Document:

Form of dELiA*s, Inc. 2005 Stock Incentive Plan

 Exhibit 10.1 
  
 dELiA*s, Inc. 
  
 2005 STOCK INCENTIVE PLAN 

 dELiA*s, Inc. 
 2005 STOCK INCENTIVE PLAN 
  

	1.	ESTABLISHMENT AND PURPOSE. 

  
 The dELiA*s, Inc. 2005 Stock Incentive Plan (the “Plan”) is established by dELiA*s, Inc. (the “Company”) to attract and retain persons eligible to
participate in the Plan; motivate Participants to achieve long-term Company goals; and further align Participants’ interests with those of the Company’s other stockholders. The Plan is adopted as of October 20, 2005. Unless the Plan is
discontinued earlier by the Board as provided herein, no Award shall be granted hereunder on or after the date 10 years after the Effective Date. 
  
 Certain terms used herein are defined as set forth in Section 10. 
  

	2.	ADMINISTRATION; ELIGIBILITY. 

  
 The Plan shall be administered by a Committee; provided, however, that, if at any time no Committee shall be in office, the Plan shall be administered by the Board. The
Plan may be administered by different Committees with respect to different groups of Eligible Individuals. As used herein, the term “Administrator” means the Board or any of its Committees as shall be administering the Plan. 
  
 The Administrator shall have plenary authority to grant Awards pursuant to the terms of the
Plan to Eligible Individuals. Participation shall be limited to such persons as are selected by the Administrator. Awards may be granted as alternatives to, in exchange or substitution for, or replacement of, Awards outstanding under the Plan or any
other plan or arrangement of the Company or a Subsidiary (including a plan or arrangement of a business or entity, all or a portion of which is acquired by the Company or a Subsidiary). The provisions of Awards need not be the same with respect to
each Participant. 
  
 Among other things, the Administrator shall have the
authority, subject to the terms of the Plan: 
  

	 	(a)	to select the Eligible Individuals to whom Awards may from time to time be granted; 

  

	 	(b)	to determine whether and to what extent Stock Options, Stock Appreciation Rights, Stock Awards or any combination thereof are to be granted hereunder; 

  

	 	(c)	to determine the number of shares of Stock to be covered by each Award granted hereunder; 

  

	 	(d)	to approve forms of agreement for use under the Plan; 

  

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	 	(e)	to determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to, the option price, any vesting
restriction or limitation, any vesting acceleration or forfeiture waiver and any right of repurchase, right of first refusal or other transfer restriction regarding any Award and the shares of Stock relating thereto, based on such factors or
criteria as the Administrator shall determine); 

  

	 	(f)	subject to Section 8(a), to modify, amend or adjust the terms and conditions of any Award, at any time or from time to time, including, but not limited to, with respect
to (i) performance goals and targets applicable to performance-based Awards pursuant to the terms of the Plan and (ii) extension of the post-termination exercisability period of Stock Options; 

  

	 	(g)	to determine to what extent and under what circumstances Stock and other amounts payable with respect to an Award shall be deferred; 

  

	 	(h)	to determine Fair Market Value; and 

  

	 	(i)	to determine the type and amount of consideration to be received by the Company for any Stock Award issued under Section 6. 

  
 The Administrator shall have the authority to adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable, to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto) and to otherwise supervise
the administration of the Plan. The Administrator may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to carry this Plan
into effect, but only to the extent any such action would be permitted under the applicable provisions of Rule 16b-3, the rules of the principal stock exchange automated quotation system on which the Company’s Stock is listed for trading (the
“Principal Exchange”), and the applicable provisions of Section 162(m) of the Code. The Committee may adopt special guidelines and provisions for persons who are residing in, or subject to, the taxes of, jurisdictions outside of the
United States to comply with applicable tax and securities laws of those jurisdictions. If and to the extent applicable, this Plan is intended to comply with Section 162(m) of the Code and the applicable requirements of Rule 16b-3 and the
Principal Exchange and shall be limited, construed and interpreted in a manner so as to comply therewith. 
  
 Except to the extent prohibited by applicable law or, if the Administrator is the Committee, by resolution of the Board, the Administrator may allocate all or any portion of its responsibilities and powers to any one
or more of its members and may delegate all or any portion of its responsibilities and powers to any other person or persons selected by it. Any such allocation or delegation may be revoked by the Administrator or, if the Administrator is the
Committee, by resolution of the Board, at any time. The Administrator may authorize any one or more of its 

  

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members or any officer of the Company to execute and deliver documents on behalf of the Administrator. 
  
 Any determination made by the Administrator or pursuant to delegated authority pursuant to
the provisions of the Plan with respect to any Award shall be made in the sole discretion of the Administrator or such delegate at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time
thereafter. All decisions made by the Administrator or any appropriately delegated officer pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Participants. 
  
 The Administrator may designate employees of the Company and professional advisors to assist
the Administrator in the administration of the Plan and may grant authority to employees of such advisors to execute agreements or other documents on behalf of the Administrator. 
  
 The Administrator may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may
rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Administrator or Board in the engagement of any such counsel, consultant or agent shall be
paid by the Company. The Administrator, its members and any person designated pursuant to the above paragraphs shall not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by
applicable law, no officer of the Company or member or former member of the Administrator or of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award granted under it. To the maximum
extent permitted by applicable law and the Certificate of Incorporation and By-Laws of the Company and to the extent not covered by insurance, each officer and member or former member of the Administrator or of the Board shall be indemnified and
held harmless by the Company against any cost or expense (including reasonable fees of counsel reasonably acceptable to the Company) or liability (including any sum paid in settlement of a claim with the approval of the Company), and advanced
amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the Plan, except to the extent arising out of such officer’s, member’s or former
member’s own fraud or bad faith. Such indemnification shall be in addition to any rights of indemnification of the officers, directors or members or former officers, directors or members may have under applicable law or under the Certificate of
Incorporation or By-Laws of the Company or Subsidiary. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to him or her under this Plan.

  

	3.	STOCK SUBJECT TO PLAN. 

  
 Subject to adjustment as provided in this Section 3, the aggregate number of shares of Stock which may be delivered under the Plan shall not exceed 8,400,000
shares. 
  

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 To the extent any shares of Stock covered by an Award are not delivered to a Participant or beneficiary thereof because
the Award expires, is forfeited, canceled or otherwise terminated, or the shares of Stock are not delivered because the Award is settled in cash or used to satisfy the applicable tax withholding obligation, such shares shall not be deemed to have
been delivered for purposes of determining the maximum number of shares of Stock available for delivery under the Plan. 
  
 Subject to adjustment as provided in this Section 3, the maximum number of shares that may be covered by Stock Options, Stock Appreciation Rights and Stock
Awards, in the aggregate, granted to any one Participant during any calendar year shall be 1,500,000 shares. 
  
 Upon any Company stock dividend, stock split, combination or exchange of shares, recapitalization or other change in the capital structure of the Company, corporate separation or division of the Company (including,
but not limited to, a split-up, spin-off, split-off or distribution to Company stockholders other than a normal cash dividend), sale by the Company of all or a substantial portion of its assets (measured on either a stand-alone or consolidated
basis), reorganization, rights offering, partial or complete liquidation, or any other corporate transaction, Company share offering or other event involving the Company and having an effect similar to any of the foregoing, the Administrator may
make such substitution or adjustments in the (A) number and kind of shares that may be delivered under the Plan, (B) additional maximums imposed in the immediately preceding paragraph, (C) number and kind of shares subject to
outstanding Awards, (D) exercise price of outstanding Stock Options and Stock Appreciation Rights and (E) other characteristics or terms of the Awards as it may determine appropriate in its sole discretion to equitably reflect such
corporate transaction, share offering or other event; provided, however, that the number of shares subject to any Award shall always be a whole number. 
  

