Document:

EMPLOYEE INVESTMENT PLAN OF
                               LEVI STRAUSS & CO.

                                   AMENDMENTS

         WHEREAS, LEVI STRAUSS & CO. ("LS&CO.") maintains the Employee
Investment Plan of Levi Strauss & Co. (the "EIP"); and

         WHEREAS, Section 18 of the EIP provides that LS&CO. may amend the EIP
at any time and for any reason; and

         WHEREAS,  LS&CO.  desires to amend the EIP to permit all highly
compensated  employees to  participate in the EIP effective January 1, 2001; and

         WHEREAS,  because all highly compensated employees will become eligible
to participate in the EIP effective January 1, 2001, LS&CO. desires to amend the
EIP effective  January 1, 2001 to exclude certain  compensation from being taken
into account for deferral purposes;

         WHEREAS,  LS&CO.  desires to amend the EIP effective January 1, 2001 to
increase the percentage of pre-tax and post-tax  contributions  of non-highly
compensated  members from ten percent of their  compensation to fifteen percent;
and

         WHEREAS,  LS&CO.  desires to amend the EIP effective  January 1, 2001
to limit  the  total  contributions  a member  can make in any plan  year to ten
percent of the  compensation  limit under  section  401(a)(17)  of the  Internal
Revenue Code; and

         WHEREAS,   LS&CO.   desires  to  amend  the  EIP  to  reflect   various
administrative   changes,   such  as  granting  the  Investment  Committee  full
discretion  to select  investment  funds  offered  under the EIP,  changing  the
default  investment  option  in the  event  a  member  fails  to  file a  proper
investment  direction,  and changing the procedure relating to how undeliverable
checks are reinvested; and

         WHEREAS,  LS&CO.  desires to amend the EIP effective April 3, 2000 to
clarify  that,  similar  to  newly  hired  employees,  the one  year of  service
requirement  with respect to  eligibility  to  participate  was  eliminated  for
rehired and transferred employees; and

         WHEREAS,  by  resolutions  duly adopted on June 22, 2000,  the Board of
Directors of LS&CO. authorized Philip A. Marineau, President and Chief Executive
Officer, to take certain actions with respect to the EIP and to further delegate
the authority to take certain actions with respect to the EIP; and

         WHEREAS,  on June 22, 2000, Philip A. Marineau  delegated to any Senior
Vice  President,  Human  Resources,  including  Fred D.  Paulenich,  Senior Vice
President of Worldwide

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Human  Resources,  the authority to take certain actions with respect to the EIP
and such delegation has not been amended, rescinded or superseded as of the date
hereof; and

         WHEREAS, the amendments herein are within the delegated authority of
Fred D. Paulenich;

         NOW THEREFORE, effective as of the dates set forth herein, LS&CO.
amends the EIP as follows:

1.       Effective as of January 1, 2001, the second sentence of Section 2.14 of
         the EIP is  hereby  amended  by  deleting  the  phrase  ", and  amounts
         deferred   under  the   Company's   Deferred   Compensation   Plan  for
         executives."

2.       Effective  as of January  1,  2001,  paragraph  (l) of  Section  2.17
         of the EIP is hereby  amended in its entirety to read as follows:

                           "(l) A Highly Compensated  Employee,  with respect to
         the eligibility to make Member  Contributions  or receive an allocation
         of Matching Contributions,  Nonelective  Contributions,  Profit Sharing
         Contributions  and  Forfeitures  only,  except as other  provided under
         Section 3.5(b)."

3.       Effective  as of April 3,  2000,  Section  3.2 of the EIP is hereby
         amended  in its  entirety  to read as follows:

                  "3.2 REHIRED AND TRANSFERRED EMPLOYEES.  Effective as of April
         3, 2000, a former  Employee who is rehired will be eligible to begin or
         resume  membership in the Plan on the first  Membership Date coincident
         with or next  following  the date he or she  attains  or returns to the
         status of an Employee. Prior to April 3, 2000, a former Employee who is
         rehired will be eligible to begin or resume  membership  in the Plan on
         the first Membership Date coinciding with or next following the date he
         or she  attains  or  returns  to the  status  of an  Employee  and  has
         completed  a Year of  Service.  Effective  as of April 3,  2000,  if an
         employee of the Company or an Affiliated  Company transfers  employment
         either to the Company or to another employment  classification and as a
         result  qualifies  as  an  Employee,  then  such  Employee  will  begin
         membership in the Plan on the first  Membership Date coincident with or
         next  following  the date he or she attains the status of an  Employee.
         Prior to April 3, 2000,  if an employee of the Company or an Affiliated
         Company  transfers  employment  either  to the  Company  or to  another
         employment  classification  and as a result  qualifies  as an Employee,
         then  such  Employee  will  begin  membership  in the Plan on the first
         Membership  Date  coincident  with or next following the date he or she
         attains the status of an Employee and has completed a Year of Service."

