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Exhibit 10.46  

 
 

EXECUTIVE EMPLOYMENT AGREEMENT
  BETWEEN
  CHRISTOPHER & BANKS CORPORATION
  AND
  TAMMY LEOMAZZI BOYD    
  

        THIS AGREEMENT is made and entered into as of March 1, 2002, by and between Christopher & Banks Corporation (formerly known as Brauns Fashions
Corporation), a corporation duly organized and existing under the laws of the State of Delaware (the "Corporation") and Tammy Leomazzi Boyd ("Executive"). 

 
 

BACKGROUND    
  

        The Executive presently serves in an executive capacity with the Corporation pursuant to an Executive Employment Agreement dated as of December 31, 1999
(the "Prior Agreement"). The Executive and the Corporation desire to terminate and replace the Prior Agreement in full with this Agreement. 

 
 

ARTICLE 1
  EMPLOYMENT    
  

        1.1  The
Corporation hereby employs Executive, and Executive agrees to work as Senior Vice President of the Corporation and President—CJ Banks Division, and to
perform such related duties as are assigned to her from time to time by the Chief Executive Officer of the Corporation. The Corporation shall not assign duties to Executive inconsistent with the
foregoing position. 

 
 

ARTICLE 2
  TERM    
  

        2.1  The
term of this Agreement shall be for a period of two (2) years commencing on the date of this Agreement, unless sooner terminated as hereinafter provided. The
Agreement shall thereafter continue in effect from year to year unless either party provides ninety (90) days written notice of termination prior to the anniversary date. 

 
 

ARTICLE 3
  DUTIES    
  

        3.1  Executive
agrees, unless otherwise specifically authorized by the Chief Executive Officer of the Corporation, to devote her full time and effort to the best of her
abilities to her duties for the profit, benefit and advantage of the business of the Corporation. Executive shall report directly to the Chief Executive Officer of the Corporation. 

        3.2  Executive
shall, in her position as President—CJ Banks Division, be responsible for management of, and have authority for, all
day-to-day operations of the division. 

 
 

ARTICLE 4
  COMPENSATION AND BENEFITS    
  

        4.1  The
Corporation agrees to pay Executive an annual base salary of Two Hundred Twenty-Five Thousand Dollars ($225,000) payable at those intervals as the
Corporation shall pay other executives. The base salary shall be reviewed annually and appropriate increases, if any, shall be awarded to 

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Executive by the Board of Directors in its sole discretion, but such base compensation shall not be reduced from that of the prior year. 

        4.2  Subject
to the terms and conditions of such plans and programs, the Executive shall be entitled to participate in the various employee benefit plans and programs
applicable to senior executives of the Corporation, including but not limited to medical, life and other benefits, which shall be at such times as reasonably determined by the Board of Directors of
the Company. 

        4.3  The
Executive shall be entitled during each full calendar year in which this Agreement remains in effect to four (4) weeks of paid vacation time, and a pro rata
portion thereof for any partial calendar year. Any vacation time not used during any such calendar year may not be carried forward to any succeeding calendar year and shall be forfeited. Executive
shall not be entitled to receive any payment in cash for vacation time remaining unused at the end of any year. 

        4.4  The
Executive shall be eligible to receive a bonus in accordance with the Corporation's bonus plans as in effect and approved by the Board of Directors from time to
time. 

        4.5  The
Executive shall be eligible to participate in the Corporation's stock option plan(s) as in effect and approved by the Board of Directors from time to time. 

