Document:

<Page>

November 6, 2000                                                  Exhibit 10.59

Louisville Gas and Electric Company
820 West Broadway
Louisville, KY 40202

Attention:  Mr. J. Clay Murphy

Gentlemen:

     Reference is made to the Transportation Agreement (Agreement) dated
November 1, 1993, as amended, between Texas Gas Transmission Corporation (Texas
Gas) and Louisville Gas and Electric Company (LG&E) providing for the
transportation of natural gas by Texas Gas for LG&E.

     Accordingly, Texas Gas and LG&E hereby desire to amend the Agreement
(originally referred to as the 8-year agreement) between them as follows:

     A.   ARTICLE V, TERM OF AGREEMENT, shall be deleted in its entirety and
replaced with the following:

          5.1  This Agreement shall become effective upon its execution and
remain in full force and effect with a primary term beginning November 1, 1993,
(with the rates and charges described in Article VIII becoming effective on that
date) and extending through October 31, 2006. At the end of such primary term of
five (5) years, unless Customer terminates this Agreement at the end of such
primary or roll-over term by giving Texas Gas at least 365 days advance written
notice prior to the expiration of the primary term of any subsequent roll-over
term.

          5.2  In the event that any applicable state law, order, or regulation
requires Customer, or permits Customer and Customer so elects, to unbundle its
services at the retail level prior to October 31, 2006, and such unbundling
results in Customer holding Daily Contract Demand and Seasonal Quantity
Entitlements that Customer determines would be in excess of the levels required
to enable Customer to provide service after unbundling, then Texas Gas and
Customer agree to renegotiate this Agreement in good faith to devise terms and
conditions that are mutually acceptable to both parties. Customer shall initiate
such renegotiation as soon as practicable after it becomes aware that retail
unbundling will have a definite effect on this Agreement. Customer shall also
attempt to minimize the extent to which capacity subject to this Agreement
becomes surplus to Customer's requirements by directly assigning any surplus
capacity at prevailing contractual rates to any replacement shipper.

               If Texas Gas and Customer are unable to successfully renegotiate
this Agreement, and Customer pursues the assignment of surplus capacity
described above, but nonetheless all or part of the capacity reflected in this
Agreement becomes unneeded, then Customer shall have the option to elect to
reduce its Daily Contract Demand and related Seasonal Quantity Entitlements by
an amount determined by Customer to be equal to the capacity which has or will
become unneeded pursuant to any such unbundling of services. If Customer
exercises such reduction option, Customer agrees to provide Texas Gas with
written notice of its election to reduce its Daily Contract Demand and Seasonal
Quantity Entitlements. Such notice shall include a waiver of any right of first
refusal, if any, applicable to the Daily Contract Demand which Customer elects
to reduce. Such reduction shall become effective one (1) year from the first day
of the first month following the receipt of

<Page>

Customer's written notice of its election to reduce. Nothing herein shall
prevent Customer from exercising such reduction right more than once during the
remaining term of this Agreement.

     This amendment shall become effective upon its execution and shall remain
in force for a term to coincide with the term of the Agreement.

     The operation of the provisions of this amendment shall be subject to all
applicable governmental statutes and all applicable and lawful orders, rules,
and regulations.

     Except as herein amended, the Agreement between the parties hereto shall
remain in full force and effect.

     If the foregoing is in accordance with your understanding of our Agreement,
please execute both copies and return to us. We will, in turn, execute them and
return one copy for your records.

                                            Very truly yours,

LOUISVILLE GAS AND ELECTRIC COMPANY         TEXAS GAS TRANSMISSION CORPORATION

LOUISVILLE GAS AND ELECTRIC COMPANY         TEXAS GAS TRANSMISSION CORPORATION

By:    /s/ Rebecca L. Farrar                   By:  /s/ H. Dean Jones II
       ---------------------------                  ---------------------------

Title  Senior Vice President-Distribution      ATTEST:  /s/ Sherry L. Rice
       -----------------------------------              -----------------
          Operations                                          Asst. Sec.

AGREED TO AND ACCEPTED this 20th of November, 2000<Page>

September 15, 1999                                                 Exhibit 10.60

Louisville Gas and Electric Company
820 West Broadway
Louisville, KY 40202

Attention:  Mr. J. Clay Murphy

Gentlemen:

     Reference is made to the Transportation Agreement (Agreement) dated
March 1, 1995, as amended, between Texas Gas Transmission Corporation (Texas
Gas) and Louisville Gas and Electric Company (LG&E) providing for the
transportation of natural gas by Texas Gas for LG&E.

     Accordingly, Texas Gas and LG&E hereby desire to amend the Agreement
between them as follows:

     A.   ARTICLE V, TERM OF AGREEMENT, Section 5.2, for the two-year
Agreement with an original primary term through October 31, 1995, shall be
deleted in its entirety and replaced with the following Section 5.2:

          5.2  In the event that any applicable state law, order, or regulation
requires Customer, or permits Customer and Customer so elects, to unbundle its
services at the retail level prior to October 31, 2005, and such unbundling
results in Customer holding Daily Contract Demand and Seasonal Quantity
Entitlements that Customer determines would be in excess of the levels required
to enable Customer to provide service after unbundling, then Texas Gas and
Customer agree to renegotiate this Agreement in good faith to devise terms and
conditions that are mutually acceptable to both parties. Customer shall initiate
such renegotiation as soon as practicable after it becomes aware that retail
unbundling will have a definite effect on this Agreement. Customer shall also
attempt to minimize the extent to which capacity subject to this Agreement
becomes surplus to Customer's requirements by directly assigning any surplus
capacity at prevailing contractual rates to any replacement shipper.

               If Texas Gas and Customer are unable to successfully renegotiate
this Agreement, and Customer pursues the assignment of surplus capacity
described above, but nonetheless all or part of the capacity reflected in this
Agreement becomes unneeded, then Customer shall have the option to elect to
reduce its Daily Contract Demand and related Seasonal Quantity Entitlements by
an amount determined by Customer to be equal to the capacity which has or will
become unneeded pursuant to any such unbundling of services. If Customer
exercises such reduction option, Customer agrees to provide Texas Gas with
written notice of its election to reduce its Daily Contract Demand and Seasonal
Quantity Entitlements. Such notice shall include a waiver of any right of first
refusal, if any, applicable to the Daily Contract Demand which Customer elects
to reduce. Such reduction shall become effective one (1) year from the first day
of the first month following the receipt of Customer's written notice of its
election to reduce. Nothing herein shall prevent Customer from exercising such
reduction right more than once during the remaining term of this Agreement.

     This amendment shall become effective November 1, 2000, and shall remain in
force for a term to coincide with the term of the Agreement.

     The operation of the provisions of this amendment shall be subject to all
applicable governmental statutes and all applicable and lawful orders, rules,
and regulations.

<Page>

     Except as herein amended, the Agreement between the parties hereto shall
remain in full force and effect.

     If the foregoing is in accordance with your understanding of our Agreement,
please execute both copies and return to us. We will, in turn, execute them and
return one copy for your records.

