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Exhibit 10.03  

 
 

[FORM OF RELOAD OPTION GRANT NOTIFICATION]    

  

 
 

RELOAD STOCK OPTION GRANT NOTIFICATION(1)
  (Grant dated mm/dd/yy)    
    

        1.    Grant of Reload Option.    Citigroup Inc. ("Citigroup") hereby grants to {NAME} ("Participant") one or
more non-qualified stock options to purchase the number of shares of Citigroup common stock noted in the Reload Stock Option Grant Summary below, at a grant price per share (the "Grant
Price") of $[GRANT DATE FMV] subject to the terms, conditions, and restrictions described herein pursuant to the Citigroup 1999
Stock Incentive Plan, the Citicorp 1997 Stock Incentive Plan, or any other stock incentive plan of Citigroup that may be in effect as of the date of this Agreement or a successor to any such plan, as
each may be amended from time to time (the "Plan"), as stated in the Reload Stock Option Grant Summary below. As used in this Notification, the term "Reload Option" shall mean a single reload option
grant as well as multiple reload option grants, if the grant of more than one reload option is indicated below. The "Company", for purposes of this Agreement, shall mean Citigroup and its subsidiaries
that participate in the Plan. 

	Reload Stock Option Grant Summary
 

	Number of Option Shares
 
	 	Vesting Date(2)
	 	Grant Price(3)
	 	Expiration Date(4)
	 	Plan

	 	 	mm/dd/yyyy	 	$[GRANT DATE FMV]	 	mm/dd/yyyy	 	 

        2.    Terms and Conditions.    The terms, conditions, and restrictions applicable to the Reload Option
are specified in the prospectus dated February 13, 2002 (titled "Your Citigroup Stock Option Grant"), and any applicable prospectus supplement (together, the "Prospectus") and the grant
agreement governing the original option pursuant to which this Reload Option has been granted. These terms include, but are not limited to, provisions relating to amendment, vesting, cancellation,
expiration and exercise, restrictions on transfer, and sale restrictions that may apply to shares acquired upon exercise, all of which are hereby incorporated by reference into this Notification. By
accepting this Reload Option, Participant confirms receipt of the Prospectus and the original option grant agreement, and that he or she has read and understands these 

	(1)
	Citigroup
ceased granting new options with reload features to most option program participants effective January 1, 2003 (and to Smith Barney Financial Consultants effective
February 2003). A reload option may be granted only upon exercise of a Citigroup option that was granted prior to January 1, 2003 (or February 2003) (an "Original Option"), or
upon exercise of a reload option granted upon exercise of an Original Option. In addition, a reload option may be granted only if the underlying Original Option or reload option is exercised at a time
when the fair market value of Citigroup common stock is at least 20% greater than the option exercise price, and shares used to cover the option cost have been owned for at least six months prior to
the date of exercise. Reload options may not be granted unless the optionee is a currently active employee.

	(2)
	Six
months from grant date.

	(3)
	No
less than Fair Market Value on grant date.

	(4)
	Same
as Original Option expiration date. 

documents.
The Reload Option is also subject to all program guidelines that may be in effect from time to time. 

Certain terms and conditions of your Reload Option are summarized below (see the Prospectus for more details and the specific terms governing your
grant):

	•
	The
Reload Option, whether vested or unvested, may be canceled when your employment terminates, depending on the reason for termination.

	•
	The
vesting of your Reload Option and your right to exercise your Reload Option may be suspended during any break in your employment.

	•
	You
may be entitled to exercise your Reload Option using the reload option exercise method, by which you may receive a new reload option grant; however, you will not be able
to use the reload option exercise method following a termination of your employment.

	•
	If
you resign, or if your employment is terminated by the Company because of your "gross misconduct," your Reload Option will be canceled on your termination date.

	•
	If
the Company terminates your employment involuntarily for a reason other than your "gross misconduct," the vesting of your Reload Option will stop, and you will have up to
30 days from your termination date (depending on the specific terms governing your grant) to exercise your Reload Option, but not later than the expiration date of your Reload Option.

