Document:

<PAGE>   1
                                                                   Exhibit 10.9

                    REVISED TERMINATION PROTECTION AGREEMENT

         AGREEMENT as of August 23,1995 (the "Effective Date") by and between
Bowne & Co., Inc., a New York corporation (together with its subsidiaries and
affiliates and, after a Change of Control Event (as defined herein), any
successor or successors thereto, the "Corporation"), and _________________ (the
"Executive").

         WHEREAS, Executive is a skilled and dedicated employee who has
important management responsibilities and talents which benefit the Corporation;
and

         WHEREAS, the Corporation believes that its interests will be served if
Executive has fair and reasonable protection from the risks of a change in
ownership or control of the Corporation;

         NOW, THEREFORE, the parties hereby agree as follows:

         1.   DEFINED TERMS.
              --------------

              Unless otherwise indicated, capitalized terms used in this
              Agreement which are defined in Schedule A shall have the meanings
              set forth in Schedule A.

         2.   TERM.
              -----

              This Agreement shall be effective as of the Effective Date and
              shall remain in effect thereafter. The Corporation may terminate
              this Agreement by giving Executive at least two years advance
              written notice of termination of the Agreement. Notwithstanding
              the foregoing, this Agreement shall, if in effect on the date of a
              Change of Control Event, remain in effect for at least two years
              and six months following such Change of Control Event, and such
              additional time as may be necessary to give effect to the terms of
              the Agreement.

         3.   SEVERANCE AND OTHER BENEFITS.
              -----------------------------

              If Executive's employment with the Corporation is terminated by
              the Corporation at any time within the two years and six months
              following a Change of Control Event without Cause, or by Executive
              for Good Reason (the effective date of either such termination
              hereafter referred to as the "Termination Date"), Executive shall
              be entitled to the benefits provided hereafter in this Section 3
              and as set forth in this Agreement. If Executive's employment with
              the Corporation is terminated prior to a Change of Control Event
              at the request of any individual or entity acquiring ownership and
              control of the Corporation, this Agreement shall become effective
              upon the subsequent occurrence of a Change of Control Event
              involving such acquirer, Executive's Termination Date shall be
              deemed to have occurred immediately following the Change of
              Control Event, and therefore Executive shall be entitled to the
              benefits provided hereafter in this Section 3 and as set forth in
              this Agreement.

                                     -1-
<PAGE>   2

              (a) SEVERANCE  BENEFITS.  Within ten (10) days after Termination
                  Date, the Corporation shall pay Executive a lump sum amount,
                  in cash, equal to the sum of:

                  (1) Two (2) times the sum of:

                      (A) Executive's Base Salary, and

                      (B) Executive's Target Bonus; and

                  (2) Executive's Target Bonus multiplied by a fraction, the
                      numerator of which shall equal the number of days
                      Executive was employed by the Corporation in the Calendar
                      Year in which the Termination Date occurs and the
                      denominator of which shall equal 365.

              (b) PAYMENT OF ACCRUED BUT UNPAID AMOUNTS. Within ten (10) days
                  after Termination Date, the Corporation shall pay Executive
                  (1) any unpaid portion of Executive's bonus accrued with
                  respect to the Calendar Year ended prior to Termination Date;
                  and (2) all compensation previously deferred by Executive
                  but not yet paid.

              (c) CONTINUED WELFARE BENEFITS. Until the date which is two years
                  after the Termination Date or, if earlier, the date of
                  which Executive commences full-time employment after the
                  Termination Date, the Corporation shall, at its expense,
                  provide Executive with medical and dental benefits, life
                  insurance, disability and accidental death and dismemberment
                  benefits at the highest level provided prior to the Change
                  of Control Event and ending on the Termination Date;
                  PROVIDED, HOWEVER, that if Executive becomes employed
                  by a new employer which maintains a medical plan (or its
                  equivalent) that either (i) does not cover Executive with
                  respect to a pre-existing condition which was covered under
                  the Corporations' medical plan, or (ii) does not cover
                  Executive for a designated waiting period, Executive's
                  coverage under the Corporation's medical plan shall
                  continue (but shall be limited in the event of non-coverage
                  due to a pre-existing condition, to the pre-existing
                  condition itself) until the earlier of the end of the
                  applicable period of non-coverage under the new employer's
                  plan or the date which is two years after the Termination
                  Date.

              (d) OUTPLACEMENT COUNSELING. The Corporation shall reimburse
                  Executive for professional outplacement counseling services
                  by qualified consultants selected by Executive that are
                  incurred through the period ending two years after the
                  Termination Date; provided, however, that the maximum
                  aggregate amount for which an Executive shall be reimbursed
                  under this subsection 3(d) shall be 20% of the sum of (i) the
                  Executive's Base Salary and (ii) the Executive's Target
                  Bonus.