                                            Very truly yours,

LOUISVILLE GAS AND ELECTRIC COMPANY         TEXAS GAS TRANSMISSION CORPORATION

By:   /s/ Rebecca L. Farrar                 By:  /s/ Kim R Cocker
      --------------------------                 ---------------------

Title Vice President-Gas Service            ATTEST: /s/ Sherry L. Rice
      ---------------------------                   ------------------
         Business                                        Asst. Sec.
         --------

AGREED TO AND ACCEPTED this 21st day of September, 1999<Page>

                                                                EXHIBIT 10.8 (b)

                       THE TIMBERLAND PROFIT SHARING PLAN

             As Amended and Restated Effective as of January 1, 1997

<Page>

<Table>
<S>                                                                              <C>
INTRODUCTION .......................................................................I

      1.1  Establishment of Plan....................................................v
      1.2  Compliance With Code and ERISA...........................................v
      1.3  Compliance With Requirements of Puerto Rico..............................v
      1.4  Exclusive Benefit of Participants........................................v
      1.5  Limitation on Rights Created by Plan.....................................v
      1.6  Application of Plan's Terms..............................................v
      1.7  Benefits Not Guaranteed..................................................v

ARTICLE II  DEFINITIONS.............................................................V

      2.1  Applicable compensation.................................................vi
      2.2  Beneficiary.............................................................vi
      2.3  Code....................................................................vi
      2.4  Committee...............................................................vi
      2.5  Employee................................................................vi
      2.6  Employer................................................................vi
      2.7  ERISA...................................................................vi
      2.8  Participant.............................................................vi
      2.9  Plan....................................................................vi
      2.10  Plan year..............................................................vi
      2.11  Timberland.............................................................vi
      2.12  TREK plan...............................................................3
      2.13  Trust agreement.......................................................vii
      2.14  Trust fund............................................................vii
      2.15  Trustees..............................................................vii

ARTICLE III  SERVICE RULES........................................................VII

      3.1  Service Defined........................................................vii
      3.2  Determining Years of Service...........................................vii
      3.3  Employment Defined.....................................................vii
      3.4  Affiliated Employer Defined............................................vii

ARTICLE IV  PARTICIPATION........................................................VIII

      4.1  Eligible Class........................................................viii
      4.2  Participation.........................................................viii
      4.3  End of Participation..................................................viii
      4.4  Participation upon Reemployment.......................................viii
      4.5  Special Rule for Leased Employees.......................................ix
      4.6  Military Service........................................................ix
</Table>

<Page>

<Table>
<S>                                                                             <C>
ARTICLE V  EMPLOYER CONTRIBUTIONS..................................................IX

      5.1  Amount of Employer Contributions........................................ix
      5.2  Form and Time of Contribution...........................................ix
      5.3  Return of Contribution Made in Error or Not Deductible..................ix

ARTICLE VI  ROLLOVER CONTRIBUTIONS.................................................IX

      6.1  Rollover Contributions..................................................ix
      6.2  In-Service Withdrawals From Rollover Account.............................x

ARTICLE VII  ACCOUNTS AND ALLOCATIONS...............................................X

      7.1  Establishment of Accounts................................................x
      7.2  Allocating Employer Contributions and Forfeitures.......................xi
      7.3  Allocating Rollover Contributions.......................................xi
      7.4  Charges to Accounts.....................................................xi
      7.5  415 Maximum Additions...................................................xi
      7.6  Valuation of Assets....................................................xii
      7.7  Allocating Investment Experience.......................................xii
      7.8  Segregated Accounts....................................................xii
      7.9  Investment of Funds....................................................xii

ARTICLE VIII  DISTRIBUTIONS.......................................................XIV

      8.1  Distribution Upon Retirement or Disability.............................xiv
      8.2  Distribution Upon Other Termination of Employment......................xiv
      8.3  Time of Distribution...................................................xiv
      8.4  Required Distribution Date..............................................xv
      8.5  Distribution Upon Death of a Participant................................xv
      8.6  Direct Rollover of Distribution........................................xvi

ARTICLE IX  AMENDMENT, MERGER AND TERMINATION OF PLAN.............................XVI

      9.1  Amendment of Plan......................................................xvi
      9.2  Merger of Plans.......................................................xvii
      9.3  Termination...........................................................xvii
      9.4  Effect of Termination.................................................xvii

ARTICLE X  NAMED FIDUCIARIES.....................................................XVII

      10.1  Identity of Named Fiduciaries........................................xvii
      10.2  Responsibilities and Authority of Committee..........................xvii
      10.3  Responsibilities and Authority of Trustees..........................xviii
      10.4  Responsibilities of Timberland......................................xviii
      10.5  Responsibilities Not Shared.........................................xviii
</Table>

<Page>

<Table>
<S>                                                                             <C>
      10.6  Procedure for Allocation and Delegation of Responsibilities.........xviii
      10.7  Dual Fiduciary Capacity Permitted...................................xviii
      10.8  Actions by Timberland.................................................xix
      10.9  Advice................................................................xix
      10.10  Indemnification......................................................xix

ARTICLE XI  THE COMMITTEE.........................................................XIX

      11.1  Appointment...........................................................xix
      11.2  Notice to Trustees....................................................xix
      11.3  Administration of Plan................................................xix
      11.4  Impossible or Difficult Performance....................................xx
      11.5  Reporting and Disclosure...............................................xx
      11.6  Records................................................................xx
      11.7  Compensation and Expenses..............................................xx
      11.8  Decisions, Rules and Regulations.......................................xx
      11.9  Secretary of the Committee.............................................xx
      11.10  Claims Review Procedure..............................................xxi

ARTICLE XII  MISCELLANEOUS.......................................................XXII

      12.1  Nonalienation of Benefits............................................xxii
      12.2  Qualified Domestic Relations Orders..................................xxii
      12.3  Payment to Minors and Incompetents..................................xxiii
      12.4  Current Address of Payee............................................xxiii
      12.5  Disputes Over Entitlement to Benefits...............................xxiii
      12.6  Payment of Benefits.................................................xxiii
      12.7  Top Heavy Plan Provisions...........................................xxiii
      12.8  Statutory References..................................................xxv
      12.9  Rules of Construction.................................................xxv
      12.10  Text Controls.......................................................xxvi
      12.11  Applicable State Law................................................xxvi
</Table>

<Page>

                                  INTRODUCTION

     1.1 ESTABLISHMENT OF PLAN. The Timberland Company established this plan
effective as of January 1, 1991. The plan is hereby amended and restated
effective as of January 1, 1997 and such other dates as are noted herein.

     1.2 COMPLIANCE WITH CODE AND ERISA. This plan is intended to qualify as a
profit sharing plan under Code Section 401(a). Contributions under the plan are
not conditioned on the existence of current or accumulated profits. The plan
will be interpreted in a manner that comports with these intentions.

     1.3 COMPLIANCE WITH REQUIREMENTS OF PUERTO RICO. The participation in this
plan by employees whose applicable compensation is subject to income tax in the
Commonwealth of Puerto Rico is intended to satisfy the tax qualification
requirements of the Commonwealth of Puerto Rico. The plan will be administered,
and its terms interpreted, in a manner that satisfies this intention.

     1.4 EXCLUSIVE BENEFIT OF PARTICIPANTS. The plan is for the exclusive
benefit of participants and their beneficiaries. Contributions are made to the
trust fund for the purpose of accumulating and investing such funds on a
tax-deferred basis and distributing benefits to participants and their
beneficiaries in accordance with the plan. Except as provided in Section 5.3 and
Section 12.2, no part of the trust fund will be used for or diverted to purposes
other than for the exclusive benefit of participants and their beneficiaries and
defraying those reasonable expenses of administering the plan and trust fund not
paid by the employers.

     1.5 LIMITATION ON RIGHTS CREATED BY PLAN. Nothing appearing in the plan
will be construed (a) to give any person any benefit, right or interest except
as expressly provided herein, or (b) to create a contract of employment or to
give any employee the right to continue as an employee or to affect or modify
his terms of employment in any way.

     1.6 APPLICATION OF PLAN'S TERMS. The benefits and rights of a participant
and his beneficiaries under the plan will be determined in accordance with the
terms of the plan that are in effect on the date that contributions on a
participant's behalf are made or credited to his accounts, or on the date of the
participant's retirement, total disability, death or other termination of
service, whichever may be applicable.