	•
	If
you terminate your employment under an "age and years of service" provision applicable to your Reload Option, vesting of your Reload Option may be accelerated, and you
will have up to two (2), three (3), or five (5) years from your termination date (depending on the specific terms governing your grant) to exercise your Reload Option, but not later than the
expiration date of your Reload Option.

	•
	If
you become disabled, your Reload Option will continue to vest on schedule for the first 12 months or 29 months of your approved disability leave (depending
on the specific terms governing your grant). If you are still on an approved disability leave after such 12 or 29 month period, your Reload Option will vest immediately and you can exercise
your Reload Option for up to two (2) years thereafter, but not later than the expiration date of your Reload Option.

	•
	If
you die, the vesting of your Reload Option may stop or be accelerated and/or your estate will have up to two (2) or five (5) years from the date of your
death (depending on the specific terms governing your grant) to exercise your Reload Option, but not later than the expiration date of your Reload Option.

	•
	During
a statutory leave of absence, the vesting of your Reload Option will continue and you can exercise your Reload Option during such leave, but not later than the
expiration date of your Reload Option, provided that such leave is approved by management of Participant's business unit, is provided by applicable law and taken in accordance with such law and
applicable Company policy.

	•
	During
an approved (non-statutory) personal leave of absence, vesting of your Reload 

Option
and your right to exercise your Reload Option will continue for up to 90 days, after which vesting will be suspended until you have returned to work for 30 days, at which time
vesting will be restored retroactively; if you do not return to work within 12 months, your Reload Option will be canceled. 

	•
	Unless
otherwise canceled at an earlier date, the Reload Option will expire when the original option expires.

	•
	Your
Reload Option may not be sold, pledged, hypothecated, assigned or otherwise transferred, other than by will or the laws of descent and distribution, and during your
lifetime, it may be exercised only by you. 

        2.    Participant Understandings.    Participant understands that: (a) all equity incentive awards are entirely
discretionary and that no right to receive an award exists absent a prior written agreement to the contrary; (b) the value that may be realized from an equity incentive award, if any, is
contingent, and depends on the future market price of Citigroup stock, among other factors; (c) equity incentive awards, being intended to promote employee retention and stock ownership and to
align employees' interests with those of shareholders, are subject to vesting conditions and will be canceled if vesting conditions are not satisfied; (d) any monetary value assigned to an
equity incentive award in any communication regarding the award is contingent, hypothetical, and for illustrative purposes only, and does not express or imply any promise or intent by the Company to
deliver, directly or indirectly, any certain or determinable cash value to Participant; (e) receipt of this Reload Option or any incentive award in the past is neither an indication nor a
guarantee that an incentive award of any type or amount will be made in the future, and that absent a written agreement to the contrary, the Company is free to change its practices and policies
regarding incentive awards at any time in its sole discretion; and (f) vesting is subject to confirmation and final determination by Citigroup that conditions to vesting have been satisfied.
Participant shall have no rights as a stockholder of the Company with respect to any shares covered by this Reload Option unless and until the Reload Option vests and is exercised for shares. 

        3.    Vesting and Expiration Dates.    The Reload Option shall vest and become exercisable on the vesting date stated
in the Reload Stock Option Grant Summary provided Participant remains continuously employed by the Company or one of its participating subsidiaries. The Reload Option will expire on the dates or dates
indicated in the Reload Stock Option Grant Summary, which dates correspond to the expiration dates of the original option or reload option pursuant to which this Reload Option has been granted,
subject to earlier cancellation or suspension upon or following a termination of employment or other change in employment status during the option term as provided in the Prospectus and the original
option grant agreement. 

        4.    Exercise of Reload Option.    The Reload Option may be exercised in whole or in part by Participant upon notice
to the Company together with provision for payment of the Grant Price and applicable withholding taxes. Such notice shall be given in the manner prescribed by the Company and shall specify the date
and method of exercise and the number of shares being exercised. All stock option exercises will be processed in accordance with the Citigroup Equity Compensation administrative procedures and
deadlines then in effect. Participant acknowledges that the laws of the country in which Participant is working at the time of grant, vesting and/or exercise of the Reload Option (including any rules
or regulations governing securities, foreign exchange, tax, or labor matters) or Company accounting or other policies dictated by such country's political or regulatory climate, may restrict or
prohibit any one or more of the stock option exercise methods described in the Prospectus, that such restrictions may apply differently if Participant is a resident or expatriate employee, and that
such restrictions are subject to change at any time. If the last day on which the Reload Option may 

be
exercised is not a trading day on the New York Stock Exchange, then the immediately preceding New York Stock Exchange trading day shall be the last day on which the Reload Option may be exercised.
Participant acknowledges that the Company is in no way obligated to notify Participant that the Reload Option is nearing expiration. 

