Document:

Exhibit 10.7 
    

    

    

    
      Supplemental Retirement Plan

PARTICIPATION AGREEMENT
      AMENDMENT

    

    
      This Participation Agreement Amendment (“Amendment”) is made and entered
      into as of this 20th day of April, 2008, by and between Pier 1 Imports,
      Inc. (“Pier 1”) and David A. Walker (the “Participant”). Except as
      otherwise set forth herein, this Amendment is subject to all of the
      terms of the Pier 1 Imports, Inc. Supplemental Retirement Plan restated
      as of January 1, 2005 (the “Plan”). All terms used in this Amendment,
      unless specifically defined herein, have the same meanings attributed to
      them in the Plan.

    

    
      The Participant and Pier 1 previously entered into a Supplemental
      Retirement Plan Participation Agreement dated April 20, 2000 (the
      “Agreement”). The Agreement permitted the Participant to elect an
      alternative form of benefit payment. Pursuant to the terms of the
      Agreement, the form of benefit payment election under the Plan was
      irrevocable. The form of benefit payment election is no longer
      irrevocable under the Plan except as otherwise set forth below. In
      addition, the Committee recommended and the Board approved on January
      24, 2008 a lump-sum time and form of benefit payment election for the
      Participant. Pier 1 and the Participant agree to the following terms and
      conditions:

    

    
      The Participant hereby elects to receive benefits from the Plan in the
      following form payable at the time or commencing payment at the time
      specified in the Plan:

    

    
         A lump sum payment which is the Actuarial Equivalent of the basic
      form of the Supplemental Retirement Benefit determined under Article IV
      of the Plan.

   A monthly joint and survivor annuity with
      payment continued to the survivor* at one hundred percent (100%).


        A monthly joint and survivor annuity with payment continued to the
      survivor* at fifty percent (50%) of the amount paid to the Participant.

    

    
      * The “survivor” is the “Beneficiary” as defined in the Plan.

    

    
      The Participant may change such election to another form of payment
      allowed under the Plan up until December 31, 2008 by executing an
      amendment form similar to this Amendment. As of January 1, 2009, the
      payment election in effect on December 31, 2008 shall be irrevocable
      except that the Participant may by written notice to Pier 1 change such
      election to another form of payment allowed under the Plan (a “Change
      Election”) subject to the following conditions:

    

    
      (i) The Change Election will not take effect until 12 months after the
      date on which the election is made;

    

    
      (ii) If the Change Election relates to a payment other than a payment on
      account of disability or death (as such terms are defined under the
      regulations promulgated pursuant to Section 409A of the Code), the
      payment will be deferred for a period of 5 years after the date such
      payment is originally scheduled to occur (or in the case of a life
      annuity or installment payments treated as a single payment, 5 years
      from the date the first amount was scheduled to be paid); and

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      (iii) If the Change Election relates to a payment which is defined as a
      payment at a specified time or pursuant to a fixed schedule under the
      regulations promulgated pursuant to Section 409A of the Code, the Change
      Election may not be made less than 12 months before the date the payment
      was originally scheduled to be paid (or, in the case of a life annuity
      or installment payments treated as a single payment, 12 months before
      the date the first amount was scheduled to be paid).

    

    

    

    	
          
            Participant:
          

        	
           
        	

        
	

        	

        	
           
        
	
           
        	

        	
           
        
	
          David A. Walker
        	

        	
          Date
        
	

        	

        	
           
        
	

        	

        	
           
        
	
          
            Pier 1 Imports, Inc.
          

        	

        	

        
	

        	

        	
           
        
	
           
        	

        	
           
        
	
          Gregory S. Humenesky
        	

        	
          Date
        
	
          Executive Vice President – Human Resources
        	

        	

        

    
      

      

      

      2Exhibit 10.1 
    

    
      SENIOR EXECUTIVE
EMPLOYMENT AGREEMENT
    

    
      THIS SENIOR EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”)
      is made as of April 24, 2008, by and between DECKERS OUTDOOR
      CORPORATION, a Delaware corporation (the “Company”),
      and THOMAS R. HILLEBRANDT(the “Executive”) and is
      effective as of April 28, 2008 (the “Effective Date”).
    