4.       Effective  as of January  1,  2001,  Section  2.23 of the EIP is hereby
         amended  by adding the  following before the last paragraph thereof:

<PAGE>

                  "Notwithstanding  the  foregoing,  effective  for  Plan  Years
         beginning after December 31, 1996, the term Highly Compensated Employee
         means any Employee who:

                           (c) Was a five  percent  (5%) owner of the Company or
         an Affiliated  Company (as defined in section 416(i)(1) of the Code) at
         any time during the Plan Year or the preceding Plan Year; or

                           (d)   For   the   preceding    Plan   Year   received
         'compensation'  (as defined  below)  from the Company or an  Affiliated
         Company in excess of eighty  thousand  dollars  ($80,000),  as adjusted
         under Regulations or rulings issued by the IRS."

5.       Effective as of January 1, 2001, the EIP is hereby amended by deleting
         Appendix E in its entirety.

6.       Effective  as of  January  1,  2001,  paragraph  (b) of  Section  3.5
         of the EIP is hereby  amended in its entirety to read as follows:

                           "(b)   Eligible   Highly    Compensated    Employees.
         Notwithstanding  Section  3.5(a),  a Highly  Compensated  Employee  who
         satisfies the  eligibility  requirements of Section 3.1 may participate
         in the Plan for all or a portion  of a Plan  Year as a Member  provided
         that  he  or  she  is  included  in  an  eligible  category  of  Highly
         Compensated Employees described in paragraphs (b)(i) or (b)(ii), below:

                                    (i) For any Plan Year ending in or after the
                  1996  calendar  year,  Highly   Compensated   Employees  whose
                  compensation (as determined  pursuant to Section 2.23) for the
                  prior Plan Year did not exceed  ninety five  thousand  dollars
                  ($95,000); or

                                   (ii) Effective as of January 1, 2001, all
                  Highly Compensated Employees."

7.       Effective  as of January 1, 2001,  Section  4.1 of the EIP is hereby
         amended in its  entirety  to read as follows:

                  "4.1 ELECTION TO MAKE CONTRIBUTIONS. A Member whose membership
                       ------------------------------
         is not suspended  under Sections 3.3 or 3.5 may elect,  as of the first
         day  of  any  pay  period  in  any  month,   to  begin  making   Member
         Contributions  to the Plan in one percent (1%) increments of his or her
         Compensation,  without regard to the  compensation  limit under section
         401(a)(17)  of the  Code,  up to a  maximum  of ten  percent  (10%) (or
         effective as of January 1, 2001,  fifteen percent (15%) with respect to
         those Members who are not Highly Compensated Employees). The Member may
         elect  to  make   such   Member   Contributions   either   as   Pre-Tax
         Contributions,  Post-Tax  Contributions,  or any combination thereof. A
         Member's  election to make Pre-Tax  Contributions  will  constitute  an
         election (for federal tax purposes and, wherever  permitted,  for state
         and local tax purposes) to have his or her taxable Compensation reduced
         by the amount of all Pre-Tax Contributions."

<PAGE>

8.       Effective  as of January 1, 2001,  Section  4.2 of the EIP is hereby
         amended in its  entirety  to read as follows:

                  "4.2 MAXIMUM PRE-TAX  CONTRIBUTIONS AND MEMBER  CONTRIBUTIONS.
                       --------------------------------------------------------
         The  sum of a  Member's  Pre-Tax  Contributions  to the  Plan  for  any
         calendar  year  and  the  portion  of  the  Member's   Profit   Sharing
         Contribution  which the Member could have  received in cash during such
         calendar  year (if the Member  does not elect to receive  such  portion
         under Section 6.2) will not exceed seven thousand dollars ($7,000),  as
         adjusted from time to time under section 402(g)(5) of the Code for cost
         of  living  adjustments.  If any  Member's  Pre-Tax  Contributions  are
         affected  by this  limitation,  the Member  will  continue to make such
         contributions as Post-Tax  Contributions to the Plan unless such Member
         elects to suspend  such  contributions  as  provided  in  Section  4.3.
         Notwithstanding any provision in the Plan to the contrary, effective as
         of January 1, 2001,  the sum of a Member's  Pre-Tax  Contributions  and
         Post-Tax  Contributions  for  any  Plan  Year  and the  portion  of the
         Member's  Profit  Sharing  Contribution  which the  Member  could  have
         received in cash during such Plan Year (if the Member does not elect to
         receive  such  portion  under  Section 6.2) will not exceed ten percent
         (10%) of the  compensation  limit  for such  Plan  Year  under  section
         401(a)(17)  of the Code,  as adjusted  from time to time under  section
         401(a)(17) of the Code for cost of living adjustments."

9.       Effective  as of January 1, 2001,  Section  4.3 of the EIP is hereby
         amended in its  entirety  to read as follows:

