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EXHIBIT 10.86
CPI CORP.RESTRICTED STOCK PLAN(As Amended and Restated Effective as of April 14, 2005 )
Section 1.   Establishment and Purpose
1.1
       Establishment. CPI Corp. hereby establishes a stock incentive plan for key employees and non-employee directors,
as described herein, which shall be known as THE CPI CORP. RESTRICTED STOCK PLAN (hereinafter referred
to as the Plan). The Plan was originally effective as of February 7, 1988 and was previously
amended and restated effective as of February 3, 1991; April 2, 1992 and January 16, 1995 and amended
as of July 22, 2004. The changes made in the Plan as amended and restated herein are effective as
of April 14, 2005.
1.2        Purpose. The purpose of this Plan is to enable the Corporation to retain and motivate non-employee directors
and key employees who have provided valuable service, and to encourage stock ownership by such non-employee
directors and key employees by providing them with a means to acquire a proprietary interest or to
increase such interest in the success of the Corporation under the terms and conditions of, and in
the manner contemplated by, this Plan.
Section 2.   Definitions
2.1        Definitions. Whenever used herein, the following terms shall have the meanings set forth below:
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| | (a) | Board means the Board of Directors of CPI Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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| | (b) | A Change of Control means a change in control of a nature that would be required to be
  reported in response to Item 5.01 of the Current Report on 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 members of the Incumbent Board ; provided that, without limitation, notwithstanding
  anything herein to the contrary, a change in 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 CPI Corp. representing 40% or more of the combined voting power of
  CPI Corp.s then outstanding securities ordinarily (apart from rights accruing under special
  circumstances) having the right to vote at elections of directors (Voting Securities),
  (ii) individuals who constitute the Incumbent Board cease for any reason to constitute at least
  a majority thereof, or (iii) the stockholders of CPI Corp. approve a reorganization, merger
  or consolidation with respect to which persons who were the stockholders of CPI Corp. 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 corporations then outstanding voting
  securities, or a liquidation or dissolution of CPI Corp. or of the sale of all or substantially all
  of the assets of CPI Corp. For purposes of this Plan, the term Person shall mean and
  include 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 Corporation or any employee
  benefit plan(s) sponsored or maintained by the Corporation.
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| | (c) | Committee means the Compensation Committee of the Board, consisting of three or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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| | more members of the Board.
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| | (d) | Corporation means CPI Corp., a Delaware corporation, as well as any subsidiary or other
  entity fifty percent (50%) or more of the outstanding equity interest of which is owned, directly
  or indirectly, by CPI Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                             
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| | (e) | Distribution Date means the date on which the Stock granted pursuant to the Plan shall
  become freely transferable pursuant to the determination of the Committee under Section 7.3 or pursuant
  to Section 9 or Section 14.                                                                                                                                                                                                                                                                                                                                                                                                                                        
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| | (f) | Employee means any person employed by the Corporation on a full-time, salaried basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
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| | (g) | Fair Market Value means CPI Corp.s closing stock price on the New York Stock Exchange,
  as reported in the Wall Street Journal, for the trading day immediately preceding the Distribution Date of the Stock referred to in Section
  15.1.                                                                                                                                                                                                                                                                                                                                                                                                                         
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| | (h) | Incumbent Board means the individuals who constitute the Board on the effective date of
  the Plan As Amended and Restated on April 14, 2005; provided that any person becoming a director
  subsequent to the date hereof whose election, or nomination for election by CPI Corp.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 CPI Corp. in which such person
  is named as a nominee for director, without objection to such nomination) shall, for purposes of
  this Plan, be deemed a member of the Incumbent Board.
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| | (i) | Normal Retirement means an employees or non-employee directors voluntary or
  involuntary termination of employment with the Corporation on or after attainment of age sixty-five
  (65).                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
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| | (j) | Performance Unit means a component of a long-term incentive.                                                    
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| | (k) | Participant means an employee or non-employee director designated by the Committee to participate
  in the Plan.
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| | (l) | Stock means the common stock of CPI Corp.                                                                       

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|2.2        Gender and Number. Except when otherwise indicated by the context, words in the masculine gender when used in this Plan
shall also include the feminine and neuter genders, the singular shall include the plural, and the
plural shall include the singular.
