Document:

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                                                                   Exhibit 10.11

                           INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT (the "Agreement") is made and entered into
effective as of this 12th day of September, 2002, by and between Golfsmith
International, Inc., a Delaware corporation (including any successors thereto,
the "Company"), and John Moriarty ("Indemnitee").

                                   RECITALS:

     A.   Competent and experienced persons are reluctant to serve or to
continue to serve corporations as directors, officers, or in other capacities
unless they are provided with adequate protection through insurance or
indemnification (or both) against claims and actions against them arising out
of their service to and activities on behalf of those corporations.

     B.   The current uncertainties relating to the availability of adequate
insurance for directors and officers have increased the difficulty for
corporations to attract and retain competent and experienced persons.

     C.   The Board of Directors of the Company (the "Board") has determined
that the continuation of present trends in litigation will make it more
difficult to attract and retain competent and experienced persons, that this
situation is detrimental to the best interests of the Company's stockholders,
and that the Company should act to assure its directors and officers that there
will be increased certainty of adequate protection in the future.

     D.   It is reasonable, prudent, and necessary for the Company to obligate
itself contractually to indemnify its directors and officers to the fullest
extent permitted by applicable law in order to induce them to serve or continue
to serve the Company.

     E.   Indemnitee is willing to serve and continue to serve the Company on
the condition that he be indemnified to the fullest extent permitted by law.

     F.   Concurrently with the execution of this Agreement, Indemnitee is
agreeing to serve or to continue to serve as a director or officer of the
Company.

                                  AGREEMENTS:

     NOW, THEREFORE, in consideration of the foregoing premises, Indemnitee's
agreement to serve or continue to serve as a director or officer of the
Company, and the covenants contained in this Agreement, the Company and
Indemnitee hereby covenant and agree as follows:

1.   Certain Definitions. For purposes of this Agreement:

          (a)  Affiliate: shall mean any Person that directly, or indirectly,
               through one or more intermediaries, controls, is controlled by,
               or is under common control with the Person specified.

          (b)  Change of Control: shall mean the occurrence of any of the
               following events:
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             (i)  The acquisition after the date of this Agreement by any
                  individual, entity, or group (within the meaning of Section
                  13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
                  as amended (the "Exchange Act")) (a "Person") of beneficial
                  ownership (within the meaning of Rule 13d-3 promulgated under
                  the Exchange Act) of 20% or more of either (x) the then
                  outstanding shares of common stock of the Company (the
                  "Outstanding Company Common Stock") or (y) the combined voting
                  power of the then outstanding voting securities of the Company
                  entitled to vote generally in the election of directors (the
                  "Outstanding Company Voting Securities"); provided, however,
                  that for purposes of this paragraph (i), the following
                  acquisitions shall not constitute a Change of Control: any
                  acquisition directly from the Company or any Subsidiary
                  thereof; any acquisition by the Company or any Subsidiary
                  thereof; any acquisition by any employee benefit plan (or
                  related trust) sponsored or maintained by the Company or any
                  Subsidiary of the Company; or any acquisition by any entity or
                  its security holders pursuant to a transaction which complies
                  with clauses (A), (B), and (C) of paragraph (iii) below;

            (ii)  Individuals who, as of the date of this Agreement, constitute
                  the Board (the "Incumbent Board") cease for any reason to
                  constitute at least a majority of the Board; provided,
                  however, that any individual becoming a director subsequent to
                  the date of this Agreement whose election or appointment by
                  the Board or nomination for election by the Company's
                  stockholders, was approved by a vote of at least a majority of
                  the directors then comprising the Incumbent Board, shall in
                  either case be considered as though such individual were a
                  member of the Incumbent Board, but excluding, for this
                  purpose, any such individual whose initial assumption of
                  office occurs as a result of an actual or threatened election
                  contest with respect to the election or removal of directors
                  or other actual or threatened solicitation of proxies or
                  consents by or on behalf of a Person other than the Board;

            (iii) Consummation of a reorganization, merger or consolidation or
                  sale of other disposition of all or substantially all of the
                  assets of the Company or an acquisition of assets of another
                  corporation (a "Business Combination"), unless in each case,
                  following such Business Combination, (A) all or substantially
                  all of the individuals and entities who were the beneficial
                  owners, respectively, of the Outstanding Company Common Stock
                  and Outstanding Company Voting Securities immediately prior to
                  such Business Combination beneficially own, directly or
                  indirectly, more than 50% of, respectively, the then
                  outstanding shares of common stock and the combined voting
                  power of the then outstanding voting securities entitled to
                  vote generally in the election of directors, as the case may
                  be, of the corporation resulting from such Business
                  Combination (including, without limitation, a corporation
                  which as a result of such transaction owns the Company or all
                  or substantially all of the Company's assets either directly
                  or through one or more

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          subsidiaries) in substantially the same proportions as their
          ownership, immediately prior to such Business Combination of the
          Outstanding Company Common Stock and Outstanding Corporation Voting
          Securities, as the case may be, (B) no Person (excluding any employee
          benefit plan (or related trust) of the Company or the corporation
          resulting from such Business Combination) beneficially owns, directly
          or indirectly, 20% or more of, respectively, the then outstanding
          shares of common stock of the corporation resulting from such Business
          Combination or the combined voting power of the then outstanding
          voting securities of such corporation except to the extent that such
          ownership of the Company existed prior to the Business Combination and
          (C) at least a majority of the members of the board of directors of
          the corporation resulting from such Business Combination were members
          of the Incumbent Board at the time of the execution of the initial
          agreement, or of the action of the Board, providing for such Business
          Combination; or

     (iv) Approval by the stockholders of the Company of a complete liquidation
          or dissolution of the Company.