                  "4.3 CHANGE OR SUSPENSION OF  CONTRIBUTIONS.  A Member, at any
                       --------------------------------------
         time, may change the rate of his or her Member Contributions within the
         percentage limitation described in Section 4.1 or may change the nature
         of such  Member  Contributions  as Pre-Tax  Contributions  or  Post-Tax
         Contributions  by filing the  prescribed  form with the  Administrative
         Committee,  or by  utilizing  such other  notification  procedure as is
         prescribed by the  Administrative  Committee.  A Member may suspend all
         Member   Contributions   by  filing  the   prescribed   form  with  the
         Administrative  Committee,  or by  utilizing  such  other  notification
         procedure  as is  prescribed  by  the  Administrative  Committee.  Such
         changes  in rate or nature of Member  Contributions  or  suspension  of
         Member  Contributions  will  become  effective  as soon  as  reasonably
         practicable after the date the form is filed with or notice is received
         by  the  Administrative   Committee.   Notwithstanding  the  foregoing,
         effective  January 1, 2001, with respect to a Member who transfers from
         the status of a Highly Compensated Employee to a non-Highly Compensated
         Employee  at the end of a Plan Year,  such Member may elect to increase
         his or her  Member  Contributions  for the  following  Plan  Year up to
         fifteen percent (15%) of his or her Compensation, without regard to the
         compensation limit under section 401(a)(17),  with such increase in the
         Member  Contributions  becoming effective with the pay period beginning
         as soon as reasonably  practicable following the end of such Plan Year.
         Further,  effective  January  1,  2001,  with  respect  to a Member who
         transfers  from the status of a  non-Highly  Compensated  Employee to a
         Highly  Compensated  Employee at the end of a Plan Year,  such Member's
         prior election will  automatically  be decreased  (beginning  with such
         Member's Post-Tax Contributions, if any) to ten percent (10%) of his or
         her  Compensation,  without  regard  to the  compensation  limit  under
         section 401(a)(17),  in the event  that his or her election  prior to

<PAGE>

         becoming a Highly  Compensated Employee  was greater  than ten percent
         (10%),  with  such  decrease  in  the  Member  Contributions  becoming
         effective  with  the  pay  period   beginning  as  soon  as  reasonably
         practicable following the end of such Plan Year."

10.      Effective as of January 1, 2001,  the first  paragraph of Section 5.1
         of the EIP is hereby  amended in its entirety to read as follows:

                  "5.1 MATCHING  CONTRIBUTIONS.  Except as provided  below,  for
                       -----------------------
         each period (an  'Accumulation  Period') during a Plan Year,  beginning
         with the pay period  coinciding with or next following the day on which
         a Member completes a Year of Service,  the Company will make a Matching
         Contribution  to the Plan in an amount equal to fifty  percent (50%) of
         such  Member's  Member   Contributions  for  the  Accumulation  Period,
         provided  that Member  Contributions  in excess of ten percent (10%) of
         such Member's  Compensation,  without regard to the compensation  limit
         under  section  401(a)(17)  of the  Code,  shall  not be  matched.  The
         Matching  Contribution  will be reduced by any amount  which  cannot be
         allocated  to  the  Member  because  of  the  contribution   limitation
         described in Section 12.1.  The Board of Directors may determine in its
         sole discretion that:"

11.      Effective as of the date this amendment is adopted,  the EIP is hereby
         amended by deleting  Appendix C in its entirety.

12.      Effective as of the date this  amendment is adopted,  Section  7.1(a)
         of the EIP is hereby  amended in its entirety to read as follows:

                           "(a) In General.  All  contributions to the Plan will
         be held by the Trustee for investment and  reinvestment  as part of the
         Trust Fund under the Trust  Agreement.  The Trust Fund will  consist of
         Funds  or  other  investment  vehicles  designated  by  the  Investment
         Committee,  as may be amended from time to time in the sole  discretion
         of the Investment Committee."

13.      Effective  as of the  date  this  amendment  is  adopted,  the last two
         sentences  of the first  paragraph of Section 7.2 of the EIP are hereby
         amended to read as follows:

         "If the  Member  fails to file any  investment  directions,  his or her
         share of any Profit Sharing Contribution allocated to his or her Profit
         Sharing 401(k) Account and Profit Sharing Regular  Account,  his or her
         Member   Contributions,   Matching   Contributions,   and   Nonelective
         Contributions  will be deposited in a Fund designated from time to time
         by the Investment Committee in its sole discretion."

14.      Effective as of November 15, 1999, Section 11.9 of the EIP is hereby
         amended to read as follows:

                  "11.9 UNDELIVERABLE CHECKS. In the event that a Benefit cannot
                        --------------------
         be delivered, the Account of the Member (or Beneficiary, as applicable)
         shall be  recredited  with the amount of the  Benefit  which  cannot be
         delivered.  Such Benefit shall be reinvested in the Fidelity Retirement

<PAGE>

         Money Market Fund (or such as the  Investment Committee, in its sole
         discretion, determines  is most  similar to a money  market  fund with
         respect to its risk characteristics), except that the Benefit relating
         to any  undeliverable  check  returned after November 15, 1999 shall be
         reinvested  in the same  Fund(s) from which it was  withdrawn  based on
         both the Member's (or  Beneficiary's,  if applicable)  prior investment
         allocation  percentage  and the Funds(s) net  asset  value  as of the
         applicable reinvestment date."

                                      * * *

         IN WITNESS WHEREOF,  LS&CO. has caused this instrument to be executed
by its duly authorized  officer this _____ day of _______________________, 2000.

                              LEVI STRAUSS & CO.

