QuickLinks -- Click here to rapidly navigate through this document

EXHIBIT 10(a)

FOURTH AMENDMENT AND LIMITED WAIVER TO TRANSFER AND
ADMINISTRATION AGREEMENT

    FOURTH AMENDMENT AND LIMITED WAIVER TO TRANSFER AND ADMINISTRATION AGREEMENT
(this "Amendment"), dated as of September 30, 2001, to the Amended and Restated
Transfer and Administration Agreement, dated as of April 4, 2000 (the
"Agreement"), among ENTERPRISE FUNDING CORPORATION, a Delaware corporation (the
"Company"), K2 FUNDING, INC., a Delaware corporation, as the transferor (the
"Transferor"), K2 INC., a Delaware corporation ("K2 Inc.") as the master
servicer (the "Master Servicer") and BANK OF AMERICA, NATIONAL ASSOCIATION, a
national banking association ("Bank of America"), as agent for the Company and
the Bank Investors (in such capacity, the "Agent"), as Administrative Agent and
as a Bank Investor.

PRELIMINARY STATEMENTS

    WHEREAS, the Company, the Transferor, the Master Servicer and the Agent have
entered into the Agreement;

    WHEREAS, the Transferor and the Master Servicer have requested that the
Agreement be amended and waived in the manner set forth below; and

    WHEREAS, the Company and the Agent have agreed, subject to the terms and
conditions of this Amendment, to waive and amend certain provisions of the
Agreement as hereinafter set forth.

    NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein, the parties hereby agree as follows:

    1.  Definitions. Except as otherwise stated herein, capitalized terms not
defined herein shall have the respective meanings assigned to them in the
Agreement.

    2.  Amendments to the Agreement.

    Subject to the satisfaction of the conditions to effectiveness set forth in
Section 5 hereof, the Company and the Agent hereby agree to the following
amendments to the Agreement:

    (a) Section 1.1 of the Agreement is hereby amended by replacing the factor
"1.5" which appears in clause (i) of the definition of "Dilution Reserve" with
the factor "2.5".

    (b)Section 1.1 of the Agreement is hereby amended by replacing the formula
which appears in the definition of "Liquidation Yield" with the following
formula:

 
   
   
(RVF × LBR × NI) × (EM × 2.5)
                                    360

    (c) Section 1.1 of the Agreement is hereby amended by replacing the words
"three (3) times" which appear in clause (i) of the definition of "Loss
Percentage" with the words "four (4) times".

    (d) Section 1.1 of the Agreement is hereby amended by replacing the amount
"$7,500,000" which appears in the last sentence of the definition of "Loss
Reserve" with the amount $"15,000,000".

    (e) Section 1.1 of the Agreement is hereby amended by replacing the factor
"1.5" which appears in clause (x) of the definition of "Servicing Fee Reserve"
with the factor "2.5".

    (f) Exhibit C to the Agreement is hereby deleted and replaced with a new
Exhibit C in the form of Annex 1 hereto. The Master Servicer hereby represents
and warrants to the Agent that Annex 1 hereto contains a true and complete list
of all the Account Banks and all of the Accounts maintained by the Master
Servicer or any Seller for the purpose of receiving Collections from
Receivables.

--------------------------------------------------------------------------------

    3. Limited Waivers to the Agreement.

    (a) Subject to the satisfaction of the conditions to effectiveness set forth
in Section 5 hereof, the Company, Agent and Bank Investors hereby agree to
waive, during (and only during) the period from and including September 30, 2001
to and including November 12, 2001 (the "Waiver Period"), the following
provisions of the Agreement:

    (i) the requirement that the Leverage Ratio, as set forth in Section II of
Exhibit M of the Agreement, not exceed 3.00 to 1 at September 30, 2001; and

    (ii) the requirement that the Interest Coverage Ratio, as set forth in
Section III of Exhibit M of the Agreement, not exceed 3.50 to 1.00 at any time.

    (b) The waivers granted herein shall be limited as provided in Section 3(a)
hereof and (i) shall not constitute a waiver of compliance with any other term
or condition in the Agreement and (ii) shall not constitute a waiver of
compliance with the provisions of the Leverage Ratio or the Interest Coverage
Ratio during the Waiver Period at any time on or after 12:01 AM (New York City
time) on November 13, 2001.

    4. Representations and Warranties. To induce the Company and the Agent to
enter into this Amendment, the Transferor and the Master Servicer each makes the
following representations and warranties (which representations and warranties
shall survive the execution and delivery of this Amendment) as of the date
hereof, after giving effect to the amendments set forth herein:

    (a) it has the power, authority and legal right to make and deliver this
Amendment and to perform its obligations under the Agreement, as amended by this
Amendment, without any notice, consent, approval or authorization not already
obtained, and that it has taken all necessary action to authorize the same.

