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Exhibit 10.7    
    

 
 

ZUMIEZ INC.    
    
    2005 EQUITY INCENTIVE PLAN    
    

As approved by the Board of Directors

on January 24, 2005 and

Shareholders on                        , 2005

1.     PURPOSES.  

        (a)   GENERAL PURPOSE.    The Company, by means of the Plan, seeks to retain the services of
Eligible Recipients, to secure and retain the services of new members of this group and to provide incentives for such persons to exert maximum efforts for the success of the Company and, if
applicable, any of the Company's parents and subsidiaries. 

        (b)   AVAILABLE STOCK AWARDS.    The purpose of the Plan is to provide a means by which
Eligible Recipients may be given an opportunity to benefit from increases in value of the Common Stock through the granting of the following Stock Awards: (i) Incentive Stock Options,
(ii) Nonstatutory Stock Options, (iii) stock bonuses, (iv) Restricted Stock grants, (v) Restricted Stock Unit grants and (vi) Stock Appreciation Rights. 

2.     DEFINITIONS.  

        "Affiliate" means any Parent or Subsidiary of the Company, whether now or hereafter existing. 

        "Annual Increase" has the meaning set forth in Section 4(a) of the Plan. 

        "Board" means the Board of Directors of the Company. 

        "Change in Control" means (i) the consummation of a merger or consolidation of the
Company with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving entity's securities outstanding immediately
after such merger, consolidation or other reorganization is owned by persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization; or
(ii) the sale, transfer or other disposition of all or substantially all of the Company's assets. A transaction shall not constitute a Change in Control if its sole purpose is to change the
state of the Company's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such
transaction. 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Committee" means a committee of one or more members of the Board appointed by the Board in accordance with Section 3(c) of the
Plan. 

        "Common Stock" means the common stock of the Company. 

        "Company" means Zumiez Inc., a Washington corporation. 

        "Consultant" means any person, including an advisor, (i) engaged by the Company or an Affiliate to render consulting or advisory
services and who is compensated for such services, including members of any advisory board constituted by the Company, or (ii) who is a member of the Board of Directors of an Affiliate.
However, the term "Consultant" shall not include either Directors who are not compensated by the Company for their services as Directors or Directors who are merely paid a director's fee by the
Company for their services as Directors. 

        "Continuous Service" means, with respect to Employees, service with the Company or an Affiliate that is not interrupted or terminated.
With respect to Directors or Consultants, Continuous Service means service with the Company, or a Parent or Subsidiary of the Company, whether as a Director or Consultant, that is not interrupted or
terminated. The Board or the chief executive officer of the 

Company,
in that party's sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave,
military leave or any other personal leave. 

        "Covered Employee" means the chief executive officer and the four (4) other highest compensated officers of the Company for whom
total compensation is required to be reported to shareholders under the Exchange Act, as determined for purposes of Section 162(m) of the Code and the regulations promulgated thereunder. 

        "Director" means a member of the Board of Directors of the Company. 

        "Disability" means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code. 

        "Eligible Recipient" means any Employee, Director or Consultant of the Company or any Employee, Director or Consultant of a Parent or
Subsidiary of the Company. 

        "Employee" means any person employed by the Company or an Affiliate. Mere service as a Director or payment of a director's fee by the
Company or an Affiliate shall not be sufficient to constitute "employment" by the Company or an Affiliate. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Executive Officer" means an executive officer within the meaning of NASD Rule 4350(c), or any successor rule, as in effect from
time to time. 

        "Fair Market Value" means, as of any date, the value of the Common Stock determined as follows: 

          (i)  If the Common Stock is listed on any established stock exchange or traded on the Nasdaq National Market or the Nasdaq
SmallCap Market, the Fair Market Value of a share of Common Stock shall be the closing sale price for such stock (or the closing bid, if no sale was reported) as quoted on such exchange or market (or
the exchange or market with the greatest volume of trading in the Common Stock) on the day of determination, as reported in The Wall Street Journal or
such other source as the Board deems reliable. 

         (ii)  In the absence of such markets for the Common Stock, the Fair Market Value shall be determined in good faith by the
Board using a reasonable valuation method. 

        "FAS 123" shall mean Statement of Financial Accounting Standard 123, "Accounting for Stock-based Compensation," as promulgated by
the Financial Accounting Standards Board. 

        "Former Plans" shall mean collectively the Zumiez Inc. 1993 Stock Option Plan and the Zumiez Inc. 2004 Stock Option Plan. 

        "Former Plan Shares" has the meaning set forth in Section 4(b) of the Plan. 

        "Incentive Stock Option" means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the
Code and the regulations promulgated thereunder. 

        "Independent Director" means an independent director as defined in NASD Rule 4200(a)(15), or any successor rule, as in effect from
time to time. 

        "Non-Employee Director" means a Director who either (i) is not a current Employee or Officer of the Company or its
parent or a subsidiary, does not receive compensation (directly or indirectly) from the Company or its parent or a subsidiary for services rendered as a consultant or in any capacity other than as a
Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K), does not possess an interest in any other transaction as to which
disclosure would be required under Item 404(a) of Regulation S-K and is not engaged in a business relationship as to which disclosure would be required under Item 404(b) of
Regulation S-K, or (ii) is otherwise considered a "non-employee director" for purposes of Rule 16b-3. 

        "Nonstatutory Stock Option" means an Option not intended to qualify as an Incentive Stock Option. 

        "Officer" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder. 

        "Option" means a stock option granted pursuant to Section 6 of the Plan. 

        "Option Agreement" means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an individual
Option grant. Each Option Agreement shall be subject to the terms and conditions of the Plan. 

        "Optionholder" means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an
outstanding Option. 

        "Outside Director" means a Director who either (i) is not a current employee of the Company or an "affiliated corporation" (within
the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an "affiliated corporation" receiving compensation for prior
services (other than benefits under a tax qualified pension plan), was not an officer of the Company or an "affiliated corporation" at any time and is not currently receiving direct or indirect
remuneration from the Company or an "affiliated corporation" for services in any capacity other than as a Director, or (ii) is otherwise considered an "outside director" for purposes of
Section 162(m) of the Code. 

        "Parent" means a "parent corporation," whether now or hereafter existing, as defined in Section 424(e) of the Code. 

        "Participant" means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an
outstanding Stock Award. 

        "Performance Criteria" shall have the meaning set forth in Section 7(b)(iii) of the Plan. 

        "Plan" means this 2005 Equity Incentive Plan, as amended from time to time. 

        "Regulation S-K" means Regulation S-K promulgated pursuant to the Securities Act, as in effect from
time to time. 

        "Re-Load Option" has the meaning set forth in Section 6(m) of the Plan. 

        "Repurchase Blackout Period" means six (6) months from the date the Common Stock relating to a Stock Award is issued to the
Participant or, in the case of a Stock Award with vesting restrictions, six (6) months from the vesting date or, in any case, such longer or shorter period of time as required to avoid a
variable charge to earnings for financial accounting purposes. 

        "Restricted Stock" shall mean a grant of shares of Common Stock pursuant to Section 7(b) of the Plan. 

        "Restricted Stock Units" shall mean a grant of the right to receive shares of Common Stock in the future or their cash equivalent (or
both) pursuant to Section 7(b) of the Plan. 

        "Rule 16b-3" means Rule 16b-3 promulgated under the Exchange Act or any successor to
Rule 16b-3, as in effect from time to time. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Stand-Alone Stock Appreciation Right" has the meaning set forth in Section 7(c) of the Plan. 

        "Stock Appreciation Right" means the right to receive appreciation in the Common Stock pursuant to the provisions of Section 7(c)
of the Plan. 

