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EXHIBIT 10.24  

 
 

FORM OF
  FOSSIL, INC.
  RESALE RESTRICTION AGREEMENT    
    

        This RESALE RESTRICTION AGREEMENT (the "Agreement") with respect to certain stock option award agreements (the "Option Agreements") issued under the 1993
Nonemployee Director Stock Option Plan of Fossil, Inc., as amended (the "Plan"), is made by and between Fossil, Inc., a Delaware corporation (the "Company"),
and                                         
         (the "Holder"). 

        WHEREAS,
the Holder has been granted one or more options, which are currently unvested (the "Options"), to acquire shares of common stock of the Company (the "Shares") in such quantities
and at the exercise prices set forth in Exhibit A hereto pursuant to the Option Agreements; 

        WHEREAS,
the Company's Board of Directors has recently approved the acceleration of the vesting of the Options, subject to the Holder's agreement to the terms and conditions set forth in
this Agreement; and 

        WHEREAS,
the Company and the Holder wish to impose certain resale restrictions on the Shares subject to the Options as provided herein on the terms and conditions contained herein. 

        NOW,
THEREFORE, it is agreed as follows: 

        1.     The
Holder acknowledges that he has reviewed this Agreement in full. 

        2.     The
Holder agrees that he or she will not directly or indirectly (including through any entity that the Holder controls or is affiliated with) sell, contract to sell,
grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any Shares (or any interest in any Shares) until the Shares
have been released from the foregoing resale restrictions (hereinafter referred to as the "Resale Restrictions"). 

        3.     The
Holder agrees that the Shares identified in Exhibit A shall be subject to the Resale Restrictions. The Company and its transfer agent are authorized to decline
to make any transfer of securities if such transfer would constitute a violation or breach of this Agreement. Any attempted transfer by the Holder in breach of this Agreement shall be null and void.
Any Shares subject to the Resale Restrictions may be retained in the physical custody of the Company or in an account at a securities brokerage firm designated by the Company, and may contain a
restrictive legend, stop transfer order or other applicable restriction, all in the Company's sole discretion. 

        4.     The
Resale Restrictions shall lapse with respect to each grant in accordance with the schedule set forth in Exhibit A; provided, that in the event that the Option
Agreement, the Plan or any other agreement between the Company and the Holder would otherwise have caused the acceleration of the vesting of the Options (if the Company's Board of Directors had not
already accelerated the Options as described above), then the Resale Restrictions shall earlier lapse on such date (including in the event that the Holder ceases to serve as a member of the Company's
Board of Directors by reason of his or her death). 

        5.     In
the event the Holder no longer serves as a member of the Company's Board of Directors for any reason other than death, the Resale Restrictions shall continue to apply
to the Shares subject to the Options in accordance with the schedule set forth on Exhibit A (subject to their earlier lapse in accordance with Section 4 hereof). 

        6.     This
Agreement shall be effective as of November 30, 2005. 

        7.     The
Holder represents and warrants that he has full power to enter into this Agreement. 

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        8.     This
Agreement, the Option Agreements and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their
entirety all prior understandings and agreements of the Company and the Holder with respect to the subject matter hereof, and may not be modified except by means of a writing signed by the Company and
the Holder. The Resale Restrictions contemplated by this Agreement shall not be deemed to supersede, but shall be in addition to any other restrictions applicable to the Shares set forth in the Option
Agreements, the Plan and any other agreements between the Company and the Holder. This Agreement is to be construed in accordance with and governed by the internal laws of the State of Delaware
without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the
parties. Nothing in this Agreement (except as expressly provided herein) is intended to confer any rights or remedies on any persons other than the parties. Should any provision of this Agreement be
determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain
enforceable. 

        9.     This
Agreement shall be binding upon the Company and the Holder as well as the successors and assigns (if any) of the Company and the Holder. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered on the date set forth beside such party's signature. 

	

FOSSIL, INC.	
 	

