Exhibit 10.25

TRANSITION AND RELEASE AGREEMENT

This Transition and Release Agreement is entered into as of April 25, 2002 by and among Cutter and Buck, Inc., a Washington corporation
("Cutter & Buck" or the "Company"), Harvey N. Jones ("Jones") and, solely for the purposes of Sections 6 and 9, Nancy Iannucci ("Iannucci").

RECITALS

WHEREAS,
the Board of Directors of Cutter & Buck, Inc. (the "Board") has accepted Jones' resignation as Chairman and Chief Executive Officer of Cutter & Buck and as
a member of the Board with both resignations effective as of April 18, 2002;

AND
WHEREAS, the Company wishes to recognize Jones' history of service to Cutter & Buck, to continue certain employment relationships with Jones, to ensure a smooth and amicable
transition of his prior duties and responsibilities, and to obtain a release of all claims from him;

AND
WHEREAS, Jones wishes to obtain from Cutter & Buck benefits to which he would otherwise not be entitled by entering into this Agreement;

NOW,
THEREFORE, in consideration of the above recitals and the mutual promises of the parties as set forth below, the sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

AGREEMENT

1.Employment Status.Jones hereby acknowledges that he has resigned all offices and duties as Chairman and
Chief Executive Officer of the Company and has also resigned his position as a member of the Board. Jones has been and will continue to be employed by Cutter & Buck in accordance with and
subject to the terms hereof. During the Term (as defined below), Jones will have the non-officer title of "Founder and Brand Strategist." Jones' duties during the Term will be as set forth
in this Agreement, and Jones will continue to cooperate with the Board by: (a) providing information as and when reasonably requested by the Board or by the interim or any successor Chief
Executive Officer of the Company, and (b) assisting in the transition of his former duties to the interim or any successor Chief Executive Officer.

2.Nature of Duties.During the Term, Jones will, as and when requested by the Board or by the Chief Executive
Officer of the Company (including any Interim Chief Executive Officer of the Company) or its, his or her designee, perform duties generally as follows:



During
the Term, Jones shall perform his obligations hereunder faithfully and to the best of his ability, under the direction of the Board and the interim or any successor Chief Executive Officer, and
shall abide by all reasonable rules, customs and usages from time to time established by the Company. Cutter & Buck shall reimburse Jones for all reasonable and customary expenses incurred by
him in performing his duties, including but not limited to travel expenses.

3.Compensation.During the Term, Jones shall be paid a salary of One Hundred Forty Eight Thousand Dollars
($148,000) per year, in accordance with Cutter & Buck's normal payroll practices.

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Jones shall also be provided the usual and customary benefits normally made available to Cutter & Buck employees on the same terms and conditions as other employees. In addition, Jones shall
be paid a cash bonus of $39,000 on or before April 30, 2002. Upon completion of the Term, Jones shall be entitled to the same COBRA rights as any other separating employee.

4.Acknowledgment of Stock Option and Grant Rights.Jones hereby acknowledges that, except as set forth in
Exhibit A, he has no other options or rights to purchase or acquire Cutter & Buck stock. Effective as of the date of this Agreement, Jones hereby cancels and relinquishes half of each of
the following previously granted stock options (total 50,000 shares) with respect to the last two vesting years of such options:

a.

50,000 share option
granted April 21, 2001

12,500 sharesVesting Date 4/21/04
12,500 sharesVesting Date 4/21/05b.

50,000 share option
granted May 10, 2001

12,500 sharesVesting Date 5/10/04
12,500 sharesVesting Date 5/10/05


5.Term.



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6.Stock Voting and Management Support Provisions.



