EMPLOYEE AND OFFICE SPACE LEASE AGREEMENT

This Employee and Office Space Lease Agreement (Agreement) is made and entered into the 1st day of January, 2004, by and between Cabelas Incorporated, a Nebraska corporation (Company) and Richard N. Cabela (RNC).

RECITALS:

WHEREAS, RNC desires to utilize certain personnel from Company on an interim basis to perform certain duties unrelated to the employees duties to Company;

WHEREAS, the parties believe that the Company will obtain various indirect benefits from the services such employee will perform for RNC; and

WHEREAS, the parties desire to formalize this arrangement and document the same by entering into this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the parties agree as follows:

1. Services. Company agrees to lease to RNC, certain Company employees as follows:

a. Identification of Employees. The specific employees (the Employees) and the percentage of time for which they shall be available to provide personal services for RNC is more fully set forth on Exhibit A attached hereto. Company shall be permitted to amend Exhibit A and select the employees to provide the services after consulting with RNC. The parties further agree to review Exhibit A for accuracy at least semi-annually.

b. Employees Reporting Duties. The Employees shall report to RNC to the extent their services relate to his personal affairs and to the President of Company, or his designee, to the extent the services relate to Company matters. Neither RCN nor Company shall hire additional employees which would be chargeable to the other without written consent of the other.

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