Document:

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                                                                   EXHIBIT 10.24
                          GLOBAL SUCCESS SHARING PLAN

                                   ARTICLE I

                                    PURPOSE
     Section 1.

          Section 1.1.  The Global Success Sharing Plan is designed to provide
the world-wide employees of Levi Strauss & Co. ("Company") and its Subsidiaries
with the opportunity to share in the value created during the six-year period
following the acquisition of LSAI by the Company, by providing a cash payment to
them if the Company achieves specified cash flow objectives on a consolidated
basis.

                                  ARTICLE II

                                  DEFINITIONS

          "Administrator" means the Human Resources Council of the Company.

          "Adjusted Pool Amount" means the Aggregate Pool Amount less the sum of
all Interim Payouts.

          "Aggregate Pool Amount" is the applicable portion (if any) of
cumulative EBITDA during the Measurement Period available for distribution to
Eligible Participants, which will be calculated in accordance with Section 6.1.

          "Aggregate Target Payout Amount" means an amount, which will be
calculated as of the last day of the Measurement Period, equal to the sum of all
individual Target Payout Amounts excluding the Target Payout Amount for any
Eligible Participant who receives an Interim Payout.

          "Applicable EBITDA Percentage" means, the percentage corresponding to
a specific level of cumulative EBITDA as set forth in Annex A.
                                                      -------

          "Board" means the Board of Directors of the Company.

          "Cause" means good reason for termination of employment, as determined
by the Administrator, in its sole discretion, including, but not limited to,
substandard performance, unacceptable behavior, or poor attendance.  For the
purposes of the Plan, misconduct is not included in this definition and is
outlined separately under "Misconduct". The fact that an employee is terminated
for "cause" within the meaning of a particular jurisdiction's laws, regulations,
governing judicial precedents or employment practice, will not mean that such
employee has been
<PAGE>

terminated for Cause for purposes of this Plan unless the Administrator, in its
sole discretion, so determines.

          "Company" means Levi Strauss & Co., a Delaware corporation, and any
successor by operation of law thereto, including by reason of merger,
consolidation or similar transaction, or otherwise.

          "Compensation" means the amount of a Participant's annual compensation
in effect as of April 17, 1996 (stated in non-U.S. currency, where applicable),
determined in accordance with the formula applicable to such Participant, as set
forth in Article V.  Compensation is used to determine the U.S. Dollar-based
Target Payout Amount.

          "EBITDA" means the audited net income of the Company on a consolidated
basis before (1) interest, (2) taxes, (3) depreciation, (4) amortization, (5)
costs and expenses relating to the Company's acquisition of LSAI, including
compensation-related expenses resulting from such acquisition, such as with
respect to stock options and stock appreciation rights, and (6) all accruals and
expenses directly relating to the operation of the Plan.

          "Effective Date" means November 27, 1995, which was the first day of
fiscal 1996.

          "Eligible Participant" has the meaning set forth in Section 4.3.

          "Eligible Quarters" means the number of full fiscal quarters a
Participant is employed during the Measurement Period.  Eligible Quarters are
used to determine whether a Plan Participant is an Eligible Participant, as
outlined in Section 4.3, and to determine such Eligible Participant's Eligible
Quarter Percent.  The following three factors exist in calculating Eligible
Quarters:

          1.  For most Participants, Eligible Quarters equals the number of full
              fiscal quarters between the Employment Date and the earlier of (1)
              the termination of such Participant's status as an employee of the
              Company or any Subsidiary of the Company and (2) the last day of
              the Measurement Period;

          2.  For Participants who terminate (other than for Misconduct) during
              the Measurement Period and subsequently are rehired within one
              year of that termination date, the calculation of Eligible
              Quarters is different. It equals the sum of (1) the number of full
              consecutive fiscal quarters worked by such Participant during the
              Measurement Period before such termination plus (2) the number of
              full consecutive fiscal quarters worked by such Participant during
              the Measurement Period after such rehiring;

                                      -2-
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          3.   Normally, an approved leave of absence would not constitute a
               break in service, and the time of such leave would be included in
               calculating the number of full fiscal quarters served. The
               Administrator, however, reserves the right to approve whether
               particular leaves of absence will constitute a break in service.

          "Eligible Quarter Percent" equals, except as noted in the exception
below, a fraction, the numerator of which is an Eligible Participant's Eligible
Quarters and the denominator of which is 24 (the number of full fiscal quarters
over the life of the Plan).  As an example, the equation for an Eligible
Participant's Eligible Quarter Percent is:

                ----------------------------------------------
                  Eligible Quarters / 24 Total Plan Quarters
                ----------------------------------------------

For any Eligible Participant (1) who is a U.S. Hourly Participant, and (2) who
was employed throughout 1996 and (3) who is terminated due to Plant Closure
after the last day of fiscal year 1996, the "Eligible Quarter Percent" will
equal 100% regardless of number of actual quarters worked.

          "Employment Date" means, for any Participant, the later of (1) the
Effective Date and (2) the date of such Participant's initial employment with
the Company or a Subsidiary of the Company.

          "Final Exchange Rate" means the Company's internal balance sheet
exchange rate in effect as of the end of fiscal year 2001.  It is used for
converting U.S. Dollars amounts into the applicable non-U.S. currency at the end
of the Plan.  In the event that an exchange rate is needed that is not listed on
the Company's internal balance sheet, one will be determined by the
Administrator.  This determination, which will be conclusive and binding on all
Participants, will be arrived at  in consultation with the Company's treasury
department and based on one or more published applicable exchange rates in
effect as of the end of fiscal year 2001.

          "Final Payout Factor" equals a fraction, the numerator of which is the
Adjusted Pool Amount and the denominator of which is the Aggregate Target Payout
Amount.  This percent will then be applied to each Eligible Participant's Target
Payout Amount to determine his or her ultimate payout.  As an example, the
equation for the Final Payout Factor is:

            --------------------------------------------------------
             Adjusted Pool Amount / Aggregate Target Payout Amount
            --------------------------------------------------------

          "Hourly" means those employees within the U.S. which include, without
limitation, Union employees, others in similar types of work situations or who
similarly participate in Levi's annual Cash Performance Plan.  In all events,
Hourly status will be determined by the Administrator and will be conclusive and
binding on all Participants.

                                      -3-
<PAGE>

          "Initial Exchange Rate" means the Company's internal balance sheet
exchange rate in effect for April, 17 1996, as set forth in Annex B.  It is used
                                                            -------
for converting any applicable non-U.S. currency into U.S. Dollars during the
Plan.  In the event that an exchange rate is needed, but is not listed on the
Company's internal balance sheet, one will be determined by the Administrator.
This determination, which will be conclusive and binding on all Participants,
will be arrived at in consultation with the Company's treasury department and
based on one or more published applicable exchange rates in effect on April 17,
1996.

          "Interim Exchange Rate" as of any date in a given fiscal quarter,
means the Company's internal balance sheet exchange rate for converting U.S.
Dollars into any applicable non-U.S. currency, at the end of that fiscal
quarter.  The Interim Exchange Rate is used to determine Interim Payouts.   In
the event that an exchange rate is needed, but is not listed on the Company's
internal balance sheet, one will be determined by the Administrator.  This
determination, which will be conclusive and binding on all Participants, will be
arrived at in consultation with the Company's treasury department and based on
one or more published applicable exchange rates in effect at the end of the
affected fiscal quarter.

