Document:

Form of Stock Option Agreement, 1996 Director Option Plan

 Exhibit 10.8.2 
 COST PLUS, INC. 
 DIRECTOR OPTION AGREEMENT 
 Cost Plus, Inc., a California corporation (the “Company”), has granted to
                    (the “Optionee”) an option to purchase a total of 12,000 shares of the Company’s Common Stock (the
“Optioned Stock”), at the price determined as provided herein, and in all respects subject to the terms, definitions and provisions of the Company’s 1996 Director Option Plan (the “Plan”) adopted by the Company which is
incorporated herein by reference. The terms defined in the Plan shall have the same defined meanings herein. 
 1. Nature of the
Option. This Option is a nonstatutory option and is not intended to qualify as an incentive stock option as defined in Section 422 of the Code. 
 2. Exercise Price. The exercise price is $            for each share of Common Stock. 
 3. Exercise of Option. This Option shall be exercisable during its term in accordance with the provisions of Section 8 of the Plan as
follows: 
 (a) Right to Exercise. 
 (i) This Option shall become exercisable in installments cumulatively with respect to twenty-five percent (25%) of the Optioned Stock
on March 24, 2009, and with respect to an additional twenty-five percent (25%) of the Optioned Stock on each of the second, third and fourth anniversaries of the date of grant, so that one hundred percent (100%) of the Optioned Stock
shall be exercisable on the fourth anniversary of the date of grant, subject to the Optionee’s continued service as a Director through each such vesting date; provided, however, that in no event shall any Option be exercisable prior to the date
the stockholders of the Company approve the Plan. 
 (ii) This Option may not be exercised for a fraction of a share.

 (iii) In the event of Optionee’s death, disability or other termination of service as a Director, the exercisability
of the Option is governed by Section 8 of the Plan. 
 (b) Method of Exercise. This Option shall be exercisable by
written notice which shall state the election to exercise the Option and the number of Shares in respect of which the Option is being exercised. Such written notice, in the form attached hereto as Exhibit A, shall be signed by the Optionee and shall
be delivered in person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the exercise price. 
 4. Method of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the Optionee: 
 (a) cash; 
 (b) check; or 

 (c) surrender of other shares which (x) shall be valued at its Fair Market Value on
the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Committee, shall not result in any adverse accounting consequences to
the Company; or 
 (d) delivery of a properly executed exercise notice together with such other documentation as the Company
and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the exercise price. 
 5. Restrictions on Exercise. This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of
consideration for such shares would constitute a violation of any applicable federal or state securities or other law or regulations, or if such issuance would not comply with the requirements of any stock exchange upon which the Shares may then be
listed. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be required by any applicable law or regulation. 
 6. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Optionee only by the Optionee. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. 
 7. Term of Option. This Option may not be exercised more than seven (7) years from the date of grant of this Option, and may be exercised
during such period only in accordance with the Plan and the terms of this Option. 
 8. Taxation Upon Exercise of Option. Optionee
understands that, upon exercise of this Option, he or she will recognize income for tax purposes in an amount equal to the excess of the then Fair Market Value of the Shares purchased over the exercise price paid for such Shares. Since the Optionee
is subject to Section 16(b) of the Securities Exchange Act of 1934, as amended, under certain limited circumstances the measurement and timing of such income (and the commencement of any capital gain holding period) may be deferred, and the
Optionee is advised to contact a tax advisor concerning the application of Section 83 in general and the availability a Section 83(b) election in particular in connection with the exercise of the Option. Upon a resale of such Shares by the
Optionee, any difference between the sale price and the Fair Market Value of the Shares on the date of exercise of the Option, to the extent not included in income as described above, will be treated as capital gain or loss. 
 9. Code Section 409A. Under Code Section 409A, an Option that vests after December 31, 2004 (or that vested on or prior to such
date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date
of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income recognition by Optionee prior to the exercise of the Option, (ii) an
additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income, penalty and interest tax to the Optionee. 

  

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Optionee acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or
exceeds the Fair Market Value of a Share on the date of grant in a later examination. Optionee agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the
date of grant, Optionee shall be solely responsible for Optionee’s costs related to such a determination. 
 10. Entire Agreement;
Governing Law. The Plan is incorporated herein by reference. The Plan and this Option agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This agreement is governed by the
internal substantive laws but not the choice of law rules of California. 
 11. No Guarantee of Continued Service. OPTIONEE
ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A DIRECTOR AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES
HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A DIRECTOR FOR THE
VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS A DIRECTOR AT ANY TIME, WITH OR WITHOUT CAUSE. 
  

