Document:

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                                                                   Exhibit 10.24

                              MANAGEMENT AGREEMENT

          This Management Agreement (this "Agreement") is entered into as of the
27th day of September, 1999, by and between ICON Health & Fitness, Inc., a
Delaware corporation ("ICON"), HF Holdings, Inc., a Delaware corporation
("Holdings" and, together with ICON and each of its other direct and indirect
subsidiaries signatory hereto or hereafter becoming party hereto by executing a
counterpart signature page hereof, the "Company") and Gary E. Stevenson
("Stevenson").

          WHEREAS, Holdings was formed for the purpose of effecting an overall
plan to restructure the capitalization of ICON (the "Restructuring"), and
becoming a direct parent of ICON on terms and subject to the conditions of (a)
the Exchange Offer and Consent Solicitation Statement, dated July 30, 1999, as
supplemented, for all outstanding 13% Senior Subordinated Notes due 2002 of
ICON, 15% Senior Secured Discount Notes due 2004 of IHF Holdings, Inc., a
Delaware corporation, and 14% Senior Discount Notes due 2006 of ICON Fitness
Corporation, a Delaware corporation, and (b) the Agreement and Plan of Merger,
dated as of September 27, 1999, among Holdings, HF Acquisition, Inc., a Delaware
corporation, and ICON.

          WHEREAS, Stevenson has provided advisory and other services, and is
providing equity financing (the "Equity Investment"), in connection with the
Restructuring; and

          WHEREAS, subject to the terms and conditions of this Agreement, the
Company desires to retain Stevenson to be available to provide certain
management and advisory services to the Company as requested, and Stevenson
desires to provide such services;

          NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the making of the Equity Investment, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows:

1.   Services. Stevenson agrees that, during the term of this Agreement
     (the "Term"), and separate and apart from any employment arrangement with
     the Company or any continuation of such employment, he will:

     (a)  provide the Company, at its request, with advice in connection with
          the negotiation and consummation of agreements, contracts, documents
          and instruments necessary to provide the Company with financing from
          banks or other financial institutions or other entities on terms and
          conditions satisfactory to the Company; and

     (b)  provide ICON, at its request, with financial, managerial and
          operational advice in connection with its day-to-day operations,
          including, without limitation, advice with respect to the development
          and implementation of strategies for improving the operating,
          marketing and financial performance of ICON.

2.   Payment of Fees. The Company hereby agrees to:

     (a)  pay to Stevenson a fee in the amount of $208,500 in connection
          with the Restructuring, together with reimbursement of the fees and
          disbursements of Hutchins, Wheeler & Dittmar, P.C., counsel to
          Stevenson incurred by Stevenson in connection with the Restructuring
          through the Closing Date (as defined in the Merger Agreement) in
          connection with the Restructuring, such fees and expenses being
          payable by ICON at the closing of the Restructuring or, if the
          Restructuring is not consummated, promptly after the time the Company
          has abandoned the Restructuring; and

     (b)  subject to the terms of the credit agreement from time to time in
          effect providing for working capital financing to ICON, during the
          Term, pay to Stevenson a management fee in an amount not to exceed
          $33,500 per annum, such fee being payable by ICON quarterly in
          arrears, with each payment being made sixty (60) days after the end of
          each fiscal quarter of the Company.

     Each payment made pursuant to this Section 2 shall, at the request of
     Stevenson, be paid by wire transfer of immediately available federal funds
     to such account(s) as Stevenson may specify to the Company in writing prior
     to such payment.

3.        Term. This Agreement shall commence on the Closing Date and continue
          in full force and effect, unless and until terminated by mutual
          consent of the parties, for so long as Stevenson remains available and
          willing to carry on the business of providing services of the type
          described in Section 1, regardless of his continued employment by the
          Company or any affiliate thereof; provided, however, that (a) either
          party may terminate this Agreement following a material breach of the
          terms of this Agreement by the other party hereto and a failure to
          cure such breach within 30 days following written notice thereof, (b)
          Stevenson may terminate this Agreement upon not less than 60 days
          written notice to the Company and (c) the Company may terminate this
          Agreement upon the termination (as opposed to any assignment) of the
          Management Agreement entered into between Bain Capital Partners IV,
          L.P. and the Company, dated an even date herewith; and provided
          further that each of (x) the obligations of the Company under Section
          4, (y) any and all accrued and unpaid obligations of the Company owed
          under Section 2 and (z) the provisions of Section 7 shall survive any
          termination of this Agreement to the maximum extent permitted under
          applicable law.

