Document:

EXHIBIT 10.2

 

Form for Employees

 

RESTRICTED STOCK AWARD AGREEMENT

 

Non-transferable

GRANT TO

 

	
   

  	
   

  	
   

  
	
  (“Grantee”)

  

 

by Citi Trends, Inc.
(the “Company”) of

          shares
of its common stock, $0.01 par value (the “Shares”)

 

pursuant to and subject to
the provisions of the Citi Trends 2005 Long-Term Incentive Plan (the “Plan”)
and to the terms and conditions set forth on the following page (the “Terms
and Conditions”).  By accepting the Shares,
Grantee shall be deemed to have agreed to the terms and conditions set forth in
this Agreement and the Plan.  Capitalized
terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the Plan.

 

The Shares will vest (become non-forfeitable)
in accordance with the following schedule:

 

	
  Years of Employment 

  after Grant Date

  	
   

  	
  Percent of Shares Vested

  	
   

  
	
  1

  	
   

  	
  25

  	
  %

  
	
  2

  	
   

  	
  50

  	
  %

  
	
  3

  	
   

  	
  75

  	
  %

  
	
  4

  	
   

  	
  100

  	
  %

  

 

IN WITNESS WHEREOF, Citi Trends, Inc.,
acting by and through its duly authorized officers, has caused this Agreement
to be duly executed.

 

	
  CITI TRENDS, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Grant Date:

  	
   

  
					

 

 

TERMS AND CONDITIONS

 

1.  Restrictions. The Shares are
subject to each of the following restrictions. “Restricted Shares” mean those
Shares that are subject to the restrictions imposed hereunder which
restrictions have not then expired or terminated. Restricted Shares may not be
sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise
encumbered. If Grantee’s employment with the Company or any Subsidiary
terminates for any reason, then Grantee shall forfeit all of Grantee’s right,
title and interest in and to the Restricted Shares as of the date of employment
termination, and such Restricted Shares shall revert to the Company immediately
following the event of forfeiture. The restrictions imposed under this Section shall
apply to all shares of the Company’s Stock or other securities issued with
respect to Restricted Shares hereunder in connection with any merger,
reorganization, consolidation, recapitalization, stock dividend or other change
in corporate structure affecting the Stock of the Company.

 

2.  Expiration
and Termination of Restrictions. The restrictions imposed under Section 1
will expire on the earliest to occur of the following (the period prior to such
expiration being referred to herein as the “Restricted Period”):

 

(a)       as to the percentages of the Shares
specified on the cover page hereof, on the respective dates specified on the
cover page hereof; provided Grantee is then employed by the Company; or

 

(b)       upon a Change of Control of the Company.

 

3.  Delivery of Shares. The Shares
will be registered in the name of Grantee as of the Grant Date and may be held
by the Company during the Restricted Period in certificated or uncertificated
form. If a certificate for Restricted Shares is issued during the Restricted
Period with respect to such Shares, such certificate shall be registered in the
name of Grantee and shall bear a legend in substantially the following form (in
addition to any legend required under applicable state securities laws): “This
certificate and the shares of stock represented hereby are subject to the terms
and conditions (including forfeiture and restrictions against transfer)
contained in a Restricted Stock Agreement between the registered owner of the
shares represented hereby and Citi Trends, Inc. Release from such terms
and conditions shall be made only in accordance with the provisions of such Agreement,
copies of which are on file in the offices of Citi Trends, Inc.”  Stock certificates for the Shares, without
the first above legend, shall be delivered to Grantee or Grantee’s designee
upon request of Grantee after the expiration of the Restricted Period, but
delivery may be postponed for such period as may be required for the Company
with reasonable diligence to comply, if deemed advisable by the Company, with
registration requirements under the Securities Act of 1933, listing
requirements under the rules of any stock exchange, and requirements under
any other law or regulation applicable to the issuance or transfer of the
Shares.

 

4.  Voting and Dividend Rights.
Grantee, as beneficial owner of the Shares, shall have full voting and dividend
rights with respect to the Shares during and after the Restricted Period. Each
dividend payment, if any, shall be made no later than the end of the calendar
year in which the dividend is paid to the shareholders or, if later, the 15th
day of the third month following the date the dividend is paid to
shareholders.  Any non-cash dividends
shall be subject to the restrictions imposed under Section 1.  If Grantee forfeits any rights he may have
under this Agreement, Grantee shall no longer have any rights as a stockholder
with respect to the Restricted Shares or any interest therein and Grantee shall
no longer be entitled to receive dividends on such stock. In the event that for
any reason Grantee shall have received dividends upon such stock after such
forfeiture, Grantee shall repay to the Company any amount equal to such
dividends.

