Document:

EX-10.14

 Exhibit 10.14 

SUBSCRIPTION AGREEMENT 

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is entered into as of December 3, 2013, by and between Falcon Acquisition
Group, Inc., a Delaware corporation (the “Company”), and Indigo Frontier Holdings Company, LLC, a Delaware limited liability company (the “Purchaser”). 

RECITALS: 

WHEREAS, the Company was formed in order to acquire all of the outstanding capital stock of Frontier Airlines Holdings, Inc., a Delaware
corporation, pursuant to the terms of that certain Stock Purchase Agreement (as amended, the “Purchase Agreement”), dated as of September 30, 2013, by and between the Company and Republic Airways Holdings Inc., a Delaware
corporation; and 
 WHEREAS, in order to provide the necessary equity capital to effectuate the transactions contemplated by the Purchase
Agreement, the Purchaser desires to purchase from the Company, and the Company desires to issue to the Purchaser, an aggregate of 7,000,000 shares (the “Shares”) of Voting Common Stock, par value $0.001 per share, of the Company
(the “Common Stock”), for an aggregate cash purchase price of $70,000,000 on the terms and conditions set forth herein. 

AGREEMENT: 
 In
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the
meanings indicated: 
 “Governmental Authority” means the government of any nation, state, city, locality or other
political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity exercising public functions owned or controlled,
through stock or capital ownership or otherwise, by any of the foregoing. 
 “Person” means any individual, firm,
corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 

“Requirements of Law” means, as to any Person, the provisions of any organizational or governing documents of such Person,
and any law, treaty, rule, regulation, right, privilege, qualification, license or franchise, order, judgment, or determination, in each 

 
case, of an arbitrator or a court or other Governmental Authority, in each case, applicable to or binding upon such Person or any of its property (or to which such Person or any of its property
is subject) or applicable to any or all of the transactions contemplated by, or referred to in, this Agreement. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Securities Exchange Commission thereunder. 

ARTICLE 2 
 PURCHASE AND
SALE OF COMMON STOCK 
 2.1 Purchase and Sale of Shares. Upon the terms and subject to the conditions set forth herein,
contemporaneously with the execution and delivery of this Agreement, the Company is issuing to the Purchaser, and the Purchaser is purchasing from the Company, the Shares for an aggregate purchase price of $70,000,000 to be paid to the Company by
wire transfer of immediately available federal funds. 
 ARTICLE 3 

REPRESENTATIONS AND 

WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Purchaser as of the date hereof as follows: 

3.1 Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware with full corporate power and authority to conduct its business as it is presently being conducted and to own and lease its properties and assets. 

3.2 Authorization; Noncontravention. The Company’s execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby: (a) have been authorized by all necessary corporate action on the part of the Company, (b) will not violate any Requirements of Law applicable to the Company, or result in a material breach or default
under any contractual obligations of the Company, or under any order, writ, judgment, injunction, decree, determination or award of any court, arbitrator or other Governmental Authority, in each case applicable to the Company or its properties and
(c) does not conflict with or contravene the terms of the certificate of incorporation or bylaws of the Company. 
 3.3 Governmental
Authorization; Third Party Consents. No approval, consent, compliance, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person in respect of any Requirements of Law in effect on
the date hereof, and no lapse of a waiting period under any Requirements of Law in effect on the date hereof, is required in connection with the execution, delivery or performance by the Company of this Agreement that has not been obtained or made.

 3.4 Binding Effect. This Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and
binding obligation of the Company, enforceable 

  
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against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or other similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity relating to enforceability. 
 3.5 Capitalization. Effective
upon the closing of the consummation of the transactions contemplated by the Purchase Agreement, the entire authorized capital stock of the Company will consist of (i) 12,000,000 shares of Voting Common Stock, of which 7,000,000 shares will be
issued and outstanding, (ii) 2,000,000 shares of Non-Voting Common Stock, par value $0.001 per share, of which no shares will be issued and outstanding, and (iii) 1,000,000 shares of Preferred Stock, par value $0.001 per share, of which no
shares will be issued and outstanding. When issued and delivered against payment therefor as provided in this Agreement, the Shares will be duly authorized and validly issued, fully paid and nonassessable and free of preemptive rights. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to the Company as of the date hereof as follows: 

4.1 Organization; Capacity. The Purchaser is duly organized, validly existing and in good standing under the laws of the State of
Delaware with full power and authority to conduct its business as it is presently being conducted and to own and lease its properties and assets. 

