Document:

Exhibit 10.1

 

STOCK OPTION AGREEMENT

 

(Nonqualified Stock Option)

 

	
  Name
  of Employee:

  	
   

  
	
   

  	
   

  
	
  Date
  of Grant:

  	
   

  
	
   

  	
   

  
	
  Number
  of Shares:

  	
   

  
	
   

  	
   

  
	
  Exercise
  Price Per Share:

  	
  $

  

 

This STOCK OPTION AGREEMENT (the “Agreement”)
made as of
                    
between Christopher & Banks Corporation (the “Company”) and the
above-named individual, an employee of the Company or one of its subsidiaries
(the “Employee”), to record the granting of an option pursuant to the Company’s
2005 Stock Incentive Plan (the “Plan”). 
Except as otherwise defined herein, capitalized terms contained in this
Agreement shall have the same meaning as set forth in the Plan.

 

1.             Grant of Option:  In accordance with Plan, the Company hereby
grants to the Employee, effective as of the date of grant listed above, subject
to the terms and conditions of the Plan and this Agreement, the option to
purchase from the Company an aggregate of
                    
shares of common stock ($.01 par value) of the Company (the “Common Stock”) at
the purchase price of $                    
per share, such option to be exercisable as hereinafter provided.

 

2.             Expiration Date:  This option shall expire on
                    
(the “Expiration Date”).

 

3.             Exercise of Option:  Subject to Section 8 hereof, this option
shall become exercisable with respect to
                    
shares of Common Stock on the first anniversary of the date of grant of this
option (                    ),
with respect to an additional
                    
shares on the second anniversary of the date of grant, and with respect to the
remaining
                    
shares on the third anniversary of the date of grant.

 

This option may be partially exercised from
time to time within such percentage limitations.  This option may not be exercised after the
Expiration Date.  Notwithstanding the
foregoing, this option shall not be exercisable for a fractional share of
Common Stock.  Any exercise of this
option shall be made in writing duly executed and delivered to the Company
specifying the number of shares as to which the option is being exercised in
the form of the Subscription Form for Exercise attached hereto.  Schedule I of this Agreement shall be made
available to the Company at the time of exercise for notation of any partial
exercise.  Notwithstanding the vesting
schedule set forth in the first paragraph of this Section 3, effective 

 

1

 

immediately prior to a Change in Control (as such term is defined in Section 10
of  the Plan), this option, to the extent
it shall not otherwise have become vested and exercisable, shall automatically
become fully and immediately vested and exercisable.

 

4.             Payment of Option Price:  On the date of any exercise of this option,
the purchase price of the shares as to which this option is being exercised
shall be due and payable and shall be made (i) in cash or by cash
equivalent acceptable to the Committee; (ii) by delivery of shares of
Common Stock held by the Employee for more than six (6) months (or such
period as the Committee may deem appropriate, for accounting purposes or
otherwise) and registered in the name of the Employee, duly assigned to the
Company with the assignment guaranteed by a bank, trust company or member firm
of the New York Stock Exchange, and with all necessary transfer tax stamps
affixed, any such shares so delivered to be deemed to have a value per share
equal to the Fair Market Value of the shares on such date; (iii) through
an open-market, broker-assisted sales transaction pursuant to which the Company
is promptly delivered the amount of proceeds necessary to satisfy the exercise
price; or (iv) by a combination of the methods described above, as
determined by the Committee.

 

5.             Option Nontransferable:  This option is not transferable otherwise
than by will or the laws of descent or distribution and is exercisable during
the Employee’s lifetime only by the Employee or his or her guardian or legal
representative.

 

6.             Rights as a Shareholder:  The Employee shall have no rights as a
shareholder with respect to any of the shares covered by this option until the
date of issuance to the Employee of a stock certificate for such shares, and no
adjustment shall be made for any dividends or other rights if the record date
of such dividends or other rights is prior to the date such stock certificate
is issued.

 

7.             General Restrictions:  The Company will not be obligated to issue
shares of Common Stock covered by this option if counsel to the Company
determines that such issuance would violate any law or regulation of any
governmental authority or any agreement between the Company and the New York
Stock Exchange or any national securities exchange upon which the Common Stock
is quoted or listed. In connection with any issuance or transfer, the person
acquiring the shares shall, if requested by the Company, give assurances
satisfactory to counsel to the Company regarding such matters as the Company
may deem desirable to assure compliance with all legal requirements. This
option shall be subject to the requirement that if at any time the Committee
shall determine, in its discretion, that the listing, registration or
qualification of the shares subject to this option upon the New York Stock
Exchange, any securities exchange or under any state or federal law, or that the
consent or approval of any government regulatory body, is necessary or
desirable as a condition of, or in connection with, this option or the issue or
purchase of shares under this option, this option shall be subject to the
condition that such listing, registration, qualification, consent or approval
shall have been effected or obtained free of any conditions not acceptable to
the Committee.

