Document:

English translation of Corporate Mandate between Pierre Agnes and Pilot SAS

 Exhibit 10.3 

 

			
	 MANDAT SOCIAL
	  	 CORPORATE MANDATE

	Pilot SAS en tant qu’actionnaire de Quiksilver Europe (Na Pali SAS), qui est une société par actions simplifiée française, au capital de
13 545 100 € dont le siège social est situé 162 rue de Belharra, 645000 Saint-Jean-de-Luz (France), immatriculée au registre du commerce et des sociétés de Bayonne sous le numéro
331 377 036, représentée par Pierre Boccon Liaudet, dûment habilité aux fins des présentes,	  	Pilot SAS as shareholder of Quiksilver Europe (Na Pali SAS), which is a French “société par actions simplifiée”, with a capital of €
13 545 100, whose registered office is located at 162 rue de Belharra, 645000 Saint-Jean-de-Luz (France), registered at the company and trade register of Bayonne under no. 331 377 036, represented by Pierre Boccon Liaudet, hereby duly
authorized for the purposes described herein,
		
	  
 Ci-après dénommé
“l’Actionnaire”.
	  	  
 Hereinafter referred to as the
“Shareholder”.

		
	 D’UNE PART,
  

ET :
	  	 ON THE ONE HAND,
  

AND :

		
	  
 Monsieur Pierre Agnes, demeurant 3, rue Marlan, 40130 CAPBRETON,
de nationalité française, immatriculé à la Sécurité sociale sous le numéro 164046410206184.
  

Ci-après dénommé “Pierre Agnes”.
  

D’AUTRE PART,
  
 Ensemble dénommés les “Parties”.
  
	  	  
 Mr. Pierre Agnes, residing at 3, rue Marlan, 40130 CAPBRETON,
of French citizenship, with social security number 164046410206184.
  

Hereinafter referred to as “Pierre Agnes”.
  

ON THE OTHER HAND,
  
 Both hereinafter referred to as the “Parties”.
  

		
	 Préambule
  

Pierre Agnes a été nommé Président de la société Quiksilver Europe (Na Pali SAS) par décision de
l’Actionnaire en date du 1er Juillet 2005.

 
 Pierre Agnes a conclu un contrat de travail avec Pilot SAS ayant pour objet
l’exécution de son mandat social au sein de Na Pali SAS,
	  	 Preamble
  

Pierre Agnes has been appointed as the President of the company Quiksilver Europe (Na Pali SAS) by the Shareholder’s decision dated July 1,
2005.
  
 Pierre Agnes has concluded an employment contract with Pilot SAS
regarding the performance of his corporate mandate

  

	
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	une filiale de Pilot SAS. En conséquence, la décision a été prise de modifier les termes et conditions relatives à l’exécution de son
mandat de Président de Na Pali SAS.	  	within Na Pali SAS, one of Pilot SAS’ subsidiaries. As a consequence, it has been decided to amend the terms and conditions of the performance of his mandate as President of
Na Pali SAS.
	  
 Les termes et conditions d’exécution du Mandat
Social de Pierre Agnes au sein de Quiksilver Europe (Na Pali SAS) sont les suivants :
  
	  	  
 The terms and conditions of the performance of the Corporate
Mandate of Pierre Agnes within Quiksilver Europe (Na Pali SAS) are the following :
  

	 1. Rémunération. La rémunération de Pierre Agnes sera de 35 000 Euros mensuels (420 000
Euros sur une base annualisée), diminuée des retenues et déductions applicables, payée aux échéances habituelles de la paie au sein de Na Pali SAS. La rémunération de Pierre Agnes sera revue au
moment de la révision périodique des rémunérations de la direction et pourra être ajustée discrétionnairement par l’Actionnaire au regard de la performance de Na Pali SAS, de la performance de
Pierre Agnes, des conditions du marché, et d’autres facteurs considérés comme pertinents par le Conseil d’Administration ou le Comité de Rémunération du Conseil d’Administration
(« le Comité de Rémunération ») de Quiksilver, Inc. Le montant de la rémunération ne pourra pas être inférieur à 35 000 Euros par mois.

 
	  	1. Salary. Pierre Agnes’ base salary will be EUR 35,000 per month (EUR 420,000 on an annualized basis), less applicable withholdings and deductions, paid on Na Pali
SAS’ regular payroll dates. Pierre Agnes’ base salary will be reviewed at the time management remunerations are reviewed periodically and may be adjusted (but not below EUR 35,000 per month) at the Shareholder’s discretion in light of
Na Pali SAS’ performance, Pierre Agnes’ performance, market conditions and other factors deemed relevant by the Quiksilver, Inc. Board of Directors or the Compensation Committee of the Board of Directors (“Compensation
Committee”).
	2. Bonus annuel discrétionnaire. Pierre Agnes sera éligible à l’octroi d’un bonus discrétionnaire conformément au Plan
d’Intéressement de Quiksilver, Inc. pour chaque année fiscale complète effectuée au titre de son Mandat Social (dont l’échéance est actuellement fixée au 31 octobre de chaque année).
Les termes et conditions particuliers de cet octroi devant être approuvés par le Conseil d’Administration ou le Comité de Rémunération de Quiksilver, Inc. au moment de l’octroi de ce bonus. Tout paiement
au titre d’un bonus doit être effectué dans les trente (30) jours suivant la publication par Quiksilver, Inc. de ses comptes annuels contrôlés, et en aucun	  	2. Annual Discretionary Bonus. For each full fiscal year of this Corporate Mandate (currently ending October 31), Pierre Agnes shall be eligible for a discretionary bonus
award pursuant to the Quiksilver, Inc. Incentive Compensation Plan, the specific terms and conditions of such award to be approved by the Board of Directors or the Compensation Committee of Quiksilver, Inc. at the time of the bonus award. Any
payment received in connection with a bonus award shall be paid within thirty (30) days following the date Quiksilver, Inc. publicly releases its annual audited financial statements, but in no event later than March 15 of the calendar year
following the

