Document:

Exhibit 10.51

FIRST AMENDMENT

TO 

TERM LOAN CREDIT AGREEMENT

                    FIRST
AMENDMENT, dated as of April 30, 2008 (this “Amendment”), to the Term
Loan Credit Agreement, dated as of January 18, 2008 (as amended, restated or
otherwise modified from time to time, the “Credit Agreement”), by and
among (a) WHITEHALL
JEWELERS, INC. (the “Borrower”), a Delaware corporation
having its principal place of business at 125 South Wacker Drive, Suite 2600,
Chicago, Illinois 60606; (b) the lending institutions from time to time party
thereto (collectively, the “Lenders”); and (c) PWJ LENDING II LLC (“Prentice”),
a Delaware limited liability company, as administrative agent (in such
capacity, the “Administrative Agent”) and as collateral agent (in such
capacity, the “Collateral Agent” and, together with the Administrative
Agent, each an “Agent” and collectively, the “Agents”) for the
Agents and the Lenders.

W I T N E S S E T H

                    WHEREAS,
the Borrower and the Lenders are parties to the Credit Agreement, pursuant to
which the Lenders have made an initial term loan to the Borrower in the
aggregate principal amount of $25,000,000 and an additional term loan to the
Borrower in the aggregate principal amount of $10,000,000;

                    WHEREAS,
the Borrower has requested that the Credit Agreement be amended to provide for,
among other things, the making by the Lenders of a multi-draw third term loan
to the Borrower in the aggregate principal amount of $15,000,000, the proceeds
of which shall be used for working capital and general corporate purposes; and

                    WHEREAS,
the Lenders are willing to amend the Credit Agreement in accordance with the
terms and conditions set forth herein.

                    NOW
THEREFORE, the Borrower, the Agents and the Lenders, agree as follows:

                    1.
Definitions. Any capitalized term used and not defined herein shall have
the meaning assigned to such term in the Credit Agreement.

                    2.
Amendments to Credit Agreement.

                              (a)
New Definitions. Section 1.1 of the
Credit Agreement is hereby amended by adding the following definitions
of the terms “First Amendment”, “Guarantor Consent”, “Notice
of “Borrowing”, “Third Borrowing Period”, “Third Closing Date”,
“Third Term Loan”, “Third Term Loan Commitment”, “Third Term
Loan Fee” and “Third Term Loan Notes” thereto in appropriate
alphabetical order to read in their entirety as follows:

                    First
Amendment The First Amendment
to Term Loan Credit Agreement, dated as of April 30, 2008, by and among the
Borrower, the Lenders and the Agents.

	
 

	
 

	
 

	
          Guarantor
 Consent. An Acknowledgement, Consent and Reaffirmation, dated as of April
 30, 2008, made by the Guarantor in favor of the Agents and the Lenders in
 substantially the form attached to the First Amendment as Exhibit B.

	
 

	
 

	
 

	
          Notice
 of Borrowing. See Section 2.1(c)(iii).

	
 

	
 

	
 

	
          Third
 Borrowing Period. The period of time commencing on the Third Closing Date
 until the earliest of (a) the date on which the Third Term Loan Commitment is
 reduced to zero, (b) the date on which this Agreement is terminated (whether
 by maturity, acceleration or otherwise) pursuant to the terms hereof or (c)
 May 2, 2009.

	
 

	
 

	
 

	
          Third
Closing Date. The date on which (a) each of
the Conditions to Effectiveness set forth in Section 3 of the First Amendment is satisfied or waived by the Agents and (b) the first draw under the Third Term Loan is made
by the Borrower.  

	
 

	
 

	
 

	
          Third
 Term Loan. See Section 2.1(c)(i).

	
 

	
 

	
 

	
          Third
 Term Loan Commitment. With respect to each Lender, the amount set forth
 on Schedule 1 to the First Amendment as the amount of such Lender’s
 commitment to make the Third Term Loan to the Borrower pursuant to the terms
 of the Credit Agreement.

	
 

	
 

	
 

	
          Third
 Term Loan Fee. See Section 4(b) of the First Amendment.

	
 

	
 

	
 

	
          Third
 Term Loan Notes. See Section 2.2(a).

                              (b)
Existing Definitions. The definitions of the terms “Commitment
Percentage”, “Commitments”, “Loan Documents”, “Majority
Lenders”, “Notes”, “Required Lenders”, “Second Term Loan
Notes”, “Term Loan”, “Term Loans”, “Total Commitment”
and “Unanimous Lenders” set forth in Section 1.1 of the Credit
Agreement are hereby amended and restated in their entirety, to read as
follows: 

	
 

	
 

	
 

	
          Commitment
 Percentage. With respect to each Lender, the percentage obtained by
 dividing (i) the Lender’s Commitments by (ii) the sum of the Total
 Commitment, provided that if the Total Commitment has been reduced to
 zero, the numerator shall be the aggregate unpaid principal amount of such
 Lender’s portion of the Term Loans and the denominator shall be the aggregate
 unpaid principal amount of the Term Loans.

	
 

	
 

	
 

	
          Commitments.
 With respect to each Lender, its respective Initial Term Loan Commitment,
 Second Term Loan Commitment and Third Term Loan Commitment.

	
 

	
 

	
 

	
          Loan
 Documents. This Credit Agreement, the Notes, the Security Documents, the
 First Amendment, the Guarantor Consent and all other agreements, instruments
 and other documents executed and delivered pursuant

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hereto or
 thereto or otherwise evidencing, guaranteeing or securing the Loans or any
 other Obligations.

	
 

	
 

	
 

	
          Majority
 Lenders. As of any date, the Lenders (other than Delinquent Lenders)
 whose Commitment Percentages aggregate at least fifty-one percent (51%).

	
 

	
 

	
 

	
          Notes.
 Each of the Initial Term Loan Notes, the Second Term Loan Notes and the Third
 Term Loan Notes.

	
 

	
 

	
 

	
          Required
 Lenders. As of any date, the Lenders (other than Delinquent Lenders)
 whose Commitment Percentages aggregate at least sixty-six and two-thirds
 percent (662⁄3%).

	
 

	
 

	
 

	
          Second
 Term Loan Notes. See Section 2.2(a).

	
 

	
 

	
 

	
          Term
 Loan. The Initial Term Loan, the Second Term Loan or the Third Term Loan,
 as applicable.

	
 

	
 

	
 

	
          Term
 Loans. The Initial Term Loan, the Second Term Loan and the Third Term
 Loan.

	
 

	
 

	
 

	
          Total
 Commitment. The sum of the Commitments (whether funded or unfunded) of
 the Lenders, such amount being equal to (i) $35,000,000 as of the Initial
 Closing Date and (ii) $50,000,000as of the Third Closing Date.

	
 

	
 

	
 

	
          Unanimous
 Lenders. As of any date, the Lenders (other than Delinquent Lenders)
 whose Commitment Percentages aggregate One hundred percent (100%).

                              (c)
Section 2.1 of the Credit Agreement is hereby amended by (i)
redesignating clauses (c), (d) and (e) thereof as clauses (d), (e) and (f),
respectively and (ii) inserting therein new clause (c) to read as follows:

	
 

	
 

	
 

	
          (c)
 (i) Each Lender, severally and not jointly and severally with any other
 Lender, agrees, upon the terms and subject to the conditions herein set
 forth, to make one or more term loans (individually and collectively, the “Third
 Term Loan”) to the Borrower at any time and from time to time during the
 Third Borrowing Period in accordance with the terms hereof (A) in a principal
 amount for each Third Term Loan not to exceed the unfunded portion of such
 Lender’s Third Term Loan Commitment and (B) in an aggregate principal amount
 not to exceed the amount of such Lender’s Third Term Loan Commitment.

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          (ii)
 Notwithstanding the foregoing, the aggregate principal amount of all Third
 Term Loans made at any time by all Lenders shall not exceed the Third Term
 Loan Commitment.

	
 

	
 

	
 

	
          (iii)
 (A) The Borrower shall give the Administrative Agent prior telephonic notice
 (immediately confirmed in writing, in a form satisfactory to the
 Administrative Agent (a “Notice of Borrowing”), not later than 12:00
 noon (New York City time) on the date which is three (3) Business Days prior
 to the date of the proposed Third Term Loan (or such shorter period as the
 Administrative Agent is willing to accommodate from time to time, but in no
 event later than 12:00 noon (New York City time) on the borrowing date of the
 proposed Third Term Loan). Such Notice of Borrowing shall be irrevocable and
 shall specify (1) the principal amount of the proposed Third Term Loan, (2)
 the use of the proceeds of the proposed Third Term Loan, and (3) the proposed
 borrowing date, which must be a Business Day. The Administrative Agent and
 the Lenders may act without liability upon the basis of written, telecopied or
 telephonic notice believed by the Administrative Agent in good faith to be
 from the Borrower (or from any authorized officer thereof designated in
 writing purportedly from the Borrower to the Administrative Agent). The
 Borrower hereby waives the right to dispute the Administrative Agent’s record
 of the terms of any such telephonic Notice of Borrowing. The Administrative Agent and each Lender shall
 be entitled to rely conclusively on any authorized officer’s authority to
 request a Third Term Loan on behalf of the Borrower until the Administrative
 Agent receives written notice to the contrary. The Administrative Agent and
 the Lenders shall have no duty to verify the authenticity of the signature
 appearing on any written Notice of Borrowing.