        "Stock Award" means any right granted under the Plan, including an Option, a stock bonus, a Stock Appreciation Right, a Restricted Stock
grant and a Restricted Stock Unit grant. 

        "Stock Award Agreement" means a written agreement between the Company and a holder of a Stock Award evidencing the terms and conditions of
an individual Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of the Plan. 

        "Subsidiary" means (1) in the case of an Incentive Stock Option, a "subsidiary corporation," whether now or hereafter existing, as
defined in Section 424(f) of the Code, and (2) in the case of any other Stock Award, in addition to a subsidiary corporation as defined in clause (1), (A) a limited
liability company, partnership or other entity in which the Company controls fifty percent (50%) or more of the voting power or equity interests, or (B) an entity with respect to which the
Company possesses the power, directly or indirectly, to direct or cause the direction of the management and policies, whether through the Company's ownership of voting securities, by contract or
otherwise. 

        "Tandem Stock Appreciation Right" has the meaning set forth in Section 7(c) of the Plan. 

        "Ten Percent Shareholder" means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock comprising
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of its Affiliates. 

3.     ADMINISTRATION.  

        (a)   Administration by Board.    The Board shall administer the Plan unless and until the Board delegates
administration to a Committee, as provided in Section 3(c). Whether or not the Board has delegated administration, the Board shall have the final power to determine all questions of policy and
expediency that may arise in the administration of the Plan. 

        (b)   Powers of Board.    The Board (or the Committee) shall have the power, subject to, and within the limitations
of, the express provisions of the Plan: 

          (i)  To determine from time to time which of the persons eligible under the Plan shall be granted Stock Awards; when and how
each Stock Award shall be granted; what type or combination of types of Stock Award shall be granted; the provisions of each Stock Award granted (which need not be identical),
including the time or times when a person shall be permitted to receive Common Stock pursuant to a Stock Award; and the number of shares of Common Stock with respect to which a Stock Award shall be
granted to each such person. 

         (ii)  To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and
regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the
extent it shall deem necessary or expedient to make the Plan fully effective. 

       (iii)  To amend the Plan or a Stock Award as provided in Section 13. 

        (iv)  Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the
best interests of the Company that are not in conflict with the provisions of the Plan. 

        (c)   Delegation to Committee.    The Board may delegate administration of the Plan to a Committee of two
(2) or more members of the Board, each of whom must qualify as a Non-Employee Director, Outside Director, and Independent Director. If administration is delegated to such a
Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the
administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be deemed to be to the Committee or subcommittee, as appropriate), subject,
however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Notwithstanding the foregoing, only a Committee may grant Stock Awards
to (i) senior executives of the Company who are subject to Section 16 of the Exchange Act, (ii) Covered Employees, or (iii) the chief executive officer or any other
Executive Officer. The Board may abolish the Committee, or any subcommittee, at any time and revest in the Board the administration of the Plan. 

        (d)   Effect of Board's Decision.    All determinations, interpretations and constructions made by the Board in good
faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons. 

4.     SHARES SUBJECT TO THE PLAN.  

        (a)   Share Reserve.    Subject to the provisions of Section 12 relating to adjustments upon changes in Common
Stock, the Common Stock that may be issued pursuant to Stock Awards shall not exceed in the aggregate 2,925,000 shares of Common Stock plus (i) the number of Former Plan Shares (as defined
below) and (ii) such number of additional shares determined in accordance with the next sentence. There shall be an annual increase to the number of shares available for Stock Awards effective
on the first business day of each fiscal year of the Company, commencing on January 30, 2006, such that the total number of shares available for issuance hereunder shall equal fifteen percent
(15%) of the total number of shares of Common Stock outstanding on such business day (the "Annual Increase"); provided, however, that in no event will
the aggregate number of shares available for award hereunder exceed 4,387,500. Notwithstanding the foregoing, the Board may designate, in any fiscal year, that the Annual Increase be less than the
maximum number of shares available for such increase or that there be no Annual Increase during such fiscal year. The shares that may be issuable under Incentive Stock Options shall be limited to the
above maximum number of shares reserved under the Plan. 

        (b)   Reversion of Shares and Availability of Shares to the Share Reserve.    If any Stock Award granted under the
Plan or under the Former Plans shall for any reason expire or otherwise terminate, in whole or in part, without having been exercised in full, or if any shares of Common Stock issued to a Participant
pursuant to a Stock Award granted under the Plan or under the Former Plans are forfeited back to or repurchased by the Company, including, but not limited to, any repurchase or forfeiture caused by
the failure to meet a contingency or condition required for the vesting or exercise of such shares, then the shares of Common Stock not acquired under such Stock Award (the
"Former Plan Shares"), shall become available for issuance under the Plan. Former Plan Shares shall include reserved shares of Common Stock that are not
subject to a grant under the Former Plans. The number of shares of Common Stock underlying a Stock Award not issued as a result of any of the following actions shall again be available for issuance
under the Plan: (i) a payout of a Stand-Alone Stock Appreciation Right, or a performance-based award of Restricted Stock or Restricted Stock Units in the form of cash; (ii) a
cancellation, termination, expiration, forfeiture, or lapse for any reason (with the exception of the termination of a Tandem Stock Appreciation Right upon exercise of the related Options, or the
termination of a related Option upon exercise of the corresponding Tandem Stock Appreciation Right) of any Stock Award; or (iii) payment of the Option exercise price and/or payment of any taxes
arising upon exercise of the Option by withholding shares of Common Stock which otherwise would be acquired on exercise or issued upon such payout. 

        (c)   Source of Shares.    The shares of Common Stock subject to the Plan may be unissued shares or reacquired
shares, bought on the market or otherwise. 

5.     ELIGIBILITY.  

        (a)   Eligibility for Specific Stock Awards.    Incentive Stock Options may be granted only to Employees. Stock
Awards other than Incentive Stock Options may be granted to Eligible Recipients. 

        (b)   Ten Percent Shareholders.    A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless
the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the date of grant and the Option is not exercisable after the expiration of
five (5) years from the date of grant. 

        (c)   Consultants.    A Consultant shall not be eligible for the grant of a Stock Award if, at the time of grant, a
Form S-8 Registration Statement under the Securities Act ("Form S-8") is not available to register either the
offer or the sale of the Company's securities to such Consultant because of the nature of the services that the Consultant is providing to the Company, or because the Consultant is 

not
a natural person, or as otherwise provided by the rules governing the use of Form S-8, unless the Company determines both (i) that such grant (A) shall be
registered in another manner under the Securities Act (e.g., on a Form S-3 Registration Statement) or (B) does not require registration under the Securities Act in order to
comply with the requirements of the Securities Act, if applicable, and (ii) that such grant complies with the securities laws of all other relevant jurisdictions. Form S-8
generally is available to consultants and advisors only if (i) they are natural persons, (ii) they provide bona fide services to the issuer, its parents, its majority-owned subsidiaries
or majority-owned subsidiaries of the issuer's parent, and (iii) the services are not in connection with the offer or sale of securities in a capital-raising transaction, and do not directly or
indirectly promote or maintain a market for the issuer's securities. 

        (d)   Foreign Participants.    Notwithstanding any provision of the Plan to the contrary, in order to comply with the
laws in other countries in which the Company and its subsidiaries operate or have Employees, Directors or Consultants, the Board, in its sole discretion, shall have the power and authority to:
(i) determine which subsidiaries shall be covered by the Plan; (ii) determine which Employees, Directors or Consultants outside the United States are eligible to participate in the Plan;
(iii) modify the terms and conditions of any Stock Award granted to Employees, Directors or Consultants outside the United States to comply with applicable foreign laws; (iv) establish
subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to this
subplan as appendices); provided, however, that no such subplans and/or modifications shall increase the number of shares reserved for the Plan as set forth in Section 4 of the Plan; and
(v) take any action, before or after a Stock Award is made, that it deems advisable to obtain approval or comply with any applicable foreign laws. 