4.2 Authorization; Noncontravention. The Purchaser’s execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby, including, without limitation, the acquisition of the Shares by the Purchaser, will not violate any Requirements of Law applicable to the Purchaser, or result in a material breach or default under any
contractual obligations of the Purchaser, or under any order, writ, judgment, injunction, decree, determination or award of any court, arbitrator or other Governmental Authority, in each case applicable to the Purchaser or its properties. The
acquisition of the Shares by the Purchaser: (a) has been authorized by all necessary limited liability company action on the part of the Purchaser and (b) does not conflict with or contravene the terms of the Purchaser’s limited
liability company agreement. 
 4.3 Binding Effect. This Agreement has been duly executed and delivered by the Purchaser, and this
Agreement constitutes the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the
enforcement of creditors’ rights generally and by general principles of equity relating to enforceability. 
 4.4 Securities Law
Representations. 
 (a) The Purchaser is receiving the Shares for investment for the Purchaser’s own account and not with a view
to, or for resale in connection with, the distribution or other disposition thereof, other than as contemplated hereby. 

  
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 (b) The Purchaser has been given the opportunity to obtain any information or documents relating
to, and to ask questions and receive answers about, the Company and the business and prospects of the Company which the Purchaser deems necessary to evaluate the merits and risks related to the Purchaser’s investment in the Shares and to verify
the information received, and the Purchaser’s knowledge and experience in financial and business matters are such that the Purchaser is capable of evaluating the merits and risks of the purchase of the Shares. 

(c) The Purchaser’s financial condition is such that the Purchaser can afford to bear the economic risk of holding the Shares for an
indefinite period of time and has adequate means for providing for the Purchaser’s current needs and contingencies and to suffer a complete loss of the investment in the Shares. 

(d) The Purchaser has been advised that (i) the Company’s issuance of the Shares will not have been registered under the Securities
Act, (ii) the Shares may need to be held indefinitely, and the Purchaser must continue to bear the economic risk of the investment in the Shares unless they are subsequently registered under the Securities Act or an exemption from such
registration is available, (iii) there is no public market for the Shares and (iv) when and if the Shares may be disposed of without registration in reliance on Rule 144 promulgated under the Securities Act, such disposition can be made
only in limited amounts in accordance with the terms and conditions of such Rule. 
 (e) The Purchaser has been advised that and consents to
the placement of a restrictive legend in the following form on the certificate representing the Shares: 
 “THE SECURITIES OF FALCON
ACQUISITION GROUP, INC. REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR AN EXEMPTION
FROM REGISTRATION, UNDER SAID ACT AND SUCH LAWS. 
 THE SECURITIES OF FALCON ACQUISITION GROUP, INC. REPRESENTED BY THIS CERTIFICATE OR
DOCUMENT ARE SUBJECT TO VOTING RESTRICTIONS WITH RESPECT TO CERTAIN SECURITIES HELD BY PERSONS OR ENTITIES THAT FAIL TO QUALIFY AS “CITIZENS OF THE UNITED STATES” AS THE TERM IS DEFINED IN SECTION 40102(a)(15) OF SUBTITLE VII OF TITLE 49
OF THE UNITED STATES CODE, AS AMENDED, IN ANY SIMILAR LEGISLATION OF THE UNITED STATES ENACTED IN SUBSTITUTION OR REPLACEMENT THEREFOR, AND AS INTERPRETED BY THE DEPARTMENT OF TRANSPORTATION, ITS PREDECESSORS AND SUCCESSORS, FROM TIME TO TIME. SUCH
VOTING 

  
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RESTRICTIONS ARE CONTAINED IN THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION AND THE BYLAWS OF FALCON ACQUISITION GROUP, INC., AS THE SAME MAY BE AMENDED OR RESTATED FROM TIME TO TIME. A
COMPLETE AND CORRECT COPY OF SUCH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION AND THE BYLAWS SHALL BE FURNISHED FREE OF CHARGE TO THE HOLDER OF THE SECURITIES REPRESENTED HEREBY UPON WRITTEN REQUEST TO THE SECRETARY OF FALCON ACQUISITION
GROUP, INC.” 
 (f) The Purchaser understands that the Company has no present intention of registering the Shares. 

