Document:

Exhibit 10.57

 

Director Compensation Summary

 

We currently pay our
non-management directors an annual retainer of $150,000 per year.  We pay
$60,000 of the retainer in cash and $90,000 of the retainer in restricted stock
to non-management directors who have not satisfied our share ownership
guidelines.  We pay $105,000 of the
retainer in cash and $45,000 of the retainer in restricted stock to
non-management directors who have satisfied our share ownership guidelines. Any
director may elect to receive up to 100 percent his annual retainer in
restricted stock.  Any director who has satisfied our share ownership
guidelines may also elect to receive up to 50 percent of the portion of
the annual retainer that is not paid in cash in the form of stock options rather
than in the form of restricted stock.  Grants of restricted stock receive
cash dividends.  Restricted stock and stock options vest on the day
immediately prior to the first annual general meeting of shareholders at which
directors are elected following the grant of the stock or option.  Vested
options are exercisable for up to ten years after grant, but only while the
director is serving on the Board and for 30 days after leaving the Board (two
years after leaving if the director’s departure 
is due to his retirement after five years of Board service, death, or
disability, and two years following a change in control).

 

The Chairman of the Board
receives an additional $100,000 annual retainer, the Chairman of the Audit
Committee receives an additional $30,000 annual retainer and the Chairman of
each of the Compensation Committee, the Nominating and Governance Committee,
the Finance Committee and the Risk Oversight Committee receives an additional
$10,000 annual retainer. Members of the Audit Committee, other than the
chairman, receive an additional $10,000 annual retainer and members, other than
the chairmen, of each of the Compensation Committee, the Nominating and
Governance Committee, the Finance Committee and the Risk Oversight Committee
receive an additional $5,000 annual retainer. AGL will generally not pay a fee
for attendance at board or committee meetings, though the Chairman of the Board
has the discretion to pay attendance fees of $2,000 for extraordinary or
special meetings.

 

The Board of Directors
has recommended that each director own at least 10,000 common shares within
three years after joining the Board.  Common shares represented by stock
units previously granted to directors (i.e., units for which common shares will
be received six months after the director’s departure from service on the Board
of Directors) will count toward that guideline, although restricted shares
awarded upon a director’s initial election will not.  We have discontinued
both the practice of granting stock units to directors and of awarding
directors an initial, one-time restricted share grant upon their election to
the Board.  We continue to credit
dividend equivalents to outstanding stock units that were awarded to directors
in prior years as additional stock units at such time as cash dividends are
paid to holders of our common shares, based on the closing price of AGL’s
common shares on the date dividends are paid.Exhibit 10.33

 

CHANGE OF CONTROL AND
SEVERANCE AGREEMENT

 

THIS CHANGE OF CONTROL AND
SEVERANCE AGREEMENT (the “Agreement”) is made as of
                        ,
by and between DECKERS OUTDOOR CORPORATION, a
Delaware corporation (the “Company”), and ANGEL
MARTINEZ (the “Executive”) and is effective as of January 1,
2010 (the “Effective Date”).

 

ARTICLE I

DUTIES AND TERM

 

1.1           EMPLOYMENT.  In consideration of their mutual covenants
and other good and valuable consideration, the receipt, adequacy, and sufficiency
of which is hereby acknowledged, the Company agrees to enter into this
Agreement with the Executive, on an “at will” basis, and the Executive agrees
to enter into this Agreement upon the terms and conditions herein provided and
in accordance with all applicable employment rules of the Company.

 

1.2           POSITION AND RESPONSIBILITIES.  The Executive will serve as President and
Chief Executive Officer and shall report to the Company’s Board of Directors.

 

1.3           TERM.  The term of this Agreement will commence on
the Effective Date of this Agreement and will continue, unless sooner
terminated. Employment of the Executive is at will and will continue until such
time as written notice of termination is given by the Company or written notice
is given by the Executive.

 

1.4           AT-WILL EMPLOYMENT.  Executive will continue to be employed as an
at-will employee of the Company.  Subject
to the provisions of Articles III and IV, as an at-will employee, Executive is
free to terminate his/her employment with the Company at any time, for any
reason, and the Company has the similar right to terminate Executive’s
employment at any time, for any reason. 
Although the Company may choose to terminate Executive’s employment for
cause, Executive’s employment is at-will and cause is not required.