          "Interim Payout" means the amount of any payment made to a Participant
prior to the expiration of the Measurement Period.  The rules for the
calculation of this amount are set forth in Section 6.2 (b).

          "Measurement Period" means the period from the Effective Date through
the end of fiscal year 2001.

          "Misconduct" means termination of employment for reasons of
misconduct, as determined by the Administrator, in its sole discretion. The fact
that an employee is terminated for "misconduct" within the meaning of a
particular jurisdiction's laws, regulations, governing judicial precedents or
employment practice, will not mean that such employee has been terminated for
Misconduct for purposes of this Plan unless the Administrator, in its sole
discretion, so determines.

          "Participant" has the meaning set forth in Section 4.1.

          "Plan" means the Global Success Sharing Plan.

          "Projected Cumulative EBITDA" for any given fiscal quarter, means the
amount of projected cumulative EBITDA set forth in Annex C for such fiscal
                                                   -------
quarter.

          "Subsidiary" means any corporation of which more than 50% of the
outstanding shares having ordinary voting power are owned or controlled by the
Company, and any other entity that the Board, in its sole discretion, deems to
be a Subsidiary.

                                      -4-
<PAGE>

          "Target Payout Amount" equals an amount calculated for an Eligible
Participant which is the product of such Eligible Participant's Compensation
multiplied by the Eligible Participant's Eligible Quarter Percent.  This amount
is U.S. Dollar-based, using the Initial Exchange Rate, and is used to determine
the Aggregate Target Payout Amount.  As an example, the equation for an Eligible
Participant's Target Payout Amount is:

        ------------------------------------------------------------
             Participant              Participant          Initial
            Compensation     X         Eligible      X    Exchange
         (In Local Currency)        Quarter Percent          Rate
        ------------------------------------------------------------

                                  ARTICLE III

                                 ADMINISTRATOR
     Section 3.

          Section 3.1.  Plan Administration.  The Plan will be administered by
                        -------------------
the Administrator with the assistance of such other person or persons as the
Administrator designates from time to time.  In administering the Plan, the
Administrator may at its option employ compensation consultants, accountants and
counsel (who may be the independent auditors and outside counsel and
compensation consultants of the Company) and other persons to assist or render
advice to the Administrator, all at the expense of the Company.  The
Administrator may delegate some or all of its responsibilities to officers or
employees of the Company or its Subsidiaries and/or to such other parties as the
Administrator may deem appropriate.  The Administrator's determinations as to
all matters, including calculations of cumulative EBITDA, and amounts which may
be due under the Plan, will be conclusive and binding on all Participants.

                                  ARTICLE IV

                                  ELIGIBILITY
     Section 4.

          Section 4.1.  General.  Subject to the other provisions of this Plan,
                        -------
each person (a) who on or after the Effective Date and on or before the first
day of fiscal year 1999 is listed in the records of the Company or any of its
Subsidiaries as an employee in accordance with the practices of the Company and
the Subsidiaries with respect to listing employees in the records and (b) who is
eligible to participate in any of the incentive plans or cash sharing plans of
the Company or any of its Subsidiaries (without regard to any eligibility-
related waiting period under any such incentive or cash sharing plan), will be a
"Participant" in the Plan.  Participants will only become eligible for cash
payments under the Plan if they are Eligible Participants as defined in Section
4.3.

                                      -5-
<PAGE>

          Section 4.2.  Temporary Employees, Independent Contractors, not
                        -------------------------------------------------
Eligible.  For purposes of the Plan, employment as a term or temporary employee
--------
and service as an independent contractor will not be treated as employment and a
person who is so employed or who so serves will not be treated for purposes of
this Plan as a Participant.

          Section 4.3.  Continuous Employment Requirement.
                        ---------------------------------

          (a)  Subject to paragraphs (b) through (c), and to the other terms and
conditions of the Plan, an individual will be an "Eligible Participant", and
thereby eligible to receive a cash payment under the Plan, only if he or she
qualifies as a Participant, as defined in Section 4.1, for a period of at least
12 Eligible Quarters during the Measurement Period.  A Participant need not be
an employee on the last date of the Measurement Period in order to be an
Eligible Participant.

          (b)  Notwithstanding the foregoing provisions of this Section 4.3, if
a Participant's employment is terminated, the minimum threshold of Eligible
Quarters listed in the following table are required for the Participant to be
deemed an Eligible Participant:

----------------------------------------------------------------------------
                               ELIGIBLE
                               QUARTER
 TERMINATION TYPE             THRESHOLD       COMMENTS/PROVISIONS
 ----------------------------------------------------------------------------
 Death                             4
----------------------------------------------------------------------------
 Disability                        4
----------------------------------------------------------------------------
 Involuntary with Cause           12          Cause as defined in Plan
----------------------------------------------------------------------------
 Involuntary without Cause         4          Cause as defined in Plan
----------------------------------------------------------------------------
 Layoff                            4
----------------------------------------------------------------------------
 Misconduct                   Not Eligible    Misconduct as defined in Plan
----------------------------------------------------------------------------
 Retirement                        4          In accordance with applicable
                                               pension plans
----------------------------------------------------------------------------
 Voluntary                        12
----------------------------------------------------------------------------

For purposes of this Section 4.3(b), if a Subsidiary or other business unit of
the Company is sold or otherwise disposed of during the Measurement Period,
persons who are employed by that Subsidiary or business unit immediately prior
to the time such sale or disposition is consummated shall be deemed terminated
involuntarily and not for Cause as of the date such sale or disposition is
consummated.

          (c) For purposes of Article IV, where reference is made to an
individual being "listed in the records" of the Company or its Subsidiaries as
an employee, the

                                      -6-
<PAGE>

presumption will be that the records of the Company and its Subsidiaries are
accurate, but actual employment status will govern. Consequently, if, in
accordance with Company practice, an individual should have been listed in the
records as an employee, but was not so listed, such individual will be deemed so
listed and, conversely, if, in accordance with Company practice, an employee
should not have been listed in the records as an employee, such individual will
be deemed not so listed. The fact that an individual may be characterized as an
"employee" for purposes other than the Plan (for example, taxes, or tort law)
will not govern whether an employee was, or should have been "listed in the
records" as employee in accordance with Company practice. In the event of any
dispute as to employment status, the Administrator will determine, based on the
records of the Company and its Subsidiaries and such other evidence as the
Administrator takes into account whether, and during what period, an individual
should have been listed in the records as an employee, and the Administrator's
decision will be conclusive and binding on all parties.

                                   ARTICLE V

                        DETERMINATION OF "COMPENSATION"
     Section 5.

          Section 5.1.  Hourly Employees.  For purposes of the Plan, (a)
                        ----------------
"Compensation" for any Hourly Participant who is employed in the United States
will mean $17,597 and (b) "Compensation" for any Participant paid on a similar
basis who is employed outside the United States is intended to be based on
compensation levels in effect on April 17, 1996 and will be determined by the
Administrator.

