Document:

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                                                                  EXHIBIT 10.3.4

                                   VANS, INC.

                       FIRST AMENDMENT TO CREDIT AGREEMENT

            This FIRST AMENDMENT TO CREDIT AGREEMENT (this "FIRST AMENDMENT") is
dated as of August 28, 2002 and entered into by and among Vans, Inc., a Delaware
corporation ("COMPANY"), the financial institutions listed on the signature
pages hereof (each individually a "LENDER" and collectively "LENDERS"), and Bank
of America, N.A. (formerly known as Bank of America National Trust and Savings
Association), as a letter of credit issuing lender, the swing line lender and as
agent (the "AGENT") for Lenders, and is made with reference to that certain
Second Amended and Restated Credit Agreement dated as of April 30, 2001 (the
"CREDIT AGREEMENT"), by and among Company, the lenders listed on the signature
pages thereof, and Agent. Capitalized terms used herein without definition shall
have the same meanings as set forth in the Credit Agreement.

                                    RECITALS

            WHEREAS, Company, the financial institutions listed on the signature
pages thereof, and Agent entered into that certain Credit Agreement dated as of
July 13, 1999 (the "ORIGINAL CREDIT AGREEMENT"); and

            WHEREAS, Company, the financial institutions listed on the signature
pages thereof, and Agent amended and restated the Original Credit Agreement in
its entirety in the form of the First Amended and Restated Credit Agreement (the
"FIRST AMENDED CREDIT AGREEMENT") by entering into that certain Amendment
Agreement to Original Credit Agreement dated as of April 12, 2000; and

            WHEREAS, Company, the financial institutions listed on the signature
pages thereof, and Agent amended and restated the First Amended Credit Agreement
in its entirety in the form of the Credit Agreement by entering into that
certain Second Amendment Agreement to Credit Agreement dated as of April 30,
2001; and

            WHEREAS, Company and Lenders desire, subject to the terms and
conditions hereinafter set forth, to amend the Credit Agreement on the terms and
conditions contained herein.

            NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1. ASSIGNMENTS OF REVOLVING LOAN COMMITMENTS

      1.1 REDUCTION OF REVOLVING LOAN COMMITMENTS. On the First Amendment
Effective Date (as defined in Section 4 below) and immediately prior to the
consummation of the assignments on the First Amendment Effective Date pursuant
to the Specified Assignments and Acceptances (as defined in Section 1.2 below),
(i) the Revolving Loan Commitments of the Lenders shall be decreased to the
amounts set forth on Schedule 2.01(d)

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attached hereto as Annex 2 and (ii) the second sentence of subsection 2.01(c) is
amended and restated in its entirety as follows:

            "The original amount of each Lender's Revolving Loan Commitment (a)
      for the period commencing on the Closing Date and ending on the date
      immediately preceding the First Effective Date is set forth opposite its
      name on Schedule 2.01(a) annexed hereto and the aggregate original amount
      of the Revolving Loan Commitments for such period is $53,000,000, (b) for
      the period commencing on the First Effective Date and ending on the date
      immediately preceding the Second Effective Date is set forth opposite its
      name on Schedule 2.01(b) annexed hereto and the aggregate amount of the
      Revolving Loan Commitments for such period is $63,000,000, (c) for the
      period commencing on the Second Effective Date and ending on the date
      immediately preceding the First Amendment Effective Date is set forth
      opposite its name on Schedule 2.01(c) annexed hereto and the aggregate
      amount of the Revolving Loan Commitments for such period is $85,000,000,
      (d) for the First Amendment Effective Date (after giving effect to the
      reduction in Commitments occurring on such date but before giving effect
      to the assignments occurring on such date pursuant to the Specified
      Assignments and Acceptances) is set forth opposite its name on Schedule
      2.01(d) annexed hereto and the aggregate amount of Revolving Loan
      Commitments for the First Amendment Effective Date (after giving effect to
      the reduction in Commitments occurring on such date but before giving
      effect to the assignments occurring on such date pursuant to the Specified
      Assignments and Acceptances) is $45,000,000, and (e) for the period
      commencing on the First Amendment Effective Date (after giving effect to
      the reduction in Commitments occurring on such date and to the assignments
      occurring on such date pursuant to the Specified Assignments and
      Acceptances) and thereafter is set forth opposite its name on Schedule
      2.01(e) annexed hereto and the aggregate amount of the Revolving Loan
      Commitments on the First Amendment Effective Date (after giving effect to
      the reduction in Commitments occurring on such date and to the assignments
      occurring on such date pursuant to the Specified Assignments and
      Acceptances) and thereafter is $45,000,000; provided, in each case, that
      the Revolving Loan Commitments of the Lenders shall be adjusted to give
      effect to any assignments of the Revolving Loan Commitments pursuant to
      subsection 11.08; and provided, further that the amount of the Revolving
      Loan Commitments shall be reduced from time to time by the amount of any
      reductions thereto made pursuant to Section 2.05."

      1.2 ASSIGNMENTS. On the First Amendment Effective Date, concurrently with
this First Amendment becoming effective, California Federal Bank ("CALFED"),
Union Bank of California, N.A. ("UNION BANK"), Greater Bay Corporate Finance
("GREATER Bay") and BNP Paribas ("BNP") (Cal Fed, Union Bank, Greater Bay and
BNP are collectively referred to as the "EXITING LENDERS") shall assign all of
their respective rights and obligations under the Credit Agreement in respect of
their respective Revolving Loan Commitments, together with a corresponding
portion of their outstanding Revolving Loans and L/C Obligations in the amounts
(the "ASSIGNED AMOUNTS") to Bank of America, Bank of the West and City National
Bank (Bank of America, Bank of the West and City National Bank are collectively
referred to as the "CONTINUING LENDERS"), in the amounts set forth on Schedule A
annexed hereto pursuant to the Assignments and Acceptances executed and
delivered concurrently

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herewith (collectively, the "SPECIFIED ASSIGNMENTS AND ACCEPTANCES"). Each of
the parties hereto agrees that the assignments being made pursuant to the
Specified Assignments and Acceptances are permitted by the Credit Agreement.

SECTION 2. ADDITIONAL AMENDMENTS TO CREDIT AGREEMENT

      2.1 AMENDMENTS TO DEFINITIONS: NEW DEFINED TERMS. Section 1.01 of the
Credit Agreement is hereby amended by adding the following new defined terms:

            "Capital Lease" as applied to any Person, means any lease of any
property (whether real, personal or mixed) by that Person as lessee that, in
conformity with GAAP, is accounted for as a capital lease on the balance sheet
of that Person.

            "Consolidated Capital Expenditures" means, for any period, the sum
of the aggregate amount of all expenditures (whether paid in cash or other
consideration or accrued as a liability and including that portion of Capital
Leases which is capitalized on the consolidated balance sheet of Company and its
Subsidiaries) by Company and its Subsidiaries during that period that, in
conformity with GAAP, are included in "additions to property, plant or
equipment" or comparable items reflected in the consolidated statement of cash
flows of Company and its Subsidiaries. For purposes of this definition, the
purchase price of equipment that is purchased simultaneously with the trade-in
of existing equipment or with insurance proceeds shall be included in
Consolidated Capital Expenditures only to the extent of the gross amount of such
purchase price less the credit granted by the seller of such equipment for the
equipment being traded in at such time or the amount of such proceeds, as the
case may be. The term "Consolidated Capital Expenditures" excludes expenditures
by Company and its Subsidiaries made in connection with Acquisitions (including
Permitted Acquisitions) and other Investments (including Permitted Investments).

            "Existing Bank of the West L/C's" means the letters of credit issued
by Bank of the West and outstanding on the First Amendment Effective Date as
further described in Schedule II annexed hereto.

            "First Amendment" means that certain First Amendment to Credit
Agreement dated as of August 28, 2002 by and among the Company, the financial
institutions listed on the signature pages thereof and Agent.

            "First Amendment Effective Date" shall have the meaning assigned to
that term in the First Amendment.

            "Mexico JV Acquisition" means the acquisition by the Company of all
of the equity interests in Vans Latinoamericana Mexico, S.A. DE C.V. that is not
owned by Company on the First Amendment Effective Date for an aggregate
consideration not in excess of $7,000,000 substantially on the terms and
conditions described on Exhibit 8.04(i) attached hereto. For purposes of this
Agreement, the parties hereto agree that the Mexico JV Acquisition, if
consummated, shall be an Acquisition.

            "Specified Assignments and Acceptances" shall have the meaning
assigned to that term in the First Amendment.

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      2.2 AMENDMENTS TO DEFINITIONS; EXISTING DEFINED TERMS. Section 1.01 of the
Credit Agreement is amended by amending and restating the following defined
terms in their entirety as follows:

            "Consolidated Funded Debt to Consolidated Adjusted EBITDA Ratio"
means at the end of each fiscal quarter, the ratio of Consolidated Funded Debt
as of such date to Consolidated Adjusted EBITDA for the four fiscal quarters
ending on such date for the Company and its Subsidiaries on a consolidated basis
determined in accordance with GAAP; provided, however, that on a one-time basis
for the fiscal quarter ended May 31, 2002, (i) the write-down of assets actually
made during the four fiscal quarter period ended May 31, 2002 for the Denver and
Bakersfield skateparks and Schaumberg, Illinois, Miami, Florida and Universal
City Walk, California retail stores, up to an aggregate maximum write-down of
$5,852,000, may be added back to Consolidated Adjusted EBITDA for the purposes
of calculation of this ratio, and (ii) the actual losses incurred by the Company
during the four fiscal quarter period ended May 31, 2002 in connection with the
Dogtown and Loonatic movies, up to an aggregate maximum of $727,000, may be
added back to Consolidated Adjusted EBITDA for the purposes of calculation of
this ratio.

            "Eligible Assignee" means (a) a commercial bank organized under the
laws of the United States, or any state thereof, and having a combined capital
and surplus of at least $100,000,000; (b) a commercial bank organized under the
laws of any other country which is a member of the Organization for Economic
Cooperation and Development (the "OECD"), or a political subdivision of any such
country, and having a combined capital and surplus of at least $100,000,000,
provided that such bank is acting through a branch or agency located in the
country in which it is organized or another country which is also a member of
the OECD; (c) any other entity which is an "accredited investor" (as defined in
Regulation D under the Securities Act) which extends credit or buys loans as one
of its businesses, including but not limited to, insurance companies, mutual
funds and lease financing companies, in each case acceptable to Bank of America
and Bank of the West, each in its capacity as an Issuing Lender; or (d) a Person
that is primarily engaged in the business of commercial banking and that is (i)
a Subsidiary of a Lender, (ii) a Subsidiary of a Person of which a Lender is a
Subsidiary, or (iii) a Person of which a Lender is a Subsidiary; provided that
no Affiliate of the Company shall be an Eligible Assignee.

            "Issuing Lender" means (i) Bank of America or Bank of the West in
its capacity as issuer of one or more Commercial Letters of Credit hereunder,
and (ii) Bank of America in its capacity as issuer of one or more Standby
Letters of Credit hereunder, in each case together with any replacement letter
of credit issuer arising under subsection 10.01(b) or Section 10.09.

