Document:

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                                                                    EXHIBIT 10.3

                               [QUICKSILVER LOGO]

                                 August 1, 2004

PERSONAL AND CONFIDENTIAL

Charles S. Exon, Esq.
c/o Quiksilver, Inc.
15202 Graham Street

Huntington Beach, California  92649

Re:   Employment at Quiksilver, Inc.

Dear Charlie:

            This letter ("Agreement") will confirm our understanding and
agreement regarding your continued employment with Quiksilver, Inc.
("Quiksilver" or the "Company"). This Agreement is effective August 1, 2004, and
completely supersedes and replaces any existing or previous oral or written
understandings or agreements, express or implied, between you and the Company
regarding your employment, including, without limitation, our August 1, 2000,
letter.

            1.    Position; Exclusivity. The Company hereby agrees to employ you
                  as its Executive Vice President, Business and Legal
                  Affairs-International, reporting to the President or Chief
                  Executive Officer. During your employment with Quiksilver, you
                  will devote your full professional and business time,
                  interest, abilities and energies to the Company and will not
                  render any services to any other person or entity, whether for
                  compensation or otherwise, or engage in any business
                  activities competitive with or adverse to the Company's
                  business or welfare, whether alone, as an employee, as an
                  attorney, as a partner, as a member, or as a shareholder,
                  officer or director of any other corporation, or as a trustee,
                  fiduciary or in any other similar representative capacity of
                  any other entity. The Company agrees that you will be insured
                  against, indemnified or otherwise covered for legal
                  malpractice or similar claims that may arise out of your
                  carrying out your duties and responsibilities hereunder.

            2.    Base Salary. Your base salary will be $29,166.66 per month
                  ($350,000 on an annualized basis), less applicable
                  withholdings and deductions, paid on the Company's regular
                  payroll dates. Your salary will be reviewed at the time
                  management salaries are reviewed periodically and may be
                  adjusted (but not below $29,166.66 per month) at the Company's
                  discretion in light of the Company's performance, your
                  performance, market conditions and other factors deemed
                  relevant by the Company.

            3.    Bonus. For the fiscal year ending October 31, 2004 and each
                  fiscal year thereafter, you shall be eligible to receive a
                  discretionary bonus under the terms approved by

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                  the Board of Directors for such bonus. Any such bonus shall be
                  paid within ten (10) days following the date the Company
                  publicly releases its annual audited financial statements (the
                  "Bonus Payment Date"). In the event that your employment with
                  the Company terminates prior to the end of the applicable
                  fiscal year, your eligibility to receive a pro rata portion of
                  the bonus is governed by Paragraph 9 below. Any bonus payments
                  shall be less applicable withholdings and deductions.

            4.    Vacation. You will accrue 20 days of vacation each year up to
                  a maximum of 35 days. Once the maximum is reached, additional
                  vacation accrual will cease until you have used some vacation
                  to fall below the maximum accrual allowed.

            5.    Health and Disability Insurance. You (and any eligible
                  dependents you elect) will be covered by the Company's group
                  health insurance programs on the same terms and conditions
                  applicable to comparable employees. You will also be covered
                  by the long-term disability plan for senior executives on the
                  same terms and conditions applicable to comparable employees.
                  The Company reserves the right to change, modify, or eliminate
                  such coverages in its discretion.

            6.    Clothing Allowance. You will be provided a clothing allowance
                  of $2,000 per year at the Company's wholesale prices.

            7.    Stock Options. You shall continue to be a participant in
                  Quiksilver's Stock Incentive Plan, or any successor equity
                  plan. The amount and terms of any restricted stock, stock
                  options, stock appreciation rights or other interests to be
                  granted to you will be determined by the Board of Directors in
                  its discretion and covered in separate agreements, but shall
                  be substantially similar to those granted to other senior
                  executives of Quiksilver of equivalent level. Stock options
                  granted to you after the date hereof through the termination
                  of your employment shall provide that if you are terminated by
                  the Company without Cause (as hereinafter defined) or you
                  terminate your employment for Good Reason (as hereinafter
                  defined) within twelve (12) months following a Change of
                  Control (as defined in Addendum "A"), 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.

