<PAGE> 1
Exhibit 10.48
PROMISSORY NOTE
$18,360,000 May 24, 2000
For value received, Paul B. Fireman (the "EXECUTIVE") promises to pay to
the order of Reebok International Ltd., a Massachusetts corporation (the
"COMPANY"), at 1895 J.W. Foster Boulevard, Canton, Massachusetts 02021, or such
other place as designated in writing by the holder hereof, the aggregate
principal sum of $18,360,000, together with all accrued but unpaid interest
thereon, on or before May 23, 2001. From the date hereof until the entire
principal amount of this promissory note has been paid in full, interest shall
accrue at a rate of 6.2% per annum, compounding annually, on the unpaid
principal amount outstanding from time to time, or (if less) at the highest rate
then permitted by applicable law.
The indebtedness evidenced hereby may be prepaid, in whole or in part, at
any time without premium or penalty.
The Executive, on behalf of himself and his assigns, hereby waives
diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Note, and expressly agrees that this Note, or
any payment hereunder, may be extended from time to time and that the holder
hereof may accept security for this Note or release security for this Note, all
without in any way affecting the liability of the Executive hereunder.
This Note shall be governed by the internal laws, not the laws of
conflicts, of The Commonwealth of Massachusetts.
/s/ Paul Fireman
-------------------------------
PAUL B. FIREMAN