                                     -2-
<PAGE>   3

              (e) EFFECT ON EXISTING PLANS. All provisions relating to a
                  Change of Control Event applicable to Executive and contained
                  in any plan, program, agreement or arrangement maintained on
                  the Termination Date (or thereafter) by the Corporation,
                  including, but not limited to, any stock option, restricted
                  stock or retirement plan, shall remain in effect through the
                  date of the Change of Control Event, and for such period
                  thereafter as is necessary to carry out such provisions and
                  provide the benefits payable thereunder, and may not be
                  altered in a manner which adversely affects Executive without
                  Executive's express prior written approval.

          4.  ACCELERATION OF EQUITY RIGHTS.
              ------------------------------

              Effective as of the date of a Change of Control Event, the
              Corporation shall cause Executive's outstanding stock options
              which are not immediately exercisable to vest and become
              immediately exercisable and the restrictions on any equity and
              equity rights held by Executive which are scheduled to lapse
              solely through the passage of time to lapse.

          5.  EXCISE TAX GROSS-UP.
              -------------------

              If Executive becomes entitled to one or more payments (with a
              "payment" including, without limitation, the vesting of an option
              or other non-cash benefit or property) pursuant to any plan,
              agreement or arrangement of the Corporation (together, "Severance
              Payments") which are or would be subject to the tax imposed by
              Section 4999 of the Code (or any similar tax that may be imposed)
              (the "Excise Taxes"), the Corporation shall pay to Executive an
              additional amount ("Gross-Up Payment") such that, after the
              payment by Executive of all taxes (including without limitation
              all income and employment tax and Excise Tax and treating as a tax
              the lost tax benefit resulting from the disallowance of any
              deduction of Executive by virtue of the inclusion of the Gross-Up
              Payment in Executive's adjusted gross income), and interest and
              penalties with respect to such taxes, imposed upon the Gross-Up
              Payment, Executive retains an amount of the Gross-Up Payment equal
              to the Excise Taxes imposed upon the Severance Payments.

                                     -3-
<PAGE>   4

              For purposes of determining whether any of the Severance Payments
              will be subject to the Excise Tax and the amount of such Excise
              Tax:

                  (i) The Severance Payments shall be treated as "parachute
                      payments" within the meaning of Section 280G(b)(2) of
                      the Code, and all "excess parachute  payments" within the
                      meaning of Section 280G(b)(1) of the Code shall be
                      treated as subject to the Excise Tax, unless, and
                      except to the extent that, in the written opinion of
                      independent compensation consultants, counsel or
                      auditors of nationally recognized standing
                      ("Independent Advisors") selected by the Corporation
                      and reasonably acceptable to Executive, the
                      Severance Payments (in whole or in part) do not
                      constitute parachute payments, or such excess parachute
                      payments (in whole or in part) represent reasonable
                      compensation for services actually rendered within the
                      meaning of Section 280G(b)(4) of the Code in excess of
                      the base amount within the meaning of Section
                      280G(b)(3) of the Code or are otherwise not subject
                      to the Excise Tax;

                 (ii) The amount of the Severance Payments which shall be
                      treated as subject to the Excise Tax shall be equal to
                      the lesser of (A) the total amount of the Severance
                      Payments or (B) the total amount of excess parachute
                      payments within the meaning of Section 280G(b)(1) of the
                      Code (after applying clause (i) above); and

                (iii) The value of any non-cash benefits or any deferred
                      payment or benefit shall be determined by the Independent
                      Advisors in accordance with the principles of Sections
                      280G(d)(3) and (4) of the Code.

              For purposes of determining the amount of the Gross-Up Payment,
              Executive shall be deemed (A) to pay federal income taxes at the
              highest marginal rate of federal income taxation for the calendar
              year in which the Gross-Up Payment is to be made; (B) to pay any
              applicable state and local income taxes at the highest marginal
              rate of taxation for the calendar year in which the Gross-Up
              Payment is to be made, net of the maximum reduction in federal
              income taxes which could be obtained from deduction of such state
              and local taxes if paid in such year (determined without regard to
              limitations on deductions based upon the amount of Executive's
              adjusted gross income); and (C) to have otherwise allowable
              deductions for federal, state, and local income tax purposes at
              least equal to those disallowed because of the inclusion of the
              Gross-Up Payment in Executive's adjusted gross income. In the
              event that the Excise Tax is subsequently determined to be less
              than the amount taken into account hereunder at the time the
              Gross-Up Payment is made, Executive shall repay to the Corporation
              at the time that the amount of such reduction in Excise Tax is
              finally determined (but, if previously paid to the taxing
              authorities, not prior to the time the amount of such reduction is
              refunded to Executive or otherwise realized as a benefit by
              Executive) the portion of the Gross-Up Payment that would not have
              been paid if such Excise Tax had been applied in initially
              calculating the Gross-Up Payment, plus interest on the amount of
              such repayment at the rate provided in Section 1274(b)(2)(B) of
              the Code. In the event that the Excise Tax is determined to exceed
              the amount taken into account hereunder at the time the Gross-Up
              Payment is made (including by reason of any payment the existence
              or amount of which cannot be determined at the time of the
              Gross-Up Payment), the Corporation shall make an additional
              Gross-Up Payment in respect of such excess (plus any interest and
              penalties payable with respect to such excess) at the time that
              the amount of such excess is finally determined.

