**Exhibit 10.6a**

**HOT TOPIC, INC.**

**EMPLOYEE STOCK PURCHASE PLAN**

**Adopted June 14, 1996**

**Approvedby the Stockholders on July 9, 1996**

**Amended March 23, 2007**

**Shares Subject to the Plan Automatically Adjusted on December 27, 1999,**

**December 27, 2000, February 6, 2002 and September 2, 2003**

**1. PURPOSE.**

**(a)** The purpose of the Employee Stock Purchase Plan (the “Plan”) is to provide a means by which employees of Hot Topic, Inc., aCalifornia corporation (the “Company”), and its Affiliates, as defined in subparagraph 1(b), which are designated as provided in subparagraph 2(b), may be given an opportunity to purchase stock of the Company. 

**(b)** The word “Affiliate” as used in the Plan means any parent corporation or subsidiary corporation of the Company, as those terms aredefined in Sections 424(e) and (f), respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). 

**(c)** TheCompany, by means of the Plan, seeks to retain the services of its employees, to secure and retain the services of new employees, and to provide incentives for such persons to exert maximum efforts for the success of the Company. 

**(d)** The Company intends that the rights to purchase stock of the Company granted under the Plan be considered options issued under an“employee stock purchase plan” as that term is defined in Section 423(b) of the Code. 

**2. ADMINISTRATION.**

**(a)** The Plan shall be administered by the Board of Directors (the “Board”) of the Company unless and until the Board delegatesadministration to a Committee, as provided in subparagraph 2(c). Whether or not the Board has delegated administration, the Board shall have the final power to determine all questions of policy and expediency that may arise in the administration ofthe Plan. 

**(b)** The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

**(i)** To determine when and how rights to purchase stock of the Company shall be granted and the provisions of each offering of suchrights (which need not be identical). 

**(ii)** To designate from time to time which Affiliates of the Company shall be eligible toparticipate in the Plan. 

**(iii)**To construe and interpret the Plan and rights granted under it, and to establish,amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make thePlan fully effective. 

 

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**(iv)** To amend the Plan as provided in paragraph 13. 

**(v)** Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of theCompany and its Affiliates and to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code. 

**(c)**The Board may delegate administration of the Plan to a Committee composed of not fewer than two (2) members of the Board (the“Committee”). If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, subject, however, to such resolutions, notinconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan.****

**3. SHARES SUBJECTTOTHE PLAN.**

**(a)**Subject to the provisions of paragraph 12 relating to adjustments upon changes in stock, the stock that may be sold pursuant to rights grantedunder the Plan shall not exceed in the aggregate one million three hundred fifty thousand (1,350,000) shares of the Company’s common stock (the “Common Stock”). If any right granted under the Plan shall for any reason terminatewithout having been exercised, the Common Stock not purchased under such right shall again become available for the Plan.****

**(b)** The stock subject to the Plan may be unissued shares or reacquired shares, bought on the market or otherwise. 

**4.GRANTOF RIGHTS; OFFERING.**

**(a)**The Board or the Committee may fromtime to time grant or provide for the grant of rights to purchase Common Stock of the Company under the Plan to eligible employees (an “Offering”) on a date or dates (the “Offering Date(s)”) selected by the Board or theCommittee. Each Offering shall be in such form and shall contain such terms and conditions as the Board or the Committee shall deem appropriate, which shall comply with the requirements of Section 423(b)(5) of the Code that all employeesgranted rights to purchase stock under the Plan shall have the same rights and privileges. The terms and conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offeringsneed not be identical, but each Offering shall include (through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which the Offering shall be effective, which periodshall not exceed twenty-seven (27) months beginning with the Offering Date, and the substance of the provisions contained in paragraphs 5 through 8, inclusive. 

 

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**(b)**If an employee has more than one right outstanding under the Plan, unless he or she otherwiseindicates in agreements or notices delivered hereunder: (1) each agreement or notice delivered by that employee will be deemed to apply to all of his or her rights under the Plan, and (2) a right with a lower exercise price (or anearlier-granted right, if two rights have identical exercise prices), will be exercised to the fullest possible extent before a right with a higher exercise price (or a later-granted right, if two rights have identical exercise prices) will beexercised. 

