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Exhibit 10(c)

October 17, 2001

K2 INC.
4900 South Eastern Avenue
Los Angeles, California 90040
Attention: John J. Rangel
            Senior Vice President, Finance

    Re: Credit Agreement dated as of December 21, 1999, as amended

Ladies and Gentlemen:

    Reference is made to that certain Credit Agreement dated as of December 21,
1999 (the "Agreement") among K2 Inc. ("Borrower"), the Lenders from time to time
party thereto, and Bank of America, N.A., as the Administrative Agent, Issuing
Lender and Swing Line Lender (collectively, the "Lender Parties"). Terms not
defined herein have the meanings assigned to them in the Agreement.

    The Borrower has disclosed that Events of Default will occur under
Section 7.14 (Leverage Ratio) and Section 7.15 (Interest Coverage Ratio) of the
Agreement for the fiscal quarter ending September 30, 2001. The Borrower has
requested a waiver of such Events of Default.

    Please be advised that the Lender Parties hereby waive such Events of
Default under Sections 7.14 and 7.15 of the Agreement for the fiscal quarter
ending September 30, 2001 only, subject to the following:

    1.  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 Senior Note Agreements that is
not waived pursuant to a waiver referred to in Paragraph 5 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
Agreement. Upon the termination or expiration of this waiver, the Events of
Default waived hereby shall be deemed immediately reinstated, and the Lender
Parties may thereafter exercise their rights and remedies under the Agreement
with respect thereto without further notice.

    2.  Effective October 22, 2001, notwithstanding the definition of
"Applicable Margin" in the Agreement, the Applicable Margins shall, for all
purposes under the Agreement, be as follows:

 
   
  Offshore Rate Loans and Financial Letters of Credit   2.50 %
Performance Letters of Credit
 
1.25
%
Commitment Fee
 
.50
%

    3.  From and after October 22, 2001, Borrower shall request Extensions of
Credit under the Agreement only in the ordinary course of business.

    4.  On November 15, 2001 Borrower shall pay a waiver fee to the
Administrative Agent for the account of each Lender approving this waiver by the
time set forth below equal to 5 basis points of such Lender's Commitment.

    5.  As a condition precedent to the effectiveness of this waiver, the
Administrative Agent shall receive a written waiver of any Event of Default
existing under and as defined in any Senior Note Agreement and of any event
that, with the giving of any notice, the passage of time, or both, would be an
Event of Default thereunder for the fiscal quarter ending September 30, 2001 or
otherwise on or prior to November 15, 2001. Such waiver shall be signed by the
requisite number of purchasers to be effective thereunder, shall be effective at
least until November 15, 2001 and shall be in form and substance satisfactory to
the Administrative Agent.

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    Borrower hereby represents and warrants to the Lender Parties that, after
giving effect to this waiver, no Default or Event of Default shall exist under
the Agreement.

    This waiver is specific in time and in intent and does not constitute, nor
should it be construed as, a waiver of any right, power or privilege under the
Agreement, or under any agreement, contract, indenture, document or instrument
mentioned in the Agreement; nor does it preclude other or further exercise
hereof or the exercise of any other right, power or privilege, nor shall any
waiver of any right, power, privilege or default hereunder, or under any
agreement, contract, indenture, document or instrument mentioned in the
Agreement, or constitute a waiver of any subsequent default of the same or of
any other term or provision. This letter shall not be deemed to constitute a
commitment by the Administrative Agent or any Lender to approve any future
amendment to the Agreement or the terms thereof.

    If you consent to this waiver, please sign and fax a copy of this letter no
later than 5:00 p.m. (Pacific time) on Friday, October 19, 2001 to the attention
of Peter Fuad, Assistant General Counsel, at (213) 228-4994, followed by a
signed hardcopy thereof by overnight mail to Peter Fuad at:

Peter H. Fuad
Assistant General Counsel
Bank of America, N.A.
Mail Code CA9-706-08-02
555 South Flower Street, 8th Floor
Los Angeles, CA 90071

    This waiver may be signed in any number of counterparts, each of which when
so executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. This waiver shall not
be effective until signed by the Administrative Agent, the Requisite Lenders and
the Borrower and consented to by the Subsidiary Guarantors.

    Very truly yours,
 
 
BANK OF AMERICA, N.A.,
as Administrative Agent
 
 
By
 

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Gina Meador
Vice President

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Agreed and Accepted:

Borrower:

K2 INC.

By  

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John J. Rangel
Senior Vice President, Finance    
Lenders:
 
 
BANK OF AMERICA, N.A., as Issuing
Lender, a Lender and Swing Line Lender
 
 
By
 

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Casey Cosgrove
Vice President

 
 

BANK ONE, N.A.    
By:
 

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  Title:  

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UNION BANK OF CALIFORNIA, N.A.
 
 
By:
 

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  Title:  

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COMERICA WEST INCORPORATED
 
 
By:
 

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  Title:  

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CONSENT OF SUBSIDIARY GUARANTORS

    The undersigned Subsidiary Guarantors, as party to the Master Subsidiary
Guaranty dated as of December 21, 1999 (the "Master Subsidiary Guaranty"),
hereby consent to the foregoing waiver dated as of even date herewith to Credit
Agreement to which this consent is attached and confirm that the Master
Subsidiary Guaranty 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 Master Subsidiary Guaranty.

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(c)

CONSENT OF SUBSIDIARY GUARANTORS