            "Letters of Credit" means any Commercial Letters of Credit or
Standby Letters of Credit Issued by the Issuing Lenders pursuant to Article III
and shall in any event include the Existing Bank of the West L/C's.

            "Permitted Acquisition" means an Acquisition with respect to which
all of the following conditions shall have been satisfied (or the Majority
Lenders shall have otherwise approved the Acquisition):

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            (a) the Person, division or business being acquired (the "Target")
shall be in a business which is substantially the same business as, or
substantially complementary to, the business that the Company and its
Subsidiaries are engaged in as of the Closing Date;

            (b) the Acquisition shall not be a Hostile Acquisition;

            (c) after giving effect to the Acquisition, the sum of (i) the
aggregate amount of the Total Consideration paid for all Acquisitions (other
than the Mexico JV Acquisition) during the fiscal year plus (ii) the aggregate
amount of Permitted Equity Investments during the fiscal year shall not exceed
$5,000,000 (it being understood that unused amounts in one fiscal year will not
be eligible to be carried forward to any future periods); provided, however,
that if the Mexico JV Acquisition is consummated, the aggregate amount of
Permitted Acquisitions (other than the Mexico JV Acquisition) during the fiscal
year ending on or about May 31, 2003 (including any Permitted Acquisitions
consummated during such fiscal year prior to the consummation of the Mexico JV
Acquisition) shall not exceed $0;

            (d) before and after giving effect to the Acquisition, (i) the
Company shall have cash and cash equivalents plus availability under the
Revolving Loan Commitment for Borrowings thereunder of at least $5,000,000 and
(ii) no Default or Event of Default shall exist, including with respect to the
covenants contained in section 8.12, based on the financial statements most
recently delivered to the Agent pursuant to subsections 7.01(a) or (b) as
adjusted on a pro forma basis including the Target;

            (e) with respect to the Mexico JV Acquisition, in addition to the
other conditions set forth in this definition, the following additional
conditions shall have been satisfied (or the Majority Lenders shall have waived
such additional conditions):

      (i)   such Acquisition shall be consummated on or before March 31, 2003,

      (ii)  the Company shall acquire all of the equity interests of the Target
            not owned by the Company on the First Amendment Effective Date such
            that after giving effect to such Acquisition, the Company shall own
            100% of the equity interest in the Target,

      (iii) the aggregate consideration for such Acquisition (including all
            non-compete payments and all non-cash consideration and all deferred
            consideration) shall not exceed $7,000,000 in the aggregate,

      (iv)  all existing notes issued by the Company, the Target or any of their
            respective Subsidiaries to Tavistock or any of its affiliates or
            other related Persons shall be cancelled,

      (v)   at the time of consummation of such Acquisition, the Company and its
            Subsidiaries shall not have made any Permitted Acquisitions since
            the first day of the fiscal quarter beginning on or about June 1,
            2002, and the Company and Subsidiaries shall not have made Permitted
            Equity Investments exceeding

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            $500,000 since the first day of the fiscal quarter beginning on or
            about June 1, 2002, and

      (vi)  such Acquisition shall be consummated substantially on the terms and
            conditions described on Exhibit 8.04(i) attached hereto; and

            (f) (i) at least ten Business Days prior to the closing of the
Acquisition, the Company shall have delivered to the Agent and each Lender all
available financial statements of the Target and, if requested by the Agent or
the Majority Lenders, such other documents and agreements relating to the
Acquisition as the Agent or the Majority Lenders may reasonably request;
provided that neither the Agent nor any Lender shall have the right to approve
or disapprove such documents and agreements and (ii) at least ten Business Days
prior to the closing date of the Acquisition, the Company shall have delivered
to the Agent and each Lender an executed officer's certificate in form and
substance reasonably satisfactory to Agent and the Majority Lenders certifying
that the Acquisition satisfies all of the conditions set forth in this
definition and attaching thereto a Compliance Certificate.

            "Permitted Equity Investment" means an equity Investment (other than
Acquisitions and other than investments satisfying the investment objectives and
investment criteria set forth in the Company's Investment Policy attached hereto
as Exhibit K) made by the Company from and after the Closing Date in (i) any of
the Company's Subsidiaries in existence as of the Closing Date or (ii) any other
Person substantially all of the business of which is in substantially the same
business as, or substantially complementary to, the business that the Company
and its Subsidiaries are engaged in as of the Closing Date, in each case with
respect to which all of the following conditions shall have been satisfied (or
the Majority Lenders shall have otherwise approved the Investment):

            (a) after giving effect to the Permitted Equity Investment, the sum
of (i) the aggregate amount of Permitted Equity Investment during the fiscal
year plus (ii) the aggregate amount of the Total Consideration paid for all
Acquisitions (other than the Mexico JV Acquisition) during the fiscal year shall
not exceed $5,000,000 (it being understood that unused amounts in one fiscal
year will not be eligible to be carried forward to any future periods);
provided, however, that if the Mexico JV Acquisition is consummated, the
aggregate amount of Permitted Equity Investments during the fiscal year ending
on or about May 31, 2003 (including any Permitted Equity Investments consummated
during such fiscal year prior to the consummation of the Mexico JV Acquisition)
shall not exceed $500,000;

            (b) after giving effect to the Permitted Equity Investment, (i) the
Company shall have cash and cash equivalents plus availability under the
Revolving Loan Commitment for Borrowings thereunder of at least $5,000,000, and
(ii) no Default or Event of Default shall exist, including with respect to the
covenants contained in Section 8.12, based on the financial statements most
recently delivered to the Agent pursuant to subsections 7.01(a) or (b) as
adjusted on a pro forma basis including the Investment; and

            (c) (i) if requested by the Agent or the Majority Lenders, at least
ten Business Days prior to the closing of the Investment, the Company shall have
delivered to the Agent and each Lender such documents and agreements relating to
the Investment as the

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Agent or the Majority Lenders may reasonably request; provided that neither the
Agent nor any Lender shall have the right to approve or disapprove such
documents and agreements, and (ii) at least ten Business Days prior to the
closing date of the Investment, the Company shall have delivered to the Agent
and each Lender an executed officer's certificate in form and substance
reasonably satisfactory to Agent and the Majority Lenders certifying that the
Investment satisfies all of the conditions set forth in this definition and
attaching thereto a Compliance Certificate.

      2.3 AMENDMENTS TO LETTERS OF CREDIT.

      A. Clause (i) of the second sentence of Section 3.01 of the Credit
Agreement is amended and restated in its entirety as follows:

            "(i) each Issuing Lender agrees, subject to the terms and conditions
      set forth herein and in that certain letter dated August 28, 2002
      addressed to Bank of America and signed by Bank of the West, to (A) issue
      Letters of Credit for the account of the Company, and amend or renew
      Letters of Credit previously issued by such Issuing Lender, in accordance
      with subsection 3.02(c), and (B) to honor drafts under the Letters of
      Credit;"

      B. Section 3.01 of the Credit Agreement is hereby amended by adding at the
end thereof the following:

            "The parties hereto agree that the Existing Bank of the West L/Cs
      are "Letters of Credit" under this Agreement to the same extent as if
      initially issued hereunder and each Lender shall be deemed to have
      irrevocably purchased from the Issuing Lender of such Existing Bank of the
      West L/Cs a participation in such Letters of Credit and drawings
      thereunder in an amount equal to such Lender's Pro Rata Share of the
      maximum amount which is or at any time may become available to be drawn
      thereunder."

      C. Clause (a)(i) of Section 3.08 of the Credit Agreement is hereby amended
and restated in its entirety as follows:

            "(i) Bank of America, in its capacity as the Issuing Lender for its
      own account with respect to each Standby Letter of Credit a fronting fee
      as agreed to by Bank of America, in its capacity as the Issuing Lender and
      the Company pursuant to that certain side letter dated as of August 28,
      2002;"

      D. Clause (b) of Section 3.08 of the Credit Agreement is hereby amended
and restated in its entirety as follows:

            "(b) Commercial Letter of Credit. The Company shall pay to the
      applicable Issuing Lender for its own account from time to time on demand,
      with respect to Commercial Letters of Credit, such Issuing Lender's
      issuance, negotiation, presentation, amendment and other processing fees,
      and other standard costs and charges, relating to Commercial Letters of
      Credit, in each case in accordance with each Issuing Lender's standard
      schedule for such fees, costs and charges at the time of

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      such issuance, negotiation, presentation, amendment and payment, as the
      case may be or as negotiated from time to time."

      2.4 AMENDMENTS TO NEGATIVE COVENANTS. Article VIII of the Credit Agreement
is hereby amended as follows:

      A. Subsection 8.11(a) of the Credit Agreement is amended and restated in
its entirety as follows:

      "(a) so long as no Event of Default or Default exists or would be caused
thereby, the Company may, prior to the Revolving Termination Date, repurchase
Company's stock in an aggregate amount not to exceed $15,000,000."

      B. Subsection 8.12(a) of the Credit Agreement is amended and restated in
its entirety as follows:

      "(a) Minimum Fixed Charge Coverage Ratio. The Company shall not permit as
of the last day of any four fiscal quarter period listed below the ratio of (i)
Consolidated Adjusted Cash Flow to (ii) Consolidated Fixed Charges for each
four-quarter fiscal period listed below to be less than the correlative ratio
set forth for such period below:

<TABLE>
<CAPTION>
                         PERIOD                                                       RATIO
                         ------                                                       -----
<S>                                                                                <C>
The four fiscal quarter period ending on the last day of
    the fiscal quarter ending on or about May 31, 2003                              1.00 to 1.0
The four fiscal quarter period ending on the last day of the
    fiscal quarter ending on or about August 31, 2003                               1.15 to 1.0
The four fiscal quarter period ending on the last day
    of the fiscal quarter ending on or about November 30, 2003
    and each four fiscal quarter period thereafter.                                1.15 to 1.0"
</TABLE>

      C. A new subsection (e) is added to Section 8.12 of the Credit Agreement
as follows:

      "(e) The Company shall not permit Consolidated EBITDA for any period set
forth below to be less than the correlative amount indicated:

<TABLE>
<CAPTION>
                         PERIOD                                                        AMOUNT
                         ------                                                        ------
<S>                                                                                <C>
The fiscal quarter ending on or about August 31, 2002                                $8,000,000
The two fiscal quarters ending on or about November 30, 2002                         $9,800,000
The three fiscal quarters ending on or about February 28, 2003                     $16,100,000"
</TABLE>

      D. A new Section 8.16 is added to the Credit Agreement as follows:

            "8.16 Consolidated Capital Expenditures. The Company shall not, and
shall not permit its Subsidiaries to, make or incur Consolidated Capital
Expenditures in fiscal year 2003 (i.e., the period commencing on the first day
of the fiscal quarter beginning on or about

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June 1, 2002 through (and including) the last day of the fiscal quarter ending
on or about May 31, 2003) in an aggregate amount in excess of $15,000,000."