	
 

	
 

	
 

	
          (iv) Each Notice of Borrowing pursuant to this
Section
 2.1(c)(iii) shall be irrevocable and the Borrower shall be bound to make
 a borrowing in accordance therewith. Each Third Term Loan shall be
 made in a minimum amount of $2,500,000 and shall be in an integral multiple
 of $500,000.

	
 

	
 

	
 

	
          (v)
 The Third Term Loan Commitment shall be reduced by the amount of each
 borrowing of a Third Term Loan. Once reduced, the Third Term Loan Commitment
 may not be increased. Each such reduction of the Third Term Loan Commitment
 shall reduce the Third Term Loan Commitment of each Lender proportionately in
 accordance with its Commitment Percentage thereof.

                              (d)
Newly designated Section 2.1(f) of the Credit Agreement is hereby
amended by deleting the reference therein to “Section 2.1(d)” and inserting in
lieu thereof “Section 2.1(f)” 

                              (e) Section
2.2(a) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

	
 

	
 

	
 

	
          (a)
 The Initial Term Loan shall be evidenced by this Credit Agreement and/or one
 or more promissory notes duly executed on behalf of the Borrower,

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dated the
 Initial Closing Date, in substantially the form attached hereto as Exhibit
 A-1 (each, an “Initial Term Loan Note” and, collectively, the “Initial
 Term Loan Notes”), payable to the order of a Lender in the aggregate
 principal amount equal to the principal amount of the portion of the Initial
 Term Loan advanced by such Lender plus the amount of any interest capitalized
 thereon in accordance with the terms of this Credit Agreement. The Second
 Term Loan shall be evidenced by this Credit Agreement and/or one or more
 promissory notes duly executed on behalf of the Borrower, dated the Second
 Closing Date, in substantially the form attached hereto as Exhibit A-2
 (each, a “Second Term Loan Note” and, collectively, the “Second
 Term Loan Notes”), payable to the order of a Lender in the aggregate
 principal amount equal to the principal amount of the portion of the Second
 Term Loan advanced by such Lender plus the amount of any interest capitalized
 thereon in accordance with the terms of this Credit Agreement. The Third Term
 Loan shall be evidenced by this Credit Agreement and/or one or more
 promissory notes duly executed on behalf of the Borrower, dated the Third
 Closing Date (or, with respect to any additional funding under the Third Term
 Loan, the date of such additional funding), in substantially the form
 attached to the First Amendment as Exhibit A (each, a “Third Term
 Loan Note” and, collectively, the “Third Term Loan Notes”),
 payable to the order of a Lender in the aggregate principal amount equal to
 the principal amount of the portion of the Third Term Loan advanced by such
 Lender plus the amount of any interest capitalized thereon in accordance with
 the terms of this Credit Agreement. The outstanding principal balance of all
 Obligations shall be payable on the Maturity Date (subject to earlier
 repayment as provided below). The Term Loans (including, without limitation,
 any interest capitalized thereon and added to the outstanding principal
 balance of such Loans in accordance with the terms hereof) shall bear
 interest from the date hereof on the outstanding principal balance thereof as
 set forth in this Section 2 or Section 5, as the case may be.
 Each Lender is hereby authorized by the Borrower to endorse on a schedule
 attached to each Note delivered to such Lender (or on a continuation of such
 schedule attached to such Note and made a part thereof), or otherwise to
 record in such Lender’s internal records, an appropriate notation evidencing
 the date and amount of each Term Loan from such Lender, each payment and
 prepayment of principal of such Term Loan, each payment of interest on such
 Term Loan and the other information provided for on such schedule; provided,
 however, that the failure of any Lender to make such a notation or any
 error therein shall not affect the obligation of the Borrower to repay any
 Term Loan made by such Lender in accordance with the terms of this Credit
 Agreement and the applicable Notes.

                              (f)
Section 2.4 of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

                    Section
2.4 Termination of Commitments.

	
 

	
 

	
 

	
          Each
 Initial Term Loan Commitment shall terminate at 5:00 p.m. (New York City
 time) on the Initial Closing Date, each Second Term Loan Commitment shall
 terminate at 5:00 p.m. (New York City time) on the Second 

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Closing Date
 and each Third Term Loan Commitment shall terminate at 5:00 p.m. (New York
 City time) on the last day of the Third Borrowing Period; provided, however,
 that (a) each Second Term Loan Commitment shall terminate automatically if
 the Second Closing Date does not occur on or before April 30, 2008 and (b)
 each Third Term Loan Commitment shall terminate automatically if the Third
 Closing Date does not occur on or before May 2, 2008.

                              (g)
Section 8.12 of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

	
 

	
 

	
 

	
          8.12
 Use of Proceeds. The Borrower will use the proceeds of the Term Loans
 for working capital and general corporate purposes.

                              (h)
Schedule 1 of the Credit Agreement is hereby amended and restated in its
entirety to read as set forth on Schedule 1 annexed to this Amendment.

                    3.
Conditions to Effectiveness. The effectiveness of this Amendment and the
making of the Third Term Loan is subject to the following conditions precedent:

                              (a)
Representations and Warranties. Before and after giving effect to this
Amendment and to the application of the proceeds of the first draw under the
Third Term Loan, the representations and warranties contained herein, in the
Credit Agreement and in the other Loan Documents shall be true and correct on
and as of the date hereof, as though made on and as of such date, except that
any such representations and warranties that expressly relate to a specific
date shall be true and correct on and as of such date; and no event shall have
occurred or would result from the funding of the first draw under the Third
Term Loan or from the application of the proceeds therefrom that would
constitute an Event of Default or a Default;

                              (b)
Delivery of Documents. The Administrative Agent shall have received the
following, each in form and substance satisfactory to the Administrative Agent:

	
 

	
 

	
 

	
                              (i)
 counterparts of this Amendment duly executed by the Borrower, the Agents and
 the Lenders;

	
 

	
 

	
 

	
                              (ii)
 a Third Term Loan Note duly executed and delivered by the Borrower with respect to the Third Term Loan;

	
 

	
 

	
 

	
                              (iii)
 the Guarantor Consent, duly executed by the Guarantor;

	
 

	
 

	
 

	
                              (iv)
 a consent agreement, duly executed by the Senior Collateral Agent, on behalf
 of the Senior Lenders, consenting to the execution and delivery of this
 Amendment by the Borrower and the funding by the Lenders of the first draw
 under the Third Term Loan to the Borrower;

	
 

	
 

	
 

	
                              (v)
 to the extent not previously delivered to the Agents, copies of the Borrower’s
 and the Guarantor’s charter or other incorporation documents, the by-laws and
 all amendments or other modifications as in effect as of the date hereof and
 the Third Closing Date, in each case, certified by a duly authorized officer
 of such Person 

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to be true
and complete as of the Third Closing Date;  

	
   

	
   

	
   

	

                              (vi)
evidence satisfactory to the Administrative Agent
of all
corporate action duly and effectively taken by the Borrower, the Guarantor and each of their respective
Subsidiaries necessary for the valid execution,
delivery and performance of this Amendment, the Third Term Loan Notes and the
Guarantor Consent;  

	
   

	
   

	
   

	

                              (vii)
an incumbency certificate, dated as of the date
hereof signed by a duly authorized officer of each of the
Borrower and the Guarantor, which
provides the name and specimen signature of each
individual who is authorized to sign, in the name and on behalf of such
Person, this Amendment, the Third Term Loan Notes, the Guarantor Consent and each other documents
entered into on the Third Closing Date to which such Person is or is to
become a party;  

	
   

	
   

	
   

	

                              (viii)
the results of current UCC searches with respect to the Collateral,
indicating that there are no
liens on the Collateral other than
Permitted Liens;  

	
   

	
   

	
   

	

                              (ix)
a favorable legal opinion addressed to the Lenders and the Agents, dated as
of the date hereof from Holland & Knight LLP, counsel to the Borrower,
the Guarantor and their respective Subsidiaries; and  

	
   

	
   

	
   

	

                              (x)
such other agreements, documents, instruments and certificates as the Agents
may reasonably request.  

                              
(c) Consents and Approvals. The Agents
shall have received satisfactory evidence that (i) all
of the parties to the transactions contemplated hereby have obtained all regulatory, creditor, lessor and other
third party consents and approvals necessary to complete the transactions
contemplated hereby and (ii) such consents and approvals, if any, are in
full force and effect.  

