Document:

<PAGE>

                                                                    EXHIBIT 10.4

                       EMPLOYMENT AND CONSULTING AGREEMENT

         This EMPLOYMENT AND CONSULTING AGREEMENT, made as of the 1st day of
August, 2003 between H.S. TRASK & CO., a Montana corporation, with its principal
place of business located at 685 Old Buffalo Trail, Bozeman, Montana 59715 (the
"COMPANY") and HARRISON S. TRASK, residing 101 Sourdough Ridge Road, Bozeman,
Montana 59715 (the "EXECUTIVE").

         A.       The Company currently employs the Executive as its President
and Chief Executive Officer and he is concurrently herewith resigning from such
positions, but has agreed to continue his relationship with the Company on the
terms and conditions herein.

         B.       This Agreement is being entered into pursuant to the Agreement
and Plan of Merger among Phoenix Footwear Group, Inc. ("PHOENIX FOOTWEAR"), a
Delaware corporation, the Company, and the predecessor entity to the Company,
dated as of June 16, 2003 (the "MERGER AGREEMENT") and in satisfaction of the
condition precedent in Section 6.2(k) thereon

         NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained, the parties agree as follows:

                                    ARTICLE 1
                      EMPLOYMENT AND CONSULTING ENGAGEMENT

         1.1      EMPLOYMENT. The Company hereby continues Executive's
employment with the Company and Executive hereby agrees to continue such
employment on the terms and conditions herein. During the Employment Term (as
defined in Section 3.1), Executive shall provide the Company's executive
officers with: (a) advice regarding the operations of the Company; (b)
introductions and assistance with relationships (including customers, third
party manufacturers, purchasing agents and suppliers) products and markets; (c)
assistance in implementing the transition following the Acquisition; and (d)
such other duties consistent with the foregoing as the Company's President and
Chief Executive Officer may reasonably request from time to time. During the
Employment Term, Executive will devote his full business time and attention to
performing such duties, however, nothing in this Agreement will prevent
Executive from engaging in additional activities in connection with personal
investments and community affairs that are not inconsistent with Executive's
duties hereunder. Employee will be entitled to two weeks vacation during the
Employment Term.

         1.2      CONSULTANT. Following the expiration of the Employment Term as
provided in Section 4.1 below, the Company shall engage the Executive and the
Executive agrees to serve as a consultant to the Company on an independent
contractor basis, performing such duties as may be reasonably requested from
time to time by the Company's President and Chief Executive Officer. During the
Consulting Term (as defined in Section 3.2), Executive shall not be asked or
expected to devote more than ten (10) hours per month to the Company.

<PAGE>

         1.3      PERFORMANCE OF SERVICES. Executive shall perform his duties
and discharge his responsibilities hereunder in a faithful manner and to the
best of his ability. Executive shall observe and comply with such rules,
regulations and policies as may be reasonably determined from time to time by
the Board of Directors of the Company (the "BOARD") in writing, within the scope
of his duties as an employee or consultant.

                                    ARTICLE 2
                                  COMPENSATION

         2.1      SALARY. For all of his services under this Agreement as an
employee of the Company, Executive shall receive a salary, payable in such
regular intervals as shall be determined by the Company, at the annual rate of
One Hundred Thousand Dollars ($100,000) (the "SALARY"). All Salary payments and
other compensation for services as an employee pursuant to this Agreement shall
be subject to the customary withholding of taxes as required by law.

         2.2      CONSULTING PAYMENTS. In exchange for his services as a
consultant to the Company pursuant to Section 1.2, Executive shall be paid a
consulting fee at the annual rate of Ninety Thousand Dollars ($90,000) (the
"CONSULTING FEE"). Payments shall be made in regular equal installments as the
Company and Executive may agree, but no less frequently than monthly.