7.Loan.Contemporaneous with the execution hereof, Jones is executing two promissory notes in the forms of
Exhibits B and C hereto and a Stock Pledge Agreement in the form of Exhibit D hereto to document the terms of an outstanding loan from the Company to Jones. Subject to compliance with the terms
hereof, including any applicable cure periods set forth in Section 5(c), and to his compliance, in all material respects, to the terms of the two promissory notes, Cutter & Buck hereby
agrees to cancel and forgive the $80,000 of indebtedness together with all accrued and unpaid interest represented by the promissory note in the form of Exhibit B hereto on May 11, 2003.
Upon cancellation and forgiveness, the $80,000 promissory note, in the form of Exhibit B hereto, shall be voided and returned to Jones.

8.Payment of Jones' Legal Fees.Cutter & Buck will pay all of the reasonable costs and attorneys' fees
incurred by Jones in connection with negotiating and documenting this Agreement.

9.Release of Claims.



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10.ADEA Release.Jones acknowledges that he is knowingly and voluntarily waiving and releasing any rights he
may have under the ADEA. Jones also acknowledges that the consideration given for his waiver and release of claims, specifically including without limitation this Agreement, is in addition to anything
of value to which he was already entitled. Jones further acknowledges that he has been advised by this writing, as required by the ADEA, that: (a) his waiver and release does not apply to any
rights or claims that may arise after the execution date of this Agreement; (b) he should consult with an attorney prior to executing this Agreement; (c) he has twenty-one
(21) days to consider this Agreement (but by his signature below, Jones acknowledges that he has chosen to voluntarily execute this Agreement earlier and to waive such period of consideration);
(d) he has seven (7) days following the execution of this Agreement to revoke the Agreement; and (e) this Agreement will not be effective until the date upon which the revocation
period has expired, which will be the eighth day after this Agreement is executed by Jones ("Effective Date"). Nothing in this Agreement prevents or precludes Jones from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law.

11.Disclaimer of Liability.In obtaining the Releases set forth above, neither party is admitting any liability
to the other and expressly disclaims any such liability.

12.Noncompetition and Nonsolicitation.



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13.Trade Secrets and Confidential Information.



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14.Intellectual Properties.



15.Authority and Non-Infringement.Jones warrants that to the best of his knowledge any and all
items, technology, and Intellectual Properties of any nature developed or provided by Jones under this Agreement and in any way for or related to Cutter & Buck will be original to Jones and
will not, as provided to Cutter & Buck or when used and exploited by Cutter & Buck and its contractors and customers and its and their successors and assigns, infringe in any respect on
the rights or property of Jones or any third party. Jones will not, without the prior written approval of Cutter & Buck, use any equipment, supplies, facilities, or proprietary information of
any other party. Jones warrants that Jones is fully authorized to enter into employment with Cutter & Buck and to perform under this Agreement, without conflicting with any of Jones' other
commitments, agreements, understandings or duties, whether to prior employers or otherwise. Jones will indemnify Cutter & Buck for all losses, claims, and expenses (including reasonable
attorneys' fees) arising from any claims brought against Cutter & Buck as a result of any breach of by him of this Section 15.

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16.Nondisparagement.Jones agrees not to make any statements that are defamatory in nature or in any way
disparaging of Cutter & Buck, its officers, directors, employees or agents. Cutter & Buck agrees not to make any statements that are defamatory in nature or in any way disparaging of
Jones.

17.Remedies.The harm to Cutter & Buck from any breach of Jones' obligations under this Agreement may be
wholly or partially irreparable, and Jones agrees that such obligations may be enforced by injunctive relief and other appropriate remedies, as well as by damages. If any bond from Cutter &
Buck is required in connection with such enforcement, the parties agree that such bond shall be set at an amount no greater than $5,000. The remedies available to Jones and Cutter & Buck
hereunder are cumulative and not alternative.

