Document:

EX-10.2

 Exhibit 10.2 
  

 
 October 31, 2014 

PERSONAL AND CONFIDENTIAL 
 Charles S. Exon 

c/o Quiksilver, Inc. 
 15202 Graham Street 

Huntington Beach, California 92649 
  

	 	Re:	Retirement and Transition Agreement 

 Dear Charlie: 

You have informed Quiksilver, Inc. (“Quiksilver” or the “Company”) of your intent to retire from the Company effective October 31,
2014 (your “Retirement Date”). The Company desires your continued support, following your Retirement Date, in the transition of your duties and certain other matters, and you are willing to provide such support, as a consultant on the
terms of consultancy set forth below. This letter (“Agreement”) will confirm the agreement and understanding we have reached regarding these matters. In that regard, we have agreed as follows: 

 

	1.	Retirement/Final Wages/Severance. 

  

	 	A.	You hereby resign your position as Chief Legal Officer and Secretary of the Company, as an employee of the Company, and from each and every other position (as an officer, director, employee, member, manager and in any
other capacity) with the Company and each of its affiliates that you may hold, effective on your Retirement Date. 

  

	 	B.	 Your current base salary and current participation in the Company’s benefit plans will continue through your Retirement Date. On or before your
Retirement Date, you will be paid your accrued and unpaid base salary through your Retirement Date. You will not be eligible for a bonus for 2014 or any additional equity or incentive-based compensation. Your stock option and restricted stock unit
awards previously granted by the Company will be treated as provided in Paragraph 2 below. You agree that any business expenses you have incurred that have not yet been reimbursed are consistent with your past practices, and you will submit to the
Company, not later than your Retirement Date, such expenses for reimbursement in accordance with (and subject to) the Company’s usual expense reimbursement policies. Following your Retirement Date, you will no longer be eligible to participate
in the benefit plans and programs of the Company or any of its affiliates, provided that this Agreement does not impact any of your rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 or similar state law (“COBRA”).
Other insurance coverages may be subject to continuation or conversion at your own expense, subject to the provisions of the particular 

  
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plan. Your accrued and vested benefits under the Company’s 401(k) plan, and under any Company health, life, disability or other welfare benefit plan, will be paid in accordance with the
terms of the applicable plan. Except as set forth above, you agree that you have been paid all compensation and benefits due from the Company and each of its affiliates, and that all payments due to you from the Company or any of its affiliates
after the date hereof will be determined under this Agreement. Except as provided in Paragraph 2.C below, you are not eligible for severance benefits under any severance plan, policy or arrangement of, or agreement with, the Company or any of its
affiliates. 

  

	 	C.	You and the Company agree that you are entitled to the severance benefits described in the following sentence pursuant to Section 9(c) of your employment agreement with the Company dated January 5, 2012 (your
“Employment Agreement”). The Company will pay you (as severance) $45,833.33 per month, less applicable withholdings and deductions, commencing with November 2014 and continuing through (and ending with) April 2016 (“Severance
Payments”). You agree that you are not entitled to any benefit pursuant to Section 9(c) of your Employment Agreement other than the Severance Payments described in the preceding sentence. 

 

	 	D.	Except for your continuing obligations under Section 10 of your Employment Agreement (“Trade Secrets; Confidential and/or Proprietary Information”) and the Severance Payments described above, you have no
further right, and the Company has no further obligation, under the Employment Agreement. Except for Section 10 of your Employment Agreement and the Severance Payments described above, any and all employment agreements you may have with the
Company or any of its affiliates are deemed fully terminated and of no further force or effect. You have no right to any additional compensation, equity or benefits under any such employment agreement. 

 

	 	E.	The Company will provide you with the opportunity to access career transition/outplacement services for a period of six months from the Retirement Date through the firm of Lee Hecht Harrison at a cost not to exceed
$10,000. 

