Quiksilver INC

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8-K
QUIKSILVER INC filed this Form 8-K on 03/12/2012
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FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 6, 2012

 

 

Quiksilver, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-14229   33-0199426

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

15202 Graham Street, Huntington Beach, CA   92649
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code:

(714) 889-2200

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 6, 2012, Ug Manufacturing Co. Pty Ltd, a wholly-owned Australian subsidiary of Quiksilver, Inc. (Quiksilver, Inc. together with its subsidiaries, the “Company”), entered into an employment agreement with Craig Stevenson, the Company’s Global Brand President and Chief Operating Officer (the “Stevenson Agreement”). Also on March 6, 2012, Pilot SAS, a wholly-owned French subsidiary of Quiksilver, Inc., entered into an employment agreement and related Corporate Mandate with Pierre Agnes, the Company’s President – Quiksilver Europe (collectively, the “Agnes Agreement”). The Stevenson Agreement and Agnes Agreement are collectively referred to as the “Revised Agreements” and supersede any previous employment agreements between these individuals and the Company.

Pursuant to the terms of the Revised Agreements, Mr. Stevenson receives an annual base salary of AUD $475,000 (currently approximately U.S. $502,600) and Mr. Agnes receives an annual base salary of €475,000 (currently approximately U.S. $624,600). These base salaries are subject to periodic review by the Company and may be adjusted either up or down, based on the Company’s performance, the individual’s performance, market conditions or such other factors as are deemed relevant by the Company; provided, however, that they may not be adjusted below the annual base salary levels set forth above. Under the Stevenson Agreement, the Company is also required to make superannuation contributions on Mr. Stevenson’s behalf at the minimum rate required so as to avoid liability to pay a charge under applicable Australian superannuation regulations (the “Superannuation Contributions”) and to pay for his business-related operating costs of one vehicle, including service and maintenance, gas and fringe benefits tax. The Revised Agreements further provide that each executive is eligible for an annual bonus pursuant to the Company’s Incentive Compensation Plan on terms approved by the Board and is entitled to a clothing allowance. The Revised Agreements require that the Company maintain a term life insurance policy on the life of Mr. Stevenson and Mr. Agnes, respectively, payable to their designees, subject to certain annual premium caps.

Each of the Revised Agreements provides that the executive will continue to be eligible to participate in the Company’s 2000 Stock Incentive Plan, or any successor equity plan, on such terms as are established by the Board of Directors, but substantially similar to those granted to other senior executives of the Company of an equivalent level. The Revised Agreements further provide that all options granted shall provide that if the executive is terminated by the Company without “cause,” in the case of Mr. Stevenson, or “legitimate cause,” in the case of Mr. Agnes, (in each instance as defined in their respective Revised Agreement), by the executive for “good reason” (as defined in their respective Revised Agreement), or as a result of executive’s death or disability, all options will automatically vest in full on an accelerated basis and the options shall remain exercisable until the earlier of (i) the first anniversary of executive’s termination, (ii) the end of the option term or (iii) termination pursuant to other provisions of the applicable option plan or agreement (e.g., a corporate transaction).

 

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The Stevenson Agreement and Mr. Stevenson’s employment with the Company automatically terminate on October 31, 2016, but may be terminated earlier by the Company without cause at any time for any reason, subject to the payment of certain amounts as set forth below. If (i) the Stevenson Agreement terminates on October 31, 2016 and Mr. Stevenson’s employment terminates effective the same date, (ii) the Company terminates his employment without cause prior to October 31, 2016, or (iii) he terminates his employment for good reason within six months of the action constituting good reason, the terms of the Stevenson Agreement provide that the Company will (1) pay the full amount of any unpaid discretionary bonus earned from the preceding fiscal year, (2) provide a total severance benefit of 18 months base salary and Superannuation Contributions, less any amounts which are due under Australia’s National Employment Standards (“NES”) or other applicable Australian law (including pay in lieu of notice of termination, redundancy pay, pay in lieu of long service leave and pay in lieu of untaken annual leave, but excluding superannuation contributions) (the “Statutory Benefits”), payable on the Company’s regular payroll dates over a period of 18 months, (3) pay the Statutory Benefits on or about the date of termination, and (4) pay a pro rata portion of the discretionary bonus, if any, for the fiscal year in which such termination occurs. If, prior to October 31, 2016, the Company terminates Mr. Stevenson’s employment for cause or he terminates his employment without good reason, he receives his base salary and benefits earned and accrued prior to termination, any amounts due under NES or other applicable Australian law and, if the basis for cause is his death or permanent disability, the pro rata portion of his bonus for the year in which such termination occurs. In order to be eligible to receive the payments specified above, other than those earned prior to termination and Statutory Benefits, Mr. Stevenson must execute a release of claims.

The Agnes Agreement and Mr. Agnes’ employment with the Company automatically terminate on October 31, 2016, but may be terminated earlier by the Company without cause at any time for any reason, subject to the payment of certain amounts as set forth below. If (i) the Agnes Agreement terminates on October 31, 2016 and Mr. Agnes’ employment terminates effective the same date, (ii) the Company terminates his employment without legitimate cause prior to October 31, 2016, or (iii) he terminates his employment for good reason within six months of the action constituting good reason, the terms of the Agnes Agreement provide that the Company will (1) pay the full amount of any unpaid discretionary bonus earned from the preceding fiscal year, (2) provide a total severance benefit of 18 months of gross remuneration (essentially, base salary), payable on the Company’s regular payroll dates over a period of 18 months, and (3) pay a pro rata portion of the discretionary bonus, if any, for the fiscal year in which such termination occurs. If, prior to October 31, 2016, the Company terminates Mr. Agnes’ employment for legitimate cause or he terminates his employment without good reason, then he receives his base salary and benefits earned and accrued prior to termination and, if the basis for cause is his death or permanent disability, the pro rata portion of his bonus for the year in which such termination occurs. In order to be eligible to receive the payments specified above, other than those earned prior to termination, Mr. Agnes must execute a release of claims.

Copies of the Revised Agreements are attached hereto as Exhibits 10.1, 10.2 and 10.3.

 

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Item 9.01 Financial Statements and Exhibits

 

  (d) Exhibits

The following exhibits are being furnished herewith:

 

Exhibit No.

  

Exhibit Title or Description

10.1    Employment Agreement between Craig Stevenson and Ug Manufacturing Co. Pty Ltd dated March 6, 2012
10.2    English translation of Employment Agreement between Pierre Agnes and Pilot SAS dated March 6, 2012
10.3    English translation of Corporate Mandate between Pierre Agnes and Pilot SAS dated March 6, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: March 12, 2012    

Quiksilver, Inc.

(Registrant)

    By:    /s/ Charles S. Exon
      Charles S. Exon
      Chief Administrative Officer

 

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Index to Exhibits

 

Exhibit No.

  

Exhibit Title or Description

10.1    Employment Agreement between Craig Stevenson and Ug Manufacturing Co. Pty Ltd dated March 6, 2012
10.2    English translation of Employment Agreement between Pierre Agnes and Pilot SAS dated March 6, 2012
10.3    English translation of Corporate Mandate between Pierre Agnes and Pilot SAS dated March 6, 2012

 

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Employment Agreement between Craig Stevenson and Ug Manufacturing Co.

Exhibit 10.1

 

LOGO

March 6, 2012

PERSONAL AND CONFIDENTIAL

Mr. Craig Stevenson

Global Brand President and

Chief Operating Officer

Quiksilver Asia Pacific

Quiksilver Drive

Torquay, VIC 3228

Australia

Re: Employment Agreement

Dear Craig:

This letter (“Agreement”) will confirm our understanding and agreement regarding your employment with Ug Manufacturing Co. Pty Ltd (ACN 005 047 941) (“Quiksilver” or the “Company”), effective on and after February 1, 2012 (“Commencement Date”). This Agreement completely supersedes and replaces any existing or previous oral or written employment agreements, express or implied, between you and the Company and any related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) of the Company (“Group Companies”).

 

  1. Position; Exclusivity. The Company hereby agrees to employ you as its Global Brand President and Chief Operating Officer, Quiksilver Asia Pacific, reporting to the Chief Executive Officer of Quiksilver, Inc., and resident in Australia. During your employment with Quiksilver, you will devote your full professional and business time, interest, abilities and energies to the Company and, as applicable, the Group Companies and will not render any services to any other person or entity, whether for compensation or otherwise, or engage in any business activities competitive with or adverse to the business or welfare of the Company and/or the Group Companies, whether alone, as an employee; as a partner; as a member or manager; as a shareholder, officer or director of any other corporation; or as a trustee, fiduciary or in any other similar representative capacity of any other entity without the prior written consent of the Chief Executive Officer of Quiksilver, Inc.

 

  2.

Base Salary. Your base salary will be AUD $39,583.33 per month (AUD $475,000 on an annualized basis), less applicable withholdings and deductions, paid on the Company’s regular payroll dates. Your base salary is exclusive of the superannuation contributions described in Paragraph 3 below. Your base salary will be reviewed at the time


  management salaries are reviewed periodically and may be adjusted (but not below AUD $39,583.33 per month) at the Company’s discretion in light of the Company’s performance, your performance, market conditions and other factors deemed relevant by the Board of Directors or the Compensation Committee of the Board of Directors of Quiksilver, Inc. (“Compensation Committee”).

 

  3. Superannuation. In addition to the base salary set forth above in Paragraph 2, the Company will make superannuation contributions on your behalf at the minimum rate required so as to avoid liability to pay a charge under the Superannuation Guarantee (Administration) Act 1992 and the Superannuation Guarantee Charge Act 1992.

 

  4. Annual Discretionary Bonus. For each full fiscal year of employment with the Company (currently ending October 31), you shall be eligible for a discretionary bonus award pursuant to Quiksilver, Inc.’s Incentive Compensation Plan, the specific terms and conditions of such award to be approved by the Board of Directors or the Compensation Committee at the time of the bonus award. Any payment received in connection with a bonus award shall be paid within thirty (30) days following the date Quiksilver, Inc. publicly releases its annual audited financial statements, but in no event later than March 15 of the calendar year following the fiscal year for which the bonus is awarded. Any bonus payments shall be less applicable withholdings and deductions.