Section 3. Eligibility and Participation
3.1        Eligibility and Participation. Participants shall be limited to (a) employees who, by means of their positions, functions, or responsibility
levels have a direct impact on the Corporations earnings or profitable performance, as
determined by the appropriate unit head, with approval of the Chief Operating Officer and (b) non-employee
directors.
Section 4.   Administration
4.1        Administration. The Committee shall be responsible for the administration of the Plan. The Committee, by majority
thereof, is authorized to interpret the Plan, to prescribe, amend, and rescind rules and regulations
relating to the Plan, provide for conditions and assurances deemed necessary or advisable to protect
the interests of the Corporation, and to make all other determinations necessary or advisable for
the administration of the Plan, but only to the extent not contrary to the express provisions of
the Plan. Determinations, interpretations, or other actions made or taken by the Committee pursuant
to the provisions of the Plan shall be final, binding and conclusive for all purposes and upon all
persons whomsoever.
Section 5.   Stock Subject to the Plan
5.1        Number. The total number of shares of Stock that may be granted under the Plan may not exceed

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|350,000 shares of common stock of CPI Corp., subject to adjustment as provided in Section 5.3. Those
shares may consist, in whole or in part, of authorized but unissued Stock or shares of Stock reacquired
by CPI Corp., including shares purchased in the open market, not reserved for any other purpose.
5.2           Forfeited Stock. In the event any shares of Stock subject to grants made under the Plan are forfeited by the Participant
pursuant to this Plan, such forfeited shares again shall become available for issuance under the
Plan.
5.3           Adjustments in Capitalization. In the event of any change in the outstanding shares of Stock of CPI Corp. by reason of a stock dividend,
stock split, recapitalization, merger, consolidation, combination, or exchange of shares or other
similar corporate change, the aggregate number of shares of Stock issuable under this Plan shall
be appropriately adjusted by the Committee, whose determination shall be conclusive, to prevent dilution
or enlargement of the Participants potential Stock interests in relation to other holders of
the Corporations common stock. In such event, the Committee shall also make such appropriate
adjustments in the number and type of shares subject to restricted Stock grants then outstanding
under the Plan pursuant to the terms of such grants or otherwise.
Section 6.   Duration of the Plan
6.1           Duration of the Plan. Subject to the Boards right to earlier terminate the Plan pursuant to Section 13.1 hereof,
the Plan shall remain in effect until all Stock subject to it shall have been acquired by Participants
pursuant to the provisions hereof and shall have been released from restrictions pursuant to Section
7.3, Section 9, or Section 14.1 hereof. Notwithstanding the foregoing, no Stock or Performance Units
may be granted under the Plan after twenty (20) years from the Plans effective date.
Section 7.   Restricted Stock
7.1           Grant of Restricted Stock. The Committee, at any time and from time to time, may grant shares of restricted Stock under the
Plan to such employees as may be recommended to the Committee by the Chief Executive Officer or the
Chief Operating Officer of the Corporation and to non-employee directors.
7.2           Transferability. Except as contemplated by Section 10.2 hereof, the shares of restricted Stock granted may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated as long as the Corporation
has the right to reacquire the shares as provided in this Plan.
7.3           Removal of Restrictions. Except as otherwise provided in Sections 9.1, 9.2, and 14.1, shares of restricted Stock covered by
each restricted Stock grant made under this Plan shall become freely transferable by the Participant
after such period or periods of time, and upon satisfaction of such other conditions, as is specified
by the Committee in its sole discretion at the time of such grant or otherwise in accordance with
the provisions of this Plan.
7.4           Other Restrictions. The Committee shall impose such other restrictions on any shares granted pursuant to this Plan as
it may deem advisable including, without limitation, restrictions under applicable federal laws,
under the requirements of any stock exchange upon which such shares or shares of the same class are
then listed, and under any blue sky or securities laws applicable to such shares. The Committee,
if it deems it appropriate, may condition the grant of any award under the Plan, or the delivery
of shares pursuant to such award, upon receipt of an appropriate investment representation from the
recipient thereof. The Corporation, in its discretion, may postpone the issuance and delivery of
shares pursuant to the Plan until completion of registration or other qualification of the shares
under any state or federal law, rule, or regulation as the Corporation may consider appropriate.
The Corporation may further require any Participant or other person receiving stock under the Plan
to make such representations and furnish such information as it may consider appropriate in connection
with the issuance of the shares in compliance with applicable law.
