STOCK OPTION CANCELLATION
AGREEMENT
THIS STOCK OPTION CANCELLATION AGREEMENT (the
“Agreement”) is made and entered into as of June 23,
2009 (the “Effective Date”), by and between Charles S.
Exon (the “Optionee”) and Quiksilver, Inc., a Delaware
corporation (the “Corporation”).
WHEREAS, the Corporation has previously granted to Optionee
stock options to purchase shares of the Corporation’s common
stock pursuant to the Quiksilver 2000 Stock Incentive Plan (As
Amended and Restated through February 5, 2009) (the
“2000 Plan”) and/or the Quiksilver, Inc. 1996 Stock
Option Plan (the “Options”); and
WHEREAS, the Optionee believes it to be in the
Optionee’s best interest as an officer of the Corporation and
in the best interest of the Corporation and its shareholders to
surrender and cancel certain outstanding Options that the Optionee
presently holds and are identified on Exhibit A hereto (the
“Exhibit A Options”), so that additional shares
become available under the 2000 Plan which the Corporation may use
for future stock option grants to Corporation personnel in order to
recruit, retain and motivate such personnel; and
WHEREAS, the Optionee desires to surrender the
Exhibit A Options for cancellation without receiving any cash,
stock options or other consideration and without any expectation to
receive, and without imposing any obligation on the Corporation to
pay or grant, any cash, stock options or other consideration
presently or in the future in regard to the cancellation of such
Exhibit A Options; and
WHEREAS, the Corporation is relying upon the
Optionee’s surrender and cancellation of the Exhibit A
Options in making determinations about the future grant of stock
options pursuant to the 2000 Plan and otherwise in regard to the
administration of the 2000 Plan.
NOW, THEREFORE, the Optionee and the Corporation hereby
agree as follows:
1.
Surrender and Cancellation of Options . The Optionee hereby
surrenders the Exhibit A Options, and the Corporation hereby
accepts such surrender and cancellation, effective as of the
Effective Date.
2. No
Expectations or Obligations . The Optionee and the
Corporati