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 DATE OF GRANT:
                                 
  

			
	 COST PLUS, INC.
 a California corporation

		
	By:	 	 
		 	 Barry J. Feld, President and Chief
 Executive Officer

 Optionee acknowledges receipt of a copy of the Plan, a copy of which is attached hereto, and
represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. Optionee hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board upon any questions arising under the Plan. 
 Dated:
                             
  

	
	
	  
	Name, Optionee

 EXHIBIT A 
 COST PLUS, INC. 
 DIRECTOR OPTION EXERCISE NOTICE 
 Cost Plus, Inc. 
 200 4th Street 
 Oakland, CA 94607 
 Attention: Corporate Secretary 
 1. Exercise of Option. The undersigned (“Optionee”) hereby elects to exercise Optionee’s option to purchase
                    shares of the Common Stock (the “Shares”) of Cost Plus, Inc. (the “Company”) under and pursuant to the
Company’s 1996 Director Option Plan and the Director Option Agreement dated
                            (the “Agreement”). 
 2. Representations of Optionee. Optionee acknowledges that Optionee has received, read and understood the Agreement. 
 3. Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. The Shares so acquired will be issued to
Optionee as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 10 of the Plan. 
 4. Tax Consequences. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition
of the Shares. Optionee represents that Optionee has consulted with any tax consultant(s) Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

 5. Delivery of Payment. Optionee herewith delivers to the Company the aggregate purchase price for the Shares that Optionee has
elected to purchase and has made provision for the payment of any federal or state withholding taxes required to be paid or withheld by the Company. 

 6. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to
single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Optionee and his or
her heirs, executors, administrators, successors and assigns. 
 7. Severability; Interpretation. In the event that any provision
hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect. Any dispute regarding the interpretation of this Exercise Notice shall be
submitted by Optionee or by the Company forthwith to the Committee which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Committee shall be final and binding on all parties. 
 8. Entire Agreement; Governing Law. The Agreement is incorporated herein by reference. This Exercise Notice and the Agreement constitute the
entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof. This Exercise Notice and the Agreement are governed by California law except
for that body of law pertaining to conflict of laws. 
  

									
	Submitted by:	 		 	Accepted by:
			
	OPTIONEE:	 		 	COST PLUS, INC.
				
	 	 		 	By:	 	 
	Name, Optionee	 		 		 	 Barry J. Feld, President and Chief
 Executive Officer

	Address:	 		 		 	
				
	 	 		 		 	
				
	 	 		 		 	
			
	Dated:
                                        
                                        
        	 		 	Dated:                                     
                                        
           

  

 - 2 -Form of Option Agreement, 2004 Stock Plan

 Exhibit 10.9.2 
 COST PLUS, INC. 
 2004 STOCK PLAN 
 STOCK OPTION AWARD AGREEMENT 
 Unless otherwise defined herein, the terms
defined in the 2004 Stock Plan will have the same defined meanings in this Award Agreement. 
  

	I.	NOTICE OF STOCK OPTION GRANT 

 Name
                                        
             
 Residence Address: 
 _______________________________ 
 _______________________________ 
 You have been granted an option to purchase Common Stock of the Company, subject to the
terms and conditions of the Plan and this Award Agreement, as follows: 
  

			
	Date of Grant	  	_____________________
		
	Vesting Commencement Date	  	_____________________
		
	Exercise Price per Share	  	$____________________
		
	Total Number of Shares Granted	  	_____________________
		
	Total Exercise Price	  	$____________________
		
	Type of Option:	  	 ̈ Incentive Stock Option
		
		  	x Nonstatutory Stock Option
		
	Term/Expiration Date:	  	_____________________

 Vesting Schedule: 
 Subject to accelerated vesting as set forth in the Plan, this Option may be exercised, in whole or in part, in accordance with the following schedule:

 1/4 of the Shares subject to the Option will vest twelve months after the Vesting Commencement Date, and 1/4 of the Shares subject to the
Option will vest each year thereafter on the same day of the month as the Vesting Commencement Date, subject to Participant continuing to be a Service Provider through each vesting date. 

 Termination Period: 
 This Option shall be exercisable for three months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s death or Disability, in which case this Option shall be
exercisable for one (1) year after Participant ceases to be Service Provider. Notwithstanding the foregoing, in no event may this Option be exercised after the Term/Expiration Date as provided above. 
  

	II.	AGREEMENT 

  

	 	A.	Grant of Option. 

 The Administrator hereby
grants to the individual named in the Notice of Grant attached as Part I of this Agreement (the “Participant”) an option (the “Option”) to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price
per Share set forth in the Notice of Grant (the “Exercise Price”), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18(c) of the Plan, in the event of a conflict between
the terms and conditions of the Plan and the terms and conditions of this Award Agreement, the terms and conditions of the Plan will prevail. 
 If designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is
intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it will be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion thereof)
shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary or any of
their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. 
  

