Document:

Exhibit 10.38

STOCK OPTION AGREEMENT

Pursuant to

CHRISTOPHER & BANKS CORP.

2005
Stock Incentive Plan

(Nonqualified Stock Option)

Name of Employee:

Date of Grant:

Number of Shares:

Exercise Price Per Share:

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

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

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

3.             Exercise of Option:  Subject to Section 8 hereof, this option
shall become exercisable with respect to      % of the
shares of Common Stock subject hereto on the first anniversary date of the
grant of this option (      ), and with respect
to an additional     % of such shares on each of the                        anniversary
dates of the grant of this option.

This option may be partially exercised from
time to time within such percentage limitations.  This option may not be exercised after the
Expiration Date.  Notwithstanding the
foregoing, this option shall not be exercisable for a fractional share of
stock.  Any exercise of this option shall
be made in writing duly executed and delivered to the Company specifying the
number of shares as to which the option is being exercised in the form of the
Subscription Form for Exercise attached hereto.  Schedule I of this Agreement shall be made
available to the Company at the time of exercise for notation of any partial
exercise.  Unless provided specifically
to the contrary in any Employment Agreement between the Employee and the
Company, Section 10.1 of the Plan regarding acceleration of vesting shall not
apply to this Agreement.

4.             Payment
of Option Price:  On the date of any
exercise of this option, the purchase price of the shares as to which this
option is being exercised shall be due and payable and shall be made (i) in
cash or by cash equivalent acceptable to the Committee; (ii) by delivery of
shares of common stock of the Company held by the optionee for more than six
(6) months (or such period as the Committee may deem appropriate, for accounting
purposes or otherwise) and registered in the name of the Employee, duly
assigned to the Company with the assignment guaranteed by a bank, trust company
or member firm of the New York Stock Exchange, and with

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all necessary transfer tax stamps affixed, any such shares so delivered
to be deemed to have a value per share equal to the Fair Market Value of the
shares on such date; (iii) through an open-market, broker-assisted sales
transaction pursuant to which the Company is promptly delivered the amount of proceeds
necessary to satisfy the exercise price; or (iv) by a combination of the
methods described above, as determined by the Committee.

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

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

7.             General Restrictions:

(1)          At the time of any
exercise of this option, the Employee shall furnish the Company with a
representation that he is acquiring the shares issued upon such exercise as an
investment and not with a view to, or for sale in connection with, the
distribution of any such shares; provided, however, that such representation
need not be furnished in the event the shares issued upon such exercise are
registered with the Securities and Exchange Commission under the Securities Act
of 1933, as amended.

(2)          The Company will not be
obligated to issue shares of Common Stock covered by this option if counsel to
the Company determines that such issuance would violate any law or regulation
of any governmental authority or any agreement between the

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

(3)      Certificates
evidencing shares of Common Stock issued pursuant to this Agreement shall bear
a legend describing restrictions on transfer thereof unless the Company
determines that such legend is not necessary or appropriate.

8.             Termination of Employment:

(1)            The option granted
pursuant to this Agreement shall terminate immediately upon the termination of
the Employee’s employment by the Company or any subsidiary for “cause” as that
term is defined in the Plan unless the Employee is a party to an employment (or
similar) agreement with the Company or any subsidiary that defines the word “cause,”
in which case such definition shall

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apply for purposes of
this Agreement.  If the Employee’s
employment is terminated as a result of the Employee’s permanent and total disability
(within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986,
as amended) or death, the option granted pursuant to this Agreement may be
exercised by the Employee’s legal representative, heir or devisee, as
appropriate within one year from the date of disability or death.  If Employee’s employment is terminated for any
reason other than cause, permanent and total disability or death, such option
may be exercised within three months following the date of termination.  Notwithstanding the preceding sentence, the
Company may terminate and cancel such option during the three-month period
referred to in the preceding sentence if the optionee engages in employment or
activities contrary, in the opinion of the Company’s Board of Directors or the
Committee, to the best interests of the Company or any subsidiary.  Notwithstanding the foregoing, (i) the option
granted pursuant to this Agreement shall not be exercisable after the
expiration date of such option and (ii) such option (or any portion thereof)
which is not exercisable on the date of termination of employment shall not be
exercisable thereafter without the consent of the Committee.

(2)            Nothing contained in
this Section shall be interpreted or have the effect of extending the period
during which an option may be exercised beyond the terms or the Expiration Date
provided in this Agreement or established by law or regulation. Death of the
Employee subsequent to termination shall not extend such periods. Whether leave
of absence shall constitute a termination of

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employment for purposes
of this Agreement shall be determined by the Committee in its sole discretion.

