LEASE AMENDMENT EXCERCISE andMODIFICATION OF 2nd EXTENSION TERM and GRANT of 3rd and 4th OPTIONS TO EXTEND LEASE TERM Dated October 6,2008 Amendment to that certain AIR Standard Industrial/Commercial Single-Tenant

A.

Lessor and Lessee are parties to that certain AIR Standard Industrial/Commercial Single-Tenant Lease—Net dated May 19, 1999 between Griswold Industries as Lessor and Volcom, Inc. (successor in interest to Stone Boardwear, a California corporation, dba Volcom) as Lessee, including appurtenant Addendums titled as follows: Option to Extend dated February 26, 1999, Option to Extend dated May 19, 1999, Lessor’s Responsibilities for Code Compliance dated May 19, 1999, Right of First Refusal to Lease Additional Space dated February 26^th, 1999, Right to Approve Lease of Remaining Space Within the Premises dated February 26^th, 1999, and Assignment and Subletting dated February 26^th 1999, shall hereinafter collectively be referred to as the “Lease.” Pursuant to the Lease, Lessee currently Leases from Lessor that certain premises containing approximately 86,415 sq. ft. and commonly known as 1740 Monrovia Ave., Costa Mesa, California.

B.

The Lease grants Lessee an Option to extend the Original Lease term for two extension terms of sixty months each by written notice before 90 days but not more than 180 days prior to the expiration of the then effective term. Lessee has so exercised such option for the first extension term which commenced 8/1/2004 and expires 7/31/2009. The notification period for Lessee’s option to extend for the 2^nd additional term commences 2/1/2009 and expires 4/30/2009.

2.

2^nd Extension Option is hereby exercised. Regardless of the notification period specified herein and in the Lease, the 2^nd Extension Option shall be exercised as of the execution of this amendment, with modifications as further described herein. The 2^nd Term Extension shall commence August 1, 2009 and End 7/31/2014.

a.

3 % Annual Increases until 7/31/14: On August 1^st of each year, rent shall be adjusted upwards by 3% annually. Such 3% annual increase in rent shall occur until the expiration of the 2^nd extension term, which shall end 7/31/2014.

4.

3^rd Five- Year Extension Option: Lessor hereby grants to Lessee a 3^rd Five- Year Extension Option, commencing August 1, 2014 and ending 7/31/2019. Such Extension Option must be exercised by written notice before 90 days but not more than 180 days prior to the expiration of the then effective term.

5.

Adjustment of First Year Rent for the Third Extension Term: Rent during the first year of the 3^rd Extension term commencing August 1, 2014 shall be $.90 per sq. ft. / $77,773.50.

7.

4^th Five-Year Extension Option: Lessor hereby grants to Lessee a 4^th Five-Year Extension Option commencing August 1, 2019 and ending 7/31/2024. Such Extension Option must be exercised by written notice before 90 days but not more than 180 days prior to the expiration of the then effective term.

8.

Continued CPI Rent Adjustments: Monthly rent for each of the years 1 – 5 of each of the 3^rd and 4^th Five-Year Extension Options referenced above shall be determined on an annual basis by a continuation of CPI adjustments as described in paragraphs 6 a – d above.