10.1 (e) Spalding License Agreement

EXHIBIT 10.1 (e)


March 8, 1999


Mr. Chuck Yahn AJAY LEISURE PRODUCTS, INC. 1501 East Wisconsin Street Delavan, WI 53115


Reference: Spalding U.S. License Expiration


Dear Chuck:


This letter will confirm that the license agreement made and entered into the 14th day of April 1992 by and between Spalding & Evenflo Companies, Inc. now known as Spalding Sports Worldwide, Inc. ("Spalding") and Ajay Leisure Products, Inc. ("Company") and as amended on April 2, 1993, May 11, 1993, July 1, 1994, May 9, 1995, June 5, 1995, February 1, 1996 and November 25, 1997 (The "License Agreement") has expired at the request of Ajay and by mutual agreement as per the following:


Pursuant to the relative terms of the license agreement, the following obligations will remain in effect:


1. Company will have the exclusive right to sell Spalding branded carts and
golf bags through June 30, 1999. Company will have the non exclusive right
to sell Spalding branded carts and golf bags until June 30, 2000.


2. Company will have the exclusive right to sell Spalding branded golf
gloves and listed accessories through December 31, 1999. Company will
have non exclusive rights to sell until June 30, 2000. Spalding agrees
not to ship golf gloves under the Top-Flite trademark to Wal-Mart and
Target stores until after 3/1/2000. Spalding further agrees to allow
Company to sell and ship Articles immediately under trademarks
competitive to Spalding owned trademarks; and to not ship Spalding
branded Articles to customers during the exclusive period. The only
exception to these dates is as follows:


Company will have the exclusive right to sell Spalding branded golf gloves to Target and
Wal-Mart until September 30, 2000. Company shall have the non exclusive right to sell
this product to these customers through March 31, 2001.


3. Company will provide Spalding with a list of all Spalding inventory
(finished and in process) at the time the Articles became non-exclusive ...