            8.    Life Insurance. The Company will pay the premium on a term
                  life insurance policy on your life with a company and policy
                  of our choice, and a beneficiary of your choice, in the face
                  amount determined by the Company of not less than $1,000,000.
                  Our obligation to obtain and maintain this insurance is
                  contingent upon your establishing and maintaining
                  insurability, and we are not required to pay premiums for such
                  a policy in excess of $2,500 annually.

            9.    Unspecified Term; At Will Employment; Termination.

                  (a)   Notwithstanding anything to the contrary in this
                  Agreement or in your prior employment relationship with the
                  Company, express or implied, your employment is for an
                  unspecified term and either you or Quiksilver may terminate
                  your employment at will and with or without Cause (as defined
                  below) or notice at any time for any reason; provided,
                  however, that you agree to provide the Company with

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                  thirty (30) days advance written notice of your resignation
                  (during which time the Company may elect, in its discretion,
                  to relieve you of all duties and responsibilities). This
                  at-will aspect of your employment relationship can only be
                  changed by an individualized written agreement signed by both
                  you and an authorized officer of the Company.

                  (b)   The Company may also terminate your employment
                  immediately, without notice, for Cause, which shall include,
                  but not be limited to, (i) your death, (ii) your permanent
                  disability which renders you unable to perform your duties and
                  responsibilities for a period in excess of three consecutive
                  months, (iii) willful misconduct in the performance of your
                  duties, (iv) commission of a felony or violation of law
                  involving moral turpitude or dishonesty, (v) self-dealing,
                  (vi) willful breach of duty, (vii) habitual neglect of duty,
                  or (viii) a material breach by you of your obligations under
                  this Agreement. If the Company terminates your employment for
                  Cause, or you terminate your employment other than for Good
                  Reason (as defined below), you (or your estate or
                  beneficiaries in the case of your death) shall receive your
                  base salary and other benefits earned and accrued prior to the
                  termination of your employment and, in the case of a
                  termination pursuant to subparagraphs (i) or (ii) only, a pro
                  rata portion of your bonus, if any, as provided in Paragraph 3
                  for the fiscal year in which such termination occurs, less
                  applicable withholdings and deductions, and you shall have no
                  further rights to any other compensation or benefits hereunder
                  on or after the termination of your employment.

                  (c)   If Quiksilver elects to terminate your employment
                  without Cause, or if you terminate your employment with the
                  Company for Good Reason within six (6) months of the action
                  constituting Good Reason, the Company will (i) continue to pay
                  your base salary (but not any employment benefits) on its
                  regular payroll dates for a period of twelve (12) months, (ii)
                  pay you a pro rata portion of a bonus adopted pursuant to
                  Paragraph 3, if any, for the fiscal year in which such
                  termination occurs, less applicable withholdings and
                  deductions, and (iii) pay you an amount equal to one times the
                  average annual bonus earned by you pursuant to Paragraph 3
                  during the two (2) most recently completed fiscal years of the
                  Company, payable over a twelve (12) month period following
                  termination in equal installments on the Company's regular
                  payroll dates, less applicable withholdings and deductions.
                  Notwithstanding the foregoing, if such termination without
                  Cause or for Good Reason occurs within twelve (12) months
                  immediately following a Change of Control (as defined in
                  Addendum "A"), the Company will instead (i) continue to pay
                  your base salary (but not any employment benefits) on its
                  regular payroll dates for a period of twenty-four (24) months,
                  (ii) pay you a pro rata portion of a bonus, if any, for the
                  fiscal year in which such termination occurs, less applicable
                  withholdings and deductions, and (iii) pay you an amount equal
                  to two (2) times the average annual bonus earned by you
                  pursuant to Paragraph 3 during the two (2) most recently
                  completed fiscal years of the Company, payable over a
                  twenty-four (24) month period following termination in equal
                  installments on the Company's regular payroll dates, less
                  applicable withholdings and deductions. In order for you to be
                  eligible to receive the payments specified in this Paragraph
                  9(c), you must execute a general release of claims in a form
                  reasonably acceptable to the Company. You shall have no

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                  further rights to any other compensation or benefits hereunder
                  on or after the termination of your employment. You shall not
                  have a duty to seek substitute employment, and the Company
                  shall not have the right to offset any compensation due you
                  against any compensation or income received by you after the
                  date of such termination.

