Document:

exv10w33

 

Exhibit 10.33

INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of May [_], 2006 between
Golfsmith International Holdings, Inc., a Delaware corporation (the “Company”), and
[                                        ] (collectively with such person’s heirs, executors, administrators and
other personal representatives, the “Indemnitee”), an officer, director or senior
management of the Company.

     WHEREAS, the Board of Directors has concluded that the Company’s executive officers, directors
and certain senior management should be provided with reasonable and appropriate protection against
inordinate risks in order to ensure that the most capable persons will be attracted to such
positions; and, therefore, has determined to contractually obligate itself to indemnify in a
reasonable and adequate manner its officers, directors and certain senior management, and to assume
for itself liability for expenses and damages in connection with claims lodged against such persons
as a result of their service to the Company;

     WHEREAS, applicable law empowers corporations to indemnify a person who serves as a director,
officer, employee or agent of a corporation or a person who serves at the request of a corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise;

     WHEREAS, the parties believe it appropriate to memorialize and reaffirm the Company’s
indemnification obligations to Indemnitee and, in addition, to set forth the agreements contained
herein; and

     WHEREAS, this Agreement is a supplement to and in furtherance of the Amended and Restated
Bylaws (“Bylaws”) and the Second Amended and Restated Certificate of Incorporation (the
“Certificate”) of the Company and any resolutions adopted pursuant thereto, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties agree
as follows:

     1. Indemnification. Indemnitee shall be indemnified and held harmless by the Company
against Liabilities (as hereinafter defined) and Expenses (as hereinafter defined) incurred in
connection with any actual or threatened Proceeding (as hereinafter defined) to the fullest extent
permitted by the Company’s Certificate, Bylaws and the General Corporation Law of the State of
Delaware (“Delaware Law”) as in effect on the date hereof and to such greater extent as
Delaware Law may hereafter from time to time permit.

     “Liabilities” includes, without limitation, liabilities of any type including
judgments, penalties, fines and amounts paid in settlement of any proceeding. “Expenses”
means all attorneys’ fees and expenses, retainers, court costs, transcript costs, duplicating
costs, fees of experts, fees of witnesses, travel expenses, printing and binding costs, telephone
charges, postage and delivery fees, service fees, all other costs and expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend,
investigating or being or preparing to be a witness in a Proceeding, and per diem payments to
Indemnitee in an amount equal to the last annual salary or the last annual salary payable under any
employment agreement

 

 

between the Company and Indemnitee divided by 365 for each day spent by Indemnitee in
connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or
preparing to be a witness in a Proceeding. “Proceeding” includes, without limitation, any
action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative
hearing or any other actual, threatened or contemplated proceeding, whether civil, criminal,
administrative or investigative, whether by a third party, by or in the right of the Company or by
Indemnitee to enforce any rights under this Agreement or otherwise against the Company or its
affiliates, in each case by reason of the fact that Indemnitee is, was or at any time becomes a
director, officer, employee or agent of the Company, or is or was serving or at any time serves at
the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise.

     2. Advancement of Expenses. Expenses (including attorneys’ fees) incurred by
Indemnitee prior to and during Indemnitee’s defense of any Proceeding for which Indemnitee may be
entitled to indemnification hereunder shall be paid by the Company in advance of the final
disposition of such Proceeding upon receipt of an undertaking by or on behalf of Indemnitee to
repay such amount if it shall ultimately be determined that he or she is not entitled to be
indemnified by the Company hereunder.

