Document:

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                                                  Exhibit 10.3

                                   VANS, INC.
                         DEFERRED COMPENSATION AGREEMENT
                             FOR GARY H. SCHOENFELD

     THIS DEFERRED COMPENSATION AGREEMENT is made and entered into, and is
effective, as of the 3rd day of November, 1999 (the "Effective Date"), by and
between VANS, INC., A Delaware Corporation (the "Company"), and GARY H.
SCHOENFELD (the "Executive"), with reference to the following facts:

                                   WITNESSETH

     WHEREAS, the Executive is an executive officer and key employee of the
Company;

     WHEREAS, the Company wishes to provide certain deferred compensation for
the Executive on the terms and conditions provided for herein; and

     WHEREAS, as of the Effective Date, the Company and Executive have entered
into that certain agreement (the "Split Dollar Agreement") concerning their
rights and obligations with respect to the Company's provision of certain life
insurance benefits for Executive.

     NOW, THEREFORE, in consideration of the agreements contained herein, the
parties hereto hereby agree as follows:

<PAGE>   2

                                    AGREEMENT

1. Company Payments of Insurance Premiums.
   ---------------------------------------

2.

     The Company shall pay premiums on a life insurance policy (the "Policy")
owned by Executive in accordance with the terms and conditions of the Split
Dollar Agreement. The parties' rights and responsibilities with respect to the
Policy shall be as provided in the Split Dollar Agreement.

1. Company Payments of Deferred Compensation.
   ------------------------------------------

2.

3. In addition to the Company's payments of insurance premiums as provided in
the Split Dollar Agreement, and Section 1 hereof, but subject to the terms and
conditions of this Section 2, the Company shall also pay to Executive deferred
compensation, in the following amounts, and at the following times:

4.

(a) Subject to the provisions of Sections 2(c) and 2(d) hereof, on November 3,
2003, the Company shall pay to Executive deferred compensation equal to the sum
of:

(b)

          (i) the amount of the "Employer's Interest in the Policy" (as defined
     in Paragraph 4 of the Split Dollar Agreement); plus

          (ii) the "Tax Gross Up Amount" (as defined in Section 2(b) hereof).

The "Tax Gross Up Amount" shall equal the quotient of (i) the amount of deferred
compensation payable to Executive, divided by (ii) a percentage equal to (x) one
(1), minus (y) the amount,

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expressed as a percentage, equal to the maximum aggregate state and federal
income tax rate applicable to California residents at the time the payment of
deferred compensation is to be made to Executive pursuant to this Section 2,
minus (iii) the amount of deferred compensation payable to Executive.

     For example, if the deferred compensation payable to Executive pursuant to
Section 2(a)(i) hereof is $100, and if the maximum aggregate state and federal
income tax rate applicable to California residents at the time of payment is
46%, then the "Tax Gross Up Amount" shall be $85.19, determined as follows:

          (I)  Tax Gross Up Amount equals deferred compensation, divided by (one
               minus tax rate), minus deferred compensation.

          (II) Tax Gross Up Amount equals 100, divided by .54 [1 minus .46],
               minus 100.

          (III) Tax Gross Up Amount equals 185.185, minus 100.

          (IV) Tax Gross Up Amount equals 85.185 (rounded: $85.19).

     The Tax Gross Up Amount is designed to ensure that Executive shall receive,
on a net after tax basis, an amount of deferred compensation equal to
"Employer's Interest in the Policy," and the terms of this Section 2 shall be
construed in accordance with this intent. Accordingly, and using the Example set
forth above, if Executive is paid $100 of deferred compensation pursuant to
Section 2(a)(i) hereof, and if the Tax Gross Up Amount provided for in this
Section 2(b) is $85.19, then the total payments of deferred compensation to
Executive pursuant to this Section 2 would be $185.19. After application of the
assumed 46% aggregate state and federal income tax rate, the amount available to
Executive, on a net after tax basis, would equal the amount of deferred
compensation (e.g., $185.19 minus ($185.19 x 46%, or $85.19), equals 100).

