<PAGE>
                                                              EXHIBIT (10)(b)(4)

                               FOURTH AMENDMENT TO
                                CREDIT AGREEMENT

         THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Fourth Amendment") 
is dated August 21, 1998, and is entered into by and among K2 Inc., a 
Delaware corporation (the "Borrower"), the financial institutions listed on 
the signature pages hereto (the "banks"), Bank of America National Trust and 
Savings Association, as Issuing Bank (in such capacity, the "Issuing Bank"), 
Bank of America National Trust and Savings Association, as Swing Line Bank 
(in such capacity, the "Swing Line Bank"), and Bank of America National Trust 
and Savings Association, as the agent for the Banks (in such capacity, the 
"Agent") and amends that certain Credit Agreement dated as of May 21, 1996 
among the Borrower, the Banks, the Issuing Bank, the Swing Line Bank and the 
Agent, as amended by a First Amendment to Credit Agreement dated as of March 
10, 1997, a Second Amendment to Credit Agreement dated as of April 18, 1997 
and a Third Amendment to Credit Agreement dated as of December 15, 1997 (as 
so amended, the "Agreement").

                                     RECITAL

         The Borrower has requested, and the Banks, the Issuing Bank, the 
Swing Line Bank and the Agent are willing, to amend the Agreement on the 
terms and conditions set forth herein.

         NOW THEREFORE, for good and valuable consideration, the receipt and 
adequacy of which are hereby acknowledged, the parties hereby agree as 
follows:

         1.    TERMS. All terms used herein shall have the same meanings as in 
the Agreement unless otherwise defined herein. All references to the 
Agreement shall mean the Agreement as hereby amended.

         2.    AMENDMENT TO AGREEMENT. The Borrower, the Banks, the Issuing 
Bank, the Swing Line Bank and the Agent hereby agree that Section 9.14(a)(5) 
of the Agreement is amended by deleting "$50,000,000" and inserting 
$75,000,000" in lieu thereof.

         3.    REPRESENTATIONS AND WARRANTIES. The Borrower represents and 
warrants to Banks, the Issuing Bank, the Swing Line Bank and Agent that, on 
and as of the date hereof, after giving effect to this Fourth Amendment.

         3.1   AUTHORIZATION. The execution, delivery and performance of this 
Fourth Amendment have been duly authorized by all necessary corporate action 
by the Borrower and this Fourth Amendment has been duly executed and 
delivered by the Borrower.

         3.2   BINDING OBLIGATION. This Fourth Amendment is the legal, valid 
and binding obligation of Borrower, enforceable against the Borrower in 
accordance with its terms, except as enforceability may be limited by 
applicable bankruptcy, insolvency, or similar laws affecting the enforcement 
of creditors' rights generally or by equitable principles relating to 
enforceability.

         3.3   NO LEGAL OBSTACLE TO AMENDMENT. The execution, delivery and 
performance of this Fourth Amendment will not (a) contravene the terms of the 
Borrower's certificate of incorporation, by laws or other organization 
document; (b) conflict with or result in any breach or contravention of the 
provisions of any contract to which the Borrower is a party, or the violation 
of any law, judgment, decree or governmental order, rule or regulation 
applicable to Borrower, or result in the creation under any agreement or 
instrument of any security interest, lien, charge, or encumbrance upon any of 
the assets of the Borrower. No approval or authorization of any governmental 
authority is required to permit the execution, delivery or performance by the 
Borrower of this Fourth Amendment, or the transactions contemplated hereby.

         3.4   INCORPORATION OF CERTAIN REPRESENTATIONS. The representations 
and warranties of the Borrower set forth in Section 7 of the Agreement are 
true and correct in all respects on and as of the date hereof as though made 
on and as of the date hereof, except as to such representations made as of an 
earlier specified date.

         3.5   DEFAULT. No Default or Event of Default under the Agreement 
has occurred and is continuing.

                                       46
<PAGE>

         4.         MISCELLANEOUS.

         4.1        EFFECTIVENESS OF AGREEMENT. Except as hereby expressly 
amended, the Agreement and each other Loan Document shall remain in full 
force and effect, and are hereby ratified and confirmed in all respects on 
and as of the date hereof.

         4.2        WAIVERS. This Fourth Amendment is specific in time and in 
intent and does not constitute, nor should it be construed as, a waiver of 
any other right, power or privilege under the Loan Documents, or under any 
agreement, contract, indenture, document or instrument mentioned in the Loan 
Documents; nor does it preclude any exercise thereof or the exercise of any 
other right, power or privilege, nor shall any future waiver of any right, 
power, privilege or default hereunder, or under any agreement, contract, 
indenture, document or instrument mentioned in the Loan Documents, constitute 
a waiver of any other default of the same or of any other term or provision.

         4.3        COUNTERPARTS. This Fourth Amendment may be executed in 
any number of counterparts and all of such counterparts taken together shall 
be deemed to constitute one and the same instrument. This Fourth Amendment 
shall not become effective until the Borrower, the Banks, the Issuing Bank, 
the Swing Line Bank and the Agent shall have signed a copy hereof, whether 
the same or counterparts, and the same shall have been delivered to the Agent.

         4.4        JURISDICTION. This Fourth Amendment shall be governed by 
and construed under the laws of the State of California.

                                       47