Document:

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                                                                   EXHIBIT 10(f)

                              EMPLOYMENT AGREEMENT

        This Employment Agreement (the "Agreement") is effective as of December
15, 2000 (the "Effective Date"), and is entered into by and between Terence W.
Tsang ("Tsang") and Ashworth, Inc., a Delaware corporation (the "Company").

        1. EMPLOYMENT. As of the Effective Date, the Company hereby employs
Tsang to serve in the capacity of Executive Vice President, Chief Operating
Officer and Chief Financial Officer ("COO/CFO"). The Company's Board of
Directors (the "Board") and/or the Company's Chief Executive Officer (the "CEO")
may provide such additional designations of title to Tsang as the Board and/or
CEO, in its discretion, may deem appropriate.

        Tsang agrees to perform the executive duties and functions customarily
associated with the offices of COO/CFO and as specified from time to time by the
Board and/or the CEO. Except for legal holidays, vacations and absences due to
temporary illness, Tsang shall devote his time, attention and energies to the
business of the Company on a full-time basis. Tsang represents and warrants to
the Company that he is under no restriction, limitation or other prohibition to
perform his duties as described herein.

        2. EMPLOYMENT COMPENSATION AND BENEFITS.

               (a) Base Salary. Tsang's initial base salary shall be at the
        annual rate of two hundred and thirty thousand dollars ($230,000). This
        salary level shall be reviewed at least annually by the Board's
        Compensation Committee on the basis of Tsang's performance and the
        Company's financial success and progress.

               (b) Annual Bonus and Stock Options. Tsang is eligible to
        participate in the Company's Bonus Program as established from time to
        time.

               (c) Automobile Allowance. The Company shall pay Tsang an
        automobile expense allowance of one thousand dollars ($1,000) per month
        to defray the cost of business automobile expense.

               (d) Vacation. Tsang shall be entitled to annual vacations in a
        manner commensurate with his status as a key executive and in accordance
        with the Company's vacation policies in effect during the term of this
        Agreement.

               (e) Expense Reimbursement. The Company shall reimburse Tsang for
        all reasonable amounts actually expended by Tsang in the course of
        performing his duties for the Company and in accordance with any
        Company-established guidelines where Tsang tenders receipts or other
        documentation reasonably substantiating the amounts as required by the
        Company.

               (f) Other Benefits. Except as otherwise provided in this
        Agreement, Tsang shall be entitled to receive all of the rights,
        benefits and privileges of an executive officer of the Company under any
        retirement, pension, profit-sharing, group medical insurance,

<PAGE>   2

        group dental insurance, group-term life insurance, and disability
        insurance, and other employee benefit plans which may be now in effect
        or hereafter adopted.

        3. TERMINATION.

               (a) At Will. The Company shall employ Tsang at will, and either
        Tsang or the Company may terminate Tsang's employment with the Company
        at any time and for any reason, with or without cause.

               (b) Severance Payment and Benefits. If Tsang's employment is
        terminated as a result of a Qualifying Termination, as defined below,
        and if Tsang delivers a fully executed release and waiver of all claims
        against the Company in the form attached hereto as Exhibit A, then, upon
        expiration of any applicable revocation period contained in the Release
        Agreement, the Company shall pay or provide Tsang the following
        severance payment and benefits:

                      (i) Tsang shall receive the equivalent of nine (9) months
               of his then-current salary (the "Severance Payment"), which shall
               be payable in equal monthly installments beginning on the first
               day of the first full month following Tsang's Qualifying
               Termination and continuing on the first day of each month
               thereafter until fully paid. The Severance Payment is in lieu of
               any severance payment benefits which otherwise may at that time
               be available under the Company's applicable policies; provided,
               however, that nothing in this Agreement is intended to modify or
               supercede the "Agreement re: Change In Control" entered into
               between Tsang and the Company as of November 1, 2000, and Tsang
               shall be entitled to receive whatever additional severance pay
               benefits, if any, for which he may qualify according to the terms
               of his Agreement re: Change in Control with the Company.