  

	
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	 cas après le 15 mars de l’année calendaire suivant l’année fiscale au titre de laquelle le bonus est
octroyé. Le paiement du bonus sera diminué des retenues et déductions applicables.
  
	  	 fiscal year for which the bonus is awarded. Any bonus payments shall be less applicable withholdings and deductions.

 

	 3. Indemnité d’habillement. Il sera alloué à Pierre Agnes une indemnité d’habillement de
5 000 Euros par an au prix de gros de Na Pali SAS.
  
	  	 3. Clothing Allowance. Pierre Agnes will be provided a clothing allowance of EUR 5,000 per year at Na Pali SAS’ wholesale
prices.
  

	 4. Stock Options. Pierre Agnes continuera d’être éligible à la participation au Plan
d’Intéressement de Quiksilver, Inc., ou à tout plan d’épargne en actions qui lui succéderait. Le montant et les termes de l’attribution à Pierre Agnes d’actions gratuites, de “restricted
stock units”, de stock options, de “stock appreciation rights”, ou d’autres modes d’intéressement seront déterminés discrétionnairement par le Conseil d’Administration ou le
Comité de Rémunération de Quiksilver, Inc., et précisés dans des contrats distincts, mais devront être substantiellement comparables à ceux accordés à d’autres cadres
supérieurs de niveau équivalent.
  
	  	 4. Stock Options. Pierre Agnes shall continue to be eligible to participate in the Quiksilver, Inc. Stock Incentive Plan, or
any successor equity plan. The amount and terms of any restricted stock, restricted stock units, stock options, stock appreciation rights or other interests to be granted to Pierre Agnes will be determined by the Board of Directors or the
Compensation Committee of Quiksilver, Inc. in its discretion and covered in separate agreements, but shall be substantially similar to those granted to other senior executives of Quiksilver, Inc. of equivalent level.

 

	Les stock options attribuées après la date de cet accord jusqu’à la cessation du Mandat Social de Pierre Agnes devront prévoir que s’il est mis
fin au Mandat Social de Pierre Agnes sans Cause Légitime (comme définie ci-après), ou du fait de son décès, ou d’une incapacité permanente, ou si Pierre Agnes met fin à son Mandat Social pour une
Bonne Raison (comme définie ci-après), toute option pendante sera acquise intégralement/vestée et de manière accélérée de sorte qu’immédiatement avant une telle cessation, les
options pourront être exercées en totalité et demeureront exerçables jusqu’à ce que le premier des évènements suivants survienne (i) le premier anniversaire de la cessation,
(ii) l’arrivée du terme de l’option, ou (iii) la résiliation conformément à d’autres dispositions du plan d’options ou du contrat applicable (par exemple, une transaction
sociétaire).	  	Stock options granted to Pierre Agnes after the date hereof through the termination of Pierre Agnes’ Corporate Mandate shall provide that if Pierre Agnes is terminated
without Legitimate Cause (as hereinafter defined), or as a result of his death or permanent disability, or if Pierre Agnes terminates his Corporate Mandate for Good Reason (as hereinafter defined), any such options outstanding will automatically
vest in full on an accelerated basis so that the options will immediately prior to such termination become exercisable for all option shares and remain exercisable until the earlier to occur of (i) the first anniversary of such termination, (ii) the
end of the option term, or (iii) termination pursuant to other provisions of the applicable option plan or agreement (e.g., a corporate transaction).

  

	
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	 La « Cause Légitime » comprend de manière non limitative les cas suivants, (i) le
décès de Pierre Agnes, (ii) l’incapacité permanente de Pierre Agnes qui le rend incapable de remplir les fonctions essentielles liées à son poste même avec des aménagements raisonnables, (iii) une
faute intentionnelle dans l’exécution des fonctions de Pierre Agnes, (iv) la commission d’un délit professionnel ou la violation de la loi requérant une turpitude morale ou la malhonnêté, (v) les conflits
d’intérêt, (vi) la violation délibérée d’une obligation professionnelle, (vii) la négligence répétée d’une obligation professionnelle, ou (viii) la violation substantielle
par Pierre Agnes d’une de ses obligations en vertu de ce Mandat Social ou du Contrat de Travail.
  