18.Notices.All notices and other communications called for or required by this Agreement shall be in writing
and shall be addressed to the parties at their respective addresses stated below or to such other address as a party may subsequently specify by written notice and shall be deemed to have been
received (i) upon delivery in person, (ii) five days after mailing it by U.S. certified or registered mail,
return receipt requested and postage prepaid, or (iii) two days after depositing it with a commercial overnight carrier which provides written verification of delivery:

To Jones:

Harvey N. Jones
1415 East Roy Street
Seattle, Washington 98112With a copy to:

Robert Sulkin
McNaul Ebel Nawrot Helgren & Vance, P.L.L.C.
One Union Square, 27th Floor
600 University Street
Seattle, WA 98101-3143To Cutter & Buck:

2701 First Avenue
Seattle, Washington 98121
Attention: ChairmanWith a copy to:

Michael M. Morgan
Lane Powell Spears Lubersky LLP
1420 Fifth Avenue, Suite 4100
Seattle, WA 98101


19.Assignment.Jones' rights and duties hereunder are personal to Jones
and are not assignable to others, but Jones' obligations hereunder will bind his heirs, successors, and assigns. Cutter & Buck may assign its rights under this Agreement in connection with any
merger or consolidation of Cutter & Buck or any sale of all or any portion of Cutter & Buck's assets (including, without limitation, any division or product line), provided that any such
successor or assignee expressly assumes in writing Cutter & Buck's obligations under this Agreement.

20.Governing Law.This Agreement will be governed by the local laws of the State of Washington without regard
to its conflicts of laws rules to the contrary. The parties hereby consent to the exclusive jurisdiction and venue of the state and federal courts residing in King County, Washington for all matters
and actions arising under this Agreement.

21.Attorneys' Fees.The prevailing party in any action or proceeding with respect to this Agreement shall be
entitled to reasonable attorneys' fees and costs incurred in connection with any such action or proceeding.

22.Further Assurances.Subject to the terms hereof, the parties shall use their best efforts and shall
cooperate fully with each other to carry out the provisions of this Agreement. From time to time at the request of a party, without further consideration, the other party shall execute such documents
and take
such action as may reasonably be requested in order to facilitate the transition of Jones' prior duties or to carry out the provisions of this Agreement.

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23.Entire Agreement.This Agreement may not be changed orally but only by an agreement in writing agreed to by
the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. This Agreement, including all exhibits hereto, contains the entire agreements of the parties
relating to the subject matter hereof and supercedes all prior agreements and understandings with respect to such subject matter, and the parties hereto have no agreement, representations, or
warranties relating to the subject matter of the Agreement which are not set forth herein.

24.Validity.If for any reason any provision hereof shall be determined to be invalid or unenforceable, the
validity and effect of the other provisions hereof shall not be affected thereby.

25.Waiver of Breach; Specific Performance.The waiver by the Company or Jones of a breach of any provision of
this Agreement by the other party shall not operate, or be construed, as a waiver of any other breach by such other party. Each of the parties to this Agreement will be entitled to enforce his or its
rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in his or its favor. The parties
hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in his or its sole discretion apply to any court
of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement.

26.Captions.The section headings in this Agreement are intended solely for conveninece of reference and shall
be given no effect in the construction or interpretation of this Agreement.

27.Counterparts.This Agreement may be signed in counterparts, each such counterpart being as fully effective
as if a single original had been signed. A facsimile signature shall be binding on the party so signing, but the original signature shall be forwarded within three working days.

28.Removal of Guaranty.The Company agrees to remove Jones' as guarantor, indemnitor or the like from any and
all obligations incurred on behalf of the Company prior to the date of this Agreement.

|CUTTER & BUCK, INC. |  |     
|------------------- |  | ----
|By                  |  |     
|                    |  | Its:
|                    |  |     
|                    |  |     