**5. ELIGIBILITY.**

**(a)**Rights may be granted only to employees of the Company or, as the Board or the Committee may designate as provided in subparagraph 2(b), to employees of any Affiliate of the Company. Except as provided in subparagraph 5(b), anemployee of the Company or any Affiliate shall not be eligible to be granted rights under the Plan, unless, on the Offering Date, such employee has been in the employ of the Company or any Affiliate for such continuous period preceding such grant asthe Board or the Committee may require, but in no event shall the required period of continuous employment be equal to or greater than two (2) years. In addition, unless otherwise determined by the Board or the Committee and set forth in theterms of the applicable Offering, no employee of the Company or any Affiliate shall be eligible to be granted rights under the Plan, unless, on the Offering Date, such employee’s customary employment with the Company or such Affiliate is for atleast twenty (20) hours per week and at least five (5) months per calendar year. 

**(b)** The Board or the Committee mayprovide that each person who, during the course of an Offering, first becomes an eligible employee of the Company or designated Affiliate will, on a date or dates specified in the Offering which coincides with the day on which such person becomes aneligible employee or occurs thereafter, receive a right under that Offering, which right shall thereafter be deemed to be a part of that Offering. Such right shall have the same characteristics as any rights originally granted under that Offering,as described herein, except that: 

**(i)** the date on which such right is granted shall be the “Offering Date” of such rightfor all purposes, including determination of the exercise price of such right; 

**(ii)** the period of the Offering with respect to suchright shall begin on its Offering Date and end coincident with the end of such Offering; and 

**(iii)** the Board or the Committee mayprovide that if such person first becomes an eligible employee within a specified period of time before the end of the Offering, he or she will not receive any right under that Offering. 

**(c)**No employee shall be eligible for the grant of any rights under the Plan if, immediately after any such rights are granted, such employee ownsstock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Affiliate. For purposes of this subparagraph 5(c), the rules of Section 424(d) of the Code shall applyin determining the stock ownership of any employee, and stock which such employee may purchase under all outstanding rights and options shall be treated as stock owned by such employee. 

 

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**(d)** An eligible employee may be granted rights under the Plan only if such rights, together withany other rights granted under “employee stock purchase plans” of the Company and any Affiliates, as specified by Section 423(b)(8) of the Code, do not permit such employee’s rights to purchase stock of the Company or anyAffiliate to accrue at a rate which exceeds twenty-five thousand dollars ($25,000) of fair market value of such stock (determined at the time such rights are granted) for each calendar year in which such rights are outstanding at any time.

**(e)** Officers of the Company and any designated Affiliate shall be eligible to participate in Offerings under the Plan, provided,however, that the Board may provide in an Offering that certain employees who are highly compensated employees within the meaning of Section 423(b)(4)(D) of the Code shall not be eligible to participate. 

**6. RIGHTS; PURCHASE PRICE.**

**(a)** On each Offering Date, each eligible employee, pursuant to an Offering made under the Plan, shall be granted the right to purchase up to the number of shares of Common Stock of the Company purchasable witha percentage designated by the Board or the Committee not exceeding ten percent (10%) of such employee’s Earnings (as defined in subparagraph 7(a)) during the period which begins on the Offering Date (or such later date as the Board or theCommittee determines for a particular Offering) and ends on the date stated in the Offering, which date shall be no later than the end of the Offering. The Board or the Committee shall establish one or more dates during an Offering (the“Purchase Date(s)”) on which rights granted under the Plan shall be exercised and purchases of Common Stock carried out in accordance with such Offering. 

**(b)** In connection with each Offering made under the Plan, the Board or the Committee may specify a maximum number of shares that may be purchased by any employee as well as a maximum aggregate number of sharesthat may be purchased by all eligible employees pursuant to such Offering. In addition, in connection with each Offering that contains more than one Purchase Date, the Board or the Committee may specify a maximum aggregate number of shares which maybe purchased by all eligible employees on any given Purchase Date under the Offering. If the aggregate purchase of shares upon exercise of rights granted under the Offering would exceed any such maximum aggregate number, the Board or the Committeeshall make a pro rata allocation of the shares available in as nearly a uniform manner as shall be practicable and as it shall deem to be equitable. 

