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Exhibit
10.1
HOT TOPIC,
INC.
STOCK OPTION CANCELLATION
AGREEMENT
T HIS S
TOCK O PTION C
ANCELLATION A GREEMENT (this
“Agreement” ) is made and entered into as
of July 7, 2008, by and between H OT T
OPIC , I NC ., a California
corporation (the “Company” ), and
Elizabeth McLaughlin (
“Optionholder” ).
R
ECITALS
W HEREAS
, the Company previously granted to Optionholder the following
stock option to purchase shares (the
“Shares” ) of the Company’s Common
Stock (the “Option” ) pursuant to the
Company’s 2006 Equity Incentive Plan:
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Date of
Grant
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Number of Shares |
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Exercise Price |
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June 2, 2008
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100,000 |
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$5.07 |
W HEREAS
, as of the date of this Agreement, the entire Option remains
unexercised.
W HEREAS
, the Company’s Board of Directors has determined that it
is in the best interests of the Company and its stockholders to
cancel the Option in exchange for paying $1.00 in the aggregate to
Optionholder (the “Consideration”
).
W HEREAS
, other than the Consideration, the Optionholder has not
received, and will not receive any additional consideration in
exchange for the cancellation of the Option.
W HEREAS
, Optionholder has decided to voluntarily consent to this
Agreement and the cancellation of the Option subject to the terms
described herein.
A
GREEMENT
In consideration of the
mutual promises and covenants herein, the parties hereto, each
intending to be legally bound, agree
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