Document:

Exhibit 10.2

DECKERS OUTDOOR CORPORATION

RESTRICTED
STOCK UNIT AWARD AGREEMENT

UNDER

2006 EQUITY INCENTIVE PLAN

LEVEL 1 AWARD

	
  Name of Grantee:

  
	
  Total Number of Stock
  Units Granted:

  
	
  Grant Date:

  

 

Deckers Outdoor Corporation
(the “Company”) has on the Grant Date
specified above (the “Grant Date”)
granted to                               
(“Grantee”), in order to provide
an incentive for Grantee to remain a Service Provider of the Company and to
exert added effort towards its growth and success, an award (the “Award”)
to receive that number of restricted stock units (the “Restricted
Stock Units”) indicated above, each Restricted Stock Unit
representing the right to receive one share of the Company’s Common Stock,
$0.01 par value per share (the “Common Stock”),
subject to certain restrictions and on the terms and conditions contained in
this Award and the Deckers Outdoor Corporation 2006 Stock Incentive Plan (the “Plan”).  Any terms not
defined herein shall have the meaning set forth in the Plan.

1.             Rights of the Grantee with Respect to the
Restricted Stock Units.

(a)           No Stockholder Rights.  The
Grantee shall have no rights as a stockholder of the Company until shares of
Common Stock are actually issued to and held of record by the Grantee.  The rights of Grantee with respect to the
Restricted Stock Units shall remain forfeitable at all times prior to the date
on which such rights become vested, and the restrictions with respect to the
Restricted Stock Units lapse, in accordance with Sections 2, 3, or 4 below.

(b)           Additional Restricted Stock Units.  As
long as Grantee holds Restricted Stock Units granted pursuant to this Award,
the Company shall credit to Grantee, on each date that the Company pays a cash
dividend to holders of Common Stock generally, an additional number of
Restricted Stock Units (“Additional
Restricted Stock Units”) equal to the total number of whole
Restricted Stock Units and Additional Restricted Stock Units previously
credited to Grantee under this Award multiplied by the dollar amount of the
cash dividend paid per share of Common Stock by the Company on such date,
divided by the Fair Market Value of a share of Common Stock on such date.  Any fractional Restricted Stock Unit
resulting from such calculation shall be included in the Additional Restricted
Stock Units.  A report showing the number
of Additional Restricted Stock Units so credited shall be sent to Grantee
periodically, as determined by the Company. 
The Additional Restricted Stock Units so credited shall be subject to
the same terms and conditions as the Restricted Stock Units to which such
Additional Restricted Stock Units relate and the Additional Restricted Stock
Units shall be forfeited in the event that the Restricted Stock Units with
respect to which such Additional Restricted Stock Units were credited are
forfeited.

(c)           Conversion of Restricted Stock Units;
Issuance of Common Stock.  No shares of Common Stock shall be issued to
Grantee prior to the date on which the Restricted Stock Units vest, and the
restrictions with respect to the Restricted Stock Units lapse, in accordance
with Sections 2, 3, or 4 below. 
Neither this Section 1(c) nor any action taken pursuant to or in
accordance with this Section 1(c) shall be construed to create a trust of
any kind.  As soon as practical after any
Restricted Stock Units vest pursuant to Sections 2, 3, or 4 below, the
Company shall promptly cause to be issued an equivalent number of shares of
Common Stock, registered in Grantee’s name or in the name of Grantee’s legal
representatives, beneficiaries or heirs, as the case may be, in payment of such
vested whole Restricted Stock Units and any Additional Restricted Stock
Units.  Such payment shall be subject to
the tax withholding provisions of Section 7, and shall be in complete
satisfaction of such vested Restricted Stock Units.  The value of any fractional Restricted Stock
Unit shall be paid in cash at the time certificates are delivered to Grantee in
payment of the Restricted Stock Units and any Additional Restricted Stock
Units.

2.             Vesting.  The Restricted Stock Units
shall vest in installments, and the right to receive shares of Common Stock
pursuant to the Restricted Stock Units shall be based upon the Grantee’s “Continuous
Service” (as defined below) to the Company and the achievement by the Company
of the performance milestones set forth below. 
The Restricted Stock Units shall vest as follows:

(a)           If the Company achieves all of the performance objectives set forth on Exhibit
A attached hereto for the twelve month period ending December 31, 2010, then
eighty percent (80%) of the Restricted Stock Units shall vest effective as of
December 31, 2010, provided that the Grantee shall have provided
Continuous Service to the Company through December 31, 2010.

(b)           If the Company achieves all of the performance objectives set forth on Exhibit
A attached hereto for the twelve month period ending December 31, 2011, then
one hundred percent (100%) of the remaining unvested Restricted Stock Units
shall vest effective as of December 31, 2011, provided that the Grantee
shall have provided Continuous Service to the Company through December 31, 2011.

(c)           No additional Restricted Stock Units shall vest after the date of
termination of Optionee’s “Continuous Service” (as defined below).