                              --------------------------------------------
                              Fred D. Paulenich
                              Senior Vice President of Worldwide Human ResourcesEXHIBIT 10.49

                          CAPITAL ACCUMULATION PLAN OF
                               LEVI STRAUSS & CO.
               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2001)

                       PLAN DOCUMENT AND EMPLOYEE BOOKLET
                       __________________________________

<PAGE>

                 CAPITAL ACCUMULATION PLAN OF LEVI STRAUSS & CO.
               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2001)

                       PLAN DOCUMENT AND EMPLOYEE BOOKLET

INTRODUCTION                           Beginning  in 1996,  Levi  Strauss  & Co.
                                       ("LS&CO.")    established   the   Capital
                                       Accumulation  Plan of Levi  Strauss & Co.
                                       (the "Plan"). The Plan provides a vehicle
                                       by which  certain  eligible  employees of
                                       LS&CO.   or   its    subsidiaries    that
                                       participate under the Employee Investment
                                       Plan  (the  "EIP")   (collectively,   the
                                       "Company")    can    supplement     their
                                       retirement   savings  by  contributing  a
                                       portion  of their  eligible  compensation
                                       through  after-tax payroll deduction upon
                                       reaching the maximum  contribution amount
                                       allowed under the EIP. Eligible after-tax
                                       contributions    under   the   Plan   are
                                       deposited   into  an  individual   retail
                                       brokerage   account  offered  by  Charles
                                       Schwab & Co., Inc. (the "Account"), which
                                       must be  established  through  LS&CO.  In
                                       addition,  after  completing  one year of
                                       service with the Company,  each  eligible
                                       employee who  contributes  under the Plan
                                       through  after-tax payroll deduction will
                                       receive a Company  matching  contribution
                                       in his or her Account equal to 75% of his
                                       or her contribution.

                                       The   benefits   and   other   provisions
                                       described  in  this  Plan   Document  and
                                       Employee  Booklet are  effective  only if
                                       you  are  eligible  to  participate   and
                                       become a participant in the Plan.

                                       THE COMPANY DOES NOT  ENDORSE,  RECOMMEND
                                       OR GUARANTEE  ANY  INVESTMENT  OR SERVICE
                                       OFFERED,  PROVIDED OR PROMISED BY CHARLES
                                       SCHWAB & CO., INC.  ("CHARLES SCHWAB") OR
                                       ANY OTHER OFFEROR OF INVESTMENTS. BECAUSE
                                       THE  ACCOUNT  IS  A  REGULAR   INDIVIDUAL
                                       RETAIL BROKERAGE ACCOUNT,  YOU ARE SOLELY
                                       RESPONSIBLE  FOR SELECTING AND MONITORING
                                       YOUR INVESTMENT  CHOICES,  PAYING RELATED
                                       COMMISSIONS   AND   CHARGES,    AND   FOR
                                       INVESTMENT  RESULTS FROM PARTICIPATING IN
                                       THE PLAN. COMPANY  INVOLVEMENT IS LIMITED
                                       TO  ESTABLISHING  YOUR AFTER-TAX  PAYROLL
                                       DEDUCTION   AND   MAKING   THE   MATCHING
                                       CONTRIBUTION.  ALL FUNDS  CONTRIBUTED  BY
                                       YOU AND THE  COMPANY  UNDER  THE PLAN ARE
                                       DEPOSITED INTO YOUR ACCOUNT.  NEITHER THE
                                       COMPANY  NOR ANY TRUST HOLDS ANY OF THESE
                                       FUNDS.

<PAGE>

WHO IS ELIGIBLE TO                     During  any "Plan  Year,"  as  defined
PARTICIPATE IN THE                     below,  you are  eligible  to participate
PLAN?                                  in the Plan if you are currently employed
                                       by the Company and meet ALL of the
                                       following requirements:

                                       [ ]  You were eligible to participate and
                                            elected to participate in the EIP
                                            during the Plan Year; and

                                       [ ]  You  contributed  the maximum amount
                                            permitted  under the EIP  during the
                                            Plan Year. For example, for the Plan
                                            Year  ending in November  2001,  the
                                            maximum   amount   that  you   could
                                            contribute to the EIP was $17,000.

                                       The "Plan  Year" for the Plan is LS&CO.'s
                                       fiscal  year,  which  ends  on  the  last
                                       Sunday of each November.

HOW CAN I ENROLL IN THE PLAN?          If you are eligible to  participate  in
                                       the Plan and have an existing Account,
                                       then you will be automatically enrolled
                                       in the Plan.  In the event  that you do
                                       not have an  existing  Account,  you must
                                       submit a completed  and signed  "Charles
                                       Schwab & Co., Inc.  account  application
                                       form" to U.S.  Retirement  Benefits  (and
                                       NOT to Charles  Schwab) to  enroll in the
                                       Plan. Please send the form to: Levi
                                       Strauss & Co., U.S. Retirement Benefits,
                                       1155 Battery Street KO/1, San  Francisco,
                                       CA 94111.

WHEN WILL I BECOME A PARTICIPANT?      If you are eligible to participate and
                                       become enrolled in the Plan, you will be-
                                       come a participant in the Plan as of the
                                       date on which your after-tax
                                       contributions  are credited to your
                                       Account. If you properly set up your
                                       Account by the pay period in which you
                                       contributed the maximum amount under the
                                       EIP, your after-tax contributions will
                                       begin to be credited to your Account as
                                       of the following  pay period.  If you do
                                       not have an existing Account at the time
                                       you become eligible, your after-tax
                                       contributions will usually begin to be
                                       credited to  your  Account within  three
                                       or four weeks  after your Account is
                                       established.  PLEASE NOTE THAT YOU  WILL
                                       NOT BE PERMITTED TO MAKE ANY RETROACTIVE
                                       CONTRIBUTIONS TO THE PLAN.