	4.	STOCK OPTIONS. 

  
 Stock Options may be granted alone or in addition to other Awards granted under the Plan and may be of two types: Incentive Stock Options and Non-Qualified Stock Options. Any Stock Option granted under the Plan shall
be in such form as the Administrator may from time to time approve. 
  
 The
Administrator shall have the authority to grant any Participant Incentive Stock Options, Non-Qualified Stock Options or both types of Stock Options (in each case with or without Stock Appreciation Rights). Incentive Stock Options may be granted only
to employees of the Company and its Subsidiaries. To the extent that any Stock Option is not designated as an Incentive Stock Option or, even if so designated, does not qualify or continue to qualify as an Incentive Stock Option, it shall constitute
a Non-Qualified Stock Option. Incentive Stock Options may be granted only within 10 years from the date the Plan is adopted, or the date the Plan is approved by the Company’s stockholders, whichever is earlier. 
  

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 Stock Options shall be evidenced by option agreements, each in a form approved by the Administrator. An option agreement
shall indicate on its face whether it is intended to be an agreement for an Incentive Stock Option or a Non-Qualified Stock Option. The grant of a Stock Option shall occur as of the date the Administrator determines. 
  
 Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to
Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify the Plan under Section 422 of the Code or, without the consent of the Optionee
affected, to disqualify any Incentive Stock Option under Section 422 of the Code. 
  
 To the extent that the aggregate Fair Market Value of Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all plans of the Company) exceeds $100,000, such
Stock Options shall be treated as Non-Qualified Stock Options. 
  
 Stock Options
granted under this Section 4 shall be subject to the following terms and conditions and shall contain such additional terms and conditions as the Administrator shall deem desirable: 
  

	 	(a)	Exercise Price. The exercise price per share of Stock purchasable under a Stock Option shall be determined by the Administrator. If the Stock Option is intended to qualify as
an Incentive Stock Option, the exercise price per share shall be not less than the Fair Market Value per share on the date the Stock Option is granted, or if granted to an individual who is a Ten Percent Holder, not less than 110% of such Fair
Market Value per share. 

  

	 	(b)	Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Incentive Stock Option shall be exercisable more than 10 years (or five years in the
case of an individual who is a Ten Percent Holder) after the date the Incentive Stock Option is granted. 

  

	 	(c)	Exercisability. Except as otherwise provided herein, Stock Options shall be exercisable at such time or times, and subject to such terms and conditions, as shall be
determined by the Administrator. If the Administrator provides that any Stock Option is exercisable only in installments, the Administrator may at any time waive such installment exercise provisions, in whole or in part, based on such factors as the
Administrator may determine. In addition, the Administrator may at any time, in whole or in part, accelerate the exercisability of any Stock Option. 

  

	 	(d)	Method of Exercise. Subject to the provisions of this Section 4, Stock Options may be exercised, in whole or in part, at any time during the option term by giving
written notice of exercise to the Company specifying the number of shares of Stock subject to the Stock Option to be purchased. 

  

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 The option price of each Stock Option shall be paid in full in cash (by certified or bank check or such
other instrument as the Company may accept) or, unless otherwise provided in the applicable option agreement, by one or more of the following: (i) in the form of unrestricted Stock already owned by the Optionee (or, in the case of the exercise
of a Non-Qualified Stock Option, Restricted Stock subject to a Stock Award hereunder) based in any such instance on the Fair Market Value of the Stock on the date the Stock Option is exercised; (ii) by certifying ownership of shares of Stock
owned by the Optionee to the satisfaction of the Administrator for later delivery to the Company as specified by the Company; (iii) by irrevocably authorizing a third party to sell shares of Stock (or a sufficient portion of the shares)
acquired upon exercise of the Stock Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and all tax withholding resulting from such exercise; or (iv) by any combination of cash and/or any
one or more of the methods specified in clauses (i), (ii) and (iii). Notwithstanding the foregoing, a form of payment shall not be permitted to the extent it would cause the Company to recognize a compensation expense (or additional
compensation expense) with respect to the Stock Option for financial reporting purposes unless the Board shall otherwise consent. 
  
 If payment of the option exercise price of a Non-Qualified Stock Option is made in whole or in part in the form of Restricted Stock, the number of shares
of Stock to be received upon such exercise equal to the number of shares of Restricted Stock used for payment of the option exercise price shall be subject to the same forfeiture restrictions to which such Restricted Stock was subject, unless
otherwise determined by the Administrator. 
  
 No shares of Stock
shall be issued upon exercise of a Stock Option until full payment therefor has been made. Upon exercise of a Stock Option (or a portion thereof), the Company shall have a reasonable time to issue the Stock for which the Stock Option has been
exercised, and the Optionee shall not be treated as a stockholder for any purposes whatsoever prior to such issuance. No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date such Stock is
recorded as issued and transferred in the Company’s official stockholder records, except as otherwise provided herein or in the applicable option agreement. 
  

	 	(e)	 Transferability of Stock Options. Except as otherwise provided in the applicable option agreement, a Stock Option shall not be transferable except by will or
the laws of descent and distribution. A Stock Option shall be exercisable, during the Optionee’s lifetime, only by the Optionee or by the guardian or legal representative of the Optionee, it being understood that the terms “holder”
and “Optionee” include the guardian and legal representative of the Optionee named in the applicable option agreement and any person to whom the Stock Option is 

  

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transferred (X) pursuant to the first sentence of this Section 4(e) or pursuant to the applicable option agreement or (Y) by will or
the laws of descent and distribution. Notwithstanding the foregoing, references herein to the termination of an Optionee’s employment or provision of services shall mean the termination of employment or provision of services of the person to
whom the Stock Option was originally granted. 

  

	 	(f)	Termination by Death. Unless otherwise provided in the applicable option agreement, if an Optionee’s employment or provision of services terminates by reason of death,
any Stock Option held by such Optionee may thereafter be exercised, to the extent then exercisable, or on such accelerated basis as the Administrator may determine, for a period of 12 months from the date of such death or until the expiration of the
stated term of such Stock Option, whichever period is shorter. In the event of termination of employment or provision of services due to death, if an Incentive Stock Option is exercised after the expiration of the exercise periods that apply for
purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a Non-Qualified Stock Option. 

  

	 	(g)	Termination by Reason of Disability. Unless otherwise provided in the applicable option agreement, if an Optionee’s employment or provision of services terminates by
reason of Disability, any Stock Option held by such Optionee may thereafter be exercised by the Optionee, to the extent it was exercisable at the time of termination, or on such accelerated basis as the Administrator may determine, for a period of
three months from the date of such termination of employment or provision of services or until the expiration of the stated term of such Stock Option, whichever period is shorter; provided, however, that if the Optionee dies within such period, an
unexercised Stock Option held by such Optionee shall, notwithstanding the expiration of such period, continue to be exercisable to the extent to which it was exercisable at the time of death for a period of 12 months from the date of such death or
until the expiration of the stated term of such Stock Option, whichever period is shorter. In the event of termination of employment or provision of services by reason of Disability, if an Incentive Stock Option is exercised after the expiration of
the exercise periods that apply for purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a Non-Qualified Stock Option. 