6.     OPTION PROVISIONS.  

        Each Option shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately designated
Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased
on exercise of each type of Option. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option
Agreement or otherwise) the substance of each of the following provisions: 

        (a)   Term.    Subject to the provisions of Section 5(b) regarding Ten Percent Shareholders, no Option shall
be exercisable after the expiration of ten (10) years from the date it was granted. 

        (b)   Exercise Price of an Incentive Stock Option.    Subject to the provisions of Section 5(b) regarding Ten
Percent Shareholders, the exercise price of each Incentive Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option on the date
the Option is granted. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted
pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code. 

        (c)   Exercise Price of a Nonstatutory Stock Option.    The exercise price of Nonstatutory Stock Options shall be
determined by the Board. However, the exercise price of each Nonstatutory Stock Option that is intended to qualify as performance-based compensation within the meaning of the Treasury Regulations
promulgated under Section 162(m) of the Code shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option on the date the Option is
granted. 

        (d)   Consideration.    The purchase price of Common Stock acquired pursuant to an Option shall be paid, to the
extent permitted by applicable statutes and regulations, either (i) in cash at the time the Option is exercised, or (ii) at the discretion of the Board at the time of the grant of the
Option (or subsequently in the case of a Nonstatutory Stock Option) (A) by delivery to the Company of other 

Common
Stock, (B) according to a deferred payment or other similar arrangement with the Optionholder, (C) pursuant to a cashless exercise program implemented by the Company in connection
with the Plan, or (D) in any other form of legal consideration that may be acceptable to the Board. Unless otherwise specifically provided in the Option Agreement, the purchase price of Common
Stock acquired pursuant to an Option that is paid by delivery to the Company of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by shares of the Common Stock
of the Company that have been held for more than six (6) months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). 

        In
the case of any deferred payment arrangement, interest shall be compounded at least annually and shall be charged at the minimum rate of interest necessary to avoid the treatment as
interest, under any applicable provisions of the Code, of any amounts other than amounts stated to be interest under the deferred payment arrangement. 

        (e)   Transferability of an Incentive Stock Option.    An Incentive Stock Option shall not be transferable except by
will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by
delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise
the Option. 

        (f)    Transferability of a Nonstatutory Stock Option.    A Nonstatutory Stock Option shall be transferable only to
the extent provided in the Option Agreement (subject to applicable securities laws). Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form
satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. 

        (g)   Vesting Generally.    The total number of shares of Common Stock subject to an Option may, but need not, vest
and therefore become exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised
(which may be based on performance or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options may vary. The provisions of this Section 6(g) are subject
to any Option provisions governing the minimum number of shares of Common Stock as to which an Option may be exercised. 

        (h)   Termination of Continuous Service.    In the event an Optionholder's Continuous Service terminates (other than
upon the Optionholder's death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination)
but only within such period of time ending on the earlier of (i) the date three (3) months following the termination of the Optionholder's Continuous Service (or, except with respect to
Incentive Stock Options, such longer or shorter period specified in the Option Agreement), or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after
termination, the Optionholder does not exercise his or her Option within the time specified in the Option Agreement, the Option shall terminate. 

        (i)    Extension of Termination Date.    Except with respect to Incentive Stock Options, an Optionholder's Option
Agreement may also provide that if the exercise of the Option following the termination of the Optionholder's Continuous Service (other than upon the Optionholder's death or Disability) would be
prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier of
(i) the expiration of the term of the Option set forth in Section 6(a), or (ii) the expiration of a period of three (3) months after the termination of the Optionholder's
Continuous Service during which the exercise of the Option would not be in violation of such registration requirements. 

        (j)    Disability of Optionholder.    In the event that an Optionholder's Continuous Service terminates as a result of
the Optionholder's Disability, the Optionholder may exercise his or her Option 

(to
the extent that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending on the earlier of (i) the date twelve
(12) months following such termination (or, except with respect to Incentive Stock Options, such longer or shorter period specified in the Option Agreement) or (ii) the expiration of the
term of the Option as set forth in the Option Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein, the Option shall terminate. 

        (k)   Death of Optionholder.    In the event (i) an Optionholder's Continuous Service terminates as a result
of the Optionholder's death or (ii) the Optionholder dies within the period (if any) specified in the Option Agreement after the termination of the Optionholder's Continuous Service for a
reason other than death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder's estate, by a person who
acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the option upon the Optionholder's death pursuant to Section 6(e) or 6(f), but only
within the period ending on the earlier of (A) the date eighteen (18) months following the date of death (or, except with respect to Incentive Stock Options, such longer or shorter
period specified in the Option Agreement) or (B) the expiration of the term of such Option as set forth in the Option Agreement. If, after death, the Option is not exercised within the time
specified herein, the Option shall terminate. 

        (l)    Early Exercise.    The Option may, but need not, include a provision whereby the Optionholder may elect at any
time before the Optionholder's Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option prior to the full vesting of the Option.
The early purchase of any unvested shares of Common Stock will be pursuant to an early exercise provision in the Option Agreement which may provide for a repurchase option in favor of the Company and
other restrictions the Board determines to be appropriate. Any repurchase option so provided for will be subject to the repurchase provisions set forth in Section 11(h) herein. 

        (m)  Substitution of Stock Appreciation Rights for Options.    If the Company is required to or elects to expense
the cost of Options pursuant to FAS 123 (or a successor or other standard), the Board shall have the sole discretion to substitute without receiving Participants' permission, Stock Appreciation
Rights paid only in stock for outstanding Options; provided, the terms of the substituted Stock Appreciation Rights are substantially the same as the terms of the Options, the number of shares
underlying the number of Stock Appreciation Rights equals the number of shares underlying the Options and the difference between the Fair Market Value of the underlying shares of Common Stock and the
grant price of the Stock Appreciation Rights is equivalent to the difference between the Fair Market Value of the underlying shares of Common Stock and the exercise price of the Options. 

        (n)   Re-Load Options.

          (i)  Without in any way limiting the authority of the Board to make or not to make grants of Options hereunder, the Board
shall have the authority (but not an obligation) to include as part of any Option Agreement a provision entitling the Optionholder to a further Option (a "Re-Load
Option") in the event the Optionholder exercises the Option evidenced by the Option Agreement, in whole or in part, by surrendering other shares of Common Stock in accordance
with this Plan and the terms and conditions of the Option Agreement. Unless otherwise specifically provided in the Option Agreement, the Optionholder shall not surrender shares of Common Stock
acquired, directly or indirectly from the Company, unless such shares have been held for more than six (6) months (or such longer or shorter period of time required to avoid a charge to
earnings for financial accounting purposes). 

         (ii)  Any such Re-Load Option shall (i) provide for a number of shares of Common Stock equal to the number
of shares of Common Stock surrendered as part or all of the exercise price of such Option, (ii) have an expiration date which is the same as the expiration date of the Option the exercise of
which gave rise to such Re-Load Option, and (iii) have an exercise price which is equal to one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the
Re-Load Option on the date of exercise of the original Option. Notwithstanding the foregoing, 

a
Re-Load Option shall be subject to the same exercise price and term provisions heretofore described for Options under the Plan. 