 

  5. Retirement Benefits. Despite any provision of this Agreement, the Company is not required to pay or provide to you any amounts or benefits which it is not permitted to provide under the provisions of Part 2D.2, Division 2 of the Corporations Act 2001 (Cth) without obtaining shareholder approval. To the extent that this Agreement requires the Company to pay or provide any such amounts or benefits, you agree and acknowledge that shareholder approval must first be obtained and you hereby irrevocably consent to forego those amounts or benefits which the Company is not permitted to provide if shareholder approval is not obtained.

 

  6. Annual Leave. Although Quiksilver does not have a vacation policy for executives of your level, you will accrue such minimal annual leave as required by the National Employment Standards (“NES”) in the Fair Work Act 2009 (Cth). Quiksilver reserves the right, subject to legislation, to require that annual leave be taken at certain times and/or in certain circumstances. On termination of employment you will be paid in respect of any accrued untaken annual leave.

 

  7.

Personal/Carer’s Leave. You will be entitled to ten (10) days’ paid personal/carer’s leave for each year of service in accordance with the NES. You may be required to provide evidence satisfactory to the Company confirming the relevant illness or injury for which the period of personal/carer’s leave was taken. The Company may require you to be examined by a medical practitioner nominated by the Company to provide a report to the Company on your current or future capacity to perform the

 

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  essential functions of your position. Untaken paid personal leave accumulates from year to year, but has no separate “cash value” and is not paid out on termination of employment.

 

  8. Injury and Illness Income Protection Plan. You will be covered by a senior manager income protection plan in the event of illness or injury on the same terms and conditions applicable to comparable employees in Australia. Quiksilver, Inc. and the Company reserve the right to change, modify, or eliminate such coverage in their discretion.

 

  9. Clothing Allowance. You will be provided a clothing allowance of AUD $15,000 RRP (recommended retail price) per year at the Company’s wholesale prices.

 

  10. Vehicle Allowance. The Company will pay (through a motor card) for the business-related operating costs of one vehicle, including service and maintenance, petrol and fringe benefits tax.

 

  11. Stock Options. You shall be eligible to participate in the Quiksilver, Inc. Stock Incentive Plan, or any successor equity plan. The amount and terms of any restricted stock, stock options, stock appreciation rights or other interests to be granted to you will be determined by the Board of Directors or the Compensation Committee in its discretion and covered in separate agreements, but shall be substantially similar to those granted to other senior executives of Quiksilver, Inc. of equivalent level. Stock options granted to you after the Commencement Date through the termination of your employment shall provide that if you are terminated by the Company without Cause (as hereinafter defined), as a result of your death or permanent disability, or if you terminate your employment for Good Reason (as hereinafter defined), any such options outstanding will automatically vest in full on an accelerated basis so that the options will immediately prior to such termination become exercisable for all option shares and remain exercisable until the earlier to occur of (i) the first anniversary of such termination, (ii) the end of the option term, or (iii) termination pursuant to other provisions of the applicable option plan or agreement (e.g., a corporate transaction).

 

  12. Life Insurance. The Company will pay the premium on a term life insurance policy on your life with a company and policy of its choice, and a beneficiary of your choice, in the face amount determined by the Company of not less than AUD $2,000,000. The Company’s obligation to obtain and maintain this insurance is contingent upon your establishing and maintaining insurability, and it is not required to pay premiums for such a policy in excess of AUD $5,000 annually.

 

  13. Term and Termination.

(a) The term of this Agreement is from the Commencement Date through and including October 31, 2016, at which time this Agreement (and your employment) shall automatically terminate without any additional notice; provided, however, that subject to the provisions herein,

 

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either you or Quiksilver may terminate your employment at will and with or without Cause (as defined below) upon written notice at any time for any reason (or no reason); provided further, however, that you agree to provide the Company with thirty (30) days advance written notice of your resignation (during which time the Company may elect, in its discretion, to relieve you of all duties and responsibilities). This at-will aspect of your employment relationship can only be changed by an individualized written agreement signed by both you and an officer of the Company authorized to do so by the Board of Directors or the Compensation Committee.

(b) The Company may also terminate your employment immediately, upon written notice, for Cause, which shall include, but not be limited to, (i) your death (in which case written notice of termination of employment is not required), (ii) your permanent disability which renders you unable to perform the essential functions of your position even with reasonable accommodation, (iii) willful misconduct in the performance of your duties, (iv) commission of a felony or violation of law involving moral turpitude or dishonesty, (v) self-dealing, (vi) willful breach of duty, (vii) habitual neglect of duty, or (viii) a material breach by you of your obligations under this Agreement. If the Company terminates your employment for Cause, or you terminate your employment other than for Good Reason (as defined below), you (or your estate or beneficiaries in the case of your death) shall receive your base salary and other benefits earned and accrued prior to the termination of your employment, any amounts which are due under the NES and/or other applicable Australian law (including, as applicable, pay in lieu of notice of termination, pay in lieu of long service leave and pay in lieu of untaken annual leave) and, in the case of a termination pursuant to subparagraphs (i) or (ii) only, a pro rata portion of your bonus, if any, as provided in Paragraph 4 for the fiscal year in which such termination occurs, less applicable withholdings and deductions, which shall be payable not later than the effective date of your termination, and you shall have no further rights to any other compensation or benefits hereunder on or after the termination of your employment.

“Good Reason” for you to terminate employment means a voluntary termination as a result of (i) the assignment to you of duties materially inconsistent with your position as set forth above without your consent, (ii) a material change in your reporting level from that set forth in this Agreement without your consent, (iii) a material diminution of your authority without your consent, (iv) a material breach by the Company of its obligations under this Agreement, (v) a failure by the Company to obtain from any successor, before the succession takes place, an agreement to assume and perform the obligations contained in this Agreement, or (vi) the Company requiring you to be based (other than temporarily) at any office or location outside of the State of Victoria, Australia, without your consent. Notwithstanding the foregoing, Good Reason shall not exist unless you provide the Company written notice of termination on account thereof within ninety (90) days following the initial existence of one or more of the conditions described in clauses (i) through (vi) and, if such event or condition is curable, the Company fails to cure such event or condition within thirty (30) days of such written notice.

 

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(c) If (i) Quiksilver elects to terminate your employment without Cause prior to October 31, 2016, (ii) this Agreement automatically terminates on October 31, 2016, and your employment terminates effective the same date for any reason, voluntarily or involuntarily, or (iii) if you terminate your employment with the Company for Good Reason within six (6) months of the action constituting Good Reason, the Company will (x) pay the full amount of any unpaid discretionary bonus that was earned from the preceding fiscal year, if any, at the time annual bonuses are paid to other executives, but in no event later than March 15 of the calendar year following the fiscal year for which the bonus is awarded, and (y) (A) provide you with a total severance benefit of (1) eighteen (18) months base salary plus superannuation contributions on your behalf at the minimum rate required so as to avoid liability to pay a charge under the Superannuation Guarantee (Administration) Act 1992 and the Superannuation Guarantee Charge Act 1992, less any amounts which are due under the NES and/or other applicable Australian law (including, as applicable, pay in lieu of notice of termination, redundancy pay, pay in lieu of long service leave and pay in lieu of untaken annual leave, but excluding superannuation contributions) (“Statutory Benefits”), and (2) the Statutory Benefits, with the Statutory Benefits being payable on or about the date of termination and the amount in (1) to be paid on the Company’s regular payroll dates over a period of eighteen (18) months, less applicable withholdings and deductions, and (B) pay you a pro rata portion of the bonus adopted pursuant to Paragraph 4, if any, for the fiscal year in which such termination occurs, less applicable withholdings and deductions. In order for you to be eligible to receive the payments specified in clause (y) of the foregoing provision of this Paragraph 13(c), other than the Statutory Benefits, you must execute a general release of claims in a form reasonably acceptable to the Company (“General Release”), provided, however, that the General Release may exclude any claims for indemnification, advancement of expenses, or insurance that you may then have pursuant to the Company’s or any Group Company’s certificate of incorporation or bylaws, any indemnity agreement, or policy of insurance. You shall have no further rights to any other compensation or benefits hereunder on or after the termination of your employment. You shall not have a duty to seek substitute employment, and the Company shall not have the right to offset any compensation due you against any compensation or income received by you after the date of such termination.

 

  14.

Trade Secrets; Confidential and/or Proprietary Information. The Company and the Group Companies own certain trade secrets and other confidential and/or proprietary information which constitute valuable property rights, which they have developed through a substantial expenditure of time and money, which are and will continue to be utilized in the business of the Company and the Group Companies and which are not generally known in the trade. This proprietary information includes the list of names of the customers and suppliers of the Company and the

 

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  Group Companies, and other particularized information concerning the products, finances, processes, material preferences, fabrics, designs, material sources, pricing information, production schedules, sales and marketing strategies, sales commission formulae, merchandising strategies, order forms and other types of proprietary information relating to our products, customers and suppliers. You agree that you will not disclose or use and will keep strictly secret and confidential all trade secrets and proprietary information of the Company and the Group Companies, including, but not limited to, those items specifically mentioned above.

 

  15. Expense Reimbursement. The Company will reimburse you for documented reasonable and necessary business expenses incurred by you while engaged in business activities for the Company’s benefit on such terms and conditions as shall be generally available to other executives of the Company or the Group Companies.

 

  16. Compliance With Business Policies. You will be required to observe the Company’s personnel and business policies and procedures as they are in effect from time to time. In the event of any conflicts, the terms of this Agreement will control. You acknowledge that the policies are not incorporated into, and are not otherwise included in, this Agreement.

 

  17. Obligations To Group Companies. The Company executes this Agreement for and on behalf of the Group Companies and may separately enforce any obligations in this Agreement that are in favour of the Group Companies on their behalf.

 

  18. Entire Agreement. This Agreement, and any confidentiality, stock option, restricted stock, stock appreciation rights or other similar agreements the Company or any Group Company may enter into with you contain the entire integrated agreement between us regarding your employment, and no modification or amendment to this Agreement will be valid unless set forth in writing and signed by both you and an authorized officer of the Company.

