Document:

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                                                                    EXHIBIT 10.3

                                   VANS, INC.
                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT ("Agreement" herein) is entered into as of June
15, 2000 by and between VANS, INC., a Delaware corporation (the "Company"), and
STEVEN J. VAN DOREN ("Employee"), with reference to the following facts:

     A. The Company and Employee are parties to an Employment Agreement, dated
March 10, 1997 (the "1997 Agreement"); and

     B. The parties wish to supersede the terms and conditions of the 1997
Agreement and enter into a new Employment Agreement on the terms and conditions
stated herein.

     NOW, THEREFORE, the parties hereto agree as follows:

          1. Employment and Duties. The Company hereby employs Employee as Vice
President - Promotions of the Company on the terms and subject to the conditions
contained in this Agreement. Employee shall be responsible for (i) managing the
Company's promotional activities, including but not limited to the Company's
on-ground activities at the VANS Warped Tour,(TM) and (ii) managing the
Company's High Cascade Snowboard Camp. Employee hereby accepts such employment
and agrees to perform in good faith and to the best of Employee's ability all
services which may be required of Employee hereunder, to do what is asked of
him, and to be available to render services at all times and places in
accordance with such directions, requests, rules and regulations made by the
Company in connection with Employee's employment. Employee hereby acknowledges
and understands the duties and services that are expected of him hereunder, and
he hereby represents that he has the experience and knowledge to perform such
duties and services. Employee shall, during the term hereof, devote Employee's
full time and energy to performing his duties. Employee shall report to the Vice
President - Global Marketing. Employee shall be based at the Company's corporate
offices. Employee understands, however, that Employee may be required to travel
within and out of the State of California to discharge his duties hereunder.

          2. Term of Employment. The term of this Agreement shall commence as of
the date hereof and shall terminate on June 14, 2003, unless sooner terminated
as provided herein. This Agreement does not give Employee any enforceable right
to employment beyond this term, and Employee agrees that he shall have no rights
hereunder thereafter. AS PROVIDED FURTHER IN PARAGRAPH 11.1 BELOW, THIS
AGREEMENT CONSTITUTES AN EMPLOYMENT AT-WILL THAT MAY BE TERMINATED AT ANY TIME
BY COMPANY OR EMPLOYEE, WITH OR WITHOUT CAUSE, NOTWITHSTANDING THE TERM OF THIS
AGREEMENT. IF EMPLOYEE IS TERMINATED WITHOUT CAUSE DURING THE TERM HEREOF, OR
AFTER A "CHANGE IN MANAGEMENT OR CONTROL," AS DEFINED IN PARAGRAPH 11.5 BELOW,
OR TERMINATES THIS AGREEMENT FOR "GOOD REASON," AS DEFINED IN PARAGRAPH 11.3
BELOW, EMPLOYEE'S SOLE REMEDY SHALL BE THE COMPENSATION SET FORTH IN PARAGRAPH
11.4 BELOW.

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

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          3. Salary Compensation. As salary compensation for Employee's services
hereunder and all the rights granted hereunder by Employee to the Company, the
Company shall pay Employee a gross salary of no less than $155,000 per annum.
Employee's salary shall be payable in bi-weekly increments in accordance with
the Company's payroll practices for salaried employees, upon the condition that
Employee fully and faithfully performs Employee's services hereunder in
accordance with the terms and conditions of this Agreement. The Company shall
deduct and withhold from the compensation payable to Employee hereunder any and
all amounts required to be deducted or withheld by the Company under the
provisions of any statute, regulation, ordinance, or order and any and all
amendments hereinafter enacted requiring the withholding or deducting from
compensation payable to employees.

          4. Expense Reimbursement. Employee shall be reimbursed by the Company
for all traveling, hotel, entertainment and other expenses that are properly and
necessarily incurred by Employee, pursuant to the Company's policies on the
same.

          5. Death or Disability of Employee.

               5.1 General. In the event of Employee's death or "disability" (as
such term is defined in Paragraph 5.2 hereof) while in the employ of the
Company, this Agreement, and the compensation due to Employee pursuant to
Paragraph 3 hereof, shall terminate upon the date of death or disability and the
Company shall thereafter be required to make payments only to Employee, as
provided in Paragraph 11.2 hereof. If Employee shall recover from such
disability prior to the expiration date of the Agreement, this Agreement and
Employee's employment hereunder shall be reinstated for the balance of the term
of this Agreement.

