Document:

exv10w1

 

Exhibit 10.1

QUIKSILVER, INC.

RESTRICTED STOCK AGREEMENT

(Special Grant)

	 	 	 	 	 
	Director:
	 	Douglas Ammerman	 	 
	 
	Grant Date:
	 	June 7, 2007	 	 
	 
	Number
of Shares of 

Restricted Stock Granted:	 	5,000	 	 

          THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) dated as of June 7, 2007 (the “Grant Date”)
is entered into by and between Quiksilver, Inc., a Delaware corporation (the “Corporation”), and
the Director specified above, pursuant to the Restricted Stock Program under the Quiksilver, Inc.
amended and restated 2000 Stock Incentive Plan (the “Plan”). Capitalized terms used herein and not
otherwise defined in the attached Appendix or elsewhere herein shall have the meaning assigned to
such terms in the Plan.

          NOW, THEREFORE, in consideration of services rendered and to be rendered by the Director, and
the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree
as follows:

     1. Grant. Subject to the terms of this Agreement, the Corporation hereby grants to
the Director an aggregate of 5,000 restricted shares of Common Stock of the Corporation (the
“Restricted Stock”).

     2. Vesting.

          (a) Time Vesting. Subject to Section 7 below, the Restricted Stock shall vest, and
restrictions shall lapse, June 6, 2008.

          (b) Acceleration of Vesting Upon Corporate Transaction/Change in Control. All of the
Restricted Stock shall accelerate and vest and all restrictions shall lapse, immediately prior to
the effective date of a Corporate Transaction or Change in Control.

          (c) Acceleration of Vesting Upon Death or Permanent Disability. In the event of the
death or Permanent Disability of Director, all of the Restricted Stock shall accelerate and vest
and all restrictions shall lapse immediately prior to such death or Permanent Disability.

     3. Continuance of Service. Vesting of the Restricted Stock requires continued Service
of the Director as a member of the Corporation’s Board of Directors and as Chairman of the Audit
Committee from the Grant Date through the vesting date as a condition to the vesting

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of the Restricted Stock and the rights and benefits under this Agreement. Nothing contained
in this Agreement or the Plan constitutes a service commitment by the Corporation, confers upon the
Director any right to remain in service to the Corporation, interferes in any way with the right of
the Corporation at any time to terminate such services, or affects the right of the Corporation to
increase or decrease the Director’s other compensation or benefits. Nothing in this section,
however, is intended to adversely affect any independent contractual right of the Director without
his or her consent thereto.

     4. Dividend and Voting Rights. After the Grant Date, the Director shall be entitled
to voting rights and any regular cash dividends with respect to the shares of Restricted Stock even
though such shares are not vested, provided that such rights shall terminate immediately as to any
shares of Restricted Stock that are forfeited pursuant to Section 7 below.

     5. Restrictions on Transfer. Prior to the time that they have become vested, neither
shares of the Restricted Stock, nor any interest therein, amount payable in respect thereof, or
Restricted Property (as defined in Section 8 hereof) may be sold, assigned, transferred, pledged or
otherwise disposed of, alienated or encumbered (collectively, a “Transfer”), either voluntarily or
involuntarily. The Transfer restrictions in the preceding sentence shall not apply to (i)
transfers to the Corporation, or (ii) transfers by will or the laws of descent and distribution.
After any shares of Restricted Stock have vested, the Director shall be permitted to Transfer such
shares of Restricted Stock, subject to applicable securities law requirements, the Corporation’s
insider trading policies, and other applicable laws and regulations.

     6. Stock Certificates.

          (a) Book Entry Form. The Corporation shall issue the shares of Restricted Stock
either: (i) in certificate form as provided in Section 6(b) below; or (ii) in book entry form,
registered in the name of the Director with notations regarding the applicable restrictions on
transfer imposed under this Agreement.

          (b) Certificates to be Held by Corporation; Legend. Any certificates representing
shares of Restricted Stock that may be delivered to the Director by the Corporation prior to
vesting shall be redelivered to the Corporation to be held by the Corporation until the
restrictions on such shares shall have lapsed and the shares shall thereby have become vested or
the shares represented thereby have been forfeited hereunder. Such certificates shall bear the
following legend:

“The ownership of this certificate and the shares of stock evidenced

hereby and any interest therein are subject to substantial

restrictions on transfer under an Agreement entered into between the

registered owner and Quiksilver, Inc. A copy of such Agreement is

on file in the office of the Secretary of Quiksilver, Inc.”

          (c) Delivery of Certificates Upon Vesting. Promptly after shares of Restricted Stock
have vested, and all other conditions and restrictions applicable to such Restricted Stock have
been satisfied or lapse (including satisfaction of any applicable Withholding Taxes), the

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Corporation shall, as applicable, either remove the notations on any shares of Restricted
Stock issued in book entry form which have vested or deliver to the Director a certificate or
certificates evidencing the number of shares of Restricted Stock which have vested (or, in either
case, such lesser number of shares as may be permitted pursuant to Section 9). The Director (or
the beneficiary or personal representative of the Director in the event of the Director’s death or
Permanent Disability, as the case may be) shall deliver to the Corporation any representations or
other documents or assurances as the Corporation may deem desirable to assure compliance with all
applicable legal and accounting requirements. The shares so delivered shall no longer be
Restricted Stock hereunder.

          (d) Stock Power; Power of Attorney. Concurrently with the execution and delivery of
this Agreement, the Director shall deliver to the Corporation an executed stock power in the form
attached hereto as Exhibit A, in blank, with respect to such shares. The Director, by
acceptance of the Restricted Stock, shall be deemed to appoint, and does so appoint by execution of
this Agreement, the Corporation and each of its authorized representatives as the Director’s
attorney(s)-in-fact to effect any transfer of unvested forfeited shares of Restricted Stock (or
shares otherwise reacquired by the Corporation hereunder) to the Corporation as may be required
pursuant to the Plan or this Agreement and to execute such documents as the Corporation or such
representatives deem necessary or advisable in connection with any such transfer.

