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                                                                    EXHIBIT 10.3

                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT is made effective as of May 21, 2003, by and between
Transgenomic, Inc., a Delaware corporation (the "Company"), and Michael J.
Draper ("Employee").

     The Company and Employee desire to enter into an Employment Agreement (this
"Agreement"). Accordingly, the Company and Employee agree as follows:

     Section 1. EFFECTIVE DATE; POSITION; TERM. This Agreement shall become
effective on May 21, 2003 (the "Effective Date"). The Company shall employ
Employee as Chief Financial Officer. The initial term of the Agreement will be
for a minimum of three (3) years from the Effective Date, and the Agreement may
be extended upon mutual consent of the parties.

     Section 2. POSITION AND DUTIES. During the Employment Period:

             (a)  Employee shall have the normal responsibilities, duties and
     authorities of Chief Financial Officer to be defined prior to the Effective
     Date.

             (b)  Employee shall report to the Chief Executive Officer of the
     Company, or his/her designee, and Employee shall perform faithfully the
     executive duties assigned to him to the best of his ability in a diligent,
     trustworthy, businesslike and efficient manner and will devote his full
     business time and attention to the business and affairs of the Company and
     its Subsidiaries and Affiliates; provided, however, that Employee may serve
     as a director of or a consultant to other corporations which do not compete
     with the Company, nonprofit corporations, civic organizations, professional
     groups and similar entities.

             (c)  For purposes of this Agreement, "Subsidiary" shall mean any
     corporation or other entity of which securities having a majority of the
     voting power in electing directors or comparable management are, at the
     time of determination, owned by the Company, directly or through one or
     more Subsidiaries.

             (d)  For purposes of this Agreement, "Affiliate" of any particular
     person means any other person controlling, controlled by or under common
     control with such particular person.

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     Section 3. BASIC COMPENSATION.

             (a)  BASE SALARY. As compensation for his services hereunder, the
     Company shall pay to Employee during the Employment Period an initial base
     salary of $135,000.00 per year.

             Base Salary shall be payable in equal installments in arrears on a
     biweekly basis or as otherwise may be mutually agreed upon.

     The salary shall be increased over the previous year's salary as mutually
     agreed to.

     Section 4. BONUS. In addition to the Base Salary, Employee shall be
eligible to receive an annual bonus based on Employee's performance in
conjunction with specific mutually agreed goals and objectives defined prior to
such calendar year payable at such time or times during or following each
calendar year as shall be determined by the Chief Executive Officer and the
Board of Directors (the "Board") or a committee thereof in its sole discretion
and based on formulas to be determined each year by the Board or such committee
in its sole discretion for the Company's management bonus plan.

     Section 5. PARTICIPATION IN EMPLOYEE BENEFIT PLANS. Employee will be
entitled to participate in all Company salaried employee benefit plans and
programs, subject to the terms and conditions of each such employee benefit plan
or program and to the extent commensurate with his position as Chief of
Operations.

     Section 6. OTHER BENEFITS.

             (a)  VACATION. Employee shall initially be entitled to three weeks'
     paid vacation each year.

             (b)  INSURANCE. The Company shall make available to Employee health
     and dental insurance (including dependent coverage), and other benefits
     from time to time provided to employees.

     Section 7. BUSINESS EXPENSES. The Company shall reimburse Employee for all
reasonable expenses incurred by him in the course of performing his duties under
this Agreement which are consistent with the Company's policies in effect from
time to time with respect to travel, entertainment and other business expenses,
subject to the Company's requirements with respect to report and documentation
of such expenses.

     Section 8. STOCK OPTIONS AND OPTION SHARES. All unvested options will vest
upon the Company being acquired or merged into another entity.

     Section 9. TERMINATION OF EMPLOYMENT.

             (a)  EVENTS OF TERMINATION AND SEVERANCE PAYMENT. In the event
     that, during the term of this Agreement, Employee is discharged for any
     reason other than for Just

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     Cause (as defined below), Employee shall be entitled to receive certain
     payment (the "Severance Payment") following termination of employment.
     Severance Payment will be made at the Employees then current base salary
     for an amount equal to 12 (twelve) months' salary.