(d)           As used herein, the term “Continuous
Service” means (i) employment by either the Company or any parent or
subsidiary corporation of the Company, or by any successor entity following a
Change in Control, which is uninterrupted except for vacations, illness, or
leaves of absence which are approved in writing by the Company or any of such
other employer corporations, if applicable, or (ii) service as a member of the
Board of Directors of the Company until Grantee resigns, is removed from
office, or Grantee’s term of office expires and he or she is not
reelected.  The Grantee’s Continuous
Service shall not terminate merely because of a change in the capacity in which
the Grantee renders service to the Company or a corporation or subsidiary
corporation described in clause (i) above. 
For example, a change in the Grantee’s status from an employee to a
Non-Employee Director will not constitute an interruption of the Grantee’s
Continuous Service, provided there is no interruption in the Grantee’s
performance of such services. 
Notwithstanding the foregoing, for any employee of a subsidiary of the
Company located outside the United States, such employee’s Continuous Service
shall be deemed terminated upon the commencement of such employee’s “garden
leave period,” “notice period,” or other similar period

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where such employee is being
compensated by such subsidiary but not actively providing service to such
subsidiary.

3.             Vesting Upon Change in Control.

(a)           Notwithstanding Section 2 above, if Grantee holds Restrictive Stock
Units at the time a Change in Control occurs, and either (i) the Change in
Control is not approved by a majority of the Continuing Directors (as defined
below), or (ii) the acquiring or successor entity (or parent thereof) does not
agree to provide for the continuance or assumption of this Agreement or the
substitution for this Agreement of a new agreement of comparable value covering
shares of a successor corporation (“New
Incentives”), then all of the Restricted Stock Units shall become
immediately and unconditionally vested, and the restrictions with respect to
all of the Restricted Stock Units shall lapse, effective immediately prior to
the consummation of such Change in Control.

(b)           Notwithstanding subsection 3(a) above, if pursuant to a Change in
Control approved by a majority of the Continuing Directors, the acquiring or
successor entity (or parent thereof) provides for the continuance or assumption
of this Agreement or the substitution for this Agreement of a new agreement of
comparable value covering New Incentives, then vesting of the Restricted Stock
Units shall not accelerate in connection with such Change in Control to the
extent this Agreement is continued, assumed or substituted for New Incentives; provided,
however,

(i)            if
Grantee’s Continuous Service is terminated without Cause or pursuant to a
Constructive Termination (as defined below) within 12 months following such
Change in Control, all Restricted Stock Units or New Incentives shall vest
effective upon such termination; or

(ii)           if,
following a Change in Control, Grantee shall have provided Continuous Service
through December 31, 2010, then, whether or not the performance objectives set
forth in Exhibit A have been met, 80% of the Restricted Stock Units or
New Incentives shall vest on December 31, 2010, and if, following a Change in
Control, Grantee shall have provided Continuous Service through December 31,
2011, then, whether or not the performance objectives set forth in Exhibit A
have been met, 100% of the Restricted Stock Units or New Incentives shall vest
on December 31, 2011.

(c)           For purposes of this Agreement, the following terms shall have the
meanings set forth below:

(i)            “Cause”
means, with respect to a Grantee’s Continuous Service, the termination by the
Company of such Continuous Service for any of the following reasons: (a) The
continued, unreasonable refusal or omission by the Grantee to perform any
material duties required of him by the Company if such duties are consistent
with duties customary for the position held with the Company; (b) Any material
act or omission by the Grantee involving malfeasance or gross negligence in the
performance of Grantee’s duties to, or material deviation from any of the
policies or directives of, the Company; (c) Conduct on the part of Grantee
which constitutes the breach of any statutory or common law duty of loyalty to
the Company; including the unauthorized disclosure of material confidential
information or trade secrets of the Company; or (d) any illegal act by Grantee
which materially and adversely affects the business of the Company or any
felony committed by Grantee, as evidenced by conviction thereof, provided that
the Company may suspend Grantee with pay while any allegation of such illegal
or felonious act is investigated.  In the
event that the Grantee

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is a party to an employment
agreement or other similar agreement with the Company or any Affiliate that
defines a termination on account of “Cause” (or a term having similar meaning),
such definition shall apply as the definition of a termination on account of “Cause”
for purposes hereof, but only to the extent that such definition provides the
Grantee with greater rights.  A
termination on account of Cause shall be communicated by written notice to the
Grantee, and shall be deemed to occur on the date such notice is delivered to
the Grantee.

(ii)           “Constructive Termination”
shall mean a termination of employment by Grantee within sixty (60) days
following the occurrence of any one or more of the following events without the
Grantee’s written consent (i) any reduction in position, title, overall
responsibilities, level of authority, level of reporting, base compensation,
annual incentive compensation opportunity, aggregate employee benefits or (ii)
a request that Grantee’s location of employment be relocated by more than fifty
(50) miles.  In the event that the
Grantee is a party to an employment agreement or other similar agreement with
the Company or any Affiliate (or a successor entity) that defines a termination
on account of “Constructive Termination,” “Good Reason” or “Breach of Agreement”
(or a term having a similar meaning), such definition shall apply as the
definition of “Constructive Termination” for purposes hereof in lieu of the
foregoing, but only to the extent that such definition provides the Grantee
with greater rights.  A Constructive
Termination shall be communicated by written notice to the Committee, and shall
be deemed to occur on the date such notice is delivered to the Committee,
unless the circumstances giving rise to the Constructive Termination are cured
within five (5) days of such notice.

