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Exhibit 10.8  

 
 

CROCS, INC.    
    
    Restricted Stock Award Agreement    
    

        Pursuant to the Restricted Stock Award Grant Notice ("Grant Notice") to which this Restricted Stock Award Agreement is attached as  Attachment I (this "Agreement;" and together with the Grant Notice, the "Award") and in consideration for services rendered or to be rendered to
Crocs, Inc. (the "Company"), the Company acknowledges its understanding and agreement to issue to you, under its 2005 Equity Incentive Plan (the "Plan"), that number of shares of the Company's
Common Stock specified in the Grant Notice in accordance with the Grant Schedule. Capitalized terms used but not defined terms in this Agreement shall have the meaning ascribed to them in the Plan. 

        The
details of your Award are as follows: 

        1.    Grants.    Subject to the limitations contained herein, your right to receive future issuances of the Company's
Common Stock will survive as provided in the Grant Notice, provided that all rights under the Award will cease upon your Termination of Employment. 

        2.    Securities Law Compliance.    You may not be issued any shares under your Award unless the shares are either
(i) then registered under the Securities Act or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award
must also comply with other applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in material compliance
with such laws and regulations. 

        3.    Restrictions on Transfer.    

        (a)   You agree that the Company (or a representative of the underwriters) may, in connection with the first underwritten
registration of the offering of any securities of the Company under the Securities Act, require that you not sell, dispose of, transfer, pledge, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by you under the Award, for a
period of time specified by the underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities
Act (or such longer period, not to exceed eighteen (18) days after expiration of the one hundred eighty (180) day period, as the Company or the underwriters shall request in order to
facilitate compliance with NASD Rule 2711). 

        (b)   You agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the
underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In addition, if requested by the Company or the representative of underwriters of Common
Stock of the Company, you shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any
public offering of the Company's securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section shall not apply to a registration
relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a
Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to your Common Stock until the end of such lock-up period. 

        4.    Changes In Capitalization.    The number of shares of the Company's Common Stock that shall be issued pursuant
to the Award shall be proportionately adjusted for any increase or decrease in the Company's Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or
reclassification of the Company's Common Stock, or any other increase or decrease in the number of issued shares of the Company's Common Stock effected without receipt or consideration by the 

 

Company.
Such adjustments shall be made by the Company's Board of Directors, whose determination in that respect shall be final, binding and conclusive. 

        5.    Change in Control.    The stock grants contemplated by the Award shall accelerate upon a Change of Control so
that all stock that is to be issued pursuant to the Award shall, immediately prior to the effective date of the Change of Control, be issued to you. This Agreement shall not in any way affect the
right of the Company to adjust, reclassify, reorganize or otherwise changes its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its
business or assets. 

        6.    Restrictive Legends.    The shares issued under your Award shall be endorsed with the legends set forth below or
legends substantially equivalent thereto, as determined by the Company it its sole discretion, together with any other legends that may be required by the Company or by state or federal securities
laws: 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A RESTRICTED STOCK AWARD AGREEMENT, DATED AS
OF                        ,        , BETWEEN THE COMPANY AND THE HOLDER OF THIS
STOCK. 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH
ACT AND SUCH LAWS. 

THE
HOLDER OF THIS STOCK MAY NOT SELL, TRANSFER OR DISPOSE OF THIS STOCK (EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (THE
"ACT")) WITHOUT FIRST DELIVERING TO THE COMPANY AN OPINION OF COUNSEL (REASONABLY ACCEPTABLE IN FORM AND SUBSTANCE TO THE COMPANY) THAT NEITHER REGISTRATION NOR QUALIFICATION UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS IS REQUIRED IN CONNECTION WITH SUCH TRANSFER. 

        7.    Award not a Service Contract.    Your Award is not an employment or service contract, and nothing in your Award
shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or on the part of the Company or an Affiliate to continue your
employment. In addition, nothing in your Award shall obligate the Company or an Affiliate, their respective shareholders, boards of directors, officers or employees to continue any relationship that
you might have as a director or consultant for the Company or an Affiliate. 

