Document:

Exhibit
10.3

              2007
                    WHITEHALL JEWELERS, INC.

              STOCK INCENTIVE PLAN

              	
                    1.
 	
Purpose of the Plan
 

              The purpose of the Plan is to aid the Company and its Affiliates in recruiting and retaining key employees, directors or consultants of outstanding ability and to motivate such employees, directors or consultants to exert their best efforts on behalf of the Company and its Affiliates by providing incentives through the granting of Awards.  The Company expects that it will benefit from the added interest which such key employees, directors or consultants will have in the welfare of the Company as a result of their proprietary interest in the Company's success.

              	
                    2.
 	
Definitions
 

              The following capitalized terms used in the Plan have the respective meanings set forth in this Section:

              	
                           
  	
                          (a)
 	
                          Act:  The Securities Exchange Act of 1934, as amended, or any successor thereto.
 

              	
                           
  	
                          (b)
 	
                          Affiliate:  With respect to the Company, any entity directly or indirectly controlling, controlled by, or under common control with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest.
 

              	
                           
  	
                          (c)
 	
                          Award:  An Option, Stock Appreciation Right or Other Stock-Based Award granted pursuant to the Plan.
 

              	
                           
  	
                          (d)
 	
                          Board:  The Board of Directors of the Company.
 

              	
                           
  	
                          (e)
 	
                          Change of Control:  The occurrence of any of the following events:
 

              (i) any Person or group, other than affiliates of Prentice Capital Management, LP, becomes the beneficial owner of 50% or more of the outstanding common stock of the Company entitled to vote generally in the election of directors of the Company (“Voting Securities”);

               

              (ii) the sale, lease, transfer, conveyance or other disposition in one or a series of related transactions, of all or substantially all of the assets of the Company; or

               

              (iii) the consummation of: 

               

              (A)  a merger, consolidation or reorganization (a “Merger”) as a result of which the individuals and entities who were the respective 

               

               

               

              beneficial owners of the Voting Securities of the Company immediately before such Merger do not beneficially own, immediately after such Merger, directly or indirectly, more than 50% of the Voting Securities of the corporation resulting from such Merger (or its parent corporation), or

               

              (B)  a plan relating to the liquidation of the Company.

              	
                           
  	
                          (f)
 	
                          Code:  The Internal Revenue Code of 1986, as amended, or any successor thereto.
 

              	
                           
  	
                          (g)
 	
                          Committee:  The Compensation Committee of the Board or, in the absence of a Compensation Committee of the Board, the Board. 
 

              	
                           
  	
                          (h)
 	
                          Company:
                              Whitehall Jewelers, Inc., a Delaware corporation.
 

              	
                           
  	
                          (i)
 	
                          Disability:  A determination by the Company in accordance with applicable law that as a result of a physical or mental injury or illness, the Participant is unable to perform the essential functions of his or her job with or without reasonable accommodation for a period of (i) ninety (90) consecutive days or (ii) one hundred twenty (120) days in any one (1) year period.
 

              	
                           
  	
                          (j)
 	
                          Effective Date:  The date the Board approves the Plan, or such later date as is designated by the Board.
 

              	
                           
  	
                          (k)
 	
                          Fair Market Value:  On a given date, (i) if there should be a public market for the Shares on such date, the closing price of the Shares as reported on such date on the composite tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if the Shares are not listed or admitted on any national securities exchange, the closing price per Share as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices are regularly quoted)(the “NASDAQ”), or, if no sale of Shares shall have been reported on the composite tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of the Shares have been so reported or quoted shall
              be used, and (ii) if there should not be a public market for the Shares on such date, the Fair Market Value shall be the value established by the Committee in good faith.
 

              	
                           
  	
                          (l)
 	
                          Group:  A “group,” as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto).
 

               

               

              	
                           
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                          (m)
 	
                          ISO:  An Option that is also an incentive stock option pursuant to Section 6(d) of the Plan.
 

              	
                           
  	
                          (n)
 	
                          Option:  A stock option granted pursuant to Section 6 of the Plan.
 

              	
                           
  	
                          (o)
 	
                          Option Price:  The purchase price per Share of an Option, as determined pursuant to Section 6(a) of the Plan.
 

