Document:

EXHIBIT 10.1

[UTIX LOGO] EXPERIENCES
            ABOVE ALL ELSE(TM)

July 14, 2006

PGA TOUR
112 PGA TOUR Boulevard
Ponte Vedra Beach, FL 32082

Attn:    Leo P. McCullagh, Vice President
         Marketing & Retail Licensing, Worldwide

         Re:   Distribution and License Agreement
               ----------------------------------

Dear Mr. McCullagh:

         This  binding  letter of intent  sets  forth the  principal  terms of a
distribution and licensing  agreement  between PGA TOUR, Inc.  ("TOUR") and Utix
Group,  Inc.  ("Utix")  involving the exclusive use of the PGA TOUR brand and/or
logo in the development,  marketing and sale of prepaid golf experience  tickets
products. The following terms will serve as the basis upon which we will proceed
towards a definitive agreement.

1.  LICENSE.  TOUR shall grant to Utix,  during the Term, a license and right to
use the PGA  TOUR  mark  set  forth  on  Exhibit  A (the  "TOUR  Mark")  for the
development,  sales and marketing of prepaid golf experience ticket products and
services  (the  "Licensed  Products")  [ * ]. All uses of the TOUR  Mark must be
approved in advance by TOUR. In addition, Utix acknowledges and agrees that TOUR
currently has an official marketing  relationship with [ * ] whose rights to use
the  TOUR  Mark  are  exclusive  within  a  large  category  including,  without
limitation,  credit  cards,  charge cards,  debit cards,  gift cards and prepaid
cards. The parties  acknowledge and agree that TOUR's ability to enter into this
Agreement  shall be  contingent  upon TOUR's  official  card  (currently  [ * ])
partner's prior approval of TOUR entering into this relationship. Utix shall not
have any sublicensing rights.

2. DISTRIBUTION  RIGHTS.  TOUR shall grant to Utix the right (the  "DISTRIBUTION
RIGHTS") to  distribute,  market,  and sell the Licensed  Products in the United
States for all sales channels,  including but not limited to, Corporate Business
to Business, Direct marketing,  Sponsorship,  Events, Catalogue,  Retail, Online
and any other form of distribution methods as approved by TOUR in advance.  Utix
shall  submit to TOUR for its  written  approval,  which  approval  shall not be
unreasonably  withheld  or  delayed,  all  potential  Utix  Retail  distribution
opportunities.

3. ROYALTIES.  In  consideration of the License and  Distribution  Rights,  Utix
shall pay TOUR the following:

* The omitted information is confidential and is being filed separately with the
Securities and Exchange Commission.

                                  1 of 4

<PAGE>

         a    Minimum Guarantee, recoupable against actual earned royalties of
[ * ] paid quarterly as follows:

            Contract     Year 1 -                   $[  *  ]
            Contract     Year 2 -                   $[  *  ]
            Contract     Year 3 -                   $[  *  ]
            Contract     Year 4 -                   $[  *  ]
            Contract     Year 5 -                   $[  *  ]

         [  *  ]

         b    Royalties due in a Contract  Year shall be  credited  against  the
Minimum  Guarantee  payments for the  applicable  Contract  Year only (i.e.,  if
royalty payments exceed the Minimum Guarantee  payments in any one quarter,  the
excess may be carried forward to the next quarter within the same Contract Year,
but no excess may be carried forward between Contract Years).

         c    Utix shall provide TOUR an additional royalty equal [ * ].

         d    Royalties: Utix shall pay TOUR a royalty payment of [ * ].

4.       [  *  ].

5. DATA COLLECTION.  In addition, Utix shall provide TOUR access to the names of
all  users/purchasers  of the  Licensed  Products  for  inclusion  in the TOUR's
consumer data base.  Utix shall provide all users an opt in to provide TOUR such
consumer information.

