Document:

Employment Agreement between Craig Stevenson and Ug Manufacturing Co.

 Exhibit 10.1 

 
 

 
 March 6, 2012 
 PERSONAL AND CONFIDENTIAL 
 Mr. Craig Stevenson 

Global Brand President and 
 Chief Operating
Officer 
 Quiksilver Asia Pacific 

Quiksilver Drive 
 Torquay, VIC 3228 

Australia 
 Re: Employment
Agreement 
 Dear Craig: 
 This letter (“Agreement”) will confirm our understanding and agreement regarding your employment with Ug Manufacturing Co. Pty Ltd (ACN 005 047 941) (“Quiksilver” or the
“Company”), effective on and after February 1, 2012 (“Commencement Date”). This Agreement completely supersedes and replaces any existing or previous oral or written employment agreements, express or implied, between you and
the Company and any related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) of the Company (“Group Companies”). 
  

	 	1.	Position; Exclusivity. The Company hereby agrees to employ you as its Global Brand President and Chief Operating Officer, Quiksilver Asia Pacific, reporting to
the Chief Executive Officer of Quiksilver, Inc., and resident in Australia. During your employment with Quiksilver, you will devote your full professional and business time, interest, abilities and energies to the Company and, as applicable, the
Group Companies 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 business or welfare of the Company and/or the Group
Companies, whether alone, as an employee; as a partner; as a member or manager; 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 without
the prior written consent of the Chief Executive Officer of Quiksilver, Inc. 

  

	 	2.	 Base Salary. Your base salary will be AUD $39,583.33 per month (AUD $475,000 on an annualized basis), less applicable withholdings and
deductions, paid on the Company’s regular payroll dates. Your base salary is exclusive of the superannuation contributions described in Paragraph 3 below. Your base salary will be reviewed at the time

	 	
management salaries are reviewed periodically and may be adjusted (but not below AUD $39,583.33 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 Board of Directors or the Compensation Committee of the Board of Directors of Quiksilver, Inc. (“Compensation Committee”). 

 

	 	3.	Superannuation. In addition to the base salary set forth above in Paragraph 2, the Company will make superannuation contributions on your behalf at the minimum
rate required so as to avoid liability to pay a charge under the Superannuation Guarantee (Administration) Act 1992 and the Superannuation Guarantee Charge Act 1992. 

 

	 	4.	Annual Discretionary Bonus. For each full fiscal year of employment with the Company (currently ending October 31), you shall be eligible for a
discretionary bonus award pursuant to Quiksilver, Inc.’s Incentive Compensation Plan, the specific terms and conditions of such award to be approved by the Board of Directors or the Compensation Committee at the time of the bonus award. Any
payment received in connection with a bonus award shall be paid within thirty (30) days following the date Quiksilver, Inc. publicly releases its annual audited financial statements, but in no event later than March 15 of the calendar year
following the fiscal year for which the bonus is awarded. Any bonus payments shall be less applicable withholdings and deductions. 

  

	 	5.	Retirement Benefits. Despite any provision of this Agreement, the Company is not required to pay or provide to you any amounts or benefits which it is not
permitted to provide under the provisions of Part 2D.2, Division 2 of the Corporations Act 2001 (Cth) without obtaining shareholder approval. To the extent that this Agreement requires the Company to pay or provide any such amounts or
benefits, you agree and acknowledge that shareholder approval must first be obtained and you hereby irrevocably consent to forego those amounts or benefits which the Company is not permitted to provide if shareholder approval is not obtained.

  

	 	6.	Annual Leave. Although Quiksilver does not have a vacation policy for executives of your level, you will accrue such minimal annual leave as required by the
National Employment Standards (“NES”) in the Fair Work Act 2009 (Cth). Quiksilver reserves the right, subject to legislation, to require that annual leave be taken at certain times and/or in certain circumstances. On termination of
employment you will be paid in respect of any accrued untaken annual leave. 

  

	 	7.	 Personal/Carer’s Leave. You will be entitled to ten (10) days’ paid personal/carer’s leave for each year of service in
accordance with the NES. You may be required to provide evidence satisfactory to the Company confirming the relevant illness or injury for which the period of personal/carer’s leave was taken. The Company may require you to be examined by a
medical practitioner nominated by the Company to provide a report to the Company on your current or future capacity to perform the 

  
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essential functions of your position. Untaken paid personal leave accumulates from year to year, but has no separate “cash value” and is not paid out on termination of employment.

  

	 	8.	Injury and Illness Income Protection Plan. You will be covered by a senior manager income protection plan in the event of illness or injury on the same terms and
conditions applicable to comparable employees in Australia. Quiksilver, Inc. and the Company reserve the right to change, modify, or eliminate such coverage in their discretion. 

 

	 	9.	Clothing Allowance. You will be provided a clothing allowance of AUD $15,000 RRP (recommended retail price) per year at the Company’s wholesale prices.

  

	 	10.	Vehicle Allowance. The Company will pay (through a motor card) for the business-related operating costs of one vehicle, including service and maintenance, petrol
and fringe benefits tax. 

  

	 	11.	Stock Options. You shall be eligible to participate in the Quiksilver, Inc. 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 or the Compensation Committee in its discretion and covered in separate agreements, but shall be
substantially similar to those granted to other senior executives of Quiksilver, Inc. of equivalent level. Stock options granted to you after the Commencement Date through the termination of your employment shall provide that if you are terminated
by the Company without Cause (as hereinafter defined), as a result of your death or permanent disability, or if you terminate your employment for Good Reason (as hereinafter defined), any such options outstanding will automatically vest in full on
an accelerated basis so that the options will immediately prior to such termination become exercisable for all option shares and remain exercisable until the earlier to occur of (i) the first anniversary of such termination, (ii) the end
of the option term, or (iii) termination pursuant to other provisions of the applicable option plan or agreement (e.g., a corporate transaction). 