        8.    Not a Service Contract.    Your Award is not an employment or service contract, and nothing in your Award shall
be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or on the part of the Company or an Affiliate to continue your
employment 

        9.    Withholding Obligations.    

        (a)   At the time your Award is made, or at any time thereafter as requested by the Company, you hereby authorize withholding
from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of
the Company or an Affiliate, if any, which arise in connection with your Award. 

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	(b)
	Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to issue
a certificate for such shares or release such shares from any escrow provided for herein. 

        10.    Rights as a Shareholder.    Until the Common Stock underlying this Award has been issued (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with
respect to the stock to be issued in Future Grants. 

        11.    Limitation on Change in Control Payments.    If (i) there is an acceleration of the stock grants
contemplated by the Award (as provided in Section 5), (ii) such acceleration could be deemed a "payment" within the meaning of Section 280G(b)(2) of the Internal Revenue
Code of 1986, as amended (the "Code"), and (iii) such payment together with any other payments which you have the right to receive from the Company or any corporation which is a member of an
"affiliated group" (as defined in Section 1504(a) of the Code without regard to Section 1504(b) of the Code) of which the Company is a member would constitute a "parachute
payment" (as defined in Section 280G(b)(2) of the Code), then the number of shares subject to acceleration under Section 5 hereof will be reduced to the largest amount as will
result in no portion of such payments being subject to the excise tax imposed by Section 4999 of the Code. 

        12.    Notices.    Any notices provided for in your Award or the Plan shall be given in writing and shall be deemed
effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last
address you provided to the Company. 

        13.    Miscellaneous.    

        (a)   The rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities,
and all covenants and agreements hereunder shall inure to the benefit of, and
be enforceable by the Company's successors and assigns. Your rights and obligations under your Award may only be assigned with the prior written consent of the Company. 

        (b)   You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination
of the Company to carry out the purposes or intent of your Award. 

        (c)   You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice
of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. 

        (d)   The interpretation, performance and enforcement of this Award shall be governed by the laws of the State of Delaware
without resort to that State's conflict-of-laws rules. 

        14.    Governing Plan Document.    Your Award is subject to all the provisions of the Plan, the provisions of which
are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In
the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan shall control. 

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Exhibit 10.9  

 
 

CROCS, INC.    
    
    NONSTATUTORY STOCK OPTION AGREEMENT    
    

        This Non-Statutory Stock Option Agreement (this "Agreement") is made as
of                        (the "Effective Date"), between Crocs, Inc. (the
"Company"), and                        ("Optionee"). Capitalized terms not otherwise defined herein shall have the meaning
ascribed to them in Section II(15) of this Agreement. 

RECITALS  

        A.    On
the Effective Date, the Board of Directors of the Company (the "Board") granted Optionee an option to purchase shares of the Company's Common Stock conditioned upon
the Optionee's provision of Services to the Company. 

        B.    Optionee
was notified of the option granted by the Board and the Company's internal records have reflected the option grant to Optionee. 

        C.    The
Company and Optionee did not enter into a written agreement evidencing the issuance of the option and are entering into this Agreement for the purpose of
memorializing the understanding of the parties as of the Effective Date. 

        D.    The
Company and Optionee have agreed to the terms and conditions of, and desire to document the prior grant pursuant to, this Agreement. 

        NOW,
THEREFORE, in consideration of the promises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the parties agree as follows: 

I.     STOCK OPTION GRANT  

        1.    Grant of Option.    The Company hereby acknowledges and confirms that, as of the Effective Date, Optionee was
granted an option (the "Option") to purchase the number of shares set forth below, at the exercise price per share set forth below (the "Exercise Price"), which exercise price was the fair market
value of the Common Stock as of the Effective Date, and subject to the terms and conditions of this Agreement. 