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EXHIBIT A

HARVEY N. JONESOptions Summary as of April 22, 2002*

Grant Date

Options
Granted

Exercise Price

Amount Exercisable
as of 4/22/029/16/99

31,500

13.75

15,7507/1/94

69,379

1.44

30,0003/12/96

45,000

7.17

22,5006/11/97

23,688

10.00

17,7669/26/97

11,250

13.67

8,4379/26/97

10,062

13.67

7,5466/2/98

22,500

13.79

11,2508/31/98

9,000

14.09

6,7504/23/01

50,000

5.00

05/10/01

50,000

5.78

0


HARVEY N. JONESRestricted Shares Summary as of April 22, 2002*

|Granted |  | Full Vest Date                                                                      
|------- |  | ------------------------------------------------------------------------------------
|4,891   |  | August 5, 2000 (Held by Company as security for payment of tax)                     
|4,132   |  | August 13, 2001 (Held by Company as security for payment of tax)                    
|5,793   |  | June 30, 2002 (1,449 unvested, 4,344 held by Company as security for payment of tax)
|12,801  |  | June 30, 2002 (3,201 unvested, 9,600 held by Company as security for payment of tax)
|28,000  |  | November 2, 2002 (14,000 to vest on May 2, 2002)                                    
|        |  |                                                                                     
|55,623  |  |                                                                                     
|        |  |                                                                                     

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EXHIBIT B

PROMISSORY NOTE

|$80,000 |  | Seattle, Washington
April 25, 2002
|------- |  | ----------------------------------

The undersigned, Harvey N. Jones ("Maker"), promises to pay to Cutter & Buck, Inc. or order (collectively,
"Holder"), the principal sum of Eighty Thousand Dollars ($80,000), in lawful money of the United States of America, all as hereinafter provided and upon
the following agreements, terms and conditions.

Interest Rate.The entire principal balance of this Note shall bear interest at a rate equivalent to Prime rate as that rate
may be published from time to time by the Wall Street Journal (4.75% as of the date of this Note) plus three percent (3%) per annum. The interest rate shall be adjusted in accordance with such
periodic movements in the Prime rate as shall occur during the term of this Note.

Maturity.The entire principal balance of this Note and all accrued interest shall be due and payable on or before
May 11, 2003 or such earlier date as Maker's employment with Cutter & Buck, Inc. shall be terminated for Cause as that term is defined in the Transition and Release Agreement
between Maker and Cutter & Buck, Inc. dated April 25, 2002. The entire principal balance of this Note may be prepaid at any time without penalty.

Place of Payment.All payments pursuant to this Note shall be made to Holder at 2701 First Avenue, Suite 500, Seattle,
Washington 98121, or such other address as Holder may hereafter designate from time to time.

Default; Default Interest.If Maker fails to pay this Note in strict accordance with its terms, or if Maker otherwise
defaults under this Note, this Note shall bear interest from the date of default by Maker until the default is fully cured at a default interest rate ("Default Rate") equal to the Prime rate plus
eight percent (8%) per annum. Notwithstanding the foregoing, if Maker defaults as described in this paragraph, at the option of Holder, this entire Note shall become immediately due and payable. After
acceleration, this Note shall bear interest at the Default Rate. Notwithstanding the provisions of this paragraph, Holder shall retain the right to waive any term of this Note or any isolated event of
default, which waiver shall not be deemed to apply to any subsequent default under the terms of this Note.

Security.This Note and the amounts due hereunder are secured by a Stock Pledge Agreement of even date herewith (the "Pledge
Agreement"), executed and delivered by Maker to Holder. Maker agrees to perform and comply with all of the agreements, terms and conditions of the Pledge Agreement.

Applicable Law.This Note shall be construed in accordance with and governed by the laws of the State
of Washington.

Successors and Assigns.This Note shall inure to the benefit of Holder and any successor or assignee of Holder, provided,
however, that this Note shall be non-negotiable unless otherwise consented to in writing by Maker, except in connection with any sale, transfer or assignment of a majority of the assets or
stock of Holder (regardless of the form of such transaction) to an entity which assumes Holder's obligations under that certain Transition and Release Agreement between Holder and Maker dated as of
April 25, 2002 (the "Agreement"). This Note shall be binding upon Maker and Maker's successors, assignees, personal representatives and heirs.