 

5.  No Right of Continued Employment.
Nothing in this Agreement shall interfere with or limit in any way the right of
the Company to terminate Grantee’s employment at any time, nor confer upon Grantee
any right to continue in the employ of the Company.

 

6.  Payment of Taxes.

 

(a)       Upon issuance of the Shares hereunder,
Grantee may make an election to be taxed upon such award under Section 83(b) of
the Internal Revenue Code.  To effect
such election, Grantee may file an appropriate election with Internal Revenue
Service within thirty (30) days after award of the Shares and otherwise in
accordance with applicable Treasury Regulations.

 

(b)       Grantee will, no later than the date as
of which any amount related to the Shares first becomes includable in Grantee’s
gross income for federal income tax purposes, pay to the Company, or make other
arrangements satisfactory to the Committee regarding payment of, any federal,
state and local taxes of any kind required by law to be withheld with respect
to such amount, including without limitation the surrender of shares of Stock
to the Company. The obligations of the Company under this Agreement will be
conditional on such payment or arrangements, and the Company will, to the
extent permitted by law, have the right to deduct any such taxes from the award
or any payment of any kind otherwise due to Grantee.

 

7.  Plan Controls. The terms
contained in the Plan are incorporated into and made a part of this Agreement
and this Agreement shall be governed by and construed in accordance with the
Plan. In the event of any actual or alleged conflict between the provisions of
the Plan and the provisions of this Agreement, the provisions of the Plan shall
be controlling and determinative.

 

8.  Successors.  This Agreement shall be binding upon any
successor of the Company, in accordance with the terms of this Agreement and
the Plan.

 

9.  Severability.  If any one or more of the provisions
contained in this Agreement is invalid, illegal or unenforceable, the other
provisions of this Agreement will be construed and enforced as if the invalid,
illegal or unenforceable provision had never been included.

 

10.  Notice. Notices and
communications under this Agreement must be in writing and either personally
delivered or sent by registered or certified United States mail, return receipt
requested, postage prepaid. Notices to the Company must be addressed to Citi
Trends, Inc., 102 FAHM Street, Savannah, GA 31401, Attn: 

 

 

Secretary, or any other address designated by the
Company in a written notice to Grantee. Notices to Grantee will be directed to
the address of Grantee then currently on file with the Company, or at any other
address given by Grantee in a written notice to the Company.

 

3Exhibit 10.1

 

FIRST AMENDMENT TO OPTION AGREEMENT

 

This First Amendment to Option Agreement (“First
Amendment”), dated as of  August 29,  2008, is by and between TexCal Energy South Texas, L.P. whose
address is 1021 Main Street, Suite 2500, Houston, Texas 77002 (“Optionor”),
and Denbury Onshore, LLC, whose
address is 5100 Tennyson Parkway, Suite 1200, Plano, Texas 75024 (“Optionee”).  Optionor and Optionee are sometimes together
referred to herein as “Parties”.

 

WHEREAS, Optionor and Optionee entered into that certain Option
Agreement dated November 1, 2006 (the “Option Agreement”) pursuant to
which Optionor granted Optionee an Option to Purchase certain Assets, as
defined in the Option Agreement;

 

WHEREAS, Optionee has advised Optionor that it will elect to exercise
the Option to Purchase subject to the agreement of Optionor to amend the Option
Agreement as requested by Optionee; and

 

WHEREAS, Optionor is agreeable to the amendments proposed by Optionee
as set forth herein;

 

NOW, THEREFORE, in consideration of the mutual agreements, provisions
and covenants contained herein and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Parties, intending
to be legally bound, hereby agree as follows:

 

Section 1.                                            Defined
Terms.Capitalized terms used but not otherwise defined herein
shall have the meanings assigned such terms in the Option Agreement.

 

Section 2.                                            Option
Exercise.

 

Optionee hereby exercises its Option to Purchase the Assets, and
accordingly, pursuant to the provisions of Section 2.4 of the Option
Agreement, hereby delivers to Optionor the attached Option Exercise Notice in
the form of Exhibit “G” to the Option Agreement.  The Exercise Effective Time shall be 7:00 a.m.
Central Standard Time on January 1, 2009.

