Document:

Exhibit 10.2

        CONVERTIBLE PROMISSORY NOTE

         

        

        	US$4,500,000.00	
                    Miami, Florida

                

                  

        January 13, 2015

        

        FOR VALUE RECEIVED, METROSPACES, INC., a Delaware corporation (the “Maker”), hereby promises to pay to the order of MRT CONSULTING, INC., a Panamanian corporation (the “Payee”), at Plaza Independencia 822, 13th Floor, Montevideo, Uruguay, in accordance with
        the terms herein set forth, the principal amount of FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS (US$4,500,000.00), in ten (10) installments of FOUR HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($450,000.00), with interest at the rate of FORTY-ONE HUNDREDTHS OF ONE PERCENT (0.41%) per annum, on the dates and in the amounts of principal and interest set forth in the following table:

        

        	
                    Payment

                	 	
                    Principal

                	 	
                    Interest

                	 	
                    Total

                	 	
                    Balance After

                	 
	
                    Date

                	 	
                    Payment

                	 	
                    Payment

                	 	
                    Payment

                	 	
                    Payment

                	 
	February 13, 2016	 	$	450,000.00	 	$	1,537.50	 	$ 	451,537.50	 	$	4,050,000.00	 
	March 13, 2016	 	$	450,000.00	 	 	1,383.75	 	 	451,383.75	 	 	3,600,000.00	 
	April 13, 2016	 	$	450,000.00	 	 	1,230.00	 	 	451,230.00	 	 	3,150,000.00	 
	May 13, 2016	 	$	450,000.00	 	 	1,076.75	 	 	451,076.75	 	 	2,700,000.00	 
	June 13, 2016	 	$	450,000.00	 	 	922.50	 	 	450,922.50	 	 	2,250,000.00	 
	July 13, 2016	 	$	450,000.00	 	 	768.75	 	 	450,768.75	 	 	1,800,000.00	 
	August 13, 2016	 	$	450,000.00	 	 	615.00	 	 	450,615.00	 	 	1,350,000.00	 
	September 13, 2016	 	$	450,000.00	 	 	461.25	 	 	450,461.75	 	 	900,000.00	 
	October 13, 2016	 	$	450,000.00	 	 	307.50	 	 	450,307.50	 	 	450,000.00	 
	November 13, 2016	 	$	450,000.00	 	 	153.75	 	 	450,153.75	 	 	--0--	 

        

        

        This Convertible Promissory Note is made and delivered by Maker in satisfaction of its obligations under Article “Segundo: Precio” of that certain Contrato de Compraventa de Acciones, dated January 13, 2015, by and between Maker and Payee (the “Contrato”).

        1.   Interest. This Convertible Promissory Note shall bear interest at the aforesaid rate of interest unless and until the occurrence of an Event of Default (as defined below) occurs. After an Event of default, this Convertible Promissory Note shall bear interest at a floating rate of interest which
        shall be five (5) percentage points over the rate of interest announced from time to time by Citibank, N.A. as the rate of interest that it charges to its most creditworthy commercial customers. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. Interest shall be compounded annually after an Event of Default. The parties believe that the rate of interest referred to in the first sentence of this Section 1 is the Applicable Federal Rate published in
        accordance with Section 1274(d) of the Internal Revenue Code. In the event that it shall be determined that such Applicable Federal Rate shall be higher than the rate so referred to, such higher Applicable Federal Rate shall be the rate of interest applicable to this Convertible Promissory Note, Maker shall pay to Payee all unpaid payments of interest at such higher rate and Maker shall pay to Payee the difference between the payments of interest that should have been paid at such
        higher rate and the payments of interest theretofore made.

        
            

        

        2.   Payment. Payment under this Convertible Promissory Note shall be in the lawful money of the United States of America and in immediately available funds in accordance with the written instructions of Payee.

        3.   Prepayment. The principal amount of this Convertible Promissory Note and any accrued and unpaid interest thereon may be prepaid, in whole or in part, by Maker without penalty or premium. Partial prepayments shall be applied first to accrued and unpaid interest and then to principal. Such prepayment
        may be made at any time without notice.

        4.   Covenant as to Filing of Reports under the Exchange Act and Maintenance of Exchange Act Registration. As long as this Convertible Promissory Note is outstanding and as long as Payee is the beneficial holder of any shares of Common Stock (as that
        term is herein defined) issued upon conversion under Section 8, Maker (i) will timely file all reports and other materials required to be filed by Section 13 of the Securities Exchange Act of 1934, other than Current Reports on Form 8-K, and (ii) will cause such Common Stock to be registered under Section 12(b) or (g) of said Act. After any such conversion and as long as Payee holds any of the shares of such Common Stock issued upon such conversion, Maker shall give immediate
        notice only by personal delivery or e-mail to Payee upon becoming aware of Maker’s failure to comply with the covenant set forth in this Section 4.

        5.   Waiver of Demand, Etc. Payee waives demand, presentment, protest and notice of any kind and consents to the extension of time for payments or other indulgence with respect to this Convertible Promissory Note, all without notice.

        6.   Remedies. If an Event of Default occurs and is continuing, Payee may, by written notice given to Maker, declare the principal of and accrued interest on this Convertible Promissory Note to be due and payable immediately; provided, however, that upon the occurrence of any Event of
        Default described in Section 7(c), the principal of and accrued interest on this Convertible Promissory Note shall automatically become due and payable immediately without the requirement notice or any other action on the part of Payee. In the event that any action is commenced by Payee to enforce its rights under this Convertible Promissory Note and Payee prevails in such action, Maker shall reimburse Payee for Payee’s costs and expenses, including, without limitation, reasonable
        legal fees, incurred in connection therewith. 