HOW LONG CAN I PARTICIPATE IN THE      You can  continue  to  participate in the
PLAN?                                  Plan through the last pay period in
                                       December of each year, provided that you
                                       continue to be paid on the Home Office
                                       payroll of LS&CO. through  such  date.
                                       If you cease  being paid on the Home
                                       Office  payroll  before such date, then
                                       your participation  under the  Plan  will
                                       cease as of the last pay period  in which
                                       you are paid on the Home Office payroll
                                       of LS&CO.

                                       EXAMPLE.  JEAN IS PAID ON THE HOME OFFICE
                                       PAYROLL  OF  LS&CO.  DURING  THE 2001 AND
                                       2002 PLAN YEARS. JEAN PARTICIPATED IN THE
                                       EIP   DURING   THE  2001  PLAN  YEAR  AND
                                       CONTRIBUTED   10%  OF  HER  EIP   COVERED
                                       COMPENSATION.  IN THE FIRST PAY PERIOD OF
                                       APRIL  2001,  JEAN  REACHED  THE  MAXIMUM
                                       CONTRIBUTION  AMOUNT  UNDER  THE  EIP FOR

<PAGE>

                                       THAT PLAN YEAR (I.E., $17,000) AND HAD AN
                                       EXISTING ACCOUNT. BEGINNING WITH THE NEXT
                                       PAY  PERIOD OF APRIL  2001,  SHE BECAME A
                                       PARTICIPANT   IN  THE   PLAN.   JEAN  MAY
                                       CONTINUE  PARTICIPATING IN THE PLAN UNTIL
                                       THE LAST PAY PERIOD IN DECEMBER  2001. AS
                                       OF THE FIRST PAY PERIOD IN JANUARY  2002,
                                       JEAN  WILL  AGAIN  BE  ELIGIBLE  TO  MAKE
                                       PRE-TAX  CONTRIBUTIONS  UNDER THE EIP. IF
                                       JEAN   CONTRIBUTES   THE  MAXIMUM  AMOUNT
                                       PERMITTED  UNDER THE EIP DURING 2002, SHE
                                       WILL AGAIN BECOME ELIGIBLE TO PARTICIPATE
                                       IN THE PLAN  THROUGH  THE LAST PAY PERIOD
                                       IN DECEMBER 2002.

                                       If you  cease  being  paid  on  the  Home
                                       Office  payroll while you  participate in
                                       the Plan,  you will not be  permitted  to
                                       make any additional  contributions to the
                                       Plan through  payroll  deduction  and you
                                       will  not  be  entitled  to  receive  the
                                       Company  match.  However,  if you  resume
                                       being  paid on the  Home  Office  payroll
                                       before the last pay period of December in
                                       the year in which you participated in the
                                       Plan and have an existing  Account,  then
                                       you will be eligible to  recommence  your
                                       participation  in the Plan. If you do not
                                       have an existing  Account when you resume
                                       being paid on Home Office  payroll,  then
                                       you will be eligible to  recommence  your
                                       participation in the Plan as of the first
                                       pay  period  after you  reestablish  your
                                       Account.  Please note that your after-tax
                                       contributions   to  your   Account   will
                                       usually  restart  within  three  or  four
                                       weeks     after    your     Account    is
                                       reestablished.   AGAIN,  PLEASE  REMEMBER
                                       THAT YOU WILL  NOT BE  PERMITTED  TO MAKE
                                       ANY  RETROACTIVE   CONTRIBUTIONS  TO  THE
                                       PLAN.

HOW MUCH MAY I                         You may contribute up to 10% (in 1%
CONTRIBUTE TO THE                      increments) of your "covered compensa-
PLAN DURING EACH PAY                   tion," as defined below, to your Account
PERIOD?                                during each pay period that you are
                                       eligible to participate  in  the  Plan.
                                       Unless  you specify otherwise,  your CAP
                                       contribution percentage  will  be the
                                       percentage you elected under the EIP
                                       (up to 10%).

                                       If your  covered  compensation  increases
                                       during  the  year,  the  amount  of  your
                                       payroll  deduction  to the Plan will also
                                       increase  because your deduction is based
                                       on    your    designated     contribution
                                       percentage.  Likewise,  if  your  covered
                                       compensation  decreases  during the year,
                                       the amount of your  payroll  deduction to
                                       the Plan will also decrease.

                                       "Covered  compensation"  means  your base
                                       salary, AIP bonus, including deferrals of
                                       such    amounts    under   the   Deferred
                                       Compensation Plan for Executives.

CAN I CHANGE MY  PAYROLL  DEDUCTION?   You may increase (up to 10%),  decrease,
                                       or stop your payroll deductions to the
                                       Plan at any time. Your request will
                                       become effective as soon as practicable
                                       following   the  date  you  submit   your
                                       request.  Generally,  your  request  will
                                       take at least two pay  periods  to become
                                       effective.

<PAGE>

WHAT HAPPENS TO MY PAYROLL DEDUCTION?  The amount deducted from your paycheck,
                                       along with the Company match, will be
                                       sent to Charles Schwab and automatically
                                       deposited  into a  money  market  fund in
                                       your   Account.   You  may  then  contact
                                       Charles  Schwab  directly to request that
                                       your   funds  be   redirected   to  other
                                       investments   offered   through   Charles
                                       Schwab.