             (b)  "Just Cause" being defined as any criminal act (felony) being
     committed by employee, if employee commits fraud or dishonesty toward the
     Company, other significant activities materially harmful to the reputation
     of the Company as reasonably defined by the Company, willful refusal to
     perform or substantial disregard of the duties properly assigned,
     significant violation of any statutory or common law or a material
     violation of Section 11 or 12 below, or intentionally takes any other
     action materially inimical to the best interests of the Company

             (c)  EFFECT OF BREACH OF NONCOMPETITION PROVISIONS. In the event
     Employee breaches or otherwise fails to comply with the provisions of
     Section 11 or 12 below, then, in addition to any other remedies provided
     herein or at law or in equity, the Company shall have the right to require
     return of any severance payment made to the Employee. Return of such
     Severance Payment pursuant to the preceding sentence shall not relieve
     Employee's obligations pursuant to Section 11 or 12 below.

     Section 10. ASSIGNMENT AND SUCCESSION.

             (a)  The rights and obligations of the Company under this Agreement
     shall inure to the benefit of and be binding upon its respective successors
     and assigns, and Employee's rights and obligations hereunder shall inure to
     the benefit of and be binding upon his successors and permitted assigns,
     whether so expressed or not.

             (b)  Employee acknowledges that the services to be rendered by him
     hereunder are unique and personal. Accordingly, Employee may not pledge or
     assign any of his rights or delegate any of his duties or obligations under
     this Agreement without the express prior written consent of the Company.

             (c)  The Company may not assign its interest in or obligations
     under this Agreement without the prior written consent of Employee.

     Section 11. CONFIDENTIAL INFORMATION.

             (a)  COMPANY INFORMATION. Employee agrees at all times during the
     term of his Relationship with the Company and thereafter, to hold in
     strictest confidence, and not to use, except for the benefit of the
     Company, or to disclose to any person, firm, corporation or other entity
     without written authorization of the Board of Directors of the Company, any
     Confidential Information of the Company which Employee obtains or creates,
     by whatever means. Employee further agrees not to make copies of such
     Confidential Information except as authorized by the Company. Employee
     understands that "CONFIDENTIAL INFORMATION" means any Company proprietary
     information, technical data, trade secrets or know-how, including, but not
     limited to, research. product plans,

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     products, services, suppliers, customer lists and customers (including, but
     not limited to, customers of the Company on whom Employee called or with
     whom Employee became acquainted during the Relationship), prices and costs,
     markets, software, developments, inventions, laboratory notebooks,
     processes, formulas, technology, designs, drawings, engineering, hardware
     configuration information, marketing, licenses, finances, budgets or other
     business information disclosed to Employee by the Company either directly
     or indirectly in writing, orally or by drawings or observation of parts or
     equipment or created by Employee during the period of the Relationship,
     whether or not during working hours. Employee understands that
     "CONFIDENTIAL INFORMATION" includes, but is not limited to, information
     pertaining to any aspects of the Company's business which is either
     information not known by actual or potential competitors of the Company or
     is proprietary information of the Company or its customers or suppliers,
     whether of a technical nature or otherwise. Employee further understands
     that "CONFIDENTIAL INFORMATION" does not include any of the foregoing items
     which have become publicly and widely known and made generally available
     through no wrongful act of Employee's or of others who were under
     confidentiality obligations as to the item or items involved.

             (b)  FORMER EMPLOYER INFORMATION. Employee represents that as an
     employee of the Company, he has not breached and will not breach any
     agreement to keep in confidence proprietary information, knowledge or data
     acquired by Employee in confidence or trust prior or subsequent to the
     commencement of Employee's Relationship with the Company, and Employee will
     not disclose to the Company, or induce the Company to use, any inventions,
     confidential or proprietary information or material belonging to any
     previous employer or any other party.

             (c)  THIRD PARTY INFORMATION. Employee recognizes that the Company
     has received and in the future will receive confidential or proprietary
     information from third parties subject to a duty on the Company's part to
     maintain the confidentiality of such information and to use it only for
     certain limited purposes. Employee agrees to hold all such confidential or
     proprietary information in the strictest confidence and not to disclose it
     to any person, firm or corporation or to use it except as necessary in
     carrying out Employee's work for the Company consistent with the Company's
     agreement with such third party.