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|7.5           Delivery of Stock. The restricted shares of Stock so granted shall be held by the Corporation or its nominee until the
Distribution Date, at which time such shares shall be delivered to the Participant or his designated
beneficiary.
7.6           Voting Rights. Participants shall have full voting rights on those restricted shares of Stock granted.
7.7           Dividend Rights. Participants granted shares of restricted Stock hereunder shall have full dividend rights, with such
dividends being paid currently or, at the discretion of the Committee, accumulated until the Distribution
Date or until forfeiture of such shares pursuant to the Plan. If all or part of a dividend is paid
in shares, the shares shall be subject to the same restrictions on transferability as the restricted
shares that are the basis for the dividend.
Section 8.   Performance Units.
8.1           Awards. Subject to the terms of the Plan,
the Committee shall designate the participants to whom Performance Units are to be awarded and shall
determine the number of units and the terms and conditions of each award of Performance Units. Assuming
Performance Criteria and other conditions established by the Compensation Committee are met, the
Performance Units will be converted to common stock of the Company. The number of shares awarded
for each Performance Unit will be determined by the Committee and may be adjusted by the Committee
based on comparison of actual performance to Performance Criteria and other terms and conditions
specified by the Committee.
8.2
           Performance Criteria. Awards of Restricted Stock or Performance Units under the Plan may be made subject to the attainment
of performance goals relating to one or more business criteria within the meaning of Section 162(m)
of the Internal Revenue Code, including, but not limited to, cash flow; cost; ratio of debt to debt
plus equity; profit before tax; earnings before interest and taxes; earnings before interest, taxes,
depreciation and amortization; earnings per share; operating earnings; economic value added; ratio
of operating earnings to capital spending; free cash flow; net profit; net sales; price of Company
stock; return on net assets, equity or stockholders equity; market share; or total return to
stockholders (Performance Criteria). Any Performance Criteria may be used to measure
the performance of the Company as a whole or any business unit of the Company. Any Performance Criteria
may include or exclude Extraordinary Items. Extraordinary Items shall mean (i) extraordinary,
unusual and/or nonrecurring items of gain or loss, (ii) gains or losses on the disposition of a business,
(iii) the impact of changes in tax or accounting regulations or laws, or (iv) the effect of a merger or acquisition.
8.3           Calculation of Performance Criteria. Performance Criteria shall be calculated
in accordance with the Companys financial statements, generally accepted accounting principles,
or under a methodology established by the Committee prior to the issuance of an award which is consistently
applied and identified in the audited financial statements, including footnotes, or the Management
Discussion and Analysis section of the Companys annual report.
Section 9.   Termination of Employment
9.1           Termination of Employment or Board Service Due to Death, Disability, or Normal Retirement. In the event that a Participant granted restricted shares hereunder terminates his employment with
the Corporation or his service on the Board of Directors because of Normal Retirement, any uncompleted
portion of a time period restriction, as set forth in Section 7.3, shall automatically be waived
by the Committee. The shares thereby released from the time period restriction shall be thereafter
freely transferable by the Participant. In the event a Participant granted restricted shares hereunder
terminates his employment with the Corporation or his service on the Board of Directors because of
early retirement, or because of death or permanent and total disability prior to Normal Retirement,
the Committee may, in its sole discretion, waive the restrictions remaining on any or all such shares.
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|9.2           Termination of Employment for Reasons Other Than Death, Disability, or Normal Retirement. In the event that a Participant terminates, voluntarily or involuntarily, his employment with the
Corporation or his service on the Board of Directors prior to the removal of restrictions on shares
of restricted Stock as specified in Section 7.3, if such termination is for any reason other than
those set forth in Section 9.1 hereof, then any shares still subject to restrictions at the date
of such termination shall be forfeited automatically; provided, however, that in the event of an
involuntary termination of a Participant, the Committee may, in its sole discretion, waive the automatic
forfeiture of any or all shares still subject to restriction and may add such new restrictions to
those shares as it deems appropriate.
Section 10.   Rights of Participants
10.1         Employment. Nothing in this Plan or in any award of restricted Stock or Performance Units hereunder shall interfere
with or limit in any way the right of the Corporation to terminate any employees or Participants
employment or change his compensation at any time, nor confer upon any employee or Participant any
right to continue in the employ of the Corporation.