         2.3      REIMBURSEMENT OF EXPENSES. Executive shall be entitled to
compensation for expenses reasonably incurred in the performance of services for
the Company either as an employee or consultant, provided appropriate
documentation is provided to the Company and the expenses are in accordance with
the Company's policies for reimbursement of expenses.

         2.4      MEDICAL AND DENTAL INSURANCE. During his period of service as
an employee and consultant of the Company, Executive and his spouse, if any,
will be able to participate in the medical and dental insurance plans of Phoenix
Footwear on the same terms generally applicable to employees of Phoenix Footwear
or its subsidiaries. At the end of his service Executive shall be offered, at
his sole cost and expense, the opportunity to continue his coverage on the same
terms for 18 months thereafter to the extent coverage is not required by the
Consolidated Omnibus Reconciliation Act ("COBRA"). The Company shall not be
liable to Executive, or his spouse or beneficiaries or other successors, for any
amount payable or claimed to be payable under any plan of insurance. Executive
shall not be entitled to participate in any other benefits offered by the
Company or its parent corporation, Phoenix Footwear, except as otherwise agreed
or as may be required by law.

                                      -2-

<PAGE>

                                    ARTICLE 3
                              TERM AND TERMINATION

         3.1      EMPLOYMENT TERM. The employment term of this Agreement shall
be from the date hereof and continue until December 31, 2003 (the "EMPLOYMENT
TERM"), unless terminated prior to such date in accordance with the terms of
this Agreement.

         3.2      CONSULTANT TERM. Unless the Employment Term is earlier
terminated pursuant to Section 3.3, then on January 1, 2004 and continuing
thereafter until December 31, 2005 (subject to earlier termination as provided
in Section 3.3) (the "CONSULTING TERM") Executive shall serve as a consultant to
the Company, as provided in Section 1.2 above. If the Employment Term is
terminated pursuant to Section 3.3, then the Company shall not be obligated to
engage Executive as a consultant under this Agreement.

         3.3      TERMINATION. The Employment Term and Consulting Term Agreement
shall terminate prior to the expiration of its Employment or Consultant Term
upon occurrence of any one or more of the following events:

                  (a)      Termination for Cause. The Company may terminate the
Employment Term or the Consulting Term (as applicable) for Cause at any time.
"CAUSE" shall mean: (i) any material breach of the Executive's obligations under
this Agreement (including any manifest failure, refusal, or serious neglect to
perform his duties contemplated herein) or under the Non-Competition and
Non-Disclosure Agreement of even date herewith among Phoenix Footwear, Phoenix
Acquisition and Executive (the "NON-COMPETITION AGREEMENT"), in each case that
remains uncured fifteen (15) days of having received written notice thereof;
(ii) fraud, theft, or gross malfeasance on the part of the Executive, including,
without limitation, conduct of a felonious or criminal nature, conduct involving
moral turpitude, embezzlement, or misappropriation of assets; (iii) the habitual
use of drugs or intoxicants to an extent that it impairs the Executive's ability
to properly perform his duties; and (iv) violation by the Executive of his
fiduciary obligations to the Company, including, without limitation, conduct
which is inconsistent with the Executive's position and which results in a
material adverse effect (financial or otherwise) on the business or reputation
of the Company or its parent corporation or any of the parent corporation's
subsidiaries, divisions or affiliates.

                  (b)      Death of Executive. The Employment Term and
Consulting Term shall immediately terminate upon the death of Executive.

                  (c)      Disability of Executive. In the event that Executive
becomes "disabled", as defined below, the Company shall have the option to
terminate the Employment Term and Consulting Term by giving thirty (30) days
advance written notice to Executive. For purposes of this Agreement, the term
"DISABLED" or "DISABILITY" shall mean the inability of Executive to perform the
essential functions of his regular duties for the Company for a period of one
hundred twenty (120) days in any three hundred sixty (360) day period, as
determined by an independent medical professional jointly selected by Executive
and the Company. For purposes of this

                                      -3-

<PAGE>

Agreement, Executive shall first be deemed disabled on the date that is the one
hundred twentieth (120th) day of the disability in such three hundred sixty
(360) day period.