(iii)          “Continuing Director”
means any member of the Board of Directors of the Company who was a member of
the Board prior to the adoption of the Plan, and any person who is subsequently
elected to the Board if such person is recommended or approved by a majority of
the Continuing Directors.

4.             Forfeiture or Early Vesting Upon Termination
of Employment.

(a)           Termination of Employment Generally.  If,
prior to vesting of the Restricted Stock Units pursuant to Section 2 or 3,
Grantee ceases to be an employee of the Company, or ceases to serve on the
Board of Directors of the Company, for any reason (voluntary or involuntary)
other than death or permanent long-term disability, then Grantee’s rights to
all of the unvested Restricted Stock Units shall be immediately and irrevocably
forfeited, including the right to receive any Additional Restricted Stock
Units.

(b)           Death or Disability.  If
Grantee dies while employed by the Company or its subsidiaries, or if Grantee’s
employment by the Company or its subsidiaries is terminated due to Grantee’s
failure to return to work as the result of Grantee’s Disability (as defined in
the Plan), then all unvested Restricted Stock Units shall become immediately
vested, and the restrictions with respect to all of the Restricted Stock Units
shall lapse, as of the date of such Disability or death.  No transfer by will or the applicable laws of
descent and distribution of any Restricted Stock Units that vest by reason of
Grantee’s death shall be effective to bind the Company unless the Committee
shall have been furnished with written notice of such transfer and a copy of
the will or such other evidence as the Committee may deem necessary to
establish the validity of the transfer.

5.             Restriction on Transfer.  The
Restricted Stock Units and any rights under this Award may not be sold,
assigned, transferred, pledged, hypothecated or otherwise disposed of by
Grantee otherwise than by will or by the laws of descent and distribution, and
any such purported sale,

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assignment, transfer,
pledge, hypothecation or other disposition shall be void and unenforceable
against the Company.  Notwithstanding the
foregoing, Grantee may, in the manner established by the Committee, designate a
beneficiary or beneficiaries to exercise the rights of Grantee and receive any
property distributable with respect to the Restricted Stock Units upon the
death of Grantee.

6.             Adjustments to Restricted Stock Units.  Upon
or in contemplation of any reclassification, recapitalization, stock split,
reverse stock split or stock dividend; any merger, combination, consolidation
or other reorganization; any split-up, spin-off, or similar extraordinary
dividend distribution in respect of the Common Stock (whether in the form of
securities or property); any exchange of Common Stock or other securities of
the Company, or any similar, unusual or extraordinary corporate transaction in
respect of the Common Stock; or a sale of substantially all the assets of the
Company as an entirety; then the Company shall, in such manner, make appropriate
adjustments in the number of Restricted Stock Units subject to this Agreement
and the number and kind of securities that may be issued in respect of such
Units, as provided in Section 15 of the Plan.

7.             Income Tax Matters.

(a)           In order to comply with all applicable federal or state income tax laws
or regulations, the Company may take such action as it deems appropriate to
ensure that all applicable federal or state payroll, withholding, income or
other taxes, which are the sole and absolute responsibility of Grantee, are
withheld or collected from Grantee.

(b)           The Company shall reasonably determine the amount of any federal,
state, local or other income, employment, or other taxes which the Company or
any of its affiliates may reasonably be obligated to withhold with respect to
the grant, vesting, or other event with respect to the Restricted Stock
Units.  The Company may, in its sole
discretion, withhold a sufficient number of shares of Common Stock in
connection with the vesting of the Restricted Stock Units at the Fair Market
Value (as defined in the Plan) of the Common Stock (determined as of the date
of measurement of the amount of income subject to such withholding) to satisfy
the minimum amount of any such withholding obligations that arise with respect
to the vesting of such Restricted Stock Units. 
The Company may take such action(s) without notice to the Grantee, and the
Grantee shall have no discretion as to the satisfaction of tax withholding
obligations in such manner.  If, however,
any withholding event occurs with respect to the Restricted Stock Units other
than upon the vesting of such Units, or if the Company for any reason does not
satisfy the withholding obligations with respect to the vesting of the Units as
provided above in this Section 7(b), the Company shall be entitled to
require a cash payment by or on behalf of the Grantee and/or to deduct from
other compensation payable to the Grantee the minimum amount of any such
withholding obligations.

(c)           The Restricted Stock Unit Award evidenced by this Agreement, and the
issuance of shares of Common Stock to the Grantee in settlement of vested
Units, is intended to be taxed under the provisions of Section 83 of the
Internal Revenue Code of 1986, as amended (the “Code”), and is not
intended to provide and does not provide for the deferral of compensation
within the meaning of Section 409A(d) of the Code.  Therefore, the Company intends to report as
includible in the Grantee’s gross income for any taxable year an amount equal
to the Fair Market Value of the shares of Common Stock covered by the Units
that vest (if any) during such taxable year, determined as of the date such
Units vest.  In furtherance of this
intended tax treatment, all vested Units shall be automatically settled and
payment to the Grantee shall be made as provided in Section 1(c) hereof, but in
no event later than March 15th of the year following the calendar year in which
such Units vest.  The Grantee shall have
no power to affect the timing of such settlement or payment.  The

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Company reserves the right
to amend this Agreement, without the Grantee’s consent, to the extent it
reasonably determines from time to time that such amendment is necessary in
order to achieve the purposes of this Section.