 

ARTICLE II

COMPENSATION

 

For all services rendered by
the Executive in any capacity during the Executive’s employment under this
Agreement, the Company will compensate the Executive as follows:

 

2.1           BASE SALARY.  Effective as of January 1, 2010, the
Company will pay to the Executive an annual base salary of Nine Hundred Fifty
Thousand Dollars ($950,000) to be paid in equal installments in accordance with
the Company’s general payment policies in effect during the term hereof (the “Base
Salary”). Executive’s annual base salary may be reviewed prior to December 31,
2010 and appropriate increases to salary implemented. If Executive’s annual
base salary is not revised effective December 31, 2010, then Executive’s
then existing salary will continue on a monthly basis until changed. This
provision does not alter the at-will nature of Executive’s employment or the
provisions of Articles III and IV below.

 

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2.2           INCENTIVE BONUS.  The Executive shall be eligible to receive a
targeted annual bonus based on performance criteria established annually by the
Compensation Committee (the “Incentive Bonus”).

 

2.3           STOCK COMPENSATION.  The Executive may be granted options to
purchase shares of Company Common Stock or Restricted Stock Units to purchase
shares of Company Common Stock in accordance with the Company’s Stock Option
Plan.  Any grants must be approved by the
Compensation Committee.

 

2.4           ADDITIONAL BENEFITS.  The Executive will be entitled to participate
in all benefit and welfare programs, plans, and arrangements that are from time
to time made available to the Company’s like-level executive employees.

 

2.5           DIRECTORS AND OFFICERS INSURANCE; INDEMNIFICATION AGREEMENT.  The Executive will be insured
under the Company’s Directors and Officers insurance and will be provided the
Company’s standard indemnification agreement.

 

ARTICLE III

TERMINATION OF EMPLOYMENT

 

3.1           GENERAL. 
While Executive is an at-will employee as provided at Section 1.4
above, the follow conditions for termination of employment are set forth in
order to determine the nature of Executive compensation entitlement upon
termination of employment as discussed in Article IV below.  Neither the provisions of Article III or
Article IV of this Agreement shall alter the at-will nature of Executive’s
employment with the Company.  Upon
termination of Executive’s employment, Executive shall be deemed to have
automatically resigned as a director or officer of any of the Company’s
affiliates or subsidiaries in which Executive serves in any such capacity and
during and after Executive’s employment, Executive will assist Company in every
proper way to evidence such resignation.

 

3.2           DEATH OR RETIREMENT OF EXECUTIVE.  The Executive’s employment under this
Agreement will automatically terminate upon the death or Retirement (as defined
in Section 6.1) of the Executive.

 

3.3           BY EXECUTIVE.  The Executive may terminate the Executive’s
employment under this Agreement by giving Notice of Termination (as defined in Section 6.1
hereof) to the Company:

 

(a)           for Good Reason (as defined in Section 6.1 hereof); and

 

(b)           at any time without Good Reason.

 

3.4           BY COMPANY.  The Company may terminate the Executive’s
employment under this Agreement by giving Notice of Termination to the Executive:

 

(a)           in the event of Executive’s Total Disability (as defined in Section 6.1
hereof);

 

(b)           for Cause (as defined in Section 6.1 hereof); and

 

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(c)           at any time without Cause.

 

ARTICLE IV

COMPENSATION UPON TERMINATION OF EMPLOYMENT

 

If the Executive’s
employment hereunder is terminated, in accordance with the provisions of Article III
hereof, and except for any other rights or benefits specifically provided for
herein to be effective following the Executive’s period of employment, the
Company will provide compensation and benefits to the Executive only as
follows:

 

4.1           UPON TERMINATION FOR DEATH OR DISABILITY.  If the Executive’s employment hereunder is
terminated by reason of the Executive’s death or Total Disability, the Company
will:

 

(a)           pay the Executive (or the Executive’s estate) or beneficiaries any Base
Salary that has accrued but was not paid as of the termination date (the “Accrued
Base Salary”);

 

(b)           pay the Executive (or the Executive’s estate) or beneficiaries for unused
vacation days accrued as of the termination date in an amount equal to the
Executive’s Base Salary multiplied by a fraction the numerator of which is the
number of accrued unused vacation days and the denominator of which is 260 (the
“Accrued Vacation Payment”);