        7.   Events of Default. The term “Event of Default” means the occurrence of any one or more of the following: 

        (a)   Maker shall fail to make full payments of principal or interest as set forth in Section 1 and such failure shall continue unremedied for a period of five (5) days after written notice from Payee;

        (b)   Maker shall fail to comply with its covenant under Section 4 or any other covenant of obligation under this Convertible Promissory Note and such default shall continue unremedied for a period of fifteen (15) days after written notice from Payee, provided, however,
        that in the event that such default cannot with diligence be cured within said period, Payee shall have such period as is reasonable to cure such default; 

        
            

        

        (c)   Maker or a Material Subsidiary (as hereinafter defined) alone or one or more Material Subsidiaries together holding ten percent (10%) of Maker’s consolidated assets: (i) shall commence a voluntary case under any Bankruptcy Law (as hereinafter defined); (ii)
        shall become subject to an involuntary case under any Bankruptcy Law which is not withdrawn, discharged or stayed within sixty (60) days after the commencement thereof; (iii) shall consent to the appointment of a Custodian (as hereinafter defined) for a substantial portion of its property; (iv) shall become subject to the appointment of a Custodian for a substantial portion of its property, which appointment is not withdrawn, discharged or stayed within sixty (60) days after the
        appointment thereof; or (v) shall make a general assignment for the benefit of its creditors.

        The term “Material Subsidiary” means an entity in which Maker holds, directly or indirectly more than fifty percent (50%) of the voting power. The term “Bankruptcy Law” means Title 7, Title 11 or Title 13, of the United States Code or any similar federal or state law for the
        relief of debtors or the similar laws of any foreign jurisdiction. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official acting, appointed or empowered under any Bankruptcy Law.

        8.   Conversion.

        (a)   Conversion. Payee shall have the right, at its option, to convert, subject to the terms and provisions of this Section 8, all or any portion of the unpaid principal amount of this Convertible Promissory Note and the interest accrued thereon (the sum of such
        unpaid principal amount and such accrued interest as it shall exist from time to time being the “Convertible Amount”) into the number of fully paid and nonassessable shares of the common stock, par value $0.000001 per share (“Common Stock”) as shall be equal to the portion of the Convertible Amount that Payee desires so to convert divided by the Conversion Price (as that term is hereinafter defined) then in effect, by delivery of
        notice of such conversion to Maker at its address for notice; provided, however, that Maker shall not issue any fractional shares in connection with any conversion pursuant to this Section 8, but shall round up any fractional share to the next highest share. The shares deliverable upon any such conversion are referred to as the “Conversion Shares.”

        (b)     Delivery of Stock Certificates; Time Conversion is to be Effective; No Adjustment for Interest or Dividends. As promptly as practicable after the delivery of the aforesaid notice of conversion, Maker shall deliver or cause
        to be delivered to or upon the written order of Payee, certificates representing the number of fully paid and nonassessable Conversion Shares into which all or a portion of the Convertible Amount shall have been converted. Subject to the following provisions of this Subsection (b), such conversion shall be deemed to have been made at the close of business on the date on which this Convertible Promissory Note shall have been surrendered for conversion as provided in Subsection (a) of
        this Section 8 (the “Conversion Date”), so that the rights of Payee under this Convertible Promissory Note as such (only to the extent that the Convertible Amount is converted) shall cease at such time and the person or persons entitled to receive the Conversion Shares upon such conversion shall be treated for all purposes as having become the record holder or holders of such Conversion Shares at such time; provided, however, that no such
        surrender on any date when the stock transfer books of Maker shall be closed shall be effective to constitute the person or persons entitled to receive Conversion Shares upon such conversion as the record holder or holders of such Conversion Shares on such date, but such surrender shall be effective to constitute the person or persons entitled to receive such Conversion Shares as the record holder or holders thereof for all purposes at the close of business on the next succeeding day on
        which such stock transfer books are open or Maker is required to effect such conversion.

        
            

        

        If the day for the exercise of the conversion right shall not be a business day at the palace where notice of conversion is to be given, then such conversion right will be deemed to be exercised on the next succeeding day
        which is a Business Day.

        No adjustments in respect of interest or cash dividends shall be made upon conversion of this Convertible Promissory Note. 

        (c)     Conversion Price. The conversion price for this Convertible Promissory Note (the “Conversion
        Price”) shall be the Current Market Price. As used in the previous sentence, the term “Current Market Price” shall mean the average of the daily closing prices for a share of Common Stock for the five (5) consecutive trading days ending on the trading day immediately prior to the day on which this Convertible Promissory Note is delivered for
        conversion pursuant to Subsection (a) of this Section 8. A trading day shall be any day on which the Common Stock is able to be quoted or traded on the principal United States market for the Common Stock, as determined by the Board of Directors of the Corporation or if, in the judgment of the Board of Directors of the Corporation, there exists no principal United States market for the Common Stock, then as determined in good faith by the Board of Directors of the Corporation (the
        “Principal Market”), whether or not the Common Stock actually is traded on such day. The closing price for each day shall be the last reported sales price for the Common Stock, or, in case no reported sale takes place on such day, the average of the closing bid and asked prices therefor, as quoted on the Principal Market. 

        (d)     Adjustment of Conversion Price. The Conversion Price shall be subject
        to adjustment as follows:

        (i)     In case Maker shall, after the date of this Convertible Promissory Note, (A) pay a stock dividend or make a distribution in shares of its capital stock (whether shares of its Common Stock or of capital stock of any other class), (B) subdivide its outstanding shares of Common Stock, (C)
        combine its outstanding shares of Common Stock into a smaller number of shares, or (D) issue by reclassification of its shares of Common Stock any shares of capital stock of Maker, the Conversion Price in effect immediately prior to such action shall be adjusted so that the holder of this Convertible Promissory Note thereafter surrendered for conversion shall be entitled to receive an equivalent number of shares of its Common Stock or capital stock of any other class which it would have
        owned immediately following such action had this Convertible Promissory Note been converted immediately prior thereto. Any adjustment made pursuant to this Subsection (i) shall become effective immediately after the record date in the case of a dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification.