 

  19. Compliance with Tax Laws. This Agreement is intended to comply with the requirements of all applicable Australian tax laws. Accordingly, all provisions herein shall be construed and interpreted to comply with all such tax laws and if necessary, any such provision shall be deemed amended to comply therewith.

 

  20. Clawback Compliance. Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that the Company or Quiksilver, Inc., has adopted or is required in the future to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s or Quiksilver, Inc.’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.

 

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  21. Successors and Assigns. This Agreement will be assignable by the Company to any successor or to any other Group Company, and will be binding upon any successor to the business of the Company or Quiksilver, Inc., whether direct or indirect, by purchase of securities, merger, consolidation, purchase of all or substantially all of the assets of the Company or Quiksilver, Inc., or otherwise.

Please sign, date and return the enclosed copy of this Agreement to me to acknowledge your agreement with the above.

Thank you.

 

Very truly yours,
  
Nigel Phillips
Chief Operating Officer
Ug Manufacturing Co. Pty Ltd

 

ACKNOWLEDGED AND AGREED:
  
Craig Stevenson

 

  
Dated

 

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English translation of Employment Agreement between Pierre Agnes and Pilot SAS

Exhibit 10.2

 

 

 

CONTRAT DE TRAVAIL

 

Le présent contrat de travail (ci-après « le présent Contrat ») est conclu entre les soussignés:

 

La société Pilot SAS, une société par actions simplifiée à associé unique, au capital de 113 597,99 € dont la siège social est situé au 162 rue de Belharra, 64500 Saint-Jean-de-Luz (France), immatriculée au registre du commerce et des sociétés de Bayonne sous le numéro 070 501 374, représentée par Pierre Boccon Liaudet, Président, dûment habilité à l’effet des présentes,

 

Ci-après dénommée la « Société », ou “Pilot”

 

D’UNE PART,

 

ET :

 

Monsieur Pierre Agnes, demeurant 3, rue Marlan, 40130 Capbreton, de nationalité française, immatriculé à la Sécurité sociale sous le numéro 164046410206184.

 

Ci-après dénommé « Monsieur Pierre Agnes ».

 

D’AUTRE PART,

 

Ensemble dénommés les « Parties ».

 

IL A ETE CONVENU ET ARRETE CE QUI SUIT :

 

  

English translation – for informational purposes only

 

EMPLOYMENT CONTRACT

 

The present contract of employment (“Agreement”) has been executed between the undersigned:

 

Pilot SAS, a French company “société par actions simplifiée à associé unique”, with a capital of €113 597.99, whose registered office is located at 162 rue de Belharra, 64500 Saint-Jean-de-Luz (France), registered at the company and trade register of Bayonne under no. 070 501 374, represented by Pierre Boccon Liaudet, President, hereby duly authorized for the purposes described herein,

 

Hereinafter referred to as the “Company” or “Pilot”,

 

ON THE ONE HAND,

AND :

 

Mr. Pierre Agnes, residing 3, rue Marlan, 40130 Capbreton, of French citizenship, registered at the social security under the number 164046410206184.

 

Hereinafter referred to as “Pierre Agnes”or “Mr. Agnes”.

 

ON THE OTHER HAND,

 

Both hereinafter referred to as the “Parties”.

 

IT HAS BEEN AGREED AND DECIDED AS FOLLOWS :

 

  
  
  
  
  
  
  
  
  

ARTICLE 1—ENGAGEMENT

 

Sous réserve des dispositions présentes et de la nomination de Monsieur Pierre Agnes en tant que mandataire social au sein de Quiksilver Europe (Na Pali SAS), une société

  

ARTICLE 1—EMPLOYMENT

 

Subject to the terms herein and the appointment of Pierre Agnes under that certain Corporate Mandate within Quiksilver Europe (Na Pali SAS), a French company, the

 

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française, la Société engage Monsieur Pierre Agnes par contrat à durée indéterminée, à compter de la date du présent contrat, aux conditions indiquées ci-après ainsi qu’aux conditions générales de la Convention Collective nationale des industries de l’habillement applicable à la Société à la date de signature du présent contrat (étant entendu que la mention de cette convention collective n’est donnée qu’à titre d’information).    Company employs Pierre Agnes for an indefinite term, as from the date hereof, under the conditions set out hereinafter and under the general conditions of the applicable national Collective Bargaining Agreement of the apparel industries (being said that the mention of this collective bargaining agreement is only given for informational purposes).
A l’exception du mandat social, le présent contrat annule et remplace, dans leur intégralité, l’ensemble des contrats de travail ou autres accords connexes, oraux ou écrits, expresses ou implicites, existants ou préalables, conclus entre Monsieur Pierre Agnes et la Société, Quiksilver Europe (Na Pali SAS) ou Quiksilver, Inc.    Except for the Corporate Mandate of even date, this Agreement completely supersedes and replaces any existing or previous oral or written employment or other related agreements, express or implied, between Pierre Agnes and the Company, Quiksilver Europe (Na Pali SAS) or Quiksilver, Inc.

ARTICLE 2—FONCTIONS ET RESPONSABILITES

 

Monsieur Pierre Agnes est engagé en vue d’exercer le mandat social de Président de Na Pali SAS (dite Quiksilver Europe), filiale française opérationnelle de Quiksilver, Inc.

 

Dans le cadre de ses fonctions de Président de la filiale Quiksilver Europe (Na Pali SAS), Monsieur Pierre Agnes aura notamment pour mission de diriger les affaires, les opérations, l’organisation et le personnel à travers l’Europe conformément aux règles en vigueur au sein de Quiksilver, Inc. et de Pilot, et dans le respect des statuts de Na Pali SAS.

 

Monsieur Pierre Agnes exercera ses fonctions sous l’autorité hiérarchique du Directeur Général de Quiksilver, Inc.

  

ARTICLE 2—DUTIES AND RESPONSIBILITIES

 

Pierre Agnes is recruited as the corporate President of Na Pali SAS, Quiksilver, Inc.’s French operating subsidiary (Quiksilver Europe).

 

In his capacity of President of the subsidiairy Quiksilver Europe (Na Pali SAS), Pierre Agnes shall notably manage business, operations, organizations and staff across Europe in accordance with Quiksilver, Inc.’s and Pilot’s rules and with Na Pali SAS bylaws.

 

Pierre Agnes will work under the authority and following the instructions of the Chief Executive Officer of Quiksilver, Inc.

ARTICLE 3—REMUNERATION

 

En contrepartie de ses fonctions, Monsieur Pierre Agnes percevra une rémunération annuelle brute forfaitaire de 55,000 € (cinquante-cinq mille euros) payable aux échéances normales de la paie au sein de la Société.

  

ARTICLE 3—COMPENSATION

 

Pierre Agnes’ base lump-sum salary will be EUR 55,000 (fifty-five thousand euros) per year, less applicable withholdings and deductions, paid on the Company’s regular payroll dates.

 

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La rémunération de base brute forfaitaire de Monsieur Pierre Agnes ne pourra être inférieure à 55.000 € (cinquante-cinq mille euros) par an en vertu du présent contrat.

 

  

Pierre Agnes’ base lump-sum gross salary may not be adjusted below EUR 55,000 (fifty five thousand euros) per year during his employment pursuant to this Agreement.

 

ARTICLE 4—DUREE DU TRAVAIL

 

En sa qualité de Cadre dirigeant, Monsieur Pierre Agnes n’est pas soumis aux dispositions législatives et réglementaires relatives à la durée du travail, en application de l’article L. 3111-2 du Code du travail.

 

  

ARTICLE 4—WORKING TIME

 

As a top executive (“cadre dirigeant”), Pierre Agnes is not bound by legal and regulatory provisions on working time, pursuant to article L. 3111-2 of the French Labor Code.

 

ARTICLE 5—LIEU DE TRAVAIL

 

A titre purement informatif, Monsieur Pierre Agnes exercera ses fonctions à titre principal au siège social de Quiksilver Europe (Na Pali SAS) actuellement situé 162 rue Beharra, 64500 Saint Jean de Luz. Il est expressément convenu que les fonctions de Monsieur Pierre Agnes pourront l’amener à effectuer des déplacements fréquents à l’étranger et également en France.

 

Le lieu habituel de travail de Pierre Agnes est situé actuellement 162 rue Beharra, 64500 Saint Jean de Luz.

  

ARTICLE 5—PLACE OF WORK

 

For informational purposes only, Pierre Agnes will work principally in the Quiksilver Europe (Na Pali SAS) registered office which is currently located 162 rue Beharra, 64500 Saint Jean de Luz. It is expressly agreed that duties of Pierre Agnes may require him to make frequent trips abroad and also in France.

 

Pierre Agnes’ usual place of work is located currently at 162 rue Beharra, 64500 Saint Jean de Luz.

 

ARTICLE 6—CONGES PAYES

 

Monsieur Pierre Agnes bénéficiera des congés payés conformément à la législation française en vigueur en la matière.

 

Les dates des congés de Monsieur Pierre Agnes seront déterminées en accord avec la Direction générale de Na Pali SAS, étant précisé que Pilot et/ou Quiksilver, Inc. se réservent le droit d’exiger que les congés soient pris à certaines dates et/ou dans certaines circonstances.

 

Au terme du présent contrat, les congés acquis non pris seront payés à Monsieur

  

ARTICLE 6— PAID VACATION

 

Pierre Agnes shall be entitled to paid vacation provided by applicable French legislation.

 

The dates of Pierre Agnes’ annual vacation shall be set in agreement with the general management of Na Pali SAS. Pilot and/or Quiksilver, Inc. reserve the right to require that vacation be taken at certain times and/or in certain circumstances.

 

On termination of this Agreement, Pierre Agnes will be paid in respect of any accrued untaken vacation. Unless Pierre Agnes

 

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Pierre Agnes. Au cours de chaque année fiscale, Monsieur Pierre Agnes sera réputé avoir pris la totalité de ses congés payés acquis, qui ne lui seront plus dus, à moins que Monsieur Pierre Agnes déclare le contraire au département des Ressources Humaines de Quiksilver, Inc., par écrit, avant la fin de chaque année fiscale.