8.             Compliance with Laws.  The
Award and the offer, issuance and delivery of securities under this Agreement
are subject to compliance with all applicable federal and state laws, rules and
regulations (including but not limited to state and federal securities laws)
and to such approvals by any listing, regulatory or governmental authority as
may, in the opinion of counsel for the Company, be necessary or advisable in
connection therewith.  The Grantee will,
if requested by the Company, provide such assurances and representations to the
Company as the Company may deem necessary or desirable to assure compliance
with all applicable legal requirements. 
The Company will cause such action to be taken, and such filings to be
made, so that the grant hereunder shall comply with the rules of the Nasdaq
Stock Market or the principal stock exchange on which shares of the Company’s
Common Stock are then listed for trading.

9.             No Agreement to Employ. Nothing in this Agreement shall affect any
right with respect to continuance of employment by the Company or any of its
subsidiaries.  The right of the Company
or any of its subsidiaries to terminate at will the Grantee’s employment at any
time (whether by dismissal, discharge or otherwise), with or without cause, is
specifically reserved, subject to any other written employment agreement to
which the Company and Grantee may be a party.

10.           Entire Agreement.  This
Agreement and the Plan constitute the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior or contemporaneous
written or oral agreements and understandings of the parties, either express or
implied.

11.           Conflict of Provisions.  The
terms contained in the Plan are incorporated into and made a part of this
Agreement and this Agreement shall be governed by and construed in accordance
with the Plan.  In the event of any
actual or alleged conflict between the provisions of the Plan and the
provisions of this Agreement, the provisions of the Plan shall be controlling
and determinative.

12.           Assignment.  Grantee shall have no right,
without the prior written consent of the Company, to (i) sell, assign,
mortgage, pledge or otherwise transfer any interest or right created hereby, or
(ii) delegate his or her duties or obligations under this Agreement.  This Agreement is made solely for the benefit
of the parties hereto, and no other person, partnership, association or
corporation shall acquire or have any right under or by virtue of this
Agreement.

13.           “Market Stand-Off” Agreement. 
Grantee agrees that, if requested by the Company or the managing
underwriter of any proposed public offering of the Company’s securities
(including any acquisition transaction where Company securities will be used as
all or part of the purchase price), Grantee will not sell or otherwise transfer
or dispose of any shares of Common Stock held by Grantee without the prior
written consent of the Company or such underwriter, as the case may be, during
such period of time, not to exceed 180 days following the effective date of the
registration statement filed by the Company with respect to such offering, as
the Company or the underwriter may specify.

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14.           Severability. 
Should any provision or portion of this Agreement be held to be
unenforceable or invalid for any reason, the remaining provisions and portions
of this Agreement shall be unaffected by such holding.

15.           Notices.  All notices, requests, demands
and other communications required or permitted under this Agreement shall be in
writing and shall be deemed to have been duly given and effective (i) when
delivered by hand, (ii) when otherwise delivered against receipt therefor,
or (iii) three (3) business days after being mailed if sent by registered
or certified mail, postage prepaid, return receipt requested.  Any notice shall be addressed to the parties
as follows or at such other address as a party may designate by notice given to
the other party in the manner set forth herein:

(a)           if to the Company:

Deckers
Outdoor Corporation

495-A
South Fairview Avenue

Goleta,
California  93117

Attention:  Chief Financial Officer

(b)           if to the Grantee, at the address shown on the signature page of this
Agreement or at his most recent address as shown in the employment or stock
records of the Company.

16.           Applicable Law.  This
Agreement shall be construed in accordance with the laws of the State of
California without reference to choice of law principles, as to all matters,
including, but not limited to, matters of validity, construction, effect or
performance.

17.           Number and Gender. 
Where the context requires, the singular shall include the plural, the
plural shall include the singular, and any gender shall include all other
genders.

18.           Section Headings.  The
section headings of, and titles of paragraphs and subparagraphs contained in,
this Agreement are for the purpose of convenience only, and they neither form a
part of this Agreement nor are they to be used in the construction or
interpretation thereof.

19.           Modifications.  This
Agreement may not be amended, modified or changed (in whole or in part), except
by a written agreement expressly referring to this Agreement, which agreement
is executed by both of the parties hereto. 
Notwithstanding the foregoing, amendments made pursuant to Section 7(c)
hereof may be effectuated solely by the Company.

20.           Waiver.  Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence.  No
waiver shall be effective unless it is in writing and is signed by the party asserted
to have granted such waiver.

21.           Counterparts.  This
Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one agreement and any party hereto may execute this
Agreement by signing any such counterpart. 
This Agreement shall be binding upon Grantee and the

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Company at such time as the
Agreement, in counterpart or otherwise, is executed by Grantee and the Company.

[Signature Page Follows]

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IN
WITNESS WHEREOF, the parties hereto have executed this Restricted Stock Unit
Award Agreement as of the date first above written.