4.        Expenses; Indemnification.

          (a)  Expenses. The Company agrees to pay on demand all legal expenses
               incurred by Stevenson in connection with this Agreement
               (including all legal expenses incurred in the collection of fees
               hereunder) and in connection with such transactions as are
               approved by the Board of Directors of the Company, ICON or
               Holdings ; provided, however, that Stevenson's right to receive
               payment of any such legal expenses is

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          limited to (i) such expenses being incurred at such time as Stevenson
          is not employed by the Company, and (ii) a total payment to Stevenson
          for such expenses incurred in any one year of no more than $10,000.

     (b)  Indemnity and Liability. In consideration of the execution and
          delivery of this Agreement and the provision of the Equity Investment
          by Stevenson, the companies constituting the "Company" hereby jointly
          and severally agree to indemnify, exonerate and hold Stevenson and his
          agents, advisors and attorneys (collectively, the "Indemnitees") free
          and harmless from and against any and all actions, causes of action,
          suits, losses, liabilities and damages, and expenses in connection
          therewith, including without limitation attorneys' fees and
          disbursements (collectively, "Liabilities"), incurred by the
          Indemnitees or any of them solely as a result of Stevenson's role or
          status as an officer, director or shareholder of ICON, Holdings, IHF
          Capital, Inc., ICON Fitness Corporation, IHF Holdings, Inc., ICON of
          Canada, Inc., ICON International Holdings, Inc., Universal Technical
          Services, and Jumpking, Inc. (collectively, the "Indemnified
          Liabilities"), except for any such Indemnified Liabilities arising on
          account of such Indemnitee's willful misconduct or by reason of any
          agreement to which Stevenson at any time is or was or becomes a party
          in his own individual capacity, and if and to the extent that the
          foregoing undertaking may be unenforceable for any reason, the
          companies constituting the "Company" hereby jointly and severally
          agree to make the maximum contribution to the payment and satisfaction
          of such otherwise payable Indemnified Liabilities which is permissible
          under applicable law.

5.   Assignment, etc. Except as provided below, neither party shall have the
     right to assign this Agreement. Stevenson acknowledges that his services
     under this Agreement are unique. Accordingly, any purported assignment by
     Stevenson (other than as provided below) shall be void. Notwithstanding the
     foregoing, (a) Stevenson may assign all or part of his rights and
     obligations hereunder to any affiliate of Stevenson which provides services
     similar to those called for by this Agreement, in which event Stevenson
     shall be released of all of his rights and obligations hereunder and (b)
     the provisions hereof for the benefit of Stevenson shall inure to the
     benefit of his successors and assigns.

6.   Amendments and Waivers. No amendment or waiver of any term, provision or
     condition of this Agreement shall be effective, unless in writing and
     executed by each of Stevenson and the Company. No waiver on any one
     occasion shall extend to or effect or be construed as a waiver of any right
     or remedy on any future occasion. No course of dealing of any person nor
     any delay or omission in exercising any right or remedy shall constitute an
     amendment of this Agreement or a waiver of any right or remedy of any party
     hereto.

7.   Miscellaneous.

     (a)  Choice of Law. This Agreement shall be governed by and construed in
          accordance with the domestic substantive laws of the State of Delaware
          without giving effect to any choice or conflict of law provision or
          rule that would cause the application of the domestic substantive laws
          of any other jurisdiction.

     (b)  Consent to Jurisdiction. Each of the parties agrees that all actions,
          suits or proceedings arising out of or based upon this Agreement or
          the subject matter hereof shall be brought and maintained exclusively
          in the federal and state courts of the State of Utah. Each of the
          parties hereto by execution hereof (i) hereby irrevocably submits to
          the jurisdiction of the federal and state courts in the State of Utah
          for the purpose of any action, suit or proceeding arising out of or
          based upon this Agreement or the subject matter hereof and (ii) hereby
          waives to the extent not prohibited by applicable law, and agrees not
          to assert, by way of motion, as a defense or otherwise, in any such
          action, suit or proceeding, any claim that such party is not subject
          personally to the jurisdiction of the above-named courts, that it or
          he is immune from extraterritorial injunctive relief or other
          injunctive relief, that its or his property is exempt or immune from
          attachment or execution, that any such action, suit or proceeding may
          not be brought or maintained in one of the above-named courts, that
          any such action, suit or proceeding brought or maintained in one of
          the above-named courts should be dismissed on grounds of forum non
          conveniens, should be transferred to any court other than one of the
          above-named courts, should be stayed by virtue of the pendency of any
          other action, suit or proceeding in any court other than one of the
          above-named courts, or that this Agreement or the subject matter
          hereof may not be enforced in or by any of the above-named courts.
          Each of the parties hereto hereby consents to service of process in
          any such suit, action or proceeding in any manner permitted by the
          laws of the State of Utah, agrees that service of process by
          registered or certified mail, return receipt requested, at the address
          specified in or pursuant to Section 9 is reasonably calculated to give
          actual notice and waives and agrees not to assert by way of motion, as
          a defense or otherwise, in any such action, suit or proceeding any
          claim that service of process made in accordance with Section 9 does
          not constitute good and sufficient service of process. The provisions
          of this Section 7(b) shall not restrict the ability of any party to
          enforce in any court any judgment obtained in a federal or state court
          of the State of Utah.

