Document:

Prepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10(e)    
  

 
 

Waiver    
  

K2 Inc.
  4900 South Eastern Avenue

Los Angeles, California 90040 

Re: Note Purchase Agreement dated as of December 1, 1999 

Dated
as of

September 30, 2001 

To
the Noteholders named in

Schedule I Attached hereto 

Ladies
and Gentlemen: 

    Reference
is made to the Note Purchase Agreement dated as of December 1, 1999 (the "Note Purchase Agreement"), between
K2 Inc., a Delaware corporation (the "Company"), and the Purchasers named therein, under and pursuant to which $50,000,000 aggregate principal
amount of 8.41% Series 1999-A
Senior Notes due December 1, 2009 (the "Notes") of the Company were originally issued. Terms used but not otherwise defined herein shall have the
meanings set forth in the Note Purchase Agreement. 

    The
Company hereby requests a temporary waiver of compliance with Section 10.5 of the Note Purchase Agreement. 

    NOW,
THEREFORE, the Company hereby agrees with you as follows: 

 
 

Article 1.
  
    Waiver    
  

    Section 1.1.  Temporary Waiver of Compliance with Section 10.5.  The Noteholders hereby
waive compliance by the Company with Section 10.5 of the Note Purchase Agreement for the fiscal quarter ended on September 30, 2001;  provided that the ratio of Consolidated Net Income
Available for Fixed Charges to Fixed Charges shall have been not less than 1.0 to 1.0 as of such
date. The waiver granted herein shall expire on November 15, 2001; provided, however, that this waiver shall terminate immediately upon
(a) the occurrence of any Event of Default under and as defined in the bank credit agreement and the other senior note agreement that is not waived pursuant to a waiver referred to in
Section 2.4(iii) below, or the termination of any such waiver, (b) a breach of any of the terms of this letter, or (c) the occurrence of any other Default or Event of
Default under the Note Purchase Agreement. 

    Section 1.2.  Reservation of Rights.  The Company acknowledges and agrees that the temporary
waiver granted hereby shall not be deemed to constitute a waiver of any and all rights of the holders of the Notes under the Note Purchase Agreement on account of any Default or Event of Default which
may now or at any time hereafter exist under the Note Purchase Agreement, including any Default or Event of Default which may exist under Section 10.5 of the Note Purchase Agreement following
the termination or expiration of the waiver granted hereby all of which rights are hereby expressly reserved by the holders of the Notes. 

 
 
 

Article 2.
  
    Miscellaneous    
  

    Section 2.1.  Representations and Warranties.  The Company represents and warrants that as of the
date hereof and as of the date of execution and delivery hereof and after giving effect hereto (and to the similar waivers referred to in Section 2.4(iii) hereof) no Default or Event of
Default exists under the Note Purchase Agreement. In addition, the Company represents and warrants that in connection with the solicitation of waivers or amendments pursuant to the other agreements
pursuant to which Debt of the Company is outstanding and relating to the subject matter of this Waiver or any other amendment or modification required under any such agreement, except as disclosed in
the waiver dated as of October 17, 2001 relating to the Company's bank credit agreement a copy of which has been furnished to you, the Company has paid no fees or other consideration (other
than routine fees of counsel for such lenders) in connection with the review an/or execution and delivery of any such waiver or amendment. 

    Section 2.2.  Effect of Waiver.  The Company agrees that the Note Purchase Agreement, the Notes
and all other documents and agreements executed by the Company in connection with the Note Purchase Agreement in favor of the Noteholders are hereby ratified and confirmed and shall remain in full
force and effect. 

    Section 2.3.  Successors and Assigns.  This Waiver shall be binding upon the Company and its
successors and assigns and shall inure to the benefit of the holders of the Notes and to the benefit of the holders' successors and assigns. 

