Document:

Exhibit 10.9

 

BODY
CENTRAL ACQUISITION CORP.

 

INCENTIVE
STOCK OPTION AGREEMENT

 

This
INCENTIVE STOCK OPTION AGREEMENT, dated as of August 15, 2007, (this “Agreement”),
is between BODY CENTRAL ACQUISITION CORP., a Delaware corporation (the “Company”),
and Richard L. Walters (the “Optionee”). 
Capitalized terms used herein without definition shall have the meaning
ascribed to such terms in the Company’s 2006 Equity Incentive Plan, a copy of
which is attached hereto as Exhibit A
(as amended from time to time, the “Plan”).

 

1.             Grant of Option.  Pursuant to the Plan, the Company grants to
the Optionee, as of the date of this Agreement (the “Grant Date”) an option (the “Option”)
to purchase from the Company all or any number of an aggregate of 5,280 shares,
subject to adjustment pursuant to Section 8 of the Plan (the “Option Shares”), of Common Stock, at a price
of $100.00 per share (the “Exercise Price”).  The Option is being granted to the Optionee
in connection with the Optionee’s employment with certain subsidiaries of the
Company.

 

2.             Character of Option.  The Option is intended to be treated as an “incentive
stock option” within the meaning of Section 422 of the Internal Revenue
Code of 1986, as amended (the “Code”).

 

3.             Duration of Option.  Unless subject to earlier expiration or
termination pursuant to the terms of the Section 5 hereof or the Plan, the
Option shall expire on the tenth anniversary of the Grant Date.

 

4.             Exercise of Option.

 

(a)           Until its expiration or termination, the Option may be
exercised, in the manner specified in Section 7.7 of the Plan, and shall
vest as follows: (i) 25% of the Option Shares shall be vested as of January 2,
2008, the first anniversary of the date the optionee was first employed by the
Company or its subsidiaries, and (ii) the remaining 75% of the Option
Shares (subject to adjustment pursuant to Section 8 of the Plan) shall
vest in a series of twelve (12) equal quarterly installments (the “Remaining
Installments”), in portions of whole Option Shares as determined by the Board
in its sole discretion, with the first Remaining Installment vesting on April 2,
2008, and an additional Remaining Installment vesting on the last day of each
quarterly period thereafter, until all of such Option Shares shall be fully
vested on January 2, 2011, provided, that no Option Shares shall
vest on any date unless the Optionee is an employee of the Company or its
subsidiaries on the date on which such Option Shares are scheduled to vest, and
has been an employee of the Company for the period between the Grant Date and
such date of vesting.  Notwithstanding
the foregoing, all of the Option Shares shall vest as of immediately prior to
the closing of a Sale of the Company Transaction (as such term is defined in
the Plan).

 

(b)           The Option may be exercised by the Optionee giving written
notice, in the manner provided in Section 15 of the Plan, specifying the
number of Option Shares with respect to which the Option is then being
exercised; provided, that upon the first exercise of the Option, unless
the Optionee is already a party thereto, the Optionee becomes party, as a
Subsequent Stockholder, to the Stockholder Agreement, dated as of October 1,
2006, among the Company and certain of its stockholders, as it is then
constituted (the “Stockholder  Agreement”), by executing an
instrument of accession in the form of Exhibit B
hereto (a “Stockholder Agreement Instrument of
Accession”).  The notice shall be
accompanied by the Stockholder Agreement Instrument of Accession (in the case 

 

 

of the first exercise) and payment in the form of
cash or check payable to the order of the Company in an amount equal to the
exercise price of the Option Shares to be purchased.  If the Common Stock becomes traded on an
established market, payment of any exercise price may also be made through and
under the terms and conditions of any formal cashless exercise program
authorized by the Company entailing the sale of the Common Stock subject to the
Option in a brokered transaction (other than to the Company).  Receipt by the Company of such notice and
payment shall constitute the exercise of the Option.  Within thirty (30) days thereafter but
subject to the remaining provisions of the Plan, the Company shall deliver or
cause to be delivered to the Optionee or his agent a certificate or
certificates for the number of Option Shares then being purchased.  Such Option Shares shall be fully paid and
nonassessable.

 

(c)           Notwithstanding anything express or implied to the
contrary in the foregoing provisions of this Section 4, the Option may, as
provided in Section 7.4 of the Plan, at any time be accelerated at the
sole discretion of the Committee, provided, that without the consent of
the Optionee, such acceleration would not cause the Option to fail to comply
with the provisions of Section 422 of the Code.

 

(d)           For purposes of this Agreement, the following terms shall
have the respective meanings ascribed to such terms below:

 

“Unvested Option Shares” shall mean, at the
relevant time of reference thereto, those Option Shares for which the Option
have not yet become exercisable at such time pursuant to Section 4(a) above.

 

“Vested Option Shares” shall mean, at the
relevant time of reference thereto, those Option Shares for which the Option
are fully exercisable at such time pursuant to this Section 4.

 

5.             Termination of
Association with the Company.  If the
Optionee’s employment with the Company or any of its subsidiaries is
terminated, whether voluntarily or otherwise (other than for death or
disability, as determined by the Board), the Option, to the extent the Option
is exercisable on the date of termination, may be exercised by the Optionee,
but only within ninety (90) days after the Optionee ceases to be an employee of
the Company and its subsidiaries, unless terminated earlier by its terms.  If the Optionee’s employment with the Company
and its subsidiaries is terminated due to the Optionee’s death or disability,
as determined by the Board, the Option, to the extent the Option is exercisable
on the date of termination, may be exercised by the Optionee, but only within
three hundred sixty five (365) days after the Optionee ceases to be an employee
of the Company and its subsidiaries. 
Subject to the following sentence, any Vested Option Shares not exercised
within the applicable period after the Optionee ceases to be an employee of the
Company shall terminate as of the close of business on the last day of such
period.

 

6.             Transfer of Option.  Other than as expressly permitted by the
provisions of Section 7.6 of the Plan, the Option may not be transferred
except by will or the laws of descent and distribution and, during the lifetime
of the Optionee, may be exercised only by the Optionee.

 

7.             Incorporation of Plan
Terms.  The Option is granted subject
to all of the applicable terms and provisions of the Plan.  The Company warrants and represents to the
Optionee that this Agreement has been approved by the Committee, and therefore
notwithstanding the foregoing sentence, in the event of any conflict between
the provisions of the Plan and the provisions of this Agreement, the provisions
of this Agreement shall control.

 

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8.             Miscellaneous.  This Agreement shall be construed and
enforced in accordance with the internal, substantive laws of the State of
Delaware and shall be binding upon and inure to the benefit of any successor or
assign of the Company and any executor, administrator, trustee, guardian, or
other legal representative of the Optionee. 
The prevailing party in any dispute arising out of this Agreement shall
be entitled to be paid its reasonable attorneys’ fees and litigation expenses
actually incurred in connection with such dispute from the other party to such
dispute.

 

9.             Arbitration.  In the event of any dispute or claim relating
to or arising out of this Agreement, such dispute shall be fully, finally and
exclusively resolved by a panel of three neutral arbitrators to be mutually
agreed upon by the parties.  Such
arbitration will be decided under the employment dispute resolution rules of
the American Arbitration Association and will be held in New York City.  If the parties cannot agree upon such
arbitrators within twenty (20) days after submission of a party’s request for
arbitration in writing, the arbitrators will be selected in accordance with the
procedures of the American Arbitration Association.  The cost of such arbitration shall be borne
equally by the Company and the Optionee. 
The arbitrators shall have no power or authority to award punitive or
special damages.  The parties agree that
the existence, content and result of any arbitration proceeding shall be
confidential, except to the extent that the Company determines it is required
to disclose such matters in accordance with applicable laws.

 

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IN
WITNESS WHEREOF, the parties have executed this Incentive Stock Option
Agreement as a sealed instrument as of the date first above written.

 

	
  BODY CENTRAL ACQUISITION
  CORP.

  	
   

  	
  OPTIONEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ George Kolber

  	
   

  	
  By:

  	
  /s/
  Richard L. Walters

  
	
   

  	
  George Kolber

  	
   

  	
   

  	
  Richard L. Walters

  
	
   

  	
  President and Chief
  Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Optionee’s Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

Exhibit A

 

BODY CENTRAL ACQUISITION CORP.

 

2006 EQUITY INCENTIVE PLAN

 

1.                                      Purpose

 

This
Plan is intended to encourage ownership of Common Stock by employees,
consultants and directors of the Company and its Affiliates and to provide
additional incentive for them to promote the success of the Company’s
business.  The Plan is intended to be an
incentive stock option plan within the meaning of Section 422 of the Code
but not all Options granted hereunder are required to be Incentive Options.

 

2.                                      Definitions

 

As
used in the Plan the following terms shall have the respective meanings set out
below, unless the context clearly requires otherwise:

 

2.1                                 “Accelerate”, “Accelerated”,
and “Acceleration”, when used with respect to an Option, means that as of the
time of reference such Option will become exercisable with respect to some or
all of the shares of Common Stock for which it was not then otherwise
exercisable by its terms.

 

2.2                                 “Acquiring Person”
means, with respect to any Transaction, the surviving or acquiring person or
entity in connection with such Transaction or acquisition, as the case may be, provided
that if such surviving or acquiring person or entity is controlled, directly or
indirectly, by any other person or entity (an “Ultimate Parent Entity”)
that is not itself controlled by any entity or person that is not a natural
person, the term “Acquiring Person” shall mean such Ultimate Parent Entity.

 

2.3                                 “Affiliate” means,
with respect to any person or entity, any other person or entity controlling,
controlled by or under common control with the first person or entity.

 

2.4                                 Intentionally omitted.

 

2.5                                 “Option Agreement”
means an agreement between the Company and the recipient of an Option, setting
forth the terms and conditions of the Option.

 

2.6                                 “Beneficial Ownership”
has the meaning ascribed to such term in Rule 13d-3, or any successor rule thereto,
promulgated by the Securities and Exchange Commission pursuant to the Exchange
Act.

 

2.7                                 “Board” means the
Company’s board of directors.

 

2.8                                 “Change of Control”
means the closing of any Sale of the Company Transaction.

 

2.9                                 “Code” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor
statute thereto, and any regulations issued from time to time thereunder.

 

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2.10                           “Controlled Affiliate”
means, with respect to any person or entity, any other person or entity that is
controlled by such person or entity.

 

2.11                           “Committee” means any
committee of the Board delegated responsibility by the Board for the
administration of the Plan, as provided in Section 5 of the Plan.  For any period during which no such committee
is in existence, “Committee” shall mean the Board and all authority and
responsibility assigned the Committee under the Plan shall be exercised, if at
all, by the Board.

 

2.12                           “Common Stock” means
common stock, par value $0.001 per share, of the Company.

 

2.13                           “Company” means Body
Central Acquisition Corp., a corporation organized under the laws of the State
of Delaware.