     7. Effect of Termination of Service. Subject to earlier vesting as provided in
Section 2 hereof, if the Director ceases to provide Service to the Corporation as a member of the
Corporation’s Board of Directors, the Director’s shares of Restricted Stock (and related Restricted
Property as defined in Section 8 hereof) shall be forfeited to the Corporation to the extent such
shares have not become vested pursuant to Section 2 upon the date the Director’s Service as a
member of the Board of Directors terminates (the “Severance Date”), regardless of the reason for
such termination (whether with or without cause, voluntarily or involuntarily). Upon the
occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited
shares and related Restricted Property shall be automatically transferred to the Corporation,
without any other action by the Director. No additional consideration shall be paid by the
Corporation with respect to such transfer. The Corporation may exercise its powers under Section
6(d) hereof and take any other action necessary or advisable to evidence such transfer. The
Director shall deliver any additional documents of transfer that the Corporation may request to
confirm the transfer of such unvested, forfeited shares and related Restricted Property to the
Corporation.

     8. Adjustments Upon Specified Events. If any change is made to the Common Stock by
reason of any stock split, stock dividend, recapitalization, combination of shares, exchange of
shares or other change affecting the outstanding Common Stock as a class, appropriate adjustment
shall be made to the number and/or class of securities in effect under this Agreement. Such
adjustments to the outstanding Restricted Stock are to be effected in a manner which shall preclude
the enlargement or dilution of rights and benefits under this Agreement. The adjustments
determined by the Corporation shall be final, binding and conclusive. If any adjustment shall be
made pursuant to the foregoing or any dividend other than a regular cash dividend is declared and
the shares of Restricted Stock are not fully vested upon such event or prior thereto, the
restrictions applicable to such shares of Restricted Stock shall continue in effect with respect to
any consideration or other securities (the “Restricted Property” and, for the

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purposes of this Agreement, “Restricted Stock” shall include “Restricted Property,” unless the
context otherwise requires) received in respect of such Restricted Stock. Such Restricted Property
shall vest at such times and in such proportion as the shares of Restricted Stock to which the
Restricted Property is attributable vest, or would have vested pursuant to the terms hereof if such
shares of Restricted Stock had remained outstanding.

     9. Taxes.

          (a) Tax Withholding. The Corporation shall be entitled to require a cash payment by
or on behalf of the Director and/or to deduct from other compensation payable to the Director any
sums required with respect to Withholding Taxes. Alternatively, the Director or other person in
whom the Restricted Stock vests may irrevocably elect, in such manner and at such time or times
prior to any applicable tax date as may be permitted or required under rules established by the
Corporation, to have the Corporation withhold and reacquire shares of Restricted Stock at their
Fair Market Value at the time of vesting to satisfy all or part of the minimum Withholding Taxes of
the Corporation with respect to such vesting. Any election to have shares so held back and
reacquired shall be subject to such rules and procedures, which may include prior approval of the
Corporation, as the Corporation may impose, and shall not be available if the Director makes or has
made an election pursuant to Section 83(b) of the Code with respect to such Restricted Stock.

          (b) Tax Consequences to Director. Director acknowledges that the issuance and the
vesting of the Restricted Stock may have significant and adverse tax consequences for Director and
that Director has been advised by the Corporation to review the Questions and Answers on Federal
Income Tax Consequences portion of the Corporation’s Stock Plan Summary and Prospectus and to
consult Director’s personal tax advisor regarding the consequences of the issuance and vesting of
the Restricted Stock to Director.

     10. Notices. Any notice to be given under the terms of this Agreement shall be in
writing and addressed to the Corporation at its principal office to the attention of the Secretary,
and to the Director at the Director’s last address reflected on the Corporation’s records. Any
notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed
as aforesaid, registered or certified, and deposited (postage and registry or certification fee
prepaid) in a post office or branch office regularly maintained by the United States Government.
Any such notice shall be given only when received, but shall be deemed to have been duly given five
business days after the date mailed in accordance with the foregoing provisions of this Section 10.

     11. Plan. The Restricted Stock and all rights of the Director under this Agreement
are subject to the terms and conditions of the provisions of the Plan, incorporated herein by
reference. The Director agrees to be bound by the terms of the Plan and this Agreement. The
Director acknowledges having read and understanding the Plan, the Plan Summary and Prospectus for
the Plan, and this Agreement.

     12. Entire Agreement. This Agreement and the Plan together constitute the entire
agreement and supersede all prior understandings and agreements, written or oral, of the parties
hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended

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pursuant to Section 6.3 of the Plan. Such amendment must be in writing and signed by the
Corporation. The Corporation may, however, unilaterally waive any provision hereof in writing to
the extent such waiver does not adversely affect the interests of the Director hereunder, but no
such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a
waiver of any other provision hereof.

     13. Counterparts. This Agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument.

     14. Section Headings. The section headings of this Agreement are for convenience of
reference only and shall not be deemed to alter or affect any provision hereof.

     15. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware without regard to conflict of law principles
thereunder.

[Signature page follows]

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          IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed on its behalf by
a duly authorized officer and the Director has hereunto set his or her hand as of the date and year
first above written.

	 	 	 	 	 
	 	QUIKSILVER, INC., a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Print Name:
 	 	 
	 	  	Its: 	 	 
	 
	 	

DIRECTOR

 	 
	 	
 	 
	 	Signature 	 
	 	 	 
	 	                              Douglas Ammerman
 	 
	 	Print Name       	 
	 	 	 

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APPENDIX

          The following definitions shall be in effect under the Agreement:

          A. “Board” shall mean the Corporation’s Board of Directors.

          B. “Change in Control” shall mean a change in ownership or control of the Corporation effected
through either of the following transactions.

               (i) the acquisition, directly or indirectly, by any person or related group of persons (other
than the Corporation or a person that directly controls, is controlled by, or is under common
control with, the Corporation), of beneficial ownership (within the meaning of Rule 13d-3 of the
1934 Act) of securities possessing more than fifty percent (50%) of the total combined voting power
of the Corporation’s outstanding securities pursuant to a tender or exchange offer made directly to
the Corporation’s stockholders, or

               (ii) a change in the composition of the Board over a period of thirty-six (36) consecutive
months or less such that a majority of the Board members ceases, by reason of one or more contested
elections for Board membership, to be comprised of individuals who either (A) have been Board
members continuously since the beginning of such period or (b) have been elected or nominated for
election as Board members during such period by at least a majority of the Board members described
in clause (A) who were still in office at the time the Board approved such election or nomination.