  

	 	12.	Life Insurance. The Company will pay the premium on a term life insurance policy on your life with a company and policy of its choice, and a beneficiary of your
choice, in the face amount determined by the Company of not less than AUD $2,000,000. The Company’s obligation to obtain and maintain this insurance is contingent upon your establishing and maintaining insurability, and it is not required to
pay premiums for such a policy in excess of AUD $5,000 annually. 

  

	 	13.	Term and Termination. 

(a) The term of this Agreement is from the Commencement Date through and including October 31, 2016, at which time this Agreement
(and your employment) shall automatically terminate without any additional notice; provided, however, that subject to the provisions herein, 

  
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either you or Quiksilver may terminate your employment at will and with or without Cause (as defined below) upon written notice at any time for any reason (or no reason); provided
further, 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 changed by an individualized written agreement signed by both you and an officer of the Company authorized to do so by the Board of Directors or the Compensation Committee. 

(b) The Company may also terminate your employment immediately, upon written notice, for Cause, which shall include, but not be limited
to, (i) your death (in which case written notice of termination of employment is not required), (ii) your permanent disability which renders you unable to perform the essential functions of your position even with reasonable accommodation,
(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, any amounts which are due under the NES and/or other applicable Australian law (including, as
applicable, pay in lieu of notice of termination, pay in lieu of long service leave and pay in lieu of untaken annual leave) 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 4 for the fiscal year in which such termination occurs, less applicable withholdings and deductions, which shall be payable not later than the effective date of your termination, and you shall have no further rights to
any other compensation or benefits hereunder on or after the termination of your employment. 
 “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 State of Victoria, Australia, without your consent. Notwithstanding the foregoing, Good Reason shall not exist unless you provide the Company written notice of termination on account thereof within ninety (90) days
following the initial existence of one or more of the conditions described in clauses (i) through (vi) and, if such event or condition is curable, the Company fails to cure such event or condition within thirty (30) days of such
written notice. 

  
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 (c) If (i) Quiksilver elects to terminate your employment without Cause prior to
October 31, 2016, (ii) this Agreement automatically terminates on October 31, 2016, and your employment terminates effective the same date for any reason, voluntarily or involuntarily, or (iii) if you terminate your employment
with the Company for Good Reason within six (6) months of the action constituting Good Reason, the Company will (x) pay the full amount of any unpaid discretionary bonus that was earned from the preceding fiscal year, if any, at the time
annual bonuses are paid to other executives, but in no event later than March 15 of the calendar year following the fiscal year for which the bonus is awarded, and (y) (A) provide you with a total severance benefit of
(1) eighteen (18) months base salary plus superannuation contributions on your behalf at the minimum rate required so as to avoid liability to pay a charge under the Superannuation Guarantee (Administration) Act 1992 and the
Superannuation Guarantee Charge Act 1992, less any amounts which are due under the NES and/or other applicable Australian law (including, as applicable, pay in lieu of notice of termination, redundancy pay, pay in lieu of long service
leave and pay in lieu of untaken annual leave, but excluding superannuation contributions) (“Statutory Benefits”), and (2) the Statutory Benefits, with the Statutory Benefits being payable on or about the date of termination and the
amount in (1) to be paid on the Company’s regular payroll dates over a period of eighteen (18) months, less applicable withholdings and deductions, and (B) pay you a pro rata portion of the bonus adopted pursuant to Paragraph 4,
if any, for the fiscal year in which such termination occurs, less applicable withholdings and deductions. In order for you to be eligible to receive the payments specified in clause (y) of the foregoing provision of this Paragraph 13(c), other
than the Statutory Benefits, you must execute a general release of claims in a form reasonably acceptable to the Company (“General Release”), provided, however, that the General Release may exclude any claims for
indemnification, advancement of expenses, or insurance that you may then have pursuant to the Company’s or any Group Company’s certificate of incorporation or bylaws, any indemnity agreement, or policy of insurance. 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 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. 
  

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

  
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Group Companies, 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 or use and
will keep strictly secret and confidential all trade secrets and proprietary information of the Company and the Group Companies, including, but not limited to, those items specifically mentioned above. 

 

	 	15.	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 or the Group Companies. 

 

	 	16.	Compliance With Business Policies. 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. You acknowledge that the policies are not incorporated into, and are not otherwise included in, this Agreement. 

 

	 	17.	Obligations To Group Companies. The Company executes this Agreement for and on behalf of the Group Companies and may separately enforce any obligations in this
Agreement that are in favour of the Group Companies on their behalf. 

  

	 	18.	Entire Agreement. This Agreement, and any confidentiality, stock option, restricted stock, stock appreciation rights or other similar agreements the Company or
any Group Company may enter into with you contain the entire integrated agreement between us regarding your employment, 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. 

  

	 	19.	Compliance with Tax Laws. This Agreement is intended to comply with the requirements of all applicable Australian tax laws. Accordingly, all provisions herein
shall be construed and interpreted to comply with all such tax laws and if necessary, any such provision shall be deemed amended to comply therewith. 

  

	 	20.	Clawback Compliance. Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that the Company or
Quiksilver, Inc., has adopted or is required in the future to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s or Quiksilver, Inc.’s securities are listed or as is otherwise
required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. 

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

 Please sign, date and return the enclosed copy of this Agreement to me to acknowledge your agreement with the above.

 Thank you. 
  