 

  

notifies Quiksilver, Inc.’s Human Resources Department in writing to the contrary as of the end of each fiscal year, however, it will be assumed that Pierre Agnes has taken his full earned vacation during each fiscal year.

 

ARTICLE 7—PROTECTION SOCIALE

 

Dans le cadre du présent contrat, Monsieur Pierre Agnes bénéficiera de l’ensemble des régimes de retraite et de prévoyance en vigueur au sein de Na Pali SAS ou qui viendraient à être mis en place ultérieurement pour sa catégorie.

 

A ce titre, Monsieur Pierre Agnes accepte de contribuer à hauteur de sa participation au financement de ces régimes, par le précompte sur son salaire des cotisations y afférentes.

 

  

ARTICLE 7—INSURANCE COVERAGE

 

Within the framework of the present Agreement, Pierre Agnes will benefit from both of retirement and disability schemes in force within Na Pali SAS or which would be implemented for his category in the future.

 

In this respect, Pierre Agnes accepts to contribute to the funding of these above-mentioned schemes, by the deduction of the social contributions from his salary.

 

ARTICLE 8—EXCLUSIVITE

 

Au cours de l’exécution du présent contrat, Monsieur Pierre Agnes consacrera l’ensemble de son temps professionnel, son attention, ses aptitudes et son énergie à la Société, à Na Pali SAS, et à Quiksilver, Inc., et ne rendra aucun service à d’autres personnes ou entités, que ce soit contre rémunération ou gratuitement, et ne s’engagera pas auprès d’une entreprise exerçant des activités concurrentes ou contraires à celles de la Société, de Na Pali SAS ou de Quiksilver, Inc., que ce soit individuellement, en tant qu’employé, associé, responsable, directeur, actionnaire, mandataire ou dirigeant de toute autre société ; ou en tant qu’administrateur, fiduciaire ou dans toutes autres fonctions semblables au sein de toute autre entité, sans le consentement préalable et écrit du Directeur Général de Quiksilver, Inc.

  

ARTICLE 8—EXCLUSIVITY

 

During Mr. Agnes’ employment under this Agreement, he will devote his full professional and business time, interest, abilities and energies to the Company, Na Pali SAS and Quiksilver, Inc., and will not render any services to any other person or entity, whether for compensation or otherwise, or engage in any business activities competitive with or adverse to the Company’s, Na Pali SAS’ or Quiksilver, Inc.’s business or welfare, whether alone, as an employee; as a partner; as a member or manager; as a shareholder, officer or director of any other corporation; or as a trustee, fiduciary or in any other similar representative capacity of any other entity without the prior written consent of the Chief Executive Officer of Quiksilver, Inc.

 

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ARTICLE 9—SECRETS COMMERCIAUX - INFORMATIONS CONFIDENTIELLES ET/OU PROTEGEES

 

La Société, Na Pali SAS et Quiksilver, Inc. détiennent certains secrets commerciaux et autre information confidentielle et/ou protégée qui constituent des droits de propriété de valeur, qui ont été développés grâce à une dépense substantielle de temps et d’argent, qui sont et continueront à être utilisés dans les affaires de la Société, de Na Pali SAS et de Quiksilver Inc, et qui ne sont pas généralement connus dans le commerce. Ces informations protégées incluent notamment la liste des clients et fournisseurs de Quiksilver Inc., Na Pali SAS, la Société, et leurs filiales, et d’autres informations particulières concernant les produits, finances, processus, choix de matériaux, tissus, dessins, sources de matériaux, informations sur les prix, calendriers de production, stratégies de vente et marketing, formules de commissions sur les ventes, stratégies de merchandising, formulaires de commande et tout autre type d’information protégée relative aux produits, clients et fournisseurs de Quiksilver, Inc., Na Pali SAS, la Société, et de leurs filiales. Monsieur Pierre Agnes accepte qu’il ne divulguera pas et qu’il gardera strictement secrets et confidentiels tous les secrets commerciaux et informations protégées de Quiksilver, Inc., Na Pali SAS, la Société, et leurs filiales, incluant, mais sans limitation, les éléments spécifiquement mentionnés ci-dessus.

  

ARTICLE 9—TRADE SECRETS – CONFIDENTIAL AND/OR PROPRIETARY INFORMATION

 

The Company, Na Pali SAS and Quiksilver, Inc. own certain trade secrets and other confidential and/or proprietary information which constitute valuable property rights, which have been developed through a substantial expenditure of time and money, which are and will continue to be utilized in the Company’s, Na Pali SAS’ and Quiksilver, Inc.’s business and which are not generally known in the trade. This proprietary information includes notably the list of names of the customers and suppliers of Quiksilver, Inc., Na Pali SAS, the Company, and their affiliates, and other particularized information concerning the products, finances, processes, material preferences, fabrics, designs, material sources, pricing information, production schedules, sales and marketing strategies, sales commission formulae, merchandising strategies, order forms and other types of proprietary information relating to Quiksilver, Inc., Na Pali SAS, the Company, and their affiliates’ products, customers and suppliers. Pierre Agnes agrees that he will not disclose and will keep strictly secret and confidential all trade secrets and proprietary information of Quiksilver, Inc., Na Pali SAS, the Company, and their affiliates, including, but not limited to, those items specifically mentioned above.

 

ARTICLE 10—PROPRIETE ET DOCUMENTS

 

A la date de cessation du présent contrat ou dès la notification de la rupture en cas de dispense/absence de préavis, Monsieur Pierre Agnes retournera sans délai à la Société tous les documents, propriétés et matériels de quelque nature que ce soit en relation avec son travail pour la Société et ses filiales, incluant Quiksilver, Inc. et Na Pali SAS, qui sont en sa possession ou sous son contrôle. Monsieur Pierre Agnes ne retiendra et ne gardera copie d’aucun document portant des informations confidentielles.

  

ARTICLE 10—PROPERTY AND DOCUMENTS

 

At the date of termination of this Agreement or as soon as the termination of this Agreement is notified, if Pierre Agnes is exempted from working his notice period and/or not subject to a notice period, Pierre Agnes shall return to the Company any document, property and material of any kind in relation to his work for the Company or its affiliates, including Quiksilver, Inc. and Na Pali SAS, being in his possession or under his control. Pierre Agnes will not retain or keep any copy of any document that would contain confidential information.

 

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ARTICLE 11—RESPECT DES POLITIQUES COMMERCIALES

 

Monsieur Pierre Agnes est tenu de respecter les politiques RH et commerciales, ainsi que les procédures en vigueur au sein de la Société, Na Pali SAS et Quiksilver, Inc. En cas de conflit, les termes du présent contrat prévalent.

  

ARTICLE 11—COMPLIANCE WITH BUSINESS POLICIES

 

Pierre Agnes will be required to observe the Company’s, Na Pali SAS’ and Quiksilver, Inc.’s personnel and business policies and procedures as they are in effect from time to time. In the event of any conflicts, the terms of this Agreement will control.

 

ARTICLE 12—RUPTURE DU CONTRAT DE TRAVAIL

 

ARTICLE 12-1 RUPTURE ET PREAVIS

 

Le présent contrat peut être résilié à tout moment par la Société ou Monsieur Pierre Agnes, à condition de respecter un préavis de 3 ou 4 mois (en fonction de l’ancienneté du salarié), ou de verser une indemnité compensatrice de préavis, conformément à la convention collective applicable.

 

Toutefois, en cas de faute grave ou lourde, aucun préavis ne sera applicable.

 

Compte tenu de la cause du présent contrat, les Parties conviennent que le présent contrat de travail sera rompu en cas de cessation (anticipée ou à échéance) du mandat social de Président qu’exerce Monsieur Pierre Agnes au sein de Quiksilver Europe (Na Pali SAS).

 

ARTICLE 12-2 INDEMNITE CONTRACTUELLE DE RUPTURE

 

Les Parties décident qu’il sera alloué à Monsieur Pierre Agnes, en cas de rupture du présent contrat, à certaines conditions, une indemnité contractuelle d’un montant brut correspondant à 18 mois de rémunération brute.

  

ARTICLE 12—TERMINATION OF THE EMPLOYMENT CONTRACT

 

ARTICLE 12-1 TERMINATION AND NOTICE PERIOD

 

This Agreement may be terminated at any time by either the Company or Pierre Agnes, subject to a notice period of 3 or 4 months (depending on the employee’s seniority), or pay in lieu of notice, according to the applicable collective bargaining agreement.

 

However, no notice period shall apply in case of serious or gross misconduct.

 

Considering the cause of the conclusion of this Agreement, the Parties agree that this Agreement will be terminated in case of termination (early or at expiration date) of the Corporate Mandate as President of Pierre Agnes within Quiksilver Europe (Na Pali SAS).

 

ARTICLE 12-2 CONTRACTUAL SEVERANCE INDEMNITY

 

The Parties agree that in case of termination of this Agreement under certain conditions, a contractual gross severance indemnity will be paid to Pierre Agnes amounting to 18 months of gross Remuneration.

 

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Par « rémunération », il y a lieu d’entendre pour les seules dispositions du présent article, la rémunération mensuelle versée à Pierre Agnes au titre du présent contrat et de son mandat social de Président au sein de Na Pali SAS, excluant tout variable (c’est-à-dire, bonus, commissions, intéressement, equity, stock options, participation...). A la date de conclusion du présent contrat, la rémunération de Monsieur Pierre Agnes s’élève à 39.583,33 (trente-neuf mille cinq cents quatre-vingt trois euros et trente-trois centimes) euros bruts par mois.

 

La présente indemnité contractuelle de rupture ne sera due à Monsieur Pierre Agnes que dans les trois cas suivants:

 

•        rupture du contrat de travail à l’échéance du mandat social de Pierre Agnes comme Président au sein de Na Pali SAS, à savoir le 31 octobre 2016;

 

•        rupture du contrat de travail du fait de la cessation anticipée du mandat social de Pierre Agnes comme Président au sein de Na Pali SAS « sans Cause légitime» telle que définie ci-après,

 

•        rupture par Monsieur Pierre Agnes de son contrat de travail pour « Bonne Raison » (telle que définie ci-après) dans les six (6) mois de l’acte constituant la Bonne Raison.