 

2.14                           “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

2.15                           “Grant Date” means
the date as of which an Option is granted, as determined under Section 7.1(a).

 

2.16                           “Group” has the
meaning ascribed to such term in Section 13(d)(3) of the Exchange Act
or any successor section thereto.

 

2.17                           “Incentive Option”
means an Option which by its terms is to be treated as an “incentive stock
option” within the meaning of Section 422 of the Code.

 

2.18                           “Market Value” means
the value of a share of Common Stock on a particular date determined by such
methods or procedures as may be established by the Committee.  Unless otherwise determined by the Committee,
if the Common Stock on any date of determination is then traded on the NASDAQ
National Market (or on any other national securities exchange), the Market
Value of Common Stock as of such date shall be the closing price for the Common
Stock as reported on the NASDAQ National Market (or such other national
securities exchange) for that date or, if no closing price is reported for that
date, the closing price on the next preceding date for which a closing price
was reported.

 

2.19                           “Nonstatutory Option”
means any Option that is not an Incentive Option.

 

2.20                           “Option” means an
option to purchase shares of Common Stock.

 

2.21                           “Optionee” means a
Participant to whom an Option shall have been initially granted under the Plan.

 

2.22                           “Participant” means
any holder of an outstanding Option under the Plan.

 

2.23                           “Plan” means this
2006 Equity Incentive Plan of the Company, as amended and in effect from time
to time.

 

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2.24                           “Sale of the Company
Transaction” means any Transaction in which the stockholders of the Company
immediately prior to such Transaction, together with any and all of such
stockholders’ Affiliates, do not own or hold, immediately after consummation of
such Transaction, shares of capital stock of the Acquiring Person in connection
with such Transaction possessing at least twenty-five percent (25%) of the total
voting power of the outstanding capital stock of such Acquiring Person.

 

2.25                           “Securities Act”
means the Securities Act of 1933, as amended.

 

2.26                           “Stockholders Agreement”
means that certain Stockholders Agreement, dated as of October 1, 2006,
among the Company and certain of its stockholders, as the same may be amended
or modified from time to time after the date hereof.

 

2.27                           “Ten Percent Owner”
means a person who owns, or is deemed within the meaning of Section 422(b)(6) of
the Code to own, stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company (or any parent or subsidiary
corporations of the Company, as defined in Section 424(e) and (f),
respectively, of the Code).  Whether a
person is a Ten Percent Owner shall be determined with respect to each Option
based on the facts existing immediately prior to the Grant Date of such Option.

 

2.28                           “Transaction” means
any merger or consolidation of the Company with or into another person or
entity or the sale or transfer of all or substantially all of the assets of the
Company, in each case in a single transaction or in a series of related
transactions.

 

3.                                      Term of
the Plan

 

Unless
the Plan shall have been earlier terminated by the Board, Options may be
granted under this Plan at any time in the period commencing on the effective
date of approval of the Plan by the Board and ending immediately prior to the
tenth anniversary of the earlier of the adoption of the Plan by the Board or
approval of the Plan by the Company’s stockholders.  Options granted pursuant to the Plan within
such period shall not expire solely by reason of the termination of the
Plan.  Options of Incentive Options
granted prior to stockholder approval of the Plan are hereby expressly
conditioned upon such approval, but in the event of the failure of the
stockholders to approve the Plan shall thereafter and for all purposes be
deemed to constitute Nonstatutory Options.

 

4.                                      Stock
Subject to the Plan

 

Subject
to the provisions of Section 8 of the Plan, at no time shall the number of
shares of Common Stock issued pursuant to or subject to outstanding Options
granted under the Plan (including, without limitation, pursuant to Incentive
Options), exceed 52,800 shares of Common Stock. 
For purposes of applying the foregoing limitation, if any Option
expires, terminates, or is cancelled for any reason without having been
exercised in full the shares not purchased by the Participant shall again be
available for Options thereafter to be granted under the Plan.  Shares of Common Stock issued pursuant to the
Plan may be either authorized but unissued shares or shares held by the Company
in its treasury.

 

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5.                                      Administration

 

The
Plan shall be administered by the Committee; provided,
however, that at any time and on any one or more occasions the Board
may itself exercise any of the powers and responsibilities assigned the
Committee under the Plan and when so acting shall have the benefit of all of
the provisions of the Plan pertaining to the Committee’s exercise of its
authorities hereunder.  Subject to the
provisions of the Plan, the Committee shall have complete authority, in its
discretion, to make or to select the manner of making all determinations with
respect to each Option to be granted by the Company under the Plan in addition
to any other determination allowed the Committee under the Plan including,
without limitation: (a) the employee, consultant or director to receive
the Option; (b) the form of Option Agreement; (c) whether an Option
(if granted to an employee) will be an Incentive Option or a Nonstatutory
Option; (d) the time of granting an Option; (e) the number of shares
subject to an Option; (f) the exercise price of an Option and the method
of payment of such exercise price or such purchase price; (g) the term of
an Option; (h) the exercise date or dates of an Option and any
acceleration thereof; and (i) the effect of termination of any employment,
consulting or Board member relationship with the Company or any of its
Affiliates on the subsequent exercisability of an Option.  In making such determinations, the Committee
may take into account the nature of the services rendered by the respective
employees, consultants and directors, their present and potential contributions
to the success of the Company and its Affiliates, and such other factors as the
Committee in its discretion shall deem relevant.  Subject to the provisions of the Plan, the
Committee shall also have complete authority to interpret the Plan, to
prescribe, amend and rescind rules and regulations relating to it, to
determine the terms and provisions of the respective Option Agreements (which
need not be identical), and to make all other determinations necessary or
advisable for the administration of the Plan. 
The Committee’s determinations made in good faith on matters referred to
in this Plan shall be final, binding and conclusive on all persons having or
claiming any interest under the Plan or an Option made pursuant hereto.

 

6.                                      Authorization
and Eligibility

 

The
Committee may grant from time to time and at any time prior to the termination
of the Plan one or more Options, either alone or in combination with any other
Options, to any employee of or consultant to one or more of the Company and its
Affiliates or to any non-employee member of the Board or of any board of
directors (or similar governing authority) of any Affiliate.  However, only employees of the Company, and
of any parent or subsidiary corporations of the Company, as defined in Sections
424(e) and (f), respectively, of the Code, shall be eligible for the grant
of an Incentive Option.  Further, in no
event shall the number of shares of Common Stock covered by Options granted to
any one person in any one calendar year (or portion of a year) ending after
such date exceed eighty percent (80%) of the aggregate number of shares of
Common Stock subject to the Plan.

 

Each
grant of an Option shall be subject to all applicable terms and conditions of
the Plan (including but not limited to any specific terms and conditions
applicable to that type of Option set out in the following Section), and such
other terms and conditions, not inconsistent with the terms of the Plan, as the
Committee may prescribe.  No prospective
Participant shall have any rights with respect to an Option, unless and until
such Participant has executed an agreement 

 

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evidencing
the Option, delivered a fully executed copy thereof to the Company, and
otherwise complied with the applicable terms and conditions of such Option.

 

7.                                      Specific
Terms of Options

 

7.1                                 Date of Grant.  The granting of an Option shall take place at
the time specified in the Option Agreement. 
Only if expressly so provided in the applicable Option Agreement shall
the Grant Date be the date on which the Option Agreement shall have been duly
executed and delivered by the Company and the Optionee.

 

7.2                                 Exercise Price.  The price at which shares of Common Stock may
be acquired under each Incentive Option shall be not less than 100% of the
Market Value of Common Stock on the Grant Date, or not less than 110% of the
Market Value of Common Stock on the Grant Date if the Optionee is a Ten Percent
Owner.  The price at which shares may be
acquired under each Nonstatutory Option shall not be so limited solely by
reason of this Section.

 

7.3                                 Option Period.  No Incentive Option may be exercised on or
after the tenth anniversary of the Grant Date, or on or after the fifth
anniversary of the Grant Date if the Optionee is a Ten Percent Owner.  The Option period under each Nonstatutory
Option shall not be so limited solely by reason of this Section.

 

7.4                                 Exercisability.  An Option may be immediately exercisable or
become exercisable in such installments, cumulative or non-cumulative, as the
Committee may determine.  In the case of
an Option not otherwise immediately exercisable in full, the Committee may
Accelerate such Option in whole or in part at any time; provided, however, that in the case of an
Incentive Option, any such Acceleration of such Incentive Option would not
cause such Incentive Option to fail to comply with the provisions of Section 422
of the Code or the Optionee consents to such Acceleration.

 

7.5                                 Effect of Termination of
Employment, Consulting or Board Member Relationship.  Unless the Committee shall provide otherwise
with respect to any Option, if the Optionee’s employment, consulting or Board
member relationship with the Company and its Affiliates ends for any reason,
including because an entity with which the Optionee has an employment,
consulting or Board member relationship ceases to be an Affiliate of the
Company, any outstanding Option held by a Participant shall cease to be
exercisable in any respect not later than ninety (90) days following that event
and, for the period it remains exercisable following that event, shall be
exercisable only to the extent exercisable at the date of that event.  Military or sick leave or other bona fide
leave shall not be deemed a termination of employment, provided that it does not exceed the
longer of ninety (90) days or the period during which the absent Optionee’s
reemployment rights, if any, are guaranteed by statute or by contract.

 

7.6                                 Transferability.  Except as otherwise provided in this
subsection (f), Options shall not be transferable, and no Option or interest
therein may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and
distribution.  Except as otherwise
provided in this subsection (f), all of a Participant’s rights in any Option
may be exercised during the life of the Participant only by the Participant or
the Participant’s legal representative. 
However, the Committee may, at or after the grant of a 

 

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Nonstatutory
Option, provide that such Option may be transferred by the recipient to a
family member; provided, however, that
any such transfer is without payment of any consideration whatsoever and that
no transfer of an Option shall be valid unless first approved by the Committee,
acting in its sole discretion.  For this
purpose, “family member” means any child, stepchild, grandchild, parent,
stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships, any person sharing the Optionee’s household
(other than a tenant or employee), a trust in which the foregoing persons have
more than fifty (50) percent of the beneficial interests, a foundation in which
the foregoing persons (or the Optionee) control the management of assets, and
any other entity in which these persons (or the Optionee) own more than fifty
(50) percent of the voting interests.