                              
(d) Payment of Fees, Etc. The Borrower shall have paid to the
Administrative Agent all fees (including, without limitation, the Third Term
Loan Fee with respect to the first draw under the Third Term Loan made on the
Third Closing Date and the fees costs and expenses set forth in Section 7(e) to this
Amendment), costs, expenses and taxes then payable
by the Borrower pursuant to this Amendment and the other Loan Documents.  

                    4.
Conditions Precedent to all Draws under the Third Term Loan. The
obligation of any Lender to fund any draw under the Third Term Loan is subject
to the fulfillment, in a manner satisfactory to the Agents, of each of the
following conditions precedent:  

                              
(a) Representations and Warranties; No Event of Default. The following
statements shall be true and correct, and the submission by the Borrower to the
Administrative Agent of a Notice of Borrowing with respect to each draw under
the Third Term Loan, and the Borrower’s acceptance of the proceeds of such
Third Term Loan, shall each be deemed to be a representation and warranty by
the Borrower on the date of such draw under the Third Term Loan that at the time
of and after giving effect to the funding of such draw under the Third Term
Loan and before and after giving effect to the application of the proceeds of
such draw under the Third Term Loan, (i) the representations and warranties
contained herein, in the  

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Credit
Agreement and the other Loan Documents shall be true and correct on and as of
the date of such draw under the Third Term Loan, as though made on and as of
such date, except that any such representations and warranties that expressly
relate to a specific date shall be true and correct on and as of such date; and
(ii) no event shall have occurred or would result from the funding of such draw
under the Third Term Loan or from the application of the proceeds therefrom
that would constitute an Event of Default or a Default;

                              
(b) Third Term Loan Fee. The Borrower shall have paid to the
Administrative Agent a fee in the amount equal to 2% of the aggregate principal
amount of each draw under the Third Term Loan funded by the Lenders to the
Borrower (the “Third Term Loan Fee”), which Third Term Loan Fee shall be
non-refundable and fully-earned and payable on the date on which such draw
under the Third Term Loan is made.

                              
(c) Legality. The funding of such draw under the Third Term Loan shall
not contravene any law, rule or regulation applicable to any Agent or any
Lender.

                              
(d) Notice of Borrowing. The Administrative Agent shall have received a
Notice of Borrowing pursuant to Section 2.1(c)(iii). 

                              
(e) Discretionary Fundings. With respect to each draw under Third Term
Loan requested by the Borrower after the Third Closing Date, each Lender shall
have agreed in its sole and absolute discretion to make its Commitment
Percentage of such Third Term Loan. For avoidance of doubt, notwithstanding
anything to the contrary contained in this Amendment or any other Loan
Document, all draws under the Third Term Loan requested by the Borrower after the
Third Closing Date shall be funded by the Lenders in their sole and absolute
discretion.

                              
(f) Delivery of Documents. The Agents shall have received such other
agreements, instruments, approvals, opinions and other documents, each in form
and substance satisfactory to the Lenders, as any Agent or any Lender may
reasonably request.

                              
(g) Limitation on
First Draw Under Third Term Loan. Notwithstanding anything to the contrary contained in this Amendment or
any other Loan Document, the amount of the first draw under the Third Term Loan
funded on the Third Closing shall not exceed an amount equal to $5,000,000 less
the amount of any debt or equity capital infusion received by the Borrower from
a third party acceptable to the Agents on or prior to the Third Closing Date.  

                    5.
Representations and Warranties. The Borrower represents and warrants to
the Agents and the Lenders as follows:

                              (a)
Authorization, Etc. The execution, delivery and performance by the
Borrower of this Amendment and the Notes, and the performance by the Borrower
of the Credit Agreement and the other Loan Documents, as amended hereby, (i)
have been duly authorized by all necessary action, (ii) do not and will not
contravene the Borrower’s charter or by-laws, any applicable law or any
contractual restriction binding on or otherwise affecting it or any of its
properties, (iii) do not and will not result in or require the creation of any
lien (other than pursuant to any Loan Document) upon or with respect to any of
its properties, and (iv) do

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not and will
not result in any suspension, revocation, impairment, forfeiture or nonrenewal
of any permit, license, authorization or approval applicable to its operations
or any of its properties.

                              
(b) Governmental Approvals. No authorization or approval or other action
by, and no notice to or filing with, any governmental authority or other
regulatory body is required in connection with the due execution, delivery and
performance by the Borrower of this Amendment or the Notes, or for the
performance of the Credit Agreement and the other Loan Documents, as amended
hereby.

                              
(c) Enforceability of Loan Documents. Each of this Amendment, the Notes,
the Credit Agreement and each other Loan Document to which the Borrower is a
party, as amended hereby, is a legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms, except
as such enforceability may be limited by or subject to any bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally.

                    6.
Continued Effectiveness of the Credit Agreement.

                              
(a) Ratifications. Except as otherwise expressly provided herein, (i)
the Credit Agreement and the other Loan Documents are, and shall continue to
be, in full force and effect and are hereby ratified and confirmed in all
respects, except that on and after the date hereof (A) all references in the
Credit Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words
of like import referring to the Credit Agreement shall mean the Credit
Agreement as amended by this Amendment and (B) all references in the other Loan
Documents to the “Credit Agreement”, “thereto”, “thereof”, “thereunder” or
words of like import referring to the Credit Agreement shall mean the Credit
Agreement as amended by this Amendment, and (ii) the execution, delivery and
effectiveness of this Amendment shall not operate as an amendment of any right,
power or remedy of the Agents and the Lenders under the Credit Agreement or any
other Loan Document, nor constitute an amendment of any provision of the Credit
Agreement or any other Loan Document.

                              
(b) No Waivers. This Amendment is not a waiver of, or consent to, any
Default or Event of Default now existing or hereafter arising under the Credit
Agreement or any other Loan Document and each Agent and each Lender expressly
reserves all of its rights and remedies under the Credit Agreement and the
other Loan Documents, under applicable law or otherwise.

                              
(c) Amendment and
Guarantor Consent as Loan Documents. The Borrower
confirms and agrees that each of this Amendment and the Guarantor Consent shall constitute a Loan
Document under the Credit Agreement. Accordingly, it shall be an Event of
Default under the Credit Agreement if any representation or warranty made or
deemed made by the Borrower under or in connection with this Amendment or made by the Guarantor in connection with the
Guarantor Consent shall
have been incorrect in any material respect when made or deemed made or if the
Borrower fails to perform or comply with any covenant or agreement contained
herein or the Guarantor fails to perform or comply with any
covenant or agreement contained in the Guarantor Consent.  

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                    7.
Miscellaneous.

                              
(a) This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one
and the same agreement. Delivery of an executed counterpart of this Amendment
by telefacsimile or electronic mail shall be equally effective as delivery of
an original executed counterpart of this Amendment.

                              
(b) Section and paragraph headings herein are included for convenience of
reference only and shall not constitute a part of this Amendment for any other
purpose.

                              
(c) This Amendment shall be governed by, and construed in accordance with, the
laws of the State of New York.

                              
(d) THE BORROWER HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS
AMENDMENT OR THE ACTIONS OF THE AGENTS AND THE LENDERS IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

                              
(e) The Borrower will pay on demand all reasonable and documented fees and
out-of-pocket costs and expenses of the Agents in connection with the
preparation, execution and delivery of this Amendment, including, without
limitation, the reasonable and documented fees and out-of-pocket disbursements
and other client charges of Schulte Roth & Zabel LLP.

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BLANK]

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                    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

	
 

	
 

	
 

	
 

	
BORROWER:

	
 

	
 

	
 

	
WHITEHALL JEWELERS, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	

First Amendment to Term Loan Credit

Agreement

	
 

	
 

	
 

	
 

	
AGENTS:

	
 

	
 

	
 

	
PWJ LENDING II LLC,
 as Administrative Agent and as Collateral Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	

First Amendment to Term Loan Credit

Agreement

	
 

	
 

	
 

	
 

	
LENDERS:

	
 

	
 

	
 

	
PWJ LENDING II LLC,
 as a Lender

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	

First Amendment to Term Loan Credit

Agreement

EXHIBIT A

This
instrument and the rights and obligations evidenced hereby, the liens and
security interests securing the indebtedness and other obligations incurred or
arising under or evidenced by this instrument and the rights and obligations
evidenced hereby with respect to such liens are subordinate in the manner and
to the extent set forth in that certain Intercreditor and Lien Subordination
Agreement (as the same may be amended or otherwise modified from time to time
pursuant to the terms thereof, the “Subordination Agreement”), dated as of
January 18, 2008 between LASALLE BANK NATIONAL ASSOCIATION, as
Administrative Agent and Collateral Agent (the “Senior Agent”) for the
Lenders (collectively, and together with the Senior Agent and any of their
successors and assigns, including any other lender or lenders that at any time
refinance or replace the Senior Debt referred to below, the “Senior
Creditors”) pursuant to that certain Third Amended and Restated
Credit Agreement dated as of February 20, 2007 (the “Senior Credit Agreement”),
and PWJ LENDING II LLC, as
Administrative Agent and Collateral Agent (the “Subordinating Agent”), for
the Agents and the Lenders (collectively, the Subordinating Agent together with
the Agents and Lenders party to the Subordinated Credit Agreement, the “Subordinating
Creditors”) party to that certain Term Loan Credit Agreement, dated
as of January 18, 2008 (the “Subordinated Credit Agreement”), and WHITEHALL
JEWELERS, INC., a Delaware corporation (the “Borrower”), as such Senior
Credit Agreement has been and hereafter may be amended, restated, supplemented
or otherwise modified from time to time as permitted under the Subordination
Agreement and to the liens and security interests securing indebtedness
refinancing the indebtedness under such agreements as permitted by the
Subordination Agreement; and each holder of this instrument, by its acceptance
hereof, irrevocably agrees to be bound by the provisions of the Subordination
Agreement applicable to the Subordinating Creditors as if such holder were a
Subordinating Creditor for all purposes of the Subordination Agreement

