Document:

Exhibit
4.1

INCORPORATED UNDER
THE LAWS OF CANADA

WORLD
HEART

TECHNOLOGY for LIFE

	
  NUMBER

  

  WHC1932976

  	
   

  	
        SHARES

  *12345678901********

  **12345678901*******

  ***12345678901******

  ****12345678901*****

  *****12345678901****

  

 

This
Certifies That

PROOF * VHC1532976
* CA9809053015 * 12345678901 FULLY PAID AND NON-ASSESSABLE COMMON SHARES, WITHOUT
NORMAL OR PAR VALUE OF WORLD HEART CORPORATION * WORLD HEART CORPORATION * PROOF
* WHC1932976 * CA9809053015 * 12345678901 FULLY PAID AND NON-ASSESSABLE COMMON
SHARES. [ILLEGIBLE] OF WORLD HEART CORPORATION * WORLD HEART CORPORATION *
PROOF * WHC1932976 * CA5869053015 * 12345678901 FULL PAID NON-ASSESSABLE COMMON
SHARES, WITHOUT NORMAL OR PAR VALUE, OF WORLD HEART CORPORATION [ILLEGIBLE] * WORLD
HEART CORPORATION * PROOF * WHC1932976 * CA9809053015 * 12345678901 FULLY PAID
AND NON-ASSESSABLE COMMON SHARES WITHOUT NOMINAL OR PAR VALUE OF WORLD HEART
CORPORATION * WORLD HEART CORPORATION * PROOF * WHC1932976 * CA9809053015 * 12345678901FULLY
PAID AND NON-ASSESSABLE COMMON SHARES, WITHOUT NOMINAL OR PAR VALUE, OF WORLD
HEART CORPORATION * WORLD HEART CORPORATION * PROOF * WHC1932976 * CA9809053015
* 12345678901 FULLY PAID AND NON-ASSESSABLE COMMON SHARES, WITHOUT NOMINAL OR
PAR VALUE OF WORLD HEART CORPORATION * WORLD HEART CORPORATION * PROOF
WHC1932976 * CA9809353015 * 12345678901 FULLY PAID AND NON

Is The Registered
Holder Of

	
  * PROOF * WHC1932976 * CA9809053015 * 12345678901
  FULLY PAID AND NON-ASSESSABLE COMMON SHARES WITHOUT NOMINAL OR PAR VALUE OF
  WORLD HEART CORPORATION * WORLD HEART CORPORATION * [ILLEGIBLE] * CA9809053015
  * 12345678901 FULLY PAID AND NON-ASSESSABLE COMMON SHARES, WITHOUT NOMINAL OR
  PAR VALUE, OF WORLD HEART CORPORATION * WORLD HEART CORPORATION * PROOF * WHC1932976
  *

  	
   

  	
  ISIN: CA9809053015

  CUSIP: 980905301

  

 

FULLY
PAID AND NON-ASSESSABLE COMMON SHARES, WITHOUT NOMINAL OR PAR VALUE, OF WORLD
HEART CORPORATION

transferable only on the
books of the Corporation by the registered holder hereof in person or by Attorney
duly authorized in writing upon surrender of this Certificate properly
endorsed.

This Certificate is no
valid until countersigned and registered by the Registrar and Transfer Agent
duly authorized by the Corporation.

IN WITNESS WHEREOF the
Corporation has caused this Certificate to be signed by the facsimile signature
of its duly authorized officers.

	
  

  	
  DATED: MAY 25, 2007

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COUNTERSIGNED AND REGISTERED

  
	
  President and CEO

  	
  CIBC MELLON TRUST COMPANY

  
	
   

  	
  REGISTRAR AND TRANSFER AGENT

  OR MELLON INVESTOR SERVICES LLC

  
	
   

  	
  CO-TRANSFER AGENT AND CO-REGISTRAR

  
	
   

  	
   

  
	
   

  	
  BY:

  	
   

  	
   

  
	
  Secretary

  	
   

  	
  Authorized
  Signature

  	
   

  
	
   

  	
   

  	
   

  

 

The shares represented by
this certificate are transferable at the office of CIBC Mellon on Trust Company
in Toronto, Ontario and Mellon Investor Services, LLC in Jersey City, NI, USA

	
  84740140 G PROOF 00050449

  	
   