	  	“Legitimate Cause” shall include, but shall not be limited to, (i) Pierre Agnes’ death, (ii) Pierre Agnes’ permanent disability which renders him
unable to perform the essential functions of his position even with reasonable accommodation, (iii) willful misconduct in the performance of Pierre Agnes’ duties, (iv) commission of a professional felony or violation of law involving moral
turpitude or dishonesty, (v) self-dealing, (vi) willful breach of professional duty, (vii) habitual neglect of professional duty, or (viii) a material breach by Pierre Agnes of his obligations under this Corporate Mandate or the Employment
Contract.
	La « Bonne Raison » pour Pierre Agnes de rompre ce Mandat signifie la rupture volontaire du fait de (i) l’affectation à Pierre Agnes de
tâches substantiellement incompatibles avec sa fonction telle que décrite ci-dessus, sans son consentement, (ii) un changement substantiel dans le niveau de reporting de Pierre Agnes par rapport à celui prévu par le
présent Mandat Social, sans son consentement (iii) une diminution substantielle de son autorité sans son consentement, (iv) une violation substantielle par l’Actionnaire du présent Mandat Social, (v) le
défaut pour Quiksilver, Inc. ou Pilot SAS d’obtenir de tout successeur avant que la succession n’intervienne l’accord de reprendre et remplir les obligations comprises dans le présent Mandat Social, ou (vi) la
mutation de Pierre Agnes sans son consentement vers un lieu se situant à plus de 150 km de Saint Jean de Luz (France). Nonobstant ce qui précède, aucune Bonne raison ne sera caractérisée à moins que Pierre
Agnes ne notifie par écrit à Quiksilver, Inc. ou à l’Actionnaire la cessation des fonctions à leurs torts, dans les quatre-vingt dix (90) jours suivant l’apparition d’une ou plusieurs	  	“Good Reason” for Pierre Agnes to terminate his Corporate Mandate means a voluntary termination as a result of (i) the assignment to Pierre Agnes of duties materially
inconsistent with his position as set forth above without his consent, (ii) a material change in Pierre Agnes reporting level from that set forth in this Corporate Mandate without his consent, (iii) a material diminution of his authority
without his consent, (iv) a material breach by the Shareholder of this Corporate Mandate, (v) a failure by Quiksilver, Inc. or Pilot SAS to obtain from any successor, before the succession takes place, an agreement to assume and perform the
obligations contained in this Corporate Mandate, or (vi) the relocation of Pierre Agnes, without his consent, to a location more than 150 km from Saint Jean de Luz (France). Notwithstanding the foregoing, Good Reason shall not exist unless Pierre
Agnes provides Quiksilver, Inc. or the Shareholder written notice of termination on account thereof within ninety (90) days following the initial existence of one or more of the conditions described in clauses (i) through (vi) and, if such event or
condition is curable, Quiksilver, Inc. or the

  

	
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	 des conditions énoncées aux alinéas (i) à (vi) et, si un tel évènement ou une telle condition
est corrigible, Quiksilver, Inc. ou l’Actionnaire ne corrige pas un tel évènement ou condition dans les trente (30) jours d’une telle notification écrite.

 
	  	 Shareholder fails to cure such event or condition within thirty (30) days of such written notice.

 

	 5. Assurance-vie. Na Pali SAS ou Quiksilver, Inc. paiera la prime sur une police d’assurance vie au profit de Pierre Agnes
auprès d’une compagnie de son choix pour la police d’assurance de son choix, et pour le bénéficiaire de son choix, pour un montant nominal déterminé par Quiksilver, Inc. , qui ne peut être
inférieur à 2 000 000 $ USD. L’obligation de Quiksilver, Inc. d’obtenir et de maintenir cette assurance dépend de la démonstration et du maintien de l’assurabilité de Pierre Agnes, et
l’Actionnaire n’est pas tenu de payer des primes annuelles pour une telle police d’assurance au-delà de 5 000 $ USD.

 
	  	 5. Life Insurance. Na Pali SAS or Quiksilver, Inc., will pay the premium on a term life insurance policy on Pierre Agnes’
life with a company and policy of its choice, and a beneficiary of his choice, in the face amount determined by Quiksilver, Inc. of not less than USD $2,000,000. Quiksilver, Inc.’s obligation to obtain and maintain this insurance is contingent
upon Pierre Agnes’ establishing and maintaining insurability, and it is not required to pay premiums for such a policy in excess of USD $5,000 annually.

 

	 6. Terme et rupture. Le Mandat Social commence à courir à compter de la présente date jusqu’au 31
octobre 2016 inclus, date à laquelle ce Mandat Social prendra fin. Il peut être mis fin à ce Mandat Social par l’Actionnaire à tout moment, discrétionnairement ad nutum et sans préavis avant le 31
octobre 2016.
  
	  	 6. Term and Termination. The term of this Corporate Mandate is from the date hereof through and including October 31,
2016, on which date this Corporate Mandate will terminate. This Corporate Mandate can be terminated prior to October 31, 2016 by the Shareholder at any time at will and without notice.

 

	 En cas de cessation du Mandat Social, aucune indemnité de départ ne sera due à Pierre Agnes.