 

(c)           subject to Section 4.6 hereof, reimburse the Executive (or the
Executive’s estate) or beneficiaries for expenses incurred by him prior to the
date of termination that are subject to reimbursement pursuant to this
Agreement (the “Accrued Reimbursable Expenses”);

 

(d)           provide to the Executive (or the Executive’s estate) or beneficiaries any
accrued and vested benefits required to be provided by the terms of any
Company-sponsored benefit plans or programs (the “Accrued Benefits”),
together with any benefits required to be paid or provided in the event of the
Executive’s death or Total Disability under applicable law;

 

(e)           pay the Executive (or the Executive’s estate) or beneficiaries any
Incentive Bonus with respect to a fiscal year prior to the year of termination
that has been earned and accrued but has not been paid (the “Accrued
Incentive Bonus”); plus a pro-rated portion of the Incentive Bonus based on
the actual length of service during the year of termination paid within sixty
(60) days after the Executive’s date of termination; and

 

(f)            the Executive (or the Executive’s estate) or beneficiaries shall have the
right to exercise all vested unexercised stock options and warrants outstanding
at the termination date in accordance with terms of the plans and agreements
pursuant to which such options or warrants were issued.

 

4.2           UPON TERMINATION BY COMPANY FOR CAUSE OR BY EXECUTIVE WITHOUT GOOD REASON.  If the Executive’s employment is
terminated by the Company for Cause, or if the Executive terminates the
Executive’s employment with the Company other than (x) upon the Executive’s
death or Total Disability or (y) for Good Reason, the Company will:

 

(a)           pay the Executive the Accrued Base Salary;

 

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(b)           pay the Executive the Accrued Vacation Payment;

 

(c)           subject to Section 4.6 hereof, pay the Executive the Accrued
Reimbursable Expenses;

 

(d)           pay the Executive the Accrued Benefits, together with any benefits
required to be paid or provided under applicable law;

 

(e)           pay the Executive any Accrued Incentive Bonus, and excluding any
Incentive Bonus for the year of termination; and

 

(f)            the Executive will have the right to exercise vested options and warrants
in accordance with Section 4.1(f) hereof.

 

4.3           UPON TERMINATION BY THE COMPANY WITHOUT CAUSE OR BY EXECUTIVE FOR GOOD
REASON.  In the
event the Executive has incurred a Separation from Service (within the meaning
of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as
amended (the “Code”), and Treasury Regulation Section 1.409A-1(h))
(“Separation from Service”) by reason of a termination of the Executive’s
employment by the Company without Cause or by the Executive for Good Reason,
the Company will:

 

(a)           pay the Executive the Accrued Base Salary;

 

(b)           pay the Executive the Accrued Vacation Payment;

 

(c)           subject to Section 4.6 hereof, pay the Executive the Accrued
Reimbursable Expenses;

 

(d)           pay the Executive the Accrued Benefits, together with any benefits required
to be paid or provided under applicable law;

 

(e)           pay the Executive any Accrued Incentive Bonus; plus a pro-rated portion
of the Incentive Bonus based on the actual length of service during the year of
termination, payable in lump sum within sixty (60) days after Executive’s date
of termination;

 

(f)            pay the Executive severance, commencing within sixty (60) days following
the termination date, of twelve (12) monthly payments equal to one-twelfth
(1/12th) of the Executive’s Annual Base Salary in effect immediately prior to
the time such termination occurs and paid on the regular monthly payroll dates
of the Company in accordance with the Company’s payroll practices as in effect
on such termination date.  Each
installment payment made pursuant to this Section 4.3(f) shall be
considered a separate payment for purposes of Section 409A of the Code
(including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)).  Severance will be mitigated on a dollar for
dollar basis for any income received by Executive for duties performed for
Company or any third party during the twelve (12) months following termination;

 

(g)           maintain in full force and effect, for the Executive’s and the Executive’s
eligible beneficiaries, until the first to occur of (x) the Executive’s
attainment of alternative employment if such employment includes health
insurance benefits or (y) the twelve (12) 

 

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month
anniversary of termination of employment, the benefits provided pursuant to
Company-sponsored benefit plans, programs, or other arrangements in which the
Executive was entitled to participate as a full-time employee immediately prior
to such termination in accordance with Section 2.4 hereof, subject
to the terms and conditions of participation as provided under the general
terms and provisions of such plans, programs, and arrangements, or in the
alternate, the Company will arrange to provide the Executive with continued
benefits substantially similar to those which the Executive would have been
entitled to receive under such plans, programs, and arrangements (the “Continued
Benefits”); and

 

(h)           the Executive shall have the right to exercise vested options and
warrants in accordance with Section 4.1(f).