                                     -4-
<PAGE>   5

              The Gross-Up Payment provided for above shall be paid on the 30th
              day (or such earlier date as the Excise Tax becomes due and
              payable to the taxing authorities) after it has been determined
              that the Severance Payments (or any portion thereof) are subject
              to the Excise Tax; PROVIDED, HOWEVER, that if the amount of such
              Gross-Up Payment or portion thereof cannot be finally determined
              on or before such day, the Corporation shall pay to Executive on
              such day an estimate, as determined by the Independent Advisors,
              of the minimum amount of such payments and shall pay the remainder
              of such payments (together with interest at the rate provided in
              Section 1274(b)(2)(B) of the Code), as soon as the amount thereof
              can be determined. In the event that the amount of the estimated
              payments exceeds the amount subsequently determined to have been
              due, such excess shall constitute a loan by the Corporation to
              Executive, payable on the fifth day after demand by the
              Corporation (together with interest at the rate provided in
              Section 1274(b)(2)(B) of the Code). If more than one Gross-Up
              Payment is made, the amount of each Gross-Up Payment shall be
              computed so as not to duplicate any prior Gross-Up Payment.

              The Corporation shall have the right to control all proceedings
              with the Internal Revenue Service that may arise in connection
              with the determination and assessment of any Excise Tax and, at
              its sole option, the Corporation may pursue or forego any and all
              administrative appeals, proceedings, hearings, and conferences
              with any taxing authority in respect of such Excise Tax (including
              any interest or penalties thereon); PROVIDED, HOWEVER, that the
              Corporation's control over any such proceedings shall be limited
              to issues with respect to which a Gross-Up Payment would be
              payable hereunder, and Executive shall be entitled to settle or
              contest any other issue raised by the Internal Revenue Service or
              any other taxing authority. Executive shall cooperate with the
              Corporation in any proceedings relating to the determination and
              assessment of any Excise Tax and shall not take any position or
              action that would materially increase the amount of any Gross-Up
              Payment hereunder.

          6.  MITIGATION.
              -----------

              Executive shall not be required to mitigate damages or the amount
              of any payment provided for under this Agreement by seeking other
              employment or otherwise, and compensation earned from such
              employment or otherwise, and compensation earned from such
              employment or otherwise shall not reduce the amounts payable under
              this Agreement. No amounts payable under this Agreement shall be
              subject to reduction or offset in respect of any claims which the
              Corporation (or any other person or entity) may have against
              Executive.

                                     -5-
<PAGE>   6

          7.  INDEMNIFICATION; DIRECTORS' AND OFFICERS' LIABILITY INSURANCE.
              --------------------------------------------------------------

              Executive shall, after the Termination Date, retain all rights to
              indemnification under applicable law or under the Corporation's
              Certificate of Incorporation or By-Laws, as they may be amended or
              restated from time to time. In addition, the corporation shall
              maintain Directors' and Officers' liability insurance on behalf of
              Executive, at the level in effect immediately prior to the
              Termination Date, for two years following the Termination date,
              and throughout the period of any applicable statute of
              limitations.

          8.  TERMINATION FOR CAUSE.
              ----------------------

              Nothing in this Agreement shall be construed to prevent the
              Corporation from terminating Executive's employment for Cause. If
              Executive is terminated for Cause, the Corporation shall have no
              obligation to make any payments under this Agreement, except for
              payments that may otherwise be payable under then existing
              employee benefit plans, programs and arrangements of the
              Corporation.

          9.  DISPUTES.
              ---------

              Any dispute or controversy arising under or in connection with
              this Agreement shall be settled exclusively by arbitration in New
              York, New York, or, at the option of Executive, in the county and
              state where Executive then resides, in accordance with the Rules
              of the American Arbitration Association then in effect, except
              that if Executive institutes an action relating to this Agreement,
              Executive may, at Executive's option, bring that action in a court
              of competent jurisdiction. Judgment may be entered on an
              arbitrator's award relating to this Agreement in any court having
              jurisdiction.