     Section 12. RETURN OF COMPANY DOCUMENTS. Employee agrees that, at the time
of termination of his Relationship with the Company, he will deliver to the
Company (and will not keep in his possession, recreate or deliver to anyone
else) any and all devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, laboratory
notebooks, materials, flow charts; equipment, other documents or property, or
reproductions of any aforementioned items developed by Employee pursuant to the
Relationship or otherwise belonging to the Company, its successors or assigns.
Employee further agrees that any property situated on the Company's premises and
owned by the Company, including disks and other storage media, filing cabinets
or other work areas, is subject to inspection by Company personnel at any time
with or without notice. In the event of the termination of the Relationship,

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Employee agrees to sign and deliver the "Termination Certification" attached
hereto as Exhibit "A."

     Section 13. NONCOMPETITION. Independent of any obligation under any other
contract or agreement between Employee and the Company, for a period of one (1)
year following the termination of Employee's employment relationship with the
Company, Employee shall not, directly or indirectly, whether as an individual
for his own account, or for or with any other person, firm, corporation,
partnership, joint venture, association, or other entity whatsoever, which is or
intends to be engaged in biotechnology business and, more particularly, that
provides technologies for DNA/RNA analysis and purification utilization DHPLC
technologies (provided, however, that the restrictions set forth in this clause
shall not apply to involvement that consists solely of "beneficially owning," as
such term is used in Rule 13d-3 promulgated under the Exchange Act 2% or less of
the outstanding securities of any class of securities issued by a
publicly-traded entity):

             (a)  Solicit, interfere with, or endeavor to entice away from the
     Company, any person, firm, corporation, partnership, or entity of any kind
     whatsoever, which was or is a client or licensor of the Company, for which
     the Company performed services, with respect to any business, product or
     service that is competitive to the products or services offered by the
     Company, or under development by the Company, as of the date of the
     termination of Employee's relationship with the Company. This restriction
     shall apply only to such clients or licensors of the Company as were
     serviced or solicited by Employee at any time during the one (1) year prior
     to the separation of Employee's relationship with the Company, either as an
     independent contractor or as an employee of the Company;

             (b)  Solicit or endeavor to induce any of the Company's employees
     or consultants to terminate their relationship with the Company, or take
     away such employees or consultants, or attempt to solicit, induce, recruit,
     encourage or take away employees or consultants of the Company, either for
     Employee or for any other person or entity;

             (c)  Induce or attempt to induce any supplier, licensee or other
     business relation of the Company to cease doing business with the Company,
     or in any way interfere with the relationship between any such supplier,
     licensee or business relation and the Company.

     Section 14. BUSINESS OPPORTUNITY. Employee represents and acknowledges that
the foregoing restrictions will not prevent him from obtaining gainful
employment in his field of expertise or cause him undue hardship; and that there
are numerous other employment opportunities available to him that are not
affected by the foregoing restrictions. Employee further acknowledges that the
foregoing restrictions are reasonable and necessary, in order to protect the
Company's legitimate interests, and that any violation thereof would result in
irreparable injury to the Company.

     Section 15. CONFLICTS OF INTEREST POLICIES. Employee shall diligently
adhere to the Company's Conflict of Interest Policy as adopted by the Board and
in effect from time to

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time.

     Section 16. ARBITRATION AND EQUITABLE REMEDIES.

             a)   Except as provide in Section 16 (b) hereof, the parties agree
     that any dispute or controversy arising out of, relating to, or concerning
     the interpretation, construction, performance or breach of this Agreement,
     shall be settled by arbitration to be held in Nebraska, in accordance with
     the Employment Dispute Resolution rules of the American Arbitration
     Association then in effect. The arbitrator may grant injunctions or other
     relief in such dispute or controversy and the decision of the arbitrator
     shall be final, conclusive and binding on the parties to the arbitration.
     Judgment may be entered on the arbitrator's decision in any court having
     jurisdiction. The Company and Employee shall each pay one-half of the costs
     and expenses of such arbitration, and each shall separately pay the fees
     and expenses of their respective legal counsel.

             THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF EMPLOYEE'S RIGHT TO
        A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO
        ALL ASPECTS OF THE EMPLOYER/EMPLOYEE RELATIONSHIP.

        (b)  Notwithstanding paragraph (a) of this Section 16, the parties agree
     that, in the event of the breach or threatened breach of Sections 11, 13 or
     14 of this Agreement by Employee, monetary damages alone would not be an
     adequate remedy to the Company and its Subsidiaries for the injury that
     would result from such breach, and that the Company and its Subsidiaries
     shall be entitled to apply to any court of competent jurisdiction for
     specific performance and/or injunctive relief (without posting bond or
     other security) in order to enforce or prevent any violation of such
     provisions of this Agreement. Employee further agrees that any such
     injunctive relief obtained by the Company or any of its Subsidiaries shall
     be in addition to monetary damages.