              	
                           
  	
                          (p)
 	
                          Other Stock-Based Awards:  Awards granted pursuant to Section 8 of the Plan.
 

              	
                           
  	
                          (q)
 	
                          Participant:  An employee, director or consultant who is selected by the Committee to participate in the Plan.
 

              	
                           
  	
                          (r)
 	
                          Person:  A “person,” as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto).
 

              	
                           
  	
                          (s)
 	
                          Plan:
                              The 2007 Whitehall Jewelers, Inc. Stock Incentive
                              Plan.
 

              	
                           
  	
                          (t)
 	
                          Shares:  Shares of common stock of the Company.
 

              	
                           
  	
                          (u)
 	
                          Stock Appreciation Right:  A stock appreciation right granted pursuant to Section 7 of the Plan.
 

              	
                           
  	
                          (v)
 	
                          Stock Split:  The 10,000 for 1 stock split of the outstanding Shares, which will result in 100,000 outstanding Shares following the consummation of the Stock Split. 
 

              	
                    3.
 	
Shares Subject to the Plan
 

              The total number of Shares which may be issued under the Plan is 1.5 Shares prior to the consummation of the Stock Split and 15,000 Shares following the consummation of the Stock Split.  The Shares may consist, in whole or in part, of unissued Shares or treasury Shares.  The issuance of Shares or the payment of cash upon the exercise of an Award shall reduce the total number of Shares available under the Plan, as applicable.  Shares which are subject to Awards which terminate or lapse may be granted again under the Plan.

              	
                    4.
 	
Administration
 

              The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part as it determines; provided, however that the Board may, in its sole discretion, take any action designated to the Committee under this Plan as it may deem necessary.  The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan.  The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent 

               

              	
                           
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              the Committee deems necessary or desirable.  Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and reasonable discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors).  The Committee shall have the full power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions).  The Committee shall require payment of any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the exercise of an Award.  

              	
                    5.
 	
Limitations
 

              No Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

              	
                    6.
 	
Terms and Conditions of Options
 

              Options granted under the Plan shall be, as determined by the Committee, non-qualified or incentive stock options for federal income purposes, as evidenced by the related Award agreements, and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Committee shall determine:

              	
                           
  	
                          (a)
 	
                          Option Price.  The Option Price per Share shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of the Shares on the date an Option is granted.
 

              	
                           
  	
                          (b)
 	
                          Exercisability.  Options granted under the Plan shall be exercisable at such time and upon such terms and conditions as may be determined by the Committee and set forth in the Award Agreement, but in no event shall an Option be exercisable more than ten years after the date it is granted.
 

              	
                           
  	
                          (c)
 	
                          Exercise of Options.  Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or from time to time any part, of the Shares for which it is then exercisable.  For purposes of Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the date payment is received by the Company pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence.  The purchase price for the Shares as to which an Option is exercised shall be paid to the Company in full at the time of exercise at the election of the Participant  (i) in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, in Shares having a Fair Market Value equal to the
              aggregate Option Price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee; provided, that such Shares have been 
 

               

              	
                           
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              	 	 	held by the Participant for no less than six months (or such other period as established from time to time by the Committee or generally accepted accounting principles), (iii) partly in cash and, to the extent permitted by the Committee, partly in such Shares, (iv) to the extent permitted by the Committee, through a “cashless exercise” via a broker or (v) such other method approved by the Committee.  No Participant shall have any rights of a stockholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan.
	
                           
  	
                          (d)
 	
                          ISOs.  The Committee may grant Options under the Plan that are intended to be ISOs.  Such ISOs shall comply with the requirements of Section 422 of the Code (or any successor section thereto).  No ISO may be granted to any Participant who at the time of such grant, owns more than ten percent of the total combined voting power of all classes of stock of the Company, unless (i) the Option Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and (ii) the date on which such ISO terminates is a date not later than the day preceding the fifth anniversary of the date on which the ISO is granted.  Any Participant who disposes of Shares acquired upon the exercise of an ISO either (i) within two years after the date of grant of such ISO or (ii) within one year
              after the transfer of such Shares to the Participant, shall notify the Company of such disposition and of the amount realized upon such disposition.  All Options granted under the Plan are intended to be nonqualified stock options, unless the applicable Award agreement expressly states that the Option is intended to be an ISO.  If an Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a nonqualified stock option granted under the Plan; provided that such Option (or portion thereof) otherwise complies with the Plan's requirements relating to nonqualified stock options.  In no event shall any member of the Committee, the Company or any of its Affiliates (or their respective employees, officers or directors) have any liability to any
              Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO.
 