	
  THE COMPANY: 

  	
   

  	
  GRANTEE: 

  
	
   

  	
   

  	
   

  
	
  DECKERS OUTDOOR CORPORATION 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Print Name)

  
	
  Name: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Address:Exhibit 10.3

DECKERS OUTDOOR CORPORATION

RESTRICTED STOCK UNIT AWARD AGREEMENT

UNDER

2006 EQUITY INCENTIVE PLAN

LEVEL 2 AWARD

	
  Name of Grantee:

  
	
  Total Number of Stock
  Units Granted:

  
	
  Grant Date:

  

 

Deckers
Outdoor Corporation (the “Company”) has
on the Grant Date specified above (the “Grant Date”)
granted to                                                                 
(“Grantee”), in order to provide
an incentive for Grantee to remain a Service Provider of the Company and to
exert added effort towards its growth and success, an award (the “Award”)
to receive that number of restricted stock units (the “Restricted
Stock Units”) indicated above, each Restricted Stock Unit
representing the right to receive one share of the Company’s Common Stock,
$0.01 par value per share (the “Common Stock”),
subject to certain restrictions and on the terms and conditions contained in
this Award and the Deckers Outdoor Corporation 2006 Stock Incentive Plan (the “Plan”).  Any terms not
defined herein shall have the meaning set forth in the Plan.

1.             Rights of the Grantee with Respect to the
Restricted Stock Units.

(a)           No Stockholder Rights.  The
Grantee shall have no rights as a stockholder of the Company until shares of
Common Stock are actually issued to and held of record by the Grantee.  The rights of Grantee with respect to the
Restricted Stock Units shall remain forfeitable at all times prior to the date
on which such rights become vested, and the restrictions with respect to the
Restricted Stock Units lapse, in accordance with Sections 2, 3, or 4 below.

(b)           Additional Restricted Stock Units.  As
long as Grantee holds Restricted Stock Units granted pursuant to this Award,
the Company shall credit to Grantee, on each date that the Company pays a cash
dividend to holders of Common Stock generally, an additional number of
Restricted Stock Units (“Additional
Restricted Stock Units”) equal to the total number of whole
Restricted Stock Units and Additional Restricted Stock Units previously
credited to Grantee under this Award multiplied by the dollar amount of the
cash dividend paid per share of Common Stock by the Company on such date,
divided by the Fair Market Value of a share of Common Stock on such date.  Any fractional Restricted Stock Unit
resulting from such calculation shall be included in the Additional Restricted
Stock Units.  A report showing the number
of Additional Restricted Stock Units so credited shall be sent to Grantee
periodically, as determined by the Company. 
The Additional Restricted Stock Units so credited shall be subject to
the same terms and conditions as the Restricted Stock Units to which such
Additional Restricted Stock Units relate and the Additional Restricted Stock
Units shall be forfeited in the event that the Restricted Stock Units with
respect to which such Additional Restricted Stock Units were credited are
forfeited.

(c)           Conversion of Restricted Stock Units;
Issuance of Common Stock.  No shares of Common Stock shall be issued to
Grantee prior to the date on which the Restricted Stock Units vest, and the
restrictions with respect to the Restricted Stock Units lapse, in accordance
with Sections 2, 3, or 4 below. 
Neither this Section 1(c) nor any action taken pursuant to or in
accordance with this Section 1(c) shall be construed to create a trust of
any kind.  As soon as practical after any
Restricted Stock Units vest pursuant to Sections 2, 3, or 4 below, the
Company shall promptly cause to be issued an equivalent number of shares of
Common Stock, registered in Grantee’s name or in the name of Grantee’s legal
representatives, beneficiaries or heirs, as the case may be, in payment of such
vested whole Restricted Stock Units and any Additional Restricted Stock
Units.  Such payment shall be subject to
the tax withholding provisions of Section 7, and shall be in complete
satisfaction of such vested Restricted Stock Units.  The value of any fractional Restricted Stock
Unit shall be paid in cash at the time certificates are delivered to Grantee in
payment of the Restricted Stock Units and any Additional Restricted Stock
Units.

2.             Vesting.  The Restricted Stock Units
shall vest in installments, and the right to receive shares of Common Stock
pursuant to the Restricted Stock Units shall be based upon the Grantee’s “Continuous
Service” (as defined below) to the Company and the achievement by the Company
of the performance milestones set forth below. 
The Restricted Stock Units shall vest as follows:

(a)           If the Company achieves all of the performance objectives set forth on Exhibit
A attached hereto for the twelve month period ending December 31, 2015, then
eighty percent (80%) of the Restricted Stock Units shall vest effective as of
December 31, 2015, provided that the Grantee shall have provided
Continuous Service to the Company through December 31, 2015.

(b)           If the Company achieves all of the performance objectives set forth on Exhibit
A attached hereto for the twelve month period ending December 31, 2016, then
one hundred percent (100%) of the remaining unvested Restricted Stock Units shall vest effective
as of December 31, 2016, provided that the Grantee shall have provided
Continuous Service to the Company through December 31, 2016.

(c)           No additional Restricted Stock Units shall vest after the date of
termination of Optionee’s “Continuous Service” (as defined below).