        5.    Consent to Electronic Delivery.    In lieu of receiving documents in paper format, Participant agrees, to the
fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant
or award notifications and agreements, account statements, annual and quarterly reports, and all other forms or communications) in connection with this and any other prior or future incentive award or
program made or offered by the Company or its predecessors or successors. Electronic delivery of a document to Participant may be via a Company e-mail system or by reference to a location
on a Company intranet site to which Participant has access. 

        6.    Consent and Disclosure Regarding Use of Personal Information.    In connection with the grant of this Reload
Option, and any other award under any other equity award program, and the implementation and administration of any such program, including, without limitation, Participant's actual participation, or
consideration by the Company for potential future participation, in any program at any time, it is or may become necessary for the Company, to collect, transfer, use, and hold certain personal
information regarding Participant in and/or outside of Participant's home country. By accepting this Reload Option, Participant explicitly consents (i) to the use of such information for the
purpose of being considered for participation in future equity awards (to the extent he/she is eligible under applicable program guidelines, and without any guarantee that any award will be made); and
(ii) to the use, transfer, processing and storage, electronically or otherwise, of his/her personal information, as such use has occurred to date, and as such use may occur in the future, in
connection with this Reload Option or any other equity award, as further described below. 

        Use,
transfer, storage and processing of personal information, electronically or otherwise, may be in connection with the Company's internal administration of its equity award programs,
or in connection with tax or other governmental and regulatory compliance activities directly or indirectly related to an equity award program. For such purposes only, personal information may be used
by third parties
retained by the Company to assist with the administration and compliance activities of its equity award programs, and may be transferred by the company that employs (or any company that has employed)
Participant from Participant's home country to other Citigroup entities and third parties located in the United States and in other countries. Specifically, those parties that may have access to
Participant's information for the purposes described herein include, but are not limited to, (i) human resources personnel responsible for administering the equity award programs, including
local and regional equity award coordinators, and global coordinators located in the United States; (ii) Participant's U.S. broker and equity account administrator and trade facilitator;
(iii) Participant's U.S., regional and local employing entity and business unit management, including Participant's supervisor and his/her superiors; (iv) the Personnel and Compensation
Committee of the Citigroup Board of Directors or its designee, which is responsible for administering the Plan; (v) Citigroup's technology systems support team (but only to the extent necessary
to maintain the proper operation of electronic information systems that support the equity award programs); and (vi) internal and external legal, tax and accounting advisors (but only to the
extent necessary for them to advise the Company on compliance and other issues affecting the equity award programs in their respective fields of expertise). 

        At
all times, Company personnel and third parties will be obligated to maintain the confidentiality of Participant's personal information except to the extent the Company is required to
provide such information to governmental agencies or other parties. Such action will always be undertaken only in accordance with applicable law. The personal information that Citigroup may collect,
process, store and transfer for the purposes outlined above may include Participant's name, nationality, citizenship, work authorization, date of birth, age, government/tax identification number,
passport number, brokerage account information, GEID or other internal identifying information, home address, work address, job and location history, compensation and equity award information and
history, business unit, employing entity, and Participant's beneficiaries and contact information. Participant may obtain more details regarding the access and use of his/her personal information, and
may correct or update such information, by contacting his/her human resources representative or local equity coordinator. 