(g) The Purchaser is an “accredited investor” within the meaning of Regulation D under the Securities Act. 

ARTICLE 5 
 REGISTRATION
RIGHTS 
 5.1 Registration Rights. 

(a) Upon request of the Purchaser, the Company will enter into a registration rights agreement with the Purchaser (the “Registration
Rights Agreement”) containing customary terms and conditions satisfactory to the Purchaser, including, without limitation, (i) eight demand registrations for the Purchaser, (ii) an unlimited number of demand registrations on Form
S-3 or successor short form (if available to the Company) for the Purchaser without any minimum transaction size or period between registrations, (iii) unlimited piggyback registration rights for the Purchaser and (iv) priority
registration for the equity securities of the Company held by the Purchaser versus the registration rights, if any, granted to any other stockholder of the Company. 

(b) All expenses incurred in connection with the negotiation, preparation and authorization of the Registration Rights Agreement and each
registration pursuant to, and incident to the Company’s performance of or compliance with the terms of the Registration Rights Agreement, including all registration and filing fees, fees and expenses of compliance with securities or blue sky
laws, listing application fees, printing expenses, transfer agent’s and registrar’s fees, cost of distributing prospectuses in preliminary and final form as well as any supplements thereto, fees and disbursements of counsel for the Company
and all accountants and other Persons retained by the Company and the reasonable fees and disbursements of one U.S. counsel for the Purchaser (all such expenses being herein called “Registration Expenses”) shall be borne by the
Company; provided, that all underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of equity securities of the Company shall not be included as Registration Expenses and shall be borne by the applicable
seller of such equity securities of the Company. 

  
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 (c) The Purchaser may transfer all or any portion of its registration rights under this
Section 5.1 or the Registration Rights Agreement to any transferee of all or any portion of the Shares. After any such transfer and assignment, the Purchaser shall retain its rights under this Section 5.1 and the Registration Rights
Agreement with respect to all other equity securities of the Company owned by the Purchaser. 
 (d) The Company shall not grant registration
rights to any other equity holder of the Company without the prior written consent of the Purchaser. 
 ARTICLE 6 

MISCELLANEOUS 
 6.1
Representations and Warranties. Except as contained herein, each party hereto expressly acknowledges no party to this Agreement has made any representations or warranties to any other party to this Agreement concerning the Company and its
subsidiaries, the business and prospects of the Company and its subsidiaries, or the merits of any investment in the Company and its subsidiaries. 

6.2 Amendment and Waiver. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any
provision of this Agreement, and any consent to any departure by any party from the terms of any provision of this Agreement, shall be effective (a) only if it is made or given in writing and signed by all parties hereto and (b) only in
the specific instance and for the specific purpose for which made or given. 
 6.3 Counterparts. This Agreement may be executed in
any number of counterparts and by the parties hereto in separate counterparts, each of which may be delivered by facsimile or other digital imaging device (e.g., pdf) and when so executed and delivered shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. 
 6.4 Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof. 
 6.5 Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof. 
 6.6
Notices. All notices and other communications provided for or permitted hereunder shall be in writing and shall be deemed to have been duly given and received when delivered by overnight courier or hand delivery, when sent by facsimile, or
five days after mailing if sent by registered or certified mail (return receipt requested) postage prepaid, to the Company and the Purchaser at the following addresses (or at such other address for any such Person as shall be specified by like
notices, provided that notices of a change of address shall be effective only upon receipt thereof). 

  
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 If to the Company, to: 

Falcon Acquisition Group, Inc. 

c/o Indigo Partners 

2525 East Camelback Road 

Suite 900 

Phoenix, Arizona 85016 

Attention: William A. Franke 

Facsimile: (602) 224-1555 

With a mandatory copy to: 

Latham & Watkins LLP 

140 Scott Drive 

Menlo Park, CA 94025 

Attention: Tony Richmond 

Facsimile: (650) 463-2600 

If to the Purchaser, to: 

Indigo Frontier Holdings Company, LLC 

c/o Indigo Partners 

2525 East Camelback Road 

Suite 900 

Phoenix, Arizona 85016 

Attention: William A. Franke 

Facsimile: (602) 224-1555 

With a mandatory copy to: 

Latham & Watkins LLP 

140 Scott Drive 

Menlo Park, CA 94025 

Attention: Tony Richmond 

Facsimile: (650) 463-2600 

6.7 Survival. All covenants, agreements, representations and warranties made herein shall survive the execution and delivery hereof and
transfer of the Shares. 
 6.8 Severability. If any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired.