          C. “Common Stock” shall mean the Corporation’s common stock.

          D. “Corporate Transaction” shall mean either of the following stockholder-approved
transactions to which the Corporation is a party:

               (i) a merger or consolidation in which securities possessing more than fifty percent (50%) of
the total combined voting power of the Corporation’s outstanding securities are transferred to a
person or persons different from the persons holding those securities immediately prior to such
transaction, or

               (ii) the sale, transfer or other disposition of all or substantially all of the Corporation’s
assets in complete liquidation or dissolution of the Corporation.

          E. “Fair Market Value” per share of Common Stock on any relevant date shall be determined in
accordance with the following provisions:

               (i) If the Common Stock is at the time listed on any established stock exchange or
over-the-counter market, then the Fair Market Value shall be the closing selling price per share of
Common Stock (or closing bid, if no sales were reported) as quoted on such exchange or market,
determined by the Plan Administrator to be the primary market for the Common Stock, at the close of
regular hours trading (i.e., before after-hours trading begins) on the date in question as reported
in the Wall Street Journal or such other source as the Plan Administrator deems reliable. If there
is no closing selling price (or closing bid, if no sales were reported) for the Common Stock on the
date in question, then the Fair Market Value shall be the

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closing selling price (or closing bid if no sales were reported) on the last preceding date
for which such quotation exists.

               (ii) If the Common Stock is at the time not listed on any established stock exchange
or over-the-counter market, the Fair Market Value shall be determined by the Board in good faith.

          F. “Permanent Disability” or “Permanently Disabled” shall mean the inability of the Director
to perform his or her usual duties as a Board member by reason of any medically determinable
physical or mental impairment expected to result in death or to be of continuous duration of twelve
(12) months or more.

          G. “Service” shall mean the performance of services for the Corporation by a person in the
capacity of a member of the Corporation’s Board of Directors.

          H. “Withholding Taxes” shall mean the federal, state and local income and employment
withholding taxes to which the Director may become subject in connection with the issuance or
vesting of shares of Restricted Stock or upon the disposition of shares acquired pursuant to this
Agreement.

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CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Restricted Stock Agreement by Quiksilver,
Inc., I, _______________________________,
the spouse of the Director therein named, do hereby join with
my spouse in executing the foregoing Restricted Stock Agreement and do hereby agree to be bound by
all of the terms and provisions thereof and of the Plan.

Dated: ________________, 2007

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Signature of Spouse 	 
	 	 	 
	 	
 	 
	 	Print Name 	 
	 	 	 

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EXHIBIT A

STOCK POWER

          FOR VALUE RECEIVED and pursuant to that certain Restricted Stock Agreement between Quiksilver,
Inc., a Delaware corporation (the “Corporation”), and the individual named below (the “Individual”)
dated as of June 7, 2007, the Individual, hereby sells, assigns and transfers to the Corporation,
an aggregate 5,000 shares of Common Stock of the Corporation, standing in the Individual’s name on
the books of the Corporation and represented by stock certificate number(s) [_____________] to
which this instrument is attached, and hereby irrevocably constitutes and appoints
[_________________] as his or her attorney in fact and agent to transfer such shares on the
books of the Corporation, with full power of substitution in the premises.

Dated June ___, 2007

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Signature 	 
	 	 	 
	 	Douglas Ammerman
 	 
	 	Print Name 	 
	 	 	 
	 

(Instruction: Please do not fill in any blanks other than the signature line. The purpose of the
assignment is to enable the Corporation to exercise its sale/purchase option set forth in the
Restricted Stock Agreement without requiring additional signatures on the part of the Individual.)exv10w2

 

Exhibit 10.2

EXECUTION COPY

STOCK PURCHASE AGREEMENT

          This stock purchase agreement (this “Agreement”) is made as of June 20, 2007, by and among
Quiksilver, Inc. a Delaware corporation (“Quiksilver”) and Rossignol Ski Company, Inc., a Delaware
Corporation (“Rossignol U.S.”), an indirect 100% owned subsidiary of Quiksilver, acting jointly for
purposes of this Agreement, on the one hand (collectively, the “Purchasers”), and the members of
the Boix-Vives family listed on the signature page hereto (the “Boix-Vives Family”) and Services
Expansion International, a French société par actions simplifiée wholly-owned by the Boix-Vives
Family (“SEI”), acting jointly for purposes of this Agreement, on the other hand (collectively, the
“Sellers”). The Purchasers and the Sellers are individually referred to herein as a “Party” and
are collectively referred to herein as the “Parties.” Except as otherwise indicated herein,
capitalized terms used herein are defined in Article 1.1 hereof.

RECITALS

          WHEREAS, the capital stock of Roger Cleveland Golf Company, Inc., a California corporation
(the “Company”), consists of 290,224 shares of common stock, of which 105,536 shares (the
“Shares”), or 36.36% of the share capital, are held by the Sellers, as further detailed on the
signature page hereto opposite the phrase “Outstanding Shares,” and 184,688 shares, or 63.64% of
the share capital, are held by Rossignol U.S.;

          WHEREAS, the Sellers desire to sell the Shares to the Purchasers, and the Purchasers desire to
purchase the Shares from the Sellers, and the Parties desire to enter into the other transactions
and agreements contemplated herein (collectively, the “Transactions”), all in accordance with the
terms and subject to the conditions set forth in this Agreement;

          NOW, THEREFORE, in consideration for the promises and the mutual covenants, agreements,
representations and warranties contained herein, the Sellers and the Purchasers, intending to be
legally bound by this Agreement, do hereby agree as follows:

ARTICLE I

DEFINITIONS

          1.1 Definitions.

               “Acquirer Pledge and Security Agreement” means the agreement, dated April 12, 2005, entered
into by the Purchasers and the Sellers in connection with the security interest in and first lien
upon the rights, title and interest of the Purchasers in and to certain Company shares owned by the
Purchasers, as described therein.

               “Acquisition Agreement” means the agreement, dated April 12, 2005, entered into by Quiksilver
and the Sellers in connection with the purchase of the Rossignol Group by Quiksilver and the other
transactions described therein.

 

 

               “Affiliate,” “Affiliated” or words of similar import mean, with respect to a legal entity, any
other legal entity that is controlled by, that controls, or that is under common control with, such
legal entity.

               “Closing” means the consummation of the Transactions as described in Article 3.

               “Closing Date” means (i) September 15, 2007, or (ii) if a Qualified Sale is consummated before
such date, any earlier date which is notified by the Purchasers to the Sellers and which is on or
shortly prior to the date on which the Qualified Sale is consummated, or (iii) such other date as
may be agreed in writing between the Purchasers and the Sellers.