 

4.4           UPON CHANGE OF CONTROL AND TERMINATION BY THE COMPANY WITHOUT CAUSE OR BY
EXECUTIVE FOR GOOD REASON.  In the event the Executive has incurred a
Separation from Service by reason of a termination of the Executive’s
employment, within two (2) years of a Change of Control, by the Company
without Cause or by the Executive for Good Reason, the Company will:

 

(a)           pay the Executive the Accrued Base Salary;

 

(b)           pay the Executive the Accrued Vacation Payment;

 

(c)           subject to 4.6 hereof, pay the Executive the Accrued Reimbursable
Expenses;

 

(d)           pay the Executive the Accrued Benefits, together with any benefits
required to be paid or provided under applicable law;

 

(e)           pay the Executive any Accrued Incentive Bonus; plus a pro-rated portion
of the Incentive Bonus based on the actual length of service during the year of
termination, payable in lump sum within sixty (60) days after Executive’s date
of termination;

 

(f)            pay the Executive severance of two (2) times Executive’s Annual Base
Salary in effect immediately prior to the time such termination occurs plus the
greater of (x) two (2) times the targeted Incentive Bonus immediately
prior to the time such termination occurs or (y) two (2) times the
average actual Incentive Bonus for the previous three (3) years, whichever
is greater, in lump sum within sixty (60) days after Executive’s date of
termination;

 

(g)           maintain in full force and effect, for the Executive’s and the Executive’s
eligible beneficiaries, until the first to occur of (x) the Executive’s
attainment of alternative employment if such employment includes health
insurance benefits or (y) the twenty-four (24) month anniversary of
termination, the benefits provided pursuant to Company-sponsored benefit plans,
programs, or other arrangements in which the Executive was entitled to
participate as a full-time employee immediately prior to such termination in
accordance with Section 2.4 hereof, subject to the terms and
conditions of participation as provided under the general terms and provisions
of such plans, programs, and arrangements, or in the alternate, the Company
will arrange to provide the Executive with Continued Benefits substantially
similar to those which the Executive would have been entitled to receive under
such plans, programs, and arrangements; and

 

5

 

(h)           the Executive shall have the right to exercise vested options and
warrants in accordance with Section 4.1(f).

 

4.5           RELEASE.  Notwithstanding any provision herein to the
contrary, the Company may require that, prior to payment of any amount or
provision of any benefit pursuant to subsection (f) or (g) of Sections
4.3 and 4.4, Executive shall have executed, on or prior to the
Release Expiration Date, a customary general release in favor of the Company in
the form attached hereto as Exhibit A, and any waiting periods
contained in such release shall have expired. 
To the extent that the Company requires execution of such release, the
Company shall deliver such release to Executive within five (5) business
days following the termination of Executive’s employment hereunder.  In the event that Executive fails to execute
such release on or prior to the Release Expiration Date, Executive shall not be
entitled to any payments or benefits pursuant to subsections (f) or (g) of
Sections 4.3 and 4.4.

 

4.6           Accrued Reimbursable Expenses.  Without limiting the Company’s obligation
under Sections 4.1(c), 4.2(c), 4.3(c) and 4.4(c) hereof, the
reimbursement of any Accrued Reimbursable Expenses shall be made no later than December 31
of the year following the year in which the expense was incurred.