                  (d)      Termination Without Cause. The Company may terminate
the Employment Term or the Consulting Term without Cause at any time on thirty
(30) days written notice to the Executive.

                  (e)      Termination By Executive. At any time during the
Consulting Term, Executive may terminate this Agreement upon thirty (30) days
written notice to the Company.

                  Notwithstanding a termination under Sections 3.2(b), (c) or
(d) of the Employment Term or the Consulting Term (whichever is applicable) (or
the failure of the Consulting Term to commence due to the earlier termination of
the Employment Term), the Company shall continue to make payments equal to the
Salary and Consulting Fees that would have otherwise been due through the end of
the Consulting Term at such times as they would have been payable so long as in
the event of termination pursuant to Sections 3.1(c) and (d) the Executive
continues to observe and abide by the terms of the Non-Competition Agreement. In
the event of any breach under the Non-Competition Agreement that remains uncured
after fifteen (15) days written notice thereof by the Company to the Executive,
the Company may, at its election, either (i) suspend the payments otherwise due
hereunder and offset any amounts payable hereunder against any fees and expense
that it may incur to enforce the terms of the Non-Competition Agreement and any
damages that it may incur as a direct or indirect result of such breach or (ii)
terminate and forever be relieved from making such payments. These remedies
shall not be considered to be exclusive or liquidated damages.

                                    ARTICLE 4
                                  MISCELLANEOUS

         4.1      ASSIGNMENT PROHIBITED. This Agreement is personal to Executive
and he may not assign or delegate any of his rights or obligations hereunder
without first obtaining the written consent of the Company. The Company may not
assign this Agreement without the written consent of Executive, except in
connection with (i) a merger or consolidation of the Company (in which case the
merged or consolidated entity shall remain fully liable for its obligations as
the Company under this Agreement), or (ii) a transfer of this Agreement to a
subsidiary or affiliate, provided that the subsidiary or affiliate continues the
primary business of the Company, and further, provided that, in the case of a
transfer to a subsidiary or affiliate, the Company shall remain liable for its
obligations under this Agreement.

         4.2      ENTIRE AGREEMENT; AMENDMENTS. This Agreement, together with
the Non-Competition Agreement, constitutes the entire agreement between the
parties hereto concerning the subject matter hereof. No amendments or additions
to this agreement shall be binding unless in writing and signed by the party
against whom enforcement of such amendment of addition is sought.

                                      -4-

<PAGE>

         4.3      PARAGRAPH HEADINGS. The paragraph headings used in this
Agreement are included solely for convenience and shall not affect or be used in
connection with the interpretation of this Agreement.

         4.4      SEVERABILITY. If any provision of this Agreement is declared
invalid by any tribunal, then such provision shall be deemed automatically
modified to conform to the requirements for validity as declared at such time,
and as so modified, shall be deemed a provision of this Agreement as though
originally included herein. In the event that the provision invalidated is of
such a nature that it cannot be so modified, the provision shall be deemed
deleted from this Agreement as though the provision had never been included
herein. In either case, the remaining provisions of this Agreement shall remain
in effect.

         4.5      RELEASE. The Executive on behalf of himself and his
successors, heirs, executors, administrators, representatives, affiliates,
agents and assigns, fully and unconditionally forever releases and discharges
the Company, its parent company and their officers, directors, successors,
assigns, affiliates, and subsidiaries (the "Releasees") from any and all claims,
demands, manners of action, causes of action, damages, judgments, agreements,
demands, debts or liabilities, whatsoever whether known or unknown, suspected or
unsuspected, both at law and in equity that he may have against the Releasees
for any claims now existing or hereafter arising, except for any claims related
to the enforcement of the terms of this Agreement, claims to release to him his
portion of the Escrow Fund to the extent provided for under the Merger
Agreement, claims related to the Company's failure to observe the requirements
of Section 5.10 of the Merger Agreement, or claims against the Company for
indemnification or contribution in defense by Executive of claims by a party
other than the Company so long as the Company is not precluded from obtaining
reimbursement for any such claim under the Company's directors and officers
insurance policy due to the 10% stockholder exclusion thereunder.