      2.5 ADDITION AND SUBSTITUTION OF SCHEDULES.

      A. Schedule I to the Credit Agreement is hereby amended by deleting said
Schedule I in its entirety and substituting in its place a new Schedule I in the
form of Annex 1 to this Agreement.

      B. Schedule 1.01 of the Credit Agreement is hereby amended by amending and
restating the last line of Part A as follows:

<TABLE>
<S>                                       <C>               <C>            <C>
         Consolidated Funded Debt         LIBOR Rate        Base Rate      Commitment Fee
         to Consolidated Adjusted         Margin            Margin         Rate
         EBITDA Ratio

         "Less than 1.50:1                1.500%            0.000%         0.250%"
</TABLE>

      C. Schedule 2.01 to the Credit Agreement is hereby amended by deleting
said Schedule 2.01 in its entirety and substituting in its place a new Schedule
2.01 in the form of Annex 2 to this Agreement.

      D. New Schedules II and 8.04(i) are hereby added to the Credit Agreement
in the form of Annex 3 and Annex 4, respectively, to this Agreement.

      E. Schedule 11.02 to the Credit Agreement is hereby amended by deleting
said Schedule 11.02 in its entirety and substituting in its place a new Schedule
11.02 in the form of Annex 5 to this Agreement.

SECTION 3. WAIVERS OF EVENT OF DEFAULT

      3.1 MINIMUM FIXED CHARGE COVERAGE RATIO. The Company has informed Agent
and Lenders it is not in compliance with the Minimum Fixed Charge Coverage Ratio
covenant set forth in subsection 8.12(a) of the Credit Agreement for the fiscal
quarter ending on or about May 31, 2002. Accordingly, at the request of the
Company, the undersigned Continuing Lenders, constituting Majority Lenders under
the Credit Agreement, and Agent, hereby waive compliance with the Minimum Fixed
Charge Coverage Ratio covenant set forth in subsection 8.12(a) of the Credit
Agreement for the fiscal quarter ending on or about May 31, 2002. Without
limiting the generality of the provisions of subsection 11.01 of the Credit
Agreement, the waivers set forth herein shall be limited precisely as written
and relate solely to the Company's noncompliance with the provisions of
subsection 8.12(a) for the fiscal quarter ending on or about May 31, 2002 and
the waivers provided for herein do not constitute, nor should they be construed
as, a waiver of compliance by the Company with respect to (i) subsection 8.12(a)
of the Credit Agreement in any other instance or (ii) any other term, provision
or condition of the Credit Agreement or any other instrument or agreement
referred to therein. The waivers set forth herein shall not prejudice any right
or remedy that Agent or any Lender may now have (except to the extent such right
or remedy

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was based upon existing defaults that will not exist after giving effect to this
waiver) or may have in the future under or in connection with the Credit
Agreement or any other instrument or agreement referred to therein.

SECTION 4. CONDITIONS TO EFFECTIVENESS

            Sections 1, 2 and 3 of this First Amendment shall become effective
only upon the satisfaction on or prior to August 28, 2002 of all of the
following conditions precedent and the conditions set forth in Section 4 hereof
(the date of satisfaction of such conditions being referred to herein as the
"FIRST AMENDMENT EFFECTIVE DATE"):

      4.1 DELIVERIES. On or before the First Amendment Effective Date, Company
shall deliver to Lenders (or to Agent for Lenders with sufficient originally
executed copies, where appropriate, for each Lender and its counsel) the
following, each, unless otherwise noted, dated the First Amendment Effective
Date:

      A. Certified copies of its Certificate of Incorporation, together with a
good standing certificate from the Secretary of State of the jurisdiction of its
incorporation and the jurisdiction in which its principal place of business is
located, each dated a recent date prior to the First Amendment Effective Date;

      B. Copies of its Bylaws, certified as of the First Amendment Effective
Date by its corporate secretary or an assistant secretary;

      C. Resolutions of its Board of Directors approving and authorizing the
execution, delivery and performance of this First Amendment and the performance
of the Credit Agreement as amended by this First Amendment (as so amended, the
"AMENDED CREDIT AGREEMENT") and approving and authorizing the execution,
delivery and payment of the Revolving Note (the "NEW NOTE") issued to Bank of
the West and each Allonge to Revolving Note substantially in the form of Annex 6
to this First Amendment (collectively, the "ALLONGES") issued to each Lender
(other than Bank of the West) and the payment of each such Revolving Note as
amended by each allonge (including any Allonge) relating thereto (as so amended,
the "AMENDED NOTES"), certified as of the First Amendment Effective Date by its
corporate secretary or an assistant secretary as being in full force and effect
without modification or amendment;

      D. Signature and incumbency certificates of its officers executing this
First Amendment, the Allonges and the New Note;

      E. A certificate signed by a Responsible Officer, dated as of the First
Amendment Effective Date, stating that (i) the representations and warranties
contained in Article VI of the Credit Agreement are true and correct on and as
of such date (both before and after giving effect to this First Amendment), as
though made on and as of such date, (ii) no Default or Event of Default exists
or would result from the transactions contemplated hereby, and (iii) there has
occurred since May 31, 2002 no event or circumstance that has resulted or could
reasonably be expected to result in a Material Adverse Effect; and

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      F. Executed originals of this First Amendment, the New Note drawn to the
order of Bank of the West, and the Allonges drawn to the order of each
Continuing Lender (other than Bank of the West), in each case executed by
Company.

      4.2 OPINIONS. On or before the First Amendment Effective Date, Lenders and
their respective counsel shall have received originally executed copies of one
or more favorable written opinions of Craig Gosselin, Esq., General Counsel to
Company, in form and substance reasonably satisfactory to Agent and its counsel,
dated as of the First Amendment Effective Date, substantially in the form set
forth in Annex 7 hereto and as to such other matters as Agent acting on behalf
of Lenders may reasonably request.

      4.3 OTHER DELIVERIES. On or before the First Amendment Effective Date, (a)
each Lender (including the Exiting Lenders) and the Company shall have delivered
to the Agent: (i) originally executed copies of this First Amendment and (ii)
executed copies of the Specified Assignments and Acceptances to which they are a
party; (b) each Exiting Lender shall have delivered to Agent its original
Revolving Note and all allonges thereto; (c) the Company shall have executed and
delivered that certain side letter from Agent dated as of August 28, 2002; (d)
BNP Paribas shall have confirmed in writing that the letter dated as of July 8,
1999 from BNP Paribas to Agent is no longer effective; and (e) Bank of the West
shall have executed and delivered that certain side letter dated as of August
28, 2002 which replaced the July 8, 1999 letter described in clause (d) hereof.

      4.4 FEES. Agent and each Continuing Lender shall have received an
amendment fee in amount equal to fifteen (15) basis points of its Revolving Loan
Commitment shown on Schedule 2.01(e) and Agent and each Continuing Lender and
Exiting Lender shall have received all accrued commitment fees, all accrued
letter of credit fees and all other amounts accrued under the Credit Agreement
up to the First Amendment Effective Date. Agent shall have received evidence of
payment by the Company of all Attorney Costs of Agent to the extent invoiced
prior to or on the First Amendment Effective Date, plus such additional amounts
of Attorney Costs as shall constitute Bank of America's reasonable estimate of
Attorney Costs incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude final settling of
accounts between the Company and Agent).

      4.5 CORPORATE PROCEEDINGS. On or before the First Amendment Effective
Date, all corporate and other proceedings taken or to be taken in connection
with the First Amendment and all documents incidental thereto not previously
found acceptable by Agent, acting on behalf of Lenders, and its counsel shall be
satisfactory in form and substance to Agent and such counsel, and Agent and such
counsel shall have received all such counterpart originals or certified copies
of such documents as Agent may reasonably request.

SECTION 5. REPRESENTATIONS AND WARRANTIES

            In order to induce Lenders to enter into this First Amendment,
Company represents and warrants to each Lender that the following statements are
true, correct and complete on and as of the First Amendment Effective Date:

                                       11
<PAGE>

      5.1 CORPORATE POWER AND AUTHORITY. Each of Company and each of its
Subsidiaries has all requisite corporate power and authority to enter into this
First Amendment, and Company has all requisite corporate power and authority to
carry out the transactions contemplated by, and perform its obligations under,
this First Amendment, the Amended Credit Agreement, the Allonges, the Amended
Notes and the New Note, and Company has all requisite corporate power and
authority to issue the Allonges and the New Note.

      5.2 AUTHORIZATION OF AGREEMENTS. The execution and delivery of this First
Amendment, the Allonges and the New Note, the performance of this First
Amendment and the Amended Credit Agreement and the payment of the New Note and
the Amended Notes have been duly authorized by all necessary corporate action on
the part of Company.

      5.3 NO CONFLICT. The execution and delivery by Company of this First
Amendment, the execution and delivery by Company of the New Note and the
Allonges and the performance by Company of this First Amendment and the Amended
Credit Agreement and the payment of the New Note and the Amended Notes by
Company do not and will not (i) violate any Requirement of Law or any
Organization Documents of Company or any of its Subsidiaries or any order,
judgment, injunction, writ or decree of any Governmental Authority binding on
Company or any of its Subsidiaries, (ii) conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of Company or any of its Subsidiaries, (iii) result in or
require the creation or imposition of any Lien upon any of the properties or
assets of Company or any of its Subsidiaries, or (iv) require any approval of
stockholders or any approval or consent of any Person under any Contractual
Obligation of Company or any of its Subsidiaries.

      5.4 GOVERNMENTAL CONSENTS. The execution and delivery by Company of this
First Amendment, the execution and delivery by Company of the New Note and the
Allonges and the performance by Company of this First Amendment and the Amended
Credit Agreement and the payment of the New Note and the Amended Notes by
Company do not and will not require any registration with, consent or approval
of, or notice to, or other action to, with or by, any Governmental Authority.

      5.5 BINDING OBLIGATION. This First Amendment, the Allonges and the New
Note have been duly executed and delivered by Company and each of this First
Amendment, the Amended Credit Agreement, the New Note, the Allonges and the
Amended Notes constitute the legal, valid and binding obligations of Company,
enforceable against Company in accordance with their respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally or by equitable principles relating to
enforceability.

      5.6 INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM CREDIT AGREEMENT.
The representations and warranties contained in Article VI of the Credit
Agreement are incorporated herein by this reference and are and will be true,
correct and complete in all material respects on and as of the First Amendment
Effective Date (both before and after giving effect to this First Amendment) to
the same extent as though made on and as of that date, except to the extent such
representations and warranties specifically relate

                                       12
<PAGE>

to an earlier date, in which case they were true, correct and complete in all
material respects on and as of such earlier date.

      5.7 ABSENCE OF DEFAULT. No event has occurred and is continuing or will
result from the consummation of the transactions contemplated by this First
Amendment that would constitute an Event of Default or a Default.

SECTION 6. MISCELLANEOUS

      6.1 REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS.

      A. On and after the First Amendment Effective Date, each reference in the
other Loan Documents to the "Credit Agreement", "thereunder", "thereof",
"therein" or words of like import shall mean and be a reference to the Credit
Agreement, as amended by this First Amendment.