        
            

        

        (ii)   In case Maker, after the date hereof, shall issue rights, warrants or options entitling the recipients thereof to subscribe for or purchase shares of Common Stock (or securities convertible into Common Stock) at a price per share less than
        the Conversion Price for this Convertible Promissory Note then in effect, the Conversion Price in effect immediately prior thereto shall be adjusted so that it shall equal the price determined by multiplying the Conversion Price in effect for immediately prior to the date of issuance of such rights, warrants or options by a fraction of which the numerator shall be the number of shares of Common Stock outstanding on the date of issuance of such rights,
        warrants or options (immediately prior to such issuance), plus the number of shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock so offered for subscription or purchase (or the aggregate conversion price of the convertible securities so offered to subscription or purchase) would purchase at the Conversion Price then in effect, and of which the denominator shall be the number of shares of Common Stock outstanding on the date of issuance
        of such rights, warrants or options (immediately prior to such issuance) plus the number of additional shares of Common Stock so offered for subscription or purchase (or into which the convertible securities so offered for subscription or purchase are convertible). Such adjustment shall be made successively whenever any such rights, warrants or options are issued. In determining whether any rights, warrants or options entitle the holder of this Convertible Promissory Note
        to subscribe for or purchase shares of Common Stock (or securities convertible into Common Stock) at less than the Conversion Price then in effect and in determining the aggregate offering price of such shares of Common Stock (or conversion price of such convertible securities), there shall be taken into account any consideration received by Maker for such rights, warrants or options (and for such convertible securities),
        the value of such consideration, if other than cash, to be determined in good faith by the Board of Directors of Maker (which determination shall be conclusive). If at the end of the period during which such warrants, rights or options are exercisable not all of such warrants, rights or options shall have been exercised, the adjusted Conversion Price shall be immediately readjusted to the Conversion Price which would have been in effect based on the
        number of additional shares of Common Stock actually issued (or the number of shares of Common Stock actually issuable) upon conversion of the convertible securities. 

        (iii)   In case Maker, after the date of this Convertible Promissory Note, shall distribute to all holders of its outstanding Common Stock any shares of capital stock (other than Common Stock), evidences of its indebtedness or assets (including securities and cash, but excluding any
        cash dividend paid out of current or retained earnings of Maker and dividends or distributions payable in stock for which adjustment is made pursuant to Subsection (i) of this Section 8(d) or rights, warrants or options to subscribe for or purchase securities of Maker (excluding those referred to in Subsection (ii) of this Section 8(d), then in each such case, the Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in
        effect immediately prior to the record date of such distribution by a fraction of which the numerator shall be the Conversion Price for this Convertible Promissory Note then in effect less the fair market value on such record date (as determined in good faith by the Board of Directors of Maker, which determination shall be conclusive) of the portion of the capital stock or the evidences of indebtedness or the assets
        so distributed to the holder of one share of Common Stock or of such subscription rights, warrants or options applicable to one share of Common Stock and of which the denominator shall be the Conversion Price then in effect. Such adjustment shall become effective immediately after the record date for the determination of stockholders entitled to receive such distribution. If at the end of the period during which warrants, rights or options described in this Subsection (iii) are
        exercisable not all such warrants, rights or options shall have been exercised, the adjusted Conversion Price shall be immediately readjusted to what it would have been based on the number of warrants, rights or options actually exercised.

        
            

        

        (iv)   Notwithstanding anything in subsection (ii) or (iii) of this Section 8(d) to the contrary, with respect to any rights, warrants or options covered by Subsection (ii) or (iii) of this Section 8(d), if such rights, warrants or options are
        exercisable only upon the occurrence of specified events, then for purposes of this Section 8(d), such rights, warrants or options shall not be deemed issued or distributed, and any adjustment to the Conversion Price required by subsection (ii) or (iii) of this Section 8(d) shall not be made until such events occur and such rights, warrants or options become exercisable.

        (v)   In case Maker, after the date of this Convertible Promissory Note, shall issue shares of Common Stock (excluding those rights, warrants, options, shares of capital stock or evidences of its indebtedness or assets referred to in subsection
        (ii) or (iii) of this Section 8(d)) at a net price per share less than the Conversion Price on the date that Maker fixes the offering price of such additional shares, the Conversion Price shall be reduced immediately thereafter so that it shall equal the price determined by multiplying such Conversion Price in effect immediately prior thereto by a fraction of which the numerator shall be the number of shares of Common
        Stock outstanding immediately prior to the issuance of such additional shares plus the number of shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock so offered would purchase at the Conversion Price then in effect and the denominator shall be the number of shares of Common Stock that would be outstanding immediately after the issuance of such additional shares. Such adjustment shall be made successively whenever such an issuance is
        made. This Subsection (v) shall not apply to Common Stock issued pursuant to an incentive stock option, as that term is defined in Section 422(b) of the Internal Revenue Code of 1986, shares issued upon conversion of its Series B Preferred Stock or shares or units that vest under any employee benefit plan.

        (vi)   In any case in which this Section 8(d) shall require that an adjustment be made immediately following a record date or an effective date, Maker may elect to defer (but only until five Business Days following the mailing by Maker to
        Payee of the certificate required by subsection (viii) of this Section 8(d), issuing to the holder of this Convertible Promissory Note converted after such record date or effective date the shares of Common Stock issuable upon such conversion over and above the shares of Common Stock issuable upon such conversion on the basis of the Conversion Price prior to adjustment.

        (vii)   No adjustment in the Conversion Price of this Convertible Promissory Note shall be required to be made unless such adjustment would require an increase or decrease of at least one percent (1%) in such price;
        provided, however, that any adjustments which by reason of this Subsection (vii) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 8(d) shall be made to the nearest one hundredth of one cent.

        (viii)   Whenever the Conversion Price is adjusted as provided in this Section 8, Maker will promptly mail to the holder of this Convertible Promissory Note a certificate of Maker’s Treasurer or Chief
        Financial Officer setting forth the Conversion Price as so adjusted and a brief statement of facts accounting for such adjustment.

        
            

        

        (e)   Consolidation or Merger. If Maker shall at any time consolidate or merge with or into another corporation, (i) Maker shall give at least five (5) days’ prior written notice to Payee of such consolidation or merger and the terms thereof and (ii) Payee shall
        thereafter be entitled to receive, upon the conversion thereof, the securities or property to which a holder of the number of Conversion Shares then deliverable upon the conversion thereof would have been entitled upon such consolidation or merger. Maker shall take such steps in connection with such consolidation or merger as may be necessary to assure such holder that the provisions of this Agreement shall thereafter be applicable, as nearly as reasonably may be in relation to any
        securities or property thereafter deliverable upon the conversion of this Convertible Promissory Note including, but not limited to, obtaining a written acknowledgement from the continuing corporation or other appropriate corporation of its obligation to supply such securities or property upon such conversion. The sale of all or substantially all of the assets of Maker shall be deemed a consolidation or merger for the foregoing purposes.