6. UTIX  RESPONSIBILITIES.  Utix shall be  responsible  for the  following:  (i)
development,  marketing,  distribution,  fulfillment  and  sale of the  Licensed
Products; and (ii) manufacturing, distribution, operations, customer service and
venue  management.  Utix  shall  have the right to  subcontract  aspects  of the
distribution,  fulfillment  and operation of the Licensed  Products,  subject to
TOUR's prior approval, which approval shall not be unreasonably withheld.

7. TOUR  RESPONSIBILITIES.  TOUR will provide: (i) introductions related to TOUR
corporate  partners;  and (ii) will provide the necessary  introductions for the
inclusion of the Licensed Products in all of the TOUR retail locations.

* The omitted information is confidential and is being filed separately with the
Securities and Exchange Commission.

                                     2 of 4

<PAGE>

8. INTELLECTUAL PROPERTY RIGHTS.

         a   PGA TOUR shall retain all right, title and interest in the PGA TOUR
name, logo and related intellectual property rights.

         b   Utix  shall retain  all  right, title  and  interest  in  the  Utix
technology, process, logo and all other intellectual property rights. Utix shall
own all customers,  venue and all other information (subject to Section 5 above)
related to the development,  sales and marketing of the Licensed Products (other
than any TOUR Mark or intellectual property included in such materials).

9.       TERM; TERMINATION.

         a   Unless sooner terminated in accordance with the  provisions of this
letter of  intent,  the term of this  letter of intent  shall  commence  on full
execution of this letter of intent,  become effective as of August 1, 2006, and,
subject to Section 1, shall continue  through July 31, 2011.  Both parties agree
to negotiate in good faith toward the  finalization of the definitive  agreement
by no later than December 31, 2006.

         b   Either  party  may  terminate this Agreement upon written notice to
the other party if the other party  fails to comply  with any  material  term of
this  Agreement  and fails to correct such default or if such default can not be
corrected in such time,  fails to diligently take steps to correct such default,
within thirty (30) days of written notice of such default. In the event the TOUR
gives such notice, this Agreement and all rights, duties and obligations of TOUR
and Utix  hereunder,  except  any which  expressly  survive  termination,  shall
terminate on the termination date.  Additionally,  Utix shall immediately return
any confidential information (as hereinafter defined) to TOUR.

10. KEY CONTACTS.  PGA TOUR shall appoint a project  manager to act as the focal
point of contact to Utix.  Utix will similarly  appoint a project manager to act
as the focal point of contact to PGA TOUR.

11. DEFINITIVE AGREEMENT.  Upon the acceptance of this binding letter of intent,
the parties will proceed to negotiate and execute a definitive written agreement
generally on the terms and  conditions  set forth in this letter and  containing
other terms customary for transactions of this scope and nature.

12.  PRESS  RELEASES;  CONFIDENTIALITY  AGREEMENT.  All public  notices to third
parties and all other publicity concerning the transactions contemplated by this
letter of intent shall be jointly  planned and coordinated by the parties hereto
and no party shall act  unilaterally  in this regard  without the prior  written
approval of the other party (such  approval  not to be  unreasonably  withheld).
Except for the  issuance of any such public  notice,  the parties  agree to keep
confidential, by and between the parties, the existence of and/or particulars of
any negotiations  contemplated hereby, including, but not limited to, the terms,
conditions,  and  consideration  to be  paid  or  other  facts  related  to  the
transactions contemplated hereby, except as required by any applicable law, rule
or  regulation.  Notwithstanding  the  foregoing,  the parties may  disclose the
existence  and terms of the  proposed  transaction  to its  legal and  financial
advisors,  directors,   principal  stockholders  and  prospective  distributors,
investors,  strategic  partners or acquirers  on a need to know basis,  provided
that such parties are bound by confidentiality obligations.

13. COSTS.  Each of the parties  hereto shall be  responsible  for all costs and
expenses  incurred  by such  party in  connection  with this  binding  letter of
intent, including,  without limitation, fees and disbursements of legal counsel,
financial advisors and consultants engaged by the respective parties hereto.