                      (ii) For the nine-month period following the Qualifying
               Termination of his employment, Tsang shall be entitled to
               continue to participate in the following executive benefit
               programs which had been made available to him (including his
               family) before the Qualifying Termination: group medical
               insurance, group dental insurance, group-term life insurance, and
               disability insurance. The programs shall be continued in the same
               way and at the same level as immediately prior to the Qualifying
               Termination. Tsang's participation in each of such executive
               benefit programs shall be earlier terminated or reduced, as
               applicable, if and to the extent Tsang receives benefits as a
               result of concurrent coverage through another program.

                      (iii) Tsang's unvested stock options shall immediately
               become fully vested and exercisable.

               (c) Qualifying Termination. Tsang's termination shall be
        considered a "Qualifying Termination" unless:

                      (i) Tsang voluntarily terminates his employment with the
               Company and its affiliated companies. Tsang, however, shall not
               be considered to have

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<PAGE>   3

               voluntarily terminated his employment with the Company and its
               affiliated companies if he elects to terminate his employment
               because his overall compensation is reduced or adversely
               modified in any material respect or his authority or duties are
               materially changed. For such purposes, Tsang's authority or
               duties shall be considered to have been "materially changed" if,
               without Tsang's express and voluntary written consent, there is
               any substantial diminution or adverse modification in his title,
               status, overall position, responsibilities, reporting
               relationship, general working environment (including without
               limitation secretarial and staff support, offices, and frequency
               and mode of travel), or if, without Tsang's express and
               voluntary written consent, his job location is transferred to a
               site more than fifty (50) miles away from his place of
               employment.

                      (ii) The termination is on account of Tsang's death or
               Disability. For such purposes, "Disability" shall mean a physical
               or mental incapacity as a result of which Tsang becomes unable to
               continue the performance of his responsibilities for the Company
               and its affiliated companies and which, at least three (3) months
               after its commencement, is determined to be total and permanent
               by a physician agreed to by the Company and Tsang, or in the
               event of Tsang's inability to designate a physician, his legal
               representative. In the absence of agreement between the Company
               and Tsang, each party shall nominate a qualified physician and
               the two physicians so nominated shall select a third physician
               who shall make the determination as to Disability.

                      (iii) Tsang is involuntarily terminated for "Cause." For
               this purpose, "Cause" shall be limited to only three types of
               events:

                             (A) Tsang's willful and deliberate refusal to
                      comply with a lawful, written instruction of the Board of
                      Directors, which refusal is not remedied by Tsang within a
                      reasonable period of time after his receipt of written
                      notice from the Company identifying the refusal, so long
                      as the instruction is consistent with the scope and
                      responsibilities of Tsang's position;

                             (B) Tsang's act or acts of personal dishonesty
                      which were intended to result in Tsang's substantial
                      personal enrichment at the expense of the Company; or

                             (C) Tsang's conviction of any felony involving an
                      act of moral turpitude.

               (d) Return of Materials. In the event of any termination of
        Tsang's employment for any reason whatsoever, Tsang shall promptly
        deliver to the Company all Company property, including, but not limited
        to, documents, data, and other information pertaining to Confidential
        Information, as defined below. Tsang shall not take with him any
        documents or other information, or any reproduction, summary or excerpt
        thereof, containing or pertaining to any Confidential Information.