FORM OF THIRD TERM LOAN NOTE

	
 

	
 

	
$_________

	
Dated:          ________
 __, 200_

          FOR VALUE
RECEIVED, the undersigned WHITEHALL JEWELERS, INC., a Delaware
corporation (the “Borrower”), hereby promises to pay to the order of _____________
(the “Lender”) at the Lender’s Head Office at
__________________________:

	
 

	
 

	
 

	
          (a)
 prior to or on the Maturity Date the principal amount of ___________ Dollars
 ($________) or, if less, the aggregate unpaid principal amount of the Third
 Term Loan advanced by the Lender to the Borrower pursuant to the Term Loan
 Credit Agreement, dated as of January 18, 2008 (as amended, restated,
 supplemented, refinanced or otherwise modified and in effect from time to
 time, the “Credit Agreement”), among the Borrower, the Lender and the
 other parties thereto;

	
 

	
 

	
 

	
          (b)
 the principal outstanding hereunder from time to time at the times provided
 in the Credit Agreement; and

	
 

	
 

	
 

	
          (c)
 interest on the principal balance hereof from time to time outstanding from
 the Third Closing Date under the Credit Agreement through and including the
 maturity date hereof at the times and at the rate provided in the Credit
 Agreement.

          This
Note evidences borrowings under and has been issued by the Borrower in
accordance with the terms of the Credit Agreement. The Lender and any holder
hereof is entitled to the benefits of the Credit Agreement, the Security
Documents and the other Loan Documents, and may enforce the agreements of the
Borrower contained therein, and any holder

Exhibit A

hereof may
exercise the respective remedies provided for thereby or otherwise available in
respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement.

          The
Borrower irrevocably authorizes the Lender to make or cause to be made, on the
Third Closing Date and at the time of receipt of any payment of principal of
this Note, an appropriate notation on the grid attached to this Note, or the
continuation of such grid, or any other similar record, including computer
records, reflecting the making of the Third Term Loan or (as the case may be)
the receipt of such payment. The outstanding amount of the Third Term Loan set
forth on the grid attached to this Note, or the continuation of such grid, or
any other similar record, including computer records, maintained by the Lender
with respect to the Third Term Loan shall be prima facie evidence
of the principal amount thereof owing and unpaid to the Lender, but the failure
to record, or any error in so recording, any such amount on any such grid,
continuation or other record shall not limit or otherwise affect the obligation
of the Borrower hereunder or under the Credit Agreement to make payments of
principal of and interest on this Note when due.

          The
Borrower has the right in certain circumstances and the obligation under
certain other circumstances to prepay the whole or part of the principal of
this Note on the terms and conditions specified in the Credit Agreement.

          This
Note is a registered Note and, as provided in and subject to the terms of the
Credit Agreement, is transferable only upon surrender of this Note for registration
of transfer or exchange (and, in the case of a surrender for registration of
transfer, duly endorsed or accompanied by a written instrument of transfer,
duly executed by the registered holder of this Note or his attorney duly
authorized in writing), at which time a new Note for a like principal amount
will be issued to, and registered in the name of, the permitted transferee.
Reference in this Note to a “holder” shall mean the person or entity in whose
name this Note is at the time registered in the Register kept by the Agents as
provided in Section 19.3 of the Credit Agreement and, prior to due
presentment for registration of transfer, the Borrower may treat such person or
entity as the owner of this Note for the purpose of receiving payment and for
all other purposes, and the Borrower will not be affected by any notice to the
contrary.

          If
any one or more of the Events of Default shall occur, the entire unpaid
principal amount of this Note and all of the unpaid interest accrued thereon may
become or be declared due and payable in the manner and with the effect
provided in the Credit Agreement.

          No
delay or omission on the part of the Lender or any holder hereof in exercising
any right hereunder shall operate as a waiver of such right or of any other
rights of the Lender or such holder, nor shall any delay, omission or waiver on
any one occasion be deemed a bar or waiver of the same or any other right on
any further occasion.

          The
Borrower and every endorser and guarantor of this Note or the obligation
represented hereby waives presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note, and assents to any extension or postponement
of the time of payment or any other indulgence, to any

Exhibit A

substitution,
exchange or release of collateral and to the addition or release of any other
party or person primarily or secondarily liable.

          THIS NOTE
AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL FOR ALL PURPOSES BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
(EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE BORROWER
AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND
CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF
PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED
IN SECTION 20 OF THE CREDIT AGREEMENT. THE BORROWER HEREBY WAIVES ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR
ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.

          IN WITNESS
WHEREOF, the undersigned has caused this Note to be signed in its
corporate name by its duly authorized officer as of the day and year first
above written.

	
 

	
 

	
 

	
 

	
 

	
WHITEHALL JEWELERS, INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	

Exhibit A

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Date

	
 

	
Amount

 of Loan

	
 

	
Amount of

 Principal Paid

 or Prepaid

	
 

	
Balance of

 Principal

 Unpaid

	
 

	
Notation

 Made By:

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

Exhibit B

EXHIBIT B

FORM
OF GUARANTOR ACKNOWLEDGMENT,

CONSENT AND REAFFIRMATION

          This
GUARANTOR ACKNOWLEDGMENT, CONSENT AND REAFFIRMATION (this “Guarantor Consent”),
dated as of April 30, 2008, is executed and delivered by WHITEHALL JEWELERS HOLDINGS, INC., a
Delaware corporation(“Guarantor”), in favor of PWJ LENDING II LLC, a Delaware limited liability
company,
as administrative agent and collateral agent for the below defined Lenders (in
such capacities, together with its successors and assigns, if any, in such
capacities, the “Agents”) and the Lenders.

          WHEREAS,
Whitehall Jewelers, Inc., a Delaware corporation (the “Borrower”),
the below defined Lenders, and the Agents are parties to that certain Term Loan
Credit Agreement, dated as of January 18, 2008 (as amended, restated, modified,
renewed or extended from time to time, the “Credit Agreement”); 

          WHEREAS,
the Borrower, the Agents and the lending institutions from time to time party
to the Credit Agreement (collectively, the “Lenders”) desire to amend
the Credit Agreement pursuant to that certain First Amendment to Term Loan Credit Agreement, dated as of April 30,
2008 (the “First Amendment”), by and among the Borrower, the Agents and
the Lenders, which amendment provides for, among other things, the making by
the Lenders of a multi-draw third term loan to the Borrower of up to
$15,000,000;

          WHEREAS,
in connection with the Credit Agreement, the Guarantor executed in favor of the
Agents that certain Guaranty Agreement dated as of January 18, 2008 (the “Guaranty”),
pursuant to which the Guarantor agreed, among other things, to guarantee the
payment and performance of the Borrower’s obligations under the Credit
Agreement and any other Loan Document; 

          WHEREAS,
in order to induce the Agents and the Lenders to enter into the First Amendment
and to extend the financial accommodations thereunder to the Borrower, and in
consideration thereof, Guarantor has agreed to execute and deliver this
Guarantor Consent with respect to the Guaranty; and

          WHEREAS,
this Guarantor Consent incorporates by reference the terms and conditions of
the Guaranty, and any capitalized term used herein and not defined herein shall
have the meaning assigned to it in the Guaranty, the Credit Agreement or the
First Amendment.

          NOW,
THEREFORE, in consideration of the foregoing, Guarantor hereby
agrees as follows:

          1.
The Guarantor acknowledges that (a) the Lenders will make a multi-draw third
term loan to the Borrower of up to $15,000,000 pursuant to the First Amendment,
(b) the multi-draw third term loan will constitute a Guaranteed Obligation
under the Guaranty, and (c) the Borrower is a wholly-owned Subsidiary of the
Guarantor and, as such, the Guarantor will benefit

by virtue of
the financial accommodations extended to Borrower by the Lenders pursuant to
the First Amendment.