         4.6      CHOICE OF LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware.

         4.7      NOTICES. All notices required or permitted hereunder shall be
in writing and shall be delivered in person or sent by certified or registered
mail, return receipt requested, postage prepaid to each party at the address
first written above or at such other address as provided in writing.

         4.8      BINDING EFFECT. This Agreement shall be binding upon, and
inure to the benefit of, the parties, their heirs, successors and permitted
assigns.

                            [SIGNATURE PAGE FOLLOWS]

                                      -5-

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                             H.S. TRASK & CO.

                                             By: /s/ James Riedman
                                                 -------------------------------
                                             Name: James Riedman
                                             Title: Chairman and CEO

                                             /s/ Harrison Trask
                                             -----------------------------------
                                             Harrison Trask

                                      -6-<PAGE>

                                                                    EXHIBIT 10.5

                               NON-COMPETITION AND
                            NON-DISCLOSURE AGREEMENT

         This NON-COMPETITION AND NON-DISCLOSURE AGREEMENT dated this 6th day of
August, 2003 (this "AGREEMENT"), is made and entered into by and between
HARRISON S. TRASK ("PRINCIPAL"), PHOENIX FOOTWEAR GROUP, INC., a Delaware
corporation ("PHOENIX FOOTWEAR"), and its wholly-owned subsidiary PFG
ACQUISITION, INC., a Montana corporation ("PFG ACQUISITION").

         A.       Phoenix Footwear, PFG Acquisition and H.S. Trask & Co., a
Montana corporation ("COMPANY"), have entered into an Agreement and Plan of
Merger, dated June 16, 2003 (the "MERGER AGREEMENT"), pursuant to which Company
shall merge with and into Acquisition Sub and the separate corporate existence
of Company shall cease.

         B.       Principal is employed as President and Chief Executive Officer
of Company and serves as a director of the Company.

         C.       It is mutually agreed between Principal, Company and PFG
Acquisition that Principal shall resign his employment as President and Chief
Executive Officer of Company and as a director, said resignation to take effect
as of the date that the Merger between Company and PFG Acquisition becomes
effective (the "MERGER EFFECTIVE DATE").

         D.       It is also mutually agreed between Principal, Company and PFG
Acquisition that Principal shall be employed as an employee of the surviving
corporation to the Merger ("SURVIVING CORPORATION") from the Merger Effective
Date to December 31, 2003 and thereafter as a consultant until December 31,
2005. Principal and Surviving Corporation have accordingly entered into an
Employment and Consulting Agreement dated August 6, 2003 (the "EMPLOYMENT AND
CONSULTING AGREEMENT").

         E.       Principal owns approximately 38% of the outstanding voting
securities of the Company, and will receive considerable financial benefit when
the Merger becomes effective.

         F.       The Merger Agreement requires that Principal, Phoenix Footwear
and PFG Acquisition enter into this Agreement.

         NOW, THEREFORE, in consideration of the foregoing, and of the
respective representations, warranties, covenants and agreements contained
herein, the parties agree as follows (unless otherwise defined herein,
capitalized terms used herein shall have the meanings given such terms in the
Merger Agreement):

<PAGE>

         1.       EFFECTIVE DATE. This Agreement shall take effect on the Merger
Effective Date.

         2.       NON-COMPETITION. In order to induce Phoenix Footwear and PFG
Acquisition to enter into the Merger Agreement and to pay the valuable
consideration required thereunder, to create a valuable independent asset of PFG
Acquisition, to preserve and protect the goodwill thereof, and to enhance the
going concern value and earnings of PFG Acquisition in future years, Principal
undertakes and agrees as follows:

                  (a)      Commencing on the effective date hereof and
continuing thereafter until December 31, 2005 (the "RESTRICTION PERIOD"),
Principal shall not, within the United States (the "TERRITORY"), create, seek or
accept employment or compensation of any kind or character from any enterprise,
or person associated with any enterprise that is engaged or planning to engage,
directly or indirectly, in the manufacture, sale, marketing, promotion or sale
of products in the brown shoe market segment of the men's footwear business (a
"COMPETING ENTERPRISE"); provided, however, that Principal may accept employment
as a salesman or as a sales representative with any such Competing Enterprise
without violating the foregoing.

                  (b)      During the Term, neither Principal nor any entity in
which Principal may be interested (as a principal, owner, partner, joint
venturer, trustee, director, officer, shareholder, option holder, security
holder, lender, creditor, guarantor, advisor, member or in any other capacity
other than solely as a salesman or as a sales representative) shall, within the
Territory, engage, directly or indirectly, in any activity that, directly or
indirectly, manufactures, markets, promotes or engages in the sale of products
in the brown shoe market segment of the men's footwear business; provided,
however, that the foregoing shall not be deemed to prevent Principal from
investing in securities if (i) such class of securities in which the investment
so made is listed on a national securities exchange or is issued by a company
registered under Section 12(g) of the Securities Exchange Act of 1934, so long
as such investment holdings do not, in the aggregate, constitute more than five
percent (5%) of the voting power of the entity issuing such securities; and (ii)
any other securities so long as such investment holdings do not constitute more
than two percent (2%) of the voting power of the entity issuing such securities.

                  (c)      During the Term, without the Company's written
consent, Principal shall not, either in his individual capacity or as an agent
for another: (i) hire or offer to hire any of Company's, Phoenix Footwear's or
PFG Acquisition's officers, employees, or agents; (ii) entice away or in any
other manner persuade or attempt to persuade any of Company's, Phoenix
Footwear's or PFG Acquisition's officers, employees, or agents to discontinue
their relationship with Company, Phoenix Footwear or PFG Acquisition; (iii)
contract, solicit, divert, or attempt to divert from Phoenix Footwear or PFG
Acquisition any business whatsoever by influencing or attempting to influence
any customer of Company, Phoenix Footwear or PFG Acquisition with whom Company,
Phoenix Footwear or PFG Acquisition has engaged in sales discussions prior to
the termination of this Agreement; or (iv) contract, solicit, divert, or attempt
to divert from Company, Phoenix Footwear or PFG Acquisition any supplier or
vendor.

                  (d)      The covenants set forth in this Section 2 shall be
construed as a series of separate covenants covering their subject matter in
each of the separate states within the

                                      -2-

<PAGE>

Territory and, except for geographic coverage, each such separate covenant shall
be deemed identical in terms to the covenant set forth above in this Section 2.
To the extent that any such covenant shall be judicially unenforceable in any
one or more of such states, such covenant shall not be affected with respect to
each of the other states in the Territory. Each covenant with respect to each
such state in the Territory shall be construed as severable and independent.

                  (e)      Phoenix Footwear, PGG Acquisition and Principal
acknowledge and recognize that these covenants not to compete are integral to
the Merger Agreement, that without the protection of such covenants, Phoenix
Footwear and PFG Acquisition would not have entered into the Merger Agreement,
that the consideration paid by Phoenix Footwear and PFG Acquisition under the
Merger Agreement bears no relationship to the damages Phoenix Footwear and PFG
Acquisition may suffer in the event of any breach of the covenants, and that
such covenants contain reasonable limitations as to time, geographical area and
scope of activity to be restrained necessary to protect Phoenix Footwear's and
PFG Acquisition's business interests. If this Section 2 shall for any reason be
held excessively broad as to time, duration, geographical scope, activity or
subject, it shall be enforceable to the extent compatible with then-applicable
laws.