 

4.7           Section 409A.

 

(a)           Notwithstanding
anything herein to the contrary, to the extent (i) any amount or benefit
payable to the Executive pursuant to Sections 4.1, 4.2, 4.3
or 4.4 is treated as non-qualified deferred compensation subject to Section 409A
of the Code, (ii) the Company’s securities are publicly traded on the date
of the Executive’s termination of employment, (iii) the Executive is
determined by the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of
the Code, and (iv) the Company determines that delayed commencement of any
portion of the amounts payable to Executive pursuant to Sections 4.1,
4.2, 4.3 or 4.4 is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code (any such
delayed commencement, a “Payment Delay”), then such portion of the Executive’s
payments and/or benefits described in Sections 4.2, 4.3 or 4.4,
as the case may be, shall not be provided to Executive prior to the earlier of (A) the
expiration of the six-month period measured from the date of the Executive’s
date of termination, (B) the date of the Executive’s death or (C) such
earlier date as is permitted under Section 409A.  Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) deferral
period, all payments deferred pursuant to a Payment Delay shall be paid in a
lump sum to Executive on the first day following such expiration, and any
remaining payments due under Sections 4.1, 4.2, 4.3 or 4.4
shall be paid as otherwise provided herein.

 

(b)           Notwithstanding
anything in this Section 4.7 to the contrary, to the maximum extent
permitted by applicable law, amounts payable to Executive pursuant to Sections
4.2, 4.3 or 4.4, as the case may be, shall be made in
reliance upon the Section 409A Safe Harbor Limit (as defined in Article VI)
and/or the exception for short-term deferrals (as set forth in Treasury
Regulation Section 1.409A-1(b)(4)).

 

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ARTICLE
V

ADDITIONAL AGREEMENTS

 

5.1           OTHER AGREEMENTS.  As further material consideration for the
Company entering into this Agreement, the Executive will also execute the
Company’s standard employee confidentially agreement, inventions assignment
agreement, and any other agreements required to be executed by all like level
executives of the Company.

 

5.2           EMPLOYEE’S RESTRICTIVE
COVENANTS UPON TERMINATION.  If the Executive’s employment is terminated
for any reason, Executive agrees:

 

(a)           To keep all of the Company’s
Confidential Information confidential in perpetuity in accordance with the
Company’s policy; and

 

(b)           To not hire or solicit for
hire or consultation employees of the Company for a period of one and
one-half  (1 1/2) years after termination
of employment.

 

ARTICLE
VI

MISCELLANEOUS

 

6.1           DEFINITIONS.  For purposes of this Agreement, the following
terms will have the following meanings:

 

(a)           “Accrued Base Salary”
- as defined in Section 4.1(a) hereof.

 

(b)           “Accrued Benefits” -
as defined in Section 4.1(d) hereof.

 

(c)           “Accrued Incentive Bonus”
- as defined in Section 4.1(e) hereof.

 

(d)           “Accrued Reimbursable
Expenses” - as defined in Section 4.1(c) hereof.

 

(e)           “Accrued Vacation Payment”
- as defined in Section 4.1(b) hereof.

 

(f)            “Affiliate” of a Person
means a Person that directly or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, the first Person. “Control”
(including the terms “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the
ownership of voting securities, by contract or credit arrangement, as trustee
or executor, or otherwise.

 

(g)           “Incentive Bonus” as
defined in Section 2.2 hereof.

 

(h)           “Base Salary” as
defined in Section 2.1 hereof.

 

(i)            “Cause” will mean any
willful breach of duty by the Executive in the course of the Executive’s
employment, continued violation of written Company employment policies after
written notice of such violation, violation of the Company’s Insider Trading
Policies, conviction of a felony or any crime involving fraud, theft,
embezzlement, dishonesty or moral turpitude, 

 

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engaging in activities which materially
defame the Company, engaging in conduct which is material injurious to the
Company or its Affiliates, or any of their respective customer or supplier
relationships, financially or otherwise, or the Executive’s gross negligence or
continued failure to perform Executive’s duties or his/her continued incapacity
to perform such duties.

 

(j)            “Change of Control”
will mean if there is a merger, consolidation, sale of all or a major portion
of the assets of the Company (or a successor organization) or similar
transaction or circumstance where any person or group acquires, in one or more
transactions, beneficial ownership of more than Fifty Percent (50%) of the
outstanding shares of any class of voting stock of the Company (or a successor
organization).

 

(k)           “Compensation Committee”
means the Compensation Committee of the Company’s Board of Directors.

 

(l)            “Continued Benefits”
as defined in Section 4.3(g) hereof.