(c)  Claim: shall mean any threatened, pending, or completed action, suit, or
     proceeding (including, without limitation, securities laws actions, suits,
     and proceedings and also any cross claim or counterclaim in any action,
     suit, or proceeding), whether civil, criminal, arbitral, administrative, or
     investigative in nature, or any inquiry or investigation (including
     discovery), whether conducted by the Company or any other Person, that
     Indemnitee in good faith believes might lead to the institution of any
     action, suit, or proceeding.

(d)  Expenses: shall mean all costs, expenses (including attorneys' and expert
     witnesses' fees), and obligations paid or incurred in connection with
     investigating, defending (including affirmative defenses and
     counterclaims), being a witness in, or participating in (including on
     appeal), or preparing to defend, be a witness in, or participate in, any
     Claim relating to any Indemnifiable Event.

(e)  Indemnifiable Event: shall mean any actual or alleged act, omission,
     statement, misstatement, event, or occurrence related to the fact that
     Indemnitee is or was a director, officer, agent, or fiduciary of the
     Company, or is or was serving at the request of the Company as a director,
     officer, trustee, agent, or fiduciary of another corporation, partnership,
     joint venture, employee benefit plan, trust, or other enterprise, or by
     reason of any actual or alleged thing done or not done by Indemnitee in any
     such capacity. For purposes of this Agreement, the Company agrees that
     Indemnitee's service on behalf of or with respect to any Subsidiary or
     employee benefits plan of the Company or any Subsidiary of the Company
     shall be deemed to be at the request of the Company.

(f)  Indemnifiable Liabilities: shall mean all Expenses and all other
     liabilities, damages (including, without limitation, punitive, exemplary,
     and the multiplied portion of any damages), judgments, payments, fines,
     penalties, amounts paid in

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          settlement, and awards paid or incurred that arise out of, or in any
          way relate to, any Indemnifiable Event.

     (g)  Potential Change of Control: shall be deemed to have occurred if (i)
          the Company enters into an agreement, the consummation of which would
          result in the occurrence of a Change of Control, (ii) any Person
          (including the Company) publicly announces an intention to take or to
          consider taking actions that, if consummated, would constitute a
          Change of Control, or (iii) the Board adopts a resolution to the
          effect that, for purposes of this Agreement, a Potential Change of
          Control has occurred.

     (h)  Reviewing Party: shall mean a member or members of the Board who are
          not parties to the particular Claim for which Indemnitee is seeking
          indemnification or if a Change of Control has occurred or if there is
          a Potential Change of Control and Indemnitee so requests, or if the
          members of the Board so elect, or if all of the members of the Board
          are parties to such Claim, Special Counsel.

     (i)  Special Counsel: shall mean special, independent legal counsel
          selected by Indemnitee and approved by the Company (which approval
          shall not be unreasonably withheld), and who has not otherwise
          performed material services for the Company or for Indemnitee within
          the last three years (other than as Special Counsel under this
          Agreement or similar agreements).

     (j)  Subsidiary: shall mean, with respect to any Person, any corporation or
          other entity of which a majority of the voting power of the voting
          equity securities or equity interest is owned, directly or indirectly,
          by that Person.

2. Indemnification and Expense Advancement.

     (a)  The Company shall indemnify Indemnitee and hold Indemnitee harmless to
          the fullest extent permitted by law, as soon as practicable but in any
          event no later than 30 days after written demand is presented to the
          Company, from and against any and all Indemnifiable Liabilities.
          Notwithstanding the foregoing, the obligations of the Company under
          Section 2(a) shall be subject to the condition that the Reviewing
          Party shall not have determined (in a written opinion, in any case in
          which Special Counsel is involved) that Indemnitee is not permitted to
          be indemnified under applicable law. Nothing contained in this
          Agreement shall require any determination under this Section 2(a) to
          be made by the Reviewing Party prior to the disposition or conclusion
          of the Claim against the Indemnitee.