        7.    Right of Set Off.    Participant agrees that the Company may retain for itself funds or securities otherwise
payable to Participant pursuant to this Reload Option or any award under any equity award program administered by Citigroup to offset any amounts paid by the Company to a third party pursuant to any
award, judgment, or settlement of a complaint, arbitration, or lawsuit of which Participant was the subject; to satisfy any obligation or debt that Participant owes the Company or its affiliates; or
in the event any equity award is canceled pursuant to its terms 

        8.    Entire Agreement; No Right to Employment.    The Prospectus, the original option grant agreement and this
Notification constitute the entire understanding between the parties hereto regarding the Reload Option and supersede all previous written, oral, or implied understandings between the parties hereto
about the subject matter hereof. Nothing contained herein, in the Plan, or in the Prospectus shall confer upon the Participant any rights to continued employment or employment in any particular
position, at any specific rate of compensation, or for any particular period of time. 

        9.    Arbitration; Conflict; Governing Law.    Any disputes regarding the Reload Option shall be resolved by
arbitration in accordance with the Company's arbitration policies. In the absence of an effective arbitration policy, Participant understands and agrees that any dispute related to the Reload Option
shall be submitted to arbitration in accordance with the rules of the American Arbitration Association, if so elected by the Company in its sole discretion. In the event of a conflict between the Plan
and this Notification, or the terms, conditions, and restrictions of the Reload Option as specified in the Prospectus, the Plan shall control. This Notification shall be governed by the laws of the
State of New York (regardless of conflict of laws principles) as to all matters, including, but not limited to, the construction, application, validity and administration of the Reload Option and the
Plan. 

        10.    Acceptance and Agreement by Participant.    By accepting this Reload Option, Participant agrees to be bound by
the terms, conditions, and restrictions set forth in the Prospectus, this Notification, and the Company's policies, as in effect from time to time, relating to the administration of the Plan. 

CITIGROUP INC.

By:                                       
                                          
                     
 

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[FORM OF RELOAD OPTION GRANT NOTIFICATION]

RELOAD STOCK OPTION GRANT NOTIFICATION (1) (Grant dated mm/dd/yy)EXHIBIT 10.1

                                                                          FINAL

To:   Jay Margolis

From: Paul Fireman

Date: October 19, 2004

         As you have been informed, the decision has been made to terminate your
employment with Reebok International Ltd. (the "Company," "Reebok" or "RIL")
effective as of November 30, 2004 (the "Separation Date") pursuant to Section
10F of the Employment Agreement between you and Reebok that became effective
December 5, 2001 (the "Employment Agreement"). By your signature below, you
resign as a member of RIL's Board of Directors, as President and Chief Operating
Officer and as an executive officer of RIL effective immediately. Your actual
employment with RIL will not end until November 30.

         In order to help minimize the financial disruption and assist you
through this transition, the Company offers you the following severance benefits
in accordance with the terms and conditions of this letter agreement (the
"Agreement") and pursuant to Section 11C of the Employment Agreement.

         SEVERANCE BENEFITS

         A. SALARY CONTINUATION. Reebok agrees to pay your present base salary
for up to eighteen (18) months beginning as of December 1, 2004, and continuing
until May 31, 2006, or the date you secure new employment, whichever occurs
first (the "Severance Period"). These payments will be subject to all applicable
federal and state taxes and other employment related deductions. For purposes of
this Agreement, "new employment" shall mean a full-time job; or a part-time job
or consulting relationship in which you earn a substantial portion of your
previous compensation at RIL, as determined by the Company in its sole
discretion. "New employment" for this purpose shall not include employment in
teaching, government, public service or service as a corporate director, or work
for fewer than twenty-five (25) hours per week either as a consultant or
employee of a not-for-profit company. If you obtain new employment before May
31, 2006, the Company will pay you, within two weeks of being notified of such
new employment, a lump sum cash amount equal to one-half of the remaining
portion of your salary continuation. Notwithstanding the foregoing, if you are
re-hired by Reebok or re-hired by any Reebok subsidiary or affiliated
organization, your salary continuation and all other severance benefits will
cease on the date of such re-employment and you will not be entitled to any lump
sum or other payment. You should understand, however, that the Company and its
affiliated organizations have no obligation to rehire you as an employee. To the
extent any such time exists, you will also be paid for all previously accrued,
but unused, vacation time as of the Separation Date.

                                       1

<Page>

         B. BONUS. Pursuant to the terms of the 2004 Global Performance
Incentive Plan and Section 4(i) of the Employment Agreement, you will not be
eligible to receive a bonus for calendar year 2004.