    
      ARTICLE I
DUTIES AND TERM
    

    
      1.1 EMPLOYMENT. In consideration of their mutual covenants and
      other good and valuable consideration, the receipt, adequacy, and
      sufficiency of which is hereby acknowledged, the Company agrees to enter
      into this Agreement with the Executive, on an “at will” basis, and the
      Executive agrees to enter into this Agreement upon the terms and
      conditions herein provided and in accordance with all applicable
      employment rules of the Company.
    

    
      1.2 POSITION AND RESPONSIBILITIES. The Executive will serve as
      Chief Financial Officer and shall report to the Company’s President and
      Chief Executive Officer.
    

    
      1.3 TERM. The term of the Executive’s employment under this
      Agreement will commence on the Effective Date of this Agreement and will
      continue, unless sooner terminated, until December 31, 2009. Employment
      of the Executive is at will and will continue until such time as written
      notice of termination is given by the Company or written notice is given
      by the Executive.
    

    
      1.4 AT-WILL EMPLOYMENT. Executive will continue to be employed as
      an at-will employee of the Company. Subject to the provisions of
      Articles III and IV, as an at-will employee, Executive is free to
      terminate his/her employment with the Company at any time, for any
      reason, and the Company has the similar right to terminate Executive’s
      employment at any time, for any reason. Although the Company may choose
      to terminate Executive’s employment for cause, Executive’s employment is
      at-will and cause is not required.
    

    
      1.5 REVIEW OF AGREEMENT. It is the parties intention that the
      terms of this Agreement will be reviewed prior to December 31, 2008, to
      determine whether any modifications are appropriate. This review of the
      Agreement terms may occur at an earlier or later date, is not mandatory
      and does not impose any binding obligations on either party.
    

    
      ARTICLE II
COMPENSATION
    

    
      For all services rendered by the Executive in any capacity during the
      Executive’s employment under this Agreement, the Company will compensate
      the Executive as follows:
    

    
      
        

        

      

      
        
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      2.1 BASE SALARY. Effective as of April 28, 2008, the
      Company will pay to the Executive an annual base salary of Two Hundred
      Fifty Thousand Dollars ($250,000.00) to be paid in equal installments in
      accordance with the Company’s general payment policies in effect during
      the term hereof (the “Base Salary”). Executive’s annual base salary may
      be reviewed prior to December 31, 2008 and appropriate increases to
      salary implemented. If Executive’s annual base salary is not revised
      effective January 1, 2009, then Executive’s then existing salary will
      continue on a monthly basis until changed. This provision does not alter
      the at-will nature of Executive’s employment or the provisions of
      Articles III and IV below.
    

    
      2.2 INCENTIVE BONUS. The Executive shall be eligible to
      receive a targeted annual bonus based on performance criteria
      established annually by the Compensation Committee (the “Incentive
      Bonus”).
    

    
      2.3 STOCK COMPENSATION. The Executive may be granted options to
      purchase shares of Company Common Stock or Restricted Stock Units to
      purchase shares of Company Common Stock in accordance with the Company’s
      Stock Option Plan. Any grants must be approved by the Compensation
      Committee.
    

    
      2.4 ADDITIONAL BENEFITS. The Executive will be entitled to
      participate in all benefit and welfare programs, plans, and arrangements
      that are from time to time made available to the Company’s like-level
      executive employees.
    

    
      ARTICLE III
TERMINATION OF EMPLOYMENT
    

    
      3.1 GENERAL. While Executive is an at-will employee as provided
      at Section 1.3 above, the follow conditions for termination of
      employment are set forth in order to determine the nature of Executive
      compensation entitlement upon termination of employment as discussed in
      Article IV below. Neither the provisions of Article III or Article IV of
      this Agreement shall alter the at-will nature of Executive’s employment
      with the Company.
    

    
      3.2 DEATH OR RETIREMENT OF EXECUTIVE. The Executive’s employment
      under this Agreement will automatically terminate upon the death or
      Retirement (as defined in Section 6.1) of the Executive.
    

    
      3.3 BY EXECUTIVE. The Executive may terminate the Executive’s
      employment under this Agreement by giving Notice of Termination (as
      defined in Section 6.1 hereof) to the Company:
    

    
      (a) for Good Reason (as defined in Section 6.1 hereof); and
    

    
      (b) at any time without Good Reason.
    