 6.9 Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is intended to be a
complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. This Agreement supersedes all prior agreements and understandings between the parties with
respect to such subject matter. 

  
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 6.10 Further Assurances. Each of the parties shall execute such documents and perform such
further acts (including, without limitation, obtaining any consents, exemptions, authorizations, or other actions by, or giving any notices to, or making any filings with, any Governmental Authority or any other Person) as may be reasonably required
or desirable to carry out or to perform the provisions of this Agreement (including, without limitation, entry into the Registration Rights Agreement). 

(Signature Page Follows) 

  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement or caused this
Agreement to be executed and delivered by their authorized representatives as of the date first above written. 
  

			
	FALCON ACQUISITION GROUP, INC.
		
	By:	 	/s/ John R. Wilson
		 	Name:  John R. Wilson
		 	Title:    Vice President and Assistant Secretary
	
	INDIGO FRONTIER HOLDINGS COMPANY, LLC
		
	By:	 	Indigo Denver Management Company, LLC
	Its:	 	Manager
		
	By:	 	/s/ William A. Franke
		 	Name:  William A. Franke
		 	Title:    Managing Member

  
 [Signature Page to
Subscription Agreement]EX-10.13

 Exhibit 10.13 

KIRKLAND’S, INC. 

2002 EMPLOYEE STOCK PURCHASE PLAN 

(as amended and restated, effective June 1, 2016) 

1. Purpose and Effective Date.  

(a) Purpose. The purpose of the Plan is to provide Eligible Employees with an opportunity to increase their interest in the success of
the Company by purchasing Stock from the Company on favorable terms. The Plan is intended to satisfy the requirements of Section 423 of the Code and will be interpreted accordingly. 

(b) Effective Date. The effective date of this Plan restatement is June 1, 2016. 

2. Administration. 
 (a)
Committee Composition. The Plan will be administered by the Compensation Committee of the Board of Directors of the Company (the “Committee”). The Committee will consist exclusively of one or more directors of the Company, who will
be appointed by the Board. 
 (b) Committee Responsibilities. The Committee will interpret the Plan and make all other policy
decisions relating to the operation of the Plan. The Committee may adopt such rules, guidelines and forms as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan will be final and binding on all persons.

 3. Enrollment And Participation. 

(a) Purchasing/Holding Periods. 

(i) Shares of Stock shall be offered for purchase under the Plan through a series of successive Purchase Periods until such
time as (a) the maximum number of shares of Stock available for issuance under the Plan shall have been purchased or (b) the Plan shall have been sooner terminated. 

(ii) Except as otherwise provided by the Committee or in Section 13(c), each Purchase Period other than the first Purchase
Period shall have a duration of three (3) months. The first Purchase Period shall begin September 1, 2008 and end November 30, 2008; provided, however, that thereafter the start date and end dates for each Purchase Period shall be:
(1) December 1 through February 28 (or February 29, in the case of a leap year); (2) March 1 through May 31; (3) June 1 through August 31; and (4) September 1 through November 30. Purchases shall be made on
the last business day of each Purchase Period. 
 (b) Enrollment. An individual who qualifies as an Eligible Employee on the day
preceding the first day of a Purchase Period may elect to become a Participant in the Plan by executing the enrollment/election form prescribed for this purpose by the Committee. The enrollment/election form must be filed with the Company at the
prescribed location during one of the open enrollment periods (during the months of June and December). Enrollees will be eligible to begin withholding on the beginning of the Purchase Period which begins after the end of the enrollment period. 

(c) Duration of Participation. Once enrolled in the Plan, a Participant will continue to participate in the Plan until he or she
withdraws (or is deemed to have withdrawn) from the Plan under Section 5(a). An individual who has ceased participation in the Plan may again become a Participant, if he or she then is an Eligible Employee, by following the procedure described
in Subsection (b) above. 
 4. Employee Contributions. 

(a) Payroll Withholding Required. Participants may purchase shares of Stock under the Plan only by means of payroll deductions. 