     Section 17. INDEMNIFICATION. The Company agrees to indemnify and hold
harmless Employee for any and all actions taken by Employee in carrying out his
duties under this Agreement.

     Section 18. ENTIRE AGREEMENT. This Agreement represents the entire
agreement between the parties relating to the subject matters covered hereby and
shall supersede any prior understandings, agreements or representations by or
between the parties, written or oral, which may have related to the subject
matter hereof in any way and shall not be amended or waived except in a writing
signed by the parties hereto.

     Section 19. NOTICES. Any notice or request required or permitted to be
given hereunder shall be in writing and will be deemed to have been given (i)
when delivered personally, sent by telecopy (with hard copy to follow) or
overnight express courier or (ii) five days following mailing by certified or
registered mail, postage prepaid and return

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receipt requested, to the addresses below unless another address is specified by
such party in writing:

             To the Company:             Transgenomic, Inc.
                                         12325 Emmet Street
                                         Omaha, NE  68164
                                         Attention: Chief Executive Officer
                                         Telephone: (402) 452-5433
                                         Telecopy: (402) 452-5447

             To the Employee:            Michael J. Draper
                                         2114 South 181st Circle
                                         Omaha, NE. 68130

     Section 20. HEADINGS. The article and section headings herein are for
convenience of reference only and shall not define or limit the provisions
hereof.

     Section 21. APPLICABLE LAW. The corporate law of the State of Delaware will
govern all questions concerning the relative rights of the Company and its
stockholders. All other questions concerning the construction, validity and
interpretation of this Agreement shall be governed by the internal laws of the
State of Nebraska.

     Section 22. SEVERABILITY. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held prohibited by,
invalid or unenforceable in any respect under applicable law, such provision
will be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

     Section 23. AMENDMENTS AND WAIVERS. Any provision of this Agreement may be
amended or waived only with the prior written consent of the Company and
Employee.

     Section 24. NO STRICT CONSTRUCTION. The language used in this Agreement
will be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction will be applied against any
party hereto.

     Section 25. COUNTERPARTS. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

     Section 26. EMPLOYEE REPRESENTATIONS. Employee hereby represents and
warrants to the Company that (i) the execution, delivery and performance of this
Agreement by Employee does not and will not conflict with, breach, violate or
cause a default under any

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contract, agreement, instrument, order, judgment or decree to which Employee is
a party or by which he is bound, (ii) Employee is not a party to or bound by any
employment agreement, noncompete agreement or confidentiality agreement with any
other person or entity and (iii) upon the execution and delivery of this
Agreement by the Company, this Agreement shall be the valid and binding
obligation of Employee, enforceable in accordance with its terms.

     Section 27. SURVIVAL. Sections 8, 11, 12 and 15 shall survive and continue
in full force in accordance with their terms notwithstanding any termination of
the Employment Period.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by
its duly authorized officer and Employee has signed this Agreement.

                                 TRANSGENOMIC, INC.

                                 By /s/ Collin D'Silva
                                    --------------------------------------------
                                    Name:  Collin D'Silva
                                    Title: Chief Executive Officer

                                 EMPLOYEE

                                 /s/ Michael J. Draper
                                 -----------------------------------------------
                                 Name: Michael J. Draper<PAGE>

                                                                    Exhibit 4.1

    ------------------------------------------------------------------------

              THE HOCKEY COMPANY AND SPORT MASKA INC., AS ISSUERS

                                       AND

             THE SUBSIDIARY GUARANTORS NAMED THEREIN, AS GUARANTORS

                                       AND

                              THE BANK OF NEW YORK,

                                   AS TRUSTEE

                      ------------------------------------

                          FIRST SUPPLEMENTAL INDENTURE
                            DATED AS OF MAY 22, 2003

                      ------------------------------------

                               UNITS CONSISTING OF
           11 1/4% SENIOR SECURED NOTES OF THE HOCKEY COMPANY DUE 2009
            11 1/4% SENIOR SECURED NOTES OF SPORT MASKA INC. DUE 2009

    ------------------------------------------------------------------------

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                                                                              /2

          FIRST SUPPLEMENTAL INDENTURE, dated as of May 22, 2003 (the "FIRST
SUPPLEMENTAL INDENTURE"), among The Hockey Company, a Delaware corporation (the
"COMPANY"), Sport Maska Inc., a New Brunswick corporation ("SUBSIDIARY ISSUER"
and, together with the Company, the "ISSUERS"), the Guarantors (as defined
therein) and The Bank of New York, as trustee (the "TRUSTEE").

