Document:

EX-4.3

SECOND SUPPLEMENTAL INDENTURE

Dated as of March 21, 2005

TO

INDENTURE

Dated as of October 15, 2002

Among

GOLFSMITH INTERNATIONAL, INC.,

as Issuer,

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Trustee

AND

THE GUARANTORS NAMED HEREIN,

as Guarantors

1

SECOND SUPPLEMENTAL INDENTURE, dated as of March 21, 2005, (the “Second Supplemental
Indenture”) between Golfsmith International, Inc., a Delaware corporation (the “Company”), the
guarantors listed on the signature pages hereto (the “Guarantors”), and U.S. Bank Trust National
Association, as trustee (the “Trustee”) to the Indenture (the “Original Indenture”), dated as of
October 15, 2002, among the Company, the Guarantors, and the Trustee as amended by that First
Supplemental Indenture, dated as of September 15, 2004 (“First Supplemental Indenture” and together
with the Original Indenture, the “Indenture”). All capitalized terms used in this Second
Supplemental Indenture and not otherwise defined have the meanings assigned to them in the
Indenture.

RECITALS

WHEREAS, the Company desires to make certain modifications to Section 1.01 of the Indenture;

WHEREAS, Section 9.02 of the Indenture provides that, subject to certain exceptions, the
Indenture may be amended or supplemented by the Company, the Guarantors and the Trustee with the
written consent of the Holder or Holders of at least a majority in aggregate principal amount of
the outstanding Notes;

WHEREAS, the Board of Directors of the Company, by written consent effective as of

March 1, 2005, authorized (i) the solicitation of consents to the proposed amendment to the
Indenture (the “Proposed Amendment”) and (ii) the execution and delivery of this Second
Supplemental Indenture upon receipt of the necessary consents;

WHEREAS, the Board of Directors of each of the Guarantors, by written consent effective as of
March 1, 2005, authorized the execution and delivery of this Second Supplemental Indenture upon
receipt of the necessary consents;

WHEREAS, the Holders of at least a majority in aggregate principal amount of the outstanding
Notes not held by the Company or its Affiliates have consented to the Proposed Amendment;

WHEREAS, in accordance with Sections 9.02, 9.04, 9.06, 11.04, and 11.05 of the Indenture, the
Company has furnished the Trustee with an Officers’ Certificate and an Opinion of Counsel; and

WHEREAS, all actions have been taken that are necessary to make this Second Supplemental
Indenture a valid and binding agreement by and between the Company, the Guarantors and the Trustee
and a valid and binding amendment of, and supplement to, the Indenture;

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Company, the Guarantors, and the
Trustee agree for the benefit of the other parties and for the equal and ratable benefit of the
Holders of the outstanding Notes:

ARTICLE I

EFFECTIVENESS AND EFFECT

SECTION 1.01. Effectiveness and Effect.

This Second Supplemental Indenture shall take effect on the date hereof and will be effective
for all periods during which any Notes are outstanding. The provisions set forth in this Second
Supplemental Indenture shall be deemed to be, and shall be construed as part of, the Indenture, the
terms of which shall bind every Holder. On and after the date hereof, all references to the
Indenture in the Indenture or in any other agreement, document or instrument delivered in
connection therewith or pursuant thereto shall be deemed to refer to the Indenture as amended by
this Second Supplemental Indenture.

ARTICLE II

AMENDMENT OF CERTAIN PROVISIONS OF THE INDENTURE

SECTION 2.01. Restatement of Certain Provisions. Section 1.01 of the Indenture is hereby
amended so that the definition of “Capital Expenditure Basket” reads in its entirety as follows:

“Capital Expenditure Basket” means, in any fiscal year, (x) $12,000,000
plus (y) the amount, if any, of the Excess Cash Flow Offer made and not accepted by
the Holders during the immediately preceding fiscal year plus (z) any Capital
Expenditure Basket amounts (not to exceed $1,000,000) not previously applied by the
Company as Capital Expenditures.

ARTICLE III

MISCELLANEOUS

SECTION 3.01. Ratification of Indenture.