     (b)  If so requested by Indemnitee, the Company shall advance to Indemnitee
          all reasonable Expenses incurred by Indemnitee to the fullest extent
          permitted by law (or, if applicable, reimburse Indemnitee for any and
          all reasonable Expenses incurred by Indemnitee and previously paid by
          Indemnitee) within ten business days after such request (an "Expense
          Advance") and delivery by Indemnitee of an undertaking to repay
          Expense Advances if and to the extent such undertaking is required by
          applicable law prior to the Company's payment of Expense

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         Advances. The Company shall be obligated from time to time at the
         request of Indemnitee to make or pay an Expense Advance in advance of
         the final disposition or conclusion of any Claim. In connection with
         any request for an Expense Advance, if requested by the Company,
         Indemnitee or Indemnitee's counsel shall submit an affidavit stating
         that the Expenses to which the Expense Advances relate are reasonable.
         Any dispute as to the reasonableness of any Expense shall not delay an
         Expense Advance by the Company. If, when, and to the extent that the
         Reviewing Party determines that Indemnitee would not be permitted to be
         indemnified with respect to a Claim under applicable law or the amount
         of the Expense Advance was not reasonable, the Company shall be
         entitled to be reimbursed by Indemnitee and Indemnitee hereby agrees to
         reimburse the Company without interest (which agreement shall be an
         unsecured obligation of Indemnitee) for (x) all related Expense
         Advances theretofore made or paid by the Company in the event that it
         is determined that indemnification would not be permitted or (y) the
         excessive portion of any Expense Advances in the event that it is
         determined that such Expenses Advances were unreasonable, in either
         case, if and to the extent such reimbursement is required by applicable
         law; provided, however, that if Indemnitee has commenced legal
         proceedings in a court of competent jurisdiction to secure a
         determination that Indemnitee could be indemnified under applicable
         law, or that the Expense Advances were reasonable, any determination
         made by the Reviewing Party that Indemnitee would not be permitted to
         be indemnified under applicable law or that the Expense Advances were
         unreasonable shall not be binding, and the Company shall be obligated
         to continue to make Expense Advances, until a final judicial
         determination is made with respect thereto (as to which all rights of
         appeal therefrom have been exhausted or lapsed), which determination
         shall be conclusive and binding. If there has been a Potential Change
         of Control or a Change of Control, the Reviewing Party shall be advised
         by or shall be Special Counsel, if Indemnitee so requests. If there has
         been no determination by the Reviewing Party or if the Reviewing Party
         determines that Indemnitee substantively is not permitted to be
         indemnified in whole or part under applicable law or that any Expense
         Advances were unreasonable, Indemnitee shall have the right to commence
         litigation in any court in the states of Texas or Delaware having
         subject matter jurisdiction thereof and in which venue is proper
         seeking an initial determination by the court or challenging any such
         determination by the Reviewing Party or any aspect thereof, and the
         Company hereby consents to service of process and to appear in any such
         proceeding. Any determination by the Reviewing Party otherwise shall be
         conclusive and binding on the Company and Indemnitee.

     (c) Nothing in this Agreement, however, shall require the Company to
         indemnify Indemnitee with respect to any Claim initiated by Indemnitee,
         other than a Claim solely seeking enforcement of the Company's
         indemnification obligations to Indemnitee or a Claim authorized by the
         Board.

3. Change of Control. The Company agrees that, if there is a Potential Change in
Control or a Change of Control and if Indemnitee requests in writing that
Special Counsel be the Reviewing Party, then Special Counsel shall be the
Reviewing Party. In such a case, the Company agrees

                                      S-5
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not to request or seek reimbursement from Indemnitee of any indemnification
payment or Expense Advances unless Special Counsel has rendered its written
opinion to the Company and Indemnitee (i) that the Company was not or is not
permitted under applicable law to pay Indemnitee and to allow Indemnitee to
retain such indemnification payment or Expense Advances or (ii) that such
Expense Advances were unreasonable. However, if Indemnitee has commenced legal
proceedings in a court of competent jurisdiction to secure a determination that
Indemnitee could be indemnified under applicable law or that the Expense
Advances were reasonable, any determination made by Special Counsel that
Indemnitee would not be permitted to be indemnified under applicable law or that
the Expense Advances were unreasonable shall not be binding, and Indemnitee
shall not be required to reimburse the Company for any Expense Advance, and the
Company shall be obligated to continue to make Expense Advances, until a final
judicial determination is made with respect thereto (as to which all rights of
appeal therefore have been exhausted or lapsed), which determination shall be
conclusive and binding. The Company agrees to pay the reasonable fees of Special
Counsel and to indemnify Special Counsel against any and all expenses (including
attorneys' fees), claims, liabilities, and damages arising out of or relating to
this Agreement or Special Counsel's engagement pursuant hereto.