         C. BENEFITS. To the same extent you are currently enrolled in such
programs, Reebok will continue your participation in its medical and dental
insurance programs through the end of May 2006, or the last day of the month in
which you obtain other employment or secure other insurance coverage, whichever
is earlier. Thereafter, you will be eligible for continuation of these benefits
under the federal law known as COBRA. You will receive detailed information
about COBRA, and how to elect coverage, upon reaching the end of the Severance
Period. If you elect COBRA, your qualifying start date will be the last day of
the Severance Period. In addition, Reebok will continue your participation in
its life and supplemental life insurance and AD&D programs through the end of
the last day of month in which Severance Period ends, or the last day of the
month in which you obtain other employment or secure other insurance coverage,
whichever is earlier. During the 30 day period following the end of the
Severance Period you may elect to convert such insurance to an individual
policy. You agree that, with the exception of the foregoing, your participation
in all other Company benefit programs will terminate on the Separation Date.

         Please be aware that any money you have in the Reebok Retirement and
Profit-Sharing Plan and/or Executive Deferred Compensation Plan will be treated
according to the provisions of the applicable plans. For your information, as of
September 30, 2004, your current vested balance in the Executive Deferred
Compensation Plan (which includes any deferred salary and bonuses) is
$1,126,474.09. You should contact Ted Manley in the Benefits Department to
discuss procedures and timing for the distribution of this amount.

         D. OUTPLACEMENT. The Company will also arrange for outplacement
services to be provided to you by the outplacement firm of Transitions Solutions
for a period of 12 months. The services will be available starting upon the
effective date of this Agreement, but must be commenced within 30 days of
starting the Severance Period.

         E. STOCK OPTIONS AND RESTRICTED STOCK. Any vested unexercised options
to purchase Reebok Common Stock that you hold as of the Separation Date, as set
forth in the first table on SCHEDULE 1, may be exercised by you at any time
before March 18, 2005, after which they will be automatically canceled. In
exchange for your continued and active assistance with transition matters for at
least two months after the Separation Date and for your compliance with all of
the continuing obligations discussed in this Agreement, you will be allowed to
vest in the two options coming due in December 2004, and the option tranch
coming due in December 2005 as set forth in the second table on SCHEDULE 1. The
December 2004 options, once vested, may be exercised before March 18, 2005,
after which they will be automatically canceled. The December 5, 2005 tranch,
once vested, may be exercised before March 5, 2006, after which they will be
automatically canceled. SCHEDULE 1 sets forth key information on these specific
grants and the future vesting dates. In order to confirm these numbers and
exercise these options you must contact our stock option program administrator,
Merrill Lynch. Their phone number is 866/RBK-INTL.

                                       2

<Page>

         Pursuant to the explicit terms of Section 6 of your Restricted Stock
Certificate dated December 5, 2001, all 100,000 shares of restricted stock (the
"Restricted Shares") will be accelerated and all restrictions removed as of the
Effective Date. You shall cooperate to effect delivery of the Restricted Shares
in accordance with the terms of all federal and state laws and regulations as
interpreted by Company counsel. Without in any way limiting the generality of
the foregoing, the Company may require that the certificate(s) representing
Restricted Shares bear a legend restricting the transfer thereof except upon
compliance with the conditions stated herein and the federal and state
securities laws and that you, as a condition for delivery, make such
representation or agreement, if any, as may be required in the opinion of such
counsel to avoid violation of any laws or regulations, including without
limitation, the registration or other provisions of the Securities Act of 1933.
No Restricted Shares will be delivered to you unless and until you remit to the
Company an amount sufficient to satisfy any federal, state or local withholding
tax requirements (including, without limitation, any amount required under
FICA), or makes other arrangements satisfactory to the Company with regard to
the payment of such taxes. We have calculated the current employment withholding
tax requirement as $1,459,997.