          Section 5.2.  Salaried Employees.
                        ------------------

          (a)  For purposes of the Plan, "Compensation" for any non-Hourly
Participant who is employed by the Company or a Subsidiary of the Company on
April 17, 1996 means such Participant's annual base salary as of April 17, 1996.
For purposes of Section 5.2, "annual base salary" will be calculated before any
salary reduction contribution made to 401(k) or deferred compensation plans but
will not include (1) awards under any bonus, profit, cash sharing plan
(including, without limitation, the Partners in Performance program and the
Long-Term Performance Plan), or stock options, restricted stock or stock
appreciation rights, (2) any cash payments relating to the impact of the
acquisition of LSAI by the Company on the EIP, ELTIS or ESAP plans, (3) any
Company matching contribution under any plan, (4) overtime, or (5) any other
special awards, and portions of any Participant's salary that were voluntarily
deferred by the Participant will be deemed to have been paid to such Participant
in the year earned, not in the year received.

          (b)  For purposes of the Plan, "Compensation" for any non-Hourly
Participant who is hired after April 17, 1996 means an amount equal to the
implied 1996

                                      -7-
<PAGE>

annual base salary for such Participant, which will be calculated by applying
the "compa ratio" relating to such Participant's annual base salary as of the
date of hire to the salary range used as of April 17, 1996.

                                  ARTICLE VI

                       DETERMINATION AND PAYMENT OF POOL
     Section 6.

          Section 6.1.  Determination of Aggregate Pool Amount.  Except as
                        --------------------------------------
specifically provided in this Article VI, no Participant will receive any cash
payment under the Plan unless (a) such Participant is an Eligible Participant
and (b) cumulative EBITDA during the Measurement Period equals or exceeds $5.0
billion.  If cumulative EBITDA during the Measurement Period reaches that level,
a percentage of that cumulative EBITDA will be payable to Eligible Participants
as set forth herein.  For purposes of any payment to an Eligible Participant
following the end of the Measurement Period, the Aggregate Pool Amount will be a
percentage of cumulative EBITDA during the Measurement Period equal to the
Applicable EBITDA Percentage.

          Section 6.2.  Determination of Individual Cash Payments.
                        -----------------------------------------

          (a)  Except as provided in Section 6.2(b), the amount paid to each
Eligible Participant under the Plan will be equal to the product of (1) such
Eligible Participant's Target Payout Amount and (2) the Final Payout Factor.  As
an example, the equation for an Eligible Participant's payout amount is:

                            -----------------------
                             Target          Final
                             Payout    X    Payout
                             Amount         Factor
                            -----------------------

          (b)  The amount paid to an Eligible Participant under the Plan as an
Interim Payout pursuant to Section 6.3(c) as a result of death will be equal to
the product of (1) such Participant's Target Payout Amount, (2) a fraction, the
numerator of which will be actual cumulative EBITDA from the beginning of the
Measurement Period through the end of the last full fiscal quarter the
Participant was employed, and the denominator of which will be Projected
Cumulative EBITDA, as set forth in Annex C, for the last full fiscal quarter the
                                   --------
Participant was employed.  As an example, the equation for an Eligible
Participant's Interim Payout Amount is:

     --------------------------------------------------------------------
       Target       Actual Cumulative             Projected Cumulative
       Payout  X      EBITDA as of        /          EBITDA as of
       Amount       Last Quarter Employed         Last Quarter Employed
     --------------------------------------------------------------------

                                      -8-
<PAGE>

          (c)  The amount paid to an Eligible Participant under the Plan who
receives an Interim Payout pursuant to Section 6.3(b) for a reason other than
death will be determined by the Administrator, in its sole discretion.

          (d)  Amounts payable pursuant to this Section 6.2 will be first
calculated in U.S. Dollars based on the Initial Exchange Rate (which is used to
convert Compensation into U.S. Dollars in order to calculate Target Payout
Amounts).  Payments to individuals employed outside of the United States will,
however, be made in the applicable local currency in an amount calculated by
converting the U.S. Dollar amount calculated hereunder into the local currency
based on (1) the Final Exchange Rate for payouts under Section 6.2(a) and (2)
the Interim Exchange Rate of the last fiscal quarter the Eligible Participant
was employed for payouts under Sections 6.2(b) or (c).

          Section 6.3.  Timing of Cash Payments; Interim Payouts.
                        ----------------------------------------

          (a)  Except as otherwise provided in this Section 6.3, all payments
under the Plan will be made as soon as practicable following the end of the
Measurement Period.

          (b)  Payments under the Plan to any Eligible Participant whose
employment is terminated for any reason other than death will be made only at
the end of the Measurement Period.

          (c)  All Eligible Participants whose employment is terminated by
reason of death will be entitled to an Interim Payout. Such Interim Payout will
be made as soon as practicable following the employee's death, taking into
account reasonable time periods for making the necessary calculations hereunder.

                                  ARTICLE VII

                              SPECIAL PROVISIONS
     Section 7.

          Section 7.1.  Interpretation.  The Administrator will have the power
                        --------------
in its sole discretion to interpret the Plan and to adopt such rules and
procedures as it may deem appropriate for the administration and implementation
of the Plan.  Such rules and procedures may include, without limitation,
procedures for making required calculations and applying formulas including as
to the amount of "Compensation" for employees, the amount of cumulative EBITDA,
procedures for conversion of amounts denominated in U.S. dollars into foreign
currency and vice-versa, as well as procedures for Plan payments before the end
of, or at the end of, the Measurement Period.

          Section 7.2.  Certain Amendments.  Notwithstanding the provisions of
                        ------------------
Section 8.1, the Administrator may make such amendments and modifications to the

                                      -9-
<PAGE>

Plan as may be required to comply or conform with local law, regulation or
custom. Such amendments and modifications may have limited application to a
specific Subsidiary, division or jurisdiction and need not apply to all
Participants. Any amendment made in accordance with this Section 7.2 which the
Administrator reasonably believes is a material amendment will require approval
of the Board. Each such amendment or modification will be in writing and
attached to this Plan.

                                 ARTICLE VIII

                           AMENDMENT AND TERMINATION
     Section 8.

          Section 8.1.  The Board will have the right in its sole discretion to
amend or terminate the Plan.

                                  ARTICLE IX

                                 MISCELLANEOUS

     Section 9.

          Section 9.1.  Withholding of Employee Taxes.  The Company and its
                        -----------------------------
Subsidiaries, as appropriate, will be entitled to withhold from all payments
under the Plan any and all Federal, state, or local taxes of any kind required
by law to be withheld with respect to such payments.

          Section 9.2.  No Right to Employment.  Nothing contained in the Plan
                        ----------------------
will be construed as or be evidence of any contract of employment with any
Participant for a term of any length.  Neither the adoption of the Plan nor the
participation in the Plan by a Participant will confer upon any employee any
right to continued employment nor will it interfere in any way with the right of
the Company or any of its Subsidiaries to terminate the employment of any
employee to the extent otherwise permitted at any time.

          Section 9.3.  Nature of Plan Payments.
                        -----------------------

          (a)  The Plan is intended to provide only for a one-time special cash
payment, payment of which is not systematically deferred to the termination of
employment or beyond and which does not provide retirement income to employees,
within the meaning of Department of Labor Regulation Section 2510.3-2(c).
Payments under the Plan will be paid from the general funds of the Company or
its Subsidiaries, as appropriate, and no special or separate fund will be
established or other segregation of assets made to assure payment.

