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Exhibit 10(d)

LIMITED WAIVER

    THIS LIMITED WAIVER, dated as of October 22, 2001 (this "Waiver"), is
entered into among K2, INC., a Delaware corporation, formerly known as Anthony
Industries, Inc. (the "Company"), PRINCIPAL LIFE INSURANCE COMPANY
("Principal"), MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY ("MassMutual"), LIFE
INVESTORS INSURANCE COMPANY OF AMERICA ("Life"), and MONUMENTAL LIFE INSURANCE
COMPANY("Monumental" and together with Principal, MassMutual, and Life, each a
"Holder" and collectively, the "Holders"), in light of the following:

    WHEREAS, pursuant to those separate Note Agreements, each dated as of
October 15, 1992, as amended by that certain First Amendment, dated as of May 1,
1996 and that certain Second Amendment to Note Agreements, dated as of
December 1, 1999 (as so amended, collectively, the "Note Agreements"), the
Company issued $40,000,000 in aggregate principal amount of its 8.39% Senior
Notes due November 30, 2004 (the "1992 Senior Notes");

    WHEREAS, the Holders presently hold all of the 1992 Senior Notes that remain
outstanding;

    WHEREAS, the Company has advised the Holders that it has failed to maintain
the minimum ratio of Cash Flow Available for Fixed Charges to Fixed Charges for
the fiscal quarter ending September 30, 2001 required pursuant to Section 5.8 of
the Note Agreements, such failure being an Event of Default under Section 6.1(d)
of the Note Agreements (such Event of Default, the "Designated Event of
Default");

    WHEREAS, the Company has requested that the Holders waive the Designated
Event of Default and, subject to the satisfaction of the conditions set forth
herein, the Holders have agreed to waive the Designated Event of Default.

    NOW THEREFORE, in consideration of the above premises and the mutual
covenants, conditions, and provisions hereinafter set forth, the parties hereto
agree as follows:

    1.  Definitions; Construction.  Terms defined in the Note Agreements and not
otherwise defined herein are used herein as therein defined. Unless the context
of this Waiver clearly requires otherwise, references to the plural include the
singular, references to the singular include the plural, the part includes the
whole, the terms "include" and "including" are not limiting, and the term "or"
has the inclusive meaning represented by the phrase "and/or".

    2.  Waiver of Designated Event of Default.  Subject to the satisfaction of
the conditions set forth in Section 3, the Holders hereby waive the Designated
Event of Default as of September 30, 2001; provided that the ratio of
Consolidated Net Income Available for Fixed Charges to Fixed Charges shall have
been not less than 1.00 to 1.00 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 other senior note agreement and the bank credit agreements that is not
waived pursuant to a waiver referred to in Paragraph 3(d) 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
Agreements.

    3.  Conditions Precedent to Waiver.  The satisfaction of each of the
following, unless waived by all of the Holders, in their sole discretion, shall
constitute conditions precedent to the effectiveness of this Waiver:

    (a) Holders representing 662/3% of the 1992 Senior Notes outstanding and the
Company shall have delivered an executed counterpart of this Waiver;

    (b) No Event of Default (other than the Designated Event of Default) shall
have occurred and be continuing;

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    (c) The Holders shall have received the Consent of Subsidiary Guarantors
attached hereto as Exhibit A, duly executed by each Subsidiary Guarantor; and

    (d) Waivers which are in substance substantially similar to this Waiver
shall have been executed by the requisite percentage of the holders of
Indebtedness under the Company's bank credit agreement(s) and the Note Purchase
Agreement dated December 1, 1999.

    4.  No Further Waiver.  Except with respect to the specific waiver set forth
in Section 2 hereof, (a) the Note Agreements and the 1992 Senior Notes shall
remain in full force and effect and are hereby ratified and confirmed in all
respects, and (b) the execution, delivery, and performance of this Waiver shall
not operate as a waiver of (other than as provided herein) or as an amendment of
any right, power, or remedy of the Holders under the Note Agreements or the 1992
Senior Notes as in effect prior to the date hereof, including any Default or
Event of Default which may exist under Section 5.8 of the Note Agreements
following the termination or expiration of the waiver granted hereby all of
which rights are hereby expressly reserved by the Holders of the 1992 Senior
Notes.

    5.  Governing Law and Venue.  THE VALIDITY OF THIS WAIVER, ITS CONSTRUCTION,
INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO, SHALL BE
DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN
CONNECTION WITH THIS WAIVER SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND
FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK OR, AT THE
SOLE OPTION OF THE HOLDERS, IN ANY OTHER COURT IN WHICH LENDERS SHALL INITIATE
LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER
THE MATTER IN CONTROVERSY. EACH OF THE PARTIES HERETO WAIVES, TO THE EXTENT
PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE
OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS
BROUGHT IN ACCORDANCE WITH THIS SECTION. THE PARTIES HERETO HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS WAIVER OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS. EACH OF THE PARTIES HERETO REPRESENTS THAT IT
HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF
LITIGATION, A COPY OF THIS WAIVER MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT.

    6.  Counterparts: Telefacsimile Execution; Effectiveness.  This Waiver may
be executed in any number of counterparts, each of which, when so executed and
delivered, shall be deemed an original. All of such counterparts shall
constitute but one and the same instrument. Delivery of an executed counterpart
of this Waiver by telefacsimile shall be equally as effective as delivery of an
original executed counterpart of this Waiver.

    7.  Interpretation.  The Section headings used in this Waiver are for
convenience of reference only and shall not affect the construction hereof.

    8.  Severability.  If any provision of this Waiver shall be held to be
invalid, illegal or unenforceable under applicable law in any jurisdiction, such
provision shall be ineffective only to the extent of such invalidity, illegality
or unenforceability, which shall not affect any other provisions hereof or the
validity, legality and enforceability of such provision in any other
jurisdiction.

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    9.  No Course of Dealing.  The execution and delivery of this Waiver shall
not establish a course of dealing among the Holders and the Company or in any
other way obligate the Holders to hereafter provide any further waivers of any
kind to the Company.

    10.  Entire Agreement.  This Waiver together with all other instruments,
agreements, and certificates executed by the parties in connection herewith or
with reference thereto, embody the entire understanding and agreement between
the parties hereto and thereto with respect to the subject matter hereof and
thereof and supercede all prior agreements, understandings, and inducements,
whether express or implied, oral or written.

    11.  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 the similar waivers referred to in
paragraph 3(d) hereof) no Default or Event of Default exists under the Note
Agreements. 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 Indebtedness 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 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.

[Signature page to follow.]

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    IN WITNESS WHEREOF, the parties have caused this Waiver to be executed and
delivered as of the date first above written.

    K2, INC.
 
 
By:
 

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    Name:  

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    Title:  

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PRINCIPAL LIFE INSURANCE COMPANY
 
 
By:
 
Principal Capital Management, LLC,
a Delaware limited liability company, its
authorized signatory

        By:  

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        Name:  

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        Title:  

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By:
 

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        Name:  

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        Title:  

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    MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY by David L. Babson
and Company Incorporated, as Investment Advisor
 
 
By:
 

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    Name:  

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    Title:  

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S–1

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[Signature Page to K2 Waiver]

    LIFE INVESTORS INSURANCE COMPANY OF AMERICA
 
 
By:
 

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    Name:  

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    Title:  

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MONUMENTAL LIFE INSURANCE COMPANY
 
 
By:
 

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    Name:  

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    Title:    

S–2

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[Signature Page to K2 Waiver]

S–3

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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 Agreements 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.

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(d)

LIMITED WAIVER
EXHIBIT A