Costs and Expenses.Maker shall pay all costs and expenses which Holder may incur in connection with this Note because of
Maker's default, including, without limitation, the following costs:

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(a) reasonable attorneys' fees for legal services incurred by Holder in connection with any default by Maker relating to any determination of any rights or remedies of Holder; and
(b) reasonable attorneys' fees for any actions, proceedings, reviews or appeals therefrom which Holder may institute or in which Holder may appear or participate.

Cancellation.This Note is subject to cancellation in accordance with Section 7 of the Agreement.

Liability.Maker hereby waives demand, presentment for payment, notice of intention to accelerate the maturity, protest and
notice of protest and nonpayment. Maker hereby further agrees that none of the following events (with or without notice) shall diminish, impair or otherwise affect his liability with respect to this
Note: (a) any modification or extension of the terms of this Note; or (b) any release of any party liable pursuant to this Note.

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

| |  |                       
| |  | ----------------------
| |  | Harvey N. Jones, Maker

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EXHIBIT C

PROMISSORY NOTE

|$165,222.73 |  | Seattle, Washington
April 25, 2002
|----------- |  | ----------------------------------

The undersigned, Harvey N. Jones ("Maker"), promises to pay to Cutter & Buck Inc. or order (collectively,
"Holder"), the principal sum of One Hundred Sixty-five Thousand Two Hundred Twenty-two and 73/100 Dollars ($165,222.73),
in lawful money of the United States of America, all as hereinafter provided and upon the following agreements, terms and conditions.

Interest Rate.The entire principal balance of this Note shall bear interest at a rate equivalent to the Prime rate as that
rate may be published from time to time by the Wall Street Journal (4.75% as of the date of this Note) plus three percent (3%) per annum. The interest rate shall be adjusted in accordance with such
periodic movements in the Prime rate as shall occur during the term of this Note.

Maturity.The entire principal balance of this Note and all accrued but unpaid interest shall be due and payable on or before
October 31, 2005 or such earlier date as Maker's employment with Cutter & Buck, Inc. shall be terminated for Cause as that term is defined in the Transition and Release Agreement
between Maker and Cutter & Buck, Inc. dated April 25, 2002. The entire principal balance of this Note may be prepaid at any time without penalty.

Quarterly Payments.Subject to any payment changes resulting from a change in the Prime rate, Maker will make payments under
this Note in accordance with the following schedule: All accrued interest hereunder shall be due and payable on October 31, 2002, and all additional accrued interest hereunder (approximately
Three Thousand Two Hundred and no/100 Dollars ($3,200.00) at the current interest rate) shall then be payable quarterly thereafter on each subsequent January 31, April 30,
July 31 and October 31 until October 31, 2005, at which time the entire principal balance together with all accrued and unpaid interest shall be due in full.

Place of Payment.All payments pursuant to this Note shall be made to Holder at 2701 First Avenue, Suite 500, Seattle,
Washington 98121, or such other address as Holder may hereafter designate from time to time.

Default; Default Interest.If Maker fails to pay this Note in strict accordance with its terms, or if Maker otherwise
defaults under this Note, this Note shall bear interest from the date of default by Maker until the default is fully cured at a default interest rate ("Default Rate") equal to the Prime rate plus
eight percent (8%) per annum. Notwithstanding the foregoing, if Maker defaults as described in this paragraph, at the option of Holder, this entire Note shall become immediately due and payable. After
acceleration, this Note shall bear interest at the Default Rate. Notwithstanding the provisions of this paragraph, Holder shall retain the right to waive any term of this Note or any isolated event of
default, which waiver shall not be deemed to apply to any subsequent default under the terms of this Note.

Security.This Note and the amounts due hereunder are secured by a Stock Pledge Agreement of even date herewith (the "Pledge
Agreement"), executed and delivered by Maker to Holder. Maker agrees to perform and comply with all of the agreements, terms and conditions of the Pledge Agreement.

Applicable Law.This Note shall be construed in accordance with and governed by the laws of the State of Washington.

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Successors and Assigns.This Note shall inure to the benefit of Holder and any successor or assignee of Holder. This Note
shall be binding upon Maker and Maker's successors, assignees, personal representatives and heirs.