                                      -10-
<PAGE>

          (b)  No Participant or other person will have under any circumstances
any interest in any particular property or assets of the Company or its
Subsidiaries.  The benefits conferred by the Plan and the interests thereunder
are not intended to be equity interests in the Company or its Subsidiaries and
Participants will have no equity interest in the Company or its Subsidiaries by
virtue of their participation in the Plan.  The individuals entitled to benefits
conferred by the Plan and the interests thereunder will have no voting or
similar rights, or rights to financial or other information concerning the
Company or its Subsidiaries.  Such benefits and interests will not be
transferable or assignable under any circumstances, other than payments under
the Plan in the event of an Eligible Participant's death, which will be
transferable by will or the laws of descent and distribution.

          Section 9.4.  No Limit on Capital Structure Changes.  Neither the
                        -------------------------------------
establishment and operation of, nor the creation of any interests under, this
Plan, limits the ability of the Company or of any Subsidiary to reclassify,
recapitalize or otherwise change its capital or debt structure or to merge,
consolidate, convey any or all of its assets, dissolve, liquidate, windup or
otherwise reorganize.

          Section 9.5.  Other Benefits.  No creation of interests, or payment of
                        --------------
cash, under this Plan shall be taken into account in determining any benefits
under any compensation, pension, retirement, savings, profit sharing, group
insurance, welfare or other employee benefit plan of the Company or any
Subsidiary.

          Section 9.6.  All Provisions; Name.  This Plan, together with the
                        --------------------
Annexes, represents the final, exclusive and complete statement of the terms of
the Plan, and supersedes any and all prior or contemporaneous understandings,
representations, documents and communications of the Company, its Subsidiaries
and the Employees, whether oral or written, relating to its subject matter.  The
formal name of this Plan is the "Global Success Sharing Plan" of Levi Strauss &
Co.

          Section 9.7.  Governing Law.  The Plan will be governed by and
                        -------------
construed in accordance with the laws of the State of California, without regard
to its principles of conflict of laws.

          This Plan was adopted by the Board of Directors of the Company on
April 23, 1996.

                                                  Levi Strauss & Co.

                                                  By: ___________________
                                                       Robert D. Haas
                                                        Chairman and
                                                        Chief Executive Officer

                                      -11-
<PAGE>

                                                                         ANNEX A
                         APPLICABLE EBITDA PERCENTAGES

            Level of Cumulative
            EBITDA during the            Applicable
            Measurement Period           Percentage
            ------------------           ----------

     Greater than $0 and less than
     $5.0 billion                              0%

     Greater than or equal to $5.0
     billion and less than $6.0 billion        3%

     Greater than or equal to $6.0
     billion and less than $7.0 billion        5%

     Greater than or equal to $7.0
     billion and less than $7.58 billion       8%

     Greater than or equal to $7.58 billion   10%

                                      A-1
<PAGE>

                                                                         ANNEX B

     CURRENCY                APRIL 17, 1996 RATE
     --------                -------------------

Argentinean Peso                      1.00
Austrian Schilling                    10.6304
Australian Dollar                     .79
Belgian Franc                         30.95
Brazilian Real                        .99
Canadian Dollar                       .74
Swiss Franc                           1.23
Chilean Peso                          407
Colombian Peso                        1,054
Costa Rican Colon                     203
Deutsche Mark                         1.51
Danish Krone                          5.81
European Currency Unit                1.24
Spanish Peseta                        126
Finish Markka                         4.73
French Franc                          5.12
British Pound                         1.51
Greek Drachma                         242
Hong Kong Dollar                      7.74
Hungarian Forint                      149
Indonesian Rupiah                     2,327
Irish Pound                           1.56
Israeli Shekel                        3.17
Indian Rupee                          34.20
Italian Lira                          1,577
Japanese Yen                          108
South Korean Won                      779
Moroccan Dirham                       8.68
Netherlands Guilder                   1.68
Maltese Pound                         .36
Mexican Peso                          7.42
Malaysian Ringgit                     2.49
Norwegian Krone                       6.50
New Zealand Dollar                    .68

                                      B-1
<PAGE>

                                                                         ANNEX B

     CURRENCY                APRIL 17, 1996 RATE
     --------                -------------------

Peruvian Sol                       2.36
Philippine Peso                    26.18
Pakistani Rupee                    34.63
Polish Zloty                       2.6235
Portuguese Escudo                  155
Swedish Krona                      6.75
Singapore Dollar                   1.41
Thai Baht                          25.33
Turkish Lira                       73,402
New Taiwan Dollar                  27.15
Venezuelan Bolivar                 285
Czech Republic Crowns              27.61
South African Rand                 4.23
Russian Ruble                      4,912
Mauritian Rupee                    19.28
Slovak Republic Crowns             30.45
Uruguayan Peso                     7.53
Honduran Lempura                   11.02
Dominican Peso                     13.71
El Salvador Colon                  8.73
Guatemala Quetzal                  6.12
Tunisian Dinar                     .98

                                      B-2
<PAGE>

                                                                         ANNEX C

                                       Projected
                                      Cumulative
                                       EBITDA
                                       ------
       Fiscal 1996                  (In millions)

           Q1                         $  238
            2                            476
            3                            714
            4                            952

       Fiscal 1997
           Q1                          1,211
            2                          1,470
            3                          1,729
            4                          1,988

       Fiscal 1998
           Q1                          2,272
            2                          2,556
            3                          2,840
            4                          3,124

       Fiscal 1999
           Q1                          3,460
            2                          3,796
            3                          4,132
            4                          4,468

       Fiscal 2000
           Q1                          4,845
            2                          5,222
            3                          5,599
            4                          5,976

       Fiscal 2001
           Q1                          6,377
            2                          6,778
            3                          7,179
            4                          7,580

For purposes of the Plan, all references to fiscal quarters or fiscal years will
mean fiscal quarters and years in accordance with the Company's fiscal year in
effect as of the end of fiscal year 2001.

                                      C-1<PAGE>

                                                                   EXHIBIT 10.25
                         LEVI STRAUSS ASSOCIATES INC.

                   DEFERRED COMPENSATION PLAN FOR EXECUTIVES

ARTICLE 1 - EFFECTIVE DATE
--------------------------

     The Levi Strauss Associates Inc. Deferred Compensation Plan for Executives
(hereinafter the "Plan") is maintained by Levi Strauss Associates Inc. (the
"Company") for the benefit of employees who are eligible pursuant to the terms
of the Plan.. The Plan became effective upon approval of the Board of Directors
of Levi Strauss & Co. in 1971. The Plan has been amended or restated from time
to time.

ARTICLE 2 - ELIGIBILITY
-----------------------

     (1)  General Rule. Any employee of the Company or a participating domestic
          ------------
subsidiary (including a wholly-owned subsidiary of a wholly-owner subsidiary of
the Company and Battery Street Enterprises, Inc. or any subsidiary thereof) (a
"Participating Subsidiary"), who (i) is customarily employed 30 or more hours
per week by the Company or such subsidiary, (ii) is employed with the United
States or a designated participant in the Revised Home Office Pension Plan of
Levi Strauss Associates Inc., and (iii) is compensated on a salary basis
(hereinafter, the "Eligible Employee") shall be eligible to participate in the
Plan during a calendar year; provided that, either (i) the grade for the
employee is equivalent to Home Office grade 9 or above, or (ii) (except for
purposes of current deferrals) the employee has an undistributed balance of
Deferred Compensation (within the meaning of Articles 4 and 5). Notwithstanding
the aforesaid, no employee shall be eligible to participate in the Plan if said
employee has entered into an employment agreement with the Company or subsidiary
thereof
<PAGE>

which precludes the employee from participating in a deferred compensation plan
offered by the Company.