      B. Except as specifically amended or amended and restated by this First
Amendment, the Credit Agreement and the other Loan Documents shall remain in
full force and effect and are hereby ratified and confirmed.

      C. The execution, delivery and performance of this First Amendment shall
not, except as expressly provided herein, constitute a waiver of any provision
of, or operate as a waiver of any right, power or remedy of Agent or any Lender
under, the Credit Agreement or any of the other Loan Documents.

      6.2 FEES AND EXPENSES. Company acknowledges that all costs, fees and
expenses as described in subsection 11.04 of the Credit Agreement incurred by
Agent and its counsel with respect to this First Amendment and the documents and
transactions contemplated hereby shall be for the account of Company.

      6.3 HEADINGS. Section and subsection headings in this First Amendment are
included herein for convenience of reference only and shall not constitute a
part of this First Amendment for any other purpose or be given any substantive
effect.

      6.4 APPLICABLE LAW. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA; PROVIDED THAT THE AGENT
AND THE LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

      6.5 COUNTERPARTS; EFFECTIVENESS. This First Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. This First Amendment (other than
the provisions of Sections 1, 2 and 3 hereof, the effectiveness of which is
governed by Section 4

                                       13
<PAGE>

hereof) shall become effective upon the execution of a counterpart hereof by
Company and each of the Lenders and receipt by Company and Agent of written or
telephonic notification of such execution and authorization of delivery thereof.

                  [Remainder of page intentionally left blank]

                                       14
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this First
Amendment to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.

                                        VANS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-1
<PAGE>

                                        BANK OF AMERICA, N.A., as Agent

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-2
<PAGE>

                                        BANK OF AMERICA, N.A., as a Lender, as
                                        Swing Line Lender and as an Issuing
                                        Lender

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-3
<PAGE>

                                        CITY NATIONAL BANK, A NATIONAL
                                        BANKING ASSOCIATION, as a Lender

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-4
<PAGE>

                                        BANK OF THE WEST, as a Lender and as an
                                        Issuing Lender

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-5
<PAGE>

                                        GREATER BAY CORPORATE FINANCE, A
                                        DIVISION OF CUPERTINO NATIONAL BANK AND
                                        TRUST, as an Exiting Lender (with
                                        respect to each Section of this First
                                        Amendment other than Sections 2 and 3)

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-6
<PAGE>

                                        BNP PARIBAS, as an Exiting Lender and as
                                        a former Issuing Lender (with respect to
                                        each section of this First Amendment
                                        other than Sections 2.4 and 3)

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-7
<PAGE>

                                        CALIFORNIA FEDERAL BANK, A FEDERAL
                                        SAVINGS BANK, as an Exiting Lender (with
                                        respect to each section of this First
                                        Amendment other than Sections 2 and 3)

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-8
<PAGE>

                                        UNION BANK OF CALIFORNIA, N.A., as an
                                        Exiting Lender (with respect to each
                                        section of this First Amendment other
                                        than Sections 2 and 3)

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                               (First Amendment)

                                      S-9
<PAGE>

                                   SCHEDULE A

                             SCHEDULE OF ASSIGNMENTS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                                                   Revolving Loan
                         Revolving Loan          Commitments after                              Amount of Assignment of
                       Commitments before          reduction of                                Revolving Loan Commitments
                    reduction of Commitments   Commitments on First    Exiting Lender(s)   (and outstanding L/C Obligations)
                       on First Amendment       Amendment Effective    Assigning to this      on First Amendment Effective
      Lenders            Effective Date                Date            Continuing Lender                  Date
----------------------------------------------------------------------------------------------------------------------------
<S>                 <C>                        <C>                    <C>                  <C>                <C>
Bank of America           $22,754,500               $12,046,500       California Federal    Revolving Loan
                                                                      Bank ($6,844,500)     Commitments:       $7,953,500

                                                                      Greater Bay Bank      L/C Obligations   $__________
                                                                      ($1,109,000)
----------------------------------------------------------------------------------------------------------------------------
Bank of the West          $0                        $0                BNP Paribas           Revolving Loan
                                                                      ($9,000,000)          Commitments:      $15,000,000

                                                                      Union Bank of         L/C Obligations   $__________
                                                                      California
                                                                      ($5,701,500)

                                                                      Greater Bay Bank
                                                                      ($298,500)
----------------------------------------------------------------------------------------------------------------------------
City National Bank        $12,928,500               $6,844,500        Greater Bay Bank      Revolving Loan
                                                                      ($3,155,500)          Commitments:       $3,155,500

                                                                                            L/C Obligations   $__________
----------------------------------------------------------------------------------------------------------------------------
BNP Paribas               $17,000,000               $9,000,000        N/A                   N/A

----------------------------------------------------------------------------------------------------------------------------
Greater Bay Bank           $8,619,000               $4,563,000        N/A                   N/A

----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------
                       Revolving Loan Commitments
                    and outstanding L/C Obligations
                      on First Amendment Effective
                      Date after giving effect to
                      reduction of Commitments and
      Lenders                  Assignments
---------------------------------------------------
<S>                 <C>                <C>
Bank of America     Revolving Loan
                    Commitments:       $20,000,000

                    L/C Obligations     $_________

---------------------------------------------------
Bank of the West    Revolving Loan
                    Commitments:       $15,000,000

                    L/C Obligations     $_________

---------------------------------------------------
City National Bank  Revolving Loan
                    Commitments:       $10,000,000

                    L/C Obligations     $_________
---------------------------------------------------
BNP Paribas         Revolving Loan
                    Commitments:                $0

                    L/C Obligations             $0
---------------------------------------------------
Greater Bay Bank    Revolving Loan
                    Commitments:                $0
---------------------------------------------------

</TABLE>

                                                           (Amendment Agreement)

                                       1
<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                                                   Revolving Loan
                         Revolving Loan          Commitments after                              Amount of Assignment of
                       Commitments before          reduction of                                Revolving Loan Commitments
                    reduction of Commitments   Commitments on First    Exiting Lender(s)   (and outstanding L/C Obligations)
                       on First Amendment       Amendment Effective    Assigning to this      on First Amendment Effective
      Lenders            Effective Date                Date            Continuing Lender                  Date
----------------------------------------------------------------------------------------------------------------------------
<S>                 <C>                        <C>                    <C>                  <C>

----------------------------------------------------------------------------------------------------------------------------
California Federal        $12,928,500               $6,844,500        N/A                   N/A
Bank

----------------------------------------------------------------------------------------------------------------------------
Union Bank of             $10,769,500               $5,701,500        N/A                   N/A
California, N.A.

----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------
                       Revolving Loan Commitments
                    and outstanding L/C Obligations
                      on First Amendment Effective
                      Date after giving effect to
                      reduction of Commitments and
      Lenders                  Assignments
---------------------------------------------------
<S>                 <C>                         <C>
                    L/C Obligations             $0
---------------------------------------------------
California Federal  Revolving Loan
Bank                Commitments:                $0

                    L/C Obligations             $0
---------------------------------------------------
Union Bank of       Revolving Loan
California, N.A.    Commitments:                $0

                    L/C Obligations             $0
---------------------------------------------------
</TABLE>

                                                           (Amendment Agreement)

                                       2
<PAGE>

                                     ANNEX 1

                                   SCHEDULE I
                                     LENDERS

BANK OF AMERICA, N.A.

BANK OF THE WEST

CITY NATIONAL BANK, a National Banking Association

                                                               (First Amendment)

                                       1
<PAGE>

                                     ANNEX 2

                                  SCHEDULE 2.01
                         COMMITMENTS AND PRO RATA SHARES

Schedule 2.01(a)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
                                                     Commitment    Pro Rata Share
---------------------------------------------------------------------------------
<S>                                                 <C>               <C>
                                                        Term Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A                                 $5,787,402           55.12%
---------------------------------------------------------------------------------
BNP Paribas                                          $2,066,929           19.69%
---------------------------------------------------------------------------------
City National Bank                                   $1,653,543           15.75%
---------------------------------------------------------------------------------
Greater Bay Bank                                       $992,126            9.45%
---------------------------------------------------------------------------------
                                                     Revolving Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A                                $29,212,598           55.12%
---------------------------------------------------------------------------------
BNP Paribas                                         $10,433,071           19.69%
---------------------------------------------------------------------------------
City National Bank                                   $8,346,457           15.75%
---------------------------------------------------------------------------------
Greater Bay Bank                                     $5,007,874            9.45%
---------------------------------------------------------------------------------
                                                     Swing Line Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A.                                $3,000,000             100%
---------------------------------------------------------------------------------
</TABLE>

Schedule 2.01(b)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
                                                    Commitment     Pro Rata Share
---------------------------------------------------------------------------------
<S>                                                 <C>            <C>
                                                       Term Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A.                                $6,615,384    44.102560000%
---------------------------------------------------------------------------------
BNP Paribas                                          $3,000,000    20.000000000%
---------------------------------------------------------------------------------
City National Bank                                   $1,923,077    12.820513333%
---------------------------------------------------------------------------------
Greater Bay Bank                                     $1,538,462    10.256413333%
---------------------------------------------------------------------------------
California Federal Bank, a federal savings bank      $1,923,077    12.820513333%
---------------------------------------------------------------------------------
                                                     Revolving Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A.                               $27,784,616    44.102565080%
---------------------------------------------------------------------------------
</TABLE>

                                                               (First Amendment)

                                       1
<PAGE>

<TABLE>
<S>                                                 <C>            <C>
---------------------------------------------------------------------------------
BNP Paribas                                         $12,600,000    20.000000000%
---------------------------------------------------------------------------------
City National Bank                                   $8,076,923    12.820512698%
---------------------------------------------------------------------------------
Greater Bay Bank                                     $6,461,538    10.256409523%
---------------------------------------------------------------------------------
California Federal Bank, a federal savings bank      $8,076,923    12.820512698%
---------------------------------------------------------------------------------
                                                     Swing Line Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A.                                $3,000,000             100%
---------------------------------------------------------------------------------
</TABLE>

Schedule 2.01(c)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
                                                    Commitment     Pro Rata Share
---------------------------------------------------------------------------------
                                                        Term Loan Exposure
---------------------------------------------------------------------------------
<S>                                              <C>              <C>
Bank of America, N.A.                             $3,649,593.80    26.775953083%
---------------------------------------------------------------------------------
BNP Paribas                                       $2,726,023.45    20.000000000%
---------------------------------------------------------------------------------
City National Bank                                $2,071,500.00    15.197961705%
---------------------------------------------------------------------------------
Greater Bay Bank                                  $1,381,000.00    10.131974470%
---------------------------------------------------------------------------------
California Federal Bank, a federal savings bank   $2,071,500.00    15.197961705%
---------------------------------------------------------------------------------
Union Bank of California, N.A.                    $1,730,500.00    12.696149037%
---------------------------------------------------------------------------------
                                                    Revolving Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A.                            $22,754,500.00    26.770000000%
---------------------------------------------------------------------------------
BNP Paribas                                      $17,000,000.00    20.000000000%
---------------------------------------------------------------------------------
City National Bank                               $12,928,500.00    15.210000000%
---------------------------------------------------------------------------------
Greater Bay Bank                                  $8,619.000.00    10.140000000%
---------------------------------------------------------------------------------
California Federal Bank, a federal savings bank  $12,928,500.00    15.210000000%
---------------------------------------------------------------------------------
Union Bank of California, N.A.                   $10,769,500.00    12.670000000%
---------------------------------------------------------------------------------
                                                    Swing Line Loan Commitment
---------------------------------------------------------------------------------
Bank of America, N.A.                                $3,000,000             100%
---------------------------------------------------------------------------------
</TABLE>

