EXHIBIT 10.20
STOCK OPTION AGREEMENT
under the
CITI TRENDS 2005 LONG-TERM INCENTIVE PLAN
THIS STOCK OPTION AGREEMENT is made
this day
of , 200
by and between the grantee,
(the “Participant”) and Citi Trends, a Delaware
corporation (the “Company”), pursuant to the
Company’s 2005 Long-Term Incentive Plan (the
“Plan”), which is incorporated into and forms a part of
this Agreement. On this day, in accordance with the terms of the
Plan and subject to the further terms, conditions and restrictions
contained in this Stock Option Agreement (this
“Agreement”), the Company hereby grants the following
option to purchase Common Stock of the Company:
|
Total Number of Shares
Granted:
|
|
|
|
|
Type of Option (ISO/NSO)
:
|
|
NSO
|
|
|
Exercise Price:
|
|
$
|
|
|
|
Date of Grant:
|
|
|
|
|
Expiration Date:
|
|
|
|
|
|
|
|
|
|
1.
Date Exercisable
. This option may be exercised
with respect to the first 25% of the Shares subject to this option
when the Participant completes 12 months of continuous Service
after the Date of Grant. This option may be exercised with
respect to an additional 25% of the Shares subject to this option
when the Participant completes each year of continuous Service
thereafter, and will be fully vested 48 months after the Date of
Grant.
2.
Term and
Expiration.
(a)
Basic
Term . This option shall in
any event expire on the Expiration Date set forth in this
Agreement, which date is 10 years after the Date of Grant (not more
than five years after the Date of Grant if this option is
designated as an ISO).
(b)
Termination of
Service (Except by Death). If the
Participant’s Service terminates for any reason other than
death, then this option shall expire on the earliest of the
following events:
(1)
The expiration
date determined pursuant to Subsection (a) above;
(2)
The date three
months after the termination of the Participant’s Service for
any reason other than Disability; or
(3)
The date twelve
months after the termination of the Participant’s Service by
reason of Disability.
(c)
Death of the
Participant . If the Participant
dies while in Service, then this option shall expire on the earlier
of the following dates:
(1)
The expiration
date determined pursuant to Subsection (a) above; or
(2)
The date twelve
months after the Participant’s death.
All or part of this option may be
exercised at any time before its expiration under the preceding
sentence by the executors or administrators of the
Participant’s estate or by any person who has acquired this
option directly from the Participant by beneficiary designation,
bequest or inheritance, but only to the extent that this option had
becom