          2.
The Guarantor consents to the terms and provisions of the Credit Agreement, as
amended by the First Amendment.

          3.
The Guarantor agrees that (a) the Guaranty is ratified and confirmed in all
respects and shall continue in full force and effect, (b) it absolutely and
unconditionally guarantees the full and indefeasible payment and performance
when due of the Guaranteed Obligations thereunder, (c) each other Loan Document
to which it is a party is ratified and confirmed in all respects and shall
continue in full force and effect, and (d) it will continue to comply with, and be subject to, all of the
terms, conditions, covenants, agreements and obligations applicable to it set forth in the Guaranty and each other
Loan
Document to which it is a party.  

          4.
The Guarantor represents and warrants that (a) the execution, delivery, and
performance of this Guarantor Consent are within its powers, have been duly
authorized by all necessary action, and are not in contravention of any law,
rule, or regulation, or any order, judgment, decree, writ, injunction, or award
of any arbitrator, court, or Governmental Authority, or of the terms of its
charter or bylaws, or of any contract or undertaking to which it is a party or
by which any of its properties may be bound or affected and (b) the Guaranty
and the other Loan Documents to which it
is a party continue to constitute its
legal, valid and binding obligations, enforceable against it in accordance with
their terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditor’s rights generally and by general equitable principles (whether
enforcement is sought by proceedings at law or in equity).  

          5.
This Guarantor Consent shall constitute a Loan Document for all purposes of the
Credit Agreement and the other Loan Documents.

          6.
This Guarantor Consent may be executed in counterparts. Delivery of an executed
counterpart of this Guarantor Consent by telefacsimile or electronic mail shall
be equally as effective as delivery of an original executed counterpart of this
Guarantor Consent. 

[Signature page to follow]

2

          IN WITNESS
WHEREOF, the undersigned has executed and delivered this Guarantor
Consent as of the date first written above.

	
 

	
 

	
 

	
 

	
WHITEHALL JEWELERS HOLDINGS, INC.
 

      a Delaware corporation

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

SCHEDULE 1

Commitments; Commitment
Percentages, Lending Offices and Notice Address

Lenders and
their respective Commitments and Commitment Percentages with respect to each
Term Loan are as follows:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Lender(s)

	
 

	
Initial Term Loan

 Commitment

	
 

	
Second Term

 Loan Commitment

	
 

	
Third Term

 Loan

 Commitment

	
 

	
Total

 Commitments

	
 

	
Commitment

 Percentage

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
PWJ Lending II LLC

	
 

	
$ 25,000,000

	
 

	
$ 10,000,000

	
 

	
$ 15,000,000

	
 

	
$ 50,000,000

	
 

	
100%

	
 

                    Lender(s)
and its/their respective Address(es) for Notices are as follows:

	
 

	
PWJ Lending II LLC

	
 

	
c/o Prentice
 Capital Management, LP

 623 Fifth Avenue, 32nd Floor

 New York, New York 10022

 Attention: Daniel Platt and Matthew Hoffman

 Telephone: 212-756-8051

 Facsimile: 212-756-1480

Schedule 1Exhibit 10.52

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

(Effective as of April 30, 2008)

                    This
Employment Agreement (this “Agreement”) is entered into as of April 30,
2008, between Whitehall Jewelers, Inc., a Delaware corporation (the “Company”),
and Michael Don (the “Executive”).

                    WHEREAS,
the Company desires to employ the Executive to serve as Chief Executive Officer
and President for the Company and to serve as Chief Executive Officer and
President of the parent company, Whitehall Jewelers Holdings, Inc. (“WHJH”),
and the Executive desires to be employed by the Company, upon the terms and
subject to the conditions set forth herein.

                    NOW,
THEREFORE, in consideration of the premises and the mutual agreements contained
herein, the Company and the Executive hereby agree as follows:

                    1.
Employment.
The Company hereby agrees to employ the Executive and the Executive hereby
agrees to be employed by the Company upon the terms and subject to the
conditions contained in this Agreement. The term of employment of the Executive
by the Company pursuant to this Agreement shall commence on April 30, 2008 (the
“Effective Date”) and shall end on the first annual anniversary of the
Effective Date (such date or any successive date to which the term thereof has
been extended pursuant to the succeeding sentence, the “Expiration Date”).
Such term shall be automatically extended for successive one-year periods
unless either the Executive or the Company gives notice that such term shall not be so extended no later than 60 days
prior to the then current Expiration Date or unless earlier terminated pursuant
to Section 4 hereof. The term of employment as prescribed in the preceding
sentence is hereinafter called the “Employment Period”. From and after
the end of the Employment Period, unless earlier terminated hereunder, the
Executive’s employment with the Company shall be at will, not for any specified
term and without any payment guarantees, and either the Executive or the
Company may terminate the employment relationship at any time. Upon the
Effective Date, Executive’s prior Employment Agreement dated November 15, 2006
is hereby replaced with this Agreement which supersedes Executive’s prior
Employment Agreement in all respects. 

                    2.
Position
and Duties.

                    
(a) The Company shall employ the Executive during the Employment Period as its
Chief Executive Officer and President. During the Employment Period, the
Executive shall perform faithfully and loyally and to the best of the
Executive’s abilities the duties assigned to the Executive hereunder and shall
devote the Executive’s full business time, attention and effort to the affairs
of the Company and its subsidiaries and shall use the Executive’s reasonable
best efforts to promote the interests of the Company and its subsidiaries. The
Executive may engage in charitable, civic or community activities and, with the
prior approval of the Board of Directors (the “Board”), which may be
granted or denied in its sole discretion, may serve as a director (but not a
lead director) of any other business corporation, provided that such activities
or service do not interfere with the Executive’s duties hereunder or violate
the terms of any of the covenants contained in Sections 6, 7 or 8 hereof.

                    
(b) Responsibilities. Subject to the powers, authority and responsibilities
vested in the Board, the Chairman of the Board and duly constituted committees
of the Board, the

Executive
shall have the authority and responsibility as the Chief Executive Officer and
President. The Executive shall also perform such other duties (not inconsistent
with the position of Chief Executive Officer and President) on behalf of the
Company and its subsidiaries as may from time to be authorized by the Board and
the Chairman,. Executive will not issue any communication, written or
otherwise, that disparages, criticizes or otherwise reflects adversely or
encourages any adverse action against the Company or the individual or entities
that are owners, stockholders, agents, directors, officers, employees,
representatives, attorneys, divisions, parents, subsidiaries, predecessors,
successors or assigns of the Company.

                    3.
Compensation.

                              (a)
Base Salary. During the Employment Period, the Company shall pay to the
Executive a base salary at the rate of not less than $500,000 per annum (“Base
Salary”), payable in accordance with the Company’s executive payroll policy.
Such Base Salary shall be reviewed from time to time and shall be subject to
such increases, if any, as determined by the Compensation Committee of the
Board (the “Compensation Committee”).

                              
(b) Annual Bonus. The Executive shall be eligible to participate in the
Company’s Management Cash Bonus Plan or other annual cash bonus plan made
available to elected officers of the Company generally (“Annual Bonus”)
with target bonus opportunity which shall be no less than 50% of annual base
salary (contingent upon the Company meeting certain performance criteria set by
the Board of Directors (the “Board”)). 

                              
(c) Equity-Based Compensation. Pursuant to the terms of the WHJH equity
compensation plan (the “Plan”), the Company shall arrange for a grant to the
Executive (the date of grant being referred to herein as the “Grant Date”),
499,414 stock options (the “Options”) of common stock of WHJH (“Common Stock”)
with a per share exercise price equal to the fair market value of the Common
Stock as of the Grant Date (subject to the approval of the stockholders of WHJH
increasing the number of stock options available under the Plan). Such grant to
be memorialized in an option agreement (the “Option Agreement”) to be
executed between WHJH and the Executive. The fair market value of a share of
Common Stock shall be determined in accordance with the terms of the Plan;
provided, however, such determination shall be made in a manner consistent with
Section 409A of the Internal Revenue Code, as amended (the “Code”), and
official guidance thereunder (“FMV”). 

	
 

	
 

	
 

	
          (1)
 Vesting. The Options shall vest over a forty-eight (48) month period
 with the first one-eighth (1/8) of the Options vesting on the six (6) month anniversary
 of the Grant Date and an additional one-forty-eighth (1/48) of the Options
 vesting on each subsequent monthly anniversary of the Grant Date (until such
 Options are fully vested); provided, that, the Executive is continuously
 employed with the Company during such vesting period. Notwithstanding the
 foregoing sentence, if the Executive is employed by the Company immediately
 prior to the consummation of a Change of Control (as defined below), all
 unvested Options shall immediately vest upon consummation of such Change of
 Control. At such time as the Executive’s employment with the Company
 terminates, all unvested Options shall cease to be subject to the
 aforementioned vesting schedule (and the accelerated vesting schedule set
 forth in Section 3(c)(4) and shall be forfeited by the Executive. Upon
 termination of the Executive’s employment with the Company or the voluntary
 resignation by the Executive, any vested Options shall remain exercisable for
 a period of ninety (90) days after 

	
 

	
 

	
 

	
the date of termination
 or resignation, except in the case of a termination for Cause (as defined in
 Section 4(c)(ii)), in which event any vested and unexercised Options shall
 immediately be forfeited and canceled upon the Executive’s termination for
 Cause.. Notwithstanding anything to the contrary, upon any termination of the
 Executive’s employment or any resignation by Executive, any and all unvested
 Options shall immediately be forfeited and canceled.