    
      3.4 BY COMPANY. The Company may terminate the Executive’s
      employment under this Agreement by giving Notice of Termination to the
      Executive:
    

    
      (a) in the event of Executive’s Total Disability (as defined in Section
      6.1 hereof);
    

    
      (b) for Cause (as defined in Section 6.1 hereof); and
    

    
      (c) at any time without Cause.
    

    
      
        

        

      

      
        
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      ARTICLE IV
COMPENSATION UPON TERMINATION OF EMPLOYMENT
    

    
      If the Executive’s employment hereunder is terminated, in accordance
      with the provisions of Article III hereof, and except for any
      other rights or benefits specifically provided for herein to be
      effective following the Executive’s period of employment, the Company
      will provide compensation and benefits to the Executive only as follows:
    

    
      4.1 UPON TERMINATION FOR DEATH OR DISABILITY. If the Executive’s
      employment hereunder is terminated by reason of the Executive’s death or
      Total Disability, the Company will:
    

    
      (a) pay the Executive (or the Executive’s estate) or beneficiaries any
      Base Salary that has accrued but was not paid as of the termination date
      (the “Accrued Base Salary”);
    

    
      (b) pay the Executive (or the Executive’s estate) or beneficiaries for
      unused vacation days accrued as of the termination date in an amount
      equal to the Executive’s Base Salary multiplied by a fraction the
      numerator of which is the number of accrued unused vacation days and the
      denominator of which is 260 (the “Accrued Vacation Payment”);
    

    
      (c) reimburse the Executive (or the Executive’s estate) or beneficiaries
      for expenses incurred by him prior to the date of termination that are
      subject to reimbursement pursuant to this Agreement (the “Accrued
      Reimbursable Expenses”);
    

    
      (d) provide to the Executive (or the Executive’s estate) or
      beneficiaries any accrued and vested benefits required to be provided by
      the terms of any Company-sponsored benefit plans or programs (the “Accrued
      Benefits”), together with any benefits required to be paid or
      provided in the event of the Executive’s death or Total Disability under
      applicable law;
    

    
      (e) pay the Executive (or the Executive’s estate) or beneficiaries any
      Incentive Bonus with respect to a prior fiscal year that has accrued but
      has not been paid (the “Accrued Incentive Bonus”); and
    

    
      (f) the Executive (or the Executive’s estate) or beneficiaries shall
      have the right to exercise all vested unexercised stock options and
      warrants outstanding at the termination date in accordance with terms of
      the plans and agreements pursuant to which such options or warrants were
      issued.
    

    
      4.2 UPON TERMINATION BY COMPANY FOR CAUSE OR BY EXECUTIVE WITHOUT
      GOOD REASON. If the Executive’s employment is terminated by the
      Company for Cause, or if the Executive terminates the Executive’s
      employment with the Company other than (x) upon the Executive’s death or
      Total Disability or (y) for Good Reason, the Company will:
    

    
      (a) pay the Executive the Accrued Base Salary;
    

    
      (b) pay the Executive the Accrued Vacation Payment;
    

    
      
        

        

      

      
        
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      (c) pay the Executive the Accrued Reimbursable Expenses;
    

    
      (d) pay the Executive the Accrued Benefits, together with any benefits
      required to be paid or provided under applicable law;
    

    
      (e) pay the Executive any earned Accrued Incentive Bonus, but excluding
      any Accrued Incentive Bonus for the year of termination; and
    

    
      (f) the Executive will have the right to exercise vested options and
      warrants in accordance with Section 4.1(f) hereof.
    

    
      4.3 UPON TERMINATION BY THE COMPANY WITHOUT CAUSE OR BY EXECUTIVE FOR
      GOOD REASON. If the Executive’s employment is terminated by the
      Company without Cause or by the Executive for Good Reason, the Company
      will:
    

    
      (a) pay the Executive the Accrued Base Salary;
    

    
      (b) pay the Executive the Accrued Vacation Payment;
    

    
      (c) pay the Executive the Accrued Reimbursable Expenses;
    

    
      (d) pay the Executive the Accrued Benefits, together with any benefits
      required to be paid or provided under applicable law;
    

    
      (e) pay the Executive any earned Accrued Incentive Bonus;
    