 

2

 

8.             Termination of
Employment:

 

(1)           The
option granted pursuant to this Agreement shall terminate immediately upon the
termination of the Employee’s employment by the Company or any subsidiary for “cause”
as that term is defined in the Plan unless the Employee is a party to an
employment (or similar) agreement with the Company or any subsidiary that
defines the word “cause,” in which case such definition shall apply for
purposes of this Agreement.  If the
Employee’s employment is terminated as a result of the Employee’s permanent and
total disability (within the meaning of Section 22(e)(3) of the
Internal Revenue Code of 1986, as amended) or death, the option granted
pursuant to this Agreement may be exercised by the Employee’s legal
representative, heir or devisee, as appropriate within one year from the date
of disability or death.  If the Employee’s
employment is terminated for any reason other than cause, permanent and total
disability or death, such option may be exercised within ninety (90) days
following the date of termination. 
Notwithstanding the preceding sentence, the Company may terminate and
cancel such option during the ninety (90) day period referred to in the
preceding sentence if the Company’s Board of Directors or the Committee has
determined that the Employee has, before or after the termination of employment,
materially breached the terms of any agreement with the Company including any
employment, confidentiality, or noncompete agreement, violated in a material
way any Company policy or engaged in any other act that can be reasonably
expected to cause substantial economic or reputational injury to the
Company.  Notwithstanding the foregoing, (i) the
option granted pursuant to this Agreement shall not be exercisable after the
expiration date of such option and (ii) such option (or any portion
thereof) which is not exercisable on the date of termination of employment
shall not be exercisable thereafter without the consent of the Committee.

 

(2)           Nothing contained in this Section shall
be interpreted or have the effect of extending the period during which an option
may be exercised beyond the terms or the Expiration Date provided in this
Agreement or established by law or regulation. Death of the Employee subsequent
to termination shall not extend such periods. Whether leave of absence shall
constitute a termination of employment for purposes of this Agreement shall be
determined by the Committee in its sole discretion, and in the event the
Committee has so determined, the Committee shall provide written notice of its
determination to the Employee.

 

9.             Adjustment of
Shares:

 

(1)           In the event there is any
recapitalization in the form of a stock dividend, distribution, split,
subdivision or combination of shares of Common Stock of the Company, resulting
in an increase or decease in the number of shares of Common Stock outstanding,
the number of shares of Common Stock covered by this option and the exercise
price per share under this option shall be increased or decreased
proportionately, as the case may be, without change in the aggregate exercise
price.

 

(2)           If, pursuant to any reorganization,
sale or exchange of assets, consolidation or merger, outstanding Common Stock
of the Company is or would be exchanged for other securities of the Company or
of another corporation which is a party to such transaction, or for property,
this option shall apply to the securities or property into which the 

 

3

 

Common
Stock covered hereby would have been changed or for which such Common Stock
would have been exchanged had such Common Stock been outstanding at the time.

 

10.           No Employment Rights:  Neither the Plan nor this option shall confer
upon the Employee any right with respect to continuance of employment by the
Company or any subsidiary nor shall they interfere in any way with the right of
the Company or any subsidiary by which the Employee is employed to terminate
the employment of the Employee at any time, with or without cause.

 

11.           Plan Controls:  The Employee hereby acknowledges receipt of a
copy of the Plan and agrees to be bound by all of the terms and provisions
thereof including any which may conflict with those contained in this
Agreement. The Plan is hereby incorporated by reference into this Agreement,
and this Agreement is subject in all respect to the terms and conditions of the
Plan. In the event of any conflict between this Agreement and the Plan, the
terms of the Plan shall control.

 

12.           Notices:  All notices to the Company shall be in
writing and sent by certified or registered mail, postage prepaid, to the
General Counsel of the Company at the Company’s offices at 2400 Xenium Lane
North, Plymouth, Minnesota 55441 or such other address as the Company shall
from time to time notify the Employee in writing. All notices to the Employee
shall be in writing and sent by certified or registered mail, postage prepaid,
to the Employee at the address set forth on the signature page(s) hereof
or such address as the Employee shall from time to time notify the Company in
writing. All notices shall be deemed to have been given when mailed.