 

7.7                                 Method of Exercise.  An Option may be exercised by a Participant
giving written notice, in the manner provided in Section 15, specifying
the number of shares of Common Stock with respect to which the Option is then
being exercised.  The notice shall be
accompanied by payment in the form of cash or check payable to the order of the
Company in an amount equal to the exercise price of the shares of Common Stock
to be purchased.  If the Stock is traded
on an established market, payment of any exercise price may also be made through
and under the terms and conditions of any formal cashless exercise program
authorized by the Company entailing the sale of the Stock subject to any Option
in a brokered transaction (other than to the Company).  Receipt by the Company of such notice and
payment in any authorized means shall constitute the exercise of the
Option.  Within thirty (30) days
thereafter but subject to the remaining provisions of the Plan, the Company
shall deliver or cause to be delivered to the Participant or his agent a certificate
or certificates for the number of shares then being purchased.  Such shares shall be fully paid and
nonassessable.  Notwithstanding any of
the foregoing provisions in this subsection (g) to the contrary, (A) no
Option shall be considered to have been exercised unless and until all of the
provisions governing such exercise specified in the Plan and in the relevant
Option Agreement shall have been duly complied with; and (B) the
obligation of the Company to issue any shares upon exercise of an Option is
subject to the provisions of Section 9.1 hereof and to compliance by the
Optionee and the Participant with all of the provisions of the Plan and the
relevant Option Agreement.

 

7.8                                 Limit on
Incentive Option Characterization.  An Incentive
Option shall be considered to be an Incentive Option only to the extent that
the number of shares of Common Stock for which the Option first becomes
exercisable in a calendar year do not have an aggregate Market Value (as of the
date of the grant of the Option) in excess of the “current limit”.  The current limit for any Optionee for any
calendar year shall be $100,000 minus the
aggregate Market Value at the date of grant of the number of shares of Common
Stock available for purchase for the first time in the same year under each
other Incentive Option previously granted to the Optionee under the Plan, and
under each other incentive stock option previously granted to the Optionee
under any other incentive stock option plan of the Company and its Affiliates,
after December 31, 1986.  Any shares
of Common Stock which would cause the foregoing limit to be violated shall be
deemed to have been granted under a separate Nonstatutory Option, otherwise
identical in its terms to those of the Incentive Option.

 

7.9                                 Notification
of Disposition.  Each person
exercising any Incentive Option granted under the Plan shall be deemed to have
covenanted with the Company to report to the 

 

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Company
any disposition of such shares prior to the expiration of the holding periods
specified by Section 422(a)(1) of the Code and, if and to the extent
that the realization of income in such a disposition imposes upon the Company
federal, state, local or other withholding tax requirements, or any such withholding
is required to secure for the Company an otherwise available tax deduction, to
remit to the Company an amount in cash sufficient to satisfy those
requirements.

 

7.10                           Rights
Pending Exercise.  No person
holding an Option shall be deemed for any purpose to be a stockholder of the
Company with respect to any of the shares of Common Stock issuable pursuant to
his Option, except to the extent that the Option shall have been exercised with
respect thereto and, in addition, a certificate shall have been issued therefor
and delivered to such holder or his agent.

 

8.                                      Adjustment Provisions

 

8.1                                 Adjustment
for Corporate Actions.  All of the
share numbers set forth in the Plan reflect the capital structure of the
Company as of October 1, 2006. 
Subject to the provisions of Section 8.2, if subsequent to such
date the outstanding shares of Common Stock (or any other securities covered by
the Plan by reason of the prior application of this Section) are increased,
decreased, or exchanged for a different number or kind of shares or other
securities, or if additional shares or new or different shares or other
securities are distributed with respect to such shares of Common Stock or other
securities, through merger, consolidation, sale of all or substantially all the
property of the Company, reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split, or other distribution with
respect to such shares of Common Stock, or other securities, an appropriate and
proportionate adjustment will be made in (i) the maximum numbers and kinds
of shares provided in Section 4, (ii) the numbers and kinds of shares
or other securities subject to the then outstanding Options, and (iii) the
exercise price for each share or other unit of any other securities subject to
then outstanding Options (without change in the aggregate purchase price as to
which such Options remain exercisable).

 

8.2                                 Change of
Control.  Subject to the applicable
provisions of the Option Agreement, in the event of a Change of Control, the
Committee shall have the discretion, exercisable in advance of, at the time of,
or (except to the extent otherwise provided below) at any time after, the
Change of Control, to provide for any or all of the following (subject to and
upon such terms as the Committee may deem appropriate): (A) the
Acceleration, in whole or in part, of any or all outstanding Options (including
Options that are assumed or replaced pursuant to clause (B) below) that
are not exercisable in full at the time the Change of Control, such
Acceleration to become effective at the time of the Change of Control, or at
such time following the Change of Control that the employment, consulting or
Board member relationship of the applicable Optionee or Optionees with the
Company and its Affiliates terminates, or at such other time or times as the
Committee shall determine; (B) the assumption of outstanding Options, or
the substitution of outstanding Options with equivalent options, by the
acquiring or succeeding corporation or entity (or an affiliate thereof); or (C) the
termination of all Options (other than Options that are assumed or substituted
pursuant to clause (B) above) that remain outstanding at the time of the
consummation of the Change of Control, provided
that, the Committee shall have made the determination to effect such
termination prior to the consummation of the Change of Control and the
Committee shall have given, or caused to be 

 

8

 

given,
to all Participants written notice of such potential termination at least ten
business days prior to the consummation of the Change of Control, and provided, further, that, if the Committee
shall have determined in its sole and absolute discretion that the Corporation
make payment or provide consideration to the holders of such terminated Options
on account of such termination, which payment or consideration shall be on such
terms and conditions as the Committee shall have determined (and which could
consist of, in the Committee’s sole and absolute discretion, payment to the
applicable Optionee or Optionees of an amount of cash equal to the difference
between the Market Value of the shares of Common Stock for which the Option is
then exercisable and the aggregate exercise price for such shares under the
Option), then the Corporation shall be required to make such payment or provide
such consideration in accordance with the terms and conditions so determined by
the Committee; otherwise the Corporation shall not be required to make any payment
or provide any consideration in connection with, or as a result of, the
termination of Options pursuant to the foregoing provisions of this clause
(C).  The provisions of this Section 8.2
shall not be construed as to limit or restrict in any way the Committee’s
general authority under Sections 7.1(d) hereof to Accelerate Options in
whole or in part at any time.  Each
outstanding Option that is assumed in connection with a Change of Control, or
is otherwise to continue in effect subsequent to a Change of Control, will be
appropriately adjusted, immediately after the Change of Control, as to the
number and class of securities and the price at which it may be exercised in
accordance with Section 8.1.

 

8.3                                 Dissolution
or Liquidation.  Upon
dissolution or liquidation of the Company, each outstanding Option shall
terminate, but the Optionee (if at the time he or she has an employment,
consulting or Board member relationship with the Company or any of its
Affiliates) shall have the right, immediately prior to such dissolution or
liquidation, to exercise the Option to the extent exercisable on the date of
such dissolution or liquidation.

 

8.4                                 Related
Matters.  Any adjustment in Options
made pursuant to this Section 8 shall be determined and made, if at all,
by the Committee and shall include any correlative modification of terms,
including of exercise prices, rates of vesting or exercisability, which the
Committee may deem necessary or appropriate so as to ensure that the rights of
the Participants in their respective Options are not substantially diminished
nor enlarged as a result of the adjustment and corporate action other than as
expressly contemplated in this Section 8. 
No fraction of a share shall be purchasable or deliverable upon
exercise, but in the event any adjustment hereunder of the number of shares
covered by an Option shall cause such number to include a fraction of a share,
such number of shares shall be adjusted to the nearest smaller whole number of
shares.  No adjustment of an Option
exercise price per share pursuant to this Section 8 shall result in an
exercise price which is less than the par value of the Common Stock.

 

9.                                      Settlement of Options

 

9.1                                 Violation
of Law.  Notwithstanding any other
provision of the Plan or the relevant Option Agreement, if, at any time, in the
reasonable opinion of the Company, the issuance of shares of Common Stock
covered by an Option may constitute a violation of law, then the Company may
delay such issuance and the delivery of a certificate for such shares until (i) approval
shall have been obtained from such governmental agencies, other than the
Securities and Exchange Commission, as may be required under any applicable
law, rule, or regulation and (ii) in the case where such issuance would
constitute a violation of a law administered by or a 

 

9

 

regulation
of the Securities and Exchange Commission, one of the following conditions
shall have been satisfied:

 

(a)                                  the shares are
at the time of the issue of such shares effectively registered under the
Securities Act; or

 

(b)                                 the Company
shall have determined, on such basis as it deems appropriate (including an
opinion of counsel in form and substance satisfactory to the Company) that the
sale, transfer, assignment, pledge, encumbrance or other disposition of such
shares or such beneficial interest, as the case may be, does not require
registration under the Securities Act or any applicable state securities laws.

 

9.2                                 Corporate
Restrictions on Rights in Stock; Stockholder Agreement.  Any Common Stock to be
issued pursuant to Options granted under the Plan shall be subject to all
restrictions upon the transfer thereof which may be now or hereafter imposed by
the Certificate of Incorporation and the By-laws of the Company, each as
amended and in effect from time to time, as well as by the Stockholder
Agreement.  Whenever Common Stock is to
be issued pursuant to an Option, if the Committee so directs at the time of
grant (or, if such Option is an Option, at any time prior to the exercise
thereof), the Company shall be under no obligation, notwithstanding any other
provision of the Plan or the relevant Option Agreement to the contrary, to
issue such shares until such time, if ever, as the recipient of the Option (and
any person who exercises any Option, in whole or in part), shall have become a
party to and bound by the Stockholder Agreement and any other agreement that
the Committee shall require in its sole discretion.  In addition, any Common Stock to be issued
pursuant to Options granted under the Plan shall be subject to all
stop-transfer orders and other restrictions as the Committee may deem advisable
under the rules, regulations and other requirements of any stock exchange upon
which the Common Stock is then listed, and any applicable federal or state
securities laws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions.

 

9.3                                 Investment
Representations.  The Company
shall be under no obligation to issue any shares covered by an Option unless
the shares to be issued pursuant to Options granted under the Plan have been
effectively registered under the Securities Act or the Participant shall have
made such written representations to the Company (upon which the Company
believes it may reasonably rely) as the Company may deem necessary or
appropriate for purposes of confirming that the issuance of such shares will be
exempt from the registration requirements of that Act and any applicable state
securities laws and otherwise in compliance with all applicable laws, rules and
regulations, including but not limited to that the Participant is acquiring
shares for his or her own account for the purpose of investment and not with a
view to, or for sale in connection with, the distribution of any such shares.

 

9.4                                 Registration.  If the Company shall deem it
necessary or desirable to register under the Securities Act or other applicable
statutes any shares of Common Stock issued or to be issued pursuant to Options
granted under the Plan, or to qualify any such shares of Common Stock for
exemption from the Securities Act or other applicable statutes, then the
Company shall take such action at its own expense.  The Company may require from each recipient
of an Option, or each holder of shares of Common Stock acquired pursuant to the
Plan, such 

 

10

 

information
in writing for use in any registration statement, prospectus, preliminary
prospectus or offering circular as is reasonably necessary for such purpose and
may require reasonable indemnity to the Company and its officers and directors
from such holder against all losses, claims, damage and liabilities arising
from such use of the information so furnished and caused by any untrue
statement of any material fact therein or caused by the omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances under which they were
made.