     (c)  Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW
          WHICH CANNOT BE WAIVED, EACH OF THE PARTIES HERETO HEREBY WAIVES, AND
          COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF,
          DEFENDANT, OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN
          RESPECT OF ANY ISSUE, CLAIM, DEMAND, CAUSE OF ACTION, ACTION, SUIT OR
          PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT
          MATTER HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING
          AND WHETHER IN CONTRACT OR TORT OR OTHERWISE. Each of the parties
          hereto acknowledges that such party has been informed by each other
          party that the provisions of this Section 7(c) constitute a material
          inducement upon which such party is relying and will rely in entering
          into this Agreement and the transactions contemplated hereby. Any of
          the parties hereto may file an original counterpart or a copy of this
          Agreement with any court as written evidence of the consent of each of
          the parties hereto to the waiver of such party's right to trial by
          jury.

     (d)  Withholding. The Company shall have the right to withhold, from or in
          respect of any payment due to Stevenson hereunder, any federal, state
          or local taxes of any kind required by law to be withheld with respect
          thereto.

8.   Merger/Entire Agreement. This Agreement contains the entire understanding
     of the parties with respect to the subject matter hereof and supersedes any
     prior communication or agreement with respect thereto.

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9.   Notice. All notices, demands, and communications of any kind which any
     party may require or desire to serve upon any other party under this
     Agreement shall be in writing and shall be served upon such other party and
     such other party's copied persons as specified below by personal delivery
     to the address set forth for such party below or to such other address as
     such party shall have specified by notice to each other party or by mailing
     a copy thereof by certified or registered mail, or by Federal Express or
     any other reputable overnight courier service, postage prepaid, with return
     receipt requested, addressed to such party and copied persons at such
     addresses. In the case of service by personal delivery, it shall be deemed
     complete on the first business day after the date of actual delivery to
     such address. In case of service by mail or by overnight courier, it shall
     be deemed complete, whether or not received, on the third day after the
     date of mailing as shown by the registered or certified mail receipt or
     courier service receipt. Notwithstanding the foregoing, notice to any party
     or copied person of change of address shall be deemed complete only upon
     actual receipt by an officer or agent of such party or copied person.

     If to the Company, to it at:

        HF Holdings, Inc.
        1500 South 1000 West Logan,
        Utah 84321
        Attention: Chief Executive Officer

     with a copy, if he is then employed by the Company, to:

        Each member of the Board of Directors (at such addresses to which
notices are sent for meetings of the Board of Directors)

     If to Stevenson, to him at:

        Gary E. Stevenson
        370 Abbey Lane
        Providence, Utah 84332

     with a copy to:

        Hutchins, Wheeler & Dittmar
        101 Federal Street Boston,
        MA 02110
        Attention: Charles W. Robins

10.  Severability. If in any judicial or arbitral proceedings a court or
     arbitrator shall refuse to enforce any provision of this Agreement, then
     such unenforceable provision shall be deemed eliminated from this Agreement
     for the purpose of such proceedings to the extent necessary to permit the
     remaining provisions to be enforced. To the full extent, however, that the
     provisions of any applicable law may be waived, they are hereby waived to
     the end that this Agreement be deemed to be a valid and binding agreement
     enforceable in accordance with its terms, and in the event that any
     provision hereof shall be found to be invalid or unenforceable, such
     provision shall be construed by limiting it so as to be valid and
     enforceable to the maximum extent consistent with and possible under
     applicable law.

11.  Disclaimer and Limitation of Liability.

     (a)  Disclaimer. Stevenson makes no representations or warranties, express
          or implied, in respect of the services to be provided by him
          hereunder.

     (b)  Standard of Care. Neither Stevenson nor any other Indemnitee shall be
          liable to the Company or any of its affiliates for any act, alleged
          act, omission or alleged omission suffered or taken by Stevenson
          hereunder or any other Indemnitee hereunder that does not constitute
          willful misconduct.