	Date of Grant:	 	

	

Vesting Commencement Date:	
 	

	

Exercise Price:	
 	

$        per share
	

Total Number of Shares Granted (the "Option Shares")	
 	

	

Type of Option:	
 	

Nonstatutory Stock Option
	

Expiration Date:	
 	

        2.    Vesting Schedule.    This Option Shares were initially unvested and became or shall become vested and
exercisable, in whole or in part, according to the following vesting schedule: 

II.    TERMS AND CONDITIONS OF OPTION  

        1.    Exercise of Option.    

        (a)   Right to Exercise.    This Option shall be exercisable during its term in accordance with the Vesting Schedule
set out in Section I and with the applicable provisions of this Agreement. 

 

        (b)   Conditions for Exercise; Rights as a Stockholder.    The Option may not be exercised for a fraction of a share
of the Company's Common Stock. Until the shares underlying the Option are purchased by Optionee and issued by the Company (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Option Shares. Should any change be made to
the Common Stock of the Company by reason of any stock split, stock dividend, recapitalization, combination of stock, exchange of stock or other change affecting the Company's Common Stock without the
Company's receipt of consideration, appropriate adjustments shall be made to (i) the total number and/or class of securities subject to this Option, and (ii) the Exercise Price in order
to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder. 

        (c)   Method of Exercise.    In order to exercise this Option with respect to all or any part of the Option Shares
for which this Option is at the time exercisable, Optionee must take the following actions: 

          (i)  Execute
and deliver to the Company the exercise notice (the "Exercise Notice") attached hereto as Exhibit A. 

         (ii)  Pay
the aggregate Exercise Price for the purchased shares in one of the following forms: (A) by cash or check made payable to the Company, or (B) should
the Common Stock be registered under Section 12 of the Securities Exchange Act of 1934 at the time the option is exercised, then the Exercise
Price may also be paid through a special sale and remittance procedure pursuant to which Optionee (or any other person or persons exercising the option) concurrently provides irrevocable instructions
(y) to a Company-designated brokerage firm to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient
funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable income and employment taxes required to be withheld by the Company by reason of such exercise and
(z) to the Company to deliver the certificates for the purchased shares directly to such brokerage firm in order to complete the sale. 

        (iii)  Furnish
to the Company appropriate documentation that the person or persons exercising the Option (if other than Optionee) have the right to exercise this Option. 

        (iv)  If
requested by the Company, execute and deliver to the Company the Investment Representation Statement attached hereto as  Exhibit B. 

         (v)  Make
appropriate arrangements with the Company for the satisfaction of all applicable income and employment tax withholding requirements applicable to the exercise of
the Option. 

        (d)   Certificates.    As soon as practical after the Company receives the Exercise Notice, the Company shall issue
to or on behalf of Optionee (or any other person exercising this Option) a certificate for the requisite number of shares of Common Stock, with the appropriate legends affixed thereto. 

        (e)   Exercise as to Vested Shares.    The Option may be exercised as to vested Option Shares only. 

        2.    Cessation of Service.    The Option shall terminate (and cease to be outstanding) prior to the Expiration Date
should any of the following provisions become applicable: 

        (a)   Should
Optionee cease to remain in Service for any reason (other than death, Disability or Misconduct) while this Option is outstanding, then Optionee (or any person or
persons to whom this Option is transferred pursuant to a permitted transfer under Section II(3)) shall have a 

2

 

period
of three (3) months (commencing with the date of such cessation of Service) during which to exercise this Option, but in no event shall this Option be exercisable at any time after the
Expiration Date. 

        (b)   Should
Optionee die while this Option is outstanding, then the personal representative of Optionee's estate or the person or persons to whom the Option is transferred
pursuant to Optionee's will or the laws of inheritance following Optionee's death or to whom the Option is transferred during Optionee's lifetime pursuant to a permitted transfer under
Section II(3) shall have the right to exercise this Option. However, if Optionee dies while holding this Option and if Optionee has an effective beneficiary designation in effect for
this Option at the time of his or her death, then the designated beneficiary or beneficiaries shall have the exclusive right to exercise this Option following Optionee's death. Any such right to
exercise this Option shall lapse, and this Option shall cease to be outstanding, upon the earlier of (i) the expiration of the twelve (12)-month
period measured from the date of Optionee's death or (ii) the Expiration Date. 