     1.7 BENEFITS NOT GUARANTEED. The employers, the trustees and the Committee
do not guarantee the amount of benefits hereunder. Benefits will be paid only
from and to the extent of the assets of the trust fund. It is a condition of
participation in the plan that each participant and his beneficiaries will look
solely to such assets for any benefit due him hereunder.

                                   ARTICLE II
                                   DEFINITIONS

This article contains a number of definitions of terms used in the plan. Other
terms are defined, explained or clarified in other articles. This is done for
convenience of plan administration. There is no significance to the location of
a definition.

<Page>

     2.1 "APPLICABLE COMPENSATION" of an employee for any plan year or other
period of reference is his total wages paid in cash from his employer for
services while a participant during such plan year or other period. Applicable
compensation also includes any contributions made by an employer to this plan or
another employee benefit program on behalf of the employee in accordance with a
salary reduction agreement under Code Sections 125, 129, 132(f) (effective
January 1, 1998) and 401(k).

The amount of a participant's applicable compensation taken into account under
the plan for any plan year will not exceed $160,000 ($200,000 effective January
1, 2002), as adjusted in accordance with Code Section 401(a)(17) for such year.

     2.2 "BENEFICIARY" means a person, class of persons or trust designated by a
participant under Section 8.5 or, if there is no such designation, by the plan
to receive a death benefit hereunder.

     2.3 "CODE" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor statute enacted in its place.

     2.4 "COMMITTEE" means the Compensation Committee of Timberland, constituted
under Article XI hereof to administer the plan.

     2.5 "EMPLOYEE" means an individual who is employed by an employer and who
is in the eligible class as described in Section 4.1. A director of an employer
will not be considered an employee unless he is also an employee of an employer.

     2.6 "EMPLOYER" means The Timberland Company and Timberland Retail, Inc., or
any successor organization to such companies, and any other entity that adopts
the plan with the consent of Timberland upon such terms and conditions as
Timberland determines. Employer may refer to each employer individually, or to
the employers collectively, as the context may require. Employers means any two
or more of such employers.

     2.7 "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, or any successor statute enacted in its place.

     2.8 "PARTICIPANT" means an employee or former employee whose participation
has begun and has not yet ended.

     2.9 "PLAN" means the Timberland Profit Sharing Plan, as set forth in this
plan document and as it may be amended from time to time.

     2.10 "PLAN YEAR" means the 12-month period beginning each January 1 during
the continuance of the plan.

     2.11 "TIMBERLAND" means The Timberland Company, or its successor.

     2.12 "TREK PLAN" means the Timberland Retirement Earnings 401(k) Plan.

<Page>

     2.13 "TRUST AGREEMENT" means the instrument executed by Timberland and the
trustees, as amended from time to time, fixing the rights and responsibilities
of each party with respect to the holding, investment and administration of the
trust fund.

     2.14 "TRUST FUND" means the property held by the trustees for the purposes
of the plan.

     2.15 "TRUSTEES" means the persons serving as co-trustees, or the corporate
person serving as sole trustee, at any time under the terms of the trust
agreement.

                                   ARTICLE III
                                  SERVICE RULES

     3.1 SERVICE DEFINED. Service of an employee means the sum of (a) any period
of his employment, whether or not continuous; and (b) each period, if any,
between a termination of his employment and his earliest subsequent
reemployment, but only if such reemployment occurs within one year after such
termination of employment.

     3.2 DETERMINING YEARS OF SERVICE. To determine an employee's years of
service, all periods of his service will be aggregated and 365 days will
constitute a year of service.

     3.3 EMPLOYMENT DEFINED. Employment of a person means his active service as
an employee of an employer including, for purposes of this Section, any
affiliated employers. A period of absence from active service will be considered
part of his employment if he receives compensation from an employer for such
period or if such period falls in one of the following categories (whether or
not he receives applicable compensation for such period):

          (a) leave of absence due to sickness, accident or other reason, for
the period authorized by his employer; provided he returns to active service
with his employer at the end of such period of authorized absence.

          (b) absence for military service for which his reemployment rights are
protected by law; provided he returns to active service as an employee within
the period when his reemployment rights are protected by law (or within such
longer period as his employer in its discretion permits).

     3.4 AFFILIATED EMPLOYER DEFINED. Affiliated employer means any corporation
(other than an employer) which is included in a controlled group of corporations
as defined in Code Section 414(b) with an employer, any unincorporated trade or
business which is under common control with an employer within the meaning of
Code Section 414(c), any affiliated service group or management function
organization as defined in Code Section 414(m) which includes an employer, and
any trade or business which is required to be aggregated with an employer under
Code Section 414(o).

<Page>

                                   ARTICLE IV
                                  PARTICIPATION

     4.1 ELIGIBLE CLASS. An employee is in the eligible class if he is an
employee of Timberland Retail, Inc. who is paid on an hourly basis. However,
hourly employees at Timberland corporate headquarters are not in the eligible
class.

The plan administrator's designation or classification of an individual when
that individual is included or excluded from active participation shall be
conclusive for purposes of determining whether or not an individual is part of
the eligible class. No classification or reclassification of an individual's
status with an employer, for any reason, without regard to whether or not it is
initiated by a court, governmental agency or otherwise, shall result in the
individual being included as a member of the eligible class, unless so
determined by the employer. The term "eligible class" shall exclude: (a) any
individual with respect to whom compensation is not treated at the time of
payment as being subject to statutorily required payroll tax withholding, such
as withholding of Federal and/or state income tax and/or withholding of the
employee's share of Social Security Tax; (b) any individual performing services
for an employer who has entered into an independent contractor or consultant
agreement with an employer; (c) any individual performing services for an
employer under an independent contractor or consultant agreement, a purchase
order, a supplier or staffing agreement or any other agreement that an employer
enters into for services; (d) any individual employed by a temporary service or
agency; and (e) any independent sales representatives (including but not limited
to brokers).

     4.2 PARTICIPATION. Each employee in the eligible class who has completed
one year of service and attained age 21 by January 1, 1991 will become a
participant on that date. Each other employee in the eligible class will become
a participant on the entry date coinciding with or next following the date he
has completed one year of service and attained age 21.

Each January 1 and July 1 is an ENTRY DATE.

     4.3 END OF PARTICIPATION. A participant's active participation in the plan
will end on the termination of his service as an employee in the eligible class
for any reason. His participation will end when he has no further interest under
the plan.

     4.4 PARTICIPATION UPON REEMPLOYMENT.

          (a) A former active participant who returns to employment in the
eligible class will resume active participation on his reemployment date.

          (b) A former employee who satisfied the eligibility requirements of
Section 4.2 but whose employment terminated prior to his or her first entry date
will become a participant on the later of his first entry date or his
reemployment date if he is reemployed in the eligible class.

          (c) A former employee whose employment terminated before he satisfied
the eligibility requirements of Section 4.2 shall be come a participant in
accordance with Section 4.2.

<Page>

     4.5 SPECIAL RULE FOR LEASED EMPLOYEES. An individual who provides services
to an employer (or affiliated employer) as an employee of a temporary help
agency or other person and who is a "leased employee" within the meaning of Code
Section 414(n) is not eligible to participate in the plan while he is a leased
employee. If an individual in the eligible class was formerly a leased employee,
his service while a leased employee will be credited for vesting and eligibility
purposes to the extent required under Code Section 414(n).

     4.6 MILITARY SERVICE. Notwithstanding any provisions of this plan to the
contrary, contributions, effective as of December 12, 1994, benefits and service
credit with respect to qualified military service will be provided in accordance
with Section 414(u) of the Internal Revenue Code.

                                    ARTICLE V
                             EMPLOYER CONTRIBUTIONS

     5.1 AMOUNT OF EMPLOYER CONTRIBUTIONS. For each plan year, each employer
will make a contribution to the trust fund in such amount, if any, as Timberland
determines in its discretion. However, an employer is not required to make a
contribution in any plan year. An employer's determination of any amount to be
contributed to the trust fund will be final and conclusive.

