|EXHIBIT 10.81


INDEMNIFICATION
AGREEMENT


THIS
AGREEMENT, made and entered into this 27th day of February, 2004 by and between CPI Corp.,
a Delaware corporation (the Company) and Martin Sneider (the
Indemnitee).


WHEREAS,
it is essential to the Company to retain and attract as directors and officers the most
capable persons available;


WHEREAS,
Indemnitee is a director of the Company;


WHEREAS, both
the Company and Indemnitee recognize the increased risk of litigation and other claims
being asserted against directors and officers of public companies in todays
environment;


WHEREAS,
in recognition of Indemnitees need for substantial protection against personal
liability and to enhance Indemnitees continued service to the Company in an
effective manner and in part to provide Indemnitee with specific contractual assurance
that the indemnification protection will be available to Indemnitee (regardless of, among
other things, any changes in the composition of the Companys Board of Directors),
and to induce Indemnitee to continue to provide services to the Company as a director, the
Company wishes to provide in this Agreement for the indemnification of and the advancing
of expenses to Indemnitee to the full extent (whether partial or complete) permitted by
law and as set forth in this Agreement, and, to the extent insurance is maintained, for
the continued coverage of Indemnitee under the Companys directors and
officers liability insurance policies;


NOW,
THEREFORE, in consideration of the premises and of Indemnitees continuing to serve
the Company directly or, at its request, another enterprise, and intending to be legally
bound hereby, the parties hereto agree as follows:


1.
Certain Definitions. As used herein the following terms shall have
          the following meanings:


(a)
Board of Directors: the Board of Directors of the Company.


(b)
Change of Control: a change of control of a nature that
          would be required to be reported in response to Item 1(a) of the Current Report
          of Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d)
of           the Securities Exchange Act of 1934, as amended (Exchange Act)
or           would have been required to be so reported but for the fact that such event
had           been previously reported as that term is defined in Rule 12b-2
of           Regulation 12B of the Exchange Act unless the transactions that give rise to
the           change of control are approved or ratified by a majority of the individuals
who           constitute the Board of Directors on the date hereof (the Incumbent
          Board) who are not employees of the Corporation; provided that,
without           limitation, notwithstanding anything herein to the contrary, such a
change of           control shall be deemed to have occurred if, (i) any Person is or
becomes the           beneficial owner (as defined in Rule 13d-3 under the Exchange Act),
directly or           indirectly, of securities of the Company representing 40% or more
of the           combined Voting Securities, (ii) individuals who constitute the
Incumbent Board           cease for any reason to constitute at least a majority thereof,
provided that           any person becoming a director subsequent to the date hereof
whose election, or           nomination for election by the Companys shareholders,
was approved by a           vote of at least three-quarters of the directors comprising
the Incumbent Board           (either by a specific vote or by approval of the proxy
statement of the Company           in which such person is named as a nominee for
director, without objection to           such nomination) shall be, for purposes of this
clause (ii), considered as           though such person were a member of the Incumbent
Board, or (iii) approval           by the stockholders of the Company of a
reorganization, merger or consolidation,           in each case, with respect to which
persons who were the stockholders of the           Company immediately prior to such
reorganization, merger or consolidation do           not, immediately thereafter, own,
directly or indirectly, more than 50% of the           combined voting power entitled to
vote generally in the election of directors of           the reorganized, merged or
consolidated companys then outstanding voting           securities, or a
liquidation or dissolution of the Company or the sale of all or           substantially
all of the assets of the Company.
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|(c)
Claim: any threatened, pending or completed action, suit, proceeding,
          arbitration or alternate dispute resolution proceeding, whether civil,
criminal,           administrative, investigative, or other, or any inquiry hearing or
investigation           (whether conducted by the Company or any other party or
authority) that           Indemnitee in good faith believes might lead to the institution
of any such           action, suit, proceeding, arbitration or alternate dispute
resolution           proceeding.