 

9.5                                 Lock-Up.  Without the prior written
consent of the Company or the managing underwriter in any public offering of
shares of Common Stock, no Participant shall sell, make any short sale of,
loan, grant any option for the purchase of, pledge or otherwise encumber, or
otherwise dispose of, any shares of Common Stock during the one hundred-eighty
(180) day period commencing on the effective date of the registration statement
relating to any underwritten public offering of securities of the Company.  The foregoing restrictions are intended and
shall be construed so as to preclude any Participant from engaging in any
hedging or other transaction that is designed to or reasonably could be
expected to lead to or result in, a sale or disposition of any shares of Common
Stock during such period even if such shares of Common Stock are or would be
disposed of by someone other than such Participant.  Such prohibited hedging or other transactions
would include, without limitation, any short sale (whether or not against the
box) or any purchase, sale or grant of any right (including without limitation
any put or call option) with respect to any shares of Common Stock or with
respect to any security that includes, relates to, or derives any significant
part of its value from any shares of Common Stock.  Without limiting the generality of the
foregoing provisions of this Section 9.5, if, in connection with any
underwritten public offering of securities of the Company, the managing
underwriter of such offering requires that the Company’s directors and officers
enter into a lock-up agreement containing provisions that are more restrictive
than the provisions set forth in the preceding sentence, then (a) each
Participant (regardless of whether or not such Participant has complied or
complies with the provisions of clause (b) below) shall be bound by, and
shall be deemed to have agreed to, the same lock-up terms as those to which the
Company’s directors and officers are required to adhere; and (b) at the
request of the Company or such managing underwriter, each Participant shall
execute and deliver a lock-up agreement in form and substance equivalent to
that which is required to be executed by the Company’s directors and officers.

 

9.6                                 Placement
of Legends; Stop Orders; Etc.  Each share of
Common Stock to be issued pursuant to Options granted under the Plan may bear a
reference to the investment representations made in accordance with Section 9.3
in addition to any other applicable restrictions under the Plan, the terms of
the Option and, if applicable, under any agreement between the Company and any
Optionee and/or Participant, and to the fact that no registration statement has
been filed with the Securities and Exchange Commission in respect to such
shares of Common Stock.  All certificates
for shares of Common Stock or other securities delivered under the Plan shall
be subject to such stock transfer orders and other restrictions as the
Committee may deem advisable under the rules, regulations, and other
requirements of any stock exchange upon which the Common Stock is then listed,
and any applicable federal or state securities law, and the Committee may cause
a legend or legends to be placed on any such certificates to make appropriate
reference to such restrictions.

 

11

 

9.7                                 Tax
Withholding.  Whenever shares
of Common Stock are issued or to be issued pursuant to Options granted under
the Plan, the Company shall have the right to require the recipient to remit to
the Company an amount sufficient to satisfy federal, state, local or other
withholding tax requirements if, when, and to the extent required by law
(whether so required to secure for the Company an otherwise available tax
deduction or otherwise) prior to the delivery of any certificate or
certificates for such shares.  The
obligations of the Company under the Plan shall be conditional on satisfaction
of all such withholding obligations and the Company shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment of
any kind otherwise due to the recipient of an Option.  However, in such cases Participants may
elect, subject to the approval of the Committee, acting in its sole discretion,
to satisfy an applicable withholding requirement, in whole or in part, by
having the Company withhold shares to satisfy their tax obligations.  Participants may only elect to have Shares
withheld having a Market Value on the date the tax is to be determined equal to
the minimum statutory total tax which could be imposed on the transaction.  All elections shall be irrevocable, made in
writing, signed by the Participant, and shall be subject to any restrictions or
limitations that the Committee deems appropriate.

 

10.                               Reservation of Stock

 

The
Company shall at all times during the term of the Plan and any outstanding
Options granted hereunder reserve or otherwise keep available such number of
shares of Common Stock as will be sufficient to satisfy the requirements of the
Plan (if then in effect) and such Options and shall pay all fees and expenses
necessarily incurred by the Company in connection therewith.

 

11.                               No Special Service Rights

 

Nothing
contained in the Plan or in any Option Agreement shall confer upon any
recipient of an Option any right with respect to the continuation of his or her
employment, consulting or Board member relationship with the Company (or any
Affiliate), or interfere in any way with the right of the Company (or any
Affiliate), subject to the terms of any separate employment, consulting or
Board member agreement or provision of law or corporate articles or by-laws to
the contrary, at any time to terminate such employment, consulting or Board
member agreement or to increase or decrease, or otherwise adjust, the other
terms and conditions of the recipient’s employment, consulting or Board member
relationship with the Company and its Affiliates.

 

12.                               Nonexclusivity
of the Plan

 

Neither
the adoption of the Plan by the Board nor the submission of the Plan to the
stockholders of the Company shall be construed as creating any limitations on
the power of the Board to adopt such other incentive arrangements as it may
deem desirable, including without limitation, the granting of stock options
other than under the Plan, and such arrangements may be either applicable
generally or only in specific cases.

 

12

 

13.                               Termination
and Amendment of the Plan

 

The
Board may at any time terminate the Plan or make such amendments or
modifications of the Plan as it shall deem advisable.  In the event of the termination of the Plan,
the terms of the Plan shall survive any such termination with respect to any
Option that is outstanding on the date of such termination, unless the holder
of such Option agrees in writing to terminate such Option or to terminate all
or any of the provisions of the Plan that apply to such Option.  Unless the Board otherwise expressly
provides, any amendment or modification of the Plan shall affect the terms of
any Option outstanding on the date of such amendment or modification as well as
the terms of any Option made from and after the date of such amendment or
modification; provided, however, that,
except to the extent otherwise provided in the last sentence of this paragraph,
(i) no amendment or modification of the Plan shall apply to any Option
that is outstanding on the date of such amendment or modification if such
amendment or modification would reduce the number of shares subject to such
Option, increase the purchase price applicable to shares subject to such Option
or materially adversely affect the provisions applicable to such Option that
relate to the vesting or exercisability of such Option or of the shares subject
to such Option, (ii) no amendment or modification of the Plan shall apply
to any Incentive Option that is outstanding on the date of such amendment or
modification if such amendment or modification would result in such Incentive
Option no longer being treated as an “incentive stock option” within the
meaning of Section 422 of the Code and (iii) no amendment or modification
of the Plan shall apply to any Option that is outstanding on the date of such
amendment or modification unless such amendment or modification of the Plan
shall also apply to all other Options outstanding on the date of such amendment
or modification.  In the event of any
amendment or modification of the Plan that is described in clause (i), (ii) or
(iii) of the foregoing proviso, such amendment or modification of the Plan
shall apply to any Option outstanding on the date of such amendment or modification
only if the recipient of such Option consents in writing thereto.

 

The
Committee may amend or modify, prospectively or retroactively, the terms of any
outstanding Option without amending or modifying the terms of the Plan itself, provided that as amended or modified such
Option is consistent with the terms of the Plan as in effect at the time of the
amendment or modification of such Option, but no such amendment or modification
of such Option shall, without the written consent of the recipient of such
Option, reduce the number of shares subject to such Option, increase the
purchase price applicable to shares subject to such Option, adversely affect
the provisions applicable to such Option that relate to the vesting or
exercisability of such Option or of the shares subject to such Option, or
otherwise materially adversely affect the terms of such Option (except for
amendments or modifications to the terms of such Option or of the stock subject
to such Option that are expressly permitted by the terms of the Plan or that
result from any amendment or modification of the Plan in accordance with the
provisions of the first paragraph of this Section 13), or, if such Option
is an Incentive Option, result in such Incentive Option no longer being treated
as an “incentive stock option” within the meaning of Section 422 of the
Code.

 

In
addition, notwithstanding anything express or implied in any of the foregoing
provisions of this Section 13 to the contrary, the Committee may amend or
modify, prospectively or retroactively, the terms of any outstanding Option to
the extent the Committee reasonably 

 

13

 

determines
necessary or appropriate to conform such Option to the requirements of Section 409A
of the Code (concerning non-qualified deferred compensation), if applicable.

 

14.                               Interpretation
of the Plan

 

In
the event of any conflict between the provisions of this Plan and the
provisions of any applicable Option Agreement, the provisions of this Plan
shall control, except if and to the extent that the conflicting provision in
such Option Agreement was authorized and approved by the Committee at the time
of the grant of the Option evidenced by such Option Agreement or is ratified by
the Committee at any time subsequent to the grant of such Option, in which case
the conflicting provision in such Option Agreement shall control.  Without limiting the generality of the
foregoing provisions of this Section 14, insofar as possible the
provisions of the Plan and such Option Agreement shall be construed so as to
give full force and effect to all such provisions.  In the event of any conflict between the
provisions of this Plan and the provisions of any other agreement between the
Company and the Optionee and/or Participant, the provisions of such agreement
shall control except as required to fulfill the intention that this Plan
constitute an incentive stock option plan within the meaning of Section 422
of the Code, but insofar as possible the provisions of the Plan and any such
agreement shall be construed so as to give full force and effect to all such
provisions.

 

15.                               Notices
and Other Communications

 

Any
notice, demand, request or other communication hereunder to any party shall be
deemed to be sufficient if contained in a written instrument delivered in
person or duly sent by first class registered, certified or overnight mail,
postage prepaid, or telecopied with a confirmation copy by regular, certified
or overnight mail, addressed or telecopied, as the case may be, (i) if to
the recipient of an Option, at his or her residence address last filed with the
Company and (ii) if to the Company, at its principal place of business,
addressed to the attention of its Chief Executive Officer, or to such other
address or telecopier number, as the case may be, as the addressee may have
designated by notice to the addressor. 
All such notices, requests, demands and other communications shall be
deemed to have been received: (i) in the case of personal delivery, on the
date of such delivery; (ii) in the case of mailing, when received by the
addressee; and (iii) in the case of facsimile transmission, when confirmed
by facsimile machine report.

 

16.                               Governing
Law

 

The
Plan and all Option Agreements and actions taken thereunder shall be governed,
interpreted and enforced in accordance with the laws of the State of Delaware,
without regard to the conflict of laws principles thereof.

 

14

 

Exhibit B

 

Instrument of Accession

 

The
undersigned,
                                              ,
in order to become the owner or holder of                     
shares of Common Stock, $0.001 par value per share (the “Shares”), of
Body Central Acquisition Corp., a Delaware corporation, hereby agrees to become
a Subsequent Stockholder party to, and to be bound by and subject to the terms
and conditions of, that certain Stockholder Agreement, dated as of October 1,
2006 (the “Stockholder Agreement”), a copy
of which is attached hereto. This Instrument of Accession shall become a part
of such Stockholder Agreement.

 

Executed
as of the date set forth below under the laws of the State of Delaware.

 

 

	
   

  	
  Signature:

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  

 

Accepted:

 

BODY
CENTRAL ACQUISITION CORP.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:Exhibit 10.10

 

BODY CENTRAL ACQUISITION CORP.