        (c)   Should
Optionee cease Service by reason of Disability while this Option is outstanding, then Optionee (or any person or persons to whom this Option is transferred
pursuant to a permitted transfer under Section II(3)) shall have a period of twelve (12) months (commencing with the date of such cessation of Service) during which to exercise this
Option. In no event shall this Option be exercisable at any time after the Expiration Date. 

        (d)   During
the limited period of post-Service exercisability, this Option may not be exercised in the aggregate for more than the number of Option Shares in
which Optionee is, at the time of Optionee's cessation of Service, vested pursuant to the Vesting Schedule or the special vesting acceleration provisions of Section II(4). Upon the expiration
of such limited exercise period or (if earlier) upon the Expiration Date, this Option shall terminate and cease to be outstanding for any vested Option Shares for which the Option has not been
exercised. To the extent Optionee is not vested in one or more Option Shares at the time of Optionee's cessation of Service, this Option shall immediately terminate and cease to be outstanding with
respect to such Option Shares. 

        (e)   Should
Optionee's Service be terminated for Misconduct or should Optionee otherwise engage in Misconduct while this Option is outstanding, then this Option shall
terminate immediately and cease to remain outstanding and Optionee shall have no right to exercise vested or unvested Option Shares. 

        3.    Limited Transferability of Options.    This Option shall neither be transferable nor assignable by Optionee
other than by will or the laws of inheritance following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee. However, Optionee may designate one or more persons as the
beneficiary or beneficiaries of this Option, and this Option shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee's death
while holding this Option. Such beneficiary or beneficiaries shall take the transferred Option subject to all the terms and conditions of this Agreement, including (without limitation) the limited
time period during which this Option may, pursuant to Section II(2), be exercised following Optionee's death. 

        4.    Accelerated Vesting.    

        (a)   In
the event of any Change in Control, the Option Shares at the time subject to this Option but not otherwise vested shall automatically vest in full so that this Option
shall, immediately prior to the effective date of the Change in Control, become exercisable for all of the Option Shares as fully vested shares and may be exercised for any or all of those Option
Shares as vested shares. 

3

 

        (b)   This
Agreement shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge,
consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

        5.    Tax Obligations: Withholding Taxes.    The Optionee agrees to make appropriate arrangements with the Company for
the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. The Optionee acknowledges and agrees that the Company
may refuse to honor the exercise and refuse to deliver shares if such withholding amounts are not delivered at the time of exercise. 

        6.    Lock-Up Period.    The Optionee hereby agrees that the Optionee shall not offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly
or indirectly, any Common Stock (or other securities) of the Company (other than those included in or acquired after such registration) or enter into any swap, hedging or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company held by the Optionee (other than those included in the
registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred eighty (180) days following the
effective date of any registration statement of the Company filed under the Securities Act (or such longer period, not to exceed eighteen (18) days after expiration of the one hundred eighty
(180) day period, as the Company or the underwriters shall request in order to facilitate compliance with NASD Rule 2711). 

        The
Optionee agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are
necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, the Optionee shall
provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the
Company's securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section shall not apply to a registration relating solely to employee
benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145
transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common
Stock (or other securities) subject to the foregoing restriction until the end of such lock-up period. The
Optionee agrees that any transferee of the Option or shares acquired pursuant to the Option shall be bound by this Section. 

        8.    Restrictions on Exercise.    This Option may not be exercised if the issuance of shares upon exercise or the
method of payment of consideration for such shares would constitute a violation of any Applicable Law. The inability of the Company to obtain approval from any regulatory body having authority deemed
by the Company to be necessary to the lawful issuance and sale of any Common Stock pursuant to this Option shall relieve the Company of any liability with respect to the non-issuance or
sale of the Common Stock as to which such approval has not been obtained. The Company, however, shall use its best efforts to obtain all such approvals. 