        Any
such Re-Load Option may be an Incentive Stock Option or a Nonstatutory Stock Option, as the Board may designate at the time of the grant of the original Option; provided,
however, that the designation of any Re-Load Option as an Incentive Stock Option shall be subject to the one hundred thousand dollar ($100,000) annual limitation on the exercisability of
Incentive Stock Options described in Section 11(d) of the Plan and in Section 422(d) of the Code. There shall be no Re-Load Options on a Re-Load Option. Any such
Re-Load Option shall be subject to the availability of sufficient shares of Common Stock
under Section 4(a) and shall be subject to such other terms and conditions as the Board may determine that are not inconsistent with the express provisions of the Plan regarding the terms of
Options. 

7.     PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS.  

        (a)   Stock Bonus Awards.    Grants of stock bonus awards shall be pursuant to a Stock Award Agreement, which shall
be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The terms and conditions of each grant of a stock bonus award shall include (through incorporation of
provisions hereof by reference in the Stock Award Agreement or otherwise) the substance of each of the following provisions: 

          (i)  Consideration.    A stock bonus may be awarded in consideration for past services rendered to the Company or
an Affiliate for its benefit. 

         (ii)  Vesting; Right of Repurchase.    Shares of Common Stock awarded under the Stock Award Agreement may, but need
not, be subject to a share repurchase option in favor of the Company in accordance with a vesting schedule to be determined by the Board. Such repurchase option is subject to the repurchase provisions
set forth in Section 11(h). 

       (iii)  Termination of Participant's Continuous Service.    In the event a Participant's Continuous Service
terminates, the Company may reacquire any or all of the shares of Common Stock held by the Participant which have not vested as of the date of termination under the terms of the Stock Award Agreement.
In such event, the Company shall not reaquire the Common Stock until after the Repurchase Blackout Period. 

        (iv)  Transferability.    Rights to acquire shares of Common Stock under the Stock Award Agreement shall be
transferable by the Participant only upon such terms and conditions as are set forth in the Stock Award Agreement, as the Board shall determine in its discretion, so long as Common Stock awarded under
the Stock Award Agreement remains subject to the terms of the Stock Award Agreement. 

        (b)   Restricted Stock and Restricted Stock Units.

          (i)  Designation.    Restricted Stock or Restricted Stock Units may be granted under the Plan. Restricted Stock or
Restricted Stock Units may include a dividend equivalent right, as permitted by Section 12(a).
After the Board determines that it will offer Restricted Stock or Restricted Stock Units, it will advise the Participant in writing or electronically, by means of a Stock Award Agreement, of the
terms, conditions and restrictions, including vesting, if any, related to the offer, including the number of shares of Common Stock that the Participant shall be entitled to receive or purchase, the
price to be paid, if any, and, if applicable, the time within which the Participant must accept the offer. The offer shall be accepted by execution of a Stock Award Agreement or as otherwise directed
by the Board. The term of each award of Restricted Stock or Restricted Stock Units shall be at the discretion of the Board. 

         (ii)  Restrictions.    Subject to Section 8(b)(iii), the Board may impose such conditions or restrictions on
the Restricted Stock or Restricted Stock Units granted pursuant to the Plan as it may determine advisable, including the achievement of specific performance goals, time based 

restrictions
on vesting, or others. If the Board established performance goals, the Board shall determine whether a Participant has satisfied the performance goals. 

       (iii)  Performance Criteria.    Restricted Stock and Restricted Stock Units granted pursuant to the Plan that are
intended to qualify as "performance based compensation" under Section 162(m) of the Code shall be subject to the attainment of performance goals relating to the Performance Criteria selected by
the Board and specified at the time such Restricted Stock and Restricted Stock Units are granted. For purposes of this Plan, "Performance Criteria"
means one or more of the following (as selected by the Board and as such list to be amended or supplemented from time to time by the Plan Administrator): (1) cash flow; (2) earnings per
share; (3) earnings before interest, taxes, and amortization; (4) return on equity; (5) total shareholder return; (6) share price performance; (7) return on capital;
(8) return on assets or net assets; (9) revenue; (10) revenue growth; (11) earnings growth; (12) operating income; (13) operating profit; (14) profit
margin; (15) return on operating revenue; (16) return on invested capital; (17) market price; (18) brand recognition; (19) customer satisfaction;
(20) operating efficiency; or (21) productivity. Any of these Performance Criteria may be used to measure the performance of the Company as a whole or any business unit or division of
the Company. 

        (iv)  Transferability.    Restricted Stock and Restricted Stock Units shall be transferable by the Participant only
upon such terms and conditions as are set forth in the Stock Award Agreement, as the Board shall determine in its discretion. 

         (v)  Vesting.    Unless the Board determines otherwise, the Stock Award Agreement shall provide for the forfeiture
of the non-vested shares of Common Stock underlying Restricted Stock or the termination of unvested Restricted Stock Units upon termination of a Participant's Continuous Service. To the
extent that the Participant purchased the shares of Common Stock granted under any such Restricted Stock award and any such shares of Common Stock remain non-vested at the time of
termination of a Participant's Continuous Service, the termination of Participant's Continuous Service shall cause an immediate sale of such non-vested shares of Common Stock to the
Company at the original price per share of Common Stock paid by the Participant. 

        (c)   Stock Appreciation Rights.    Grants of Stock Appreciation Rights shall be pursuant to a Stock Award Agreement,
which shall be in such form and shall contain such terms and conditions, as the Board shall deem appropriate. The Board may grant Stock Appreciation Rights in connection with all or any part of an
Option ("Tandem Stock Appreciation Rights") to a Participant or in a stand-alone grant ("Stand-Alone Stock Appreciation
Rights"). The terms and conditions of a Stock Appreciation Right shall include (through incorporation of the provisions hereof by reference in the Stock Award Agreement or
otherwise) the substance of each of the following provisions: 

          (i)  Calculation of Appreciation.    Each Stock Appreciation Right will be denominated in shares of Common Stock
equivalents. The appreciation distribution payable on the exercise of a Stock Appreciation Right will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value
(on the date of the exercise of the Stock Appreciation Right) of a number of shares of Common Stock equal to the number of share of Common Stock equivalents in which the Participant is vested under
such Stock Appreciation Right and with respect to which the Participant is exercising the Stock Appreciation Right on such date, over (B) an amount that will be determined by the Board at the
time of grant of the Stock Appreciation Right (which amount, in the case of Stock Appreciation Rights intended to qualify as performance-based compensation within the meaning of the Treasury
Regulations under Section 162(m) of the Code, shall be not less than the Fair Market Value of such shares of Common Stock at the time of grant of the Common Stock equivalents). 

         (ii)  Vesting.    At the time of the grant of a Stock Appreciation Right, the Board may impose such restrictions or
conditions to the vesting of such Stock Appreciation Right as it deems appropriate. 

       (iii)  Exercise.    To exercise any outstanding Stock Appreciation Right, the Participant must provide written
notice of exercise to the Company in compliance with the provisions of the Stock Award Agreement evidencing such Stock Appreciation Right. 

        (iv)  Payment.    The appreciation distribution in respect of a Stock Appreciation Right may be paid in Common
Stock, in cash, or any combination of the two, as the Board deems appropriate. 

         (v)  Termination of Continuous Service.    If a Participant's Continuous Service terminates for any reason, any
unvested Stock Appreciation Rights shall be forfeited and any vested Stock Appreciation Rights shall be automatically redeemed. 

        (vi)  Transferability.    Stock Appreciation Rights shall be transferable by the Participant only upon such terms
and conditions as are set forth in the Stock Award Agreement, as the Board shall determine in its discretion. 

       (vii)  Tandem Stock Appreciation Rights.    A Tandem Stock Appreciation Right shall be exercisable only to the
extent that the related Option is exercisable and a Tandem Stock Appreciation Right shall expire no later than the date on which the related Option expires. 

8.     COVENANTS OF THE COMPANY.  

        (a)   Availability of Shares.    During the terms of the Stock Awards, the Company shall keep available at all times
the number of shares of Common Stock required to satisfy such Stock Awards. 