(d)           As used herein, the term “Continuous
Service” means (i) employment by either the Company or any parent or
subsidiary corporation of the Company, or by any successor entity following a
Change in Control, which is uninterrupted except for vacations, illness, or
leaves of absence which are approved in writing by the Company or any of such
other employer corporations, if applicable, or (ii) service as a member of the
Board of Directors of the Company until Grantee resigns, is removed from
office, or Grantee’s term of office expires and he or she is not
reelected.  The Grantee’s Continuous
Service shall not terminate merely because of a change in the capacity in which
the Grantee renders service to the Company or a corporation or subsidiary
corporation described in clause (i) above. 
For example, a change in the Grantee’s status from an employee to a
Non-Employee Director will not constitute an interruption of the Grantee’s
Continuous Service, provided there is no interruption in the Grantee’s
performance of such services. 
Notwithstanding the foregoing, for any employee of a subsidiary of the
Company located outside the United States, such employee’s Continuous Service
shall be deemed terminated upon the commencement of such employee’s “garden
leave period,” “notice period,” or other similar period 

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where such employee is being compensated by such subsidiary but not
actively providing service to such subsidiary.

3.             Vesting Upon Change in Control.

(a)           Notwithstanding Section 2 above, if Grantee holds Restrictive Stock
Units at the time a Change in Control occurs, and either (i) the Change in
Control is not approved by a majority of the Continuing Directors (as defined
below), or (ii) the acquiring or successor entity (or parent thereof) does not
agree to provide for the continuance or assumption of this Agreement or the
substitution for this Agreement of a new agreement of comparable value covering
shares of a successor corporation (“New
Incentives”), then all of the Restricted Stock Units shall become
immediately and unconditionally vested, and the restrictions with respect to
all of the Restricted Stock Units shall lapse, effective immediately prior to
the consummation of such Change in Control.

(b)           Notwithstanding subsection 3(a) above, if pursuant to a Change in
Control approved by a majority of the Continuing Directors, the acquiring or
successor entity (or parent thereof) provides for the continuance or assumption
of this Agreement or the substitution for this Agreement of a new agreement of
comparable value covering New Incentives, then vesting of the Restricted Stock
Units shall not accelerate in connection with such Change in Control to the
extent this Agreement is continued, assumed or substituted for New Incentives; provided,
however,

(i)            if Grantee’s
Continuous Service is terminated without Cause or pursuant to a Constructive
Termination (as defined below) within 12 months following such Change in
Control, all Restricted Stock Units or New Incentives shall vest effective upon
such termination; or

(ii)           if, following a Change
in Control, Grantee shall have provided Continuous Service through December 31,
2015, then, whether or not the performance objectives set forth in Exhibit A
have been met, 80% of the Restricted Stock Units or New Incentives shall vest
on December 31, 2015, and if, following a Change in Control, Grantee shall have
provided Continuous Service through December 31, 2016, then, whether or not the
performance objectives set forth in Exhibit A have been met, 100% of the
Restricted Stock Units or New Incentives shall vest on December 31, 2016.

(c)           For purposes of this Agreement, the following terms shall have the
meanings set forth below:

(i)            “Cause”
means, with respect to a Grantee’s Continuous Service, the termination by the
Company of such Continuous Service for any of the following reasons: (a) The
continued, unreasonable refusal or omission by the Grantee to perform any
material duties required of him by the Company if such duties are consistent
with duties customary for the position held with the Company; (b) Any material
act or omission by the Grantee involving malfeasance or gross negligence in the
performance of Grantee’s duties to, or material deviation from any of the
policies or directives of, the Company; (c) Conduct on the part of Grantee
which constitutes the breach of any statutory or common law duty of loyalty to
the Company; including the unauthorized disclosure of material confidential
information or trade secrets of the Company; or (d) any illegal act by Grantee
which materially and adversely affects the business of the Company or any
felony committed by Grantee, as evidenced by conviction thereof, provided that
the Company may suspend Grantee with pay while any allegation of such illegal
or felonious act is investigated.  In the
event that the Grantee 

 3
 

is a party to an employment agreement or other similar agreement with
the Company or any Affiliate that defines a termination on account of “Cause”
(or a term having similar meaning), such definition shall apply as the
definition of a termination on account of “Cause” for purposes hereof, but only
to the extent that such definition provides the Grantee with greater
rights.  A termination on account of
Cause shall be communicated by written notice to the Grantee, and shall be
deemed to occur on the date such notice is delivered to the Grantee.

(ii)           “Constructive Termination”
shall mean a termination of employment by Grantee within sixty (60) days
following the occurrence of any one or more of the following events without the
Grantee’s written consent (i) any reduction in position, title, overall
responsibilities, level of authority, level of reporting, base compensation,
annual incentive compensation opportunity, aggregate employee benefits or (ii)
a request that Grantee’s location of employment be relocated by more than fifty
(50) miles.  In the event that the
Grantee is a party to an employment agreement or other similar agreement with
the Company or any Affiliate (or a successor entity) that defines a termination
on account of “Constructive Termination,” “Good Reason” or “Breach of Agreement”
(or a term having a similar meaning), such definition shall apply as the
definition of “Constructive Termination” for purposes hereof in lieu of the
foregoing, but only to the extent that such definition provides the Grantee
with greater rights.  A Constructive
Termination shall be communicated by written notice to the Committee, and shall
be deemed to occur on the date such notice is delivered to the Committee,
unless the circumstances giving rise to the Constructive Termination are cured
within five (5) days of such notice.