        (f)   Taxes on Conversion. The issuance of certificates representing
        for Conversion Shares upon the conversion of this Convertible Promissory Note shall be made without charge to Payee for any issue or stamp tax in respect of the issuance of such certificates, and such certificates shall be issued in the respective names of, or in such names as may be directed by, the holder of this Convertible Promissory Note;
        provided, however, that Maker shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any such certificate in a name other than that of Payee and Maker shall not be required to issue or deliver such certificates unless or until
        the person or persons requesting the issuance thereof shall have paid to Maker the amount of such tax or shall have established to the satisfaction of Maker that such tax has been paid.

        9.   Usury. In no event whatsoever shall the amount of interest paid or agreed to be paid to Payee exceed the maximum amount permissible under applicable law. If Payee shall receive as interest, an amount which would exceed the highest lawful rate, the amount which would be excessive interest shall be applied to
        the reduction of the principal amount outstanding under this Convertible Promissory Note (without prepayment premium or penalty).

        10.   Assignment, Amendment, Etc. This Convertible Promissory Note may be assigned, transferred, sold or pledged by Payee without the prior written consent of Maker. This Convertible Promissory Note shall be binding upon Maker and its successors
        and assigns and shall inure to the benefit of Payee and Payee’s heirs, executors, administrators and permitted assigns. If any term of this Convertible Promissory Note shall be held invalid, illegal or unenforceable, the validity of all other terms and provisions hereof shall in no way be affected thereby. This Convertible Promissory Note may not be changed, modified or terminated orally, but only by an agreement in writing, signed by the party to be charged therewith. No delay,
        failure or omission by Payee or any subsequent holder in respect of the exercise of any right or remedy granted hereunder or allowed by law to Payee or other holder shall constitute a waiver of the right to exercise the same at any future time or in the same or other circumstances.

        11.   Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. This Convertible Promissory Note shall be governed by and construed in accordance with the laws of the State of Florida without giving effect to the principles of conflicts of law. Maker by the execution of this Convertible Promissory
        Note and Payee by acceptance hereof:

        	
                
                    irrevocably consents and submit to the jurisdiction of the Courts of the State of Florida and waives any objection based on venue or forum non conveniens with respect to any action instituted therein arising under this Convertible Promissory Note or the transactions related hereto, in each case whether now existing or hereafter arising, and whether in contract, tort, equity or otherwise, and agrees that any dispute arising out of the relationship between Maker
                    and Payee or the conduct of such persons in connection with this Convertible Promissory Note or otherwise shall be heard only in the courts described above; and
                

            
	
                
                    WAIVES TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS CONVERTIBLE PROMISSORY
                    NOTE.

                

            

        
            

        

        12.   Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given if personally delivered, mailed by registered or certified mail, postage prepaid, or emailed (solely in the case of the notice required by Section 5(d)) to the
        person to whom it is directed at its address specified below, or such other address as such person may hereinafter specify by notice:

        If to Maker, at:

        888 Brickell Key Dr., Unit 1102

        Miami, FL 33131

        If to Payee, at its address written above, or, in the event of notice by email given pursuant to Section 4(d), the address for notice set forth therein. Any notice given by email shall be confirmed by notice given by another of the methods for giving notice set forth above.

        13.   Unenforceability. If one or more provisions of this Convertible Promissory Note are held to be unenforceable under applicable law, such provisions shall be excluded from this Convertible Promissory Note, and the balance of this Convertible Promissory Note shall be interpreted as if such provisions were so
        excluded and shall be enforceable in accordance with its terms.

        14.   Pledge Agreement. The obligations of Maker under this Convertible Promissory Note are secured as provided in the Contrato.

        15.   Section Titles. The section titles in this Convertible Promissory Note have been inserted for reference only and shall not be deemed to be part hereof.

        IN WITNESS WHEREOF, Maker has executed this Convertible Promissory Note as of the date first above written.

        METROSPACES, INC.

        By: Oscar Brito                    

                Oscar Brito

               Chief Executive OfficerExhibit101-Consulting_Agreement_and_General_Release

CONSULTING AGREEMENT AND GENERAL RELEASE
THIS CONSULTING AGREEMENT AND GENERAL RELEASE (this “Agreement”) is made and entered into as of January 16, 2015, by and between DECKERS OUTDOOR CORPORATION, a Delaware corporation (the “Company”), and ZOHAR ZIV, an individual (“Executive”), and is effective as of January 16, 2015 (the “Separation Date”).  The Company and Executive are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
RECITALS
A.Executive and the Company are parties to that certain Change of Control and Severance Agreement, dated as of January 1, 2010 (the “Severance Agreement”).
B.Executive and the Company desire to terminate the Severance Agreement, and further desire to terminate their employment relationship, in each case on the terms and subject to the conditions set forth in this Agreement.
C.Following the termination of Executive’s employment, the Company desires to retain Executive as an independent contractor to perform consulting services for the Company, and Executive is willing to perform such services, on the terms and subject to the conditions set forth in this Agreement.
AGREEMENT
In consideration of their mutual covenants, and for other good and valuable consideration, the receipt, adequacy, and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
1.Separation from Employment.  Executive’s employment with the Company is terminated effective at the close of business on the Separation Date.  Except as otherwise expressly set forth in this Agreement, all of Executive’s employment-related compensation and benefits shall terminate on the close of business on the Separation Date.  Executive understands that neither the Company nor any of its subsidiaries has any obligation to employ him at any point in the future.
2.Termination of Severance Agreement.  The Severance Agreement is terminated effective immediately upon the effectiveness of this Agreement.  This Agreement supersedes and replaces in full the Severance Agreement, which shall no longer be of any force and effect.
3.Benefits Paid Upon Termination of Employment.  In  reliance on Executive’s representations, warranties, acknowledgements and releases set forth in this Agreement, the Company shall:
(a)Accrued Base Salary.  Pay Executive any base salary that has accrued but was not paid as of the Separation Date, less legally required withholding and payroll deductions;
(b)Reimbursable Expenses.  Reimburse Executive for expenses reasonably incurred by him in connection with his employment with the Company during the period prior to the Separation Date;