  

	2.	Stock Options and Restricted Stock Units. 

  

	 	A.	Attached hereto as Attachment “A” is a copy of your current Optionee Statement listing your vested and unvested stock options granted to you by the Company that are currently outstanding (your
“Options”) and your restricted stock units granted to you by the Company that are currently outstanding (your “RSUs”). 

  

	 	B.	 The date upon which you cease to provide “Services” for purposes of your Options will be the date that you cease to provide consulting
services to the Company pursuant to Paragraph 3 below (such date of cessation of services is referred to as the “Services Cessation Date”). All of your unvested Options which have not previously expired will accelerate and vest on the
Services Cessation Date. In accordance with the existing terms of the Options, any unexercised Options on the Services Cessation Date which have not previously expired will 

  
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(subject to the next sentence in the event the Services Cessation Date is caused by your death or Permanent Disability [as such term is defined in your individual stock option agreements]) remain
exercisable for a period of (i) ninety (90) days with respect to Options granted to you prior to May 25, 2005, and (ii) twelve (12) months with respect to Options granted to you on or after May 25, 2005 (in each case,
commencing with the Services Cessation Date), after which they will expire and cease to be exercisable without payment of any consideration by the Company and without any other action by you; provided, however, that in no event may such
Options be exercised after their expiration date, and they may terminate and cease to be exercisable earlier in the event of a corporate transaction as provided in your individual stock option agreements. In the event the Services Cessation Date is
caused by your death or Permanent Disability, any unexercised Options on the Services Cessation Date which have not previously expired will remain exercisable until October 31, 2017, after which they will expire and cease to be exercisable
without payment of any consideration by the Company and without any other action by you; provided, however, that in no event may such Options be exercised after their expiration date, and they may terminate and cease to be exercisable earlier
in the event of a corporate transaction as provided in your individual stock option agreements. All other terms of your Options shall continue to be governed by the applicable plan pursuant to which they were issued and the applicable stock option
agreements. 

  

	 	C.	The only RSU award that you hold is an award with a grant date of June 13, 2011. Your Retirement Date is the date upon which you cease to provide “Services” for purposes of your RSUs. Accordingly, on your
Retirement Date, you will retain 437,500 (40/64 x 700,000) of the restricted stock units originally awarded to you on June 13, 2011. These RSUs will remain subject to the vesting, termination and other provisions set forth in the applicable
award Agreement. All remaining RSUs (262,500) shall be cancelled and forfeited as of the Retirement Date without payment of any consideration by the Company and without any other action by you. 

 

	3.	Strategic Advisory Services. 

 In light of your longstanding service to the
Company, your institutional knowledge regarding its operations, and the ongoing projects in which you are involved, we have requested your continued availability on a consulting basis. You have agreed that for a 24-month period following the
Retirement Date, you shall make yourself available on an as-requested basis to the Company’s Chief Executive Officer or his or her designee to provide strategic advisory and transition services for no additional consideration. It is anticipated
that you will provide most of such strategic advisory and transition services telephonically or electronically. Such services shall not be construed to create the relationship of employer and employee or principal and agent between you and the
Company. During the period you are providing strategic advisory and transition services pursuant to this Paragraph 3, you shall not be entitled to participate in any of the medical, dental, life or long term disability insurance coverages
provided by the Company for the benefit of its employees. 

  
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	4.	Full Understanding and Voluntary Acceptance. 

 There are both legal and tax
implications to you in executing this Agreement, and you agree to be solely liable and responsible for, and indemnify and hold the Company harmless from, any tax liability you personally may incur as a result of this Agreement. Quiksilver advises
you to consult an attorney and/or a tax professional prior to executing this Agreement. In entering into this Agreement, you agree that you have had the opportunity to seek the advice of an independent attorney and/or tax professional of your own
choice and that you understand all the terms of this Agreement. You are executing this Agreement voluntarily with full knowledge of its significance and, in doing so, are not relying upon any statements, advice or representations made by the
Company, its employees or its counsel. 
  

