Document:

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                                  EXHIBIT 10.12

                                LICENSE AGREEMENT

THIS LICENSE AGREEMENT ("Agreement") is made and entered into this 28th day of
June, 1999 by and between S2 GOLF INC., a corporation duly constituted under the
laws of New Jersey, United States of America, having its principal place of
business at 18 Gloria Lane, Fairfield, New Jersey 07006, U.S.A. ("Licensor"),
and RAYMOND LANCToT LTeE/LTD., a corporation duly constituted under the laws of
Canada, having its principal place of business at 5790 Pare Street, Montreal,
Quebec, Canada, H4P 2M2 ("Licensee").

                                    PREAMBLE
                                    --------

WHEREAS the Licensor is the owner of the trademarks SQUARE TWO in the United
States and Canada and S2(logo) in the United States for use with various
products;

WHEREAS the Licensee desires to use the trademarks SQUARE TWO and S2(logo) for
the marketing, sale and distribution of clothing articles as further described
in this Agreement; and

WHEREAS the parties hereto wish to enter into the present Agreement for their
mutual advantage.

NOW, THEREFORE, in consideration of the above premises and the covenants and
agreements herein contained, the parties hereto agree as follows:

1.       INTERPRETATION.

         1.1      DEFINITIONS.

                  As used herein, the following terms have the meanings set
forth below:

                  1.1.1    "Articles" means the following goods: golf clothes
                           for men, women and children, ski clothes for men,
                           women and children, and sports clothes for men, women
                           and children, except for clothing produced by the
                           Licensor for promotional purposes in quantities of
                           fewer than one hundred (100) pieces. The parties
                           agree that headwear, belts and shoes are not included
                           in the Articles.

                  1.1.2    "Principal Term" means the three (3) year period
                           commencing on August 1, 1999 and ending on July 31,
                           2002, subject to the terms of the following Section
                           3.

                  1.1.3    "Trademark" means either the SQUARE TWO trademark or
                           the S2(logo) and "Trademarks" means the SQUARE TWO
                           trademark and the S2(logo),

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                           the particulars of which are set forth in Schedule A
                           hereto, and any confusingly similar term or
                           designation.

         1.2      SCHEDULES.

                  The following schedule is attached hereto and incorporated by
                  reference and deemed to be part hereof:

                       Schedule                         Description
                       --------                         -----------

                         "A"                       Description of Trademarks

2.       RIGHTS GRANTED.

         2.1.     LICENSE FOR USE.

                  Subject to the terms and conditions contained in this
                  Agreement, the Licensor grants to the Licensee an exclusive
                  non-transferable license to manufacture Articles bearing the
                  Trademarks for sale in the United States and Canada and to
                  distribute, market, advertise, export and sell the Articles
                  bearing the Trademarks in the United States and Canada.

         2.2.     LICENSE FOR ADVERTISING AND PROMOTION.

                  The Licensor further grants to the Licensee (i) the right to
                  reproduce and use the Trademarks on display materials, and in
                  advertising and promotional materials related to the Articles,
                  and (ii) the right to include the Trademarks in any
                  description of the Licensee's business activities as related
                  to the Articles, provided that, if used in any description of
                  Licensee's business activities, attribution be given to
                  Licensor as the owner of the marks, said attribution being in
                  the form of a footnote appearing on the same page as the first
                  appearance of the Trademarks and including the following text:
                  "`SQUARE TWO' and `S2(logo)' are trademarks of S2 Golf Inc.,
                  used in this report under license to Raymond Lanctot Ltee/Ltd.
                  with the permission of S2 Golf Inc."

         2.3      COVENANTS OF THE LICENSEE.

                  2.3.1    Licensee agrees to use the Trademarks only in a
                           manner approved by Licensor and Licensor shall
                           provide guidelines on their use, including their
                           presentation, size and style, in another document.
                           Unless Licensor otherwise agrees in writing, each use
                           of either of the Trademarks shall be immediately
                           followed by (i) the symbol "(TM)" or, (ii) if the
                           Trademark is registered in the country in which the
                           Articles are to be sold, the symbol (R) or
                           equivalent.

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                  2.3.2    Licensee agrees that it will use the Trademarks only
                           in connection with the Articles and will not use the
                           Trademarks, including use in countries outside of the
                           United States and Canada, in any manner except as
                           permitted by this Agreement. Licensee expressly
                           recognizes that the use of the Trademarks confers no
                           rights to the Trademarks to Licensee and that all use
                           by Licensee shall inure to the benefit of Licensor.
                           Licensee shall not take any action that would be
                           inconsistent with, or tend to impair, Licensor's
                           rights in the Trademarks.

                  2.3.3    Licensee agrees not to contest, question or challenge
                           the ownership of the Trademarks by Licensor anywhere
                           in the world, except the right to use same pursuant
                           to the terms of this Agreement.

3.       DURATION.

         The present Agreement will remain in full force during the Principal
         Term and the Renewal Terms, as defined herein, unless earlier
         terminated for any reason provided in this Agreement. At the end of the
         Principal Term, this Agreement shall be renewed for an additional three
         (3) year term (the "First Renewal Term") (i) automatically if wholesale
         sales of the Articles by the Licensee in the period beginning on July
         1, 2001 and ending on June 30, 2002 are at least Five Hundred Thousand
         United States Dollars ($500,000), or (ii) at the sole discretion of the
         Licensor if wholesale sales of the Articles by the Licensee in the
         period beginning on July 1, 2001 and ending on June 30, 2002 are less
         than Five Hundred Thousand United States Dollars ($500,000). At the end
         of the First Renewal Term, if any, this Agreement shall be renewed for
         an additional three (3) year term (the "Second Renewal Term") (i)
         automatically if wholesale sales of the Articles by the Licensee in the
         period beginning on July 1, 2004 and ending on June 30, 2005 are at
         least One Million United States Dollars ($1,000,000), or (ii) at the
         sole discretion of the Licensor if wholesale sales of the Articles by
         the Licensee in the period beginning on July 1, 2004 and ending on June
         30, 2005 are less than One Million United States Dollars ($1,000,000).
         (The First Renewal Term and the Second Renewal Term, together, the
         "Renewal Terms," and either, alone, a "Renewal Term.")