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DOCSOC/1690911v9/100550-0105

(c)Benefit Plans and Programs.  Provide to Executive any accrued and vested benefits required to be provided by the terms of any Company-sponsored benefit plans or programs, together with any benefits required to be paid or provided under applicable law (to the extent not duplicative with the other payments and benefits addressed in this Section 3); 
(d)Pro-Rated Cash Incentive Bonus.  Pay Executive a pro-rated portion of any cash incentive bonus earned (or to be earned) with respect to the fiscal year beginning January 1, 2014 and ending March 31, 2015 (“fiscal 2015”) in accordance with the executive compensation policies and programs in effect on the Separation Date, based on the Executive’s actual length of service to the Company during fiscal 2015, which amount shall be payable in a lump sum within thirty (30) days following the date on which the cash incentive bonus amount payable in respect of fiscal 2015 is finally determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), less legally required withholding and payroll deductions;
(e)Severance Payments.  Commencing within thirty (30) days following the Separation Date, pay Executive severance equal to 12 months of Executive’s base salary (in effect on the Separation Date), less legally required withholding and payroll deductions, which amounts shall be paid on the regular monthly payroll dates of the Company in accordance with the Company’s payroll practices in effect on the Separation Date.  Each installment payment made pursuant to this Section 3(e) shall be considered a separate payment for purposes of Section 409A of the Internal Revenue Code (the “Code”), including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). The severance payments paid pursuant to this Section 3(e) shall be mitigated on a dollar-for-dollar basis for any income received by Executive for duties performed for the Company, or for services provided to any third party as a full-time (or substantially full-time) employee during the twelve (12) months following the Separation Date, provided, however, that any value attributable to the continued vesting of the 2007 LTIP (as defined in Section 5(a)) shall not constitute “income” for this purpose and shall not serve to mitigate the severance payments; and
(f)COBRA Benefits.  To the extent Executive timely elects continued coverage under COBRA, the Company will pay COBRA group health insurance premiums for Executive and his eligible dependents, if applicable, until the earliest of (1) December 31, 2016, (2) the expiration of Executive’s eligibility for the continuation coverage under COBRA, (3) the date on which Executive becomes eligible for substantially equivalent health insurance coverage in connection with his employment by a third party (the period from the Separation Date until the earliest of the dates set forth in (1) through (3), the “COBRA Payment Period”).  If Executive becomes eligible for health insurance coverage under a new employer’s group health plan, or if he otherwise ceases to be eligible for COBRA coverage, he must immediately notify the Company, and the Company’s obligation to pay COBRA premiums shall immediately cease.  Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA payments without a substantial risk of violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company instead shall provide Executive with taxable monthly payments in an amount equal to the premium amount for the first month of Executive’s COBRA coverage paid pursuant to this Section 3(f) (which amount shall be grossed up to the extent necessary to cover the applicable taxes), and such monthly payments shall be made through the remainder of the COBRA Payment Period.  In the event of Executive’s death occurring during the COBRA Payment Period, the Company shall continue to make monthly payments to Executive’s spouse for the benefit of his eligible dependents in accordance with the foregoing sentence. 

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DOCSOC/1690911v9/100550-0105

4.Consulting Agreement.  Upon Executive’s execution of this Agreement, the Company agrees to retain Executive as an independent contractor to provide consulting services for the Company on the terms and subject to the conditions set forth in this Agreement.
(a)    Retention of Consultant.  The Company agrees to retain Executive as a consultant from the Separation Date until December 31, 2016, unless earlier terminated in accordance with Section 4(c) (the period from the Separation Date until the date of termination of this Agreement, the “Consulting Period”).  
(b)    Scope of Consulting Services.  In consideration of the continued Cobra benefits set forth in Section 3(f) and the continued vesting under 2007 LTIP Agreements (as defined in Section 5(a) below, Executive shall provide consulting services to the Company within his areas of expertise upon request by the Company.  The Company anticipates that Executive will provide services at the request of, and subject to the direction of, the Company’s Chief Executive Officer (or any executive officer operating at the direction of the Chief Executive Officer).  The Company anticipates that the services to be provided by Executive shall include, but not be limited to, responding to questions relating to Executive’s areas of expertise and assisting with the transition of his duties and responsibilities.  Executive agrees to exercise the highest degree of professionalism and to fully utilize his expertise and talents in performing these consulting services.  Executive agrees to generally make himself available to perform the consulting services during regular business hours throughout the Consulting Period.  In addition, Executive shall be permitted to continue to serve as the Company’s representative on the board of directors of Seavees until such time as the Company provides written notice to Executive of his removal from such position.  
(c)    Term and Termination.  The Consulting Period shall end on the earliest to occur of the following: (1) December 31, 2016, (2) fifteen (15) days following the delivery of written notice by Executive, (3) immediately upon the Company delivering written notice to Executive of an uncured material breach of any of his obligations hereunder, or an uncured material breach of any of his obligations under the Confidentiality Agreement (as defined in Section 4(g)).  Prior to delivering written notice of termination to Executive for an uncured material breach of any of his obligations under this Agreement or the Confidentiality Agreement, the Company shall provide Executive written notice of the material breach and allow a fifteen (15) day period during which Executive may cure the material breach.  Upon termination of the Consulting Period pursuant to clauses (2) or (3) above, Executive’s “Continuous Service” shall immediately terminate for purposes of the 2007 LTIP (as defined in Section 5(a)).
(d)    Consulting Fees.  Executive will not charge the Company any consulting fees for the services he renders to the Company during the Consulting Period.
(e)    Reimbursement of Expenses.  Executive agrees to seek advance written approval from the Company’s Chief Executive Officer prior to incurring any expenses for which he will seek reimbursement in connection with consulting services rendered pursuant to this Agreement.
(f)    Independent Contractor.  Executive understands and agrees that: (1) his relationship with the Company during the Consulting Period is that of an independent contractor, and nothing in this Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship, (2) except as specifically provided in this Agreement, he will not be entitled to any of the compensation or benefits that the Company may make available to its officers 