                                     3 of 4

<PAGE>

14. LEGAL EFFECT OF LETTER AND BINDING  PROVISIONS.  The parties agree that this
binding  letter of intent is intended as a binding  summary of the intentions of
each  party  with  respect  to the  transaction  and is  intended  to  create an
enforceable  legal obligation.  The binding  provisions shall be legally binding
upon and enforceable against the parties' hereto and their respective successors
and assigns  according to the terms.  Sections  12, 13 and 14 shall  survive any
termination of this binding letter of intent in accordance with its terms.  This
letter of intent will be interpreted, construed, and enforced in all respects in
accordance  with  the  laws of the  State  of  Florida,  without  regard  to any
conflicts of laws principles.  The provisions of the definitive  agreement shall
supersede  this  letter and all other prior or  contemporaneous  understandings,
written  and oral,  between  the  parties  with  respect to the  subject  matter
thereof.  This  letter  may be  executed  in one or  more  counterparts  and via
facsimile, each of which will be deemed to be an original of this letter and all
of which,  when taken  together,  will be deemed to constitute  one and the same
instrument.

                  If you are in agreement with the foregoing, please sign in the
space  indicated  below  and  return  one fully  executed  copy to us as soon as
practicable. Please call with any questions or comments you may have.

                                    UTIX GROUP, INC.

                                    By: /s/ Anthony G. Roth
                                        ----------------------------------------
                                    Name: Anthony Roth
                                    Title: President and Chief Executive Officer
                                    Date: July 14, 2006
                                          -------------

The terms of this letter of intent are hereby acknowledged and agreed to on this
17 day of July, 2006.

                                    PGA TOUR, INC.

                                    By: /s/ Ronlad E. Price
                                        ----------------------------------------
                                    Name: Ronald E. Price
                                    Title: Senior Vice President and
                                           Chief Financial Officer
                                    Date: July 17, 2006
                                          -------------

                                     4 of 4Exhibit 10.1

                     AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
                     ---------------------------------------

          AMENDMENT NO. 2 TO THE EMPLOYMENT AGREEMENT (this "Amendment") made as
of the 18th day of July, 2006 by and between GRIFFON CORPORATION, a Delaware
corporation (hereinafter the "Company") and HARVEY R. BLAU (hereinafter the
"Executive").

                                   WITNESSETH:

          WHEREAS, the Company and Executive entered into an Employment
Agreement dated July 1, 2001, as amended subsequently by the Amendment Agreement
dated August 8, 2003 (hereinafter the "Employment Agreement"); and

          WHEREAS, the Company and Executive desire to further modify the said
Employment Agreement.

          NOW, THEREFORE, the parties hereto agree as follows:

      1.  All references to 20 percent with regard to an amount of voting
          securities or outstanding stock in Section 1(d) shall henceforth be
          read to mean 35 percent, effective as of the date hereof.

      2.  Section 1(l) shall be amended and restated in its entirety to read as
          follows, effective as of the date hereof:

          "(l) 'Retirement' shall mean the voluntary termination of
          Blau's employment by Blau with eligibility to receive a
          fully vested benefit under Griffon's Supplemental Executive
          Retirement Plan as in effect on the date hereof, other than
          a termination due to Disability or death, or for Good
          Reason."

      3.  A new sentence shall be added at the end of Section 8(b), which shall
          read in its entirety as follows, effective as of the date hereof:

          "Any payment of such club dues shall be made within 2 and 1/2
          months of the later of (a) the end of the calendar year in
          which the invoice for such club dues is received or (b) the
          end of Griffon's fiscal year in which the invoice for such
          club dues is received."