  	
  SECURITY INSTRUCTIONS ON REVERSE VOIR LES
  INSTRUCTIONS DE SECURITÉ AU VERSO

  	
   

  	
  999999999 G3275339

  

 

For value received, the
undersigned hereby sell(s), assign(s) and transfer(s) unto
                                                                                                                                                                                                         

(Print name(s) of person(s) to whom the securities are being transferred and
the address for the register)
                                                                                                                                                                                                                           shares
(number of shares if blank, deemed to be all) shares of the Company represented
by this certificate, and hereby irrevocably constitutes and appoints
                                                                        
the attorney of the undersigned to transfer the said securities with full power
of substitution in this matter:

	
  Dated 

  	
   

  	
   

  	
   

  	
   

  

 

	
  

  	
   

  	
   

  
	
  Signature Guarantee(s)*

  	
   

  	
  Transferor(s) Signature(s)*

  
	
  (the transfer cannot be processed without

  acceptable guarantees of all signatures)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

* For transfers signed by
the registered holder(s), their signature(s) must correspond with the name(s)
on the certificate in every particular, without any changes. In addition, every
signature must be Signature Guaranteed
by a Canadian Schedule 1 chartered bank, a major trust company in Canada, or a
member of one of the recognized medallion programs - Securities Transfer Agents
Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP) or New York
Stock Exchange, Inc. Medallion Signature Program (MSP).

THE CLASS OF SHARES THAT
THIS CERTIFICATE REPRESENTS HAS RIGHTS, PREVILEGES, RESTRICTIONS AND CONDITIONS
ATTACHED THERETO AND THE CORPORATION WILL FURNISH TO A SHAREHOLDER, ON DEMAND
AND WITHOUT CHARGE, A FULL COPY OF THE TEXT OF (i) THE RIGHTS, PRIVILEGES,
RESTRICTIONS AND CONDITIONS ATTACHED TO EACH CLASS AUTHORIZED TO BE ISSUED AND
TO EACH SERIES INSOPAR AS THE SAME HAVE BEEN FIXED BY THE DIRECTORS, AND (ii)
THE AUTHORITY OF THE DIRECTORS TO FIX THE RIGHTS, PRIVILEGES, RESTRICTIONS AND
CONDITIONS OF SUBSEQUENT SERIES.

SECURITY INSTRUCTIONS -
INSTRUCTIONS DE SÉCURITÉ

THIS IS WATERMARKED PAPER, DO NOT ACCEPT WITHOUT NOTING WATERMARK. HOLD
TO LIGHT OT VERIFY WATERMARK.

PAPIER FILIGRANÉ. NE PAS
ACCEPTER SANS VÉRIFIER LA PRÉSENCE DU FILIGRANE. POUR CE FAIRE, PLACER À LA
LUMIERE.EXHIBIT
10.1

EXECUTIVE EMPLOYMENT AGREEMENT

BETWEEN

CHRISTOPHER & BANKS
CORPORATION

AND

ANDREW K.
MOLLER

THIS
AGREEMENT is effective as of May 24, 2007, by and between
Christopher & Banks Corporation, a corporation duly organized and existing
under the laws of the State of Delaware (the “Corporation”) and Andrew K.
Moller (“Executive”).

PREAMBLE

Executive has
served as Executive Vice President and Chief Financial Officer of the
Corporation under an Employment Agreement dated March 1, 2004 (the “2004
Employment Agreement”).  The initial term
of the 2004 Employment Agreement terminated on March 1, 2007 and since that
date it has continued in effect on a year to year basis.  The Board of Directors of the Corporation
(the “Board”) and the Executive desire to terminate the 2004 Employment
Agreement and replace it with this Employment Agreement to recognize Executive’s
valuable performance on behalf of the Corporation.  The parties have agreed to execute this
Employment Agreement containing the following terms and conditions:

ARTICLE 1

EMPLOYMENT

1.1           The Corporation hereby
employs Executive, and Executive agrees to be employed by the Corporation as
Executive Vice President and Chief Financial Officer through February 28,
2009.  Executive agrees to continue
performing his duties as Executive Vice President and Chief Financial Officer,
and agrees to perform such duties as are customarily incident to his position
and such other duties which may be assigned to him from time to time by the
Chief Executive Officer and the Board of Directors of the Corporation.

