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EXHIBIT 10.88
STOCK AWARD AND RESTRICTION AGREEMENT
THIS
STOCK AWARD AND RESTRICTION AGREEMENT (Agreement), is entered into effective as of April
14, 2005, between CPI Corp., a Missouri corporation (the Company), and David M. Meyer
(the Director).
RECITALS
WHEREAS,
the Company believes it to be in the best interests of the Company, its subsidiaries and its stockholders
for nonemployee members of the Companys Board of Directors (the Board) to obtain
or increase their stock ownership interest in the Company, thereby attracting, retaining and rewarding
such directors and strengthening the mutuality of interest between the directors and the Companys
stockholders;
WHEREAS,
the Director is currently the Chairman of the Companys Board of Directors, and is not
an employee of the Company or one of its subsidiaries; and
WHEREAS,
the Director is currently serving a one year term as interim lead executive in the Office of the
Chief Executive; and
WHEREAS,
the Company desires to compensate the Director for his services by awarding shares of the Companys
common stock to Director pursuant to the CPI Corp. Restricted Stock Plan, as amended and restated
from time to time (the Plan); and
WHEREAS,
the Company and the Director desire to set forth the terms and conditions of the award.
NOW,
THEREFORE, in consideration of the mutual promises contained herein, and intending to be legally
bound hereby, the parties hereto agree as follows:
1. Award of Shares; Deliveries.
(a)  As
of the date of this Agreement, the Company hereby grants to the Director an award of 34,562 shares
of common stock of the Company, par value $.40 per share (collectively, the Award Shares),
upon the terms and conditions set forth in this Agreement. One-half of the Award Shares (or 17,281
shares) shall be subject to all of the terms and conditions set forth in this Agreement other than the Restrictions (hereinafter, the Unrestricted Shares); the remaining one-half of the
Award Shares (or 17,281 shares) shall be subject to all of the terms and conditions set forth in
this including the Restrictions (hereinafter, the Restricted Shares).
(b)  Concurrently
with the execution of this Agreement:
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| | (i)
  subject to Section 5 hereof, the Company shall deliver to Director a share certificate representing
  the Unrestricted Shares;
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| | (ii)
  subject to Section 5 hereof, the Company shall deliver to the Director a copy of a share certificate
  or certificates representing the Restricted Shares, which certificate(s) shall contain the legend
  set forth in Section 5 hereof; and
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| |                                                                                                                                                                                                                                                     
| | (iii)
  the Director shall deliver to the Company a duly signed stock power, endorsed in blank, relating
  to the Restricted Shares; and                                                                                                            

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|If the Director shall have elected to file a Section 83(b) election with respect to the Restricted
Shares, the Director shall have delivered, or within 30 days of the date of this Agreement shall
deliver, to the Company a copy of a duly executed Section 83(b) election.
2.
 Representations and Acknowledgements of Director. The Director hereby:
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| | (i) acknowledges
  and accepts the Award Shares described in Section 1;                                                                                                                                                                                                                           
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| |                                                                                                                                                                                                                                                                                                   
| | (ii) represents
  that he is acquiring the Award Shares for investment and not with a view to or for resale or distribution
  thereof;                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                   
| | (iii) agrees
  and acknowledges that the Award Shares are issued pursuant to, and subject to the terms and conditions
  set forth in, the Plan; and                                                                                                                                               
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| | (iv) agrees
  that the Restricted Shares will be held by Director and his successors and assigns subject to all
  of the restrictions, terms and conditions contained in this Agreement, and that the Restricted Shares
  will be disposed of only in accordance with the terms of this Agreement.

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|3.
 Restrictions. The Restricted Shares are subject to the Transfer Restrictions and Forfeiture Restrictions set forth
in Sections 3(a) and 3(b) below (collectively, the Restrictions). The restrictions set
out in Section 3(a) are hereinafter referred to in this Agreement as the Transfer Restrictions,
and the restrictions set out in Section 3(b) are hereinafter referred to in this Agreement as the
Forfeiture Restrictions.
(a)  Transfer Restrictions. Except as otherwise permitted under this Agreement, Director agrees not to sell, transfer, assign,
give, pledge, or otherwise dispose of or encumber any part or all of the Restricted Shares, whether
voluntarily, by operation of law, or otherwise, prior to the lapse of the Transfer Restrictions thereon
pursuant to Section 4 hereof. Any attempted transfer of all or any portion of the Restricted Shares
that remain subject to the Transfer Restrictions shall be considered null and void and the Director
shall continue to be bound by all of the terms and provisions hereof.
(b)  Forfeiture Restrictions. Upon any termination of the Directors membership on the Board, all of the Restricted Shares
that have not yet become Vested Shares (as defined below) at the effective time of such termination
(determined after taking into account the lapse of the Restrictions under Section 4 hereof), shall
be returned to and canceled by the Company and shall be deemed to have been forfeited by Director.
Upon a forfeiture by Director of any Restricted

