TILLYS REPRICED STOCK OPTION GRANT AGREEMENT PURSUANT TO 2007 PLAN
Exhibit 10.14
TILLYS
REPRICED STOCK OPTION GRANT AGREEMENT
PURSUANT TO 2007 PLAN
(the Optionee) had been granted an option (the Option) to purchase shares of the Common Stock of World of Jeans & Tops, dba Tillys (the Company), pursuant to the Stock Option Grant Agreement dated (the Prior Stock Option Grant), the Companys 2007 Stock Option Plan (the Plan) and related Stock Option Agreement (the Option Agreement), the provisions of which are incorporated herein by reference. This Repriced Stock Option Grant Agreement dated amends the Prior Stock Option Grant only with regard to the Exercise Price. All other terms of your Prior Stock Option Grant are restated below and remain unchanged.
Type of Option: | Incentive Stock Option | |||
X Nonqualified Stock Option |
The following terms shall have their respective meanings as set forth below or in the Plan:
Date of Option Grant means .
Number of Option Shares means shares of Stock.
Exercise Price means $ per share of Stock.
Initial Vesting Date means the date which is the first anniversary of the Date of Option Grant, above.
Option Expiration Date means the date ten (10) years after the Date of Option Grant.
Vested Ratio means, on any relevant date, the ratio determined as follows:
Prior to the Initial Vesting Date, the Vested Ratio shall be zero.
On the Initial Vesting Date, the Vested Ratio shall be one-quarter.
On each anniversary of the Initial Vesting Date, the Vested Ratio shall
increase by one-quarter as set forth below:
Date | Total Vested Ratio | |
2nd Anniversary | Two-fourths | |
3rd Anniversary | Three-fourths | |
4th Anniversary | Four-Fourths |
Right to Exercise is set forth at Section 3.1 of the Optionees Stock Option Agreement dated as of the Date of Option Grant.
By their signatures below, the parties hereto agree that the Option is governed by the terms and conditions of the Plan as in effect on the Date of Option Grant and the Option Agreement, both of which are attached hereto. The Optionee acknowledges receipt of a copy of the Plan and the Option Agreement, represents that he or she is familiar with the provisions contained therein, and hereby accepts the Option subject to all of the terms and conditions thereof. Further, the Optionee represents they are acquiring the Option for their own account and not for sale or distribution.
OPTIONEE | WORLD OF JEANS & TOPS | |||||||
| By: |
| ||||||
Name: |
| Hezy Shaked, Chairman & CEO |
Address: |
| 10 Whatney | ||||||
Irvine, California 92618 | ||||||||
|
Attachments: 2007 Stock Option Plan; Stock Option Agreement Pursuant to 2007 Plan
(Attachments previously provided)
Repriced Stock Option Grant Agreement Amendment 10/08/10