        4.6  The
Corporation shall pay to the Executive a car allowance of $500.00 per month. 

 
 

ARTICLE 5
  DEFINITIONS    
  

        5.1  "Cause"
shall mean (i) any fraud, misappropriation or embezzlement by Executive in connection with the business of the Corporation, (ii) any conviction of
a felony or a gross misdemeanor by Executive that has or can reasonably be expected to have a detrimental effect on the Corporation, (iii) any gross
neglect or persistent neglect by Executive to perform the duties assigned to her hereunder (consistent with Section 1.1) or any other act that can be reasonably expected to cause substantial
economic or reputational injury to the Company or (iv) any material breach of Sections 7 or 8 of this Agreement, provided that the existence of such neglect or material breach shall be
determined by the written agreement of the majority of the directors. Provided further that in connection with an event described in Section 5.1(iii) above, Executive shall first have
received a written notice from the Corporation which sets forth in reasonable detail the manner in which Executive has grossly or persistently neglected her duties and Executive shall have a period of
ten (10) days to cure the same, but the Corporation shall not be required to give written notice of, nor shall Executive have a period to cure, the same or any similar gross or persistent
neglect or material breach which the Corporation has previously given written notice to Executive hereunder and Executive has cured such neglect or breach. 

        5.2  A
"Change of Control" shall be deemed to have occurred if (i) there shall be consummated (A) any consolidation or merger in which the Corporation is not
the continuing or surviving corporation or pursuant to which shares of the Corporation's common stock would be converted into cash, securities or other property, other than a consolidation or a merger
having the same proportionate ownership of common stock of the surviving corporation immediately after the consolidation or merger or (B) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions other than in the ordinary course of business of the Corporation) of all, or substantially all, of the assets of the Corporation to any corporation,
person or other entity which is not a direct or indirect wholly-owned subsidiary of the Corporation, or (ii) any person, group, corporation or other entity (collectively, "Persons") shall
acquire beneficial ownership (as determined pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and rules and regulations promulgated hereunder) of 50% or more of the
Corporation's outstanding common stock. 

        5.3  "Confidential
Information" means any information that is not generally known, including trade secrets, outside the Corporation and that is proprietary to the
Corporation, relating to any phase 

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of the Corporation's existing or reasonably foreseeable business which is disclosed to Executive during Executive's employment by the Corporation including information conceived, discovered or
developed by Executive. Confidential Information includes, but is not limited to, business plans; financial statements and projections; operating forms (including contracts) and procedures; payroll
and personnel records; marketing materials and plans; proposals; supplier information; customer information; software codes and computer programs; customer lists; project lists; project files;
training manuals; policies and procedures manuals; health and safety manuals; target lists for new stores and information relating to potential new store locations; price information and cost
information; administrative techniques or documents or information that is designated by the Corporation as "Confidential" or similarly designated. 

        5.4  A
"Competitor" means any person or organization which is, or can be reasonably expected to become, a women's "plus size" specialty apparel retailer (which would not
include department stores). Irrespective of the foregoing sentence, companies which are deemed Competitors shall include, but are not limited to, Charming Shoppes, Inc. (and all divisions and
subsidiaries including Catherine's, Fashion
Bug and Lane Bryant), Kohls Department Stores, The Limited, Inc., United Retail Group, Inc. (including all divisions and subsidiaries), The Cato Corporation, The Talbots, Inc.,
Chico's FAS, Inc., J. Jill Group, Inc., Coldwater Creek, Inc., The Casual Corner Group, Inc., Junonia, Inc. and Dress Barn, Inc. 

 
 

ARTICLE 6
  NONCOMPETITION AND NONSOLICITATION    
  

        6.1  During
Executive's employment, Executive will not plan, organize or engage in any business competitive with any product or service marketed or planned for marketing by
the Corporation or conspire with others to do so. 

        6.2  For
a period of one year after termination of Executive's employment with the Corporation, Executive will not, without the written permission of the Corporation,
(i) directly or indirectly engage in activities with a Competitor or (ii) own (whether as a shareholder, partner or otherwise, other than as a 5% or less shareholder) of a publicly held
company which is a Competitor, or (iii) be connected as an officer, director, advisor, consultant or employee of or participate in the management of any Competitor. 

        6.3  For
a period of two years after termination of Executive's employment with the Corporation, Executive will not solicit, entice, or induce (or attempt to do so, directly
or indirectly), any employee of the Corporation to terminate their employment with the Corporation. 