The Indenture, as amended by this Second Supplemental Indenture, is in all respects ratified
and confirmed and all of its terms, conditions and provisions shall remain in full force and
effect. Except as expressly amended hereby, all of the terms and provisions of the Indenture shall
continue in full force and effect.

SECTION 3.02. Governing Law.

THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. EACH OF THE PARTIES HERETO AGREES TO
SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE.

SECTION 3.03. Duplicate Originals.

All parties may sign any number of copies of this Second Supplemental Indenture. Each signed
copy shall be an original, but all of them together shall represent the same agreement.

SECTION 3.04. Trustee.

The recitals herein contained are made by the Company and the Guarantors and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee shall
not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Second Supplemental Indenture.

SECTION 3.05. Trust Indenture Act Controls.

If any provision of this Second Supplemental Indenture limits, qualifies, or conflicts with
another provision which is required to be included in this Second Supplemental Indenture by the
TIA, the required provision shall control. Any provision of the TIA which is required to be
included in a qualified indenture, but not expressly included herein, shall be deemed to be
included by this reference.

SECTION 3.06. Severability.

In case any one or more of the provisions contained in this Second Supplemental Indenture
shall for any reason be held to be invalid, illegal or unenforceable in any respect or for any
reason, the validity, legality and unenforceability of any such provision in every other respect
and of the remaining provision shall not in any way be affected or impaired thereby, it being
intended that all of the provisions hereof shall be enforceable to the full extent permitted by
law.

SECTION 3.07. Successors.

All agreements of the Company and the Guarantors in this Second Supplemental Indenture shall
bind their successors. All agreements of the Trustee in this Second Supplemental Indenture shall
bind its successors.

2

IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
executed and delivered as of the date first written above.

GOLFSMITH INTERNATIONAL, INC.

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee

By:      /s/ Ward Spooner      

	 	 	 	Name: Ward Spooner

Title: Vice President

GOLFSMITH INTERNATIONAL HOLDINGS, INC., as Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH GP HOLDINGS, INC., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

DON SHERWOOD GOLF SHOP, as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH HOLDINGS, L.P., as Subsidiary Guarantor

By: Golfsmith GP Holdings, Inc., as General Partner

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH GP, L.L.C., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH DELAWARE, L.L.C., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH CANADA, L.L.C., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH EUROPE, L.L.C., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH USA, L.L.C., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH NU, L.L.C., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH LICENSING, L.L.C., as Subsidiary Guarantor

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

GOLFSMITH INTERNATIONAL, L.P., as Subsidiary Guarantor

By: Golfsmith GP, L.L.C., as General Partner

By:      /s/ Noel E. Wilens      

	 	 	 	Name: Noel E. Wilens

Title: Vice President

3EX-10.1

EXHIBIT 10.1 

RETENTION AGREEMENT

This RETENTION AGREEMENT (the “Agreement”) is entered into by and between John M. Scheurer (“you”)
and A.C. Corporation, a Delaware company (the “Company”) and will be effective as of March 21, 2005
(the “Effective Date”).

WHEREAS, the Company believes there is a possibility of one or a series of transactions
related to strategic alternatives for Allied Capital Corporation’s (“Allied”) commercial real
estate assets, which may include a sale of the majority of Allied’s commercial real estate finance
business (the “CRE Business”) (“Transaction”) to a person or entity other than Allied (“Acquirer”);

WHEREAS you are employed by A. C. Corporation in which your responsibilities primarily relate
to the management of Allied’s CRE Business;

WHEREAS, the Company wants to reduce any distraction that the possibility of a Transaction may
cause due to uncertainty regarding its impact on your employment and to ensure that you have an
incentive to continue to satisfactorily and fully perform your job duties;

WHEREAS, the Company wants to ensure that you receive certain benefits if you are not hired by
the Acquirer;

WHEREAS, the Company wants to ensure that you receive benefits in the event your employment
ends, without Cause (as defined in section 1(h) below), within the 12-month period following the
Transaction;

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

1. TRANSACTION CONDITIONS

(a) If there is a Transaction and either you remain employed by the Company through the date
of the Transaction or the Company terminates your employment without Cause prior to the
Transaction, the Company will pay you a one time, lump sum bonus in the amount of $500,000, less
applicable taxes and withholdings, under the conditions set forth in the following sentence
(“Company Retention Bonus”). The Company will pay the Company Retention Bonus within 15 days after
the closing date of the Transaction, provided that you have delivered to the Company a signed
Release in accordance with section 1(g) below.