     3. Exceptions to Indemnification. Notwithstanding the foregoing, no Liabilities or
Expenses pursuant to Sections 1 or 2 shall be paid by the Company:

	 	a.	 	on account of any Proceeding in which judgment is rendered
against Indemnitee for an accounting of profits made from the purchase or sale
by Indemnitee of securities of the Company pursuant to the provisions of
Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar
provisions of any federal, state or local statutory or common law;
	 
	 	b.	 	on account of Indemnitee’s conduct which is finally adjudged to
have been knowingly fraudulent or deliberately dishonest, or to constitute
willful misconduct;
	 
	 	c.	 	on account of Indemnitee’s conduct which is finally adjudged to
have constituted a breach of Indemnitee’s duty of loyalty to the Company or
resulted in any personal profit or advantage to which Indemnitee was not
legally entitled;
	 
	 	d.	 	for which payment is actually made to Indemnitee under a valid
and collectible insurance policy or under a valid and enforceable indemnity
clause, bylaw or agreement, except in respect of any excess beyond payment
under such insurance, clause, bylaw or agreements;
	 
	 	e.	 	if a final decision by a court having jurisdiction in the
matter shall determine that such indemnification is not lawful; or
	 
	 	f.	 	in connection with any proceeding (or part thereof) initiated
by Indemnitee, or any proceeding by Indemnitee against the Company or its

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	 	 	 	directors, officers, employees or other indemnitees, unless (i) such
indemnification is expressly required to be made by law, (ii) the proceeding
was authorized by the Board of Directors of the Company, (iii) such
indemnification is provided by the Company, in its sole discretion, pursuant
to the powers vested in the Company under applicable law, or (iv) the
proceeding is initiated pursuant to Section 4 of this Agreement.

     4. Failure To Indemnify.

	 	a.	 	If a claim for Liabilities or Expenses under this Agreement,
under any statute, or under any provision of the Certificate or Bylaws
providing for indemnification, is not paid in full by the Company within 45
days after a written request for payment thereof has first been received by the
Company, Indemnitee may, but need not, at any time thereafter bring an action
against the Company to recover the unpaid amount of the claim and, if
successful in whole or in part, Indemnitee shall also be entitled to be paid
for Indemnitee’s reasonable expenses, including attorneys’ fees, actually and
necessarily incurred in connection with successfully establishing, in whole or
in part, the right to indemnification.

	 	b.	 	It shall be a defense to any such claim (other than a claim
brought to enforce a claim for Expenses incurred in connection with any
Proceeding in advance of its final disposition) that Indemnitee has not met the
standards of conduct which make it permissible under the Delaware Law for the
Company to indemnify Indemnitee for the amount claimed, but the burden of
proving such defense shall be on the Company and Indemnitee shall be entitled
to receive interim payments of Expenses pursuant to Section 2 of this Agreement
unless and until such defense may be finally adjudicated by court order or
judgment from which no further right of appeal exists. In the event of such an
adjudication, Indemnitee agrees to reimburse the Company for all Expenses paid
by the Company in defending any Proceeding against Indemnitee.

     5. Notification and Defense of Proceeding.

	 	a.	 	Promptly after receipt by Indemnitee of notice of the
commencement of any Proceeding, Indemnitee shall, if a claim in respect thereof
is to be made against the Company under this Agreement, notify the Company of
the commencement thereof.

	 	b.	 	To the extent that it may wish, the Company shall be entitled
to assume the defense thereof, with counsel reasonably satisfactory to
Indemnitee. After notice from the Company to Indemnitee of its election to
assume the defense thereof, the Company shall not be liable to Indemnitee under
this Agreement for any Expenses subsequently incurred by Indemnitee in
connection with the defense thereof other than reasonable costs of
investigation or as otherwise provided below. Indemnitee shall have the

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	 	 	 	right to employ his or her own counsel in such Proceeding but the Expenses
associated with the employment of such counsel incurred after notice from
the Company of its assumption of the defense thereof shall be at the expense
of Indemnitee unless (i) the employment of counsel by Indemnitee has been
authorized by the Company, (ii) Indemnitee shall have reasonably concluded
that there is reasonably likely to be a conflict of interest between the
Company and Indemnitee in the conduct of the defense of such Proceeding or
(iii) the Company shall not in fact have employed counsel to assume the
defense of such Proceeding, in each of which cases the Expenses of
Indemnitee’s separate counsel shall be at the expense of the Company. the
Company shall not be entitled to assume the defense of any Proceeding
brought by or on behalf of the Company or as to which Indemnitee shall have
made the conclusion provided for in (ii) above; and

	 	c.	 	The Company shall not be liable to indemnify Indemnitee for any
amounts paid in settlement of any Proceeding effected without its written
consent, which consent shall not be unreasonably withheld. The Company shall
be permitted to settle any Proceeding except that it shall not settle any
Proceeding in any manner which would impose any penalty, out-of-pocket
liability, or limitation on Indemnitee without Indemnitee’s written consent.