 

13.           Conflicts:  As a condition to the granting of the option
contained herein, the Employee agrees that any dispute or disagreement with
respect to the Plan, this Agreement or such option shall be determined by the
Committee in its sole discretion, and that any interpretation by the Committee
of the terms of this Agreement shall be final, binding and conclusive. In the
event of the institution of any legal proceedings directed to the validity of
the Plan, or to any option granted under the Plan, the Company may, in its
discretion and without incurring any liability to the Employee terminate this
Agreement and/or the option granted pursuant to this Agreement.

 

14.           Tax Matters:

 

(1)           Due to the complex nature of the tax
laws, the Employee is urged to consult his or her personal tax advisor prior to
exercising the option. The Company makes no warranties or representations
whatsoever to the Employee regarding the tax consequences of this grant, the
exercise of any options or any other matter.

 

(2)           In order to comply with all
applicable federal or state income tax laws or regulations, the Company may
take such action as it deems appropriate to ensure that all applicable federal
or state payroll, withholding, income or other taxes, which are the sole and absolute
responsibility of the Employee, are withheld or collected from the
Employee.  In accordance with the terms
of the Plan, and such rules as may be adopted by the Committee under 

 

4

 

the
Plan, the Employee may elect to satisfy the Employee’s federal and state income
tax withholding obligations arising from the exercise of the option by (i) delivering
cash, a check (bank check, certified check or personal check) or a money order
payable to the Company on or before the option exercise date, (ii) having
the Company withhold a portion of the shares of Common Stock otherwise to be
delivered upon exercise of the option having a Fair Market Value equal to the
amount of such taxes, (iii) delivering to the Company on or before the
option exercise date shares of Common Stock already owned by the Employee
having a Fair Market Value equal to the amount of such taxes, or (iv) a
combination of the methods described above, as determined by the
Committee.  The Company will not deliver
any fractional share of Common Stock but will pay, in lieu thereof, the Fair
Market Value of such fractional share. 
The Employee’s election regarding satisfaction of federal and state
income tax withholding obligations must be made on or before the option
exercise date.

 

15.           Governing
Law:  This Agreement shall be
governed by, and construed in accordance with, the laws of the State of
Delaware, without reference to the principles of conflicts of laws.

 

IN WITNESS WHEREOF, the
Company and the Employee have caused this Agreement to be executed on the date
set forth opposite the respective signatures. 
It is further understood that the date of grant may differ from the date
of signature.

 

 

	
  Dated as of:

  	
   

  	
   

  	
  Christopher &
  Banks Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated as of:

  	
   

  	
   

  	
  Employee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
						

 

5Exhibit 10.2

 

STOCK OPTION AGREEMENT

 

(Qualified Stock Option)

 

	
  Name
  of Employee:

  	
   

  
	
   

  	
   

  
	
  Date
  of Grant:

  	
   

  
	
   

  	
   

  
	
  Number
  of Shares:

  	
   

  
	
   

  	
   

  
	
  Exercise
  Price Per Share:

  	
  $

  

 

This STOCK OPTION AGREEMENT (the “Agreement”) made as
of                    between
Christopher & Banks Corporation (the “Company”) and the above-named
individual, an employee of the Company or one of its subsidiaries (the “Employee”),
to record the granting of an option pursuant to the Company’s 2005 Stock
Incentive Plan (the “Plan”).  This option
is intended to qualify as an incentive stock option under Section 422 of
the Internal Revenue Code of 1986, as amended, and this Agreement and the Plan
are to be construed accordingly.  Except
as otherwise defined herein, capitalized terms contained in this Agreement
shall have the same meaning as set forth in the Plan.

 

1.             Grant of Option:  In accordance with Plan, the Company hereby
grants to the Employee, effective as of the date of grant listed above, subject
to the terms and conditions of the Plan and this Agreement, the option to
purchase from the Company an aggregate
of              shares
of common stock ($.01 par value) of the Company (the “Common Stock”) at the
purchase price of
$                        per
share, such option to be exercisable as hereinafter provided.

 

2.             Expiration Date:  This option shall expire
on                 (the
“Expiration Date”).

 

3.             Exercise of Option:  Subject to Section 8 hereof, this option
shall become exercisable with respect to            shares
of Common Stock on the first anniversary of the date of grant of this option (                 ),
with respect to an
additional                       shares
on the second anniversary of the date of grant, and with respect to the
remaining                        shares
on the third anniversary of the date of grant.