 
	  	 No severance indemnity will be paid to Pierre Agnes in case of termination of his Corporate Mandate.

 

	Monsieur Agnes recevra l’intégralité du montant de tout bonus discrétionnaire dû, le cas échéant, qui a été gagné
au titre de l’année fiscale antérieure, au moment où les bonus annuels sont payés aux autres cadres, mais en aucun cas après le 15 mars de l’année calendaire suivant l’année fiscale au
titre de laquelle le bonus est octroyé.	  	Mr. Agnes shall receive the full amount of any unpaid discretionary bonus that was earned from the preceding fiscal year, if any, at the time annual bonuses are paid to other
executives, but in no event later than March 15 of the calendar year following the fiscal year for which the bonus is awarded.

  

	
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	 Si (i) l’Actionnaire décide de mettre fin à ce Mandat Social sans Cause Légitime avant le 31 octobre 2016,
(ii) ce Mandat Social prend fin du fait du décès ou l’incapacité permanente de Pierre Agnès, (iii) ce Mandat Social prend fin de plein droit le 31 octobre 2006, ou (iv) si Pierre Agnes met fin à ce Mandat
Social pour une Bonne Raison dans les six (6) mois de l’évènement consituant la Bonne Raison, Na Pali SAS paiera au pro rata à Pierre Agnes une partie du bonus adopté conformément à l’article 2,
s’il y a lieu, pour l’année fiscale au cours de laquelle une telle cessation a lieu, déduction faite des retenues et déductions.

 
	  	 If (i) the Shareholder elects to terminate this Corporate Mandate without Legitimate Cause prior to October 31, 2016, (ii) this
Corporate Mandate is terminated by reason of Pierre Agnes’ death or permanent disability, (iii) this Corporate Mandate automatically terminates on October 31, 2016, or (iv) if Pierre Agnes terminates this Corporate Mandate for Good
Reason within six (6) months of the action constituting Good Reason, Na Pali SAS will pay Pierre Agnes a pro rata portion of the bonus adopted pursuant to Paragraph 2, if any, for the fiscal year in which such termination occurs, less applicable
withholdings and deductions.
  

	 La Cause Légitime et la Bonne Raison sont définies à l’article 4.

 
	  	 Legitimate Cause and Good Reason are defined in Paragraph 4.

 

	7. Secrets commerciaux ; Information confidentielle et/ou protégées. Pilot SAS, Na Pali SAS et Quiksilver, Inc. détiennent certains secrets
commerciaux et autre information confidentielle et/ou protégée qui constituent des droits de propriété de valeur, qui ont été développés grâce à une dépense substantielle de
temps et d’argent, qui sont et continueront à être utilisés par Pilot SAS, Na Pali SAS et Quiksilver, Inc. et qui ne sont pas généralement connus dans le commerce. Ces informations protégées
incluent la liste des clients et fournisseurs de Pilot SAS, Quiksilver, Inc., Na Pali SAS et leurs filiales, et d’autres informations particulières concernant les produits, finances, processus, préférences de
matériaux, tissus, dessins, sources de matériaux, information sur les prix, calendriers de production, stratégies de vente et de marketing, formules de commission sur les ventes, stratégies de merchandising, formulaires
de commande et tout autre type d’information protégée relative aux produits, clients et fournisseurs de Pilot SAS, Quiksilver, Inc., Na Pali SAS et de leurs filiales. Pierre Agnes consent à ne pas divulguer et à
garder strictement secrets et confidentiels tous les secrets commerciaux et informations protégées de Pilot SAS, Quiksilver, Inc., Na Pali SAS et leurs filiales, en ce compris de façon non limitative les éléments
expressément mentionnées ci-dessus.	  	7. Trade Secrets; Confidential and/or Proprietary Information. Pilot SAS, Na Pali SAS and Quiksilver, Inc. own certain trade secrets and other confidential and/or
proprietary information which constitute valuable property rights, which have been developed through a substantial expenditure of time and money, which are and will continue to be utilized in Pilot SAS’, Na Pali SAS’ and Quiksilver,
Inc.’s businesses and which are not generally known in the trade. This proprietary information includes the list of names of the customers and suppliers of Pilot SAS, Quiksilver, Inc., Na Pali SAS and their affiliates, and other particularized
information concerning the products, finances, processes, material preferences, fabrics, designs, material sources, pricing information, production schedules, sales and marketing strategies, sales commission formulae, merchandising strategies, order
forms and other types of proprietary information relating to Pilot SAS, Quiksilver, Inc., Na Pali SAS and their affiliates’ products, customers and suppliers. Pierre Agnes agrees that he will not disclose and will keep strictly secret and
confidential all trade secrets and proprietary information of Pilot SAS , Quiksilver, Inc., Na Pali SAS and their affiliates, including, but not limited to, those items specifically mentioned above. 

  

	
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	 8. Propriété et documents. A la date de la cessation du présent Mandat Social ou dès que la cessation
du présent Mandat Social a été décidée, Pierre Agnes restituera à Na Pali SAS tout document, propriété ou matériel de toute nature en relation avec son Mandat Social au sein de Na Pali
SAS, qui serait en sa possession ou sous son contrôle. Pierre Agnes ne conservera ou ne gardera aucune copie d’aucun document qui contiendrait une information confidentielle.