 

Etant précisé cependant que, dans le cas où le présent contrat de travail de Monsieur Pierre Agnes se termine pour cause de décès ou d’une incapacité permanente telles que fixées aux (i) et (ii), il (ou ses héritiers ou bénéficiaires en cas décès) ne recevra pas le montant brut de 18 mois de sa rémunération brute, mais recevra en lieu et place une indemnité contractuelle de rupture réduite. Le montant brut de l’indemnité contractuelle de rupture réduite sera égal au prorata de son bonus prévu le cas échéant par son mandat social, pour l’année fiscale au cours de laquelle le contrat est rompu pour cause de décès ou d’une incapacité permanente.

  

“Remuneration” means, only for the provisions of this article, the monthly remuneration payable to Pierre Agnes under this Agreement and his Corporate Mandate as President of Na Pali SAS, but excludes any variable pay (e.g., bonus, commissions, incentive pay, equity, stock, profit-sharing, etc.). As of the date of this Agreement, Pierre Agnes’ Remuneration is €39,583.33 (thirty-nine thousand, five hundred eighty-three and thirty-three hundredths euros) gross per month.

 

 

This contractual severance indemnity will be due to Pierre Agnes in the following three cases only:

 

•        termination of this Agreement due to the termination at expiration date on October 31, 2016, of the Corporate Mandate of Pierre Agnes as President within Na Pali SAS;

 

•        termination of this Agreement due to the early termination of the Corporate Mandate of Pierre Agnes as President within Na Pali SAS without “Legitimate Cause” as defined hereinafter;

 

•        termination by Pierre Agnes of this Agreement for “Good Reason” (as defined hereinafter) within six (6) months of the action constituting Good Reason.

 

Provided, however, that in the event Mr. Pierre Agnes’ employment terminates by reason of his death or permanent disability as set forth below in (i) or (ii), he (or his estate or beneficiaries in the case of his death) shall not receive the gross amount of 18 months of gross remuneration, but shall receive instead a limited contractual severance indemnity. The gross amount of the limited contractual severance indemnity will be equal to the pro rata portion of his bonus provided for in the Corporate Mandate, if any, for the fiscal year in which such termination by reason of death or permanent disability occurs.

 

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La « Cause légitime de rupture » comprend de manière non limitative les cas suivants (i) le décès, (ii) l’incapacité permanente qui rend Monsieur Pierre Agnes dans l’impossibilité d’exercer les fonctions essentielles de son poste même avec des aménagements raisonnables, (iii) une faute intentionnelle dans l’exécution des fonctions du salarié, (iv) la commission d’un délit professionnel ou la violation de la loi impliquant la turpitude morale ou la malhonnêteté, (v) conflit d’intérêt, (vi) la violation délibérée des obligations professionnelles, (vii) la négligence répétée dans ses obligations professionnelles, ou (viii) une violation substantielle par Monsieur Pierre Agnes de ses obligations en vertu du présent contrat ou du mandat social.

 

La “Bonne Raison” pour Monsieur Pierre Agnes de mettre fin au présent contrat signifie une rupture volontaire et à son initiative en raison de (i) l’affectation de Monsieur Pierre Agnes sans son consentement à des tâches substantiellement incompatibles avec la position qu’il occupe à la date du présent contrat, (ii) un changement substantiel dans le niveau de reporting de Monsieur Pierre Agnes en comparaison avec celui instauré dans le présent contrat, sans son consentement (étant précisé que Pierre Agnes reporte actuellement au Directeur Général de Quiksilver, Inc.), (iii) une diminution substantielle de l’autorité de Monsieur Pierre Agnes sans son consentement (iv) une violation substantielle par la Société de ses obligations en vertu du présent contrat, (v) le défaut pour la Société d’obtenir de tout successeur, avant que la succession n’intervienne, un accord de prendre en charge et de remplir les obligations contenues dans le présent contrat, ou (vi) la mutation, sans son accord, de Monsieur Pierre Agnes à plus de 150 km de Saint Jean de Luz (France).

  

“Legitimate Cause” shall include, but shall not be limited to, (i) death, (ii) permanent disability which renders Pierre Agnes unable to perform the essential functions of his position even with reasonable accommodation, (iii) willful misconduct in the performance of Pierre Agnes’ duties, (iv) commission of a professional felony or violation of law involving moral turpitude or dishonesty, (v) self-dealing, (vi) willful breach of professional duty, (vii) habitual neglect of professional duty, or (viii) a material breach by Pierre Agnes of his obligations under this Agreement or the Corporate Mandate.

 

“Good Reason” for Pierre Agnes to terminate this Agreement means a voluntary termination as a result of (i) the assignment to Pierre Agnes of duties materially inconsistent with his position as of the date hereof without his consent, (ii) a material change in Pierre Agnes’ reporting level from that set forth in this Agreement without his consent (Pierre Agnes currently reports to the Chief Executive Officer of Quiksilver, Inc.,), (iii) a material diminution of Pierre Agnes’ authority without his consent, (iv) a material breach by the Company of its obligations under this Agreement, (v) a failure by the Company to obtain from any successor, before the succession takes place, an agreement to assume and perform the obligations contained in this Agreement, or (vi) the relocation of Pierre Agnes, without his consent, to a location more than 150 km from Saint Jean de Luz (France).

 

Notwithstanding the foregoing, Good Reason shall not exist unless Pierre Agnes provides the Company written notice of termination

 

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Nonobstant ce qui précède, aucune Bonne Raison ne sera caractérisée, à moins que Monsieur Pierre Agnes notifie par écrit à la Société la rupture de son contrat de travail aux torts de la Société dans les quatre-vingt dix (90) jours suivant l’apparition d’une ou plusieurs des conditions énoncées aux alinéas (i) à (vi) et, si un tel événement ou la condition est corrigible, la Société ne parvient pas à corriger un tel événement ou condition dans les trente (30) jours de la notification.

 

Cette indemnité contractuelle se substitue à toute autre indemnité à laquelle Monsieur Pierre Agnes pourrait prétendre pour quel que motif que ce soit à l’occasion de l’exécution ou de la rupture tant du présent contrat de travail que de son mandat social (et notamment, sans limitation, à l’indemnité légale ou conventionnelle de licenciement, indemnité pour licenciement sans cause réelle et sérieuse, indemnité pour inobservation de la procédure, indemnité pour rupture abusive du mandat social, y compris si elles étaient attribuées par décision de justice...).

 

Plus précisément, le paiement de cette indemnité contractuelle de rupture inclut entre autres :

 

•        le paiement d’une indemnité de préavis ou d’une indemnité compensatrice de préavis (conformément à la convention collective applicable, à savoir 3 ou 4 mois en fonction de l’ancienneté du salarié) ;

 

•        le paiement d’une indemnité de licenciement prévue par le Code du travail français ou la convention collective applicable ;

 

•        le paiement de l’indemnité compensatrice de congés payés.

 

L’indemnité contractuelle de rupture sera payée en plusieurs versements :

 

1. le montant représentant (i) l’indemnité compensatrice de préavis, (ii) l’indemnité de licenciement prévue par le Code du travail ou la Convention collective applicable et (iii) l’indemnité compensatrice de congés payés

  

on account thereof within ninety (90) days following the initial existence of one or more of the conditions described in clauses (i) through (vi) and, if such event or condition is curable, the Company fails to cure such event or condition within thirty (30) days of such written notice.

 

This contractual severance indemnity replaces all other indemnity that Pierre Agnes could claim on any grounds whatsoever in relation to the performance or termination of both this Agreement and his Corporate Mandate (including, without limitation, legal severance pay or severance pay provided by the collective bargaining agreement, damages for dismissal without real and serious ground, damages for breach of procedure, damages for wrongful termination of the Corporate Mandate, even if they were awarded by a court decision).

 

More precisely, the payment of this contractual severance indemnity includes among others :

 

•        the payment of the notice period indemnity or pay in lieu of notice (provided by the collective bargaining agreement, i.e., 3 or 4 months depending on the employee’s seniority);

 

•        the payment of the severance pay provided by the French Labour Code or the applicable collective bargaining agreement;

 

•        the payment of the accrued untaken vacation indemnity

 

This contractual severance indemnity will be paid in several installments :

 

1. the amount that represents (i) the indemnity in lieu of notice, (ii) the severance pay provided by the French Labor Code or the applicable collective bargaining agreement and (iii) the indemnity for accrued untaken vacation will be paid at the end of

 

9


sera payé à la fin du présent contrat (sauf si Mr Pierre Agnes effectue son préavis; dans ce cas, l’indemnité de préavis sera payée chaque mois durant le préavis aux échéances normales de la paie).

 

Les Parties conviennent que l’indemnité de préavis (ou l’indemnité compensatrice de préavis), ou l’indemnité de licenciement prévue par le Code du travail ou la Convention collective applicable, et l’indemnité compensatrice de congés payés sont calculées uniquement sur la base du salaire mensuel brut perçu par Monsieur Pierre Agnes en vertu du présent contrat de travail.

 

2. l’excédent (du montant de l’indemnité contractuelle de rupture) sera réglé en plusieurs versements, aux échéances normales de la paie, durant les 18 mois suivant la fin du présent contrat de travail.

 

Etant précisé que les Parties conviennent que le paiement de l’excédent requiert que Pierre Agnes renonce définitivement à exercer toute action judiciaire à l’encontre de la Société, ou des autres sociétés du Groupe, à la suite de la rupture de son contrat, dans une forme raisonnablement acceptée par Quiksilver, Inc.

 

Les Parties entendent faire de cette indemnité contractuelle de rupture une condition essentielle du présent contrat.

  

this Agreement (unless Mr. Agnes performs his notice period; in such case, the notice period indemnity will be paid each month during the notice period, on regular payroll dates).

 

The Parties agree that the notice period indemnity (or the indemnity in lieu of notice), the severance pay provided by the French Labour Code or the applicable collective bargaining agreement, and the accrued but untaken vacation indemnity, are calculated on the monthly gross salary received by Pierre Agnes pursuant to this Employment Agreement only.