     (c)  Limitation of Liability. In no event will either party hereto be
          liable to the other for any indirect, special, incidental or
          consequential damages, including lost profits or savings, whether or
          not such damages are foreseeable, or in respect of any liabilities
          relating to any third party claims (whether based in contract, tort or
          otherwise) other than the Indemnified Liabilities to the extent
          provided in Section 4(b), relating to the services to be provided by
          Stevenson hereunder.

     (d)  Employment Agreements. Neither (i) this Agreement, as the same may be
          amended from time to time, or the performance by Stevenson of any
          services hereunder, nor (ii) any investment by Stevenson in HF
          Investment Holdings, LLC ("HF LLC"), a Delaware limited liability
          company, or the performance by Stevenson of any services under the HF
          LLC Limited Liability Company Agreement, as the same may be amended
          from time to time, shall constitute a violation of any employment
          agreement between Stevenson and Holdings, ICON or the Company, or any
          of their affiliates, including, but not limited to, the Employment
          Agreement between Stevenson and the Company, dated an even date
          herewith, as the same may be amended from time to time.

12.  Counterparts. This Agreement may be executed in any number of counterparts
     and by each of the parties hereto in separate counterparts, each of which
     when so executed shall be deemed to be an original and all of which
     together shall constitute one and the same agreement.

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     IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed on its behalf as an instrument under seal as of the date first above
written by its officer or representative thereunto duly authorized.

THE COMPANY:                               HF Holdings, Inc.

                                           By /s/ S. Fred Beck
                                              ----------------
                                              Name: S. Fred Beck
                                              Title: CFO, V.P. and Treasurer

                                           ICON HEALTH & FITNESS, INC.

                                           By /s/ S. Fred Beck
                                              ----------------
                                              Name: S. Fred Beck
                                              Title: CFO, V.P. and Treasurer

STEVENSON:

                                           /s/ Gary E. Stevenson
                                           ---------------------
                                           Gary E. Stevenson<PAGE>

                                                                   Exhibit 10.25

                                  TAX AGREEMENT

     TAX AGREEMENT, made and entered into and effective as of the 27th day of
September, 1999 (the "Tax Agreement") by and among HF Holdings, Inc., a Delaware
corporation ("Parent"), and its subsidiaries, including ICON Health & Fitness,
Inc., a Delaware corporation, Jumpking, Inc., a Utah corporation, Universal
Technical Services, Inc., a Utah corporation, ICON International Holdings, Inc.,
a Delaware corporation, and ICON IP, Inc., a Delaware corporation (hereinafter
each referred to individually as "Subsidiary" and collectively as
"Subsidiaries").

     WHEREAS, Parent and Subsidiaries are part of an Affiliated Group (as
hereafter defined) that will elect to file consolidated Federal income tax
returns and certain consolidated, combined, or unitary state or local income tax
returns; and

     WHEREAS, Parent and Subsidiaries desire to set forth their agreement with
respect to the allocation and payment of Federal, state, and local income taxes
attributable to each of them, and the allocation of all responsibilities,
liabilities and benefits relating thereto, for the taxable years in which Parent
and Subsidiaries are jointly included in a single consolidated, combined, or
unitary Federal, state, or local income tax return;

     WHEREAS, Parent, Parent and Subsidiaries desire to set forth their
agreement with respect to the allocation and payment of Federal, state, and
local income taxes attributable to each of them, and the allocation of all
responsibilities, liabilities and benefits relating thereto, for the taxable
years in which Parent and Subsidiaries are jointly included in a single
consolidated, combined, or unitary Federal, state, or local income tax return;

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements hereinafter set forth, the parties hereby agree as
follows:

     1.   Definitions.

     (a)  As used in this Tax Agreement:

     "Affiliated Companies" shall mean, for each taxable year, all Members of
the Affiliated Group, other than the common parent corporation.

     "Affiliated Group" shall mean an affiliated group of corporations within
the meaning of Code section 1504(a) for the taxable year in question.

     "Alternative Minimum Tax" shall mean the tax imposed by Section 55 of the
Code.

     "Code" shall mean the Internal Revenue Code of 1986, as amended and in
effect for the taxable year in question.

     "Federal Separate Return Tax Liability" shall have the meaning set forth in
Section 3 below.