(b) If there is a Transaction and you remain employed by the Company through the date of the
Transaction, and are hired and either remain employed by the Acquirer for at least 90 days
following the Transaction or are terminated by the Acquirer without Cause as defined in section
1(h) below during such 90-day period, the Company will pay you a one time, lump sum bonus in the
amount of $500,000, less applicable taxes and withholdings, under the conditions set forth in the
following sentence (“Acquirer Retention Bonus”). After the expiration of the above 90-day period,
the Company will pay the Acquirer Retention Bonus within 10 days following your delivery to the
Company of a signed Release in accordance with section 1(g) below and, if requested by the Company,
evidence establishing that either you have been employed by the Acquirer for the 90 days following
the Transaction or that the Acquirer terminated your employment other than for Cause during such
90-day period.

(c) If there is a Transaction and you remain employed by the Company through the date of the
Transaction and within sixty (60) days after the date of the Transaction the Acquirer does not
offer to employ you at a base salary of at least $750,000 and you do not accept employment with the
Acquirer on other terms, then you shall be entitled to a lump sum payment of $1,200,000, less
applicable taxes and withholdings, under the conditions set forth in the following sentence
(“Transaction Payment”). After the expiration of the above sixty (60) day period, the Company will
pay this Transaction Payment within 10 days following your delivery to the Company of a signed
Release in accordance with section 1(g) below and if requested by the Company, appropriate
documentation from the Acquirer confirming your employment status with the Acquirer.

(d) If there is a Transaction and you remain employed by the Company through the date of the
Transaction and the Acquirer offers you employment with the Acquirer within sixty (60) days of the
date of the Transaction and you accept but within twelve (12) months of the date you are hired by
the Acquirer, the Acquirer terminates your employment without Cause, then you shall be entitled to
lump sum payment of an amount of $1,200,000, less applicable taxes and withholdings, under the
conditions set forth in the following sentence (“Separation Payment”). The Company will pay this
Separation Payment 10 days following your delivery to the Company of a signed Release in accordance
with section 1(g) below and evidence establishing that the Acquirer terminated your employment
without Cause.

(e) If there is a Transaction and you remain employed by the Company through the date of the
Transaction and the Acquirer offers and you accept employment with the Acquirer but the Acquirer
pays you annual cash compensation below $1,200,000 for the twelve (12) month period beginning the
date you are hired by the Acquirer, then you shall be entitled to a one time lump sum payment of
the difference between $1,200,000 and the amount paid to you by the Acquirer, less applicable taxes
and withholdings, under the conditions set forth in the following sentence (“Differential
Payment”). The Company will pay this Differential Payment 10 days following your delivery to the
Company a signed Release in accordance with section 1(g) below, and if requested by the Company,
evidence demonstrating that the Acquirer paid you less than or reduced the amount of your annual
cash compensation. If you subsequently become eligible for a Separation Payment under section
1(d), the amount of your Separation Payment will be reduced by the amount of any Differential
Payment that you had received.

(f) If there is a Transaction and you satisfy the conditions necessary to receive either the
Acquirer Retention Bonus or the Transaction Payment, the Company will pay you an additional one
time, lump sum payment of $600,000, less taxes and withholdings, on the day you receive either the
Acquirer Retention Bonus or the Transaction Payment, as applicable (“Supplemental Payment”). You
will receive the Supplemental Payment subject to and in accordance with the conditions set forth in
section 1(b) or 1(c) as applicable, including but not limited to the requirements of section 1(g).