	5.	Confidentiality/Non-Solicitation. 

  

	 	A.	You agree (i) to preserve in confidence and not disclose any confidential, proprietary, or trade secret information relating to Quiksilver (or its affiliates), or their products, personnel, or financial data, and
(ii) not to download, copy or transfer any documents or software from the Company’s computers. 

  

	 	B.	You agree that, for a period of one (1) year after the Retirement Date, you shall not, without the prior written consent of the Company, directly or indirectly through the actions of any other individual or entity,
whether for your own benefit or for that of another individual or entity, (i) solicit, divert or induce, or attempt to solicit, divert or induce, any individual who is an employee of the Company or any of the Released Parties (as defined below)
to terminate his or her employment; or (ii) solicit, divert or induce, or attempt to solicit, divert or induce, any individual or entity who is a supplier, distributor, customer or client of the Company or any of the Released Parties not to
continue as a supplier, distributor, customer or client of the Company. 

  

	6.	Release of Claims. 

  

	 	A.	 In exchange for the consideration provided herein, you agree to, and by signing this Agreement do, forever waive and release Quiksilver and each of
its affiliated or related entities, divisions, subsidiaries, foundations, licensees, shareholders, officers, directors, employees, attorneys, agents, successors and assigns, including, without limitation, QS Wholesale, Inc. (collectively,
“Quiksilver Releasees”), from all known and unknown claims, rights, actions, complaints, charges, liabilities, obligations, promises, agreements, causes of action, suits, demands, damages, costs, losses, debts, and expenses of any nature
whatsoever which you ever had, now have, or may claim to have against any of the Quiksilver Releasees, including, without limitation, any claim arising out of (i) any aspect of your employment or the termination of your employment; and/or
(ii) any federal, state or governmental constitution, statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, the Age 

  
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Discrimination in Employment Act, the California Fair Employment and Housing Act and the California Labor Code; provided, however, that this release does not (a) affect rights or
claims that may arise after the date it is executed, (b) waive rights or claims arising out of this Agreement, or (c) waive any rights you may have to indemnity under the Company’s By-Laws, any individual indemnification agreement
between you and the Company, California Labor Code § 2802 or as otherwise required by law. 

 Your entitlement to
payments and benefits under this Agreement are subject to and conditioned upon your execution and delivery to the Company of this Agreement within 45 days following your Retirement Date and the passage of the seven (7)-day revocation period provided
for in Section 13 hereof without your exercising such revocation right (and for the sake of clarity, notwithstanding anything herein to the contrary, no such payments and benefits shall be paid or provided until such timely delivery of this
Agreement, and expiration of such revocation period for this release). 
  

	 	B.	In exchange for the consideration provided herein, Quiksilver and each of its affiliated entities, divisions and subsidiaries (the “Quiksilver Parties”) agree to, and by signing this Agreement do, forever
waive and release you from all known and unknown claims, rights, actions, complaints, charges, liabilities, obligations, promises, agreements, causes of action, suits, demands, damages, costs, losses, debts, and expenses of any nature whatsoever
which they ever had, now have, or may claim to have against you, except for those arising from, or in connection with your knowing fraud, knowing violation of law, deliberate dishonesty, willful misconduct or in violation of your duty of loyalty to
the Company. 

  

	 	C.	Further, you and the Quiksilver Parties waive and relinquish all rights and benefits each may have under Section 1542 of the California Civil Code. Section 1542 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.” 
  

	7.	Non-Admission. 

 Nothing contained in this Agreement shall be considered an
admission of any liability whatsoever. If you elect not to sign this Agreement, this Agreement is inadmissible in evidence to prove any liability or damage. 

  
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	8.	Severability. 

 Should any portion, word, clause, phrase, sentence or paragraph of
this Agreement be declared void or unenforceable, such portion shall be considered independent and severable from the remainder, the validity of which shall remain unaffected. 