         10.  COSTS OF PROCEEDINGS.
              ---------------------

              The Corporation shall pay all costs and expenses, including
              attorneys' fees and disbursements, at least monthly, of Executive
              in connection with any legal proceeding (including arbitration)
              instituted by the Executive for breach of any provision of this
              Agreement by the Corporation in which the Executive is the
              prevailing party. If Executive does not prevail on such claim for
              breach, Executive shall pay all costs and expenses, including
              attorney's fees and disbursements, of Executive, including
              repayment to the Corporation of any amounts paid to or on behalf
              of Executive pursuant to the preceding sentence. The Corporation
              shall pay pre-judgment interest on any money judgment obtained by
              Executive as a result of such a proceeding, calculated at the
              prime rate of Chemical Bank, N.A., as in effect from time to time,
              from the date that payment should have been made to Executive
              under this Agreement.

                                     -6-
<PAGE>   7

         11.  NOTICE.
              -------

              Any notice required or permitted to be given by this Agreement
              shall be effective only if in writing, delivered personally
              against receipt therefor or mailed by certified or registered
              mail, return receipt requested, to the parties at the address
              herein after set forth, or at such other places that either party
              may designate by notice to the other.

              Notice to the Corporation shall be addressed to:

                  Bowne & Co., Inc.
                  345 Hudson Street
                  New  York, NY  10014
                  Attn:  President

              Notice to Executive shall be addressed to him or her at the
              Corporation, with a copy to his or her home address at:

              A copy of any notice to Executive shall also be sent to:

                  Kenneth C. Edgar, Esq.
                  Simpson Thatcher & Bartlett
                  425 Lexington Avenue
                  New York, NY  10017

              Notices shall be deemed effectively given five (5) days after
              deposited in a post office box under the exclusive control of the
              United States Postal Service.

         12.  ASSIGNMENT.
              -----------

              Except as otherwise provided herein, this Agreement shall be
              binding upon, inure to the benefit of and be enforceable by the
              Corporation and Executive and their respective heirs, legal
              representatives, successors and assigns. If the Corporation shall
              be merged into or consolidated with another entity, the provisions
              of this Agreement shall be binding upon and inure to the benefit
              of the entity surviving such merger or resulting from such
              consolidation. The Corporation will require any successor (whether
              direct or indirect, by purchase, merger, consolidation or
              otherwise) to all or substantially all of the business or assets
              of the Corporation by agreement in form and substance satisfactory
              to Executive, to expressly assume and agree to perform this
              Agreement in the same manner and to the same extent that the
              Corporation would be required to perform it if no such succession
              had taken place. The provisions of this Section 12 shall continue
              to apply to each subsequent employer of Executive hereunder in the
              event of any subsequent merger, consolidation or transfer of
              assets of such subsequent employer.

                                     -7-
<PAGE>   8

         13.  WITHHOLDING.
              ------------

              Notwithstanding the provisions of Section 6 hereof, the
              Corporation may, to the extent required by law, withhold
              applicable federal, state and local income and other taxes from
              any payments due to Executive hereunder.

         14.  APPLICABLE LAW.
              ---------------

              This Agreement shall be governed by and construed in accordance
              with the laws of the State of New York applicable to contracts
              made and to be performed therein.

         15.  ENTIRE AGREEMENT; AMENDMENT.
              ----------------------------

              This Agreement constitutes the entire agreement between the
              parties and, except as expressly provided herein, supersedes all
              other prior agreements concerning the effect of a Change of
              Control Event on the relationship between the Corporation and
              Executive. This Agreement may be changed only by a written
              agreement executed by the Corporation and Executive.

              IN WITNESS WHEREOF, the parties have executed this Agreement as of
              the ___ day of __________, 1999.

                                                BOWNE & CO., INC.

                                                By
                                                  ---------------------
                                                    Robert M. Johnson
                                                     Chairman & CEO

                                                  ---------------------
                                                       Executive

                                     -8-
<PAGE>   9

                                 SCHEDULE A

                             CERTAIN DEFINITIONS

                  As used in this Agreement, and unless the context requires a
              different meaning, the following terms, when capitalized, have the
              meaning indicated:

                  "BASE SALARY" means Executive's annual rate of base salary in
              effect on the date of the Change of Control Event or the
              Termination Date, whichever is higher.