                                                               (First Amendment)

                                       2
<PAGE>

Schedule 2.01(d)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
                                                    Commitment     Pro Rata Share
------------------------------------------------------------------------------------
<S>                                                 <C>            <C>
                                                      Revolving Loan Commitment
------------------------------------------------------------------------------------
Bank of America, N.A.                               $12,046,500           26.77%
------------------------------------------------------------------------------------
BNP Paribas                                          $9,000,000           20.00%
------------------------------------------------------------------------------------
City National Bank                                   $6,844,500           15.21%
------------------------------------------------------------------------------------
Greater Bay Bank                                     $4,563,000           10.14%
------------------------------------------------------------------------------------
California Federal Bank, a federal savings bank      $6,844,500           15.21%
------------------------------------------------------------------------------------
Union Bank of California, N.A.                       $5,701,500           12.67%
------------------------------------------------------------------------------------
                                                      Swing Line Loan Commitment
------------------------------------------------------------------------------------
Bank of America, N.A.                                $3,000,000             100%
------------------------------------------------------------------------------------
</TABLE>

Schedule 2.01(e)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
                                                    Commitment     Pro Rata Share
------------------------------------------------------------------------------------
<S>                                                 <C>            <C>
                                                      Revolving Loan Commitment
------------------------------------------------------------------------------------
Bank of America, N.A.                               $20,000,000     44.44444445%
------------------------------------------------------------------------------------
Bank of the West                                    $15,000,000     33.33333333%
------------------------------------------------------------------------------------
City National Bank                                  $10,000,000     22.22222222%
------------------------------------------------------------------------------------
                                                       Swing Line Loan Commitment
------------------------------------------------------------------------------------
Bank of America, N.A.                                $3,000,000             100%
------------------------------------------------------------------------------------
</TABLE>

                                                               (First Amendment)

                                       3
<PAGE>

                                     ANNEX 3

                                   SCHEDULE II

                         EXISTING BANK OF THE WEST L/C'S

<TABLE>
<CAPTION>
L/C Reference      Bank Reference     Beneficiary                  Expiry Date      L/C Amount         Outstanding Amount
-------------      --------------     -----------                  -----------      ----------         ------------------
<S>                <C>                <C>                          <C>              <C>                <C>
GOLDCOSMOS         I-8666/082         Gold Cosmos Agents Ltd.      11/21/02         $3,074,000.00      $  900,688.34
LUCKYTALIM02       I-8727/082         Lucky Talim International    08/21/02         $    1,000.00      $    1,000.00
                                      Co., Ltd.
SHINGTAK02         I-8667/082         Shing Tak Ind., Co., Ltd.    10/21/02         $3,201,000.00      $  330,538.08
                                                                                    -------------      -------------
Grand Totals                                                                        $6,276,000.00      $1,232,226.42
</TABLE>

                                                               (First Amendment)

                                       1
<PAGE>

                                     ANNEX 4

                                SCHEDULE 8.04(i)

                              MEXICO JV ACQUISITION

                                [ATTACHED HERETO]

                                                               (First Amendment)

                                       1
<PAGE>

                                     ANNEX 5

                                 SCHEDULE 11.02

          OFFSHORE AND DOMESTIC LENDING OFFICES, ADDRESSES FOR NOTICES

BANK OF AMERICA, N.A.,
 as Agent

Bank of America, N.A.
Commercial Agency Management
WA1-501-37-20
800 Fifth Avenue, Floor 37
Seattle, Washington  98104
Attention: Dora A. Brown, Vice President
Telephone: (206) 358-0101
Facsimile: (206) 358-0971
Electronic Mail: dora.a.brown@bankofamerica.com

For Payments, Notice of Borrowing and Notice
 of Conversion/Continuation:

Bank of America, N.A.
Credit Services
CA4-706-05-09
1850 Gateway Boulevard
Concord, California 94520
Attention: Leroy Granby
Telephone: (925) 675-8368
Facsimile: (888) 969-2419
Electronic Mail: leroy.s.granby@bankofamerica.com

Account No.: 3750836479 Corporate FTA
ABA No. 111000012
Attention: Leroy Granby
Re: Vans, Inc.

BANK OF AMERICA, N.A.,
 as a Lender

Bank of America, N.A.
South Coast Financial Center BC
CA6-137-02-02
675 Anton Boulevard, Floor 2
Costa Mesa, CA  92626-1919
Attn: Denise Pardue
Telephone: 714-850-6542

                                                               (First Amendment)

                                       1
<PAGE>

Facsimile: 714-850-6586
Electronic Mail: denise.pardue@bankofamerica.com

BANK OF AMERICA, N.A.,
 as Issuing Lender

Address for Notices:
Bank of America, N.A.
Trade Operations-Los Angeles #22621
CA9-703-19-23
333 S. Beaudry Avenue, Floor 19
Los Angeles, CA  90017-1466
Attn: Sandra Leon
Telephone: 213-345-5231
Facsimile: 213-345-6694

BANK OF THE WEST
 as a Lender and as an Issuing Lender

Address for Notices:
Bank of the West
180 Montgomery Street, 2nd Floor
San Francisco, CA  94104
Attention: Don Hart
Telephone: 415-956-2511
Facsimile: 415-989-9041

CITY NATIONAL BANK, a National Banking Association,
 as a Lender

Address for Notices:
City National Bank
831 South Douglas Street, Suite 100
El Segundo, CA  90245
Attention: Pam Terry
Telephone: 310-297-8078
Facsimile: 310-297-8062

With a copy to:

400 North Roxbury Drive
Beverly Hills, CA  90210
Attention: Fernando Buesa
Telephone: 310-888-6532
Facsimile: 310-888-6152

                                                               (First Amendment)

                                       2
<PAGE>

                                     ANNEX 6

                        FORM OF ALLONGE TO REVOLVING NOTE

      By this [Third](1) Allonge to Revolving Note (this "Allonge") the
undersigned, Vans, Inc. ("Company"), agrees that the Revolving Note of Company
dated July 13, 1999, payable to the order of [Lender], [as amended by the
Allonge thereto dated as of April 12, 2000 and the Allonge thereto dated as of
April 30, 2001](1), is amended (i) by deleting the figure "[amount of old
revolving note, as amended, if applicable, by the Allonges thereto dated as of
April 12, 2000 and April 30, 2001]" and substituting "[amount of new revolving
note]" therefor each place such figure appears, and (ii) by deleting the phrase
"[amount of old revolving note, as amended, if applicable, by the Allonges
thereto dated as of April 12, 2000, and April 30, 2001 in words]" and
substituting "[amount of new revolving note in words]" therefor.

Date: August ___, 2002

                                        VANS, INC.

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

--------
(1) Insert only if there is an existing Allonge.

                                      VI-1
<PAGE>

                                     ANNEX 7

                      FORM OF OPINION OF COUNSEL TO COMPANY

August __, 2002

Bank of America N.A.,
 individually and as Agent

  and

The Lenders Listed on Schedule A Hereto

            Re:   First Amendment to Second Amended and Restated Credit
                  Agreement dated as of  April 30, 2001 among Vans, Inc., the
                  financial institutions listed therein as Lenders and Bank of
                  America, N.A., as Agent

Ladies and Gentlemen:

            I am the Vice President and General Counsel of Vans, Inc., a
Delaware corporation (the "Company") and have acted as counsel to the Company in
connection with that certain First Amendment to Credit Agreement dated as of
August __, 2002 (the "First Amendment"), and the Second Amended and Restated
Credit Agreement dated as of April 30, 2001, in each case among the Company, the
financial institutions listed therein as Lenders and Bank of America, N.A., as
Agent. I am rendering the opinions herein pursuant to Section 4.2 of the First
Amendment. Except as otherwise defined herein, capitalized terms used herein
have the respective meanings given to them in the Credit Agreement and the First
Amendment, as applicable.

            In connection herewith, I have examined and relied upon
representations and warranties as to factual matters contained in, and made
pursuant to, the First Amendment by the Company, and have examined and relied
upon the originals or copies of such records, documents, certificates, opinions,
memoranda and other instruments as in my judgment are necessary to enable me to
render the opinions expressed below, including but not limited to:

            (a) the Organization Documents of the Company;

            (b) all records of proceedings and actions of the Company relating
to the approval of the First Amendment and the other Loan Documents and the
transactions contemplated thereby;

            (c) The First Amendment;

                                     VII-1
<PAGE>

            (d) The Amended Credit Agreement;

            (e) The Allonges;

            (f) The New Note, and the Notes issued under the Original Credit
Agreement or under the First Amended and Restated Credit Agreement, in each case
as amended, if applicable, by the allonges dated as of April 12, 2000, April 30,
2001 and as amended by the Allonges (the "Amended Notes") (the New Note and the
Amended Notes are collectively referred to herein as the "Notes"); and

            (g) The instruments and other agreements to which the Company or any
of its Subsidiaries is a party or by which any of them is bound which have been
identified by me as a material agreement of such party and which are listed on
Schedule B attached hereto (the "Material Agreements").

            The documents described in subsections (c) through (f) above are
referred to herein collectively as the "Loan Documents."

            Where I render an opinion "to the best of my knowledge" or
concerning an item "known to me" or my opinion otherwise refers to my knowledge,
it is based solely upon (i) my personal knowledge, (ii) the receipt of a
certificate executed by an officer of the Company covering such matters, (iii)
an inquiry of officers of the Company, (iv) a review of the Loan Documents and
the documents or instruments attached as annexes, exhibits and schedules to the
First Amendment or, to the Credit Agreement, and (v) such other investigation,
if any, that I specifically set forth herein.

            In rendering the opinions herein, I have assumed: (a) the
genuineness and authenticity of all signatures on original documents, other than
those of the Company; (b) the authenticity of all documents submitted to me as
originals; (c) the conformity to originals of all documents submitted to me as
copies; (d) the accuracy, completeness and authenticity of certificates of
public officials; and (e) the due authorization, execution and delivery of all
documents by all of the parties thereto, other than those of the Company, where
authorization, execution and delivery are prerequisites to the effectiveness of
such documents. I have also assumed: (x) that all individuals executing and
delivering documents in their individual capacities had the legal capacity to so
execute and deliver; (y) that the First Amendment is an obligation binding upon
each of the Lenders; and (z) that there are no extrinsic agreements or
understandings among the parties to the First Amendment that would modify or
interpret the terms of that agreement or the respective rights or obligations of
the parties thereunder.