 
 

ARTICLE 7
  CONFIDENTIAL INFORMATION AND TRADE DOCUMENTS    
  

        7.1  Unless
authorized in writing by the Corporation, Executive will not directly or indirectly divulge, either during or after the term of her employment, or until such
information becomes generally known, to any person not authorized by the Corporation to receive or use it any Confidential Information for any purpose whatsoever. 

        7.2  All
documents or other tangible property relating in any way to the business of the Corporation which are conceived by Executive or come into her possession during her
employment shall be and remain the exclusive property of the Corporation and Executive agrees to return all such documents and tangible property to the Corporation upon termination of her employment,
or at such earlier time as the Corporation may request of Executive. 

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ARTICLE 8
  JUDICIAL CONSTRUCTION    
  

        8.1  Executive
believes and acknowledges that the provisions contained in this Agreement, including the covenants contained in Articles 6 and 7 of this Agreement, are fair
and reasonable. Nonetheless, it is agreed that if a court finds any of these provisions to be invalid in whole or in part under the laws of any state, such finding shall not invalidate the covenants,
nor the Agreement in its entirety, but rather the covenants shall be construed and/or bluelined, reformed or rewritten by the court as if the most restrictive covenants permissible under applicable
law were contained herein. Furthermore, the parties specifically acknowledge that the covenant not to compete and covenant not to disclose confidential information, as set forth in Sections 6 and 7,
are separate and independent agreements. 

 
 

ARTICLE 9
  RIGHT TO INJUNCTIVE RELIEF    
  

        9.1  Executive
acknowledges that a breach by the Executive of any of the terms of Articles 6 and 7 of this Agreement will render irreparable harm to the Corporation.
Accordingly, the Corporation shall therefore be entitled to any and all equitable relief, including, but not limited to, injunctive relief, and to any other remedy that may be available under any
applicable law or agreement between the parties. The prevailing party in any such action pursuant to this Section shall be entitled to all costs of litigation including, but not limited to, attorneys'
fees and court costs. 

 
 

ARTICLE 10
  CHANGE OF CONTROL    
  

        10.1 If
a Change of Control shall occur, the Executive shall be entitled to receive from the Corporation or its successor the full base salary of Executive under this
Agreement for one (1) year in one cash installment. This payment shall be made by the Corporation within ten (10) business days of consummating the terms and conditions of the
transaction which give rise to the Change of Control in which such employment was terminated. 

        10.2 If
a Change of Control shall occur during the term of this Agreement, all unvested rights to purchase stock under outstanding stock options held by Executive shall vest
immediately for the benefit of the Executive and the Board of Directors shall take such actions as may be necessary or desirable to effect such vesting. 

 
 

ARTICLE 11
  TERMINATION (OTHER THAN FROM A CHANGE IN CONTROL)    
  

        11.1 The
Corporation may terminate the Executive's employment at any time for Cause and at such time all compensation and benefits provided to Executive under this Agreement
shall immediately cease, subject to applicable employment laws and regulations. 

        11.2 In
the event that the Corporation terminates the employment of the Executive by delivering notice in accordance with Section 11.1, the Executive shall receive as
severance her salary pursuant to Section 4 from the date of termination until the earlier to occur of (i) twelve (12) months and (ii) the securing by the Executive of other
employment paying an annual salary comparable to that set forth in Section 4 of this Agreement, including without limitation, the engagement of the Executive by any person(s) or individual or
group of entities as a substantially full-time consultant; provided, however, that in the event that Executive shall secure other employment
or a substantially full time consulting position paying salary less than that provided for in Section 4 of this Agreement, the Corporation shall during such twelve (12) month period
referred to above pay Executive the difference between her salary payable under this Agreement, and the salary paid by her new employer (the "Salary 

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Continuation"). Notwithstanding the foregoing, upon termination, Executive shall no longer be eligible under any of the Corporation's bonus plans. 

        11.3 In
the event the Corporation terminates the employment of the Executive without Cause on or after the term of this Agreement, the Executive shall be entitled to the
Salary Continuation. Notwithstanding the foregoing, upon termination, Executive shall no longer be eligible under any of the Corporation's bonus or stock option plans. 