Costs and Expenses.Maker shall pay all costs and expenses which Holder may incur in connection with this Note because of
Maker's default, including, without limitation, the following costs: (a) reasonable attorneys' fees for legal services incurred by Holder in connection with any default by Maker relating to any
determination of any rights or remedies of Holder; and (b) reasonable attorneys' fees for any actions, proceedings, reviews or appeals therefrom which Holder may institute or in which Holder
may appear or participate.

Liability.Maker hereby waives demand, presentment for payment, notice of intention to accelerate the maturity, protest and
notice of protest and nonpayment. Maker hereby further agrees that none of the following events (with or without notice) shall diminish, impair or otherwise affect his liability with respect to this
Note: (a) any modification or extension of the terms of this Note; or (b) any release of any party liable pursuant to this Note.

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

| |  |                       
| |  | ----------------------
| |  | Harvey N. Jones, Maker

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EXHIBIT D

STOCK PLEDGE AGREEMENT

This Stock Pledge Agreement (the "Agreement") is dated April 25, 2002 and is between Harvey N. Jones ("Pledgor") and Cutter & Buck, Inc.
("Secured Party").

RECITALS

A.    During
the course of Pledgor's employment with Secured Party, Pledgor received grants of restricted shares of Common Stock (collectively the "Share Grant"), in the amount
of Thirty-two Thousand Six Hundred Fifty (32,650) shares. These shares will vest as follows: Fourteen Thousand (14,000) shares on May 2, 2002; Four Thousand Six Hundred Fifty
(4,650) shares on June 30, 2002 (pursuant to two distinct grants); and Fourteen Thousand (14,000) shares on November 2, 2002.

B.    At
the time of execution of this Agreement, Secured Party accepted two promissory notes dated April 25, 2002, one having a principal balance of One Hundred
Sixty-five Thousand Two Hundred Twenty-two and 73/100 Dollars ($165,222.73) and the other having a principal balance of Eighty Thousand and no/100 Dollars ($80,000.00)
(collectively, the "Notes") from Pledgor. To induce Secured Party to accept the Notes, Pledgor agrees to pledge the shares to be received upon vesting of the Share Grant to Secured Party as security
for payment.

AGREEMENT

Therefore,
the parties agree as follows:

1.    Pledgor
hereby pledges and assigns to Secured Party all shares of Common Stock to be issued upon vesting of the Share Grant (the "Shares"). Pledgor agrees that the Shares
shall be retained by Secured Party upon issuance. Upon execution of this Pledge Agreement, Pledgor will execute in blank and deliver to Secured Party Assignments Separate from Certificate in the forms
attached hereto asExhibit A, Exhibit B, Exhibit CandExhibit D.

2.    Secured
Party agrees to hold the Shares as security for full payment and performance when due of all Pledgor's obligations under the Notes ("Obligations").

3.    Pledgor
covenants that, until all Obligations have been satisfied in full or released, Pledgor will not sell, convey or otherwise dispose of any of the Shares or any
interest therein or create, incur or permit to exist any pledge, mortgage, lien, charge, encumbrance or any other security interest in or with respect to any of the Shares or their proceeds, other
than as created by this Pledge Agreement.

4.    So
long as Pledgor is not in default on any Obligation, Pledgor will have the right to exercise all voting rights and receive any dividends or other sums paid with
respect to the Shares.

5.    In
the event of merger, consolidation, reorganization, dissolution or liquidation of the Secured Party, or if any redemption, reclassification, readjustment or other
change is made or declared in the capital structure of the Secured Party or the Shares, Secured Party agrees to retain in lieu of the Shares such other securities or physical assets as are issued or
paid in exchange for the Shares. That substitute collateral will be held by Secured Party under the terms of this Pledge Agreement in the same manner as the original Shares (and will hereinafter be
included in the term "Shares").