4.  Indemnification for Additional Expenses.  The Company shall indemnify
Indemnitee against any and all costs and expenses (including attorneys' and
expert witnesses' fees) and, if requested by Indemnitee, shall (within two
business days of that request) advance those costs and expenses to Indemnitee,
that are incurred by Indemnitee if Indemnitee, whether by formal proceedings or
through demand and negotiation without formal proceedings: (a) seeks to enforce
Indemnitee's rights under this Agreement, (b) seeks to enforce Indemnitee's
rights to expense advancement or indemnification under any other agreement or
provision of the Company's Certificate of Incorporation, as amended (the
"Certificate of Incorporation"), or Bylaws (the "Bylaws") now or hereafter in
effect relating to Claims for Indemnifiable Events; or (c) seeks recovery under
any directors' and officers' liability insurance policies maintained by the
Company, in each case regardless of whether Indemnitee ultimately prevails;
provided that a court of competent jurisdiction has not found Indemnitee's claim
for indemnification or expense advancements under the foregoing clause (a), (b)
or (c) to be frivolous, presented for an improper purpose, without evidentiary
support, or otherwise sanctionable under Federal Rule of Civil Procedure No. 11
or an analogous rule or law, and provided further, that if a court makes such a
finding, Indemnitee shall reimburse the Company for all amounts previously
advanced to Indemnitee pursuant to this Section 4. Subject to the provisos
contained in the preceding sentence, to the fullest extent permitted by law, the
Company waives any and all rights that it may have to recover its costs and
expenses from Indemnitee.

5.  Partial Indemnity.  If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some, but not all, of
Indemnitee's Indemnifiable Liabilities, the Company shall indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

6.  Contribution.

     (a)  Contribution Payment. To the extent the indemnification provided for
          under any provision of this Agreement is determined (in the manner
          hereinabove provided) not to be permitted under applicable law, the
          Company, in lieu of indemnifying Indemnitee, shall, to the extent
          permitted by law, contribute to the amount of any

                                      S-6

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          and all Indemnifiable Liabilities incurred or paid by Indemnitee for
          which such indemnification is not permitted. The amount the Company
          contributes shall be in such proportion as is appropriate to reflect
          the relative fault of Indemnitee, on the one hand, and of the Company
          and any and all other parties (including officers and directors of the
          Company other than Indemnitee) who may be at fault (collectively,
          including the Company, the "Third Parties"), on the other hand.

     (b)  Relative Fault. The relative fault of the Third Parties and the
          Indemnitee shall be determined by reference to the relative fault of
          Indemnitee as determined by the court or other governmental agency or
          to the extent such court or other governmental agency does not
          apportion relative fault, by the Reviewing Party (which shall include
          Special Counsel) after giving effect to, among other things, the
          relative intent, knowledge, access to information, and opportunity to
          prevent or correct the relevant events, of each party, and other
          relevant equitable considerations. The Company and Indemnitee agree
          that it would not be just and equitable if contribution were
          determined by pro rata allocation or by any other method of allocation
          that does not take account of the equitable considerations referred to
          in this Section 6(b).

7. Burden of Proof. In connection with any determination by the Reviewing Party
or otherwise as to whether Indemnitee is entitled to be indemnified under any
provision of this Agreement or to receive contribution pursuant to Section 6 of
this Agreement, to the extent permitted by law the burden of proof shall be on
the Company to establish that Indemnitee is not so entitled.

8. No Presumption. For purposes of this Agreement, the termination of any Claim
by judgment, order, settlement (whether with or without court approval), or
conviction, or upon a plea of nolo contendere, or its equivalent, or an entry of
an order of probation prior to judgment shall not create a presumption (other
than any presumption arising as a matter of law that the parties may not
contractually agree to disregard) that Indemnitee did not meet any particular
standard of conduct or have any particular belief or that a court has determined
that indemnification is not permitted by applicable law.

9. Non-exclusivity. The rights of Indemnitee hereunder shall be in addition to
any other rights Indemnitee may have under the Bylaws or Certificate of
Incorporation or the Delaware General Corporation Law or otherwise. To the
extent that a change in the Delaware General Corporation Law (whether by statute
or judicial decision) permits greater indemnification by agreement than would be
afforded currently under the Bylaws or Certificate of Incorporation and this
Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by
this Agreement the greater benefits so afforded by that change. Indemnitee's
rights under this Agreement shall not be diminished by any amendment to the
Certificate of Incorporation or Bylaws, or of any other agreement or instrument
to which Indemnitee is not a party, and shall not diminish any other rights that
Indemnitee now or in the future has against the Company.

10. Liability Insurance. Except as otherwise agreed to by the Company in a
written agreement with Indemnitee or for the benefit of Indemnitee, to the
extent the Company maintains an insurance policy or policies providing
directors' and officers' liability insurance, Indemnitee

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<PAGE>

shall be covered by that policy or those policies, in accordance with its or
their terms, to the maximum extent of the coverage available for any Company
director or officer.

11. Period of Limitations. No action, lawsuit, or proceeding may be brought
against Indemnitee or Indemnitee's spouse, heirs, executors, or personal or
legal representatives, nor may any cause of action be asserted in any such
action, lawsuit, or proceeding, by or on behalf of the Company, after the
expiration of two years after the statute of limitations commences with respect
to Indemnitee's act or omission that gave rise to the action, lawsuit,
proceeding, or cause of action; provided, however, that, if any shorter period
of limitations is otherwise applicable to any such action, lawsuit, proceeding,
or cause of action, the shorter period shall govern.