	
 

	
 

	
 

	
          (2)
 Repurchase. Any shares of stock held by the Executive from the
 exercise of the Options shall be repurchasable by the Company or WHJH, at
 their option, within the 120-day period following the termination of, or the
 voluntary resignation by the Executive of, the Executive’s employment, at (i)
 80% of the FMV on the date of repurchase if such termination is for Cause or
 due to the Executive’s voluntary resignation of his employment with the
 Company, or (ii) 100% of FMV on the date of repurchase if such termination is
 for a reason other than for Cause or the Executive’s voluntary resignation of
 his employment with the Company. In the case of clauses (i) and (ii) above,
 repurchases shall be made according to the following terms: the repurchase
 price will be paid by the Company or WHJH over a 2-year period in equal
 installments on the first day of each calendar quarter following the
 repurchase closing; provided, however, payments may be deferred to the extent
 required to avoid any penalty tax imposed under Section 409A of the Code.
 The Options shall be subject to such other terms and conditions as are set
 forth in the Option Agreement. 

	
 

	
 

	
 

	
          (3)
 Change in Control. A “Change of Control” shall mean (i) the
 sale of all or substantially all of WHJH’s assets, (ii) the sale of all or
 substantially all of the shares of issued and outstanding capital stock of
 WHJH, or (iii) the merger, consolidation or reorganization of WHJH 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 of 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 WHJHor the surviving corporation, as
 applicable. For the purposes of this Section 3(c)(3), “substantially all of
 WHJH’s assets” is defined as 50% or more of the total dollar value of all of
 WHJH’s assets and “substantially all of the shares” is defined as 50% or more
 of the total shares of the capital stock of WHJH issued and outstanding.

	
 

	
 

	
 

	
          (4)
 Accelerated Vesting. Beginning with the Fiscal Year 2008 (which ends
 January 31, 2009), in addition to the vesting schedule reflected above, the
 Options shall vest and become exercisable according to the following
 schedule:

	
 

	
 

	
 

	
 

	
(i)

	
One-fourth
 (1/4) of the Options granted pursuant to Section 3(c) shall vest if EBITDA
 (as defined below) equals or exceeds $5,000,000 at the end of any fiscal
 year.

	
 

	
 

	
 

	
 

	
(ii)

	
One-half
 (1/2) of the Options granted pursuant to Section 3(c) shall vest if EBITDA
 (as defined below) equals or exceeds $15,000,000 at the end of any fiscal
 year.

	
 

	
 

	
 

	
 

	
(iii)

	
Three-fourths
 (3/4) of the Options granted pursuant to Section 3(c) shall vest if EBITDA
 (as defined below) equals or exceeds $25,000,000 at the end of any fiscal
 year.

	
 

	
 

	
 

	
 

	
(iv)

	
Any unvested
 portion of the Options granted pursuant to Section 3(c) shall vest if EBITDA
 (as defined below) equals or exceeds $35,000,000 at the end of any fiscal
 year.

	
 

	
(“EBITDA”)
 shall mean the sum of WHJH’s earnings from its operations, after eliminating
 therefrom all non-cash extraordinary non-recurring items of income (including
 gains on the sale of assets and earnings from the sale of discontinued
 business lines) and after all expenses and other proper changes, but before
 payment or provision for interest, taxes, depreciation and amortization in
 accordance with GAAP, consistent with WHJH’s past practices and as determined
 by WHJH’s independent accountants.

	
 

	
 

	
In the
 discretion of the Board or a committee thereof, Executive shall be eligible
 to participate in further equity awards commensurate with his position with
 the Company and on terms thereof substantially similar to those of the
 Company’s other senior executives. The accelerated vesting schedule in
 Section 3(c)(4) above shall not apply to any further equity awards granted by
 the Company or WHJH to the Executive. 

	
 

	
 

	
          (5)
 Prior Stock Option Grant. Notwithstanding anything contained herein to
 the contrary, it is agreed and acknowledged by the Company that there shall
 be a continuation of vesting of Executive’s previously granted stock options
 in accordance with the terms of the July 20, 2007 Stock Option Agreement
 between the Company and Executive.

                    (d)
Other Benefits. During the Employment Period, the Executive shall be
entitled to participate in the Company’s employee benefit plans generally
available to executives of the Company (such benefits being hereinafter
referred to as the “Employee Benefits”). The Executive shall be entitled
to take time off for vacation or illness in accordance with the Company’s
policy for executives and to receive all other fringe benefits as are from time
to time made generally available to executives of the Company. Additionally,
for the period of time, through and including the Expiration Date, the Company
will pay for parking at 111 S. Wacker Dr., Chicago, IL (or another equivalent
facility) near the Company’s corporate offices.

                    (e)
Relocation. The Executive shall be entitled to reimbursement of
relocation expenses up to $25,000 in connection with Executive’s relocation
from Lake Oswego to the Chicago metropolitan area. In the event Executive
voluntarily terminates his employment or is terminated for Cause prior to the
first anniversary of the Effective Date, Executive shall be

required to
repay a pro-rata portion based on months remaining to have been worked in the
first year any relocation expenses previously paid by the Company.

                    (f)
Expense Reimbursement. During the Employment Period, the Company shall
reimburse the Executive, in accordance with the Company’s policies and
procedures, for all proper expenses incurred by the Executive in the
performance of the Executive’s duties hereunder. 

                    (g)
Right to Change Plans. Nothing in this Agreement shall be construed to
limit, condition or otherwise encumber the rights of the Company to amend,
discontinue, substitute or maintain any benefit plan, program or perquisite,
and no such amendment, discontinuance, substitution or maintenance or failure
to maintain any benefit plan, program or perquisite shall be construed as a
breach of this Agreement.

                    4.
Termination.

                    (a)
Death. Upon the death of the Executive, this Agreement shall
automatically terminate and all rights of the Executive and the Executive’s
heirs, executors and administrators to compensation and other benefits under
this Agreement shall cease immediately, except that the Executive’s heirs,
executors or administrators, as the case may be, shall be entitled to:

	
 

	
 

	
 

	
                    (i)
 accrued Base Salary through and including the Executive’s date of death;

	
 

	
 

	
 

	
                    (ii)
 other Employee Benefits to which the Executive was entitled on the date of
 death in accordance with the terms of the plans and programs of the Company.

                    (b)
Disability. The Company may, at its option, terminate this Agreement
upon written notice to the Executive if the Executive, because of physical or
mental incapacity or disability, fails to perform the essential functions of
the Executive’s position, with or without reasonable accommodation, required of
the Executive hereunder for a period of six (6) consecutive months or for an
aggregate period of nine (9) months in any 12-month period. Upon such
termination, all obligations of the Company hereunder shall cease immediately,
except that the Executive shall be entitled to:

	
 

	
 

	
 

	
                    (i)
 accrued Base Salary through and including the effective date of the
 Executive’s termination of employment; and

	
 

	
 

	
 

	
                    (ii)
 other Employee Benefits to which the Executive is entitled upon termination
 of employment in accordance with the terms of the plans and programs of the
 Company.

                    In
the event of any dispute regarding the existence of the Executive’s incapacity
or disability hereunder, the matter shall be resolved by the determination of a
physician selected by the Board. The Executive shall submit to appropriate
medical examinations for purposes of such determination.

                    (c)
Cause. 

	
 

	
 

	
 

	
                    (i)
 The Company may, at its option, terminate the Executive’s employment under
 this Agreement for Cause (as hereinafter defined) upon written notice to the
 Executive (the “Cause Notice”). Any such termination for Cause shall
 be authorized by the Board. The Cause Notice shall state the action(s) or
 inaction(s) giving rise to termination for Cause in reasonable detail. The
 Executive shall have five (5) business days after the Cause Notice is given
 to cure the particular action(s) or inaction(s), to the extent a cure is
 possible. If the Executive so effects a cure to the satisfaction of the
 Board, in its good faith discretion, the Cause Notice shall be deemed
 rescinded and of no force or effect.

