UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

December 18, 2009

(Date of earliest event reported)

Volcom, Inc.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code: (949) 646-2175

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

On December 18, 2009, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Volcom, Inc. (“Volcom”) and the Board of Directors of Volcom approved certain compensation arrangements for Volcom’s principal executive officer, principal financial officer, and Volcom’s other named executive officers (the “Named Executive Officers”).

Base Salary

The Compensation Committee set annual base salaries for Volcom’s Named Executive Officers in January 2009 and subsequently decreased such base salaries in February 2009 to reflect the economic environment at such time. On December 18, 2009, the Compensation Committee approved reinstating annual base salaries for the Named Executive Officers to the levels previously approved in January 2009 (the “Salary Re-Instatement”), effective as of January 1, 2010. No raises from January 2009 levels were approved for the Named Executive Officers, except that Mr. Gujer’s salary was raised from 275,000 Euros, or $393,250 U.S. dollars, to 285,984 Euros, or $408,957 U.S. dollars⁽¹⁾.

Based upon the Salary Re-Instatements, the 2010 base salaries for the Named Executive Officers are as follows:

2010 Cash Bonus Plan

Under the 2010 Cash Bonus Plan (the “2010 Plan”), the target bonus opportunity as a percentage of the individual’s base salary was reduced from 75% of annual base salary under the 2009 Cash Bonus Plan to approximately 40% of annual base salary for the Named Executive Officers, except for Richard R. Woolcott, whose target bonus opportunity will remain at 75% of his annual base salary, as set forth in the table below. In addition, the Compensation Committee has determined to base a specified percentage of the target bonus opportunity for each of Bruno Gujer, Tom D. Ruiz and Troy C. Eckert on individual performance, as set forth in the table below. The Compensation Committee maintained the diluted earnings per share (“EPS”) performance measure for Company Performance under the Plan, but reduced the maximum bonus payable based on EPS performance from 160% of the target bonus opportunity for the 2009 Cash Bonus Plan to 119% of the target bonus opportunity for the 2010 Plan. If the Company achieves the target EPS, the payout for this performance metric will be 100% of the target bonus opportunity and, if the Company achieves the threshold EPS, the payout will be 27% of the target bonus opportunity.

The target bonus opportunity as a percent of annual salary and the percent of bonus opportunity based upon individual performance and Company performance for the Named Executive Officers under the 2010 Plan is as follows:

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.