               5.2 Definition of Disability. Employee shall be deemed disabled
if, in the sole opinion of the Company, Employee is unable to substantially
perform the services required of Employee hereunder for a period in excess of 60
consecutive work days or 60 work days during any 90 work day period. In such
event, Employee shall be deemed disabled as of such 60th work day.

          6. Restrictive Covenant. During the term of this Agreement, Employee
shall (i) devote his full time and energy solely and exclusively to the
performance of his duties described herein; (ii) not directly or indirectly
provide services to or through any company or firm except the Company unless
otherwise instructed by the Company; (iii) not directly or indirectly own,
manage, operate, join, control, contribute to, or participate in the ownership,
management, operation or control of or be employed by or connected in any manner
with any enterprise which is engaged in any business competitive with or similar
to that of the Company; and (iv) not render any services of any kind or
character for Employee's own account of for any other person, firm or
corporation without first obtaining the Company's consent in writing; provided,
however, Employee shall have the right to perform such incidental services as
are necessary in connection with Employee's (a) private passive investments
where he is not obligated or required to, and shall not in fact, devote any
managerial efforts, as long as such investments are not in companies which are
in competition in any way with the Company; or (b) charitable or community
activities, or in trade or professional organizations, provided that such
incidental services do not interfere with the performance of Employee's services
hereunder.

          7. Non-Solicitation. Employee shall not, during the full term of this
Agreement and for a period of one (1) year thereafter, for himself or on behalf
of any other

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person, partnership, corporation or entity, directly or indirectly, or by action
in concert with others, solicit, induce, suggest or encourage any person known
to him to be an employee of the Company or any affiliate of the Company to
terminate his or her employment or other contractual relationship with the
Company or any of its affiliates.

          8. Trade Secrets and Related Matters

               8.1 Definitions. For purpose of this Section 8:

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

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

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

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

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

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

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

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

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

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

               8.2 Acknowledgments. Employee acknowledges that:

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

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

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

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

               8.4 Records.

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

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

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

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

          10. Employee Plans, etc. Employee shall be entitled to participate, to
the same extent as most other officers of the Company, in any bonus compensation
plan, stock purchase or stock option plan, group life insurance plan, group
medical insurance plan and other

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compensation or employee benefit plans (collectively, "Plans") which are
generally available to a majority of the other officers of the Company during
the term hereof and for which Employee shall qualify. Employee further
understands, however, that the Board of Directors, or such committee or person
or persons designated by the Board of Directors, shall determine in its sole
discretion (i) whether any Plans are made available to a majority of the
officers of the Company; (ii) whether one or more Plans are adopted solely for
the Chief Executive Officer and/or one or more (but not a majority) of the
officers of the Company; (iii) whether one or more Plans are made available to a
majority of the officers; and (iv) the amounts payable or the benefits provided
thereunder to each participant in whole or in part. Employee agrees and
acknowledges that he has no vested interest in the continuance of any Plan, and
that no Plan in existence on the date of the Agreement has acted as a material
inducement to Employee in entering into this Agreement.

          11. Termination.

               11.1 "At Will" Employment. This Agreement, and Employee's
employment, is at will, and the Company may, with or without notice, terminate
this Agreement and all of the Company's obligations hereunder with or without
"Cause." Employee may also terminate this Agreement at any time, for any reason,
upon the giving of thirty (30) days' written notice to the Company; provided,
however, the Company may waive all or any portion of such notice period in its
sole and absolute discretion. Termination by the Company for "Cause" means
termination due to (i) Employee's conviction of a felony ( which, through the
lapse of time or otherwise is not subject to appeal); (ii) Employee's material
refusal, failure or neglect without proper cause to perform adequately his
obligations under this Agreement or follow the instructions of his
supervisor(s); (iii) any negligence or willful misconduct by Employee; (iv)
Employee's material breach of any of his fiduciary obligations as an executive
officer of the Company; (v) Employee's material failure to adhere to the code of
conduct and rules set forth in the Company's Employee Handbook, as amended or in
existence from time to time; (vi) the death or disability of Employee; or (vii)
the voluntary termination by Employee of his employment, except for "Good
Reason" (as defined in Paragraph 11.3 hereof).