    Section 2.4.  Requisite Approval.  This Waiver shall be effective as of the date hereof upon
(i) execution and delivery by the Company and the holders of a majority in aggregate principal amount of the Notes; (ii) execution and delivery by the Subsidiary Guarantors of the
Consent attached hereto as Exhibit A, duly executed by each Subsidiary Guarantor, and (iii) waivers which are in substance substantially similar to this Waiver shall have been executed
by the requisite percentage of the holders of debt of the Company under the Company's bank credit agreements(s) and the Note Agreements dated as of October 15, 1992. 

    Section 2.5.  Expenses.  The Company hereby agrees to pay all
out-of-pocket expenses incurred by the Noteholders in connection with the consummation of the transactions contemplated by this Waiver, including, without limitation, the
reasonable fees, expenses and disbursements of Chapman and Cutler within 10 days following receipt of an invoice in respect of such expenses. 

    Section 2.6.  Counterparts.  This Waiver may be executed in any number of counterparts, each
executed counterpart constituting an original but all together only one agreement. 

–2–

 

    IN WITNESS WHEREOF, the Company has executed this Waiver as of the day and year first above written. 

	 	 	K2 INC.
	

 	
 	

By:	
 	

 Its

–3–

 

    This Waiver is accepted and agreed to as of the day and year first above written. 

	 	 	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
	

 	
 	

By:	
 	

 Its

–4–

 

    This Waiver is accepted and agreed to as of the day and year first above written. 

	 	 	CONNECTICUT GENERAL LIFE INSURANCE COMPANY
	

 	
 	

By: Cigna Investments, Inc.
	

 	
 	

By:	
 	

 Its

–5–

 

    This Waiver is accepted and agreed to as of the day and year first above written. 

	 	 	THE CANADA LIFE ASSURANCE COMPANY, AS BENEFICIAL OWNER
	

 	
 	

By:	
 	

 Its

–6–

 
 
 

EXHIBIT A    
  

CONSENT
OF SUBSIDIARY GUARANTORS 

The
undersigned Subsidiary Guarantors, as party to the Guaranty Agreement dated as of December 1, 1999 (the "Guaranty Agreement"), hereby consent to the foregoing waiver dated as of even date
herewith to Note Purchase Agreement to which this consent is attached and confirm that the Guaranty Agreement remains in full force and effect after giving effect thereto and represent and warrant
that there is no defense, counterclaim or offset of any type or nature under the Guaranty Agreement. 

Dated
as of September 30, 2001. 

Subsidiary Guarantors:
  SHAKESPEARE COMPANY

SITCA CORPORATION

K2 CORPORATION

KATIN, INC.

PLANET EARTH SKATEBOARDS, INC.

K-2 INTERNATIONAL, INC.

MORROW SNOWBOARDS INC.

SMCA, INC.

STEARNS INC.

K2 BIKE INC.

RIDE, INC.  

	 	 	By:	 	

	 	 	Name:	 	

	 	 	Title:	 	

–7–

QuickLinks

Exhibit 10(e)

Waiver

Article 1. Waiver

Article 2. Miscellaneous

EXHIBIT APrepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

EXHIBIT 4.6    
  

 
 

FIRST AMENDMENT TO LOAN AGREEMENT    
  

    This FIRST AMENDMENT TO LOAN AGREEMENT (this "Amendment") is
dated as of August 15, 2001 and entered into by and among UNOVA, INC., a Delaware corporation (the
"Parent"), UNOVA INDUSTRIAL AUTOMATION SYSTEMS, INC., a Delaware corporation,  INTERMEC TECHNOLOGIES CORPORATION, a Washington corporation, R&B MACHINE TOOL COMPANY, a Michigan
corporation, J.S. MCNAMARA COMPANY, a Michigan corporation, M M & E, INC., a Nevada
corporation, INTERMEC IP CORP., a Delaware corporation, and UNOVA IP CORP., a Delaware corporation (each
individually, a "Borrower," and collectively, the "Borrowers") and the Lenders listed on the signature
pages hereof (collectively, the "Lenders"). 