  

	 	(h)	 Termination by Reason of Retirement. Unless otherwise provided in the applicable option agreement, if an Optionee’s employment or provision of services
terminates by reason of Retirement, any Stock Option held by such Optionee may thereafter be exercised by the Optionee, to the extent it was exercisable at the time of such Retirement, or on such accelerated basis as the Administrator may determine,
for a period of three months from the date of such termination of employment or provision of services or until the expiration of the 

  

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stated term of such Stock Option, whichever period is shorter; provided, however, that if the Optionee dies within such period, any unexercised Stock Option
held by such Optionee shall, notwithstanding the expiration of such period, continue to be exercisable to the extent to which it was exercisable at the time of death for a period of 12 months from the date of such death or until the expiration of
the stated term of such Stock Option, whichever period is shorter. In the event of termination of employment or provision of services by reason of Retirement, if an Incentive Stock Option is exercised after the expiration of the exercise periods
that apply for purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a Non-Qualified Stock Option. 

  

	 	(i)	Other Termination. Unless otherwise provided in the applicable option agreement, if an Optionee’s employment or provision of services terminates for any reason other
than death, Disability or Retirement, any Stock Option held by such Optionee may thereafter be exercised by the Optionee, to the extent it was exercisable at the time of such termination, or on such accelerated basis as the Administrator may
determine, for a period of 30 days months from the date of such termination of employment or provision of services or until the expiration of the stated term of such Stock Option, whichever period is shorter; provided, however, that, if such
termination of employment or provision of services is involuntary on the part of the Optionee and without Cause, such Stock Option, to the extent then exercisable, or on such accelerated basis as the Administrator may determine, may be exercised for
the lesser of 90 days from the date of such termination of employment or provision of services or the remainder of such Stock Option’s term, and provided, further, that if the Optionee dies within such period, any unexercised Stock Option held
by such Optionee shall, notwithstanding the expiration of such period, continue to be exercisable to the extent to which it was exercisable at the time of death for a period of 12 months from the date of such death or until the expiration of the
stated term of such Stock Option, whichever period is shorter. In the event of termination of employment or provision of services for any reason other than death, Disability or Retirement, if an Incentive Stock Option is exercised after the
expiration of the exercise periods that apply for purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a Non-Qualified Stock Option. 

  

	 	(j)	 Exception to Termination. Notwithstanding anything in this Plan to the contrary, if an Optionee’s employment by, or provision of services to, the
Company or an Affiliate ceases as a result of a transfer of such Optionee from the Company to an Affiliate, or from an Affiliate to the Company, such transfer will not be a termination of employment or provision of services for purposes of this
Plan, unless expressly determined otherwise by the Administrator. A termination of employment or provision of services shall occur for an Optionee who is employed by, or provides services to, an Affiliate of the Company if the Affiliate shall cease

  

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to be an Affiliate and the Optionee shall not immediately thereafter be employed by, or provide services to, the Company or an Affiliate.

  

	 	(k)	Participant Loans. The Administrator may in its discretion authorize the Company to: 

  

	 	(i)	lend to an Optionee an amount equal to such portion of the exercise price of a Stock Option as the Administrator may determine; or 

  

	 	(ii)	guarantee a loan obtained by an Optionee from a third-party for the purpose of tendering such exercise price. 

  
 The terms and conditions of any loan or guarantee, including the term,
interest rate, whether the loan is with recourse against the Optionee and any security interest thereunder, shall be determined by the Administrator, except that no extension of credit or guarantee shall obligate the Company for an amount to exceed
the lesser of (i) the aggregate Fair Market Value on the date of exercise, less the par value, of the shares of Stock to be purchased upon the exercise of the Stock Option, and (ii) the amount permitted under applicable laws or the
regulations and rules of the Federal Reserve Board and any other governmental agency having jurisdiction. 
  

	5.	STOCK APPRECIATION RIGHTS. 

  
 Stock Appreciation Rights may be granted either on a stand-alone basis or in conjunction with all or part of any Stock Option granted under the Plan. In the case of a
Non-Qualified Stock Option, such rights may be granted either at or after the time of grant of such Stock Option. In the case of an Incentive Stock Option, such rights may be granted only at the time of grant of such Stock Option. A Stock
Appreciation Right shall terminate and no longer be exercisable as determined by the Administrator, or, if granted in conjunction with all or part of any Stock Option, upon the termination or exercise of the related Stock Option. 
  
 A Stock Appreciation Right may be exercised by a Participant as determined by the
Administrator in accordance with this Section 5, and, if granted in conjunction with all or part of any Stock Option, by surrendering the applicable portion of the related Stock Option in accordance with procedures established by the
Administrator. Upon such exercise and surrender, the Participant shall be entitled to receive an amount determined in the manner prescribed in this Section 5. Stock Options which have been so surrendered, if any, shall no longer be
exercisable to the extent the related Stock Appreciation Rights have been exercised. 
  

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 Stock Appreciation Rights shall be subject to such terms and conditions as shall be determined by the Administrator,
including the following: 
  

	 	(i)	Stock Appreciation Rights granted on a stand-alone basis shall be exercisable only at such time or times and to such extent as determined by the Administrator. Stock Appreciation
Rights granted in conjunction with all or part of any Stock Option shall be exercisable only at the time or times and to the extent that the Stock Options to which they relate are exercisable in accordance with the provisions of
Section 4 and this Section 5. 

  

	 	(ii)	Upon the exercise of a Stock Appreciation Right, a Participant shall be entitled to receive an amount in cash, shares of Stock or both, which in the aggregate are equal in value to
the excess of the Fair Market Value of one share of Stock over (i) such value per share of Stock as shall be determined by the Administrator at the time of grant (if the Stock Appreciation Right is granted on a stand-alone basis), or
(ii) the exercise price per share specified in the related Stock Option (if the Stock Appreciation Right is granted in conjunction with all or part of any Stock Option), multiplied by the number of shares in respect of which the Stock
Appreciation Right shall have been exercised, with the Administrator having the right to determine the form of payment. 

  

	 	(iii)	A Stock Appreciation Right shall be transferable only to, and shall be exercisable only by, such persons permitted in accordance with Section 4(e).

  

	6.	STOCK AWARDS OTHER THAN OPTIONS. 

  
 Stock Awards may be directly issued under the Plan (without any intervening options), subject to such terms, conditions, performance requirements, restrictions,
forfeiture provisions, contingencies and limitations as the Administrator shall determine. Stock Awards may be issued which are fully and immediately vested upon issuance or which vest in one or more installments over the Participant’s period
of employment or other service to the Company or upon the attainment of specified performance objectives, or the Company may issue Stock Awards which entitle the Participant to receive a specified number of vested shares of Stock upon the attainment
of one or more performance goals or service requirements established by the Administrator. 
  
 Shares representing a Stock Award shall be evidenced in such manner as the Administrator may deem appropriate, including book-entry registration or issuance of one or more certificates (which may bear appropriate
legends referring to the terms, conditions and restrictions applicable to such Award). The Administrator may require that any such certificates be held in custody by the Company until any restrictions thereon shall have lapsed and that the
Participant deliver a stock power, endorsed in blank, relating to the Stock covered by such Award. 
  
 A Stock Award may be issued in exchange for any consideration which the Administrator may deem appropriate in each individual instance, including, without limitation: 
  

	 	(i)	cash or cash equivalents; 

  

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	 	(ii)	past services rendered to the Company or any Affiliate; or 

  

	 	(iii)	future services to be rendered to the Company or any Affiliate (provided that, in such case, the par value of the stock subject to such Stock Award shall be paid in cash or cash
equivalents, unless the Administrator provides otherwise). 

  
 A
Stock Award that is subject to restrictions on transfer and/or forfeiture provisions may be referred to as an award of “Restricted Stock” or “Restricted Stock Units.” 
  