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(a) Notwithstanding the foregoing provisions of this Section 2, if the
Executive's employment with the Company (or any subsidiary) shall be terminated
for "Cause" (as defined in this Section 2(c)), then the Company shall not be
required to make any payments of deferred compensation otherwise required
pursuant to this Section 2. For purposes hereof, "Cause" shall mean (i)
Executive's conviction of a felony (which, through the lapse of time or
otherwise is not subject to appeal); (ii) Executive's material refusal, failure
or neglect without proper cause to perform adequately his obligations under his
Employment Agreement or to follow the instruction of his supervisor(s); (iii)
any willful misconduct by Executive; (iv) Executive's knowing material breach of
any of his fiduciary obligations as an executive officer of the Company; or (v)
Executive's material failure to adhere to the code of conduct and rules set
forth in the Company's Employee Handbook, as in existence from time to time.
"Cause" specifically shall not include termination of Executive's employment
upon his death or "Disability" (as defined in Section 2(g) hereof), or by
Executive with "Good Reason" (as defined in Section 2(e) hereof).

(b) (d) Notwithstanding the foregoing provisions of this Section 2, the amount
of deferred compensation otherwise payable to Executive pursuant to this Section
2 shall be subject to modification as follows:

(c)

          (i) If Executive's employment with the Company shall terminate on or
     before November 2, 2003, other than for "Cause" (as defined in Section 2(c)
     hereof), or by Executive without "Good Reason" (as defined in Section 2(e)
     hereof), then the Company shall pay to Executive within ten (10) business
     days following termination an amount of deferred compensation equal to the
     sum of (x) the theretofore unpaid scheduled annual premiums due under the
     Policy through November 3, 2003, plus (y) the amount of deferred
     compensation provided for in Section 2(a) hereof, including the "Tax Gross
     Up Amount" with respect thereto as provided for in Sections 2(a)(ii) and
     2(b) hereof).

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          (ii) If Executive's employment with the Company shall be terminated by
     Executive on or before November 2, 2003, without Good Reason, then the
     Company shall pay to Executive within ten (10) business days following
     termination an amount of deferred compensation equal to the product of (x)
     the net cash surrender value of the Policy at the time of such termination,
     multiplied by (y) the "Applicable Percentage" (as defined herein), plus (z)
     the "Tax Gross Up Amount" with respect thereto as provided for in Sections
     2(a)(ii) and 2(b) hereof. For purposes of this Section 2(d)(ii), the
     "Applicable Percentage" shall be: 20% if Executive terminates his
     employment with the Company without Good Reason on or before November 2,
     2000; 40% if he terminates such employment without Good Reason on or after
     November 3, 2000, but on or before November 2, 2001; 60% if he terminates
     such employment without Good Reason on or after November 3, 2001, but on or
     before November 2, 2002; and 80% if he terminates such employment without
     Good Reason on or after November 3, 2002, but on or before November 2,
     2003.

          (iii) For example, if Executive terminates his employment with the
     Company without Good Reason on November 3, 2002, and if at such time the
     net cash surrender value of the policy is $300,000, then the amount of
     deferred compensation payable to Executive pursuant to Section 2(d)(ii)
     shall equal (x) $300,000 (the net cash surrender value of the Policy) times
     (y) 80% (the "Applicable Percentage"), or $240,000, plus (z) the "Tax Gross
     Up Amount" with respect thereto as provided for in Sections 2(a)(ii) and
     2(b) hereof.

     (e) For purposes of this Agreement, "Good Reason" means (i) Executive is
not appointed or is removed from the position of President and Chief Executive
Officer of the

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Company or any subsidiary without Cause (as defined herein) during the term of
this Agreement; (ii) without Executive's consent, a majority of the duties
defined in Section 1 of Executive's Employment Agreement are removed from
Executive's responsibilities; (iii) without Executive's consent, Executive is
ordered by the Board of Directors to relocate his residence; or (iv) a "Change
in Management or Control" (as defined in Section 2(f)) has occurred. The term
"Good Reason" does not include a situation where certain of the duties defined
in Section 1 of Executive's Employment Agreement are removed from his
responsibilities and replaced with duties which have greater responsibility
and/or authority than the duties which are removed.

     (f) "Change in Management or Control" means (i) the time that the Employer
first determines that any person, and all other persons who constitute a "group"
(within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934
("Exchange Act")) have acquired direct or indirect beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of twenty percent (20%) or
more of the Company's outstanding securities, unless a majority of the
"Continuing Directors" (as defined below) approves the acquisition not later
than ten (10) business days after the Company makes the determination, or (ii)
the first day on which a majority of the members of the Company's Board of
Directors are not "Continuing Directors". The term "Continuing Directors" means,
as of any date of determination, any member of the Board of Directors of the
Company who (i) was a member of that Board of Directors on the date of this
Agreement, (ii) has been a member of that Board of Directors for the two (2)
years immediately preceding such date of determination, or (iii) was nominated
for election or elected to the Board of Directors with the affirmative vote of
the greater of (x) a majority of the Continuing Directors who were members of
the Board of Directors at the time of such nomination or election, or (y) at
least four "Continuing Directors.