**(c)** The purchase price of stock acquired pursuant to rights granted under the Plan shall be not less than the lesser of: 

**(i)** an amount equal to eighty-five percent (85%) of the fair market value of the stock on the Offering Date; or 

 

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**(ii)** an amount equal to eighty-five percent (85%) of the fair market value of the stock onthe Purchase Date. 

**(d)** As used in this Plan and any Offering under this Plan, “fair market value” means, as of any date,the value of the Common Stock determined as follows: 

**(i)** If the Common Stock is listed on any established stock exchange, the fairmarket value of a share of Common Stock shall be the closing sales price for such Common Stock (or the closing bid, if no sales were reported, and in each case rounded up where necessary to the nearest whole cent) as quoted on such exchange (or theexchange with the greatest volume of trading in common stock) on the date of determination, as reported in *The Wall Street Journal* or such other source as the Board deems reliable. 

**(ii)**Unless otherwise provided by the Board, if there is no closing sales price (or closing bid, if no sales were reported) for the Common Stockon the date of determination, then the fair market value shall be the closing selling price (or closing bid, if no sales were reported) on the last preceding date for which such quotation exists. 

**(iii)**In the absence of such listing for the Common Stock, the fair market value shall be determined in good faith by the Board. 

**7. PARTICIPATION; WITHDRAWAL; TERMINATION.**

**(a)**An eligible employee may become a participant in the Plan pursuant to an Offering by delivering a participation agreement to the Company withinthe time specified in the Offering, in such form as the Company provides. Each such agreement shall authorize payroll deductions of up to the maximum percentage specified by the Board or the Committee of such employee’s Earnings during theOffering. “Earnings” is defined as an employee’s regular salary or wages (including amounts thereof elected to be deferred by the employee, that would otherwise have been paid, under any arrangement established by the Company intendedto comply with Section 401(k), Section 402(e)(3), Section 125, Section 402(h), or Section 403(b) of the Code, and also including any deferrals under a non-qualified deferred compensation plan or arrangement established bythe Company), which shall include or exclude (as provided for each Offering) the following items of compensation: bonuses, commissions, overtime pay, incentive pay, profit sharing, other remuneration paid directly to the employee, the cost ofemployee benefits paid for by the Company or an Affiliate, education or tuition reimbursements, imputed income arising under any group insurance or benefit program, traveling expenses, business and moving expense reimbursements, income received inconnection with stock options, contributions made by the Company or an Affiliate under any employee benefit plan, and similar items of compensation, as determined by the Board or Committee. The payroll deductions made for each participant shall becredited to an account for such participant under the Plan and shall be deposited with the general funds of the Company. A participant may reduce (including to zero) or increase such payroll deductions, and an eligible employee may begin suchpayroll deductions, after the beginning of any Offering only as provided for in the Offering. A participant may make additional payments into his or her account only if specifically provided for in the Offering and only if the participant has nothad the maximum amount withheld during the Offering. 

 

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**(b)** At any time during an Offering, a participant may terminate his or her payroll deductionsunder the Plan and withdraw from the Offering by delivering to the Company a notice of withdrawal in such form as the Company provides. Such withdrawal may be elected at any time prior to the end of the Offering except as provided by the Board orthe Committee in the Offering. Upon such withdrawal from the Offering by a participant, the Company shall distribute to such participant all of his or her accumulated payroll deductions (reduced to the extent, if any, such deductions have been usedto acquire stock for the participant) under the Offering, without interest, and such participant’s interest in that Offering shall be automatically terminated. A participant’s withdrawal from an Offering will have no effect upon suchparticipant’s eligibility to participate in any other Offerings under the Plan but such participant will be required to deliver a new participation agreement in order to participate in subsequent Offerings under the Plan. 

