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Exhibit 10(e)

Waiver

K2 Inc.
4900 South Eastern Avenue
Los Angeles, California 90040

Re: Note Purchase Agreement dated as of December 1, 1999

Dated as of
September 30, 2001

To the Noteholders named in
Schedule I Attached hereto

Ladies and Gentlemen:

    Reference is made to the Note Purchase Agreement dated as of December 1,
1999 (the "Note Purchase Agreement"), between K2 Inc., a Delaware corporation
(the "Company"), and the Purchasers named therein, under and pursuant to which
$50,000,000 aggregate principal amount of 8.41% Series 1999-A Senior Notes due
December 1, 2009 (the "Notes") of the Company were originally issued. Terms used
but not otherwise defined herein shall have the meanings set forth in the Note
Purchase Agreement.

    The Company hereby requests a temporary waiver of compliance with
Section 10.5 of the Note Purchase Agreement.

    NOW, THEREFORE, the Company hereby agrees with you as follows:

Article 1.

Waiver

    Section 1.1.  Temporary Waiver of Compliance with Section 10.5.  The
Noteholders hereby waive compliance by the Company with Section 10.5 of the Note
Purchase Agreement for the fiscal quarter ended on September 30, 2001; provided
that the ratio of Consolidated Net Income Available for Fixed Charges to Fixed
Charges shall have been not less than 1.0 to 1.0 as of such date. The waiver
granted herein shall expire on November 15, 2001; provided, however, that this
waiver shall terminate immediately upon (a) the occurrence of any Event of
Default under and as defined in the bank credit agreement and the other senior
note agreement that is not waived pursuant to a waiver referred to in
Section 2.4(iii) below, or the termination of any such waiver, (b) a breach of
any of the terms of this letter, or (c) the occurrence of any other Default or
Event of Default under the Note Purchase Agreement.

    Section 1.2.  Reservation of Rights.  The Company acknowledges and agrees
that the temporary waiver granted hereby shall not be deemed to constitute a
waiver of any and all rights of the holders of the Notes under the Note Purchase
Agreement on account of any Default or Event of Default which may now or at any
time hereafter exist under the Note Purchase Agreement, including any Default or
Event of Default which may exist under Section 10.5 of the Note Purchase
Agreement following the termination or expiration of the waiver granted hereby
all of which rights are hereby expressly reserved by the holders of the Notes.

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Article 2.

Miscellaneous

    Section 2.1.  Representations and Warranties.  The Company represents and
warrants that as of the date hereof and as of the date of execution and delivery
hereof and after giving effect hereto (and to the similar waivers referred to in
Section 2.4(iii) hereof) no Default or Event of Default exists under the Note
Purchase Agreement. In addition, the Company represents and warrants that in
connection with the solicitation of waivers or amendments pursuant to the other
agreements pursuant to which Debt of the Company is outstanding and relating to
the subject matter of this Waiver or any other amendment or modification
required under any such agreement, except as disclosed in the waiver dated as of
October 17, 2001 relating to the Company's bank credit agreement a copy of which
has been furnished to you, the Company has paid no fees or other consideration
(other than routine fees of counsel for such lenders) in connection with the
review an/or execution and delivery of any such waiver or amendment.

    Section 2.2.  Effect of Waiver.  The Company agrees that the Note Purchase
Agreement, the Notes and all other documents and agreements executed by the
Company in connection with the Note Purchase Agreement in favor of the
Noteholders are hereby ratified and confirmed and shall remain in full force and
effect.

    Section 2.3.  Successors and Assigns.  This Waiver shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of the
holders of the Notes and to the benefit of the holders' successors and assigns.

    Section 2.4.  Requisite Approval.  This Waiver shall be effective as of the
date hereof upon (i) execution and delivery by the Company and the holders of a
majority in aggregate principal amount of the Notes; (ii) execution and delivery
by the Subsidiary Guarantors of the Consent attached hereto as Exhibit A, duly
executed by each Subsidiary Guarantor, and (iii) waivers which are in substance
substantially similar to this Waiver shall have been executed by the requisite
percentage of the holders of debt of the Company under the Company's bank credit
agreements(s) and the Note Agreements dated as of October 15, 1992.

    Section 2.5.  Expenses.  The Company hereby agrees to pay all out-of-pocket
expenses incurred by the Noteholders in connection with the consummation of the
transactions contemplated by this Waiver, including, without limitation, the
reasonable fees, expenses and disbursements of Chapman and Cutler within 10 days
following receipt of an invoice in respect of such expenses.

    Section 2.6.  Counterparts.  This Waiver may be executed in any number of
counterparts, each executed counterpart constituting an original but all
together only one agreement.

–2–

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    IN WITNESS WHEREOF, the Company has executed this Waiver as of the day and
year first above written.

    K2 INC.
 
 
By:
 

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Its

–3–

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    This Waiver is accepted and agreed to as of the day and year first above
written.

    THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
 
 
By:
 

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Its

–4–

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    This Waiver is accepted and agreed to as of the day and year first above
written.

    CONNECTICUT GENERAL LIFE INSURANCE COMPANY
 
 
By: Cigna Investments, Inc.
 
 
By:
 

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Its

–5–

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    This Waiver is accepted and agreed to as of the day and year first above
written.

    THE CANADA LIFE ASSURANCE COMPANY, AS BENEFICIAL OWNER
 
 
By:
 

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Its

–6–

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EXHIBIT A

CONSENT OF SUBSIDIARY GUARANTORS

The undersigned Subsidiary Guarantors, as party to the Guaranty Agreement dated
as of December 1, 1999 (the "Guaranty Agreement"), hereby consent to the
foregoing waiver dated as of even date herewith to Note Purchase Agreement to
which this consent is attached and confirm that the Guaranty Agreement remains
in full force and effect after giving effect thereto and represent and warrant
that there is no defense, counterclaim or offset of any type or nature under the
Guaranty Agreement.

Dated as of September 30, 2001.

Subsidiary Guarantors:
SHAKESPEARE COMPANY
SITCA CORPORATION
K2 CORPORATION
KATIN, INC.
PLANET EARTH SKATEBOARDS, INC.
K-2 INTERNATIONAL, INC.
MORROW SNOWBOARDS INC.
SMCA, INC.
STEARNS INC.
K2 BIKE INC.
RIDE, INC.

    By:  

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    Name:  

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    Title:  

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Exhibit 10(e)

Waiver
Article 1. Waiver
Article 2. Miscellaneous
EXHIBIT A