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     (g) For purposes of this Agreement, "Disability" shall mean that the
Executive, in the sole opinion of the Company, is unable to perform the services
required of Executive under his Employment Agreement for a period in excess of
sixty (60) consecutive work days or sixty (60) work days during any ninety (90)
work day period. In such event, Executive shall be deemed disabled as of such
sixtieth (60th) work day.

     (h) The Company's obligations to pay deferred compensation hereunder shall
be only unfunded and unsecured promises of the Company to pay money to the
Executive in the future. Notwithstanding any contrary provision hereof, the
Executive's rights hereunder shall be no greater than the rights of any other
general creditors of the Company to the assets of the Company.

1. Claims.
   -------
2.

(a) The Compensation Committee of the Board of Directors of the Company (the
"Committee") shall be responsible for determining all claims hereunder made by
the Executive. Within ninety (90) days after receiving written notice of a claim
(or, if there is any reason for delay, within up to one hundred eighty (180)
days thereafter, if the claimant is so notified, including notification of the
reason therefor), the Committee shall notify the Executive, in writing of its
decision concerning any such claim. If the decision is adverse to the claimant,
the Committee shall advise the claimant of the reasons therefor, of any
additional information which must be provided to perfect the claim, why any such
information is needed, and of the claimant's right to a hearing with the
Committee to review the decision.

(b)

(c) A claimant may request a review of any adverse decision by written request
to the Committee made within sixty (60) days after receipt of the decision. The
claimant, and the

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claimant's authorized representatives, may review any pertinent documents and
submit written statements of facts, issues, and analyses in connection with such
hearing.

(d)

(e) Within thirty (30) days after receiving a request for review, the Committee
shall notify the claimant of its decision, the reasons therefor, and the
provisions hereof upon which such decision is based.

(f)

(g) The Committee may at any time alter the claims procedure set forth above, so
long as the revised claims procedure complies with the Employee Retirement
Income Security Act of 1974, as amended, and the regulations issued thereunder.

(h)

(i) The Board and the Committee shall have the full power and authority to
interpret, construe and administer this Agreement in their sole and absolute
discretion based on the provisions of this Agreement. Both the Committee's and
the Board's interpretations and construction thereof, and actions thereunder,
shall be final, binding and conclusive on all persons for all persons. No member
of the Board or Committee shall be liable to any person for any action taken or
omitted in connection with the interpretation and administration of this
Agreement.

(j)

(k)

3. No Funding.
   -----------
4.

5. This Agreement is wholly "unfunded" for United States federal income tax
purposes, and for purposes of Title I of the Employee Retirement Income Security
Act of 1974, as amended, and shall at all times remain wholly unfunded. The
obligations of the Company with respect to all amounts payable hereunder shall
be paid out of the Company's general assets, and shall not be

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secured. The Company may in its sole and absolute discretion earmark, set aside
or otherwise make alternative or additional funding arrangements, solely for the
purpose of providing itself with one or more other sources of funds for making
future payments due hereunder, but any amounts so identified shall, until
distributed, nonetheless belong solely to the Company. This Agreement
constitutes a mere promise by the Company to make payments to the Executive in
the future. To the extent that any person acquires rights to receive payments
from the Company hereunder, such rights shall be no greater than the rights of
any unsecured general creditor of the Company.

6.

7. Fringe Benefits.
   ----------------
8.

     Any deferred compensation payable hereunder shall not be deemed "salary" or
other "compensation" to the Executive for purposes of computing any benefits to
which he may currently be entitled under any pension plan or other arrangement
of the Company for the benefit of its Executives.

1. Severability.
   -------------
2.

3. If any provision of this Agreement shall be adjudicated illegal or invalid
for any reason, such illegality or invalidity shall not affect the remaining
provisions hereof, and this Agreement shall be construed and enforced as if such
illegal and invalid provision was never a part hereof.

4.

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5. Withholding.
   ------------
6.

     The Company shall have the right to make such provisions as it deems
necessary or appropriate to satisfy any obligations which it may have to
withhold any domestic or foreign federal, state or local income, employment, or
other taxes incurred by reason of any payments made or to be made pursuant
hereto.

1. Successors and Assigns.
   -----------------------
2.

     This Agreement shall be binding upon, and shall inure to the benefit of,
the Company, and its successors and assigns, and the Executive, and his heirs,
assigns, executors, administrators and legal representatives.