               11.2 Termination for Cause. Upon termination for Cause, the
Company shall only be required to pay Employee (i) accrued salary compensation
due to Employee as compensation for services rendered hereunder and not
previously paid; (ii) accrued vacation pay; and (iii) any appropriate business
expenses incurred by Employee in connection with his duties hereunder and
approved pursuant to Section 4 hereof, all through the date of termination.
Employee shall not be entitled to any severance compensation; bonus
compensation, whether "vested" or unvested; or any other compensation, benefits
or reimbursement of any kind.

               11.3 Termination for "Good Reason." Employee may terminate this
Agreement for "Good Reason" (as hereinafter defined) upon thirty (30) days
written notice to the Company. The term "Good Reason" means (i) Employee is not
appointed or is removed from the position of Vice President - Promotions without
Cause during the term of this Agreement; or (ii) without Employee's consent, a
majority of the duties defined in Section 1 hereof are removed from Employee's
responsibilities. The term Good Reason does not include a situation where
certain of the duties defined in Section 1 hereof are removed from Employee's
responsibilities and are replaced with duties which have greater responsibility
and/or authority than the duties which are removed. Unless Employee terminates
this Agreement within thirty

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(30) days of learning from any source that the Company has acted so as to
provide Good Reason for Employee to terminate this Agreement, and gives thirty
(30) days' written notice of such termination, Employee's right to receive
severance compensation pursuant to Paragraph 11.4 for such event shall be
forever lost.

               11.4 Severance Compensation. In the event (i) Employee terminates
this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii)
Employee is terminated for any reason (except death or disability) upon, or
within six months following, a "Change in Management or Control (as such term is
defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without
Cause, the Company shall be obligated to pay severance compensation to Employee
in an amount equal to his salary compensation (at the rate payable at the time
of such termination) for a period of nine months from the date of termination;
provided, however, if Employee is employed by a new employer, or as a consultant
during such period, the severance compensation payable to Employee hereunder
shall be reduced by the amount of compensation that Employee actually receives
from the new employer, or as a consultant. However, Employee shall have a duty
to inform the Company that he has obtained such new employment, and the failure
to do so is a material breach of this Agreement. In such event, the Company
shall be entitled to (i) cease all payments to Employee under this Paragraph
11.4; and (ii) recover any unauthorized payments to Employee in an action for
breach of contract. Notwithstanding anything else in this Agreement to the
contrary, solely in the event of a termination upon or following a Change in
Management or Control, the amount of severance compensation paid to Employee
hereunder shall not include any amount that the Company is prohibited from
deducting for federal income tax purposes by virtue of Section 280G of the
Internal Revenue Code of 1986, as amended, or any successor provision. In
addition to the foregoing severance compensation, the Company shall pay Employee
(i) all compensation for services rendered hereunder and not previously paid;
(ii) accrued vacation pay; and (iii) any appropriate business expenses incurred
by Employee in connection with his duties hereunder and approved pursuant to
Section 4 hereof, all through the date of termination. Employee shall not be
entitled to any bonus compensation, whether vested or unvested; or any other
compensation, benefits or reimbursement of any kind.

               11.5 Definition of "Change in Management or Control." The term
"Change in Management or Control" means (i) the time that the Company first
determines that any person and all other persons who constitute a group (within
the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934
("Exchange Act")) have acquired direct or indirect beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of twenty percent (20%) or
more of the Company's outstanding securities, unless a majority of the
"Continuing Directors" (as such term is hereinafter defined) approves the
acquisition not later than ten (10) business days after the Company makes that
determination, or (ii) the first day on which a majority of the members of the
Company's Board of Directors are not "Continuing Directors." The term
"Continuing Directors" means, as of any date of determination, any member of the
Board of Directors of the Company who (i) was a member of that Board of
Directors on the date of this Agreement, (iii) has been a member of that Board
of Directors for the two years immediately preceding such date of determination,
or (iv) was nominated for election or elected to the Board of Directors with the
affirmative vote of the greater of (x) a majority of the Continuing Directors
who were members of the Board at the time of such nomination or election, or (y)
at least four Continuing Directors.

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

          12. Services Unique. It is agreed that the services to be rendered by
Employee hereunder are of a special, unique, unusual, extraordinary and
intellectual character which gives them a peculiar value, the loss of which
cannot be reasonably or adequately compensated in damages in an action at law
and that a breach by Employee of any of the provisions contained herein will
cause the Company irreparable injury and damage. Employee expressly agrees that
the Company shall be entitled to injunctive or other equitable relief to prevent
a breach hereof. Resort to any such equitable relief shall not be construed as a
waiver of any of the rights or remedies which the Company may have against
Employee for damages or otherwise.