         3.       CONFIDENTIAL INFORMATION.

                  (a)      The parties acknowledge and agree that:

                           (i)      The Company assets being merged into PFG
Acquisition pursuant to the Merger Agreement include confidential and
proprietary information of Company and, in the course of his employment for PFT
Acquisition, Principal may develop and obtain access to confidential and
proprietary information of Phoenix Footwear and PFG Acquisition (collectively,
the "CONFIDENTIAL INFORMATION"), which Confidential Information shall include,
without limitation, all of the following materials and information of Company,
Phoenix Footwear or PFG Acquisition (whether or not reduced to writing and
whether or not patentable or protected by copyright): trade secrets, product
specifications, proprietary software systems, sources of data, databases,
know-how, formulae, inventions and ideas, designs, sketches, photographs,
graphs, drawings, samples, selling and pricing information, procedures, research
methodologies, customer lists, business and marketing plans, current and
anticipated customer requirements, market studies, supplier lists, operational
methods, product development plans and personnel plans. The parties hereto agree
that the failure of any Confidential Information to be marked or otherwise
labeled as confidential or proprietary information shall not affect its status
as Confidential Information.

                           (ii)     The Confidential Information is confidential
and proprietary, and the development and protection of the Confidential
Information represents a substantial investment having a great economic and
commercial value to Phoenix Footwear and PFG Acquisition.

                                      -3-

<PAGE>

                           (iii)    Phoenix Footwear and PFG Acquisition would
be irreparably damaged if any of the Confidential Information was disclosed to,
or used or exploited on behalf of, any person other than Phoenix Footwear or PFG
Acquisition.

                  (b)      Principal covenants and agrees that he shall not, at
any time, during the Restrictions Period, directly or indirectly, use, exploit,
or disclose to any person or entity, without the prior written consent of
Phoenix Footwear or PFG Acquisition, any Confidential Information, except as
expressly authorized by Phoenix Footwear or PFG Acquisition during the
performance of Principal's duties for and with PFG Acquisition.

                  (c)      Notwithstanding the foregoing, Principal may use,
exploit, or disclose Confidential Information, but only to the extent that such
Confidential Information (i) is or becomes publicly known through no wrongful
act of Principal; or (ii) is disclosed pursuant to the requirement of a
governmental agency or a court of law or otherwise required by operation of law,
provided that Principal gives PFG Acquisition and Phoenix Footwear prompt
written notice of such requirement prior to disclosure.

         4.       REASONABLENESS OF RESTRICTIONS. PRINCIPAL HAS CAREFULLY READ
AND CONSIDERED THE PROVISIONS OF SECTIONS 2 AND 3 HEREOF AND, HAVING DONE SO,
HEREBY AGREES THAT THE RESTRICTIONS SET FORTH IN SUCH SECTIONS ARE FAIR AND
REASONABLE AND ARE REASONABLY REQUIRED FOR THE PROTECTION OF THE INTERESTS OF
PHOENIX FOOTWEAR AND PFG Acquisition.

         5.       INJUNCTIVE RELIEF.

                  (a)      Principal acknowledges and agrees that Phoenix
Footwear and PFG Acquisition will suffer irreparable harm in the event that
Principal breaches any of its obligations under this Agreement, and that
monetary damages shall be inadequate to compensate Phoenix Footwear and PFG
Acquisition for any such breach. Principal agrees that in the event of any
breach or threatened breach by Principal of the provisions of this Agreement,
Phoenix Footwear and PFG Acquisition, or either of them, shall be entitled to a
temporary restraining order, preliminary injunction, and permanent injunction in
order to prevent or restrain any such breach or threatened breach by Principal,
or by any or all of Principal's agents, representatives or other persons
directly or indirectly acting for, on behalf of, or with Principal.