1. No Alienation.
   --------------
2.

3. Except as provided herein, amounts payable hereunder shall not be subject to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, garnishment, execution or levy of any kind, by creditors of the
Executive, or any person claiming by or through the Executive.

4.

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5. Applicable Law.
   ---------------
6.

7. This Agreement shall be construed in accordance with and governed by the laws
of the State of California.

1. Entire Agreements.
   ------------------
2.

3. This Agreement and the Split Dollar Agreement contain the entire agreements
of the parties concerning any unfunded deferred compensation payable by the
Company to the Executive, and they supersede any prior agreement or agreements
specifically concerning such subject matter.

4.

5.

6.

7.

8. Attorneys' Fees.
   ----------------
9.

10. If any action or proceeding is commenced to enforce or interpret any of the
provisions hereof, then the prevailing party in such action or proceeding shall
be entitled to recover his or its reasonable attorneys' fees incurred in
connection therewith, and costs as provided by law.

11.

12. No Continued Employment.
    ------------------------
13.

14. Nothing contained herein shall be construed as conferring upon the Executive
the right to continue in the employ of the Company as an executive or in any
other capacity, or to interfere

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with the Company's right to discharge the Executive pursuant to his Employment
Agreement with the Company.

15.

16.

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17. IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its duly authorized officer, and the Executive has hereunto set his hand, as of
the date and year first above-written.

18.

                                            COMPANY:
                                            -------

                                            VANS, INC.,
                                            A Delaware Corporation

                                            By: /s/ CRAIG E. GOSSELIN
                                                ------------------------------

                                           EXECUTIVE:
                                           ---------

                                           By: /s/ GARY H. SCHOENFELD
                                              --------------------------------
                                              GARY H. SCHOENFELD

                                       13<PAGE>   1
                                                  Exhibit 10.4

                      SPLIT DOLLAR LIFE INSURANCE AGREEMENT
                      -------------------------------------

     THIS AGREEMENT is made and entered into, and is effective, as of the 3rd
day of November, 1999, by and between VANS, INC., A Delaware Corporation (the
"Employer"), and GARY H. SCHOENFELD ("Employee").

     WHEREAS:

     A. The Employee owns that certain policy of life insurance on his life
issued by MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (Policy No. 11052955). In
this Agreement, Massachusetts Mutual Life Insurance Company is referred to as
the "Insurer", and the policy is referred to as the "Policy".

     B. The Employee is employed by the Employer pursuant to an Employment
Agreement dated as of August 16, 1999.

     C. The Employer has agreed to establish a "split dollar" life insurance
plan (the "Plan") to assist the Employee in paying certain premiums due on the
Policy.

     D. The Employee has agreed to assign to the Employer only certain specific
rights in and to the Policy in consideration of the payment by the Employer of
certain premiums due on the Policy.

     NOW, THEREFORE, the Employer and the Employee agree that:

     1. Payment of Premiums: On or before the date or dates on which each
premium becomes due under the Policy, the Employer shall pay to the Insurer the
entire premium for the Policy. Employer and Employee agree that Employee shall
recognize taxable income equal to the "current term rate" (as defined below) for
the portion of the insurance proceeds which the Employee or his designated
beneficiaries would receive on the death of the Employee during the year in
which such premium is due. The "current term rate" with respect to the Policy is
an amount equal to the lesser of the Insurer's rate for a single life one year
term life insurance policy available to all standard risks, or the rate
determined under the principles of Revenue Rulings 64-328 and 66-110 (commonly
known as the "P.S. 58 rates").

     2. Dividends: Any dividends declared by the Insurer shall be used to
purchase "paid-up additions," or as otherwise directed by Employee from time to
time.

     3. Policy Ownership and Collateral Assignment: Employee will continue to
own the Policy, and shall assign to the Employer, subject to the terms and
conditions of the Policy, and to any superior liens that the Insurer may have
against the Policy, only the following specific rights in and to the Policy:

<PAGE>   2

          (a) The right to obtain, upon surrender of the Policy by the Employee,
an amount from the surrender proceeds equal to, but not exceeding, the amount of
the "Employer's Interest in the Policy" (as defined in Paragraph 4 below).

          (b) The right to collect, upon a claim by the Employee's designated
beneficiaries under the Policy by reason of the death of the Employee, an amount
from the proceeds equal to but not exceeding the amount of the "Employer's
Interest in the Policy" (as defined in Paragraph 4 below).