	
	Very truly yours,
	
	  
	Nigel Phillips
	Chief Operating Officer
	Ug Manufacturing Co. Pty Ltd

  

	
	ACKNOWLEDGED AND AGREED:
	
	  
	Craig Stevenson

  

	
	
	  
	Dated

  
 -7-English translation of Employment Agreement between Pierre Agnes and Pilot SAS

 Exhibit 10.2 

 

			
	  
  
 CONTRAT DE TRAVAIL
  
 Le présent contrat de travail (ci-après « le présent Contrat ») est conclu entre les soussignés:

 
 La société Pilot SAS, une société par actions
simplifiée à associé unique, au capital de 113 597,99 € dont la siège social est situé au 162 rue de Belharra, 64500 Saint-Jean-de-Luz (France), immatriculée au registre du commerce et des
sociétés de Bayonne sous le numéro 070 501 374, représentée par Pierre Boccon Liaudet, Président, dûment habilité à l’effet des présentes,

 
 Ci-après dénommée la
« Société », ou “Pilot”
  
 D’UNE PART,
  
 ET :
  

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

Ci-après dénommé « Monsieur Pierre Agnes ».

 
 D’AUTRE PART,

 
 Ensemble dénommés les
« Parties ».
  
 IL A ETE CONVENU ET
ARRETE CE QUI SUIT :
  
	  	 English translation – for informational purposes only

 
 EMPLOYMENT CONTRACT

 
 The present contract of employment (“Agreement”) has been
executed between the undersigned:
  
 Pilot SAS, a French company
“société par actions simplifiée à associé unique”, with a capital of €113 597.99, whose registered office is located at 162 rue de Belharra, 64500 Saint-Jean-de-Luz (France), registered at the
company and trade register of Bayonne under no. 070 501 374, represented by Pierre Boccon Liaudet, President, hereby duly authorized for the purposes described herein,

 
 Hereinafter referred to as the “Company” or
“Pilot”,
  
 ON THE ONE HAND,

AND :
  

Mr. Pierre Agnes, residing 3, rue Marlan, 40130 Capbreton, of French citizenship, registered at the social security under the number
164046410206184.
  
 Hereinafter referred to as “Pierre
Agnes”or “Mr. Agnes”.
  
 ON THE
OTHER HAND,
  
 Both hereinafter referred to as the
“Parties”.
  
 IT HAS BEEN AGREED AND DECIDED AS FOLLOWS
:
  

	  
	  
	  
	  
	  
	  
	  
	  
	  

			
	 ARTICLE 1—ENGAGEMENT
  

Sous réserve des dispositions présentes et de la nomination de Monsieur Pierre Agnes en tant que mandataire social au sein de Quiksilver
Europe (Na Pali SAS), une société
	  	 ARTICLE 1—EMPLOYMENT
  

Subject to the terms herein and the appointment of Pierre Agnes under that certain Corporate Mandate within Quiksilver Europe (Na Pali SAS), a French
company, the

  

	
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	française, la Société engage Monsieur Pierre Agnes par contrat à durée indéterminée, à compter de la date du présent
contrat, aux conditions indiquées ci-après ainsi qu’aux conditions générales de la Convention Collective nationale des industries de l’habillement applicable à la Société à la date de
signature du présent contrat (étant entendu que la mention de cette convention collective n’est donnée qu’à titre d’information).	  	Company employs Pierre Agnes for an indefinite term, as from the date hereof, under the conditions set out hereinafter and under the general conditions of the applicable national
Collective Bargaining Agreement of the apparel industries (being said that the mention of this collective bargaining agreement is only given for informational purposes).
		
	A l’exception du mandat social, le présent contrat annule et remplace, dans leur intégralité, l’ensemble des contrats de travail ou autres accords
connexes, oraux ou écrits, expresses ou implicites, existants ou préalables, conclus entre Monsieur Pierre Agnes et la Société, Quiksilver Europe (Na Pali SAS) ou Quiksilver, Inc.	  	Except for the Corporate Mandate of even date, this Agreement completely supersedes and replaces any existing or previous oral or written employment or other related agreements,
express or implied, between Pierre Agnes and the Company, Quiksilver Europe (Na Pali SAS) or Quiksilver, Inc.
		
	 ARTICLE 2—FONCTIONS ET RESPONSABILITES
  

Monsieur Pierre Agnes est engagé en vue d’exercer le mandat social de Président de Na Pali SAS (dite Quiksilver Europe), filiale
française opérationnelle de Quiksilver, Inc.
  
 Dans le cadre
de ses fonctions de Président de la filiale Quiksilver Europe (Na Pali SAS), Monsieur Pierre Agnes aura notamment pour mission de diriger les affaires, les opérations, l’organisation et le personnel à travers l’Europe
conformément aux règles en vigueur au sein de Quiksilver, Inc. et de Pilot, et dans le respect des statuts de Na Pali SAS.
  

Monsieur Pierre Agnes exercera ses fonctions sous l’autorité hiérarchique du Directeur Général de Quiksilver,
Inc.
	  	 ARTICLE 2—DUTIES AND RESPONSIBILITIES
  

Pierre Agnes is recruited as the corporate President of Na Pali SAS, Quiksilver, Inc.’s French operating subsidiary (Quiksilver Europe).

 
 In his capacity of President of the subsidiairy Quiksilver Europe (Na Pali SAS),
Pierre Agnes shall notably manage business, operations, organizations and staff across Europe in accordance with Quiksilver, Inc.’s and Pilot’s rules and with Na Pali SAS bylaws.

 
 Pierre Agnes will work under the authority and following the instructions of the
Chief Executive Officer of Quiksilver, Inc.