 
	  	 8. Property and Documents. At the date of termination of this Corporate Mandate or as soon as the termination of this Corporate
Mandate is decided, Pierre Agnes shall return to Na Pali SAS any document, property and material of any kind in relation of his Corporate Mandate within Na Pali SAS, being in his possession or under his control. Pierre Agnes will not retain or keep
any copy of any document that would contain confidential information.
  

	 9. Remboursement des frais. Na Pali SAS remboursera Pierre Agnes de ses frais professionnels raisonnables, nécessaires et
justifiés, engagés au cours de ses activités professionnelles au bénéfice de Na Pali SAS, selon les termes et dans les conditions généralement accordées aux autres cadres de Na Pali
SAS.
  
	  	 9. Expense Reimbursement. Na Pali SAS will reimburse Pierre Agnes for documented reasonable and necessary business expenses
incurred by him while engaged in business activities for Na Pali SAS’ benefit on such terms and conditions as shall be generally available to other executives of Na Pali SAS.

 

	 10. Respect des politiques commerciales. Pierre Agnes sera tenu de respecter les politiques commerciales et RH, ainsi que les
procédures en vigueur au sein de Na Pali SAS. En cas de conflit, les termes du présent Mandat Social prévalent.
  
	  	 10. Compliance With Business Policies. Pierre Agnes will be required to observe Na Pali SAS personnel and business policies
and procedures as they are in effect from time to time. In the event of any conflicts, the terms of this Corporate Mandate will control.
  

	11. Respect des lois fiscales. Le présent Mandat Social est rédigé en vue de respecter les exigences de toutes les lois fiscales américaine et
française applicables, en ce compris (le cas échéant) les Articles 280G et 409 A du Code fédéral du Revenu Intérieur, et les règlements et autres circulaires promulgués pour son application. En
conséquence, toutes les présentes dispositions doivent être interprétées de façon à respecter toutes ces lois fiscales et si nécessaire, toute disposition doit être
considérée comme modifiée afin de respecter ces lois.	  	11. Compliance with Tax Laws. This Corporate Mandate is intended to comply with the requirements of all applicable United States and French tax laws, including (if
applicable) Sections 280G and 409A of the U.S. Internal Revenue Code, and the regulations and other guidance promulgated thereunder. Accordingly, all provisions herein shall be construed and interpreted to comply with all such tax laws and if
necessary, any such provision shall be deemed amended to comply therewith.

  

	
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	 12. Respect du mécanisme de remboursement (“Clawback Compliance”). Toute somme payée au titre du
présent contrat sera remboursée en conformité avec toute politique de remboursement “ Clawback Compliance” que Quiksilver, Inc. ou Na Pali SAS a adoptée, ou devra adopter dans le futur afin de respecter des
normes d’inscription à la cote de toute bourse nationale d’échange de titres ou association sur laquelle les titres de Quiksilver, Inc. sont cotées, ou comme il est par ailleurs requis par le Dodd-Frank Wall Street
Reform and Consumer Protection Act ou tout autre texte applicable.
  
	  	12. Clawback Compliance. Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that Quiksilver, Inc. or Na Pali
SAS has adopted or is required in the future to adopt pursuant to the listing standards of any national securities exchange or association on which Quiksilver, Inc.’s securities are listed or as is otherwise required by the Dodd-Frank Wall
Street Reform and Consumer Protection Act or other applicable law.
	 13. Successeurs et cessionnaires. Ce Mandat Social sera cessible par Quiksilver, Inc. à tout successeur ou à toute
société détenue ou contrôlée par Quiksilver, Inc., et liera tout successeur direct ou indirect dans les affaires de Quiksilver, Inc., par l’achat de titres, ou par fusion, consolidation, acquisition de tout ou
d’une partie substantielle des actifs de Quiksilver, Inc., ou par tout autre moyen.
  
	  	 13. Successors and Assigns. This Corporate Mandate will be assignable by Quiksilver, Inc. to any successor or to any other
company owned or controlled by Quiksilver, Inc., and will be binding upon any successor to the business of Quiksilver, Inc., whether direct or indirect, by purchase of securities, merger, consolidation, purchase of all or substantially all of the
assets of Quiksilver, Inc. or otherwise.
  

	14. Intégralité du contrat. A l’exception du Contrat de Travail en date des présentes, ce Mandat Social substitue et remplace tout mandat social ou
tout autre contrat de travail, existant ou préexistant, oral ou écrit, exprès ou tacite, entre Pierre Agnes, Na Pali SAS, l’Actionnaire de Na Pali SAS, ou Quiksilver, Inc. Le présent Mandat Social, le Contrat de
Travail, et tout accord de confidentialité, stock option, actions gratuites, “restricted stock unit”, “stock appreciation rights”, ou tout accord similaire que l’Actionnaire pourrait conclure avec Pierre
Agnes, comprennent l’intégralité de l’accord passé entre Quiksilver, Inc., Na Pali SAS, l’Actionnaire de Na Pali SAS et Pierre Agnes concernant sa relation de travail et le Mandat Social, et aucune modification
ou	  	14. Entire Agreement. Except for the Employment Contract of even date, this Corporate Mandate completely supersedes and replaces any existing or previous oral or written
corporate mandates or other employment agreements, express or implied, between Pierre Agnes, Na Pali SAS, the Shareholder of Na Pali SAS, or Quiksilver Inc. This Corporate Mandate, the Employment Contract, and any confidentiality, stock option,
restricted stock, restricted stock unit, stock appreciation rights or other similar agreements the Shareholder may enter into with Pierre Agnes contain the entire integrated agreement between Quiksilver, Inc., Na Pali SAS, the Shareholder of Na Pali
SAS and Pierre Agnes regarding his employment and