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or employees, including, but not limited to, paid vacation, sick leave, group health or life insurance, profit-sharing or retirement benefits, (3) the Company will not be responsible for withholding or paying any income, payroll, Social Security or other federal, state or local taxes, making any insurance contributions, or obtaining worker’s compensation insurance for Executive, (4)   he will have no responsibilities to or responsibilities on behalf of the Company other than as specifically provided in this Section 4, and (5) he is not permitted to represent the Company in any manner whatsoever to any third party unless expressly authorized to do so by the Company’s Chief Executive Officer.
(g)    Confidentiality Agreement.  Executive agrees that the Trade Secret and Confidentiality Agreement, entered into by and between Executive and the Company (the “Confidentiality Agreement”), shall expressly survive the termination of Executive’s employment, and shall continue to restrict the use of confidential information of the Company received by Executive while performing consulting services to the Company during the Consulting Period.   Executive agrees to continue to comply with each of the provisions of the Confidentiality Agreement during the Consulting Period.  Executive acknowledges that a material breach of the Confidentiality Agreement may result in the termination of this Agreement.
5.Treatment of Outstanding Equity Awards
(a)    2007 LTIP.   On May 9, 2007, the Company granted Executive (1) an aggregate of 75,000 stock appreciation rights pursuant to a Stock Appreciation Rights Award Agreement (Level 2 Award) under the 2006 Plan (the “2007 SAR LTIP Agreement”), and (2) an aggregate of 10,500 restricted stock units pursuant to a Restricted Stock Unit Award Agreement (Level 2 Award) under the 2006 Plan (the “2007 RSU LTIP Agreement”, and, collectively with the 2007 SAR LTIP Agreement, the “2007 LTIP Agreements”).  The stock appreciation rights and restricted stock units granted pursuant to the 2007 LTIP Agreements are collectively referred to as the “2007 LTIP.”  The 2007 LTIP vests subject to the achievement of long-term performance objectives and service conditions, as set forth in the 2007 LTIP Agreements.  In the event that the performance objectives and services conditions are met, the 2007 LTIP will vest 80% on December 31, 2015 and 20% on December 31, 2016.  During the Consulting Period, Executive shall continue to perform “Continuous Service” to the Company for purposes of the 2007 LTIP Agreements.  Upon termination of the Consulting Period, Executive’s “Continuous Service” shall immediately terminate for purposes of the 2007 LTIP Agreements.  The Compensation Committee shall have the sole authority to administer and interpret the 2007 LTIP Agreements, including, without limitation, determining whether the performance objectives have been achieved. 
(b)    2012 LTIP.  On May 24, 2012, the Company granted Executive a maximum of 42,666 restricted stock units pursuant to a Restricted Stock Unit Award Agreement under the 2006 Plan (the “2012 LTIP Agreement”).   The restricted stock units granted pursuant to the 2012 LTIP Agreement are referred to as the “2012 LTIP.”  The 2012 LTIP vests, and the right to receive shares of the Company’s common stock pursuant to the restricted stock units shall be based upon, the achievement by the Company of the performance criteria set forth in the 2012 LTIP, provided that Executive shall have provided “Continuous Service” to the Company through December 31, 2015.  Notwithstanding the definition of “Continuous Service” set forth in the 2012 LTIP Agreement, the provision of consulting services during the Consulting Period in accordance with Section 4 shall not constitute “Continuous Service” for purposes of the 2012 LTIP.  However, in accordance with the terms of the 2012 LTIP Agreement, the termination of Executive’s employment shall constitute a “Retirement” of Executive effective as of the 

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Separation Date entitling Executive to receive a “Pro Rata Portion” (as defined in the 2012 LTIP Agreement) of the restricted stock units issued under the 2012 LTIP Agreement, subject to the achievement by the Company of the performance criteria set forth therein.  The Compensation Committee shall have the sole authority to administer and interpret the 2012 LTIP, including, without limitation, determining whether the performance criteria have been achieved and calculating the Pro Rata Portion of the 2012 LTIP that may be eligible to become vested as a result of the “Retirement” of Executive.
(c)    2013 NSU Award.  On March 29, 2013, the Company granted Executive an aggregate of 16,500 nonvested stock units pursuant to a Stock Unit Award Agreement under the 2006 Plan (the “2013 NSU Agreement”).  The nonvested stock units granted pursuant to the 2013 NSU Agreement are referred to as the “2013 NSU Award.”  The 2013 NSU Award vests, and the right to receive shares of the Company’s common stock pursuant to the nonvested stock units shall be based upon, the achievement by the Company of the performance criteria set forth in the 2013 NSU Agreement, provided that Executive shall have provided “Continuous Service” to the Company through the applicable vesting dates (December 15, 2015 and December 15, 2016).  Notwithstanding the definition of “Continuous Service” set forth in the 2013 NSU Agreement, the provision of consulting services during the Consulting Period in accordance with Section 4 shall not constitute “Continuous Service” for purposes of the 2013 NSU Agreement.  However, in accordance with the terms of the 2013 NSU Agreement, the termination of Executive’s employment shall constitute a “Retirement Event” effective as of the Separation Date, resulting in the nonvested stock units continuing to vest in accordance with the applicable vesting schedule, subject to the achievement by the Company of the performance criteria set forth therein.  The Compensation Committee shall have the sole authority to administer and interpret the 2013 NSU Award, including, without limitation, determining whether the performance criteria have been achieved and the vesting of the 2013 NSU Award.
(d)    2013 LTIP.  On December 13, 2013, the Company granted Executive a maximum of 7,500 restricted stock units pursuant to a Restricted Stock Unit Award Agreement under the 2006 Plan (the “2013 LTIP Agreement”).   Notwithstanding the definition of “Continuous Service” set forth in the 2013 LTIP Agreement, the provision of consulting services during the Consulting Period in accordance with Section 4 shall not constitute “Continuous Service” for purposes of the 2013 LTIP Agreement.  As a result, effective immediately upon Executive’s termination of employment, the 2013 LTIP Agreement shall be cancelled and all of Executive’s rights thereunder, including, without limitation, the right to receive any restricted stock units on the conditions set forth therein, shall be irrevocably forfeited.  
(e)    No Additional Unvested Equity Awards.  Except as described in this Section 5, there are no equity awards granted to Executive by the Company that remain outstanding and unvested as of the date on which this Agreement is made and entered into, including, without limitation, any restricted stock awards, stock option awards, restricted stock unit awards, stock appreciation rights or long-term incentive plan awards.
(f)    No Restrictions on Exercise.  Nothing in this Section 5 shall limit the ability of Executive to exercise any vested and unexercised equity awards granted to Executive by the Company, including any restricted stock unit awards or stock appreciation rights, to the extent such awards remain outstanding on the Separation Date, provided, that such awards are exercised in accordance with the terms of the 2006 Plan and the award agreements pursuant to which such awards were granted.

