Mule Team Sheath

This is my version of Spyderco Mule Team sheath/cover. I have been trying to design a sheath since i've received my first mule, Z-Wear. Please do not hesitate to comment, re-design for improvement. This is version 4, second working model. The better of the two working design. I have been working on 5th version with little luck. I think I am overthinking the design a little much.

https://www.youtube.com/watch?v=5yD972LjH_w