         F. MISCELLANEOUS. Your personal car and expense allowances will end
upon the commencement of the Severance Period.

         G. NON-COMPETE AND NON-RECRUITMENT. As provided for in Section I.B of
the Non-Competition Agreement entered into and signed in connection with the
execution of the Agreement as Exhibit C (the "Non-Competition Agreement"),
Reebok hereby waives, EXCEPT in the case of and/or as regards Nike, Adidas,
Timberland, K Swiss, Puma, Stride Rite, New Balance, VF Corporation and Russell
Corporation, and their parents, subsidiaries, divisions, successors and
affiliates (the "Prohibited Companies"), its option to extend the
Non-Competition Requirement past the Separation Date. Notwithstanding that
waiver, or anything else contained in this Agreement or in the Non-Competition
Agreement and/or in the Employment Agreement, Reebok, as provided for in Section
I.B.(1) of the Non-Competition Agreement, elects hereby to extend the duration
of the Non-Competition Requirement for twelve (12) months from the Separation
Date. By way of example only, but in no way limiting or modifying the forgoing,
you shall be permitted to immediately seek and obtain employment with any
company that is not a Prohibited Company, but you are not permitted and shall
not, directly or indirectly, own, manage, operate, control, invest in, make
loans or advances to, be employed by, act as an officer, director, agent or
consultant for, or be in any other way connected with, any of the Prohibited
Companies.

                                       3

<Page>

         Notwithstanding the forgoing and/or anything contained in this
Agreement and/or in the Non-Competition Agreement and/or in the Employment
Agreement, the remaining provisions of the Non-Competition Agreement shall
remain in force and effect, including but not limited to the prohibitions
contained in paragraph II of the Non-Competition Agreement and Paragraph 6 of
the Company's Standard Employee Agreement that prohibits you from soliciting,
hiring, attempting to hire, or assisting in hiring any employee of Reebok or any
of its subsidiaries or affiliates, or otherwise persuading or attempting to
persuade any such employee to discontinue his/her employment relationship with
Reebok or any of its subsidiaries or affiliates (the "Prohibited Hiring
Activities"), for a period of eighteen (18) months following the Separation
Date. By way of example, but in no way limiting or modifying the forgoing, you
may immediately seek and obtain employment with any company that is not a
Prohibited Company, but may not, under any circumstances engage in the
Prohibited Hiring Activities.

         Without limiting or in any way modifying the forgoing, Employee may in
good faith request that Reebok further waive the Non-Competition Requirement as
regards one or more of the Prohibited Companies; PROVIDED, HOWEVER, that, as
provided for in the Non-Competition Agreement, it shall remain throughout the
Non-Competition Requirement in Reebok's sole discretion to decide whether and/or
to what extent to grant any such waiver and you, by signing this Agreement,
acknowledge the same.

         H. CONTINUING OBLIGATIONS. Please be aware that the payment and
provision of the severance benefits will be contingent upon your continuing to
make active, good faith efforts to find new employment.

         In exchange for the Company providing the severance benefits set forth
in this Agreement, you agree to provide information and services (including
without limitation, cooperation in litigation and transition assistance) to
Reebok, if so requested, during the Severance Period for no additional
compensation. This includes signing, and providing information to assist with
the completion of, any and all necessary Board and corporate executive officer
filings. The Company will continue to complete and file all mandatory SEC and
NYSE corporate documents on your behalf for transactions in RIL stock. In
addition, you must meet with the CEO and other Company executives as requested
during the remainder of your active employment and for the Severance Period. All
of these post-Separation Date services, however, shall not exceed sixteen (16)
hours per week during the Severance Period.

         As part of this Agreement, you agree to cooperate with the Company
(including without limitation, responding to inquiries by and providing relevant
information to, the Legal Department, and testifying both in court and at
depositions as to facts related to your employment) in connection with any
litigation or legal dispute currently pending and any future litigation or legal
dispute that relates to the operations of the Company during the term of your
employment with the Company. The Company will reimburse you for any reasonable
out of pocket costs incurred by you in connection with your cooperation
hereunder.

                                       4

<Page>

         You agree that you will comply with the obligations set forth in the
Reebok Employee Agreement and your Employment Agreement, and that after the
Separation Date, you will comply with the post-termination obligations of those
agreements. Furthermore, you agree, as a condition of this Agreement, not to
discuss with any third party, other than prospective employers, your attorney or
other advisor or family members, anything related to the termination of your
employment or the terms of this Agreement.