               “Consulting Agreement” means the agreement, dated April 12, 2005, entered into by Quiksilver
and the Sellers in connection with certain consulting and advisory services provided to Quiksilver
by the Sellers, as described therein.

               “Encumbrances” means any and all liens, charges, security interests, options, claims,
mortgages, pledges, proxies, voting trusts or agreements, obligations, understanding or
arrangements or other restrictions on title or transfer of any nature whatsoever.

               “Material Adverse Effect” means any material adverse change in, or material adverse effect on,
the business, financial condition or operations of the Company, taken as a whole; provided,
however, that the effects of changes that are generally applicable to (a) the industries and
markets in which the Company operates, (b) the United States economy or (c) the United States
securities markets shall be excluded from the determination of Material Adverse Effect; and
provided, further, that any adverse effect on the Company resulting from the execution of this
Agreement, any permitted public announcement relating to this Agreement or the Transactions or the
consummation of the Transactions shall also be excluded from the determination of Material Adverse
Effect.

               “Pilot” means Pilot SAS, a French société par actions simplifiée (formerly Ski Expansion SCA).

               “Pilot Agreement” means that certain shareholders’ agreement dated April 12, 2005, with
respect to the interests held by Quiksilver and the Boix-Vives Family in Pilot.

               “Qualified Sale” means a transaction or series of transactions in which a person or a group of
persons not controlled by or Affiliated with Quiksilver purchase from the Purchasers all of or a
controlling interest in the capital stock of the Company, or all or substantially all of the
Company’s assets.

               “SEC” means the United States Securities and Exchange Commission.

               “Sellers Pledge and Security Agreement” means the agreement, dated April 12, 2005, entered
into by the Purchasers and the Sellers in connection with the security interest in and first lien
upon the rights, title and interest of the Sellers in and to the Shares.

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               “Shareholders’ Agreement” means the agreement, dated April 12, 2005, entered into by the
Purchasers, the Sellers and the other party referred to therein, setting forth the rights, duties,
obligations and commitments of said parties in connection with their respective ownership interests
in the Company.

               “Subsidiaries” mean Riviera SNC, Cleveland Golf Canada Corp. and Cleveland Golf Asia YK.

          1.2 Certain Interpretive and Other Matters

               (a) The headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement.

               (b) When a reference is made in this Agreement to a section or article, such reference shall
be to a section or article of this Agreement unless otherwise clearly indicated to the contrary.

               (c) Whenever the words “include”, “includes” or “including” are used in this Agreement they
shall be deemed to be followed by the words “without limitation.”

               (d) The words “hereof”, “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement, and article, section, paragraph, exhibit and schedule references are
to the articles, sections, paragraphs, exhibits and schedules of this Agreement unless otherwise
specified.

               (e) A reference to any Party to this Agreement or any other agreement or document shall
include such Party’s successors and permitted assigns.

               (f) The meaning assigned to each term defined herein shall be equally applicable to both the
singular and the plural forms of such term, and words denoting any gender shall include all
genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a
corresponding meaning.

               (g) The parties have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

               (h) A reference to any legislation or to any provision of any legislation shall include any
amendment to, and any modification or re-enactment thereof, any legislative provision substituted
therefor and all regulations and statutory instruments issued thereunder or pursuant thereto.

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ARTICLE II

SALE AND PURCHASE OF THE SHARES

          2.1 Sale of the Shares. Upon the terms and subject to the conditions set forth herein, and
in exchange for the consideration described in Article 2.2 and the other Transactions, the Sellers
hereby sell, assign, transfer, convey and deliver to the Purchasers, and the Purchasers hereby
purchase and accept the assignment, transfer, conveyance and delivery from the Sellers of, all
right, title and interest of the Sellers in and to the Shares, free and clear of all Encumbrances.

          2.2 Consideration for the Shares. Upon the terms and subject to the conditions set forth
herein, and as consideration for the sale, assignment, transfer, conveyance and delivery of the
Shares pursuant to Article 2.1 and for the other Transactions, the Purchasers hereby agree to pay
to the Sellers on the Closing Date to the bank account(s) designated by the Sellers in advance by
wire transfer in immediately available funds, a purchase price (the “Purchase Price”) equal to the
higher of:

               (a) seventeen million and five hundred thousand (17,500,000) U.S. dollars, and

               (b) if a Qualified Sale is consummated on or prior to September 15, 2007, an amount in U.S.
dollars (the “Qualified Sale Amount”) equal to (i) 36.36% of the Applicable Consideration, less
(ii) an amount equal to the lower of (x) 1% of the Applicable Consideration, and (y) one third
(1/3) of any indemnity effectively paid by Quiksilver to Gregory Hopkins. For purposes of this
determination, “Applicable Consideration” means (i) in the case of a Qualified Sale of all the
capital stock or all the assets of the Company, the consideration received by the Purchasers and
their Affiliates for the sale of the Company and the Subsidiaries (excluding, for the avoidance of
doubt, any amount for the repayment or assumption of the Company’s or the Subsidiaries’ outstanding
indebtedness), and (ii) in the case of a Qualified Sale of less than 100% of the capital stock or
assets of the Company, an amount equal to (x) such consideration, divided by (y) the percentage of
shares or assets of the Company sold in the Qualified Sale.

          2.3 Subsequent Payment. If no Qualified Sale is consummated on or prior to September 15,
2007, but a Qualified Sale is consummated before the second (2nd) year anniversary of
the Closing Date, the Purchasers shall (i) promptly provide the Sellers with a copy of the
Qualified Sale agreement, and (ii) pay to the Sellers, within seven (7) days from the receipt of
the consideration from such Qualified Sale, an amount equal to the excess of the Qualified Sale
Amount over the amount paid to the Sellers pursuant to Article 2.2(a); provided
that if the payments made to the Sellers pursuant to Article 2.2(a) exceed the Qualified
Sale Amount, no payment shall be made to the Sellers pursuant to this Article 2.3.

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ARTICLE III

CLOSING

          3.1 Closing. Subject to the satisfaction or waiver of all conditions precedent set forth
in Article VII (other than conditions which can be satisfied only by the delivery of documents at
the Closing), the sale and purchase of Shares pursuant to this Agreement shall be consummated at
the Closing, which shall be held on the Closing Date at the offices of Skadden, Arps, Slate,
Meagher & Flom LLP located at 68, rue du Faubourg Saint-Honoré, 75008 Paris, France, unless another
date or place is agreed to in writing by the Sellers and the Purchasers.