 

	9.	Successors and Assigns. 

 This Agreement, and all the terms and provisions hereof,
shall be binding upon and shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns. 
  

	10.	Entire Agreement and Arbitration. 

 This Agreement constitutes the entire
agreement between you and Quiksilver pertaining to the subject matter hereof and supersedes any and all prior agreements, understandings, negotiations and discussions, whether oral or written, pertaining to the subject matter hereof, including
without limitation the Employment Agreement. This Agreement may be executed in one or more counterparts, and the counterparts signed in the aggregate will constitute a single, original agreement. In addition, this Agreement may be executed and
delivered by facsimile (“fax”) or by electronic means (“pdf”), and copies by means of faxed or electronic signatures will have the same force and effect as copies executed and delivered with original ink signatures. After the
execution of this Agreement, to the fullest extent allowed by law, any controversy, claim or dispute between you and the Company (and/or any of the Quiksilver Parties) relating to or arising out of this Agreement or your employment or the cessation
of that employment will be submitted to final and binding arbitration in Orange County, California, for determination in accordance with the applicable rules of JAMS. 
  

	11.	Signature and Revocation Periods. 

 So that you can review this Agreement as you
deem appropriate, the Company advises you as follows: (i) this Agreement does not waive any rights or claims that may arise after it is signed by you; (ii) you will have forty-five (45) days to consider this Agreement and return it to
me, although you may sign it sooner than that if you so desire; (iii) you retain the right to revoke this Agreement at any time during the seven (7)-day period following the date that you sign it; and (iv) if I do not receive your signed
Agreement within the initial forty-five (45)-day period, this Agreement will be null and void. This Agreement shall not become effective or enforceable until such seven (7)-day revocation period has expired (“Effective Date”). 

[Continued on next page.] 

  
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 By signing below, you voluntarily accept the terms contained in this Agreement. Charlie, all of us thank you for
your service to Quiksilver, and we wish all the best for you and your family. 
 Sincerely, 

 

			
	QUIKSILVER, INC.
		
	By:	 	  

		 	Carol E. Scherman
		 	Executive Vice President, Global Human Resources

 I HAVE READ, UNDERSTAND AND VOLUNTARILY 

AGREE TO THE ABOVE. 
  

					
			
	   
	 		 	   

	Charles S. Exon	 		 	Date

  
 -7-EX-10.3

 Exhibit 10.3 
  

 
 November 3, 2014 

PERSONAL AND CONFIDENTIAL 
 Andrew P. Mooney 

c/o Quiksilver, Inc. 
 15202 Graham Street 

Huntington Beach, California 92649 
  

	 	Re:	Amendment to Employment Agreement 

 Dear Andy: 

This letter (“Amendment”) will confirm our understanding and agreement regarding the amendment of your employment agreement with Quiksilver, Inc.
(“Quiksilver” or the “Company”), dated January 2, 2013 (the “Agreement”). This Amendment shall be effective November 1, 2014 (the “Effective Date”) and shall apply only to your compensation for the
Company’s 2015 fiscal year (November 1, 2014 – October 31, 2015, or “Fiscal 2015”). Capitalized terms used in this Amendment and not defined have the meaning ascribed to those terms in the Agreement. 

 