(d)
Expenses: include attorneys fees, expenses and charges and all
          other costs, travel expenses, fees of experts, transcript costs, filing fees,
          witness fees, telephone charges, postage, delivery service fees, expenses and
          obligations of any nature whatsoever paid or incurred in connection with
          investigating, defending, being a witness in or participating in (including on
          appeal), or preparing to defend, be a witness in or participate in any Claim
          relating to any Indemnifiable Event.


(e)
Indemnifiable Event: any event or occurrence related to the fact
          that Indemnitee is or was a director, officer, employee, agent or fiduciary of
          the Company, or is or was serving at the request of the Company as a director,
          officer, employee, trustee, agent or fiduciary of another corporation,
          partnership, joint venture, employee benefit plan, trust or other enterprise,
or           by reason of anything done or not done by Indemnitee in any such capacity.


(f)
Independent Legal Counsel: Independent Legal Counsel shall
          refer to an attorney, selected by the Indemnitee and approved by the Board of
          Directors (which approval shall not be unreasonably withheld), who shall not
          have otherwise performed services for the Company or Indemnitee within the last
          five years. Independent Legal Counsel shall be a member of or of counsel to a
          firm having no fewer than fifty attorneys as of the date such Independent Legal
          Counsel is designated by the Indemnitee. Independent Legal Counsel shall not be
          counsel to the Indemnitee in any Claims arising in whole or in part from any
          Indemnifible Event and shall not be Indemnitees counsel in any proceeding
          to determine Indemnitees rights hereunder. Independent Legal Counsel
shall           also not be any person who, under the applicable standards of
professional           conduct then prevailing, would have a conflict of interest in
representing           either the Company or Indemnitee in an action to determine
Indemnitees           rights under this Agreement, nor shall Independent Legal
Counsel be any person           who has been sanctioned or censured for ethical
violations of applicable           standards of professional conduct. In the event an
Independent Legal Counsel           resigns, becomes disabled, dies, or is otherwise
unable in such counsels           opinion to serve as Independent Legal Counsel,
Indemnitee shall select, subject           to the approval of the Board of Directors
(which approval shall not be           unreasonably withheld) a successor Independent
Legal Counsel.


(g)
Person: any individual, corporation, partnership, group, association or
          other person, as such term is used in Section 14(d) of the Exchange
          Act, other than the Company or any corporation (or other business entity)
          controlling, controlled by or under common control with the Company or any
          employee benefit plan(s) sponsored or maintained by the Company or any
          corporation (or other business entity) controlling, controlled by or under
          common control with the Company.


(h)
Voting Securities: all outstanding shares of capital stock of all
          classes and series of the Company entitled to vote generally in the election of
          directors of the Company, in each case hereunder voting together as a single
          class.


2.
Basic Indemnification Arrangement


(a)
          In the event Indemnitee was, is or becomes a party to or witness or other
          participant in, or is threatened to be made a party to or witness or other
          participant in, a Claim by reason of (or arising in whole or in part out of) an
          Indemnifiable Event, subject to Sections 2(b), 2(c), and 2(d) hereof the
Company           shall indemnify Indemnitee to the fullest extent permitted by law as
soon as           practicable but in any event no later than thirty days after the
Indemnitee           presents written demand to the Company, against any and all
reasonable Expenses           and all judgments, fines, penalties and amounts paid in
settlement (including           all interest, assessments and other charges paid or
payable in connection with           or in respect of such Expenses, judgments, fines,
penalties or amounts paid in           settlement) of such Claim and any federal, state,
local or foreign taxes imposed           on the Indemnitee as a result of the actual or
deemed receipt of any payments           under this Agreement. The Indemnitees
written demand shall also specify           the Independent Legal Counsel selected by
Indemnitee pursuant to the terms of           this Agreement.
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|If
so requested by Indemnitee in writing, the Company shall advance (within ten business days
of such request) any and all reasonable Expenses to Indemnitee or to the Indemnitees
counsel (an Expense Advance). Such written request shall also specify the
Independent Legal Counsel selected by Indemnitee if the Indemnitee has not previously
specified such Independent Legal Counsel.