BESIDES PAYROLL DEDUCTIONS,  IS THERE  Generally, you are permitted to contri-
ANY OTHER WAY TO  CONTRIBUTE  TO THE   bute up to 10% of your covered
PLAN?                                  compensation to your Account only through
                                       payroll deductions. However, there are
                                       two important exceptions to this general
                                       rule.

                                       [ ]  You   may   transfer    funds   from
                                            non-payroll  sources to your Account
                                            at any time by sending a  hand-drawn
                                            personal  check  directly to Charles
                                            Schwab  and  NOT  to  the   Company.
                                            Because  you own your  Account,  you
                                            are    permitted   to   make   these
                                            contributions to your Account at any
                                            time.  HOWEVER,  SUCH OUTSIDE  FUNDS
                                            WILL  NOT BE  ELIGIBLE  FOR  THE 75%
                                            COMPANY MATCH.

                                       [ ]  If you receive your AIP bonus in the
                                            same pay period that you contributed
                                            the maximum amount  permitted  under
                                            the EIP,  then you will be permitted
                                            to   do   a   one-time   retroactive
                                            "make-up"   contribution   to   your
                                            Account by  submitting  a hand-drawn
                                            personal  check  to U.S.  Retirement
                                            Benefits,  PROVIDED that you have an
                                            existing Account AND U.S. Retirement
                                            Benefits   receives  your  check  no
                                            later  than 30 days  after  it sends
                                            you notification of your right to do
                                            such  make-up   contribution.   Your
                                            maximum  AIP  make-up   contribution
                                            will  be  limited  to  10%  of  that
                                            portion of your AIP bonus (including
                                            AIP  deferrals  under  the  Deferred
                                            Compensation  Plan  for  Executives)
                                            that cannot be taken into account as
                                            covered  compensation under the EIP.
                                            If you  have  completed  one year of
                                            service  with  the   Company,   your
                                            eligible  AIP  make-up  contribution
                                            will also  receive  the 75%  Company
                                            match;  however,  appropriate  taxes
                                            will be  withheld  from the  Company
                                            match. SEE SECTION,  BELOW, ENTITLED
                                            "WHAT IS THE AMOUNT OF THE  MATCHING
                                            CONTRIBUTION?"

                                       EXAMPLE.  CHRIS  PARTICIPATED  IN THE EIP
                                       DURING THE 2001 PLAN YEAR AND  ELECTED TO
                                       CONTRIBUTE   10%  OF  HIS   EIP   COVERED
                                       COMPENSATION.  BY THE FIRST PAY PERIOD OF
                                       FEBRUARY 2001, HE HAD CONTRIBUTED $16,500
                                       TO THE  EIP.  IN THAT  SAME  PAY  PERIOD,
                                       CHRIS  RECEIVED HIS AIP BONUS OF $60,000.
                                       ONLY  $5,000 OF CHRIS'  $60,000 AIP BONUS
                                       WAS  TAKEN   INTO   ACCOUNT   AS  COVERED
                                       COMPENSATION  UNDER  THE EIP  BECAUSE  HE
                                       REACHED   THE   EIP'S   $17,000   MAXIMUM
                                       CONTRIBUTION  LIMIT FOR 2001. THIS IS THE
                                       CASE BECAUSE 10% OF $5,000 IF $500, WHICH
                                       IS THE  AMOUNT  HE  NEEDED  TO REACH  THE
                                       $17,000 LIMIT. THUS,  ASSUMING THAT CHRIS
                                       BECOMES A  PARTICIPANT  IN THE PLAN AS OF
                                       THE SECOND PAY  PERIOD OF FEBRUARY 2001

<PAGE>

                                       AND THAT HE HAS  COMPLETED ONE YEAR OF
                                       SERVICE WITH THE COMPANY AS OF SUCH DATE,
                                       HE WILL BE PERMITTED TO DO A  MAKE-UP
                                       CONTRIBUTION TO THE PLAN UP TO  $5,500
                                       (I.E., $55,000 X 10%).  THIS $5,500
                                       CONTRIBUTION  TO THE  PLAN WILL ALSO BE
                                       ELIGIBLE FOR THE 75% COMPANY MATCH.

WHAT IS THE AMOUNT OF THE MATCHING     Upon completion of one year of service
CONTRIBUTION?                          with the Company, the Company matches 75%
                                       of your payroll and eligible  AIP make-up
                                       contributions to the Plan. Because the
                                       Company match is immediately  taxable
                                       income, appropriate taxes will be with-
                                       held from your regular pay so that the
                                       entire Company match can go into  your
                                       Account. However, if you make an eligible
                                       AIP make-up contribution to the Plan,
                                       your hand-drawn personal check and
                                       Company match (after appropriate  taxes
                                       are withheld from such match) will be
                                       deposited into your Account.

IN WHOSE NAME WILL MY ACCOUNT BE       Your  Account  will  be  a  regular
REGISTERED?                            individual  brokerage  account registered
                                       in your name with  Charles  Schwab.
                                       Unlike the EIP,  you (not a trust)  will
                                       own the investments directly  and in your
                                       name. No funds are set aside in a trust
                                       or held by the Company.