ARTICLE 2

TERM

2.1           The term of this
Agreement shall be the period commencing on the date of this Agreement and
ending on February 28, 2009, unless sooner terminated as hereinafter provided
in Article 13.  The term of this
Agreement will continue on a year-to-year basis after February 28, 2009 unless
either party gives written notice of non-renewal of the Employment Agreement at
least 120 days prior to the end of the initial term or any one-year extension.  The severance payments described in Section
13.1 of this Agreement shall not apply in the event of non-renewal of this
Agreement.

ARTICLE 3

DUTIES

3.1           Executive agrees to
devote his full time and effort, to the best of his ability, to carry out his
duties as an Executive Vice President and Chief Financial Officer for the
profit, benefit and advantage of the business of the Corporation.  Executive shall continue to report directly
to the Chief Executive Officer of the Corporation.

ARTICLE 4

COMPENSATION
AND BENEFITS

4.1           Effective as of March
1, 2007, Executive’s base salary will be $330,000.  For fiscal 2009 and for each fiscal year
thereafter, Executive’s base salary shall be reviewed and increases, if any,
shall be awarded to Executive by the Board of Directors in its sole discretion,
but his base salary shall not be reduced from that of the prior fiscal
year.  Executive’s base salary shall be
payable at the same intervals as the Corporation pays other executives.

4.2           Executive shall
continue to be eligible to receive annual bonuses in accordance with the
Corporation’s senior executive incentive plan as in effect and approved by the
Board of Directors from time to time.

4.3           Subject to the terms
and conditions of such plans and programs, Executive shall be entitled to participate
in the various other employee benefit plans and programs applicable to senior
executives of the Corporation including, but not limited to, medical, life and
other benefits.

4.4           The Corporation shall
pay to Executive a car allowance of $1,000 per month.

4.5           Executive shall be
entitled during each full calendar year in which this Agreement remains in
effect to four (4) weeks of paid vacation time and a pro rata portion thereof
for any partial calendar year.  Any
vacation time not used during any such calendar year may not be carried forward
to any succeeding calendar year and shall be forfeited unless the Chief
Exective Officer of the Corporation approves in writing that unused vacation
can be carried over into the following year. 
Executive shall not be entitled to receive any payment in cash for
vacation time remaining unused at the end of any year.

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ARTICLE 5

INSURANCE

5.1           The Corporation shall
have the right at its own expense and for its own benefit to purchase
additional insurance on Executive’s life, and Executive shall cooperate by
providing necessary information, submitting to required medical examinations,
and otherwise complying with the insurance carrier’s requirements.

5.2           Executive shall be
entitled to disability insurance in line with the present policy of the
Corporation, to be provided at the expense of the Corporation.

ARTICLE 6

DEFINITIONS

6.1           “Cause” shall mean (i)
any fraud, misappropriation or embezzlement by Executive in connection with the
business of the Corporation, (ii) any conviction of a felony or a gross
misdemeanor by Executive, (iii) any gross neglect or persistent neglect by
Executive to perform the duties assigned to him hereunder or any other act that
can be reasonably expected to cause substantial economic or reputational injury
to the Corporation or (iv) any material breach of Articles 7, 8 or 9 of this
Agreement, provided that the existence of such neglect or material breach shall
be determined by a majority of the directors and their determination shall be
set forth in writing and attested to by each concurring director.  Provided further that in connection with an
event described in Section 6.1(iii) above, Executive shall first have received
a written notice from the Corporation which sets forth in reasonable detail the
manner in which Executive has grossly or persistently neglected his duties, and
Executive shall have a period of ten (10) days to cure the same, but the
Corporation shall neither be required to give written notice of, nor shall
Executive have a period to cure, the same or any similar gross or persistent
neglect or material breach which the Corporation has previously given written
notice to Executive hereunder and Executive has cured such neglect or breach.