	7.	ADJUSTMENTS. 

  
 Upon the occurrence of any of the following events, a Participant’s rights with respect to any Stock Award granted to him or her hereunder which has not previously been exercised or accepted in full shall be
adjusted as hereinafter provided, unless otherwise specifically provided in the pertinent option agreement or Stock Award: 
  

	 	(a)	Stock Dividends and Stock Splits. If (i) the shares of Stock shall be subdivided or combined into a greater or smaller number of shares or if the Company shall issue any
shares of Stock as a stock dividend on its outstanding Stock, or (ii) additional shares or new or different shares or other securities of the Company or any other non cash assets are distributed with respect to such shares of Stock, the number
of shares of Stock deliverable upon the exercise of such Option or acceptance of such Stock Award may be appropriately increased or decreased proportionately, and appropriate adjustments may be made in the purchase price per share to reflect such
events. The number of shares of Stock subject to the limitation in Section 3 shall also be proportionately adjusted upon the occurrence of such events. 

  

	 	(b)	 Consolidations or Mergers. If the Company is to be consolidated with or acquired by another entity in a merger, sale of all or substantially all of the
Company’s assets or otherwise (an “Acquisition”), the Administrator or the board of directors of any entity assuming the obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either
(i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the Shares then subject to such Options either the consideration payable with respect to the outstanding shares of Stock in connection
with the Acquisition or securities of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that all Options must be exercised (either to the extent then exercisable or, at the discretion of the
Administrator, all Options being made fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of such notice, at the end of which period the Options shall terminate; or (iii) terminate all Options in
exchange for a cash payment equal to the excess of 

  

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the Fair Market Value of the shares subject to such Options (either to the extent then exercisable or, at the discretion of the Administrator, all Options
being made fully exercisable for purposes of this Subparagraph) over the exercise price thereof. 

  
 With respect to outstanding Stock Awards, the Administrator or the Successor Board, shall either (i) make appropriate provisions for the continuation
of such Stock Awards by substituting on an equitable basis for the Shares then subject to such Stock Awards either the consideration payable with respect to the outstanding Shares of Stock in connection with the Acquisition or securities of any
successor or acquiring entity; or (ii) upon written notice to the Participants, provide that all Stock Awards must be accepted (to the extent then subject to acceptance) within a specified number of days of the date of such notice, at the end
of which period the offer of the Stock Awards shall terminate; or (iii) terminate all Stock Awards in exchange for a cash payment equal to the excess of the Fair Market Value of the Stock subject to such Stock Awards over the purchase price
thereof, if any. In addition, in the event of an Acquisition, the Administrator may waive any or all Company repurchase rights with respect to outstanding Stock Awards. 
  

	 	(c)	Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company (other than a transaction described in Subparagraph (b) above)
pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Stock, a Participant upon exercising an Option or accepting a Stock Award shall be entitled to receive for the purchase price
paid upon such exercise the securities which would have been received if such Stock Right had been exercised or accepted prior to such recapitalization or reorganization. 

  

	 	(d)	Modification of ISOs. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph (a), (b) or (c) with respect to ISOs shall be made only after the
Administrator, after consulting with counsel for the Company, determines whether such adjustments would constitute a “modification” of such ISOs (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax
consequences for the holders of such ISOs. If the Administrator determines that such adjustments made with respect to ISOs would constitute a modification of such ISOs, it may refrain from making such adjustments, unless the holder of an ISO
specifically requests in writing that such adjustment be made and such writing indicates that the holder has full knowledge of the consequences of such “modification” on his or her income tax treatment with respect to the ISO.

  

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	8.	MISCELLANEOUS. 

  

	 	(a)	Amendment. The Board may amend, alter, or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would adversely affect the rights of a
Participant under an Award theretofore granted without the Participant’s consent, except such an amendment (i) made to avoid an expense charge to the Company or an Affiliate, or (ii) made to permit the Company or an Affiliate a
deduction under the Code. No such amendment shall be made without the approval of the Company’s stockholders to the extent such approval is required by law, agreement or the rules of any stock exchange or market on which the Stock is listed.

  
 The Administrator may amend the terms of any
Stock Option or other Award theretofore granted, prospectively or retroactively, but no such amendment shall adversely affect the rights of the holder thereof without the holder’s consent. 
  

	 	(b)	Unfunded Status of Plan. It is intended that this Plan be an “unfunded” plan for incentive and deferred compensation. The Administrator may authorize the creation
of trusts or other arrangements to meet the obligations created under this Plan to deliver Stock or make payments, provided that, unless the Administrator otherwise determines, the existence of such trusts or other arrangements is consistent with
the “unfunded” status of this Plan. 

  

	 	(c)	General Provisions. 

  

	 	(i)	The Administrator may require each person purchasing or receiving shares pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the
shares without a view to the distribution thereof. The certificates for such shares may include any legend which the Administrator deems appropriate to reflect any restrictions on transfer. 

  
 All certificates for shares of Stock or other securities delivered under
the Plan shall be subject to such stock transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations and other requirements of the Commission, any stock exchange or market on which the Stock is then
listed and any applicable Federal or state securities law, and the Administrator may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
  

	 	(ii)	Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting other or additional compensation arrangements for its employees. 

  

 13 

	 	(iii)	The adoption of the Plan shall not confer upon any employee, director, consultant or advisor any right to continued employment, directorship or service, nor shall it interfere in
any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment or service of any employee, consultant or advisor at any time. 

  

	 	(iv)	No later than the date as of which an amount first becomes includible in the gross income of the Participant for Federal income tax purposes with respect to any Award under the
Plan, the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any Federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless
otherwise determined by the Administrator, withholding obligations may be settled with Stock, including Stock that is part of the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be
conditional on such payment or arrangements, and the Company, its Subsidiaries and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant. The Administrator may
establish such procedures as it deems appropriate for the settlement of withholding obligations with Stock. 

  

	 	(v)	The Administrator shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event of the
Participant’s death are to be paid. 

  

	 	(vi)	Any amounts owed to the Company or an Affiliate by the Participant of whatever nature may be offset by the Company from the value of any shares of Stock, cash or other thing of
value under this Plan or an agreement to be transferred to the Participant, and no shares of Stock, cash or other thing of value under this Plan or an agreement shall be transferred unless and until all disputes between the Company and the
Participant have been fully and finally resolved and the Participant has waived all claims to such against the Company or an Affiliate. 

  

	 	(vii)	The grant of an Award shall in no way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge,
consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

  

	 	(viii)	 If any payment or right accruing to a Participant under this Plan (without the application of this Section (8)(c)(viii)), either alone or together with other
payments or rights accruing to the Participant from the Company or 

  

 14 

	 	 
an Affiliate (“Total Payments”) would constitute a “parachute payment” (as defined in Section 280G of the Code and regulations
thereunder) (after taking into account the exceptions set forth in Sections 280G(b)(4) and 280G(b)(5) of the Code), such payment or right shall be reduced (or delayed) to the largest amount or greatest right that will result in no portion of the
amount payable or right accruing under this Plan being subject to an excise tax under Section 4999 of the Code or being disallowed as a deduction under Section 280G of the Code; provided, however, that the foregoing shall not apply to the
extent provided otherwise in an Award or in the event the Participant is party to an agreement with the Company or an Affiliate that explicitly provides for an alternate treatment of payments or rights that would constitute “parachute
payments.” The determination of whether any reduction in the rights or payments under this Plan is to apply shall be made by the Administrator in good faith after consultation with the Participant, and such determination shall be conclusive and
binding on the Participant. The Participant shall cooperate in good faith with the Administrator in making such determination and providing the necessary information for this purpose. The foregoing provisions of this Section 8(c)(viii)
shall apply with respect to any person only if, after reduction for any applicable Federal excise tax imposed by Section 4999 of the Code and Federal income tax imposed by the Code, the Total Payments accruing to such person would be less than
the amount of the Total Payments as reduced, if applicable, under the foregoing provisions of this Plan and after reduction for only Federal income taxes. 