                  "Good Reason" for you to terminate employment means a
                  voluntary termination as a result of (i) the assignment to you
                  of duties materially inconsistent with your position as set
                  forth above without your consent, (ii) a material change in
                  your reporting level from that set forth in this Agreement
                  without your consent, (iii) a material diminution of your
                  authority without your consent, (iv) a material breach by the
                  Company of its obligations under this Agreement, (v) a failure
                  by the Company to obtain from any successor, before the
                  succession takes place, an agreement to assume and perform the
                  obligations contained in this Agreement, or (vi) the Company
                  requiring you to be based (other than temporarily) at any
                  office or location outside of the Southern California area
                  without your consent. Notwithstanding the foregoing, Good
                  Reason shall not exist unless you provide the Company notice
                  of termination on account thereof and, if such event or
                  condition is curable, the Company fails to cure such event or
                  condition within thirty (30) days of such notice.

                        (d)   In the event that any payment or benefit received
                  or to be received by you (collectively, the "Payments") would
                  constitute a parachute payment within the meaning of Section
                  280G of the Internal Revenue Code of 1986, as amended (the
                  "Code"), then the following limitation shall apply:

                  The aggregate present value of those Payments shall be limited
                  in amount to the greater of the following dollar amounts (the
                  "Benefit Limit"):

                  (i)   2.99 times your Average Compensation (as defined below),
                  or

                  (ii)  the amount which yields you the greatest after-tax
                  amount of Payments under this Agreement after taking into
                  account any excise tax imposed under Code Section 4999 on
                  those Payments.

                  The present value of the Payments will be measured as of the
                  date of the Change in Control and determined in accordance
                  with the provisions of Code Section 280G(d)(4).

                  Average Compensation means the average of your W-2 wages from
                  the Company for the five (5) calendar years completed
                  immediately prior to the calendar year in which the Change in
                  Control is effected. Any W-2 wages for a partial year of
                  employment will be annualized, in accordance with the
                  frequency which such wages are paid during such partial year,
                  before inclusion in Average Compensation.

            10.   Trade Secrets; Confidential and/or Proprietary Information.
                  The Company owns certain trade secrets and other confidential
                  and/or proprietary information which constitute valuable
                  property rights, which it has developed through a substantial
                  expenditure of time and money, which are and will continue to
                  be utilized in the

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                  Company's business and which are not generally known in the
                  trade. This proprietary information includes the list of names
                  of the customers and suppliers of Quiksilver, 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 our products, customers and suppliers.
                  You agree that you will not disclose and will keep strictly
                  secret and confidential all trade secrets and proprietary
                  information of the Company, including, but not limited to,
                  those items specifically mentioned above.

            11.   Expense Reimbursement. The Company will reimburse you for
                  documented reasonable and necessary business expenses incurred
                  by you while engaged in business activities for the Company's
                  benefit on such terms and conditions as shall be generally
                  available to other executives of the Company.

            12.   Compliance With Business Policies. You will devote your full
                  business time and attention to Quiksilver and will not be
                  involved in other business ventures without written
                  authorization from the Company's Board of Directors. You will
                  be required to observe the Company's 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
                  Agreement will control.

            13.   Entire Agreement. This Agreement, its addenda, and any stock
                  option agreements the Company may enter into with you contain
                  the entire integrated agreement between us regarding these
                  issues, and no modification or amendment to this Agreement
                  will be valid unless set forth in writing and signed by both
                  you and an authorized officer of the Company.