                  "CAUSE" means either of the following:

                  (a)  Executive's willful malfeasance or nonfeasance having a
                       material adverse effect on the Corporation; PROVIDED,
                       that any action or refusal by Executive shall not
                       constitute "Cause" if, in good faith, Executive believed
                       such action or refusal to be in, or not opposed to, the
                       best interests of the Corporation or if Executive shall
                       be entitled, under applicable law or under an
                       Corporation's Certificate of Incorporation or By-Laws, as
                       they may be amended or restated from time to time, to be
                       indemnified with respect to such action or refusal.

                  (b)  Executive's conviction of a felony.

                  "CHANGE OF CONTROL EVENT" means any of the following:

                  (a)  a change is proposed by the stockholders of the
                       Corporation as to the number of members, or incumbent
                       membership of the Corporation's Board of Directors such
                       that the incumbent members of said Board of Directors
                       immediately prior to such change would not longer
                       constitute at least a majority of the Board of Directors
                       after such change, and such proposal is enacted; or the
                       Board of Directors as constituted immediately prior to
                       any action by the Corporation's stockholders with respect
                       to such proposal determines that such proposal, if
                       enacted, would constitute a change in control of the
                       Corporation, and such proposal is enacted;

                  (b)  any determination is made by the Board of Directors of
                       the Corporation that there has been a change in the
                       control of the Corporation because a person (as such
                       term us used in Section 13(d) of the Securities
                       Exchange Act of 1934, (the "Exchange  Act")), together
                       with such person's affiliates (as such term is defined
                       in Rule 12b-2 of the General Rules and Regulations
                       under the Exchange Act), has become, at any date after
                       the date of this Agreement, and is not on the date
                       hereof, the beneficial owner (as such term is defined
                       in Rule 13d-3 of the General rules and Regulations
                       under the Exchange  Act), directly or indirectly of 10%
                       or more of the voting power of the Corporation's
                       then outstanding securities;

                                     -9-
<PAGE>   10

                  (c)  any  person (other than (i) any employee stock
                       ownership trust or similar entity created by the
                       Corporation for the benefit of its employees, (ii) an
                       underwriter participating in a public offering of
                       stock of the Corporation or (iii) an entity owned
                       by the Corporation's stockholders in substantially
                       the same proportions as their ownership of stock of
                       the Corporation prior to an acquisition of stock
                       of the Corporation by such entity in connection
                       with a reorganization), together with its affiliates,
                       has become, at any date after the Effective Date, and
                       is not on the date hereof, the beneficial owner,
                       directly or indirectly, of 33% or more of the voting
                       power of the Corporation's then outstanding
                       securities entitled generally to vote for the election
                       of the Corporation's directors; or

                  (d)  the approval by the stockholders of the Corporation of
                       (i) the sale of all or substantially all the assets of
                       the Corporation, (ii) a liquidation of the Corporation or
                       (iii) the merger or consolidation of the Corporation with
                       any other corporation, unless the incumbent members of
                       the Board of Directors of the corporation as constituted
                       immediately prior to such merger of consolidation shall
                       constitute at least a majority of the directors of the
                       surviving parent (as such term is defined in Rule 12b-2
                       of the General Rules and Regulations under the Exchange
                       Act) of such corporation.

Any determination of the occurrence of any Change of Control Event made in good
faith by the Board of Directors of the Corporation, on the basis of information
available at the time to it, shall be conclusive and binding for all purposes of
this Agreement.

                  "CODE" means the Internal Revenue Code of 1986, as amended.

                  "CORPORATION"  means Bowne & Co., Inc. and its subsidiaries
and affiliates  and, after a Change of Control Event, any successor or
successor thereto.

                  "CALENDAR YEAR" means January 1st to December 31st.

                  "GOOD REASON" means any of the following actions, without
Executive's express prior written approval, other than due to Executive's
Permanent Disability or death:

                  (a)  any substantial diminution without the consent of
                       Executive, in Executive's titles, duties,
                       responsibilities, status or reporting relationship from
                       the positions, duties, responsibilities, status or
                       reporting relationship existing immediately prior to a
                       Change of Control Event;

                  (b)  the removal of Executive from, or any failure to
                       re-elect  Executive  to, any of the positions  Executive
                       holds immediately prior to a Change of Control Event;

                  (c) the failure of the Corporation to pay Executive's Base
                      Salary when due;

                  (d) any reduction of Executive's Base Salary or reduction of
                      Executive's Target Bonus;

                  (e) a material reduction in Executive's employee or fringe
                      benefits;

                  (f) the change of Executive's principal place of employment
                      to a location outside of the New York metropolitan area;
                      or

                  (g) any material breach by the Corporation of any provision
                      of this Agreement.