**(c)** Rights granted pursuant to any Offering under the Plan shall terminate immediately upon cessation of any participating employee’semployment with the Company and any designated Affiliate, for any reason, and the Company shall distribute to such terminated employee all of his or her accumulated payroll deductions (reduced to the extent, if any, such deductions have been used toacquire stock for the terminated employee) under the Offering, without interest. 

**(d)** Rights granted under the Plan shall not betransferable by a participant otherwise than by will or the laws of descent and distribution, or by a beneficiary designation as provided in paragraph 14 and, otherwise during his or her lifetime, shall be exercisable only by the person to whom suchrights are granted. 

**8. EXERCISE.**

**(a)**On each Purchase Date specified therefor in the relevant Offering, each participant’s accumulated payroll deductions and other additional payments specifically provided for in the Offering (without anyincrease for interest) will be applied to the purchase of whole shares of stock of the Company, up to the maximum number of shares permitted pursuant to the terms of the Plan and the applicable Offering, at the purchase price specified in theOffering. No fractional shares shall be issued upon the exercise of rights granted under the Plan. The amount, if any, of accumulated payroll deductions remaining in each participant’s account after the purchase of shares which is less than theamount required to purchase one share of stock on the final Purchase Date of an Offering shall be held in each such participant’s account for the purchase of shares under the next Offering under the Plan, unless such participant withdraws fromsuch next Offering, as provided in subparagraph 7(b), or is no longer eligible to be granted rights under the Plan, as provided in paragraph 5, in which case such amount shall be distributed to the participant after such final Purchase Date,without interest. The amount, if any, of accumulated payroll deductions remaining in any participant’s account after the purchase of shares which is equal to the amount required to purchase whole shares of stock on the final Purchase Date of anOffering shall be distributed in full to the participant after such Purchase Date, without interest. 

 

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**(b)** No rights granted under the Plan may be exercised to any extent unless the shares to be issuedupon such exercise under the Plan (including rights granted thereunder) are covered by an effective registration statement pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and the Plan is in material compliancewith all applicable state, foreign and other securities and other laws applicable to the Plan. If on a Purchase Date in any Offering hereunder the Plan is not so registered or in such compliance, no rights granted under the Plan or any Offeringshall be exercised on such Purchase Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective registration statement and such compliance, except that the Purchase Date shall not be delayed more than twelve(12) months and the Purchase Date shall in no event be more than twenty-seven (27) months from the Offering Date. If on the Purchase Date of any Offering hereunder, as delayed to the maximum extent permissible, the Plan is not registeredand in such compliance, no rights granted under the Plan or any Offering shall be exercised and all payroll deductions accumulated during the Offering (reduced to the extent, if any, such deductions have been used to acquire stock) shall bedistributed to the participants, without interest. 

**9. COVENANTSOFTHE COMPANY.**

**(a)** During the terms of the rights granted under the Plan, the Company shall keep available at all times the number of shares ofstock required to satisfy such rights. 

**(b)** The Company shall seek to obtain from each federal, state, foreign or other regulatorycommission or agency having jurisdiction over the Plan such authority as may be required to issue and sell shares of stock upon exercise of the rights granted under the Plan. If, after reasonable efforts, the Company is unable to obtain from anysuch regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell stock uponexercise of such rights unless and until such authority is obtained. 

**10. USEOF PROCEEDSFROM STOCK.**

Proceeds from the sale of stock pursuant to rights granted under the Plan shall constitutegeneral funds of the Company. 

**11. RIGHTSASA SHAREHOLDER.**

A participant shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares subject to rights grantedunder the Plan unless and until the participant’s shareholdings acquired upon exercise of rights hereunder are recorded in the books of the Company. 

 

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**12. ADJUSTMENTSUPON CHANGESIN STOCK.**

**(a)** If any change is made in the stock subject to the Plan, or subject to any rights granted under the Plan (through merger,consolidation, reorganization, recapitalization, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving thereceipt of consideration by the Company), the Plan and outstanding rights will be appropriately adjusted in the class(es) and maximum number of shares subject to the Plan and the class(es) and number of shares and price per share of stock subject tooutstanding rights. Such adjustments shall be made by the Board or the Committee, the determination of which shall be final, binding and conclusive. (The conversion of any convertible securities of the Company shall not be treated as a“transaction not involving the receipt of consideration by the Company.”) 