4.       ROYALTIES.

         4.1      ROYALTY RATE.

                  During the Principal Term and the Renewal Terms, if any, the
                  Licensee shall pay to the Licensor a royalty of nine percent
                  (9%) of the Licensee's FOB shipping point cost, as defined
                  herein, of each Article manufactured by or for the Licensee
                  pursuant to this Agreement. The Licensee's FOB shipping point
                  cost shall mean the per-Article cost to the Licensee to
                  manufacture the Articles and to take delivery of them at the
                  shipping point. The parties agree that Licensee shall not pay
                  such royalty to Licensor on Articles (i) supplied free of
                  charge by Licensee or Licensor to Ladies Professional Golf
                  Association golfers for promotional purposes or (ii)
                  manufactured as sample pieces.

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         4.2      PAYMENTS OF ROYALTIES; STATEMENTS.

                  Royalties will be payable in United States currency, within
                  thirty (30) days of the arrival of the Articles at their first
                  port of entry into the United States and Canada. The Licensee
                  agrees to provide to the Licensor, with the said payments, a
                  statement showing the quantities of Articles manufactured, the
                  manufacturing, shipping and handling costs, and the royalties
                  applicable thereto. The Licensee also agrees to give the
                  Licensor such reasonable access to the Licensee's financial
                  books and records related to the Articles, for the purpose of
                  conducting an audit thereof, as the Licensor shall request
                  from time to time.

5.       FIRST REFUSALS.

         5.1      DURING THE TERM OF THE AGREEMENT.

                  The Licensor hereby grants to the Licensee a right of first
                  refusal with respect to use of the Trademarks during the
                  Principal Term and any Renewal Term (i) on Articles to be
                  distributed or sold in Europe, and (ii) on any categories of
                  clothing not already included in the Articles, except for
                  headwear, belts and shoes. The Licensor agrees to notify the
                  Licensee promptly of any decision (i) to market in Europe
                  Articles bearing the Trademarks or (ii) to expand the list of
                  products that may be associated with the Trademarks. The
                  Licensee may then exercise its right of first refusal by
                  providing to the Licensor, within thirty (30) days, a written
                  notice of its intent to exercise. Any license with respect to
                  such expanded geographic region or new products will be the
                  subject matter of a separate agreement between the parties.
                  The parties agree to use reasonable efforts to agree upon the
                  royalty, payment, Trademark usage and other terms of such
                  separate agreement. If the parties fail to agree upon the
                  terms of such separate agreement within sixty (60) days after
                  the notification by the Licensor of its decision to market in
                  Europe or to expand the list of Products that may be
                  associated with the Trademarks, as explained above, neither
                  party shall be obligated to enter into said separate agreement
                  and the Licensor shall be free to enter into an agreement with
                  a third party.

         5.2      AFTER THE TERM OF THE AGREEMENT.

                  If at any time within the first six (6) months after the end
                  of the Second Renewal Term, if there is any such Second
                  Renewal Term, any third party offers to enter into a licensing
                  agreement with the Licensor for the use of the Trademarks on
                  sports clothes for men, women or children, including golf and
                  ski clothes but excluding headwear, belts and shoes, on terms
                  that are more favorable to the Licensor than the terms of the
                  present Agreement (a "Third Party Offer"), the Licensor agrees
                  (i) to notify the Licensee of such offer, and (ii) to enter
                  into a subsequent licensing agreement with the Licensee on the
                  same terms as those of the Third Party Offer if (a) within
                  thirty (30) days the Licensee provides to the

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                  Licensor a written notice of the Licensee's intent to enter
                  into such subsequent licensing agreement and (b) the terms of
                  such subsequent licensing agreement are acceptable to both
                  parties.

6.       QUALITY OF ARTICLES.

         6.1      QUALITY STANDARDS.

                  The Licensee agrees that Articles bearing the Trademarks will
                  be manufactured in accordance with high standards of quality,
                  style, appearance and durability, and in no event less than
                  (i) the quality standards of similarly priced clothing
                  articles produced by others, and (ii) the quality standards of
                  the clothing articles manufactured and sold by the Licensor
                  itself that do not include the Trademarks. Licensee further
                  agrees that all Articles bearing the Trademarks will be
                  manufactured, sold, distributed and exported in accordance
                  with all applicable laws and regulations.

         6.2      DESIGN APPROVAL.

                  The Licensee agrees to submit the design for each Article to
                  bear the Trademarks, in artist's rendering or in written form
                  as appropriate, plus any information relevant to the quality
                  of the finished Article, such as fabric type and weight, to
                  the Licensor for approval, and agrees further that it will not
                  commence the manufacture of any Article bearing the Trademarks
                  prior to the Licensor's approval of the design therefor. The
                  Licensor agrees that it will timely provide such approvals,
                  and that it will not withhold unreasonably its approval of any
                  design.

         6.3      QUALITY INSPECTION.

                  The Licensee agrees that prior to any sale or other
                  distribution of any Article bearing the Trademarks it will
                  provide the Licensor with one piece from each manufacturing
                  lot of each Article for the purpose of the Licensor's quality
                  inspection. Licensor shall also have the right to inspect,
                  from time to time, and at least once annually, Licensee's
                  manufacturing facilities to determine the quality of Articles
                  bearing the Trademarks. Licensee shall permit such inspection.
                  Licensee shall recall (if substandard quality articles have
                  been shipped) and destroy any and all Articles bearing the
                  Trademarks that the Licensor reasonably finds to be of
                  substandard quality.