              	
                    7.
 	
Terms and Conditions of Stock Appreciation Rights
 

              	
                           
  	
                          (a)
 	
                          Grants.  The Committee also may grant (i) a Stock Appreciation Right independent of an Option or (ii) a Stock Appreciation Right in connection with an Option, or a portion thereof.  A Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the exercise or cancellation of the related Option, (B) shall cover the same Shares covered 
 

               

              	
                           
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              	 	 	by an Option (or such lesser number of Shares as the Committee may determine) and (C) shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement).
	
                           
  	
                          (b)
 	
                          Terms.  The exercise price per Share of a Stock Appreciation Right shall be an amount determined by the Committee but in no event shall such amount be less than the greater of the Fair Market Value of a Share on the date the Stock Appreciation Right is granted or, in the case of a Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, the Option Price of the related Option.  Each Stock Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Stock Appreciation Right.  Each Stock Appreciation Right granted in conjunction with an
              Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or any portion thereof, and to receive from the Company in exchange therefor an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the Option Price per Share, times (ii) the number of Shares covered by the Option, or portion thereof, which is surrendered.  The date a notice of exercise is received by the Company shall be the exercise date.  Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be determined by the Committee.  Stock Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of exercise stating the number of Shares with respect to which the Stock Appreciation Right is being exercised.  No fractional Shares will be issued in payment for Stock
              Appreciation Rights, but instead cash will be paid for a fraction or, if the Committee should so determine, the number of Shares will be rounded downward to the next whole Share.
 

              	
                           
  	
                          (c)
 	
                          Limitations.  The Committee may impose, in its discretion, such conditions upon the exercisability or transferability of Stock Appreciation Rights as it may deem fit.
 

              	
                    8.
 	
Other Stock-Based Awards
 

              The Committee, in its sole discretion, may grant Awards of Shares, Awards of restricted Shares and Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, Shares (“Other Stock-Based Awards”).  Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive one or more Shares (or the 

               

              	
                           
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              equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives.  Other Stock-Based Awards may be granted alone or in addition to any other Awards granted under the Plan.  Subject to the provisions of the Plan, the Committee shall determine (a) the number of Shares to be awarded under (or otherwise related to) such Other Stock-Based Awards, (b) whether such Other Stock-Based Awards shall be settled in cash, Shares or a combination of cash and Shares (c) and all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that all Shares so awarded and issued shall be fully paid and non-assessable).

              	
                    9.
 	
Adjustments Upon Certain Events
 

              Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

              	
                           
  	
                          (a)
 	
                          Generally.  In the event of any change in the outstanding Shares after the Effective Date by reason of any Share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to shareholders of Shares other than regular cash dividends or any transaction similar to the foregoing, the Committee in its sole discretion and without liability to any person may make such substitution or adjustment, if any, as reasonably equitable, as to (i) the number or kind of Shares or other securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the Option Price or exercise price of any Stock Appreciation Right and/or (iii) any other
              affected terms of such Awards.
 

              	
                           
  	
                          (b)
 	
                          Change of Control. In the event of a Change of Control after the Effective Date, the Committee may, in its sole discretion, provide for (i) the termination of an Award upon the consummation of the Change of Control, but only if such Award has vested and been paid out or the Participant has been permitted to exercise the Award in full for a period of not less than 10 days prior to the Change of Control, (ii) acceleration of all or any portion of an Award, (iii) the payment of any amount (in cash or, in the discretion of the Committee, in the form of consideration paid to shareholders of the Company in connection with such Change of Control) in exchange for the cancellation of such Award which, in the case of Options and Stock Appreciation Rights, may equal the excess, if any, of the Fair Market Value
              of the Shares subject to such Options or Stock Appreciation Rights over the aggregate exercise price or Option Price of such Options or Stock Appreciation Rights (provided, however, if the common stockholders of the Company are to receive consideration other than cash in exchange for their shares of Common Stock in connection with a Change of Control, than the Committee may only avail itself of this clause (iii) if the holders of Options are given an opportunity to exercise 
 

               

              	
                           
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              their Options prior to such Change of Control), and/or (iv) issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder.