            14.   Arbitration as Exclusive Remedy. To the fullest extent allowed
                  by law, any controversy, claim or dispute between you and the
                  Company (and/or any of its affiliates, owners, shareholders,
                  directors, officers, employees, volunteers or agents) relating
                  to or arising out of your employment or the cessation of that
                  employment will be submitted to final and binding arbitration
                  in Orange County, California, for determination in accordance
                  with the American Arbitration Association's ("AAA") National
                  Rules for the Resolution of Employment Disputes, as the
                  exclusive remedy for such controversy, claim or dispute. In
                  any such arbitration, the parties may conduct discovery to the
                  same extent as would be permitted in a court of law. The
                  arbitrator shall issue a written decision, and shall have full
                  authority to award all remedies which would be available in
                  court. The Company shall pay the arbitrator's fees and any AAA
                  administrative expenses. Any judgment upon the award rendered
                  by the arbitrator(s) may be entered in any court having
                  jurisdiction thereof. Possible disputes covered by the above
                  include (but are not limited to) unpaid wages, breach of
                  contract, torts, violation of public policy, discrimination,
                  harassment, or any other employment-related claims under laws
                  including but not limited to, Title VII of the Civil Rights
                  Act of 1964, the Americans With Disabilities Act, the Age
                  Discrimination in Employment Act, the California Fair
                  Employment and Housing Act, the California Labor Code and any
                  other statutes or laws relating to an employee's relationship
                  with his/her employer, regardless of whether such dispute is

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                  initiated by the employee or the Company. Thus, this bilateral
                  arbitration agreement fully applies to any and all claims that
                  the Company may have against you, including (but not limited
                  to) claims for misappropriation of Company property,
                  disclosure of proprietary information or trade secrets,
                  interference with contract, trade libel, gross negligence, or
                  any other claim for alleged wrongful conduct or breach of the
                  duty of loyalty. Nevertheless, claims for workers'
                  compensation benefits or unemployment insurance, those arising
                  under the National Labor Relations Act, and any other claims
                  where mandatory arbitration is prohibited by law, are not
                  covered by this arbitration agreement, and such claims may be
                  presented by either the Company or you to the appropriate
                  court or government agency. BY AGREEING TO THIS BINDING
                  ARBITRATION PROVISION, BOTH YOU AND THE COMPANY GIVE UP ALL
                  RIGHTS TO TRIAL BY JURY. This mutual arbitration agreement is
                  to be construed as broadly as is permissible under applicable
                  law.

            15.   Successors and Assigns. This Agreement will be assignable by
                  the Company to any successor or to any other company owned or
                  controlled by the Company, and will be binding upon any
                  successor to the business of the Company, whether direct or
                  indirect, by purchase of securities, merger, consolidation,
                  purchase of all or substantially all of the assets of the
                  Company or otherwise.

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Please sign, date and return the enclosed copy of this letter to me for our
files to acknowledge your agreement with the above.

                                              Very truly yours,

                                              __________________________________
                                              Robert B. McKnight, Jr.
                                              Chief Executive Officer

Enclosure

ACKNOWLEDGED AND AGREED:

_______________________________
Charles S. Exon

Date Effective: _________, 2004

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                                   ADDENDUM A

                         DEFINITION OF CHANGE IN CONTROL

            "Change in Control" means the occurrence of one or more of the
following events: (i) any corporation, partnership, person, other entity, or
group (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended) (collectively, a "Person") acquires shares of capital stock of the
Company representing more than 50% of the total number of shares of capital
stock that may be voted for the election of directors of the Company, (ii) a
merger, consolidation, or other business combination of the Company with or into
another Person is consummated, or all or substantially all of the assets of the
Company are acquired by another Person, as a result of which the stockholders of
the Company immediately prior to the consummation of such transaction own,
immediately after consummation of such transaction equity securities possessing
less than 50% of the voting power of the surviving or acquiring Person (or any
Person in control of the surviving or acquiring Person, the equity securities of
which are issued or transferred in such transaction), or (iii) the stockholders
of the Company approve a plan of complete liquidation, dissolution or winding up
of the Company.

