Fossil (FOSL) 8-K Entry into a Material Definitive Agreement

EXHIBIT 10.1

Summary Sheet of

Non-employee Director Compensation

March 15, 2006

Effective January 1, 2006

1.Board of Directors

Annual Retainer	$30,000 (from $25K)
In-person meeting fee	$1,500 (no change)
Telephone meetings*	$1,000 (from $0)

2.Audit Committee

Chair annual retainer	$10,000 (from $5K)
Member retainer	$2,500 (from $0)
In-person meeting fee	$1,250 (no change)
Telephone meetings*	$1,000 (from $0)

3.Compensation Committee

Chair annual retainer**	$5,000 (from $0)
Member retainer	$0 (no change)
In-person meeting fee	$1,250 (no change)
Telephone meetings*	$1,000 (from $0)

4.Nominating and Corporate Governance Committee

Chair annual retainer**	$5,000 (from $0)
Member retainer	$0 (no change)
In-person meeting fee	$1,250 (no change)
Telephone meetings*	$1,000 (from $0)

Payment shall be made for each committee meeting attended even if attending more than one committee meeting on the same day.

* in excess of one hour

** only one retainer will be paid if chairing more than one committee (higher retainer paid)