 

This option may be partially exercised from time to time within such
percentage limitations.  This option may
not be exercised after the Expiration Date. Notwithstanding the foregoing, this
option shall not be exercisable for a fractional share of Common Stock. Any
exercise of this option shall be made in writing duly executed and delivered to
the Company specifying the number of shares as to which the option is being
exercised in the form of the Subscription Form for Exercise attached
hereto. Schedule I of this Agreement shall be made 

 

1

 

available
to the Company at the time of exercise for notation of any partial
exercise.  Notwithstanding the vesting
schedule set forth in the first paragraph of this Section 3, effective
immediately prior to a Change in Control (as such term is defined in Section 10
of  the Plan), this option, to the extent
it shall not otherwise have become vested and exercisable, shall automatically become
fully and immediately vested and exercisable.

 

4.             Payment of Option Price:  On the date of any exercise of this option,
the purchase price of the shares as to which this option is being exercised
shall be due and payable and shall be made in cash or by cash equivalent
acceptable to the Committee or by delivery of shares of Common Stock held by
the Employee for more than six (6) months (or such period as the Committee
may deem appropriate, for accounting purposes or otherwise) and registered in
the name of the Employee, duly assigned to the Company with the assignment
guaranteed by a bank, trust company or member firm  of the New York Stock Exchange, and with all
necessary transfer tax stamps affixed, or by a combination of the foregoing,
any such shares so delivered to be deemed to have a value per share equal to
the Fair Market Value of the shares on such date.

 

5.             Option Nontransferable:  This option is not transferable otherwise
than by will or the laws of descent or distribution and is exercisable during
the Employee’s lifetime only by the Employee or his or her guardian or legal
representative.

 

6.             Rights as a Shareholder:  The Employee shall have no rights as a
shareholder with respect to any of the shares covered by this option until the
date of issuance to the Employee of a stock certificate for such shares, and no
adjustment shall be made for any dividends or other rights if the record date
of such dividends or other rights is prior to the date such stock certificate
is issued.

 

7.             General Restrictions:  The Company will not be obligated to issue
shares of Common Stock covered by this option if counsel to the Company
determines that such issuance would violate any law or regulation of any
governmental authority or any agreement between the Company and the New York
Stock Exchange or any national securities exchange upon which the Common Stock
is quoted or listed. In connection with any issuance or transfer, the person
acquiring the shares shall, if requested by the Company, give assurances satisfactory
to counsel to the Company regarding such matters as the Company may deem
desirable to assure compliance with all legal requirements. This option shall
be subject to the requirement that if at any time the Committee shall
determine, in its discretion, that the listing, registration or qualification
of the shares subject to this option upon the New York Stock Exchange, any
securities exchange or under any state or federal law, or that the consent or
approval of any government regulatory body, is necessary or desirable as a
condition of, or in connection with, this option or the issue or purchase of
shares under this option, this option shall be subject to the condition that
such listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Committee.

 

2

 

8.             Termination of Employment:

 

(1)           The option granted pursuant to this Agreement shall
terminate immediately upon the termination of the Employee’s employment by the
Company or any subsidiary for “cause” as that term is defined in the Plan
unless the Employee is a party to an employment (or similar) agreement with the
Company or any subsidiary that defines the word “cause,” in which case such
definition shall apply for purposes of this Agreement.  If the Employee’s employment is terminated as
a result of the Employee’s permanent and total disability (within the meaning
of Section 22(e)( 3) of the Internal Revenue Code of 1986, as amended) or
death, the option granted pursuant to this Agreement may be exercised by the
Employee’s legal representative, heir or devisee, as appropriate within one
year from the date of disability or death.  
If the Employee’s employment is terminated for any reason other than
cause, permanent and total disability or death, such option may be exercised
within ninety (90) days following the date of termination.  Notwithstanding the preceding sentence, the
Company may terminate and cancel such option during the ninety (90) day period
referred to in the preceding sentence if the Company’s Board of Directors or
the Committee has determined that the Employee has, before or after the
termination of employment, materially breached the terms of any agreement with
the Company including any employment, confidentiality, or noncompete agreement,
violated in a material way any Company policy or engaged in any other act that
can be reasonably expected to cause substantial economic or reputational injury
to the Company.  Notwithstanding the
foregoing, (i) the option granted pursuant to this Agreement shall not be
exercisable after the expiration date of such option and (ii) such option
(or any portion thereof) which is not exercisable on the date of termination of
employment shall not be exercisable thereafter without the consent of the
Committee.

 

(2)           Nothing contained in this Section shall
be interpreted or have the effect of extending the period during which an
option may be exercised beyond the terms or the Expiration Date provided in
this Agreement or established by law or regulation. Death of the Employee
subsequent to termination shall not extend such periods. Whether leave of
absence shall constitute a termination of employment for purposes of this
Agreement shall be determined by the Committee in its sole discretion, and in
the event the Committee has so determined, the Committee shall provide written
notice of its determination to the Employee.