		
	 ARTICLE 3—REMUNERATION
  

En contrepartie de ses fonctions, Monsieur Pierre Agnes percevra une rémunération annuelle brute forfaitaire de 55,000 €
(cinquante-cinq mille euros) payable aux échéances normales de la paie au sein de la Société.
	  	 ARTICLE 3—COMPENSATION
  

Pierre Agnes’ base lump-sum salary will be EUR 55,000 (fifty-five thousand euros) per year, less applicable withholdings and deductions, paid on the
Company’s regular payroll dates.

  

	
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	 La rémunération de base brute forfaitaire de Monsieur Pierre Agnes ne pourra être inférieure à 55.000
€ (cinquante-cinq mille euros) par an en vertu du présent contrat.
  
	  	 Pierre Agnes’ base lump-sum gross salary may not be adjusted below EUR 55,000 (fifty five thousand euros) per year during his
employment pursuant to this Agreement.
  

	 ARTICLE 4—DUREE DU TRAVAIL
  

En sa qualité de Cadre dirigeant, Monsieur Pierre Agnes n’est pas soumis aux dispositions législatives et réglementaires
relatives à la durée du travail, en application de l’article L. 3111-2 du Code du travail.
  
	  	 ARTICLE 4—WORKING TIME
  

As a top executive (“cadre dirigeant”), Pierre Agnes is not bound by legal and regulatory provisions on working time, pursuant to article L.
3111-2 of the French Labor Code.
  

	 ARTICLE 5—LIEU DE TRAVAIL
  

A titre purement informatif, Monsieur Pierre Agnes exercera ses fonctions à titre principal au siège social de Quiksilver Europe (Na Pali
SAS) actuellement situé 162 rue Beharra, 64500 Saint Jean de Luz. Il est expressément convenu que les fonctions de Monsieur Pierre Agnes pourront l’amener à effectuer des déplacements fréquents à
l’étranger et également en France.
  
 Le lieu habituel de
travail de Pierre Agnes est situé actuellement 162 rue Beharra, 64500 Saint Jean de Luz.
	  	 ARTICLE 5—PLACE OF WORK
  

For informational purposes only, Pierre Agnes will work principally in the Quiksilver Europe (Na Pali SAS) registered office which is currently located
162 rue Beharra, 64500 Saint Jean de Luz. It is expressly agreed that duties of Pierre Agnes may require him to make frequent trips abroad and also in France.
  

Pierre Agnes’ usual place of work is located currently at 162 rue Beharra, 64500 Saint Jean de Luz.

  

			
	 ARTICLE 6—CONGES PAYES
  

Monsieur Pierre Agnes bénéficiera des congés payés conformément à la législation française en
vigueur en la matière.
  
 Les dates des congés de Monsieur
Pierre Agnes seront déterminées en accord avec la Direction générale de Na Pali SAS, étant précisé que Pilot et/ou Quiksilver, Inc. se réservent le droit d’exiger que les congés
soient pris à certaines dates et/ou dans certaines circonstances.
  

Au terme du présent contrat, les congés acquis non pris seront payés à Monsieur
	  	 ARTICLE 6— PAID VACATION
  

Pierre Agnes shall be entitled to paid vacation provided by applicable French legislation.

 
 The dates of Pierre Agnes’ annual vacation shall be set in agreement with the
general management of Na Pali SAS. Pilot and/or Quiksilver, Inc. reserve the right to require that vacation be taken at certain times and/or in certain circumstances.
  

On termination of this Agreement, Pierre Agnes will be paid in respect of any accrued untaken vacation. Unless Pierre Agnes

  

	
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	 Pierre Agnes. Au cours de chaque année fiscale, Monsieur Pierre Agnes sera réputé avoir pris la totalité de
ses congés payés acquis, qui ne lui seront plus dus, à moins que Monsieur Pierre Agnes déclare le contraire au département des Ressources Humaines de Quiksilver, Inc., par écrit, avant la fin de chaque
année fiscale.
  
	  	 notifies Quiksilver, Inc.’s Human Resources Department in writing to the contrary as of the end of each fiscal year, however, it
will be assumed that Pierre Agnes has taken his full earned vacation during each fiscal year.
  

	 ARTICLE 7—PROTECTION SOCIALE
  

Dans le cadre du présent contrat, Monsieur Pierre Agnes bénéficiera de l’ensemble des régimes de retraite et de
prévoyance en vigueur au sein de Na Pali SAS ou qui viendraient à être mis en place ultérieurement pour sa catégorie.
  

A ce titre, Monsieur Pierre Agnes accepte de contribuer à hauteur de sa participation au financement de ces régimes, par le précompte
sur son salaire des cotisations y afférentes.
  
	  	 ARTICLE 7—INSURANCE COVERAGE
  

Within the framework of the present Agreement, Pierre Agnes will benefit from both of retirement and disability schemes in force within Na Pali SAS or
which would be implemented for his category in the future.
  
 In this
respect, Pierre Agnes accepts to contribute to the funding of these above-mentioned schemes, by the deduction of the social contributions from his salary.

 

		
	 ARTICLE 8—EXCLUSIVITE
  

Au cours de l’exécution du présent contrat, Monsieur Pierre Agnes consacrera l’ensemble de son temps professionnel, son attention,
ses aptitudes et son énergie à la Société, à Na Pali SAS, et à Quiksilver, Inc., et ne rendra aucun service à d’autres personnes ou entités, que ce soit contre rémunération
ou gratuitement, et ne s’engagera pas auprès d’une entreprise exerçant des activités concurrentes ou contraires à celles de la Société, de Na Pali SAS ou de Quiksilver, Inc., que ce soit
individuellement, en tant qu’employé, associé, responsable, directeur, actionnaire, mandataire ou dirigeant de toute autre société ; ou en tant qu’administrateur, fiduciaire ou dans toutes autres fonctions
semblables au sein de toute autre entité, sans le consentement préalable et écrit du Directeur Général de Quiksilver, Inc.
	  	 ARTICLE 8—EXCLUSIVITY
  

During Mr. Agnes’ employment under this Agreement, he will devote his full professional and business time, interest, abilities and energies to the
Company, Na Pali SAS and Quiksilver, Inc., 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, Na Pali
SAS’ or Quiksilver, Inc.’s business or welfare, whether alone, as an employee; as a partner; as a member or manager; 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 without the prior written consent of the Chief Executive Officer of Quiksilver, Inc.