6.2           A “Change of Control”
shall be deemed to have occurred if (i) there shall be consummated (A) any
consolidation or merger in which the Corporation is not the continuing or
surviving corporation or pursuant to which shares of the Corporation’s common
stock would be converted into cash, securities or other property, other than a
consolidation or a merger having the same proportionate ownership of common
stock of the surviving corporation immediately after the consolidation or
merger or (B) any sale, lease, exchange or other transfer (in one transaction
or a series of related transactions other than in the ordinary course of
business of the Corporation) of all, or substantially all, of the assets of the
Corporation to any corporation, person or other entity which is not a direct or
indirect wholly-owned subsidiary of the Corporation, or (ii) any person, group,
corporation or other entity (collectively, “Persons”) shall acquire beneficial
ownership (as determined pursuant to Section 13(d) of the Securities Exchange
Act of 1934, as amended, and rules and regulations promulgated hereunder) of
50% or more of the Corporation’s outstanding common stock.  In all cases, the determination of whether a
Change of Control has occurred shall be made in accordance with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), and the
regulations, notices and other guidance of general applicability issued
thereunder.

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

6.4           A “Competitor” means
any person or organization (1) which is a women’s specialty apparel
store retailer whose operations on the date of termination of Executive’s
employment compete with twenty percent (20%) of the Corporation’s
Christopher & Banks, CJ Banks and Acorn store operations, including,
but not limited to, The Cato Corporation, Talbots, Inc., Chico’s FAS, Inc.,
Coldwater Creek, Inc., The Limited, Inc., Dress Barn Inc. United Retail Group,
Inc.,  Charming Shoppes, Inc., New York and Company, Bebe, Charlotte Russe
and Ann Taylor; and (2) the following department stores and large
box retailers: Kohls department stores, Target, J.C. Penney and
Sears.  “Competitor” shall also include all divisions, subsidiaries, and
affiliates of the stores identified in this Section 6.4.

6.5           “Good Reason” shall
mean a good faith determination by Executive, in Executive’s sole and absolute
judgment, that any one or more of the following events has occurred, at any
time during the term of this Agreement or after a Change of Control; provided,
however, that such event shall not constitute “Good Reason” if Executive has
expressly consented to such event in writing or if Executive fails to provide
written notice of his decision to terminate within sixty (60) days of the
occurrence of such event:

i)                                         A
material change in Executive’s reporting responsibilities, titles or offices,
or any removal of Executive from or any failure to re-elect Executive to any of
such positions, which has the effect of materially diminishing Executive’s
responsibility or authority;

ii)                                      A
requirement imposed by the Corporation on Executive that results in Executive
being based at a location that is outside of a twenty-five (25) mile radius of
Executive’s prior job location;

iii)                                   Any
material breach by the Corporation of this Employment Agreement between
Executive and the Corporation.

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ARTICLE 7

NONCOMPETITION AND NONSOLICITATION

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

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

7.3           During Executive’s
employment and for a period of one year after termination of Executive’s employment
with the Corporation for any reason, whether voluntary or involuntary,
Executive will not solicit, entice, or induce (or attempt to do so, directly or
indirectly), any employee of the Corporation to be employed by any other party.  This Section 7.3 shall apply to then-current
employees and any individual who was employed by the Corporation at any time in
the one-year period immediately prior to Executive’s termination date.

7.4           During Executive’s
employment and for a period of one year after termination of Executive’s
employment with the Corporation for any reason, whether voluntary or
involuntary, Executive will not engage (or attempt to do so, directly or
indirectly) any vendor of the Corporation on behalf of a Competitor.  This Section 7.4 shall apply to then-current
vendor and any vendor who was a vendor of the Corporation at any time in the
one-year period immediately prior to Executive’s termination date.

ARTICLE 8

CONFIDENTIAL
INFORMATION AND TRADE DOCUMENTS

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

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

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ARTICLE 9

INVENTIONS AND COPYRIGHT

9.1         Executive hereby irrevocably assigns to the
Corporation and its successors, assigns, and legal representatives:

i)              Except as provided by any statutory notice
provided herewith, the entire right, title and interest to all Inventions;

“Inventions”, as used herein, means all inventions conceived or
made or reduced to practice in whole or in part by Executive during employment
by the Corporation, including discoveries, improvements, designs, processes,
techniques, equipment, trademarks, and ideas (whether patentable or not and
including, without limitation, those that might be copyrightable).

ii)             The entire right, title and interest to any
United States or foreign Letters Patents which may issue or that has issued
with respect to Inventions;

iii)            The entire right, title and interest to any
renewals, reissues, extensions, substitutions, continuations, continuations-in-part,
or divisions that may be filed with respect to the Inventions, applications,
and patents;

iv)           The right to apply for Letters Patents in foreign
countries in its own name and to claim any priority rights to which such
foreign applications are entitled under international conventions, treaties or
otherwise; and

v)            The right to sue for past, present, and future
infringement of such Inventions and Letters Patent.