 

Section 3.                                            Amendments.  The Option Agreement is hereby amended as
follows:

 

(a)                                            Section 2.7
is amended and restated to read in its entirety as follows:

 

2.7                      Development Plan and Capital Expenditure
Commitment.

 

(a)                                                        In the event Optionee exercises its option to purchase the Assets,
Optionee shall (i) prior to June 30, 2009, submit to Optionor a
development plan for the CO2 flood of the West Hastings Unit (the “Development
Plan”), which plan

 

1

 

shall include various milestones including
completion of a pipeline connecting the Jackson Dome Field in Mississippi to
the Hastings Field via Donaldsonville, Louisiana, or other pipeline or
alternative delivery system that would result in a lower CO2 cost to the Hastings
Field, a framework for spending the Required Cumulative Capital Expenditure
Amounts, and the commencement of CO2 injection in the West Hastings Unit and (ii) commit
to spend one hundred seventy-eight million six hundred seventy four thousand
dollars ($178,674,000.00) of cumulative capital expenditures (the “Required
Cumulative Capital Expenditure Amounts”) as outlined in the Development Plan
for field development and facilities for enhanced production operations in the
West Hastings Unit.  Optionee shall spend
the Required Cumulative Capital Expenditures Amounts on or before the
Commitment Dates set forth below:

 

	
  “Commitment Date”

  By end of Calendar Year

  	
   

  	
  “Required Cumulative Capital

  Expenditure Amount”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2010

  	
   

  	
   

  	
  $

  	
  26,801,000

  	
   

  
	
  2011

  	
   

  	
   

  	
  $

  	
  71,469,000

  	
   

  
	
  2012

  	
   

  	
   

  	
  $

  	
  107,204,000

  	
   

  
	
  2013

  	
   

  	
   

  	
  $

  	
  142,939,000

  	
   

  
	
  2014

  	
   

  	
   

  	
  $

  	
  178,674,000

  	
   

  

 

If the Optionee spends in excess of one hundred seventy-eight million
six hundred seventy four thousand dollars ($178,674,000.00) prior to the end of
2014, the development obligation has been fulfilled.

 

(b)                                             In the event Optionee fails to spend the Required Cumulative Capital
Expenditure Amount by the Commitment Dates set forth in (a) above,
Optionee shall pay Optionor a cash payment equal to ten percent, (10.0%) of the
difference between (i) the Required Cumulative Capital Expenditure Amount
for the applicable Commitment Date and (ii) the cumulative capital
expenditures actually expended by Optionee from the Exercise Effective Time
through such applicable Commitment Date (hereinafter referred to as the “Shortage Payment”).   Said Shortage Payment shall be paid by
Optionee to Optionor within thirty (30) days after each Commitment Date.

 

(c)                                  If Optionee is not injecting at least an average of 50 mmcf/day of CO2
(total of purchased plus recycled) in the West Hastings Unit (“Minimum
Injection Rate”), which gas shall be delivered to the Hastings Field via the
Donaldsonville to Hastings pipeline or other pipeline or alternative delivery
system that would result  in a lower CO2
cost to the Hastings Field, for the 90 day period preceding January 1,
2013, Optionee shall, within 30 days of such date, either

 

2

 

(i) relinquish its rights to initiate
(or continue) tertiary operations and reassign to Optionor all Assets
previously assigned to Optionee, for the value of such Assets at that time
based on the methodology outlined in Section 2.5, except the NPV discount
rate described in Section 2.5(b)(i)(4) shall be twenty percent (20%)
rather than ten percent (10%), or (ii) begin making additional Shortage
Payments to Optionor in an amount equal to twenty million dollars
($20,000,000.00) less Shortage Payments paid pursuant to Section 2.7(b) for
the calendar year ending December 31, 2012, and thirty million dollars
($30,000,000.00) less Shortage Payments paid pursuant to Section 2.7(b) for
each subsequent calendar year  until the
CO2 injection in the Hasting Field equals or exceeds the Minimum Injection
Rate.  If Optionee elects to relinquish
its rights as set forth herein and Optionor accepts such relinquishment,
Optionee shall have no further rights or obligations with respect to the
Assets.  Notwithstanding the
relinquishment option described in this Section 2.7(c),  Optionor shall have the option to reject such
relinquishment, in which case Optionee shall retain the Assets and the Shortage
Payment shall be deemed waived for that year and the Minimum Injection Rate
requirement will be deferred until the next anniversary of the Exercise
Effective Time.

 

Section 4.                                            Amendment
and Ratification.

 

Upon the execution hereof, this First Amendment shall be deemed to be
an amendment to the Option Agreement, and the Option Agreement, as modified
hereby, is hereby ratified, approved and confirmed to be in full force and
effect in each and every respect.

 

(signatures on following page)

 

3

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first above written.

 

 

	
   

  	
  TEXCAL ENERGY SOUTH TEXAS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By: TEXCAL ENERGY
  (GP) LLC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy M.
  Marquez

  
	
   

  	
   

  	
  Timothy M. Marquez

  
	
   

  	
   

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DENBURY ONSHORE, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ H. Raymond
  Dubuisson

  
	
   

  	
   

  	
  H. Raymond
  Dubuisson

  
	
   

  	
   

  	
  Vice
  President-Land

  

 

4

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