            Based upon and subject to the foregoing, and subject to the
qualifications, exceptions, limitations and assumptions expressed herein, I am
of the opinion that:

            1. The Company is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware. The Company has all
requisite corporate power and authority to conduct its business as now conducted
and to own, or hold under lease, and operate, its assets and to execute and
deliver the First Amendment, the New Note and the Allonges and to perform its
obligations under each of the Loan Documents.

                                     VII-2
<PAGE>

The Company is qualified to do business as a foreign corporation and is in good
standing in California. The Company is qualified to do business as a foreign
corporation and is in good standing in all other jurisdictions in which the
failure to be so qualified or the failure to be in such good standing could have
a Material Adverse Effect.

            2. The execution and delivery of the First Amendment, the New Note
and the Allonges and performance of each of the Loan Documents have been duly
authorized by all necessary corporate action on the part of the Company, and
each of the First Amendment, the New Note and the Allonges has been duly
executed and delivered by the Company.

            3. Each of the Loan Documents constitutes a legally valid and
binding obligation of the Company, enforceable against the Company in accordance
with its terms, subject to (i) bankruptcy, insolvency, reorganization,
arrangement, moratorium and other laws of general applicability relating to or
affecting creditors' rights generally, and (ii) general principles of equity,
whether such enforceability is considered in a proceeding in equity or at law.

            4. The Company's execution and delivery of the First Amendment, the
New Note and the Allonges, and performance of its obligations under the Loan
Documents and the consummation of the transactions contemplated by the Loan
Documents and the compliance with the terms and conditions thereof by the
Company do not (i) violate the Company's Organization Documents, (ii) violate,
breach, or result in a default under, any existing obligation of or restriction
on the Company under any other Material Agreements or, to my knowledge, any
other agreement, (iii) breach or otherwise violate any existing obligation of or
restriction on the Company under any order, judgment or decree of any
California, Delaware or federal court or governmental authority binding on the
Company, or (iv) result in the creation of any Lien upon any of the properties
or assets of the Company under any Material Agreement or order referenced to in
clause (ii) or (iii) above or, to my knowledge, any other agreement referenced
in clause (ii) above.

            5. To my knowledge, the execution and delivery by the Company of the
First Amendment, the New Note and the Allonges and performance of its
obligations under the Loan Documents and the consummation of the transactions
contemplated by the Loan Documents and the compliance with the terms and
conditions thereof by the Company do not violate any California, Delaware or
federal statute, rule or regulation that I have, in the exercise of customary
professional diligence, recognized as applicable to the Company or to
transactions of the type contemplated by the Loan Documents.

            6. No order, consent, permit or approval of, or filing or
registration with, any Delaware, California or federal governmental authority
that I have, in the exercise of customary professional diligence, recognized as
applicable to the Company or to transactions of the type contemplated by the
Loan Documents is required on the part of the Company for the execution and
delivery of, and performance of its obligations under, the Loan Documents.

            7. There are no actions, suits or proceedings pending or, to my
knowledge, threatened against the Company or any of its subsidiaries which have
a significant likelihood of a Material Adverse Effect on either the ability of
the Company to

                                     VII-3
<PAGE>

perform its obligations under any Loan Document or the financial condition or
operations of the Company and its subsidiaries, taken as a whole.

            8. Neither the extension of credit nor the use provided in the
Credit Agreement will violate Regulation T, U or X of the Board of Governors of
the Federal Reserve System.

            9. It is not necessary in connection with the execution and delivery
of the Allonges, the New Note and the First Amendment for Lenders to register
the Amended Notes, the New Note and the Amended Credit Agreement or the Loans
under the Securities Act of 1933, as amended, or to qualify any indenture in
respect thereof under the Trust Indenture Act of 1939, as amended.

            10. The Company is not an "investment company" or a company
"controlled" by an "investment company" within the meaning of the Investment
Company Act of 1940, as amended.

            The opinions expressed herein are subject to the following
qualifications, exceptions, limitations and assumptions:

            1. I express no opinion herein concerning any laws other than the
laws of the State of California, the General Corporation Law of the State of
Delaware and the federal law of the United States. I express no opinion as to
whether the laws of any other jurisdiction other than those identified above are
applicable to the subject matter hereof.

            2. The opinions herein are furnished to you solely for your benefit
(and the benefit of permitted assignees and participants under the Credit
Agreement) and may not be made available to or relied upon by any other person,
firm or entity without my prior written consent. The opinions herein may not be
relied upon in connection with any modification of the documents referred to
herein or the terms pursuant to which the transactions contemplated therein have
been consummated. Further, I disclaim any undertaking to advise you of any
changes which hereafter may be brought to my attention.

                                        Very truly yours,

                                        Craig E. Gosselin
                                        Vice President
                                        and General Counsel

                                     VII-4
<PAGE>

                                   SCHEDULE A

                                     LENDERS

CONTINUING LENDERS:

BANK OF AMERICA, N.A.

CITY NATIONAL BANK, a National Banking Association

BANK OF THE WEST

EXITING LENDERS:

GREATER BAY CORPORATE FINANCE, a Division of Cupertino National Bank and Trust

BNP PARIBAS (formerly known as BANQUE NATIONALE de PARIS)

CALIFORNIA FEDERAL BANK, a federal savings bank

UNION BANK OF CALIFORNIA, N.A.

<PAGE>

                                   SCHEDULE B

                               MATERIAL AGREEMENTS

1.    Agreement and Plan of Merger with Switch Manufacturing, dated as of July
      10, 1998.

2     Share Sale and Purchase and Option Agreement with Global Accessories Ltd.
      and certain shareholders of Global, dated as of November 20, 1996.

3.    Shareholders' Agreement with Tavistock Holdings A.G., dated as of January
      29, 1997.

4.    Shareholders' Agreement with Posadas, Inc. dated as of January 1, 1997.

5.    Agreement and Plan of Merger with High Cascade Snowboard Camp and Snozone
      Boarding & Video, Inc., dated as of July 28, 1999.

6.    Agreement and Plan of Merger, dated as of April 15, 2002, by and among
      Vans, Inc., Mosa Extreme Sports, Inc. and the Selling Shareholders of Mosa
      Extreme Sports, Inc.

7.    Membership Purchase Agreement, by and among Vans, Inc., Launch Media, Inc.
      Creative Artists Agency, 4 Fini, Inc., and Codikow & Carroll, dated as of
      February 15, 2002.

8.    Purchase Agreement by and among Vans, Inc., Creative Artists Agency, 4
      Fini, Inc., and Codikow & Carroll, dated as of February 15, 2002.

<PAGE>

                                 REVOLVING NOTE

$15.000.000                                                      August 28, 2002

            FOR VALUE RECEIVED, the undersigned, VANS, INC., a Delaware
corporation (the "Company"), hereby promises to pay to the order of BANK OF THE
WEST (the "Lender"), at the Agent's Payment Office, the principal sum of Fifteen
Million Dollars ($15,000,000) or, if less, the aggregate unpaid principal amount
of the Revolving Loans made by the Lender, on the dates and in the amounts
provided in the Credit Agreement dated as of April 30, 2001 (as amended, amended
and restated, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Vans, Inc., Bank of America, N.A., as agent and letter of
credit issuing lender, and the other financial institutions party thereto. The
Company further promises to pay interest on the unpaid principal amount of the
Revolving Loan evidenced hereby from time to time at the rates, on the dates,
and otherwise as provided in the Credit Agreement. Capitalized terms defined in
the Credit Agreement have the same defined meanings as therein unless otherwise
defined.

            The Lender is authorized to endorse the amount and the date on which
each Revolving Loan is made, the end of the Interest Period, therefor, if
applicable, and each payment of principal with respect thereto on Schedule A or
B annexed hereto, as applicable, and made a part hereof, or on continuations
thereof which shall be attached hereto and made a part hereof; provided,
however, that any failure to endorse such information on such schedule or
continuation thereof shall not in any manner affect any obligation of the
Company under the Credit Agreement and this Revolving Note (the "Note").

            This Note is one of the Revolving Notes referred to in, and is
entitled to the benefits of, the Credit Agreement, which Credit Agreement, among
other things, contains provisions for acceleration of the maturity hereof upon
the happening of certain stated events and also for prepayments on account of
principal hereof prior to the maturity hereof upon the terms and conditions
therein specified.

            All payments of principal and interest in respect of this Note shall
be made in lawful money of the United States of America in same day funds at the
Agent's Payment Office or at such other place as shall be designated in writing
for such purpose in accordance with the terms of the Credit Agreement. Unless
and until an Assignment and Acceptance effecting the assignment or transfer of
this Note shall have been accepted by Agent and recorded in the Register as
provided in Section 11.08 of the Credit Agreement, Company and Agent shall be
entitled to deem and treat Lender as the owner and holder of this Note and the
Revolving Loan evidenced hereby.
<PAGE>

            This Note is subject to restrictions on transfer or assignment as
provided in Section 11.08 of the Credit Agreement. This Note shall be governed
by, and construed and interpreted in accordance with, the laws of the State of
California applicable to contracts made and to be performed entirely within such
state.

                                        VANS, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                        Title:

<PAGE>

                                                              Schedule A to Note

                            BASE RATE REVOLVING LOANS
                   AND REPAYMENT OF BASE RATE REVOLVING LOANS

<TABLE>
<CAPTION>
                                 (2)                     (3)                    (4)
        (1)              Amount of Base Rate     Amount of Base Rate          Notation
        Date               Revolving Loan       Revolving Loan Repaid         Made By
<S>                     <C>                     <C>                     <C>

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------

---------------------   ---------------------   ---------------------   ---------------------
</TABLE>

<PAGE>

                               Schedule B to Note

                           LIBOR RATE REVOLVING LOANS
                  AND REPAYMENT OF LIBOR RATE REVOLVING LOANS

<TABLE>
<CAPTION>
                                             (3)
                          (2)         End of Interest           (4)
                   Amount of LIBOR    Period for LIBOR    Amount of LIBOR         (5)
      (1)           Rate Revolving     Rate Revolving     Rate Revolving       Notation
      Date               Loan               Loan            Loan Repaid         Made By
<S>                <C>                <C>                <C>                <C>

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------

----------------   ----------------   ----------------   ----------------   ----------------
</TABLE><PAGE>
                                                                   EXHIBIT 10.34

                                   VANS, INC.
                              EMPLOYMENT AGREEMENT

        THIS EMPLOYMENT AGREEMENT ("Agreement" herein) is entered into as of
June 1, 2002, by and between VANS, INC., a Delaware corporation (the "Company"),
and GARY H. SCHOENFELD ("Employee").