     6. Certain Agreements of Indemnitee. Without derogating from the provisions of
Section 5 of this Agreement, Indemnitee agrees (i) to do all things reasonably requested by the
Board of Directors of the Company to enable the Company to coordinate Indemnitee’s defense with, if
applicable, the Company’s defense, provided, however, that Indemnitee shall not be required to take
any action that would in any way prejudice his or her defense or waive any defense or position
available to him or her in connection with any Proceeding; (ii) to do all things reasonably
requested by the Board of Directors of the Company to subrogate to the Company any rights of
recovery (including rights to insurance or indemnification from persons other than the Company)
which Indemnitee may have with respect to any Proceeding; (iii) to be represented in any Proceeding
by a law firm mutually acceptable to the Company and Indemnitee; and (iv) to cooperate with the
Company and its counsel and maintain any confidences revealed to him or her by the Company in
connection with the Company’s defense of any Proceeding (and the Company agrees to cooperate with
Indemnitee and his or her counsel and maintain any confidences revealed to it by Indemnitee in
connection with Indemnitee’s defense of any Proceeding).

     7. Contribution. If the indemnification provided for hereunder is unavailable and may
not be paid to Indemnitee for any reason other than those set forth in Section 2, then in respect
of any Proceeding in which the Company is or is alleged to be jointly liable with Indemnitee (or
would be if joined in such Proceeding), the Company shall contribute to the amount of any
Liabilities and Expense paid or payable by Indemnitee in such proportion as is appropriate to
reflect (i) the relative benefits received by the Company on the one hand and Indemnitee on the
other hand from the transaction from which such Proceeding arose, and (ii) the relative fault of
the Company on the one hand and of Indemnitee on the other hand in connection with the events which
resulted in such Expenses and Liabilities, as well as any other relevant

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equitable considerations. The relative fault of the Company on the one hand and of Indemnitee
on the other shall be determined by reference to, among other things, the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent the circumstances resulting
in such Expenses and Liabilities. The Company agrees that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation or any other method
of allocation which does not take account of the foregoing equitable considerations.

     8. Successors. This Agreement establishes contract rights which shall be binding
upon, and shall inure to the benefit of, the successors, assigns, heirs and legal representatives
of the parties hereto. Neither this Agreement nor any of the benefits hereof shall be assigned by
either party without the prior written consent of the other party, and assignment of such benefits
without such consent shall be null and void; provided, however, that this Agreement and the
benefits and obligations hereunder may be assigned by the Company, without any consent requirement,
to any person acquiring the Company by merger, acquisition of capital stock or otherwise, or
acquisition of all or substantially all of the assets of the Company.

     9. Contract Rights Not Exclusive. The contract rights conferred by this Agreement
shall be in addition to, but not exclusive of, any other right which Indemnitee may have or may
hereafter acquire under any statute, provision of the Certificate or Bylaws, agreement, vote of
shareholders or disinterested directors or otherwise.

     10. Severability. Should any provision or paragraph of this Agreement, or any clause
hereof, be held to be invalid, illegal or unenforceable, in whole or in part, the remaining
provisions, paragraphs and clauses of this Agreement shall remain fully enforceable and binding on
the parties.

     11. Choice Of Law. The validity, interpretation, performance and enforcement of this
Agreement shall be governed by the laws of the State of Delaware (without regard to its conflict of
laws rules).

