Document:

exv10w1

Exhibit 10.1

EXECUTION VERSION

SEVENTH AMENDMENT

     SEVENTH AMENDMENT (this “Amendment”), dated as of July 31, 2008, to the Amended and
Restated Credit Agreement dated as of June 3, 2005 (as amended, the “Credit Agreement”),
among Quiksilver, Inc., a Delaware corporation, Quiksilver Americas, Inc., a California
corporation, the several banks and other institutions from time to time parties thereto (the
“Lenders”), Bank of America, N.A., as documentation agent, Union Bank of California, N.A.,
as syndication agent, JPMorgan Chase Bank, N.A., as US administrative agent for the US Lenders
thereunder (in such capacity, the “US Administrative Agent”), JPMorgan Chase Bank, N.A.,
London Branch, as an alternate currency fronting lender, J.P. Morgan Europe Limited, as alternate
currency fronting agent (in such capacity, the “Alternate Currency Fronting Agent”), and
JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian administrative agent for the Canadian
Lenders (in such capacity, the “Canadian Administrative Agent”).

W I T N E S S E T H:

     WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have made,
certain loans and other extensions of credit to the Borrowers;

     WHEREAS, the Borrowers have requested that certain provisions of the Credit Agreement be
amended as set forth herein; and

     WHEREAS, the Lenders are willing to agree to such amendment on the terms set forth herein;

     NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the
undersigned hereby agree as follows:

     I. Amendments to Section 1.1. Section 1.1 is hereby amended by amending the
definition of “Pilot SAS Facility” by deleting the phrase “one-year credit agreement” and
substituting in lieu thereof the phrase “credit agreement maturing no later than March 15, 2009”
and (ii) inserting the following definitions in appropriate alphabetical order:

          “QS Holdings”: QS Holdings SARL, a Société à Responsabilitée Limitée and a
wholly-owned subsidiary of Quiksilver.

          “Rossignol Luxembourg Restructuring”: the collective reference to the purchase by QS
Holdings of all of the shares in Ski Rossignol held by Skis Rossignol S.A. and Pilot SAS and
related restructuring transactions involving transfers of related assets and liabilities among QS
Holdings and its Subsidiaries.

          “Ski Rossignol”: Ski Rossignol Finance Luxembourg SA, a Société Anonyme and a
wholly-owned indirect subsidiary of Quiksilver.

          “Skis Rossignol S.A.”: Skis Rossignol S.A. – Club Rossignol S.A., a Société Anonyme
and a wholly-owned indirect subsidiary of Quiksilver.

 

 

          “Societe Generale Agreement”: the Subscription Agreement, dated July 11, 2005, with
Ski Rossignol, as issuer of bonds with a total value of €50,000,000 maturing July 2010, Skis
Rossignol S.A., as guarantor, and Societe Generale Bank & Trust, as initial subscriber.

     II. Amendment to Section 6.2. Section 6.2 is hereby amended by (i) deleting the “and”
at the end of clause (n), (ii) deleting the amount “€130,000,000” in clause (o) and substituting
in lieu thereof the amount
“€70,000,000”, (iii) deleting the “.” at the end of clause (o) and
substituting in lieu thereof the phrase “; and” and (iv) inserting a new clause (p) to read as
follows:

“(p) Guarantee Obligations of Quiksilver with respect to the obligations of Ski
Rossignol under the Societe Generale Agreement in an amount not to exceed the US
Dollar Equivalent of €50,000,000.”

     III. Amendment to Section 6.7. Section 6.7 is hereby amended by (i) deleting the
“and” at the end of clause (l), (ii) deleting the “.” at the end of clause (m) and substituting in
lieu thereof the phrase “; and” and (iii) inserting a new clause (n) to read as follows:

          “(n) investments in connection with the Rossignol Luxembourg Restructuring.”

     IV. Amendment to Section 6.8. Section 6.8 is hereby amended by (i) deleting the “or”
at the end of clause (i), (ii) inserting the phrase “or” at the end of clause (ii) and (iii)
inserting before the period at the end thereof the following: “(iii) is in connection with the
Rossignol Luxembourg Restructuring.”

     V. Effective Date. This Amendment shall become effective on the date (the
“Effective Date”) on which (i) the Borrowers and the Majority Lenders shall have duly
executed and delivered to the US Administrative Agent this Amendment and (ii) the Administrative
Agent shall have received evidence satisfactory to it that the Societe Generale Agreement has been
amended in a manner satisfactory to the Administrative Agent.