        11.4 This
Agreement will terminate upon Executive's death or upon Executive's disability that prevents her from performing her duties under this Agreement for a continuous
period of three months or for periods aggregating six months in any eighteen (18) month period. 

 
 

ARTICLE 12
  ASSIGNMENT    
  

        12.1 The
Corporation shall not have the right to assign this Agreement to its successors or assigns without the written consent of the Executive; provided, however, the
Corporation shall have the right to assign this Agreement to any subsidiary, and all covenants or agreements hereunder shall inure to the benefit of and be enforceable by or against its successors or
assigns. 

        12.2 The
terms "successors" and "assigns" shall include any corporation which buys all or substantially all of the Corporation's assets, or a controlling portion of its
stock, or with which it merges or consolidates. 

 
 

ARTICLE 13
  FAILURE TO DEMAND PERFORMANCE AND WAIVER    
  

        13.1 The
Corporation's failure to demand strict performance and compliance with any part of this Agreement during the Executive's employment shall not be deemed to be a
waiver of the Corporation's rights under this Agreement or by this operation of law. Any waiver by either party of a breach of can any provision of this Agreement shall not operate as or be construed
as a waiver of any subsequent breach thereof. 

 
 

ARTICLE 14
  ENTIRE AGREEMENT    
  

        14.1 The
Corporation and Executive acknowledge that this Agreement contains the full and complete agreement between and among the parties, that there are no oral or implied
agreements or other modifications not specifically set forth herein, and that this Agreement supersedes any prior agreements or understandings, if any, between the Corporation and Executive, whether
written or oral. The parties further agree that no modifications of this Agreement may be made except by means of a written agreement or memorandum signed by the parties. 

 
 

ARTICLE 15
  GOVERNING LAW    
  

        15.1 The
parties acknowledge that the Corporation's principal place of business is located in the State of Minnesota. The parties hereby agree that this Agreement shall be
construed in accordance with the internal laws of the State of Minnesota without regard to the conflict of laws thereof. 

*
* * * * * * * * * 

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        IN
WITNESS WHEREOF, the Corporation has hereunto signed its name and the Executive hereunder has signed her name, all as of the day and year first above written. 

	 	 	CHRISTOPHER & BANKS CORPORATION
	 	 	 	 	 
	 	 	 	 	 
	/s/ ANDREW MOLLER
	 	By:	/s/ JOSEPH PENNINGTON

	Witness	 	 	Its:	President
	 	 	 	 	 
	 	 	EXECUTIVE
	 	 	 	 	 
	 	 	 	 	 
	/s/ ANDREW MOLLER
	 	/s/ TAMMY LEOMAZZI BOYD

	Witness	 	Tammy Leomazzi Boyd

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EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN CHRISTOPHER & BANKS CORPORATION AND TAMMY LEOMAZZI BOYD

BACKGROUND

ARTICLE 1 EMPLOYMENT

ARTICLE 2 TERM

ARTICLE 3 DUTIES

ARTICLE 4 COMPENSATION AND BENEFITS

ARTICLE 5 DEFINITIONS

ARTICLE 6 NONCOMPETITION AND NONSOLICITATION

ARTICLE 7 CONFIDENTIAL INFORMATION AND TRADE DOCUMENTS

ARTICLE 8 JUDICIAL CONSTRUCTION

ARTICLE 9 RIGHT TO INJUNCTIVE RELIEF

ARTICLE 10 CHANGE OF CONTROL

ARTICLE 11 TERMINATION (OTHER THAN FROM A CHANGE IN CONTROL)

ARTICLE 12 ASSIGNMENT

ARTICLE 13 FAILURE TO DEMAND PERFORMANCE AND WAIVER

ARTICLE 14 ENTIRE AGREEMENT

ARTICLE 15 GOVERNING LAWQuickLinks
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Exhibit 10.47  

 
 

CHRISTOPHER & BANKS CORPORATION
  2002 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN    
  

        The purpose of the Christopher & Banks Corporation 2002 Non-Employee Director Stock Option Plan (the "Option Plan") is to attract and retain
persons of outstanding competence to serve on the Board of Directors of Christopher & Banks Corporation (the "Company"). 