                                    -10-
<PAGE>   11

                  "PERMANENT DISABILITY" means Executive's inability, by reason
                  of any physical or mental impairment, to substantially perform
                  the significant aspects of his regular duties which inability
                  is reasonably contemplated to continue for at least one (1)
                  year from its incurrence.

                  "TARGET BONUS" means the annual bonus payable to Executive for
                  the Corporation's Fiscal Year in which a Change of Control
                  Event occurs, calculated on the assumption that Executive and
                  those subsidiaries, divisions or business units within the
                  Corporation of whose performance Executive's bonus depends
                  achieve the applicable target performance goals established
                  under the applicable bonus plan with respect to that year. If
                  no target performance goals for the year in which the Change
                  of Control Event occurs have been set prior to the Change of
                  Control Event, the Target Bonus shall be determined by
                  substituting, in the previous sentence, the prior year for the
                  year in which a Change of Control Event occurs.

                                    -11-<PAGE>   1
                                                                   EXHIBIT 10.11

              THIRD AMENDMENT TO CREDIT AND SECURITY AGREEMENT AND
                               WAIVER OF DEFAULTS

         This Amendment, dated as of March 7, 2001, is made by and between THE
SPORTSMAN'S GUIDE, INC., a Minnesota corporation (the "Borrower"), and WELLS
FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, f/k/a Norwest Bank Minnesota,
National Association, a national banking association (the "Lender").

                                    Recitals

         The Borrower and the Lender have entered into Credit and Security
Agreement dated as of December 27, 1999, as amended by a First Amendment to
Credit and Security Agreement dated as of May __, 2000, and a Second Amendment
to Credit Agreement dated as of August 2, 2000 (the "Credit Agreement").
Capitalized terms used in these recitals have the meanings given to them in the
Credit Agreement unless otherwise specified.

         The Borrower has requested that certain amendments be made to the
Credit Agreement and certain Events of Default be waived. The Lender is willing
to grant the Borrower's requests subject to the terms and conditions set forth
herein.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, it is agreed as follows:

         1. Defined Terms. Capitalized terms used in this Amendment which are
defined in the Credit Agreement shall have the same meanings as defined therein,
unless otherwise defined herein. In addition, Section 1.1 of the Credit
Agreement is amended by adding or amending, as the case may be, the following
definitions:

         "`Borrowing Base' means, at any time the lesser of:

                  (a) the Maximum Line; or

                  (b) subject to change from time to time in the Lender's sole
         discretion, the sum of:

                       (i)   80% of Eligible Accounts, plus

                       (ii)  48% of Eligible Inventory, less

                       (iii) the Landlord's Disclaimer Reserve."

         "`Floating Rate' means an annual rate equal to the Prime Rate plus one
    and one-quarter percent (1.25%), which annual rate shall change when and as
    the Prime Rate changes."

<PAGE>   2
         2. Margin. Subsection 2.7(a) of the Credit Agreement is hereby amended
in its entirety to read as follows:

         "(a) REVOLVING MARGIN. [Reserved]"

         3. Fees. Subsection 2.8(e) of the Credit Agreement is hereby amended in
its entirety to read as follows:

         "(e) INVENTORY APPRAISALS. The Borrower shall reimburse the Lender on
    demand for the cost of two appraisals of its Inventory per year; provided,
    however, that during Default Periods or anytime after the average
    Availability for any calendar month falls below $2,000,000, the Borrower
    shall reimburse the Lender on demand for the cost of four appraisals of its
    Inventory per year."

         4. Capitalization. Schedule 5.2 to the Credit Agreement is hereby
amended in its entirety and replaced with Schedule 5.2 to the Third Amendment.

         5. Waiver of Defaults. The Borrower is in default of the following
provisions of the Credit Agreement as of the Accounting Period ended on or about
December 31, 2000 (collectively, the "Defaults"):

<TABLE>
<CAPTION>
        SECTION/COVENANT               REQUIRED PERFORMANCE         ACTUAL PERFORMANCE

<S>                                    <C>                          <C>
ss. 6.14 Minimum Pre-Tax Net Income    not less than $(500,000)     $(1,406,015)
         per Accounting Period
ss. 6.15 Minimum Fiscal Year-To-Date   not less than $(1,000,000)   $(3,189,150)
         Net Income
</TABLE>

Upon the terms and subject to the conditions set forth in this Amendment, the
Lender hereby waives the Defaults. This waiver shall be effective only in this
specific instance and for the specific purpose for which it is given. This
waiver shall not entitle the Borrower to any other or further waiver in any
similar or other circumstances.

         6. No Other Changes. Except as explicitly amended by this Amendment,
all of the terms and conditions of the Credit Agreement shall remain in full
force and effect and shall apply to any advance or letter of credit thereunder.