  

	
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	 ARTICLE 9—SECRETS COMMERCIAUX - INFORMATIONS CONFIDENTIELLES ET/OU PROTEGEES

 
 La Société, Na Pali SAS et Quiksilver, Inc. détiennent certains
secrets commerciaux et autre information confidentielle et/ou protégée qui constituent des droits de propriété de valeur, qui ont été développés grâce à une dépense
substantielle de temps et d’argent, qui sont et continueront à être utilisés dans les affaires de la Société, de Na Pali SAS et de Quiksilver Inc, et qui ne sont pas généralement connus dans le
commerce. Ces informations protégées incluent notamment la liste des clients et fournisseurs de Quiksilver Inc., Na Pali SAS, la Société, et leurs filiales, et d’autres informations particulières concernant
les produits, finances, processus, choix de matériaux, tissus, dessins, sources de matériaux, informations sur les prix, calendriers de production, stratégies de vente et marketing, formules de commissions sur les ventes,
stratégies de merchandising, formulaires de commande et tout autre type d’information protégée relative aux produits, clients et fournisseurs de Quiksilver, Inc., Na Pali SAS, la Société, et de leurs filiales.
Monsieur Pierre Agnes accepte qu’il ne divulguera pas et qu’il gardera strictement secrets et confidentiels tous les secrets commerciaux et informations protégées de Quiksilver, Inc., Na Pali SAS, la Société, et
leurs filiales, incluant, mais sans limitation, les éléments spécifiquement mentionnés ci-dessus.
	  	 ARTICLE 9—TRADE SECRETS – CONFIDENTIAL AND/OR PROPRIETARY INFORMATION

 
 The Company, Na Pali SAS and Quiksilver, Inc. own certain trade secrets and other
confidential and/or proprietary information which constitute valuable property rights, which have been developed through a substantial expenditure of time and money, which are and will continue to be utilized in the Company’s, Na Pali SAS’
and Quiksilver, Inc.’s business and which are not generally known in the trade. This proprietary information includes notably the list of names of the customers and suppliers of Quiksilver, Inc., Na Pali SAS, the Company, and their affiliates,
and other particularized information concerning the products, finances, processes, material preferences, fabrics, designs, material sources, pricing information, production schedules, sales and marketing strategies, sales commission formulae,
merchandising strategies, order forms and other types of proprietary information relating to Quiksilver, Inc., Na Pali SAS, the Company, and their affiliates’ products, customers and suppliers. Pierre Agnes agrees that he will not disclose and
will keep strictly secret and confidential all trade secrets and proprietary information of Quiksilver, Inc., Na Pali SAS, the Company, and their affiliates, including, but not limited to, those items specifically mentioned
above.

  

			
	 ARTICLE 10—PROPRIETE ET DOCUMENTS
  

A la date de cessation du présent contrat ou dès la notification de la rupture en cas de dispense/absence de préavis, Monsieur Pierre
Agnes retournera sans délai à la Société tous les documents, propriétés et matériels de quelque nature que ce soit en relation avec son travail pour la Société et ses filiales, incluant
Quiksilver, Inc. et Na Pali SAS, qui sont en sa possession ou sous son contrôle. Monsieur Pierre Agnes ne retiendra et ne gardera copie d’aucun document portant des informations confidentielles.
	  	 ARTICLE 10—PROPERTY AND DOCUMENTS
  

At the date of termination of this Agreement or as soon as the termination of this Agreement is notified, if Pierre Agnes is exempted from working his
notice period and/or not subject to a notice period, Pierre Agnes shall return to the Company any document, property and material of any kind in relation to his work for the Company or its affiliates, including Quiksilver, Inc. and Na Pali SAS,
being in his possession or under his control. Pierre Agnes will not retain or keep any copy of any document that would contain confidential information.

  

	
	5

			
	 ARTICLE 11—RESPECT DES POLITIQUES COMMERCIALES

 
 Monsieur Pierre Agnes est tenu de respecter les politiques RH et commerciales, ainsi
que les procédures en vigueur au sein de la Société, Na Pali SAS et Quiksilver, Inc. En cas de conflit, les termes du présent contrat prévalent.
	  	 ARTICLE 11—COMPLIANCE WITH BUSINESS POLICIES

 
 Pierre Agnes will be required to observe the Company’s, Na Pali SAS’ and
Quiksilver, Inc.’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.

  

			
	 ARTICLE 12—RUPTURE DU CONTRAT DE TRAVAIL
  

ARTICLE 12-1 RUPTURE ET PREAVIS
  

Le présent contrat peut être résilié à tout moment par la Société ou Monsieur Pierre Agnes, à
condition de respecter un préavis de 3 ou 4 mois (en fonction de l’ancienneté du salarié), ou de verser une indemnité compensatrice de préavis, conformément à la convention collective
applicable.
  
 Toutefois, en cas de faute grave ou lourde, aucun
préavis ne sera applicable.
  