     VI. Representations and Warranties. The Borrowers hereby represent and warrant that
(a) each of the representations and warranties in Article III of the Credit Agreement shall be,
after giving effect to this Amendment, true and correct in all material respects as if made on and
as of the Effective Date (unless such representations and warranties are stated to relate to a
specific earlier date, in which case such representations and warranties shall be true and correct
in all material respects as of such earlier date) and (b) after giving effect to this Amendment, no
Default or Event of Default shall have occurred and be continuing.

     VII. No Other Amendments; Confirmation. Except as expressly amended hereby, the
provisions of the Credit Agreement, as amended and restated, are and shall remain in full force and
effect.

     VIII. Governing Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with, the laws of the
State of New York.

2

 

     IX. Counterparts. This Amendment may be executed by one or more of the parties hereto
on any number of separate counterparts, and all of said counterparts taken together shall be deemed
to constitute one and the same instrument. This Amendment may be delivered by facsimile
transmission of the relevant signature pages hereof.

[signature pages follow]

3

 

     IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered by
their duly authorized officers as of the date first above written.

	 	 	 	 	 	 	 
	 	 	QUIKSILVER, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	QUIKSILVER AMERICAS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as US
 Administrative Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as
 Documentation Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	UNION BANK OF CALIFORNIA, N.A., as
 Syndication Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

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	 	 	NATIXIS (F/K/A NATEXIS BANQUES POPULAIRES)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	ALLIED IRISH BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

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	 	 	GENERAL ELECTRIC CAPITAL CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	HSBC BANK USA, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	ISRAEL DISCOUNT BANK OF NEW YORK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	BNP-PARIBAS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	SOCIETE GENERALE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

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	 	 	SUMITOMO MITSUI BANKING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

     The US Guarantors hereby consent and agree to this Amendment as of the date hereof and
reaffirm their obligations under the US Security Agreement, the US Guarantee and the other Loan
Documents to which they are party.

	 	 	 	 	 	 	 
	 	 	QS RETAIL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	QS WHOLESALE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	DC SHOES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	HAWK DESIGNS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	MERVIN MANUFACTURING, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	FIDRA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	ROSSIGNOL SKI COMPANY INCORPORATED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Page

 

 

	 	 	 	 	 	 	 
	 	 	SKIS DYNASTAR, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Seventh Amendment Signature Pageexv10w5

Exhibit 10.5

June 13, 2008

Mr. Joe Scirocco

Quiksilver, Inc.

15202 Graham Street

Huntington Beach, California 92649

     RE:   Amendment to Employment Agreement

Dear Mr. Scirocco:

Reference is made to your Employment Agreement (“Agreement”) dated April 12, 2007 by and between
Quiksilver, Inc. (“Quiksilver”) and you. Capitalized terms used in this letter and not defined
herein shall have the meaning ascribed to them in the Agreement.

This letter amends the Agreement as follows:

	1.	 	The parties agree to amend and replace Section 1 of the Agreement as follows:
	 
	 	 	“1. Position; Exclusivity. The Company hereby agrees to employ you as its Chief
Financial Officer, reporting to the Chief Executive Officer. During your employment with
Quiksilver, you will devote your full professional and business time, interest, abilities
and energies to the Company 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 business or welfare, whether alone, as an employee, as a
partner, as a member, or 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.”

Except as expressly amended by this letter, the terms, conditions, covenants and agreements
contained in the Agreement remain unaffected by this letter and continue in full force and effect.
This letter is intended by the parties to satisfy the requirement in clause 13 of the Agreement
that any modification or amendment to the Agreement be in writing and signed by both parties.
Further, this letter and the Agreement constitute the entire agreement between the parties with
respect to the subject matter set forth herein and therein and supercede all other agreements,
proposals, oral or written statements. Please confirm your agreement by signing and returning one
copy of this letter to the undersigned, whereupon this letter will become a binding agreement
between the parties.

Very truly yours,

	 	 	 	 	 
	By: 

	 	 	 	 
	 

	 	 	 
	Name: Bob McKnight	 	 
	Title: Chief Executive Officer

	 	 

Accepted and agreed to this16th day of June, 2008

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name:	 	 
	Title:

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