(iii)          “Continuing Director”
means any member of the Board of Directors of the Company who was a member of
the Board prior to the adoption of the Plan, and any person who is subsequently
elected to the Board if such person is recommended or approved by a majority of
the Continuing Directors.

4.             Forfeiture or Early Vesting Upon Termination
of Employment.

(a)           Termination of Employment Generally.  If,
prior to vesting of the Restricted Stock Units pursuant to Section 2 or 3,
Grantee ceases to be an employee of the Company, or ceases to serve on the
Board of Directors of the Company, for any reason (voluntary or involuntary) other
than death or permanent long-term disability, then Grantee’s rights to all of
the unvested Restricted Stock Units shall be immediately and irrevocably
forfeited, including the right to receive any Additional Restricted Stock
Units.

(b)           Death or Disability.  If
Grantee dies while employed by the Company or its subsidiaries, or if Grantee’s
employment by the Company or its subsidiaries is terminated due to Grantee’s
failure to return to work as the result of Grantee’s Disability (as defined in
the Plan), then all unvested Restricted Stock Units shall become immediately
vested, and the restrictions with respect to all of the Restricted Stock Units
shall lapse, as of the date of such Disability or death.  No transfer by will or the applicable laws of
descent and distribution of any Restricted Stock Units that vest by reason of
Grantee’s death shall be effective to bind the Company unless the Committee
shall have been furnished with written notice of such transfer and a copy of
the will or such other evidence as the Committee may deem necessary to
establish the validity of the transfer.

5.             Restriction on Transfer.  The
Restricted Stock Units and any rights under this Award may not be sold,
assigned, transferred, pledged, hypothecated or otherwise disposed of by
Grantee otherwise than by will or by the laws of descent and distribution, and
any such purported sale, 

 4
 

assignment, transfer, pledge, hypothecation or other disposition shall
be void and unenforceable against the Company. 
Notwithstanding the foregoing, Grantee may, in the manner established by
the Committee, designate a beneficiary or beneficiaries to exercise the rights
of Grantee and receive any property distributable with respect to the
Restricted Stock Units upon the death of Grantee.

6.             Adjustments to Restricted Stock Units.  Upon
or in contemplation of any reclassification, recapitalization, stock split,
reverse stock split or stock dividend; any merger, combination, consolidation
or other reorganization; any split-up, spin-off, or similar extraordinary
dividend distribution in respect of the Common Stock (whether in the form of
securities or property); any exchange of Common Stock or other securities of
the Company, or any similar, unusual or extraordinary corporate transaction in
respect of the Common Stock; or a sale of substantially all the assets of the
Company as an entirety; then the Company shall, in such manner, make
appropriate adjustments in the number of Restricted Stock Units subject to this
Agreement and the number and kind of securities that may be issued in respect
of such Units, as provided in Section 15 of the Plan.

7.             Income Tax Matters.

(a)           In order to comply with all applicable federal or state income tax laws
or regulations, the Company may take such action as it deems appropriate to
ensure that all applicable federal or state payroll, withholding, income or
other taxes, which are the sole and absolute responsibility of Grantee, are
withheld or collected from Grantee.

(b)           The Company shall reasonably determine the amount of any federal,
state, local or other income, employment, or other taxes which the Company or
any of its affiliates may reasonably be obligated to withhold with respect to
the grant, vesting, or other event with respect to the Restricted Stock Units.  The Company may, in its sole discretion,
withhold a sufficient number of shares of Common Stock in connection with the
vesting of the Restricted Stock Units at the Fair Market Value (as defined in
the Plan) of the Common Stock (determined as of the date of measurement of the
amount of income subject to such withholding) to satisfy the minimum amount of
any such withholding obligations that arise with respect to the vesting of such
Restricted Stock Units.  The Company may
take such action(s) without notice to the Grantee, and the Grantee shall have
no discretion as to the satisfaction of tax withholding obligations in such
manner.  If, however, any withholding
event occurs with respect to the Restricted Stock Units other than upon the
vesting of such Units, or if the Company for any reason does not satisfy the
withholding obligations with respect to the vesting of the Units as provided
above in this Section 7(b), the Company shall be entitled to require a
cash payment by or on behalf of the Grantee and/or to deduct from other
compensation payable to the Grantee the minimum amount of any such withholding
obligations.

(c)           The Restricted Stock Unit Award evidenced by this Agreement, and the
issuance of shares of Common Stock to the Grantee in settlement of vested
Units, is intended to be taxed under the provisions of Section 83 of the
Internal Revenue Code of 1986, as amended (the “Code”), and is not
intended to provide and does not provide for the deferral of compensation
within the meaning of Section 409A(d) of the Code.  Therefore, the Company intends to report as
includible in the Grantee’s gross income for any taxable year an amount equal
to the Fair Market Value of the shares of Common Stock covered by the Units
that vest (if any) during such taxable year, determined as of the date such
Units vest.  In furtherance of this
intended tax treatment, all vested Units shall be automatically settled and
payment to the Grantee shall be made as provided in Section 1(c) hereof, but in
no event later than March 15th of the year following the calendar year in which
such Units vest.  The Grantee shall have
no power to affect the timing of such settlement or payment.  The 

 5
 

Company reserves the right to amend this Agreement, without the Grantee’s
consent, to the extent it reasonably determines from time to time that such
amendment is necessary in order to achieve the purposes of this Section.