    WHEREAS, the Borrowers, the Lenders, and Special Value Investment Management, LLC, as administrative and collateral agent for the
Lenders (in its capacity as administrative and collateral agent, the "Agent") entered into that certain Loan Agreement, dated as of July 12, 2001
(the "Loan Agreement"; capitalized terms used in this Amendment without definition shall have the meanings given such terms in the Loan Agreement); 

    WHEREAS, the Borrowers have requested certain amendments to the Loan Agreement; and 

    WHEREAS, the Majority Lenders have consented to such request, all on the terms set forth herein; 

    NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the Borrowers and the Majority Lenders
agree as follows: 

1.  Amendments to Loan Agreement.  

    Subject to the terms set forth in this Amendment and in reliance on the representations and warranties of the Borrowers set forth in this Amendment, the Loan
Agreement is hereby amended as follows: 

    (a) Section 3.1(b)(i) of
the Loan Agreement is hereby amended by inserting after the words "Designated Collateral" the following clause: ", except for
sales in accordance with Section 7.9(b) to the extent that the Net Cash Proceeds received by the Borrowers in the then current Fiscal Year after giving effect to the subject sale are less than
$5,000,000 (the "Excluded Net Cash Proceeds") and so long as the Excluded Net Cash Proceeds are used within 270 days after the sale of such Designated Collateral to acquire Equipment or to
repair or restore existing Equipment, in each case, in the ordinary course of business". 

    (b) Section 3.1(b)(iii) of
the Loan Agreement is hereby amended by inserting after the words "Designated Collateral" the following clause: "to the extent
such Net Cash Proceeds are not used to rebuild, reconstruct, or replace the affected Designated Collateral in accordance with the terms of the applicable Mortgage". 

    2.  REPRESENTATIONS AND WARRANTIES OF THE BORROWERS.  In order to induce the Agent and the Majority
Lenders to enter into this Amendment, the Borrowers represent and warrant to each Lender and the Agent that the following statements are true, correct and complete: 

    (a) Each
Borrower has the power and authority to execute, deliver and perform this Amendment. Each Borrower has taken all necessary action (including obtaining approval
of its stockholders if necessary) to authorize its execution, delivery, and performance of this Amendment. This Amendment has been duly executed and delivered by each Borrower, and constitutes the
legal, valid and binding obligation of such Borrower, enforceable against it in accordance with their respective terms (subject to 

1

 

the effects of bankruptcy, insolvency, reorganization, moratoriums or other similar loans affecting the rights and remedies of creditors generally). The execution, delivery, and performance of this
Amendment by each Borrower do not and will not conflict with, or constitute a violation or breach of, or result in the imposition of any Lien upon the property of such Borrower or any of its
Subsidiaries, by reason of the terms of (i) any material mortgage, lease, indenture, contract, agreement or instrument to which such Borrower is a party or which is binding upon it,
(ii) any Requirement of Law applicable to such Borrower, or (iii) the certificate or articles of incorporation or by-laws or the limited liability company or limited
partnership agreement of any Borrower. 

    (b) After
giving effect to this Amendment, no event has occurred and is continuing or will result from the execution and delivery of this Amendment that would
constitute a Default or an Event of Default. 

    3.  EFFECT OF AMENDMENT.  From and after the date first above written, all references in the Loan
Documents to the Loan Agreement shall mean the Loan Agreement as amended hereby. Except as expressly amended hereby, the Loan Agreement shall remain in full force and effect and is hereby ratified and
confirmed. 

    4.  APPLICABLE LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

    5.  COUNTERPARTS.  This Amendment may be executed by one or more of the parties to this Amendment on any
number of separate counterparts (including by telecopy) all of which taken together shall constitute but one and the same instrument. 

[Signature pages follow]

2

 

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by a duly authorized officer as of the date first above written. 

	"PARENT"	 	 	 
	

UNOVA, INC., a Delaware corporation	
 	

 	

 
	

By:	

/s/ ELMER C. HULL JR.   
	
 	

 	

 
	Name:	Elmer C. Hull Jr.
	 	 	 
	Title:	VP & Treasurer
	 	 	 
	
"BORROWERS"	
 	

 	

 
	

UNOVA, INC., a Delaware corporation	
 	

J.S. MCNAMARA COMPANY, a Michigan corporation
	

By:	

/s/ ELMER C. HULL JR.   
	