        9.    Term of Option.    If not earlier terminated pursuant to other provision of this Agreement, the Option will
terminate on the Expiration Date and may not be exercised thereafter. 

        10.    At-Will Employment.    Nothing in this Agreement shall confer upon Optionee any right to continue
in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or of Optionee, which rights are hereby expressly reserved by each, to
terminate Optionee's Service at any time for any reason, with or without cause. 

4

 

        11.    Successors and Assigns.    The provisions of this Agreement shall inure to the benefit of, and be binding upon,
the Company and its successors and assigns and Optionee, Optionee's assigns and the legal representatives, heirs and legatees of Optionee's estate. 

        12.    Notices.    Any notice required to be given or delivered to the Company under the terms of this Agreement shall
be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to Optionee shall be in writing and addressed to Optionee at the address
indicated below Optionee's signature line hereto. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to
be notified. 

        13.    Governing Law.    The interpretation, performance and enforcement of this Agreement shall be governed by the
laws of the State of Colorado without resort to that State's conflict-of-laws rules. 

        14.    Definition of Change in Control.    For purposes of this Agreement, a "Change in Control" shall mean the
happening of any of the following events: 

        (a)   An
acquisition by any individual, entity or "group" (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934) (a
"Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of 331/3% or more of either (1) the
then outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (2) the combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); excluding, however, the following: (1) any acquisition directly from the Company, other
than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company, (2) any acquisition by the Company,
(3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company, (4) any acquisition pursuant to a
transaction which complies with clauses (1), (2) and (3) of subsection (iii) of this Section II(14), or (5) any Change in Control triggered solely because the
percentage of Outstanding Company Common Stock or Outstanding Company Voting Securities held by any Person (the "Subject Person") exceeds the designated percentage threshold thereof as a result of a
repurchase or other acquisition of securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a
result of the acquisition of securities by the Company, and after such share acquisition, the Subject Person becomes the owner of any additional voting securities that, assuming the repurchase or
other acquisition had not occurred, increases the percentage of the then outstanding voting securities owned by the Subject Person over the designated percentage threshold, then a Change in Control
shall be deemed to occur; or 

        (b)   A
change in the composition of the Board such that the individuals who, as of the date of this Agreement, constitute the Board (such Board shall be hereinafter referred
to as the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section II(14)(b) that any individual who
becomes a member of the Board subsequent to the date of this Agreement, whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least a majority of those
individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of
the Incumbent Board; but, provided, further, that any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board;
or 

5

 

        (c)   Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company ("Corporate
Transaction"); excluding, however, such a Corporate Transaction pursuant to which (1) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of
the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own,
directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in
the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the
Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such
Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (other than the Company, any employee benefit plan
(or related trust) of the Company or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 33?% or more of, respectively, the outstanding shares of
common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the
election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were members of the Incumbent Board will constitute at least a
majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 

        (d)   The
approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, or a complete dissolution or liquidation of the Company shall
otherwise occur. 

        (e)   The
term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. 

        15.    Additional Definitions.    Definitions for this Agreement are as follows: 

        (a)   "Agreement"
has the meaning set forth in the preface above. 

        (b)   "Applicable
Law" means the requirements relating the issuance and exercise of stock options under federal and state corporate laws, federal and state securities laws,
the Internal Revenue Code of 1986, as amended, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where
the Optionee resides at the time of exercise. 

        (c)   "Common
Stock" means the Company's Common Stock, $.001 par value, and in the case of an option granted prior to January 3, 2005, the Class B Membership
Units of the Company's predecessor that have been converted into the Company's Common Stock. 

        (d)   "Company"
has the meaning set forth in the preface above. 

        (e)   "Change
of Control" has the meaning set forth in Section II(14) above. 

        (f)    "Corporate
Transaction" has the meaning set forth in Section II(14)(c) above. 

        (g)   "Disability"
shall mean that the Optionee has been unable to perform his or her Company duties as the result of his or her incapacity due to physical or mental illness,
and such inability, at least twenty-six (26) weeks after its commencement, is determined to be total and permanent by a physician selected by the Company or its insurers and
acceptable to the Optionee or the Optionee's legal representative (such agreements to acceptability not to be unreasonably withheld). 