         6.4      TIME TO REMEDY.

                  If Licensor determines that Licensee has failed to maintain
                  the quality of Articles as defined herein, it shall notify
                  Licensee in writing. Licensee shall have sixty (60) days from
                  the date of such notice in which to remedy the failure to
                  Licensor's satisfaction.

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7.       TERMINATION.

         7.1.     FAILURE TO CONFORM.

                  Should a party to the present Agreement fail to respect any of
                  the terms of the present Agreement, the other party shall
                  provide to the defaulting party a written notice (the
                  "Notice") informing it of said failure. Should the defaulting
                  party fail to correct the said failure within ten (10) days of
                  having received the Notice (or, in the case of a notice
                  pursuant to Section 6.4, sixty (60) days), the other party,
                  without prejudice to any other right or remedy available to
                  it, shall have the right at any time thereafter to terminate
                  this Agreement by providing a thirty (30) day prior written
                  notice to that effect.

         7.2      INSOLVENCY.

                  The parties, without prejudice to any other right or remedy
                  available to them, shall also have the right at any time to
                  terminate this Agreement by giving to the other party a
                  written notice thereof, if the latter makes any assignment for
                  the benefit of creditors, files a petition in bankruptcy, is
                  adjudged bankrupt, becomes insolvent, is placed in
                  receivership, or if the equivalent of any such proceedings or
                  acts occurs.

         7.3      CHANGE OF CONTROL.

                  Unless the parties agree otherwise in writing, this Agreement
                  shall terminate immediately (i) upon the transfer of the
                  beneficial ownership of more than sixty five percent (65%) of
                  the issued and outstanding shares in the capital of Licensor
                  or Licensee; (ii) upon the dissolution or winding up of
                  Licensor or Licensee; (iii) upon the transfer of the assets of
                  Licensor or Licensee other than in the ordinary course of
                  business; or (iv) upon the merger of Licensor or Licensee with
                  any other person or entity.

8.       RIGHTS AND OBLIGATIONS UPON EXPIRATION OR TERMINATION.

         8.1      UNSOLD INVENTORY.

                  If the Licensee has any manufactured but unsold Articles
                  bearing the Trademarks in inventory on the date of
                  termination, it shall provide a statement in writing of the
                  kinds and quantities of such unsold Articles to the Licensor
                  within five (5) days from the date of termination. Within
                  fifteen (15) days from the date of receipt of the said
                  statement, the Licensor shall have the exclusive option to
                  acquire from the Licensee the inventory of said unsold
                  Articles, in part or in whole, at the Licensee's manufacturing
                  cost. If the Licensor chooses not to exercise this option, the
                  Licensee shall have the right to sell and deliver such
                  Articles.

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         8.2      CEASE USE OF TRADEMARKS.

                  Upon the expiration or termination of this Agreement for any
                  reason, Licensee shall immediately cease all use of the
                  Trademarks and shall not use the Trademarks thereafter,
                  provided that Licensee shall have the right to complete any
                  work-in-process inventory in accordance with the provisions of
                  this Agreement.

         8.3      SURVIVAL OF COVENANTS.

                  Sections 2.3.2 and 2.3.3 shall survive the termination or
                  expiration of this Agreement for any reason whatsoever.

9.       WAREHOUSE AND SHIPPING SERVICES.

         The Licensor agrees to provide warehouse and shipping services to the
         Licensee on the terms provided in this paragraph. The Licensor agrees
         to provide to the Licensee the use of not less than One Thousand Five
         Hundred (1,500) square feet of warehouse space in the Licensor's
         existing buildings at 18 Gloria Lane, Fairfield, New Jersey, U.S.A.,
         for the purposes of the storage and distribution of the Articles,
         provided that if the Licensee uses such warehouse space, the Licensor
         also shall provide to the Licensee Handling Services, as defined
         herein, for the Articles at the rate of Seventy Five U.S. Cents ($0.75)
         per Article (the "Handling Fee"). As used herein, "Handling Services"
         means sorting the Articles, packing them in boxes or other appropriate
         containers, addressing such containers for shipment, and arranging for
         their shipment to destinations in the United States and Canada. The
         Handling Fee does not include the cost of packaging materials or
         freight.

10.      TRADEMARK INFRINGEMENT.

         If a charge or notice of infringement of a trademark or other
         proprietary right of a third party is directed to Licensee, or if a
         suit for infringement of a trademark or other proprietary right of a
         third party is instituted against Licensee which charge, notice or suit
         is based upon Licensee's use of the Trademarks, Licensee agrees to
         notify Licensor in writing ("Notice by Licensee") within five (5) days
         from Licensee's receipt of the first notice of such charge, notice or
         suit. Licensor may, at its option, within thirty (30) days of receiving
         Notice by Licensee, initiate action to dispose of the charge, notice or
         suit. To dispose of any such charge, notice or suit, Licensor shall
         have the option to require that Licensee immediately discontinue its
         use of the Trademarks, in which case (i) Licensor and Licensee can
         agree to use other Trademarks and continue under the terms of this
         Agreement, or (ii) terminate this Agreement. Licensee shall notify
         Licensor promptly upon obtaining knowledge of any unauthorized use of
         the Trademarks.

11.      INDEMNIFICATION.

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         The Licensee shall indemnify the Licensor and hold it harmless from and
         against any and all claims, expenses, losses or damages arising out of
         or in connection with the Licensee's use of the Trademarks and
         manufacture and sale of the Articles pursuant hereto, including any
         charge or notice of trademark infringement.

