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  Exhibit 10.4e    
    

FORM OF

ZALE CORPORATION

2003 STOCK INCENTIVE PLAN, AS AMENDED

TIME-VESTING RESTRICTED STOCK UNITS

PLAN AGREEMENT

							
	

Participant	
 	

Issue Date	
 	

Number of Units	
 	

Employee ID

			
	Grant	 	Zale Corporation (the "Company"), on behalf of Zale Delaware, Inc. ("Zale Delaware"), its wholly-owned subsidiary, has granted to the Participant named above, as of the Issue Date, the above number of Restricted
Stock Units, subject to the terms and conditions set forth in this Plan Agreement and in the Zale Corporation 2003 Stock Incentive Plan, as amended (the "Plan").
	
Issue Date	
 	

The Issue Date for the Restricted Stock Units granted to the Participant pursuant to this Plan Agreement shall be the date set forth above.
	
Vesting Date(s)	
 	

The Restricted Stock Units issued pursuant to this Plan Agreement shall
vest                                    (each, a "Vesting
Date").
	
Consequences of Vesting	
 	

Upon each Vesting Date, the Participant shall be entitled to receive one share of the Company's common stock, par value $.01 per share ("Common Stock"), for each Restricted Stock Unit that vested on such Vesting Date or, in the sole discretion of the
Committee, in lieu thereof, the Company shall pay to the Participant the Fair Market Value of such number of shares of Common Stock. Unless the Committee has elected to make a cash payment upon the vesting of the Restricted Stock Units reasonably
promptly after the Vesting Date, the Company shall cause to be delivered to the Participant a certificate evidencing the shares of Common Stock issuable to the Participant upon the vesting of the Restricted Stock Units, free of any restrictive legend
other than restrictions on transfer as a result of applicable securities laws.
	
No Dividends or Voting Rights	
 	

The Participant shall not be entitled to receive dividend payments with respect to the Restricted Stock Units and shall have no voting rights with respect to the Restricted Stock Units.
	
Restrictions on Transfer	
 	

No transfer of the Participant's rights with respect to the Restricted Stock Units, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Immediately upon any attempt to transfer such rights, such Restricted Stock
Units, and all of the rights related thereto, shall be forfeited by the Participant.

			
	Termination	 	In the event of the termination of a Participant's employment with Zale Delaware, Inc., the Restricted Stock Units granted to the Participant which have not vested as of the date of such termination shall be void and
of no further effect.
	

  Recoupment Policy	

 	

Any amounts received by Participant pursuant to the Restricted Stock Units granted in this Plan Agreement are subject to recoupment by the Company pursuant to any policy the Company may have in place from time to time that provides for the recoupment
of compensation that was paid as a result of a misstatement of the Company's financial results that involved negligence, fraud or other misconduct.
	
No Section 83(b) Elections	
 	

The Participant shall not file with the Internal Revenue Service an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (i.e., an election to include in gross income in the year of issuance of the Restricted Stock
Units the amounts specified in such Section 83(b)).
	
Misc.	
 	

Upon the occurrence of a Change in Control, all outstanding Restricted Stock Units which have not theretofore vested shall immediately vest.
	

 	
 	

Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Plan.
	

 	

 	

Zale Corporation
	

 	

 	

Authorized Officer
	

 	

 	

I hereby agree to be bound by all the terms and conditions of this Plan Agreement and the Plan.
	

 	

 	

Participant

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Exhibit 10.4eQuickLinks
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  Exhibit 10.4f    
    

FORM OF

ZALE CORPORATION

2003 STOCK INCENTIVE PLAN, AS AMENDED

PERFORMANCE-BASED RESTRICTED STOCK UNITS

PLAN AGREEMENT

							
	

Participant	
 	

Issue Date	
 	

Number of Units	
 	

Employee ID

			
	Grant	 	Zale Corporation (the "Company"), on behalf of Zale Delaware, Inc. ("Zale Delaware"), its wholly-owned subsidiary, has granted to the Participant named above, as of the Issue Date, the above number of Restricted
Stock Units, subject to the terms and conditions set forth in this Plan Agreement and in the Zale Corporation 2003 Stock Incentive Plan, as amended (the "Plan").
	
Issue Date	
 	

The Issue Date for the Restricted Stock Units granted to the Participant pursuant to this Plan Agreement shall be the date set forth above.
	
Vesting Date(s), Performance Based Award	
 	

The Restricted Stock Units issued pursuant to this Plan Agreement shall
vest                                    (each, a "Vesting Date"),
subject to satisfaction of the Performance Goal(s) set forth on Exhibit A hereto.
	