 

2. the excess (of the amount of the contractual severance pay) is paid in installments on the Company’s regular payroll dates during the 18-month period following the end of employment.

 

The Parties agree that the payment of this excess amount requires that Pierre Agnes sign a general release of claims in a form reasonably acceptable to Quiksilver, Inc., following his termination.

 

The Parties intend that this contractual severance indemnity is an essential condition of this Agreement.

 

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ARTICLE 13—INTEGRALITE DU CONTRAT

 

Le présent contrat, le mandat social et tout accord de confidentialité, stock option, actions gratuites, “restricted stock unit”, “stock appreciation rights” ou d’autres contrats similaires que la Société pourrait conclure avec Monsieur Pierre Agnes contiennent l’intégralité de l’accord passé entre la Société et Monsieur Pierre Agnes dans le cadre de sa relation de travail, et aucune modification ou avenant au présent contrat ne sera valide, s’il n’est pas rédigé par écrit et signé par Monsieur Pierre Agnes ainsi que par un représentant de la Société dûment habilité.

 

  

ARTICLE 13—ENTIRE AGREEMENT

 

This Agreement, the Corporate Mandate, and any confidentiality, stock option, restricted stock, restricted stock unit, stock appreciation rights or other similar agreements the Company may enter into with Pierre Agnes contain the entire integrated agreement between the Company and Pierre Agnes regarding his employment, and no modification or amendment to this Agreement will be valid unless set forth in writing and signed by both Pierre Agnes and an authorized officer of the Company.

 

ARTICLE 14—SUCCESSEURS ET CESSIONNAIRES

 

Le présent contrat sera cessible par Quiksilver, Inc. à tout successeur ou à toute société détenue ou contrôlée par Quiksilver, Inc., et liera tout successeur direct ou indirect dans les affaires de Quiksilver, Inc., par l’achat de titres, ou par fusion, consolidation, acquisition de tout ou d’une partie substantielle des actifs de Quiksilver, Inc., ou par tout autre moyen.

 

  

ARTICLE 14—SUCESSORS AND ASSIGNS

 

This Agreement will be assignable by Quiksilver, Inc. to any successor or to any other company owned or controlled by Quiksilver, Inc., and will be binding upon any successor to the business of Quiksilver, Inc., whether direct or indirect, by purchase of securities, merger, consolidation, purchase of all or substantially all of the assets of Quiksilver, Inc. or otherwise.

 

ARTICLE 15—RESPECT DU MECANISME DE REMBOURSEMENT “CLAWBACK COMPLIANCE

 

Toute somme payée au titre du présent contrat de travail sera remboursée en conformité avec toute politique de remboursement “Clawback policy” que la Société, Quiksilver, Inc. ou Na Pali SAS a adoptée, ou devra adopter dans le futur afin de respecter les normes d’inscription à la cote de toute bourse nationale d’échange de titres ou association sur laquelle les titres de Quiksilver, Inc. sont cotés, ou comme il est par ailleurs requis par le Dodd-Frank Wall Street Reform and Consumer Protection Act ou tout autre texte applicable.

  

ARTICLE 15—CLAWBACK COMPLIANCE

 

Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that the Company, Quiksilver, Inc. or Na Pali SAS has adopted or is required in the future to adopt pursuant to the listing standards of any national securities exchange or association on which Quiksilver, Inc.’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.

 

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Fait à St Jean de Luz,

Le 6 Mars 2012

 

En deux exemplaires originaux.

 

  

In St Jean de Luz,

On March 6, 2012

 

Executed in two originals.

 

Pour la Société (*) :

 

Pour Pilot SAS:

Pierre Boccon Liaudet

Président

  

For the Company:

 

On behalf of Pilot SAS

Pierre Boccon Liaudet

President

Pour Monsieur Pierre Agnes (*) :

 

Pierre Agnes

(*) Signature précédée de la mention manuscrite « lu et approuvé » et paraphe de toutes les pages du document.

  

For Pierre Agnes:

 

Pierre Agnes

(*) Please write the wording “acknowledged and agreed” (“lu et approuvé) and initial each page of the document.

 

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English translation of Corporate Mandate between Pierre Agnes and Pilot SAS

Exhibit 10.3

 

MANDAT SOCIAL

  

CORPORATE MANDATE

Pilot SAS en tant qu’actionnaire de Quiksilver Europe (Na Pali SAS), qui est une société par actions simplifiée française, au capital de 13 545 100 € dont le siège social est situé 162 rue de Belharra, 645000 Saint-Jean-de-Luz (France), immatriculée au registre du commerce et des sociétés de Bayonne sous le numéro 331 377 036, représentée par Pierre Boccon Liaudet, dûment habilité aux fins des présentes,    Pilot SAS as shareholder of Quiksilver Europe (Na Pali SAS), which is a French “société par actions simplifiée”, with a capital of € 13 545 100, whose registered office is located at 162 rue de Belharra, 645000 Saint-Jean-de-Luz (France), registered at the company and trade register of Bayonne under no. 331 377 036, represented by Pierre Boccon Liaudet, hereby duly authorized for the purposes described herein,

 

Ci-après dénommé “l’Actionnaire”.

  

 

Hereinafter referred to as the “Shareholder”.

D’UNE PART,

 

ET :

  

ON THE ONE HAND,

 

AND :

 

Monsieur Pierre Agnes, demeurant 3, rue Marlan, 40130 CAPBRETON, de nationalité française, immatriculé à la Sécurité sociale sous le numéro 164046410206184.

 

Ci-après dénommé “Pierre Agnes”.

 

D’AUTRE PART,

 

Ensemble dénommés les “Parties”.

 

  

 

Mr. Pierre Agnes, residing at 3, rue Marlan, 40130 CAPBRETON, of French citizenship, with social security number 164046410206184.

 

Hereinafter referred to as “Pierre Agnes”.

 

ON THE OTHER HAND,

 

Both hereinafter referred to as the “Parties”.

 

Préambule

 

Pierre Agnes a été nommé Président de la société Quiksilver Europe (Na Pali SAS) par décision de l’Actionnaire en date du 1er Juillet 2005.

 

Pierre Agnes a conclu un contrat de travail avec Pilot SAS ayant pour objet l’exécution de son mandat social au sein de Na Pali SAS,

  

Preamble

 

Pierre Agnes has been appointed as the President of the company Quiksilver Europe (Na Pali SAS) by the Shareholder’s decision dated July 1, 2005.

 

Pierre Agnes has concluded an employment contract with Pilot SAS regarding the performance of his corporate mandate

 

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une filiale de Pilot SAS. En conséquence, la décision a été prise de modifier les termes et conditions relatives à l’exécution de son mandat de Président de Na Pali SAS.    within Na Pali SAS, one of Pilot SAS’ subsidiaries. As a consequence, it has been decided to amend the terms and conditions of the performance of his mandate as President of Na Pali SAS.

 

Les termes et conditions d’exécution du Mandat Social de Pierre Agnes au sein de Quiksilver Europe (Na Pali SAS) sont les suivants :

 

  

 

The terms and conditions of the performance of the Corporate Mandate of Pierre Agnes within Quiksilver Europe (Na Pali SAS) are the following :

 

1. Rémunération. La rémunération de Pierre Agnes sera de 35 000 Euros mensuels (420 000 Euros sur une base annualisée), diminuée des retenues et déductions applicables, payée aux échéances habituelles de la paie au sein de Na Pali SAS. La rémunération de Pierre Agnes sera revue au moment de la révision périodique des rémunérations de la direction et pourra être ajustée discrétionnairement par l’Actionnaire au regard de la performance de Na Pali SAS, de la performance de Pierre Agnes, des conditions du marché, et d’autres facteurs considérés comme pertinents par le Conseil d’Administration ou le Comité de Rémunération du Conseil d’Administration (« le Comité de Rémunération ») de Quiksilver, Inc. Le montant de la rémunération ne pourra pas être inférieur à 35 000 Euros par mois.

 

   1. Salary. Pierre Agnes’ base salary will be EUR 35,000 per month (EUR 420,000 on an annualized basis), less applicable withholdings and deductions, paid on Na Pali SAS’ regular payroll dates. Pierre Agnes’ base salary will be reviewed at the time management remunerations are reviewed periodically and may be adjusted (but not below EUR 35,000 per month) at the Shareholder’s discretion in light of Na Pali SAS’ performance, Pierre Agnes’ performance, market conditions and other factors deemed relevant by the Quiksilver, Inc. Board of Directors or the Compensation Committee of the Board of Directors (“Compensation Committee”).
2. Bonus annuel discrétionnaire. Pierre Agnes sera éligible à l’octroi d’un bonus discrétionnaire conformément au Plan d’Intéressement de Quiksilver, Inc. pour chaque année fiscale complète effectuée au titre de son Mandat Social (dont l’échéance est actuellement fixée au 31 octobre de chaque année). Les termes et conditions particuliers de cet octroi devant être approuvés par le Conseil d’Administration ou le Comité de Rémunération de Quiksilver, Inc. au moment de l’octroi de ce bonus. Tout paiement au titre d’un bonus doit être effectué dans les trente (30) jours suivant la publication par Quiksilver, Inc. de ses comptes annuels contrôlés, et en aucun    2. Annual Discretionary Bonus. For each full fiscal year of this Corporate Mandate (currently ending October 31), Pierre Agnes shall be eligible for a discretionary bonus award pursuant to the Quiksilver, Inc. Incentive Compensation Plan, the specific terms and conditions of such award to be approved by the Board of Directors or the Compensation Committee of Quiksilver, Inc. at the time of the bonus award. Any payment received in connection with a bonus award shall be paid within thirty (30) days following the date Quiksilver, Inc. publicly releases its annual audited financial statements, but in no event later than March 15 of the calendar year following the

 

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cas après le 15 mars de l’année calendaire suivant l’année fiscale au titre de laquelle le bonus est octroyé. Le paiement du bonus sera diminué des retenues et déductions applicables.

