SECOND AMENDMENT TO INDUSTRIAL LEASE

This SECOND AMENDMENT TO INDUSTRIAL LEASE ("Amendment") is entered into as of this 16th day of May, 2001, by and between ZELMAN RENTON, LLC, a
Delaware limited liability company ("Landlord"), and CUTTER & BUCK, INC., a Washington corporation ("Tenant"), with respect to the following:

R E C I T A L S:

A.    Landlord
and Tenant are parties to that certain Industrial Lease [Single Tenant-Triple Net] dated May 27, 1999 (the "Original Lease"),
amended by that certain First Amendment to Lease (the "First Amendment") dated October 6, 1999 (as amended, the "Lease"), pursuant to which Tenant currently leases from Landlord that certain
building ("Building") located at 4001 Oakesdale Avenue SW, which Building contains approximately 170,500 square feet (the "Premises"), more particularly described in the Lease.

B.    Concurrently
with the execution of this Amendment, Tenant is entering into an industrial lease (the "Building C Lease") covering that certain industrial space more
particularly described in the Building C Lease.

C.    Capitalized
terms not defined herein have the meanings given to such terms in the Lease.

D.    Landlord
and Tenant now desire to extend the term of the Lease and otherwise modify and amend the Lease as hereinafter set forth.

A G R E E M E N T:

NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants and agreements contained in this Amendment and other good and valuable
consideration, the receipt and sufficiency of such are hereby acknowledged, Landlord and Tenant hereby agree as follows:

1.Term and Commencement Date.Landlord and Tenant agree that the existing Term of the Lease (presently
scheduled to expire on November 30, 2006) shall be extended for an additional five (5) year period, commencing on December 1, 2006, and expiring on November 30, 2011 (the
"Extended Term").

2.Improvements.As Tenant is in occupancy of the Premises, Tenant accepts the Premises in its existing "As Is"
condition.

3.Lease Terms.With the exception of Monthly Base Rent (as described in Paragraph 4 below) and except as
otherwise provided in this Amendment, all non-economic and economic terms of the Lease shall continue the same during the Extended Term as during the initial Term of the Lease.

4.Monthly Base Rent.Monthly Base Rent for the Premises during the Extended Term shall be due and payable in
accordance with the following schedule:

Term

Rate Per Square
Foot of the
Building Per
Month

Additional Rate Per
Square Foot of
Office Space Per
Month

Monthly Base
Rent12/1/06 - 5/31/09

$
0.400
*
$
0.75
**
$
75,987.25
***6/1/09 - 11/30/11

$
0.431
*
$
0.80
**
$
81,791.90
***


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5.Broker.Landlord and Tenant each represent and warrant to the other that it is not aware of any brokers or
finders who may claim a fee or commission in connection with the consummation of the transactions contemplated by this Amendment other than Kidder, Mathews & Segner, whose commission, if any,
shall be payable by Landlord in accordance with Landlord's separate agreement with said broker. If any additional claims for brokers' or finders' fees in connection with the transactions contemplated
by this Amendment arise, then Tenant agrees to indemnify, protect, hold harmless and defend Landlord (with counsel satisfactory to Landlord) from and against any such claims if they shall be based
upon any statement, representation or agreement made by Tenant, and Landlord agrees to indemnify, protect, hold harmless and defend Tenant (with counsel satisfactory to Tenant) if such claims are
based upon any statement, representation or agreement made by Landlord.

6.Other Modifications.Paragraphs 41 and 42 of the Original Lease, entitled "Option to Extend" and
"Expansion Option" respectively are hereby deleted and rendered of no further force or effect. Except as expressly modified herein, the Lease shall remain in full force and effect. To the extent of a
conflict between the terms of the Lease and the terms of this Amendment, the terms of this Amendment shall prevail.

7.Options to Extend



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8.Options.



[No Further Text On This Page]

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9.Miscellaneous.This Amendment embodies the entire understanding between Landlord and Tenant with respect to
its subject matter and can be changed only by an instrument in writing signed by Landlord and Tenant. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all
of which, together, shall constitute one in the same Amendment. Each individual executing this Amendment on behalf of Tenant represents that he or she is duly authorized to execute and deliver this
Amendment on behalf of the corporation, and that this Amendment is binding upon Tenant in accordance with its terms.