9.             Adjustment
of Shares:

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

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

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

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

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

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

14.           Tax Treatment:  Due to the complex nature of the tax laws, the
Employee is urged to consult his personal tax advisor prior to exercising the
option.  THE CORPORATION

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MAKES NO
WARRANTIES OR REPRESENTATIONS WHATSOEVER TO THE EMPLOYEE REGARDING THE TAX
CONSEQUENCES OF THIS GRANT, THE EXERCISE OF ANY OPTIONS OR ANY OTHER MATTER.

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

	
  Dated as of :

  	
   

  	
   

  	
   

  	
  Christopher & Banks Corp.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated as of:

  	
   

  	
   

  	
   

  	
  Employee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
											

 

 8Exhibit 10.39

RESTRICTED STOCK AGREEMENT

THIS
RESTRICTED STOCK AGREEMENT
is made as of the    day of      ,
200   , between Christopher & Banks Corporation, a Delaware
corporation (the “Company”), and                            
(“Employee”).

1.             Award.

(a)           Shares.  Pursuant to the Christopher & Banks
Corporation 2005 Stock Incentive Plan, as amended (the “Plan”),                            
(     ) shares (the “Restricted Shares”) of the
Company’s common stock, par value $0.01 per share (“Stock”), shall be issued as
hereinafter provided in Employee’s name subject to certain restrictions
thereon.

(b)           Issuance of Restricted Shares.  The Restricted Shares shall be issued upon
acceptance hereof by Employee and upon satisfaction of the conditions of this
Agreement.

(c)           Plan Incorporated.  Employee acknowledges receipt of a copy of
the Plan, and agrees that this award of Restricted Shares shall be subject to
all of the terms and conditions set forth in the Plan, including future
amendments thereto, if any, pursuant to the terms thereof, which Plan is
incorporated herein by reference as a part of this Agreement.

2.             Restricted Shares.  Employee hereby accepts the Restricted Shares
when issued and agrees with respect thereto as follows:

(a)           Forfeiture Restrictions.  The Restricted Shares may not be sold,
assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered
or disposed of to the extent then subject to the Forfeiture Restrictions (as
hereinafter defined), and in the event of termination of Employee’s employment
with the Company or employing subsidiary for any reason other than (i) normal
retirement on or after age sixty-five, (ii) death or (iii) disability as
determined by the Company or employing subsidiary, or except as otherwise
provided in the last sentence of subparagraph (b) of this Paragraph 2, Employee
shall, for no consideration, forfeit to the Company all Restricted Shares to
the extent then subject to the Forfeiture Restrictions.  The prohibition against transfer and the
obligation to forfeit and surrender Restricted Shares to the Company upon
termination of employment are herein referred to as “Forfeiture Restrictions.”  The Forfeiture Restrictions shall be binding
upon and enforceable against any transferee of Restricted Shares.

(b)           Lapse of Forfeiture Restrictions.  The Forfeiture Restrictions shall lapse as to
the Restricted Shares in accordance with the following schedule provided that
Employee has been continuously employed by the Company from the date of this
Agreement through the lapse date:

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  Percentage of
  Total

  
	
   

  	
   

  	
   

  	
   

  	
  Number of
  Restricted Shares

  
	
   

  	
   

  	
   

  	
   

  	
  as to which
  Forfeiture

  
	
  Lapse Date or Dates

  	
   

  	
   

  	
   

  	
   

  	
  Restrictions
  Lapse

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
                        ,
  20   

  	
   

  	
   

  	
   

  	
   

  	
  %

  
							

 

Notwithstanding the foregoing,
the Forfeiture Restrictions shall lapse as to all of the Restricted Shares on
the earlier of (i) the occurrence of a Change in Control (as such term is
defined in Section 10 of the Plan), or (ii) the date Employee’s employment with
the Company is terminated by reason of death, disability (as determined by the
Company or employing subsidiary) or normal retirement on or after age
sixty-five.  In the event Employee’s
employment is terminated for any other reason, including retirement prior to
age sixty-five with the approval of the Company or employing subsidiary, the
Committee which administers the Plan (the “Committee”) or its delegate, as
appropriate, may, in the Committee’s or such delegate’s sole discretion,
approve the lapse of Forfeiture Restrictions as to any or all Restricted Shares
still subject to such restrictions, such lapse to be effective on the date of
such approval or Employee’s termination date, if later.