12.      MISCELLANEOUS.

         12.1     WAIVERS.

                  A waiver by either of the parties at any time of a breach of
                  any provision of this Agreement shall not apply to any breach
                  of any other provision of this Agreement or imply that a
                  breach of the same provision at any other time has been or
                  will be waived.

         12.2     RELATIONSHIP.

                  This Agreement shall not be construed to create a partnership,
                  joint venture, employment or agency relationship between the
                  parties hereto. Neither party hereto shall be liable for any
                  of the debts or obligations of the other party hereto, and
                  neither party shall have the right to bind, make any
                  representations or warranties, accept service of process or
                  perform any act for or on behalf of the other party hereto,
                  except as otherwise expressly provided herein. Each party
                  hereto acknowledges that it is an independent entity and not
                  subject to the control of the other party except as otherwise
                  expressly provided herein.

         12.3     MODIFICATION OR EXTENSIONS OF THIS AGREEMENT.

                  Except as otherwise provided herein, this Agreement can only
                  be extended or modified by a written document to that effect
                  executed by both parties.

         12.4.    APPLICABLE LAW AND JURISDICTION.

                  This Agreement shall be construed and interpreted according to
                  the laws of the State of New Jersey, in the United States of
                  America. The parties hereby irrevocably submit to the personal
                  jurisdiction of the United States District Court for the
                  District of New Jersey, Northern Division or the Courts of the
                  State of New Jersey, County of Essex in any action or
                  proceeding arising out of or relating to this Agreement, and
                  the parties irrevocably agree that all claims in respect of
                  any such action or proceeding may be heard and determined in
                  either such court.

         12.5     NOTICES.

                  Any communication (including any notice, consent, approval or
                  instructions) provided for under this Agreement may be given
                  to the person to whom it is addressed by delivering the same
                  to or for such person at the address or facsimile number of
                  such person as set out hereinafter or at such other address or
                  number as

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                  such person shall have notified to the other party hereto,
                  provided that a copy of any communication sent by fax shall be
                  immediately deposited in the mail. Any communication so
                  addressed and delivered as aforesaid shall be deemed to have
                  been sufficiently given or made on the date on which it was
                  delivered.

                  If to Licensor:       S2 GOLF INC.
                                        18 Gloria Lane
                                        Fairfield, New Jersey 07004
                                        U.S.A.
                                        Attention:  Mr. Douglas A. Buffington
                                        Facsimile number:  (973) 227-7018

                  With a copy to:       Mary Ann Jorgenson, Esq.
                                        Squire, Sanders & Dempsey L.L.P.
                                        4900 Key Tower
                                        127 Public Square
                                        Cleveland, Ohio  44114
                                        U.S.A.
                                        Facsimile number:  (216) 479-8776

                  If to Licensee:       Raymond Lanctot Ltee/Ltd.
                                        5790 Pare Street
                                        Montreal, Quebec
                                        Canada, H4P 2M2
                                        Attention of:  Mrs. Diane Lanctot
                                        Facsimile number:  (514) 342-4059

                  With a copy to:       Mr. Georges T. Robic
                                        Leger Robic Richard
                                        55 St. Jacques
                                        Montreal, Quebec
                                        Canada, H2Y 3X2
                                        Facsimile number:  (514) 845-7874

         12.6     ENTIRE AGREEMENT.

                  This Agreement sets forth the entire agreement between the
                  parties and fully supersedes any and all prior agreements or
                  understandings between the parties pertaining to the subject
                  matter hereof.

         12.7     NO ASSIGNMENT; BINDING ON SUCCESSORS.

                  No party shall assign this Agreement or any right accruing to
                  it hereunder without the prior written consent of the other
                  party, which shall not be withheld unreasonably. This
                  Agreement shall inure to the benefit of and be binding upon

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                  the respective heirs, executors, administrators, successors
                  and assigns of the parties hereto.

         12.8     LANGUAGE.

                  The present Agreement has been drafted in the English language
                  at the request of the parties. Le present contrat a ete regide
                  en langue anglaise a la demande des parties. All contracts,
                  correspondence and information relating to or required by this
                  Agreement shall be in the English language.

         12.9     COUNTERPARTS.

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

IN WITNESS WHEREOF, the parties have signed this Agreement on the date and year
first above written.

                                            LICENSOR:

                                            S2 GOLF INC.

                                            Per:

                                            /s/ DOUGLAS A. BUFFINGTON
                                            ----------------------------------
                                            Name:  Douglas A. Buffington
                                            Title:  President

                                            RAYMOND LANCTOT LTEE/LTD.

                                            Per:

                                            /s/ DIANE LANCTOT
                                            ----------------------------------
                                            Name:  Diane Lanctot
                                            Title:  President

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                                  EXHIBIT 10.13

                                                                  EXECUTION COPY

                              ENDORSEMENT AGREEMENT
                              ---------------------

         This Endorsement Agreement ("Agreement") is made this 13th day of
October, 1999 by and between SQUARE TWO GOLF INC., a New Jersey corporation (the
"Company"), and KATHY WHITWORTH, an individual, with an address at 302 La Mancha
Court, Santa Fe, New Mexico, 87501 (the "Professional").

                                    RECITALS
                                    --------

         WHEREAS, the Company manufactures and sells women's golf clubs and
other golf equipment;

         WHEREAS, the Professional is a retired Ladies Professional Golf
Association ("LPGA") Tour Professional;

         WHEREAS, the Company desires to utilize the services of the
Professional in connection with the promotion, marketing, and sale of a
signature line of women's golf clubs and the Company's other products and
services; and

         WHEREAS, the Company and the Professional desire to enter into an
agreement pursuant to which the Professional will serve the Company as an
independent contractor, on the terms and subject to the conditions set forth
herein.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the Company and the Professional hereby agree as follows:

1.       TERM.

         1.1 The term of this Agreement shall begin on January 1, 2000 and
continue for an initial period of five (5) years unless earlier terminated in
accordance with Section 7 hereof, and may be renewed under Section 8 hereof (the
initial period plus any renewal period, the "Term").