(b) Rate of Payroll Deductions. An Eligible Employee will designate on the enrollment/election form the portion of his or her
Compensation that he or she elects to have withheld for the purchase of Stock. Such portion may be any whole percentage of the Eligible Employee’s Compensation not less than 1% and not more than 15%. 

 (c) Mechanics of Payroll Deductions. Once a Participant has authorized payroll
withholding, payroll deductions will occur on each payday during participation in the Plan. A Participant may change the rate of payroll withholding by filing a new enrollment/election form with the Company at the prescribed location at any time
(subject to any applicable insider trading restrictions), but you may not make more than one change during the same Purchase Period. The new withholding rate will be effective as soon as reasonably practicable after such form has been received by
the Company. The Committee may limit the number of times a Participant changes the rate of his or her withholding during any Purchase Period. 

(d) Discontinuing Payroll Deductions. A Participant who has authorized payroll withholding may discontinue contributions entirely by
filing a new enrollment/election form with the Company at the prescribed location at any time (subject to any applicable insider trading restrictions). Payroll withholding will cease as soon as reasonably practicable after such form has been
received by the Company. In addition, employee contributions may be discontinued automatically pursuant to Section 8(b). A Participant who has discontinued employee contributions in a given Purchase Period will be deemed to have withdrawn from
the Plan under Section 5(a) immediately following the end of that Purchase Period. 
 5. Withdrawals and
Re-enrollment. 
 (a) Withdrawals. A Participant may elect to withdraw from the Plan by
filing the prescribed form with the Company at the prescribed location at any time before the last day of a Purchase Period. As soon as reasonably practicable thereafter, payroll deductions will cease and the entire amount credited to the
Participant’s Plan Account will be refunded to him or her in cash, without interest. No partial withdrawals will be permitted. 
 (b)
Re-enrollment. A former Participant who has withdrawn from the Plan will not be a Participant until he or she re-enrolls in the Plan under Section 3(b). Re-enrollment may be effective only during an open enrollment period (during the month of June or December). 

6. Change in Employment Status. 

(a) Termination of Employment. Termination of employment as an Eligible Employee for any reason, including death, will be treated as an
automatic withdrawal from the Plan under Section 5(a). (A transfer from one Participating Company to another will not be treated as a termination of employment.) 

(b) Leave of Absence. For purposes of the Plan, employment will not be deemed to terminate when the Participant goes on a military
leave, a sick leave or another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, will be deemed to terminate 90 days after the Participant goes on a leave, unless a contract or statute guarantees
his or her right to return to work. Employment will be deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work. 

(c) Death. In the event of the Participant’s death, the amount credited to his or her Plan Account will be paid to a beneficiary
designated by him or her for this purpose on the prescribed form or, if none, to the Participant’s estate. Such form will be valid only if it was filed with the Company at the prescribed location before the Participant’s death. 

7. Plan Accounts and Purchase of Shares. 

(a) Plan Accounts. The Company will maintain a Plan Account on its books in the name of each Participant. Whenever an amount is paid by
a Participant or withheld from his or her Compensation under the Plan, such amount will be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts will not be trust funds and may be commingled with the Company’s
general assets and applied to general corporate purposes. No interest will be credited to Plan Accounts. 
 (b) Purchase Price. The
Purchase Price for each share of Stock purchased at the close of a Purchase Period will be 85% of the Fair Market Value on the last business day of such Purchase Period. 

(c) Number of Shares Purchased. As of the last business day of each Purchase Period, each Participant will be deemed to have elected to
purchase the number of shares of Stock calculated in accordance with this Subsection (c), unless the Participant has previously withdrawn from the Plan in accordance with Section 5(a). The amount then in the Participant’s Plan Account
will be divided by the Purchase Price, and the number of shares that results will be purchased from the Company with the funds in the Participant’s Plan Account. The foregoing notwithstanding, no Participant will purchase more than 25,000
shares of Stock with respect to any Purchase Period nor more than the amounts of Stock set forth in Sections 8(b). 

 (d) Available Shares Insufficient. If the aggregate number of shares that all Participants
elect to purchase during an Purchase Period exceeds the maximum number of shares remaining available for issuance under Section 13(a), then the number of shares to which each Participant is entitled will be determined by multiplying the number
of shares available for issuance by a fraction, the numerator of which is the number of shares that such Participant has elected to purchase and the denominator of which is the number of shares that all Participants have elected to purchase. 