(c)           Certificates.  A certificate evidencing the Restricted
Shares shall be issued by the Company in Employee’s name, or at the option of
the Company, in the name of a nominee of the Company, pursuant to which
Employee shall have voting rights and shall be entitled to receive all
dividends unless and until the Restricted Shares are forfeited pursuant to the
provisions of this Agreement.  The
certificate shall bear a legend evidencing the nature of the Restricted Shares,
and the Company may cause the certificate to be delivered upon issuance to the
Secretary of the Company or to such other depository as may be designated by
the Company as a depository for safekeeping until the forfeiture occurs or the
Forfeiture Restrictions lapse pursuant to the terms of the Plan and this
award.  Upon request of the Committee or
its delegate, Employee shall deliver to the Company a stock power, endorsed in
blank, relating to the Restricted Shares then subject to the Forfeiture
Restrictions.  Upon the lapse of the
Forfeiture Restrictions without forfeiture, the Company shall cause a new
certificate or certificates to be issued without legend in the name of Employee
for the shares upon which Forfeiture Restrictions lapsed.  Notwithstanding any other provisions of this
Agreement, the issuance or delivery of any shares of Stock (whether subject to
restrictions or unrestricted) may be postponed for such period as may be
required to comply with applicable requirements of any national securities
exchange or any requirements under any law or regulation applicable to the
issuance or delivery of such shares.  The
Company shall not be obligated to issue or deliver any shares of Stock if the
issuance or delivery thereof shall constitute a

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violation of any provision of
any law or of any regulation of any governmental authority or any national
securities exchange.

3.             Withholding of Tax.  To the extent that the receipt of the
Restricted Shares or the lapse of any Forfeiture Restrictions results in income
to Employee for federal or state income tax purposes, Employee shall deliver to
the Company at the time of such receipt or lapse, as the case may be, such
amount of money as the Company may require to meet its withholding obligation
under applicable tax laws or regulations, and, if Employee fails to do so, the
Company is authorized to withhold from any cash or Stock remuneration then or thereafter
payable to Employee any tax required to be withheld by reason of such resulting
compensation income.

4.             Status of Stock.  Employee agrees that the Restricted Shares
will not be sold or otherwise disposed of in any manner which would constitute
a violation of any applicable federal or state securities laws.  Employee also agrees (i) that the
certificates representing the Restricted Shares may bear such legend or legends
as the Company deems appropriate in order to assure compliance with applicable
securities laws, (ii) that the Company may refuse to register the transfer of
the Restricted Shares on the stock transfer records of the Company if such
proposed transfer would, in the opinion of counsel satisfactory to the Company,
constitute a violation of any applicable securities law and (iii) that the
Company may give related instructions to its transfer agent, if any, to stop
registration of the transfer of the Restricted Shares.

5.             Employment Relationship.  Nothing in this Agreement shall be
construed as constituting a commitment, guaranty, agreement, or understanding
of any kind or nature that the Company or its subsidiaries shall continue to
employ the Employee and this Agreement shall not affect in any way the right of
the Company or its subsidiaries to terminate the employment of the
Employee.  For purposes of this Agreement, Employee shall be considered to be in
the employment of the Company as long as Employee remains an employee of either
the Company, any successor corporation or a parent or subsidiary corporation of
the Company or any successor corporation. 
Any question as to whether and when there has been a termination of such
employment, and the cause of such termination, shall be determined by the Committee,
or its delegate, as appropriate, and its determination shall be final.

6.             Committee’s Powers.  No provision contained in this Agreement
shall in any way terminate, modify or alter, or be construed or interpreted as
terminating, modifying or altering any of the powers, rights or authority vested
in the Committee or, to the extent delegated, in its delegate pursuant to the
terms of the Plan or resolutions adopted in furtherance of the Plan, including,
without limitation, the right to make certain determinations and elections with
respect to the Restricted Shares.

7.             Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of any successors to the Company and all lawful successors
to Employee permitted under the terms of the Plan.

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8.             Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware.

IN WITNESS
WHEREOF, the Company has
caused this Agreement to be duly executed by an officer thereunto duly
authorized, and Employee has executed this Agreement, all as of the date first
above written.

	
  

  	
  CHRISTOPHER & BANKS

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Matthew P Dillon

  	
   

  
	
   

  	
   

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
  Signed:

  	
   

  	
   

  
	
   

  	
  Printed Name:

  	
   

  	
   

  
							

 

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Please Check Appropriate Item (One of the lines must be checked):

___     I
do not desire the alternative tax
treatment provided for in the Internal Revenue Code Section 83(b).

___     I do desire
the alternative tax treatment provided for in Internal Revenue Code Section
83(b) and desire that forms for such purpose be forwarded to me.

* I acknowledge that the Company has suggested that
before this block is checked that I check with a tax consultant of my choice.

Please furnish the following information for shareholder records:

 

	
  

  	
   

  	
   

  	
   

  	
   

  
	
  (Given name and
  initial must be used

  	
   

  	
  Social Security Number

  
	
   for stock registry)

  	
   

  	
  (if applicable)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Address (Street)

  	
   

  	
  Birth Date

  
	
   

  	
   

  	
  Month/Day/Year

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Address (City)

  	
   

  	
  Name of Employer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Address (Zip
  Code)

  	
   

  	
  Day phone number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  United States
  Citizen: Yes      No     

  	
   

  	
   

  
							

 

PROMPTLY
NOTIFY THIS OFFICE OF ANY CHANGE IN ADDRESS.

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