12. Amendments. No supplement, modification, or amendment of this Agreement
shall be binding unless executed in writing by both of the parties hereto. No
waiver of any provision of this Agreement shall be effective unless in a
writing signed by the party granting the waiver. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) not shall that waiver
constitute a continuing waiver.

13. Other Sources. Indemnitee shall not be required to exercise any rights that
Indemnitee may have against any other Person (for example, under an insurance
policy) before Indemnitee enforces his rights under this Agreement. However, to
the extent that the Company actually indemnifies Indemnitee or advances him
Expenses, the Company shall be subrogated to the rights of Indemnitee and shall
be entitled to enforce any such rights which Indemnitee may have against third
parties. Indemnitee shall assist the Company in enforcing those rights if it
pays his costs and expenses of doing so. If Indemnitee is actually indemnified
or advanced Expenses by any third party, then, for so long as Indemnitee is not
required to disgorge the amounts so received, to that extent the Company shall
be relieved of its obligation to indemnify Indemnitee or advance Indemnitee
Expenses.

14. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective
successors, assigns (including any direct or indirect successor by merger or
consolidation), spouses, heirs, and personal and legal representatives. This
Agreement shall continue in effect regardless of whether Indemnitee continues
to serve as an officer or director of the Company or another enterprise at the
Company's request.

15. Severability. If any provision of this Agreement is held to be illegal,
invalid, or unenforceable under present or future laws effective during the
term hereof, that provision shall be fully severable; this Agreement shall be
construed and enforced as if that illegal, invalid, or unenforceable provision
had never comprised part hereof; and the remaining provisions shall remain in
full force and effect and shall not be affected by the illegal, invalid, or
unenforceable provision, there shall be added automatically as a part of this
Agreement a provision as similar in terms to the illegal, invalid, or
unenforceable provision as may be possible and be legal, valid, and enforceable.

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16. Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed in that state without giving effect to the
principles of conflicts of laws.

17. Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement.

18. Notices. Whenever this Agreement requires or permits notice to be given by
one party to the other, such notice must be in writing to be effective and
shall be deemed delivered and received by the party to whom it is sent upon
actual receipt (by any means) of such notice. Receipt of a notice by the
Secretary of the Company shall be deemed receipt of such notice by the Company.

19. Complete Agreement. This Agreement constitutes the complete understanding
and agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings between the parties with
respect to the subject matter hereof, other than any indemnification rights
that Indemnitee may enjoy under the Certificate of Incorporation, the Bylaws,
or the Delaware General Corporation Law.

20. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but in making proof hereof it shall
not be necessary to produce or account for more than one such counterpart.

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     EXECUTED as of the date first written above.

                                        GOLFSMITH INTERNATIONAL, INC.

                                        By:    /s/ Franklin C. Paul
                                               ----------------------
                                        Name:  Franklin C. Paul
                                               ----------------------
                                        Title: President
                                               ----------------------

                                        INDEMNITEE:

                                        /s/ John Moriarty
                                        -----------------------------
                                        Name: John Moriarty

                                      S-1<PAGE>
                                                                   Exhibit 10.12

                                  CARL F. PAUL
                              EMPLOYMENT AGREEMENT
                                      WITH
                          GOLFSMITH INTERNATIONAL, INC.

      This is an Employment Agreement entered into between Golfsmith
International, Inc., a Delaware corporation (the "COMPANY"), and Carl F. Paul
("EXECUTIVE").

                                    RECITALS:

      WHEREAS, the Company and Executive desire that Executive provide the
Company employment services upon the terms and conditions set forth below;

      WHEREAS, this Employment Agreement is entered into as a condition of the
parties consummating their obligations under the Agreement and Plan of Merger
(the "MERGER AGREEMENT") dated as of September 23, 2002, by and among the
Company, Golfsmith International Holdings, Inc., a Delaware corporation
("Parent"), and BGA Acquisition Corporation, a Delaware corporation and a
wholly-owned Subsidiary of Parent ("SUB").

      NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein, the parties, intending to be legally bound, agree as follows:

                                   AGREEMENT:

SECTION 1. TERM OF EMPLOYMENT

      (a) Effective Date. Subject to the terms and conditions set forth in this
Employment Agreement, the Company agrees to employ Executive, and Executive
agrees to be employed by the Company for the one year period which starts on the
Closing Date (as defined in the Merger Agreement) (the "EFFECTIVE DATE").

      (b) Term. The term of this Employment Agreement is subject to automatic
one year extensions starting on the first anniversary of the Effective Date of
this Employment Agreement and on each subsequent anniversary date, unless
Executive or the Company cancels the automatic extension at least 30 days prior
to the anniversary date.

SECTION 2. DEFINITIONS

      "COMPETING BUSINESS" means (i) any business which designs, distributes,
sells or markets golf equipment and golf related products; or (ii) any other
business in which the Company or any of its subsidiaries is substantially
engaged at the time of the termination of Executive's employment and in which
Executive was substantially engaged on behalf of the
<PAGE>
Company or any of its subsidiaries during the last year of Executive's
employment. Notwithstanding the foregoing, "Competing Business" shall not under
any circumstance include: (w) golf course(s); (x) golf school(s); (y) golf
driving range(s); or (z) any business principally concerned with non-golf
Internet, catalogue, or retail sales; provided, however, that any pro shop
operated in connection with any such golf course, golf school or driving range
must be a Company shop.