(e) Issuance of Stock. Certificates representing the shares of Stock purchased by a Participant under the Plan will be issued to him or
her as soon as reasonably practicable after the close of the applicable Purchase Period, except that the Committee may determine that such shares will be held for each Participant’s benefit by a broker designated by the Committee (unless the
Participant has elected that certificates be issued to him or her). Shares may be registered in the name of the Participant or jointly in the name of the Participant and his or her spouse as joint tenants with right of survivorship or as community
property. 
 (f) Unused Cash Balances. An amount remaining in the Participant’s Plan Account that represents the Purchase Price
for any fractional share will be carried over in the Participant’s Plan Account to the next Purchase Period. Any amount remaining in the Participant’s Plan Account that represents the Purchase Price for whole shares that could not be
purchased by reason of Subsection (c) above, Section 8(b) or the aggregate share limit of Section 13(a) will be refunded to the Participant in cash, without interest. 

8. Limitations on Stock Ownership. 

(a) Five Percent Limit. Any other provision of the Plan notwithstanding, no Participant will be granted a right to purchase Stock under
the Plan if such Participant, immediately after his or her election to purchase such Stock, would own stock possessing more than 5% of the total combined voting power or value of all classes of stock of the Company or any parent or Subsidiary of the
Company. For purposes of this Subsection (a), the following rules will apply: 
 (i) Ownership of stock will be determined
after applying the attribution rules of Section 424(d) of the Code; and 
 (ii) Each Participant will be deemed to own
any stock that he or she has a right or option to purchase under this or any other plan or arrangement. 
 (b) Dollar Limit. Any other
provision of the Plan notwithstanding, no Participant will purchase Stock with a Fair Market Value in excess of the following limit: 

(i) In the case of Stock purchased during a Purchase Period that commenced in the current calendar year, the limit will be
equal to (A) $25,000 minus (B) the Fair Market Value of the Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stock purchase plans of the Company or any parent or
Subsidiary of the Company). 
 (ii) In the case of Stock purchased during a Purchase Period that commenced in the immediately
preceding calendar year, the limit will be equal to (A) $50,000 minus (B) the Fair Market Value of the Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any
parent or Subsidiary of the Company) in the current calendar year and in the immediately preceding calendar year. 
 A Participant whose employee
contributions are discontinued automatically as a result of the limits stated in this Section 8(b) will automatically resume contributions to the Plan at the beginning of the earliest Purchase Period ending in the next calendar year, if he or
she then is an Eligible Employee. 
 9. Rights Not Transferable. The rights of any Participant under the Plan, or any
Participant’s interest in any Stock or moneys to which he or she may be entitled under the Plan, will not be transferable by voluntary or involuntary assignment or by operation of law, or in any other manner other than by beneficiary
designation or the laws of descent and distribution. If a Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan, other than by beneficiary designation or the laws of descent and
distribution, then such act will be treated as an election by the Participant to withdraw from the Plan under Section 5(a). 
 10. No
Rights as an Employee. Nothing in the Plan or in any right granted under the Plan will confer upon the Participant any right to continue in the employ of a Participating Company for any period of specific duration or interfere with or otherwise
restrict in any way the rights of the Participating Companies or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without cause. 

 11. No Rights as a Stockholder. A Participant will have no rights as a stockholder with
respect to any shares of Stock that he or she may have a right to purchase under the Plan until such shares have been purchased on the last day of the applicable Purchase Period. 