 

(m)          “Good Reason” will
mean, without the consent of the Executive (1) the occurrence of material
breach of this Agreement by the Company, or (2) if within two (2) years
of a Change of Control, there is a material reduction of the Executive’s total
compensation, benefits, and perquisites, the Company’s relocation is greater
than fifty (50) miles from the location where the Executive performs services,
or a material change in the Executive’s position or duties; provided, however,
no such event shall constitute “Good Reason” hereunder unless the Executive
shall have given written notice to the Company of Executive’s intent to resign
for “Good Reason” within thirty (30) days after the Executive first becomes
aware of the occurrence of any such event (specifying the nature and scope of the event) and such event or
occurrence shall not have been cured within thirty (30) days of the Company’s
receipt of such notice.

 

(n)           “Notice of Termination”
will mean a notice which shall indicate the specific termination provision of
this Agreement relied upon and shall generally set forth the basis for
termination of the Executive’s employment under the provision so indicated.

 

(o)           “Person” means any
natural person, firm, partnership, association, corporation, company, limited
liability company, limited partnership, trust, business trust, governmental
authority, or other entity.

 

(p)           “Release Expiration Date”
shall mean the date which is twenty-one (21) days following the date upon which
the Company delivers Executive the release contemplated in Section 4.5
above, or, in the event that such termination of employment is “in connection
with an exit incentive or other employment termination program” (as such phrase
is defined in the Age Discrimination in Employment Act of 1967), the date which
is forty-five (45) days following such delivery date.

 

(q)           “Retirement” will
mean normal retirement at age 65.

 

(r)            “Section 409A Safe
Harbor Limit” will mean, as determined in accordance with Treasury
Regulation §1.409A-1(b)(9)(iii), an amount equal to two (2) times the
lesser of (i) Executive’s annual rate of compensation for the taxable year
immediately preceding the taxable year in which Executive’s employment is
terminated by the Company or (ii) the dollar 

 

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amount in effect under Section 401(a)(17)
of the Code for the taxable year in which Executive’s employment is terminated.

 

(s)           “Severance” will mean
payments after termination of Executive’s employment.

 

(t)            “Total Disability”
will mean the Executive’s failure substantially to perform the Executive’s
duties hereunder on a full-time basis for a period exceeding one hundred eighty
(180) consecutive days or for periods aggregating more than one hundred eighty
(180) days during any twelve (12) month period as a result of incapacity due to
physical or mental illness.  If there is
a dispute as to whether the Executive is or was physically or mentally unable
to perform the Executive’s duties under this Agreement, such dispute will be
submitted for resolution to a licensed physician agreed upon by the Company and
the Executive, or if an agreement cannot be promptly reached, the Company and
the Executive will promptly each select a physician, and if these physicians
cannot agree, the physicians will promptly select a third physician whose
decision will be binding on all parties. 
If such a dispute arises, the Executive will submit to such examinations
and will provide such information as such physician(s) may request, and
the determination of the physician(s) as to the Executive’s physical or
mental condition will be binding and conclusive.  Notwithstanding the foregoing, if the
Executive participates in any group disability plan provided by the Company,
which offers long-term disability benefits, “Total Disability” will mean
total disability as defined therein.

 

6.2           KEY MAN INSURANCE.  The Company will have the right, in its sole
discretion, to purchase “key man” insurance on the life of the Executive.  The Company shall be the owner and
beneficiary of any such policy.  If the
Company elects to purchase such a policy, the Executive will take such physical
examinations and supply such information as may be reasonably requested by the
insurer.

 

6.3           SUCCESSORS; BINDING
AGREEMENT.  This
Agreement will be binding upon any successor to the Company and will inure to
the benefit of and be enforceable by the Executive’s personal or legal
representatives, beneficiaries, designees, executors, administrators, heirs,
distributees, devisees and legatees.

 

6.4           MODIFICATION; NO WAIVER.  This Agreement may not be modified or amended
except by an instrument in writing signed by the parties hereto.  No term or condition of this Agreement will
be deemed to have been waived, nor will there be any estoppel against the
enforcement of any provision of this Agreement, except by written instrument by
the party charged with such waiver or estoppel. 
No such written waiver will be deemed a continuing waiver unless
specifically stated therein, and each such waiver will operate only as to the
specific term or condition waived and will not constitute a waiver of such term
or condition for the future or as to any other term or condition.

 

6.5           SEVERABILITY.  The covenants and agreements contained herein
are separate and severable and the invalidity or unenforceability of any one or
more of such covenants or agreements, if not material to the employment
arrangement that is the basis for this Agreement, will not affect the validity
or enforceability of any other covenant or agreement contained herein.