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<PAGE>   4

        4. NONDISCLOSURE OF CONFIDENTIAL INFORMATION. Tsang acknowledges that
during the term of his employment with the Company, he will have access to and
become acquainted with information of a confidential, proprietary or secret
nature which is or may be either applicable to, or related in any way to, the
present or future business of the Company, the research and development or
investigation of the Company, or the business of any customer of the Company
("Confidential Information"). For example, Confidential Information includes,
but is not limited to, devices, secret inventions, processes and compilations of
information, records, specifications, designs, plans, proposals, software,
codes, marketing and sales programs, financial projections, cost summaries,
pricing formula, and all concepts or ideas, materials or information related to
the business, products or sales of the Company and its customers and vendors.
Tsang shall not disclose any of Confidential Information, directly or
indirectly, or use them in any way, either during the term of this Agreement or
at any time thereafter, except as required in the course of employment with the
Company. Tsang also agrees to comply with the Company's policies and
regulations, as established from time to time for the protection of its
Confidential Information, including, for example, executing the Company's
standard confidentiality agreements. This section shall survive termination of
this Agreement.

        5. NON-SOLICITATION. Tsang agrees that so long as he is employed by the
Company and for a period of two (2) years after termination of his employment
for any reason, he shall not (a) directly or indirectly solicit, induce or
attempt to solicit or induce any Company employee to discontinue his or her
employment with the Company; (b) usurp any opportunity of the Company of which
Tsang became aware during his tenure at the Company or which is made available
to him on the basis of the belief that Tsang is still employed by the Company;
or (c) directly or indirectly solicit or induce or attempt to influence any
person or business that is an account, customer or client of the Company to
restrict or cancel the business of any such account, customer or client with the
Company. This section shall survive termination of this Agreement.

        6. SUCCESSORS.

               (a) This Agreement is personal to Tsang, and without the prior
        written consent of the Company shall not be assignable by Tsang other
        than by will or the laws of descent and distribution. This Agreement
        shall inure to the benefit of and be enforceable by Tsang's legal
        representatives.

               (b) The rights and obligations of the Company under this
        Agreement shall inure to the benefit of and shall be binding upon the
        successors and assigns of the Company.

        7. GOVERNING LAW. This Agreement is made and entered into in the State
of California, and the internal laws of California shall govern its validity and
interpretation in the performance by the parties hereto of their respective
duties and obligations hereunder.

        8. MODIFICATIONS. This Agreement may be amended or modified only by an
instrument in writing executed by all of the parties hereto.

        9. ENTIRE AGREEMENT. Except as otherwise set forth herein, this
Agreement, together with the exhibits attached hereto, supersedes any and all
prior written or oral agreements between Tsang and the Company, and contains the
entire understanding of the parties hereto

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with respect to the terms and conditions of Tsang' employment with the Company;
provided, however, that this Agreement is not intended to supercede the
Agreement re: Change in Control between Tsang and the Company, which they
entered into as of November 1, 2000, or any agreements which Tsang may
previously have entered into regarding the protection of trade secrets and
confidential information.

        10. DISPUTE RESOLUTION.

               (a) Any controversy or dispute between the parties involving the
        construction, interpretation, application or performance of the terms,
        covenants, or conditions of this Agreement or in any way arising under
        this Agreement (a "Covered Dispute") shall, on demand by either of the
        parties by written notice served on the other party in the manner
        prescribed in Section 11 hereof, be referenced pursuant to the
        procedures described in California Code of Civil Procedure ("CCP")
        Sections 638, et seq., as they may be amended from time to time (the
        "Reference Procedures"), to a retired Judge from the Superior Court for
        the County of San Diego or the County of Orange for a decision.

               (b) The Reference Procedures shall be commenced by either party
        by the filing in the Superior Court of the State of California for the
        County of Orange or the County of San Diego of a petition pursuant to
        CCP Section 638(1) (a "Petition"). Said Petition shall designate as a
        referee a Judge from the list of retired San Diego County and Orange
        County Superior Court Judges who have made themselves available for
        trial or settlement of civil litigation under said Reference Procedures.
        If the parties hereto are unable to agree on the designation of a
        particular retired San Diego County or Orange County Superior Court
        Judge or the designated Judge is unavailable or unable to serve in such
        capacity, request shall be made in said Petition that the Presiding or
        Assistant Presiding Judge of the Orange County Superior Court or the San
        Diego County Superior Court, as relevant, appoint as referee a retired
        San Diego County or Orange County Superior Court Judge from the
        aforementioned list.