  

	
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	avenant apporté au présent Mandat Social ne sera valide, sauf s’il est rédigé par écrit, signé par l’Actionnaire, et conforme aux
lois françaises.	  	Corporate Mandate, and no modification or amendment to this Corporate Mandate will be valid unless set forth in writing and signed by the Shareholder, and in accordance with the
French laws.
		
	 Signé en deux originaux.
	  	Executed in two originals.
		
	 A St Jean de Luz,

Le 6 Mars 2012
	  	 In St Jean de Luz,
 On March
6, 2012

		
	 Pour l’Actionnaire:

 
 Pierre
Boccon Liaudet
  
	  	 For the Shareholder:
  

Pierre Boccon Liaudet
  

		
	 Pour Pierre Agnes:

 
 Pierre
Agnes
 (*) Ecrivez la mention “lu et approuvé”, et paraphez chaque page du présent document.
	  	 For Pierre Agnes:
  

Pierre Agnes
 (*) Please write the wording
“acknowledged and agreed” (“lu et approuvé) and initial each page of the document.

  

	
	9United Bank 2012 Annual Incentive Plan

 Exhibit 10.11 

 
 

 
 Annual Incentive Plan 
 2012 Plan Summary 
 January 2012 

 2012 Annual Incentive Plan 

 
  
 Introduction and Objective 
 United Bank’s Annual Incentive Plan (“AIP”) is
designed to recognize and reward employees for their collective contribution to the Bank’s success and to the enhancement of shareholder value. The Plan focuses on the financial measures that are critical to the Bank’s growth and
profitability. Individually and collectively, we all have the ability to influence and drive our success. Employees who exhibit superior performance and contribute most to our success will receive additional rewards. This document summarizes the
elements and features of the Plan. 
 In short, the objectives of the Incentive Plan are to: 

 

	 	•	 	 Establish performance goals on a bank and division level that align the interest of employees’ with the enhancement of shareholder value. These
goals will be established by the Board of Directors and senior leadership based on the Bank’s strategic plan. 

  

	 	•	 	 Align all of the Bank’s employees with critical bank goals and objectives 

 

	 	•	 	 Encourage teamwork and collaboration across all areas of the Bank – our collective contributions will drive improved business results

  

	 	•	 	 Motivate and reward the achievement of specific, measurable performance objectives 

 

	 	•	 	 Provide competitive total compensation opportunities. 

 

	 	•	 	 Enable the Bank to attract, motivate, retain and reward talented staff. 

 Eligibility 
  

	 	•	 	 All Bank employees will be eligible to participate in the Incentive Plan. 

 

	 	•	 	 New employees will receive pro-rated awards based on date of hire. 

 

	 	•	 	 Part-time staff and employees who work a partial year will receive pro-rated awards based on hours worked. 

 

	 	•	 	 Participants must maintain a performance level of “meets most requirements” to be eligible for a full incentive award. Participants who have
a performance level of “meets some requirements” will be eligible to receive an incentive award up to 50% of their target incentive opportunity. 

 

	 	•	 	 Participants must be an active employee as of the award payout date to receive an award, unless they have retired from United Bank or are out on a
disability. Individuals who retire during the plan year will receive a pro-rated award. 

 Performance Period

 The performance period and plan operates on a calendar year basis (January 1 – December 31st). Actual payout awards are made following year-end after Bank
financial results and performance is known. 

  
 1 

 Incentive Payout Opportunity 
 Each participant will have a target incentive opportunity that is expressed as a percentage of base salary. Incentive targets reflect competitive awards and are funded and paid based on our performance.
In order to fund the target incentives, the Bank needs to achieve certain levels of net income. In effect, the Bank is sharing a portion of its profits with employees based on our individual and collective performance. 

Actual payouts will be based on performance relative to participants’ goals and may be above or below these target awards. Performance below
expectations will result in lower awards while performance above expectations will result in higher awards. 
 The table below shows incentive
targets by role/level. Actual awards may range from 0% - 150% of these targets depending on our performance. 
  