 

  

fiscal year for which the bonus is awarded. Any bonus payments shall be less applicable withholdings and deductions.

 

3. Indemnité d’habillement. Il sera alloué à Pierre Agnes une indemnité d’habillement de 5 000 Euros par an au prix de gros de Na Pali SAS.

 

  

3. Clothing Allowance. Pierre Agnes will be provided a clothing allowance of EUR 5,000 per year at Na Pali SAS’ wholesale prices.

 

4. Stock Options. Pierre Agnes continuera d’être éligible à la participation au Plan d’Intéressement de Quiksilver, Inc., ou à tout plan d’épargne en actions qui lui succéderait. Le montant et les termes de l’attribution à Pierre Agnes d’actions gratuites, de “restricted stock units”, de stock options, de “stock appreciation rights”, ou d’autres modes d’intéressement seront déterminés discrétionnairement par le Conseil d’Administration ou le Comité de Rémunération de Quiksilver, Inc., et précisés dans des contrats distincts, mais devront être substantiellement comparables à ceux accordés à d’autres cadres supérieurs de niveau équivalent.

 

  

4. Stock Options. Pierre Agnes shall continue to be eligible to participate in the Quiksilver, Inc. Stock Incentive Plan, or any successor equity plan. The amount and terms of any restricted stock, restricted stock units, stock options, stock appreciation rights or other interests to be granted to Pierre Agnes will be determined by the Board of Directors or the Compensation Committee of Quiksilver, Inc. in its discretion and covered in separate agreements, but shall be substantially similar to those granted to other senior executives of Quiksilver, Inc. of equivalent level.

 

Les stock options attribuées après la date de cet accord jusqu’à la cessation du Mandat Social de Pierre Agnes devront prévoir que s’il est mis fin au Mandat Social de Pierre Agnes sans Cause Légitime (comme définie ci-après), ou du fait de son décès, ou d’une incapacité permanente, ou si Pierre Agnes met fin à son Mandat Social pour une Bonne Raison (comme définie ci-après), toute option pendante sera acquise intégralement/vestée et de manière accélérée de sorte qu’immédiatement avant une telle cessation, les options pourront être exercées en totalité et demeureront exerçables jusqu’à ce que le premier des évènements suivants survienne (i) le premier anniversaire de la cessation, (ii) l’arrivée du terme de l’option, ou (iii) la résiliation conformément à d’autres dispositions du plan d’options ou du contrat applicable (par exemple, une transaction sociétaire).    Stock options granted to Pierre Agnes after the date hereof through the termination of Pierre Agnes’ Corporate Mandate shall provide that if Pierre Agnes is terminated without Legitimate Cause (as hereinafter defined), or as a result of his death or permanent disability, or if Pierre Agnes terminates his Corporate Mandate for Good Reason (as hereinafter defined), any such options outstanding will automatically vest in full on an accelerated basis so that the options will immediately prior to such termination become exercisable for all option shares and remain exercisable until the earlier to occur of (i) the first anniversary of such termination, (ii) the end of the option term, or (iii) termination pursuant to other provisions of the applicable option plan or agreement (e.g., a corporate transaction).

 

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La « Cause Légitime » comprend de manière non limitative les cas suivants, (i) le décès de Pierre Agnes, (ii) l’incapacité permanente de Pierre Agnes qui le rend incapable de remplir les fonctions essentielles liées à son poste même avec des aménagements raisonnables, (iii) une faute intentionnelle dans l’exécution des fonctions de Pierre Agnes, (iv) la commission d’un délit professionnel ou la violation de la loi requérant une turpitude morale ou la malhonnêté, (v) les conflits d’intérêt, (vi) la violation délibérée d’une obligation professionnelle, (vii) la négligence répétée d’une obligation professionnelle, ou (viii) la violation substantielle par Pierre Agnes d’une de ses obligations en vertu de ce Mandat Social ou du Contrat de Travail.

 

   “Legitimate Cause” shall include, but shall not be limited to, (i) Pierre Agnes’ death, (ii) Pierre Agnes’ permanent disability which renders him unable to perform the essential functions of his position even with reasonable accommodation, (iii) willful misconduct in the performance of Pierre Agnes’ duties, (iv) commission of a professional felony or violation of law involving moral turpitude or dishonesty, (v) self-dealing, (vi) willful breach of professional duty, (vii) habitual neglect of professional duty, or (viii) a material breach by Pierre Agnes of his obligations under this Corporate Mandate or the Employment Contract.
La « Bonne Raison » pour Pierre Agnes de rompre ce Mandat signifie la rupture volontaire du fait de (i) l’affectation à Pierre Agnes de tâches substantiellement incompatibles avec sa fonction telle que décrite ci-dessus, sans son consentement, (ii) un changement substantiel dans le niveau de reporting de Pierre Agnes par rapport à celui prévu par le présent Mandat Social, sans son consentement (iii) une diminution substantielle de son autorité sans son consentement, (iv) une violation substantielle par l’Actionnaire du présent Mandat Social, (v) le défaut pour Quiksilver, Inc. ou Pilot SAS d’obtenir de tout successeur avant que la succession n’intervienne l’accord de reprendre et remplir les obligations comprises dans le présent Mandat Social, ou (vi) la mutation de Pierre Agnes sans son consentement vers un lieu se situant à plus de 150 km de Saint Jean de Luz (France). Nonobstant ce qui précède, aucune Bonne raison ne sera caractérisée à moins que Pierre Agnes ne notifie par écrit à Quiksilver, Inc. ou à l’Actionnaire la cessation des fonctions à leurs torts, dans les quatre-vingt dix (90) jours suivant l’apparition d’une ou plusieurs    “Good Reason” for Pierre Agnes to terminate his Corporate Mandate means a voluntary termination as a result of (i) the assignment to Pierre Agnes of duties materially inconsistent with his position as set forth above without his consent, (ii) a material change in Pierre Agnes reporting level from that set forth in this Corporate Mandate without his consent, (iii) a material diminution of his authority without his consent, (iv) a material breach by the Shareholder of this Corporate Mandate, (v) a failure by Quiksilver, Inc. or Pilot SAS to obtain from any successor, before the succession takes place, an agreement to assume and perform the obligations contained in this Corporate Mandate, or (vi) the relocation of Pierre Agnes, without his consent, to a location more than 150 km from Saint Jean de Luz (France). Notwithstanding the foregoing, Good Reason shall not exist unless Pierre Agnes provides Quiksilver, Inc. or the Shareholder written notice of termination on account thereof within ninety (90) days following the initial existence of one or more of the conditions described in clauses (i) through (vi) and, if such event or condition is curable, Quiksilver, Inc. or the

 

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des conditions énoncées aux alinéas (i) à (vi) et, si un tel évènement ou une telle condition est corrigible, Quiksilver, Inc. ou l’Actionnaire ne corrige pas un tel évènement ou condition dans les trente (30) jours d’une telle notification écrite.

 

  

Shareholder fails to cure such event or condition within thirty (30) days of such written notice.

 

5. Assurance-vie. Na Pali SAS ou Quiksilver, Inc. paiera la prime sur une police d’assurance vie au profit de Pierre Agnes auprès d’une compagnie de son choix pour la police d’assurance de son choix, et pour le bénéficiaire de son choix, pour un montant nominal déterminé par Quiksilver, Inc. , qui ne peut être inférieur à 2 000 000 $ USD. L’obligation de Quiksilver, Inc. d’obtenir et de maintenir cette assurance dépend de la démonstration et du maintien de l’assurabilité de Pierre Agnes, et l’Actionnaire n’est pas tenu de payer des primes annuelles pour une telle police d’assurance au-delà de 5 000 $ USD.

 

  

5. Life Insurance. Na Pali SAS or Quiksilver, Inc., will pay the premium on a term life insurance policy on Pierre Agnes’ life with a company and policy of its choice, and a beneficiary of his choice, in the face amount determined by Quiksilver, Inc. of not less than USD $2,000,000. Quiksilver, Inc.’s obligation to obtain and maintain this insurance is contingent upon Pierre Agnes’ establishing and maintaining insurability, and it is not required to pay premiums for such a policy in excess of USD $5,000 annually.

 

6. Terme et rupture. Le Mandat Social commence à courir à compter de la présente date jusqu’au 31 octobre 2016 inclus, date à laquelle ce Mandat Social prendra fin. Il peut être mis fin à ce Mandat Social par l’Actionnaire à tout moment, discrétionnairement ad nutum et sans préavis avant le 31 octobre 2016.

 

  

6. Term and Termination. The term of this Corporate Mandate is from the date hereof through and including October 31, 2016, on which date this Corporate Mandate will terminate. This Corporate Mandate can be terminated prior to October 31, 2016 by the Shareholder at any time at will and without notice.

 

En cas de cessation du Mandat Social, aucune indemnité de départ ne sera due à Pierre Agnes.

 

  

No severance indemnity will be paid to Pierre Agnes in case of termination of his Corporate Mandate.

 

Monsieur Agnes recevra l’intégralité du montant de tout bonus discrétionnaire dû, le cas échéant, qui a été gagné au titre de l’année fiscale antérieure, au moment où les bonus annuels sont payés aux autres cadres, mais en aucun cas après le 15 mars de l’année calendaire suivant l’année fiscale au titre de laquelle le bonus est octroyé.    Mr. Agnes shall receive the full amount of any unpaid discretionary bonus that was earned from the preceding fiscal year, if any, at the time annual bonuses are paid to other executives, but in no event later than March 15 of the calendar year following the fiscal year for which the bonus is awarded.

 

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Si (i) l’Actionnaire décide de mettre fin à ce Mandat Social sans Cause Légitime avant le 31 octobre 2016, (ii) ce Mandat Social prend fin du fait du décès ou l’incapacité permanente de Pierre Agnès, (iii) ce Mandat Social prend fin de plein droit le 31 octobre 2006, ou (iv) si Pierre Agnes met fin à ce Mandat Social pour une Bonne Raison dans les six (6) mois de l’évènement consituant la Bonne Raison, Na Pali SAS paiera au pro rata à Pierre Agnes une partie du bonus adopté conformément à l’article 2, s’il y a lieu, pour l’année fiscale au cours de laquelle une telle cessation a lieu, déduction faite des retenues et déductions.