 

INCENTIVE STOCK OPTION AGREEMENT

 

This INCENTIVE STOCK OPTION AGREEMENT, dated as of October 12,
2009, (this “Agreement”), is between BODY CENTRAL ACQUISITION CORP., a
Delaware corporation (the “Company”), and Beth Angelo (the “Optionee”).  Capitalized terms used herein without
definition shall have the meaning ascribed to such terms in the Company’s 2006
Equity Incentive Plan, a copy of which is attached hereto as Exhibit A (as amended from time to time,
the “Plan”).

 

1.             Grant
of Option.  Pursuant to the Plan, the
Company grants to the Optionee, as of the date of this Agreement (the “Grant Date”) an option (the “Option”) to purchase from the Company all or
any number of an aggregate of 7,700 shares, subject to adjustment pursuant to Section 8
of the Plan (the “Option Shares”), of
Common Stock, at a price of $100.00 per share (the “Exercise Price”).  The Option
is being granted to the Optionee in connection with the Optionee’s employment
with certain subsidiaries of the Company.

 

2.             Character
of Option.  The Option is intended to
be treated as an “incentive stock option” within the meaning of Section 422
of the Internal Revenue Code of 1986, as amended (the “Code”).

 

3.             Duration
of Option.  Unless subject to earlier
expiration or termination pursuant to the terms of the Section 5 hereof or
the Plan, the Option shall expire on the tenth anniversary of the Grant Date.

 

4.             Exercise
of Option.

 

(a)           Until its expiration or termination,
the Option may be exercised, in the manner specified in Section 7.7 of the
Plan, and shall vest as follows: (i) 25% of the Option Shares shall be
vested as of August 3, 2010, and (ii) the remaining 75% of the Option
Shares (subject to adjustment pursuant to Section 8 of the Plan) shall vest
in a series of twelve (12) equal quarterly installments (the “Remaining
Installments”), in portions of whole Option Shares as determined by the Board
in its sole discretion, with the first Remaining Installment vesting on November 3,
2010, and an additional Remaining Installment vesting on the last day of each
quarterly period thereafter, until all of such Option Shares shall be fully
vested on August 3, 2013, provided, that no Option Shares shall
vest on any date unless the Optionee is an employee of the Company or its
subsidiaries on the date on which such Option Shares are scheduled to vest, and
has been an employee of the Company for the period between the Grant Date and
such date of vesting.  Notwithstanding
the foregoing, all of the Option Shares shall vest as of immediately prior to
the closing of a Sale of the Company Transaction (as such term is defined in
the Plan).

 

(b)           The Option may be exercised by the
Optionee giving written notice, in the manner provided in Section 15 of
the Plan, specifying the number of Option Shares with respect to which the
Option is then being exercised; provided, that upon the first exercise
of the Option, unless the Optionee is already a party thereto, the Optionee
becomes party, as a Subsequent Stockholder, to the Stockholder Agreement, dated
as of October 1, 2006, among the Company and certain of its stockholders,
as it is then constituted (the “Stockholder  Agreement”), by
executing an instrument of accession in the form of Exhibit B hereto (a “Stockholder
Agreement Instrument of Accession”). 
The notice shall be accompanied by the Stockholder Agreement Instrument
of Accession (in the case 

 

 

of the first exercise)
and payment in the form of cash or check payable to the order of the Company in
an amount equal to the exercise price of the Option Shares to be
purchased.  If the Common Stock becomes
traded on an established market, payment of any exercise price may also be made
through and under the terms and conditions of any formal cashless exercise
program authorized by the Company entailing the sale of the Common Stock
subject to the Option in a brokered transaction (other than to the
Company).  Receipt by the Company of such
notice and payment shall constitute the exercise of the Option.  Within thirty (30) days thereafter but
subject to the remaining provisions of the Plan, the Company shall deliver or
cause to be delivered to the Optionee or his agent a certificate or
certificates for the number of Option Shares then being purchased.  Such Option Shares shall be fully paid and
nonassessable.

 

(c)           Notwithstanding anything express or
implied to the contrary in the foregoing provisions of this Section 4, the
Option may, as provided in Section 7.4 of the Plan, at any time be
accelerated at the sole discretion of the Committee, provided, that
without the consent of the Optionee, such acceleration would not cause the
Option to fail to comply with the provisions of Section 422 of the Code.

 

(d)           For purposes of this Agreement, the
following terms shall have the respective meanings ascribed to such terms
below:

 

“Unvested Option
Shares” shall mean, at the relevant time of reference thereto, those Option
Shares for which the Option have not yet become exercisable at such time
pursuant to Section 4(a) above.

 

“Vested Option
Shares” shall mean, at the relevant time of reference thereto, those Option
Shares for which the Option are fully exercisable at such time pursuant to this
Section 4.

 

5.             Termination
of Association with the Company.  If
the Optionee’s employment with the Company or any of its subsidiaries is
terminated, whether voluntarily or otherwise (other than for death or
disability, as determined by the Board), the Option, to the extent the Option
is exercisable on the date of termination, may be exercised by the Optionee, but
only within ninety (90) days after the Optionee ceases to be an employee of the
Company and its subsidiaries, unless terminated earlier by its terms.  If the Optionee’s employment with the Company
and its subsidiaries is terminated due to the Optionee’s death or disability,
as determined by the Board, the Option, to the extent the Option is exercisable
on the date of termination, may be exercised by the Optionee, but only within
three hundred sixty five (365) days after the Optionee ceases to be an employee
of the Company and its subsidiaries.  Any
Vested Option Shares not exercised within the applicable period after the
Optionee ceases to be an employee of the Company shall terminate as of the
close of business on the last day of such period.

 

6.             Transfer
of Option.  Other than as expressly
permitted by the provisions of Section 7.6 of the Plan, the Option may not
be transferred except by will or the laws of descent and distribution and,
during the lifetime of the Optionee, may be exercised only by the Optionee.

 

7.             Incorporation
of Plan Terms.  The Option is granted
subject to all of the applicable terms and provisions of the Plan.  The Company warrants and represents to the
Optionee that this Agreement has been approved by the Committee, and therefore
notwithstanding the foregoing sentence, in the event of any conflict between
the provisions of the Plan and the provisions of this Agreement, the provisions
of this Agreement shall control.

 

 

8.             Miscellaneous.  This Agreement shall be construed and enforced
in accordance with the internal, substantive laws of the State of Delaware and
shall be binding upon and inure to the benefit of any successor or assign of
the Company and any executor, administrator, trustee, guardian, or other legal
representative of the Optionee.  The
prevailing party in any dispute arising out of this Agreement shall be entitled
to be paid its reasonable attorneys’ fees and litigation expenses actually
incurred in connection with such dispute from the other party to such dispute.

 

9.             Arbitration.  In the event of any dispute or claim relating
to or arising out of this Agreement, such dispute shall be fully, finally and
exclusively resolved by a panel of three neutral arbitrators to be mutually
agreed upon by the parties.  Such arbitration
will be decided under the employment dispute resolution rules of the
American Arbitration Association and will be held in New York City.  If the parties cannot agree upon such
arbitrators within twenty (20) days after submission of a party’s request for
arbitration in writing, the arbitrators will be selected in accordance with the
procedures of the American Arbitration Association.  The cost of such arbitration shall be borne
equally by the Company and the Optionee. 
The arbitrators shall have no power or authority to award punitive or
special damages.  The parties agree that
the existence, content and result of any arbitration proceeding shall be
confidential, except to the extent that the Company determines it is required
to disclose such matters in accordance with applicable laws.

 

 

IN WITNESS WHEREOF, the parties have executed this
Incentive Stock Option Agreement as a sealed instrument as of the date first
above written.

 

	
  BODY CENTRAL ACQUISITION CORP.

  	
   

  	
  OPTIONEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Allen Weinstein

  	
   

  	
  /s/ Beth Angelo

  
	
   

  	
   

  	
  Beth Angelo

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Optionee’s Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

 

Exhibit A

 

BODY CENTRAL ACQUISITION CORP.

 

2006 EQUITY INCENTIVE PLAN

 

1.                                      Purpose

 

This
Plan is intended to encourage ownership of Common Stock by employees,
consultants and directors of the Company and its Affiliates and to provide
additional incentive for them to promote the success of the Company’s
business.  The Plan is intended to be an
incentive stock option plan within the meaning of Section 422 of the Code
but not all Options granted hereunder are required to be Incentive Options.

 

2.                                      Definitions

 

As
used in the Plan the following terms shall have the respective meanings set out
below, unless the context clearly requires otherwise:

 

2.1                                 “Accelerate”, “Accelerated”,
and “Acceleration”, when used with respect to an Option, means that as of the
time of reference such Option will become exercisable with respect to some or
all of the shares of Common Stock for which it was not then otherwise
exercisable by its terms.

 

2.2                                 “Acquiring Person”
means, with respect to any Transaction, the surviving or acquiring person or
entity in connection with such Transaction or acquisition, as the case may be, provided
that if such surviving or acquiring person or entity is controlled, directly or
indirectly, by any other person or entity (an “Ultimate Parent Entity”)
that is not itself controlled by any entity or person that is not a natural
person, the term “Acquiring Person” shall mean such Ultimate Parent Entity.

 

2.3                                 “Affiliate” means,
with respect to any person or entity, any other person or entity controlling,
controlled by or under common control with the first person or entity.

 

2.4                                 Intentionally omitted.

 

2.5                                 “Option Agreement”
means an agreement between the Company and the recipient of an Option, setting
forth the terms and conditions of the Option.

 

2.6                                 “Beneficial Ownership”
has the meaning ascribed to such term in Rule 13d-3, or any successor rule thereto,
promulgated by the Securities and Exchange Commission pursuant to the Exchange
Act.

 

2.7                                 “Board” means the
Company’s board of directors.

 

2.8                                 “Change of Control”
means the closing of any Sale of the Company Transaction.

 

2.9                                 “Code” means the
Internal Revenue Code of 1986, as amended from time to time, or any successor
statute thereto, and any regulations issued from time to time thereunder.

 

2

 

2.10                           “Controlled Affiliate”
means, with respect to any person or entity, any other person or entity that is
controlled by such person or entity.

 

2.11                           “Committee” means any
committee of the Board delegated responsibility by the Board for the
administration of the Plan, as provided in Section 5 of the Plan.  For any period during which no such committee
is in existence, “Committee” shall mean the Board and all authority and
responsibility assigned the Committee under the Plan shall be exercised, if at
all, by the Board.

 

2.12                           “Common Stock” means
common stock, par value $0.001 per share, of the Company.

 

2.13                           “Company” means Body
Central Acquisition Corp., a corporation organized under the laws of the State
of Delaware.

 

2.14                           “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

2.15                           “Grant Date” means
the date as of which an Option is granted, as determined under Section 7.1(a).