(g) In order to receive either a Company Retention Bonus, an Acquirer Retention Bonus, a
Transaction Payment, a Separation Payment, a Differential Payment, or a Supplemental Payment in
accordance with Subsections 1(a)-(f) above respectively, you must sign a release of any and all
claims against Allied, the Company and any affiliated entities in a form substantially similar to
that attached hereto as Attachment A, but modified by the Company as necessary to give it the same
legal effect on the date it is signed as if would have if were signed on the Effective Date
(“Release”). If you fail to return to the Company a signed copy of the Release within forty-five
days of receiving it, you will not be entitled to any payment under this Section 1.

(h) For all purposes under this Agreement, Cause shall mean:

	 	(1)	 	an act or omission by you that constitutes gross misconduct,
moral turpitude or fraud; or

(2) a conviction of, or a plea of “guilty” or “no contest” to, a felony.

2. EMPLOYMENT STATUS

This Agreement does not create a contract of employment for any period and your employment will
continue only so long as it is mutually agreeable to you and the Company. Either you or the
Company may terminate the employment relationship at any time for any reason with or without notice
provided, however, that you shall be entitled to the amounts set forth in Sections 1(a), 1(b) and
1(c) if you are (i) terminated by the Company without Cause prior to a Transaction occurring, and
(ii) you deliver to the Company a signed Release in accordance with section 1(g) below. Such
amounts are to be paid in a lump sum 15 days after you have delivered the signed Release to the
Company. If the Company terminates your employment without Cause prior to a Transaction, or, if
after a Transaction occurs, you are not hired by the Acquirer within sixty (60) days after the date
of the Transaction, then the Company will waive any restriction on any potential Acquirer
soliciting you for employment with any potential Acquirer.

3. CONFIDENTIALITY

You agree that (i) this Agreement is confidential and that you have not and will not disclose,
either directly or indirectly, to anyone the existence, nature or terms of this Agreement, except
as may be required by law, as necessary to enforce this Agreement or, upon obtaining their
agreement to keep this information confidential, to your spouse, counsel, or tax advisor or
preparer, (ii) any information with respect to the Transaction is confidential, including
information with respect to the existence of a Transaction, the nature of any Transaction or the
specific terms and conditions of any Transaction, and that you have not and will not, either
directly or indirectly, disclose to anyone any such information, except as may be required by law
or unless such information has already become public knowledge without any direct or indirect
involvement by you, and (iii) notwithstanding the involvement of an Acquirer in any Transaction,
unless authorized by Allied or the Company and, to your good faith belief, in the best interests of
Allied and the Company, you have not and will not, either directly or indirectly, discuss,
negotiate or otherwise communicate, whether orally or in writing, with any Acquirer or any
potential Acquirer, whether now known or otherwise regarding (A) the existence of a Transaction,
the nature of any Transaction or the specific terms and conditions of any Transaction, or (B) so
long as you are employed by the Company, your employment or engagement, either directly or
indirectly, including as an independent contractor or otherwise, by such Acquirer or potential
Acquirer prior to, during or following the consummation of any Transaction. You agree that you
shall be responsible for any breach of the foregoing by your spouse, your counsel, your tax advisor
or preparer.

This confidentiality provision is an essential part of the consideration for the Company to enter
this Agreement and that any violation of the foregoing terms shall be considered a material breach
of this Agreement by you. If you breach this section, you will immediately cease to be eligible to
receive any payments under this Agreement and you agree to reimburse the Company for any payments
you had previously received under this Agreement, along with any costs and attorneys’ fees incurred
by the Company to obtain reimbursement. If the Company violates any of its obligations under this
Agreement, the Company agrees to reimburse you for any costs and attorneys’ fees incurred by you in
seeking to enforce this Agreement.

4. DISPUTE RESOLUTION

You and the Company agree that arbitration in accordance with the Federal Arbitration Act and the
Dispute Resolution Procedures set forth in Attachment B to this Agreement shall be the exclusive
means for final resolution of any dispute between the parties arising out of or relating to your
employment or this Agreement, except (1) for workers’ compensation and unemployment claims; and (2)
when injunctive relief is necessary to preserve the status quo or to prevent irreparable injury;
and (3) any disputes arising out of or relating to Section 3 of this Agreement; and (4) any claims
arising from or relating to your Confidentiality Agreement. Injunctive relief may be sought only
from any court of competent jurisdiction located in the District of Columbia and you consent to
personal jurisdiction in such court.