     "Final Determination" with respect to any tax liability for a taxable
period shall mean the final resolution of such tax liability (including all
related interest and penalties) for such taxable period, by (A) a binding
agreement without reservation on Internal Revenue Service Form 870-AD (or any
successor form thereto), or by a comparable agreement form under the laws of
other jurisdictions; (B) a decision, judgment, decree, or other order by a court
of competent jurisdiction, which has become final and unappealable; (C) a
closing agreement or offer in compromise under Sections 7121 or 7122 of the
Code, or comparable agreements under the laws of other jurisdictions; (D) any
allowance of a refund or credit for such taxable period, but only after the
expiration of all periods during which such refund may be recovered (including
by way of offset) by the tax imposing jurisdiction; or (E) any other final
disposition of the tax liability for such period by reason of the expiration of
the applicable statute of limitations.

     "IRS" means the United States Internal Revenue Service or any successor
thereto, including, but not limited to, its agents, representatives and
attorneys.

     "Members" shall mean, for each taxable year, each includible member of the
Parent Affiliated Group.

     "Separate Return Year" shall mean any taxable year for which a Member is
not included in the Parent Affiliated Group consolidated Federal income tax
return.

     "Tax Attributes" shall mean income, gain, loss, deduction and credit, and
all items entering into the computation thereof, for Federal income tax
purposes.

     "Treasury Regulations" shall mean the income tax regulations promulgated
under the Code applicable to the taxable year in question.

     (b)  Any term used in this Tax Agreement that is not defined in this Tax
Agreement shall, unless the context otherwise requires, have the meaning
assigned in the Code or in the Treasury Regulations thereunder.

     2.   Filing of Consolidated Federal Income Tax Returns.

     Parent and its Affiliated Companies will elect to be included in a single
consolidated Federal income tax return for such taxable years for which they are
eligible or required to do so under the Code and Treasury Regulations, unless
Parent shall request otherwise. Such returns shall include all of the income,
gain, loss, deductions and credits and similar items of Parent and its
Affiliated Companies for the period during which such

<PAGE>

companies are Members of the Parent Affiliated Group. Parent shall prepare the
return and shall have the right to exercise all the powers and shall have all
the duties of a common parent as are conferred upon it by the Code and Treasury
Regulations. Parent and its Affiliated Companies shall execute and file such
consents, elections and other documents that may be required or appropriate for
the proper filing and defense of such returns.

     3.   Federal Separate Return Tax Liability.

     The Federal Separate Return Tax Liability of each Member of the Parent
Affiliated Group shall be computed as if each Member had filed a separate
Federal income tax return for the taxable year with the following modifications:

     (a)  Any dividends received by one Member from another Member will be
assumed to qualify for the 100 percent dividends received deduction of Section
243 of the Code, or shall be eliminated from such calculation in accordance with
Section 1.1502-14(a)(1) of the Treasury Regulations.

     (b)  Gain or loss on intercompany transactions, whether deferred or not,
shall be treated by each Member in the manner required by Section 1.1502-13 of
the Treasury Regulations. Excess losses shall be included in income as provided
in Section 1.1502-19 of the Treasury Regulations as if a consolidated Federal
line tax return had been filed for the year.

     (c)  Limitations on utilization of Tax Attributes, such as the calculation
of a deduction or the utilization of tax credits or the calculation of a tax
liability, shall be made on a consolidated basis. Accordingly, for example, the
limitations provided in Section 38(c) (relating to general business credit);
Section 53 (relating to minimum tax credit) 170(b)(2) (relating to charitable
contribution deduction), Section 172(b)(2) (relating to net operating loss
deduction) and Section 904 (relating to foreign tax credit) of the Code and
similar limitations shall be applied on a consolidated basis. Under the
principles of Revenue Ruling 66-374, 1966-2 C.B. 427, the "net operating loss"
of a Member is the deduction which such Member would have had available if it
actually filed a separate return for the year, but not including any portion of
a net operating loss sustained in a prior or subsequent year. The rules stated
above in this paragraph (c) regarding carryover net operating losses will also
apply in the computation of other Tax Attribute carryover items such as general
business credits, foreign tax credits, alternative minimum tax credits and
charitable contribution deductions. However, no benefit shall be granted a
Member for a Tax Attribute unless the Tax Attribute is availed of in reducing
the consolidated Federal income tax liability.

     (d)  Elections as to tax credits and tax computations which may have been
different from the consolidated treatment if separate returns had been filed
shall be made on an annual basis by Parent. Certain items of Tax Attributes
shall be apportioned among the Members, as set forth on an apportionment
schedule prepared by Parent and delivered to each Affiliated Company. For
purposes of calculating estimated tax payments, Parent will deliver to each
Affiliated Company by April 1 of each year a preliminary allocation schedule for
use by such Affiliated Company in the current tax year. If such schedule has not
been received by April 1 in any tax year, the items shall be apportioned on the
basis of the most recent schedule delivered by Parent to such Members.