  

	 	(ix)	To the extent that the Administrator determines that the restrictions imposed by the Plan preclude the achievement of the material purposes of the Awards in jurisdictions outside
the United States, the Administrator in its discretion may modify those restrictions as it determines to be necessary or appropriate to conform to applicable requirements or practices of jurisdictions outside of the United States.

  

	 	(x)	The headings contained in this Plan are for reference purposes only and shall not affect the meaning or interpretation of this Plan. 

  

	 	(xi)	If any provision of this Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not effect any other provision hereby, and this
Plan shall be construed as if such invalid or unenforceable provision were omitted. 

  

	 	(xii)	 This Plan shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon a Participant, 

  

 15 

	 	 
and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors.

  

	 	(xiii)	This Plan and each agreement granting an Award constitute the entire agreement with respect to the subject matter hereof and thereof, provided that in the event of any inconsistency
between this Plan and such agreement, the terms and conditions of the Plan shall control. 

  

	 	(xiv)	In the event there is an effective registration statement under the Securities Act pursuant to which shares of Stock shall be offered for sale in an underwritten offering, a
Participant shall not, during the period requested by the underwriters managing the registered public offering, effect any public sale or distribution of shares of Stock received, directly or indirectly, as an Award or pursuant to the exercise or
settlement of an Award. 

  

	 	(xv)	None of the Company, an Affiliate or the Administrator shall have any duty or obligation to disclose affirmatively to a record or beneficial holder of Stock or an Award, and such
holder shall have no right to be advised of, any material information regarding the Company or any Affiliate at any time prior to, upon or in connection with receipt or the exercise of an Award or the Company’s purchase of Stock or an Award
from such holder in accordance with the terms hereof. 

  

	 	(xvi)	This Plan, and all Awards, agreements and actions hereunder, shall be governed by, and construed in accordance with, the laws of the state of Delaware (other than its law respecting
choice of law). 

  

	9.	DEFERRAL OF AWARDS. 

  
 The Administrator (in its sole discretion) may permit a Participant to: 
  

	 	(a)	have cash that otherwise would be paid to such Participant as a result of the exercise of a Stock Appreciation Right or the settlement of a Stock Award credited to a deferred
compensation account established for such Participant by the Administrator as an entry on the Company’s books; 

  

	 	(b)	have Stock that otherwise would be delivered to such Participant as a result of the exercise of a Stock Option or a Stock Appreciation Right converted into an equal number of Stock
units; or 

  

	 	(c)	 have Stock that otherwise would be delivered to such Participant as a result of the exercise of a Stock Option or Stock Appreciation Right or the settlement of a
Stock Award converted into amounts credited to a deferred compensation account 

  

 16 

	 	 
established for such Participant by the Administrator as an entry on the Company’s books. Such amounts shall be determined by reference to the Fair
Market Value of the Stock as of the date on which they otherwise would have been delivered to such Participant. 

  
 A deferred compensation account established under this Section 9 may be credited with interest or other forms of investment return, as determined by the
Administrator. A Participant for whom such an account is established shall have no rights other than those of a general creditor of the Company. Such an account shall represent an unfunded and unsecured obligation of the Company and shall be subject
to the terms and conditions of the applicable agreement between such Participant and the Company. If the deferral or conversion of awards is permitted or required, the Administrator (in its sole discretion) may establish rules, procedures and forms
pertaining to such Awards, including (without limitation) the settlement of deferred compensation accounts established under this Section 9. 
  

	10.	DEFINITIONS. 

  
 For purposes of this Plan, the following terms are defined as set forth below: 
  

	 	(a)	“Affiliate” means a corporation or other entity controlled by the Company and designated by the Administrator as such. 

  

	 	(b)	“Award” means a Stock Appreciation Right, Stock Option or Stock Award. 

  

	 	(c)	“Board” means the Board of Directors of the Company. 

  

	 	(d)	“Cause” means (i) the conviction of the Participant for committing a felony under Federal law or the law of the state in which such action occurred,
(ii) dishonesty in the course of fulfilling the Participant’s duties as an employee or director of, or consultant or advisor to, the Company or (iii) willful and deliberate failure on the part of the Participant to perform such duties
in any material respect. Notwithstanding the foregoing, if the Participant and the Company or the Affiliate have entered into an employment or services agreement which defines the term “Cause” (or a similar term), such definition shall, if
the agreement so provides, govern for purposes of determining whether such Participant has been terminated for Cause for purposes of this Plan. The determination of Cause shall be made by the Administrator, in its sole discretion.

  

	 	(e)	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 

  

	 	(f)	“Commission” means the Securities and Exchange Commission or any successor agency. 

  

 17 

	 	(g)	“Committee” means a committee of Directors appointed by the Board to administer this Plan. With respect to Options granted at the time the Company is publicly held,
if any, insofar as the Committee is responsible for granting Options to Participants hereunder, the Committee shall be the Company’s Compensation Committee, which shall consist solely of two or more directors, each of whom is a
“Non-Employee Director” within the meaning of Rule 16b-3 and each of whom is also an “outside director” under Section 162(m) of the Code. 

  

	 	(h)	“Company” means dELiA*s, Inc., a Delaware corporation. 

  

	 	(i)	“Director” means a member of the Company’s Board of Directors. 

  

	 	(j)	“Disability” means mental or physical illness that entitles the Participant to receive benefits under the long-term disability plan of the Company or an Affiliate,
or if the Participant is not covered by such a plan or the Participant is not an employee of the Company or an Affiliate, a mental or physical illness that renders a Participant totally and permanently incapable of performing the Participant’s
duties for the Company or an Affiliate; provided, however, that a Disability shall not qualify under this Plan if it is the result of (i) a willfully self-inflicted injury or willfully self-induced sickness; or (ii) an injury or disease
contracted, suffered or incurred while participating in a criminal offense. Notwithstanding the foregoing, if the Participant and the Company or an Affiliate have entered into an employment or services agreement which defines the term
“Disability” (or a similar term), such definition shall govern for purposes of determining whether such Participant suffers a Disability for purposes of this Plan. The determination of Disability shall be made by the Administrator, in its
sole discretion. The determination of Disability for purposes of this Plan shall not be construed to be an admission of disability for any other purpose. 

  

	 	(k)	“Effective Date” means October 20, 2005. 

  

	 	(l)	“Eligible Individual” means any officer, employee or director of the Company or a Subsidiary or Affiliate, or any consultant or advisor providing services to the
Company or a Subsidiary or Affiliate. 

  

	 	(m)	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 

  

	 	(n)	 “Fair Market Value” means, as of any given date, the fair market value of the Stock as determined by the Administrator or under procedures
established by the Administrator. Unless otherwise determined by the Administrator, the Fair Market Value per share shall be the closing sales price per share of the Stock on Nasdaq (or the principal stock exchange or market on which the Stock is
then traded) on 

  

 18 

	 	 
the date as of which such value is being determined or the last previous day on which a sale was reported. 