          WHEREAS, the Issuers and Guarantors have duly authorized, executed and
delivered to the Trustee that certain Indenture, dated as of April 3, 2002 and
as supplemented from time to time (the "INDENTURE"), pursuant to which the
Issuers' 11 1/4% Senior Secured Note Units due 2009 (the "INITIAL UNITS"), each
Unit consisting of $500 principal amount of 11 1/4% Senior Secured Notes of the
Company (the "PARENT NOTES") and $500 principal amount of 11 1/4% Senior Secured
Notes of Subsidiary Issuer (the "SUBSIDIARY ISSUER NOTES" and, together with the
Parent Notes, the "NOTES"), were issued;

          WHEREAS, in order principally to take advantage of beneficial tax
treatment for intercompany financing arrangements by having a Swedish company,
rather than a U.S. company, as the direct parent of certain of its subsidiaries,
the Company completed a reorganization as of December 31, 2002 of its European
subsidiaries whereby a Swedish holding company, named Nordic Hockey Company AB
("NORDIC HOCKEY COMPANY"), was formed and, pursuant to a series of share
transfers and contributions, became the direct parent company of each of Jofa
Holding AB and KHF Sports Oy;

          WHEREAS, pursuant to Section 4.14 of the Indenture, if the Company
were to so organize another Restricted Subsidiary, then such Restricted
Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which such Restricted Subsidiary unconditionally guarantees on a
senior secured basis all of the Issuers' obligations under the Notes and the
Indenture on the terms set forth in the Indenture;

          AND WHEREAS, the parties wish to execute this First Supplemental
Indenture in order to so comply with Section 4.14;

          NOW, THEREFORE, the Issuers and the Guarantors covenant and agree with
the Trustee, for the benefit of those who shall hold the Initial Units and
related Notes from time to time, as hereinafter set forth.

                                    ARTICLE 1
                                  DEFINED TERMS

     In this First Supplemental Indenture and in the recitals hereto, except as
otherwise expressly provided herein or unless the context otherwise requires,
words and expressions which are defined in the Indenture shall have the
meanings, when used herein and in the recitals hereto, as are ascribed to them
in the Indenture.

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                                                                              /3

                                    ARTICLE 2
                                    GUARANTEE

     2.1  Nordic Hockey Company, as a Guarantor, hereby irrevocably and
unconditionally, jointly and severally, guarantees (such guarantee to be
referred to under the Indenture as a "GUARANTEE"), to each of the Holders and to
the Trustee and to their respective successors and assigns that (i) the
principal of and interest on the Notes will be promptly paid in full when due,
subject to any applicable grace period, whether at maturity, by acceleration or
otherwise, and interest on the overdue principal, if any, and interest on any
interest, if any, to the extent lawful, of the Notes and all other obligations
of the Issuers to the Holders or the Trustee under the Indenture or thereunder
will be promptly paid in full or performed, all in accordance with the terms of
the Indenture and thereof; and (ii) in case of any extension of time of payment
or renewal of any of the Notes or of any such other obligations, the same will
be promptly paid in full when due or performed in accordance with the terms of
the extension or renewal, subject to any applicable grace period, whether at
stated maturity, by acceleration or otherwise, subject, however, in the case of
CLAUSES (i) and (ii) above, to the limitations set forth in SECTION 10.04 of the
Indenture. Nordic Hockey Company, as a Guarantor, hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes, Units or the Indenture. The absence
of any action to enforce the same, any waiver or consent by any of the Holders
with respect to any provisions of the Indenture or thereof, the recovery of any
judgment against the Issuers, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of Nordic Hockey Company, as a Guarantor. Nordic Hockey Company, as a
Guarantor, hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Issuers, any
right to require a proceeding first against the Issuers, protest, notice and all
demands whatsoever and covenants that this Guarantee will not be discharged
except by complete performance of the obligations contained in the Notes, this
Agreement and in this Guarantee. If any Holder or the Trustee is required by any
court or otherwise to return to the Issuers, any Guarantor, or any custodian,
trustee, liquidator or other similar official acting in relation to the Issuers
or any Guarantor, any amount paid by the Issuers or any Guarantor to the Trustee
or such Holder, this Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect. Nordic Hockey Company, as a Guarantor,
further agrees that, as between each Guarantor, on the one hand, and the
Holders and Trustee, on the other hand, (x) the maturity of the obligations
guaranteed hereby may be accelerated as provided in ARTICLE SIX of the Indenture
for the purposes of this Guarantee, and (y) in the event of any acceleration of
such obligations as provided in ARTICLE SIX, such obligations (whether or not
due and payable) shall forthwith become due and payable by each Guarantor for
the purpose of this Guarantee.