     (e)  In calculating any benefit from a carryback or carryover of net
operating losses, adjustments shall be made to such prior or subsequent year's
Federal Separate Return Tax Liability as required under Section 172(b)(2) and
172(d) of the Code.

     4.   Payments.

     (a)  Each Affiliated Company shall pay Parent its Federal Separate Return
Tax Liability (if greater than zero) determined under Section 3 of this Tax
Agreement. Parent shall pay each Affiliated Company with Tax Attributes used by
the Parent Affiliated Group during the taxable year for such Member's allocable
share of the tax benefit to the Parent Affiliated Group of the utilization of
such Tax Attributes. Such tax benefit shall be determined on a marginal tax
basis (calculating consolidated tax liability with and without use of such Tax
Attributes), and allocated to each Affiliated Company whose Tax Attributes are
used by the Parent Affiliated Group during the taxable year pursuant to a
consistent method which reasonably reflects the utilization of such Tax
Attributes (such consistency and allocation to be determined by Parent). Any
payments required by this Section 4(a) shall be made on or before such payment
is required to be made to the IRS (or in the case of a refund (or credit)
shortly after such refund (or credit) is received from the IRS), except as may
otherwise be agreed to by Parent and the appropriate Member and shall include
interest and penalties equal to the amount that is actually paid to (or received
from) the IRS attributable to such Member.

     (b)  Each Affiliated Company shall also pay Parent its share of estimated
tax payments to be made on its share of projected consolidated Federal income
tax liability for each year determined based on the principles of Paragraph (a)
of this Section 4. Payment to Parent shall be made on or before the estimated
tax payment is required to be paid to the IRS, except as may otherwise be agreed
to by Parent and the appropriate Member. Such Member will receive credit for
such estimated taxes in the year-end computation under Paragraph (a) of this
Section 4 of the Tax Agreement.

     (c)  If part or all of an unused consolidated Tax Attribute is allocated to
a Member of the Parent Affiliated Group pursuant to Section 1.1502-79 of the
Treasury Regulations or otherwise, and it is carried back or forward to a year
in which such Member filed or files a separate income tax return or a
consolidated Federal income tax return with another Affiliated Group, any refund
or reduction in tax liability arising from the carryback or carryover shall be
retained by such Member. Notwithstanding the above, Parent shall determine
whether an election shall be made not to carry back any consolidated net
operating loss or other Tax Attribute arising in a consolidated return year
(including any portion allocated to a Member under Section 1.1502-79 of the
Treasury Regulations) in accordance with Section 172(b)(3)(C) of the Code or
other applicable provision.

     (d)  Any payments by one party to the other which are not made when due
shall bear interest, compounded daily, at a rate equal to the rate established
by the Secretary of the Treasury pursuant to Section 6621(a)(1) of the Code.

<PAGE>

     (e)  All amounts paid pursuant to this Tax Agreement by one party to
another shall be treated by such parties for all tax and book purposes as
intercompany settlements of liabilities. It is acknowledged that any allocation
of tax liability in excess of that under Section 1552 of the Code will be
regarded solely for federal income tax purposes as distributions with respect to
stock, contributions to capital, or combinations thereof, as appropriate.

     5.   Tax Indemnity.

     Except as otherwise agreed, Parent shall be liable for, and shall indemnify
and hold each Affiliated Company harmless (subject to setoff for any unpaid
amount under Sections 4 and 6 of this Tax Agreement) against any and all Federal
income tax, interest and penalties for periods in which it is included in the
Parent Affiliated Group consolidated Federal income tax return. Each Affiliated
Company shall be liable for, and shall indemnify and hold each other Member
harmless against, any and all Federal income tax for periods in which it is not
included in the Parent Affiliated Group consolidated Federal income tax return.

     6.   Adjustment to Federal Income Tax Liability.

     (a)  Parent shall control all decisions as to tax audits and proceedings as
exclusive agent of each of the Affiliated Companies.

     (b)  Except as otherwise provided in this Tax Agreement, if the
consolidated Federal income tax liability of the Parent Affiliated Group is
adjusted for any taxable year, whether by means of a an amended return, claim
for refund, or after tax audit by the IRS, upon a Final Determination thereof,
the Federal Separate Return Liability of each such Member shall be recomputed
under this Tax Agreement to give effect to such adjustments. In the case of a
refund, Parent shall make payment to each such Member for its share of the
refund, determined in the same manner as in Section 4 of this Tax Agreement,
shortly after the refund is received by Parent, and in the case of an increase
in tax liability, each such Member shall pay to Parent its allocable share of
such increased tax liability within on or before such liability is due. If any
interest is to be paid or received as a result of a consolidated Federal income
tax deficiency or refund, such interest shall be allocated to the Members in the
ratio each such Member's change in consolidated Federal income tax liability
bears to the total change in tax liability. Any penalty shall be allocated upon
such basis as Parent deems just and proper in view of all applicable
circumstances.