2.       ENDORSEMENT SERVICES.

         During the Term, the Professional will provide the services described
in this Section 2 (the "Services"):

         2.1 The Professional hereby grants to the Company an exclusive license
to use her name, likeness, image and personal identification, singly or in any
combination, in connection with the production, use, marketing and sale of a
"Kathy Whitworth" signature line of women's golf clubs (the "Products"), as
described more fully in Section 3 below.

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                                                                  EXECUTION COPY

         2.2 The Professional agrees to serve as a professional golf instructor
during up to ten (10) golf clinics hosted by the Company per calendar year at
locations within the United States to be determined by the Company. The golf
clinics shall be one or two day events.

         2.3 The Professional agrees to serve as a spokesperson for the Company
at up to two (2) Professional Golf Association merchandise shows, including but
not limited to the PGA Merchandise Shows.

         2.4 The Professional hereby grants to the Company the exclusive and
worldwide right to use her name, likeness, image and personal identification,
singly or in any combination, during the Term and for a period of six (6) months
after the Term as provided in Section 2.8, in the creation of two (2) print
advertisements per year and one (1) television advertisement per year (together,
the "Advertisements") for any golf equipment, along with all rights in any
images, videos, advertisement copy or other materials created by the
Professional or others. The Professional agrees that the Company shall own all
such materials and all intellectual property rights therein for use in
perpetuity in any media now known or hereafter devised or developed, including
but not limited to the internet. The Professional hereby grants to the Company
the worldwide right during the Term and for a period of six (6) months after the
Term as provided in Section 2.8 to use, reproduce, print, publish, distribute,
broadcast, modify, edit, condense, or expand any materials containing her name,
image, likeness or personal identification that are created hereunder.

         2.5 The Professional hereby grants to the Company an exclusive license
to use her name, likeness, image and personal identification in the Company's
catalog of products.

         2.6 The Professional agrees to participate in a minimum of five (5)
other events per calendar year to market and promote the Company's products,
including but not limited to market consultations, each of which shall include
meeting with the Company executives to assist in the design, development,
marketing and promotion of the Company's products.

         2.7 The Professional agrees to use only the golf clubs and golf bags of
the Company in any golf event, whether professional or social, during the Term.
The Professional agrees (i) to use no golf bag bearing any identification of a
competitor of the Company and (ii) to wear no apparel bearing any identification
of a competitor of the Company, and will prohibit any caddy of hers from bearing
any such identification.

         2.8 The Company shall cease use of the name, likeness, image or
personal identification of the Professional upon expiration or termination of
this Agreement. However, the Company will have the right to dispose of its
inventory of Products existing at the time of termination or expiration of this
Agreement and the right to use the name, likeness, image and personal
identification of the Professional in connection with the disposition of such
inventory. The right granted in this section shall expire six (6) months after
the termination or expiration of this Agreement. The Professional understands
and agrees that the Company shall have no obligation to take action against or
attempt to stop distributors, retailers and other third parties to this
Agreement who have purchased Products bearing the name, likeness, image or
personal

                                      -2-
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                                                                  EXECUTION COPY

identification of the Professional from any marketing, advertising, sale or
other disposition of such Products, regardless of any use they make of the name,
likeness, image or personal identification of the Professional.

3.       LICENSE AND ENDORSEMENT FOR PRODUCTS.

         3.1 The Professional hereby grants an exclusive, worldwide license to
the Company to use the name, likeness, image and personal identification of the
Professional, during the Term and for a period of six (6) months after the Term
as provided in Section 2.8, in connection with the creation, manufacture,
marketing, sale and promotion of the Products. As a condition precedent to, and
a continuing precedent of, any obligations of the Company hereunder, the
Professional hereby agrees to use the Products upon their creation and to
provide an unqualified and unequivocal endorsement thereof during the Term at
the request of the Company at any time or times during the Term in verbal,
written or recorded forms. If the Professional is unable at any time during the
Term to provide such endorsement of the Products, the Company shall be released
from any of its obligations under Sections 4.1, 4.2, and 4.3 hereof to pay any
fees or royalties or to provide any stock options to the Professional and may
elect to terminate this Agreement without any further obligation to the
Professional.

4.       COMPENSATION FOR ENDORSEMENT SERVICES.

         4.1 The Company will pay the Professional a base fee of thirty-six
thousand dollars ($36,000) per year (the "Base Fee") for Services performed
during the Term. The Company shall pay the Base Fee in four (4) equal
installments of nine thousand dollars ($9,000) each on March 15, June 15,
September 15 and December 15 of each year during the Term commencing on January
15, 2000. The Professional acknowledges that the Company is under no obligation
to create or maintain the Products. The Professional agrees that payment of the
Base Fee shall satisfy all obligations of the Company hereunder if it elects not
to create or market and sell the Products.

         4.2 If the Company elects to create and market the Products, the
Company will pay to the Professional a "Royalty Fee" on the sales of Products
during the Term, except as provided in the following sentence, of two percent
(2%) of the "Royalty Base," which Royalty Base shall be calculated as the
wholesale selling price of all Products for which the Company actually receives
the proceeds of such net of returns, allowances, discounts, shipping, taxes,
insurance and credits. During the Term, the Company shall pay the Royalty Fee,
earned for the preceding quarter, to the Professional quarterly, within thirty
(30) days of the end of the succeeding calendar year quarter. If the Company
decides not to renew this Agreement in accordance with the provisions of Section
8 below, the Company shall pay the Professional an amount equal to two percent
(2%) of the net book value of its unsold inventory of Products on December 31,
2004.