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

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

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

         To the Company:      VANS, INC.
                              15700 Shoemaker Avenue
                              Santa Fe Springs, CA 90670
                              Attn: General Counsel
                              (562) 565-8413 - facsimile

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         To Employee:         Steven J. Van Doren
                              (at the address set forth below his signature)

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

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

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

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

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

          20. Entire Agreement. This Agreement constitutes the entire
understanding and agreement of the parties with respect to the subject matter of
this Agreement, and any and all prior agreements, understandings or
representations, including but not limited to the 1997 Agreement, are hereby
terminated and canceled in their entirety and are of no further force or effect.

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

          22. Arbitration of Employment Disputes. Any dispute or controversy
arising out of this Agreement or the employment relationship between Employee
and the Company, including but not limited to claims by Employee for wrongful
termination, race discrimination, sex discrimination, age discrimination,
discrimination based on nationality or religion, violation of title VII of the
Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of
1990, the Age Discrimination in Employment Act of 1967, as amended, and the
California Fair Housing and Employment Act, as amended, shall, at any time
following the termination of Employee's employment, be submitted to final and
binding arbitration that shall comply with the applicable arbitration rules of
either the American Arbitration Association or the Judicial Arbitration and
Mediation Service ("JAMS"), and judgment upon the award rendered by the

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arbitrator may be entered in any court having jurisdiction thereof. The cost of
arbitration (except for Employee's attorneys' fees and costs) shall be borne by
the Company. The arbitration shall occur in Los Angeles, California and the
parties hereby consent to the jurisdiction of the arbitrator and to service of
process. EMPLOYEE HEREBY UNDERSTANDS THAT, BY SIGNING THIS AGREEMENT, HE IS
AGREEING TO HAVE ANY CLAIM HEREUNDER DECIDED BY NEUTRAL ARBITRATION AND IS
GIVING UP THE RIGHT TO A JURY OR COURT TRIAL. NOTWITHSTANDING THE FOREGOING,
NOTHING IN THIS PROVISION IS INTENDED TO AFFECT OR RESTRICT ANY RIGHTS OR
REMEDIES EMPLOYEE MIGHT HAVE IF HIS CLAIMS WERE BOUGHT IN COURT.

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

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

EMPLOYEE:                                         THE COMPANY:

                                                   VANS, INC.,
                                                   a Delaware corporation
/s/ Steven J. Van Doren
---------------------------                 By: /s/ Craig E. Gosselin
   Steven J. Van Doren                         -------------------------
                                                  Vice President and
                                                  General Counsel
---------------------------                    -------------------------
        Address                                          Title

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                                                                  EXHIBIT 10.4.1

                                   VANS, INC.

                AMENDMENT AGREEMENT TO ORIGINAL CREDIT AGREEMENT

     This AMENDMENT AGREEMENT TO ORIGINAL CREDIT AGREEMENT (this "AMENDMENT
AGREEMENT") is dated as of April 12, 2000 and entered into by and among Vans,
Inc., a Delaware corporation ("COMPANY"), the financial institutions listed on
the signature pages hereof (each individually a "LENDER" and collectively
"LENDERS"), and Bank of America, N.A. (formerly known as Bank of America
National Trust and Savings Association), as a letter of credit issuing lender,
the swing line lender and as agent (the "AGENT") for Lenders, and is made with
reference to that certain Credit Agreement dated as of July 13, 1999 (the
"ORIGINAL CREDIT AGREEMENT"), by and among Company, the lenders listed on the
signature pages thereof, and Agent. Capitalized terms used herein without
definition shall have the same meanings as set forth in the Amended and Restated
Credit Agreement (as defined below).