**(b)** In the event of: (1) a dissolution orliquidation of the Company; (2) a merger or consolidation in which the Company is not the surviving corporation; (3) a reverse merger in which the Company is the surviving corporation but the shares of the Company’s Common Stockoutstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise; or (4) the acquisition by any person, entity or group within the meaning ofSection 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act” or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company or anyAffiliate of the Company) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable successor rule) of securities of the Company representing at least fifty percent (50%) of the combinedvoting power entitled to vote in the election of directors, then, as determined by the Board in its sole discretion (i) any surviving or acquiring corporation may assume outstanding rights or substitute similar rights for those under the Plan,(ii) such rights may continue in full force and effect, or (iii) participants’ accumulated payroll deductions may be used to purchase Common Stock immediately prior to the transaction described above and the participants’ rightsunder the ongoing Offering terminated. 

**13. AMENDMENTOFTHE PLAN.**

**(a)** The Board at any time, and from time to time, may amend the Plan. However, except as provided in paragraph 12 relating to adjustments uponchanges in stock, no amendment shall be effective unless approved by the shareholders of the Company within twelve (12) months before or after the adoption of the amendment, where the amendment will: 

**(i)** Increase the number of shares reserved for rights under the Plan; 

**(ii)** Modify the provisions as to eligibility for participation in the Plan (to the extent such modification requires shareholderapproval in order for the Plan to obtain employee stock purchase plan treatment under Section 423 of the Code or to comply with the requirements of Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (“Rule16b-3”)); or 

 

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**(iii)** Modify the Plan in any other way if such modification requires shareholderapproval in order for the Plan to obtain employee stock purchase plan treatment under Section 423 of the Code or to comply with the requirements of Rule 16b-3. 

It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible employees with the maximum benefits provided or to be provided under theprovisions of the Code and the regulations promulgated thereunder relating to employee stock purchase plans and/or to bring the Plan and/or rights granted under it into compliance therewith. 

**(b)** Rights and obligations under any rights granted before amendment of the Plan shall not be altered or impaired by any amendment of the Plan,except with the consent of the person to whom such rights were granted, or except as necessary to comply with any laws or governmental regulations, or except as necessary to ensure that the Plan and/or rights granted under the Plan comply with therequirements of Section 423 of the Code. 

**14. DESIGNATIONOF BENEFICIARY.**

**(a)** A participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant’saccount under the Plan in the event of such participant’s death subsequent to the end of an Offering but prior to delivery to the participant of such shares and cash. In addition, a participant may file a written designation of a beneficiarywho is to receive any cash from the participant’s account under the Plan in the event of such participant’s death during an Offering. 

**(b)** Such designation of beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living atthe time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of theCompany), the Company, in its sole discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such otherperson as the Company may designate. 

**15. TERMINATIONOR SUSPENSIONOFTHEPLAN.**

**(a)** The Board in its discretion, may suspend or terminate the Plan at any time. No rights may be grantedunder the Plan while the Plan is suspended or after it is terminated. 

**(b)**Rights and obligations under any rights granted while thePlan is in effect shall not be altered or impaired by suspension or termination of the Plan, except as expressly provided in the Plan or with the consent of the person to whom such rights were granted, or except as necessary to comply with any lawsor governmental regulation, or except as necessary to ensure that the Plan and/or rights granted under the Plan comply with the requirements of Section 423 of the Code. 

 

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**16. EFFECTIVE DATEOF PLAN.**

The Plan shall become effective on the same day that the Company’s initial public offering of shares of common stock becomes effective (the“Effective Date”), but no rights granted under the Plan shall be exercised unless and until the Plan has been approved by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted by theBoard or the Committee, which date may be prior to the Effective Date. 

 

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