     (2)       Exclusions.  Notwithstanding the foregoing, an individual
               ----------
employed on a commission basis shall not be eligible to participate in the Plan.

ARTICLE 3- DEFINITION OF COMPENSATION
-------------------------------------

     For all purposes under the Plan: (a) "total compensation" shall mean
base salary, but shall not include any payments under or contributions to the
Company's Long Term Disability Plan or other group insurance or any employee
benefit plan maintained by the Company; (b) "total bonuses" shall mean payments
made under the Company's Management Incentive Plan (hereinafter "MIP") or under
any regularly paid bonus program other than the Long Term Performance Plan, and
any non-recurring special bonus which is designated as being part of "total
bonuses" in writing by the Administrator (identified as set forth in Article 9
below); and (c) for individual on expatriate assignment, "total compensation"
shall be defined as base salary adjusted by appropriate expatriate-related
deductions and allowances as determined by the Administrator.

ARTICLE 4 - DEFERRED COMPENSATION
---------------------------------

     (a)       Total Compensation Eligible for Deferral.
               ----------------------------------------
          Election to Defer Compensation. (i) Any Eligible Employee may
          ------------------------------
elect that a portion not to exceed one-third (1/3) of his or her total
compensation shall be payable only as Deferred Compensation under this Plan.
Amounts of total compensation deferred by an Eligible Employee shall not be less
than five percent (5%) of his or her total base salary.

          (ii) Total Bonuses Eligible for Deferral.  Any Eligible Employee may
               -----------------------------------
elect that a portion or all of his or her total bonuses shall be payable only as
Deferred Compensation

                                       2
<PAGE>

under this Plan. Amounts of total bonuses deferred by an Eligible Employee shall
not be less than the greater of (i) $5,000 or (ii) five percent (5%) of his or
her total bonuses.

          (iii) Time for Filing Elections.  Except as provided in paragraph
                -------------------------
(iv) below, a deferral election shall be made in writing to the Administrator
(A) in the case of base salary or non-recurring special bonuses or a regularly
paid bonus program other than the MIP at least two weeks prior to the
commencement of the first payroll period ending in the calendar year in which
payment otherwise would have been made; or (B) in the case of amounts payable
under MIP prior to May 15. All elections are irrevocable once the final date for
elections has passed.

          (iv)  First Year of Employment. (A) An Eligible Employee may
                ------------------------
also make an election during the first year of employment with respect to his
base salary for services performed after the effective day of the election. Such
election shall be made in writing to the Administrator within 30 days after
commencement of employment with the Company or a Participating Subsidiary and at
least two weeks prior to commencement of the first payroll period with respect
to which the election is to be effective, but no such election shall be
permitted after November 15 of any calendar year.

                (B)  Newly Eligible Employee. An employee of the
                     -----------------------
Company or subsidiary thereof who becomes an Eligible Employee during any
calendar year may make an election with respect to his or her base salary for
services performed after the effective day of the election. Such election shall
be made in writing to the Administrator within 30 days after the date as of
which such employee becomes an Eligible Employee (or if the employee becomes an
Eligible Employee in 1991 but before the effective date of this Section

                                       3
<PAGE>

5(d)(ii), within 30 days after such effective date) and at least two weeks prior
to commencement of the first payroll period with respect to which the election
is to be effective, but no such election shall be permitted after November 15 of
any calendar year.

     (a)       Additional Deferred Compensation. When an Eligible Employee
               --------------------------------
elects that a portion of his or her total compensation or total bonus for a
calendar year shall be payable as Deferred Compensation under the Plan, there
shall also be credited as Additional Deferred Compensation for such calendar
year an amount equal to the difference between (a) the aggregate amount of
contributions by the Company which would have been allocated in respect of such
Eligible Employee under the Employee Investment Plan ("EIP") if such Eligible
Employee has not made such election under this Plan and, (b) the actual
aggregate amount of contributions by the Company so allocated in respect of such
Eligible Employees for the EIP for such calendar year. The Additional Deferred
Compensation determined pursuant to the preceding sentence shall be credited
during the next following calendar year and shall coincide with the time that
profit sharing allocations are made to participants in the EIP.

     (b)       Pension Make-Up Deferred Compensation. Further, there shall be
               -------------------------------------
payable to or in respect of an Eligible Employee the difference between (i) the
amount of benefits which would have been payable to or in respect of the
Eligible Employee under the Revised Home Office Pension Plan of Levi Strauss
Associates Inc., or any successor defined benefit plan (the "HOPP"), the Levi
Strauss Associates Inc. Excess Benefit Restoration Plan (the "Excess BRP") and
the Levi Strauss Associates Inc. Supplemental Benefits Restoration Plan (the
"Supplemental BRP") if not for the deferral of compensation under this Plan, and
(ii) the amount actually payable to or in respect of the Eligible Employee under
the HOPP, the Excess BRP and the Supplemental BRP, such difference being
referred to herein as "Pension Make-Up Deferred Compensation"; provided;
however, that the Pension Make-Up Deferred

                                       4
<PAGE>

Compensation shall be vested only to the extent that such amounts would be
vested under the HOPP, the Excess BRP and the Supplemental BRP, as applicable.

     (c)       The Deferred Compensation of an Eligible Employee at any time
shall include Deferred Compensation arising under prior provisions of the Plan.

     (d)       Effect on Other Plan. Compensation Deferred under this Plan shall
               --------------------
not be included in "covered compensation" for crediting benefits or
contributions to any qualified retirement, profit-sharing, stock purchase plan,
employee saving plan or employee stock ownership plan. Other benefit plans shall
not be affected by deferral of compensation under this Plan.

ARTICLE 5 - CREDITING DEFERRED COMPENSATION
-------------------------------------------

     (a)       In General. The Deferred Compensation of an Eligible Employee
               ----------
will be credited with increases and, as appropriate, decreases to reflect the
performance of the measurement standard offered by the Administrator pursuant to
this Article 5 and selected by the Eligible Employee. If, with respect to all or
a portion of his or her Deferred Compensation, an Eligible Employee fails to
elect a measurement standard or if a measurement standard becomes unavailable
under the Plan without an effective successor election by the eligible employee,
such Deferred Compensation thereof shall be credited pursuant to Article
5(b)(1).

     (b)(1) Interest Measurement Standard. Interest shall be computed
            -----------------------------
monthly as of the last day of each calendar month on the undistributed balance
of each Eligible Employee's Deferred Compensation at the end of such calendar
month. For amounts deferred pursuant to an election prior to January 1, 1983,
interest shall be computed at a monthly interest rate equal to the sum of (i)
one-twelfth (1/12) of the annual reference rate charged for commercial loans, as
most recently

                                       5
<PAGE>

announced by Bank of America in San Francisco, California, effective as of the
last day of the calendar month on which such interest in computed, plus (ii)
one-twelfth (1/12) of two percent (2%) per annum; except that for any calendar
year beginning prior to January 1, 1980, interest shall be credited in
accordance with the procedures specified in the Plan as then in effect.

     Except as provided below, for amounts deferred pursuant to an election
after January 1, 1983, interest shall be computed at a monthly interest rate
equal to one-twelfth (1/12) of the annual reference rate charged for commercial
loans, as most recently announced by Bank of America in San Francisco,
California, effective as of the last day of the calendar month on which such
interest is computed.

