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                                                                   EXHIBIT 10.23



                              VANS, INC. LONG-TERM
                              EXECUTIVE BONUS PLAN

1.   OBJECTIVE:                 To recognize the efforts and success of the
                                Vans, Inc. executive team in transforming the
                                Company over the past five years, and to
                                motivate and retain that team as it strives to
                                achieve the Company's three-year plan.

2.   PARTICIPANTS:              Executive officers of the Company determined by
                                the Compensation Committee.

3.   BONUS OPPORTUNITY:         Each participant will have the opportunity to
                                earn a bonus at the end of fiscal 2003 equal to
                                a multiple of the participant's fiscal 2001
                                bonus (the "Fiscal 2003 Bonus"). Each
                                participant's multiple will be determined by the
                                Compensation Committee.

4.   HOW THE FISCAL 2003 BONUS  Subject to Section 6 below, (i) 25% of the
     IS EARNED:                 Fiscal 2003 Bonus is earned if the Company
                                achieves earnings per share ("EPS") of
                                $1.03 for fiscal 2001; (ii) 25% is earned if the
                                Company achieves EPS of $1.25 for fiscal 2002;
                                (iii) 25% is earned if the Company achieves EPS
                                of $1.48 for fiscal 2003; and (iv) 25% is earned
                                if the Company and the participant achieve other
                                goals and objectives to be set for fiscal 2003;
                                provided however, the Fiscal 2003 Bonus portions
                                in (i), (ii), and (iii) above will only be paid
                                if EPS is at or above $1.03 for all three fiscal
                                years.

5.   HOW EPS WILL BE            In accordance with GAAP, provided that, all
     CALCULATED:                non-recurring or other charges or expenses
                                approved by or resulting from actions of the
                                Board of Directors or the Compensation Committee
                                shall be excluded from the calculation of EPS
                                solely for purposes of this Plan.

6.   TERMINATING EVENTS:        Notwithstanding Section 4 above, the Fiscal 2003
                                Bonus will only be payable if the participant is
                                employed by the Company on June 1, 2003. If the
                                participant is terminated by the Company or
                                leaves the Company for any reason, with or
                                without cause, prior to June 1, 2003, then the
                                participant will not be entitled to any portion
                                of the Fiscal 2003 Bonus.

7.   CHANGE IN CONTROL:         Notwithstanding anything else to the contrary
                                contained in this Plan, the entire Fiscal 2003
                                Bonus for each participant shall be payable in
                                full upon a "Change in Control" of the Company.
                                The term "Change in Control" means (i) the time
                                that the Company first determines that any
                                person and all other persons who constitute a
                                group (within the meaning of Section 13(d)(3) of
                                the Securities Exchange Act of 1934 ("Exchange
                                Act")) have acquired direct or indirect
                                beneficial ownership of twenty percent (20%) or
                                more of the Company's outstanding securities,
                                unless a majority of the "Continuing Directors"
                                (as such term is hereinafter defined) approves
                                the acquisition not later than ten (10) business
                                days after the Company makes that determination,
                                or



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                                Company's Board of Directors are not "Continuing
                                Directors." The term "Continuing Directors"
                                means, as of any date of determination, any
                                member of the Board of Directors of the Company
                                who (i) was a member of that Board of Directors
                                on the date of this Plan, (ii) has been a member
                                of that Board of Directors for the two years
                                immediately preceding such date of
                                determination, or (iii) was nominated for
                                election or elected to the Board of Directors
                                with the affirmative vote of the greater of (x)
                                a majority of the Continuing Directors who were
                                members of the Board at the time of such
                                nomination or election, or (y) at least four
                                Continuing Directors.

8.   MISCELLANEOUS:             The Fiscal 2003 Bonus will be net of all cash
                                advances made against payment thereof. All
                                interpretations of this Plan shall be made by
                                the Compensation Committee and shall be final
                                and binding.

9.   PLAN DATE:                 October 23, 2000.