     5.2 FORM AND TIME OF CONTRIBUTION. An employer's contribution for a plan
year will be paid to the trustees in cash. Such contribution will be paid to the
trustees no later than the due date (including extensions) for filing such
employer's federal income tax return for such year, or the due date (including
extensions) for filing the consolidated federal income tax return including such
employer.

     5.3 RETURN OF CONTRIBUTION MADE IN ERROR OR NOT DEDUCTIBLE. Each
contribution hereunder by an employer is conditioned on the requirements that
the plan, as established, will be determined to qualify under Code Section
401(a) and that the amount of the contribution will be deductible under Code
Section 404. If the plan applies for and fails to receive a favorable
determination letter from the Internal Revenue Service upon its initial
qualification, all amounts contributed by the employers will be returned to such
employers. If all or part of an employer's contribution is made because of a
mistake of fact, or if the deduction under Code Section 404 of any portion of an
employer's contribution is disallowed, the amount contributed because of a
mistake of fact or the amount for which the deduction is disallowed will be
returned to such employer if demand therefor is made within the time allowed by
law.

                                   ARTICLE VI
                             ROLLOVER CONTRIBUTIONS

     6.1 ROLLOVER CONTRIBUTIONS.

          (a) Subject to such conditions as the Committee may impose, an
employee in the eligible class (whether or not a participant) may make a
rollover transfer to the plan (or cause to be transferred to the trustees
directly from a qualified trust, qualified annuity plan, individual

<Page>

retirement account or individual retirement annuity) in cash in an amount which
constitutes a rollover eligible to be contributed to the plan under the
applicable provisions of the Code. A rollover into this plan from an individual
retirement account or individual annuity on behalf of an employee subject to the
income tax laws of the Commonwealth of Puerto Rico will not be permitted unless
the employee receives the applicable authorization from the Puerto Rico Treasury
Department. The Committee retains the discretion to refuse to accept a direct or
indirect transfer to this plan from another qualified plan if such transfer
would subject this plan to the qualified joint and survivor rules of Code
Section 401(a)(11) or that the holding of such rollover contribution or transfer
would be administratively burdensome.

          (b) The employer, the Committee and the trustees have no
responsibility for determining the propriety of, proper amount or time of, or
status as a tax-free transaction of any transfer under subsection (a) above.

          (c) If an employee who is not yet a participant makes a rollover
contribution under subsection (a) above, he will be considered to be a
participant with respect to such contribution only. He will not be a participant
for any other purpose of the plan and will not share in any contributions under
Section 7.2 until he completes the requirements for participation under Article
IV.

          (d) A rollover or transfer will be credited to a separate rollover
account in the name of the employee making such rollover contribution.

          (e) The Committee in its discretion may direct the return to the
employee (or the transfer to another trustees or custodian designated by the
employee) of any rollover contribution or transfer to the extent the Committee
determines that such return is necessary to insure the continued qualification
of this plan under Code Section 401(a).

     6.2 IN-SERVICE WITHDRAWALS FROM ROLLOVER ACCOUNT. A participant may make a
withdrawal from his rollover account at any time. An election to make an
in-service withdrawal from a participant's rollover account will be in writing
and on such form as the Committee may from time to time prescribe and such
election will be filed with the Committee. A withdrawal under this section will
be paid to the participant as soon as practicable after the first valuation date
which is at least 15 days after the Committee's receipt of the participant's
withdrawal form.

                                   ARTICLE VII
                            ACCOUNTS AND ALLOCATIONS

     7.1 ESTABLISHMENT OF ACCOUNTS. The Committee will establish and maintain a
profit sharing account in the name of each participant and a rollover account,
if appropriate, for such participant. Allocations and charges to such accounts
will be made as provided in the plan. Notwithstanding the existence of such
records of participants' accounts, the existence of such accounts will not be
deemed to give any participant, beneficiary or any other person any right, title
or interest in or to any specific assets or part of the trust fund.

<Page>

     7.2 ALLOCATING EMPLOYER CONTRIBUTIONS AND FORFEITURES. Each participant who
is an employee on the last day of a plan year is entitled to share under the
plan in any employer contributions for such year. Such employer contributions
will be allocated to the profit sharing account of each participant entitled to
share as of the last day of such plan year in the proportion that such
participant's applicable compensation bears to the total applicable compensation
of all participants eligible to share in the allocation for the plan year.

     7.3 ALLOCATING ROLLOVER CONTRIBUTIONS. Any rollover contribution or
transfer contributed on behalf of a participant will be allocated to such
participant's rollover account as of the valuation date coinciding with or
immediately following the date the trustee receives the rollover.

     7.4 CHARGES TO ACCOUNTS. Any amount distributed, paid, withdrawn or
transferred from an account will be a charge against such account as of the
first day of the valuation period in which the distribution, payment or
withdrawal occurs.

     7.5 415 MAXIMUM ADDITIONS. The following provisions place a limit on the
maximum annual additions which may be allocated to a participant's profit
sharing account by the employer (including affiliated employers).

          (a) 415 LIMIT. The annual additions to a participant's accounts for
any plan year (which is the limitation year for purposes of Code Section 415)
may not exceed the lesser of (i) $30,000 ($40,000 effective January 1, 2002), as
adjusted periodically for cost-of-living changes in accordance with Code Section
415 and regulations thereunder, or (ii) 25 percent (100 percent effective
January 1, 2002) of his total compensation for such year. For purposes of this
section, TOTAL COMPENSATION means a participant's total non-deferred
compensation from his employer for a plan year, as defined in Code Section 415
and applicable regulations. Effective as of January 1, 1998, total compensation
shall include any elective deferral (as defined in Code Section 402(g)(3)) and
any elective amount which is not includible in the gross income of a participant
by reason of Code Section 125 and 132(f)(4).

          (b) CORRECTION OF EXCESS ANNUAL ADDITIONS. If the annual additions to
a participant's accounts would exceed the limitation of subsection (a) above,
any employer contributions or forfeitures under this plan will be reduced; next
his matching employer contributions under the TREK plan will be reduced, to the
extent necessary to comply with the limits in subsection (a) above.

          (c) ANNUAL ADDITIONS DEFINED. For purposes of this Section 7.5, ANNUAL
ADDITIONS to a participant's accounts for any plan year means the sum of
employer contributions and forfeitures credited to his profit sharing account in
this plan and any employer matching contributions and TREK contributions that
may be allocated to his accounts in the TREK plan for such year, and amounts
allocated to an individual medical account that is part of a pension or annuity
plan maintained by the employer. Also, amounts derived from contributions that
are attributable to post-retirement medical benefits allocated to the separate
account of a key employee, as defined in Code Section 419A(d)(3), under a
welfare benefit fund maintained by the employer are treated as annual additions.

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     7.6 VALUATION OF ASSETS. As of each June 30 and December 31 and at any
other time the Committee may direct (referred to herein as a VALUATION DATE),
the trustees will determine the fair market value of the assets in the trust
fund, relying upon such evidence of value as the trustees deem appropriate.

     7.7 ALLOCATING INVESTMENT EXPERIENCE. As of each valuation date (before
crediting contributions as of such date), expenses not paid directly by the
employers, investment income and gains and losses in asset values of the trust
fund since the preceding valuation date will be allocated or charged to all
participants' accounts in proportion to the adjusted account balance in each
such account as of the preceding valuation date.

For purposes of this section, the ADJUSTED ACCOUNT BALANCE of an account is the
amount in such account as of the close of business on the preceding valuation
date, decreased by any withdrawals or distributions from such account since the
preceding valuation date, and increased or decreased in accordance with uniform
rules established by the Committee to allocate equitably expenses and investment
results, in proportion to the adjusted account balance as of the preceding
valuation date.