         4.3 If the Company elects to create and market the Products, the
Company will grant to the Professional options to purchase shares of the
Company's capital stock ("Options"), as provided in this paragraph. On each
March 31, June 30, September 30, and December 31 during the Term that the
Company elects to continue the marketing and sale of the Products, the Company
will grant to the Professional a number of Options (the "Quarterly Grant
Number").

                                      -3-
<PAGE>   4

                                                                  EXECUTION COPY

The Quarterly Grant Number shall be the nearest whole number that results from
the division of the number of dollars represented by one half of one percent
(0.5%) of the Royalty Base by the closing price of the Company's stock on the
grant date. The exercise price of the Options shall be the closing price of the
Company stock on the grant date. The sum of the Quarterly Grant Numbers in each
calendar year of the Term shall not exceed fifteen thousand (15,000). The
options will expire five (5) years after each grant date. The Options shall not
be assigned, transferred or alienated by the Professional. Any attempt to
assign, transfer or alienate the Options without the prior written consent of
the Company shall be void.

         4.4 The Company will reimburse the Professional for her reasonable and
necessary travel expenses in connection with her performance of the Services.

         4.5 The Company shall be under no obligation to create, market, promote
or sell the Products. There shall be no minimum amounts due from the Company
hereunder except as specified in Section 4.1 above. The failure of the Company
to create, market, promote or sell the Products or to reach any specific sales
volume shall not result in any liability of the Company or create any right for
the Professional to make a claim against the Company. The Company may elect to
dispose of the Products at any price or for no consideration in its sole
discretion and shall not be obligated to the Professional for any sale or
transfer of the Products which does not produce compensation for the
Professional.

5.       PROFESSIONAL'S CONDUCT.

         5.1      The Professional shall at all times during the Term refrain
                  from:

                  5.1.1    dishonest, fraudulent, illegal or unethical acts or
         omissions;

                  5.1.2    excessive use or abuse of alcohol;

                  5.1.3    use of controlled substances, except as prescribed by
         a licensed medical professional in the treatment of illness or disease;

                  5.1.4    acts or omissions reasonably determined by the
         Company to be prejudicial or injurious to the business or goodwill of
         the Company, its officers, employees, shareholders or products, the
         golf industry or professional golf; and

                  5.1.5    conduct which could reasonably be expected to degrade
         the Professional, devalue the services of the Professional or to
         bring the Professional into public hatred, contempt, scorn or
         ridicule, or that could reasonably be expected to shock, insult or
         offend the community or to offend public morals or decency.

6.       INDEPENDENT CONTRACTOR.

         6.1 With respect to all Services described in this Agreement, the
Professional's status will be that of an independent contractor and not a
partner, employee or agent of the Company. The Professional has no power or
authority whatsoever to make binding commitments or

                                      -4-
<PAGE>   5

                                                                  EXECUTION COPY

contracts on behalf of the Company. The Professional agrees that she will pay
and hold the Company harmless from any and all costs, expenses, fees, dues,
pension contributions, benefit contributions and fines associated with her
present or future required membership in any trade association, union or
professional organization, including but not limited to LPGA, PGA, USGA, SAG or
AFTRA, that may be associated with her performance of this Agreement. The
Professional represents that no agent or representative fees, charges, rights or
claims exist in connection with her execution or performance of this Agreement,
and the Professional shall hold harmless the Company from any such liability.
Any costs incurred by the Company to comply with any rule, contract, order or
other requirement of SAG, AFTRA or other union or professional organization
having control or jurisdiction over the Professional or her performance of the
services required by this Agreement shall be deducted from the sums due from the
Company to the Professional. The Professional agrees that the compensation
provided to her under Section 4 of this Agreement shall be deemed compensation
for purposes of meeting any minimum pay requirements of any SAG or AFTRA
agreement. If any of the above terms are deemed to violate any SAG or AFTRA
agreement, the Company shall have the option to terminate this Agreement without
liability.

         6.2 The Professional shall have no authority to incur expenses on
behalf of the Company without the Company's prior written approval. The
Professional shall submit to the Company for written approval a description of
anticipated expenses, other than those for reasonable and necessary travel,
prior to incurring such expenses. All statements submitted by the Professional
for expenses that were not pre-approved by the Company will be subject to
review, approval or rejection by the Company in its sole discretion.

         6.3 The Professional will be solely responsible for withholding and
paying any and all federal, state and local taxes, including but not limited to
payroll, unemployment, social security and income taxes, and any other payments
which may be due as a result of or in connection with payments made by the
Company for services rendered under this Agreement. The Professional
acknowledges that she is not qualified for and will not receive any Company
employee benefits or other incidents of employment.

         6.4 The Professional agrees to maintain at all times during the Term
such insurance, including without limitation, health insurance, workers'
compensation, automobile and general comprehensive liability coverage, as will
protect and hold harmless the Company from any claims, losses, damages, costs,
expenses or liability arising out of the Services performed under this
Agreement. The Company may require the Professional to provide insurance
certificates evidencing the same.

         6.5      The Professional represents and warrants that:

                  6.5.1    The Professional has the right to enter into this
                           Agreement;

                  6.5.2    By agreeing to perform or performing this Agreement,
         the Professional will not breach any existing agreement; and

                                      -5-
<PAGE>   6

                                                                  EXECUTION COPY

                  6.5.3 Neither the Professional's grant of rights to the
         Company under this Agreement nor the Company's exercise of such rights
         will cause the infringement of any rights of third parties.

         6.6 The Professional agrees not to enter into any other agreement the
performance of which would or could cause an infringement of the rights that the
Professional grants to the Company under this Agreement.

7.       TERMINATION.

         7.1 This Agreement shall terminate automatically if the Professional
dies or becomes disabled, or suffers illness, mental or physical disability to
the extent that she is unable to perform the obligations of the Professional
under the terms of this Agreement.