12. Securities Law Requirements. Shares of Stock will not be issued under the Plan unless the issuance and delivery of such shares
comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations
of any stock exchange or other securities market on which the Company’s securities may then be traded. 
 13. Stock Offered Under the
Plan. 
 (a) Authorized Shares. Subject to the provisions of Section 13(b) relating to Adjustments, the aggregate number of shares
of Stock available for purchase under the Plan will be 625,000, plus the number of shares of Stock that are automatically added on January 1st of each year for a period of up to ten years,
commencing on January 1, 2017 and ending on (and including) January 1, 2026, in an amount equal to the lesser of (i) .5% of the total number of shares of Stock outstanding on December
31st of the preceding calendar year, and (ii) 35,000 shares of Stock. Notwithstanding the foregoing, the Compensation Committee of the Board may act prior to the first day of any calendar year to
provide that there will be no January 1st increase in the share reserve for such calendar year or that the increase in the share reserve for such calendar year will be a lesser number of shares of
Stock than would otherwise occur pursuant to the preceding sentence. 
 (b) Adjustments. The aggregate number of shares of Stock
offered under the Plan, the share limit described in Section 7(c) and the price of shares that any Participant has elected to purchase will be adjusted proportionately by the Committee for any increase or decrease in the number of outstanding
shares of Stock resulting from a subdivision or consolidation of shares or the payment of a stock dividend, any other increase or decrease in such shares effected without receipt or payment of consideration by the Company, the distribution of the
shares of a Subsidiary to the Company’s stockholders or a similar event. 
 (c) Reorganizations. Any other provision of the Plan
notwithstanding, immediately prior to the effective time of a Corporate Reorganization, the Purchase Period then in progress will terminate and shares will be purchased pursuant to Section 7, unless the Plan is assumed by the surviving
corporation or its parent corporation pursuant to the plan of merger or consolidation. The Plan will in no event be construed to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, consolidation or other
reorganization. 
 14. Amendment or Discontinuance. The Board will have the right to amend, suspend or terminate the Plan at any time
and without notice. Except as provided in Section 13, any increase in the aggregate number of shares of Stock to be issued under the Plan will be subject to approval by a vote of the stockholders of the Company.  

15. Definitions. Capitalized terms used herein have the meanings set forth in this Section 15. 

(a) “Board” means the Board of Directors of the Company, as constituted from time to time. 

(b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Committee” means a committee of the Board, as described in Section 2. 

(d) “Company” means Kirkland’s, Inc. 

(e) “Compensation” means (i) the total compensation paid in cash to a Participant by a Participating Company, including
salaries, wages, bonuses, incentive compensation, commissions, overtime pay and shift premiums, plus (ii) any pre-tax contributions made by the Participant under Section 401(k) or 125 of the Code.
“Compensation” will exclude all non-cash items, moving or relocation allowances, cost-of-living equalization payments,
car allowances, tuition reimbursements, imputed income attributable to cars or life insurance, severance pay, fringe benefits, contributions or benefits received under employee benefit plans, income attributable to the exercise of stock options, and
similar items. The Committee will determine whether a particular item is included in Compensation. 

 (f) “Corporate Reorganization” means: 

(i) The consummation of a merger or consolidation of the Company with or into another entity, or any other corporate
reorganization; or 
 (ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets
or the complete liquidation or dissolution of the Company. 
 (g) “Effective Date” means June 1, 2016. 

(h) “Eligible Employee” means any employee of a Participating Company who meets both of the following requirements: 

(i) His or her customary employment is for more than five months per calendar year and for more than 20 hours per week;
and 
 (ii) He or she has been an employee of a Participating Company for at least 12 consecutive months. 

(i) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(j) “Fair Market Value” means, as of any specified date: 

(i) the closing price of the Stock as reported on the principal nationally recognized stock exchange on which Stock is traded,
or if no price is are reported on that date, the closing price on the last preceding date on which there were reported Stock prices; 

(ii) if the Stock is not listed or admitted to unlisted trading privileges on a nationally recognized stock exchange, the
closing price of the Stock on that date as reported by The Nasdaq Stock Market, or if no price is reported for that date, the closing price of the Stock on the last preceding date for which there were reported Stock prices; or 

(iii) if the Stock is not listed or admitted to unlisted trading privileges on a nationally recognized stock exchange or traded
on The Nasdaq Stock Market, the fair market value of one share of Stock, as determined by the Board in its discretion, which determination will be conclusive and binding on all persons. 

(k) “Participant” means an Eligible Employee who elects to participate in the Plan, as provided in Section 3(c). 

(l) “Participating Company” means (i) the Company and (ii) each present or future Subsidiary designated by the
Committee as a Participating Company. 
 (m) “Plan” means this Kirkland’s, Inc. 2002 Employee Stock Purchase Plan, as
amended from time to time. 
 (n) “Plan Account” means the account established for each Participant pursuant to
Section 7(a). 
 (o) “Purchase Period” means the periods during which contributions are accumulated toward the purchase
of Stock under the Plan, as described in Section 3(a)(ii). 
 (p) “Purchase Price” means the price at which
Participants may purchase Stock under the Plan, as determined pursuant to Section 7(b). 
 (q) “Stock” means the Common
Stock of the Company. 
 (r) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

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