         7. Amendment Fee. The Borrower shall pay the Lender as of the date
hereof a fully earned, non-refundable fee in the amount of $85,000 in
consideration of the Lender's execution of this Amendment.

         8. Conditions Precedent. This Amendment shall be effective when the
Lender shall have received an executed original hereof, together with each of
the following, each in substance and form acceptable to the Lender in its sole
discretion:

                                     - 2 -
<PAGE>   3
         (a) Payment of the fee described in Paragraph 7.

         (b) Such other matters as the Lender may require.

         9. Representations and Warranties. The Borrower hereby represents and
warrants to the Lender as follows:

         (a) The Borrower has all requisite power and authority to execute this
    Amendment and to perform all of its obligations hereunder, and this
    Amendment has been duly executed and delivered by the Borrower and
    constitutes the legal, valid and binding obligation of the Borrower,
    enforceable in accordance with its terms.

         (b) The execution, delivery and performance by the Borrower of this
    Amendment have been duly authorized by all necessary corporate action and do
    not (i) require any authorization, consent or approval by any governmental
    department, commission, board, bureau, agency or instrumentality, domestic
    or foreign, (ii) violate any provision of any law, rule or regulation or of
    any order, writ, injunction or decree presently in effect, having
    applicability to the Borrower, or the articles of incorporation or by-laws
    of the Borrower, or (iii) result in a breach of or constitute a default
    under any indenture or loan or credit agreement or any other agreement,
    lease or instrument to which the Borrower is a party or by which it or its
    properties may be bound or affected.

         (c) All of the representations and warranties contained in Article V of
    the Credit Agreement are correct on and as of the date hereof as though made
    on and as of such date, except to the extent that such representations and
    warranties relate solely to an earlier date.

         10. References. All references in the Credit Agreement to "this
Agreement" shall be deemed to refer to the Credit Agreement as amended hereby;
and any and all references in the Security Documents to the Credit Agreement
shall be deemed to refer to the Credit Agreement as amended hereby.

         11. No Waiver. Except as set forth in paragraph 5 hereof, the execution
of this Amendment and acceptance of any documents related hereto shall not be
deemed to be a waiver of any Default or Event of Default under the Credit
Agreement or breach, default or event of default under any Security Document or
other document held by the Lender, whether or not known to the Lender and
whether or not existing on the date of this Amendment.

         12. Release. The Borrower hereby absolutely and unconditionally
releases and forever discharges the Lender, and any and all participants, parent
corporations, subsidiary corporations, affiliated corporations, insurers,
indemnitors, successors and assigns thereof, together with all of the present
and former directors, officers, agents and employees of any of the foregoing,
from any and all claims, demands or causes of action of any kind, nature or
description, whether arising in law or equity or upon contract or tort or under
any

                                     - 3 -
<PAGE>   4
state or federal law or otherwise, which the Borrower has had, now has or has
made claim to have against any such person for or by reason of any act,
omission, matter, cause or thing whatsoever arising from the beginning of time
to and including the date of this Amendment, whether such claims, demands and
causes of action are matured or unmatured or known or unknown.

         13. Costs and Expenses. The Borrower hereby reaffirms its agreement
under the Credit Agreement to pay or reimburse the Lender on demand for all
costs and expenses incurred by the Lender in connection with the Credit
Agreement, the Security Documents and all other documents contemplated thereby,
including without limitation all reasonable fees and disbursements of legal
counsel. Without limiting the generality of the foregoing, the Borrower
specifically agrees to pay all fees and disbursements of counsel to the Lender
for the services performed by such counsel in connection with the preparation of
this Amendment and the documents and instruments incidental hereto. The Borrower
hereby agrees that the Lender may, at any time or from time to time in its sole
discretion and without further authorization by the Borrower, make a loan to the
Borrower under the Credit Agreement, or apply the proceeds of any loan, for the
purpose of paying any such fees, disbursements, costs and expenses and the fee
required under paragraph 7 hereof.

         14. Miscellaneous. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original and all of which counterparts, taken together, shall constitute one and
the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first written above.