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(g)    Deferred Compensation.  Prior to his termination, Executive was an eligible participant in the Company’s deferred compensation programs.  Executive’s right to receive payments pursuant to the deferred compensation programs shall not be affected by the termination of his employment.  In addition, the payment by the Company to Executive of amounts deferred pursuant to the deferred compensation programs shall not constitute “income received by Executive for duties performed for the Company” for purposes of Section 3(e) of this Agreement and shall not serve to mitigate the amount of any severance payments paid pursuant to that section.
6.    Release of Claims.  
(a)    General Release.  In exchange for the payments and other benefits provided to Executive as set forth in Section 3, and for other good and valuable consideration provided by the Company to Executive, Executive hereby waives and releases all claims, liabilities and obligations, whether known or unknown, which he has or might otherwise have had against the Company, including itself and its current and former parent, subsidiaries, and related entities, and any of their respective current or former officers, directors, stockholders, members, employees, agents, attorneys, representatives, successors and assigns (hereinafter, collectively referred to as the “Released Parties”), arising prior to the date on which this Agreement is made and entered into, including, but not limited to, all claims regarding any aspect of his employment by the Company or any subsidiary, compensation or benefits from the Company or any subsidiary, the termination of his 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 WARN Act, 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 Executive 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, and/or any other cause of action whatsoever that arose on or prior to the date on which this Agreement is made and entered into.
(b)    Section 1542 Waiver.  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 Executive.  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.”
Notwithstanding Section 1542, for the purpose of implementing a full and complete release and discharge of the Released Parties, Executive expressly acknowledges that this Agreement is intended to include, and does include in its effect, without limitation, all claims which Executive does not know or suspect to exist in his favor against the Released Parties at the time of execution hereof, and that this Agreement expressly contemplates the extinguishment of all such claims.
(c)    Effectiveness of Release.  In accordance with the Older Workers Benefit Protection Act, Executive hereby knowingly and voluntarily waives and releases all rights and claims, known and unknown, arising under the Age Discrimination in Employment Act of 1967, as amended, which he might otherwise have had against the Released Parties.  Executive acknowledges that the 

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consideration given for this waiver is in addition to anything of value to which Executive is already entitled.  Executive is hereby advised that he has twenty-one (21) days in which to consider and accept this Agreement by signing and returning this Agreement to the Company’s Chief Executive Officer (although Executive may voluntarily choose to sign and return the Agreement sooner).  In addition, Executive has a period of seven (7) days following his execution of this Agreement in which he may revoke the Agreement.  If Executive does not advise the Chief Executive Officer by a writing received within such seven (7) day period of Executive’s revocation of his acceptance of the Agreement, the Agreement will become effective and enforceable upon the expiration of the seven (7) day period.
(d)    No Admissions.  This Agreement shall not be construed as an admission by the Company of any improper, wrongful or unlawful actions, or any other wrongdoing against Executive, and the Company specifically disclaims any liability to or wrongful acts against Executive on the part of itself, its officers, directors, employees or agents.  
7.    Executive’s Representations.  Executive represents and warrants to the Company that: (a) he has received all compensation and benefits owed to him by the Company through the Separation Date, including any and all wages, bonuses, cash incentive awards, restricted stock awards, stock option awards, restricted stock unit awards, long-term incentive plan awards, deferred compensation, earned but unused vacation, reimbursable business expenses, and any other payments, benefits, or other compensation of any kind or nature to which he was or may have been entitled from the Company or any of its subsidiaries, (b)  he has the full legal right and authority to execute this Agreement, and to perform the obligations required of him under this Agreement and the Confidentiality Agreement, (c) neither the execution and delivery of this Agreement nor the performance of Executive’s duties hereunder or under the Confidentiality Agreement violates or conflicts with the provisions of any other agreement or understanding to which he is a party or by which he is bound, and (d) he is signing this Agreement voluntarily and with a full understanding of and agreement with their respective terms.  
8.    Section 409A.  Notwithstanding anything herein to the contrary, to the extent (a) any amount or benefit payable to Executive pursuant to Section 3 is treated as non-qualified deferred compensation subject to Section 409A of the Code, (b) Executive is determined by the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, and (c) the Company determines that delayed commencement of any portion of the amounts payable to Executive pursuant to Section 3 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 Executive’s payments and/or benefits described in Section 4 shall not be provided to Executive prior to the earlier of (1) the expiration of the six-month period measured from the Separation Date, (2) the date of Executive’s death, or (3) such earlier date as is permitted under Section 409A.  Upon the expiration of the applicable 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 Section 3 shall be paid as otherwise provided herein.  Notwithstanding anything in this Section 8 to the contrary, to the maximum extent permitted by applicable law, amounts payable to Executive pursuant to Section 3 shall be made in reliance upon the Section 409A Safe Harbor Limit and/or the exception for short-term deferrals (as set forth in Treasury Regulation Section 1.409A-1(b)(4)).  For purposes of this Agreement, “Section 409A Safe Harbor Limit” will mean an amount equal to two (2) times the lesser of (x) Executive’s annual rate of compensation for the taxable year immediately preceding the taxable year in which the Separation Date occurs, and (y) the dollar amount in effect under 