    (b) the making and delivery of this Amendment and the performance of the
Agreement, as amended by this Amendment, do not violate any provision of law or
any regulation, or its charter or by-laws, or result in the breach of or
constitute a default under or require any consent under any indenture or other
agreement or instrument to which it is a party or by which it or any of its
properties may be bound or affected. The Agreement, as amended by this
Amendment, constitutes its legal, valid and binding obligation, enforceable
against it in accordance with its terms, except as the enforceability thereof
may be limited by any applicable bankruptcy, reorganization, insolvency,
moratorium or other laws affecting creditors' rights generally.

    (c) the representations and warranties made by it contained in any
Transaction Document are true and correct on and as of the date of this
Amendment and after giving effect hereto.

    (d) no Termination Event or Potential Termination Event has occurred and is
continuing under the Agreement after giving effect to this Amendment.

    5. Effectiveness. This Amendment shall become effective as of the date
hereof, upon the receipt by the Agent of:

    (a) an executed counterpart of this Amendment from each party hereto;

    (b) fully executed copies of the Account Agreements for Shakespeare and K-2
(including Notices of Effectiveness in the form of Annex 1 thereto with respect
thereto executed by Shakespeare and K-2); and

    (c) the payment of the fees and expenses of counsel to the Agent.

    6. Reference to and Effect on the Transaction Documents. Each reference in
the Agreement to "this Agreement", "hereunder", "hereof" or words of like
import, and each reference in any other Transaction Document to "the Transfer
and Administration Agreement", "thereunder", "thereof" or

2

--------------------------------------------------------------------------------

words of like import, referring to the Agreement, shall mean and be a reference
to the Agreement as amended hereby.

    7. Agreement and all other Transaction Documents in Full Force and Effect.
Except as specifically amended hereby, each Transaction Document and shall
continue to be in full force and effect and is hereby in all respects ratified
and confirmed. The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Company, any Bank Investor or the Agent under any
Transaction Document, nor constitute a waiver of any provision of any
Transaction Document.

    8. Counterparts. This Amendment may be signed in any number of counterparts,
each of which shall be an original and all of which taken together shall
constitute a single instrument with the same effect as if the signatures thereto
and hereto were upon the same instrument.

    9. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

3

--------------------------------------------------------------------------------

    IN WITNESS WHEREOF, the Company, the Transferor the Master Servicer and the
Agent have caused this Amendment to be duly executed by their respective duly
authorized officers as of the day and year first above written.

    K2 FUNDING, INC.,
as Transferor
 
 
By:
 

--------------------------------------------------------------------------------

Name: John J. Rangel
Title: Senior Vice President—Finance

    K2 INC.,
as Master Servicer
 
 
By:
 

--------------------------------------------------------------------------------

Name: John J. Rangel
Title: Senior Vice President—Finance

    ENTERPRISE FUNDING CORPORATION,
as the Company
 
 
By:
 

--------------------------------------------------------------------------------

Name:
Title:

    BANK OF AMERICA, NATIONAL ASSOCIATION,
as Agent and as Bank Investor
 
 
By:
 

--------------------------------------------------------------------------------

Name:
Title:

4

--------------------------------------------------------------------------------

ANNEX 1

New Exhibit C

List of Account Banks & Accounts

    K2 Corporation

Account Bank

--------------------------------------------------------------------------------

  Address

--------------------------------------------------------------------------------

  Account No.

--------------------------------------------------------------------------------

Bank of America, N.A.   1850 Gateway Boulevard
Concord, CA 94520
Attn: Barbara Garibaldi   No. 1233386794

Shakespeare Company

Account Bank

--------------------------------------------------------------------------------

  Address

--------------------------------------------------------------------------------

  Account No.

--------------------------------------------------------------------------------

Shakespeare Monofilament
Bank of America, N.A.   1850 Gateway Boulevard
Concord, CA 94520
Attn: Barbara Garibaldi   No. 3752134881
Shakespeare Fishing Tackle / Composite & Electronics
Bank of America, N.A.
 
1850 Gateway Boulevard
Concord, CA 94520
Attn: Barbara Garibaldi
 
No. 3752134878

Stearns Inc.

Account Bank

--------------------------------------------------------------------------------

  Address

--------------------------------------------------------------------------------

  Account No.

--------------------------------------------------------------------------------

Wells Fargo Bank Minnesota, N.A.   MAC N9305-031
Sixth and Marquette
Minneapolis, MN 55479
Attn: Molly Van Metre   No. 000-0833176

5

--------------------------------------------------------------------------------

QuickLinks

EXHIBIT 10(a)

FOURTH AMENDMENT AND LIMITED WAIVER TO TRANSFER AND ADMINISTRATION AGREEMENT

ANNEX 1 New Exhibit C

List of Account Banks & Accounts