 Compte tenu de la cause du
présent contrat, les Parties conviennent que le présent contrat de travail sera rompu en cas de cessation (anticipée ou à échéance) du mandat social de Président qu’exerce Monsieur Pierre Agnes
au sein de Quiksilver Europe (Na Pali SAS).
  
 ARTICLE 12-2 INDEMNITE
CONTRACTUELLE DE RUPTURE
  
 Les Parties décident qu’il sera
alloué à Monsieur Pierre Agnes, en cas de rupture du présent contrat, à certaines conditions, une indemnité contractuelle d’un montant brut correspondant à 18 mois de rémunération
brute.
	  	 ARTICLE 12—TERMINATION OF THE EMPLOYMENT CONTRACT

 
 ARTICLE 12-1 TERMINATION AND NOTICE PERIOD

 
 This Agreement may be terminated at any time by either the Company or Pierre Agnes,
subject to a notice period of 3 or 4 months (depending on the employee’s seniority), or pay in lieu of notice, according to the applicable collective bargaining agreement.

 
 However, no notice period shall apply in case of serious or gross
misconduct.
  
 Considering the cause of the conclusion of this Agreement,
the Parties agree that this Agreement will be terminated in case of termination (early or at expiration date) of the Corporate Mandate as President of Pierre Agnes within Quiksilver Europe (Na Pali SAS).

 
 ARTICLE 12-2 CONTRACTUAL SEVERANCE INDEMNITY

 
 The Parties agree that in case of termination of this Agreement under certain
conditions, a contractual gross severance indemnity will be paid to Pierre Agnes amounting to 18 months of gross Remuneration.

  

	
	6

			
	 Par « rémunération », il y a lieu d’entendre pour les seules dispositions du présent
article, la rémunération mensuelle versée à Pierre Agnes au titre du présent contrat et de son mandat social de Président au sein de Na Pali SAS, excluant tout variable (c’est-à-dire, bonus,
commissions, intéressement, equity, stock options, participation...). A la date de conclusion du présent contrat, la rémunération de Monsieur Pierre Agnes s’élève à 39.583,33 (trente-neuf mille
cinq cents quatre-vingt trois euros et trente-trois centimes) euros bruts par mois.
  
 La présente indemnité contractuelle de rupture ne sera due à Monsieur Pierre Agnes que dans les trois cas suivants:

 

•        rupture du contrat de travail à
l’échéance du mandat social de Pierre Agnes comme Président au sein de Na Pali SAS, à savoir le 31 octobre 2016;
  

•        rupture du contrat de travail du fait de la cessation
anticipée du mandat social de Pierre Agnes comme Président au sein de Na Pali SAS « sans Cause légitime» telle que définie ci-après,

 

•        rupture par Monsieur Pierre Agnes de son contrat de travail
pour « Bonne Raison » (telle que définie ci-après) dans les six (6) mois de l’acte constituant la Bonne Raison.
  

Etant précisé cependant que, dans le cas où le présent contrat de travail de Monsieur Pierre Agnes se termine pour cause de
décès ou d’une incapacité permanente telles que fixées aux (i) et (ii), il (ou ses héritiers ou bénéficiaires en cas décès) ne recevra pas le montant brut de 18 mois de sa
rémunération brute, mais recevra en lieu et place une indemnité contractuelle de rupture réduite. Le montant brut de l’indemnité contractuelle de rupture réduite sera égal au prorata de son bonus
prévu le cas échéant par son mandat social, pour l’année fiscale au cours de laquelle le contrat est rompu pour cause de décès ou d’une incapacité permanente.
	  	 “Remuneration” means, only for the provisions of this article, the monthly remuneration payable to Pierre Agnes under this
Agreement and his Corporate Mandate as President of Na Pali SAS, but excludes any variable pay (e.g., bonus, commissions, incentive pay, equity, stock, profit-sharing, etc.). As of the date of this Agreement, Pierre Agnes’ Remuneration is
€39,583.33 (thirty-nine thousand, five hundred eighty-three and thirty-three hundredths euros) gross per month.
  

 
 This contractual severance indemnity will be due to Pierre Agnes in the following
three cases only:
  

•        termination of this Agreement due to the termination at
expiration date on October 31, 2016, of the Corporate Mandate of Pierre Agnes as President within Na Pali SAS;
  

•        termination of this Agreement due to the early termination
of the Corporate Mandate of Pierre Agnes as President within Na Pali SAS without “Legitimate Cause” as defined hereinafter;
  

•        termination by Pierre Agnes of this Agreement for
“Good Reason” (as defined hereinafter) within six (6) months of the action constituting Good Reason.
  
 Provided, however, that in the event Mr. Pierre Agnes’ employment terminates by reason of his death or permanent disability as set forth below in (i) or (ii), he (or his estate or
beneficiaries in the case of his death) shall not receive the gross amount of 18 months of gross remuneration, but shall receive instead a limited contractual severance indemnity. The gross amount of the limited contractual severance indemnity will
be equal to the pro rata portion of his bonus provided for in the Corporate Mandate, if any, for the fiscal year in which such termination by reason of death or permanent disability occurs.

  

	
	7

			
	 La « Cause légitime de rupture » comprend de manière non limitative les cas suivants (i) le
décès, (ii) l’incapacité permanente qui rend Monsieur Pierre Agnes dans l’impossibilité d’exercer les fonctions essentielles de son poste même avec des aménagements raisonnables, (iii) une
faute intentionnelle dans l’exécution des fonctions du salarié, (iv) la commission d’un délit professionnel ou la violation de la loi impliquant la turpitude morale ou la malhonnêteté, (v) conflit
d’intérêt, (vi) la violation délibérée des obligations professionnelles, (vii) la négligence répétée dans ses obligations professionnelles, ou (viii) une violation substantielle par
Monsieur Pierre Agnes de ses obligations en vertu du présent contrat ou du mandat social.
  