     12. Continuation Of Indemnification. The indemnification under this Agreement shall
continue as to Indemnitee even though he or she may have ceased to be a director, officer or
management of the Company, so long as, the indemnification is for any Proceedings arising by reason
of providing services as a director, officer or management of the Company. The Company
acknowledges that, in providing services to the Company, Indemnitee is relying on this Agreement.
Accordingly, the Company agrees that its obligations hereunder shall survive (i) any actual or
purported termination of this Agreement by the Company or its successors or assigns whether by
operation of law or otherwise, (ii) any change in the Company’s certificate of incorporation or
by-laws, and (iii) termination of the Indemnitee’s services to the Company (whether such services
were terminated by the Company or the Indemnitee), whether or not a Proceeding is threatened or
commenced before or after the actual or purported termination of this Agreement, change in the
certificate of incorporation or by-laws or termination of Indemnitee’s services.

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

	 	 	 	 	 	 	 
	 	 	GOLFSMITH INTERNATIONAL HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	[

	 	 	 	]	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

6exv10w34

 

Exhibit 10.34

MANAGEMENT RIGHTS AGREEMENT

     THIS MANAGEMENT RIGHTS AGREEMENT (this “Agreement”) is entered into as of May 23,
2006, by and between Golfsmith International Holdings, Inc. (the “Company”), a Delaware
corporation, and Atlantic Equity Partners III, L.P., a Delaware limited partnership (together with
its affiliates, successors and assigns, the “Sponsoring Stockholder”).

W I T N I S S E T H:

     WHEREAS, as of the date hereof, the Sponsoring Stockholder is the owner of approximately 80%
of the outstanding shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”); and

     WHEREAS, the Company is currently contemplating an underwritten initial public offering of
shares of its Common Stock (the “Initial Public Offering”); and

     WHEREAS, in consideration, among other things, for the agreement of the Sponsoring Stockholder
to terminate that certain Management Consulting Agreement, dated as of October 15, 2002, following
the Initial Public Offering, the Sponsoring Stockholder and the Company wish to provide the
Sponsoring Stockholder with certain rights regarding the organization and governance of the Company
following the date of the completion of the Initial Public Offering (the “Closing Date”);
and

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.01. “Applicable Law” means, with respect to any Person, any statute, law,
regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination
by, or any interpretation or administration of any of the foregoing by, any governmental authority
or the Exchange, applicable to such Person or its Subsidiaries or their respective assets.

     Section 1.02. “Controlled Company” means a “controlled company” as such term is used
in the listing requirements of the Exchange.

     Section 1.03. “Director Election” means each annual or special meeting of the
stockholders of the Company, or the taking of action by written consent of the stockholders of the
Company, with respect to which any Directors are to be elected.

     Section 1.04. “Exchange” shall mean the Nasdaq National Market or such other
over-the-counter market or stock exchange on which the Common Stock is listed or quoted from time
to time.

 

 

     Section 1.05. “First Sell Down Date” means the date on which (1) the Company is not a
Controlled Company, and (2) the Sponsoring Stockholder holds a number of shares of Common Stock
which shall be less than 50% of the total number of issued and outstanding shares of Common Stock
of the Company.

     Section 1.06. “Fourth Sell Down Date” means the date on which (1) the Company is not a
Controlled Company, and (2) the Sponsoring Stockholder holds a number of shares of Common Stock
which shall be less than 10% of the total number of issued and outstanding shares of Common Stock
of the Company.

     Section 1.07. “Independent Director” shall mean an “independent director” as such term
is used in the listing requirements of the Exchange and, to the extent required under Applicable
Law with respect to audit committee membership, as such term is defined under Section 10A(m) of the
1934 Act.

     Section 1.08. “1934 Act” shall mean the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder.

     Section 1.09. “Second Sell Down Date” means the date on which (1) the Company is not
a Controlled Company, and (2) the Sponsoring Stockholder holds a number of shares of Common Stock
which shall be less than 25% of the total number of issued and outstanding shares of Common Stock
of the Company.