     For amounts deferred by an Eligible Employee whose grade is equivalent to
Home Office grade 9 or above representing a 1985 bonus payable under the MIP or
his or her total base salary for calendar year 1986, interest shall be computed
at a monthly interest rate equal to one-twelfth (1/12) of (i) the annual rate
charged for commercial loans to most credit-worthy customers, as most recently
announced by Bank of America in San Francisco, California, effective as of the
last day of the calendar month in which such interest is computed, plus (ii) two
                                                                   ----
percent (2%) for the period through December 31,1990, and thereafter such
amount, if any, as the Board of Directors of the Company or its delegatee shall
determine in its sole discretion.

     Such interest shall be credited to the account of each participating
Eligible Employee on the books of the Company or Participating Subsidiary as of
December 31 of such calendar year.

          (2)  Alternative Measurement Standards. The Administrator may
               ---------------------------------
from time to time offer one or more measurement standards in addition to the
standard prescribed in Article 5(b)(1) above. Such alternative measurement
standards offered by the Administrator may include standards which have
different potential for risk and return, and could result in

                                       6
<PAGE>

reductions in value of the Deferred Compensation of an Eligible Employee who
elects such standards. The availability of any such alternative measurement
standard and the terms applicable to such standard (including, but not limited
to, the method and frequency with which increases or decreases are reflected in
the amount of Deferred Compensation) are solely in the discretion of the
Administrator.

          (3)  Election of Standard.   The Administrator, in its discretion,
               --------------------
shall prescribe procedures participating Eligible Employees to elect and change
measurement standards applicable to Deferred Compensation Accounts.

     (c)     An Eligible Employee's Pension Make-Up Deferred Compensation shall
          not be credited with interest or otherwise available for additions or
          deletions pursuant to any measurement standard offered pursuant to
          Article 5(b).

ARTICLE 6 - PAYMENT OF DEFERRED COMPENSATION
--------------------------------------------

     All Deferred Compensation under the Plan shall be payable as follows:

     (a)     Termination for Any Reason Other Than Death or Involuntary
             ----------------------------------------------------------
          Discharge. In the event that the Eligible Employee's employment shall
          ---------
          be terminated by reason of disability, retirement, voluntary
          termination, layoff due to job elimination or job relocation or for
          any other reason other than his death or other involuntary discharge,
          the amount of his Deferred Compensation Plan shall be paid to him over
          a ten (10) year period in one hundred twenty (120) ratable monthly
          installments commencing on the first day of the calendar month
          following the later of the Eligible Employee's attainment of age
          seventy and one-half (70-1/2) or the date of the Eligible Employee's
          termination of employment. An Eligible Employee may, however, at the
          time he

                                       7
<PAGE>

     notifies the Administrator of his election to have a portion of his total
     compensation for a given calendar year payable as Deferred Compensation
     under the Plan:

          (i)            Specify a date for either a lump sum payment of his or
her Deferred Compensation or commencement of payment of his or her Deferred
Compensation in ratable annual installments over a period longer than five (5)
years, but not to exceed ten (10) years; and/or

          (ii)           Specify that such monthly installments commence on
other than the date of retirement but no later than his or her attainment of age
seventy and one-half (70-1/2).

     (a)      Termination of Employment by Death.  In the event that the
              ----------------------------------
         Eligible Employee's employment is terminated by death, or in the event
         of an Eligible Employee's death after termination of employment, and
         payments have not commenced, the unpaid balance of his or her Deferred
         Compensation shall be paid to his or her Beneficiary over a ten (10)
         year period in one hundred and twenty (120) ratable month installments
         commencing on the first day of the calendar month following the later
         of (i) the month in which the Eligible Employee died, or (ii) the month
         in which the Eligible Employee would have attained age seventy and one-
         half (70-1/2); except that at the time an Eligible Employee notifies
         the Administrator of his or her election to have a portion of his total
         compensation for a given calendar year payable as Deferred Compensation
         under the Plan, such Eligible Employee may elect that such unpaid
         balance be paid in a lump sum at a designated time within five (5) year
         period following his or her death or in ratable monthly installments
         over a five (5) year period or a specified longer period not to exceed
         ten (10) years.

                                       8
<PAGE>

     (b)     Termination of Employment by Involuntary Discharge. In the event
             --------------------------------------------------
         that an Eligible Employee's employment is terminated by involuntary
         termination other than death, disability or layoff due to job
         elimination or job relocation, the amount of his or her Deferred
         Compensation shall be paid in a lump sum within thirty (30) days after
         his or her termination of employment.

     (c)     Change in Timing or Manner of Payment. With respect to Deferred
             -------------------------------------
         Compensation for which no effective elections as to time and method of
         payment has been filed,

          (i)       the Eligible Employee or, in the case of death of the
Eligible Employee prior to the commencement of payment of Deferred Compensation
for any year, the Eligible Employee's Beneficiary, may file a request to
accelerate payment of such Deferred Compensation. Such petition shall specify a
date for lump sum payment or a period for payment which commences not later than
the Eligible Employee's attainment of age seventy and one-half (70-1/2) or
actual retirement, whichever is later, and ends no later than one hundred and
twenty (120) months after the Eligible Employee would attain age seventy and
one-half (70-1/2).

          (ii)      The Eligible Employee or, in the case of the death of the
Eligible Employee prior to the commencement of payment of Deferred Compensation
for any year, the Eligible Employee's surviving spouse if such spouse is the
Eligible Employee's Beneficiary, may file a request to have the Deferred
Compensation applied towards the purchase of an annuity contract which satisfies
the criteria set forth herein; provided that the amount of Deferred Compensation
available for such purchase equals or exceeds $50,000. Such annuity contract
shall be purchased with a single premium, owned by the Company, have an annuity
starting date within one (1) year from the date of purchase and provide for
substantially equal

                                       9
<PAGE>

periodic payments during the annuity period. The petition for purchase of an
annuity shall specify whether the annuity period is to be over the life of the
Eligible Employee, the joint lives of the Eligible Employee and the Eligible
Employee's spouse, or over the life of the Eligible Employee's spouse. The
petition also shall specify an annuity starting date, which shall not be later
than the later of the Eligible Employee's retirement date or the Eligible
Employee's attainment of age seventy and one-half (70-1/2).

          (iii)     A request filed by an Eligible Employee on an Eligible
Employee's surviving spouse or Beneficiary under Section 6(d)(i) or (ii) shall
be filed with Personnel Committee (the "Committee") of the Board of Directors of
LSAI Holding Corp. ("Holdings"), and the disposition of such a request shall be
determined by the Committee, or its delegate, in its sole discretion.

     (a)       In Service Payments. In the case of an Eligible Employee whose
               -------------------
         grade is equivalent to Home Office grade 9 or above, at the time he or
         she notifies the Administrator of his or her election to have amounts
         deferred representing a bonus payable under MIP for calendar year 1987
         or later, in lieu of the provisions for payment of deferred
         compensation set forth Subsections (a),(b), (c) and (d) above, he or
         she may elect payment to be made as follows: Twenty percent (20%) of
         the MIP bonus to be paid as soon as practical after the amounts have
         been determined by the awarding company; thereafter in ratable annual
         installments in January of each of the following four years.