 

6.6           FORM OF NOTICE TO
PARTIES.  All notices, requests,
demands, waivers and other communications required or permitted to be given
under this Agreement shall be in writing 

 

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and shall be deemed to have been duly given
if (a) delivered personally, (b) mailed by first-class, registered or
certified mail, return receipt requested, postage prepaid, or (c) sent by
next-day or overnight mail or delivery or (d) sent by telecopy or
telegram, to the following address:

 

	
  If to the Executive:

  	
  Angel Martinez

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  If to the Company:

  	
  Deckers
  Outdoor Corporation

  
	
   

  	
  495-A
  South Fairview Avenue

  
	
   

  	
  Goleta,
  CA 93117

  
	
   

  	
  Attn:
  Angel Martinez

  
	
   

  	
  Facsimile:
  805-967-7862

  

 

or, in each case, at such
other address as may be specified in writing to the other parties hereto.

 

All such notices, requests,
demands, waivers and other communications shall be deemed to have been received
(w) if by personal delivery on the day after such delivery, (x) if by
certified or registered mail, on the seventh business day after the mailing thereof,
(y) if by next-day or overnight mail or delivery, on the day delivered, (z) if
by telecopy or telegram, on the next day following the day on which such
telecopy or telegram was sent, provided that a copy is also sent by certified
or registered mail.

 

6.7           ASSIGNMENT.  This Agreement and any rights hereunder will
not be assignable by either party without the prior written consent of the
other party except as otherwise specifically provided for herein.

 

6.8           ENTIRE UNDERSTANDING.  This Agreement constitutes the entire
understanding between the parties hereto and no agreement, representation,
warranty or covenant has been made by either party except as expressly set
forth herein.

 

6.9           EXECUTIVE’S REPRESENTATIONS.  The Executive represents and warrants that
neither the execution and delivery of this Agreement nor the performance of the
Executive’s duties hereunder violates the provisions of any other agreement to
which he is a party or by which he is bound.

 

6.10         GOVERNING LAW .  This Agreement will be construed in
accordance with the laws of the State of California, without regard to the
conflict of laws provisions thereof, with venue proper only in the County of
Santa Barbara, California.

 

6.11         ARBITRATION.

 

(a)           Except as provided in Section 6.11(c) below,
the parties hereto agree that any dispute or controversy arising out of,
relating to, or in connection with this Agreement, or the interpretation,
validity, construction, performance, breach, or termination thereof, shall be
finally settled by binding arbitration, unless otherwise required by law, to be
held in Santa Barbara, California under the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association as
then in effect (the “Rules”). The arbitrator(s) may grant injunctions
or 

 

10

 

other relief in such dispute or controversy.
The decision of the arbitrator(s) shall be final, conclusive and binding
on the parties to the arbitration, and judgment may be entered on the decision
of the arbitrator(s) in any court having jurisdiction.

 

(b)           The arbitrator(s) shall
apply California law to the merits of any dispute or claim, without reference
to rules of conflicts of law.

 

(c)           The parties may apply to any
court of competent jurisdiction for a temporary restraining order, preliminary
injunction, or other interim or conservatory relief, as necessary, without
breach of this arbitration agreement and without abridgement of the powers of
the arbitrator.

 

(d)           EMPLOYEE HAS READ AND UNDERSTANDS
THIS SECTION, WHICH DISCUSSES ARBITRATION. EMPLOYEE UNDERSTANDS THAT BY SIGNING
THIS AGREEMENT, EMPLOYEE AGREES TO SUBMIT ANY CLAIMS ARISING OUT OF, RELATING
TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY,
CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING
ARBITRATION, UNLESS OTHERWISE REQUIRED BY LAW, AND THAT THIS ARBITRATION CLAUSE
CONSTITUTES A WAIVER OF EMPLOYEE’S RIGHT TO A JURY TRIAL AND RELATES TO THE
RESOLUTION OF ALL DISPUTES RELATING TO EMPLOYEE’S RELATIONSHIP WITH THE
COMPANY, INCLUDING BUT NOT LIMITED TO, CLAIMS OF HARASSMENT, DISCRIMINATION,
WRONGFUL TERMINATION AND ANY STATUTORY CLAIMS.