        1. Employment and Duties. The Company hereby employs Employee as
President and Chief Executive Officer of the Company on the terms and subject to
the conditions contained in this Agreement. Employee shall be responsible for
the management and direction of all aspects of the Company's business. Employee
hereby accepts such employment and agrees to perform in good faith and to the
best of Employee's ability all services which may be required of Employee
hereunder. Employee hereby acknowledges and understands the duties and services
that are expected of him hereunder, and he hereby represents that he has the
experience and knowledge to perform such duties and services. Employee shall
report to the Board of Directors of the Company. Employee shall be based at the
Company's corporate offices. Employee understands, however, that Employee may be
required to travel up to 20% of his time within and out of the State of
California, with up to one-third of such travel outside the U.S., to discharge
his duties hereunder.

        2. Term of Employment. The term of this Agreement shall commence as of
the date hereof and shall terminate on June 1, 2005. Notwithstanding the
foregoing, the term of this Agreement automatically shall extend for one
additional year on each anniversary date hereof, unless sooner terminated as
provided herein. AS PROVIDED FURTHER IN PARAGRAPH 11.1 BELOW, THIS AGREEMENT
CONSTITUTES AN EMPLOYMENT AT-WILL THAT MAY BE TERMINATED AT ANY TIME BY COMPANY
OR EMPLOYEE, WITH OR WITHOUT CAUSE, NOTWITHSTANDING THE ROLLING THREE - YEAR
TERM OF THIS AGREEMENT. IF EMPLOYEE IS TERMINATED WITHOUT CAUSE DURING THE TERM
HEREOF, OR AFTER A "CHANGE IN MANAGEMENT OR CONTROL," AS DEFINED IN PARAGRAPH
11.5 BELOW, OR TERMINATES THIS AGREEMENT FOR "GOOD REASON," AS DEFINED IN
PARAGRAPH 11.3 BELOW, EMPLOYEE'S SOLE REMEDY SHALL BE THE COMPENSATION SET FORTH
IN PARAGRAPH 11.4 BELOW.

Initial /s/ CEG                                    Initial  /s/ GHS
        --------------                                     -----------------
        Representative                                        Employee
       of the Company

<PAGE>

        3. Salary Compensation. As salary compensation for Employee's services
hereunder and all the rights granted hereunder by Employee to the Company, the
Company shall pay Employee a gross salary of no less than $600,000.00 per annum.
Employee's salary shall be payable in bi-weekly increments in accordance with
the Company's payroll practices for salaried employees, upon the condition that
Employee fully and faithfully performs Employee's services hereunder in
accordance with the terms and conditions of this Agreement. The Company shall
deduct and withhold from the compensation payable to Employee hereunder any and
all amounts required to be deducted or withheld by the Company under the
provisions of any statute, regulation, ordinance, or order and any and all
amendments hereinafter enacted requiring the withholding or deducting from
compensation payable to employees.

        4. Expense Reimbursement. Employee shall be reimbursed by the Company
for all traveling, hotel, entertainment and other expenses that are properly
incurred by Employee, pursuant to the Company's policies on the same, including,
without limitation, Employee's and Employee's family's participation in the
Young Presidents' Organization.

        5. Death or Disability of Employee.

           5.1 General. In the event of Employee's death or "disability" (as
such term is defined in Paragraph 5.2 hereof) while in the employ of the
Company, this Agreement shall terminate upon the date of death or disability and
the Company shall thereafter be required to make payments and provide benefits
to Employee as provided in Paragraph 11.2 hereof. If Employee shall recover from
such disability prior to the expiration date of the Agreement, this Agreement
and Employee's employment hereunder shall be reinstated for the balance of the
term of this Agreement.

           5.2 Definition of Disability. Employee shall be deemed disabled if,
in the sole opinion of the Company, Employee is unable to substantially perform
the services required of Employee hereunder for a period in excess of 120
consecutive work days or 120 work days during any 180 work day period. In such
event, Employee shall be deemed disabled as of such 120th workday.

        6. Restrictive Covenant. During the term of this Agreement, Employee
shall (i) devote substantially all of his full time and energy to the
performance of his duties described herein; (ii) not directly or indirectly
provide services to or through any company or firm except the Company unless
otherwise instructed by the Company; (iii) not directly or indirectly own,
manage, operate, join, control, contribute to, or participate in the ownership,
management, operation or control of or be employed by or connected in any manner
with any enterprise which is engaged in any business competitive with or similar
to that of the Company; and (iv) not render any services of any kind or
character for Employee's own account of for any other person, firm or
corporation without first obtaining the Company's consent in writing; provided,
however, Employee shall have the right to perform such incidental services as
are necessary in connection

                                       2
<PAGE>

with Employee's (a) private passive investments where he is not obligated or
required to, and shall not in fact, devote any managerial efforts, as long as
such investments are not in companies which are in competition in any way with
the Company; or (b) charitable or community activities, or in trade or
professional organizations, provided that such incidental services do not
interfere with the performance of Employee's services hereunder. Notwithstanding
anything to the contrary contained herein, Employee shall be permitted to serve
on the Board of Directors of Fitness Holdings, Inc. during the term of this
Agreement.

        7. Non-Solicitation. Employee shall not, during the full term of this
Agreement and for a period of one (1) year thereafter, for himself or on behalf
of any other person, partnership, corporation or entity, directly or indirectly,
or by action in concert with others, solicit, induce, suggest or encourage any
person known to him to be an employee of the Company or any affiliate of the
Company to terminate his or her employment or other contractual relationship
with the Company or any of its affiliates.

        8. Trade Secrets and Related Matters

           8.1 Definitions. For purpose of this Section 8:

               (a) "Records" means material and confidential files, accounts,
records, log books, documents, drawings, sketches, designs, diagrams, models,
plans, blueprints, specifications, manuals, books, forms, notes, reports,
memoranda, studies, surveys, software, flow charts, data, computer programs,
listing of source code, calculations, recordings, catalogues, compilations of
information, correspondence, confidential data of customers and all copies,
abstracts or summaries of the foregoing in any storage medium, as well as
instruments, tools, storage devices, disks, equipment and all other physical
items related to the business of the Company (other than merely personal items
of a general professional nature), whether prepared by Employee or not.

               (b) "Trade Secrets" means confidential business or technical
information or trade secrets of the Company which Employee acquires while
employed by the Company, whether or not conceived of, developed or prepared by
Employee or at his direction and includes:

                   (i) Any information or compilation of information concerning
the Company's financial position, financing, purchasing, accounting, marketing,
merchandising, sales, salaries, pricing, investments, costs, profits, plans for
future development, employees, prospective employees, research, development,
formulae, patterns, inventions, plans, specifications, devices, products,
procedures, processes, operations, techniques, software, computer programs or
data;

                                       3
<PAGE>

                   (ii) Any information or compilation of information concerning
the identity, plans, requirements, preferences, practices and methods of doing
business on specific customers, suppliers, prospective customers and prospective
suppliers of the Company;

                   (iii) Any other information or "know how" which is related to
any product, process, service, business or research of the Company; and

                   (iv) Any information which the Company acquires from another
party and treats as its proprietary information or designates as "Confidential,"
whether or not owned or developed by the Company.

        Notwithstanding the foregoing, "Trade Secrets" do not include any of the
following:

                   (i) Information which is publicly known or which is generally
employed by the trade, whether on or after the date that Employee first acquires
the information;

                   (ii) General information or knowledge which Employee would
have learned in the course of similar work elsewhere in the trade; or

                   (iii) Information which Employee can prove was known by
Employee before the commencement of Employee's engagement by the Company;

           8.2 Acknowledgments. Employee acknowledges that:

               (a) Employee's relationship with the Company will be a
confidential relationship in which Employee will have access to and may create
Trade Secrets.

               (b) The Company uses the Trade Secrets in its business to obtain
a competitive advantage over its competitors who do not know or use that
information.

               (c) The protection of the Trade Secrets against unauthorized
disclosure or use is of critical importance in maintaining the competitive
position of the Company.

           8.3 Protection of Trade Secrets. Employee shall not at any time,
without the prior written consent of the Company, which may be withheld by it in
its sole and absolute discretion, use any Trade Secret in any way except in
connection with duties to the Company.

                                       4
<PAGE>

           8.4 Records.

               (a) Ownership. All Records are and shall remain the exclusive
property of the Company.

               (b) Return of Records. Upon the Company's written request, at the
termination of this Agreement, Employee shall promptly return to the Company all
Records in Employee's possession or over which Employee has control.

           8.5 Prohibited Use of Trade Secrets. During the term of this
Agreement and for 12 months following termination of this Agreement, Employee
shall not undertake any employment or consulting relationship (the "New
Activity") if the loyal and complete fulfillment of his duties in the New
Activity would inherently call upon Employee to reveal any material Trade Secret
which would likely have a material adverse effect on the Company.

               9. Ownership of Material and Ideas. Employee agrees that all
material, ideas, and inventions pertaining to the business of the Company or of
any client of the Company, including but not limited to, all patents and
copyrights thereon and renewals and extensions thereof, trademarks and trade
names, belong solely to the Company. Employee hereby assigns any rights he may
have to any such property to the Company, and agrees to execute and deliver any
documents which evidence such assignment.

               10. Employee Plans, etc. Employee shall be entitled to
participate, at least to the same extent as the other officers of the Company,
in any bonus compensation plan, stock purchase or stock option plan, group life
insurance plan, group medical insurance plan and other compensation or employee
benefit plans (collectively, "Plans") which are available to the other officers
of the Company during the term hereof and for which Employee shall qualify,
including specifically the Company's annual bonus plan for executive officers
pursuant to which Employee shall have the opportunity to earn an annual bonus
equal to one hundred percent (100%) of his salary compensation, subject to the
terms and conditions of the plan. The Company also shall maintain during the
term of this Agreement, a $5.0 million split dollar life insurance policy for
the benefit of Employee, and shall be responsible for the payment of all
premiums thereunder. Employee agrees and acknowledges that he has no vested
interest in the continuance of any Plan, and that no Plan in existence on the
date of the Agreement has acted as a material inducement to Employee in entering
into this Agreement.

           11. Termination.

               11.1 "At Will" Employment. This Agreement, and Employee's
employment, is at will, and the Company may, with or without notice, terminate
this Agreement and all of the Company's obligations hereunder with or without
"Cause."

                                       5
<PAGE>

Employee may also terminate this Agreement at any time, for any reason, upon the
giving of thirty (30) days' written notice to the Company; provided, however,
the Company may waive all or any portion of such notice period in its sole and
absolute discretion. Termination by the Company for "Cause" means termination
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 without
proper cause to perform adequately his obligations under this Agreement or
follow the instructions of his supervisor(s), after reasonable written notice
and an opportunity to cure within thirty (30) days of Employee's receipt of such
notice; (iii) Employee's knowing material breach of his fiduciary duty of
loyalty as an executive officer of the Company; (iv) Employee's material failure
to adhere to the code of conduct and rules set forth in the Company's Employee
Handbook, as amended or in existence from time to time, after reasonable written
notice and an opportunity to cure within thirty (30) days of Employee's receipt
of such notice; (v) the death or disability of Employee; or (vi) the voluntary
termination by Employee of his employment, except for "Good Reason" (as defined
in Paragraph 11.3 hereof).