6

 

        (h)   "Employee"
means an individual who is in the employ of the Company, subject to the control and direction of the employer entity as to both the work to be performed and
the manner and method of performance. 

        (i)    "Exercise
Notice" has the meaning set forth in Section II(1)(c)(i) above. 

        (j)    "Exercise
Price" has the meaning set forth in Section I(1) above. 

        (k)   "Expiration
Date" has the meaning set forth in Section I(1) above. 

        (l)    "Incumbent
Board" has the meaning set forth in Section II(14)(b) above. 

        (m)  "Misconduct"
shall mean (i) the commission of any act of fraud, embezzlement or dishonesty by Optionee, (ii) any unauthorized use or disclosure by Optionee
of confidential information or trade secrets of the Company, (iii) conviction of the Optionee for committing a felony under federal law or the law of the state in which such action occurred,
(iv) illegal drug use or alcohol abuse on Company premises or at a Company sponsored event, (v) intentional, material violation by the Optionee of any contract between the employee and
the Company or of any statutory duty of the Optionee to the Company, or (vi) any other intentional misconduct by Optionee adversely affecting the business or affairs of the Company in a
material manner. The foregoing definition shall not be deemed to be inclusive of all the acts or omissions which the Company may consider as grounds for the dismissal or discharge of Optionee or any
other individual in the Service of the Company. 

        (n)   "Option"
has the meaning set forth in Section I(1) above. 

        (o)   "Optionee"
has the meaning set forth in the preface above. 

        (p)   "Option
Shares" or means the Shares subject to the Option. 

        (q)   "Outstanding
Company Common Stock" has the meaning set forth in Section II(14)(a) above. 

        (r)   "Outstanding
Company Voting Securities" has the meaning set forth in Section II(14)(a) above. 

        (s)   "Person"
has the meaning set forth in Section II(14)(a) above. 

        (t)    "Service"
or "Services" means the Optionee's performance of services for the Company in the capacity of an Employee, a non-employee member of the Board of
Directors or a consultant or independent advisor. 

        (u)   "Subject
Person" has the meaning set forth in Section II(14)(a) above. 

        (v)   "Vesting
Commencement Date" has the meaning set forth in Section I(1) above. 

7

 

        IN WITNESS WHEREOF, the parties have executed this Agreement this    day
of                        , 200        , to be effective
as of the Effective Date. 

	OPTIONEE	 	CROCS, INC.
	

	
 	

	

By:	

	
 	

By:	

	

 	

 	
 	

Its:	

	

	
 	

 	

 
	

 Residence Address	
 	

 	

 

8

 
 

EXHIBIT A    
    
    NONSTATUTORY STOCK OPTION AGREEMENT    
    
    EXERCISE NOTICE    
    

Crocs, Inc.

6273 Monarch Park Place

Niwot, Colorado 80503 

Attention:
Secretary 

        1.    Exercise of Option.    Effective as of today,
                        ,            , the undersigned (the
"Optionee")
hereby elects to exercise the Optionee's option to purchase                        shares of the Common Stock (the "Shares") of
Crocs, Inc. (the "Company") under and pursuant to the Nonstatutory Stock
Option Agreement dated                        (the "Agreement"). 

        2.    Delivery of Payment.    The Optionee herewith delivers to the Company the full purchase price of the Shares, as
set forth in the Agreement, and any and all withholding taxes due in connection with the exercise of the Option (as defined in the Agreement). 

        3.    Representations of Optionee.    The Optionee acknowledges that the Optionee has received, read and understood
the Agreement and agrees to abide by and be bound by its terms and conditions. 

        4.    Rights as Stockholder.    Until the issuance of the Shares (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to shares not yet exercised.
The Shares shall be issued to the Optionee as soon as practicable after the Option is exercised in accordance with the Agreement. 