	1.	Fiscal 2015 Base Salary. At your request, the Company has agreed that your base salary for Fiscal 2015 will be paid in the form of a restricted stock unit grant instead of cash. Accordingly, Section 2
of the Agreement is amended and superseded (for Fiscal 2015 only) as follows: In lieu of a base salary payable in cash, you will be granted, on November 3, 2014 and subject to your employment by the Company on that date, a number of restricted
stock units determined by dividing $1,250,000 by the closing price of a share of the Company’s common stock on the New York Stock Exchange on such date, rounded to the nearest whole share (“RSU Compensation”). Unless otherwise
modified by further amendment, your base salary will revert back to an annualized cash amount of $1,000,000 starting with the Company’s 2016 fiscal year. Your RSU Compensation will be granted under, and subject to the terms of, the
Company’s 2013 Performance Incentive Plan (the “Plan”) and the Restricted Stock Unit Agreement attached hereto as Exhibit A (“RSU Agreement”), which provides, among other things, that your RSU Compensation will vest
in its entirety, and the shares of the Company’s common stock subject to your RSU Compensation shall immediately be issued to you, on October 31, 2015, provided that you are still in Service (as defined in the RSU Agreement) to the Company
as of such date, and subject to accelerated vesting in certain circumstances as more particularly described in the RSU Agreement. In addition to your RSU Compensation, each month during Fiscal 2015 the Company will (subject to your continued
employment by the Company through such time) pay to you an amount of base salary in cash sufficient (on a net basis after taking any tax withholding obligations into account with respect to such payment) to cover the premiums actually paid or
payable by you for that month to continue coverage under the Company’s group health, long-term disability and life insurance programs. 

  
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	2.	Determination of Fiscal 2015 Annual Bonus. For purposes of determining your Fiscal 2015 annual bonus, Section 3 of the Agreement is amended to provide that your target bonus eligibility for Fiscal
2015 will be equal to $1,250,000, prorated, if necessary, for that portion of Fiscal 2015 of actual employment. All of the other terms of Section 3 of the Agreement will continue to apply to the determination of your Fiscal 2015 annual bonus,
if any. 

  

	3.	Other Amendments. For Fiscal 2015 only, (a) Section 10(d) of the Agreement is amended to delete reference to your “base salary,” and (b) for purposes of
Section 10(e)(iii)(y)(A) of the Agreement, your “base salary” shall be deemed to be $1,000,000. 

  

	4.	Severability. Should any portion, word, clause, phrase, sentence or paragraph of this Amendment be declared void or unenforceable, such portion shall be considered independent and severable from the
remainder, the validity of which shall remain unaffected. 

  

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

 

	6.	Entire Agreement. Except as expressly modified herein, the terms and conditions of the Agreement remain in full force and effect. The Agreement (as modified by this Amendment) and the Restricted Stock
Agreement collectively constitute the entire agreement between you and Quiksilver pertaining to the subject matter hereof and supersede any and all prior agreements, understandings, negotiations and discussions, whether oral or written, pertaining
to the subject matter hereof. This Amendment may be executed in one or more counterparts, and the counterparts signed in the aggregate will constitute a single, original agreement. In addition, this Amendment may be executed and delivered by
facsimile (“fax”) or by electronic means (“pdf”), and copies by means of faxed or electronic signatures will have the same force and effect as copies executed and delivered with original ink signatures. 

Please sign, date and return the enclosed copy of this Agreement to me to acknowledge your agreement with the above. In doing so, you acknowledge that you
have had the opportunity to discuss this matter with and obtain advice and legal counsel from your own independent attorney, have had sufficient time to, and have carefully read and fully understand all the provisions of this Agreement, and are
knowingly and voluntarily entering into this Agreement. 
 [Remainder of page intentionally left blank] 

  
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 Sincerely, 
  

			
	QUIKSILVER, INC.
		
	By: 	 	  

		 	Carol E. Scherman
		 	Executive Vice President, Global Human Resources

 ACKNOWLEDGED AND AGREED. 
  

					
	  
	 		 	  

	Andrew P. Mooney	 		 	Date

  
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 EXHIBIT A 

QUIKSILVER, INC. 
 2013
PERFORMANCE INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 

(Employee Grant) 
  

			
	Participant:	  	Andrew P. Mooney
		
	Grant Date:	  	November 3, 2014
		
	 Number of Restricted
 Stock Units
Granted:
	  	675,676

 THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is dated as of November 3, 2014
(the “Grant Date”) and is entered into by and between Quiksilver, Inc., a Delaware corporation (the “Corporation”), and the Participant specified above (the “Participant”). 