     (b)      Hardship.  Upon a showing of financial hardship, the
              --------
         Administrative Committee for the Retirement Plans of Levi Strauss
         Associates Inc., in its sole discretion, may direct the Company or
         Participating Subsidiary to pay an Eligible

                                       10
<PAGE>

         Employee (or, in the event of death, to an Eligible Employee's
         Beneficiary) in one lump sum a portion or all of the unpaid balance of
         such Eligible Employee's Deferred Compensation to the extent necessary
         to alleviate the hardship. For purposes of the Plan, a hardship shall
         include any need, circumstance or event which is considered a hardship
         under the then current provisions of the Employee Investment Plan of
         Levi Strauss Associates Inc. (whether or not the Eligible Employee
         participates in such plan) and such other needs, circumstances or
         events which the Administration, in its sole discretion, determines are
         consistent with the goals of the Company for the Plan and the
         requirements of administration of the Plan.

     In the event the Administrative Committee approves a hardship
distribution to an Eligible Employee under this Section 6(f), deferrals of such
Eligible Employee's total compensation automatically shall be cancelled for the
remaining portion of the calendar year in which the Eligible Employee's request
is filed with the Administrative Committee.

     (c)       Minimum Balance. Notwithstanding the foregoing, in the event that
               ---------------
         an Eligible Employee's employment is terminated for any reason and his
         or her aggregate undistributed balance of all Deferred Compensation
         Accounts under the Plan is $50,000 or less, without regard to any
         balance to which in-service payment has been elected on the last day of
         the full payroll period immediately prior to such termination of
         employment, the amount of his or her Deferred Compensation Accounts,
         without regard to any balance to which in-service payment has been
         elected, shall be paid in a lump sum within thirty (30) days after his
         or her termination of employment. Nothing herein shall require the
         payment of Deferred Compensation

                                       11
<PAGE>

          for which an election was made prior to January 1, 1983, and
          reaffirmed prior to June 15, 1985.

     (d)       Elections. An Eligible Employee who was employed by the Company
               ---------
          or a Participating Subsidiary on October 1, 1985, and who prior to
          October 1, 1985, filed with the Administrator a confirmation of each
          prior election, shall have his or her Deferred Compensation paid
          pursuant to such elections. Any Deferred Compensation with respect to
          any other participant in the Plan will be paid according to the
          participant's election or, if no election was made, according to the
          provisions of the Plan in effect at the time of deferral.

            (i)   Notwithstanding any other provisions of this Plan to the
contrary and subject to the following sentence, the vested Pension Make-Up
Deferred Compensation shall be paid to the Eligible Employee, his or her
surviving spouse or his beneficiary in the same time or times, in the same form
and subject to the same form and subject to the same adjustments as his or her
benefit under HOPP, the Excess BRP and the Supplemental BRP, as applicable;
provided, that if the Pension Make-Up Deferred Compensation is attributable to
two or more of such plans, then the time and form shall be determined separately
for each of such components. The foregoing notwithstanding, if the Eligible
Employee is not a participant in the Excess BRP or the Supplemental BRP and the
present value of his or her vested Pension Make-Up Deferred Compensation is
$50,000 or less, such present value shall be paid to the Eligible Employee or
the Eligible Employee's Beneficiary in a lump sum, and such payment shall
extinguish such Eligible Employee's or Beneficiary's right to Pension Make-Up
Deferred Compensation with respect to employment prior to the date of such
payment. For the purposes of the preceding sentence, the

                                       12
<PAGE>

present value of the Pension Make-Up Deferred Compensation shall be determined
by the Administrator in a uniform and nondiscriminatory manner.

     (i)  For purposes of this Plan:

          (i)  the term "disability" shall have the same meaning as the term
"Total and Permanent Disability" (or any successor term) under the Revised Home
Office Pension Plan of the Company, or any successor thereto (the "HOPP");

          (ii) the term "retirement" shall mean the termination of employment
with the Company or any subsidiary thereof with the right to an immediate
benefit under (the "HOPP"), providing that an Eligible Employee who is not a
participant in the HOPP at the time of his or her termination of employment
shall be deemed to have incurred a retirement if the Eligible Employee would
have been eligible for an immediate benefit under the HOPP if he or she had been
participating in the HOPP at such time.

ARTICLE 7 - SOURCE OF PAYMENT
-----------------------------

     All payments of Deferred Compensation hereunder shall be paid in cash from
the general funds of the Company or the Participating Subsidiary, whichever was
the employer at the time of the deferral, and no special or separate fund shall,
trust or account be established in the name of any Eligible Employee or
beneficiary or other segregation of assets made to assure such payments;
provided, however, that the Company or the Participating Subsidiary, as the case
may be, may establish a bookkeeping reserve to meet its obligation hereunder. No
sponsor of any financial entity which is utilized as a measurement standard,
such as a designated mutual fund sponsor or bank, shall have any responsibility
for payment of Deferred Compensation hereunder, and no Eligible Employee shall
have an account with such a sponsor in connection with the Eligible Employee's
participation in the Plan. Any account which the Company may, from time

                                       13
<PAGE>

to time, establish with any financial entity which is utilized as a measurement
standard under the Plan, and any increases to or distributions from such
account, shall remain the property of the Company. Nothing contained in the Plan
and no action taken pursuant to the provisions of the Plan shall create or be
construed to create a trust of any kind or a fiduciary relationship between the
Company or the Participating Subsidiary or the Administrator and any employee or
other person. To the extent that any person acquires a right to receive payments
from the Company or the Participating Subsidiary under the Plan, such right
shall be no greater than the right of any unsecured general creditor of the
Company or the Participating Subsidiary.

ARTICLE 8 - DESIGNATION OF BENEFICIARIES
----------------------------------------

     (a)  Designation by Eligible Employee. Each Eligible Employee shall file
          --------------------------------
with the Administrator a written designation of one or more persons as the
"Beneficiary" who shall be entitled to receive the amount, if any, payable under
the Plan upon his or her death. An Eligible Employee may from time to time
revoke or change his or her beneficiary designation without the consent of any
prior Beneficiary by filing a new designation with the Administrator. The last
such designation received by the Administrator shall be controlling; provided,
however, that no designations, or change or revocation thereof, shall be
effective unless received by the Administrator prior to the Eligible Employee's
death, and in no event shall it be effective as of a date prior to such receipt.

     (b)  Lack of Designation. If no beneficiary designation is in effect at the
          -------------------
time of an Eligible Employee's death, if no designated Beneficiary survives the
Eligible Employee or if such designation conflicts with law, then the Eligible
Employee's estate shall be the Beneficiary entitled to receive the amount. The
Administrator may direct the Company or Participating Subsidiary to retain such
amount, without liability for any interest thereon, until the rights thereto

                                       14
<PAGE>

are determined, or the Administrator may direct the Company or Participating
Subsidiary to pay such amount into any court of appropriate jurisdiction, and
such payment shall completely discharge the liability of the Plan, the Company
and Participating Subsidiary therefor.