          (c) The right to receive from the Employee upon his exercise of his
right to obtain loans from the Insurer with respect to the Policy the amount, if
any, by which the proceeds of the loan exceed the difference between (i) the
cash surrender value of such Policy immediately preceding the loan, and (ii) the
"Employer's Interest in the Policy" (as defined in Paragraph 4 below)
immediately preceding the loan.

     As owner of the Policy, Employee will possess and exercise exclusively all
remaining rights in and to the Policy, not otherwise assigned to the Employer
pursuant to this Agreement, including without limitation, the right to assign
each Policy to a third party, the right to designate the beneficiary or
beneficiaries of any death benefits of the Policy in excess of the "Employer's
Interest in the Policy", and the right to surrender the Policy.

     The Employer agrees that it will not exercise any of its rights in and to
the Policy in any way that does or may conflict with the exercise by Employee of
any of his rights in and to the Policy or that may delay or otherwise interfere
with receipt by his designated beneficiary or beneficiaries of any death
benefits under the Policy in excess of the "Employer's Interest in the Policy".
The Employer agrees that it will not assign its rights in and to the Policy to
any person or entity other than the Employee without the Employee's prior
written consent.

     Employee agrees to notify the Employer of any assignment of his rights in
and to the Policy, in whole or in part.

     Any prior Collateral Assignment between Employer and Employee is hereby
superseded by this Agreement.

     4. "Employer's Interest in the Policy": The amount of the "Employer's
Interest in the Policy", wherever referred to in this Agreement, is an amount
equal to the lesser of (a) the aggregate amount of premiums actually paid by the
Employer, minus the aggregate amount, if any, of such premiums actually paid by
or on behalf of the Employee to the Employer in reimbursement of premiums paid
by the Employer, and (b) the net cash surrender value or proceeds of the Policy.

     5. Termination of Agreement: This Agreement will terminate with respect to
the Policy upon whichever of the following is the first to occur:

          (a) Surrender of the Policy by the Employee (who has the sole and
exclusive right of surrender).

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          (b) Payment by or on behalf of the Employee to the Employer of an
amount equal to the amount of the Employer's Interest in the Policy, accompanied
by a written notice of termination signed by the Employee.

          (c) The death of the Employee (except to the extent otherwise
specifically provided herein).

          (d) Termination of the Employee by the Employer for "Cause" (as
defined in Paragraph 6(a) below), or termination by the Employee of his
employment without "Good Reason" (as defined in Paragraph 6(b) below).

          Upon termination of this Agreement, and receipt by the Employer of the
amount of the Employer's Interest in the Policy, the Employer shall execute any
and all such documents as may be reasonably required by the Employee to release
the Employer's rights in and to the Policy.

     6. Definitions:

          (a) Termination for "Cause" means a termination by the Employer due to
(i) Employee's conviction of a felony (which, through the lapse of time or
otherwise is not subject to appeal); (ii) Employee's material refusal, failure
or neglect without proper cause to perform adequately his obligations under this
Agreement or follow the instructions of his supervisor(s); (iii) any wilful
misconduct by Employee; (iv) Employee's knowing material breach of any of his
fiduciary obligations as an executive officer of the Employer; and (v)
Employee's material failure to adhere to the code of conduct and rules set forth
in Employer's Employee Handbook, as amended or in existence from time to time.

          (b) "Good Reason" means (i) Employee is not appointed or is removed
from the position of President and Chief Executive Officer of Employer without
Cause during the term of this Agreement; (ii) without Employee's consent, a
majority of the duties defined in Section 1 of his Employment Agreement are
removed from his responsibilities; (iii) without Employee's consent, he is
ordered by the Board of Directors to relocate this residence; or (iv) the
occurrence of a "Change in Management or Control" (as defined in Paragraph 6(c)
hereof). The term "Good Reason" does not include situations where certain of the
duties defined in Section 1 of the Employment Agreement are removed from
Employee's responsibilities and are replaced with duties which have greater
responsibility and/or authority than the ones removed.