         You also agree that you will not disparage or make damaging or
unfavorable statements regarding the Company or any of its subsidiaries,
divisions, employees, products, policies, decisions, advertising, marketing or
other programs (the "Reebok Entities") to anyone, including without limitation,
current and former employees, customers, vendors, suppliers, factories, the
press and industry financial analysts. You will also not speak favorably of
competitors or their products in a manner that has the effect of discrediting
Company Products or promoting the products of a competitor. In addition, without
the express approval of the Chief Executive Officer, you shall not communicate
in any capacity with the press or any industry financial analyst during the
remainder of your active employment and during the Severance Period (with a
minimum of one year from the Separation Date) on matters pertaining to Reebok
Entities.

         You recognize that any violation of these post-termination continuing
obligations (including without limitation, your non-disparagement,
non-recruitment, confidentiality and non-competition obligations) may result, in
the Company's sole discretion, in the immediate cessation of your Salary and
Benefits continuation and the immediate cancellation of any unvested stock
options. These negative results will not in any way curtail Reebok's ability to
seek additional redress in the form of injunctions or damages, as appropriate,
based on any violations.

         Reebok wants to be certain that the payment and provision of the
severance benefits set forth in this Agreement will resolve any and all
dissatisfactions that you might have and, in that regard, requests that you
carefully consider the following Release of All Claims. The provision of these
financial and other benefits is conditioned upon your signing this Agreement,
which includes the following Release of All Claims.

         RELEASE OF ALL CLAIMS

         This Agreement shall be in complete and final settlement of, and
releases the Company and all those connected with it from any and all causes
of action, claims, demands or liabilities (whether or not currently known or
suspected to exist by you) that you have had, now have or may now have, in
any way related to your employment, events or actions occurring during the
course of your employment, and the termination of your employment, or
pursuant to any federal, state or local law or regulation, including, but not
limited to: any alleged violation of The National Labor Relations Act, as
amended; Title VII of the Civil Rights Act of 1964, as amended; Sections 1981
through 1988 of Title 42 of the United States Code, as amended; the Fair
Labor Standards Act, 29 U.S.C. sec. 201, ET SEQ., the Age Discrimination in
Employment Act of 1967, 29 U.S.C. ss.623, ET SEQ. as amended, the Employee
Retirement Income Security Act of 1974, 29 U.S.C. sec 1001, ET SEQ., the
Immigration Reform Control Act, as amended; the Occupational Safety and
Health Act, as amended; the Civil Rights Act of 1866, 29 U.S.C. sec 1981, ET
SEQ., the Rehabilitation Act of 1973, 29 U.S.C. sec 701, ET SEQ., the
Americans with

                                       5

<Page>

Disabilities Act, as amended; The Family Medical Leave Act; the Civil Rights Act
of 1991, the Massachusetts Wage and Hour Laws, G.L. cs.149 and 151; the
Massachusetts Law Against Discrimination, G.L. c. 151B; the Massachusetts Equal
Rights Act, G.L. c. 93; the Massachusetts Civil Rights Act, G.L. c. 12, sec 11H
and 11I; the Massachusetts Privacy Statute, G.L. c. 214, sec 1B as amended; The
Massachusetts Sexual Harassment Statute, G.L. c. 214, sec 1C; any other federal,
state or local civil or human rights law, or any other local, state or federal
law, regulation, or ordinance; any public policy, contract, tort, or common law;
or any allegation for costs, fees, or other expenses including attorneys' fees
incurred in these matters excepting only claims in the nature of workers'
compensation, claims for vested benefits, and claims to enforce this agreement.

         You also agree that you will never institute any claim, suit or action
against the Company or those connected with it in any court or agency that
relates to your employment or the termination of your employment; provided,
however, that nothing herein is intended to or shall preclude you from seeking a
judicial determination of the validity of the agreement under the ADEA or from
filing a complaint and/or charge with any government agency or cooperating with
said agency in its investigation. However, you shall not be entitled to receive
any recovery or monies in connection with any charge against the Company
regardless of who brought the charge. In addition, this Release of All Claims
shall not be construed to release any rights or claims you may have as a former
director and officer of RIL under the Company's charter, bylaws, articles of
incorporation to seek indemnification from the Company or our insurance carriers
with respect to a potential future claim for directors' and officers' liability
insurance coverage.