ARTICLE 9 - ADMINISTRATION OF PLAN
----------------------------------

     For purposes of this Plan, the "Administrator" shall be the Director of
Employee Benefits or such other person as the Chief Executive Officer of the
Company may designate from time to time. The Plan, except for Sections 6(d) and
6(f), shall be administrated by the Administrator, who shall have full power,
discretion and authority to interpret, construe and administer the Plan and any
part thereof. The Administrator's interpretations and constructions of the Plan
and actions thereunder shall, except as otherwise determined by the Board of
Directors of the Company or the Personnel Committee thereof, be binding and
conclusive on all person for all purposes. The Administrator's interpretations
and constructions of the Plan and actions thereunder, except as otherwise
determined by the Board of Directors of Holdings, the Committee or the
Administrative Committee (for the purposes referenced in Section 6(f)), shall be
binding and conclusive on all persons for all purposes.

ARTICLE 10 - AMENDMENT
----------------------

     The Plan may be amended, suspended or terminated, in whole or in part, by
the Board of Directors of Holdings or the Committee, or the delegate of either,
but no such action shall retroactively impair or otherwise adversely affect the
rights of any person to Deferred Compensation under the Plan which has accrued
prior to the date of such action, as determined by the Administrator.

ARTICLE 11 - GENERAL PROVISIONS
-------------------------------

                                       15
<PAGE>

     (a)       No Assignment.  The right of any Eligible Employee or other
               -------------
          person to the payment of Deferred Compensation under the Plan shall
          not be assigned, transferred, pledged or encumbered, either
          voluntarily or by operation of law, except as provided in Section 8
          with respect to designations of Beneficiaries hereunder or as may
          otherwise be required by law or in the final paragraph of this Section
          11(a) with respect to domestic relations orders. If any person shall
          attempt to, or shall assign, transfer, pledge or encumber any amount
          payable hereunder, or if by reason of his or her bankruptcy or other
          event happening at any time any such payment would be made subject to
          his or her debts or liabilities or would otherwise devolve upon anyone
          else and not be enjoyed by him or her or his or her Beneficiary, the
          Administrator may, in its sole discretion, terminate such person's
          interest in any such payment and direct that the same be held and
          applied to or for the benefit of such Person, his or her spouse,
          children or other dependents, or any other Persons deemed to be the
          natural objects of his or her bounty, or any of them, in such manner
          as the Administrator may deem proper.

      Any other provision of this Plan notwithstanding, an Eligible Employee's
Deferred Compensation under the Plan shall be payable to any "alternate payee,"
as such person is defined in section 414(p)(8) of the Code, as provided in any
domestic relations order with respect to the Plan which would constitute a
qualified domestic relations order within the meaning of section 414(p)(1)(A) of
the Code if the Plan were subject to section 414(p) of the Code. Determinations
under this section (a), including but not limited to determination of whether an
order would constitute a qualified domestic relations order, shall be made by
the Administrator, or its designee, in its sole discretion. The rights of any
alternate payee hereunder are subject to the

                                       16
<PAGE>

provisions of the Plan as administered with respect to alternate payees, and the
Administrator may require an alternate payee to acknowledge that his or her
rights are subject to such provisions.

     (b)       Incapacity. If the Administrator shall find that any person to
               ----------
          whom any payment is payable under the Plan is unable to care for his
          or her affairs because of illness or accident or is a minor, then any
          payment due (unless a prior claim therefor shall have been made by a
          duly appointed guardian, committee or other legal representative), in
          the sole discretion of the Administrator, may be paid to his or her
          spouse, a child, a parent, or a brother or sister, or any other person
          deemed by the Administrator to have incurred expenses for such person
          otherwise entitled to payment, in such manner and proportions as the
          Administrator may determine. Any such payment shall constitute a
          complete discharge of the liability of the Company or Participating
          Subsidiary under the Plan.

     (c)       Information Required. Each Eligible Employee shall provide the
               --------------------
          Administrator with such pertinent information concerning himself or
          herself and his or her Beneficiary relating to Plan administration or
          participation by the Eligible Employee as the Administrator may
          specify, and no Eligible Employee or Beneficiary or other person shall
          have any rights or be entitled to any benefits under the Plan unless
          such information is provided by or with respect to him or her.

     (d)       Election by Employee. All elections, designations, requests,
               --------------------
          notices, instructions and other communications from an Eligible
          Employee, Beneficiary or other person to the Administrator required or
          permitted under the Plan shall be in

                                       17
<PAGE>

          such form as is prescribed from time to time by the Administrator,
          shall be mailed by first-class mail, transmitted by facsimile or
          delivered to such location as shall be specified by the Administrator
          and shall be deemed to have been given and delivered only upon actual
          receipt thereof by the Administrator at such location.

     (e)       Notices by Company. All notices, statements, reports and other
               ------------------
          communications from the Administrator to any employee, Eligible
          Employee, Beneficiary or other person required or permitted under the
          Plan shall be deemed to have been duly given when delivered to, or
          when mailed first-class mail, postage prepaid and addressed to, such
          employee, Eligible Employee, Beneficiary or other person at his or her
          address last appearing on the records of the Company.

     (f)       No Employment Rights. Neither the Plan nor any action taken,
               --------------------
          hereunder shall be construed as giving to any employee the right to be
          retained in the employ of the Company or Participating Subsidiary or
          as affecting the right of the Company or Participating Subsidiary to
          dismiss any employee at any time, with or without cause.

     (g)       Captions. The caption preceding the sections and subsections
               --------
          hereof have been inserted solely as a matter of convenience and in no
          way define or limit the scope or intent of any provisions thereof.

     (h)      Choice of Law.  The Plan and all rights thereunder shall be
              -------------
          governed by and construed in accordance with the law of the State of
          California.

                                       18
<PAGE>

                                   APPENDIX A
                       (EFFECTIVE AS OF MARCH 11, 1996)

1.        The provisions of Section 4(a)(iii)(A) notwithstanding a deferral
     election with respect to compensation to be paid in calendar year 1996 may
     be made on or before December 26, 1995.

2.        On or after March 12, 1996 and before March 30, 1996, an eligible
     employee who is an expatriate (as defined below) may make a deferral
     election, including an amendment of a deferral election previously
     submitted, with respect to compensation to be paid for services performed
     in pay periods commencing in 1996, but after March 31, 1996; provided,
     however, that any amendment of or substitution for a previously filed
     deferral election under this Appendix A cannot decrease the amount of
     compensation deferred pursuant to the previously filed election. For
     purposes of this Section 2 of Appendix A, an expatriate is an employee who
     is on an expatriate assignment outside of the United States.
<PAGE>

                              LEVI STRAUSS & CO.
                    DEFERRED COMPENSATION PLAN FOR EXECUTIVES

                                 JANUARY 1998

                                   APPENDIX

          During the period from January 1, 1998 through February 13, 1998, any
individual with Deferred Compensation credited to him or her under the Plan may,
but is not required to, file with the Administrator a revised election with
respect to the payment of such Deferred Compensation. However, any revised
election must satisfy the following conditions:

1.   The effective date for a revised election shall be twelve months after the
     date on which it is received by the Administrator;

2.   No revised election shall require payments to be made as of any date prior
     to the effective date of the revised election not prevent any payment
     otherwise scheduled to be made as of any date prior to the effective date
     of the revised election;

3.   A revised election must be in a form prescribed by the Administrator;

4.   A revised election must be received by the Administrator before February
     14, 1998; and

5.   A revised election shall be effective only for Deferred Compensation with
     respect to which an individual may make a distribution election under the
     Plan.

          Any distribution election made under provisions of the Plan other than
a revised election made under this Appendix shall be effective except to the
extent that such election is superseded by a revised election under this
Appendix.

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