Exhibit 10.21
December 21, 2006
Xx. Xxxxx X. Xxxxx
Quiksilver, Inc.
00000 Xxxxxx Xxxxxx
Xxxxxxxxxx Xxxxx, Xxxxxxxxxx
00000
RE: AMENDMENT TO EMPLOYMENT AGREEMENT
Dear Xxxxx:
Reference is made to your Employment Agreement ("Agreement") dated May 25, 2005
by and between Quiksilver, Inc. ("Quiksilver") and you. Capitalized terms used
in this letter and not defined herein shall have the meaning ascribed to them in
the Agreement.
This letter amends the Agreement as follows:
1. The parties agree to add clause 9(e) to the Agreement as follows:
"(e) Notwithstanding the foregoing, to the extent the Company reasonably
determines that any payment or benefit under this Agreement is subject to
Section 409A of the U.S. Internal Revenue Code, such payment or benefit shall be
made at such times and in such forms as the Company reasonably determines are
required to comply with Code Section 409A (including, without limitation, in the
case of a "specified employee" within the meaning of Code Section 409A, any
payments that would otherwise be made during the six-month period following
separation of service will be paid in a lump sum after the end of the six-month
period) and the Treasury Regulations and the transitional relief thereunder;
provided, however, that in no event will the Company be required to provide you
with any additional payment or benefit in the event that any of your payments or
benefits trigger additional income tax under Code Section 409A or in the event
that the Company changes the time or form of your payments or benefits in
accordance with this paragraph."
Except as expressly amended by this letter, the terms, conditions, covenants and
agreements contained in the Agreement remain unaffected by this letter and
continue in full force and effect. This letter is intended by the parties to
satisfy the requirement in clause 13 of the Agreement that any modification or
amendment to the Agreement be in writing and signed by both parties. Further,
this letter and the Agreement constitute the entire agreement between the
parties with respect to the subject matter set forth herein and therein and
supercede all other agreements, proposals, oral or written statements. Please
confirm your agreement by signing and returning one copy of this letter to the
undersigned, whereupon this letter will become a binding agreement between the
parties.
Very truly yours,
By:
---------------------------------
Name: Xxxxxxx Exon
Title: Secretary and General Counsel
Executive Vice President
Business and Legal Affairs -
International
Accepted and agreed to this ____ day of ____________, 2006
By:
---------------------------------
Name: Xxxxx X. Xxxxx
Title: Chief Financial Officer
and Treasurer