     Section 1.10. “Subsidiary” means, with respect to the Company, any corporation,
limited liability company, partnership, association or other business entity of which, a majority
of the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by the Company or one or more of the other
Subsidiaries of the Company.

     Section 1.11. “Third Sell Down Date” means the date on which (1) the Company is not a
Controlled Company, and (2) the Sponsoring Stockholder holds a number of shares of Common Stock
which shall be less than 15% of the total number of issued and outstanding shares of Common Stock
of the Company.

ARTICLE II

CORPORATE GOVERNANCE

Section 2.01. Board Elections From First Sell Down Date to Second Sell Down Date.

     (a) The Company shall cause, and the Sponsoring Stockholder shall use its commercially
reasonable efforts to cause, the number of members (each, a “Director”) of the Board of
Directors (the “Board”) (i) to be reduced or increased, as the case may be, to nine
Directors effective immediately following the first Director Election after the First Sell Down
Date, and (ii) to remain at such size until the first Director Election following the Third Sell
Down Date.

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     (b) From and after the First Sell Down Date until the Third Sell Down Date, the Company shall
cause, and the Sponsoring Stockholder shall use its commercially reasonable efforts to cause, the
Chief Executive Officer of the Company to be appointed as a director to the Board and to be
nominated for election at each Director Election.

     (c) From and after the First Sell Down Date until the Second Sell Down Date, at each Director
Election, the Sponsoring Stockholder shall be entitled to designate three nominees for election to
the Board (each, a “Sponsor Nominee”). The Company shall use its best efforts to cause
such Sponsor Nominees to be elected as Directors. The Board shall designate five nominees, each of
whom satisfy the definition of Independent Director with respect to the remaining vacancies.

     Section 2.02. Board Elections From Second Sell Down Date to Third Sell Down Date.
From and after the Second Sell Down Date until the Third Sell Down Date, at each Director Election,
the Sponsoring Stockholder shall be entitled to designate two Sponsor Nominees. The Company shall
use its best efforts to cause such Sponsor Nominees to be elected as Directors. The Board shall
designate six nominees, at least five of whom satisfy the definition of Independent Director with
respect to the remaining vacancies.

     Section 2.03. Board Elections From Third Sell Down Date to Fourth Sell Down Date.
From and after the Third Sell Down Date until the Furth Sell Down Date, at each Director Election,
the Sponsoring Stockholder shall be entitled to designate one nominee for election to the Board.
The Company shall use its best efforts to cause such Sponsor Nominees to be elected as Directors.
The Board shall designate seven nominees, at least five of whom satisfy the definition of
Independent Director with respect to the remaining vacancies.

     Section 2.04. Board Elections After Fourth Sell Down Date. At any Director Election
from and after the Fourth Sell Down Date (the “Nomination Termination Date”), the
Sponsoring Stockholder shall have no further right hereunder to designate nominees for election to
the Board.

     Section 2.05. Reclassification of Sponsor Nominees. Nothing in the foregoing shall
preclude the Board from nominating a Director who is or was a Sponsor Nominee, subject to the
Company complying with any Applicable Law regarding Independent Directors.

     Section 2.06. Vacancies of Sponsor Nominees. The Sponsoring Stockholder shall be
entitled to remove, with or without cause, any Sponsor Nominee and to designate a successor to such
Sponsor Nominee in the event of such removal, or in the case of any other vacancy of the office of
a Sponsor Nominee, whether resulting from death, resignation or other cause (including removal by a
vote of the stockholders).

