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EXHIBIT 10.14
[QUICKSILVER LOGO]
November 1, 1998
PERSONAL AND CONFIDENTIAL
Xx. Xxxxxxx Xxxxxxxx
Xxxxxxxxxx Xx Xxxx, S.A.
Z.I. de Jalday -- B.P. 119
64501 Saint Xxxx xx Xxx CEDEX
France
Re: SERVICES AT QUIKSILVER
Dear Xxxxxxx:
This letter ("Agreement") will confirm our understanding and agreement
regarding your continued services at Quiksilver, Inc. ("Quiksilver" or the
"Company"), and completely supersedes and replaces any existing or previous oral
or written understandings or agreements, express or implied, we have had and is
separate and in addition to your employment agreement with Na Pali, S.A. The
terms contained in this letter are effective on and after November 1, 1998.
1. Your primary job responsibilities are to expand and market the
Quiksilver brand in ways that will enhance the value of the brand
in the United States or in markets where Quiksilver's domestic
division does business, and will involve, but is not limited to,
marketing the brand in international tourist areas, overseeing
the development of the Company website, the development of the
Company's retail strategy, and development of the Company's
overall corporate strategy. In your position, you will report to
me or my designee.
2. Your salary will be variable and will be determined annually at
the conclusion of the Company's fiscal year, and at the Company's
discretion in light of the Company's performance, your
performance, market conditions and other factors deemed relevant
by the Company.
3. The amount and terms of stock options to be granted to you will
be determined by the Board of Directors in its discretion and
covered in separate agreements.
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November 1, 1998
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4. Notwithstanding anything to the contrary in this Agreement or in
your prior services relationship with the Company, express or
implied, your service continues to be for an unspecified term,
and either you or Quiksilver may terminate such service at will
and with or without Cause at any time for any reason. This aspect
of your service relationship can only be changed by an
individualized written agreement signed by both you and the
Chairman of the Board of the Company.
The Company may also terminate your service immediately, without
notice, and without further obligation for Cause, which shall be
defined as (i) your death, (ii) your permanent disability which
renders you unable to perform your duties and responsibilities
for a period in excess of three consecutive months, (iii) willful
misconduct in the performance of your duties, (iv) violation of
law, (v) self-dealing, (vi) willful breach of duty, (vii)
habitual neglect of duty, (viii) a material breach by you of your
obligations under Paragraph 5 or 6 of this Agreement, or (ix)
sustained unsatisfactory performance (determined by the Chairman
of the Board of the Company).
5. Quiksilver owns certain trade secrets and other confidential
and/or proprietary information which constitute valuable property
rights, which it has developed through a substantial expenditure
of time and money, which are and will continue to be utilized in
the Company's business and which are not generally known in the
trade. This proprietary information includes the list of names of
the customers and suppliers of Quiksilver, and other
particularized information concerning the products, finances,
processes, material preferences, fabrics, designs, material
sources, pricing information, production schedules, marketing
strategies, merchandising strategies, order forms and other types
of proprietary information relating to our products, customers
and suppliers. You agree that you will not disclose and will keep
strictly secret and confidential all trade secrets and
proprietary information of Quiksilver, including, but not limited
to, those items specifically mentioned above.
6. You will be required to observed the Company's personnel and
business policies and procedures as they are in effect from time
to time. In the event of any conflicts, the terms of this
Agreement will control.
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November 1, 1998
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7. This Agreement and any stock option agreements Quiksilver may
enter into with you contain the entire integrated agreement
between us regarding these issues, and no modification to this
letter will be valid unless set forth in writing and signed by
both you and the Chairman of the Board of the Company. To the
fullest extent allowed by law, any dispute, controversy or claim
arising out of or relating to this Agreement, the breach thereof,
or any aspect of your employment or the cessation thereof must be
settled exclusively by final and binding arbitration before a
single arbitrator administered by JAMS/Endispute in Orange
County, California, whose fees and costs shall be evenly divided
by the parties. Judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction
thereof. The Company reserves the right, however, to seek
judicial provisional remedies and equitable relief regarding any
breach or threatened breach of your obligation regarding trade
secrets and proprietary information.
8. This Agreement will be assignable by the Company to any successor
or to any other company owned or controlled by 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.
Please sign, date and return the enclosed copy of this letter to me for
our files to acknowledge your agreement with the above.
Best personal regards,
Xxxxxx X. XxXxxxxx, Xx.
Chief Executive Officer
Enclosures
Acknowledged and agreed:
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Date Effective: November 1, 1998