      4.  A new sentence shall be added at the end of Section 9(b), which shall
          read in its entirety as follows, effective as of the date hereof:

          "Notwithstanding the foregoing, if, in the mutual good faith
          determination and agreement of Blau and Griffon, such lifetime
          benefits may not be provided without subjecting Blau to any
          tax, interest or penalty imposed under Section 409A(a)(1)(B)
          of the Code (or any regulation or any guidance promulgated
          thereunder

<PAGE>

          or with respect to), then on the second anniversary
          of the later of (a) a termination of employment or (b) a
          termination of the Consulting Period, in lieu of such lifetime
          benefits, Blau shall receive a lump sum payment equal to the
          value (as mutually determined as of the date of any such
          termination in good faith and agreed to by Blau and Griffon)
          of such lifetime benefits Blau and his Spouse would otherwise
          have been entitled to receive under this Section.

          Notwithstanding any other provisions of the Agreement to the
          contrary, if Blau has received a lump sum payment of his and
          his Spouse's lifetime retiree medical benefits under either
          Section 10(g)(ii)(C) or Section 10(i)(iii), Griffon shall no
          longer be responsible for the provision of such benefits under
          this Section 9(b)."

      5.  The heading of Section 10 shall be amended and restated in its
          entirety to read as follows, effective as of the date hereof:

          "TERMINATION OF EMPLOYMENT - CHANGE IN CONTROL"

      6.  The second sentence of Section 10(a) shall be amended and restated in
          its entirety to read as follows, effective as of the date hereof:

          "If he does so, except for Good Reason, his entitlement shall
          be the same as if Griffon had terminated his employment for
          Cause, provided that Blau shall also be entitled to commence
          the Consulting Period upon such termination, as provided in
          Section 10(h)."

      7.  Section 10(g)(ii)(B) shall be amended and restated in its entirety to
          read as follows, effective as of the date hereof:

          "(B) a lump sum payment equal to the annual bonuses for the
          remainder of the Employment Term (including, without
          limitation, a prorated bonus for any partial Fiscal Year)
          equal to the average of the three highest annual bonuses
          awarded to Blau during the ten Fiscal Years (or portions
          thereof) preceding the termination of Blau's employment as an
          employee (including, without limitation, any bonus awarded to
          Blau in the year of termination, which is unpaid as of the
          date of termination);"

      8.  Section 10(g)(ii)(C) shall be amended and restated in its entirety to
          read as follows, effective as of the date hereof:

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<PAGE>

          "(C) continued medical reimbursement, as described in Section
          9(b) above for the lesser of: (a) two years after any
          termination of employment or (b) the remainder of the
          Employment Term; provided however, that if, in the mutual good
          faith determination and agreement of Blau and Griffon, such
          medical reimbursement may be provided without subjecting Blau
          to any tax, interest or penalty imposed under Section
          409A(a)(1)(B) of the Code (or any regulation or any guidance
          promulgated thereunder or with respect to), then the period of
          medical reimbursement shall continue for the remainder of the
          Employment Term, without regard to the two year period
          referred to above. Upon the expiration of the relevant period
          referred to above, Blau shall receive the lifetime medical
          benefits in accordance with Section 9(b) above;"

      9.  Section 10(g)(ii)(E) shall be amended and restated in its entirety to
          read as follows, effective as of the date hereof:

          "(E) continued participation in all employee benefit plans or
          programs available to Griffon employees generally in which
          Blau was participating on the date of termination of his
          employment until the end of the Employment Term; provided;
          however, that (x) if Blau is either precluded from continuing
          his participation in any employee benefit plan or program as
          provided in this clause (E) or if Blau's continued
          participation would subject Blau to any tax, interest or
          penalty imposed under Section 409A(a)(1)(B) of the Code (or
          any regulation or any guidance promulgated thereunder or with
          respect to), then Blau shall be entitled to the after-tax
          economic equivalent of the benefit foregone under the plan or
          program in which he is unable to participate until the end of
          the Employment Term (which shall be paid in one lump sum as
          soon as administratively feasible after his termination of
          participation), and (y) the "economic equivalent of the
          benefit foregone" shall be deemed to be the lowest cost that
          Blau would incur in obtaining such benefit on an individual
          basis; further provided that if such benefit cannot be
          obtained at any cost, Blau shall be entitled to a lump sum
          payment equal to the aggregate benefit payments he would
          reasonably be expected to receive through the end of the
          Employment Term, and the valuation of such lump sum benefit
          payment amount shall be mutually determined in good faith by
          Blau and Griffon; and"