									
	 Grade Level
	 	Normal Target
% 
of base salary	 	 	2012 Target
at 
budget – 70%
of normal target	 
	27	 	 	30	% 	 	 	21	% 
	25-26	 	 	25	% 	 	 	17.5	% 
	22-24	 	 	20	% 	 	 	14	% 
	18-21	 	 	15	% 	 	 	10.5	% 
	11-17, FNSV Reps

& Personal Bankers
	 	 	7	% 	 	 	4.9	% 

 Incentive Plan Measures 
 For 2012, the incentive plan will reflect a combination of Bank, division and/or function, and/or individual performance goals. Each role will have defined performance measures that are weighted to
reflect the focus and contribution for each role/level in the Bank. 
 Bank Performance Measures 

Bank performance will drive a significant portion of participants’ incentive awards. This is to encourage teamwork and collaboration across all
employees and business units. Below is a summary of the bank performance measures for 2012: 
  

	 	•	 	 Earnings Per Share (EPS) 

  

	 	•	 	 Total Core Deposit Growth 

  

	 	•	 	 Total Non-Interest Expense 

Incentives for the CEO and Senior Management will be tied to all three of these bank performance measures. Incentives for remaining participants will be
tied to only Earnings Per Share (EPS). 
 Performance targets and ranges for each measure will be set at the beginning of the plan year. A
minimum achievement of threshold level performance is required for the plan to pay for each component. 

  
 2 

 The table below shows the specific bank performance goals at threshold, budget and stretch budget (maximum)
for 2012. 
  

													
	 Bank Performance Measures
	  	2012 Performance Goals	 
	  	Threshold	 	 	Budget	 	 	Stretch Budget	 
	 Earnings Per Share
	  	$	0.62	  	 	$	0.78	  	 	$	0.93	  
	 Total Core Deposit Growth
	  	 	9.84	% 	 	 	12.30	% 	 	 	14.76	% 
	 Total Non-Interest Expense
	  	$	49,998	  	 	$	45,453	  	 	$	40,907	  

 Division and/or Function Performance Measures 
 Division and/or function performance goals will consist of two to three performance measures that reflect the goals for each of the Bank’s core divisions and/or functions. Division and/or function
performance goals will be set by the division head and approved by Senior Management and the Compensation Committee. 
 Similar to the Bank
goals, performance targets and ranges for each measure will be set at the beginning of the plan year. A minimum achievement of threshold level performance is required for the plan to pay for each component. 

Individual Performance Measures 
 For
2012, the CEO and Commercial Lenders will have individual performance goals consisting of one to two performance measures that reflect goals specific to the participant. Individual performance goals will be set by the division head and approved by
Senior Management and the Compensation Committee. Performance targets and ranges for each measure will be set at the beginning of the plan year. A minimum achievement of threshold level performance is required for the plan to pay for each component.

 Individual Performance Modifier 
 For participants without specific individual performance goals, individual performance will be a modifier to the incentive award. All employees, with the exception of Personal Bankers will be eligible for
an adjustment to the incentive payout (+/- 10%) to recognize other performance factors and contributions to United Bank’s success. The individual performance modifier will be based on the discretionary recommendation of the individual’s
manager. 
 Performance Goal Weightings 
 Incentives for all participants will be based upon a mix of bank, division/function, and/or individual goals. The table below summarizes the weightings for different tiers that will be reviewed and
modified each year by the CEO and Board of Directors. 
  

													
	 Participant
	  	Bank
Performance
Goals	 	 	Division /
Function
Goals	 	 	Individual
Goals	 
	 CEO
	  	 	75	% 	 	 	—  	  	 	 	25	% 
	 Senior Management
	  	 	70	% 	 	 	30	% 	 	 	—  	  
	 Department/Function Heads
	  	 	50	% 	 	 	50	% 	 	 	—  	  
	 Commercial Lenders
	  	 	50	% 	 	 	30	% 	 	 	20	% 
	 Other Participants
	  	 	50	% 	 	 	50	% 	 	 	—  	  

  
 3 

 Weightings for the Bank, Division/Function Goals and Individual Goals 

Weightings for bank, division/function goals and individual goals will be determined by the division head and approved by Senior Management and the
Compensation Committee. Each goal will have a minimum weighting of 10%. 
 Incentive Awards 

Each participant will have a scorecard that defines bank, division and/or function, and/or individual performance goals and weights for their role. At the
end of the performance period, actual performance will be determined and entered into the scorecard to calculate an award payout. Actual awards will be interpolated to reflect incremental performance. 

Once the incentive award is calculated for bank, division and/or function, and/or individual performance, an individual multiplier will modify the award
as appropriate for participants eligible to receive the performance modifier. 
 A sample scorecard is shown in Exhibit A.  

  
 4 

 Terms and Conditions 
  

 
 Participation 

All employees are eligible to participate in the Plan. New employees are eligible for a prorated award.  

Effective Date 
 This Program is
effective January 1, 2012 to reflect plan year January 1, 2012 to December 31, 2012. The Plan will be reviewed annually by the Bank’s Board and Executive Management to ensure proper alignment with business objectives. The Board
of Directors of United Bank retains the rights as described below to amend, modify or discontinue the Plan at any time during the specified period. The Incentive Plan will remain in effect until December 31, 2012. 