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|Shares under this Section 3(b), the Company will not be obligated to pay Director any consideration
whatsoever for the forfeited Restricted Shares.
4. Lapse of Restrictions.
(a)  The
Restrictions shall lapse with respect to 2,880.16 of the Restricted Shares at the end of each calendar
month ending after the date of this Agreement through and including September 30, 2005, provided
that the Director remains a member of the Board at all times during such period. In the event the
Directors membership on the Board is terminated for any reason prior to September 30, 2005,
no further vesting (pro rata or otherwise) shall occur from and after the effective date of such
termination.
(b)  To the extent the Forfeiture Restrictions shall have lapsed under Section 4(a) with
respect to any portion of the Restricted Shares subject to this Award, those shares (Vested
Shares) will, from and after the applicable vesting date, thereafter be free of the Restrictions
set forth in Section 3 hereof. Any Restricted Shares for which the Restrictions have not yet lapsed
in accordance with this Section 4 shall, for all purposes of this Agreement, continue to be considered
Restricted Shares, and will be subject to all of the terms and conditions of this Agreement, including
but not limited to the Restrictions set forth in Section 3.
(c)  Notwithstanding Section 4(a), the Restrictions shall lapse as to any Restricted Shares
held by the Director immediately prior to the effective date of a Change in Control of
the Company.
5.
 Restrictive Legend. Director will be issued a stock certificate or certificates in respect of the Award Shares, which
certificate(s) will be registered in the Directors name and may bear such legend(s) as may
be required or necessary to comply with the Securities Act of 1933, as amended, and any applicable
state securities laws. Any certificate or certificates relating to the Restricted Shares shall also
be inscribed with a legend evidencing the Restrictions. Notwithstanding anything to the contrary
herein whether express or implied, the Company in its sole discretion may issue Award Shares in uncertificated
format pursuant to procedures established between the Company and the Companys stock transfer
agent and in accordance with Section 158 of the Delaware General Corporation Law.
6.
 Custody. All certificates representing the Restricted Shares shall be deposited, together with stock powers
executed by Director, in proper form for transfer, with the Company. The Company is hereby authorized
to cause the transfer to come into its name of all certificates representing the Restricted Shares
which are forfeited to the Company pursuant to Section 3(b) hereof.
7.
 Voting and Dividends; Adjustments. Subject to the Restrictions and the limitations imposed by this Section 7, Director shall have all
of the rights of a shareholder of the Company with respect to the Restricted Shares, including the
right to vote the Restricted Shares and to receive dividends thereon. Stock dividends and shares,
if any, issued as a result of any stock-split, recapitalization, reorganization, merger, consolidation,
split-up, combination or exchange
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|of shares, or any similar change affecting the capital stock of the Company, which has occurred after
the date hereof, issued with respect to the Restricted Shares shall be treated as additional Restricted
Shares and shall be subject to the same Restrictions and other terms and conditions that apply with
respect to, and shall vest or be forfeited at the same time as, the Restricted Shares with respect
to which such stock dividends or shares are issued.
8.
 No Right to Continue Relationship. Nothing in this Agreement shall confer upon the Director any right to continue to serve as a member
of the Board or as the interim lead executive in the office of the Chief Executive.
9. Entire Agreement.
(a)  This
Agreement shall constitute the entire agreement between the parties with respect to the subject matter
hereof. Any term or provision of this Agreement may be waived at any time by the party which is entitled
to the benefits thereof, and any term or provision of this Agreement may be amended or supplemented
at any time by the mutual consent of the parties hereto, except that any waiver of any term or condition,
or any amendment, of this Agreement must be in writing.
(b)  This
Agreement shall not affect in any way the right or power of the Company or its shareholders to make
or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Companys
capital structure or its business, or any merger or consolidation of the Company, or any issue of
bonds, debentures, preferred or other securities with preference ahead of or convertible into, or
otherwise affecting the Restricted Shares or the rights thereof, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of the Companys assets or business,
or any other act or proceeding, whether of a similar character or otherwise.
(c)  In
the event that any term or provision of this Agreement shall be finally determined to be superseded,
invalid, illegal or otherwise unenforceable pursuant to applicable law by a governmental authority
having jurisdiction and venue, that determination shall not impair or otherwise affect the validity,
legality or enforceability, to the maximum extent permissible by law, (a) by or before that authority
of the remaining terms and provisions of this Agreement, which shall be enforced as if the unenforceable
term or provision were deleted, or (b) by or before any other authority of any of the terms and provisions
of this Agreement.
(d)  Capitalized
terms not otherwise defined in this Agreement shall have the same meaning as set forth in the Plan.
10.
 Governing Law. The laws of the State of Missouri shall govern the interpretation, validity and performance of the
terms of this Agreement regardless of the law that might be applied under principles of conflict
of laws.
11.
 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors, assigns and heirs
of the respective parties.
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|12.  Notices. All notices and other communications required or permitted under this Agreement shall be written and shall be delivered personally or sent by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Company, to the Companys executive offices at 1706 Washington Avenue, St. Louis, MO 63103 attention: Chief Financial Officer, and if to the Director or its successor, to the address last furnished by the Director to the Company. Each notice and communication shall be deemed to have been given when received by the Company or the Director.
      13.  No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
      14.  Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of the Agreement. The masculine pronoun shall include the feminine and neuter and the singular shall include the plural, when the context so indicates.
    [Signature page follows]
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|IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written.
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| | CPI CORP.                          
| | -----------------------------------
| |                                    
| | By: /s/    Gary W. Douglass        
| | ___________________________________

|Gary W. Douglass
|----------------
|                

| | Its:  Executive Vice President, Finance and Chief
| | -------------------------------------------------
| | Financial Officer and Member of the Office of    
| | Chief Executive                                  

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|The undersigned Director hereby accepts, and agrees to, all terms and provisions of the foregoing Agreement.
|                                                                                                            

| | By:  /s/   David M. Meyer               
| | ----------------------------------------
| | ________________________________________
| | David M. Meyer                          

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