      "RESTRICTED PERIOD" means the longer of (x) one year following the
termination of Executive's employment under this Employment Agreement or (y)
five years from the Effective Date.

      "TERM" means the one year period described in Section 1(b).

SECTION 3. POSITION AND RESPONSIBILITIES

      (a) Position. Executive shall act as a Senior Advisor to the Company's
Golf Club Components Division.

      (b) Responsibilities.

            (1) Executive shall advise the Company with respect to its Golf Club
      Components Division and such other duties as authorized by the Board of
      Directors of the Company and/or the President of the Company and agreed to
      by Executive. Such other duties may include attending trade shows,
      visiting vendors and/or suppliers on behalf of the Company, writing
      articles and participating in meetings.

            (2) Executive, as a condition to his employment under this
      Employment Agreement, represents and warrants that he can assume and
      fulfill responsibilities described in Section 3(b)(1) without any risk of
      violating any non-compete or other restrictive covenant or other agreement
      to which he is a party.

      (c) Reporting Relationship. Executive shall report to the Board of
Directors of the Company.

      (d) "As Needed" Basis. Executive shall render his services on "as needed"
basis, as mutually agreed by the parties.

      (e) Geographic Area. Executive shall perform his duties and
responsibilities principally in the Austin, Texas metropolitan area and shall
travel outside of that area as determined in the good faith judgment of the
Board of Directors of the Company and as agreed to by Executive.

SECTION 4. COMPENSATION AND BENEFITS

      (a) Annual Salary. Executive's salary shall be $50,000 per year, which
amount may be reviewed and increased at the discretion of the Board of Directors
of the Company or any

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committee of the Board of Directors of the Company duly authorized to take such
action. Executive's base salary shall be payable in accordance with the
Company's standard payroll practices and policies for such positions and shall
be subject to such withholdings as required by law or as otherwise permissible
under such practices or policies.

      (b) Employee Benefit Plans. Executive shall be eligible to participate in
certain specified employee benefit plans, programs and policies maintained by
the Company in accordance with the terms and conditions to participate in such
plans, programs and policies as in effect from time to time, and subject to
Executive's eligibility for such plans, programs and policies as determined by
the Company, provided, however, that the Company will amend its group health
plan in accordance with the terms of the letter agreement between Executive and
the Company, attached hereto as Exhibit A and incorporated herein by reference,
and will otherwise comply with the terms and intent of such letter agreement.

      (c) Vacation. Executive shall continue to receive Executive's base salary
during periods of vacation and other time off. Although there is no fixed limit
to the amount of vacation or other time off Executive may take, Executive is
expected to schedule Executive's vacations and other time off so as not to
materially and adversely interfere with the performance of his responsibilities
under this Employment Agreement.

      (d) Expense Reimbursements. Executive shall have the right to expense
reimbursements in accordance with the Company's standard policy on expense
reimbursements.

      (e) Indemnification. With respect to Executive's acts or failures to act
during his employment in his capacity as an employee or agent of the Company,
Executive shall be entitled to indemnification from the Company, and to
liability insurance coverage (if any), on the same basis as other employees or
agents of the Company.

SECTION 5. TERMINATION OF EMPLOYMENT

      The Board of Directors of the Company shall have the right to terminate
Executive's employment, without liability, at any time with or without cause,
and Executive shall have the right to resign at any time. Upon termination or
resignation, the Company's only obligation to Executive under this Employment
Agreement shall be to pay Executive his earned but unpaid salary, if any, up to
the date Executive's employment terminates. The Company shall only be obligated
to make such payments and provide such benefits under any employee benefit plan,
program or policy in which Executive was a participant as are explicitly
required to be paid to Executive by the terms of any such benefit plan, program
or policy following the date on which Executive's employment terminates.

SECTION 6. COVENANTS BY EXECUTIVE

      (a) Company Property. Executive upon the termination of Executive's
employment for any reason or, if earlier, upon the Company's request shall
promptly return all Company Property which had been entrusted or made available
to Executive by the Company, where the term "PROPERTY" means all records, files,
memoranda, reports, price lists, customer lists, drawings, plans, sketches,
keys, codes, computer hardware and software and other property of any kind or
description prepared, used or possessed by Executive during Executive's

                                       3
<PAGE>
employment by the Company (and any duplicates of any such Property) together
with any and all information, ideas, concepts, discoveries, and inventions and
the like conceived, made, developed or acquired at any time by Executive
individually or, with others during Executive's employment which relate to the
Company or its products or services.

