Quick note about STP timers:
– STP timers are inherited from the root bridge. Therefore you only need to configure the timers on the root bridge and backup root bridge.
– STP timers are configured per VLAN. Therefore if you want to configure the timers for all the vlans you’ll need to use the ‘vlan 1-4094′ option.

So, the timers associated to the path to the root bridge are the ones that are honored not the timers configured on the current bridge.

SW04(config)#do sh spann vlan 1

VLAN0001
Spanning tree enabled protocol ieee
Root ID    Priority    4097
Address     001e.bd01.5400
Cost        8
Port        21 (GigabitEthernet1/0/21)
Hello Time   3 sec  Max Age 10 sec  Forward Delay 10 sec

Bridge ID  Priority    8193   (priority 8192 sys-id-ext 1)
Address     001d.e665.f200
Hello Time   2 sec  Max Age 20 sec  Forward Delay 15 sec
Aging Time  300 sec

Check out http://www.cisco.com/en/US/tech/tk389/tk621/technologies_tech_note09186a0080094954.shtml for more information.