     7.8 SEGREGATED ACCOUNTS. The Committee may direct the trustees to establish
a segregated account and to transfer all or a portion of the other accounts of a
participant to such segregated account. The trustees will invest the segregated
account in savings accounts, notice accounts or term certificates of one or more
savings banks, or in obligations of the United States or its agencies or
instrumentalities, or in fixed-income securities, or in shares of mutual funds
or pooled investment funds holding primarily fixed-income securities, or will
hold the segregated account uninvested, in cash, for the purpose of making
payments therefrom. In selecting investments for a segregated account, the
trustees' goals will be preservation of capital and realization of a reasonable
return consistent with preservation of capital. A segregated account will be
credited or charged with the earnings, investment results and expenses of such
account, and will not share in the earnings, investment results and expenses of
the other assets of the trust fund.

     7.9 INVESTMENT OF FUNDS. Effective January 1, 1999, each participant shall
be permitted to direct the investment of the participant's account among
investment funds that the trustee shall from time to time cause to be made
available at the direction of the Committee, in accordance with ERISA Section
404(c) and regulations thereunder. Each participant shall bear the sole
responsibility for such participant's direction of the investment of such
participant's account in the investment funds, and neither the trustee nor the
Committee shall have any responsibility or liability for any losses that may
occur in connection with any such direction, as set forth in ERISA Section
404(c) and regulations thereunder. Investment elections by a participant shall
be made in such manner (which may be in writing or by electronic or telephonic
means, as determined by the Committee), in such increments, and at such time or
times, as authorized under the administrative rules and procedures established
from time to time by the Committee consistent with such reasonable guidelines
and limitations as the Committee shall deem appropriate for the efficient
administration of the plan. All earnings and expenses, including commissions and
transfer taxes, realized or incurred in connection with any investments pursuant
to a participant's directions shall be credited or charged to the account for
which the investment is made, except to the extent of expenses paid by the
employers in their sole discretion.

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                                  ARTICLE VIII
                                  DISTRIBUTIONS

     8.1 DISTRIBUTION UPON RETIREMENT OR DISABILITY.

          (a) AMOUNT AND FORM OF DISTRIBUTION. A participant who retires or who
terminates employment due to a disability will receive the total amount in his
accounts in one lump sum payment. The time of the distribution will be
determined under Section 8.3.

          (b) RETIREMENT AND DISABILITY DEFINED. For purposes of this plan,
RETIREMENT means a participant's termination of employment on or after his 65th
birthday. DISABILITY means a physical or mental impairment which is likely to be
permanent or of long and indefinite duration and which prevents the participant
from engaging in any substantial gainful occupation or employment. The Committee
will determine whether a participant has a disability under uniform rules of
general application.

     8.2 DISTRIBUTION UPON OTHER TERMINATION OF EMPLOYMENT.

          (a) AMOUNT AND FORM OF DISTRIBUTION. A participant who terminates
employment for reasons other than retirement, disability or death will receive
the vested amounts in his accounts in one lump sum payment. The time of the
distribution will be determined under Section 8.3.

          (b) VESTING UPON OTHER TERMINATION OF EMPLOYMENT. A participant will
be fully vested in his rollover account at all times. A participant who
terminates employment before his retirement, disability or death will be fully
vested in his profit sharing account if he has completed three years of service
as of his date of termination. A participant will have no vested interest in his
profit sharing account if he terminates employment before completing three years
of service. Notwithstanding the above, a participant whose employment terminates
as the result of retirement, as defined in Section 8.1(b), will be fully vested
in his profit sharing account.

          (c) FORFEITURES AND RESTORATION OF FORFEITURES. If a participant
terminates his employment with the employer (and all affiliated employers) at a
time when he is not vested in his profit sharing account, he shall be deemed to
have been paid his benefits, which shall be deemed to have a value of zero, as
of the date he terminated employment, and his profit sharing account will be
forfeited as of such date. If a former participant whose account was forfeited
returns to employment with an employer within six years of his date of
termination, the amount forfeited will be restored to his account (without
adjustment for gains or losses) on the next valuation date. If the current plan
year's forfeitures are not sufficient to restore forfeitures, an employer
contribution will be made to the plan for that purpose. Effective as of January
1, 1991, any remaining forfeitures shall be applied to reduce employer
contributions to the plan or to pay plan administrative expenses.

     8.3 TIME OF DISTRIBUTION. If a participant's vested account balances do not
exceed $3,500 ($5,000, effective January 1, 1998), he will receive a lump sum
payment as of the valuation date immediately following his retirement,
disability or other termination of employment without obtaining the written
consent of the participant. A participant whose vested

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account balances exceed $3,500 ($5,000, effective January 1, 1998) must consent
in writing to the immediate distribution of his accounts or he may elect to
defer such payment, but not beyond the time permitted in Section 8.4. A
participant may accelerate a deferred payment by filing an election form with
the Committee specifying the earlier distribution date. Any distribution elected
by a participant will be made within 90 days of the date the participant elected
such payment. The Committee will notify a participant of his right to receive
payment of his accounts as soon as practicable after his retirement, disability
or other termination of employment.

     8.4 REQUIRED DISTRIBUTION DATE. Each participant will receive a lump sum
distribution of his total account balances no later than the April 1 following
the calendar year in which he reaches age 70-1/2. In the case of a participant
whose employment continues after age 70-1/2, the participant will continue to
receive a distribution of his total account balances determined as of December
31 of the previous calendar year by December 31 of each subsequent calendar year
of employment.

     8.5 DISTRIBUTION UPON DEATH OF A PARTICIPANT

          (a) IN GENERAL. If a participant dies with a balance in his accounts
under the plan, his beneficiary will receive the total amount remaining in a
single lump sum payment. Such amount will be determined as of the first
valuation date that is at least 15 days after the date when the Committee
receives such evidence of the participant's death and the right of any person to
receive a payment hereunder as it deems necessary. Distribution will be made as
soon as practicable after such valuation date and in no event later than
December 31 of the calendar year containing the first anniversary of the
participant's death.

          (b) DESIGNATION OF BENEFICIARY. A participant may designate one or
more beneficiaries to receive any distribution payable under subsection (a)
above and may revoke or change such a designation at any time. However, the
beneficiary of a married participant's total account balance will be the
participant's spouse unless the spouse consents in writing to the designation of
another beneficiary. Such consent must acknowledge the effect of the spouse's
giving consent and must be witnessed by a plan representative or notary public.

If a participant names two or more beneficiaries, distribution to them will be
in such proportions as the participant designates or, if the participant does
not so designate, in equal shares. Any designation of beneficiary will be in
writing on such form as the Committee may prescribe and will be effective upon
filing with the Committee.

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          (c) NO DESIGNATION. Any portion of a distribution payable upon the
death of a participant which is not disposed of by a designation of beneficiary,
for any reason whatsoever, will be paid to the participant's estate.

          (d) PAYMENT UNDER PRIOR DESIGNATION. The Committee may direct
distribution in accordance with a prior designation of beneficiary (and will be
fully protected in so doing) if such direction (i) is given before the Committee
receives a later designation, or (ii) is due to the Committee's inability to
verify the authenticity of a later designation. Such a distribution will
discharge all liability therefor under the plan.

     8.6 DIRECT ROLLOVER OF DISTRIBUTION. Notwithstanding any provision to the
contrary that would otherwise limit a distributee's election under Article VIII,
a distributee may elect, at the time and in the manner prescribed by the
Committee, to have any portion of any eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a direct
rollover.

          (a) ELIGIBLE ROLLOVER DISTRIBUTION: An eligible rollover distribution
is a distribution described in Sections 8.1, 8.2 and 8.4, except to the extent
such distribution is required under Code Section 401(a)(9), and a distribution
described in Section 8.5.