      (b) Trade Secrets. Executive agrees that Executive shall hold in a
fiduciary capacity for the benefit of the Company and its affiliates and shall
not directly or indirectly use or disclose any Trade Secret that Executive may
have acquired during the term of Executive's employment by the Company or any of
its predecessors for so long as such information remains a Trade Secret, where
the term "TRADE SECRET" means information, including, but not limited to,
technical or non-technical data, a formula, a pattern, a compilation, a program,
a device, a method, a technique, a drawing or a process that (1) derives
economic value, actual or potential, from not being generally known to, and not
being generally readily ascertainable by proper means by, other persons who can
obtain economic value from its disclosure or use and (2) is the subject of
reasonable efforts by the Company and any of its affiliates to maintain its
secrecy. This Section 6(b) is intended to provide rights to the Company and its
affiliates which are in addition to, not in lieu of, those rights the Company
and its affiliates have under the common law or applicable statutes for the
protection of trade secrets.

      (c) Confidential Information. Executive while employed by the Company or
its affiliates and thereafter during the Restricted Period shall hold in a
fiduciary capacity for the benefit of the Company and its affiliates, and shall
not directly or indirectly use or disclose, any Confidential Information that
Executive may have acquired (whether or not developed or compiled by Executive
and whether or not Executive is authorized to have access to such information)
during the term of, and in the course of, or as a result of Executive's
employment by the Company or its predecessors without the prior written consent
of the Board of Directors of the Company unless and except to the extent that
such disclosure is (i) made in the ordinary course of Executive's performance of
his duties under this Employment Agreement or (ii) required by any subpoena or
other legal process (in which event Executive will give the Company prompt
notice of such subpoena or other legal process in order to permit the Company to
seek appropriate protective orders). For the purposes of this Employment
Agreement, the term "CONFIDENTIAL INFORMATION" means any secret, confidential or
proprietary information possessed by the Company or any of its affiliates,
including, without limitation, trade secrets, customer or supplier lists,
details of client or Executive contracts, current and anticipated customer
requirements, pricing policies, price lists, market studies, business plans,
operational methods, marketing plans or strategies, product development
techniques or flaws, computer software programs (including object code and
source code), data and documentation data, base technologies, systems,
structures and architectures, inventions and ideas, past current and planned
research and development, compilations, devices, methods, techniques, processes,
financial information and data, business acquisition plans and new personnel
acquisition plans (not otherwise included as a Trade Secret under this
Employment Agreement) that has not become generally available to the public, and
the term "Confidential Information" may include, but not be limited to, future
business plans, licensing strategies, advertising campaigns, information
regarding customers or suppliers, executives and independent contractors and the
terms and conditions of this Employment Agreement. Notwithstanding the
provisions of this Section 6(c) to the contrary, Executive shall be permitted to
furnish this Employment Agreement to a subsequent employer or prospective
employer.

                                       4
<PAGE>
      (d) Non-solicitation of Customers or Employees.

            (1) Executive (i) while employed by the Company or any of its
      affiliates shall not, on Executive's own behalf or on behalf of any
      person, firm, partnership, association, corporation or business
      organization, entity or enterprise (other than the Company or one of its
      affiliates), solicit Competing Business from customers of the Company or
      its affiliates and (ii) during the Restricted Period shall not, on
      Executive's own behalf or on behalf of any person, firm, partnership,
      association, corporation or business organization, entity or enterprise,
      solicit Competing Business from customers or suppliers of the Company or
      its affiliates with whom Executive within the twenty-four month period
      immediately preceding the beginning of the Restricted Period had or made
      contact with in the course of Executive's employment by the Company.

            (2) Executive (i) while employed by the Company or any of its
      affiliates shall not, either directly or indirectly, call on, solicit or
      attempt to induce any other officer, employee or independent contractor of
      the Company or any of its affiliates to terminate his or her employment
      with such business and shall not assist any other person or entity in such
      a solicitation (regardless of whether any such officer, employee or
      independent contractor would commit a breach of contract by terminating
      his or her employment), and (ii) during the Restricted Period, shall not,
      either directly or indirectly, call on, solicit or attempt to induce any
      other officer, employee or independent contractor of such business with
      whom Executive had contact, knowledge of, or association in the course of
      Executive's employment with the Company or any of its predecessors or
      affiliates, as the case may be, during the twelve month period immediately
      preceding the beginning of the Restricted Period, to terminate his or her
      employment with the Company or any of its affiliates and shall not assist
      any other person or entity in such a solicitation (regardless of whether
      any such officer, employee or independent contractor would commit a breach
      of contract by terminating his or her employment). Notwithstanding the
      foregoing, nothing shall prohibit any person from contacting Executive
      about employment or other engagement during the restricted period,
      provided that Executive does not solicit the contact.

      (e) Non-competition Obligation. Executive while employed by the Company or
any of its affiliates and thereafter until the end of the Restricted Period will
not, for himself or on behalf of any other person, partnership, company or
corporation, directly or indirectly, acquire any financial or beneficial
interest in (except as provided in the next sentence), be employed by, or own,
manage, operate or control, or become a director, officer, partner, employee,
agent or consultant of, any entity which is primarily engaged in a Competing
Business. Notwithstanding the preceding sentence, Executive will not be
prohibited from owning less than five (5%) percent of any publicly traded
corporation, whether or not such corporation is in a Competing Business.