    
      (f) pay the Executive severance, commencing on the thirtieth (30th)
      day following the termination date, of twelve (12) monthly payments
      equal to one-twelfth (1/12th) of the Executive’s Annual Base
      Salary in effect immediately prior to the time such termination occurs.
      Severance will be mitigated on a dollar for dollar basis for any income
      received by Executive for duties performed for Company or any third
      party during the twelve (12) months following termination. The severance
      payment required under this subsection shall be conditioned upon the
      Executive confirming the release in Section 5.2 hereof; and
    

    
      (g) maintain in full force and effect, for the Executive’s and the
      Executive’s eligible beneficiaries, until the first to occur of (x) the
      Executive’s attainment of alternative employment if such employment
      includes health insurance benefits or (y) the twelve (12) month
      anniversary of termination of employment, the benefits provided pursuant
      to Company-sponsored benefit plans, programs, or other arrangements in
      which the Executive was entitled to participate as a full-time employee
      immediately prior to such termination in accordance with Section 2.4
      hereof, subject to the terms and conditions of participation as provided
      under the general terms and provisions of such plans, programs, and
      arrangements, or in the alternate, the Company will arrange to provide
      the Executive with continued benefits substantially similar to those
      which the Executive would have been entitled to receive under such
      plans, programs, and arrangements;
    

    
      (h) the Executive shall have the right to exercise vested options and
      warrants in accordance with Section 4.1(f).
    

    
      
        

        

      

      
        
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      4.4 UPON CHANGE OF CONTROL AND TERMINATION BY THE COMPANY WITHOUT
      CAUSE OR BY EXECUTIVE FOR GOOD REASON. If the Executive’s employment
      is terminated within two (2) years of a Change of Control by the Company
      without Cause or by the Executive for Good Reason, the Company will:
    

    
      (a) pay the Executive the Accrued Base Salary;
    

    
      (b) pay the Executive the Accrued Vacation Payment;
    

    
      (c) pay the Executive the Accrued Reimbursable Expenses;
    

    
      (d) pay the Executive the Accrued Benefits, together with any benefits
      required to be paid or provided under applicable law;
    

    
      (e) pay the Executive any Accrued Incentive Bonus; plus the pro-rata
      Incentive Bonus based on actual performance for the year of termination.
    

    
      (f) pay the Executive severance of one and one-half (1.5) times
      Executive’s Annual Base Salary in effect immediately prior to the time
      such termination occurs plus the greater of (x) one and one-half (1.5)
      times the targeted Incentive Bonus immediately prior to the time such
      termination occurs or (y) one and one-half (1.5) times the average
      actual Incentive Bonus for the previous three (3) years, whichever is
      greater. The severance payment required under this subsection shall be
      conditioned upon the Executive confirming the release in Section 5.2
      hereof;
    

    
      (g) maintain in full force and effect, for the Executive’s and the
      Executive’s eligible beneficiaries, until the first to occur of (x) the
      Executive’s attainment of alternative employment if such employment
      includes health insurance benefits or (y) the eighteen (18) month
      anniversary of termination, the benefits provided pursuant to
      Company-sponsored benefit plans, programs, or other arrangements in
      which the Executive was entitled to participate as a full-time employee
      immediately prior to such termination in accordance with Section 2.4
      hereof, subject to the terms and conditions of participation as provided
      under the general terms and provisions of such plans, programs, and
      arrangements, or in the alternate, the Company will arrange to provide
      the Executive with continued benefits substantially similar to those
      which the Executive would have been entitled to receive under such
      plans, programs, and arrangements;
    

    
      (h) any payments will be grossed up for Internal Revenue Code Section
      280G excise tax penalty on “excess parachute payments;” and
    

    
      (i) the Executive shall have the right to exercise vested options and
      warrants in accordance with Section 4.1(f).
    

    
      ARTICLE V
ADDITIONAL AGREEMENTS
    

    
      5.1 OTHER AGREEMENTS. As further material consideration for the
      Company entering into this Agreement, the Executive will also execute
      the Company’s standard employee confidentially agreement, inventions
      assignment agreement, and any other agreements required to be executed
      by all like level executives of the Company.
    