HOW CAN I INVEST THE FUNDS IN MY       You will need to contact  Charles  Schwab
ACCOUNT?                               directly and select how to invest  the
                                       funds in your  Account.  Charles  Schwab
                                       offers  various investment  options  for
                                       you to choose from. Because  your Account
                                       is a regular individual brokerage account
                                       you have sole responsibility to make and
                                       monitor your investments under the  Plan.
                                       Your investments through the Account can
                                       go up or down, and any risk of loss is
                                       borne by you. The Company's only involve-
                                       ment  is limited   to   making   the
                                       match   and depositing  your payroll and
                                       eligible AIP make-up contributions to the
                                       Plan.

                                       ALSO,  YOU SHOULD BE AWARE  THAT  CHARLES
                                       SCHWAB     MAY     HAVE     REQUIREMENTS,
                                       LIMITATIONS, COMMISSIONS, CONDITIONS, AND
                                       FEES WITH  RESPECT TO THE  INVESTMENT  OF
                                       FUNDS  CONTRIBUTED TO YOUR ACCOUNT.  SUCH
                                       MATTERS ARE SOLELY  WITHIN THE CONTROL OF
                                       CHARLES   SCHWAB  AND  NOT  THE  COMPANY.
                                       FULFILLMENT  OR  COMPLIANCE  WITH  ANY OF
                                       THESE   REQUIREMENTS,    LIMITATIONS   OR
                                       CONDITIONS AND PAYMENT OF ANY COMMISSIONS
                                       AND FEES IS YOUR PERSONAL RESPONSIBILITY.

DOES THE  COMPANY  PROTECT ME AND MY   The Company will not protect or guarantee
INVESTMENTS IF MY INVESTMENTS          your Account in any way. Thus, for
LOSE MONEY?                            example, if your investments lose money,
                                       the stock markets crash, or Charles
                                       Schwab files bankruptcy or is otherwise
                                       unable to cover the funds credited to
                                       your Account, you alone will assume the
                                       risk of loss on your investments.  SINCE
                                       EACH INVESTMENT OPTION PRESENTS VARYING
                                       DEGREES OF RISK AND RETURN CHARACTER-
                                       ISTICS, YOU SHOULD CONSULT  WITH  YOUR
                                       FINANCIAL ADVISOR BEFORE SELECTING WHICH
                                       INVESTMENT OPTIONS ARE RIGHT FOR YOU.

<PAGE>

WILL I RECEIVE ACCOUNT STATEMENTS?     Charles Schwab will send you periodic
                                       statements regarding your Account balance
                                       and transaction confirmations. The
                                       frequency and content of any information
                                       regarding your Account are the sole
                                       responsibility of Charles Schwab, and not
                                       the Company.

MAY I WITHDRAW FUNDS FROM MY ACCOUNT   Because you own your Account,  you are
WHILE I AM EMPLOYED BY THE COMPANY?    permitted to withdraw funds at any time.
                                       However, please remember that if you with
                                       draw your funds and close your Account,
                                       you will need to timely  re-open  your
                                       Account in order to avoid any interrup-
                                       tion  in your  payroll and eligible AIP
                                       make-up contributions to the  Plan if you
                                       reach  the EIP  maximum contribution
                                       limit.

WHAT ARE MY OPTIONS WITH RESPECT TO    After your separation from employment
MY ACCOUNT AFTER MY SEPARATION FROM    with the Company,  you are  permitted to
EMPLOYMENT  WITH THE  COMPANY?         request a withdrawal  from your  Account
                                       at any time. The Company has no involve-
                                       ment with your Account after you separate
                                       from  employment.  However,  if a Company
                                       match is mistakenly  made to your Account
                                       following    your     separation     from
                                       employment,  the  Company  has a right to
                                       obtain a refund of that money.

WHAT ARE THE TAX CONSEQUENCES OF       The  federal  income tax laws are complex
PARTICIPATING IN THE PLAN?             and change from time to time. The follow-
                                       ing description is based on the current
                                       federal income tax laws and does not
                                       discuss tax consequences of participating
                                       in the Plan under any local,  state,  or
                                       foreign  tax laws. Also, the following
                                       description is intended  solely to be
                                       general and should not  be  relied  upon
                                       as  specific   tax advice.    BECAUSE
                                       EACH INDIVIDUAL'S SITUATION IS UNIQUE,
                                       YOU SHOULD  CONSULT WITH YOUR TAX ADVISOR
                                       ABOUT THE SPECIFIC TAX  CONSEQUENCES OF
                                       PARTICIPATING IN THE PLAN.

                                       The  Plan  is  a   voluntary   investment
                                       program.  There  is no  identifiable  tax
                                       benefit  to you by  participating  in the
                                       Plan.  Specifically,  you should be aware
                                       of the following:

                                       [ ]  Your payroll deduction contributions
                                            are made on an after-tax basis. This
                                            means  that your  contributions  are
                                            included  in your  gross  income and
                                            are   subject  to  federal   income,
                                            employment     (including     Social
                                            Security) and other taxes.

                                       [ ]  You will have  taxable  income  upon
                                            the  payment of the  Company  match.
                                            The  Company is required to withhold
                                            specific    amounts    of   tax   in
                                            connection with the match.