WELLS FARGO BANK MINNESOTA,             THE SPORTSMAN'S GUIDE
  NATIONAL ASSOCIATION

By /s/ BRIAN FITZPATRICK                By /s/ CHARLES LINGEN
   ------------------------                ---------------------------
   Brian Fitzpatrick                       Charles B. Lingen
   Its Vice President                      Its Chief Financial Officer

                                     - 4 -
<PAGE>   5

                                                                    SCHEDULE 5.2

                                                TO CREDIT AND SECURITY AGREEMENT

                                 CAPITAL STOCK

<TABLE>
<CAPTION>
                                   NUMBER OF AUTHORIZED     NUMBER OF ISSUED AND
TYPE/CLASS/SERIES OF STOCK               SHARES              OUTSTANDING SHARES

<S>                                     <C>                     <C>
Common, $.01 par value                  36,800,000              4,747,810

Series A Preferred, $.01 par value         200,000                      0

Undesignated                             3,000,000                      0
</TABLE>

         The Borrower has granted options to purchase up to 564,556 common
shares pursuant to incentive and other employee stock option plans.

         The Borrower granted to the managing underwriters of the Borrower's
1998 public equity offering a warrant to purchase up to 100,000 common shares.

                         FIVE PERCENT BENEFICIAL OWNERS

         The following list sets forth certain information with respect to the
beneficial ownership of common stock of the Borrower as of February 2, 2001 by
those persons or groups known to the Borrower to beneficially own more than 5%
of our common stock.

<TABLE>
<CAPTION>
                                                             COMMON STOCK
                                                          BENEFICIALLY OWNED

NAME                                                     NUMBER      PERCENT (1)
<S>              <C>                                    <C>          <C>
Vincent W. Shiel (2)                                    522,000        11.0%

Gary Olen (3)                                           264,798         5.4%

Ralph E. Heyman,                                        383,725         8.1%
  Individually and as trustee of
  various trusts for the benefit of
  Dr. and Mrs. Shiel and their children
  and grandchildren (4)

E Com Ventures, Inc. (5)                                298,900         6.3%
  11701 N.W. 101 Road
  Miami, FL 33178

Dimensional Fund Advisors Inc. (6)                      342,700         7.2%
  1299 Ocean Avenue, 11th Floor
  Santa Monica, CA 90401

Kalmar Investments Inc. (7)                              300,000        6.3%
  3701 Kennett Pike
  Greenville, DE 19807
</TABLE>

<PAGE>   6
-------------------

(1)  Percentages are calculated on the basis of the number of shares outstanding
     on February 2, 2001 plus the number of shares issuable pursuant to options
     held by the individual which are exercisable within 60 days after February
     2, 2001.

(2)  Includes 420,051 shares held by the Vincent W. Shiel Family Limited
     Partnership of which the Vincent W. Shiel Revocable Trust, of which Dr.
     Shiel is trustee, owns a 99.9% limited partnership interest and a 99.8%
     interest in the general partner, and 101,949 shares held by the Helen M.
     Shiel Family Limited Partnership of which the Helen M. Shiel Revocable
     Trust, of which Mrs. Shiel is trustee, owns a 99.9% limited partnership
     interest and a 99.8% interest in the general partner. Helen M. Shiel is the
     wife of Dr. Shiel. Does not include 633,848 shares held by Dr. and Mrs.
     Shiel's children or in trusts for the benefit of Dr. and Mrs. Shiel and
     their children and grandchildren of which Dr. Shiel expressly disclaims
     beneficial ownership.

(3)  Includes 174,615 shares issuable upon the exercise of options. Does not
     include 46,000 shares held in trusts for the benefit of Mr. Olen's children
     and grandchildren of which Mr. Olen expressly disclaims beneficial
     ownership.

(4)  Includes 382,725 shares held as trustee of various trusts for the benefit
     of Dr. and Mrs. Shiel and their children and grandchildren, of which Mr.
     Heyman has no pecuniary interest. Does not include 522,000 shares held by
     the Vincent W. Shiel Family Limited Partnership and the Helen M. Shiel
     Family Limited Partnership over which Mr. Heyman shares voting and
     dispositive power and of which Mr. Heyman expressly disclaims beneficial
     ownership.

(5)  Based on a Schedule 13D filing dated April 20, 2000. Ilia Lekach, Chief
     Executive Officer of E Com Ventures, Inc. has sole power to vote and
     dispose of 40,000 shares and shared power to vote and dispose of 258,900
     shares owned by E Com Ventures, Inc.

(6)  Based on a Schedule 13G filing dated February 2, 2001. Dimensional Fund
     Advisors Inc., a registered investment advisor, has sole power to vote and
     dispose of 342,700 shares held by investment companies and other investment
     vehicles to which Dimensional Fund Advisors Inc. provides investment
     advice. Dimensional Fund Advisors Inc. disclaims beneficial ownership of
     the 342,700 shares.

(7)  Based on a Schedule 13G filing dated January 8, 1999. Kalmar Investments
     Inc., a registered investment advisor, has sole power to dispose of 300,000
     shares but does not have the power to vote the 300,000 shares.

                                      - 2 -

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