 La “Bonne Raison” pour Monsieur Pierre Agnes de mettre fin au présent contrat signifie une rupture volontaire et à son initiative en raison de (i) l’affectation de Monsieur
Pierre Agnes sans son consentement à des tâches substantiellement incompatibles avec la position qu’il occupe à la date du présent contrat, (ii) un changement substantiel dans le niveau de reporting de Monsieur Pierre
Agnes en comparaison avec celui instauré dans le présent contrat, sans son consentement (étant précisé que Pierre Agnes reporte actuellement au Directeur Général de Quiksilver, Inc.), (iii) une
diminution substantielle de l’autorité de Monsieur Pierre Agnes sans son consentement (iv) une violation substantielle par la Société de ses obligations en vertu du présent contrat, (v) le défaut pour la
Société d’obtenir de tout successeur, avant que la succession n’intervienne, un accord de prendre en charge et de remplir les obligations contenues dans le présent contrat, ou (vi) la mutation, sans son accord, de
Monsieur Pierre Agnes à plus de 150 km de Saint Jean de Luz (France).
	  	 “Legitimate Cause” shall include, but shall not be limited to, (i) death, (ii) permanent disability which renders
Pierre Agnes unable to perform the essential functions of his position even with reasonable accommodation, (iii) willful misconduct in the performance of Pierre Agnes’ duties, (iv) commission of a professional felony or violation of law
involving moral turpitude or dishonesty, (v) self-dealing, (vi) willful breach of professional duty, (vii) habitual neglect of professional duty, or (viii) a material breach by Pierre Agnes of his obligations under this Agreement or the Corporate
Mandate.
  
 “Good Reason” for Pierre Agnes to terminate this
Agreement means a voluntary termination as a result of (i) the assignment to Pierre Agnes of duties materially inconsistent with his position as of the date hereof without his consent, (ii) a material change in Pierre Agnes’ reporting
level from that set forth in this Agreement without his consent (Pierre Agnes currently reports to the Chief Executive Officer of Quiksilver, Inc.,), (iii) a material diminution of Pierre Agnes’ authority without his 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
relocation of Pierre Agnes, without his consent, to a location more than 150 km from Saint Jean de Luz (France).
  
 Notwithstanding the foregoing, Good Reason shall not exist unless Pierre Agnes provides the Company written notice of termination

  

	
	8

			
	 Nonobstant ce qui précède, aucune Bonne Raison ne sera caractérisée, à moins que Monsieur Pierre
Agnes notifie par écrit à la Société la rupture de son contrat de travail aux torts de la Société dans les quatre-vingt dix (90) jours suivant l’apparition d’une ou plusieurs des conditions
énoncées aux alinéas (i) à (vi) et, si un tel événement ou la condition est corrigible, la Société ne parvient pas à corriger un tel événement ou condition dans les trente
(30) jours de la notification.
  
 Cette indemnité contractuelle se
substitue à toute autre indemnité à laquelle Monsieur Pierre Agnes pourrait prétendre pour quel que motif que ce soit à l’occasion de l’exécution ou de la rupture tant du présent contrat de
travail que de son mandat social (et notamment, sans limitation, à l’indemnité légale ou conventionnelle de licenciement, indemnité pour licenciement sans cause réelle et sérieuse, indemnité pour
inobservation de la procédure, indemnité pour rupture abusive du mandat social, y compris si elles étaient attribuées par décision de justice...).

 
 Plus précisément, le paiement de cette indemnité contractuelle
de rupture inclut entre autres :
  
 •        le paiement d’une indemnité de préavis ou d’une indemnité compensatrice de préavis (conformément à
la convention collective applicable, à savoir 3 ou 4 mois en fonction de l’ancienneté du salarié) ;
  

•        le paiement d’une indemnité de licenciement
prévue par le Code du travail français ou la convention collective applicable ;
  

•        le paiement de l’indemnité compensatrice de
congés payés.
  
 L’indemnité contractuelle de
rupture sera payée en plusieurs versements :
  
 1. le montant
représentant (i) l’indemnité compensatrice de préavis, (ii) l’indemnité de licenciement prévue par le Code du travail ou la Convention collective applicable et (iii) l’indemnité compensatrice
de congés payés
	  	 on account thereof within ninety (90) days following the initial existence of one or more of the conditions described in clauses (i)
through (vi) and, if such event or condition is curable, the Company fails to cure such event or condition within thirty (30) days of such written notice.
  

This contractual severance indemnity replaces all other indemnity that Pierre Agnes could claim on any grounds whatsoever in relation to the performance
or termination of both this Agreement and his Corporate Mandate (including, without limitation, legal severance pay or severance pay provided by the collective bargaining agreement, damages for dismissal without real and serious ground, damages for
breach of procedure, damages for wrongful termination of the Corporate Mandate, even if they were awarded by a court decision).
  

More precisely, the payment of this contractual severance indemnity includes among others :

 

•        the payment of the notice period indemnity or pay in lieu
of notice (provided by the collective bargaining agreement, i.e., 3 or 4 months depending on the employee’s seniority);
  

•        the payment of the severance pay provided by the French
Labour Code or the applicable collective bargaining agreement;
  
 •        the payment of the accrued untaken vacation indemnity
  

This contractual severance indemnity will be paid in several installments :

 
 1. the amount that represents (i) the indemnity in lieu of notice, (ii) the severance
pay provided by the French Labor Code or the applicable collective bargaining agreement and (iii) the indemnity for accrued untaken vacation will be paid at the end of

  

	
	9

			
	 sera payé à la fin du présent contrat (sauf si Mr Pierre Agnes effectue son préavis; dans ce cas,
l’indemnité de préavis sera payée chaque mois durant le préavis aux échéances normales de la paie).
  

