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EXHIBIT 10.3
AMENDMENT TO APPENDIX B, PAYMENT SCHEDULE,
TRUST UNDER VANS, INC. DEFERRED COMPENSATION PLAN
This instrument shall constitute the First 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 Chemical Trust Company of
California, A California Corporation.
Payment Schedule (Revised)
"Subject to the terms of the Plan, Eight Thousand Three
Hundred Thirty-Three Dollars ($8,333.00) to XXXXXX XXXXXXXXXX, and then to
XXXXXX XXXXXXXXXX if she shall survive him, payable on the first calendar day
of each month, commencing July 1, 2001, and continuing uninterrupted until the
month next preceding the death of the survivor of XXXXXX and XXXXXX XXXXXXXXXX;
provided, however, that amounts payable to XXXXXX XXXXXXXXXX following the
death of XXXXXX XXXXXXXXXX shall be made only if she was married to him at the
time of his death.
Notwithstanding the foregoing provisions hereof, if XXXXXX
XXXXXXXXXX shall exercise the option set forth in Section 2(b) of the Plan, the
then remaining balance of the Trust as of January 31, 2001, shall be paid to
him on or after February 28, 2001, but on or March 31, 2001. The Trustee shall
have no
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obligation to make such lump sum distribution unless notified in writing by the
Company that XXXXXX XXXXXXXXXX has exercised effectively the option referred to
in the preceding sentence."
VANS, INC., A Delaware Corp.
By:_________________________
CHEMICAL TRUST COMPANY OF
CALIFORNIA, A California
Corporation
By:_________________________
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