    
      
        

        

      

      
        
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      5.2 EMPLOYEE’S RESTRICTIVE COVENANTS UPON TERMINATION. If
      the Executive’s employment is terminated for any reason, Executive
      agrees:
    

    
      (a) To keep all of the Company’s Confidential Information confidential
      in perpetuity in accordance with the Company’s policy;
    

    
      (b) To not hire or solicit for hire or consultation employees of the
      Company for a period of one and one-half (1 1/2) years after termination
      of employment; and
    

    
      (c) To release the Company from any and all claims, whether known or
      unknown, except for those based upon this Agreement. Such release shall
      include the rights of Section 1542 of the California Civil Code, which
      provides:
    

    
      “A general release does not extend to claims which the creditor does
      not know or suspect to exist in the Executive’s favor at the time of
      executing the release, which if known by him must have materially
      affected the Executive’s settlement with the debtor.”
    

    
      ARTICLE VI
MISCELLANEOUS
    

    
      6.1 DEFINITIONS. For purposes of this Agreement, the following
      terms will have the following meanings:
    

    
      (a) “Accrued Base Salary” - as defined in Section 4.1(a)
      hereof.
    

    
      (b) “Accrued Benefits” - as defined in Section
      4.1(d) hereof.
    

    
      (c) “Accrued Incentive Bonus” - as defined in Section
      4.1(e) hereof.
    

    
      (d) “Accrued Reimbursable Expenses” - as defined in Section
      4.1(c) hereof.
    

    
      (e) “Accrued Vacation Payment” - as defined in Section 4.1(b)
      hereof.
    

    
      (f) “Affiliate” of a Person means a Person that directly or
      indirectly through one or more intermediaries, controls, is controlled
      by, or is under common control with, the first Person. “Control”
      (including the terms “controlled by” and “under common control with”)
      means the possession, directly or indirectly, of the power to direct or
      cause the direction of the management or policies of a Person, whether
      through the ownership of voting securities, by contract or credit
      arrangement, as trustee or executor, or otherwise.
    

    
      (g) “Incentive Bonus” as defined in Section 2.2
      hereof.
    

    
      (h) “Base Salary” as defined in Section 2.1
      hereof.
    

    
      (i) “Cause” will mean any willful breach of duty by the
      Executive in the course of the Executive’s employment, continued
      violation of written Company employment policies after written notice of
      such violation, violation of the Company’s Insider Trading Policies,
      conviction of a felony or any crime involving fraud, theft,
      embezzlement, dishonesty or moral turpitude, engaging in activities
      which materially defame the Company, engaging in conduct which is
      material injurious to the Company or its Affiliates, or any of their
      respective customer or supplier relationships, financially or otherwise,
      or the Executive’s gross negligence or continued failure to perform
      Executive’s duties or his/her continued incapacity to perform such
      duties.
    

    
      
        

        

      

      
        
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      (j) “Change of Control” will mean if there is a merger,
      consolidation, sale of all or a major portion of the assets of the
      Company (or a successor organization) or similar transaction or
      circumstance where any person or group (other than Douglas B. Otto)
      acquires or obtains the right to acquire, in one or more transactions,
      beneficial ownership of more than Fifty Percent (50%) of the outstanding
      shares of any class of voting stock of the Company (or a successor
      organization).
    

    
      (k) “Compensation Committee” means the Compensation
      Committee of the Company’s Board of Directors.
    

    
      (l) “Continued Benefits” as defined in Section
      4.3(g) hereof.
    

    
      (m) “Good Reason” will mean (1) the occurrence of material
      breach of this Agreement by the Company, which breach is not cured
      within fifteen (15) calendar days after written notice thereof is
      received by the Company, or (2) if within two (2) years of a Change of
      Control, there is a reduction of the Employee’s total compensation,
      benefits, and perquisites, the Company’s relocation is greater than
      fifty (50) miles further from the Employee’s home, or a material change
      in the Employee’s position or duties.
    

    
      (n) “Notice of Termination” will mean a notice which shall
      indicate the specific termination provision of this Agreement relied
      upon and shall generally set forth the basis for termination of the
      Executive’s employment under the provision so indicated.
    

    
      (o) “Person” means any natural person, firm, partnership,
      association, corporation, company, limited liability company, limited
      partnership, trust, business trust, governmental authority, or other
      entity.
    

