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                                     REEBOK
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                 AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2004

1.       PURPOSE AND SCOPE OF SERP; EFFECTIVE DATE.

         The purpose of this Supplemental Executive Retirement Plan ("SERP") is
         to reward certain key executive employees of Reebok International Ltd.
         and its subsidiaries through supplemental retirement payments

         This SERP was originally established on February 15, 1998 and is
         amended and restated in its entirety effective January 1, 2004.
         Effective as of January 1, 2004, this SERP is incorporated by reference
         into and made a part of the Reebok Executive Deferred Compensation Plan
         (the "Plan"), and all of the terms and conditions of Plan govern the
         SERP. To the extent of any inconsistency between this SERP and the
         Plan, the terms of the Plan will govern.

2.       DEFINITIONS.

         All of the definitions contained in the Plan shall apply to the SERP.
         In addition, as used herein, the following terms shall have the
         meanings specified below, unless a different meaning is clearly
         indicated by the context.

         2.1 "Final Average Total Compensation" means the average of the SERP
         Participant's Total Compensation for the three calendar years out of
         the ten consecutive calendar years immediately prior to the year in
         which the SERP Participant retires, in which the SERP Participant had
         the highest Total Compensation.

         2.2 "Full Years of Continuous Service" will be based on full years and
         completed months of continuous service as determined by the Committee
         in its sole discretion.

         2.3 "SERP Participant" means a key executive of the Company selected by
         the Committee to participate in the SERP.

         2.4 "Total Compensation" means, for any calendar year, the SERP
         Participant's base compensation and annual incentive bonus payments
         earned from the Company for such calendar year, plus any amount that
         would have been paid to the SERP Participant by the Company as base
         compensation or incentive bonus but for a salary reduction agreement in
         effect during such year pursuant to Sections 125 or 401(k) of the
         Internal Revenue Code of 1986 as amended.

3.       NORMAL RETIREMENT BENEFIT. Each SERP Participant who attains age 60
         while an Employee of the Company may retire on the first day of any
         month thereafter ("SERP Normal Retirement Date") and receive an annual
         normal retirement benefit calculated as of his or her SERP Normal
         Retirement Date equal to twenty-five percent (25%) of his or her Final
         Average Total Compensation (as hereinafter defined) multiplied by a
         fraction the numerator of which is his or her

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         Full Years of Continuous Service (hereinafter defined) (which in no
         event shall exceed 15) at the time of his or her retirement and the
         denominator of which is 15.

4.       EARLY RETIREMENT BENEFIT. Each SERP Participant who attains age 55
         while an Employee of the Employer and who has completed five Full Years
         of Continuous Service may retire on the first day of any month
         thereafter ("SERP Early Retirement Date") and receive an annual early
         retirement benefit calculated as of his or her SERP Early Retirement
         Date in the same manner as described in Section 3, but reduced by an
         amount equal to .41666% multiplied by the aggregate number of months
         between the date his or her SERP benefit commences and the date he or
         she attains age 60.

5.       VESTED BENEFIT. Each Participant who has completed at least 10 Full
         Years of Continuous Service and who terminates employment prior to his
         or her SERP Early Retirement Date will be entitled to receive an annual
         vested benefit, commencing on the first day of any month after he or
         she attains age 55, calculated as of his or her termination of
         employment date in the same manner as described in Section 3, but
         reduced by an amount equal to .41666% multiplied by the aggregate
         number of months between the date his or her benefit commences and the
         date he or she attains age 60.

6.       FORFEITURE OF BENEFIT. Notwithstanding any of provision of this SERP, a
         SERP Participant shall cease participation in the SERP and such
         Participant (and his or her spouse) shall forfeit his or her entire
         benefits under the SERP upon the occurrence of any of the following
         events:

         6.1 The Participant voluntarily terminates his or her employment with
         the Company prior to attaining age 65 and following his or her
         termination of employment with the Company, but prior to attaining age
         65, the Participant provides services as an employee, consultant, or
         otherwise for any person or entity other than the Company for
         remuneration ("Outside Services"). For purposes of this clause, the
         determination of what constitutes Outside Services shall be made by the
         Company, in its sole judgment and discretion, taking into account
         whatever factors the Company deems necessary or appropriate; PROVIDED,
         that Participant shall not be deemed to be providing Outside Services,
         if Participant is engaged in teaching, government or public service or
         service as a corporate director or if the Participant is employed for
         less than twenty-five hours per week as an employee for a non-profit
         company or as a consultant. Notwithstanding the foregoing, if all of
         the following conditions are satisfied, then this provision relating to
         the forfeiture of benefits shall not apply: (1) of a Participant has
         entered into a Change in Control Agreement with the Company, (2) such
         Participant voluntarily terminates employment following a Change in
         Control (as defined in such agreement), and (3) such termination
         results in the payment of benefits under the Change of Control
         Agreement.