         7.2 Either the Company or the Professional may terminate this Agreement
in the event of a non-curable breach of this Agreement by the other party.

         7.3 In case of a breach of the Agreement that is capable of being
cured, the non-breaching party shall, before terminating the Agreement, give the
breaching party written notice of such breach, and a thirty (30) day period in
which to cure such breach.

         7.4 The Professional's obligations under (i) Section 9 hereof and (ii)
Exhibit A shall survive a termination of this Agreement for the applicable
periods set forth therein. The Company's obligation to compensate the
Professional pursuant to Section 4 of this Agreement shall cease on the
effective date of termination except as to amounts earned by the Professional
and due from the Company accruing prior to such date.

         7.5 The right to terminate outlined in this section shall be in
addition to, and not in lieu of, all other remedies which may be available to
the non-breaching party, whether at law or in equity, for a breach of this
Agreement.

8.       RENEWAL.

         8.1 The Company may renew this Agreement on the same terms and
conditions for one (1) additional five year period that shall begin on January
1, 2005 and end on December 31, 2009, by providing a written notice of its
intent to effect such renewal to the Professional by November 30, 2004.

9.       NON-COMPETITION.

         9.1 The Professional acknowledges that any use of her name, likeness,
image or personal identification by any third party in connection with the
making, use, sale, marketing, promotion or advertising of golf equipment,
including but not limited to golf clubs and golf bags, would cause a likelihood
of confusion with the Products of the Company, during the Term and thereafter
during the time the Company disposes of inventory on hand at the expiration of
this Agreement. The Professional acknowledges that she will have a right,
pursuant to and under the

                                      -6-
<PAGE>   7

                                                                  EXECUTION COPY

conditions described in Section 4.2 above, to receive a specified royalty for
inventory on hand at the expiration of the initial term, and accordingly hereby
grants to the Company the right to fill any orders for, assemble components of,
market, advertise, promote and sell any inventory of Products in its inventory
existing at the expiration or termination of this Agreement, for a period not to
exceed two (2) years after such expiration or termination of the original term.
To avoid any possibility of confusion of the public, trademark infringement or
interference with the rights of the Company, the Professional agrees not to
endorse, license or otherwise authorize the use of her name, likeness or image
in connection with another company's golf clubs or golf-related clothing or
equipment during the Term and for a period of two (2) years thereafter.

         9.2 The Professional agrees to divest herself of any management or
control interest that she currently has in any entity that is a competitor of
the Company, and not to acquire any such interest during the Term.

10.      RIGHT OF INJUNCTIVE RELIEF.

         10.1 The Professional acknowledges and agrees that a breach of the
covenants contained in Section 9 of this Agreement would actually or potentially
deprive the Company of a substantial amount of sales and business value and that
the amount of injury would be impossible or difficult to ascertain fully. The
Company shall, therefore, be entitled to obtain an injunction against the
Professional restraining any violation, further violation, or threatened
violation of Section 9 above, in addition to any other remedies to which the
Company may be entitled by law.

11.      MISCELLANEOUS.

         11.1. ENFORCEABILITY. The unenforceability or invalidity of any
provision of this Agreement shall not affect the enforceability or validity of
the balance of the Agreement. In the event that any such provision should be or
becomes invalid for any reason, such provision shall remain effective to the
maximum extent permissible, and the parties shall consult and agree on a legally
acceptable modification giving effect to the commercial objectives of the
unenforceable or invalid provision, and every other provision of this Agreement
shall remain in full force and effect.

         11.2. ASSIGNABILITY. This Agreement is not assignable by the
Professional but is assignable by the Company to any affiliate or successor
entity. Any attempted assignment by the Professional without the prior written
consent of the Company shall be void. As used in this Agreement, the term
"Company" shall include any entity to which this Agreement shall have been
assigned by the Company, in accordance with the preceding.

         11.3.    AMENDMENT/WAIVER.

                  11.3.1 This Agreement supersedes all prior and contemporaneous
         agreements and understandings between the parties with respect to the
         subject matter hereof and may not be changed or amended orally.

                                      -7-
<PAGE>   8

                                                                  EXECUTION COPY

                  11.3.2 No change, termination or attempted waiver of any of
         the provisions of this Agreement shall be of any effect unless the same
         is set forth in writing and duly executed by the party against which it
         is sought to be enforced.

                  11.3.3 The failure of any party at any time or from time to
         time to require performance of the other party's obligations under this
         Agreement shall in no manner affect such party's right to enforce any
         provisions of this Agreement at a subsequent time. The waiver by any
         party of any right arising out of any breach by the other party shall
         not be construed as a waiver of any right arising out of a subsequent
         breach.

                  11.4. GOVERNING LAW. The validity, interpretation,
         construction and performance of this Agreement shall be governed in
         accordance with the laws of the State of New Jersey without giving
         effect to the principles of conflicts of laws of such state.

         11.5. NOTICES. Any communication (including any notice, consent,
approval or instructions) provided for under this Agreement may be given to the
person to whom it is addressed by delivering the same to or for such person at
the address or facsimile number of such person as set out hereinafter or at such
other address or number as such person shall have notified to the other party
hereto, provided that a copy of any communication sent by fax shall be
immediately deposited in the mail. Any communication so addressed and delivered
as aforesaid shall be deemed to have been sufficiently given or made on the date
on which it was delivered.