	
 

	
 

	
 

	
                    (ii)
 As used in this Agreement, the term “Cause” shall mean any one or more
 of the following:

	
 

	
 

	
 

	
                    (A)
 any refusal by the Executive to perform the Executive’s duties under this
 Agreement or to perform specific directives of the Board, the Chairman of the
 Board or the Chief Executive Officer which are consistent with the scope and
 nature of the Executive’s duties and responsibilities as set forth herein;

	
 

	
 

	
 

	
                    (B)
 any intentional act of fraud, embezzlement or theft by the Executive in
 connection with the Executive’s duties hereunder or in the course of the
 Executive’s employment hereunder or any prior employment, or the Executive’s
 admission or conviction of a felony or a crime involving moral turpitude,
 fraud, embezzlement, theft or misrepresentation;

	
 

	
 

	
 

	
                    (C)
 any willful malfeasance or willful misconduct of the Executive or any willful
 act or omission by the Executive that is materially injurious to the
 financial condition or business reputation of the Company or any of its
 subsidiaries or affiliates;

	
 

	
 

	
 

	
                    (D)
 any material violation of a written Company policy by the Executive or
 Company has reasonable and good faith belief that a Company policy has been
 violated after investigation;

	
 

	
 

	
 

	
                    (E)
 any material breach by the Executive of this Agreement; or

	
 

	
 

	
 

	
                    (F)
 any violation of any statutory or common law duty of loyalty to the Company
 or any of its subsidiaries.

	
 

	
 

	
 

	
Notwithstanding
 the above, the definition of “Cause” in this Section 4(c)(ii) shall not apply
 to Executive’s refusal to perform any specific action that would be unlawful.

	
 

	
 

	
 

	
                    (iii)
 The exercise of the right of the Company to terminate this Agreement pursuant
 to this Section 4(c) shall not abrogate the rights or remedies of the Company
 in respect of the breach giving rise to such termination.

	
 

	
 

	
 

	
                    (iv)
 If the Company terminates the Executive’s employment for Cause, all
 obligations of the Company hereunder shall cease, except that the Executive 

	
 

	
 

	
 

	
shall be
 entitled to the payments and benefits specified in Sections 4(b)(i) and
 4(b)(ii) hereof.

                    (d)
Termination Without Cause; Termination for Good Reason by Executive.

	
 

	
 

	
 

	
                    (i)
 The Company may, at its option, terminate the Executive’s employment under
 this Agreement upon written notice to the Executive for a reason other than a
 reason set forth in Section 4(a), 4(b) or 4(c). Any such termination shall be
 authorized by the Board. If the Company terminates the Executive’s employment
 for any such reason, all obligations of the Company hereunder shall cease
 immediately, except that the Executive shall be entitled to:

	
 

	
 

	
 

	
                    (A)
 the payments and benefits specified in Sections 4(b)(i) and 4(b)(ii);

	
 

	
 

	
 

	
                    (B)
 the continuation of payment of amounts equal to the Base Salary that
 otherwise would have been payable hereunder had the Executive’s employment
 hereunder not been terminated pursuant to this Section 4(d) for a period of
 12 months from the date of termination; and 

	
 

	
 

	
 

	
                    (C)
 retain any vested and unexercised Options for a period of ninety (90) days
 following the date of termination.

	
 

	
 

	
 

	
Notwithstanding
 Section 4(d)(i)(B), the amounts payable to the Executive under such Section
 4(d)(i)(B) shall be reduced by the amount of salary, bonus or other
 compensation which the Executive receives from a subsequent employer or other
 employment or engagement during the period of time that amounts are payable
 to the Executive under such Section 4(d)(i)(B). 

	
 

	
 

	
 

	
The Company
 shall have no obligation to provide the payments or benefits in Section
 4(d)(i) in the event Executive breaches the provisions of Sections 6, 7, or
 8.

	
 

	
 

	
 

	
                    (ii)
 The Executive may, at Executive’s option, terminate the Executive’s
 employment under this Agreement upon written notice to the Company for Good
 Reason. If the Executive terminates employment for Good Reason, all
 obligations of the Company hereunder shall cease immediately, except that the
 Executive shall be entitled to receive the payments and benefits specified in
 Section 4(d)(i)(A) above and, provided that the Executive executes a mutual
 release and non-disparagement agreement, in form and substance reasonably
 satisfactory to the Company, the payments and benefits set forth in Sections
 4(d)(i)(B) and (C) above, in each case on the terms and conditions set forth
 therein. For purposes hereof, the term “Good Reason” shall mean the
 occurrence of any of the following without Executive’s express written
 consent that is not cured by the Company within thirty (30) days following
 the Company’s receipt of written notice from the Executive describing the
 event constituting Good Reason: (A) a reduction in Executive’s Base Salary by
 more than fifteen 15%; or (B) Executive is required to relocate outside of
 Chicago.

	
 

	
 

	
 

	
Notwithstanding
 the forgoing, the amounts payable to the Executive under such Section
 4(d)(ii) shall be reduced by the amount of salary, bonus or other
 compensation which the 

	
 

	
 

	
 

	
Executive
 receives from a subsequent employer during the period of time that amounts
 are payable to the Executive under such Section 4(d)(ii).

	
 

	
 

	
 

	
The Company
 shall have no obligation to provide the payments or benefits in Section
 4(d)(ii) in the event Executive breaches the provisions of Sections 6, 7, or
 8.

                    (e)
Voluntary Termination. Upon 60 days prior written notice to the Company
(or such shorter period as may be permitted by the Board), the Executive may
voluntarily terminate the Executives employment with the Company for any
reason. If the Executive voluntarily terminates the Executive’s employment
pursuant to this Section 4(e), all obligations of the Company hereunder shall
cease immediately, except that the Executive shall be entitled to the payments
specified in Sections 4(b)(i) and 4(b)(ii) hereof and shall be entitled to
retain any vested and unexercised Options for a period of ninety (90) days
following the date of resignation.

                    
(f) Removal from any Boards and Position. If the Executive’s employment
is terminated for any reason under this Agreement, he shall be deemed to resign
(i) if a member, from the Board or board of directors of any subsidiary of the
Company or any other board to which he has been appointed or nominated by or on
behalf of the Company and (ii) from any position with the Company or any
subsidiary of the Company, including, but not limited to, as an officer of the
Company and any of its subsidiaries.

                    5.
Federal
and State Withholding. The Company shall deduct from the amounts
payable to the Executive pursuant to this Agreement the amount of all required
federal, state and local withholding taxes in accordance with the Executive’s
Form W-4 on file with the Company, and all applicable federal employment taxes.

                    6.
Noncompetition;
Nonsolicitation.

                    
(a) General. The Executive acknowledges that in the course of the
Executive’s employment with the Company the Executive has and will become
familiar with trade secrets and other confidential information concerning the
Company and its subsidiaries and that the Executive’s services will be of
special, unique and extraordinary value to the Company and its subsidiaries.

                    
(b) Non-competition. The Executive agrees that during the period of the
Executive’s employment with the Company, and the period, if any, during which
the Executive is receiving payments from the Company pursuant to Section 4(d)
(the “Non-competition Period”) the Executive shall not in any manner, directly
or indirectly, through any person firm or corporation, alone or as a member of
a partnership or as an officer, director, stockholder, investor or employee of
or consultant to any other corporation or enterprise or otherwise, engage or be
engaged, or assist any other person, firm, corporation or enterprise in
engaging or being engaged in operating retail jewelry stores in North America. 

                    
(c) Non-solicitation or Hire. During the Employment Period and for a
period of twelve (12) months following the termination of the Executive’s
employment for any reason, the Executive shall not directly or indirectly, (a)
solicit or attempt to solicit or induce any supplier to the Company or any
subsidiary to terminate, reduce or alter negatively its relationship with the
Company or any subsidiary or in any manner interfere with any agreement or
contract between the Company or any subsidiary and such supplier or (b) solicit
or attempt to solicit or induce any employee of the Company or any of its
subsidiaries or any person who was an

employee of
the Company or any of its subsidiaries during the twelve (12) month period
immediately prior to the date the Executive’s employment terminates (a “Former
Employee”) to terminate such employee’s employment relationship with the
Protected Parties (as defined below) in order, in either case, to enter into a
similar relationship with the Executive, or any other person or entity or hire
any employee of the Company or any of its subsidiaries or any Former Employee
on Executive’s own behalf or on behalf of any other person or entity.

                    (d)
Property. The Executive acknowledges that all originals and copies of
materials, records and documents generated by him or coming into his possession
during his employment by the Company or its subsidiaries are the sole property
of the Company and its subsidiaries (“Company Property”). During the
Employment Period, and at all times thereafter, the Executive shall not remove,
or cause to be removed, from the premises of the Company or its subsidiaries,
copies of any record, file, memorandum, document, computer related information
or equipment, or any other item relating to the business of the Company or its
subsidiaries, except in furtherance of his duties under the Agreement. When the
Executive’s employment with the Company terminates, or upon request of the
Company at any time, the Executive shall promptly deliver to the Company all
copies of Company Property in his possession or control.

                    
(e) Reformation. If, at any time of enforcement of this Section 6, a
court or an arbitrator holds that the restrictions stated herein are
unreasonable under circumstances then existing, the parties hereto agree that
the maximum period, scope or geographical area reasonable under such
circumstances shall be substituted for the stated period, scope or area and
that the court or arbitrator shall be allowed to revise the restrictions
contained herein to cover the maximum period, scope and area permitted by law.