 

2.16                           “Group” has the
meaning ascribed to such term in Section 13(d)(3) of the Exchange Act
or any successor section thereto.

 

2.17                           “Incentive Option”
means an Option which by its terms is to be treated as an “incentive stock
option” within the meaning of Section 422 of the Code.

 

2.18                           “Market Value” means
the value of a share of Common Stock on a particular date determined by such
methods or procedures as may be established by the Committee.  Unless otherwise determined by the Committee,
if the Common Stock on any date of determination is then traded on the NASDAQ
National Market (or on any other national securities exchange), the Market
Value of Common Stock as of such date shall be the closing price for the Common
Stock as reported on the NASDAQ National Market (or such other national
securities exchange) for that date or, if no closing price is reported for that
date, the closing price on the next preceding date for which a closing price
was reported.

 

2.19                           “Nonstatutory Option”
means any Option that is not an Incentive Option.

 

2.20                           “Option” means an
option to purchase shares of Common Stock.

 

2.21                           “Optionee” means a
Participant to whom an Option shall have been initially granted under the Plan.

 

2.22                           “Participant” means
any holder of an outstanding Option under the Plan.

 

2.23                           “Plan” means this
2006 Equity Incentive Plan of the Company, as amended and in effect from time
to time.

 

3

 

2.24                           “Sale of the Company
Transaction” means any Transaction in which the stockholders of the Company
immediately prior to such Transaction, together with any and all of such
stockholders’ Affiliates, do not own or hold, immediately after consummation of
such Transaction, shares of capital stock of the Acquiring Person in connection
with such Transaction possessing at least twenty-five percent (25%) of the total
voting power of the outstanding capital stock of such Acquiring Person.

 

2.25                           “Securities Act”
means the Securities Act of 1933, as amended.

 

2.26                           “Stockholders Agreement”
means that certain Stockholders Agreement, dated as of October 1, 2006,
among the Company and certain of its stockholders, as the same may be amended
or modified from time to time after the date hereof.

 

2.27                           “Ten Percent Owner”
means a person who owns, or is deemed within the meaning of Section 422(b)(6) of
the Code to own, stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company (or any parent or subsidiary
corporations of the Company, as defined in Section 424(e) and (f),
respectively, of the Code).  Whether a
person is a Ten Percent Owner shall be determined with respect to each Option
based on the facts existing immediately prior to the Grant Date of such Option.

 

2.28                           “Transaction” means
any merger or consolidation of the Company with or into another person or
entity or the sale or transfer of all or substantially all of the assets of the
Company, in each case in a single transaction or in a series of related
transactions.

 

3.                                      Term of
the Plan

 

Unless
the Plan shall have been earlier terminated by the Board, Options may be
granted under this Plan at any time in the period commencing on the effective
date of approval of the Plan by the Board and ending immediately prior to the
tenth anniversary of the earlier of the adoption of the Plan by the Board or
approval of the Plan by the Company’s stockholders.  Options granted pursuant to the Plan within
such period shall not expire solely by reason of the termination of the
Plan.  Options of Incentive Options
granted prior to stockholder approval of the Plan are hereby expressly
conditioned upon such approval, but in the event of the failure of the
stockholders to approve the Plan shall thereafter and for all purposes be
deemed to constitute Nonstatutory Options.

 

4.                                      Stock
Subject to the Plan

 

Subject
to the provisions of Section 8 of the Plan, at no time shall the number of
shares of Common Stock issued pursuant to or subject to outstanding Options
granted under the Plan (including, without limitation, pursuant to Incentive
Options), exceed 52,800 shares of Common Stock. 
For purposes of applying the foregoing limitation, if any Option
expires, terminates, or is cancelled for any reason without having been
exercised in full the shares not purchased by the Participant shall again be
available for Options thereafter to be granted under the Plan.  Shares of Common Stock issued pursuant to the
Plan may be either authorized but unissued shares or shares held by the Company
in its treasury.

 

4

 

5.                                      Administration

 

The
Plan shall be administered by the Committee; provided,
however, that at any time and on any one or more occasions the Board
may itself exercise any of the powers and responsibilities assigned the
Committee under the Plan and when so acting shall have the benefit of all of
the provisions of the Plan pertaining to the Committee’s exercise of its
authorities hereunder.  Subject to the
provisions of the Plan, the Committee shall have complete authority, in its
discretion, to make or to select the manner of making all determinations with
respect to each Option to be granted by the Company under the Plan in addition
to any other determination allowed the Committee under the Plan including,
without limitation: (a) the employee, consultant or director to receive
the Option; (b) the form of Option Agreement; (c) whether an Option
(if granted to an employee) will be an Incentive Option or a Nonstatutory
Option; (d) the time of granting an Option; (e) the number of shares
subject to an Option; (f) the exercise price of an Option and the method
of payment of such exercise price or such purchase price; (g) the term of
an Option; (h) the exercise date or dates of an Option and any
acceleration thereof; and (i) the effect of termination of any employment,
consulting or Board member relationship with the Company or any of its
Affiliates on the subsequent exercisability of an Option.  In making such determinations, the Committee
may take into account the nature of the services rendered by the respective
employees, consultants and directors, their present and potential contributions
to the success of the Company and its Affiliates, and such other factors as the
Committee in its discretion shall deem relevant.  Subject to the provisions of the Plan, the
Committee shall also have complete authority to interpret the Plan, to
prescribe, amend and rescind rules and regulations relating to it, to
determine the terms and provisions of the respective Option Agreements (which
need not be identical), and to make all other determinations necessary or
advisable for the administration of the Plan. 
The Committee’s determinations made in good faith on matters referred to
in this Plan shall be final, binding and conclusive on all persons having or
claiming any interest under the Plan or an Option made pursuant hereto.

 

6.                                      Authorization
and Eligibility

 

The
Committee may grant from time to time and at any time prior to the termination
of the Plan one or more Options, either alone or in combination with any other
Options, to any employee of or consultant to one or more of the Company and its
Affiliates or to any non-employee member of the Board or of any board of
directors (or similar governing authority) of any Affiliate.  However, only employees of the Company, and
of any parent or subsidiary corporations of the Company, as defined in Sections
424(e) and (f), respectively, of the Code, shall be eligible for the grant
of an Incentive Option.  Further, in no
event shall the number of shares of Common Stock covered by Options granted to
any one person in any one calendar year (or portion of a year) ending after
such date exceed eighty percent (80%) of the aggregate number of shares of
Common Stock subject to the Plan.

 

Each
grant of an Option shall be subject to all applicable terms and conditions of
the Plan (including but not limited to any specific terms and conditions
applicable to that type of Option set out in the following Section), and such
other terms and conditions, not inconsistent with the terms of the Plan, as the
Committee may prescribe.  No prospective
Participant shall have any rights with respect to an Option, unless and until
such Participant has executed an agreement 

 

5

 

evidencing
the Option, delivered a fully executed copy thereof to the Company, and
otherwise complied with the applicable terms and conditions of such Option.

 

7.                                      Specific
Terms of Options

 

7.1                                 Date of Grant.  The granting of an Option shall take place at
the time specified in the Option Agreement. 
Only if expressly so provided in the applicable Option Agreement shall
the Grant Date be the date on which the Option Agreement shall have been duly
executed and delivered by the Company and the Optionee.

 

7.2                                 Exercise Price.  The price at which shares of Common Stock may
be acquired under each Incentive Option shall be not less than 100% of the
Market Value of Common Stock on the Grant Date, or not less than 110% of the
Market Value of Common Stock on the Grant Date if the Optionee is a Ten Percent
Owner.  The price at which shares may be
acquired under each Nonstatutory Option shall not be so limited solely by
reason of this Section.

 

7.3                                 Option Period.  No Incentive Option may be exercised on or
after the tenth anniversary of the Grant Date, or on or after the fifth
anniversary of the Grant Date if the Optionee is a Ten Percent Owner.  The Option period under each Nonstatutory
Option shall not be so limited solely by reason of this Section.

 

7.4                                 Exercisability.  An Option may be immediately exercisable or
become exercisable in such installments, cumulative or non-cumulative, as the
Committee may determine.  In the case of
an Option not otherwise immediately exercisable in full, the Committee may
Accelerate such Option in whole or in part at any time; provided, however, that in the case of an
Incentive Option, any such Acceleration of such Incentive Option would not
cause such Incentive Option to fail to comply with the provisions of Section 422
of the Code or the Optionee consents to such Acceleration.

 

7.5                                 Effect of Termination of
Employment, Consulting or Board Member Relationship.  Unless the Committee shall provide otherwise
with respect to any Option, if the Optionee’s employment, consulting or Board
member relationship with the Company and its Affiliates ends for any reason,
including because an entity with which the Optionee has an employment,
consulting or Board member relationship ceases to be an Affiliate of the
Company, any outstanding Option held by a Participant shall cease to be
exercisable in any respect not later than ninety (90) days following that event
and, for the period it remains exercisable following that event, shall be
exercisable only to the extent exercisable at the date of that event.  Military or sick leave or other bona fide
leave shall not be deemed a termination of employment, provided that it does not exceed the
longer of ninety (90) days or the period during which the absent Optionee’s
reemployment rights, if any, are guaranteed by statute or by contract.

 

7.6                                 Transferability.  Except as otherwise provided in this
subsection (f), Options shall not be transferable, and no Option or interest
therein may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and
distribution.  Except as otherwise
provided in this subsection (f), all of a Participant’s rights in any Option
may be exercised during the life of the Participant only by the Participant or
the Participant’s legal representative. 
However, the Committee may, at or after the grant of a 

 

6

 

Nonstatutory
Option, provide that such Option may be transferred by the recipient to a
family member; provided, however, that
any such transfer is without payment of any consideration whatsoever and that
no transfer of an Option shall be valid unless first approved by the Committee,
acting in its sole discretion.  For this
purpose, “family member” means any child, stepchild, grandchild, parent,
stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships, any person sharing the Optionee’s household
(other than a tenant or employee), a trust in which the foregoing persons have
more than fifty (50) percent of the beneficial interests, a foundation in which
the foregoing persons (or the Optionee) control the management of assets, and
any other entity in which these persons (or the Optionee) own more than fifty
(50) percent of the voting interests.

 

7.7                                 Method of Exercise.  An Option may be exercised by a Participant
giving written notice, in the manner provided in Section 15, specifying
the number of shares of Common Stock with respect to which the Option is then
being exercised.  The notice shall be
accompanied by payment in the form of cash or check payable to the order of the
Company in an amount equal to the exercise price of the shares of Common Stock
to be purchased.  If the Stock is traded
on an established market, payment of any exercise price may also be made through
and under the terms and conditions of any formal cashless exercise program
authorized by the Company entailing the sale of the Stock subject to any Option
in a brokered transaction (other than to the Company).  Receipt by the Company of such notice and
payment in any authorized means shall constitute the exercise of the
Option.  Within thirty (30) days
thereafter but subject to the remaining provisions of the Plan, the Company
shall deliver or cause to be delivered to the Participant or his agent a certificate
or certificates for the number of shares then being purchased.  Such shares shall be fully paid and
nonassessable.  Notwithstanding any of
the foregoing provisions in this subsection (g) to the contrary, (A) no
Option shall be considered to have been exercised unless and until all of the
provisions governing such exercise specified in the Plan and in the relevant
Option Agreement shall have been duly complied with; and (B) the
obligation of the Company to issue any shares upon exercise of an Option is
subject to the provisions of Section 9.1 hereof and to compliance by the
Optionee and the Participant with all of the provisions of the Plan and the
relevant Option Agreement.