Notwithstanding
anything in this Agreement to the contrary and except as provided in Section 3, prior to a
Change of control, Indemnitee shall not be entitled to indemnification pursuant to this
Agreement in connection with any Claim initiated by Indemnitee against the Company or any
director or officer of the Company unless the Company has joined in or consented to the
initiation of such Claim.


(b)
          Notwithstanding the foregoing, (i) the obligations of the Company under Section
          2(a) hereof shall be subject to the condition that within sixty (60) days of
the           Indemnitees written demand for an indemnification payment Independent
          Legal Counsel shall not have determined in a written opinion that Indemnitee
          would not be permitted to be indemnified under applicable law, and the
          Indemnitee hereby agrees to repay to the Company all indemnification amounts
          paid to Indemnitee by the Company under Section 2(a) hereof when and to the
          extent that Independent Legal Counsel so determines that such payments were not
          to be permitted under applicable law, and (ii) the obligation of the Company to
          make an Expense Advance pursuant to Section 2(a) shall be subject to the
          condition that, within sixty days of the Indemnitees written request for
          an Expense Advance Independent Legal Counsel shall not have determined in a
          written opinion that Indemnitee would not be permitted to receive such Expense
          Advance under applicable law, and the Indemnitee hereby agrees to repay to the
          Company all Expense Advances paid to the Indemnitee by the Company under
Section           2(a) hereof when and to the extent Independent Legal Counsel so
determines that           such Expense Advance was not permitted under applicable law;
provided, however,           that if in the case of any indemnification payment or
Expense Advance under           Section 2(a) hereof Indemnitee commences legal
proceedings in a court of           competent jurisdiction to secure a determination that
Indemnitee should be           indemnified under applicable law (whether or not commenced
prior to or following           the determination of such Independent Legal Counsel) then
(i) any           determination made by Independent Legal Counsel that Indemnitee
would not be           permitted to be indemnified under applicable law shall not be
binding upon           Indemnitee, (ii) the Company shall be obligated to make such
          indemnification payments and Expense Advances as would otherwise be required by
          Section 2(a) unless and until a final judicial determination is made
          establishing that Indemnitee is not entitled to indemnification or Expense
          Advances under applicable law, and (iii) Indemnitee shall not be required
          to reimburse the Company for any such payment or Expense Advance until a final
          judicial determination is made requiring the Indemnitee to make such repayment.
          (A final judicial determination, as used in this and other Sections of this
          Agreement, is a determination with respect to which all rights of appeal
          therefrom have been exhausted or lapsed.) The Indemnitee hereby further agrees
          to repay to the Company all indemnification payments and Expense Advances made
          to Indemnitee under Section 2(a) hereof when and to the extent any such final
          judicial determination determines that such payments or Expenses were not
          permitted under applicable law. The lndemnitees obligation to reimburse
          the Company for indemnification payments and Expense Advances shall be
unsecured           and no interest shall be charged or payable thereon. If Independent
Legal           Counsel determines that Indemnitee substantively would not be permitted
to be           indemnified in whole or in part or to receive an Expense Advance under
          applicable law, Indemnitee shall have the right to commence litigation in any
          court sitting in the City or County of St. Louis, Missouri, or the State of
          Delaware having subject matter jurisdiction thereof and in which venue is
          properly seeking an initial determination by the court or challenging any such
          determination by the Independent Legal Counsel or any aspect thereof, or the
          legal or factual bases therefore, and the Company hereby consents to service of
          process and to appear in any such proceeding. Any determination by Independent
          Legal Counsel otherwise and made within the sixty day period provided under
this           Section 2(b) shall be conclusive and binding on the Company and
Indemnitee.


(c)
          The Company shall not make any payments to the Indemnitee pursuant to Section 2
          hereof on account of any Claim for recovery of profits from the purchase or
sale           by the Indemnitee of securities of the Company that is based upon the
provisions           of Section 16(b) of the Securities Exchange Act of 1934 and
amendments thereto           or similar provisions of any federal, state, or local
statutory law.


