EXHIBIT 10.5
THIRD AMENDMENT TO APPENDIX B, PAYMENT SCHEDULE, TRUST UNDER
VANS, INC. DEFERRED COMPENSATION PLAN
This instrument shall constitute the Third Amendment to the Payment
Schedule set forth in Appendix B of the Trust Under Vans, Inc. Deferred
Compensation Plan, made and entered into as of the 1st day of June, 1996, by and
between Vans, Inc., a Delaware corporation, and The Chase Manhattan Bank and
Trust Company of California, a California corporation.
Payment Schedule (Third Revision)
"Subject to the terms of the Plan, the remaining balance in the trust on
November 30, 2004, shall be paid in a lump sum on November 30, 2004. The payment
shall be made solely to Xxxxxx Xxxxxxxxxx and, upon his death, such payment
shall thereafter be made to Xxxxxx Xxxxxxxxxx, if she is then living, or her
estate if she dies before the payments are completed, provided that she is
married to Xxxxxx Xxxxxxxxxx on the date of his death. If Xxxxxx Xxxxxxxxxx,
shall survive Xxxxxx Xxxxxxxxxx, but not be married to Xxxxxx Xxxxxxxxxx on the
date of his death, or does not survive Xxxxxx Xxxxxxxxxx, the remaining balance
in the Trust as of November 1, 2004 shall be paid to the Estate of Xxxxxx
Xxxxxxxxxx on November 30, 2004.
In the event Xxxxxx Xxxxxxxxxx retires prior to October 26, 2004, the
payments shall be made in a lump sum based upon the remaining balance in the
trust on the 1st of the month following the month of retirement as determined by
the 15th of such month and shall be payable on the last day of such month (by
way of illustration, if retirement is in July, the trust balance is as of August
1, determined by August 15 and paid by August 31).
The Trustee shall have no obligation to make any payments prior to
January 31, 2004 unless notified in writing by the Company that Xxxxxx
Xxxxxxxxxx has retired.
VANS, INC., a Delaware corporation
By: /s/ Xxxxx X. Xxxxxxxx
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XX XXXXXX TRUST COMPANY, N.A., a
national association
By: /s/ Xxxx Xxxxxxxx
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