5. NATURE OF AGREEMENT

This Agreement constitutes the entire agreement between you and the Company regarding the subjects
covered herein, and supercedes all prior agreements and understandings between you and the Company
regarding the subjects covered herein. In making this Agreement, the parties warrant that they did
not rely on any representations or statements other than those contained in this Agreement. No
provision of this Agreement shall be modified, waived or discharged unless the modification, waiver
or discharge is agreed to in writing and signed by you and the Chief Executive Officer. No waiver
by either party of any breach of, or of compliance with, any condition or provision of this
Agreement by the other party shall be considered a waiver of any other condition or provision or of
the same condition or provision at another time. Regardless of the choice of law provisions of any
other jurisdiction, the parties agree that this Agreement shall be otherwise interpreted, enforced
and governed by the laws of the District of Columbia. This Agreement shall be binding on the
Company’s successors and assigns and on you, your heirs and personal representatives. This
Agreement shall expire if there is no Transaction on or before June 30, 2005 and you shall not be
entitled to any payments or other benefits provided under this Agreement. Neither party may assign
this Agreement, either voluntarily or involuntarily, without the prior written consent of the
other. The invalidity or unenforceability of any provision or provisions of this Agreement shall
not affect the validity or enforceability of any other provision hereof, which shall remain in full
force and effect and this Agreement shall be interpreted as if the unenforceable provision had not
been included in it. This Agreement may be executed in any number of counterparts each of which
shall be an original, but all of which together shall constitute one instrument. The headings in
this Agreement are for convenience only and shall not effect the interpretation of this Agreement.
You further certify that you fully understand the terms of this Agreement and have entered into it
knowingly and voluntarily. Nothing in this Agreement changes the at-will nature of your
employment.

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its authorized officer, as of the day and year set forth under their signatures below.

A.C. Corporation

	 	 	 
	_/s/ John M. Scheurer     

	 	By:/s/ Diane Murphy
	 

	 	 
	John M. Scheurer

	 	Diane Murphy

Executive Vice President
	 
	 	 
	Date:     March 21, 2005     

	 	Date:     March 21, 2005     
	 

	 	 
	 
	 	 

1

Attachment A

Sample Form Only That

May Be Modified By the Company

Consistent with Section 1(g) of Retention Agreement

General Release and Waiver of All Claims

John M. Scheurer (“you”) executes this General Release And Waiver of All Claims (the
“Release”) as a condition of receiving certain payments and other benefits in accordance with the
terms of your Retention Agreement, reserved for other exceptions as applicable, that became
effective      .

1. RELEASE.

You hereby release and forever discharge A.C. Corporation and Allied Capital Corporation and any
of their former or current subsidiaries, portfolio companies, parents and affiliates, and each
and every one of their former or current directors, officers, employees, agents, parents,
affiliates, successors, predecessors, subsidiaries, assigns and attorneys (the “Released
Parties”) from any and all charges, claims, damages, injury and actions, in law or equity, which
you or your heirs, successors, executors, or other representatives ever had, now have, or may
have by reason of any act, omission, matter, cause or thing through the date of your execution
of this Release. You understand that this Release is a general release of all claims you may
have against the Released Parties based on any act, omission, matter, case or thing through the
date of your execution of this Release.

2. WAIVER.

You realize there are many laws and regulations governing the employment relationship. These
include, but are not limited to, Title VII of the Civil Rights Acts of 1964 and 1991; the Age
Discrimination in Employment Act of 1967; the Americans with Disabilities Act; the National
Labor Relations Act; 42 U.S.C. § 1981; the Family and Medical Leave Act; the Fair Labor
Standards Act; the Employee Retirement Income Security Act of 1974 (other than any accrued
benefit(s) to which you have a non-forfeitable right under any pension benefit plan); other
state, local, and federal employment laws; and any amendments to any of the foregoing. You also
understand there may be other statutes and laws of contract and tort that also relate to your
employment. By signing this Release, you waive and release any rights you may have against the
Released Parties under these and any other laws based on any act, omission, matter, cause or
thing through the date of your execution of this Release. You also agree not to initiate, join,
or voluntarily participate in any action or suit in any court or to accept any damages or other
relief from any such proceeding brought by anyone else based on any act, omission, matter, cause
or thing through the date of your execution of this Release.