         6.2 The SERP Participant's employment with the Company is terminated by
         the Company for "cause", as determined by the Company in its reasonable
         judgment and discretion.

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         6.3 At any time the SERP Participant, directly or indirectly, owns,
         manages, operates, controls, is employed by or acts as an officer,
         director, director or consultant for, any footwear or apparel company
         (a "Competitive Activity") unless the Company consents in advance in
         writing to such Competitive Activity.

7.       ANNUAL CERTIFICATIONS BY SERP PARTICIPANTS. In order to administer the
         restrictions set forth above, each SERP Participant who is no longer
         employed by the Company shall be required to certify to the Company on
         annual basis (1) if the SERP Participant voluntarily terminated his/her
         employment, that the Participant is not providing Outside Services and
         (2) that the SERP Participant is not engaged in any Competitive
         Activity. The SERP Participant shall also provide the Company with such
         additional information regarding his/her activities as the Company may
         request in order to confirm compliance with the restrictions set forth
         above.

8.       PAYMENTS OF BENEFITS.

         8.1 Subject to Section 8.2, the annual benefit payable to a Participant
         under Sections 3, 4 or 5 will be paid to the Participant in equal
         monthly installments on the first day of each month during the
         Participant's lifetime, and, following the Participant's death,
         one-half of such annual benefit shall be paid in the same manner to the
         SERP Participant's surviving spouse, if any, during the spouse's
         lifetime (but in no event shall payment to the spouse continue for more
         than 30 years following such date).

         8.2 One year following the expiration of the date on which the SERP
         Participant's benefit is no longer subject to forfeiture as provided
         under Section 6, the Participant shall receive in complete payment of
         all SERP benefits under the SERP, a single lump sum payment that is the
         actuarial equivalent of the SERP Participant's then remaining joint and
         survivor annuity benefit (including any spousal benefit). For purposes
         of calculating the lump sum payment, actuarial present value will be
         determined by applying the 1983 Group Annuity Mortality table, with
         rates blended 50% male and 50% female, and a 10-year Treasury bill
         rate; provided that the Committee may in its sole discretion change
         such actuarial assumptions provided that advance notice of any such
         change is provided to SERP Participants.

         8.3 A SERP Participant may elect to defer receipt of the lump sum
         benefit and continue to receive annuity payments under Section 8.1 for
         additional periods of two years, provided that the SERP Participant
         elects such deferral in writing on a form prescribed by the
         Administrator at least fourteen (14) months prior to the date on which
         the lump sum benefit is scheduled to be paid. Once made, any such
         election is irrevocable. The deferred lump sum benefit shall be the
         actuarial equivalent of the SERP Participant's then remaining joint and
         survivor annuity benefit, determined at the date of payment based on
         the actuarial assumptions set forth above.

9.       PRE-RETIREMENT DEATH BENEFIT. In the case of a Participant who dies
         after attaining the age or service requirements described in 3, 4 or 5,
         but prior to the commencement of his or her benefits under Section 8
         above, his or her surviving spouse, if any, will be entitled to receive
         the following death benefit. Such death

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         benefit shall be equal to one-half of the amount of benefit the SERP
         Participant would have received if he or she had commenced receiving
         benefits under Section 8.1 immediately prior to the later of (x) the
         date of the Participant's death and (y) the date the SERP Participant
         would have attained age 55.

         IN WITNESS WHEREOF, Reebok International Ltd. has caused this SERP to
be executed by its officer hereunto duly authorized this 11th day of February,
2004.

                                REEBOK INTERNATIONAL LTD.

                                      /s/  David A. Pace
                                By: ________________________________

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                                                                  Exhibit 10.37

FINAL
                           CHANGE OF CONTROL AGREEMENT

     This Change of Control Agreement (the "Agreement"), is made effective as of
this 5th day of December, 2001 by and between Jay Margolis (the "Executive") and
Reebok International Ltd. (the "Company").