     7.   Certain State and Local Income Tax Liabilities.

     (a)  Each Member shall file its own separate company state, local or
foreign income and other tax returns and shall pay all such separate company
taxes required to be paid to the relevant taxing authorities (and shall retain
the rights to all refunds with respect thereto).

     (b)  Parent shall include certain Affiliated Companies in certain
consolidated, combined, or unitary state or local income tax returns to the
extent required or elected by Parent. To the extent appropriate and subject to
the provisions of Section 7(c) hereof, rules similar to the provisions of
Sections 2, 3, 4, 5 and 6 of this Tax Agreement (to the extent the law is the
same) shall be applied to the filing of returns, contests and claims for refund
and reimbursements with respect to state and local franchise or income tax
liabilities to which any Member of the Parent Affiliated Group are subject and
which are required to be determined on a unitary, combined or consolidated
basis.

     (c)  If the parties are, after negotiation in good faith, unable to agree
upon the appropriate application of such rules with respect to such franchise or
income tax liabilities, the controversy shall be settled by Parent's regular
independent outside accounting firm.

     8.   Election under Section 1552 of the Code.

     This Agreement is not intended to establish the method by which the
earnings and profits of each member of the Group will be determined. Parent
reserves the right to elect the method for allocating tax liability for the
purposes of determining earnings and profits as set forth in Sections
1.1552-1(a) and 1.1502-33(d) of the Treasury Regulations.

     9.   Mutual Cooperation.

     Parent and the Affiliated Companies shall provide each other with such
assistance as may be reasonably requested by either of them in connection with
the preparation and execution of any tax return, any audit or other examination
by any taxing authority, or any judicial or administrative proceedings relating
to any tax liability, and each will retain and, upon the request of the other,
provide the other with any records or information which may be relevant to such
return, audit or examination proceedings. Parent and the Affiliated Companies
agree to take whatever reasonable action is necessary to minimize the aggregate
tax liabilities of each of the Members, including filing tax returns on a
consolidated, combined or unitary basis, or not filing on such basis.

     10.  Miscellaneous.

     (a)  Injunctions. The parties acknowledge that irreparable damage would
occur in the event that any of the provisions of this Tax Agreement were not
performed in accordance with its specific terms or were otherwise breached. The
parties hereto shall be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Tax Agreement and to enforce specifically the
terms and provisions hereof in any court having jurisdiction, such remedy being
in addition to any other remedy to which they may be entitled at law or equity.

     (b)  Assignment. Except by operation of law or in connection with the sale
of all or substantially all the assets of a party hereto, this Tax Agreement
shall not be assignable, in whole or in part, directly or indirectly, by any
party hereto without the written consent of the other parties; and any attempt
to assign any rights or obligations arising under this Tax Agreement without
such consent shall be void; provided, however, that the

<PAGE>

provisions of this Tax Agreement shall be binding upon, inure to the benefit of
and be enforceable by the parties hereto and their respective successors and
permitted assigns, but no assignment shall relieve any party's obligations
hereunder without the written consent of the other parties.

     (c)  Further Assurances. Subject to the provisions hereof, the parties
hereto shall make, execute, acknowledge and deliver such other instruments and
documents, and take all such other actions, as may be reasonably required in
order to effectuate the purposes of this Tax Agreement and to consummate the
transactions contemplated hereby. Subject to the provisions hereof, each of the
parties shall, in connection with entering into this Tax Agreement, performing
its obligations hereunder and taking any and all actions relating hereto, comply
with all applicable laws, regulations, orders and decrees, obtain all required
consents and approvals and make all required filings with any governmental
agency, other regulatory or administrative agency, commission or similar
authority and promptly provide the other parties with all such information as
they may reasonably request in order to be able to comply with the provisions of
this paragraph.

     (d)  Parties in Interest. Except as herein otherwise specifically provided,
nothing in this Tax Agreement expressed or implied is intended to confer any
right or benefit upon any person, firm or corporation other than the parties and
their respective successors and permitted assigns.

     (e)  Waivers, Etc No failure or delay on the part of the parties in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power. No modification or waiver of any provision of this Tax Agreement
nor consent to any departure by the parties therefrom shall in any event be
effective unless the same shall be in writing, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which
given.