                                  ~ADDENDUM A~<PAGE>

                                                                    EXHIBIT 10.4

                               [QUICKSILVER LOGO]

                                 August 1, 2004

PERSONAL AND CONFIDENTIAL

Steven L. Brink
c/o Quiksilver, Inc.
15202 Graham Street

Huntington Beach, California 92649

Re:   Employment at Quiksilver, Inc.

Dear Steve:

            This letter ("Agreement") will confirm our understanding and
agreement regarding your continued employment with Quiksilver, Inc.
("Quiksilver" or the "Company"). This Agreement is effective August 1, 2004, and
completely supersedes and replaces any existing or previous oral or written
understandings or agreements, express or implied, between you and the Company
regarding your employment, including, without limitation, the [date], Agreement.

            1.    Position; Exclusivity. The Company hereby agrees to employ you
                  as its Chief Financial Officer, reporting to the President or
                  Chief Executive Officer. During your employment with
                  Quiksilver, you will devote your full professional and
                  business time, interest, abilities and energies to the Company
                  and will not render any services to any other person or
                  entity, whether for compensation or otherwise, or engage in
                  any business activities competitive with or adverse to the
                  Company's business or welfare, whether alone, as an employee,
                  as a partner, as a member, or as a shareholder, officer or
                  director of any other corporation, or as a trustee, fiduciary
                  or in any other similar representative capacity of any other
                  entity.

            2.    Base Salary. Your base salary will be $22,500 per month
                  ($270,000 on an annualized basis), less applicable
                  withholdings and deductions, paid on the Company's regular
                  payroll dates. Your salary will be reviewed at the time
                  management salaries are reviewed periodically and may be
                  adjusted (but not below $22,500 per month) at the Company's
                  discretion in light of the Company's performance, your
                  performance, market conditions and other factors deemed
                  relevant by the Company.

            3.    Bonus. For the fiscal year ending October 31, 2004 and each
                  fiscal year thereafter, you shall be eligible to receive a
                  discretionary bonus under the terms approved by the Board of
                  Directors for such bonus. Any such bonus shall be paid within
                  ten (10) days following the date the Company publicly releases
                  its annual audited financial statements (the "Bonus Payment
                  Date"). In the event that your employment with the Company
                  terminates prior to the end of the applicable fiscal year,
                  your eligibility to

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                  receive a pro rata portion of the bonus is governed by
                  Paragraph 9 below. Any bonus payments shall be less applicable
                  withholdings and deductions.

            4.    Vacation. You will accrue 20 days of vacation each year up to
                  a maximum of 35 days. Once the maximum is reached, additional
                  vacation accrual will cease until you have used some vacation
                  to fall below the maximum accrual allowed.

            5.    Health and Disability Insurance. You (and any eligible
                  dependents you elect) will be covered by the Company's group
                  health insurance programs on the same terms and conditions
                  applicable to comparable employees. You will also be covered
                  by the long-term disability plan for senior executives on the
                  same terms and conditions applicable to comparable employees.
                  The Company reserves the right to change, modify, or eliminate
                  such coverages in its discretion.

            6.    Clothing Allowance. You will be provided a clothing allowance
                  of $2,000 per year at the Company's wholesale prices.

            7.    Stock Options. You shall continue to be a participant in
                  Quiksilver's Stock Incentive Plan, or any successor equity
                  plan. The amount and terms of any restricted stock, stock
                  options, stock appreciation rights or other interests to be
                  granted to you will be determined by the Board of Directors in
                  its discretion and covered in separate agreements, but shall
                  be substantially similar to those granted to other senior
                  executives of Quiksilver of equivalent level. Stock options
                  granted to you after the date hereof through the termination
                  of your employment shall provide that if you are terminated by
                  the Company without Cause (as hereinafter defined) or you
                  terminate your employment for Good Reason (as hereinafter
                  defined) within twelve (12) months following a Change of
                  Control (as defined in Addendum "A"), 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.