      10. Section 10(g)(ii)(F) shall be amended and restated in its entirety to
          read as follows, effective as of the date hereof:

          "(F) other benefits in accordance with applicable plans and
          programs of the Griffon; provided however, that if such other

                                       3

<PAGE>

          benefits would subject Blau to any tax, interest or penalty
          imposed under Section 409A(a)(1)(B) of the Code (or any
          regulation or any guidance promulgated thereunder or with
          respect to), then Blau shall receive a lump sum payment, which
          shall be valued in accordance with the principles set forth in
          Section 10(g)(ii)(E) above."

      11. Section 10(i) shall be amended and restated in its entirety to read as
          follows, effective as of the date hereof:

          "(i) Change in Control. Notwithstanding anything to the
          contrary in this Section 10, upon the occurrence of a Change
          in Control, Blau shall be entitled to:

          (i) a lump sum payment equal to the net present value of his
          Salary for the remainder of the Employment Term at the salary
          amount in effect immediately before the Change in Control. The
          interest rate used to determine the present value of these
          payments shall be the mid-term Applicable Federal Rate
          compounded semi-annually for the month in which such Change in
          Control occurs;

          (ii) a lump sum payment equal to the annual bonuses otherwise
          payable under Section 10(g)(ii)(B) for the remainder of the
          Employment Term (including, without limitation, a prorated
          bonus for any partial Fiscal Year) with each such bonus equal
          to the average of the three highest annual bonuses awarded to
          Blau during the ten Fiscal Years (or portions thereof)
          preceding the Change in Control (including, without
          limitation, any bonus awarded to Blau in the year in which the
          Change in Control occurs, which is unpaid as of the date of
          the Change in Control);

          (iii) continued medical reimbursement, as described in Section
          9(b) above for the lesser of: (a) two years after the later to
          occur of a termination of employment or, if applicable, a
          termination of the Consulting Period following a Change in
          Control or (b) the remainder of the Employment Term; provided
          however, that if, in the mutual good faith determination and
          agreement of Blau and Griffon, such medical reimbursement may
          be provided without subjecting Blau to any tax, interest or
          penalty imposed under Section 409A(a)(1)(B) of the Code (or
          any regulation or any guidance promulgated thereunder or with
          respect to), then the period of medical reimbursement shall
          continue for the remainder of the Employment Term, without
          regard to the two year period referred to above. Upon the
          expiration of the relevant period referred to above, Blau
          shall receive the lifetime medical benefits in accordance with
          Section 9(b) above;

                                       4

<PAGE>

          (iv) a lump-sum payment equal to the then present value of the
          excess, if any, of (x) the retirement benefit to which Blau
          would have been entitled if he had remained employed under
          this Agreement until age 72 over (y) the early retirement
          benefit actually payable to him, both as calculated and
          payable under the SERP, provided such amount is not otherwise
          paid to Blau under the terms of the SERP; and

          (v) continued participation in all employee benefit plans or
          programs available to Griffon employees generally in which
          Blau was participating on the date of any termination of his
          employment until the end of the Employment Term; provided;
          however, that (x) if Blau is either precluded from continuing
          his participation in any employee benefit plan or program as
          provided in this clause or if Blau's continued participation
          would subject Blau to any tax, interest or penalty imposed
          under Section 409A(a)(1)(B) of the Code (or any regulation or
          any guidance promulgated thereunder or with respect to), then
          Blau shall be entitled to the after-tax economic equivalent of
          the benefit foregone under the plan or program in which he is
          unable to participate until the end of the Employment Term
          (which shall be paid in one lump sum as soon as
          administratively feasible after his termination of
          participation), and (y) the "economic equivalent of the
          benefit foregone" shall be deemed to be the lowest cost that
          Blau would incur in obtaining such benefit on an individual
          basis; further provided that if such benefit cannot be
          obtained at any cost, Blau shall be entitled to a lump sum
          payment equal to the aggregate benefit payments he would
          reasonably be expected to receive through the end of the
          Employment Term, and the valuation of such lump sum benefit
          payment amount shall be mutually determined in good faith by
          Blau and Griffon; and