        1.    Administration.    The Option Plan will be administered by the Board of Directors of the Company. Grants of
stock options under the Option Plan ("Options") and the amount and nature of the Options so granted will be automatic, as described below. 

        2.    Stock Subject to the Option Plan.    An aggregate of 210,000 shares of Common Stock, par value $.01 per share
("Common Stock"), of the Company are reserved for issuance under the Option Plan. The number of shares authorized for issuance under the Option Plan may be increased from time to time by approval of
the Board of Directors and, if required pursuant to Rule 16b-3 under the Securities Exchange Act of 1934 or the applicable rules of any securities exchange or the NASD, the
shareholders of the Company. In the event of any reorganization, merger, recapitalization, stock dividend, stock split, or similar change in the corporate structure or shares of the Company,
appropriate adjustments will be made to the number and kind of shares reserved for issuance under the Option Plan and pursuant to outstanding Options and to the exercise price of outstanding Options. 

        3.    Eligibility.    The individuals eligible to receive automatic option grants pursuant to the provisions of this
Plan shall be limited to (i) those individuals serving as non-employee directors on the Effective Date (as defined in Section 14) and (ii) those individuals who are
first elected or appointed as non-employee Board members after the Effective Date, whether through appointment by the Board or election by the Company's shareholders. 

        4.    Automatic Option Grants.    Under the Option Plan, each non-employee director will automatically be
granted Options to purchase shares of Common Stock as follows: 

        (a)  Each
non-employee director shall be granted an Option for 12,000 shares of Common Stock, subject to adjustment as provided below, upon his or her initial
appointment to the Board. 

        (b)  On
the date of the 2003 annual meeting of shareholders, each non-employee director will automatically be granted an Option to purchase 12,000 shares of
Common Stock, subject to adjustment as provided below. 

        (c)  Thereafter,
on the date of each subsequent annual meeting of shareholders at which the non-employee director is reelected, or otherwise continues to serve as
a director pursuant to the current three year terms, to the Board of Directors, the non-employee director shall automatically be granted an additional Option to purchase 12,000 shares of
Common Stock, subject to adjustment as provided below. 

        Should
any change be made to the Common Stock issuable under the Plan by reason of any stock split, stock dividend or recapitalization, then appropriate adjustments shall be made to the
number of and/or class of securities for which automatic Option grants are to be subsequently made to each newly-elected or continuing non-employee director as well as to the purchase
price per share relating thereto; provided, however, in no event shall an annual grant of an Option exceed 22,000 shares of Common Stock. 

        5.    Vesting, Exercisability and Expiration.    All Options granted under the Option Plan shall be fully vested when
granted, but may not be exercised until six months following the date of grant. All Options granted under the Option Plan shall expire five years after the date of grant. 

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        6.    Non-Transferability.    During the lifetime of the holder of an Option, each automatic Option grant
shall be exercisable only by the optionee and shall not be assignable or transferable. 

        7.    Effect of Termination of Board Service.    

        (a)  Should
the director cease to serve as a Board member for any reason (other than death) while holding one or more automatic Option grants under the Plan, then such
individual shall have a twelve
(12)-month period following the date of such cessation of Board service in which to exercise each such Option for any or all of the Option shares. 

        (b)  Should
the director die while serving as a Board member or within twelve (12) months after cessation of Board service, then any automatic Option grant held by the
individual at the time of death may subsequently be exercised, for all of the Option shares (less any Option shares purchased by the individual prior to death), by the personal representative of the
estate or by the person or persons to whom the Option is transferred pursuant to the individual's will or in accordance with the laws of descent and distribution. The right to exercise each such
Option shall lapse upon the expiration of the twelve (12)-month period measured from the date of the individual's cessation of service. 

        (c)  In
no event shall any automatic grant under this Plan remain exercisable after the expiration date of the maximum five (5) year Option term. Upon the expiration
of the applicable post-service exercise period under subparagraphs (a) and (b) above or (if earlier) upon the expiration of the maximum five (5) year Option term, the
automatic grant shall terminate and cease to be outstanding for any Option shares for which the Option was not exercised. 