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IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

|TENANT:                                       |  | LANDLORD:                                               
|--------------------------------------------- |  | --------------------------------------------------------
|CUTTER & BUCK, INC.,
a Washington corporation |  | ZELMAN RENTON, LLC,
a Delaware limited liability company
|By:                                           |  | /s/MARTIN MARKS                                         
|                                              |  | Print Name:                                             
|                                              |  | Title:                                                  
|By:                                           |  | /s/S. LOWBER                                            
|                                              |  | Print Name:                                             
|                                              |  |                                                         
|                                              |  | Title:                                                  

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|STATE OF WA    |  | )     |  | 
|-------------- |  | ----- |  | 
|               |  | ) ss. |  | 
|COUNTY OF KING |  | )     |  | 

I
certify that I now or have satisfactory evidence that Martin J. Marks is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the President of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument.

|[NOTARY PUBLIC SEAL]
  
(Use this space for notarial stamp/seal) |  | Dated: |  | May 15, 2001                  
|---------------------------------------------------------------- |  | ------ |  | ------------------------------
|                                                                 |  |        |  | /s/ SUSAN M. CANNON           
|                                                                 |  |        |  | Notary Public                 
|                                                                 |  |        |  | Print Name:                   
|                                                                 |  |        |  | My commission expires 04/06/03

|STATE OF WA    |  | )     |  | 
|-------------- |  | ----- |  | 
|               |  | ) ss. |  | 
|COUNTY OF KING |  | )     |  | 

I
certify that I now or have satisfactory evidence that Steve Lowber (S. Lowber) is the person who appeared before me, and said person acknowledged that he/she was authorized to execute
the instrument and acknowledged it as the CFO of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument.

|[NOTARY PUBLIC SEAL]
  
(Use this space for notarial stamp/seal) |  | Dated: |  | May 15, 2001                  
|---------------------------------------------------------------- |  | ------ |  | ------------------------------
|                                                                 |  |        |  | /s/ SUSAN M. CANNON           
|                                                                 |  |        |  | Notary Public                 
|                                                                 |  |        |  | Print Name:                   
|                                                                 |  |        |  | My commission expires 04/06/03

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|STATE OF CALIFORNIA   |  | )     |  | 
|--------------------- |  | ----- |  | 
|                      |  | ) ss. |  | 
|COUNTY OF LOS ANGELES |  | )     |  | 

I
certify that I now or have satisfactory evidence that Ben Reiling is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the President of Zelman Renton, LLC to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument.

|[NOTARY PUBLIC SEAL]
  
(Use this space for notarial stamp/seal) |  | Dated: |  | May 16, 2001                
|---------------------------------------------------------------- |  | ------ |  | ----------------------------
|                                                                 |  |        |  | /s/ Sandra L. Garay         
|                                                                 |  |        |  | Notary Public               
|                                                                 |  |        |  | Print Name:                 
|                                                                 |  |        |  | My commission expires 7-1-04

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NOTICE OF LEASE TERM DATES AND TENANT'S PERCENTAGE

|To:   |  | Zelman Renton L.L.C., a Delaware limited liability company                                                                                                                                                                                                                                                                                
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Date: |  | January 6, 2000                                                                                                                                                                                                                                                                                                                           
|RE:   |  | Lease dated May 27, 1999 amended by First Amendment to Lease dated October 6, 1999 (the "Lease"), between Zelman Renton L.L.C., a Delaware limited liability company (Landlord), and Cutter & Buck Inc., a Washington corporation (Tenant),
concerning the building located at 4001 Oakesdale Avenue SW Renton, WA 98005 (the "Premises").

To
Whom It May Concern:

In
accordance with the subject Lease, we wish to advise and/or confirm as follows:

1.    That
the Premises have been accepted by the Tenant as being substantially complete in accordance with the subject Lease and that there is no deficiency in construction
except as may be indicated on the "Punch-List" prepared by Landlord and Tenant, a copy of which is attached hereto.

2.    That
the Tenant has possession of the subject Premises and acknowledges that under the provisions of the Lease the Commencement Date is November 23, 1999, and the
Term of the Lease will expire on November 30, 2006.

3.    That
in accordance with the Lease, rent commenced to accrue on November 23, 1999.

4.    If
the Commencement Date of the Lease is other than the first day of the month, the first billing will contain a pro rata adjustment. Each billing thereafter will be for
the full amount of the monthly installment as provided for in the Lease.