WHEREAS, pursuant to the Quiksilver, Inc. 2013 Performance Incentive Plan (the “Plan”), the Corporation has granted to
the Participant, effective as of the Grant Date, a credit of stock units under the Plan (the “Award”), upon the terms and conditions set forth herein and in the Plan. 

NOW, THEREFORE, in consideration of services rendered and to be rendered by the Participant, and the mutual promises made herein and
the mutual benefits to be derived therefrom, the parties agree as follows: 
 1. Defined Terms. Capitalized terms used herein
and not otherwise defined in the attached Appendix or elsewhere herein shall have the meaning assigned to such terms in the Plan. 
 2.
Grant. Subject to the terms of this Agreement, the Corporation hereby grants to the Participant an award with respect to an aggregate of 675,676 stock units (subject to adjustment as provided in Section 7.1 of the Plan) (the
“Restricted Stock Units”). As used herein, the term “restricted stock unit” shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Corporation’s
Common Stock (subject to adjustment as provided in Section 7.1 of the Plan) solely for purposes of the Plan and this Agreement. The Restricted Stock Units shall be used solely as a device for the determination of the payment to eventually be
made to the Participant if such Restricted Stock Units vest pursuant to Section 3. The Restricted Stock Units shall not be treated as property or as a trust fund of any kind. 

 3. Vesting and Delivery of Shares. 

(a) Vesting. Subject to Section 8 below, 100% of the Restricted Stock Units shall vest, and the shares of Common Stock subject to
the Restricted Stock Units shall immediately be issued to the Participant, at 5:00 pm Pacific Standard Time on October 31, 2015 (the “Vesting Date”). 

4. Continuance of Employment or Service Required; No Employment or Service Commitment. Except as provided in Section 8 of
this Agreement, vesting of the Restricted Stock Units requires continued Service of the Participant from the Grant Date through the applicable Vesting Date as a condition to the vesting of the Restricted Stock Units and the rights and benefits under
this Agreement. Except as provided in Section 8 of this Agreement, Service for only a portion of the vesting period, even if a substantial portion, will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination
of rights and benefits upon or following a termination of employment or services as provided in Section 8 below or under the Plan. 

Nothing contained in this Agreement or the Plan constitutes an employment or service commitment by the Corporation, affects the
Participant’s status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by or in service to the Corporation (or any Parent or Subsidiary), interferes in any way with the
right of the Corporation (or any Parent or Subsidiary) at any time to terminate such employment or services, or affects the right of the Corporation (or any Parent or Subsidiary) to increase or decrease the Participant’s other compensation or
benefits. Nothing in this section, however, is intended to adversely affect any independent contractual right of the Participant without his or her consent thereto. 

5. Dividend and Voting Rights. The Participant shall have no rights as a stockholder of the Corporation, no dividend
rights and no voting rights with respect to the Restricted Stock Units and any shares of Common Stock underlying or issuable in respect of such Restricted Stock Units unless and until such shares of Common Stock are actually issued to and held of
record by the Participant. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of such shares.  

6. Restrictions on Transfer. Neither the Restricted Stock Units, nor any interest therein nor amount payable in respect
thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered (collectively, a “Transfer”), either voluntarily or involuntarily. The Transfer restrictions in the preceding sentence shall not apply to
(i) transfers to the Corporation, or (ii) transfers by will or the laws of descent and distribution. After any Restricted Stock Units have vested and shares of Common Stock have been issued with respect thereto, the Participant shall be
permitted to Transfer such shares of Common Stock, subject to applicable securities law requirements, the Corporation’s insider trading policies, and other applicable laws and regulations. 