          3.2 Sellers’ Delivery Obligations. At the Closing, the Sellers shall deliver to the
Purchasers one or more original certificates representing all the issued and outstanding Shares,
each such certificate to be duly and validly endorsed in favor of the Purchasers or accompanied by
a separate stock power duly and validly executed by the respective Sellers, and such other
certificates or other documents otherwise sufficient to vest in the Purchasers good and valid title
to such Shares; and

          3.3 Purchasers’ Delivery Obligations. At the Closing, the Purchasers shall (i) transfer
the Purchase Price as set forth in Article 2.2, (ii) deliver to the Sellers one or more
certificates representing the Unrestricted Shares, and (iii) in the case of a Qualified Sale on or
prior to September 15, 2007, deliver to the Sellers a copy of the Qualified Sale agreement.

          3.4 Contemporaneous Acts. All acts and deliveries prescribed by this Article 3, regardless
of chronological sequence, are deemed to occur contemporaneously and simultaneously on the
occurrence of the last act or delivery, and none of such acts or deliveries is effective until the
last of the same has occurred.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE SELLERS

          Each of the Sellers hereby represents and warrants to the Purchasers as of the date of this
Agreement and the Closing Date as follows:

          4.1 Due Authorization; Execution; Validity. Each Seller has all requisite legal capacity,
power and authority to execute and deliver this Agreement, to perform his, her, or its obligations
hereunder and to consummate the Transactions. This Agreement has been duly executed and delivered
by each Seller, and, assuming due and valid authorization, execution and delivery hereof by the
Purchasers, is a valid and binding obligation of each of Seller, enforceable against each Seller in
accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and other similar laws of general application
affecting enforcement of creditors’ rights generally and (b) that the availability of the remedy of
specific performance or injunctive or other forms of equitable relief may be subject to equitable
defenses and would be subject to the discretion of the court before which any proceeding therefor
may be brought.

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          4.2 Ownership and Possession of Company Shares. Each Seller is the record and beneficial
owner of the numbers of Shares set forth opposite his, her or its name on the signature page hereto
to be sold to the Purchasers pursuant to this Agreement. The certificates representing the Shares
are now and at all times during the term hereof shall be held by the Sellers or by a nominee or
custodian for the sole and exclusive benefit of each of the Sellers, respectively.

          4.3 Good Title Conveyed. The stock certificates, stock powers, endorsements, assignments
and other instruments to be executed and delivered by each Seller to the Purchasers at the Closing
will be valid and binding obligations of each Seller, respectively, enforceable in accordance with
their terms, and will effectively vest in the Purchasers good title to all the Shares, free and
clear of all Encumbrances, other than as set forth in the Sellers Pledge and Security Agreement.

          4.4 Government and Other Consents. No consent, declaration, filing, approval,
authorization or order of, notice to, or registration with, any court or federal, state,
provincial, municipal, foreign or other governmental department, commission, board, bureau, agency
or instrumentality or arbitration tribunal, wherever located (a “Governmental Authority”), or any
third party is required in connection with the execution and delivery by each Seller of this
Agreement or the consummation of any transactions contemplated hereby, except for such consents,
declarations, filings, approvals, authorizations, orders, notices or registrations the absence of
which would not, either individually or in the aggregate, have a Material Adverse Effect on the
ability of each Seller to consummate Transactions.

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 

          The Purchasers hereby represent and warrant to each of the Sellers as of the date of this
Agreement and the Closing Date as follows:

          5.1 Due Authorization and Validity. The Purchasers have full corporate power and authority
to execute and deliver this Agreement, to perform their obligations hereunder and to consummate the
Transactions. This Agreement has been duly and validly executed and delivered by each Purchaser
and, assuming due and valid authorization, execution and delivery hereof by the Purchasers, is a
valid and binding obligation of each Purchaser, enforceable against each Purchaser in accordance
with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and other similar laws of general application affecting
enforcement of creditors’ rights generally and (b) that the availability of the remedy of specific
performance or injunctive or other forms of equitable relief may be subject to equitable defenses
and would be subject to the discretion of the court before which any proceeding therefore may be
brought.

          5.2 Government and Other Consents. No consent, declaration, filing, approval,
authorization or order of, notice to, or registration with, any Governmental Authority or any third
party is required in connection with the execution and delivery by the Purchasers of this Agreement
or the consummation of any Transactions, except (a) such filings with the SEC as

6

 

are required to disclose all or part of the Transactions and to amend or supplement any existing
filings of Quiksilver with the SEC pursuant to applicable laws, and (b) for such consents,
declarations, filings, approvals, authorizations, orders, notices or registrations the absence of
which would not, either individually or in the aggregate, have a Material Adverse Effect on the
ability of the Purchasers to consummate the Transactions.

          5.3 No Other Representations. Except for the representations and warranties contained in
this Article V, neither the Purchasers nor any other person or entity acting on their behalf,
respectively, makes any representation or warranty, express or implied, as to the Company or the
Transactions.

ARTICLE VI

COVENANTS AND OTHER AGREEMENTS

          6.1 Reasonable Efforts and Actions to Cause Closing to Occur. Prior to the Closing,
upon the terms and subject to the conditions of this Agreement, the Purchasers and the Sellers
shall use their reasonable best efforts to take, or cause to be taken, all actions, and to do, or
cause to be done and cooperate with each other in order to do, all things necessary, proper or
advisable (subject to any applicable laws) to consummate the Closing and the other Transactions as
promptly as practicable.

          6.2 Termination of the Consulting Agreement.

               (a) The Consulting Agreement shall be suspended with effect as of June 30, 2007 and shall
terminate as of the Closing Date, except for the provisions regarding confidentiality set forth in
Article 5 thereof. In consideration for the acceptance by the Sellers (i) to terminate the
Consulting Agreement before its stated term and (ii) not to bring any claim nor institute any
proceeding, judicial or otherwise, against Quiksilver in connection with the Consulting Agreement
or its termination hereby, Quiksilver shall pay to the Sellers on the Closing Date an amount equal
to three million five hundred thousand (3,500,000) Euros, as well as any payments outstanding under
the Consulting Agreement in respect of the period prior to July 1, 2007.