 	

By:	

/s/ ELMER C. HULL JR.   

	Name:	Elmer C. Hull Jr.
	 	Name:	Elmer C. Hull Jr.

	Title:	VP & Treasurer
	 	Title:	VP & Treasurer

	

UNOVA INDUSTRIAL AUTOMATION SYSTEMS, INC., a Delaware corporation	
 	

M M & E, INC., a Nevada corporation
	

By:	

/s/ ELMER C. HULL JR.   
	
 	

By:	

/s/ ELMER C. HULL JR.   

	Name:	Elmer C. Hull Jr.
	 	Name:	Elmer C. Hull Jr.

	Title:	VP & Treasurer
	 	Title:	VP & Treasurer

	

INTERMEC IP CORP., a Delaware corporation	
 	

INTERMEC TECHNOLOGIES CORPORATION, a Washington corporation
	

By:	

/s/ ELMER C. HULL JR.   
	
 	

By:	

/s/ ELMER C. HULL JR.   

	Name:	Elmer C. Hull Jr.
	 	Name:	Elmer C. Hull Jr.

	Title:	VP & Treasurer
	 	Title:	VP & Treasurer

	

R & B MACHINE TOOL COMPANY, a Michigan corporation	
 	

 	

 
	

By:	

/s/ ELMER C. HULL JR.   
	
 	

 	

 
	Name:	Elmer C. Hull Jr.
	 	 	 
	Title:	VP & Treasurer
	 	 	 

3

 

	

UNOVA IP CORP., a Delaware corporation	
 	

 	

 
	

By:	

/s/ ELMER C. HULL JR.   
	
 	

 	

 
	Name:	Elmer C. Hull Jr.
	 	 	 
	Title:	VP & Treasurer
	 	 	 
	

 	

 	
 	
"LENDERS"
	

 	

 	
 	

SPECIAL VALUE BOND FUND, LLC
	

 	

 	
 	

By:	

/s/ MARK K. HOLDSWORTH   

	 	 	 	Name:	Mark K. Holdsworth

	 	 	 	Title:	Member

	

 	

 	
 	

SPECIAL VALUE BOND FUND II, LLC
	

 	

 	
 	

By:	

/s/ MARK K. HOLDSWORTH   

	 	 	 	Name:	Mark K. Holdsworth

	 	 	 	Title:	Member

	

 	

 	
 	
"LENDERS"
	

 	

 	
 	

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	 	 	 	By:	David L. Babson & Company Inc., as Investment Adviser
	

 	

 	
 	

By:	

/s/ MICHAEL L. KLOFAS   

	 	 	 	Name:	Michael L. Klofas

	 	 	 	Title:	Managing Director

	

 	

 	
 	

MASSMUTUAL HIGH YIELD PARTNERS II LLC
	 	 	 	By:	HYP Management, Inc. as Managing Member
	

 	

 	
 	

By:	

/s/ MICHAEL L. KLOFAS   

	 	 	 	Name:	Michael L. Klofas

	 	 	 	Title:	Managing Director

4

 

	

 	

 	
 	
"LENDERS"
	

 	

 	
 	

TRINITY UNIVERSAL INSURANCE COMPANY
	

 	

 	
 	

By:	

/s/ ERIC J. DRANT   

	 	 	 	Name:	Eric J. Drant

	 	 	 	Title:	Assistant Vice President

	

 	

 	
 	

UNITED INSURANCE COMPANY OF AMERICA
	

 	

 	
 	

By:	

/s/ ERIC J. DRANT   

	 	 	 	Name:	Eric J. Drant

	 	 	 	Title:	Assistant Vice President

	

 	

 	
 	

THE RELIABLE LIFE INSURANCE COMPANY
	

 	

 	
 	

By:	

/s/ ERIC J. DRANT   

	 	 	 	Name:	Eric J. Drant

	 	 	 	Title:	Assistant Vice President

5

QuickLinks

EXHIBIT 4.6

FIRST AMENDMENT TO LOAN AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]