                                    RECITALS

     WHEREAS, Company and Lenders desire, subject to the terms and conditions
hereinafter set forth, to amend and restate the Original Credit Agreement
(together with all schedules and exhibits thereto) in its entirety in the form
of the Amended and Restated Credit Agreement:

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

SECTION 1. AMENDMENT AND RESTATEMENT OF THE ORIGINAL CREDIT AGREEMENT

          1.1 AMENDMENT AND RESTATEMENT OF ORIGINAL CREDIT AGREEMENT

          On the Effective Date (as defined below), the Original Credit
Agreement (including all schedules and exhibits thereto) shall be and is hereby
amended and restated to read in its entirety as set forth in Annex A hereto (as
set forth in such Annex A, the "AMENDED AND RESTATED CREDIT AGREEMENT"), and as
so amended and restated is hereby ratified, approved and confirmed in each and
every respect. The rights and obligations of the parties to the Original Credit
Agreement with respect to the period prior to the Effective Date shall not be
affected by such amendment and restatement.

SECTION 2. ADDITION OF NEW LENDER AND PRO RATA SHARES

          On the Effective Date, the Amended and Restated Credit Agreement shall
include as Lenders for all purposes under the Amended and Restated Credit
Agreement California Federal Bank, A Federal Savings Bank (the "New Lender").
New Lender shall hereby become a party to the Amended and Restated Credit
Agreement, shall hereby become vested with and shall agree to accept all the
rights, powers, privileges and duties of a Lender

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under the Amended and Restated Credit Agreement and each of the other Loan
Documents and shall hereby be deemed to have made all of the covenants and
agreements contained in the Amended and Restated Credit Agreement and the other
Loan Documents, in each case to the same extent as if originally a party to the
Original Credit Agreement. Schedule 2.1(b) to the Amended and Restated Credit
Agreement reflects New Lender's Pro Rata Share. On the Effective Date, New
Lender shall pay to Agent by wire transfer of immediately available funds such
amount, as calculated by Agent, as reflects New Lender's Pro Rata Share of the
outstanding Revolving Loans (and, if applicable, such New Lender's Pro Rata
Share of any participations which have been funded by Lenders with respect to
outstanding Letters of Credit or Swing Line Loans) and New Lender's Pro Rata
Share of the outstanding Term Loans. On the Effective Date, each existing Lender
which increases its Commitment (the "Increasing Lenders"), as set forth on
Schedule 2.1(b) to the Amended and Restated Credit Agreement, shall pay to Agent
by wire transfer of immediately available funds such amount, if any, as
calculated by Agent, as reflects such Increasing Lender's increased Pro Rata
Share of the outstanding Revolving Loans (and, if applicable, such Increasing
Lender's increased Pro Rata Share of any participations which have been funded
by Lenders with respect to outstanding Letters of Credit or Swing Line Loans)
and such Increasing Lender's increased Pro Rata Share of the outstanding Term
Loans. Agent shall promptly pay to each Lender such amounts, if any, as
calculated by Agent, as may be necessary to reflect such Lender's then Pro Rata
Share, as set forth on Schedule 2.1(b) to the Amended and Restated Credit
Agreement, of the outstanding Revolving Loans (and, if applicable, such Lender's
then Pro Rata Share of any participations which have been funded by Lenders with
respect to outstanding Letters of Credit or Swing Line Loans) and the
outstanding Term Loans. Each principal payment to a Lender pursuant to this
Section 2 shall be deemed to be a repayment by the Company of the applicable
Loans held by such Lender and each principal payment by a Lender pursuant to
this Section 2 shall be deemed to be a borrowing by the Company of the
applicable Loans from such paying Lender on the same terms and condition as the
Loans being so repaid (it being understood that such Loans from such deemed
borrowings shall have the same interest rates as those applicable to the Loans
being so repaid).

SECTION 3. CONDITIONS TO EFFECTIVENESS

          Sections 1 and 2 of this Amendment Agreement shall become effective
only upon the satisfaction on or prior to April 14, 2000 of all of the following
conditions precedent and the conditions set forth in Section 5E hereof (the date
of satisfaction of such conditions being referred to herein as the "EFFECTIVE
DATE"):

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

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

                                       2
<PAGE>   3

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

          3. Resolutions of its Board of Directors approving and authorizing the
          execution, delivery and performance of this Amendment Agreement and
          approving and authorizing the execution, delivery and payment of the
          Revolving Note and the Term Note (the "NEW NOTES") issued to the New
          Lender and each Allonge to Revolving Note, and each Allonge to Term
          Note, substantially in the form of Annex B-1 and Annex B-2,
          respectively, to this Amendment Agreement (collectively, the
          "ALLONGES") issued to each Lender (other than the New Lender)
          certified as of the Effective Date by its corporate secretary or an
          assistant secretary as being in full force and effect without
          modification or amendment;