10.2         Nontransferability of Performance Units and Restricted Stock. No Performance Units or shares of restricted Stock granted under the Plan may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, otherwise than by will or by the laws
of descent and distribution, until the termination of the applicable period or periods of restriction.
All rights granted to a Participant under the Plan shall be exercisable during his lifetime only
by such Participant, or his guardians or legal representatives. Upon the death of a Participant,
his legal representative or beneficiary may exercise his rights under the Plan.
Section 11.   Beneficiary Designation
11.1         Beneficiary Designation. Each Participant in the Plan may, from time to time, name any beneficiary or beneficiaries (who may
be named contingently or successively) to whom any benefit under the Plan is to be paid in case of
his death before he receives any or all of such benefit. Each designation will revoke all prior designations
by the same Participant, shall be in a form prescribed by the Committee, and will be effective only
when filed by the Participant in writing with the Committee during his lifetime. In the absence of
any such designation, benefits remaining unpaid at the Participants death shall be paid to
his estate, subject to the terms of the Plan.
Section 12.   Facility of Payment
12.1         Facility of Payment. When a Participant entitled to benefits under the Plan is under legal disability, or, in the Committees
opinion, is in any way incapacitated so as to be unable to manage his financial affairs, the Committee
may direct the Corporation to pay the benefits to such Participants legal representative, or
to a relative of such Participant for such Participants benefit, or the Committee may direct
the application of such benefits for the benefit of such Participant. Any payment made in accordance
with this Section shall be a full and complete discharge of any liability for such payment under
the Plan.
Section 13.   Amendment and Termination
13.1         Amendment and Termination. The Board, upon recommendation of the Committee, at any time may terminate, and at any time and from
time to time and in any respect, may amend or modify the Plan; provided, however, that the Board
shall not modify Section 14 in a manner that would adversely affect the rights of Participants and
shall not modify any other provision in any manner adversely affecting any award of restricted Stock
theretofore granted under the Plan without the consent of the Participant.
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|Section 14.   Change of Control
14.1         Change of Control. In the event of a Change of Control, all restrictions shall lapse on shares of restricted Stock granted
under the Plan and such shares shall become freely transferable. Upon a Change of Control such shares
shall immediately be delivered to the Participants or their designated beneficiaries.
If
rights to dividends with respect to restricted Stock have been accumulated pursuant to Section 7.7,
such dividends shall be paid within ninety (90) days after a Change of Control.
Section 15.   Tax Withholding and Reporting
15.1         Tax Withholding. The Corporation, as appropriate, shall have the right to deduct from all payments under the Plan
any federal, state, or local taxes required by law to be withheld with respect to such payments.
In the case of awards paid in Stock, the Participant or other person receiving such Stock may be
required to pay to the Corporation, as appropriate, the amount of any such taxes which the Corporation
is required to withhold with respect to such Stock; provided, however, that upon the request of such
Participant or other person, in lieu of such payment the Corporation may (but shall not be required
to) retain from the Stock to be distributed to him under the Plan that number of shares (based on
the Fair Market Value of the Stock) that would satisfy the withholding taxes due, and pay such withholding
taxes in cash.
15.2         Tax Reporting. The Participant or other person receiving an award of stock hereunder shall report to the Corporation
in writing the time and manner in which such Participant or other person elects to recognize income
from or by virtue of such award for federal income tax purposes, promptly after the making of such
election.
Section 16.   Indemnification
16.1         Indemnification. Each person who is or shall have been a member of the Committee or the Board shall be indemnified
and held harmless by the Corporation from any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by him in connection with any claim, action, suit, or proceeding to which
he may be a party by reason of any action taken or failure to act under the Plan. The foregoing right
of indemnification shall not be exclusive of any other rights of indemnification to which such persons
may be entitled under the Corporations Articles of Incorporation or Bylaws, as a matter of
law, by contract, or otherwise, or any power that the Corporation may have to indemnify them or hold
them harmless.
Section 17.   Governing Law
17.1         Governing Law. The Plan, and all grants and other documents delivered hereunder, shall be construed in accordance
with and governed by the laws of the State of Missouri, to the extent that such laws are not preempted
by the laws of the United States of America.
Section 18.   Expenses of Plan
18.1         Expenses of Plan. The expenses of administering the Plan shall be borne by the Corporation.
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