 

7.8                                 Limit on
Incentive Option Characterization.  An Incentive
Option shall be considered to be an Incentive Option only to the extent that
the number of shares of Common Stock for which the Option first becomes
exercisable in a calendar year do not have an aggregate Market Value (as of the
date of the grant of the Option) in excess of the “current limit”.  The current limit for any Optionee for any
calendar year shall be $100,000 minus the
aggregate Market Value at the date of grant of the number of shares of Common
Stock available for purchase for the first time in the same year under each
other Incentive Option previously granted to the Optionee under the Plan, and
under each other incentive stock option previously granted to the Optionee
under any other incentive stock option plan of the Company and its Affiliates,
after December 31, 1986.  Any shares
of Common Stock which would cause the foregoing limit to be violated shall be
deemed to have been granted under a separate Nonstatutory Option, otherwise
identical in its terms to those of the Incentive Option.

 

7.9                                 Notification
of Disposition.  Each person
exercising any Incentive Option granted under the Plan shall be deemed to have
covenanted with the Company to report to the 

 

7

 

Company
any disposition of such shares prior to the expiration of the holding periods
specified by Section 422(a)(1) of the Code and, if and to the extent
that the realization of income in such a disposition imposes upon the Company
federal, state, local or other withholding tax requirements, or any such withholding
is required to secure for the Company an otherwise available tax deduction, to
remit to the Company an amount in cash sufficient to satisfy those
requirements.

 

7.10                           Rights
Pending Exercise.  No person
holding an Option shall be deemed for any purpose to be a stockholder of the
Company with respect to any of the shares of Common Stock issuable pursuant to
his Option, except to the extent that the Option shall have been exercised with
respect thereto and, in addition, a certificate shall have been issued therefor
and delivered to such holder or his agent.

 

8.                                      Adjustment Provisions

 

8.1                                 Adjustment
for Corporate Actions.  All of the
share numbers set forth in the Plan reflect the capital structure of the
Company as of October 1, 2006. 
Subject to the provisions of Section 8.2, if subsequent to such
date the outstanding shares of Common Stock (or any other securities covered by
the Plan by reason of the prior application of this Section) are increased,
decreased, or exchanged for a different number or kind of shares or other
securities, or if additional shares or new or different shares or other
securities are distributed with respect to such shares of Common Stock or other
securities, through merger, consolidation, sale of all or substantially all the
property of the Company, reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split, or other distribution with
respect to such shares of Common Stock, or other securities, an appropriate and
proportionate adjustment will be made in (i) the maximum numbers and kinds
of shares provided in Section 4, (ii) the numbers and kinds of shares
or other securities subject to the then outstanding Options, and (iii) the
exercise price for each share or other unit of any other securities subject to
then outstanding Options (without change in the aggregate purchase price as to
which such Options remain exercisable).

 

8.2                                 Change of
Control.  Subject to the applicable
provisions of the Option Agreement, in the event of a Change of Control, the
Committee shall have the discretion, exercisable in advance of, at the time of,
or (except to the extent otherwise provided below) at any time after, the
Change of Control, to provide for any or all of the following (subject to and
upon such terms as the Committee may deem appropriate): (A) the
Acceleration, in whole or in part, of any or all outstanding Options (including
Options that are assumed or replaced pursuant to clause (B) below) that
are not exercisable in full at the time the Change of Control, such
Acceleration to become effective at the time of the Change of Control, or at
such time following the Change of Control that the employment, consulting or
Board member relationship of the applicable Optionee or Optionees with the
Company and its Affiliates terminates, or at such other time or times as the
Committee shall determine; (B) the assumption of outstanding Options, or
the substitution of outstanding Options with equivalent options, by the
acquiring or succeeding corporation or entity (or an affiliate thereof); or (C) the
termination of all Options (other than Options that are assumed or substituted
pursuant to clause (B) above) that remain outstanding at the time of the
consummation of the Change of Control, provided
that, the Committee shall have made the determination to effect such
termination prior to the consummation of the Change of Control and the
Committee shall have given, or caused to be 

 

8

 

given,
to all Participants written notice of such potential termination at least ten
business days prior to the consummation of the Change of Control, and provided, further, that, if the Committee
shall have determined in its sole and absolute discretion that the Corporation
make payment or provide consideration to the holders of such terminated Options
on account of such termination, which payment or consideration shall be on such
terms and conditions as the Committee shall have determined (and which could
consist of, in the Committee’s sole and absolute discretion, payment to the
applicable Optionee or Optionees of an amount of cash equal to the difference
between the Market Value of the shares of Common Stock for which the Option is
then exercisable and the aggregate exercise price for such shares under the
Option), then the Corporation shall be required to make such payment or provide
such consideration in accordance with the terms and conditions so determined by
the Committee; otherwise the Corporation shall not be required to make any payment
or provide any consideration in connection with, or as a result of, the
termination of Options pursuant to the foregoing provisions of this clause
(C).  The provisions of this Section 8.2
shall not be construed as to limit or restrict in any way the Committee’s
general authority under Sections 7.1(d) hereof to Accelerate Options in
whole or in part at any time.  Each
outstanding Option that is assumed in connection with a Change of Control, or
is otherwise to continue in effect subsequent to a Change of Control, will be
appropriately adjusted, immediately after the Change of Control, as to the
number and class of securities and the price at which it may be exercised in
accordance with Section 8.1.

 

8.3                                 Dissolution
or Liquidation.  Upon
dissolution or liquidation of the Company, each outstanding Option shall
terminate, but the Optionee (if at the time he or she has an employment,
consulting or Board member relationship with the Company or any of its
Affiliates) shall have the right, immediately prior to such dissolution or
liquidation, to exercise the Option to the extent exercisable on the date of
such dissolution or liquidation.

 

8.4                                 Related
Matters.  Any adjustment in Options
made pursuant to this Section 8 shall be determined and made, if at all,
by the Committee and shall include any correlative modification of terms,
including of exercise prices, rates of vesting or exercisability, which the
Committee may deem necessary or appropriate so as to ensure that the rights of
the Participants in their respective Options are not substantially diminished
nor enlarged as a result of the adjustment and corporate action other than as
expressly contemplated in this Section 8. 
No fraction of a share shall be purchasable or deliverable upon
exercise, but in the event any adjustment hereunder of the number of shares
covered by an Option shall cause such number to include a fraction of a share,
such number of shares shall be adjusted to the nearest smaller whole number of
shares.  No adjustment of an Option
exercise price per share pursuant to this Section 8 shall result in an
exercise price which is less than the par value of the Common Stock.

 

9.                                      Settlement of Options

 

9.1                                 Violation
of Law.  Notwithstanding any other
provision of the Plan or the relevant Option Agreement, if, at any time, in the
reasonable opinion of the Company, the issuance of shares of Common Stock
covered by an Option may constitute a violation of law, then the Company may
delay such issuance and the delivery of a certificate for such shares until (i) approval
shall have been obtained from such governmental agencies, other than the
Securities and Exchange Commission, as may be required under any applicable
law, rule, or regulation and (ii) in the case where such issuance would
constitute a violation of a law administered by or a 

 

9

 

regulation
of the Securities and Exchange Commission, one of the following conditions
shall have been satisfied:

 

(a)                                  the shares are
at the time of the issue of such shares effectively registered under the
Securities Act; or

 

(b)                                 the Company
shall have determined, on such basis as it deems appropriate (including an
opinion of counsel in form and substance satisfactory to the Company) that the
sale, transfer, assignment, pledge, encumbrance or other disposition of such
shares or such beneficial interest, as the case may be, does not require
registration under the Securities Act or any applicable state securities laws.

 

9.2                                 Corporate
Restrictions on Rights in Stock; Stockholder Agreement.  Any Common Stock to be
issued pursuant to Options granted under the Plan shall be subject to all
restrictions upon the transfer thereof which may be now or hereafter imposed by
the Certificate of Incorporation and the By-laws of the Company, each as
amended and in effect from time to time, as well as by the Stockholder
Agreement.  Whenever Common Stock is to
be issued pursuant to an Option, if the Committee so directs at the time of
grant (or, if such Option is an Option, at any time prior to the exercise
thereof), the Company shall be under no obligation, notwithstanding any other
provision of the Plan or the relevant Option Agreement to the contrary, to
issue such shares until such time, if ever, as the recipient of the Option (and
any person who exercises any Option, in whole or in part), shall have become a
party to and bound by the Stockholder Agreement and any other agreement that
the Committee shall require in its sole discretion.  In addition, any Common Stock to be issued
pursuant to Options granted under the Plan shall be subject to all
stop-transfer orders and other restrictions as the Committee may deem advisable
under the rules, regulations and other requirements of any stock exchange upon
which the Common Stock is then listed, and any applicable federal or state
securities laws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions.

 

9.3                                 Investment
Representations.  The Company
shall be under no obligation to issue any shares covered by an Option unless
the shares to be issued pursuant to Options granted under the Plan have been
effectively registered under the Securities Act or the Participant shall have
made such written representations to the Company (upon which the Company
believes it may reasonably rely) as the Company may deem necessary or
appropriate for purposes of confirming that the issuance of such shares will be
exempt from the registration requirements of that Act and any applicable state
securities laws and otherwise in compliance with all applicable laws, rules and
regulations, including but not limited to that the Participant is acquiring
shares for his or her own account for the purpose of investment and not with a
view to, or for sale in connection with, the distribution of any such shares.

 

9.4                                 Registration.  If the Company shall deem it
necessary or desirable to register under the Securities Act or other applicable
statutes any shares of Common Stock issued or to be issued pursuant to Options
granted under the Plan, or to qualify any such shares of Common Stock for
exemption from the Securities Act or other applicable statutes, then the
Company shall take such action at its own expense.  The Company may require from each recipient
of an Option, or each holder of shares of Common Stock acquired pursuant to the
Plan, such 

 

10

 

information
in writing for use in any registration statement, prospectus, preliminary
prospectus or offering circular as is reasonably necessary for such purpose and
may require reasonable indemnity to the Company and its officers and directors
from such holder against all losses, claims, damage and liabilities arising
from such use of the information so furnished and caused by any untrue
statement of any material fact therein or caused by the omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances under which they were
made.