	 	B.	Exercise of Option. 

 (a) Right
to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Grant and the applicable provisions of the Plan and this Award Agreement. 
 (b) Method of Exercise. This Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit A (the
“Exercise Notice”), which will state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be
required by the Company pursuant to the provisions of the Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised
Shares together with any applicable withholding taxes. This Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price. 
 No Shares will be issued pursuant to the exercise of this Option unless such issuance and exercise comply with Applicable Laws. Assuming
such compliance, for income tax purposes the Exercised Shares will be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. 
  

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	 	C.	Method of Payment. 

 Payment of the
aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Participant: 
 1.
cash; 
 2. check; 
 3. consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or 
 4. surrender of other Shares which (A) shall be valued at its Fair Market Value on the date of exercise, and (B) must be owned
free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company. 
  

	 	D.	Non-Transferability of Option. 

 This Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by
Participant. The terms of the Plan and this Award Agreement will be binding upon the executors, administrators, heirs, successors and assigns of Participant. 
  

	 	E.	Term of Option. 

 This Option may be
exercised only within the term set out in the Notice of Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Award Agreement. 
  

	 	F.	Tax Obligations. 

 1. Withholding
Taxes. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding
requirements applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. 
 2. Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant
sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (1) the date two years after the Grant Date, or (2) the date one year after the date of exercise, Participant will immediately notify
the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. 
  

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 3. Code Section 409A. Under Code Section 409A, an Option that vests
after December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the
“IRS”) to be less than the Fair Market Value of a Share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income
recognition by Participant prior to the exercise of the Option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in
additional state income, penalty and interest tax to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market
Value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant,
Participant shall be solely responsible for Participant’s costs related to such a determination. 
  

	 	G.	Entire Agreement; Governing Law. 

 The Plan is incorporated herein by reference. The Plan and this Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to Participant’s interest except by means of a writing signed by the Company and Participant. This Award Agreement is governed by the
internal substantive laws, but not the choice of law rules, of California. 
  

	 	H.	NO GUARANTEE OF CONTINUED SERVICE. 

 PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN
OPTION OR PURCHASING SHARES HEREUNDER). PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS AN EMPLOYEE, CONSULTANT OR NON-EMPLOYEE DIRECTOR FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE WITH PARTICIPANT’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A
SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
 [Remainder of Page Intentionally Left Blank] 
  

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 By Participant’s signature and the signature of the Company’s representative below, Participant
and the Company agree that this Option is granted under and governed by the terms and conditions of the Plan and this Award Agreement. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Award Agreement and fully understands all provisions of the Plan and Award Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions relating to the Plan and Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
  

									
	PARTICIPANT:	 		 	COST PLUS, INC.
			
	 	 		 	 
	Name/Signature	 		 	By
			
		 		 	 
		 		 	Title

  

	
	Residence Address:
	
	  
	
	  

  

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 EXHIBIT A 
 COST PLUS, INC. 
 2004 STOCK PLAN 
 EXERCISE NOTICE 
 Cost Plus, Inc. 
 200 Fourth Street 
 Oakland, CA 94607 
 Attention: Corporate Secretary 
 1. Exercise of Option. Effective as of today,
                                ,
            , the undersigned (“Purchaser”) hereby elects to purchase
                                shares (the “Shares”) of the Common
Stock of Cost Plus, Inc. (the “Company”) under and pursuant to the 2004 Stock Plan (the “Plan”) and the Award Agreement dated
                                (the “Award Agreement”). The purchase
price for the Shares will be $                                , as required by the
Award Agreement. 
 2. Delivery of Payment. Purchaser herewith delivers to the Company the full purchase price for the Shares any
required withholding taxes to be paid in connection with the exercise of the Option. 
 3. Representations of Purchaser. Purchaser
acknowledges that Purchaser has received, read and understood the Plan and the Award Agreement and agrees to abide by and be bound by their terms and conditions. 
 4. Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive
dividends or any other rights as a shareholder will exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. The Shares so acquired will be issued to Participant as soon as practicable after exercise of the Option. No
adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section 16 of the Plan. 
 5. Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has
consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice. 
 6. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise
Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators,
successors and assigns. 

 7. Severability; Interpretation. In the event that any provision hereof becomes or is declared by
a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the
Company forthwith to the Administrator which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties.  
 8. Entire Agreement; Governing Law. The Plan and Award Agreement are incorporated herein by reference. This Agreement, the Plan and the Award
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may
not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This agreement is governed by the internal substantive laws, but not the choice of law rules, of California. 
  

									
	Submitted by:	 		 	Accepted by:
			
	PURCHASER:	 		 	COST PLUS, INC.
			
	 	 		 	 
	Name/Signature	 		 	By
		 		 	 
		 		 	Title

  

					
	Residence Address:	 		 	Address:
			
	  	 		 	 200 Fourth Street
 Oakland, CA 94607

			
	  	 		 	 
			
		 		 	  
		 		 	Date Received

  

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