GUESS INC
EXHIBIT 10.8
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="kg48502_exhibit_10.8"> </A>
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<BR></FONT><FONT SIZE=2><B>Exhibit 10.8    <BR>    </B></FONT></P>

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NAME="kg48502_first_amendment_to_the_guess_,__fir05234"> </A>
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<BR></FONT><FONT SIZE=2><B>FIRST AMENDMENT TO THE<BR>  GUESS?,&nbsp;INC.<BR>  2006 NON-EMPLOYEE DIRECTORS'<BR>  STOCK GRANT AND STOCK OPTION PLAN<BR>  (As Amended and Restated Effective September&nbsp;28, 2007)    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, Guess?,&nbsp;Inc. (the "Company") maintains the Guess?,&nbsp;Inc. 2006 Non-Employee
Directors' Stock Grant and Stock Option Plan (as may be amended, restated and/or modified from time to time, the "Plan"); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, pursuant to Section&nbsp;6 of the Plan, the Board of Directors of the Company may amend the Plan at any time, subject to
certain limitations; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, the Plan and certain forms of agreements related thereto, including the Restricted Stock Agreement (the "Form Agreement"), do not
clearly address the issuance of shares in book entry form or other uncertificated means and the rights, if any, the holders of such shares may have under the Plan; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>WHEREAS</B></FONT><FONT SIZE=2>, the Company wishes to amend the Plan and the Form Agreement to permit the issuance of shares in book entry form and clarify the
rights, if any, the holders of such shares have under the Plan; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>NOW, THEREFORE</B></FONT><FONT SIZE=2>, the Form Agreement, in substantially the form attached hereto as </FONT> <FONT SIZE=2><I>Exhibit&nbsp;A</I></FONT><FONT SIZE=2>, is hereby adopted and approved, effective as of December&nbsp;17, 2007;
and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>RESOLVED FURTHER</B></FONT><FONT SIZE=2>, the Plan is hereby amended, effective as of December&nbsp;17, 2007, as follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>SECTION&nbsp;5  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> RESTRICTED STOCK GRANTS  </B></FONT></P>

<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subsection&nbsp;5(c)
is amended in its entirety to read as follows: </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Vesting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Restricted Stock Award granted under this Section&nbsp;8 shall become vested as to 100% of the total number
of shares of Common Stock subject thereto upon the first to occur of (i)&nbsp;the first anniversary of the date of grant or (ii)&nbsp;a termination of service on the Board if such Eligible
Director has completed a full term of service and he or she does not stand for re-election at the completion of such term. Promptly after the vesting date and satisfaction of all
applicable restrictions, the Company shall, as applicable, either remove the notations on any shares issued in book entry form that have met such conditions or deliver to the Participant holding the
Award (to the extent that the certificate(s) had not previously been delivered) a certificate or certificates evidencing the number of the shares of Common Stock as to which the restrictions have
lapsed. Book entries shall be made, or certificates shall be delivered, as applicable, evidencing vested shares (and any other amounts deliverable in respect thereof shall be delivered and paid) only
to the Participant or his or her personal representative, as the case may be." </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>SECTION&nbsp;9  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> EFFECTIVE DATE AND TERM OF THE PLAN  </B></FONT></P>

<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
first paragraph of Section&nbsp;9 is amended in its entirety to read as follows: </FONT></DD></DL>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"The
Plan was originally approved by the Company's Board July&nbsp;30, 1996, was amended and restated effective on May&nbsp;9, 2006 and subsequently amended on July&nbsp;11, 2006,
and was amended and restated effective September&nbsp;28, 2007 and subsequently amended hereby on December&nbsp;17, 2007. Awards granted under this Plan prior to the Restatement Date shall be
governed by the provisions of the applicable prior version of this Plan. Awards granted under this Plan on or after </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>the
Restatement Date shall be subject to the terms and conditions set forth herein and any applicable amendment hereof." </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>SECTION&nbsp;10  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> GENERAL PROVISIONS  </B></FONT></P>

<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Subsection&nbsp;10(a)
is amended in its entirety to read as follows: </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Representations by Participants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board may require each Participant to represent to and agree with the Company in
writing that the Participant is acquiring the shares of Common Stock without a view to distribution or other disposition thereof. Such shares may include any legend or notation, as applicable, that
the Company deems appropriate to reflect any restrictions on transfer." </FONT></P>

</UL>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>, the Company has caused its duly authorized officer to execute this amendment. </FONT></P>

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<TD WIDTH="50%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" style="font-family:times;"><FONT SIZE=2><B>GUESS?,&nbsp;INC.</B></FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="50%" style="font-family:times;"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>CARLOS ALBERINI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Carlos Alberini<BR>
Title: President and C.O.O.</FONT></TD>
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<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kg48502_2">FIRST AMENDMENT TO THE GUESS?, INC. 2006 NON-EMPLOYEE DIRECTORS' STOCK GRANT AND STOCK OPTION PLAN (As Amended and Restated Effective September 28, 2007)</A></FONT><BR>

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