               (c) Except as hereafter agreed by the parties, the referee shall
        apply the internal law of California in deciding the issues submitted
        hereunder. Unless formal pleadings are waived by agreement among the
        parties and the referee, the moving party shall file and serve its
        complaint within 15 days from the date a referee is designated as
        provided herein, and the other party shall have 15 days thereafter in
        which to plead to said complaint. Each of the parties reserves its
        respective rights to allege and assert in such pleadings all claims,
        causes of action, contentions and defenses which it may have arising out
        of or relating to the general subject matter of the Covered Dispute that
        is being determined pursuant to the Reference Procedures. Reasonable
        notice of any motions before the referee shall be given, and all matters
        shall be set at the convenience of the referee. Discovery shall be
        conducted as the parties agree or as allowed by the referee. Unless
        waived by each of the parties, a reporter shall be present at all
        proceedings before the referee.

               (d) It is the parties' intention by this Section 10 that all
        issues of fact and law and all matters of a legal and equitable nature
        related to any Covered Dispute will be submitted for determination by a
        referee designated as provided herein. Accordingly, the parties hereby
        stipulate that a referee designated as provided herein shall have all
        powers

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        of a Judge of the Superior Court including, without limitation, the
        power to grant equitable and interlocutory and permanent injunctive
        relief.

               (e) Each of the parties specifically (i) consents to the exercise
        of jurisdiction over his person by a referee designated as provided
        herein with respect to any and all Covered Disputes; and (ii) consents
        to the personal jurisdiction of the California courts with respect to
        any appeal or review of the decision of any such referee.

               (f) Each of the parties acknowledges that the decision by a
        referee designated as provided herein shall be a basis for a judgment as
        provided in CCP Section 644 and shall be subject to exception and review
        as provided in CCP Section 645.

        11. NOTICES. Any notice or communications required or permitted to be
given to the parties hereto shall be delivered personally or be sent by United
States registered or certified mail, postage prepaid and return receipt
requested, and addressed or delivered as follows, or at such other addresses the
party addressed may have substituted by notice pursuant to this Section:

               Ashworth, Inc.                      Terence W. Tsang
               2791 Loker Avenue West              14309 Autumn Hill Lane
               Carlsbad, California  92008         Chino Hills, California 91709
               Attn:  President

        12. CAPTIONS. The captions of this Agreement are inserted for
convenience and do not constitute a part hereof.

        13. SEVERABILITY. In case any one or more of the provisions contained in
this Agreement shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement, but this Agreement shall
be construed as if such invalid, illegal or unenforceable provision had never
been contained herein and there shall be deemed substituted for such invalid,
illegal or unenforceable provision such other provision as will most nearly
accomplish the intent of the parties to the extent permitted by the applicable
law. In case this Agreement, or any one or more of the provisions hereof, shall
be held to be invalid, illegal or unenforceable within any governmental
jurisdiction or subdivision thereof, this Agreement or any such provision
thereof shall not as a consequence thereof be deemed to be invalid, illegal or
unenforceable in any other governmental jurisdiction or subdivision thereof.

        14. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall
together constitute one in the same Agreement.

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered effective as of the day and year first written above
in Carlsbad, California.

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                                            ASHWORTH, INC.

                                            By:    /s/Randall L. Herrel, Sr.
                                               ---------------------------------

                                            Title: CEO and President
                                                  ------------------------------

                                            TERENCE W. TSANG

                                            By:    /s/Terence W. Tsang
                                               ---------------------------------

                                       7
<PAGE>   8

                                    EXHIBIT A

                                RELEASE AGREEMENT

        I, Terrance W. Tsang, hereby enter into this Release Agreement (this
"Agreement"), pursuant to Paragraph 3(b) of my Employment Agreement with
Ashworth, Inc., a Delaware corporation (the "Company"), in consideration for
which the Company shall make the Severance Payment as described in my Employment
Agreement entered into effective as of December 15, 2000.