  
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 7. Timing and Manner of Payment of Stock Units. On or as soon as administratively
practical following each vesting of the applicable portion of the total number of Restricted Stock Units subject to the Award pursuant to Section 3 or 8 hereof or Section 7 of the Plan (and in all events not later than two and one-half
months after the applicable vesting date), the Corporation shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as
determined by the Corporation in its discretion) equal to the number of Restricted Stock Units subject to this Award that vest on the applicable vesting date, unless such Restricted Stock Units terminate prior to the given vesting date pursuant to
Section 8. The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Restricted Stock Units is subject to the condition precedent that the Participant or other person entitled under the
Plan to receive any shares with respect to the vested Restricted Stock Units deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Participant shall have no further
rights with respect to any Restricted Stock Units that are paid or that terminate pursuant to Section 8. 
 8. Effect of
Termination of Service; Misconduct. 
 (a) Termination of Service. Subject to earlier vesting as provided in Section 3
hereof, if the Participant ceases to provide Services to the Corporation (or a Parent or Subsidiary) due to the Participant’s death, Permanent Disability, Retirement or termination of Service by the Corporation other than for Cause (Cause is
used in this Agreement as defined in the Participant’s employment agreement with the Corporation dated January 2, 2013), then the Participant shall vest as of the date of such termination of Services in a number of Restricted Stock Units
equal to the product of (i) the total number of Restricted Stock Units granted hereunder (subject to adjustment under Section 7.1 of the Plan), and (ii) a fraction (not greater than one), the numerator of which is the number of whole
months which have passed since November 1, 2014 and the denominator of which is twelve. Any remaining Restricted Stock Units shall be cancelled and forfeited as of the applicable termination date without payment of any consideration by the
Corporation and without any other action by the Participant, or the Participant’s beneficiary or personal representative, as the case may be. 

(b) Cause/Voluntary Resignation. Subject to earlier vesting as provided in Section 3 hereof, if the Participant’s Service is
terminated by the Corporation for Cause or the Participant voluntarily resigns from Service to the Corporation (or a Parent or Subsidiary) for any reason other than Retirement, death or Permanent Disability, this Agreement shall terminate and the
Participant’s Restricted Stock Units shall be cancelled and forfeited to the Corporation without payment of any consideration by the Corporation and without any other action by the Participant, with such cancellation and forfeiture to be
immediately prior to the date on which the Participant ceases to provide Service. 
 9. Adjustments Upon Specified
Events. Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.1 of the Plan (including, without limitation, an extraordinary cash dividend on such stock), the Administrator shall make
adjustments in accordance with such section in the number of Restricted Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Award.  

  
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 10. Taxes. The Corporation (or any Parent or Subsidiary last employing the
Participant) shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant any sums required with respect to Withholding Taxes. Alternatively, the Participant or
other person in whom the Restricted Stock Units vest may irrevocably elect, in such manner and at such time or times prior to any applicable tax date as may be permitted or required under rules established by the Corporation, to have the Corporation
withhold and reacquire shares of Common Stock at their Fair Market Value at the time of vesting to satisfy all or part of the statutory minimum Withholding Taxes of the Corporation (or any Parent or Subsidiary) with respect to such vesting. Any
election to have shares so held back and reacquired shall be subject to such rules and procedures, which may include prior approval of the Corporation, as the Corporation may impose. 

11. Notices. Any notice required to be given or delivered to the Corporation under the terms of this Agreement shall be
in writing and addressed to the Corporation at its principal corporate offices to the attention of the Secretary. Any notice required to be given or delivered to the Participant shall be in writing and addressed to the Participant at the
Participant’s last address reflected on the Corporation’s payroll records. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified,
but if the Participant is no longer an Employee, such notice shall be deemed effective five business days after the date mailed in accordance with the foregoing provisions of this Section 11.  