               (b) The Sellers shall maintain confidential any information or document that they possess as
of the date hereof, including all copies of any reports or analyses, that they may have prepared or
presented in connection with the Consulting Agreement.

          6.3 Lock-Up Obligations of the Sellers. With effect as of the Closing Date,
Quiksilver hereby releases the Sellers of the restrictions set forth in Article 3(1)(f) of the
Acquisition Agreement on the common stock of Quiksilver (the “Unrestricted Shares”), which the
Sellers acquired pursuant to Article 3(1)(e) thereof, provided that any sale or other disposition
of Unrestricted Shares shall be effected in an orderly fashion, through a licensed broker and shall
not exceed in the aggregate the average daily volume of Quiksilver shares negotiated on the New
York Stock Exchange on immediately preceding three (3) trading days (excluding any Unrestricted
Shares), except in the case of a block trade in which case such restriction shall not apply.

7

 

          6.4 Confidentiality; Publicity.

               (a) Subject to the provisions set forth in Article 6.4(b), from and after the date of this
Agreement, the Sellers shall not, directly or indirectly, disclose any information, or contact or
communicate with any person (including any potential purchaser of Company shares, its officers,
directors, employees, representatives, advisors or agents) with respect to any information,
relating to the Company, the Subsidiaries, this Agreement, the Transactions or their existence
without the prior written consent of Quiksilver, except to the extent that disclosure of such
information is required by law, regulation, regulatory authority or other applicable judicial or
governmental order, provided that any such disclosure shall remain subject to the notice
requirements of Article 9.3.

               (b) From and after the date of this Agreement, the Sellers shall not issue or cause the
publication of any press release or other oral or written public announcement with respect to the
Company, the Subsidiaries, this Agreement or the Transactions without the prior written consent of
Quiksilver.

          6.5 No Interference; No Disparagement.

               (a) From and after the date of this Agreement, the Sellers shall not interfere with
Purchasers’ management of their interests in the Company and the Subsidiaries, and in particular
shall not make any public or private statement or take any action that could reasonably be expected
to adversely affect a business transaction regarding the Company and/or the Subsidiaries.

               (b) From and after the date of this Agreement, the Sellers shall not, either directly or
indirectly, (i) make any comments, observations, opinions, remarks or statements, or participate or
concur in remarks or actions, that are disparaging or detrimental regarding Quiksilver, the Company
or the Subsidiaries; or (ii) act as a direct or indirect source or engage in any dialogue with the
media that in any way would reasonably be expected to be detrimental to Quiksilver, the Company or
the Subsidiaries.

          6.6 Knowledge of Breach; Prior Knowledge.

               (a) If prior to the Closing the Sellers, their agents or representatives shall have knowledge
of any breach of a representation, warranty, covenant (or legal or factual impossibility to perform
any covenant), agreement or condition of the Purchasers, the Sellers shall promptly notify the
Purchasers of their knowledge, in reasonable detail, and shall agree to grant the Purchasers a
reasonable time to remedy such breach, to the mutual satisfaction of the Sellers and the
Purchasers.

               (b) If prior to the Closing the Purchasers, their agents or representatives shall have
knowledge of any breach of a representation, warranty, covenant (or legal or factual impossibility
to perform any covenant), agreement or condition of the Sellers, the Purchasers shall promptly
notify the Sellers of their knowledge, in reasonable detail, and shall agree to grant the Sellers a
reasonable time to remedy such breach, to the mutual satisfaction of the Purchasers and the
Sellers.

8

 

          6.7 Information in Case of Sale Process. From the date hereof and until the second
(2nd) anniversary of the Closing Date, in the event of negotiations with one or several
potential buyers regarding a Qualified Sale, the Purchasers shall keep the Sellers reasonably
informed of material developments in the Qualified Sale process, including, without limitation, the
signing of a definitive Qualified Sale agreement. The Parties agree that contacts, questions or
communications between them pursuant to this Article 6.7 shall remain confidential and be carried
out exclusively through Mr. Laurent Boix-Vives, on behalf of the Sellers, and Mr. Charles S. Exon,
on behalf of the Purchasers, or such replacement persons as Mr. Boix-Vives or Mr. Exon may notify
in writing to the other Parties, or the respective legal counsel of the Parties.

          6.8 Grant of Security Interest. The Parties acknowledge and agree that the Acquirer
Pledge and Security Agreement will terminate as a result of the Closing. Quiksilver agrees that in
replacement of the pledge under such Acquirer Pledge and Security Agreement, on the Closing Date,
Quiksilver will provide the Boix-Vives Family with either a security interest reasonably
satisfactory to the Boix-Vives Family or a first demand bank guarantee, in each case securing the
payment by Quiksilver of 100% of the Exercise Price of the Call Option or the Exercise Price of the
Put Option pursuant to the Pilot Agreement.

ARTICLE VII

CONDITIONS

          7.1 Conditions to Each Party’s Obligation to Effect the Closing. The respective obligation
of the Sellers and the Purchasers to effect the Closing shall be subject to the satisfaction, or
written waiver by both Parties, on or prior to the Closing Date, of each of the following
conditions:

               (a) Statutes; Court Orders. No statute, rule or regulation shall have been enacted or
promulgated by any Governmental Entity which prohibits the consummation of the Closing; and there
shall be no order or injunction of a court of competent jurisdiction in effect precluding or
prohibiting, nor shall there be any threatened or pending any suit, action or proceeding seeking to
restrain, preclude or prohibit, consummation of the Closing; provided, however, that the parties
shall use their reasonable efforts to have any such order or injunction vacated or lifted.

               (b) Creditors’ Approval. Quiksilver shall have obtained any required consents
or waivers under the Amended and Restated Credit Agreement (as amended) dated as of June 3, 2005
among Quiksilver, Quiksilver Americas, Inc., the lenders party thereto and agents thereto.

               (c) Board Approval. This Agreement and the Transactions shall have been approved by
the board of directors of Quiksilver.

9

 

          7.2 Conditions to Obligations of the Purchasers to Effect the Closing. The obligations of
the Purchasers to consummate the Closing shall be subject to the satisfaction on or prior to the
Closing Date of each of the following conditions:

               (a) Due Execution and Delivery. The Purchasers shall have received (i) this Agreement
duly executed on behalf of the Sellers and (ii) the Shares, free of any Encumbrances, other than as
set forth in the Sellers Pledge and Security Agreement.