 

9.5                                 Lock-Up.  Without the prior written
consent of the Company or the managing underwriter in any public offering of
shares of Common Stock, no Participant shall sell, make any short sale of,
loan, grant any option for the purchase of, pledge or otherwise encumber, or
otherwise dispose of, any shares of Common Stock during the one hundred-eighty
(180) day period commencing on the effective date of the registration statement
relating to any underwritten public offering of securities of the Company.  The foregoing restrictions are intended and
shall be construed so as to preclude any Participant from engaging in any
hedging or other transaction that is designed to or reasonably could be
expected to lead to or result in, a sale or disposition of any shares of Common
Stock during such period even if such shares of Common Stock are or would be
disposed of by someone other than such Participant.  Such prohibited hedging or other transactions
would include, without limitation, any short sale (whether or not against the
box) or any purchase, sale or grant of any right (including without limitation
any put or call option) with respect to any shares of Common Stock or with
respect to any security that includes, relates to, or derives any significant
part of its value from any shares of Common Stock.  Without limiting the generality of the
foregoing provisions of this Section 9.5, if, in connection with any
underwritten public offering of securities of the Company, the managing
underwriter of such offering requires that the Company’s directors and officers
enter into a lock-up agreement containing provisions that are more restrictive
than the provisions set forth in the preceding sentence, then (a) each
Participant (regardless of whether or not such Participant has complied or
complies with the provisions of clause (b) below) shall be bound by, and
shall be deemed to have agreed to, the same lock-up terms as those to which the
Company’s directors and officers are required to adhere; and (b) at the
request of the Company or such managing underwriter, each Participant shall
execute and deliver a lock-up agreement in form and substance equivalent to
that which is required to be executed by the Company’s directors and officers.

 

9.6                                 Placement
of Legends; Stop Orders; Etc.  Each share of
Common Stock to be issued pursuant to Options granted under the Plan may bear a
reference to the investment representations made in accordance with Section 9.3
in addition to any other applicable restrictions under the Plan, the terms of
the Option and, if applicable, under any agreement between the Company and any
Optionee and/or Participant, and to the fact that no registration statement has
been filed with the Securities and Exchange Commission in respect to such
shares of Common Stock.  All certificates
for shares of Common Stock or other securities delivered under the Plan shall
be subject to such stock transfer orders and other restrictions as the
Committee may deem advisable under the rules, regulations, and other
requirements of any stock exchange upon which the Common Stock is then listed,
and any applicable federal or state securities law, and the Committee may cause
a legend or legends to be placed on any such certificates to make appropriate
reference to such restrictions.

 

11

 

9.7                                 Tax
Withholding.  Whenever shares
of Common Stock are issued or to be issued pursuant to Options granted under
the Plan, the Company shall have the right to require the recipient to remit to
the Company an amount sufficient to satisfy federal, state, local or other
withholding tax requirements if, when, and to the extent required by law
(whether so required to secure for the Company an otherwise available tax
deduction or otherwise) prior to the delivery of any certificate or
certificates for such shares.  The
obligations of the Company under the Plan shall be conditional on satisfaction
of all such withholding obligations and the Company shall, to the extent
permitted by law, have the right to deduct any such taxes from any payment of
any kind otherwise due to the recipient of an Option.  However, in such cases Participants may
elect, subject to the approval of the Committee, acting in its sole discretion,
to satisfy an applicable withholding requirement, in whole or in part, by
having the Company withhold shares to satisfy their tax obligations.  Participants may only elect to have Shares
withheld having a Market Value on the date the tax is to be determined equal to
the minimum statutory total tax which could be imposed on the transaction.  All elections shall be irrevocable, made in
writing, signed by the Participant, and shall be subject to any restrictions or
limitations that the Committee deems appropriate.

 

10.                               Reservation of Stock

 

The
Company shall at all times during the term of the Plan and any outstanding
Options granted hereunder reserve or otherwise keep available such number of
shares of Common Stock as will be sufficient to satisfy the requirements of the
Plan (if then in effect) and such Options and shall pay all fees and expenses
necessarily incurred by the Company in connection therewith.

 

11.                               No Special Service Rights

 

Nothing
contained in the Plan or in any Option Agreement shall confer upon any
recipient of an Option any right with respect to the continuation of his or her
employment, consulting or Board member relationship with the Company (or any
Affiliate), or interfere in any way with the right of the Company (or any
Affiliate), subject to the terms of any separate employment, consulting or
Board member agreement or provision of law or corporate articles or by-laws to
the contrary, at any time to terminate such employment, consulting or Board
member agreement or to increase or decrease, or otherwise adjust, the other
terms and conditions of the recipient’s employment, consulting or Board member
relationship with the Company and its Affiliates.

 

12.                               Nonexclusivity
of the Plan

 

Neither
the adoption of the Plan by the Board nor the submission of the Plan to the
stockholders of the Company shall be construed as creating any limitations on
the power of the Board to adopt such other incentive arrangements as it may
deem desirable, including without limitation, the granting of stock options
other than under the Plan, and such arrangements may be either applicable
generally or only in specific cases.

 

12

 

13.                               Termination
and Amendment of the Plan

 

The
Board may at any time terminate the Plan or make such amendments or
modifications of the Plan as it shall deem advisable.  In the event of the termination of the Plan,
the terms of the Plan shall survive any such termination with respect to any
Option that is outstanding on the date of such termination, unless the holder
of such Option agrees in writing to terminate such Option or to terminate all
or any of the provisions of the Plan that apply to such Option.  Unless the Board otherwise expressly
provides, any amendment or modification of the Plan shall affect the terms of
any Option outstanding on the date of such amendment or modification as well as
the terms of any Option made from and after the date of such amendment or
modification; provided, however, that,
except to the extent otherwise provided in the last sentence of this paragraph,
(i) no amendment or modification of the Plan shall apply to any Option
that is outstanding on the date of such amendment or modification if such
amendment or modification would reduce the number of shares subject to such
Option, increase the purchase price applicable to shares subject to such Option
or materially adversely affect the provisions applicable to such Option that
relate to the vesting or exercisability of such Option or of the shares subject
to such Option, (ii) no amendment or modification of the Plan shall apply
to any Incentive Option that is outstanding on the date of such amendment or
modification if such amendment or modification would result in such Incentive
Option no longer being treated as an “incentive stock option” within the
meaning of Section 422 of the Code and (iii) no amendment or modification
of the Plan shall apply to any Option that is outstanding on the date of such
amendment or modification unless such amendment or modification of the Plan
shall also apply to all other Options outstanding on the date of such amendment
or modification.  In the event of any
amendment or modification of the Plan that is described in clause (i), (ii) or
(iii) of the foregoing proviso, such amendment or modification of the Plan
shall apply to any Option outstanding on the date of such amendment or modification
only if the recipient of such Option consents in writing thereto.

 

The
Committee may amend or modify, prospectively or retroactively, the terms of any
outstanding Option without amending or modifying the terms of the Plan itself, provided that as amended or modified such
Option is consistent with the terms of the Plan as in effect at the time of the
amendment or modification of such Option, but no such amendment or modification
of such Option shall, without the written consent of the recipient of such
Option, reduce the number of shares subject to such Option, increase the
purchase price applicable to shares subject to such Option, adversely affect
the provisions applicable to such Option that relate to the vesting or
exercisability of such Option or of the shares subject to such Option, or
otherwise materially adversely affect the terms of such Option (except for
amendments or modifications to the terms of such Option or of the stock subject
to such Option that are expressly permitted by the terms of the Plan or that
result from any amendment or modification of the Plan in accordance with the
provisions of the first paragraph of this Section 13), or, if such Option
is an Incentive Option, result in such Incentive Option no longer being treated
as an “incentive stock option” within the meaning of Section 422 of the
Code.

 

In
addition, notwithstanding anything express or implied in any of the foregoing
provisions of this Section 13 to the contrary, the Committee may amend or
modify, prospectively or retroactively, the terms of any outstanding Option to
the extent the Committee reasonably 

 

13

 

determines
necessary or appropriate to conform such Option to the requirements of Section 409A
of the Code (concerning non-qualified deferred compensation), if applicable.

 

14.                               Interpretation
of the Plan

 

In
the event of any conflict between the provisions of this Plan and the
provisions of any applicable Option Agreement, the provisions of this Plan
shall control, except if and to the extent that the conflicting provision in
such Option Agreement was authorized and approved by the Committee at the time
of the grant of the Option evidenced by such Option Agreement or is ratified by
the Committee at any time subsequent to the grant of such Option, in which case
the conflicting provision in such Option Agreement shall control.  Without limiting the generality of the
foregoing provisions of this Section 14, insofar as possible the
provisions of the Plan and such Option Agreement shall be construed so as to
give full force and effect to all such provisions.  In the event of any conflict between the
provisions of this Plan and the provisions of any other agreement between the
Company and the Optionee and/or Participant, the provisions of such agreement
shall control except as required to fulfill the intention that this Plan
constitute an incentive stock option plan within the meaning of Section 422
of the Code, but insofar as possible the provisions of the Plan and any such
agreement shall be construed so as to give full force and effect to all such
provisions.

 

15.                               Notices
and Other Communications

 

Any
notice, demand, request or other communication hereunder to any party shall be
deemed to be sufficient if contained in a written instrument delivered in
person or duly sent by first class registered, certified or overnight mail,
postage prepaid, or telecopied with a confirmation copy by regular, certified
or overnight mail, addressed or telecopied, as the case may be, (i) if to
the recipient of an Option, at his or her residence address last filed with the
Company and (ii) if to the Company, at its principal place of business,
addressed to the attention of its Chief Executive Officer, or to such other
address or telecopier number, as the case may be, as the addressee may have
designated by notice to the addressor. 
All such notices, requests, demands and other communications shall be
deemed to have been received: (i) in the case of personal delivery, on the
date of such delivery; (ii) in the case of mailing, when received by the
addressee; and (iii) in the case of facsimile transmission, when confirmed
by facsimile machine report.

 

16.                               Governing
Law

 

The
Plan and all Option Agreements and actions taken thereunder shall be governed,
interpreted and enforced in accordance with the laws of the State of Delaware,
without regard to the conflict of laws principles thereof.

 

14

 

Exhibit B

 

Instrument of Accession

 

The
undersigned,
                                              ,
in order to become the owner or holder of                     
shares of Common Stock, $0.001 par value per share (the “Shares”), of
Body Central Acquisition Corp., a Delaware corporation, hereby agrees to become
a Subsequent Stockholder party to, and to be bound by and subject to the terms
and conditions of, that certain Stockholder Agreement, dated as of October 1,
2006 (the “Stockholder Agreement”), a copy
of which is attached hereto. This Instrument of Accession shall become a part
of such Stockholder Agreement.

 

Executed
as of the date set forth below under the laws of the State of Delaware.

 

 

	
   

  	
  Signature:

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  

 

Accepted:

 

BODY
CENTRAL ACQUISITION CORP.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

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