Executive further agrees to
provide written disclosure of all Inventions to the Corporation, even if a
particular Invention is not assigned according to terms of any statutory notice
provided herewith.  Executive hereby
authorizes and request the Commissioner of Patents and Trademarks to issue to
the Corporation any Letters Patents which may be granted in accordance with
this Assignment.  This Agreement
does not apply to an invention for which no equipment, supplies, facility or
trade secret information of the Corporation was used and which was developed
entirely on Executive’s own time, and (1) which does not relate (a) directly to
the business of the Corporation or (b) to the Corporation’s actual or
demonstrably anticipated research or development, or (2) which does not result
from any work performed by Executive for the Corporation.

9.2           Executive hereby
acknowledges and agrees that, to the extent any work performed by Executive for
the Corporation gives rise to the creation of any copyrightable material (“Work”),
all such Work, including all text, software, source code, scripts, designs,
diagrams, documentation, writings, visual works, or other materials shall be
deemed to be a work made for hire for the Corporation.  To the extent that title to any Work may not,
by operation of law, vest in the Corporation or such Work may not be considered
work made for hire for the Corporation,

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all rights, title and
interest therein were assigned and are hereby irrevocably assigned to the
Corporation, including but not limited to the right to sue for past, present,
and future infringement of any Work.  All
such Work shall belong exclusively to the Corporation, with the Corporation
having the right to obtain and to hold in its own name, copyrights, registrations
or such other protection as may be appropriate to the subject matter, and any
extensions and renewals thereof.  To the
extent that title to any Work may not be assigned to the Corporation, Executive
hereby grants the Corporation a worldwide, nonexclusive, perpetual,
irrevocable, fully paid-up, royalty-free, unlimited, transferable,
sublicensable license, without right of accounting, in such Work.  Executive agrees to execute and deliver
without further consideration such documents and to perform such other lawful
acts as the Corporation, its successors and assigns may deem necessary to fully
secure the Corporation’s rights, title or interest in all Works and Inventions
as set forth in this Agreement.

ARTICLE
10

JUDICIAL CONSTRUCTION

10.1         Executive believes and
acknowledges that the provisions contained in this Agreement, including the
covenants contained in Articles 7, 8 and 9 of this Agreement, are fair and
reasonable.  Nonetheless, it is agreed
that if a court finds any of these provisions to be invalid in whole or in part
under the laws of any state, such finding shall not invalidate the covenants,
nor the Agreement in its entirety, but rather the covenants shall be construed
and/or bluelined, reformed or rewritten by the court as if the most restrictive
covenants permissible under applicable law were contained herein.

ARTICLE 11

RIGHT TO
INJUNCTIVE RELIEF

11.1         Executive acknowledges
that a breach by Executive of any of the terms of Articles 7, 8 or 9 of this
Agreement will render irreparable harm to the Corporation.  Accordingly, the Corporation shall therefore
be entitled to any and all equitable relief, including, but not limited to,
injunctive relief, and to any other remedy that may be available under any
applicable law or agreement between the parties, and to recover from Executive
all costs of litigation including, but not limited to, attorneys’ fees and
court costs.

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ARTICLE
12

CHANGE OF CONTROL

12.1         If Executive’s employment
is terminated by the Corporation or its successor without cause or Executive
resigns with good reason and such termination or resignation occurs within
twelve (12) months following a Change in Control, all unvested rights to
purchase stock under outstanding stock options held by Executive and all
restricted stock held by Executive shall vest immediately for the benefit of
Executive, and the Board of Directors will use its reasonable efforts to
register such shares under the Securities Act of 1933, as amended, if
necessary.

12.2         If Executive’s employment
is terminated by the Corporation or its successor without cause or Executive
resigns for Good Reason and within twelve (12) months following a Change in
Control, in addition to any severance pay and benefits under Section 13.1 of
this Agreement, Executive shall be entitled to receive from the Corporation or
its successor a lump sum payment equivalent to one (1) year of his then-current
base salary.  This payment shall be made
by the Corporation within ten (10) business days following Executive’s
termination date, subject to the application of Code Section 409A as set forth
in Section 13.1 of this Employment Agreement.