8.             Compliance with Laws.  The
Award and the offer, issuance and delivery of securities under this Agreement
are subject to compliance with all applicable federal and state laws, rules and
regulations (including but not limited to state and federal securities laws)
and to such approvals by any listing, regulatory or governmental authority as
may, in the opinion of counsel for the Company, be necessary or advisable in
connection therewith.  The Grantee will,
if requested by the Company, provide such assurances and representations to the
Company as the Company may deem necessary or desirable to assure compliance with
all applicable legal requirements.  The
Company will cause such action to be taken, and such filings to be made, so
that the grant hereunder shall comply with the rules of the Nasdaq Stock Market
or the principal stock exchange on which shares of the Company’s Common Stock
are then listed for trading.

9.             No Agreement to Employ. Nothing in this Agreement shall affect any
right with respect to continuance of employment by the Company or any of its
subsidiaries.  The right of the Company
or any of its subsidiaries to terminate at will the Grantee’s employment at any
time (whether by dismissal, discharge or otherwise), with or without cause, is
specifically reserved, subject to any other written employment agreement to
which the Company and Grantee may be a party.

10.           Entire Agreement.  This
Agreement and the Plan constitute the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior or contemporaneous
written or oral agreements and understandings of the parties, either express or
implied.

11.           Conflict of Provisions.  The
terms contained in the Plan are incorporated into and made a part of this
Agreement and this Agreement shall be governed by and construed in accordance
with the Plan.  In the event of any
actual or alleged conflict between the provisions of the Plan and the
provisions of this Agreement, the provisions of the Plan shall be controlling
and determinative.

12.           Assignment.  Grantee shall have no right,
without the prior written consent of the Company, to (i) sell, assign,
mortgage, pledge or otherwise transfer any interest or right created hereby, or
(ii) delegate his or her duties or obligations under this Agreement.  This Agreement is made solely for the benefit
of the parties hereto, and no other person, partnership, association or
corporation shall acquire or have any right under or by virtue of this
Agreement.

13.           “Market Stand-Off” Agreement. 
Grantee agrees that, if requested by the Company or the managing
underwriter of any proposed public offering of the Company’s securities
(including any acquisition transaction where Company securities will be used as
all or part of the purchase price), Grantee will not sell or otherwise transfer
or dispose of any shares of Common Stock held by Grantee without the prior
written consent of the Company or such underwriter, as the case may be, during
such period of time, not to exceed 180 days following the effective date of the
registration statement filed by the Company with respect to such offering, as
the Company or the underwriter may specify.

 6
 

14.           Severability. 
Should any provision or portion of this Agreement be held to be
unenforceable or invalid for any reason, the remaining provisions and portions
of this Agreement shall be unaffected by such holding.

15.           Notices.  All notices, requests, demands
and other communications required or permitted under this Agreement shall be in
writing and shall be deemed to have been duly given and effective (i) when
delivered by hand, (ii) when otherwise delivered against receipt therefor,
or (iii) three (3) business days after being mailed if sent by registered
or certified mail, postage prepaid, return receipt requested.  Any notice shall be addressed to the parties
as follows or at such other address as a party may designate by notice given to
the other party in the manner set forth herein:

(a)           if to the Company:

Deckers Outdoor Corporation

495-A South Fairview Avenue

Goleta, California  93117

Attention:  Chief Financial Officer

(b)           if to the Grantee, at the address shown on
the signature page of this Agreement or at his most recent address as shown in
the employment or stock records of the Company.

16.           Applicable Law.  This
Agreement shall be construed in accordance with the laws of the State of
California without reference to choice of law principles, as to all matters,
including, but not limited to, matters of validity, construction, effect or
performance.

17.           Number and Gender. 
Where the context requires, the singular shall include the plural, the
plural shall include the singular, and any gender shall include all other
genders.

18.           Section Headings.  The
section headings of, and titles of paragraphs and subparagraphs contained in,
this Agreement are for the purpose of convenience only, and they neither form a
part of this Agreement nor are they to be used in the construction or
interpretation thereof.

19.           Modifications.  This
Agreement may not be amended, modified or changed (in whole or in part), except
by a written agreement expressly referring to this Agreement, which agreement
is executed by both of the parties hereto. 
Notwithstanding the foregoing, amendments made pursuant to Section 7(b)
hereof may be effectuated solely by the Company.

20.           Waiver.  Neither the failure nor any
delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence.  No
waiver shall be effective unless it is in writing and is signed by the party asserted
to have granted such waiver.

21.           Counterparts.  This
Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one agreement and any party hereto may execute this
Agreement by signing any such counterpart. 
This Agreement shall be binding upon Grantee and the 

 7
 

Company at such time as the Agreement, in counterpart or otherwise, is
executed by Grantee and the Company.

[Signature
Page Follows]

 8

IN
WITNESS WHEREOF, the parties hereto have executed this Restricted Stock Unit
Award Agreement as of the date first above written.

	
  THE COMPANY:

  	
   

  	
  GRANTEE:

  
	
   

  	
   

  	
   

  
	
  DECKERS OUTDOOR CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Print Name)

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

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