                                       [ ]  Buying and  selling  securities  and
                                            other  investments  in your  Account
                                            may generate taxable income,  either
                                            as capital gains or ordinary income.
                                            It will be  your  responsibility  to
                                            report   this  income  and  pay  any
                                            applicable taxes.

<PAGE>

                                       [ ]  In order for you to correctly report
                                            and pay any taxes  with  respect  to
                                            the investment of your Account,  you
                                            must accurately record your basis in
                                            any investment.

                                       YOU  SOLELY  BEAR THE  RESPONSIBILITY  TO
                                       ASCERTAIN  ANY  REPORTABLE   INCOME  WITH
                                       RESPECT TO YOUR ACCOUNT,  AND REPORT SUCH
                                       INCOME AND PAY ANY APPLICABLE  TAXES. FOR
                                       INFORMATION RELATING TO ANY TAX FOR WHICH
                                       YOU  ARE  LIABLE  WITH  RESPECT  TO  YOUR
                                       ACCOUNT,   YOU  SHOULD   CONTACT   EITHER
                                       CHARLES  SCHWAB,  ANY  OTHER  OFFEROR  OF
                                       INVESTMENTS HELD IN YOUR ACCOUNT,  AND/OR
                                       YOUR TAX ADVISOR.

IS THIS A TAX-QUALIFIED PLAN?          The Plan is a  non-qualified  retirement
                                       plan,  which means that the Plan is not
                                       qualified under Sections 401(a),  401(k),
                                       or 423 of the Internal   Revenue  Code.
                                       Thus, the  benefits  offered  under  such
                                       Sections of the Code,  including but not
                                       limited to deferral of taxes on contribu-
                                       tions or investment earnings,  are not
                                       available to you by participating in the
                                       Plan.

IS THIS  AN  ERISA  PLAN?              The  Plan  is not subject to any of the
                                       provisions  of the Employee  Retirement
                                       Income Security Act of 1974, including
                                       but not limited to the reporting,
                                       disclosure, and fiduciary responsibility
                                       rules.

CAN THE PLAN BE AMENDED OR             LS&CO.  reserves the right to amend,
TERMINATED?                            suspend or terminate the Plan at any time
                                       and for any  reason,  in  whole  or in
                                       part,  including  the existence,  timing,
                                       or amount of the Company  match,  the
                                       suspension rules or the  brokerage  firm.
                                       The Plan may be amended in writing by
                                       the Board of Directors  of LS&CO.  or by
                                       any person to whom the Board of Directors
                                       has delegated such authority.

                                       In  addition,  Charles  Schwab may change
                                       its rules,  policies,  investment choices
                                       and fee and commissions structure.  Those
                                       changes,     and    any    communications
                                       describing  such  changes,  are the  sole
                                       responsibility of Charles Schwab.

WHO ADMINISTERS THE PLAN?              The  Plan  is  administered  by  the
                                       Administrative  Committee  for Retirement
                                       Plans, to the extent described below. The
                                       Administrative Committee, or its delegate
                                       is responsible for administration of the
                                       Plan in the following respects:

                                       [ ]  Determination of eligibility to
                                            participate;

                                       [ ]  Interpretation of the Plan; and

                                       [ ]  The  provision of forms  relating to
                                            participation in the Plan, excluding
                                            any forms required by Charles Schwab
                                            in connection with your Account.

<PAGE>

WHAT ARE CHARLES SCHWAB'S              With  respect  to the Plan,  Charles
RESPONSIBILITIES UNDER THE PLAN?       Schwab is responsible  for the following:

                                       [ ]  The investments offered to Plan
                                            participants;

                                       [ ]  The provision of information to Plan
                                            participants   regarding   Accounts,
                                            including   but   not   limited   to
                                            information regarding assets held in
                                            your  Account,  dividends  paid with
                                            respect  to   Account   investments,
                                            gains  or  losses  on   transactions
                                            involving your Account  investments,
                                            and  taxes  for  which  you  may  be
                                            liable with  respect to your Account
                                            or its investments; and

                                       [ ]  The  execution  of  your  investment
                                            instructions  with  respect  to your
                                            Account.

                                       CHARLES  SCHWAB  HAS SOLE  RESPONSIBILITY
                                       WITH RESPECT TO YOUR ACCOUNT. THE COMPANY
                                       IS NOT RESPONSIBLE FOR ANY  REQUIREMENTS,
                                       CONDITIONS,  INVESTMENT  OPTIONS OR OTHER
                                       DECISIONS BY CHARLES  SCHWAB,  OR FOR THE
                                       CONTENT  OR TIMING OF ANY  COMMUNICATIONS
                                       OR REPORTS FROM CHARLES SCHWAB.

WHO DO I CONTACT FOR ADDITIONAL        If you have  any  questions  about  the
INFORMATION ABOUT THE PLAN?            Plan,  please  contact  U.S. Retirement
                                       Benefits:

                                                U.S. Retirement Benefits
                                                Levi Strauss & Co.
                                                P.O. Box 7215
                                                San Francisco, CA 94120
                                                Phone: (415) 501-1532

                                       The   Company   may  from  time  to  time
                                       distribute information about the Plan via
                                       hard copy, email, or voicemail.

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