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  Exhibit 10.4c    
    

FORM OF

ZALE CORPORATION

2003 STOCK INCENTIVE PLAN, AS AMENDED

NON-QUALIFIED STOCK OPTION

PLAN AGREEMENT

							
	

 	
 	

 	
 	

 	
 	

Employee ID
	

Participant	
 	

Grant Date	
 	

Number of Options	
 	

Option Exercise Price

			
	Grant	 	Zale Corporation (the "Company"), on behalf of Zale Delaware, Inc., its wholly-owned subsidiary, hereby grants to the Participant named above, as of the grant date above, the above number of Non-Qualified Stock
Options to purchase common stock of the Company ("Company Stock") at the above Option Exercise Price per share subject to the terms and conditions set forth in this Plan Agreement and in the Zale Corporation 2003 Stock Incentive Plan (the "Plan"), as
amended.
	
Vesting	
 	

Each Option shall become cumulatively exercisable as to         percent of the shares covered thereby on each of
the                                    anniversaries of the Grant
Date.
	
Expiration	
 	

No Option shall be exercisable more than 10 years after the Grant Date.
	
Exercise	
 	

An Option may be exercised for all or any portion of the shares as to which it is exercisable; provided, that no partial exercise of an Option shall be for an aggregate exercise price of less than $1,000.
	

 	
 	

An Option shall be exercised by delivering notice to Zale Corporation Investor Relations, MS 5A-8, P.O. Box 152777, Irving, Texas 75015-2777 no less than one business day in advance of the effective date of the proposed exercise (Please
call Investor Relations for the proper form). Such notice shall be accompanied by this Plan Agreement, and may be withdrawn at any time prior to the close of business on the business day immediately preceding the effective date of the proposed
exercise. Payment for shares of Company Stock purchased upon the exercise of an Option shall be made on the effective date of such exercise by cash, certified check, bank cashier's check or wire transfer or in such other manner as shall be authorized
by the Company in accordance with the Plan.
	

 	
 	

Certificates for shares of Company Stock purchased upon the exercise of an Option shall be issued in the name of the Participant, or other person entitled to receive such shares, and delivered to the Participant or such other person as soon as
practicable following the effective date on which the Option is exercised.

			
	Termination	 	 Other than Cause, Disability or Death—In the event that the employment of a Participant with Zale Delaware, Inc. shall terminate for any reason other than Cause, Disability or death
(i) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable until the date that is three months after such termination, on which date they shall expire, and
(ii) Options granted to such Participant, to the extent they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. The three-month period described above shall be extended to
one year in the event of the Participant's death during such three-month period. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.
	

 	

 	

  Disability or Death—In the event that the employment of a Participant with Zale Delaware, Inc. shall terminate on account of the Disability or death of the Participant (i) Options
granted to such Participant, to the extent they were exercisable at the time of such termination, shall remain exercisable until the first anniversary of such termination, on which date they shall expire, and (ii) Options granted to such
Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination; provided, however, that no Option shall be exercisable after the expiration of its
term.
	

 	
 	
 Cause—In the event of the termination of a Participant's employment with Zale Delaware, Inc. for Cause, all outstanding Options granted to such Participant shall expire at the
commencement of business on the date of such termination.
	
Recoupment Policy	
 	

Any amounts received by Participant pursuant to the Options 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.
	
Miscellaneous	
 	

Upon the occurrence of a Change in Control, each Option granted under the Plan and outstanding at such time shall become fully and immediately exercisable and shall remain exercisable until its expiration, termination or cancellation pursuant to the
terms of the Plan.

			
	 	 	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 10.4cQuickLinks
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  Exhibit 10.4d    
    

FORM OF

ZALE CORPORATION

2003 STOCK INCENTIVE PLAN, AS AMENDED

RESTRICTED STOCK

PLAN AGREEMENT

							
	

Participant	
 	

Issue Date	
 	

Number of Shares	
 	

Employee ID

			
	Grant	 	Zale Corporation (the "Company"), on behalf of Zale Delaware, Inc. ("Zale Delware"), its wholly-owned subsidiary, has issued to the Participant named above, as of the Issue Date, the above number of shares of common
stock of the Company (the "Restricted Stock") 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 shares of Restricted Stock granted to the Participant pursuant to this Plan Agreement (the "Restricted Shares," or a "Restricted Share") shall be the date set forth above.
	
Issuance of Certificates	
 	

Reasonably promptly after the Issue Date, the Company shall cause to be issued a stock certificate, registered in the name of the Participant, evidencing the Restricted Shares; provided, however, that the Company shall not cause such a stock
certificate to be issued unless it has received a stock power duly endorsed in blank with respect to such Restricted Shares. Each such stock certificate shall bear the legend required by Section 10(e) of the Plan. Such legend shall not be
removed until such Restricted shares vest pursuant to the terms of this Plan Agreement and the Plan.
	

 	
 	

The stock certificate issued with respect to the Restricted Shares, together with the stock powers relating to such Restricted Shares, shall be held by the Company.
	
Vesting Date(s)	
 	

The Restricted Shares shall vest                        (each, a "Vesting Date").
	
Consequences of Vesting	
 	

Upon the vesting of a Restricted Share pursuant to the terms of the Plan and this Plan Agreement, the restrictions set forth below relating to such Restricted Shares shall cease to apply to such Restricted Share. Reasonably promptly after a
Restricted Share vests, the Company shall cause to be delivered to the Participant a certificate evidencing such Restricted Share, free of the legend required by Section 10(e) of the Plan. Notwithstanding the foregoing, the Restricted Share
still may be subject to restrictions on transfer as a result of applicable securities laws.

			
	Dividends	 	The Participant shall be entitled to receive dividend payments, if any, with respect to the Restricted Shares.
	

  Restrictions on Transfer	

 	

Prior to the vesting of a Restricted Share, no transfer of the Participant's rights with respect to such Restricted Share, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Immediately upon any attempt to
transfer such rights, such Restricted Share, 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, all Restricted Shares granted to the Participant which have not vested as of the date of such termination shall immediately be returned to the Company, together with
any dividends paid on such Restricted Shares.
	
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 Shares
the amounts specified in such Section 83(b)).
	
Recoupment Policy	
 	

Any amounts received by Participant pursuant to the Restricted Stock 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.
	
Misc.	
 	

Upon the occurrence of a Change in Control, all outstanding Restricted Shares 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

							
	 	 	Date:	 	

	 	 

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Exhibit 10.4d

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