  

	 	(o)	“Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, 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 of a Participant (including adoptive relationships); any person sharing the Participant’s household (other than a tenant or employee); any trust in which the
Participant and any of these persons have all of the beneficial interest; any foundation in which the Participant and any of these persons control the management of the assets; any corporation, partnership, limited liability company or other entity
in which the Participant and any of these other persons are the direct and beneficial owners of all of the equity interests (provided the Participant and these other persons agree in writing to remain the direct and beneficial owners of all such
equity interests); and any personal representative of the Participant upon the Participant’s death for purposes of administration of the Participant’s estate or upon the Participant’s incompetency for purposes of the protection and
management of the assets of the Participant. 

  

	 	(p)	“Incentive Stock Option” means any Stock Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the
Code. 

  

	 	(q)	“Nasdaq” means The Nasdaq Stock Market, including the Nasdaq National Market and the Nasdaq SmallCap Market. 

  

	 	(r)	“Non-Employee Director” means a Director who is not an officer or employee of the Company. 

  

	 	(s)	“Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option. 

  

	 	(t)	“Optionee” means a person who holds a Stock Option. 

  

	 	(u)	“Participant” means a person granted an Award. 

  

	 	(v)	 “Representative” means (i) the person or entity acting as the executor or administrator of a Participant’s estate pursuant to the last
will and testament of a Participant or pursuant to the laws of the jurisdiction in which the Participant had his or her primary residence at the date of the Participant’s death; (ii) the person or entity acting as the guardian or temporary
guardian of a Participant; (iii) the person or entity which is the beneficiary of the Participant upon or following the Participant’s death; or (iv) any person to whom an Option has been transferred with the permission of the
Administrator or by operation of law; provided that 

  

 19 

	 	 
only one of the foregoing shall be the Representative at any point in time as determined under applicable law and recognized by the Administrator.

  

	 	(w)	“Restricted Stock” and “Restricted Stock Units” has the meaning given in Section 6. 

  

	 	(x)	“Retirement” means retirement from active employment under a pension plan of the Company or any subsidiary or Affiliate, or under an employment contract with any of
them, or termination of employment or provision of services at or after age 55 under circumstances which the Administrator, in its sole discretion, deems equivalent to retirement. 

  

	 	(y)	“Stock” means the common stock, par value $0.001 per share, of the Company. 

  

	 	(z)	“Stock Appreciation Right” means a right granted under Section 5. 

  

	 	(aa)	“Stock Award” means an Award, other than a Stock Option or Stock Appreciation Right, made in Stock or denominated in shares of Stock. 

  

	 	(bb)	“Stock Option” means an option granted under Section 4. 

  

	 	(cc)	“Subsidiary” means any company during any period in which it is a “subsidiary corporation” (as such term is defined in Section 424(f) of the Code)
with respect to the Company. 

  

	 	(dd)	“Ten Percent Holder” means an individual who owns, or is deemed to own, stock possessing more than 10% of the total combined voting power of all classes of stock of
the Company or of any parent or Subsidiary of the Company, determined pursuant to the rules applicable to Section 422(b)(6) of the Code. 

  

	 	(ee)	“Underwriting Agreement” means the agreement between the Company and the underwriter or underwriters managing the initial public offering of the Stock.

  

	 	(ff)	“Underwriting Date” means the date on which the Underwriting Agreement is executed in connection with an initial underwritten public offering of the Stock.

  
 In addition, certain other terms used herein have the
definitions given to them in the first places in which they are used. 
  

 20Form of Stock Option Agreement for dELiA*s, Inc.

 Exhibit 10.2 
  
 Option No.              
  
 dELiA*s, INC. 
 STOCK OPTION AGREEMENT 
  

											
	 NAME

	  	TYPE OF OPTION

	  	GRANT DATE

	  	 EXPIRATION
 DATE

	  	 NUMBER OF
 SHARES

	  	 OPTION PRICE
 PER SHARE

	 	  	 	  	 	  	 	  	 	  	 

  
 The person named above
(“Optionee”) has been granted a nonqualified stock option (“NSO”) or an incentive stock option (“ISO), as specified above (the “Option”), to purchase shares of common stock of dELiA*s, Inc. (“dELiA*s”) on
the terms and subject to the conditions described in this Stock Option Agreement (this “Agreement”). This option is granted pursuant to the dELiA*s, Inc. 2005 Stock Incentive Plan (the “Plan”). Terms with initial capital letters
used herein without definition shall have the meanings given them in the Plan. dELiA*s and Optionee agree as follows: 
  

	1.	Number of Shares Optional; Option Price. 

  
 dELiA*s grants to Optionee the right and option to purchase, in the aggregate, the number of shares of dELiA*s common stock, par value $0.001 per share
(“Common Stock”), at the option price per share, in each case as shown above. If this Option is designated as an NSO, the Option granted is not intended to be treated, and will not be treated, as an incentive stock option within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). If this Option is designated as an ISO, the Option granted is intended to be treated, and will be treated, as an incentive stock option within the
meaning of Section 422 of the Code. If this Option is designated as an ISO, the Exercise Price is agreed to be at least equal to the Fair Market Value per share of Common Stock on the Date of Grant or, if the Optionee is a Ten Percent Holder,
at least 110% of the Fair Market Value per share of Common Stock. The granting of the Option shall impose no obligation on Optionee to exercise such Option. 
  

	2.	Limitation on Exercise of Option. 

  
 (a) [Except as provided in the Plan or in this Agreement, and unless the Administrator establishes otherwise, Optionee is entitled to purchase, in whole
or in part,              shares of Common Stock on and after each of
                    , 20    ,
                    , 20    ,
                    , 20     and
                    , 20     during the term hereof and before a date or event of termination as described in this
Option] [vesting restrictions to be modified depending upon the terms of the grant]. 
  
 (b) $100,000 Limitation. If this Option is designated as an ISO above, then Optionee’s right to exercise this option shall be deferred to the extent (and only to the extent) that this option otherwise would not
be treated as an ISO by reason of the $100,000 annual limitation under Section 422(d) of the Code. 
  

	3.	Rights in the Event of Death. 

  
 If Optionee’s employment with, or provision of services to, dELiA*s is terminated due to death, this Option shall be exercisable by Optionee’s
Representatives until the earlier of: 
  

	 	(i)	the date on which the Option expires (the “Expiration Date”), and 

  

	 	(ii)	twelve (12) months from the date of Optionee’s death, 

 in any case to the extent to which Optionee would otherwise have been entitled to exercise this Option as provided in
Section 2 as of the date of Optionee’s death. To the extent Optionee is not entitled to exercise any portion of this Option as of the date of Optionee’s death, such unexercised portion of this Option shall immediately lapse, effective
as of the date of Optionee’s death. 
  

	4.	Rights in the Event of Disability. 

  
 If Optionee’s employment with, or provision of services to, dELiA*s is terminated due to Disability, this Option shall be exercisable by
Optionee’s Representative until the earlier of: 
  

	 	(i)	the Expiration Date; and 

  

	 	(ii)	three (3) months from the date of Optionee’s Disability, 

  
 in any case to the extent to which Optionee would otherwise have been entitled to exercise this Option as provided in Section 2 as of the date of Optionee’s
Disability; provided, however, that if the Optionee dies after the date of Optionee’s Disability but before the earlier of the Expiration Date and the date that is three (3) months after the date of Optionee’s
Disability, an unexercised Stock Option held by such Optionee shall, notwithstanding the expiration of such period, continue to be exercisable to the extent to which it was exercisable at the time of death for a period of twelve (12) months
from the date of such death or until the Expiration Date, whichever period is shorter. To the extent Optionee is not entitled to exercise any portion of this Option as of the date of Optionee’s Disability, such unexercised portion of this
Option shall immediately lapse, effective as of the date of Optionee’s Disability. 
  