 

  

If (i) the Shareholder elects to terminate this Corporate Mandate without Legitimate Cause prior to October 31, 2016, (ii) this Corporate Mandate is terminated by reason of Pierre Agnes’ death or permanent disability, (iii) this Corporate Mandate automatically terminates on October 31, 2016, or (iv) if Pierre Agnes terminates this Corporate Mandate for Good Reason within six (6) months of the action constituting Good Reason, Na Pali SAS will pay Pierre Agnes a pro rata portion of the bonus adopted pursuant to Paragraph 2, if any, for the fiscal year in which such termination occurs, less applicable withholdings and deductions.

 

La Cause Légitime et la Bonne Raison sont définies à l’article 4.

 

  

Legitimate Cause and Good Reason are defined in Paragraph 4.

 

7. Secrets commerciaux ; Information confidentielle et/ou protégées. Pilot SAS, Na Pali SAS et Quiksilver, Inc. détiennent certains secrets commerciaux et autre information confidentielle et/ou protégée qui constituent des droits de propriété de valeur, qui ont été développés grâce à une dépense substantielle de temps et d’argent, qui sont et continueront à être utilisés par Pilot SAS, Na Pali SAS et Quiksilver, Inc. et qui ne sont pas généralement connus dans le commerce. Ces informations protégées incluent la liste des clients et fournisseurs de Pilot SAS, Quiksilver, Inc., Na Pali SAS et leurs filiales, et d’autres informations particulières concernant les produits, finances, processus, préférences de matériaux, tissus, dessins, sources de matériaux, information sur les prix, calendriers de production, stratégies de vente et de marketing, formules de commission sur les ventes, stratégies de merchandising, formulaires de commande et tout autre type d’information protégée relative aux produits, clients et fournisseurs de Pilot SAS, Quiksilver, Inc., Na Pali SAS et de leurs filiales. Pierre Agnes consent à ne pas divulguer et à garder strictement secrets et confidentiels tous les secrets commerciaux et informations protégées de Pilot SAS, Quiksilver, Inc., Na Pali SAS et leurs filiales, en ce compris de façon non limitative les éléments expressément mentionnées ci-dessus.    7. Trade Secrets; Confidential and/or Proprietary Information. Pilot SAS, Na Pali SAS and Quiksilver, Inc. own certain trade secrets and other confidential and/or proprietary information which constitute valuable property rights, which have been developed through a substantial expenditure of time and money, which are and will continue to be utilized in Pilot SAS’, Na Pali SAS’ and Quiksilver, Inc.’s businesses and which are not generally known in the trade. This proprietary information includes the list of names of the customers and suppliers of Pilot SAS, Quiksilver, Inc., Na Pali SAS and their affiliates, and other particularized information concerning the products, finances, processes, material preferences, fabrics, designs, material sources, pricing information, production schedules, sales and marketing strategies, sales commission formulae, merchandising strategies, order forms and other types of proprietary information relating to Pilot SAS, Quiksilver, Inc., Na Pali SAS and their affiliates’ products, customers and suppliers. Pierre Agnes agrees that he will not disclose and will keep strictly secret and confidential all trade secrets and proprietary information of Pilot SAS , Quiksilver, Inc., Na Pali SAS and their affiliates, including, but not limited to, those items specifically mentioned above.

 

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8. Propriété et documents. A la date de la cessation du présent Mandat Social ou dès que la cessation du présent Mandat Social a été décidée, Pierre Agnes restituera à Na Pali SAS tout document, propriété ou matériel de toute nature en relation avec son Mandat Social au sein de Na Pali SAS, qui serait en sa possession ou sous son contrôle. Pierre Agnes ne conservera ou ne gardera aucune copie d’aucun document qui contiendrait une information confidentielle.

 

  

8. Property and Documents. At the date of termination of this Corporate Mandate or as soon as the termination of this Corporate Mandate is decided, Pierre Agnes shall return to Na Pali SAS any document, property and material of any kind in relation of his Corporate Mandate within Na Pali SAS, being in his possession or under his control. Pierre Agnes will not retain or keep any copy of any document that would contain confidential information.

 

9. Remboursement des frais. Na Pali SAS remboursera Pierre Agnes de ses frais professionnels raisonnables, nécessaires et justifiés, engagés au cours de ses activités professionnelles au bénéfice de Na Pali SAS, selon les termes et dans les conditions généralement accordées aux autres cadres de Na Pali SAS.

 

  

9. Expense Reimbursement. Na Pali SAS will reimburse Pierre Agnes for documented reasonable and necessary business expenses incurred by him while engaged in business activities for Na Pali SAS’ benefit on such terms and conditions as shall be generally available to other executives of Na Pali SAS.

 

10. Respect des politiques commerciales. Pierre Agnes sera tenu de respecter les politiques commerciales et RH, ainsi que les procédures en vigueur au sein de Na Pali SAS. En cas de conflit, les termes du présent Mandat Social prévalent.

 

  

10. Compliance With Business Policies. Pierre Agnes will be required to observe Na Pali SAS personnel and business policies and procedures as they are in effect from time to time. In the event of any conflicts, the terms of this Corporate Mandate will control.

 

11. Respect des lois fiscales. Le présent Mandat Social est rédigé en vue de respecter les exigences de toutes les lois fiscales américaine et française applicables, en ce compris (le cas échéant) les Articles 280G et 409 A du Code fédéral du Revenu Intérieur, et les règlements et autres circulaires promulgués pour son application. En conséquence, toutes les présentes dispositions doivent être interprétées de façon à respecter toutes ces lois fiscales et si nécessaire, toute disposition doit être considérée comme modifiée afin de respecter ces lois.    11. Compliance with Tax Laws. This Corporate Mandate is intended to comply with the requirements of all applicable United States and French tax laws, including (if applicable) Sections 280G and 409A of the U.S. Internal Revenue Code, and the regulations and other guidance promulgated thereunder. Accordingly, all provisions herein shall be construed and interpreted to comply with all such tax laws and if necessary, any such provision shall be deemed amended to comply therewith.

 

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12. Respect du mécanisme de remboursement (“Clawback Compliance”). Toute somme payée au titre du présent contrat sera remboursée en conformité avec toute politique de remboursement “ Clawback Compliance” que Quiksilver, Inc. ou Na Pali SAS a adoptée, ou devra adopter dans le futur afin de respecter des normes d’inscription à la cote de toute bourse nationale d’échange de titres ou association sur laquelle les titres de Quiksilver, Inc. sont cotées, ou comme il est par ailleurs requis par le Dodd-Frank Wall Street Reform and Consumer Protection Act ou tout autre texte applicable.

 

   12. Clawback Compliance. Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that Quiksilver, Inc. or Na Pali SAS has adopted or is required in the future to adopt pursuant to the listing standards of any national securities exchange or association on which Quiksilver, Inc.’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.

13. Successeurs et cessionnaires. Ce Mandat Social sera cessible par Quiksilver, Inc. à tout successeur ou à toute société détenue ou contrôlée par Quiksilver, Inc., et liera tout successeur direct ou indirect dans les affaires de Quiksilver, Inc., par l’achat de titres, ou par fusion, consolidation, acquisition de tout ou d’une partie substantielle des actifs de Quiksilver, Inc., ou par tout autre moyen.

 

  

13. Successors and Assigns. This Corporate Mandate will be assignable by Quiksilver, Inc. to any successor or to any other company owned or controlled by Quiksilver, Inc., and will be binding upon any successor to the business of Quiksilver, Inc., whether direct or indirect, by purchase of securities, merger, consolidation, purchase of all or substantially all of the assets of Quiksilver, Inc. or otherwise.

 

14. Intégralité du contrat. A l’exception du Contrat de Travail en date des présentes, ce Mandat Social substitue et remplace tout mandat social ou tout autre contrat de travail, existant ou préexistant, oral ou écrit, exprès ou tacite, entre Pierre Agnes, Na Pali SAS, l’Actionnaire de Na Pali SAS, ou Quiksilver, Inc. Le présent Mandat Social, le Contrat de Travail, et tout accord de confidentialité, stock option, actions gratuites, “restricted stock unit”, “stock appreciation rights”, ou tout accord similaire que l’Actionnaire pourrait conclure avec Pierre Agnes, comprennent l’intégralité de l’accord passé entre Quiksilver, Inc., Na Pali SAS, l’Actionnaire de Na Pali SAS et Pierre Agnes concernant sa relation de travail et le Mandat Social, et aucune modification ou    14. Entire Agreement. Except for the Employment Contract of even date, this Corporate Mandate completely supersedes and replaces any existing or previous oral or written corporate mandates or other employment agreements, express or implied, between Pierre Agnes, Na Pali SAS, the Shareholder of Na Pali SAS, or Quiksilver Inc. This Corporate Mandate, the Employment Contract, and any confidentiality, stock option, restricted stock, restricted stock unit, stock appreciation rights or other similar agreements the Shareholder may enter into with Pierre Agnes contain the entire integrated agreement between Quiksilver, Inc., Na Pali SAS, the Shareholder of Na Pali SAS and Pierre Agnes regarding his employment and

 

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avenant apporté au présent Mandat Social ne sera valide, sauf s’il est rédigé par écrit, signé par l’Actionnaire, et conforme aux lois françaises.    Corporate Mandate, and no modification or amendment to this Corporate Mandate will be valid unless set forth in writing and signed by the Shareholder, and in accordance with the French laws.

Signé en deux originaux.

   Executed in two originals.

A St Jean de Luz,

Le 6 Mars 2012

  

In St Jean de Luz,

On March 6, 2012

Pour l’Actionnaire:

 

Pierre Boccon Liaudet

 

  

For the Shareholder:

 

Pierre Boccon Liaudet

 

Pour Pierre Agnes:

 

Pierre Agnes

(*) Ecrivez la mention “lu et approuvé”, et paraphez chaque page du présent document.

  

For Pierre Agnes:

 

Pierre Agnes

(*) Please write the wording “acknowledged and agreed” (“lu et approuvé) and initial each page of the document.

 

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