                  If to the Company:       S2 GOLF INC.
                                           18 Gloria Lane
                                           Fairfield, New Jersey 07004
                                           Attention:  Mr. Douglas A. Buffington
                                           Facsimile number:  (973) 227-7018

                  With a copy to:          Mary Ann Jorgenson, Esq.
                                           Squire, Sanders & Dempsey L.L.P.
                                           4900 Key Tower
                                           127 Public Square
                                           Cleveland, Ohio  44114
                                           Facsimile number:  (216) 479-8776

                  If to the Professional:  Kathy Whitworth
                                           1735 Mistletoe
                                           Flower Mound, Texas  75022
                                           Facsimile number:  (792) 355-7021

                  With a copy to:          Nick Lampros
                                           16615 Lark Avenue
                                           Suite 101
                                           Los Gatos, California  95032
                                           Facsimile number:  (408) 358-2486

                                      -8-
<PAGE>   9

                                                                  EXECUTION COPY

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

         11.7. INTELLECTUAL PROPERTY RIGHTS, CONFIDENTIALITY AND NON-USE. The
Professional acknowledges her obligations under the provisions of the
Intellectual Property Rights Confidentiality and Non-Use Obligations Agreement
attached hereto as "Exhibit A" and made a part hereof by this reference. The
rights and obligations of the parties set forth in Exhibit A shall survive the
termination or expiration of this endorsement agreement, regardless of cause or
circumstances of the termination or expiration.

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

         SQUARE TWO GOLF, INC.

         By: /s/DOUGLAS A. BUFFINGTON
             ---------------------------------
                Douglas A. Buffington
                President

         PROFESSIONAL

         /s/ KATHY WHITWORTH
         ------------------------------
         Kathy Whitworth

                                      -9-
<PAGE>   10

                                                                  EXECUTION COPY

                                    EXHIBIT A

                          Intellectual Property Rights
                Confidentiality and Non-Use Obligations Agreement

         This Agreement by and between SQUARE TWO GOLF INC., a New Jersey
corporation (the "Company") and KATHY WHITWORTH, an individual residing at 302
La Mancha Court, Santa Fe, New Mexico 87501 (the "Recipient"), is part of the
Endorsement Agreement of the parties. In consideration of and as an inducement
for the Company entering into said Endorsement Agreement with Recipient:

         (a) Recipient acknowledges and agrees that communications for the
purpose of proposing to work for or working for the Company have in the past or
will entail the disclosure, observation and display to Recipient of information
and materials of the Company that are proprietary, confidential and trade
secret, which include, but are not limited to, golf equipment marketing plans,
research, development and designs, computer software, screens, user interfaces,
systems designs and documentation, processes, methods, fees, charges, know-how
and any result from the work performed by Recipient or the Company, new
discoveries, Intellectual Property (as defined below) and improvements to the
Company's products made for or on behalf of the Company (all of which, singly
and collectively, "Information").

         With regard to such Information, whether or not labeled or specified as
confidential, proprietary or trade secret, Recipient agrees:

                  (i) to use the Information solely for the purpose of making
         proposals to or working under contracts with the Company; and

                  (ii) not to disclose or transfer the Information to others
         without the Company's written permission.

         (b) Recipient will not be prevented from using or disclosing
Information:

                  (i) which Recipient can demonstrate, by written records, was
         known to it before the disclosure or display of the Information by the
         Company to Recipient; or

                  (ii) which is now, or becomes in the future, public knowledge
         other than by breach of this Agreement or the endorsement agreement by
         Recipient, its employees or agents; or

                  (iii) that is lawfully obtained by Recipient from a source
         independent of the Company, which source was lawfully in possession of
         the Information and which source had the unrestricted right to disclose
         or display the Information to the Recipient; or

                  (iv) that is required by legal process to be disclosed,
         provided that Recipient will timely inform the Company of the
         requirement for disclosure, will permit the Company to attempt, by
         appropriate legal means, to limit such disclosure and will itself

                                      A-1

<PAGE>   11

                                                                  EXECUTION COPY

         use appropriate efforts to limit the disclosure and maintain
         confidentiality to the extent possible.

         (c) The confidentiality and non-use obligations of Recipient will
remain in effect after all work for the Company has been completed.

         (d) All Information, including any copies thereof, in any media, in the
possession or control of Recipient and Information embodied or included in any
software or data files loaded or stored on computers in the possession or
control of Recipient, its agents or employees, shall be removed and returned to
the Company upon demand, but no later than the completion of work for the
Company.

         (e) Recipient agrees that she will not copy the Information in whole or
in part or use all or any part of the Information to reverse engineer, duplicate
the function, sequence or organization of the Information for any purpose
without the prior written permission of the Company.

         (f) Recipient further acknowledges and agrees that all new discoveries,
inventions, improvements, processes, formulae, designs, drawings, training
materials, original works of authorship, photos, video tapes, electronic images,
documentation, trademarks and copyrights (the "Intellectual Property"), that may
be developed, conceived, or made by Recipient, alone or jointly with others
during her work for the Company, shall be the exclusive property of the Company
and shall be deemed a work for hire. Recipient hereby assigns and agrees to
assign all Recipient's rights in any Intellectual Property to the Company.
Recipient hereby grants to the Company power of attorney for the purpose of
assigning all Recipient's rights in Intellectual Property to the Company for the
purposes of filings, registrations and other formalities deemed necessary by the
Company to prosecute, protect, perfect or exploit its ownership and interests in
Intellectual Property. Recipient further agrees to execute, acknowledge and
deliver any documentation, instruments, specifications or disclosures necessary
to assign, prosecute, protect, perfect or exploit the Company ownership of
Intellectual Property.

         (g) Recipient acknowledges and agrees that the Company possesses
valuable know-how, proprietary, confidential and trade secret Information that
has been procured or developed by the Company at great expense and that its
unauthorized disclosure would result in substantial damages to the Company that
may not be adequately compensated by monetary relief. Accordingly, Recipient
hereby consents to the jurisdiction of the Federal and County Courts in Essex
County, New Jersey and agrees that the Company may seek temporary restraining
orders against it or other extraordinary relief necessary to protect the
Information.

                                      A-2

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