          (b) ELIGIBLE RETIREMENT PLAN: An eligible retirement plan is an
individual retirement account described in Code Section 408(a), an individual
retirement annuity described in Code Section 408(b), an annuity plan described n
Code Section 403(a), or a qualified trust described in Code Section 401(a), that
accepts the distributee's eligible rollover distribution. However, in the case
of an eligible rollover distribution to the surviving spouse, an eligible
retirement plan is an individual retirement account or an individual retirement
annuity.

          (c) DISTRIBUTEE: A distributee includes an employee or former
employee. In addition, the employee's or former employee's surviving spouse and
the employee's or former employee's spouse or former spouse who is the alternate
payee under a qualified domestic relations order, as defined in Section 12.2,
are distributees with regard to the interest of the spouse or former spouse.

          (d) DIRECT ROLLOVER: A direct rollover is a payment by the plan to the
eligible retirement plan specified by the distributee.

                                   ARTICLE IX
                    AMENDMENT, MERGER AND TERMINATION OF PLAN

     9.1 AMENDMENT OF PLAN. At any time and from time to time, by action of its
board of directors or the Committee, Timberland may amend or modify any or all
of the provisions of the plan without the consent of any person, provided that
no amendment will reduce any participant's accrued benefit under Code Section
411(d)(6) as of the date such amendment is adopted (or its effective date if
later), and provided further that no amendment will permit any part of the trust
fund to revert to the employers or be used for or diverted to purposes other
than for the exclusive benefit of participants, former participants or their
beneficiaries.

<Page>

     9.2 MERGER OF PLANS. A merger or consolidation with, or transfer of assets
or liabilities to, any other plan will be permitted only if the benefit each
participant would receive is such plan were terminated immediately after the
merger, consolidation or transfer is not less than the benefit he would have
received if this plan had terminated immediately before the merger,
consolidation or transfer.

     9.3 TERMINATION. Timberland has established the plan for its employees and
the employees of participating employers with the bona fide expectation and
intention that the employers will be able to continue the plan and contributions
thereto indefinitely, but an employer will not be under any obligation or
liability whatsoever to continue its contributions or maintain the plan for any
particular length of time. Notwithstanding any other provisions hereof, an
employer in its discretion may discontinue contributions to the plan
indefinitely or temporarily or may terminate this plan with respect to its
employees at any time, and it will have no liability to any participant,
beneficiary or other person as a result of such discontinuance or termination.
Timberland reserves the right, by action of its board of directors or the
Committee, to terminate the plan, or any portion of the plan, with respect to
all participants at any time. The employer's failure to make contributions in
any year or years will not operate to terminate the plan in the absence of
formal action by an employer to terminate the plan. .

     9.4 EFFECT OF TERMINATION. Upon complete discontinuance of contributions or
termination or partial termination of the plan, the accounts of participants
affected by such discontinuance, termination or partial termination will become
nonforfeitable. After termination of the plan by Timberland, no employee will
become a participant and the employers will not make any further contributions
hereunder.

Upon termination of the plan, the trustees will continue to hold the assets of
the trust fund attributable to contributions by the employer and participants
for distribution as directed by the Committee. The Committee will determine when
to disburse such assets.

                                    ARTICLE X
                                NAMED FIDUCIARIES

     10.1 IDENTITY OF NAMED FIDUCIARIES. Timberland, the trustees and the
Committee will be the named fiduciaries under the plan and will control and
manage the plan and its assets to the extent and in the manner indicated in this
article. Any responsibility assigned to a named fiduciary will not be deemed to
be a duty of a "fiduciary" (as defined in ERISA) solely because of such
assignment. The Committee will be the PLAN ADMINISTRATOR as that term is defined
in ERISA. If a Committee has not been appointed, or ceases for any reason to
serve, the Company shall function as the Administrator until a Plan
Administrator (or successor, as appropriate) is appointed.

     10.2 RESPONSIBILITIES AND AUTHORITY OF COMMITTEE. The Committee will
control and manage the operation and administration of the plan except to the
extent that such responsibilities are specifically assigned hereunder to
Timberland or the trustees. The responsibilities and authority of the Committee
are set forth in detail in various articles of this plan and primarily in
Article XI.

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     10.3 RESPONSIBILITIES AND AUTHORITY OF TRUSTEES. The trustees will manage
and control the assets of the plan except to the extent that such
responsibilities are specifically assigned hereunder to an employer or the
Committee, or are delegated to one or more investment managers by Timberland.
The responsibilities and authority of the trustees are set forth in detail
primarily in the trust agreement.

     10.4 RESPONSIBILITIES OF TIMBERLAND. Timberland will have the following
responsibilities and authority with respect to control and management of the
plan and its assets:

          (a) to amend the plan;

          (b) to terminate the plan;

          (c) to merge or consolidate the plan with, or transfer all or part of
the assets or liabilities to, any other plan;

          (d) to appoint, remove and replace the trustees and the Committee and
to monitor their performances;

          (e) to appoint, remove and replace one or more investment managers, or
to refrain from such appointments, and to monitor their performances;

          (f) to select the investment funds in which the trust fund is
invested; and

          (g) to perform such additional duties as are required by the plan or
by law.

The foregoing responsibilities and authority of Timberland are set forth in
further detail in various articles of the plan and in the trust agreement.

     10.5 RESPONSIBILITIES NOT SHARED. Except as otherwise specified herein or
required by law, each named fiduciary will have only those responsibilities that
are specifically assigned to it hereunder, and no named fiduciary will incur
liability because of improper performance or nonperformance of responsibilities
specifically assigned to another named fiduciary or other person.

     10.6 PROCEDURE FOR ALLOCATION AND DELEGATION OF RESPONSIBILITIES. The
members of the Committee or the members of the board of directors of Timberland
or of a committee of any such board may allocate their responsibilities among
themselves in any reasonable manner and may delegate any of their
responsibilities to any other person or persons by so specifying in a written
instrument. No Committee member, director or member of a committee of the board
of directors of Timberland will be liable for the improper discharge or
nonperformance of any responsibility so allocated or delegated to another
person, except to the extent liability is imposed by law.

     10.7 DUAL FIDUCIARY CAPACITY PERMITTED. Any person or group of persons may
serve in more than one fiduciary capacity.

<Page>

     10.8 ACTIONS BY TIMBERLAND. Wherever the plan specifies that Timberland is
required or permitted to take any action, such action will be taken by
Timberland's board of directors, or by a duly authorized Committee thereof, or
by one or more directors, officers or employees of the employer duly authorized
to do so by its board of directors.

     10.9 ADVICE. A named fiduciary may employ or retain such attorneys,
accountants, actuaries, investment advisors, consultants, specialists and other
persons or firms as it deems necessary or desirable to advise or assist it in
the performance of its duties. Unless otherwise provided by law, the fiduciary
will be fully protected with respect to any action taken or omitted by it in
reliance upon any such person or firm.

     10.10 INDEMNIFICATION. To the extent permitted by law and not prohibited by
their charters and by-laws, the employers will indemnify and hold harmless every
natural person serving as a fiduciary of the plan (whether a named fiduciary or
otherwise), and the estate of such a person if he is deceased, from and against
all claims, loss, damages, liability, and reasonable costs and expenses,
incurred as a result of his service as a fiduciary hereunder, unless due to the
gross negligence or willful misconduct of such person; provided that this
section will apply only to the extent that any such claims, loss, damages,
liability, costs and expenses are not covered by a fiduciary liability insurance
policy maintained by such fiduciary, the Committee, an employer or the plan. The
preceding sentence will not apply to a corporate trustee or other corporate
fiduciary or to an investment manager as defined in ERISA or outside service
provider (or to an employee of any of the foregoing) unless Timberland agrees
otherwise in writing. Timberland will allocate the amount of any indemnity due
under this section among the employers on an equitable basis.