     (f)  Setoff. All payments to be made by any party under this Tax Agreement
shall, except to the extent otherwise specifically provided herein, be made
without setoff, counterclaim or withholding, all of which are expressly waived.

     (g)  Change of Law. Any alteration, modification, addition, deletion, or
other change in the consolidated income tax return provisions of the Code or the
Treasury Regulations shall automatically be applicable to this Tax Agreement
mutatis mutandis. If, due to any change in applicable law or regulations
interpretation thereof by any court of law or other governing body having
jurisdiction subsequent to the date of this Tax Agreement, performance of any
provision of this Tax Agreement or any transaction contemplated thereby shall
become impracticable or impossible, the parties hereto shall use their best
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such provision.

     (h)  Departing Members. Any Member corporation which leaves the Parent
Affiliated Group shall be bound by this Tax Agreement. Failure of one or more
parties hereto to qualify by meeting the definition of Member of the Parent
Affiliated Group shall not operate to terminate this Tax Agreement with respect
to the other parties as long as two or more parties hereto continue so to
qualify.

     (i)  New Members. The Members hereto specifically recognize that from time
to time other companies may become Members of the Parent Affiliated Group and
hereby agree that such new Members must become parties to this Tax Agreement by
executing the master copy of the Tax Agreement which shall be maintained at
Parent's headquarters. It will not be necessary for all the other Members to
resign the Tax Agreement, but the new Member may simply sign the existing Tax
Agreement and it will be effective as if the old Members had resigned.

     (j)  Amendment of this Tax Agreement. This Tax Agreement constitutes the
entire agreement between the parties and shall, except as provided in Section 8
of this Tax Agreement, supersede any other tax-sharing or tax-allocation
agreement or arrangement (whether written or oral) in effect between the parties
hereto prior to the effective date hereof with respect to the matters expressly
dealt with herein. This Tax Agreement may not be altered, changed, modified, or
terminated orally; any modification or revision of this Tax Agreement shall be
accomplished only through a writing clearly denominated as an amendment to this
Tax Agreement signed by the parties hereto.

     (k)  Confidentiality. Subject to any contrary requirement of law or
regulation and the right of each party to enforce its rights hereunder in any
legal action, each party agrees that it shall keep strictly confidential, and
shall cause its employees and agents to keep strictly confidential, any
information which it or any of its agents or employees may acquire pursuant to,
or in the course of performing its obligations under, any provision of this Tax
Agreement; provided, however, that such obligation to maintain confidentiality
shall not apply to information which (1) at the time of disclosure was in the
public domain not as a result of acts by the Receiving Party or (2) was in the
possession of the Receiving Party at the time of disclosure.

     (l)  Headings. Descriptive headings are for convenience only and shall not
control or affect the meaning or construction of any provision of this Tax
Agreement.

     (m)  Counterparts. For the convenience of the parties, any number of
counterparts of this Tax Agreement may be executed by the parties hereto, and
each such executed counterpart shall be, and shall be deemed to be, an original
instrument.

     (n)  Governing Law. This Tax Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed therein.

     (o)  Records and Workpapers. Each party will retain all returns, schedules
and workpapers, and all material records and other documents relating thereto,
until (i) Parent notifies such party that such returns and other documents may
be destroyed after such returns and other documents are offered to Parent, (ii)
the expiration of the statute of limitations (including extensions) of the
taxable years to which such returns and other documents relate or there has been
a Final Determination of all tax for such years, and (iii) there has been a
final settlement of all payments which may be required under this Tax Agreement
for such years.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Tax Agreement to be
duly executed by their respective officers, each of whom is duly authorized, all
as of the day and year first above written.

                                              HF Holdings, Inc.

                                              By: /s/ S. Fred Beck
                                                  ----------------
                                                  Title: CFO, V.P. and Treasurer

                                              ICON Health & Fitness, Inc.

                                              By: /s/ S. Fred Beck
                                                  ----------------
                                                  Title: CFO, V.P. and Treasurer

                                              Jumpking, Inc.

                                              By: /s/ S. Fred Beck
                                                  ----------------
                                                  Title: President

                                              Universal Technical Services, Inc.

                                              By: /s/ S. Fred Beck
                                                  ----------------
                                                  Title: Vice President

                                              ICON International Holdings, Inc.

                                              By: /s/ S. Fred Beck
                                                  ----------------
                                                  Title: V.P. and Treasurer

                                              ICON IP, Inc.

                                              By: /s/ S. Fred Beck
                                                  ----------------
                                                  Title:

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