	5.	Termination by Reason of Retirement. 

  
 If Optionee’s employment with, or provision of services to, dELiA*s is terminated by reason of Retirement, this Option shall be exercisable by
Optionee until the earlier of: 
  

	 	(i)	the Expiration Date; and 

  

	 	(ii)	three (3) months from the date of Optionee’s Retirement, 

  
 in any case to the extent to which Optionee would otherwise have been entitled to exercise this Option as provided in Section 2 as of the date of Optionee’s
Retirement; provided, however, that if the Optionee dies after the date of Optionee’s Retirement but before the earlier of the Expiration Date and the date that is three (3) months after the date of Optionee’s
Retirement, an unexercised Stock Option held by such Optionee shall, notwithstanding the expiration of such period, continue to be exercisable to the extent to which it was exercisable at the time of death for a period of twelve (12) months
from the date of such death or until the Expiration Date, whichever period is shorter. To the extent Optionee is not entitled to exercise any portion of this Option as of the date of Optionee’s Retirement, such unexercised portion of this
Option shall immediately lapse, effective as of the date of Optionee’s Retirement 
  

	6.	Other Termination. 

  
 If Optionee’s employment with, or provision of services to, dELiA*s is terminated for any reason other than death, Disability or Retirement, this
Option shall be exercisable by Optionee until the earlier of: 
  

	 	(i)	the Expiration Date; and 

  

	 	(ii)	thirty (30) days from the date of Optionee’s termination, 

  
 in any case to the extent to which Optionee would otherwise have been entitled to exercise this Option as provided in Section 2 as of the date of Optionee’s
Retirement; provided, however, that if such termination of employment or provision of services is involuntary on the part of Optionee and without Cause, this Option, to the extent then exercisable, may be exercised until the earlier of
the Expiration Date and the date that is ninety (90) days from the date of such termination of employment or provision of services; and provided further that, if the Optionee dies after the date of such termination but before the
earlier of the Expiration Date and the date that is thirty (30) days after the 

 
date of termination (or ninety (90) days after the date of such termination in the case of involuntary termination without Cause), an unexercised Stock
Option held by such Optionee shall, notwithstanding the expiration of such period, continue to be exercisable to the extent to which it was exercisable at the time of death for a period of twelve (12) months from the date of such death or until
the Expiration Date, whichever period is shorter. To the extent Optionee is not entitled to exercise any portion of this Option as of the date of Optionee’s termination, such unexercised portion of this Option shall immediately lapse, effective
as of the date of Optionee’s termination. 
  

	7.	Method of Exercising Option. 

  
 Optionee may exercise the Option in accordance with the terms hereof and in the Plan by providing to dELiA*s (i) a completed and executed Exercise
Agreement, attached hereto as Exhibit A; (ii) payment in full of the exercise price for the Common Stock then being acquired in accordance with the Plan; and (iii) execution of a Restricted Stock Agreement in a form acceptable to
the Company. Optionee shall not acquire any rights or privileges as a stockholder of dELiA*s for any Common Stock issuable upon the exercise of this Option until such Common Stock has been duly issued by dELiA*s. dELiA*s shall have the right to
delay the issue or delivery of any Common Stock to be delivered hereunder until (i) the completion of such registration or qualification of such shares under federal or state law, ruling or regulation as dELiA*s deems to be necessary or
advisable; and (ii) receipt from Optionee of such documents and information as dELiA*s deems necessary or appropriate in connection with such registration or qualification or the issuance of Common Stock hereunder. In the event of
Optionee’s death, this Option may be exercised by the Optionee’s Representative. 
  

	8.	Notice Concerning ISO Treatment. 

  
 If this option is designated as an ISO, it ceases to qualify for favorable tax treatment as an ISO to the extent it is exercised (i) more than three
(3) months after the date the Optionee’s employment with, or provision of services to, dELiA*s is terminated for any reason other than death or Disability, (ii) more than six (6) months after the date the Optionee’s
employment with, or provision of services to, dELiA*’s is terminated by reason of Disability or (iii) after the Optionee has been on a leave of absence for more than 90 days, unless the Optionee’s reemployment rights are guaranteed by
statute or by contract. 
  

	9.	Restrictions on Transfer. 

  
 (a) General Restrictions. This Option, and the rights and privileges conferred by it, is personal to Optionee and may not be transferred, assigned,
pledged or hypothecated in any way (whether by operation of law or otherwise), and, during Optionee’s lifetime, shall be exercisable only by Optionee. Optionee may transfer this Option, and the rights and privileges conferred by it, upon
Optionee’s death, either by will or under the laws of descent and distribution, or by beneficiary designation made in such form and subject to such limitation as may from time to time be acceptable to the Administrator and delivered to and
accepted by the Administrator. All such persons shall be subject to all of the terms and conditions of this Agreement to the same extent as would Optionee if still alive. This Option, and the rights and privileges conferred by it, may not be
subjected to execution, attachment or similar process. 
  
 (b)
Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act or have been registered or qualified under the securities laws of any state, the Company at its
discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such
restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 
  
 (c) Investment Intent at Exercise. If the sale of shares of Common Stock under the Plan is not registered under the Securities Act but an exemption
is available which requires an investment representation or other representation, the Optionee shall represent and agree at the time of exercise that the Shares being acquired upon exercising this option are being acquired for investment, and not
with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel. 

 (d) Legends. All certificates evidencing shares of Common Stock purchased under this Agreement
shall bear the following legend: 
  
 “THE SHARES REPRESENTED
HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE
SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES AND CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST
FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 
  
 All certificates evidencing Shares purchased under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed advisable under the
provisions of any applicable law): 
  
 “THE SHARES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE
COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 
  
 (e) Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares sold under this Agreement is no longer required, the holder of such certificate shall be entitled
to exchange such certificate for a certificate representing the same number of Shares but without such legend. 
  
 (f) Administration. Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 9 shall
be conclusive and binding on the Optionee and all other persons. 
  

	10.	Notices. 

  
 Any notice to be given to dELiA*s under the terms of this Agreement shall be addressed to the attention of dELiA*s’ Chief Executive Officer,
                    , and any notice to be given to Optionee may be addressed to him at his address as it appears in the payroll records of
dELiA*s, or at such other addresses as either party may designate in writing to the other. 
  

	11.	Provisions of the Plan Control. 

  
 This Option is subject to, and qualified in its entirety by reference to, the terms and conditions of the Plan under which it is granted, a copy of which
has been delivered to Optionee and which may be examined by Optionee at the office of the Chief Financial Officer, and the provisions of the Plan shall be incorporated in and be a part of this Option. The Plan empowers the Administrator to make
interpretations, rules and regulations under it. Determinations by the Administrator with respect to the Plan shall be final, binding and conclusive upon Optionee. Capitalized terms not defined herein shall have the meanings ascribed to them in the
Plan. 
  

	12.	Taxes. 

  
 dELiA*s may require payment of or withhold any tax which it believes is required to be the obligation of Optionee as a result of the grant or exercise of
this Option, and dELiA*s may defer making delivery of Common Stock or hereunder until arrangements satisfactory to dELiA*s have been made for such tax obligations. 

 dELiA*s has caused this Agreement to be executed and Optionee has executed the same as evidence of
Optionee’s acceptance hereof and upon the terms and conditions herein set forth as of the Grant Date shown above. 
  

									
	 dELiA*s, INC.
	 	 	 	 	 	OPTIONEE

  

									
	 	 	 	 	 
					
	 By:
	 	 	 	 	 	 	 	 
	 Name:
	 	 	 	 	 	 	 	[_______________________________]
	 Its:
	 	Chief Executive Officer	 	 	 	 	 	 

 EXHIBIT A 
  

dELiA*s, INC. 
  