    
      (p) “Retirement” will mean normal retirement at age 65.
    

    
      (q) “Severance” will mean payments after termination of
      Executive’s employment.
    

    
      (r) “Total Disability” will mean the Executive’s failure
      substantially to perform the Executive’s duties hereunder on a full-time
      basis for a period exceeding one hundred eighty (180) consecutive days
      or for periods aggregating more than one hundred eighty (180) days
      during any twelve (12) month period as a result of incapacity due to
      physical or mental illness. If there is a dispute as to whether the
      Executive is or was physically or mentally unable to perform the
      Executive’s duties under this Agreement, such dispute will be submitted
      for resolution to a licensed physician agreed upon by the Company and
      the Executive, or if an agreement cannot be promptly reached, the
      Company and the Executive will promptly each select a physician, and if
      these physicians cannot agree, the physicians will promptly select a
      third physician whose decision will be binding on all parties. If such a
      dispute arises, the Executive will submit to such examinations and will
      provide such information as such physician(s) may request, and the
      determination of the physician(s) as to the Executive’s physical or
      mental condition will be binding and conclusive. Notwithstanding the
      foregoing, if the Executive participates in any group disability plan
      provided by the Company, which offers long-term disability benefits, “Total
      Disability” will mean total disability as defined therein.
    

    
      
        

        

      

      
        
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      6.2 KEY MAN INSURANCE. The Company will have the right, in its
      sole discretion, to purchase “key man” insurance on the life of the
      Executive. The Company shall be the owner and beneficiary of any such
      policy. If the Company elects to purchase such a policy, the Executive
      will take such physical examinations and supply such information as may
      be reasonably requested by the insurer.
    

    
      6.3 SUCCESSORS; BINDING AGREEMENT. This Agreement will be binding
      upon any successor to the Company and will inure to the benefit of and
      be enforceable by the Executive’s personal or legal representatives,
      beneficiaries, designees, executors, administrators, heirs,
      distributees, devisees and legatees.
    

    
      6.4 MODIFICATION; NO WAIVER. This Agreement may not be modified
      or amended except by an instrument in writing signed by the parties
      hereto. No term or condition of this Agreement will be deemed to have
      been waived, nor will there be any estoppel against the enforcement of
      any provision of this Agreement, except by written instrument by the
      party charged with such waiver or estoppel. No such written waiver will
      be deemed a continuing waiver unless specifically stated therein, and
      each such waiver will operate only as to the specific term or condition
      waived and will not constitute a waiver of such term or condition for
      the future or as to any other term or condition.
    

    
      6.5 SEVERABILITY. The covenants and agreements contained herein
      are separate and severable and the invalidity or unenforceability of any
      one or more of such covenants or agreements, if not material to the
      employment arrangement that is the basis for this Agreement, will not
      affect the validity or enforceability of any other covenant or agreement
      contained herein.
    

    
      6.6 FORM OF NOTICE TO PARTIES. All notices, requests, demands,
      waivers and other communications required or permitted to be given under
      this Agreement shall be in writing and shall be deemed to have been duly
      given if (a) delivered personally, (b) mailed by first-class, registered
      or certified mail, return receipt requested, postage prepaid, or (c)
      sent by next-day or overnight mail or delivery or (d) sent by telecopy
      or telegram, to the following address:
    

    	
           
        	
          
            If to the Executive:
          

        	
           
        	
          
            Thomas R. Hillebrandt
          

        
	

        	
          
             
          

        	

        	
          
            __________________
          

        
	

        	
          
             
          

        	

        	
          
            __________________
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            If to the Company:
          

        	

        	
          
            Deckers Outdoor Corporation
          

        
	

        	

        	

        	
          
            495-A South Fairview Avenue
          

        
	

        	

        	

        	
          
            Goleta, CA 93117
          

        
	

        	

        	

        	
          
            Attn: Angel Martinez
          

        
	

        	

        	

        	
          
            Facsimile: 805-967-7862
          

        

    
      or, in each case, at such other address as may be specified in writing
      to the other parties hereto.
    