Consequences of Vesting	
 	

Upon each Vesting Date, the Participant shall be entitled to receive [one share of the Company's common stock, par value $.01 per share ("Common Stock")][such number of shares of the Company's common stock, par value $.01 per share (the "Common
Stock") as shall be determined in Exhibit A hereto], for each Restricted Stock Unit that vested on such Vesting Date or, in the sole discretion of the Committee, in lieu thereof, the Company shall pay to the Participant the Fair Market
Value of such number of shares of Common Stock. Unless the Committee has elected to make a cash payment upon the vesting of the Restricted Stock Units reasonably promptly after the Vesting Date, the Company shall cause to be delivered to the
Participant a certificate evidencing the shares of Common Stock issuable to the Participant upon the vesting of the Restricted Stock Units, free of any restrictive legend other than restrictions on transfer as a result of applicable securities
laws.
	
No Dividends or Voting Rights	
 	

The Participant shall not be entitled to receive dividend payments with respect to the Restricted Stock Units and shall have no voting rights with respect to the Restricted Stock Units.
	
Restrictions on Transfer	
 	

No transfer of the Participant's rights with respect to the Restricted Stock Units, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Immediately upon any attempt to transfer such rights, such Restricted Stock
Units, and all of the rights related thereto, shall be forfeited by the Participant.

			
	Termination	 	In the event of the termination of a Participant's employment with Zale Delaware, Inc., the Restricted Stock Units granted to the Participant which have not vested as of the date of such termination shall be void and
of no further effect.
	

  Recoupment Policy	

 	

Any amounts received by Participant pursuant to the Restricted Stock Units granted in this Plan Agreement are subject to recoupment by the Company pursuant to any policy the Company may have in place from time to time that provides for the recoupment
of compensation that was paid as a result of a misstatement of the Company's financial results that involved negligence, fraud or other misconduct.
	
No Section 83(b) Elections	
 	

The Participant shall not file with the Internal Revenue Service an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (i.e., an election to include in gross income in the year of issuance of the Restricted Stock
Units the amounts specified in such Section 83(b)).
	
Misc.	
 	

Upon the occurrence of a Change in Control, all outstanding Restricted Stock Units which have not theretofore vested shall immediately vest.
	

 	
 	

Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Plan.
	

 	

 	

Zale Corporation
	

 	

 	

Authorized Officer
	

 	

 	

I hereby agree to be bound by all the terms and conditions of this Plan Agreement and the Plan.
	

 	

 	

Participant

 
 

  EXHIBIT A    
    

 
 

  Performance Goal(s)    
    

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Exhibit 10.4f

EXHIBIT A

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  Exhibit 10.8    
    

 
 

  FORM OF
  ZALE CORPORATION
  MANAGEMENT AND PROFESSIONAL BONUS PLAN    
    

        Zale Corporation (the "Company") is committed to building and maintaining quality management and professional staff and to encouraging
maximum focus on business improvement. The Management & Professional Bonus Plan (the "Plan") has been developed to allow all management and professional employees (a "Participant" (as further
defined below)) the opportunity to receive an annual Company Performance Bonus (the "Bonus") based on the success of the Company. 

        Certain
Capitalized terms have special meaning when used in this Plan. These terms are either defined in the text as they are used or in the Administration of the Plan section below. 

 PLAN YEAR  

        August 1, [YEAR], through July 31, [YEAR]. 

 COMPANY PERFORMANCE BONUS  

        The Bonus is based on the Plan Year Company performance, as measured by [PERFORMANCE MEASURE]. 

        Participants
will receive a payout for the Bonus if performance exceeds the minimum level that has been established by the Company ("Threshold"). The more the Company performance exceeds
the Threshold, the larger the Bonus achieved, up to a maximum level ("Stretch"). The Bonus payout percentages are interpolated between performance goal levels, Threshold, target ("Plan") and Stretch,
as set forth in the below table, and rounded to the nearest tenth of a percent.  

	A.
	Performance goals with associated payout percentages

								
	Level

 
	 	Payout as

% of Target 	 	[Performance Goal] 	 
	 Stretch (Maximum)
	 	 	 	%	$	 	 
	 Plan (Target)
	 	 	 	%	$	 	 
	 Threshold (Minimum)
	 	 	 	%	$	 	 

Bonus
factors are not subject to change during a Plan year; however, financial performance objectives may be adjusted upward or downward at the sole discretion of the Compensation Committee (the
"Compensation Committee") of the Board of Directors of the Company as a result of acquisitions, divestitures, extraordinary one-time events or other substantive changes in the
configuration of the business. 