        1. The date of my Qualifying Termination is _________________, and I
have received a final paycheck for all wages due, including all accrued
vacation, through that date. Other than the Severance Payment as described in my
Employment Agreement and whatever additional severance pay benefits, if any, for
which I may qualify according to the terms of my Agreement re: Change in Control
with the Company, the foregoing payments are the only amounts which I am
entitled to receive from the Company, and I hereby waive all other payments or
claims for payments.

        2. As consideration for the Severance Payment as described in my
Employment Agreement, I hereby release the Company, its successors, affiliates,
directors, employees and agents from any and all claims or lawsuits (including,
for example, equal employment claims, wrongful discharge claims and claims for
age discrimination under the Age Discrimination in Employment Act) which I may
have based either on my employment, my termination, or any other event occurring
prior to the date of this Agreement. This Release is intended to settle any and
all claims that I may have against the Company. Accordingly, I waive any and all
rights conferred under Section 1542 of the California Civil Code, which
provides: "A general release does not extend to claims which the creditor does
not know or suspect to exist in his favor at the time of executing the release
which if known by him must have materially affected his settlement with the
debtor."

        3. I acknowledge and understand my continuing obligation (a) to maintain
the confidentiality of the Company's trade secrets, confidential and proprietary
information and (b) not to solicit the Company's customers or employees, as set
forth in Paragraphs 4 and 5 of my Employment Agreement. I also warrant and
represent that I have returned all Company materials as required in Paragraph
3(d) of my Employment Agreement.

        4. I acknowledge that I fully understand my right to discuss this
Agreement with an attorney, and I have carefully read and fully understand this
entire Agreement, and I am entering into this Agreement voluntarily.

        5. I understand that I shall have twenty-one (21) days from the date of
receipt of this Agreement to consider this Agreement, I shall have seven (7)
days following the signing of this Agreement to revoke it in writing, and this
Agreement shall not be effective or enforceable until this revocation period has
expired.

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<PAGE>   9

Dated:                                 TERENCE W. TSANG
      ----------------

                                       By:
                                          --------------------------------------

Dated:                                 ASHWORTH, INC.
      ----------------

                                       By:
                                          --------------------------------------

                                       Title:
                                             -----------------------------------

                                       9<PAGE>   1

                                                                EXHIBIT 10(l)(2)

[BANK OF AMERICA LOGO]
                                                          AMENDMENT TO DOCUMENTS

                   AMENDMENT NO. 1 TO BUSINESS LOAN AGREEMENT

This Amendment No. 1 (the "Amendment") dated as of ______January 31_______,
2001, is among Bank of America, N.A. (the "Bank"), Ashworth, Inc. ("Borrower
1"), Ashworth Store I, Inc. ("Borrower 2"), Ashworth Store II, Inc. ("Borrower
3"), Ashworth International, Inc. ("Borrower 4") and Ashworth U.K., Ltd.
("Borrower 5") (Borrower 1, Borrower 2, Borrower 3, Borrower 4 and Borrower 5
are sometimes referred to collectively as the "Borrowers" and individually as
the "Borrower").

                                    RECITALS

        A. The Bank and the Borrowers entered into a certain Business Loan
Agreement dated as of June 1, 2000 (the Agreement").

        B. The Bank and the Borrowers desire to amend the Agreement.

                                    AGREEMENT

        1. DEFINITIONS. Capitalized terms used but not defined in this Amendment
shall have the meaning given to them in the Agreement.