     WHEREAS, the Board of Directors of the Company (the "Board") has determined
that it is in the best interests of the Company and its shareholders for the
Company to agree to provide benefits under circumstances described below to
Executive; and

     WHEREAS, the Board recognizes that the possibility of a change of control
of the Company followed by a termination of the Executive's employment is
unsettling to the Executive and wishes to make arrangements at this time to help
assure his continuing dedication to his duties to the Company and its
shareholders, notwithstanding any attempts by outside parties to gain control of
the Company; and

     WHEREAS, the Board believes it important, should the Company receive
proposals from outside parties, to enable the Executive, without being
distracted by the uncertainties of his own employment situation, to perform his
regular duties,

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

     1.   In the event that any individual, corporation, partnership, company,
or other entity (a "Person"), which term shall include a "group" (within the
meaning of section 13(d) of the Securities Exchange Act of 1934 (the "Act")),
begins a tender or exchange offer, circulates a proxy to the Company's
shareholders, or takes other steps to effect a "Change of Control" (as defined
in paragraph 3 below), Executive agrees that he will not voluntarily leave the
employ of the Company and will render the services contemplated in the recitals
to this Agreement until such Person has terminated the efforts to effect a
Change of Control or until a Change of Control has occurred.

     2.   If, within 24 months following a Change of Control, Executive's
employment with the Company terminates other than as a result of the death,
total disability or retirement of the Executive at or after his normal
retirement date, (i) by the Company other than for "Cause" (as defined in
paragraph 4 below), or (ii) by Executive for "Good Reason" (as defined in
paragraph 4 below), then:

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FINAL
     a.   The Company will pay to Executive within 30 days of such termination
          of employment a lump-sum cash payment equal to 300% of the aggregate
          of (i) his then-current annual base salary (or, if his base salary has
          been reduced at any time after the Change of Control, his base salary
          in effect prior to the reduction), (ii) his target bonus for the
          then-current year or, if higher, his bonus for the most recent
          calendar year ended before the Change of Control, (iii) the amount of
          his then-current annual automobile allowance and (iv) the annual cost
          of life insurance then furnished to him by the Company.

     b.   All of Executive's outstanding stock options, restricted shares and
          other similar incentive interests and rights will become immediately
          and fully vested and exercisable.

     c.   Executive will be treated for purposes of the Company's Supplemental
          Executive Retirement Plan (the "SERP") as having three additional
          Years of Continuous Service to the extent approved for participation
          by the Board for the SERP. The Company will, within 30 days of his
          termination, pay to him, in a single lump-sum cash payment, the
          present value of his benefit under the SERP. Present value will be
          determined by applying the "applicable mortality table" and
          "applicable interest rate" then in effect for purposes of section
          417(e)(3)(A) of the Internal Revenue Code or any successor provision.

     d.   The Company will pay to Executive, in a single lump-sum cash payment,
          an amount equal to the difference, if any, between (i) the total
          distribution that he receives following his termination under the
          Company's Profit-Sharing and Retirement Plan and its Excess Benefits
          Plan and (ii) the total distribution that he would have received under
          such plans had he accumulated three additional Years of Service for
          Vesting prior to termination. The payment will be made at the same
          time that he receives his distribution from those plans.

     e.   Executive, together with his dependents, will continue following such
          termination of employment to participate fully, with no contribution
          to the cost required of him or them, in all accident and health plans
          maintained or sponsored by the Company immediately prior to the Change
          of Control, or receive substantially the equivalent coverage (or the
          full value thereof in cash) from the Company, until the third
          anniversary of such termination.

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FINAL
     f.   The Company will promptly reimburse Executive for any and all legal
          fees and expenses incurred by him as a result of such termination of
          employment, including without limitation all fees and expenses
          incurred in connection with efforts to enforce the provisions of this
          Agreement (provided such efforts result in Executive's recovery of any
          sum from the Company, whether through court award or settlement).