          Notwithstanding any other provision of this First Supplemental
Indenture or ARTICLE TEN of the Indenture, the amount guaranteed by Nordic
Hockey Company, as a Guarantor incorporated in Sweden under this First
Supplemental Indenture or ARTICLE TEN of the Indenture shall be limited if, and
only if, required by an application of the provisions of the Swedish Companies
Act (Sw. Aktiebolagslagen 1975:1385) in force from time to time regulating the
distribution of assets (including profits/dividends) and limiting the amount of
the guarantee to unrestricted equity in such Guarantor.

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                                                                              /4

                                    ARTICLE 3
                            MISCELLANEOUS PROVISIONS

3.1  Interpretation

     This First Supplemental Indenture is a supplemental indenture executed
pursuant to Section 4.14 of the Indenture. Upon execution, delivery and
effectiveness pursuant to this First Supplemental Indenture, the Indenture shall
be modified and amended in accordance with this First Supplemental Indenture.

3.2  Successors and Assigns

     All covenants and agreements in this First Supplemental Indenture by the
Issuers, Nordic Hockey Company and the other Guarantors or the Trustee shall
bind and inure to the benefit of their respective successors and assigns.

3.3  Governing Law

     This First Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York, as applied to contracts made
and performed within the State of New York, without regard to principles of
conflict of laws. Each of the parties hereto agrees to submit to the
jurisdiction of any state or federal court located in the State of New York in
any action or proceeding arising out of or relating to this First Supplemental
Indenture.

3.4  Duplicate Originals

     The parties may sign any number of copies of this First Supplemental
Indenture. Each signed copy shall be deemed an original, but all of them
together shall represent the same agreement.

3.5  Ratification by Trustee

     Except as expressly supplemented or amended as set forth in this First
Supplemental Indenture, the Indenture is hereby ratified and confirmed, and all
the terms, provisions and conditions thereof shall be and continue in full force
and effect. The Trustee accepts the trusts created by Indenture, as amended and
supplemented by this First Supplemental Indenture, and agrees to perform the
same upon the terms and conditions in the Indenture as amended and supplemented
by this First Supplemental Indenture.

3.6  Trustee Disclaimer

     The Trustee shall not be responsible in any matter whatsoever for or in
respect of the validity or sufficiency of this First Supplemental Indenture,
except with respect to the execution hereof by the Trustee, nor shall the
Trustee be responsible for or in respect of the recitals contained herein, all
of which are made solely by the Issuers and the Guarantors.

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                                                                              /5

IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed as of the date first written above.

                          THE HOCKEY COMPANY

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Chief Financial Officer and Vice President,
                                    Finance and Administration

                          SPORT MASKA INC.

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Vice President, Finance and Administration

                          SPORTS HOLDINGS CORP., as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Vice President, Finance and Administration

                          MASKA U.S., INC., as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Vice President, Finance and Administration

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                                                                              /6

                          SLM TRADEMARK ACQUISITION CORP., as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Vice President, Finance and Administration

                          WAP HOLDINGS INC., as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Vice President, Finance and Administration

                          SLM TRADEMARK ACQUISITION CANADA CORP.,
                          as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Vice President, Finance and Administration

                          JOFA AB, as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Authorized Signatory

                          JOFA HOLDING AB, as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Authorized Signatory

<PAGE>
                                                                              /7

                          NORDIC HOCKEY COMPANY AB, as a Guarantor

                          By:   /s/ Robert A. Desrosiers
                             ---------------------------------------------------
                             Name:  Robert A. Desrosiers
                             Title: Authorized Signatory