12. Plan. The Restricted Stock Units and all rights of the Participant under this Agreement are subject to the terms and
conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Plan Summary and
Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to)
create any rights in the Participant unless such rights are expressly set forth herein or otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan
after the date hereof. 
 13. Entire Agreement. This Agreement and the Plan together constitute the entire
agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. Without limiting the generality of the foregoing, the provisions of this Agreement supersede any
conflicting provisions which may appear in any employment agreement between the parties hereto. The Plan and this Agreement may be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and signed by the Corporation. The
Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent
waiver of the same provision or a waiver of any other provision hereof. 
 14. Limitation on Participant’s
Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Corporation as to amounts payable and shall not be construed as creating
a  

  
 -4- 

 
trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Corporation with respect to
amounts credited and benefits payable, if any, with respect to the Restricted Stock Units, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with respect to Restricted Stock Units, as and when payable
hereunder. 
 15. Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of
which shall be deemed an original but all of which together shall constitute one and the same instrument.  
 16.
Section Headings. The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof. 

17. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware without regard to conflict of law principles thereunder. 
 18. Construction. It is intended
that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. 

19. No Advice Regarding Grant. The Participant is hereby advised to consult with his or her own tax, legal and/or
investment advisors with respect to any advice the Participant may determine is needed or appropriate with respect to the Restricted Stock Units (including, without limitation, to determine the foreign, state, local, estate and/or gift tax
consequences with respect to the Award). Neither the Corporation nor any of its officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in this Agreement) or recommendation with
respect to the Award. Except for the withholding rights set forth in Section 10 above, the Participant is solely responsible for any and all tax liability that may arise with respect to the Award. 

[Remainder of page intentionally left blank] 

  
 -5- 

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

			
	 QUIKSILVER, INC.,
 a
Delaware corporation

		
	By:	 	 
		
	Print Name:	 	 
		
	Its:	 	 
	
	PARTICIPANT
	
	 
	Signature
	
	 
	Print Name

  
 -6- 

 APPENDIX 

The following definitions shall be in effect under this Agreement: 

A. “Employee” shall mean any individual who is in the employ of the Corporation (or any Parent or Subsidiary), subject
to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 

B. “Fair Market Value” shall have the meaning given to such term in Section 5.6 of the Plan. 

C. “Parent” shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with
the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one
of the other corporations in such chain. 
 D. “Permanent Disability” or “Permanently
Disabled” shall mean the inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which is both (i) expected to result in death or determined to be
total and permanent by two (2) physicians selected by the Corporation or its insurers and acceptable to the Participant (or the Participant’s legal representative), and (ii) to the extent the Participant is eligible to participate in
the Corporation’s long-term disability plan, entitles the Participant to the payment of long-term disability benefits from the Corporation’s long-term disability plan. The process for determining a Permanent Disability in accordance with
the foregoing shall be completed no later than the later of (i) the close of the calendar year in which the Participant’s Service terminates by reason of the physical or mental impairment triggering the determination process or
(ii) the fifteenth day of the third calendar month following such termination of Service. 
 E.
“Retirement” shall mean that the Participant has terminated Service with the Corporation (or any Parent or Subsidiary) with the intention of not engaging in paid employment for any employer in the future, and the Board (or its
designee) has determined that such termination of Service constitutes Retirement for purposes of this Agreement. 
 F.
“Service” shall mean the performance of services for the Corporation (or any Parent or Subsidiary) by a person in the capacity of an Employee. Participant shall be deemed to cease Service immediately upon the occurrence of either of
the following events: (i) the Participant no longer performs services in the capacity of an Employee for the Corporation or any Parent or Subsidiary; or (ii) the entity for which the Participant is performing such services ceases to remain
a Parent or Subsidiary of the Corporation, even though the Participant may subsequently continue to perform services for that entity. 

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

  
 -7- 

 CONSENT OF SPOUSE 

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

					
	Dated:                     , 2014	 		 	
			
		 		 	  

		 		 	Signature of Spouse
			
		 		 	  

		 		 	Print Name

  
 -8-

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