            8.    Life Insurance. The Company will pay the premium on a term
                  life insurance policy on your life with a company and policy
                  of our choice, and a beneficiary of your choice, in the face
                  amount determined by the Company of not less than $1,000,000.
                  Our obligation to obtain and maintain this insurance is
                  contingent upon your establishing and maintaining
                  insurability, and we are not required to pay premiums for such
                  a policy in excess of $2,500 annually.

            9.    Unspecified Term; At Will Employment; Termination.

                  (a)   Notwithstanding anything to the contrary in this
                  Agreement or in your prior employment relationship with the
                  Company, express or implied, your employment is for an
                  unspecified term and either you or Quiksilver may terminate
                  your employment at will and with or without Cause (as defined
                  below) or notice at any time for any reason; provided,
                  however, that you agree to provide the Company with thirty
                  (30) days advance written notice of your resignation (during
                  which time the Company may elect, in its discretion, to
                  relieve you of all duties and responsibilities). This at-will
                  aspect of your employment relationship can only be

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                  changed by an individualized written agreement signed by both
                  you and an authorized officer of the Company.

                  (b)   The Company may also terminate your employment
                  immediately, without notice, for Cause, which shall include,
                  but not be limited to, (i) your death, (ii) your permanent
                  disability which renders you unable to perform your duties and
                  responsibilities for a period in excess of three consecutive
                  months, (iii) willful misconduct in the performance of your
                  duties, (iv) commission of a felony or violation of law
                  involving moral turpitude or dishonesty, (v) self-dealing,
                  (vi) willful breach of duty, (vii) habitual neglect of duty,
                  or (viii) a material breach by you of your obligations under
                  this Agreement. If the Company terminates your employment for
                  Cause, or you terminate your employment other than for Good
                  Reason (as defined below), you (or your estate or
                  beneficiaries in the case of your death) shall receive your
                  base salary and other benefits earned and accrued prior to the
                  termination of your employment and, in the case of a
                  termination pursuant to subparagraphs (i) or (ii) only, a pro
                  rata portion of your bonus, if any, as provided in Paragraph 3
                  for the fiscal year in which such termination occurs, less
                  applicable withholdings and deductions, and you shall have no
                  further rights to any other compensation or benefits hereunder
                  on or after the termination of your employment.

                  (c)   If Quiksilver elects to terminate your employment
                  without Cause, or if you terminate your employment with the
                  Company for Good Reason within six (6) months of the action
                  constituting Good Reason, the Company will (i) continue to pay
                  your base salary (but not any employment benefits) on its
                  regular payroll dates for a period of twelve (12) months, (ii)
                  pay you a pro rata portion of a bonus adopted pursuant to
                  Paragraph 3, if any, for the fiscal year in which such
                  termination occurs, less applicable withholdings and
                  deductions, and (iii) pay you an amount equal to one times the
                  average annual bonus earned by you pursuant to Paragraph 3
                  during the two (2) most recently completed fiscal years of the
                  Company, payable over a twelve (12) month period following
                  termination in equal installments on the Company's regular
                  payroll dates, less applicable withholdings and deductions.
                  Notwithstanding the foregoing, if such termination without
                  Cause or for Good Reason occurs within twelve (12) months
                  immediately following a Change of Control (as defined in
                  Addendum "A"), the Company will instead (i) continue to pay
                  your base salary (but not any employment benefits) on its
                  regular payroll dates for a period of twenty-four (24) months,
                  (ii) pay you a pro rata portion of a bonus, if any, for the
                  fiscal year in which such termination occurs, less applicable
                  withholdings and deductions, and (iii) pay you an amount equal
                  to two (2) times the average annual bonus earned by you
                  pursuant to Paragraph 3 during the two (2) most recently
                  completed fiscal years of the Company, payable over a
                  twenty-four (24) month period following termination in equal
                  installments on the Company's regular payroll dates, less
                  applicable withholdings and deductions. In order for you to be
                  eligible to receive the payments specified in this Paragraph
                  9(c), you must execute a general release of claims in a form
                  reasonably acceptable to the Company. You shall have no
                  further rights to any other compensation or benefits hereunder
                  on or after the termination of your employment. You shall not
                  have a duty to seek substitute

                                      ~3~
<PAGE>

                  employment, and the Company shall not have the right to offset
                  any compensation due you against any compensation or income
                  received by you after the date of such termination.