          4. Signature and incumbency certificates of its officers executing
          this Amendment, the Allonges and the New Notes;

          5. A certificate signed by a Responsible Officer, dated as of the
          Effective Date, stating that (i) the representations and warranties
          contained in Article VI of the Amended and Restated Credit Agreement
          are true and correct on and as of such date, as though made on and as
          of such date, (ii) no Default or Event of Default exists or would
          result from the transactions contemplated hereby, and (iii) there has
          occurred since May 31, 1999 no event or circumstance that has resulted
          or could reasonably be expected to result in a Material Adverse
          Effect; and

          6. Executed originals of this Amendment Agreement, the New Notes,
          drawn to the order of the New Lender, and the Allonges, drawn to the
          order of each Lender (other than the New Lender), in each case
          executed by Company.

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

          C. On or before the Effective Date, each Lender shall have delivered
to Agent originally executed copies of this Amendment Agreement.

          D. Agent and each Lender shall have received the amendment fees,
commitment fees and arrangement fees payable by Company on the Effective Date in
such amounts as have been separately agreed upon and Agent shall have received
evidence of payment by the Company of all Attorney Costs of Bank of America to
the extent invoiced prior to or on the Funding Date, plus such additional
amounts of Attorney Costs as shall constitute Bank of America's reasonable
estimate of Attorney Costs incurred or to be

                                       3
<PAGE>   4

incurred by it through the closing proceedings (provided that such estimate
shall not thereafter preclude final settling of accounts between the Company and
Bank of America).

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

SECTION 4. REPRESENTATIONS AND WARRANTIES

          In order to induce Lenders to enter into this Amendment Agreement and
to amend and restate the Original Credit Agreement in the manner provided
herein, Company represents and warrants to each Lender that the following
statements are true, correct and complete on and as of the Effective Date:

          A. CORPORATE POWER AND AUTHORITY. Each of Company and each of its
Subsidiaries has all requisite corporate power and i authority to enter into
this Amendment Agreement, and Company has all requisite corporate power and
authority to carry out the transactions contemplated by, and perform its
obligations under, the Amended and Restated Credit Agreement, this Amendment
Agreement, the Amended Notes (as defined below) and the New Notes, and Company
has all requisite corporate power and authority to issue the Allonges and the
New Notes.

          B. AUTHORIZATION OF AGREEMENTS. The execution and delivery of this
Amendment Agreement, the Allonges and the New Notes, the performance of this
Amendment Agreement and the Amended and Restated Credit Agreement and the
payment of the New Notes and the Notes as amended by the Allonges (the "AMENDED
NOTES") have been duly authorized by all necessary corporate action on the part
of Company.

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

          D. GOVERNMENTAL CONSENTS. The execution and delivery by Company of
this Amendment Agreement, the execution and delivery by Company of the New Notes
and

                                       4
<PAGE>   5

the Allonges and the performance by Company of this Amendment Agreement and the
Amended and Restated Credit Agreement and the payment of the New Notes and the
Amended Notes by Company do not and will not require any registration with,
consent or approval of, or notice to, or other action to, with or by, any
Governmental Authority.

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

          F. INCORPORATION OF REPRESENTATIONS AND WARRANTIES FROM AMENDED AND
RESTATED CREDIT AGREEMENT. The representations and warranties contained in
Article VI of the Amended and Restated Credit Agreement are incorporated herein
by this reference and are and will be true, correct and complete in all material
respects on and as of the Effective Date to the same extent as though made on
and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.

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

SECTION 5. MISCELLANEOUS

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

          (i) On and after the Effective Date, (a) each reference in the other
          Loan Documents to the "Credit Agreement", "thereunder", "thereof",
          "therein" or words of like import referring to the Original Credit
          Agreement shall mean and be a reference to the Amended and Restated
          Credit Agreement and (b) each reference in the other Loan Documents to
          "Bank of America National Trust and Savings Association" shall mean
          and be a reference to Bank of America, N.A.

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

          (iii) The execution, delivery and performance of this Amendment
          Agreement shall not, except as expressly provided herein, constitute a
          waiver of any provision of, or operate as a waiver of any right, power
          or remedy of

                                       5
<PAGE>   6

          Agent or any Lender under, the Original Credit Agreement or any of the
          other Loan Documents.