                                   ARTICLE XI
                                  THE COMMITTEE

     11.1 APPOINTMENT. Timberland will appoint a Committee whose members may,
but need not, be plan participants or employees or officers of an employer. The
number of persons serving on the Committee at any time will be determined by
Timberland, and may be changed from time to time by it, provided that the
Committee will have no fewer than three members at any time. Timberland may
remove any Committee member at any time, with or without cause, by filing
written notice of his removal with the Committee and the trustees. A Committee
member may resign by filing his written resignation with Timberland, the
Committee and the trustees 30 days in advance of his resignation. A vacancy,
however arising, may be filled by Timberland.

     11.2 NOTICE TO TRUSTEES. Timberland will notify the trustees in writing of
each Committee member's appointment, and the trustees may assume that each such
appointment continues in effect until written notice to the contrary is given by
Timberland.

     11.3 ADMINISTRATION OF PLAN. The Committee will have all powers and
authority necessary or appropriate to carry out its responsibilities for the
operation and administration of the plan. It will interpret and apply all plan
provisions and may correct any defect, supply any omission or reconcile any
inconsistency or ambiguity in such manner as it deems advisable. It

<Page>

will make all final determinations concerning eligibility, benefits and rights
hereunder, and all other matters concerning plan administration and
interpretation in its discretion. All determinations and actions of the
Committee will be conclusive and binding upon all persons. The Committee will
exercise all powers and authority given to it, and exercise discretion to
interpret the provisions of the plan, in a non-discriminatory manner and will
apply uniform administrative rules of general application to insure that persons
in similar circumstances are treated alike.

     11.4 IMPOSSIBLE OR DIFFICULT PERFORMANCE. If performance of any act
required hereunder is impossible or unduly burdensome, the Committee in its
discretion may perform or direct the performance of any other act which it
determines will carry out the plan's purpose. Such performance will discharge
all liability with respect thereto.

     11.5 REPORTING AND DISCLOSURE. The Committee, acting on behalf of the plan
administrator, will prepare, file, submit, distribute or make available any plan
descriptions, reports, statements, forms or other information to any government
agency, employee, former employee, or beneficiary as may be required by law or
by the plan.

     11.6 RECORDS. The Committee will keep all data, records, books of account
and instruments pertaining to plan administration. The employers will supply all
information required by the Committee to administer the plan with respect to its
employees, and the Committee may rely upon the accuracy of such information.

     11.7 COMPENSATION AND EXPENSES. The Committee, and each Committee member,
will serve without compensation unless Timberland determines otherwise; provided
that an employee of Timberland will not be compensated for his services as a
Committee member (other than reimbursement for reasonable expenses).

All reasonable expenses of administering the plan will be paid out of the trust
fund unless paid by the employers (each bearing an equitable share of such
expenses as determined by Timberland). Such expenses include the compensation of
all persons employed or retained by the Committee, premiums for bonds and
insurance protecting the plan or trust fund and required by law or deemed
advisable by the Committee, and all other costs of plan administration.

     11.8 DECISIONS, RULES AND REGULATIONS. Any action or decision concurred in
by a majority of the Committee members, either at a meeting or in writing
without a meeting, will constitute an action or decision of the Committee. No
Committee member may vote on any matter which relates exclusively to himself.
The Committee may adopt and amend such rules for the conduct of its business and
the administration of the plan as it deems advisable.

     11.9 SECRETARY OF THE COMMITTEE. The Committee at its option may appoint
any Committee participant or other person to serve as secretary, and may remove
him at any time. The Committee will notify the trustees in writing of such
person's appointment, and the trustees may assume his authority to act as
secretary continues until written notice to the contrary is given by the
Committee.

<Page>

The secretary, or a majority of the Committee participants then in office, will
have the authority to execute all instruments or memoranda necessary or
appropriate to carry out the actions and decisions of the whole Committee; and
any person may rely upon any instrument or memorandum so executed as evidence of
the Committee action or decision indicated thereby.

     11.10 CLAIMS REVIEW PROCEDURE. The Committee shall make all determinations
as to the right of any person to a benefit. The Committee shall within 90 days
after the receipt of an application for benefits either allow or deny the
application in writing. A denial of benefits shall be written in a manner
calculated to be understood by the claimant and shall include:

          (a) the specific reason or reasons for the denial;

          (b) specific reference to pertinent plan provisions on which the
denial is based;

          (c) a description of any additional material or information necessary
for the applicant to perfect his/her claim and an explanation of why such
material or information is necessary;

          (d) an explanation of the plan's claim review procedure; and

          (e) effective January 1, 2002, the claimant's right to bring a civil
action under ERISA Section 502(a) following a denial upon appeal.

An individual whose application is denied (or his/her duly authorized
representative) may within 60 days after receipt of denial of his/her
application submit a written request for review to the Committee, review
pertinent documents, and submit issues and comments in writing. Effective
January 1, 2002, the claimant shall be provided, upon request and free of
charge, reasonable access to and copies of all documents, records and other
information determined by the Committee in its sole discretion to be relevant to
the claimant's claim for benefits and may submit written comments, documents,
records and other information relating to the claim.

The Committee shall notify the claimant of its decision on review within 60 days
after receipt of a request for review. Notice of the decision on review shall be
in writing and shall include the following information:

<Page>

          (a) the specific reason or reasons for the denial;

          (b) specific reference to pertinent plan provisions on which the
denial is based;

          (c) effective January 1, 2002, a statement that the claimant is
entitled to receive, upon request and free of charge, reasonable access to and
copies of all documents, records and other information relevant to the claim;

          (d) effective January 1, 2002, a description of any voluntary appeals
procedures offered by the Plan;

          (e) effective January 1, 2002, a statement that the claimant has the
right to bring a civil action under ERISA Section 502(a) following a denial upon
appeal.

Participants and beneficiaries shall not be entitled to challenge the
Committee's determinations in judicial or administrative proceedings without
first complying with the procedures in this Section. The Committee's decisions
made pursuant to this Section are intended to be final and binding on
participants, beneficiaries and others.

If special circumstance require an extension of the 90-day and 60-day periods
described in this Section 11.10 may be extended at the discretion of the
Committee for a second 90- or 60-day period, as the case may be, provided that
written notice of the extension is furnished to the claimant prior to the
termination of the initial period, indicating the special circumstances
requiring such extension of time and the date by which a final decision is
expected.

                                   ARTICLE XII
                                  MISCELLANEOUS

     12.1 NONALIENATION OF BENEFITS. No benefit, right or interest hereunder of
any person will be subject to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge, or to seizure, attachment or other
legal equitable or other process, or be liable for, or subject to, the debts,
liabilities or other obligations of such person, except that the Committee may
prescribe rules for the payment of benefits in accordance with a qualified
domestic relations order as defined in Section 12.2.

     12.2 QUALIFIED DOMESTIC RELATIONS ORDERS.

          (a) A qualified domestic relations order (QDRO) is a judgment, decree,
or order which meets the requirements of Code Section 414(p). An alternate payee
is an individual named in the QDRO who is to receive some or all of the
participant's benefit.

          (b) Upon receipt of any domestic relations order, the Committee will
notify the participant involved and each alternate payee under the order (and
under any previous QDRO relating to the participant's benefits). The Committee
will determine whether the order is a QDRO and will notify each affected
individual of its determination. In general, subject to the provisions of Code
Section 414(p), the plan's claims procedure rules under Section 11.10 apply

<Page>

to this determination and any subsequent determination relating to the order. To
the extent permitted by law, the Committee's determination that an order is or
is not a QDRO is final. Any subsequent change in this determination is applied
only prospectively unless the Committee rules otherwise.

