The bungie simply slips inside the hook end and then the sleeve fits over that and pushes two pins over the bungie. All you have to do is cut the bungie and get it inside the sleeve before it starts to fray (about 20 seconds). I have also never had one slip out, They hold very tight.

I like these because you can easily shorten the bungie as it stretches or you can take the bungie off on a trip for something else should you need it. I put a second pad eye inside the boat with the same nuts and screws that hold on the outside one. This gives you a clip for a bungie inside for your gear that you don't want to lose should you wet exit.