         This Agreement will constitute the entire agreement between you and the
Company with respect to all matters discussed in this Agreement, and will
supersede any and all other prior agreements between you and the Company with
respect to matters relating to your employment by the Company, the termination
of your employment, or any other matters covered in this Agreement, except for
those agreements specifically referenced herein (that is, the Employee
Agreement, the Reebok Employee Agreement and the Non-Competition Agreement).
Your signature below also authorizes the Company to deduct any amounts owed to
it by you (other than 401(k) loans) from the pay continuation. You acknowledge
that you have been advised by Reebok to seek the advice of an attorney before
signing this Agreement, afforded sufficient time to do so, and that you fully
understand the terms of this Agreement. Your signature below also certifies that
your agreement is made voluntarily, knowingly and without duress, and that
neither Reebok nor its agents have made any statements or representations
inconsistent with the written provisions of this Agreement. Should any provision
of this Agreement be determined by any court or other body to be illegal or
invalid, the validity of the remaining provisions shall not be affected thereby.

                                       6

<Page>

         Reebok and you hereby acknowledge that because you are over 40 years of
age, you are granted specific rights under the Older Workers Benefit Protection
Act ("OWBPA"), which prohibits discrimination on the basis of age. The Release
of all Claims above is intended to release any right that you may have to file a
claim against Reebok alleging discrimination on the basis of age. Consistent
with the provisions of the OWBPA, Reebok will provide you with up to twenty-one
(21) days to consider and accept the terms of this Agreement. You have the right
to consult with an attorney concerning this Agreement and you may choose to do
so. You will also have seven (7) days after signing this Agreement to revoke
your acceptance of its terms by delivering notice of the same in writing to the
attention of the General Counsel at Reebok. To be effective, such notice must be
hand delivered, or postmarked within the seven day period and sent by certified
mail, return receipt requested, to the attention of General Counsel, Reebok
International Ltd., Legal Department, 1895 J.W. Foster Boulevard, Canton, MA
02021. If the Agreement is not so revoked, its terms will become fully effective
and binding on the eighth day following your execution of the Agreement.

<Table>
<S>                                             <C>
JAY MARGOLIS                                    REEBOK INTERNATIONAL LTD.

/s/ Jay Margolis                                /s/ Robert B. Myers
----------------------------------              -------------------------------
Signature                                       Signature

Jay Margolis                                    Robert B. Myers
----------------------------------              -------------------------------
Print Name                                      Print Name

10/20/04                                        10/20/04
----------------------------------              -------------------------------
Date                                            Date
</Table>

                                       7

<Page>

                                                                    SCHEDULE 1

                      OPTIONS VESTED AS OF SEPARATION DATE
<Table>
<Caption>
==================================================================================================================
           OPTION GRANT DATE                 NUMBER OF SHARES EXERCISABLE             OPTION EXERCISE PRICE
                                                                                            PER SHARE
------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>                                    <C>
December 18, 2000                                      112,500                                $22.84
------------------------------------------------------------------------------------------------------------------

December 5, 2001                                       100,000                                $24.00
==================================================================================================================
</Table>

                ADDITIONAL OPTIONS VESTING AFTER SEPARATION DATE

<Table>
<Caption>
==================================================================================================================
           OPTION GRANT DATE                   NUMBER OF SHARES VESTING               OPTION EXERCISE PRICE
                                                  (AND VESTING DATE)                        PER SHARE
------------------------------------------------------------------------------------------------------------------
<S>                                              <C>                                          <C>
December 18, 2000                                       37,500                                $22.84
                                                 (DECEMBER 18, 2004)
------------------------------------------------------------------------------------------------------------------

December 5, 2001                                       100,000                                $24.00
                                                  (DECEMBER 5, 2004)
------------------------------------------------------------------------------------------------------------------

December 5, 2001                                       100,000                                $24.00
                                                  (DECEMBER 5, 2005)
==================================================================================================================
</Table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]