        (b)   Securities Law Compliance.    The Company shall seek to obtain from each regulatory commission or agency having
jurisdiction over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this
undertaking shall not require the Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable
efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock
under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. 

9.     USE OF PROCEEDS FROM STOCK.  

        Proceeds from the sale of Common Stock pursuant to Stock Awards shall constitute general funds of the Company. 

10.   EFFECTIVE DATE OF PLAN.  

        The Plan shall become effective as determined by the Board, but no Stock Award shall be exercised (or, in the case of a stock bonus, shall be granted) unless and
until the Plan has been approved by the
shareholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board. 

11.   MISCELLANEOUS.  

        (a)   Acceleration of Exercisability and Vesting.    The Board shall have the power to accelerate the time at which a
Stock Award may first be exercised or the time during which a Stock Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Stock Award stating the time
at which it may first be exercised or the time during which it will vest. 

        (b)   Shareholder Rights.    No Participant shall be deemed to be the holder of, or to have any of the rights of a
holder with respect to, any shares of Common Stock subject to such Stock Award unless and until such Participant has satisfied all requirements for exercise of the Stock Award pursuant to its terms. 

        (c)   No Employment or other Service Rights.    Nothing in the Plan or any instrument executed or Stock Award granted
pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or shall affect the
right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the
terms of such Consultant's agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of
the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 

        (d)   Incentive Stock Option $100,000 Limitation.    To the extent that the aggregate Fair Market Value (determined
at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and
its Affiliates) exceeds one hundred thousand dollars ($100,000), the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as
Nonstatutory Stock Options. 

        (e)   Maximum Award Amounts.    In no event shall a Participant receive a Stock Award or Stock Awards during any one
(1) calendar year covering in the aggregate more than 1,000,000 shares of Common Stock. 

        (f)    Investment Assurances.    The Company may require a Participant, as a condition of exercising or acquiring
Common Stock under any Stock Award (i) to give written assurances satisfactory to the Company as to the Participant's knowledge and experience in financial and business matters and/or to employ
a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together
with the purchaser representative, the merits and risks of exercising the Stock Award, and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring
Common Stock subject to the Stock Award for the Participant's own account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any
assurances given pursuant to such requirements, shall be inoperative if (1) the issuance of the shares of Common Stock upon the exercise or acquisition of Common Stock under the Stock Award has
been registered under a then currently effective registration statement under the Securities Act, or (2) as to any particular requirement, a determination is made by counsel for the Company
that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued
under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock. 

        (g)   Withholding Obligations.    To the extent provided by the terms of a Stock Award Agreement, the Participant may
satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under a Stock Award by any of the following means (in addition to the Company's
right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (i) tendering a cash payment, (ii) authorizing the Company to withhold
shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Stock Award, provided, however, that
no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law, or (iii) delivering to the Company owned and unencumbered shares of
Common Stock. 

        (h)   Repurchase Provisions.    The Company shall exercise any repurchase option specified in the Stock Award by
giving the holder of the Stock Award written notice of intent to exercise the repurchase option. Payment may be cash or cancellation of purchase money indebtedness for the Common Stock. The terms of
any repurchase option shall be specified in the Stock Award and may be either at Fair Market Value at the time of repurchase or at not less than the original purchase price. 

        (i)    Golden Parachute Taxes.    In the event that any amounts paid or deemed paid to a Participant under the Plan
are deemed to constitute "excess parachute payments" as defined in Section 280G of 

the
Code (taking into account any other payments made under the Plan and any other compensation paid or deemed paid to a Participant), or if any Participant is deemed to receive an "excess parachute
payment" by reason of his or her vesting of Options pursuant to Section 12(c) herein, the amount of such payments or deemed payments shall be reduced (or, alternatively the provisions of
Section 12(c) shall not act to vest options to such Participant), so that no such payments or deemed payments shall constitute excess parachute payments. The determination of whether a payment
or deemed payment constitutes an excess parachute payment shall be in the sole discretion of the Board. 

        (j)    Plan Unfunded.    The Plan shall be unfunded. Except for the Board's reservation of a sufficient number of
authorized shares to the extent required by law to meet the requirements of the Plan, the Company shall not be required to establish any special or separate fund or to make any other segregation of
assets to assure payment of any Stock Award under the Plan. 

12.   ADJUSTMENTS UPON CHANGES IN STOCK.  

        (a)   Capitalization Adjustments.    In the event that any dividend or other distribution (whether in the form of
cash, shares of the Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, exchange of Common Stock or other securities of the Company, or other change in the corporate structure of the Company affecting the Common Stock occurs,
the Board, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, may, in its sole discretion, adjust the number and class of
Common Stock that may be delivered under the Plan and/or the number, class, and price of Common Stock covered by each outstanding Stock Award. In lieu of the payment of a dividend the Board in its
discretion may provide holders of Restricted Stock or Restricted Stock Units a dividend equivalent right, in the form of additional shares of Common Stock or units, with respect to the unvested shares
of Common Stock or unvested units the Participant shall be entitled to receive or purchase. 

        (b)   Dissolution or Liquidation.    In the event of the proposed dissolution or liquidation of the Company, the
Board will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, a Stock Award will terminate
immediately prior to the consummation of such proposed action. 

        (c)   Change in Control.    In the event of Change in Control, then, to the extent permitted by applicable law:
(1) any surviving corporation may assume any Stock Awards outstanding under the Plan or may substitute similar stock awards (including an award to acquire the same consideration paid to the
shareholders in the transaction described in this Section 12(c)) for those outstanding under the Plan, or (2) in the event any surviving corporation does not assume or continue such
Stock Awards, or to substitute similar stock awards for those outstanding under the Plan in accordance with the preceding clause, then the time during which such Stock Awards may be exercised
automatically will be accelerated and become fully vested and exercisable immediately prior to the consummation of such transaction, and the Stock Awards shall automatically terminate upon
consummation of such transaction if not exercised prior to such event. 

        (d)   No Limitations.    The grant of Stock Awards will in no way affect the Company's right 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. 

13.   AMENDMENT OF THE PLAN AND STOCK AWARDS.  

        (a)   Amendment of Plan.    The Board at any time, and from time to time, may amend the Plan. However, except as
provided in Section 12 relating to adjustments upon changes in Common Stock, no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder
approval is necessary to satisfy the applicable requirements of Section 422 or 162(m) of the Code and the Treasury Regulations thereunder, Rule 16b-3 or any Nasdaq or
securities exchange listing requirements. For purposes of clarity, any increase in the number of shares reserved for issuance 

hereunder
in accordance with the provisions of Section 4(a) hereof shall not be deemed to be an amendment to the Plan. 

        (b)   Contemplated Amendments.    It is expressly contemplated that the Board may amend the Plan in any respect the
Board deems necessary or advisable to provide eligible Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder
relating to Incentive Stock Options and/or to bring the Plan and/or Incentive Stock Options granted under it into compliance therewith. 

        (c)   No Impairment of Rights.    Rights under any Stock Award granted before amendment of the Plan shall not be
impaired by any amendment of the Plan unless (i) the Company requests the consent of the Participant and (ii) the Participant consents in writing. 

        (d)   Amendment of Stock Awards.    The Board at any time, and from time to time, may amend the terms of any one or
more Stock Awards; provided, however, that the rights under any Stock Award shall not be impaired by any such amendment unless (i) the Company requests the consent of the Participant and
(ii) the Participant consents in writing. 

14.   TERMINATION OR SUSPENSION OF THE PLAN.  

        (a)   Plan Term.    The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall
terminate on the day before the tenth (10th) anniversary of the date the Plan is adopted by the Board or approved by the shareholders of the Company, whichever is later. No Stock Awards may be granted
under the Plan while the Plan is suspended or after it is terminated. 