It
is the policy of the Board of Directors of the Company that in the event the Board determines that a current or former executive officer has engaged in negligence or fraudulent or intentional
misconduct that has resulted in a significant restatement of the Company's financial results and, had the results been properly calculated, such executive officer would have received less
compensation, that the Board has the authority to seek reimbursement of any portion of any performance based or incentive compensation paid whether cash or equity based, or awarded to such executive
officer in all years that is greater than would have been paid or awarded calculated based upon the restated financial results. Without limiting the foregoing, it is the policy of the Board to seek
recoupment in all instances where Section 304 of the Sarbanes-Oxley Act of 2002 requires the Company to seek recoupment. This policy does not limit the Company's entitlement to take other
appropriate actions with respect to executive officers, up to and including their termination. In accepting a Bonus, each participant is agreeing to return part or all of that Bonus to the extent
required by the Company pursuant to this policy. 

	B.
	Target Percentage

Each
eligible participant has a specific Target Percentage that is used to calculate the payout.  

	C.
	Calculation of the Company Performance Bonus

The
Bonus will be pro-rated based on the effective date of a Participant's entry into the Plan. A Participant's Annual Base Salary as of the last day of the Plan Year will be used to
calculate the payout for the Company Performance Bonus.  

	D.
	Eligibility for the Company Performance Bonus

The
effective date of eligibility for the Bonus will be based on the last day in the month in which a Participant's change of status occurs. The status changes include the
following: 

	1.
	Change
in eligible positions (e.g. promoted to the next level position or demoted to a lower level position)  
	2.
	Change
to a position that is covered by this Plan  
	3.
	Change
to a position that is not covered by this Plan 

Participants
must satisfy the following criteria in order to become eligible to receive a Company Performance Bonus:

	•
	The Participant must be in a Regular (not Temporary) eligible position as of February 1,
[YEAR].  
	•
	The Participant must have received a notification of eligibility from the Compensation Department during the Plan Year. 
	•
	The Participant must receive an overall rating of at least "AR" or above for the performance review that is used to
determine eligibility to receive the Bonus. The Participant's most recent performance rating on file will determine eligibility to receive the Bonus (except as otherwise required by applicable law). 
	•
	The Participant must be actively employed on the payment distribution date (or as otherwise required by law) to be
eligible for the Bonus except that: 
	•
	A Participant (or his/her estate) whose employment is terminated due to reduction in force after February 1,
[YEAR] will be eligible for a pro-rated payout (subject to the other terms of the Plan).  
	•
	A Participant (or his/her estate) whose employment terminated due to death, long-term disability,
 or
retirement during the Plan Year will be eligible for a pro-rated payout (subject to the other terms of the Plan).   

	E.
	Payout of the Company Performance Bonus

The
Bonus will be paid to eligible Participants who earned such Bonus during [YEAR] within 60 days following the end of [YEAR]. The Bonus payment
is subject to applicable federal and state laws and taxation requirements. 

 ADMINISTRATION OF THE PLAN  

	A.
	Definitions of Terms. Below are terms used in the Plan and not otherwise defined in the Plan. 

Annual Base Salary: The bi-weekly salary provided to employees times 26 pay periods. Excluded from Annual Base
Salary:

	•
	Bonus  
	•
	Payments received through or as a result of any and all employee benefits (e.g. medical, dental, vision, 401(k)
deferrals, etc.) other than those included as Base Salary  
	•
	Fringe benefits and any other additional payments made to or for the benefit of the Participant 

Participant Notification: The document that sets forth the terms and conditions of a Participant's Bonus, as applicable. 

Participant: An employee who is exempt from the overtime provisions of the Fair Labor Standards Act and who qualifies for participation in the Plan as
verified by the Senior Vice President of Human Resources. 

Target Percentage: Each Participant shall notified of his or her target percentage that shall consist of a designated percentage of such Participant's
Annual Base Salary.  

	B.
	Governance of the Plan

This
Plan has been adopted on behalf of the Company by the Compensation Committee. 

The
Senior Vice President of Human Resources may recommend to the Chief Executive Officer (the "CEO") changes in the terms of the Plan or the adjustment of bonus awards to reflect special or unusual
circumstances of any Participant or Participants. The CEO is authorized to make such Plan changes or bonus award adjustments for any employee except for officers of the Company. The Compensation
Committee must approve any changes in the terms of the Plan or the adjustment of any bonus awards to any officer of the Company. 

        Zale Corporation reserves the right to modify, suspend, or terminate any and all plans, provisions, terms, and payouts. Nothing in this Plan shall be construed as
a contract of employment.

QuickLinks

Exhibit 10.8

FORM OF ZALE CORPORATION MANAGEMENT AND PROFESSIONAL BONUS PLAN

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