 

[Signature Page Follows]

 

11

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Change of Control
and Severance Agreement as of the day and year first above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  DECKERS
  OUTDOOR CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Zohar
  Ziv

  
	
   

  	
   

  	
  Chief
  Operating Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Angel Martinez

  

 

12

 

EXHIBIT A

 

GENERAL RELEASE

 

1.             Employee’s employment with Deckers Outdoor
Corporation, a Delaware corporation (the “Company”) ceased effective
                              .

 

2.             Employee represents and
agrees that Employee has received all compensation owed to Employee by the
Company through Employee’s termination date, including all wages, bonuses,
commissions, earned but unused vacation, reimbursable business expenses, and
any other payments, benefits, or other compensation of any kind to which
Employee was entitled from the Company.

 

3.             Employee represents to the Company that Employee is
signing this General Release (this “Agreement”) voluntarily and with a
full understanding of and agreement with its terms for the purpose of receiving
additional pay from the Company as described in the Change of Control and
Severance Agreement dated
                        
(the “Agreement”).

 

4.             In reliance on the Employee’s promises,
representations, and releases in this Agreement, upon the Company’s receipt of
this executed General Release, the Company will provide Employee with the
payments described in the Agreement, less legally required withholding and
payroll deductions.

 

5.             In exchange for the
consideration provided to Employee as set forth above, Employee agrees to waive
and release all claims, known and unknown, which Employee has or might
otherwise have had against the Company, including all of its former or current
officers, directors, agents, employees and related entities (hereinafter
collectively referred to as the “Released Parties”), arising prior to
the date Employee executes this Agreement, regarding any aspect of Employee’s
employment, compensation, the cessation of Employee’s employment with the
Company, the Age Discrimination in Employment Act of 1967, the Americans with
Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, 42 U.S.C.
section 1981, the Fair Labor Standards Acts, the California Fair Employment and
Housing Act, California Government Code section 12900, et seq.,
the Unruh Civil Rights Act, California Civil Code section 51, all provisions of
the California Labor Code; the Employee Retirement Income Security Act, 29
U.S.C. section 1001, et seq., all as amended, any other
federal, state or local law, regulation or ordinance or public policy,
contract, tort or property law theory, or any other cause of action whatsoever
that arose on or before the date Employee executes this Agreement.

 

6.             It is further understood and agreed that as a
condition of this Agreement, all rights under Section 1542 of the Civil
Code of the State of California are expressly waived by Employee.  Such Section reads as follows:

 

“A
general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his or her
settlement with the debtor.”

 

1

 

Notwithstanding
Section 1542, and for the purpose of implementing a full and complete
release and discharge of the Released Parties, Employee expressly acknowledges
that this Agreement is intended to include and does include in its effect,
without limitation, all claims which Employee does not know or suspect to exist
in Employee’s favor against the Released Parties at the time of execution
hereof, and that this Agreement expressly contemplates the extinguishment of
all such claims.

 

7.             The release in this
Agreement includes, but is not limited to, claims arising under federal, state
or local law for age, race, sex or other forms of employment discrimination and
retaliation.  In accordance with the
Older Workers Benefit Protection Act, Employee hereby knowingly and voluntarily
waives and releases all rights and claims, known or unknown, arising under the
Age Discrimination in Employment Act of 1967, as amended, which he might
otherwise have had against the Released Parties.  Employee is hereby advised that he should
consult with an attorney before signing this Agreement and that he has 21 days
in which to consider and accept this Agreement by signing and returning this
Agreement to the Company’s President.  In
addition, Employee has a period of seven days following his execution of this
Agreement in which he may revoke the Agreement. 
If Employee does not advise the Company by a writing received by David
Bock within such seven day period of the Employee’s intent to revoke the
Agreement, the Agreement will become effective and enforceable upon the
expiration of the seven days.

 

8.             This Separation Agreement
and General Release shall not be construed as an admission by the Company of
any improper, wrongful, or unlawful actions, or any other wrongdoing against
Employee, and the Company specifically disclaims any liability to or wrongful
acts against Employee on the part of itself, its employees and its agent.

 

9.             This Agreement may be modified only by written
agreement signed by both parties.

 

	
  Dated:

  	
   

  	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  DECKERS
  OUTDOOR CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Its:

  	
   

  

 

2

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