               11.2 Termination for Cause. Upon termination for Cause, the
Company shall only be required to pay Employee (i) accrued salary compensation
due to Employee as compensation for services rendered hereunder and not
previously paid; (ii) accrued vacation pay; and (iii) any appropriate business
expenses incurred by Employee in connection with his duties hereunder and
approved pursuant to Section 4 hereof, all through the date of termination.
Employee shall not be entitled to any severance compensation; unvested bonus
compensation, or any other compensation, benefits or reimbursement of any kind.
Notwithstanding the foregoing, in the event the Cause for termination of this
Agreement is the death or disability of Employee, the Company shall pay
Employee's salary and other benefits hereunder for a period of two (2) years
from the date of death or disability. Employee or Employee's estate shall have
the option, in his or its sole discretion, to receive such payments in one lump
sum.

               11.3 Termination for "Good Reason." Employee may terminate this
Agreement for "Good Reason" (as hereinafter defined) upon thirty (30) days
written notice to the Company. The term "Good Reason" means: (i) Employee is not
appointed or is removed from the position of President and Chief Executive
Officer without Cause during the term of this Agreement; (ii) without Employee's
written consent, any material change to the duties defined in Section 1 hereof;
(iii) without Employee's written consent, a change in office location which
necessitates extending Employee's daily commute to more than two hours, or
relocation of his residence; (iv) a "Change in Management or Control" has
occurred (as defined in Section 11.5); or (v) Vans has materially breached this
Agreement and failed to cure such breach within thirty (30) days of its receipt
of written notice thereof. Unless Employee terminates this Agreement within one
year of learning from any source that the Company has acted so as to provide
Good Reason for Employee to terminate this Agreement (or three years if the Good
Reason is a Change in Management or Control), and gives thirty (30) days'
written notice of such termination, Employee's right to receive severance
compensation

                                       6
<PAGE>

for terminating this Agreement for Good Reason pursuant to the terms of
Paragraph 11.4 shall be forever lost.

               11.4 Severance Compensation. In the event (i) Employee terminates
this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; or (ii)
Employee is terminated without Cause, the Company shall be obligated to pay
severance compensation to Employee in an amount equal to his salary compensation
(at the rate payable at the time of such termination) for the remaining term of
the Agreement. In the event Employee is terminated without Cause, or terminates
this Agreement for Good Reason, within three (3) years of a "Change in
Management or Control" (as such term is defined in Paragraph 11.5 hereof), the
Company shall be obligated to pay severance compensation to Employee in an
amount equal to 2.99 times the sum of (a) Employee's then current salary
compensation, plus (b) the highest amount of bonus earned by Employee in any
fiscal year during the three fiscal years prior to the Change in Management or
Control, or in any fiscal year in the three-year period immediately prior to the
date of this Agreement, and such severance compensation shall be "grossed up"
for all federal and state taxes payable thereon. Employee shall have the option,
in his sole discretion, to receive such severance compensation in one lump sum.
Additionally, Employee shall be entitled to exercise the vested portion of any
of his Company stock options for a period of eighteen (18) months after the date
of termination. In addition to the foregoing severance compensation, the Company
shall pay the reasonable cost of outplacement services for Employee and also pay
Employee (i) all compensation for services rendered hereunder and not previously
paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses
incurred by Employee in connection with his duties hereunder and approved
pursuant to Section 4 hereof, all through the date of termination.

               11.5 Definition of "Change in Management or Control." The term
"Change in Management or Control" means the occurrence, in a single transaction
or in a series of related transactions, of (i) a merger, consolidation or
similar transaction involving (directly or indirectly) the Company and,
immediately after the consummation of such merger, consolidation or similar
transaction, the stockholders of the Company immediately prior thereto do not
own, directly or indirectly, outstanding voting securities representing more
than fifty percent (50%) of the combined outstanding voting power of the
surviving entity in such merger, consolidation or similar transaction or more
than fifty percent (50%) of the combined outstanding voting power of the parent
of the surviving entity in such merger, consolidation or similar transaction;
(ii) a sale, lease, license or other disposition of all or substantially all of
the consolidated assets of the Company and its subsidiaries, other than a sale,
lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its subsidiaries to an entity, of more
than fifty percent (50%) of the combined voting power of the voting securities
of which are owned by stockholders of the Company in substantially the same
proportions as their ownership of the Company immediately prior to such sale,
lease, license or other disposition; or (iii) the acquisition by any Person
(other than any employee benefit plan, or related trust, sponsored or maintained
by the Company) as

                                       7
<PAGE>

Beneficial Owner (as "Person" and "Beneficial Owner" are defined in the
Securities Exchange Act of 1934, as amended, or the rules and regulations
thereunder), directly or indirectly, of securities of the Company representing
20 percent (20%) or more of the total voting power represented by the Company's
then outstanding voting securities.

               11.6 Exclusive Remedy. The payments referred to in this Section
11 shall be exclusive and shall be the only remedy available to Employee for
termination of his employment with the Company, regardless of the circumstances,
reasons or motivation for any such termination. If Employee gives notice of
termination of this Agreement, or if it becomes known that this Agreement will
otherwise terminate in accordance with its provisions, the Company may, in its
sole discretion, relieve Employee of his duties under this Agreement or assign
Employee other duties and responsibilities to be performed until the termination
becomes effective.

        12. Key Man Life Insurance. During the term of this Agreement, the
Company may at any time effect insurance on Employee's life and/or health in
such amounts and in such form as the Company may in its sole discretion decide.
Employee shall not have any interest in such insurance, but shall, if the
Company requests, submit to such medical examinations, supply such information
and execute such documents as may be required in connection with, or so as to
enable the Company to effect, such insurance. The insurance obtained hereunder
shall be in addition to, and not in lieu of, any insurance the Company is
obligated to provide Employee pursuant to Section 10.

        13. Vacation. Employee shall have the right during each one year period
of the term of this Agreement to take an aggregate of four weeks of vacation,
with pay, at such times as are mutually convenient to Employee and to the
Company.

        14. Notices. Any and all notices, demands or other communications
required or desired to be given hereunder by any party shall be in writing and
shall be validly given or made to another party if given by personal delivery,
telex, facsimile, telegram or if deposited in the United States mail, certified
or registered, postage prepaid, return receipt requested. If such notice, demand
or other communication is given by personal delivery, telex, facsimile or
telegram, service shall be conclusively deemed made at the time of such personal
service. If such notice, demand or other communication is given by mail, such
notice shall be conclusively deemed given forty-eight (48) hours after the
deposit thereof in the United States mail addressed to the party to whom such
notice, demand or other communication is to be given as hereinafter set forth:

        To the Company:      VANS, INC.
                             15700 Shoemaker Avenue
                             Santa Fe Springs, California 90670
                             Attn: General Counsel

                                       8
<PAGE>

                            562/565-8413 - facsimile

        To Employee:         Gary H. Schoenfeld
                             (at the address set forth below his signature)

Any party hereto may change his or its address for the purpose of receiving
notices, demands and other communications as herein provided by a written notice
given in the manner aforesaid to the other party or parties hereto.

        15. Applicable Law and Severability. This Agreement shall, in all
respects, be governed by the laws of the State of California applicable to
agreements executed and to be wholly performed within the State of California.
Nothing contained herein shall be construed so as to require the commission of
any act contrary to law, and wherever there is any conflict between any
provision contained herein and any present or future statute, law, ordinance or
regulation contrary to which the parties have no legal right to contract, the
latter shall prevail but the provision of this Agreement which is affected shall
be curtailed and limited only to the extent necessary to bring it within the
requirements of the law.

        16. Attorneys' Fees. In the event any action is instituted by a party to
enforce any of the terms and provisions contained herein, the prevailing party
in such action shall be entitled to such reasonable attorneys' fees, costs and
expenses as may be fixed by the Court.

        17. Modifications or Amendments. No amendment, change or modification of
this Agreement shall be valid unless in writing and signed by all of the parties
hereto. Further, any amendment, change or modification of this Agreement
(including but not limited to the at-will nature of this Agreement as set forth
in Section 2 and Paragraph 11.1 hereof) must be approved in advance by the Board
of Directors of Company and reflected in the minutes of such Board's meetings or
in an action by unanimous written consent.

        18. Successors and Assigns. All of the terms and provisions contained
herein shall inure to the benefit of and shall be binding upon the parties
hereto and their respective heirs, personal representatives, successors and
assigns.

        19. Entire Agreement. This Agreement constitutes the entire
understanding and agreement of the parties with respect to the subject matter of
this Agreement, and any and all prior agreements, understandings or
representations are hereby terminated and canceled in their entirety and are of
no further force or effect, including but not limited to that certain Employment
Agreement, dated as of September 1, 1995, as amended.

        20. Counterparts. This Agreement may be executed in counterparts.

                                       9
<PAGE>

        21. Arbitration of Employment Disputes. All disputes or controversies
arising out of the employment relationship between Employee and the Company,
including claims by the Company against Employee, and claims by Employee against
the Company, including but not limited to claims for wrongful termination;
violations of Title VII of the Civil Rights Act of 1964, as amended; violations
of the Americans with Disabilities Act of 1990; or claims for violations of any
State law, rule or regulation regarding discrimination, harassment or other
wrongful conduct, shall be decided by a single arbitrator in a final and binding
arbitration administered by either the Judicial Arbitration and Mediation
Service ("JAMS") to be conducted in Los Angeles, California, in accordance with
their rules, guidelines and standards for employment arbitration.
Notwithstanding anything in the rules of the body administering the arbitration,
or applicable law to the contrary, each party to the arbitration shall be
entitled to conduct sufficient discovery to adequately prepare its claims or
defenses for arbitration, including access to essential documents and witnesses,
to be determined by the arbitrator, subject to judicial review as allowed by
law. The arbitrator shall have jurisdiction to decide his/her jurisdiction, any
questions as to the arbitrability of such claims, whether an agreement to
arbitrate exists, or whether an agreement to arbitrate covers the claims in
question. The arbitrator shall have the authority to grant any and all rights,
remedies and relief that would otherwise be available to the parties if the
claims were brought in a court of law including punitive damages and shall have
the authority to award the prevailing party reasonable attorneys' fees. The
arbitrator shall issue a written award and arbitration decision that sets forth
the arbitrator's findings of fact and conclusions of law upon which the award is
based. Judgment upon the award rendered by the arbitrator may be entered in any
court of competent jurisdiction. The cost of arbitration (other than Employee's
attorneys' fees and costs) shall be borne by the Company.

        22. Survival of Certain Provisions. Sections 7,8,9, and 21 of this
Agreement shall survive the termination hereof.

                                       10
<PAGE>

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

EMPLOYEE:                                       THE COMPANY:

                                                VANS, INC.,
                                                a Delaware corporation

/s/ Gary H. Schoenfeld                          By: /s/ Craig E. Gosselin
------------------------------------               ----------------------------
         Gary H. Schoenfeld

------------------------------------               ----------------------------
              Address                                           Title

                                       11

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