               (b) Release of Pledge. The Sellers shall have taken any and all necessary action to
effectively release the security and lien relating to the RC Acquirer Shares, as this term is
defined in the Acquirer Pledge and Security Agreement.

               (c) Representations and Warranties. All of the representations and warranties of the
Sellers set forth in this Agreement that are qualified as to materiality shall be true and complete
in all respects and any such representations and warranties that are not so qualified shall be true
and complete in all material respects, in each case as of the date of this Agreement (or if made as
of a specified date, only as of such date).

               (d) Sellers’ Breach. The Sellers shall not have failed to perform in any material
respect any material obligation or to comply in any material respect with any covenant of the
Sellers to be performed or complied with by them under this Agreement.

               (e) Resignation of Mr. Boix-Vives. Mr. Laurent Boix-Vives shall have resigned from
his position as a member of the Company’s board of directors, including from any committee thereof.

               (f) Termination. The Transactions shall not have been terminated or abandoned in
accordance with Article VIII hereof.

          The foregoing conditions are for the sole benefit of the Purchasers and may be waived by the
Purchasers, in whole or in part, at any time and from time to time in their sole discretion. The
failure by the Purchasers at any time to exercise any of the foregoing rights shall not be deemed a
waiver of any such right and each such right shall be deemed an ongoing right which may be asserted
at any time and from time to time.

          7.3 Conditions to Obligations of the Sellers to Effect the Closing. The obligations of the
Sellers to consummate the Closing shall be subject to the satisfaction on or prior to the Closing
Date of each of the following conditions:

               (a) Due Execution and Delivery. The Sellers shall have received (i) this Agreement
duly executed on behalf of the Purchasers and (ii) payment of the Purchase Price in accordance with
Article 2.

               (b) Release of Pledge. The Purchasers shall have taken any and all necessary action
to effectively release the security and lien relating to the Shares pursuant to the Sellers Pledge
and Security Agreement.

               (c) Representations and Warranties. All of the representations and warranties of the
Purchasers set forth in this Agreement that are qualified as to materiality shall be true and
complete and any such representations and warranties that are not so qualified shall be true and
complete in all material respects, in each case as of the date of this Agreement and as of the
Closing Date (or if made as of a specified date, as of such date).

10

 

               (d) Purchasers’ Breach. The Purchasers shall not have failed to perform in any
material respect any material obligation or to comply in any material respect with any covenant of
the Purchasers to be performed or complied with by them under this Agreement;

               (e) Termination. The Transactions shall not have been terminated or abandoned in
accordance with Article VIII hereof.

          The foregoing conditions are for the sole benefit of the Sellers, may be waived by the
Sellers, in whole or in part, at any time and from time to time in the sole discretion of the
Sellers. The failure by any Seller at any time to exercise any of the foregoing rights shall not
be deemed a waiver of any such right and each such right shall be deemed an ongoing right which may
be asserted at any time and from time to time.

ARTICLE VIII

TERMINATION

          8.1 Termination. This Agreement may be terminated at any time prior to the Closing:

               (a) by the Sellers or the Purchasers if the conditions set forth in Article 7.1(b) and 7.1(c)
have not been satisfied by July 6, 2007;

               (b) by the Purchasers if any of the Sellers shall have breached any of his, her or its
representations, warranties, covenants or agreements contained in this Agreement which would give
rise to the failure of a condition set forth in Article 7.2, which breach cannot be or has not been
cured within 30 days after the giving of written notice by the Purchasers to the Sellers specifying
such breach;

               (c) by the Sellers if the Purchasers shall have materially breached any of their
representations, warranties, covenants or agreements contained in this Agreement which would give
rise to the failure of a condition set forth in Article 7.3, which material breach cannot be or has
not been cured within 30 days after the giving of written notice by the Sellers to the Purchasers
specifying such breach; and

               (d) by the mutual written consent of the Sellers and the Purchasers.

          8.2 Effect of Termination. In the event of termination of this Agreement as provided in
Article 8.1, this Agreement shall become void and there shall be no liability on the part of either
Party except that nothing herein shall relieve either party from liability for any breach of this
Agreement occurring prior to such termination.

11

 

ARTICLE IX

GENERAL PROVISIONS

          9.1 Expenses. Whether or not the transactions contemplated hereby shall be consummated,
the Sellers, on the one hand, and the Purchasers, on the other hand, shall each be responsible for
the fees, expenses and disbursements of their respective agents, representatives, accountants and
counsel incurred in connection with the negotiation of this Agreement and the Transactions, it
being specifically agreed that neither the Purchasers nor the Sellers shall charge to the other
Party the expenses of such party in connection with negotiation of this Agreement and the
transactions contemplated herein.

          9.2 Entire Agreement; Modifications.

               (a) This Agreement sets forth the entire agreement and understanding between the Parties and
supersedes any prior agreement or understanding, written or oral, relating to the subject matter of
this Agreement or the Company, including the Sellers Pledge and Security Agreement, the Acquirer
Pledge and Security Agreement, which shall terminate as of the Closing, and the Shareholders’
Agreement, which shall terminate as of the Closing in accordance with Article 2.2 thereof. For the
avoidance of doubt, the Parties agree that (i) the transactions contemplated in this Agreement
shall not constitute a breach of any Party’s obligations under Article 5 of the Shareholders’
Agreement; and that (ii) this Agreement shall not affect the right of the Boix-Vives Family under
the Pilot Agreement to receive payment of the Exercise Price of the Call Option or the Exercise
Price of the Put Option upon exercise of the Call Option or the Put Option (as such terms are
defined in the Pilot Agreement), as applicable.

               (b) This Agreement may be modified and/or amended with respect to any provision contained
herein at any time by written action of the Parties.