              	
                    10.
 	
No Right to Employment or Awards
 

              The granting of an Award under the Plan shall impose no obligation on the Company or any Subsidiary to continue the employment or service or consulting relationship of a Participant and shall not lessen or affect the Company's or Subsidiary's right to terminate the employment or service or consulting relationship of such Participant.  No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards.  The terms and conditions of Awards and the Committee's determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated).

              	
                    11.
 	
Successors and Assigns
 

              The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant's creditors.

              	
                    12.
 	
Nontransferability of Awards
 

              Unless otherwise determined by the Committee, an Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of descent and distribution.  An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant.

              	
                    13.
 	
Amendments or Termination
 

              The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which, without the consent of a Participant, would diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of the Code or other applicable laws.

              	
                    14.
 	
Choice of Law
 

              The Plan shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflicts of laws principles.

              	
                    15.
 	
Effectiveness of the Plan
 

              The Plan shall be effective as of the Effective Date.

               

               

              	
                           
 	8Exhibit 10.4

                   

125 South Wacker Drive, Suite 2600

Chicago, IL 60606 

312/782-6800 

July 20, 2007

Via Hand-Delivery 

Mr. Edward Dayoob 

Whitehall Jewelers, Inc. 

125 S. Wacker Drive, Suite 2600

Chicago, IL 60606 

Bonus Award Agreement

Dear Ed:

     Whitehall Jewelers, Inc. (the “Company”)
hereby grants to you the following bonus award, which shall be subject to the
terms and conditions of this letter agreement (the “Agreement”), effective
as of  July 19, 2007 (the “Effective Date”).  In consideration of the
premises and mutual covenants herein and for other good and valuable consideration,
the parties agree as follows: 

1. Bonus
Amount. Upon consummation of the reverse merger
with a subsidiary of BTHC VII, Inc., subject to the terms and  conditions of
this Agreement, you shall be eligible to receive bonuses from the Company (each,
a “Bonus”) equal to an aggregate amount of $300,000 (the “Total
Bonus Amount”). 

2. Payment of Bonus. Provided you are Engaged (as defined below) by the Company on each date such payments are made, you shall be eligible to receive Bonuses
as follows: 

     (a) December
31, 2008 Payment:
On the next regular payroll date following December 31, 2008, you shall receive
a lump-sum payment equal to 83% of the Total Bonus Amount, less applicable withholdings
for federal, state and local taxes (the “December 31, 2008 Payment”). 

     (b) Monthly
Bonus Payments:
On the next regular payroll date following the final day of each month after
December 31, 2008, you shall receive an amount equal to 1/36th of the Total Bonus
Amount, less applicable withholdings for federal, state and local taxes (each,
a “Monthly Bonus Payment”), until such time as you have received Bonuses
in the  aggregate under this Agreement of a gross amount equal to the Total Bonus
Amount. 

     (c) Change
in Control:
Notwithstanding the foregoing, if a Change in Control (as defined below) occurs
prior to the payment of the Total Bonus Amount hereunder, subject to your continued
engagement with the Company or its subsidiaries through the date of such 

Change in Control, you shall be entitled to receive an amount equal to (x) the Total
Bonus Amount less (y) all bonus payments received hereunder, less applicable withholdings for federal, state and local taxes, payable within 30 days following the date of such
Change in Control. 

