(b) On January 30, 2009, Terry D. Frandsen resigned as Vice President and Chief Financial Officer of Escalade, Incorporated ("Escalade"). Mr. Frandsen's resignation does not impact or in any way relate to the financial statements or reporting of Escalade or its subsidiaries. Escalade also announced that it had engaged Thomas Brosig to serve in the role of chief financial officer on an interim basis. Such services are in addition to the operational consulting services that Mr. Brosig has been providing to Escalade since December 2008. Mr. Brosig is providing all such services to Escalade as an independent, third party consultant.

A copy of Escalade's January 30, 2009 press release announcing the above is attached hereto as Exhibit 99.1.

(e) In connection with Mr. Frandsen's resignation, he and Escalade entered into the Agreement and Release attached hereto as Exhibit 10.1. The material terms of this Agreement provide that: (a) Escalade will pay to Mr. Frandsen his salary at the time of termination for a period of twelve weeks less FICA, Medicare, federal, state and local taxes; (b) if Mr. Frandsen elects to exercise his COBRA rights, Escalade will pay COBRA premiums on his behalf for three months and deduct his normal bi-weekly healthcare premium from his payments for that same twelve week period; (c) Mr. Frandsen has agreed to certain covenants in favor of Escalade, including a one year non-competition provision; (d) Mr. Frandsen has agreed to cooperate with and assist Escalade with transition services during the twelve week period in which is he receiving payments; and
(e) Mr. Frandsen has released Escalade from any potential claims, except as otherwise provided in the agreement.

     (c) Exhibits

        Exhibit    Description


        10.1       Agreement and Release dated February 3, 2009 by and between Terry
                   Frandsen and Escalade, Incorporated*

        99.1       Press release dated January 30, 2009

* Denotes management contract.