     Section 2.07. Board Committees. Unless prohibited by Applicable Law, prior to the
Nomination Termination date, each committee established by the Board (a “Committee”) shall
contain a proportion of Directors that are Sponsor Nominees that is the same or greater than the
proportion of Directors that are Sponsor Nominees on the Board at that time; provided,
however, that in the event that such proportion would result in a number of Directors that
are Sponsor Nominees not being a whole number, the number shall be rounded up to the nearest whole

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number and at no time shall the number of Directors that are Sponsor Nominees on any Committee
be less than one. To the extent that Directors that are Sponsor Nominees are not eligible for
membership on any Committee, prior to the Nomination Termination Date, the Sponsoring Stockholder
shall be entitled to designate an observer (a “Committee Observer”) to participate in and
observe such Committee meetings; provided, however, that such Committee Observer
shall not have the right to participate in any vote, consent or other action of such Committee, nor
shall such Committee Observer’s vote, consent or other action be required for any vote, consent or
other action of the Committee; provided, further, that the observation is not
prohibited by Applicable Law. Nothing contained in this Section shall require the Sponsoring
Stockholder to cause one of its nominees to serve on a Committee if the Sponsoring Stockholder does
not so desire.

     Section 2.08. Subsidiaries. Prior to the Nomination Termination Date, the Company
shall take all action required to ensure that the Board of Directors (or similar governing body) (a
“Subsidiary Board”) of each Subsidiary or any committee of the Board of Directors (or
similar governing body) of each Subsidiary (a “Subsidiary Committee”) shall respectively
contain a proportion of Directors that are Sponsor Nominees that is the same or greater than the
proportion of Directors that are Sponsor Nominees on the Board at that time, provided,
however, that in the event that such proportion would result in a number of Directors that
are Sponsor Nominees not being a whole number, the number shall be rounded up to the nearest whole
number and at no time shall the number of Directors that are Sponsor Nominees on any Subsidiary
Board or Subsidiary Committee be less than one. Nothing contained in this Section shall require
the Sponsoring Stockholder to cause one of its nominees to serve on a Subsidiary Board or a
Subsidiary Committee if the Sponsoring Stockholder does not so desire.

     Section 2.09. Observers. (a) Notwithstanding anything to the contrary herein, for so
long as the Sponsoring Stockholder owns any Common Stock, the Sponsoring Stockholder shall have the
right (but not the obligation) pursuant to this Agreement to have an individual designated by the
Sponsoring Stockholder (a “Sponsoring Stockholder Observer”) to participate in and observe
meetings of the Board, any Subsidiary Board, any Committee or any Subsidiary Committee;
provided, however, that such Sponsoring Stockholder Observer shall not have the
right to participate in any vote, consent or other action of the Board, any Subsidiary Board, any
Committee or any Subsidiary Committee, nor shall such Sponsoring Stockholder Observer’s vote,
consent or other action be required for any vote, consent or other action of the Board, any
Subsidiary Board, any Committee or any Subsidiary Committee.

     (b) The Sponsoring Stockholder agrees that a Sponsoring Stockholder Observer or a Committee
Observer (each, an “Observer”) may be excluded from access to any material or meeting or
portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably
necessary to preserve the attorney-client privilege, to protect highly confidential proprietary
information or for other similar reasons. The Sponsoring Stockholder agrees, and will cause any
Observer to agree, to hold in confidence and trust and not use or disclose any confidential
information provided to or learned by it in connection with its rights under this Agreement.

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ARTICLE III

MISCELLANEOUS

     Section 3.01. Assignment and Binding Effect. Neither the Company nor the Sponsoring
Stockholder shall assign all or any part of this Agreement without the prior written consent of
each other party. This Agreement shall be binding upon and inure to the benefit of the successors
and assigns of the parties pursuant to this paragraph.

     Section 3.02. Notices. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given: (a) upon personal delivery to the party to be
notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the
recipient, if not, then on the next business day, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid or (d) one (1) business day
after deposit with a nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt. All communications shall be sent to the Company and the
Sponsoring Stockholder at the following addresses or at such other address as the Company or the
Sponsoring Stockholder may designate by five (5) days advance written notice to the other parties
hereto:

     If to the Company:

Golfsmith International Holdings, Inc.