                          THE BANK OF NEW YORK, as Trustee

                          By:   /s/ Patricia M. Phillips
                             ---------------------------------------------------
                             Name:  Patricia M. Phillips
                             Title: Assistant Vice President

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                                                                              /8

                                                                       EXHIBIT A

                                FORM OF GUARANTEE

     Nordic Hockey Company AB and its successors under the Indenture, jointly
and severally with any other Guarantors, hereby irrevocably and unconditionally
guarantees, on an unsecured senior basis, (i) the due and punctual payment of
the principal of, premium, if any, and interest on the Notes, whether at
maturity, by acceleration or otherwise, the due and punctual payment of on the
overdue principal of and interest, if any, on the Notes, to the extent lawful,
and the due and punctual performance of all other obligations of The Hockey
Company (the "COMPANY") to the Holders or the Trustee all in accordance with the
terms set forth in Article Ten of the Indenture and Section 2.1 of the First
Supplemental Indenture, (ii) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise
and (iii) has agreed to pay any and all costs and expenses (including reasonable
attorneys' fees) incurred by the Trustee or any Holder in enforcing any rights
under this Guarantee. Capitalize terms used herein have the meanings assigned to
them in the Indenture unless otherwise indicated.

     No stockholder, employee, officer, director or incorporator, as such, past,
present or future, of Nordic Hockey Company AB shall have any personal liability
under this Guarantee by reason of his or its status as such stockholder,
employee, officer, director or incorporator. Each Holder by accepting this
Guarantee waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes and Guarantees. This
Guarantee shall be binding upon Nordic Hockey Company AB and its successors and
assigns and shall inure to the benefit of the successors and assigns of the
Trustee and the Holders and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges herein conferred
upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof.

     This Guarantee shall not be valid or obligatory for any purpose until the
certificate of authentication on the Note upon which this Guarantee is noted
shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers.

     THE TERMS OF ARTICLE TEN OF THE INDENTURE AND SECTION 2.1 OF THE FIRST
SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

     This Guarantee shall be governed by and construed in accordance with the
laws of the State of New York.

                                 NORDIC HOCKEY COMPANY AB

                                 By:
                                    --------------------------------------------
                                    Name:  Robert A. Desrosiers
                                    Title: Authorized Signatory

<PAGE>
                                                                              /9

                                                                       EXHIBIT B

                                FORM OF GUARANTEE

     Nordic Hockey Company AB and its successors under the Indenture, jointly
and severally with any other Guarantors, hereby irrevocably and unconditionally
guarantees, on an unsecured senior basis, (i) the due and punctual payment of
the principal of, premium, if any, and interest on the Notes, whether at
maturity, by acceleration or otherwise, the due and punctual payment of on the
overdue principal of and interest, if any, on the Notes, to the extent lawful,
and the due and punctual performance of all other obligations of Sport Maska
Inc. (the "COMPANY") to the Holders or the Trustee all in accordance with the
terms set forth in Article Ten of the Indenture and Section 2.1 of the First
Supplemental Indenture, (ii) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or otherwise
and (iii) has agreed to pay any and all costs and expenses (including reasonable
attorneys' fees) incurred by the Trustee or any Holder in enforcing any rights
under this Guarantee. Capitalize terms used herein have the meanings assigned to
them in the Indenture unless otherwise indicated.

     No stockholder, employee, officer, director or incorporator, as such, past,
present or future, of Nordic Hockey Company AB shall have any personal liability
under this Guarantee by reason of his or its status as such stockholder,
employee, officer, director or incorporator. Each Holder by accepting this
Guarantee waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes and Guarantees. This
Guarantee shall be binding upon Nordic Hockey Company AB and its successors and
assigns and shall inure to the benefit of the successors and assigns of the
Trustee and the Holders and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges herein conferred
upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof.

     This Guarantee shall not be valid or obligatory for any purpose until the
certificate of authentication on the Note upon which this Guarantee is noted
shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers.

     THE TERMS OF ARTICLE TEN OF THE INDENTURE AND SECTION 2.1 OF THE FIRST
SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

     This Guarantee shall be governed by and construed in accordance with the
laws of the State of New York.

                                 NORDIC HOCKEY COMPANY AB

                                 By:
                                    --------------------------------------------
                                    Name:  Robert A. Desrosiers
                                    Title: Authorized Signatory

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