     3.   A Change of Control will occur for purposes of this Agreement if (i)
any Person who does not currently own directly or indirectly 10% or more of the
combined voting power of the Company's outstanding securities becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Act) of securities of the
Company representing more than 30% (or, if higher, the aggregate percentage of
the combined voting power of the Company's then-outstanding securities held by
or for the benefit of Paul Fireman and his family) of the combined voting power
of the company's then-outstanding securities, (ii) there is a change of control
of the Company of a kind which would be required to be reported under Item 6(e)
of Schedule 14A of Regulation 14A promulgated under the Act (or a similar item
in a similar schedule or form), whether or not the Company is then subject to
such reporting requirement, (iii) the Company is a party to a merger,
consolidation, sale of assets or other reorganization, or a proxy contest, as a
consequence of which members of the Board in office immediately prior to such
transaction or event constitute less than a majority of the Board thereafter, or
(iv) individuals who, at the date hereof, constitute the Board (the "Continuing
Directors") cease for any reason to constitute a majority thereof, provided,
however, that any director who is not in office at the date hereof but whose
election by the Board or whose nomination for election by the Company's
shareholders was approved by a vote of at least two-thirds of the directors then
still in office who either were directors at the date hereof or whose election
or nomination for election was previously so approved shall be deemed to be a
Continuing Director for purposes of this Agreement.

     Notwithstanding the foregoing provisions of this paragraph 3, a "Change of
Control" will not be deemed to have occurred solely because of (i) the
acquisition of securities of the Company (or any reporting requirement under the
Act relating thereto) by an employment benefit plan maintained by the Company
for its employees or (ii) the occurrence of a leveraged buy-out or
recapitalization of the Company in which Executive participates as an equity
investor.

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FINAL
     4.   Definitions

     a.   "Cause" means only: conviction of the Executive for a felony or a
          crime involving moral turpitude.

     b.   "Good Reason" means any one or more of the following:

          (i)    Failure by the Company to maintain Executive in the positions,
                 with the titles, that he held immediately prior to the Change
                 of Control or downgrading of his responsibilities or authority.
                 If, following the Change of Control, the Company is part of a
                 controlled group of entities, Executive's responsibilities and
                 authority will be deemed for this purpose to have been reduced
                 unless he is given and retains the same responsibilities and
                 authority with the entity that controls the group as he held
                 with the Company immediately prior to the Change of Control.

          (ii)   Reduction of Executive's base salary or failure in any year to
                 pay to him a bonus at least equal to his target bonus for the
                 year in which the Change of Control occurs.

          (iii)  Material reduction in the health, disability or life insurance
                 benefits that the Company was providing Executive immediately
                 prior to the Change of Control.

          (iv)   Failure by the Company to provide Executive with the
                 opportunity to participate in any executive compensation or
                 benefit plan or program that is then generally available to
                 other senior executives of the Company.

          (v)    Relocation of Executive's principal place of business more than
                 30 miles from the its location immediately prior to the Change
                 of Control.

     5.   In the event that it is determined that any payment or benefit
provided by the Company to or for the benefit of Executive, either under this
Agreement or otherwise, will be subject to the excise tax imposed by section
4999 of the Internal Revenue Code or any successor provision ("section 4999"),
the Company will, prior to the date on which any amount of the excise tax must
be paid or withheld, make an additional lump-sum payment (the "gross-up
payment") to Executive. The gross-up payment will be sufficient, after giving
effect to all federal, state and other taxes and charges (including interest and
penalties, if any) with respect to the gross-up payment, to make Executive whole
for all taxes (including withholding taxes) and any associated interest and
penalties, imposed under or as a result of section 4999.

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FINAL
     Determinations under this Section 5 will be made by Ernst & Young unless
Executive has reasonable objections to the use of that firm, in which case the
determinations will be made by a comparable firm chosen by Executive after
consultation with the Company (the firm making the determinations to be referred
to as the "Firm"). The determinations of the Firm will be binding upon the
Company and Executive except as the determinations are established in resolution
(including by settlement) of a controversy with the Internal Revenue Service to
have been incorrect. All fees and expenses of the Firm will be paid by the
Company.

     If the Internal Revenue Service asserts a claim that, if successful, would
require the Company to make a gross-up payment or an additional gross-up
payment, the Company and Executive will cooperate fully in resolving the
controversy with the Internal Revenue Service. The Company will make or advance
such gross-up payments as are necessary to prevent Executive from having to bear
the cost of payments made to the Internal Revenue Service in the course of, or
as a result of, the controversy. The Firm will determine the amount of such
gross-up payments or advances and will determine after final resolution of the
controversy whether any advances must be returned by Executive to the Company.
The Company will bear all expenses of the controversy and will gross Executive
up for any additional taxes that may be imposed upon Executive as a result of
its payment of such expenses.