Program Administration 
 The Plan is
authorized by the Board of Directors. The Board of Directors has the sole authority to interpret the Plan and to make or nullify any rules and procedures, as necessary, for proper administration. Any determination by the Board of Directors will be
final and binding on all participants. 
 Program Changes or Discontinuance 
 United Bank has developed the plan based on existing business, market and economic conditions. If substantial changes occur that affect these conditions, United Bank may add to, amend, modify or
discontinue any of the terms or conditions of the plan at any time. 
 The Board of Directors also has the ability to adjust/modify or cancel
plan payouts to reflect results from regulatory and/or safety and soundness exams. 
 The Board of Directors may, at its sole discretion, waive,
change or amend the Plan as it deems appropriate. 
 Incentive Award Payments 
 Awards will be paid before the end of the first quarter following the Plan year. Awards will be paid out as a percentage of a participant’s effective base salary as of December 31 of the given
plan year. Incentive awards will be considered taxable income to participants in the year paid and will be subject to withholding for required income and other applicable taxes. 
 Any rights accruing to a participant or his/her beneficiary under the Plan shall be solely those of an unsecured general creditor of United Bank. Nothing contained in the Plan, and no action taken
pursuant to the provisions hereof, will create or be construed to create a trust of any kind, or a pledge, or a fiduciary relationship between the Board of Directors of United Bank or the CEO and the participant or any other person. Nothing herein
will be construed to require The Board of Directors of United Bank or the CEO to maintain any fund or to segregate any amount for a participant’s benefit. 
 Program Funding 
 The Plan is funded and accrued based on Bank performance results for a
given year. Achieving higher levels of performance will increase the Plan payouts to participants. Similarly, achieving less than target performance will reduce the Plan payouts. 
 New Hires, Reduced Work Schedules, Promotions, and Transfers 
 Participants who are not
employed by United Bank at the beginning of the Plan year will receive a pro rata incentive award based on their length of employment during a given year. 
 Part time employees are eligible to participate. Their award percentage will reflect their earned compensation based on actual hours worked. A participant whose work schedule changes during the year will
be eligible for prorated treatment that reflects his/her time in the different schedules. 

  
 5 

 If a participant changes his/her role or is promoted during the Plan year, he/she will be eligible for the
new role’s target incentive award on a pro rata basis (i.e. the award will be prorated based on the number of months employed in the respective positions.) 
 Termination of Employment 
 If the Bank terminates a Plan participant, no incentive award
will be paid. To encourage employees to remain in the employment of United Bank, a participant must be an active employee of the Bank on the date the incentive is paid to receive an award. (See exceptions for death, disability and retirement below.)

 Disability, Death or Retirement 
 If a participant is disabled by an accident or illness, and is disabled long enough to be placed on long-term disability, his/her bonus award for the Plan period shall be prorated so that no award will be
earned during the period of long-term disability. 
 In the event of death, United Bank will pay to the participant’s estate the pro rata
portion of the award that had been earned by the participant. 
 Individuals who retire during the plan year will receive a pro-rata portion of
the award based on the retirement date. 
 Ethics and Interpretation 
 If there is any ambiguity as to the meaning of any terms or provisions of this plan or any questions as to the correct interpretation of any information contained therein, the Bank’s interpretation
expressed by the Board of Directors will be final and binding. 
 The altering, inflating, and/or inappropriate manipulation of
performance/financial results or any other infraction of recognized ethical business standards, will subject the employee to disciplinary action up to and including termination of employment. In addition, any incentive compensation as provided by
the plan to which the employee would otherwise be entitled will be revoked. 
 Participants who have willfully engaged in any activity,
injurious to the Bank, will upon termination of employment, death, or retirement, forfeit any incentive award earned during the award period in which the termination occurred. 
 Clawback 
 In the event that United Bank is required to prepare an accounting restatement
due to error, omission or fraud (as determined by the members of the Board of Directors who are considered “independent” for purposes of the listing standards of the NASDAQ), each executive officer who is considered a member of
“Senior Management” shall reimburse the Bank for part or the entire incentive award made to such executive officer on the basis of having met or exceeded specific targets for performance periods. For purposes of this policy, (i) the
term “incentive awards” means awards under the Bank’s Annual Incentive Plan (AIP), the amount of which is determined in whole or in part upon specific performance targets relating to the financial results of the Bank; and
(ii) the term “Senior Management” means employees in SVP roles and above who are eligible to participate in the Company’s Annual Incentive Plan (AIP). The Bank may seek to reclaim incentives within a three year period of the
incentive payout. 
 Miscellaneous 
 The Plan will not be deemed to give any participant the right to be retained in the employ of United Bank, nor will the Plan interfere with the right of United Bank to discharge any participant at any
time. 

  
 6 

 In the absence of an authorized, written employment contract, the relationship between employees and United
Bank is one of at-will employment. The Plan does not alter the relationship. 
 This incentive plan and the transactions and payments hereunder
shall, in all respect, be governed by, and construed and enforced in accordance with the laws of the Commonwealth of Massachusetts. 
 Each
provision in this Plan is severable, and if any provision is held to be invalid, illegal, or unenforceable, the validity, legality and enforceability of the remaining provisions shall not, in any way, be affected or impaired thereby. 

This plan is proprietary and confidential to United Bank and its employees and should not be shared outside the organization. 

  
 7

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