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

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

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

          E. COUNTERPARTS; EFFECTIVENESS. This Amendment Agreement may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. This Amendment Agreement (other
than the provisions of Sections 1 and 2 hereof, the effectiveness of which is
governed by Section 3 hereof) shall become effective upon the execution of a
counterpart hereof by Company and each of the Lenders and receipt by Company and
Agent of written or telephonic notification of such execution and authorization
of delivery thereof.

                  [Remainder of page intentionally left blank]

                                       6
<PAGE>   7

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

                                   VANS, INC.

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

                                       S-1
<PAGE>   8

                                    BANK OF AMERICA, N.A., as Agent

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

                                      S-2
<PAGE>   9

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

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

                                      S-3
<PAGE>   10

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

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

                                      S-4
<PAGE>   11

                                    GREATER BAY CORPORATE FINANCE, A DIVISION OF
                                    CUPERTINO NATIONAL BANK AND TRUST,
                                    as a Lender

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

                                      S-5
<PAGE>   12

                                    BANQUE NATIONALE DE PARIS, as a Lender and
                                    as an Issuing Lender

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

                                      S-6
<PAGE>   13

                                   CALIFORNIA FEDERAL BANK, A FEDERAL SAVINGS
                                   BANK, as a Lender

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

                                      S-7
<PAGE>   14

                                     ANNEX A

                      AMENDED AND RESTATED CREDIT AGREEMENT

<PAGE>   15

                                    ANNEX B-1

                        FORM OF ALLONGE TO REVOLVING NOTE

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

Date:    April __, 2000

                                    VANS, INC.

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

<PAGE>   16

                                    ANNEX B-2

                          FORM OF ALLONGE TO TERM NOTE

          By this Allonge to Term Note (this "Allonge") the undersigned, Vans,
Inc. ("Company"), agrees that the Term Note of Company dated July 13, 1999,
payable to the order of [Lender], is amended (i) by deleting the figure "[amount
of old term note]" and substituting "[amount of new term note]" therefor each
place such figure appears, and (ii) by deleting the phrase "[amount of old term
note in words]" and substituting "[amount of new term note in words]" therefor.

Date:    April __, 2000

                                    VANS, INC.

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

<PAGE>   17

                                     ANNEX C

                      FORM OF OPINION OF COUNSEL TO COMPANY

April __, 2000

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

     and

The Lenders Listed on Schedule A Hereto

          Re:       Amended and Restated Credit Agreement dated as of April 12,
                    2000 among Vans, Inc., the financial institutions listed
                    therein as Lenders and Bank of America, N.A., as Agent

Ladies and Gentlemen:

          I am the Vice President and General Counsel of Vans, Inc., a Delaware
corporation (the "Company") and have acted as counsel to the Company in
connection with that certain Amendment Agreement to Original Credit Agreement
dated as of April 12, 2000 (the "Amendment Agreement"), and the Amended and
Restated Credit Agreement dated as of April 12, 2000, in each case among the
Company, the financial institutions listed therein as Lenders and Bank of
America, N.A., as Agent. I am rendering the opinions herein pursuant to Section
3B of the Amendment Agreement. Except as otherwise defined herein, capitalized
terms used herein have the respective meanings given to them in the Amended and
Restated Credit Agreement and the Amendment Agreement, as applicable.

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

          (a) the Organization Documents of the Company;

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

          (c) The Amendment Agreement;

                                      C-1
<PAGE>   18

          (d) The Amended and Restated Credit Agreement;

          (e) The Allonges;

          (f) The New Notes, and the Notes issued under the Original Credit
Agreement, as amended by the Allonges (the "Amended Notes") (collectively, the
"Notes"); and

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

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

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

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

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

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

                                      C-2
<PAGE>   19

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

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

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

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

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

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

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

                                      C-3
<PAGE>   20

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

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

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

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

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

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

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

                                       Very truly yours,

                                       Craig E. Gosselin
                                       Vice President
                                       and General Counsel

                                      C-4
<PAGE>   21

                                   SCHEDULE A
                                     LENDERS

BANK OF AMERICA, N.A.

CITY NATIONAL BANK, a National Banking Association

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

BANQUE NATIONALE de PARIS

CALIFORNIA FEDERAL BANK, A Federal Savings Bank

<PAGE>   22

                                   SCHEDULE B

                               MATERIAL AGREEMENTS

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

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

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

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

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

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