     6.   If the Company is at any time before or after a Change of Control
merged or consolidated into or with any other corporation or other entity
(whether or not the Company is the surviving entity), or if substantially all of
the assets thereof are transferred to another corporation or other entity, the
provisions of this Agreement will be binding upon and inure to the benefit of
the corporation or other entity resulting from such merger or consolidation or
the acquirer of such assets, and this paragraph 6 will apply in the event of any
subsequent merger or consolidation or transfer of assets.

     In the event of any merger, consolidation, or sale of assets described
above, nothing contained in this Agreement will detract from or otherwise limit
Executive's right to participate or privilege of participation in any stock
option or purchase plan or any bonus, profit sharing, pension, group insurance,
hospitalization, or other incentive or benefit plan or arrangement which may be
or become applicable to executives of the corporation resulting from such merger
or consolidation or the corporation acquiring such assets of the Company.

     In the event of any merger, consolidation or sale of assets described
above, references to the Company in this Agreement shall unless the context
suggests otherwise be deemed to include the entity resulting from such merger or
consolidation or the acquirer of such assets of the Company.

     7.   All payments required to be made by the Company hereunder to Executive
or his dependents, beneficiaries, or estate will be subject to the withholding
of such amounts relating to tax and/or other payroll deductions as may be
required by law.

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FINAL
     8.   There shall be no requirement on the part of the Executive to seek
other employment or otherwise mitigate damages in order to be entitled to the
full amount of any payments and benefits to which Executive is entitled under
this Agreement, and the amount of such payments and benefits shall not be
reduced by any compensation or benefits received by Executive from other
employment.

     9.   Nothing contained in this Agreement shall be construed as a contract
of employment between the Company and the Executive, or as a right of the
Executive to continue in the employ of the Company, or as a limitation of the
right of the Company to discharge the Executive with or without Cause; the
Executive may, subject to the terms and conditions of this Agreement, have the
right to receive upon termination of his employment the payments and benefits
provided in this Agreement and shall not be deemed to have waived any rights he
may have either at law or in equity in respect of such discharge.

     10.  No amendment, change, or modification of this Agreement may be made
except in writing, signed by both parties. Payments made by the Company pursuant
to this Agreement shall be in lieu of payments and other benefits, if any, to
which Executive may be entitled under any other severance agreement or severance
plan of the Company. The provisions of this Agreement shall be binding upon and
shall inure to the benefit of Executive, his executors, administrators, legal
representatives and assigns, and the Company and its successors. The validity,
interpretation, and effect of this Agreement shall be governed by the laws of
The Commonwealth of Massachusetts.

     The Company shall have no right of set-off or counterclaims, in respect of
any claim, debt, or obligation, against any payments to Executive, his
dependents, beneficiaries or estate provided for in this Agreement. The
invalidity or unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

     No right or interest to or in any payments or benefits hereunder shall be
assignable by the Executive; provided, however, that this provision shall not
preclude him from designating one or more beneficiaries to receive any amount
that may be payable after his death and shall not preclude the legal
representative of his estate from assigning any right hereunder to the person or
persons entitled thereto under his will or, in the case of intestacy, to the
person or persons entitled thereto under the laws of intestacy applicable to his
estate. The term "beneficiaries" as used in this Agreement shall mean a
beneficiary or beneficiaries so designated to receive any such amount, or if no
beneficiary has been so designated, the legal representative of the Executive's
estate.

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FINAL
     No right, benefit, or interest hereunder, shall be subject to anticipation,
alienation, sale, assignment, encumbrance, charge, pledge, hypothecation, or
set-off in respect of any claim, debt, or obligation, or to execution,
attachment, levy, or similar process, or assignment by operation of law. Any
attempt, voluntary or involuntary, to effect any action specified in the
immediately preceding sentence shall, to the full extent permitted by law, be
null, void, and of no effect.

     IN WITNESS WHEREOF, Reebok International Ltd. and Executive have each
caused this Agreement to be duly executed and delivered as of the date set forth
above.

                                          REEBOK INTERNATIONAL LTD.

                                          By: /s/ James R. Jones, III
                                             ---------------------------
Agreed:

/s/ Jay Margolis
-------------------------
Jay Margolis

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