    
      
        

        

      

      
        
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      All such notices, requests, demands, waivers and other communications
      shall be deemed to have been received (w) if by personal delivery on the
      day after such delivery, (x) if by certified or registered mail, on the
      seventh business day after the mailing thereof, (y) if by next-day or
      overnight mail or delivery, on the day delivered, (z) if by telecopy or
      telegram, on the next day following the day on which such telecopy or
      telegram was sent, provided that a copy is also sent by certified or
      registered mail.
    

    
      6.7 ASSIGNMENT. This Agreement and any rights hereunder will not
      be assignable by either party without the prior written consent of the
      other party except as otherwise specifically provided for herein.
    

    
      6.8 ENTIRE UNDERSTANDING. This Agreement constitutes the entire
      understanding between the parties hereto and no agreement,
      representation, warranty or covenant has been made by either party
      except as expressly set forth herein.
    

    
      6.9 EXECUTIVE’S REPRESENTATIONS. The Executive represents
      and warrants that neither the execution and delivery of this Agreement
      nor the performance of the Executive’s duties hereunder violates the
      provisions of any other agreement to which he is a party or by which he
      is bound.
    

    
      6.10 GOVERNING LAW . This Agreement will be construed in
      accordance with the laws of the State of California, without regard to
      the conflict of laws provisions thereof, with venue proper only in the
      County of Santa Barbara, California.
    

    
      6.11 ARBITRATION.
    

    
      (a) Except as provided in Section 6.11(c) below, the parties
      hereto agree that any dispute or controversy arising out of, relating
      to, or in connection with this Agreement, or the interpretation,
      validity, construction, performance, breach, or termination thereof,
      shall be finally settled by binding arbitration, unless otherwise
      required by law, to be held in Santa Barbara, California under the
      National Rules for the Resolution of Employment Disputes of the American
      Arbitration Association as then in effect (the “Rules”). The
      arbitrator(s) may grant injunctions or other relief in such dispute or
      controversy. The decision of the arbitrator(s) shall be final,
      conclusive and binding on the parties to the arbitration, and judgment
      may be entered on the decision of the arbitrator(s) in any court having
      jurisdiction.
    

    
      (b) The arbitrator(s) shall apply California law to the merits of any
      dispute or claim, without reference to rules of conflicts of law.
    

    
      (c) The parties may apply to any court of competent jurisdiction for a
      temporary restraining order, preliminary injunction, or other interim or
      conservatory relief, as necessary, without breach of this arbitration
      agreement and without abridgement of the powers of the arbitrator.
    

    
      (d) EMPLOYEE HAS READ AND UNDERSTANDS THIS SECTION, WHICH DISCUSSES
      ARBITRATION. EMPLOYEE UNDERSTANDS THAT BY SIGNING THIS AGREEMENT,
      EMPLOYEE AGREES TO SUBMIT ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN
      CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY,
      CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING
      ARBITRATION, UNLESS OTHERWISE REQUIRED BY LAW, AND THAT THIS ARBITRATION
      CLAUSE CONSTITUTES A WAIVER OF EMPLOYEE’S RIGHT TO A JURY TRIAL AND
      RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO EMPLOYEE’S
      RELATIONSHIP WITH THE COMPANY, INCLUDING BUT NOT LIMITED TO, CLAIMS OF
      HARASSMENT, DISCRIMINATION, WRONGFUL TERMINATION AND ANY STATUTORY
      CLAIMS.
    

    
      [Signature Page Follows]
    

    
      
        

        

      

      
        
          9
        

        
          

        

      

      
        

        

      

    

    
      IN WITNESS WHEREOF, the parties hereto have duly executed this Senior
      Executive Employment Agreement as of the day and year first above
      written.
    

    	
           
        	
          
            COMPANY:
          

        	

        
	

        	
           
        
	

        	
          
            DECKERS OUTDOOR CORPORATION
          

        
	

        	
           
        
	

        	
          
            By:
          

        	
          
            /s/ Angel Martinez
          

        
	

        	

        	
          
            Angel Martinez
          

        
	

        	

        	
          
            Chief Executive Officer
          

        
	

        	
           
        
	

        	
           
        
	

        	
          
            EXECUTIVE:
          

        
	

        	
           
        
	

        	
          
            /s/ Thomas R. Hillebrandt
          

        
	

        	
          
            Thomas R. Hillebrandt
          

        

    

    

    
      10

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