5.    Rent
is due and payable in advance on the first day of each and every month during the Term of the Lease. Your rent checks should be made payable to Zelman Renton L.L.C.
at Dept 619P.O. Box 34935 Seattle, WA 93124-1935.

6.    The
number of square feet within the Premises is170,500square feet with10,383square feet of office as determined by Landlord's architect in accordance with
the terms of the Lease.

7.    Tenant's
Percentage, as adjusted based upon the number of square feet within the Premises, is 100%.

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IN
WITNESS WHEREOF, the undersigned Landlord and Tenant have caused this Work Letter Agreement to be duly executed by their duly authorized representatives as of the date of the Lease.

|TENANT:                                       |  | LANDLORD:                                               
|--------------------------------------------- |  | --------------------------------------------------------
|CUTTER & BUCK, INC.,
a Washington corporation |  | ZELMAN RENTON, LLC,
a Delaware limited liability company
|By:                                           |  | /s/PHILIP DAVIS                                         
|                                              |  | Print Name:                                             
|                                              |  | Print Title:                                            
|By:                                           |  |                                                         
|                                              |  | Print Name:                                             
|                                              |  |                                                         
|                                              |  | Print Title:                                            

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FIRST AMENDMENT TO LEASE

This FIRST AMENDMENT TO LEASE ("Amendment") is entered into as of this 6th day of October, 1999, by and between ZELMAN RENTON, LLC, a Delaware limited liability
company ("Landlord"), and CUTTER & BUCK, INC., a Washington corporation ("Tenant"), with respect to the facts set forth in the Recitals below.

R E C I T A L S:

A.    Landlord
and Tenant are parties to that certain Industrial Lease dated May 27, 1999 (the "Lease"), whereby Tenant currently leases from Landlord those certain
premises (the "Premises"), in Oakesdale Business Campus located at 4001 Oakesdale Avenue SW, Renton, Washington and containing approximately 170,500 square feet.

B.    Capitalized
terms which are not defined in this Amendment have the meanings given to them in the Lease.

C.    Landlord
and Tenant desire to modify the Lease as follows with regard to the construction of office improvements.

A G R E E M E N T:

NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants and agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

1.Initial Monthly Base Rent.The entire second sentence of Paragraph l(j) of the Lease, beginning with
"By way of example,...", is hereby deleted in its entirety and replaced by the following:



2.Early Entry.The first sentence of Paragraph 4(c) of the Lease is deleted in its entirety. The entire
second sentence of Paragraph 4(c) of the Lease, beginning with "Tenant may elect...," is hereby deleted and replaced by the following:



3.Building Shell; Tenant Improvements.The entire second sentence of Paragraph 1 of Exhibit C,
beginning with "As used in the Lease...," is hereby deleted and replaced by the following:



4.Work Cost Estimate and Statement.The first three (3) sentences of Paragraph 4(f) of Exhibit C
are hereby deleted and replaced by the following:



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5.Office Allowance.The "$210,000" figure set forth in Paragraph 5(a) of Exhibit C is hereby
deleted and replaced with "$363,405."

6.Excess Costs.The entire first and second sentences of Paragraph 5(c) of Exhibit C are hereby
deleted and replaced with the following:



7.Unused Allowance Amounts.Paragraph 5(e) of Exhibit C is hereby deleted and replaced with the
following:



8.Amendment to Lease.Paragraph 5(f) of Exhibit C is hereby deleted in its entirety and replaced
with the following:



9.Above Standard Office Allowance.Paragraph 5(g) is hereby added to Exhibit C as follows:



10.Commencement Date.The term "Shell Delivery Date" set forth in Paragraph 8(a) of Exhibit C is
hereby deleted and replaced with the term "Early Entry Date." Therefore, if the Early Entry Date is actually October 4, 1999, then the Commencement Date will not occur earlier than
November 15, 1999.

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11.Schedule "2" to Exhibit C.The attached Schedule "2", entitled "Above Standard Office Improvements,"
is hereby added to Exhibit C of the Lease.

12.No Other Modification.Except as specifically modified in this Amendment, the Lease remains in full force
and effect between the parties hereto, as modified by this Amendment. To the extent of any inconsistency or conflict between the terms and conditions of the Lease and the terms and conditions of this
Amendment, the terms and conditions of this Amendment shall prevail and control.