3. NOTICE PERIOD.

This document is important. We advise you to review it carefully and consult an attorney before
signing it, as well as any other professional whose advice you value, such as an accountant or
financial advisor. If you agree to the terms of this Release, sign in the space indicated below
for your signature. You will have forty-five (45) calendar days from the date you receive this
document to consider whether to sign this Release. If you choose to sign the Release before the
end of that forty-five day period, you certify that you did so voluntarily for your own benefit
and not because of any coercion.

4. RETURN OF PROPERTY.

You hereby affirm that you have returned to the Company all documents, records, customer/client
lists, data, or other non-public information that is recorded in any manner and was furnished to
you or produced by you in connection with your employment, with the exception of documents
relating to compensation or benefits to which you are entitled following the termination of your
employment. You also affirm that you have returned all Company property and equipment,
including but not limited to computers, PDAs, and cell phones. Further, you affirm that you
will not make any attempts to access any Company data after your final day of employment.

5. REVOCATION.

You should also understand that even after you have signed this Release, you still have seven
(7) days to revoke it. To revoke your acceptance of this Release, the Chairman of the Company’s
Board of Directors must receive written notice before the end of the seven-day period. In the
event you revoke or do not accept this Release, you will not be entitled to any of the payments
or benefits that you would have been entitled to under your Retention Agreement by virtue of
executing this Release. If you do not revoke this Release within seven (7) days after you sign
it, it will be final, binding, and irrevocable.

IN WITNESS WHEREOF, you have knowingly and voluntarily executed this Release, as of the day and
year first set forth below.

	 	 	 
	
 
	 	     
	 

	 	 
	John M. Scheurer

	 	Date
	 
	 	 

2

Attachment B

DISPUTE RESOLUTION PROCEDURES

The parties agree to make a good faith effort to informally resolve any dispute before submitting
the dispute to be resolved in accordance with the following procedures (“Procedures”):

	 	A.	 	The party claiming to be aggrieved shall furnish to the other a written statement of the
grievance, all persons whose testimony would support the grievance, and the relief requested
or proposed. The written statements must be delivered to the other party within the time
limits for bringing an administrative or court action based on that claim.

	 	B.	 	If the other party does not agree to furnish the relief requested or proposed, or otherwise
does not satisfy the demand of the party claiming to be aggrieved within 30 days and the
aggrieved party wishes to pursue the issue, the aggrieved party shall by written notice demand
that the dispute be submitted to non-binding mediation before a mediator jointly selected by
the parties.

	 	C.	 	If the mediation does not resolve the dispute to the satisfaction of each of the parties and
either party wishes to pursue the issue, such party shall request arbitration of the dispute
by giving written notice to the other party within 30 days after mediation. The parties will
attempt to agree on a mutually acceptable arbitrator and, if no agreement is reached, the
parties will request a list of nine arbitrators from the American Arbitration Association or
such other arbitration firms as agreed and select by alternately striking names. The
arbitration will be conducted consistent with American Arbitration Association’s National
Rules for Resolution of Employment Disputes (“Rules”) that are in effect at the time of the
arbitration. If there is any conflict between those Rules and the Procedures, the Procedures
will govern. The arbitrator shall have authority to decide whether the conduct complained of
under Section A above violates the legal rights of the parties. In any such arbitration
proceeding, any hearing must be transcribed by a certified court reporter and any decision
must be supported by written findings of fact and conclusions of law. The arbitrator’s
findings of fact must be supported by substantial evidence on the record as a whole, and the
conclusions of law and any remedy must be provided for by and consistent with the laws of the
District of Columbia and federal law. The arbitrator shall have no authority to add to,
modify, change or disregard any lawful term of the Agreement. The Company will pay the
arbitrator’s fee. Any award that may result from such arbitration may be confirmed into a
judgment from a court of competent jurisdiction in the District of Columbia and enforced in
accordance with applicable law.

3

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