EXHIBIT 10.4c

ZALE CORPORATION
2003 STOCK INCENTIVE PLAN
RESTRICTED STOCK
PLAN AGREEMENT

             

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Participant
  Issue Date   Number of Shares   Social Security Number
 
           

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Grant
  Zale Corporation (the “Company”), on behalf of Zale Delaware, Inc., its

  wholly-owned subsidiary, has issued to the Participant named above, as of the

  Issue Date, the above number of shares of common stock of the Company (the

  “Restricted Stock”) subject to the terms and conditions set forth in this Plan

  Agreement and in the Zale Corporation 2003 Stock Incentive Plan (the “Plan”).
 
   
Issue Date
  The Issue Date for the shares of Restricted Stock granted to the Participant

  pursuant to this Plan Agreement (the “Restricted Shares,” or a “Restricted

  Share”) shall be the date set forth above.
 
   
Issuance of Certificates
  Reasonably promptly after the Issue Date, the Company shall cause to be issued

  a stock certificate, registered in the name of the Participant, evidencing the

  Restricted Shares; provided, however, that the Company shall not cause such a

  stock certificate to be issued unless it has received a stock power duly

  endorsed in blank with respect to such Restricted Shares. Each such stock

  certificate shall bear the legend required by Section 10(e) of the Plan. Such

  legend shall not be removed until such Restricted shares vest pursuant to the

  terms of this Plan Agreement and the Plan.
 
   

  The stock certificate issued with respect to the Restricted Shares, together

  with the stock powers relating to such Restricted Shares, shall be held by the

  Company.
 
   
Vesting Date(s)
  The Restricted Shares shall vest in full on July 21, 2007 (the “Vesting
Date”).
 
   
Consequences of Vesting
  Upon the vesting of a Restricted Share pursuant to the terms of the Plan and

  this Plan Agreement, the restrictions set forth below relating to such

  Restricted Shares shall cease to apply to such Restricted Share. Reasonably

  promptly after a Restricted Share vests, the Company shall cause to be

  delivered to the Participant a certificate evidencing such Restricted Share,

  free of the legend required by Section 10(e) of the Plan. Notwithstanding the

  foregoing, the Restricted Share still may be subject to restrictions on

  transfer as a result of applicable securities laws.
 
   
Dividends
  The Participant shall be entitled to receive dividend payments, if any, with

  respect to the Restricted Shares.
 
   
Restrictions
  Prior to the vesting of a Restricted Share, no transfer of the Participant’s

  rights with respect to such Restricted Share, whether voluntary or

  involuntary, by operation of law or otherwise, shall be permitted.

  Immediately upon any attempt to transfer such rights, such Restricted Share,

  and all of the rights related thereto, shall be forfeited by the Participant.

 

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Termination
  Other than Cause — During the 90 days following termination of a Participant’s

  employment with Zale Delaware, Inc. for any reason other than Cause, the

  Company shall have the right to require the return of any Restricted Shares to

  which restrictions on transferability apply, in exchange for which the Company

  shall repay to the Participant (or the Participant’s estate) any amount paid

  by the Participant for such Restricted Shares.
 
   

  Cause — In the event of the termination of a Participant’s employment with

  Zale Delaware, Inc. for Cause, all Restricted Shares granted to the

  Participant which have not vested as of the date of such termination shall

  immediately be returned to the Company, together with any dividends paid on

  such Restricted Shares.
 
   
No Section 83(b) Elections
  The Participant shall not file with the Internal Revenue Service an election

  under Section 83(b) of the Internal Revenue Code of 1986, as amended (i.e., an

  election to include in gross income in the year of issuance of the Restricted

  Shares the amounts specified in such Section 83(b)).
 
   
Misc.
  Upon the occurrence of a Change in Control, all outstanding Restricted Shares

  which have not theretofore vested shall immediately vest.
 
   

  Capitalized terms not otherwise defined herein shall have the meanings

  assigned to them in the Plan.
 
   

  Zale Corporation
 
   
 
   

 

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  Authorized Officer
 
   

  I hereby agree to be bound by all the terms and

  Conditions of this Plan Agreement and the Plan.
 
   
 
   

 

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  Participant

  Date:

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