          (c) If an order is determined to be a QDRO, the provisions of the QDRO
will take precedence over any conflicting provisions of the plan (including
Section 12.1 relating to a non-alienation of benefits). To the extent provided
in a QDRO, a former spouse will be treated as the spouse or surviving spouse of
a participant for purposes of the death benefit provisions of Section 8.5 and
any other relevant provision of the plan.

          (d) In making its determination of whether an order is a QDRO, the
order will not fail to be considered a QDRO by the Committee solely because the
order specifies that payment to an alternate payee of the assigned portion of a
participant's accounts is to be made in a single lump sum cash payment as soon
as administratively feasible following the Committee's determination that the
order is a QDRO. The preceding sentence will apply regardless of whether the
participant has either separated from service, or attained the earliest
retirement age, as defined in Code Section 414(p), at the time of payment.

     12.3 PAYMENT TO MINORS AND INCOMPETENTS. If the Committee deems any person
incapable of giving a binding receipt for benefit payments because of minority,
illness, infirmity or other incapacity, it may direct that payment is made
directly to such person, or to a person selected by the Committee to disburse
such funds for the benefit of such person. Such payment, to the extent thereof,
will discharge all liability for such payment under the plan.

     12.4 CURRENT ADDRESS OF PAYEE. Any person entitled to benefits is
responsible for keeping the Committee informed of his current address at all
times. The Committee, trustees and employers have no obligation to locate such
person, and will be fully protected if all payments and communications are
mailed to his last known address, or are withheld pending receipt of proof of
his current address and proof that he is alive.

     12.5 DISPUTES OVER ENTITLEMENT TO BENEFITS. If two or more persons claim
entitlement to payment of the same benefit hereunder, the Committee in its
discretion may withhold payment of such benefit until the dispute has been
determined by a court of competent jurisdiction or has been settled by the
persons concerned.

     12.6 PAYMENT OF BENEFITS. Notwithstanding any other provision of this plan,
unless a participant elects otherwise with the consent of the Committee, his
benefit payments under the plan will begin not later than 60 days after the
close of the plan year in which the latest of the following dates occurs: (a)
the date he terminates service with the employer; (b) his 65th birthday; and (c)
the tenth anniversary of the date he began participating in the plan.

     12.7 TOP HEAVY PLAN PROVISIONS.

          (a) APPLICABILITY OF SECTION. This section is included in the plan to
meet the requirements of Code Section 416, and the provisions of this section
will be operative only if,

<Page>

when and to the extent that Code Section 416 applies to the plan. At such time
as the requirements of Code Section 416 apply to the plan because the plan is to
top heavy as defined in subsection(b)(i) below, the provisions of this section
will apply and will govern over any contrary provision of the plan.

          (b) DEFINITIONS.

               (i) The plan will be TOP HEAVY for a plan year if, as of the
determination date, the sum of (A) the aggregate amount in the accounts of
participants who are key employees (including all defined contribution plans
within the required or permissive aggregation group) and (B) the aggregate
present value of cumulative accrued benefits of participants who are key
employees (including all defined benefit plans within such group), exceeds 60
percent of a similar sum determined for all participants in all such plans.

          In determining the amounts in participants' accounts and present
values of accrued benefits under the preceding two paragraphs, the present value
of accrued benefits will be based on the actuarial assumptions used to determine
the minimum funding requirements of Code Section 412(b); if there is more than
one defined benefit plan in the aggregation group, each plan will use the same
actuarial assumptions for purposes of the top heavy test, as determined by the
actuary; distributions made during the five years ending on the determination
date will be taken into account; rollover contributions after December 31, 1983,
will be taken into account only to the extent provided in regulations under Code
Section 416(g)(4)(A); account balances and accrued benefit values of a person
who was but no longer is a key employee will be disregarded; and account
balances and accrued benefit values of any individual who has not performed any
services for an employer at any time during the five years ending on the
determination date will be disregarded.

               (ii) The DETERMINATION DATE for purposes of determining whether
the plan is top heavy under subsection (i) for a particular plan year is the
last day of the preceding plan year.

               (iii) A KEY EMPLOYEE is an employee or former employee who has
satisfied Section 4.2 (including a beneficiary of such an employee) who at any
time during the plan year or any of the four preceding plan years was:

                    (A) An officer of an employer or an affiliated employer
having annual compensation greater than 50% of the amount in effect under
Section 415(b)(1)(A) of the Code for such plan year (but no more than 50
employees will be taken into account under this subsection (A) as key
employees);

                    (B) One of the ten employees having annual compensation of
more than the limitation in effect under Section 415 (c)(1)(A) of the Code for
such plan year and owning (or considered as owning within the meaning of Code
Section 318) the largest interests in an employer. For purposes of the preceding
sentence, if two employees have the same interest in an employer, the employee
having greater annual compensation from his employer (or an affiliated employer)
will be treated (or a sponsoring affiliated employer) as having a larger
interest;

<Page>

                    (C) A person owning (or considered as owning within the
meaning of Code Section 318) more than 5% of the outstanding stock of an
employer or stock possessing more than 5% of the total combined voting power of
all stock of an employer; or

                    (D) A person who has annual compensation from an employer
(or affiliated employer) of more than $150,00 and who would be described in
subsection (C) above if 1% were substituted for 5%.

     For purposes of applying Code Section 318 to the provisions of this
subsection (iii), subparagraph (C) of Code Section 318(a)(2) will be applied by
substituting "five percent" for "50 percent." In addition, the rules of Code
Section 414(b), (c) and (m) will not apply for purposes of determining ownership
under subsections (C) and (D) above.

               (iv) A NON-KEY EMPLOYEE is any employee who has satisfied Section
4.2 (including a beneficiary of such employee) who is not a key employee.

               (v) A REQUIRED AGGREGATION GROUP includes all qualified plans,
whether or not terminated, of the employers of affiliated employers in which a
key employee participates and each other qualified plan of the employers or
affiliated employers that enables any of such plans to meet the requirements of
Section 401(a)(4) or Section 410 of the Code. A PERMISSIVE AGGREGATION GROUP
includes (in addition to plans in a required aggregation group) any plan which
the employer designates for inclusion provided that inclusion of such plan does
not cause the group to fail the requirements of Section 410(a)(4) and Section
410 of the Code.

          (c) MINIMUM BENEFIT. Each employee who has satisfied the participation
requirements of Sections 4.1 and 4.2 and is employed on the last day of the plan
year shall have a minimum contribution allocated on his behalf which is 3% of
the employee's applicable compensation or, if lesser, the highest percentage
allocation made for a key employee, reduced by any minimum contribution made on
behalf of the employee to another defined contribution plan maintained by an
employer.

     12.8 STATUTORY REFERENCES. A reference to any statute includes references
to any similar provision of any successor statute.

     12.9 RULES OF CONSTRUCTION.

          (a) A word or phrase defined or explained in any article has the same
meaning throughout the plan unless the context indicates otherwise.

          (b) Where the context so requires, the masculine includes the
feminine, the singular includes the plural, and the plural includes the
singular.

          (c) Unless the context indicates otherwise, the words "herein",
"hereof", "hereunder", and words of similar import refer to the plan as a whole
and not only to the section in which they appear.

<Page>

     12.10 TEXT CONTROLS. Headings and titles are for convenience only, and the
text will control in all matters.

     12.11 APPLICABLE STATE LAW. To the extent that the state law applies, the
provisions of the plan will be construed, enforced and administered according to
the laws of the State of New Hampshire.

     Executed on February 15, 2002

                                        THE TIMBERLAND COMPANY

                                        By: /s/ Bruce A. Johnson

                                        Its:Vice President - Human Resources

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