        (b)   No Impairment of Rights.    Suspension or termination of the Plan shall not impair rights and obligations under
any Stock Award granted while the Plan is in effect except with the written consent of the Participant. 

15.   CHOICE OF LAW.  

        The law of the State of Washington shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such
state's conflict of laws rules. 

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Exhibit 10.7

ZUMIEZ INC. 2005 EQUITY INCENTIVE PLANQuickLinks
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Exhibit 10.8    
    

 
  ZUMIEZ INC.    
    
    2005 EMPLOYEE STOCK PURCHASE PLAN    
    

        The Company does hereby establish its 2005 Employee Stock Purchase Plan as follows: 

        1.     PURPOSE OF THE PLAN.    The purpose of this Plan is to provide eligible employees who
wish to become shareholders in the Company a convenient method of doing so. It is believed that employee participation in the ownership of the business will be to the mutual benefit of the employees
and the Company. The Company intends to have the Plan qualify as an "employee stock purchase plan" under Section 423 of the Code. The provisions of the Plan, accordingly, shall be construed so
as to extend and limit participation in a manner that is consistent with the requirements of that section of the Code. 

        2.     DEFINITIONS.

        "Account" shall mean the funds accumulated with respect to an individual Participant as a result of deductions from his or her pay for the
purpose of purchasing stock under this Plan. The funds allocated to a Participant's Account shall remain the property of the respective employee at all times but may be commingled with the general
funds of the Company. No interest shall be accrued, owed or paid on amounts in a Participant's Account. 

        "Board" means the Board of Directors of the Company. 

        "Change in Control" means (i) the consummation of a merger or consolidation of the Company with or into another entity or any other
corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving entity's securities outstanding immediately after such merger, consolidation or other
reorganization is owned by persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization; or (ii) the sale, transfer or other
disposition of all or substantially all of the Company's assets. A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company's incorporation or to
create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction. 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Committee" means the Compensation Committee of the Board (or any other committee of the Board comprised to comply with
Rule 16b-3 promulgated under the Exchange Act and designated by the Board to administer the Plan). Notwithstanding any delegation of authority to the Committee, the Board may also
take any action under the Plan in its discretion at any time, and any reference in this Plan document to the rights and obligations of the Committee shall be construed to apply equally to the Board. 

        "Company" means Zumiez Inc. 

        "Compensation" means total performance-based pay received by a Participant from the Company or any of its Subsidiaries, including salary,
wages, performance bonuses, commissions, incentive compensation and overtime. Compensation shall not include moving or relocation allowances, equalization payments, patent or sign-on
bonuses, tuition or other expense reimbursements, meal allowances, commuting or automobile allowances, severance pay, fringe benefits received under employee benefit plans, and income realized as a
result of participation in any stock plan, including without limitation any stock option, stock award, stock purchase, or similar plan, of the Company or any Subsidiary. 

        "Eligible Employee" means any individual who is a common law employee of the Company or one of its Subsidiaries and is customarily
employed for at least twenty (20) hours per week and more than 

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five
(5) months in any calendar year by the Company or one of its Subsidiaries. For purposes of the Plan, an individual will not cease to be an Eligible Employee while the individual is on sick
leave or other leave of absence approved by the Company (or one of its Subsidiaries as applicable). Where the period of leave exceeds ninety (90) days and the individual's right to reemployment
is not guaranteed either by statute or by contract, the individual shall cease to be an Eligible Employee on the 91st day of such leave, unless otherwise determined by the Committee. 

        "ESPP Broker" means a stock brokerage or other financial services firm designated by the Company to establish accounts for shares
purchased under the Plan by Participants. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Fair Market Value" means, as of any date, the value determined as follows: 

          (i)  If
the Company's common stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market or the
Nasdaq SmallCap Market, its Fair Market Value shall be the closing sales price for the common stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of
determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

         (ii)  If
the Company's common stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean of the
closing bid and asked prices for the common stock on the date of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

        (iii)  In
the absence of an established market for the Company's common stock, its Fair Market Value shall be determined in good faith by the Committee. 

        "Offering Date" means the commencement date of an offering. 

        "Participant" means an Eligible Employee that has complied with the requirements of Section 6. 

        "Plan" means this Zumiez Inc. 2005 Employee Stock Purchase Plan. 

        "Purchase Price" means, with respect to a particular offering, the lesser of (1) 85% of the Fair Market Value of the Company's
common stock on the Offering Date (or the first Trading Day following the Offering Date if the Offering Date is not a Trading Day); or (2) 85% of the Fair Market Value of the Company's common
stock on the last Trading Day of the offering. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Subsidiaries" means any present or future domestic or foreign corporation that: (a) would be a "subsidiary corporation" of the
Company as that term is defined in Section 424 of the Code, and (b) whose employees have been designated by the Committee to be eligible to be Participants under the Plan. The Committee
shall have complete discretion to designate from time to time the subsidiary corporations whose employees will be eligible to be Participants under the Plan, and the Committee's designation or change
in designation to add or remove a corporation from the list of participating subsidiary corporations shall not require the consideration or approval of the Company's shareholders. 

        "Trading Day" means a day on which the U.S. national stock exchanges and the Nasdaq National Market are open for trading. 

        3.     EMPLOYEES ELIGIBLE TO PARTICIPATE.

        3.1    Initial Offering.    Any individual that is an Eligible Employee on the Offering Date
of the initial offering under the Plan shall be automatically enrolled in the initial offering. 

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        3.2    Subsequent Offerings.    Any individual that is an Eligible Employee on any Offering
Date subsequent to the initial Offering Date is eligible to participate in that offering, subject to the limitations set forth in Section 11. 

        4.     OFFERINGS.    Subject to the right of the Committee, in its sole discretion, to change
the Offering Date or term of any offering, the Plan shall be implemented through consecutive six-month offerings with a new offering commencing January 1 and July 1 of each
year, or on such other date as the Committee shall determine, and continuing thereafter until the Plan is terminated in accordance with Section 24; provided,
however, that the initial offering under the Plan shall commence on the first Trading Day after the date on which Company's registration statement for its initial public
offering of its common stock is declared effective by the Securities and Exchange Commission under the Securities Act, and shall end on the ensuing June 30 or December 31, whichever is
earlier. Participation in one offering under the Plan shall neither limit, nor require, participation in any other offering. 

        5.     NUMBER OF SHARES TO BE OFFERED.    The maximum number of shares that will be offered
under the Plan is 500,000 shares, subject to adjustments as set forth in Section 19.1. The shares to be sold to Participants under the Plan will be common stock of the Company. If for any
reason not all shares offered to a Participant under an option grant are purchased (e.g., due to a withdrawal pursuant to Section 12.1), the shares not purchased shall again become available to
be offered under the Plan. If the total number of shares of common stock for which options are to be granted on any date exceeds the number of shares then available under the Plan (after deduction of
all shares for which options have been exercised or are then outstanding), the Company shall make a pro rata allocation of the shares remaining available in as nearly a uniform manner as shall be
practicable and as it shall determine to be equitable. In such event, the payroll deductions to be made pursuant to the authorizations therefor shall be reduced accordingly and the Company shall give
written notice of such reduction to each Participant affected thereby. 