12.3         In the event any Change
of Control Benefit, as defined below, payable to Executive would constitute an “excess
parachute payment” as defined in Code Section 280G, Executive shall receive a “tax
gross-up” payment sufficient to pay the initial excise tax applicable to such
excess parachute payment (but excluding the income and excise taxes, if any,
applicable to the tax gross-up payment). 
Such additional cash payment shall be made within sixty (60) days
following the effective date of the Change of Control.  For purposes of this Section 12.3, a “Change
of Control Benefit” shall mean any payment, benefit or transfer of property in
the nature of compensation paid to or for the benefit of Executive under any
arrangement which is considered contingent on a Change of Control for purposes
of Code Section 280G, including, without limitation, any and all of the
Corporation’s salary, bonus, incentive, restricted stock, stock option,
equity-based compensation or benefit plans, programs or other arrangements, and
shall include benefits payable under this Agreement.

ARTICLE 13

TERMINATION

13.1         Notwithstanding anything
herein to the contrary, the Corporation may terminate the employment of
Executive at any time without cause by written notice of termination of
employment to Executive.  In the event
that the Corporation terminates the employment of Executive by delivering
notice in accordance with the preceding sentence, Executive shall receive (A)
severance payments equal to his base salary from the date of termination until
February 28, 2009 or severance payments equal to his monthly base salary for
twelve (12) months if the date of termination is twelve (12) months or less from
the end of the employment term, and (B) payment of Executive’s COBRA premiums
for a period equivalent to the severance period but not to exceed eighteen (18)
months.  If, however, Executive shall
secure other employment, self employment or a consulting position, the
preceding severance amount

 8
 

payable to or on behalf
of Executive by the Corporation shall be offset and reduced by such other cash
compensation Executive earns through such other employment or consulting
arrangements during the severance period hereunder.  Severance pay due to Executive hereunder will
be made over time in accordance with the Corporation’s regular payroll
schedule.  Executive shall be entitled to
the severance pay and benefits set forth in this Section 13.1 only if he first
executes, returns and does not rescind a release of claims agreement in favor
of the Corporation.  Executive agrees to
immediately notify the Corporation of the amount of compensation earned by him
through other employment, self-employment or consulting during the severance
period hereunder.

Except as provided
in this Section 13.1, all compensation and benefits, including the vesting of
outstanding restricted stock, provided to Executive under this Agreement shall
immediately cease upon his termination (including, but not limited to, bonus
eligibility), subject to applicable employment laws and regulations.

Notwithstanding
the foregoing, if the severance payments described in this Section 13.1 or the
change of control payments described in Section 12.2 are subject to the
requirements of Code Section 409A and the Corporation determines that Executive
is a “specified employee” as defined in Code Section 409A as of the date of the
termination, such payments shall not be paid or commence earlier than the date
that is six months after the termination, but shall be paid or commence during
the calendar year following the year in which the termination occurs and within
30 days of the earliest possible date permitted under Code Section 409A.

13.2         In consideration of Executive’s
release of claims as described in Section 13.1 of this Agreement, by signing
this Agreement, the Corporation agrees to release and not to sue, and forever
discharges Executive of and from any and all manner of claims, demands,
actions, causes of action, administrative claims, liability, damages, claims
for punitive or liquidated damages, claims for attorney’s fees, costs and
disbursements, individual or class action claims, or demands of any kind
whatsoever it has or might have against Executive in law or equity, contract or
tort, arising within the scope of Executive’s employment at the Corporation
from the beginning of his employment with the Corporation through Executive’s
termination date from the Corporation. 
The Corporation’s release of claims in this Section 13.2 shall not apply
to claims arising out of Executive’s intentional misconduct or gross
negligence.

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

13.4         This Agreement will
terminate upon Executive’s death or upon Executive’s disability that prevents
him from performing his essential job functions under this Agreement, with or
without reasonable accommodation, for a continuous period of six (6) months or
for periods aggregating six (6) months in any eighteen (18) month period.