          (vi) other benefits in accordance with applicable plans and
          programs of the Griffon; provided however, that if such other
          benefits would subject Blau to any tax, interest or penalty
          imposed under Section 409A(a)(1)(B) of the Code (or any
          regulation or any guidance promulgated thereunder or with
          respect to), then Blau shall receive a lump sum payment, which
          shall be valued in accordance with the principles set forth in
          Section 10(i)(v) above.

          Notwithstanding the foregoing, if a Change in Control occurs
          prior to January 1, 2007, the lump sum payments provided under
          Sections 10(i)(i), 10(i)(ii) and 10(i)(iv) of this Agreement
          shall be made on January 2, 2007.

                                       5

<PAGE>

          Payments under this Section 10(i) shall be in full
          satisfaction of any payments or benefits Blau would otherwise
          be entitled to under Section 10(g)."

      12. Section 10(j) shall be added, which shall read in its entirety as
          follows, effective as of the date hereof

          "10(j) Notwithstanding the foregoing, if (a) Blau or his
          estate is to receive payments or benefits under Section 10 for
          any reason other than due to Blau's death or due to a Change
          in Control, and (b) Blau is a "specified employee" within the
          meaning of Code Section 409A for the period in which the
          payment or benefits would otherwise commence, and (c) such
          payment or benefit would otherwise subject Blau to any tax,
          interest or penalty imposed under Section 409A(a)(1)(B) of the
          Code (or any regulation or any guidance promulgated thereunder
          or with respect to) if the payment or benefit would commence
          within six months of a termination of Blau's employment, then
          such payment or benefit required under Section 10 shall not
          commence until the first day which is at least six months
          after the termination of Blau's employment. Such payments or
          benefits, which would have otherwise been required to be made
          over such six month period, shall be paid to Blau in one lump
          sum payment or otherwise provided to Blau, as soon as
          administratively feasible after the first day which is at
          least six months after the termination of Blau's employment.
          Thereafter, payments or benefits shall continue, if
          applicable, for the relevant period set forth above."

      13. Section 13(a) shall be amended and restated in its entirety to read as
          follows, effective as of the date hereof:

          "(a) General. Effective upon the end of the Employment Term
          (but only if the Employment Term ends by reason of its
          expiration or, if earlier, upon termination of Blau's
          employment (i) voluntarily by Blau, (ii) by mutual agreement,
          (iii) by Retirement or (iv) within the one-year period
          following a Change in Control, for any reason other than for
          Cause), Blau shall become a consultant to Griffon, in
          recognition of the continued value to Griffon of his extensive
          knowledge and expertise. Unless earlier terminated, as
          provided in Section 13(e), the Consulting Period shall
          continue for five years."

      14. Except as specifically provided in and modified by this Amendment, the
          Employment Agreement is in all other respects hereby ratified and
          confirmed and references to the Employment

                                       6

<PAGE>

          Agreement shall be deemed to refer to the Employment Agreement as
          modified by this Amendment.

          IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the day and year first above written.

                                 GRIFFON CORPORATION

                                 By:/s/Patrick L. Alesia
                                    -----------------------------
                                    Name:   Patrick L. Alesia
                                    Title:  Vice President, Treasurer and
                                            Secretary

                                    /s/Harvey R. Blau
                                    ------------------------------
                                    Harvey R. Blau

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