        8.    Shareholder Rights.    The holder of an automatic Option grant shall have none of the rights of a shareholder
with respect to any shares subject to such Option until such individual shall have exercised the Option and paid the exercise price for the purchased shares. 

        9.    Exercise Price.    The exercise price of Options granted under the Option Plan shall be equal to the fair market
value of one share of Common Stock on the date of grant. For purposes of the Option Plan, "fair market value" is the closing sales price of the Common Stock, as reported by the NASDAQ National Market
System or any other nationally recognized stock exchange on the date of grant. 

        10.    Payment.    The exercise price shall become immediately due upon exercise of the Option. Payment for the
exercise of Options may be made in cash, by personal check payable to the Company, by delivery of shares of Common Stock having an aggregate fair market value on the date of exercise which is not less
than the option price, or by a combination thereof. For purposes of this Section, the exercise date shall be the date on which written notice of the Option exercise is delivered to the Company. 

        11.    Plan Amendment and Termination.    The Board of Directors may suspend or terminate the Option Plan or any
portion thereof at any time, and may amend the Option Plan from time to time in any respect, provided that no such amendment will be effective without approval of the shareholders, if shareholder
approval is required pursuant to Rule 16b-3 under the Securities Exchange Act of 1934 or the applicable rules of any securities exchange or the NASD. To the extent prohibited under
Rule 16b-3 under the Securities Exchange Act of 1934, the Option Plan may not be amended more than once every six months. No termination, suspension or amendment of the Option Plan
will alter an outstanding Option without the consent of the holder of such Option. Unless earlier terminated by action of the Board, the Option Plan will terminate on July 30, 2012, and no
Option shall be granted
after any such termination. Options outstanding upon termination of the Option Plan may continue to be exercised in accordance with their terms. 

        12.    Compliance with SEC Regulations.    It is the Company's intent that the Option Plan comply in all respects with
Rule 16b-3 of the Act and any regulations promulgated thereunder. If any provision 

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of this plan is later found not to be in compliance with the Rule, the provision shall be deemed null and void. All grants and exercises of Options under the Option Plan shall be executed in
accordance with the requirements of Section 16 of the Act, as amended, and any regulations promulgated thereunder. 

        13.    Shareholder Approval.    The Option Plan shall be subject to approval by the shareholders holding at least a
majority of the voting stock of the Company represented in person or by proxy at a duty held shareholders' meeting, and any Option granted under the Option Plan prior to the date of such approval
shall be contingent upon such approval. 

        14.    Effective Date.    This Option Plan shall be effective as of April 11, 2002, subject to shareholder
approval of the Option Plan as described above on or before April 10, 2003. 

        15.    Use of Proceeds.    Any cash proceeds received by the Company from the sale of shares pursuant to Option grants
under the Plan shall be used for general corporate purposes. 

        16.    Regulatory Approvals.    

        (a)  The
implementation of the Plan, the granting of any Option under the Plan and the issuance of Common Stock upon the exercise of the Option grants made hereunder shall be
subject to the Company's procurement of all approvals and permits required by regulatory authorities having jurisdiction over the Plan, the Options granted under it, and the Common Stock issued
pursuant to it. 

        (b)  No
shares of Common Stock or other assets shall be issued or delivered under this Plan unless and until there shall have been compliance with all applicable requirements
of Federal and state securities laws, including the filing and effectiveness of the Form S-8 registration statement for the shares of Common Stock issuable under the Plan, and all
applicable listing requirements of the Nasdaq National Market or any stock exchange on which the Common Stock is then listed for trading. 

        17.    Miscellaneous.    Except as otherwise provided herein, no non-employee director shall have any
claim or right to be granted an Option under the Option Plan. Neither the Option Plan nor any action
hereunder shall be construed as giving any director any right to be retained in the service of the Company. 

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CHRISTOPHER & BANKS CORPORATION 2002 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

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