneficiary.

     5.04 ASSIGNMENT OF BENEFITS

     Neither a Participant nor any Beneficiary under the Plan shall have any
right to assign, transfer, pledge or otherwise encumber the right to receive any
benefits hereunder, and any attempted assignment, transfer, pledge or other
encumbrance shall be void and have no effect.

     5.05 EMPLOYMENT NOT GUARANTEED BY PLAN

     Participation in the Plan shall not be deemed to be consideration for, or
an inducement to, or a condition of the employment of any employee. Nothing
contained in this Plan shall be deemed to give any Participants the right to be
retained in the employment of the Company, nor shall any Participant, retired
Participant, deceased Participant, disabled Participant, or terminated
Participant have any right to any payment, except as such payment may be
provided under the terms of this Plan.

     5.06 TAXES

     The Company shall be entitled to withhold from all benefit payments made to
a Participant or any Beneficiary all applicable federal, state or local taxes
required by law to be withheld from such payments.

                                       6

<PAGE>

     5.07 CONSTRUCTION

     This Plan shall be construed according to the laws of the Commonwealth of
Massachusetts, except to the extent preempted by federal law.

     5.08 FORM OF COMMUNICATION

     Any election, claims, notice or other communication required or permitted
to be made by a Participant under this Plan shall be made in writing and in such
form as shall be prescribed by the Committee. Such communication shall be
effective upon receipt, if hand delivered or sent by first class mail, postage
pre-paid, return receipt requested to the Retirement Plan Committee, Bradlees,
Inc., One Bradlees Circle, Braintree, MA 02185-9051.

     5.09 CAPTIONS

     The captions at the head of a paragraph of this Plan are designed for
convenience of reference only and are not to be resorted to for the purpose of
interpreting any provision of this Plan.

     5.10 SEVERABILITY

     The invalidity of any portion of this Plan shall not invalidate the
remainder, and the remainder shall continue in full force and effect.

     5.11 EXPENSES

     All expenses incurred in administering the Plan shall be paid by the
Company.

     5.12 PLAN INTERPRETATION AND ADMINISTRATION

     The Committee shall have complete discretion to interpret all provisions of
the Plan and to establish reasonable rules and procedure to facilitate the
administration of the Plan.

     5.13 BINDING AGREEMENT

     The provisions of this Plan shall be binding upon the Participants and the
Company and their successors, assigns, heirs, executors and beneficiaries.

     5.14 PARTICIPANT STATEMENT

     Once each calendar year, a Participant may request a statement of his
Accrued Benefit earned to date under this Plan, which the Committee shall
provide as soon as practicable following the date of such request.

     5.15 DISPUTE MEDIATION

     In the event of any dispute regarding a Participant's entitlement of any
benefit hereunder, if agreement satisfactory to both the Participant and the
Committee cannot be reached, said dispute shall be submitted to the American
Mediation Service for binding resolution.

                                       7

<PAGE>

<TABLE>
<S>                                                 <C>

ATTEST:                                                 BRADLEES, INC.

/s/ DAVID L. SCHMITT                                By: /s/ PETER THORNER
-----------------------------------------               ------------------------------------
David L. Schmitt                                        Peter Thorner
Senior Vice President and General Counsel               Chairman and Chief Executive Officer

                                                        Date: NOVEMBER 15, 1999

ATTEST:                                                 BRADLEES STORES, INC.

/s/DAVID L. SCHMITT                                 By: /s/ PETER THORNER
-----------------------------------------               -------------------------------------
David L. Schmitt                                        Peter Thorner
Senior Vice President and General Counsel               Chairman and Chief Executive Officer

                                                        Date: NOVEMBER 15, 1999
</TABLE>

                                       8

<PAGE>

                                   APPENDIX A

                    PARTICIPANTS OF THE BRADLEES STORES, INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                            EFFECTIVE OCTOBER 1, 1999

<TABLE>
<CAPTION>
                      PARTICIPANT                                          DATE OF PARTICIPATION
<S>      <C>                                                                <C>

1.       Peter Thorner (subject to                                              March 27, 1995
              provisions of employment agreement)

2.       Bruce Conforto                                                         April 27, 1998

3.       Gregory K. Dieffenbach                                                 July 14, 1997

4.       Judy Dunning                                                           January 1, 1996

5.       Mark James                                                             May 27, 1997

6.       Robert G. Lynn                                                         April 22, 1997

7.       Cornelius Moses                                                        April 28, 1995

8.       Ronald T. Raymond                                                      July 31, 1995

9.       David Schmitt                                                          July 3, 1995

10.      Sandra Smith                                                           February 1, 1995

11.      Thomas N. Smith                                                        December 8, 1997

12.      James Sparks                                                           February 1, 1995
</TABLE>

                                       9

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