                  (b)      Notwithstanding the provisions set forth in Section
5(a) above, or any other provision contained in this Agreement, the parties
hereby agree that no remedy conferred by any of the specific provisions of this
Agreement, including without limitation, this Section 5, is intended to be
exclusive of any other remedy, and each and every remedy shall be cumulative and
shall be in addition to every other remedy given hereunder or now or hereafter
existing at law or in equity or by statute or otherwise.

                                      -4-

<PAGE>

         6.       MISCELLANEOUS.

                  (a)      Notices. All notices required or permitted to be
given under this Agreement shall be given by certified mail, return receipt
requested, to the parties at the following addresses or such other addresses as
any party may designate in writing to the other parties:

                           If to Phoenix Footwear or PFG Acquisition:

                                    5759 Fleet Street, Suite 220
                                    Carlsbad, California  92008
                                    Attention: President and Chief Executive
                                    Officer

                           with a copy (which shall not constitute notice) to:

                                    Gordon E. Forth, Esq.
                                    Woods Oviatt Gilman LLP
                                    700 Crossroads Building
                                    2 State Street
                                    Rochester, New York  14614

                           If to Principal:

                                    101 Sourdough Ridge Road
                                    Bozeman, Montana 59715

                  (b)      Governing Law. This Agreement shall be deemed to made
in and in all respects shall be interpreted, construed, and governed by and in
accordance with the laws of the State of Delaware without regard to the
conflicts of law principles thereof.

                  (c)      Amendments. This Agreement may be amended,
supplemented, or modified only in writing, duly executed by all of the parties
hereto.

                  (d)      Non-waiver. A delay or failure by any party to
exercise a right under this Agreement, or a partial or single exercise of that
right shall not constitute a waiver of that or any other right.

                  (e)      Counterparts. This Agreement may be executed in any
number of counterparts, each such counterpart being deemed to be an original
instrument, and all such counterparts shall together constitute the same
agreement.

                  (f)      Entire Agreement. This Agreement, together with the
Employment and Consulting Agreement, constitutes the entire agreement, and
supersedes all other prior agreements, understandings, representations, and
warranties both written and oral, among the parties, with respect to the subject
matter hereof. Each party to this Agreement acknowledges

                                      -5-

<PAGE>

that no representations, inducements, promises or agreements, orally or
otherwise, have been made by any party or anyone acting on behalf of any party
which are not embodied herein.

                  (g)      Severability. The provisions of this Agreement shall
be deemed severable and the invalidity or unenforceability of any provision
shall not affect the validity or enforceability of the other provisions hereof.
If any provision of this Agreement, or the application thereof to any person or
any circumstance, is invalid or unenforceable, (i) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be
valid and enforceable, the intent and purpose of such invalid or unenforceable
provision; and (ii) the remainder of this Agreement and the application of such
provision to other persons or circumstances shall not be affected by such
invalidity or unenforceability, nor shall such invalidity or unenforceability
affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction.

                  (h)      Binding Effect. Principal may not assign any of his
rights or delegate any of his duties or obligations under this Agreement. The
rights and obligations of Acquisition Sub and Company under this Agreement shall
be binding upon and inure to the benefit of their respective successors and
assigns.

                            [SIGNATURE PAGE FOLLOWS]

                                      -6-

<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed and delivered
by each of the parties hereto as of the date first written above.

                                    PHOENIX FOOTWEAR GROUP, INC.

                                    By: /s/ James Riedman
                                        ----------------------------------------
                                    Name: James Riedman
                                    Title: President and Chief Executive Officer

                                    PFG ACQUISITION, INC.

                                    By: /s/ James Riedman
                                        ----------------------------------------
                                    Name: James Riedman
                                    Title: President and Chief Executive Officer

                                    /s/ Harrison S. Trask
                                    --------------------------------------------
                                    Harrison S. Trask

                                      -7-

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