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Section 401(a)(17) of the Code for the taxable year in which the Separation Date occurs, in each case as determined in accordance with Treasury Regulation §1.409A-1(b)(9)(iii).
9.    Return of Company Property. By no later than the close of business on the Separation Date, Executive shall return to the Company all Company documents, information and property (including any copies thereof) in his possession or control.  Executive agrees to make a diligent search to locate any such documents, information or property within the timeframe referenced above. Notwithstanding the foregoing, the Company agrees that Executive shall be entitled to keep his computer and certain related systems and equipment (as identified by Executive in writing to the Company), provided, however, that as a condition to being allowed to keep such property, Executive agrees to permanently delete and expunge any confidential or proprietary information from such property without retaining any reproductions thereof (in whole or in part), and further agrees to provide the Company access to such property, to the extent requested, to verify that the necessary deletion has been completed to the satisfaction of the Company. Executive acknowledges that compliance with this Section 9 is an express condition to Executive receiving payments and other benefits in accordance with Section 3. 
10.    Confidentiality.  The provisions of this Agreement will be held in confidence by Executive and the Company and will not be publicized or disclosed in any manner whatsoever, provided, however, that: (a) the Parties may disclose this Agreement in confidence to their respective attorneys, accountants, auditors, and financial advisors, (b) the Company may disclose this Agreement as necessary to fulfill legally required corporate reporting or disclosure requirements (as determined by the Company in its sole discretion), and (c) the Parties may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law.
11.    Indemnification. 
(a)    Executive.  Executive agrees to indemnify and hold harmless the Company and its subsidiaries and related entities, and each of their respective officers, directors, stockholders, members, employees, agents, attorneys, representatives, successors and assigns, from and against any and all losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising, directly or indirectly, in connection with or as a result of (a) any grossly negligent, reckless or intentionally wrongful act of Executive or Executive’s agents, attorneys or representatives, (b) a determination by a court or agency that Executive is not an independent contractor, (c) any material breach by Executive or Executive’s agents, attorneys or representatives of any of the covenants or agreements contained in this Agreement or the Confidentiality Agreement, or (d) any failure of Executive to perform the consulting services in accordance with this Agreement.
(b)    Company.  The Company agrees that the Indemnification Agreement, entered into by and between Executive and the Company (the “Indemnification Agreement”), shall expressly survive the termination of Executive’s employment, and that the Company shall indemnify Executive on the terms and subject to the conditions set forth in the Indemnification Agreement.  
12.    Nonsolicitation.  To the fullest extent permitted under applicable law, from the date on which this Agreement is made and entered into until twelve (12) months after the termination of the Consulting Period, Executive shall not, without the Company’s prior written consent, directly or indirectly, solicit any of the Company’s employees to leave their employment.

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13.    Nondisparagement.  During the Consulting Period and thereafter, Executive agrees not to disparage the Company or any of its current or former officers, directors or employees in any manner that is or is reasonably likely to be harmful to them or their business, business reputation or personal reputation, provided, however, that Executive may respond accurately and fully to any question, inquiry or request for information when required by legal process.
14.    Cooperation.  Executive agrees to reasonably cooperate with the Company in connection with its actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during the period of Executive’s employment by the Company.  The Company agrees to reimburse Executive for reasonable out-of-pocket expenses actually incurred in connection with any such cooperation.
15.    Miscellaneous.
(a)    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 Executive’s personal or legal representatives, beneficiaries, designees, executors, administrators, heirs, distributees, devisees and legatees.
(b)    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.
(c)    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 will not affect the validity or enforceability of any other covenant or agreement contained herein.
(d)    Notice.  All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be in writing 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, (c) sent by next-day or overnight mail or delivery, or (d) sent by facsimile, using the following contact information:
	
		
	If to Executive:
	Zohar Ziv

	If to the Company:
	Deckers Outdoor Corporation

	 
	495-A South Fairview Avenue

	 
	Goleta, CA 93117

	 
	Attn: Chief Executive Officer

	 
	Facsimile: 805-967-7862

 

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or, in each case, using such other contact information 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 (7th) business day after the mailing thereof, (y) if by next-day or overnight mail or delivery, on the day delivered, or (z) if by facsimile, on the next day following the day on which such facsimile was sent, provided that a copy is also sent by certified or registered mail.
(e)    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.
(f)    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.  
(g)    Governing Law.  This Agreement will be construed in accordance with the laws of the State of California, without regard to the conflict of law provisions thereof, with venue proper only in the County of Santa Barbara, California.
(h)    Payment of Legal Fees.  If any action or proceeding is brought by either Party to enforce or interpret the provisions of this Agreement, the prevailing Party will be entitled to reasonable attorney’s fees, in addition to any other relief to which such Party may be entitled. 
(i)    Independent Legal Counsel.  Executive acknowledges that the Company has advised Executive to consult with independent legal counsel of Executive’s choosing prior to executing this Agreement.  Executive acknowledges that he has had the time and opportunity to be represented by independent legal counsel during the negotiation and execution of this Agreement, and that he has either been represented to his satisfaction or has chosen not to be so represented.  
(j)    Arbitration.
(i)    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 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.
(ii)    The arbitrator(s) shall apply California law to the merits of any dispute or claim, without reference to rules of conflicts of law.
(iii)    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.

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(iv)    EXECUTIVE HAS READ AND UNDERSTANDS THIS SECTION, WHICH DISCUSSES ARBITRATION. EXECUTIVE UNDERSTANDS THAT BY SIGNING THIS AGREEMENT, EXECUTIVE 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 EXECUTIVE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO EXECUTIVE’S CURRENT AND FORMER RELATIONSHIP WITH THE COMPANY, INCLUDING BUT NOT LIMITED TO, CLAIMS OF HARASSMENT, DISCRIMINATION, WRONGFUL TERMINATION AND ANY STATUTORY CLAIMS.
(k)    Counterparts.  This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one agreement and any Party hereto may execute this Agreement by signing any such counterpart.  This Agreement shall be binding upon Executive and the Company at such time as the Agreement, in counterpart or otherwise, is executed by Executive and the Company.
[Signature Page Follows]

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IN WITNESS WHEREOF, the Parties hereto have duly executed this Consulting Agreement and General Release as of the day and year first above written.
	
			
	 
	COMPANY:

	 
	DECKERS OUTDOOR CORPORATION

	 
	By:
	  /s/ Angel Martinez             

	 
	 
	Angel Martinez

	 
	 
	Chief Executive Officer

	 
	EXECUTIVE:

	 
	  /s/ Zohar Ziv               
Zohar Ziv

	 
	 

                    
 

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