        5.    Tax Consultation.    The Optionee understands that the Optionee may suffer adverse tax consequences as a result
of the Optionee's purchase or disposition of the Shares. The Optionee represents that the Optionee has consulted with any tax consultants the Optionee deems advisable in connection with the purchase
or disposition of the Shares and that the Optionee is not relying on the Company for any tax advice. 

        6.    Restrictive Legends and Stop-Transfer Orders.    

        (a)    Legends.    The Optionee understands and agrees that the Company shall cause the legends set forth below or
legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or
federal securities laws: 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND
UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COMPANY COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 

        (b)    Stop-Transfer Notices.    The Optionee agrees that, in order to ensure compliance with the
restrictions referred to herein, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. 

        (c)    Refusal to Transfer.    The Company shall not be required (i) to transfer on its books any Shares that
have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to vote or 

 

pay
dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 

        7.    Successors and Assigns.    The Company may assign any of its rights under this Exercise Notice to single or
multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice
shall be binding upon the Optionee and his or her heirs, executors, administrators, successors and assigns. 

        8.    Governing Law; Severability.    This Exercise Notice is governed by and construed in accordance with the laws of
the State of Colorado without resort to that State's conflict-of-laws rules. 

        9.    Entire Agreement.    The Agreement is incorporated herein by reference. This Exercise Notice, the Agreement and
the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and the Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee's interest except by means of a writing signed by the Company and the
Optionee. 

	Submitted by:	 	Accepted by:
	
OPTIONEE	
 	

CROCS, INC.
	

 Signature	
 	

 By
	

 Print Name	
 	

 Title
	
Address:	
 	

 
	

	
 	

 
	

	
 	

 
	

 	
 	

 Date Received

A-2

 
 

EXHIBIT B    
    
    INVESTMENT REPRESENTATION STATEMENT    
    

	OPTIONEE:	 	 
	

COMPANY:	
 	
CROCS, INC.
	

SECURITIES:	
 	

COMMON STOCK
	

AMOUNT:	
 	

 
	

DATE:	
 	

 

        In
connection with the purchase of the above-listed Securities, the undersigned Optionee represents to the Company the following: 

        (a)   The
Optionee is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and
knowledgeable decision to acquire the Securities. The Optionee is acquiring these Securities for investment for the Optionee's own account only and not with a view to, or for resale in connection
with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "Securities Act"). 

        (b)   The
Optionee acknowledges and understands that the Securities constitute "restricted securities" under the Securities Act and have not been registered under the
Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Optionee's investment intent as expressed herein. In this
connection, the Optionee understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if the Optionee's representation was
predicated solely upon a present intention to hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the
market price of the Securities, or for a period of one year or any other fixed period in the future. The Optionee further understands that the Securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is available. The Optionee further acknowledges and understands that the Company is under no obligation to
register the Securities. The Optionee understands that the certificate evidencing the Securities will be imprinted with any legend required under applicable state securities laws. 

        (c)   The
Optionee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited
public resale of "restricted securities" acquired, directly or indirectly, from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions.
Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to the Optionee, the exercise will be exempt from registration under the Securities
Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such
longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified
by Rule 144, including: (1) the resale being made through a broker in an unsolicited "broker's transaction" or in transactions directly with a market maker (as said term is defined under
the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount of Securities being sold
during any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable. 

        In
the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the
provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the date the Securities were sold by an
affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a 

 

non-affiliate
who subsequently holds the Securities less than two years, the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the
paragraph immediately above. 

        (d)   The
Optionee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act,
compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the
Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk. The Optionee understands that no assurances can be given that any such other registration exemption will be available in such
event. 

	 	 	Signature of Optionee:
	

 	
 	

	

 	
 	

Date:	

	
 	

,	

B-2

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CROCS, INC. NONSTATUTORY STOCK OPTION AGREEMENT

EXHIBIT A NONSTATUTORY STOCK OPTION AGREEMENT EXERCISE NOTICE

EXHIBIT B INVESTMENT REPRESENTATION STATEMENT

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