        6.     PARTICIPATION.

        6.1    Initial Offering.    An Eligible Employee who has become a Participant in the initial
offering under the Plan pursuant to Section 3.1 shall be entitled to continue his or her participation in such offering only if he or she submits to the Company (or other such person so
designated by the Company) a properly completed enrollment agreement authorizing payroll deductions in the form provided by the Company for such purpose (i) no earlier than the effective date
of the filing with the Securities and Exchange Commission of the Company's Registration Statement on Form S-8 with respect to the shares of common stock issuable under the Plan, and
(ii) no later than five (5) business days from such date of the filing of the Company's Registration Statement on Form S-8 or such other period of time as the
Committee may determine. A Participant's failure to submit the enrollment agreement during such period shall result in the automatic termination of his or her participation in the initial offering
under the Plan. 

        6.2    Subsequent Offerings.    An Eligible Employee may become a Participant in any
subsequent offering under the Plan (after the initial offering) by completing and submitting to the Company (or other such person so designated by the Company) an enrollment agreement provided by the
Company. The enrollment agreement may be completed at any time after the individual becomes an Eligible Employee, and will be effective as of the next Offering Date following the receipt by the
Company (or other such person so designated by the Company) of a properly completed enrollment agreement. 

        6.3    Additional Enrollment Agreements.    The Committee may require current Participants to
complete new enrollment agreements at any time it deems necessary or desirable to facilitate administration of the Plan or for any other reason. 

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        7.     PAYROLL DEDUCTIONS.

        7.1    Deduction Percentage.    At the time a Participant submits his or her enrollment
agreement, which shall include a payroll deduction authorization, he or she shall elect to have deductions made from his or her Compensation on each payday during the time he or she is a Participant
in an offering at any non-fractional percentage rate from 1% to 15%. 

        7.2    Commencement of Payroll Deductions.    Payroll deductions authorized by a Participant
shall commence on the first payday following the Offering Date and shall continue through subsequent offerings until the Participant ceases to be an Eligible Employee or when he or she withdraws or
suspends his or her participation from the Plan as provided in Section 12; provided, however, that for the initial offering under the Plan,
payroll deductions shall commence on the first payday as shall be administratively practicable following the Participant's submission of an enrollment agreement to the Company (or other such person so
designated by the Company) pursuant to Section 6.1. 

        7.3    Participant's Account.    All payroll deductions from a Participant shall be credited
to his or her Account under the Plan. Payroll deduction shall be the sole means of accumulating funds in a Participant's Account. A Participant may not make any separate cash or other payment into
such Account nor may payment for shares be made other than by payroll deduction. 

        7.4    Changes to Payroll Deductions.    A Participant may withdraw from or suspend his or her
participation in the Plan as provided in Section 12, but no other change may be made during an offering with respect to that offering. Other changes permitted under the Plan may only be made
with respect to an offering that has not yet commenced. A Participant may change his or her payroll deduction percentage election, effective as of the next Offering Date, by submitting a revised
enrollment agreement prior to such Offering Date. Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 11 herein, a
Participant's payroll deductions may be decreased to zero percent (0%) at any time during an offering. 

        8.     GRANTING OF OPTION.    On the Offering Date, the Company shall be deemed to have granted
to the Participant an option under the Plan to purchase as many full shares of the Company's common stock as he or she is able to purchase with the payroll deductions accumulated in his or her Account
during his or her participation in that offering at a price per share equal to the Purchase Price for such offering; provided, however, that in no event
shall a Participant be permitted to purchase during any single offering more than 2,000 shares (subject to adjustments as set forth in Section 19.1). Notwithstanding the foregoing, a
Participant's option to purchase shares of the Company's common stock hereunder shall be subject to the limitations set forth in Section 11 herein. All Eligible Employees who participate in an
offering shall have the same rights and privileges with respect to that offering in accordance Section 423(b)(5) of the Code. 

        9.     EXERCISE OF OPTION.    Unless a Participant withdraws from the Plan as provided in
Section 12.1, his or her option for the purchase of shares of the Company's common stock shall be exercised automatically on the final day of the offering, and the maximum number of full shares
subject to the option shall be purchased for such Participant at the applicable Purchase Price with the accumulated payroll deductions in his or her Account. No fractional shares of the Company's
common stock shall be purchased. 

        10.   CARRYOVER OF ACCOUNT.    At the termination of each offering, the Company shall
automatically re-enroll the Participant in the next offering at the Participant's then current rate of payroll deduction unless the Participant has notified the Company that he or she
wants to change his or her payroll deduction rate or not participate in the next offering(s). The balance in the Participant's Account that results because the Plan does not permit purchases of
fractional shares shall be retained 

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in
the Participant's Account for the subsequent offering, subject to earlier withdrawal by the Participant as provided in Section 12.1. Upon termination of the Plan, the entire balance of each
Participant's Account shall be refunded to him or her. 

        11.   LIMITATIONS ON PARTICIPATION.    Notwithstanding any provisions of the Plan to the
contrary, no Participant shall be granted an option under the Plan (i) to the extent that, immediately after the grant, such Participant (or any other person whose stock would be attributed to
such Participant pursuant to Section 424(d) of the Code) would own capital stock of the Company or any parent or subsidiary of the Company and/or hold outstanding options to purchase such stock
possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any parent or subsidiary of the Company, or (ii) to the
extent that his or her rights to purchase stock under all employee stock purchase plans (as defined in Section 423 of the Code) of the Company or any parent or subsidiary of the Company accrues
at a rate which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the time such option is granted) for each calendar year
in which such option is outstanding at any time. 

        12.   WITHDRAWAL AND SUSPENSION.

        12.1    Withdrawal from the Plan.    A Participant may, at any time prior to the first day of
the last calendar month of an offering, withdraw from an offering, in whole but not in part, by submitting a withdrawal notice to the Company (or other such person so designated by the Company), in
which event the Company will refund the entire balance of his or her Account as soon as practicable thereafter. 

        12.2    Suspension of Participation.    A Participant may, at any time prior to the first day
of the last calendar month of an offering, reduce his or her payroll deduction to zero by submitting a suspension notice to the Company (or other such person so designated by the Company), thereby
suspending participation
in the Plan. Such reduction will be effective as soon as practicable after receipt of the Participant's suspension notice. Shares shall be purchased in accordance with Section 9 based on the
amounts accumulated in the Participant's Account prior to the suspension of payroll deductions. 

        12.3    Re-Enrollment in the Plan.    If a Participant withdraws or suspends his
or her participation pursuant to Sections 12.1 or 12.2 above, he or she shall not participate in a subsequent offering unless and until he or she re-enrolls the Plan. To
re-enroll in the Plan, a Participant who has previously withdrawn or suspended participation by reducing payroll deductions to zero must file a new enrollment agreement. The
Participant's re-enrollment in the Plan will not become effective prior to the Offering Date for the next offering following his or her withdrawal or suspension, and if the Participant is
an officer of the Company within the meaning of Section 16 of the Exchange Act, he or she may not re-enroll in the Plan before the beginning of the second offering following his or
her withdrawal or suspension. 

        13.   DELIVERY OF SHARES.    Promptly following the end of each offering, the number of
shares of the Company's common stock purchased by each Participant shall be deposited into an account established in the Participant's name at the ESPP Broker. The Participant may direct, by written
notice to the Company (or other such person so designated by the Company) at the time of his or her enrollment in the Plan, that his or her ESPP Broker account be established in the names of the
Participant and one other person designated by the Participant, as joint tenants with right of survivorship, tenants in common, or community property, to the extent and in the manner permitted by
applicable law. A Participant shall be free to undertake a disposition (as that term is defined in Section 424(c) of the Code) of the shares in his or her account with the ESPP Broker at any
time, whether by sale, exchange, gift, or other transfer of legal title, but in the absence of such a disposition of the shares, the shares must remain in the Participant's account at the ESPP Broker
until the holding period set forth in Section 423(a) of the Code has been satisfied. With respect to shares for which the 

5

 

Section 423(a)
holding period has been satisfied, the Participant may move such shares to another brokerage account of Participant's choosing or request that a stock certificate be issued and
delivered to him or her. A Participant who is not subject to payment of U.S. income taxes may move his or her shares to another brokerage account of his or her choosing or request that a stock
certificate be issued and delivered to him or her at any time, without regard to the satisfaction of the Section 423(a) holding period. 

