EXHIBIT 10.40 INDEMNIFICATION AGREEMENT This Indemnification Agreement is made as of this 1st day of January, 2005, by and between OAKLEY, INC., a Washington corporation (the "Company"), and MICHAEL J. PUNTORIERO ("Indemnified Party"). WHEREAS, as of...Indemnification Agreement • March 16th, 2005 • Oakley Inc • Ophthalmic goods • Washington