6.    For
the purpose of assisting Pledgor with tax planning, Pledgor shall have the right to pledge additional shares of Cutter & Buck Common Stock to Secured Party in
exchange for the release of that same number of shares from this Pledge Agreement.

7.    In
the event of any default under the Notes, Secured Party may foreclose or otherwise enforce Secured Party's security interest in the Shares in any manner permitted by
law. Pledgor agrees that ten

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days from the time notice is given, by mail or otherwise, is a reasonable period of notification of a sale or other disposition of the Shares. At any private or public sale, Secured Party may
purchase any part of the Shares, free of any right of redemption on the part of Pledgor, whether by canceling any or all of the Obligations of Pledgor to the Secured Party, or otherwise.

8.    No
delay or omission to exercise any right, remedy or power will impair the same or be construed to be a waiver of any default under the Notes, or any acquiescence
therein, nor will any such delay or omission affect Secured Party's right to the Shares.

9.    Upon
release or satisfaction of Pledgor's Obligations, Secured Party will endorse and transfer to Pledgor all of the Shares (or substitute collateral, as the case may be)
and all rights received by Secured Party, if any, as a result of the pledge.

10.  Any
notice or communication under this Pledge Agreement will be effective only if in writing and delivered in person, by overnight courier service, facsimile
transmission, or mailed by registered or certified mail return receipt requested postage prepaid to the addressee's address below or to any other address the addressee may have notified the sender
beforehand referring to this Pledge Agreement. All notices and communications will be deemed given when delivered in person or overnight courier service, three days after mailing if mailed, or when
sent by facsimile transmission if confirmation is received.

11.  This
Pledge Agreement is binding upon the parties, their heirs, personal representatives, successors and assigns, and may not be modified except in writing signed by all
parties. No consent or waiver, express or implied, by Secured Party will be deemed to be a consent or waiver to any other breach or default of the same or any other provision of this Pledge Agreement.
This Pledge Agreement shall be governed by, and enforced in accordance with, the laws of the State of Washington.

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

|PLEDGOR:                                                     |  | SECURED PARTY:
Cutter & Buck, Inc.                          
|------------------------------------------------------------ |  | ------------------------------------------------------------
|Harvey N. Jones
1415 E. Roy Street
Seattle, Washington 98112 |  | Fran Conley, CEO
2701 First Avenue
Seattle, Washington 98121

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EXHIBIT A

ASSIGNMENT SEPARATE FROM CERTIFICATE
(COMMON STOCK)

For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on May 2, 2002 pursuant to that certain Restricted Stock Award Number 292 dated April 21, 2001, and
does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the premises. This
Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in accordance with
Section 9 of the Agreement.

Dated
this 25th day of April 2002.

| |  |                
| |  | ---------------
| |  | Harvey N. Jones

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EXHIBIT B

ASSIGNMENT SEPARATE FROM CERTIFICATE
(COMMON STOCK)

For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on June 30, 2002 pursuant to that certain Restricted Stock Award Number 307 dated June 30, 2000, and
does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the premises. This
Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in accordance with
Section 9 of the Agreement.

Dated
this 25th day of April 2002.

| |  |                
| |  | ---------------
| |  | Harvey N. Jones

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EXHIBIT C

ASSIGNMENT SEPARATE FROM CERTIFICATE
(COMMON STOCK)

For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on June 30, 2002 pursuant to that certain Restricted Stock Award Number 314 dated June 30, 2000, and
does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the
premises. This Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in
accordance with Section 9 of the Agreement.

Dated
this 25th day of April 2002.

| |  |                
| |  | ---------------
| |  | Harvey N. Jones

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EXHIBIT D

ASSIGNMENT SEPARATE FROM CERTIFICATE
(COMMON STOCK)

For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on November 2, 2002 pursuant to that certain Restricted Stock Award Number 292 dated April 21, 2001,
and does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the premises. This
Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in accordance with
Section 9 of the Agreement.

Dated
this 25th day of April 2002.

| |  |                
| |  | ---------------
| |  | Harvey N. Jones

D-6

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