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ARTICLE
14

INDEMNIFICATION

14.1         The Corporation shall
indemnify Executive to the full extent permitted by law for damages, costs and
expenses (including, without limitation, judgments, fines, penalties,
settlements and reasonable fees and expenses of Executive’s counsel) incurred
in connection with all matters, events and transactions related to or arising
within the scope of Executive’s employment under this Agreement, unless such
damages, expenses and reasonable fees and expenses resulted from Executive’s
intentional misconduct or gross negligence.

ARTICLE
15

ASSIGNMENT

15.1         Executive consents to and
the Corporation shall have the right to assign this Agreement to its successors
or assigns.  Additionally, Executive
consents to and the Corporation shall have the right to assign this Agreement
to any subsidiary, and all covenants or agreements hereunder shall inure to the
benefit of and be enforceable by or against its successors or assigns.

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

ARTICLE
16

FAILURE TO DEMAND PERFORMANCE AND WAIVER

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

ARTICLE
17

ENTIRE AGREEMENT

17.1         The Corporation and
Executive acknowledge that this Agreement contains the full and complete
agreement between and among the parties, that there are no oral or implied
agreements or other modifications not specifically set forth herein, and that
this Agreement supersedes any prior agreements or understandings, if any,
between the Corporation and Executive, whether written or oral.  In particular, this Agreement terminates the
2004 Employment Agreement and supersedes and replaces in full the 2004
Employment Agreement.  The parties
further agree that no modifications of this Agreement may be made except by
means of a written agreement or memorandum signed by both parties.  Notwithstanding anything in this Agreement to
the contrary, the Corporation expressly reserves the right to amend this
Agreement

 10
 

without Executive’s
consent to the extent necessary or desirable to comply with Code Section 409A,
and the regulations, notices and other guidance of general applicability issued
thereunder.

ARTICLE
18

GOVERNING
LAW

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

ARTICLE
19

SURVIVAL

19.1         The parties agree
that Articles 7, 8 and 9 of this Agreement, and those provisions necessary for
the enforcement of Articles 7, 8 and 9 of this Agreement, shall survive
termination of this Agreement and termination of Executive’s employment for any
reason.

ARTICLE 20

UNDERSTANDINGS

20.1         Executive hereby
acknowledges that (a) the Corporation informed him, as part of the offer of employment
under this Employment Agreement and prior to his accepting employment with the
Corporation under the terms and conditions set forth in this Agreement, that
the restrictive covenants contained in Articles 7, 8 and 9 of this Agreement
would be required as part of the terms and conditions of his employment with
the Corporation under this Agreement; (b) this Agreement constitutes good and
valuable consideration in exchange for the restrictive covenants contained in
Articles 7, 8 and 9 of this Agreement, (c) he has carefully considered the
restrictions contained in this Agreement and determined that they are
reasonable; and (d) the restrictions in this Agreement will not unduly restrict
Executive in securing other employment or earning a livelihood in the event of
his termination from the Corporation.

20.2         By signing below,
Executive authorizes the Corporation to notify third parties (including, but
not limited, Executive’s actual or potential future employers) of Articles 7, 8
and 9 of this Agreement, and those provisions necessary for the enforcement of
Articles 7, 8 and 9 of this Agreement, and Executive’s responsibilities
thereunder.

20.3         Executive represents and
warrants to the Corporation that he is not under, or bound to be under in the
future, any obligation to any person, firm, or corporation that is or would be
inconsistent or in conflict with this Agreement or would prevent, limit, or
impair in any way the performance by him of his obligations hereunder.

20.4         If Executive possesses any information that he
knows or should know is considered by any third party to be confidential, trade
secret, or otherwise proprietary, Executive shall not

 11
 

disclose such information to the Corporation or use such
information to benefit the Corporation in any way.

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

	
  

  	
  CHRISTOPHER & BANKS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date: May 24,
  2007

  	
  By:

  	
  /s/ Matthew P.
  Dillon

  	
   

  
	
   

  	
   

  	
  Its: President and CEO

  
	
  /s/ Luke Komarek

  	
   

  	
   

  
	
  Witness

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date: May 24,
  2007

  	
  /s/ Andrew K. Moller

  	
   

  
	
   

  	
  Andrew K. Moller

  
	
  /s/ Luke Komarek

  	
   

  	
   

  
	
  Witness

  	
   

  

 

 12

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