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Exhibit 10.38

AMENDMENT NO. 5 TO LOAN AGREEMENT

        THIS AMENDMENT NO. 5 TO LOAN AGREEMENT (this "Amendment"), dated and
effective as of September 30, 2008, is entered into by and between Union Bank of
California, N.A. ("Bank") and Crocs, Inc., a Delaware corporation ("Borrower"),
with reference to the following facts:

RECITALS

        A.    Borrower and Bank are parties to that certain Loan Agreement,
dated as of May 8, 2007 (as heretofore amended, the "Loan Agreement"), pursuant
to which Bank has provided Borrower with certain credit facilities.

        B.    Borrower has requested that Bank amend and waive compliance with
the Loan Agreement as set forth below.

        C.    Bank is willing to grant such amendment and waiver on the terms
and conditions set forth below.

        NOW THEREFORE, in consideration of the amendment and waiver herein
granted and for other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the parties hereby agree as follows:

        1.     Initially capitalized terms used in this Amendment (including
without limitation in the recitals hereto) without definition shall have the
respective meanings given thereto in the Loan Agreement.

        2.     Bank hereby waives compliance by Borrower for the fiscal quarter
ended September 30, 2008 with the covenants set forth in Sections 4.6, 4.7 and
4.8 of the Loan Agreement, and agrees that noncompliance therewith and any
related event such as any failure to report any such purported noncompliance,
shall not in any event constitute an Event of Default under the Loan Agreement.

        3.     Effective as of the date written above, each of Sections 4.6, 4.7
and 4.8 of the Loan Agreement is hereby deleted in its entirety and replaced
with "[Intentionally Omitted]".

        4.     In consideration of the amendment and waiver provided for above,
Borrower hereby agrees:

          (i)  that availability under Borrower's Revolving Loan shall
immediately be reduced to the sum of Nineteen Million Eight Hundred Thousand
Dollars ($19,800,000) (representing the principal amount outstanding under the
Revolving Note as of on or about November 14, 2008), plus Two Million Six
Hundred Twenty One Thousand Five Hundred Dollars ($2,621,500) (representing the
amount available to be drawn under the one standby letter of credit (the
"Standby L/C") issued under the Standby L/C Line,

         (ii)  that the Standby L/C will not be renewed or extended upon its
current maturity or expiry date,

        (iii)  that Borrower will no longer be able to request advances or the
issuance of letters of credit under the Loan Agreement,

        (iv)  that if the amount outstanding under the Revolving Loan plus the
amount available to be drawn under the Standby L/C shall at any time exceed the
sum of (A) 70% of the gross domestic accounts receivable of Borrower, and
(B) 40% of the gross domestic inventory of Borrower, Borrower shall immediately
(x) pay down the principal amount outstanding under the Revolving Loan (plus the
amount available to be drawn under the Standby L/C) in cash, in the amount of
such excess or, (y) if the full principal amount outstanding under the Revolving
Loan has already been paid in full, provide cash collateral with respect to the
full amount available to be drawn under the Standby L/C,

         (v)  to provide Bank with a projected weekly cash flow statement for
December, 2008 by no later than Wednesday, November, 19, 2008 and a projected
weekly cash flow statement for January

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and February 2009 by no later than Wednesday, November, 26, 2008, each in form
satisfactory to Bank,

        (vi)  to provide Bank, by Monday of each week for the preceding week,
with a weekly borrowing base certificate based upon the advance rates disclosed
in section (iv), above, and

       (vii)  to provide Bank, by Monday of each week for the preceding week,
with a weekly reconciliation of actual cash balances to the projected weekly
cash flow statement as required in section (v), above.

        5.     The effectiveness of this Amendment shall be subject to the prior
satisfaction of each of the following conditions:

        (a)   Bank shall have received an original of this Amendment, duly
executed by Borrower; and

        (b)   Borrower shall have paid Bank all legal fees and expenses incurred
in connection with this Amendment (estimated not to exceed Seven Thousand Five
Hundred Dollars ($7,500)), which may be debited from any of Borrower's accounts
with Bank; and

        (c)   Borrower shall have paid Bank a waiver and amendment fee in the
amount of One Hundred Twelve Thousand Dollars ($112,000), which may be debited
from any of Borrower's accounts with Bank.

        6.     All representations and warranties made in the Loan Agreement or
in any other documents or instruments relating thereto, including without
limitation any Loan Documents furnished in connection with this Amendment, after
giving effect to this Amendment, shall survive the execution and delivery of
this Amendment and the other Loan Documents, and nothing shall affect the
representations and warranties or the right of Bank to rely thereon.

        7.     Borrower is not aware of any events which now constitute, or with
the passage of time or the giving of notice, or both, would constitute, an Event
of Default under the Loan Agreement as amended by this Amendment.

        8.     The Loan Agreement, each of the other Loan Documents, and any and
all other agreements, documents or instruments now or hereafter executed and
delivered pursuant to the terms of this Amendment, or pursuant to the terms of
the Loan Agreement as amended hereby, are hereby amended so that any reference
therein to the Loan Agreement shall mean a reference to the Loan Agreement as
amended hereby.

        9.     The Loan Agreement and the other Loan Documents remain in full
force and effect and Borrower herby ratifies and confirms its agreements and
covenants contained therein. Borrower hereby confirms that, after giving effect
to this Amendment, no Event of Default exists as of the date hereof.

        10.   Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the
remainder of this Agreement and the effect thereof shall be confined to the
provision so held to be invalid or unenforceable.

        11.   THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED PURSUANT
HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN THE STATE OF
CALIFORNIA AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF CALIFORNIA.

        12.   This Amendment is binding upon and shall inure to the benefit of
Bank and Borrower and their respective successors and assigns; provided that
Borrower may not assign or transfer any of its rights or obligations hereunder
without the prior written consent of the Bank.

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        13.   This Amendment may be executed in one or more counterparts, each
of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

        14.   THIS AMENDMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS AS WRITTEN,
REPRESENTS THE FINAL AGREEMENT BETWEEN BANK AND BORROWER AS TO THE SUBJECT
MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN BANK AND BORROWER.

[Balance of Page Intentionally Left Blank]

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        IN WITNESS WHEREOF, the parties hereto have entered into this Amendment
by their respective duly authorized officers as of the date first above written.

CROCS, INC.    
 
 
 
 
 
 
  By:   /s/ Russ Hammer

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    Printed Name:   Russ Hammer

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    Title:   Chief Financial Officer & SVP

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  UNION BANK OF CALIFORNIA, N.A.    
 
 
 
 
 
 
  By:   /s/ JON STRAYER

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    Printed Name:   Jon Strayer

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    Title:   SVP

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[Signature Page to Amendment No. 5 to Loan Agreement]

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Exhibit 10.38