Les Parties conviennent que l’indemnité de préavis (ou l’indemnité compensatrice de préavis), ou
l’indemnité de licenciement prévue par le Code du travail ou la Convention collective applicable, et l’indemnité compensatrice de congés payés sont calculées uniquement sur la base du salaire
mensuel brut perçu par Monsieur Pierre Agnes en vertu du présent contrat de travail.
  
 2. l’excédent (du montant de l’indemnité contractuelle de rupture) sera réglé en plusieurs versements, aux échéances normales de la paie, durant les 18
mois suivant la fin du présent contrat de travail.
  
 Etant
précisé que les Parties conviennent que le paiement de l’excédent requiert que Pierre Agnes renonce définitivement à exercer toute action judiciaire à l’encontre de la Société, ou des
autres sociétés du Groupe, à la suite de la rupture de son contrat, dans une forme raisonnablement acceptée par Quiksilver, Inc.
  

Les Parties entendent faire de cette indemnité contractuelle de rupture une condition essentielle du présent contrat.
	  	 this Agreement (unless Mr. Agnes performs his notice period; in such case, the notice period indemnity will be paid each month during
the notice period, on regular payroll dates).
  
 The Parties agree that the
notice period indemnity (or the indemnity in lieu of notice), the severance pay provided by the French Labour Code or the applicable collective bargaining agreement, and the accrued but untaken vacation indemnity, are calculated on the monthly gross
salary received by Pierre Agnes pursuant to this Employment Agreement only.
  

2. the excess (of the amount of the contractual severance pay) is paid in installments on the Company’s regular payroll dates during the 18-month
period following the end of employment.
  
 The Parties agree that the
payment of this excess amount requires that Pierre Agnes sign a general release of claims in a form reasonably acceptable to Quiksilver, Inc., following his termination.

 
 The Parties intend that this contractual severance indemnity is an essential
condition of this Agreement.

  

	
	10

			
	 ARTICLE 13—INTEGRALITE DU CONTRAT
  

Le présent contrat, le mandat social et tout accord de confidentialité, stock option, actions gratuites, “restricted stock unit”,
“stock appreciation rights” ou d’autres contrats similaires que la Société pourrait conclure avec Monsieur Pierre Agnes contiennent l’intégralité de l’accord passé entre la
Société et Monsieur Pierre Agnes dans le cadre de sa relation de travail, et aucune modification ou avenant au présent contrat ne sera valide, s’il n’est pas rédigé par écrit et signé par
Monsieur Pierre Agnes ainsi que par un représentant de la Société dûment habilité.
  
	  	 ARTICLE 13—ENTIRE AGREEMENT
  

This Agreement, the Corporate Mandate, and any confidentiality, stock option, restricted stock, restricted stock unit, stock appreciation rights or other
similar agreements the Company may enter into with Pierre Agnes contain the entire integrated agreement between the Company and Pierre Agnes regarding his employment, and no modification or amendment to this Agreement will be valid unless set forth
in writing and signed by both Pierre Agnes and an authorized officer of the Company.
  

	 ARTICLE 14—SUCCESSEURS ET CESSIONNAIRES
  

Le présent contrat sera cessible par Quiksilver, Inc. à tout successeur ou à toute société détenue ou
contrôlée par Quiksilver, Inc., et liera tout successeur direct ou indirect dans les affaires de Quiksilver, Inc., par l’achat de titres, ou par fusion, consolidation, acquisition de tout ou d’une partie substantielle des
actifs de Quiksilver, Inc., ou par tout autre moyen.
  
	  	 ARTICLE 14—SUCESSORS AND ASSIGNS
  

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

 

		
	 ARTICLE 15—RESPECT DU MECANISME DE REMBOURSEMENT “CLAWBACK COMPLIANCE”

 
 Toute somme payée au titre du présent contrat de travail sera
remboursée en conformité avec toute politique de remboursement “Clawback policy” que la Société, Quiksilver, Inc. ou Na Pali SAS a adoptée, ou devra adopter dans le futur afin de respecter les
normes d’inscription à la cote de toute bourse nationale d’échange de titres ou association sur laquelle les titres de Quiksilver, Inc. sont cotés, ou comme il est par ailleurs requis par le Dodd-Frank Wall Street
Reform and Consumer Protection Act ou tout autre texte applicable.
	  	 ARTICLE 15—CLAWBACK COMPLIANCE
  

Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that the Company, Quiksilver, Inc. or Na
Pali SAS has adopted or is required in the future to adopt pursuant to the listing standards of any national securities exchange or association on which Quiksilver, Inc.’s securities are listed or as is otherwise required by the Dodd-Frank Wall
Street Reform and Consumer Protection Act or other applicable law.

  

	
	11

			
	 Fait à St Jean de Luz,

Le 6 Mars 2012
  
 En deux exemplaires originaux.
  
	  	 In St Jean de Luz,
 On
March 6, 2012
  
 Executed in two originals.

 

		
	 Pour la Société (*) :

 
 Pour Pilot SAS:

Pierre Boccon Liaudet

Président
	  	 For the Company:
  

On behalf of Pilot SAS
 Pierre Boccon
Liaudet
 President

		
	 Pour Monsieur Pierre Agnes (*) :

 
 Pierre Agnes

(*) Signature précédée de la mention manuscrite « lu et approuvé » et paraphe de toutes les pages
du document.
	  	 For Pierre Agnes:
  

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

  

	
	12

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