     “Change in Control” shall
mean (i) the sale of all or substantially all of the Company’s assets, (ii)
the sale of all or substantially all of the shares of issued and outstanding
capital stock of the Company, or (iii) the  merger, consolidation or reorganization
of the Company into or with another corporation or other legal person; provided,
however, no sale of all or substantially all of the issued and outstanding shares,
merger, consolidation, reorganization, sale  or transfer (or any other transaction)
shall constitute a “Change in Control” if,
immediately following such sale of all or substantially all of the issued and
outstanding shares,  merger, consolidation, reorganization, sale or transfer
(or any other transaction), Prentice Capital Management, LP (“Prentice”),
Holtzman Opportunity Fund, L.P.  (“Holtzman”)
and/or their respective affiliates shall continue to beneficially own (as determined
in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as
amended) a majority of the outstanding voting securities of the Company or the
surviving corporation, as applicable (or the parent corporation in the event
of a merger of the Company with and into a subsidiary of another corporation);
provided,  further, the merger of a wholly-owned subsidiary of Globalwise Investments,
Inc. with and into the Company shall not constitute a “Change in Control”.
For the purposes of this Paragraph 2(c) “substantially all of the Company’ assets”
is defined as 50% or more of the total dollar value of all of the Company’s
assets and “substantially all of the shares” is
defined as 50% or more of the total shares of the capital stock of the Company
issued and outstanding. If an event occurs while you are engaged by the Company
which qualifies as a Change in Control under this Section 2(c), but does not
qualify as a Change in Control under Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”),
the Total Bonus Amount will be considered vested, but payment will be made according
to the schedule set forth in  Paragraphs 2(a) and 2(b) above, except in the event
you cease to be engaged by the Company as a result of your subsequent (i) termination
without Cause (as such term is defined in your employment agreement with the
Company), (ii) voluntary resignation, (iii) death, or (iv) Disability (as such
term is defined in your employment agreement), in which case the Total Bonus
Payment less any amounts paid under Paragraphs 2(a) and 2(b) shall be paid upon
your termination without Cause, voluntary resignation, death or Disability, unless
you are a
“specified employee” as defined in Section 409A of the Code, in which
case such payment shall be made in a lump-sum, six (6) months following the date
of your termination without Cause, voluntary resignation, death or Disability.

     For purposes of this Agreement, you shall be considered “Engaged” by
the Company during any time in which you are: (i) employed by the Company, (ii)
engaged as consultant to the Company, or (iii) serving as a member of the Board
of Directors of the Company (or its public company parent corporation).

3. Termination
of Employment, Voluntary Resignation, Death or Permanent Disability.
Notwithstanding anything contained in Section 2 to the  contrary, if your employment
with the Company is terminated for Cause, your right to receive any payments
hereunder shall terminate, and this Agreement shall terminate without payment
of consideration, and shall be null and void and of no force or  effect. Notwithstanding
anything contained in Section 2 to the contrary, in the event you cease to be
engaged by the Company as a result of: (i) your termination of employment by
the Company without Cause; (ii) your voluntarily resignation from the Company;
(iii) your death or (iv) your Disability, you (or your heirs, executors
and administrators) shall receive the payments set forth in subsections (a) through
(f) below: 

     (a) If
you cease to be engaged by the Company as a result of your termination of employment
without Cause on or prior to December 31, 2008, an amount equal to the December
31, 2008 Payment multiplied by a fraction, (1) the

	
                           
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numerator of which is (x) the number of full months that have elapsed from the Effective Date through the date your employment terminates, plus (y) six (6), and (2) the denominator of which is the number of months from the Effective Date through December 31, 2008,
payable in accordance with Paragraph 2(a), above. Notwithstanding the foregoing, if you are a “specified employee” of the Company, as such term is defined in Section 409A of the Code, such payment shall be made no earlier than six (6) months
following the date your employment terminates. 

     (b) If
you cease to be engaged by the Company as a result of your termination of employment
without Cause  after December 31, 2008, an amount equal to the lesser of
(x) six (6) multiplied by the Monthly Bonus Payment and (y) the remainder of
the unpaid Total Bonus Amount, payable in six (6) equal monthly installments.
Notwithstanding the foregoing, to the extent you are a “specified employee” as
defined in Section 409A of the Code, such  payment will be made in a lump-sum,
six (6) months following the date your employment terminates. 

     (c) You
cease to be engaged by the Company as a result of your voluntary resignation,
death or Disability prior to December 31, 2008, an amount equal to the December
31, 2008 Payment  multiplied by a fraction, (1) the numerator of which is the
number of full months that have elapsed from the Effective Date through the date
of your resignation, death or Disability, and (2) the denominator of which is
the number of months from the  Effective Date through December 31, 2008, payable
in accordance with Paragraph 2(a), above. Notwithstanding the foregoing, if you
are a “specified employee” of the Company, as such term is defined
in Section 409A of the Internal Revenue Code of  1986, as
amended (the “Code”), such payment shall
be made no earlier than six (6) months following the date your employment terminates. 