        14.   NO EMPLOYMENT RIGHTS.    The Plan does not create, directly or indirectly, in any
employee or class of employees any right with respect to continuation of employment by the Company or employment for a certain number of hours per week or months per calendar year, and it shall not be
deemed to interfere in any way with the Company's right to terminate, or otherwise modify, an employee's employment at any time. 

        15.   NO SHAREHOLDER RIGHTS.    No Participant shall have any right as a shareholder with
respect to any shares of the Company's common stock until the shares have been purchased in accordance with Section 9 above and the shares of common stock have been issued by the Company. 

        16.   RIGHTS NOT TRANSFERABLE.    No Participant shall be permitted to sell, assign,
transfer, pledge, or otherwise dispose of or encumber either the payroll deductions credited to his or her Account or any rights with regard to the exercise of an option or to receive shares under the
Plan other than by will or the laws of descent and distribution, and such right and interest shall not be liable for, or subject to, the debts, contracts, or liabilities of the Participant. If any
such action is taken by the Participant, or any claim is asserted by any other party in respect of such right and interest whether by garnishment, levy, attachment or otherwise, such action or claim
will be treated as an election to withdraw funds in accordance with Section 12.1. Only an Eligible Employee and/or a Participant may elect to participate in, suspend participation in or
withdraw from the Plan, and such election rights may not be transferred. 

        17.   TERMINATION OF EMPLOYMENT.    Upon a Participant's ceasing to be an Eligible Employee,
for any reason, he or she shall be deemed to have elected to withdraw from the Plan and the payroll deductions accumulated in such Participant's Account during the offering but not yet used to
purchase shares of the Company's common stock under the Plan shall be refunded to such Participant or, in the case of his or her death, to the person or persons entitled thereto under
Section 18, and such Participant's option shall be automatically terminated. 

        18.   DESIGNATION OF BENEFICIARY.    A Participant may designate a beneficiary who is to
receive (i) any shares of the Company's common stock and cash, if any, from the Participant's Account under the Plan in the event of such Participant's death subsequent to the date on which the
option is exercised with respect to an offering but prior to delivery to such Participant of such shares and cash, and (ii) any cash from the Participant's Account under the Plan in the event
of such Participant's death prior to exercise of the option with respect to an offering. If a Participant is married and the designated beneficiary is not his or her spouse, spousal consent shall be
required for such designation to be effective. A Participant may change his or her beneficiary at any time by written notice to the Company (or other such person so designated by the Company). In the
event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant's death, the Company shall deliver such shares
and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its
discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to
such other person as the Company may designate. All beneficiary designations under this Section 18 shall be made in such form and manner as the Committee may prescribe from time to time. 

6

 

        19.   ADJUSTMENTS; CHANGE IN CONTROL.

        19.1    Adjustments.    In the event of reorganization, recapitalization, stock split, stock
dividend, combination of shares, merger, consolidation, offerings of rights, or any other change in the structure of the common shares of the Company, the Committee may make such adjustment, if any,
as it may deem appropriate in the number, kind, and the price of shares available for purchase under the Plan, and in the number of shares which a Participant is entitled to purchase. 

        19.2    Change in Control.    In the event of a Change in Control, then, to the extent
permitted by law, each outstanding option may be assumed or an equivalent option may be substituted by the successor corporation or a parent or subsidiary of the successor corporation. In the event
that the successor corporation refuses to assume or substitute for the option, or continue the option, any offering then in progress shall be shortened by setting a new ending date for such offering,
which date shall be prior to the date of the Company's proposed Change in Control. The Committee shall notify each Participant in writing, at least five (5) business days prior to the new
ending date for such offering, that the end of the offering has been changed and that the Participant's option shall be exercised automatically on such new ending date for the offering, unless prior
to such date the Participant has withdrawn from the offering as provided in Section 12.1. 

        20.   AMENDMENT OR DISCONTINUANCE OF THE PLAN.    The Committee may at any time and for any
reason terminate or amend the Plan; provided that no Participant's existing rights under any offering already made under Section 4 hereof may be adversely affected thereby and that no such
amendment of the Plan shall, except as provided in Section 19.1, increase the number of shares of the Company's common stock to be offered under the Plan unless shareholder approval is obtained
therefor. Without shareholder consent and without regard to whether any Participant rights may be considered to have been "adversely affected," the Committee shall be entitled to change the period of
any one or more offerings, limit the frequency and/or number of changes in the amount withheld during an offering, permit payroll withholding in excess of the amount designated by a Participant in
order to adjust for delays or mistakes in the Company's processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting
procedures to ensure that amounts applied toward the purchase of the Company's common stock for each Participant properly correspond with amounts withheld from the Participant's Compensation, and
establish such other limitations or procedures as the Committee determines in its sole discretion advisable which are consistent with the Plan. 

        21.   ADMINISTRATION.    The Plan shall be administered by the Committee. The Committee may
delegate any or all of its authority hereunder to such officer of the Company as it may designate. The Committee shall be vested with full authority to make, administer, and interpret such rules and
regulations as it deems necessary to administer the Plan, and any determination, decision, or action of the Committee in connection with the construction, interpretation, administration, or
application of the Plan shall be final, conclusive, and binding upon all Participants and any and all persons claiming under or through any Participant. 

        22.   INTEREST.    No interest will be accrued, owed or paid on any money in the Accounts of
Participants. 

        23.   NOTICES.    All notices or other communications by a Participant to the Company under
or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt
thereof. 

        24.   TERMINATION OF THE PLAN.    This Plan shall terminate at the earliest of the following: 

        24.1    The date of the filing of a statement of intent to dissolve by the Company or the effective date of a merger or
consolidation wherein the Company is not to be the surviving 

7

 

corporation,
which merger or consolidation is not between or among corporations related to the Company. 

        24.2    The date the Committee acts to terminate the Plan in accordance with Section 20 above. 

        24.3    The date when all shares reserved under the Plan have been purchased. 

        25.   LIMITATIONS ON SALE OF STOCK PURCHASED UNDER THE PLAN.    The Plan is intended to
provide the Company's common stock for investment and not for resale. The Company does not, however, intend to restrict or influence any Participant in the conduct of his or her affairs. A
Participant, therefore, may sell stock purchased under the Plan at any time he or she chooses, subject to compliance with any applicable Federal or state securities laws. THE EMPLOYEE ASSUMES THE RISK
OF ANY MARKET FLUCTUATIONS IN THE PRICE OF THE STOCK. 

        26.   GOVERNMENTAL REGULATION.    The Company's obligation to sell and deliver shares of the
Company's common stock under the Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance, or sale of such shares. 

        27.   DATES.    All references in the Plan to a date are intended to refer to dates in the
United States, and references to business days refer to days on which the U.S. national stock exchanges and the Nasdaq National Market are open for trading. 

        28.   GOVERNING LAW.    The law of the state of Washington shall govern all matters that
relate to this Plan except to the extent it is superseded by the laws of the United States. 

        29.   SAVINGS CLAUSE.    It is intended that this Plan conform to Section 423 of the
Code, all regulations promulgated thereunder and all rules adopted with respect thereto. Any provision of this Plan that does not conform to such Code section, regulations and rules, or is in
violation thereof, shall be of no force or effect. 

8

QuickLinks

Exhibit 10.8

ZUMIEZ INC. 2005 EMPLOYEE STOCK PURCHASE PLAN

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