      (f) Reasonable and Continuing Obligations. Executive agrees that
Executive's obligations under this Section 6 are obligations which will continue
beyond the date Executive's employment terminates and that such obligations are
reasonable and necessary to protect the Company's legitimate business interests.

                                       5
<PAGE>
      (g) Remedy for Breach. Executive agrees that the remedies at law of the
Company for any actual or threatened breach by Executive of the covenants in
this Section 6 would be inadequate and that the Company shall be entitled to
specific performance of the covenants in this Section 6, including entry of a
temporary restraining order in state or federal court, preliminary and permanent
injunctive relief against activities in violation of this Section 6, or both, or
other appropriate judicial remedy, writ or order, in addition to any damages and
legal expenses which the Company may be legally entitled to recover. The Company
agrees, however, to give Executive and, if known, Executive's attorney
reasonable advance notice of any legal proceeding, including any application for
a temporary restraining order, relating to an attempt to enforce the covenants
in this Section 6 against Executive. Executive acknowledges and agrees that the
covenants in this Section 6 shall be construed as agreements independent of any
other provision of this Employment Agreement or any other agreement between the
Company and Executive, and that the existence of any claim or cause of action by
Executive against the Company, whether predicated upon this Employment Agreement
or any other agreement, shall not constitute a defense to the enforcement by the
Company of such covenants.

SECTION 7. MISCELLANEOUS

      (a) Notices. Notices and all other communications shall be in writing and
shall be deemed to have been duly given when personally delivered or when mailed
by United States registered or certified mail. Notices to the Company shall be
sent to:

                       GOLFSMITH INTERNATIONAL, INC.
                       c/o First Atlantic Capital, Ltd.
                       135 E. 57th Street, 29th Floor
                       New York, New York 10022
                       Attention: Noel Wilens
                       Facsimile:  (212) 750-0300

      Notices and communications to Executive shall be sent to the address
Executive most recently provided to the Company.

      (b) No Waiver. Except for the notice described in Section 7(a), no failure
by either the Company or Executive at any time to give notice of any breach by
the other of, or to require compliance with, any condition or provision of this
Employment Agreement shall be deemed a waiver of any provisions or conditions of
this Employment Agreement.

      (c) Texas Law. This Employment Agreement shall be governed by Texas law
without reference to the choice of law principles thereof. Any litigation that
may be brought by either the Company or Executive involving the enforcement of
this Employment Agreement or any rights, duties, or obligations under this
Employment Agreement, shall be brought exclusively in a Texas state court or
United States District Court in Texas.

      (d) Assignment. This Employment Agreement shall be binding upon and inure
to the benefit of the Company and any successor in interest to the Company or
any segment of such business. The Company may assign this Employment Agreement
to any affiliate or successor that acquires all or substantially all of the
assets and business of the Company or a majority of

                                       6
<PAGE>
the voting interests of the Company, and no such assignment shall be treated as
a termination of Executive's employment under this Employment Agreement.
Executive's rights and obligations under this Employment Agreement are personal
and shall not be assigned or transferred.

      (e) Other Agreements. This Employment Agreement, its Exhibit A and the
Merger Agreement replace and merge any and all previous agreements and
understandings regarding all the terms and conditions of Executive's employment
relationship with the Company, and this Employment Agreement constitutes the
entire agreement between the Company and Executive with respect to such terms
and conditions. In the event of any conflict between the terms of this
Employment Agreement and the Merger Agreement, the terms of this Employment
Agreement shall prevail.

      (f) Amendment. No amendment to this Employment Agreement shall be
effective unless it is in writing and signed by the Company and by Executive.

      (g) Invalidity. If any part of this Employment Agreement is held by a
court of competent jurisdiction to be invalid or otherwise unenforceable, the
remaining part shall be unaffected and shall continue in full force and effect,
and the invalid or otherwise unenforceable part shall be deemed not to be part
of this Employment Agreement.

      (h) Litigation. In the event that either party to this Employment
Agreement institutes litigation against the other party to enforce his or its
respective rights under this Employment Agreement, each party shall pay its own
costs and expenses incurred in connection with such litigation.

             [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

                                       7
<PAGE>
      IN WITNESS WHEREOF, the Company and Executive have executed this
Employment Agreement in multiple originals effective as of the Effective Date.

GOLFSMITH INTERNATIONAL, INC.                        EXECUTIVE

By: /s/ FRANKLIN C. PAUL                              /s/  CARL F. PAUL
   -----------------------------                     --------------------------
Name: Franklin C. Paul                               Name: Carl F. Paul
Title: President

Date: 10/15/02                                       Date: 10/15/02
      --------------------------                          ---------------------

ACCEPTED AND APPROVED BY:

GOLFSMITH INTERNATIONAL
HOLDINGS, INC.

By:  /s/ NOEL E. WILENS
    ----------------------------
Name: Noel E. Wilens
Title: Vice President

Date: 10/15/02
      --------------------------

                                       8

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