                  "Good Reason" for you to terminate employment means a
                  voluntary termination as a result of (i) the assignment to you
                  of duties materially inconsistent with your position as set
                  forth above without your consent, (ii) a material change in
                  your reporting level from that set forth in this Agreement
                  without your consent, (iii) a material diminution of your
                  authority without your consent, (iv) a material breach by the
                  Company of its obligations under this Agreement, (v) a failure
                  by the Company to obtain from any successor, before the
                  succession takes place, an agreement to assume and perform the
                  obligations contained in this Agreement, or (vi) the Company
                  requiring you to be based (other than temporarily) at any
                  office or location outside of the Southern California area
                  without your consent. Notwithstanding the foregoing, Good
                  Reason shall not exist unless you provide the Company notice
                  of termination on account thereof and, if such event or
                  condition is curable, the Company fails to cure such event or
                  condition within thirty (30) days of such notice.

                  (d)   In the event that any payment or benefit received or to
                  be received by you (collectively, the "Payments") would
                  constitute a parachute payment within the meaning of Section
                  280G of the Internal Revenue Code of 1986, as amended (the
                  "Code"), then the following limitation shall apply:

                  The aggregate present value of those Payments shall be limited
                  in amount to the greater of the following dollar amounts (the
                  "Benefit Limit"):

                  (i)   2.99 times your Average Compensation (as defined below),
                  or

                  (ii)  the amount which yields you the greatest after-tax
                  amount of Payments under this Agreement after taking into
                  account any excise tax imposed under Code Section 4999 on
                  those Payments.

                  The present value of the Payments will be measured as of the
                  date of the Change in Control and determined in accordance
                  with the provisions of Code Section 280G(d)(4).

                  Average Compensation means the average of your W-2 wages from
                  the Company for the five (5) calendar years completed
                  immediately prior to the calendar year in which the Change in
                  Control is effected. Any W-2 wages for a partial year of
                  employment will be annualized, in accordance with the
                  frequency which such wages are paid during such partial year,
                  before inclusion in Average Compensation.

            10.   Trade Secrets; Confidential and/or Proprietary Information.
                  The Company owns certain trade secrets and other confidential
                  and/or proprietary information which constitute valuable
                  property rights, which it has developed through a substantial
                  expenditure of time and money, which are and will continue to
                  be utilized in the Company's business and which are not
                  generally known in the trade. This proprietary information
                  includes the list of names of the customers and suppliers of

                                      ~4~
<PAGE>

                  Quiksilver, 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 our
                  products, customers and suppliers. You agree that you will not
                  disclose and will keep strictly secret and confidential all
                  trade secrets and proprietary information of the Company,
                  including, but not limited to, those items specifically
                  mentioned above.

            11.   Expense Reimbursement. The Company will reimburse you for
                  documented reasonable and necessary business expenses incurred
                  by you while engaged in business activities for the Company's
                  benefit on such terms and conditions as shall be generally
                  available to other executives of the Company.

            12.   Compliance With Business Policies. You will devote your full
                  business time and attention to Quiksilver and will not be
                  involved in other business ventures without written
                  authorization from the Company's Board of Directors. You will
                  be required to observe the Company's 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
                  Agreement will control.

            13.   Entire Agreement. This Agreement, its addenda, and any stock
                  option agreements the Company may enter into with you contain
                  the entire integrated agreement between us regarding these
                  issues, and no modification or amendment to this Agreement
                  will be valid unless set forth in writing and signed by both
                  you and an authorized officer of the Company.