HOLDER
	

By:	
 	

	
 	

	

 	
 	

Name:	
 	

	
 	

Name:	
 	

	

 	
 	

Title:	
 	

	
 	

 	
 	

 
	

Dated:                        , 2005	
 	

Dated:                        , 2005

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EXHIBIT A    
    

	Grant Date
 
	 	Exercise Price
	 	Number of

Option Shares
	 	Date of Lapse of

Resale Restrictions

	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 

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FORM OF FOSSIL, INC. RESALE RESTRICTION AGREEMENT

EXHIBIT AEXHIBIT 10.25  

November 9,
2005 

Mr. Mark
D. Quick

2280 N. Greenville Avenue

Richardson, Texas 75082 

	Re:
	Award
Agreements under the 1993 and 2004 Long Term Incentive Plans of Fossil, Inc. (the "Plans") 

Dear
Mark: 

This
Letter Agreement shall confirm our mutual understanding and intent regarding certain stock options granted to you pursuant to certain Award Agreements under the Plans consisting of (i) the
Award Agreement dated January 1, 2002 ("2002 Award"), and (ii) the Award Agreements granted to you after 2002 ("Post 2002 Awards") (collectively, "Awards"). By signing this letter, you
agree that the Awards were granted in the manner expressly set forth in this Letter Agreement. 

All
of the Awards provide certain special rights and benefits (described below) upon your "Retirement", which for all purposes of this Letter Agreement, means your termination of full time employment
with Fossil Inc. and its subsidiaries and related companies (the "Company") on the date ("Retirement Date") you set forth in an Effective Retirement Notice (as hereafter defined.) All of the
Awards provide that an "Effective Retirement Notice" is one which satisfies all of the following conditions: 

	(1)
	is
in writing and addressed to the CEO and Compensation Committee;

	(2)
	is
delivered to the General Counsel of the Company after you have attained the age of fifty seven (57); and

	(3)
	specifies
a Retirement Date that is not earlier than the first anniversary of the date it is delivered to the General Counsel. 

Without
limiting the generality of the forgoing, if your full time employment with the Company terminates for any reason on any date other than your Retirement Date, your termination will not be a
Retirement, and your rights, duties and obligations under the Awards will be unaffected by the terms set forth in this Letter Agreement. 

        The
Awards further provide as follows: 

        (A)  2002 Award. The 2002 Award provides that upon your Retirement, you will be entitled to exercise 100% of your 2002 Award
(including, without limitation, otherwise nonvested options) for a period of 90 days following your Retirement Date. 

        (B)  Post 2002 Awards. The Post 2002 Awards (including, without limitation, Awards not yet granted unless they expressly
provide to the contrary) provide that upon your Retirement (i) such Post 2002 Awards will continue to vest as though you continued to be employed after your Retirement Date, and
(ii) such Post 2002 Awards may be exercised (a) in the case of options which were vested on your Retirement Date, at any time prior to the first anniversary of your Retirement Date, and
(b) in the case of each option which becomes vested after your Retirement Date, at any time prior to the first anniversary of such option's vesting date. 

Any
options under Award Agreements not timely exercised in accordance with the terms of this Letter Agreement or the respective Award Agreement, as applicable, shall terminate and be of no further
force or effect. 

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This
Letter Agreement supercedes any and all prior written or verbal agreements between you and the Company pertaining to the subject matter herein, and may only be amended in a writing signed by both
parties. Except as specifically provided for herein, all other terms and conditions of the Award Agreements shall remain unchanged and in full force and effect. Notwithstanding anything in this Letter
Agreement to the contrary, the provisions of this Letter Agreement pertaining to the 2002 Award and Post 2002 Awards shall be superceded by any contrary provisions regarding accelerated vesting
included in any future Company amendments to awards made under the Plans pertaining to executive officers. Without limiting the generality of the forgoing, this Letter Agreement shall have no force or
effect on the terms of any grants to you under the Company's Restricted Stock Plan, but shall apply only to the Awards as described herein. 

	 	 	Sincerely,
	

 	
 	

Fossil, Inc.
	

 	
 	

 	
 	

 
	 	 	By:	 	/s/ Kosta N. Kartsotis
 Kosta N. Kartsotis

President and CEO
	

Agreed and accepted:	
 	

 	
 	

 
	

/s/ Mark D. Quick
 Mark D. Quick	
 	

Date:	
 	

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