 

9.             Adjustment of Shares:

 

(1)           In the event there is any
recapitalization in the form of a stock dividend, distribution, split,
subdivision or combination of shares of Common Stock of the Company, resulting
in an increase or decease in the number of shares of Common Stock outstanding,
the number of shares of Common Stock covered by this option and the exercise
price per share under this option shall be increased or decreased
proportionately, as the case may be, without change in the aggregate exercise
price.

 

(2)           If, pursuant to any reorganization,
sale or exchange of assets, consolidation or merger, outstanding Common Stock
of the Company is or would be exchanged for other securities of the Company or
of another corporation which is a party to such transaction, or for property,
this option shall apply to the securities or property into which the 

 

3

 

Common
Stock covered hereby would have been changed or for which such Common Stock
would have been exchanged had such Common Stock been outstanding at the time.

 

10.           No Employment Rights:  Neither the Plan nor this option shall confer
upon the Employee any right with respect to continuance of employment by the
Company or any subsidiary nor shall they interfere in any way with the right of
the Company or any subsidiary by which the Employee is employed to terminate
the employment of the Employee at any time, with or without cause.

 

11.           Plan Controls:  The Employee hereby acknowledges receipt of a
copy of the Plan and agrees to be bound by all of the terms and provisions
thereof including any which may conflict with those contained in this
Agreement. The Plan is hereby incorporated by reference into this Agreement,
and this Agreement is subject in all respect to the terms and conditions of the
Plan. In the event of any conflict between this Agreement and the Plan, the
terms of the Plan shall control.

 

12.           Notices:  All notices to the Company shall be in
writing and sent by certified or registered mail, postage prepaid, to the
General Counsel of the Company at the Company’s offices at 2400 Xenium Lane
North, Plymouth, Minnesota 55441 or such other address as the Company shall
from time to time notify the Employee in writing. All notices to the Employee
shall be in writing and sent by certified or registered mail, postage prepaid,
to the Employee at the address set forth on the signature page(s) hereof
or such address as the Employee shall from time to time notify the Company in
writing. All notices shall be deemed to have been given when mailed.

 

13.           Conflicts:  As a condition to the granting of the option
contained herein, the Employee agrees that any dispute or disagreement with
respect to the Plan, this Agreement or such option shall be determined by the
Committee in its sole discretion, and that any interpretation by the Committee
of the terms of this Agreement shall be final, binding and conclusive. In the
event of the institution of any legal proceedings directed to the validity of
the Plan, or to any option granted under the Plan, the Company may, in its
discretion and without incurring any liability to the Employee terminate this
Agreement and/or the option granted pursuant to this Agreement.

 

14.           Tax Matters:

 

(1)           Due to the complex nature of the tax
laws, the Employee is urged to consult his or her personal tax advisor prior to
exercising the option. The Company makes no warranties or representations
whatsoever to the Employee regarding the tax consequences of this grant, the
exercise of any options or any other matter.

 

(2)           In the event the Employee seeks to
qualify for the special capital gains treatment available for the Plan, the
Employee must not dispose of any of the shares of Common Stock acquired upon
exercise of the option within two (2) years following the date the option
is granted or within one (1) year of the exercise and transfer of the
shares of Common Stock to the Employee. 
If the Employee shall dispose of any of the shares of Common Stock
acquired upon 

 

4

 

exercise
of the option within two (2) years from the date the option was granted or
within one (1) year after the date of exercise of the option, then, in
order to provide the Company with the opportunity to claim the benefit of any
income tax deduction, the Employee shall promptly notify the Company of the
dates of acquisition and disposition of such shares, the number of shares so
disposed of, and the consideration, if any, received for such shares.  In order to comply with all applicable
federal or state income tax laws or regulations, the Company may take such
action as it deems appropriate to ensure (i) notice to the Company of any
disposition of the shares of Common Stock acquired upon exercise of the option
within the time periods described above, and (ii) that, if necessary, all
applicable federal or state payroll, withholding, income or other taxes, which
are the sole and absolute responsibility of the Employee, are withheld or
collected from the Employee.

 

15.           Governing
Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Delaware,
without reference to the principles of conflicts of laws.

 

IN WITNESS WHEREOF, the
Company and the Employee have caused this Agreement to be executed on the date
set forth opposite the respective signatures. It is further understood that the
date of grant may differ from the date of signature.

 

 

	
  Dated as of:

  	
   

  	
   

  	
  Christopher &
  Banks Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated as of:

  	
   

  	
   

  	
  Employee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
						

 

5

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