(d)
          The Indemnitee hereby agrees to repay to the Company on demand all
          indemnification payments and Expense Advances made to Indemnitee under Section
2           hereof that are determined in a final judicial determination (as hereinbefore
          defined) to have been made with respect to the Indemnitees act or conduct
          that was knowingly fraudulent or deliberately dishonest or to have constituted
          willful misconduct.
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|3.
Indemnification for Additional Expenses. The Company
          shall indemnify Indemnitee against any and all expenses (including
          attorneys fees) and, if requested by Indetmnitee, shall (within ten
          business days of such request) advance such expenses to Indemnitee, which are
          incurred by Indemnitee in connection with any claim asserted against or in
          connection with any action brought by Indemnitee for (i) indemnification or
          advance payment of reasonable Expenses by the Company under this Agreement or
          any other agreement, the Companys Certificate of Incorporation, or the
          Bylaws of the Company now or hereafter in effect relating to Claims for
          Indemnifiable Events, and/or (ii) recovery under any directors and
          officers liability insurance policies maintained by the Company,
          regardless of whether Indemnitee ultimately is determined to be entitled to
such           indemnification, advance expense payment or insurance recovery, as the
case may           be.


4.
Partial Indemnity. If the Indemnitee is entitled under any
          provision of this Agreement to indemnification by the Company for some or a
          portion of the Expenses, judgments, fines, penalties and amounts paid in
          settlement of a Claim but not, however, for all of the total amount thereof,
the           Company shall nevertheless indemnify Indemnitee for the portion thereof to
which           Indemnitee is entitled. Moreover, notwithstanding any other provision of
this           Agreement, to the extent that Indemnitee has been successful on the merits
or           otherwise in defense of any or all Claims relating in whole or in part to an
          Indemnifiable Event or in defense of any issue or matter therein, including
          dismissal without prejudice, Indemnitee shall be indemnified against all
          Expenses incurred in connection therewith. In connection with any determination
          by Independent Legal Counsel or otherwise as to whether Indemnitee is entitled
          to be indemnified hereunder the burden of proof shall be on the Company to
          establish that Indemnitee is not so entitled.


5.
Independent Legal Counsel Fees. The Company agrees           to
pay from time to time the reasonable fees of the Independent Legal Counsel           and
to indemnify fully such Independent Legal Counsel against any and all           expenses
(including attorneys fees), claims, causes of action,           liabilities,
damages, judgments, penalties and fines arising out of or relating           to this
Agreement or the engagement of such Independent Legal Counsel pursuant           hereto.


6.
No Presumption. For purposes of this Agreement, the termination of
          any claim, action, suit or proceeding, by judgment, order, settlement (whether
          with or without court approval) or conviction, or upon a plea of nolo
          contendere, or its equivalent, shall not create a presumption that Indemnitee
          did not meet any particular standard of conduct or have any particular belief
or           that a court has determined that indemnification is not permitted by
applicable           law.


7.
Non-exclusivity. The rights of Indemnitee hereunder shall be in addition
          to any other rights Indemnitee may have under any other agreement, the
          Companys Certificate of Incorporation, the Bylaws of the Company, the
          Delaware General Corporation Law, or otherwise. To the extent that a change in
          the Delaware General Corporation Law (whether by statute or judicial decision)
          permits greater indemnification by agreement than would by afforded currently
          under the Companys Certificate of Incorporation, the Bylaws of the
Company           and this Agreement, it is the intent of the parties hereto that
Indemnitee shall           enjoy by this Agreement the greater benefits so afforded by
such change.


8.
No Construction as Employment Agreement.           Nothing
contained herein shall be construed as providing the Indemnitee any           right to be
retained in the employ of the Company or any of its subsidiaries or           to continue
to serve as a director of the Company or any of its subsidiaries.