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IN
WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date first written above.

|TENANT:                                       |  | LANDLORD:                                               
|--------------------------------------------- |  | --------------------------------------------------------
|CUTTER & BUCK, INC.,
a Washington corporation |  | ZELMAN RENTON, LLC,
a Delaware limited liability company
|By:                                           |  | /s/PHILIP DAVIS                                         
|                                              |  | Print Name:                                             
|                                              |  | Print Title:                                            
|                                              |  |                                                         
|                                              |  |                                                         
|                                              |  |                                                         
|                                              |  |                                                         

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|STATE OF WASHINGTON |  | )     |  | 
|------------------- |  | ----- |  | 
|                    |  | ) ss. |  | 
|COUNTY OF KING      |  | )     |  | 

I
certify that I now or have satisfactory evidence that Philip Davis is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the Vice President of Operations of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument.

|[NOTARY PUBLIC SEAL]
  
(Use this space for notarial stamp/seal) |  | Dated: |  | 10/6/99                       
|---------------------------------------------------------------- |  | ------ |  | ------------------------------
|                                                                 |  |        |  | /s/ BARBARA J. GELLING        
|                                                                 |  |        |  | Notary Public                 
|                                                                 |  |        |  | Print Name:                   
|                                                                 |  |        |  | My commission expires 11/29/99

|STATE OF CALIFORNIA   |  | )     |  | 
|--------------------- |  | ----- |  | 
|                      |  | ) ss. |  | 
|COUNTY OF LOS ANGELES |  | )     |  | 

I
certify that I now or have satisfactory evidence that Paul T. Casey is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the Vice President of Zelman Industrial Partners, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument.

|[NOTARY PUBLIC SEAL]
  
(Use this space for notarial stamp/seal) |  | Dated: |  | Oct. 11, 1999                      
|---------------------------------------------------------------- |  | ------ |  | -----------------------------------
|                                                                 |  |        |  | /s/ LINDA KAREN WILLIAMS           
|                                                                 |  |        |  | Notary Public                      
|                                                                 |  |        |  | Print Name:                        
|                                                                 |  |        |  | My commission expires Oct. 11, 2002

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ABOVE STANDARD OFFICE IMPROVEMENTS

|Item  |  | Estimated Additional Cost
|----- |  | -------------------------
|      |  |                          
|      |  |                          
|      |  |                          
|      |  |                          
|      |  |                          
|      |  |                          
|Total |  | $70,000                  
|      |  |                          

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|STATE OF WASHINGTON |  | )     |  | 
|------------------- |  | ----- |  | 
|                    |  | ) ss. |  | 
|COUNTY OF KING      |  | )     |  | 

I
certify that I now or have satisfactory evidence that Philip Davis is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the Vice President of Operations of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument.

|(Use this space for notarial stamp/seal) |  | Dated: |  | 1/7/00                       
|---------------------------------------- |  | ------ |  | -----------------------------
|                                         |  |        |  | /s/ CONNIE L. DOBBS          
|                                         |  |        |  | Notary Public                
|                                         |  |        |  | Print Name:                  
|                                         |  |        |  | My commission expires 6/19/07

|STATE OF WASHINGTON |  | )     |  | 
|------------------- |  | ----- |  | 
|                    |  | ) ss. |  | 
|COUNTY OF           |  | )     |  | 

I
certify that I now or have satisfactory evidence that                              is the person who
appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as
the                                        of 
                                       to be the free
and voluntary act of such party for the uses and purposes mentioned in the instrument.

|(Use this space for notarial stamp/seal) |  | Dated: |  |                      
|---------------------------------------- |  | ------ |  | ---------------------
|                                         |  |        |  |                      
|                                         |  |        |  | Notary Public        
|                                         |  |        |  | Print Name:          
|                                         |  |        |  | My commission expires

|STATE OF  |  | )     |  | 
|--------- |  | ----- |  | 
|          |  | ) ss. |  | 
|COUNTY OF |  | )     |  | 

I
certify that I now or have satisfactory evidence that                              is the person who
appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as
the                                        of 
                                       to be the free
and voluntary act of such party for the uses and purposes mentioned in the instrument.

|(Use this space for notarial stamp/seal) |  | Dated: |  |                      
|---------------------------------------- |  | ------ |  | ---------------------
|                                         |  |        |  |                      
|                                         |  |        |  | Notary Public        
|                                         |  |        |  | Print Name:          
|                                         |  |        |  | My commission expires

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