            14.   Arbitration as Exclusive Remedy. To the fullest extent allowed
                  by law, any controversy, claim or dispute between you and the
                  Company (and/or any of its affiliates, owners, shareholders,
                  directors, officers, employees, volunteers or agents) relating
                  to or arising out of your employment or the cessation of that
                  employment will be submitted to final and binding arbitration
                  in Orange County, California, for determination in accordance
                  with the American Arbitration Association's ("AAA") National
                  Rules for the Resolution of Employment Disputes, as the
                  exclusive remedy for such controversy, claim or dispute. In
                  any such arbitration, the parties may conduct discovery to the
                  same extent as would be permitted in a court of law. The
                  arbitrator shall issue a written decision, and shall have full
                  authority to award all remedies which would be available in
                  court. The Company shall pay the arbitrator's fees and any AAA
                  administrative expenses. Any judgment upon the award rendered
                  by the arbitrator(s) may be entered in any court having
                  jurisdiction thereof. Possible disputes covered by the above
                  include (but are not limited to) unpaid wages, breach of
                  contract, torts, violation of public policy, discrimination,
                  harassment, or any other employment-related claims under laws
                  including but not limited to, Title VII of the Civil Rights
                  Act of 1964, the Americans With Disabilities Act, the Age
                  Discrimination in Employment Act, the California Fair
                  Employment and Housing Act, the California Labor Code and any
                  other statutes or laws relating to an employee's relationship
                  with his/her employer, regardless of whether such dispute is
                  initiated by the employee or the Company. Thus, this bilateral
                  arbitration agreement

                                      ~5~
<PAGE>

                  fully applies to any and all claims that the Company may have
                  against you, including (but not limited to) claims for
                  misappropriation of Company property, disclosure of
                  proprietary information or trade secrets, interference with
                  contract, trade libel, gross negligence, or any other claim
                  for alleged wrongful conduct or breach of the duty of loyalty.
                  Nevertheless, claims for workers' compensation benefits or
                  unemployment insurance, those arising under the National Labor
                  Relations Act, and any other claims where mandatory
                  arbitration is prohibited by law, are not covered by this
                  arbitration agreement, and such claims may be presented by
                  either the Company or you to the appropriate court or
                  government agency. BY AGREEING TO THIS BINDING ARBITRATION
                  PROVISION, BOTH YOU AND THE COMPANY GIVE UP ALL RIGHTS TO
                  TRIAL BY JURY. This mutual arbitration agreement is to be
                  construed as broadly as is permissible under applicable law.

            15.   Successors and Assigns. This Agreement will be assignable by
                  the Company to any successor or to any other company owned or
                  controlled by the Company, and will be binding upon any
                  successor to the business of the Company, whether direct or
                  indirect, by purchase of securities, merger, consolidation,
                  purchase of all or substantially all of the assets of the
                  Company or otherwise.

                                      ~6~
<PAGE>

Please sign, date and return the enclosed copy of this letter to me for our
files to acknowledge your agreement with the above.

                                              Very truly yours,

                                              __________________________________
                                              Robert B. McKnight, Jr.
                                              Chief Executive Officer

Enclosure

ACKNOWLEDGED AND AGREED:

_______________________________
Steven L. Brink

Date Effective: _________, 2004

                                      ~7~
<PAGE>

                                   ADDENDUM A

                         DEFINITION OF CHANGE IN CONTROL

            "Change in Control" means the occurrence of one or more of the
following events: (i) any corporation, partnership, person, other entity, or
group (as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended) (collectively, a "Person") acquires shares of capital stock of the
Company representing more than 50% of the total number of shares of capital
stock that may be voted for the election of directors of the Company, (ii) a
merger, consolidation, or other business combination of the Company with or into
another Person is consummated, or all or substantially all of the assets of the
Company are acquired by another Person, as a result of which the stockholders of
the Company immediately prior to the consummation of such transaction own,
immediately after consummation of such transaction equity securities possessing
less than 50% of the voting power of the surviving or acquiring Person (or any
Person in control of the surviving or acquiring Person, the equity securities of
which are issued or transferred in such transaction), or (iii) the stockholders
of the Company approve a plan of complete liquidation, dissolution or winding up
of the Company.

                                  ~Addendum A~

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