 EXERCISE AGREEMENT 
 FOR EXERCISING
STOCK OPTIONS GRANTED 
  
 UNDER THE 
  
 2005 STOCK INCENTIVE PLAN 

 INSTRUCTIONS 
  
 FOR EXERCISING STOCK OPTIONS GRANTED 
 UNDER THE 
 dELIA*s, INC. 2005 STOCK INCENTIVE PLAN 
  

  
 General: 
  
 In order to exercise your Stock Option granted under the dELiA*s, Inc. 2005 Stock Incentive Plan (“Plan”) pursuant to your Stock Option
Agreement, please complete and sign the attached Exercise Agreement (“Exercise Agreement”). On the Exercise Agreement, you should indicate the manner in which you will pay (1) the exercise price of the Stock Option (“Option
Price”) and (2) any required withholding taxes. 
  
 If
you have any questions regarding this Exercise Agreement, please contact                     . 
  
 Endorsement: 
  

	1.	Cash or Check: If you are paying the Option Price or arranging for payment of tax withholding by certified check or cashier’s check, checks should be made payable to dELiA*s,
Inc. 

  

	2.	Stock Certificate: If you are paying the Option Price or arranging for payment of tax withholding by delivering a stock certificate, the stock certificate should be properly
endorsed as follows. 

  

	 	a.	The record holder of the stock certificate being surrendered should sign and date the stock certificate on the reverse side. The signature should correspond exactly (including
misspellings) with the name shown on the front side of the stock certificate. 

  

	 	•	 	If the stock certificate being surrendered is held of record in joint tenancy, both joint tenants must sign. 

  

	 	•	 	If the endorsement is by a corporation or by a person acting in a fiduciary or other representative capacity, proper evidence of the authority of the person making the endorsement
should be included with the stock certificate being surrendered. 

  

	 	b.	If the stock certificate being surrendered represents a larger number of shares of Stock than are being surrendered as the Option Price (i.e., having a Fair Market Value on the date
the Stock Option is exercised in excess of the Option Price), indicate on the reverse side of the stock certificate the number of shares of Stock being transferred to the Company pursuant to the exercise of the Stock Option. A new certificate
representing any excess shares of Stock will be issued in the name appearing on the surrendered stock certificate and delivered to you by the transfer agent for the Company. 

  

	 	c.	The method of delivery of a stock certificate representing Stock is at the option and risk of the holder of such certificates. If a stock certificate is sent by mail, insured
registered mail is recommended. 

  
 Defined Terms:

  
 Each term defined in the Plan shall, when capitalized herein,
have the same meaning for the purpose of this Exercise Agreement as given to it in the Plan. The Plan and the Stock Option Agreement shall control if there is any conflict between the Plan (or the Stock Option Agreement) and this Exercise Agreement,
and as to all matters not provided for in this Exercise Agreement. 

 dELiA*s, INC. 
 EXERCISE AGREEMENT 
  
 This Exercise Agreement is made by and between dELiA*s, Inc. (“Company”) and
                                     (“Participant”).
The Participant entered into a [Nonqualified][Incentive] Stock Option Agreement, dated             , 20     (the “Stock Option Agreement”), in
accordance with the dELiA*s, Inc. 2005 Stock Incentive Plan (“Plan”). 
  
 The Participant desires to exercise the Stock Option on the following terms and conditions: 
  
 1. General. Each term defined in the Plan shall, when capitalized herein, have the same meaning for the purpose of this Exercise Agreement as given
to it in the Plan. The Plan and the Stock Option Agreement shall control if there is any conflict between the Plan (or the Stock Option Agreement) and this Exercise Agreement, and as to all matters not provided in this Exercise Agreement.

  
 2. Exercise. Subject to the terms of this Exercise
Agreement, the Participant hereby irrevocably elects to exercise, as of the date accepted hereunder by the Administrator, a Stock Option with respect to
                         shares of Stock at the Option Price of $
             per share of Stock (as set forth in the Stock Option Agreement). The exercise pursuant hereto shall reduce the number of shares subject to the Stock Option Agreement by
the number of shares exercised hereunder. 
  
 3.
Consideration. The shares of Stock to be received pursuant to this Exercise Agreement are being transferred in consideration for: [Please check the applicable Stock Option payment provision.] 
  

			
	a.     ̈	  	cash in the amount of $                 (the “Option Price”). Enclosed herewith is a
[    ] certified check or [    ] cashier’s check for this amount.
		
	b.     ̈	  	delivery of valid and enforceable stock certificate(s) representing shares of Stock and endorsed for transfer to the Company, in accordance with the Instructions accompanying this Exercise
Agreement.
		
	c.     ̈	  	any combination of (a) or (b) having an aggregate Fair Market Value equal to the aggregate Option Price.
		
	 	  	 Describe any combination: _______________________________________________
 _________________________________________________________________________________
 _________________________________________________________________________________

  
  
 4. Withholding. Because the Company is obligated to withhold an amount presently or an estimated amount in the future on account of any tax
(including employment taxes) imposed as a result of the exercise of this Stock Option, the Participant does hereby: [Please check the applicable tax withholding provision] 
  

			
	a.     ̈	  	request that Company withhold and not transfer or issue to the Participant by virtue of this exercise, that number of shares of Stock having an aggregate Fair Market Value equal to the
Company’s federal, state or local tax withholding obligations with respect to the exercise of the Stock Option.
		
	b.     ̈	  	deliver a certified check or cashier’s check to the Company equal to the Company’s federal, state or local tax withholding obligations with respect to the exercise of the Stock
Option, as reported to the Participant by the Company.

  
 5. Resolution of
Dispute. Any dispute or disagreement which shall arise under, as a result of, or in any way relate to the interpretation or construction of this Exercise Agreement shall be determined by the 

 
Administrator, or in the event the Plan shall at the time be administered by the Board of Directors of the Company (or any successor corporation), then by
such Board of Directors. Any such determination made hereunder shall be final, binding and conclusive for all purposes. 
  
 6. Execution of Agreements. The Participant delivers herewith any agreement, including without limitation, any restricted stock or stockholders
agreements, which the Administrator has required the Participant to execute and deliver as a condition hereto. 
  
 7. Plan. The Participant represents and warrants that he or she has received a copy of the Plan, as amended through the date hereof. 
  
 8. Successors and Assigns. This Exercise Agreement shall inure to the
benefit of and be binding upon each successor and assignee of the Participant and the Company. 
  
 9. Choice of Laws. This Exercise Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without reference to its conflicts of laws provisions. 
  
 10. Entire Exercise Agreement. This Exercise Agreement, together with
the Plan, the Stock Option Agreement and any agreement required pursuant to Section 6 hereof, constitute the entire obligation of the parties hereto with respect to the subject matter hereof and shall supersede any prior expressions of intent
or understanding with respect to this exercise of Participant’s Stock Option. 
  
 11. Prior Affirmation. The Participant represents, warrants and affirms all matters to which he or she represented, warranted or affirmed in the Stock Option Agreement, and nothing in this Exercise Agreement
shall derogate the Participant’s representations, warranties or affirmations in the Stock Option Agreement. 
  

									
	 PARTICIPANT
	 	 	 	 dELiA*s, INC.

					
	 	 	 	 	 	 	By:	 	 
					
	 Name:
	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 Title:
	 	 
					
	 Date:
	 	 	 	 	 	 Date:

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