11000 N. IH 35

Austin, Texas 78753

Facsimile: (512) 821-4829

Attention: General Counsel

     If to the Sponsoring Stockholder:

Atlantic Equity Partners III, L.P.

c/o First Atlantic Capital, Ltd.

135 East 57th Street

New York, NY 10022

Facsimile: (212) 207-8842

     Section 3.03. Governing Law. This Agreement shall be and any disputed arising under
this Agreement shall be governed by and construed in accordance with the substantive laws of the
State of New York, without regard to conflicts of laws and such principles thereof, or any other
law that would make the laws of any jurisdiction other than the State of New York applicable
hereto..

     Section 3.04. Jurisdiction. The parties to this Agreement hereby irrevocably and
unconditionally consent to the exclusive jurisdiction of the state courts in the County of New York
in the State of New York or the federal courts in the United States District Court for the Southern
District of New York in connection with any matter or dispute arising under this Agreement and
waive any objection they may have to such jurisdiction or to the venue of any

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such matter or dispute and any claim that such matter or dispute has been brought in an
inconvenient forum.

     Section 3.05. Entire Agreement; Amendment. This Agreement contains the entire
understanding of the parties with respect to the subject matter contained herein. This Agreement
supersedes all prior and contemporaneous agreements, arrangements, contracts, discussions,
negotiations, undertakings and understandings (whether written or oral) among the parties with
respect to such subject matter. This Agreement may be amended only by a written instrument
executed by each of the parties hereto.

     Section 3.06. Captions. Article and section captions used herein are for reference
purposes only, and shall not in any way affect the meaning or interpretation of this Agreement.

     Section 3.07. Severability. In case any provision in this Agreement shall be held
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions hereof will not in any way be affected or impaired thereby.

     Section 3.08. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument.

     Section 3.09. Interpretation. Words used in the singular form in this Agreement shall
be deemed to import the plural, and vice versa, as the sense may require. The
headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.”

     Section 3.10. Waiver. Any party hereto may (i) extend the time for the performance of
any of the obligations or other acts of the other parties hereto, (ii) waive any inaccuracies in
any document delivered pursuant hereto, and (iii) waive compliance with any of the agreements or
conditions contained herein. Any agreement on the part of a party hereto to any such extension or
waiver shall be valid only if set forth in an instrument in writing signed by the party granting
such waiver but such waiver or failure to insist upon strict compliance with such representation or
warranty, obligation, covenant, agreement or condition shall not operate as a waiver of, or
estoppel with respect to, any subsequent or future failure.

     Section 3.11. Further Assurances. Subject to the terms and conditions of this
Agreement, each of the parties hereto will use its reasonable efforts to take, or cause to be
taken, all actions, and to do, or cause to be done, all things necessary, proper or advisable under
applicable laws and regulations, to consummate and make effective the provisions of this Agreement.

     Section 3.12. Specific Enforcement. The Sponsoring Stockholder and the Company
acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the parties shall be entitled to an injunction or
injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically

-6-

 

the
terms and provisions hereof, this being in addition to any other remedy to which they may be
entitled at law or in equity.

[Remainder of the page internationally blank.]

-7-

 

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

	 	 	 	 	 
	 	 	GOLFSMITH INTERNATIONAL HOLDINGS INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Virginia Bunte
	 

	 	 	 	 
	 

	 	 	 	Name: Virginia Bunte
	 

	 	 	 	Title: Senior Vice President, Chief
	 

	 	 	 	Financial Officer and Treasurer
	 
	 	 	 	 
	 	 	ATLANTIC EQUITY PARTNERS III, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	Atlantic Equity Associates III, L.P., its
General Partner
	 
	 	 	 	 
	 

	 	By:
	 	Atlantic Equity Associates III,
LLC, its General Partner
	 
	 	 	 	 
	 

	 	By:
	 	Buaron Capital Corporation III,
LLC, its Managing Member
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Roberto Buaron
	 

	 	 	 	 
	 

	 	 	 	Name: Roberto Buaron
	 

	 	 	 	Title: President

-8-

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