          (c) "Change in Management or Control" means (i) the time that the
Employer first determines that any person, and all other persons who constitute
a "group" (within the meaning of Section 13(d)(3) of the Securities Exchange Act
of 1934 ("Exchange Act")) have acquired direct or indirect beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act) of twenty percent
(20%) or more of the Employer's outstanding securities, unless a majority of the
"Continuing Directors" (as defined below) approves the acquisition not later
than ten (10) business days after the Employer makes the determination, or (ii)
the first day on which a majority of the members of the Company's Board of
Directors are

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not "Continuing Directors". The term "Continuing Directors" means, as of any
date of determination, any member of the Board of Directors of the Company who
(i) was a member of that Board of Directors on the date of this Agreement, (ii)
has been a member of that Board of Directors for the two (2) years immediately
preceding such date of determination, or (iii) was nominated for election or
elected to the Board of Directors with the affirmative vote of the greater of
(x) a majority of the Continuing Directors who were members of the Board of
Directors at the time of such nomination or election, or (y) at least four
"Continuing Directors."

     7. Amendment and Effect: This Agreement and the Deferred Compensation
Agreement between the parties of even date herewith contain the entire
understanding between the Employer and the Employee concerning the specific
subject matter hereof. This Agreement, or any of its provisions, may not be
amended, supplemented, modified or waived except by a writing signed by the
party to be bound thereby. If any provision of this Agreement is determined to
be void, invalid or unenforceable, the remaining provisions will not be
affected, but will continue in effect as though such void, invalid or
unenforceable provision were not originally a part of this Agreement. This
Agreement will benefit and bind the heirs, executors, administrators, personal
representatives, successors and assigns of each of the parties hereto.

     8. Special Provisions: The following provisions are part of this Agreement
and are intended to meet the requirements of the Employee Retirement Income
Security Act of 1974:

          (a)  The named fiduciary: The Secretary of the Employer.

          (b)  The funding policy under this Plan is that all premiums on the
               Policy shall be remitted to the Insurer when due.

          (c)  Direct payment by the Insurer is the basis of payment of benefits
               under this Plan, with those benefits in turn being based on the
               payment of premiums as provided in the Plan.

          (d)  For claims procedure purposes, the "Claims Manager" shall be the
               Secretary of the Employer.

               (1)  If for any reason a claim for benefits under this plan is
                    denied by the Employer, the Claims Manager shall deliver to
                    the claimant a written explanation setting forth the
                    specific reasons for the denial, pertinent references to the
                    Plan section on which the denial is based, such other data
                    as may be pertinent and information on the procedures to be
                    followed by the claimant in obtaining a review of the claim,
                    all written in a manner calculated to be understood by the
                    claimant. For this purpose:

                    (A)  The claimant's claim shall be deemed filed when
                         presented orally or in writing to the Claims Manager.

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                    (B)  The Claims Manager's explanation shall be in writing
                         delivered to the claimant within 90 days of the date
                         the claim is filed.

               (2)  The claimant shall have 60 days following receipt of the
                    denial of the claim to file with the Claims Manager a
                    written request for review of the denial. For such review,
                    the claimant or the claimant's representative may submit
                    pertinent documents and written issues and comments.

               (3)  The Claims Manager shall decide the issue on review and
                    furnish the claimant with a copy within 60 days of receipt
                    of the claimant's request for review of the claim. The
                    decision on review shall be in writing and shall include
                    specific reasons for the decision, written in a manner
                    calculated to be understood by the claimant, as well as
                    specific references to the pertinent Plan provisions on
                    which the decision is based. If a copy of the decision is
                    not so furnished to the claimant within such 60 days, the
                    claim shall be deemed denied on review.

     9. Governing Law: This Agreement will be governed by and its validity,
effect and interpretation determined by the laws of the State of California
applicable to contracts made and to be performed wholly in that state.

     10. Further Assurances: Each party, upon the other's request and without
cost to the other, agrees to take any action, and to sign, acknowledge and
deliver to the other party any additional document, necessary or expedient to
effectuate the purposes of this Agreement.

     11. Counterparts: This Agreement may be executed in counterparts, each of
which will be an original, which, together, will constitute one Agreement.

     12. Attorneys' Fees: If any action or proceeding shall be brought by either
party to enforce or interpret the provisions of this Agreement, then the
prevailing party in any such action or proceeding shall be entitled to recover
from the other party his or its reasonable attorneys' fees incurred in
connection therewith, and costs as provided by law.

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     IN WITNESS WHEREOF, the parties have signed this Agreement as of the day
and year first written above.

                                           EMPLOYER:
                                           --------

                                           VANS, INC., A Delaware Corporation

                                           By: /s/ CRAIG E. GOSSELIN
                                              --------------------------------
                                              A Duly Authorized Officer

                                           EMPLOYEE:
                                           --------

                                           /s/ GARY H. SCHOENFELD
                                           -----------------------------------
                                           GARY H. SCHOENFELD

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