     (d) You
cease to be engaged by the Company as a result of your   voluntary resignation,
death or Disability after December 31, 2008, an amount equal to any previously
accrued but unpaid Monthly Bonus Payment for any full month from January 1, 2009
through the date of your voluntary resignation, death or Disability. 

     (e) Resignation from Board or Non-Election. Notwithstanding anything contained
in Section 3 to the contrary, if you are requested, in writing, by the Company
to resign from the Board in connection with the Company becoming a public
company (provided that you have not previously been terminated for Cause) or
(ii) you are not re-elected to serve on the Board (provided that you have not
previously been terminated for Cause), then you shall receive the Total Bonus
Amount paid in accordance with, and at the times specified in, Paragraph 2 of
this Agreement.

     The Company shall have no obligation to make the payments set forth in this Paragraph 3, following the termination of your employment in the event you breach any restrictive covenant made in favor of
the Company to which your are subject which survives the termination of your employment with the Company. 

4. Miscellaneous Provisions.

     (a) Amendments and Waivers:  The provisions of this Agreement may not be amended, modified, supplemented or
terminated, and waivers or consents to departures from the provisions hereof may not be given, without the written consent of each of the parties hereto. Notwithstanding anything herein to the contrary, the Company may amend this Agreement at any
time, retroactively or otherwise, without your consent, if necessary or desirable to comply with Section 409A of the Code, and regulations and other guidance of general applicability that are issued thereunder provided, that, there is no economic detriment to you. 

     (b) Successors and Assigns: This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, successors and permitted assigns. You may not assign this Agreement or any rights or obligations under this Agreement without the prior written consent of the Company.  The Company may assign its rights, together
with its

	
                           
 	-3- 	
                           
 

obligations, to another entity which will succeed to all or substantially all of the assets and business of the Company, to the extent rights and obligations of the Company remain outstanding following any such transaction. 

     (c) Counterparts. This Agreement may be executed in two or more counterparts, each of which, when so executed
and delivered, shall be deemed to be an original, but all of which counterparts, taken together, shall constitute one and the same instrument. 

     (d) Severability. In the event that any one or more of the provisions, paragraphs, words, clauses, phrases or
sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, paragraph, word, clause, phrase or
sentence in every other respect and of the other remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way impaired, it being intended that all rights, powers and privileges of the parties hereto shall be
enforceable to the fullest extent permitted by law. 

     (e) Governing Law; Jurisdiction; Jury Trial. This Agreement shall be governed by and construed in accordance
with the laws of the State of Illinois, without giving effect to the conflict of laws principles thereof.  Each of the parties hereto hereby irrevocably and unconditionally agrees that any action, suit or proceeding, at law or equity, arising out of
or relating to this Agreement or any agreements or transactions contemplated hereby shall only be brought in any federal court of the Northern District of New Illinois or any state court located in Cook County, State of Illinois. Each party hereby
irrevocably and unconditionally consents to the service of process of any of the aforementioned courts. THE PARTIES HERETO HEREBY WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN
CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR THE VALIDITY, INTERPRETATION OR ENFORCEMENT HEREOF. 

     (f) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings
relating to such subject matter, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties hereto with respect to such subject matter. 

     (g) No Employment or Service Contract. Nothing in this Agreement shall confer any right to continue your
relationship with the Company, nor shall it give you the right to be retained in the employ of the Company or interfere with or otherwise restrict in any way the rights of the Company, which rights are hereby expressly reserved, to terminate your
employment at any time for any reason. 

     (h) Set-off. The Company's obligation to pay the amounts provided and to make the arrangements provided
hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by you to the Company or its subsidiaries and affiliates.

	
                           
 	-4- 	
                           
 

     (i) Construction. The parties acknowledge that each of them has had the benefit of legal counsel of its own
choice and has been afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed as if jointly drafted by the parties. 

     Please sign the enclosed copy of this Agreement confirming your agreement to the above terms. 

	 	Sincerely,
	 	 
	 	WHITEHALL JEWELERS, INC.
	 	 
	 	/s/ Michael
        Don
	 	Name: Michael
    Don
	 	
Title: EVP
	 	 
	 	 
	Agreed and Accepted	 
	 	 
	/s/ Edward
        Dayoob	 
	Name: Edward Dayoob 	 

	
                           
 	-5-

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