        2. AMENDMENTS. The Agreement is hereby amended as follows:

                2.1 Subparagraph 1.1(a) of the Agreement is amended to read in
                its entirety as follows:

                        "(a)    During the availability period described below,
                                the Bank will provide a line of credit to the
                                Borrowers. The amount of the line of credit (the
                                'Facility No. 1 Commitment') is equal to the
                                amount indicated for each period specified
                                below:

<TABLE>
<CAPTION>

                           Period                                               Amount
                           ------                                               ------
                           <S>                                                  <C>
                           From the date of this Agreement
                           through February 28, 2001                            $25,000,000.00

                           From March 1, 2001 through
                           June 1, 2001                                         $35,000,000.00

                           From June 2, 2001 through
                           February 28, 2002                                    $25,000,000.00

                           From March 1, 2002 to
                           May 1, 2002                                          $35,000,000.00"
</TABLE>

                2.2 Paragraph 8.3 of the Agreement is amended to read in its
                entirety as follows:

                        "8.3 QUICK RATIO. To maintain on a consolidated basis a
                        ratio of quick assets to current liabilities of at least
                        the amounts indicated for each period specified below:

                        Period                                       Ratio
                        ------                                       -----

                        From the date of this Agreement
                        through January 30, 2001                     1.2:1.0

                                     -1-
<PAGE>   2

                        From January 31, 2001 through
                        April 30, 2001                               0.85:1.0

                        From May 1, 2001 through July 31, 2001
                        and each quarter thereafter                  1.10:1.0

                        Quick assets' means cash, short-term cash investments in
                        non-affiliated entities, net trade receivables and
                        marketable securities not classified as long-term
                        investments. 'Current liabilities' shall include (a) all
                        obligations classified as current liabilities under
                        generally accepted accounting principles, plus (b) all
                        principal amounts outstanding under revolving lines of
                        credit, whether classified as current or long-term,
                        which are not already included under (a) above."

                2.3 Paragraph 8.8 of the Agreement of the Agreement is amended
                to read in its entirety as follows:

                        "8.8 CAPITAL EXPENDITURES. With respect to all Borrowers
                        on an aggregate basis, not to spend (including the total
                        amount of any capital leases) more than the amounts
                        indicated for each period specified below to acquire
                        fixed assets:

                        Period                                     Amounts
                        ------                                     -------

                        Fiscal year ending October 31, 2000        $4,500,000

                        Fiscal year ending October 31, 2001        $8,500,000

                        Fiscal year ending October 31, 2002
                        and each fiscal year end thereafter        $5,000,000."

        3. REPRESENTATIONS AND WARRANTIES. When the Borrowers sign this
Amendment, each Borrower represents and warrants to the Bank that: (a) there is
no event which is, or with notice or lapse of time or both would be, a default
under the Agreement except those events, if any, that have been disclosed in
writing to the Bank or waived in writing by the Bank, (b) the representations
and warranties in the Agreement are true as of the date of this Amendment as if
made on the date of this Amendment, (c) this Amendment is within each Borrower's
powers, has been duly authorized, and does not conflict with any of its
organizational papers, and (d) this Amendment does not conflict with any law,
agreement, or obligation by which any Borrower is bound.

        4. FEE. Concurrently with the execution of this Amendment, the Borrower
will pay an amendment fee of Two Thousand Five Hundred Dollars ($2,500).

        5. EFFECT OF AMENDMENT. Except as provided in this Amendment, all of the
terms and conditions of the Agreement shall remain in full force and effect.

        This Amendment is executed as of the date stated at the beginning of
this Amendment.

BANK OF AMERICA, N.A.                        ASHWORTH, INC.

By: /s/Susan J. Pepping                      By: /s/Terence W. Tsang
   ---------------------
    Susan J. Pepping, Vice President
                                             ASHWORTH STORE I, INC.

                                             By: /s/Terence W. Tsang

                                      -2-

<PAGE>   3

ASHWORTH STORE II, INC.

By: /s/Terence W. Tsang

ASHWORTH INTERNATIONAL, INC.

By: /s/Terence W. Tsang

ASHWORTH UK, INC.

By: /s/Terence W. Tsang

                                      -3-

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