9.
Liability Insurance. To the extent the Company maintains an
          insurance policy or policies providing directors and officers          liability
insurance, Indemnitee shall be covered by such policy or policies           (which shall,
if available at reasonable cost to the Company, provide coverage           to the
Indemnitee for at least six (6) years after the Indemnitee has ceased to           be a
director of the Company), in accordance with its or their terms, to the           maximum
extent of the coverage reasonably available for any Company director or
          officer.
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|10.
Period of Limitations. No legal action shall be brought and
          no cause of action shall be asserted by or in the right of the Company or any
          affiliate of the Company against Indemnitee, Indemnitees spouse, heirs,
          executors, administrators or personal or legal representatives after the
          expiration of three years from the date of accrual of such cause of action, and
          any claim or cause of action of the Company or its affiliate shall be
          extinguished and deemed released unless asserted by the timely filing of a
legal           action within such three-year period; provided, however, that if any
shorter           period of limitations is otherwise applicable to any such cause of
action such           shorter period shall govern.


11.
Amendments and Waiver. No supplement, modification or
          amendment of this Agreement shall be binding unless executed in writing by both
          of the parties hereto. No waiver of any of the provisions of this Agreement
          shall be deemed or shall constitute a waiver of any other provisions hereof
          (whether or not similar) nor shall such waiver constitute a continuing waiver.


12.
Subrogation. In the event of payment to the Indemnitee under this
          Agreement, the Company shall be subrogated to the extent of such payment to all
          of the rights of recovery of Indemnitee, who shall execute all documents,
          agreements, and instruments required and shall do everything that may be
          necessary to secure such rights including the execution of such documents
          necessary to enable the Company effectively to bring suit to enforce such
          rights.


13.
No Duplication of Payment. The Company shall not be
          liable under this Agreement to make any payment in connection with any claim
          made against Indemnitee to the extent Indemnitee has otherwise actually
received           payment (under any other agreement, any insurance policy, the Companys
          Certificate of Incorporation, the Bylaws of the Company or otherwise) of the
          amounts otherwise indemnifiable hereunder.


14.
Miscellaneous. This Agreement shall be binding upon and inure to the
          benefit of and be enforceable by the parties hereto and their respective
          successors, assigns, including any direct or indirect successor by purchase,
          merger, consolidation or otherwise to all or substantially all of the business
          and/or assets of the Company, spouses, heirs, beneficiaries, and personal and
          legal representatives. The Company shall require and cause any successor or
          assign (whether direct or indirect by purchase, merger, consolidation or
          otherwise) to all, substantially all, or a substantial part, of the business
          and/or assets of the Company, by written agreement in form and substance
          satisfactory to Indemnitee, expressly to assume and agree to perform this
          Agreement in the same manner and to the same extent that the Company would be
          required to perform if no such succession had taken place. This Agreement shall
          continue in effect regardless of whether Indemnitee continues to serve as a
          director of the Company or of any other enterprise at the Companys
          request. Section headings are included herein solely for convenience of
          reference and shall not be used in the construction and application of this
          Agreement.


15.
Severability. The provisions of this Agreement shall be severable in the
          event that any of the provisions hereof (including any provision within a
single           Section or a paragraph or sentence thereof) are held by a court of
competent           jurisdiction to be invalid, void or otherwise unenforceable, and the
remaining           provisions shall remain enforceable to the fullest extent permitted
by           applicable law. Furthermore, to the fullest extent possible, the provisions
of           this Agreement (including, without limitation, each portion of this
Agreement           containing any provision held to be invalid, void or otherwise
unenforceable,           that is not itself invalid, void or unenforceable) shall be
construed so as to           give effect to the intent manifested by the provision held
invalid, illegal or           unenforceable.


16.
Governing Law. This Agreement and all amendments, modifications
          and supplements hereof shall be governed by and construed and enforced in
          accordance with the laws of the State of Delaware applicable to contracts made
          and to be performed in such state without giving effect to the principles of
          conflicts of laws.
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|IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of
the date first above written.
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| |  | CPI CORP.

By:  /s/ J. David Pierson
      
      J. David Pierson
Title:   Chairman of the Board and
            Chief Executive Officer
           /s/ Martin Sneider
           
           Martin Sneider
              Indemnitee
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