          9.3 Notices.

               (a) All notices, requests, demands, and other communications required to or permitted to be
given under this Agreement shall be in writing and shall be delivered personally or by overnight
courier (with confirmation of receipt) or by certified or registered mail (postage prepaid and
return receipt requested). Any such notice shall be deemed given when so delivered personally or
if mailed or sent by overnight courier, three days after the date of deposit in the mail or one day
after pickup by overnight courier, if addressed as follows:

	 	 	 	 	 	 	 	 	 
	 

	 	If to a Seller:
	 	 
	 	Mr. Laurent Boix-Vives
	 	 
	 

	 	 	 	 
	 	1, Boulevard du Maréchal Joffre
	 	 
	 

	 	 	 	 
	 	38000 Grenoble
	 	 
	 

	 	 	 	 
	 	Fax: +33.4.76.47.73.31
	 	 

12

 

	 	 	 	 	 	 	 	 	 
	 

	 	with a copy to:
	 	 
	 	Maître Jean-Philippe Delsol
	 	 
	 

	 	 	 	 
	 	Avocat à la Cour
	 	 
	 

	 	 	 	 
	 	Delsol et Associés
	 	 
	 

	 	 	 	 
	 	12, quai André Lassagne
	 	 
	 

	 	 	 	 
	 	69001 Lyon
	 	 
	 

	 	 	 	 
	 	Fax: +33.4.72.10.20.31
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	If to a Purchaser:
	 	 
	 	Quiksilver, Inc.
	 	 
	 

	 	 	 	 
	 	15202 Graham Street
	 	 
	 

	 	 	 	 
	 	Huntington Beach, California
	 	 
	 

	 	 	 	 
	 	United States of America
	 	 
	 

	 	 	 	 
	 	Fax: +1 (714) 889-4250
	 	 
	 

	 	 	 	 
	 	To the attention of: Mr. Charlie Exon
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	With a copy to:
	 	 
	 	Maître Pierre Servan-Schreiber
	 	 
	 

	 	 	 	 
	 	Avocat à la Cour
	 	 
	 

	 	 	 	 
	 	Skadden, Arps, Slate, Meagher & Flom LLP
	 	 
	 

	 	 	 	 
	 	68, rue du Faubourg Saint-Honoré
	 	 
	 

	 	 	 	 
	 	75008 Paris, France
	 	 
	 

	 	 	 	 
	 	Fax: +33.1.55.27.11.99
	 	 

               (b) Each party hereto agrees to make a good faith effort to ensure that such party will accept
or receive notices that are given in accordance with this Article 9.3, and that any person to be
given notice actually receives such notice. A party may change or supplement the addresses given
above, or designate additional addresses for purposes of this Article 9.3, by giving the other
party written notice of the new address in the manner set forth above.

          9.4 Severability. If any provision of this Agreement or the application thereof to any
person, entity or circumstance is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remaining provisions hereof, or the application of such provision to persons,
entities or circumstances other than those as to which it has been held invalid, void or
unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or
invalidated thereby.

          9.5 Waiver; Release of Claims. With effect as of the Closing Date, the Purchasers and the
Company hereby expressly relinquish, release and render ineffective all of their rights, powers and
interests against the Sellers and the Sellers hereby expressly relinquish, release and render
ineffective all of their rights, powers and interests against the Purchasers, the Company or the
Subsidiaries and any of their affiliates, officers, directors, employees, representatives, advisors
or agents, that derive or may derive from their relationships and activities as shareholders and
officers in the Company, other than any rights, powers or interests arising out of or otherwise
relating to a failure by any Party to fully perform (i) their obligations pursuant to this
Agreement, or (ii) any obligation under the Shareholders’ Agreement which survives termination
thereof pursuant to the terms of the Shareholders’ Agreement.

13

 

          9.6 Exercise of Rights; Specific Performance. No failure on the part of a party hereto to
exercise, and no delay in exercising, any right or remedy under this Agreement shall operate as a
waiver hereof by such party, nor shall any single or partial exercise of any right under this
Agreement preclude any other or further exercise thereof or the exercise of any other right or
remedy. Each of the parties hereto acknowledges and agrees that irreparable damage would occur in
the event any provision of this Agreement were not performed in accordance with the terms hereof
and that the parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or equity.

          9.7 Governing Law; Venue. This Agreement shall be governed in all respects by the
internal laws of the State of California as applied to agreements entered into among California
residents to be performed entirely within California, without regard to principles of conflicts of
law. In the event a judicial proceeding is necessary, the exclusive forums for resolving disputes
arising under or relating to this Agreement shall be the state and federal courts located within
the County of Orange, California, and all related appellate courts and the parties hereby consent
to the jurisdiction of such courts, and agree that the venue shall be in Orange County, California.

          9.8 Successors and Assigns; Assignment. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, representatives, successors and
assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be
assigned or delegated, directly or indirectly, by any party hereto without the prior written
consent of the other party.

          9.9 Signatories. Mr. Laurent Boix-Vives represents to the Purchasers that he represents
SEI and the other members of the Boix-Vives Family and has full authority to sign this Agreement on
their behalf, and that SEI and such members are bound by this Agreement in accordance with the
terms hereof.

          9.10 Counterparts. This Agreement may be executed in any number of counterparts and each
such counterpart hereof shall be deemed to be an original instrument, but all such counterparts
together shall constitute but one agreement.

(Remainder of page intentionally left blank)

14

 

          IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 
	QUIKSILVER, INC., a Delaware corporation	 	 	 	ROSSIGNOL SKI COMPANY, INC.,	 	 
	 	 	 	 	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	By:

	 	Mr. Charles S. Exon
	 	 	 	By:
	 	Mr. Charles S. Exon	 	 
	 

	 	Executive Vice President, Secretary
	 	 	 	 	 	Authorized representative	 	 
	 

	 	and General Counsel	 	 	 	 	 	 	 	 

	 	 	 	 	 
	SERVICES EXPANSION
INTERNATIONAL

 	 
	  	 	 
	By:  	Mr. Laurent Boix-Vives
 	 
	 	Président 	 
	Outstanding Shares: 98,800 	 
	 

	 	 	 	 	 	 	 
	 

Mr. Laurent Boix-Vives

Outstanding Shares: 2,768

	 	  
	 	 

Ms. Jeannine Boix-Vives 

represented by Mr. Laurent Boix-Vives
Outstanding Shares: 1,384
	 	 
 

	 
	 	 	 	 	 	 
	 
	 

Ms. Christine Simon 

represented by Mr. Laurent Boix-Vives

Outstanding Shares: 1,292 

	 	 
	 	 

Ms. Sylvie Bernard 

represented by Mr. Laurent Boix-Vives
Outstanding Shares: 1,292
	 	 
 

15

 

Acknowledged and agreed for purposes of

Article 9.5 hereof:

ROGER CLEVELAND GOLF

COMPANY, INC.,

a California corporation

 

By:

By: Mr. Charles S. Exon

     Authorized representative

16

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