Letterhead] Callaway® Golf March 27, 2008 /s/DWJ Mr. Donald W. Jewell President and Chief Executive Officer Sport-Haley, Inc.
Exhibit 10.1
[Letterhead] Callaway® Golf
March 27, 2008 /s/DWJ
Xx. Xxxxxx X. Xxxxxx
President and Chief Executive Officer
Sport-Xxxxx, Inc.
0000 Xxxx 00xx Xxxxxx
Denver, Colorado 80216
Re: License Agreement Between Callaway Golf Company (as assignee from the Top-Flite Golf Company, which was assignee from Spalding Sports Worldwide, Inc.) and Sport Xxxxx, Inc. Dated as of May 3, 2001, as Amended by Letter Agreement Dated as of June 6, 2002 and Amendment No. 2 to License Agreement Dated as of June 6, 2003 (collectively, the “License Agreement”)
Dear Xxx:
This letter will set forth Callaway Golf’s and Sport Xxxxx’x understanding with respect to the manufacture and sale of apparel bearing the TOP-FLITE® brand under the above-referenced License Agreement.
Amendment No. 2 to License Agreement dated as of June 6, 2003 (“Amendment No. 2”) provided Sport Xxxxx with the right to manufacture and sell apparel bearing the TOP-FLITE® brand. However, Callaway Golf and Sport Xxxxx now desire to remove the TOP-FLITE® brand from the License Agreement. Accordingly, Callaway Golf and Sport Xxxxx agree that, effective January 1, 2008, Amendment No. 2 is terminated. Any unpaid minimum annual royalties due Callaway Golf from Sport Xxxxx as of December 31, 2007 under Amendment No. 2 with respect to sales of apparel bearing the TOP-FLITE® brand are extinguished and forgiven. However, Sport Xxxxx will (a) continue to have the rights and obligations with respect to the manufacture and sale of apparel bearing the TOP-FLITE® brand that are intended to survive termination such as, by way of example only, sell-off rights as provided by Section 13.3 of the License Agreement, post-termination indemnification obligations, and the like; and (b) continue to pay Callaway Golf earned royalties with respect to all sell-off sales at the rates formerly in effect under Amendment No. 2.
[Letterhead] Callaway® Golf
Xx. Xxxxxx X. Xxxxxx
January 11, 2008
If this accurately represents our understanding, please sign this letter in the space provided below and return it to me.
Sincerely,
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/s/ Xxxx Xxxxxxxxxxxx |
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Xxxx Xxxxxxxxxxxx |
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Vice President, Global Licensing |
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and Accessories |
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Agreed: |
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By: |
/s/ Xxxxxx X. Xxxxxx |
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Xxxxxx X. Xxxxxx |
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President and Chief Executive Officer |
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