                    7.
Confidentiality.

                    
(a) During the course of the Executive’s employment by the Company, the
Executive has had and will have access to certain trade secrets and
confidential information relating to the Company and its subsidiaries (the “Protected
Parties”) which is not readily available from sources outside the Company.
The confidential and proprietary information and trade secrets of the Protected
Parties are among their most valuable assets, including but not limited to,
their customer, supplier and vendor lists, databases, competitive strategies,
computer programs, frameworks, or models, their marketing programs, their
sales, financial, marketing, training and technical information, their product
development (and proprietary product data) and any other information, whether
communicated orally, electronically, in writing or in other tangible forms
concerning how the Protected Parties create, develop, acquire or maintain their
products and marketing plans, target their potential customers and operate
their retail and other businesses. The Protected Parties invested, and continue
to invest, considerable amounts of time and money in their process, technology,
know-how, obtaining and developing the goodwill of their customers, their other
external relationships, their data systems and data bases, and all the
information described above (hereinafter collectively referred to as “Confidential
Information”), and any misappropriation or unauthorized disclosure of
Confidential Information in any form would irreparably harm the Protected
Parties. The Executive acknowledges that such Confidential Information
constitutes valuable, highly confidential, special and unique property of the
Protected Parties. The Executive shall hold in a fiduciary capacity for the
benefit of the Protected Parties all Confidential Information relating to the
Protected Parties and their businesses, which shall have been obtained or
prepared by the Executive during the Executive’s employment by the Company or
its subsidiaries and which shall not be or become public knowledge (other than
by acts by the Executive or representatives of the Executive in violation of
this Agreement or acts of third parties in violation of similar agreements with
the Company). 

Except as
required by law or an order of a court or governmental agency with
jurisdiction, the Executive shall not, during the period the Executive is
employed by the Company or its subsidiaries or at any time thereafter, disclose
any Confidential Information, directly or indirectly, to any person or entity
for any reason or purpose whatsoever, nor shall the Executive use any
Confidential Information in any way, except in the course of the Executive’s
employment with, and for the benefit of, the Protected Parties or to enforce
any rights or defend any claims hereunder or under any other agreement to which
the Executive is a party, provided that such disclosure is relevant to the
enforcement of such rights or defense of such claims and is only disclosed in
the formal proceedings related thereto provided that the Executive must give
the Company prior written notice and an opportunity to obtain a protective
order. The Executive shall take all reasonable steps to safeguard the
Confidential Information and to protect it against disclosure, misuse,
espionage, loss and theft. The Executive understands and agrees that the
Executive shall acquire no rights to any such Confidential Information.

                    (b)
All files, records, documents, drawings, specifications, data, computer
programs, evaluation mechanisms and analytics and similar items relating
thereto or to the Business, as well as all customer lists, specific customer
information, compilations of product research and marketing techniques of the
Company and its subsidiaries, whether prepared by the Executive or otherwise
coming into the Executive’s possession, shall remain the exclusive property of
the Company and its subsidiaries, and the Executive shall not remove any such
items from the premises of the Company and its subsidiaries, except in
furtherance of the Executive’s duties hereunder. 

                    (c)
As requested by the Company and at the Company’s expense, from time to time and
upon the termination of the Executive’s employment with the Company for any
reason, the Executive will promptly deliver to the Company and its subsidiaries
all copies and embodiments, in whatever form, of all Confidential Information
in the Executive’s possession or within his control (including, but not limited
to, memoranda, records, notes, plans, photographs, manuals, notebooks,
documentation, program listings, flow charts, magnetic media, disks, diskettes,
tapes and all other materials containing any Confidential Information)
irrespective of the location or form of such material. If requested by the
Company, the Executive will provide the Company with written confirmation that
all such materials have been delivered to the Company as provided herein.

                    8.
Inventions.
The Executive hereby assigns to the Company the Executive’s entire right, title
and interest in and to all discoveries and improvements, patentable or
otherwise, trade secrets and ideas, writings and copyrightable material, which
may be conceived by the Executive or developed or acquired by the Executive
during the Employment Period, which may pertain directly or indirectly to the
business of the Company or any of its subsidiaries. The Executive agrees to
disclose fully all such developments to the Company upon its request, which
disclosure shall be made in writing promptly following any such request. The
Executive shall, upon the Company’s request, execute, acknowledge and deliver
to the Company all instruments and do all other acts which are necessary or
desirable to enable the Company or any of its subsidiaries to file and
prosecute applications for, and to acquire, maintain and enforce, all patents,
trademarks and copyrights in all countries. In accordance with the Illinois
Employee Patent Act, 765 ILCS 1060, the Executive is hereby notified by the
Company, and understands, that the foregoing provisions do not apply to an
invention for which no equipment, supplies, facilities or trade secret
information of the Company was used and which was developed entirely on the
Executive’s own time, unless (i) the invention relates (A) to the business of
the Company or (B) to the Company’s actual or demonstrably anticipated research
and development, or (ii) the invention results from any work performed by the
Executive for the Company.

                    9.
Enforcement.
The parties hereto agree that the Company and its subsidiaries would be damaged
irreparably in the event that any provision of Section 6, 7 or 8 of this
Agreement were not performed in accordance with its terms or were otherwise
breached and that money damages would be an inadequate remedy for any such
nonperformance or breach. Accordingly, the Company and its successors and
permitted assigns shall be entitled, in addition to other rights and remedies
existing in their favor, to an injunction or injunctions to prevent any breach
or threatened breach of any of such provisions and to enforce such provisions
specifically (without posting a bond or other security). The Executive agrees
that the Executive will submit to the personal jurisdiction of the courts of
the State of Illinois in any action by the Company to enforce an arbitration
award against the Executive or to obtain interim injunctive or other relief
pending an arbitration decision.

                    10.
Representations.
The Executive represents and warrants to the Company that (a) the execution,
delivery and performance of this Agreement by the Executive does not and will
not conflict with, breach, violate or cause a default under any contract,
agreement, instrument, order, judgment or decree to which the Executive is a
party or by which the Executive is bound, (b) the Executive is not a party to
or bound by any employment agreement, non-competition agreement or
confidentiality agreement with any other person or entity which would prevent
him from entering into and fully performing his duties, responsibilities and
obligations under this Agreement or would otherwise limit the manner in which
he may perform such duties, responsibilities and obligations, and (c) upon the
execution and delivery of this Agreement by the Company, this Agreement shall
be the valid and binding obligation of the Executive, enforceable in accordance
with its terms.

                    11.
Survival.
Sections 6, 7, 8, 9 and 12 of this Agreement shall survive and continue in full
force and effect in accordance with their respective terms, notwithstanding any
termination of the Employment Period.

                    12.
Arbitration.
Except as otherwise set forth in Section 9 hereof, any dispute or controversy
between the Company and the Executive, whether arising out of or relating to
this Agreement, the breach of this Agreement, Executive’s employment with the
Company or otherwise, shall be settled by arbitration in Chicago, Illinois
administered by the American Arbitration Association, with any such dispute or
controversy being so administered in accordance with its Commercial Rules then
in effect, and judgment on the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof. The arbitrator shall have the
authority to award any remedy or relief that a court of competent jurisdiction
could order or grant, including, without limitation, the issuance of an
injunction. However, either party may, without inconsistency with this
arbitration provision, apply to any court having jurisdiction over such dispute
or controversy and seek interim provisional, injunctive or other equitable
relief until the arbitration award is rendered or the controversy is otherwise
resolved. Except as necessary in court proceedings to enforce this arbitration
provision or an award rendered hereunder, or to obtain interim relief, neither
a party nor an arbitrator may disclose the existence, content or results of any
arbitration hereunder without the prior written consent of the Company and the
Executive. The Company and the Executive acknowledge that this Agreement
evidences a transaction involving interstate commerce. Notwithstanding any
choice of law provision included in this Agreement, the United States Federal
Arbitration Act shall govern the interpretation and enforcement of this
arbitration provision.

                    13.
Notices.
All notices and other communications required or permitted hereunder shall be
in writing and shall be deemed given when (a) delivered personally or by
overnight courier to the following address of the other party hereto (or such
other address for such

party as shall
be specified by notice given pursuant to this Section) or (b) sent by facsimile
to the following facsimile number of the other party hereto (or such other
facsimile number for such party as shall be specified by notice given pursuant
to this Section), with the confirmatory copy delivered by overnight courier to
the address of such party pursuant to this Section 13:

	
 

	
 

	
 

	
 

	
If to the
 Company, to:

	
 

	
 

	
 

	
 

	
Whitehall
 Jewellers, Inc.

	
 

	
 

	
125 S.
 Wacker Drive

	
 

	
 

	
Suite 2600

	
 

	
 

	
Chicago, IL
 60606

	
 

	
 

	
Attn:
 General Counsel

	
 

	
 

	
 

	
 

	
 

	
If to the
 Executive:

	
 

	
 

	
 

	
 

	
 

	
Mike Don

	
 

	
 

	
777 N.
 Michigan Ave., Apt. 3201

	
 

	
 

	
Chicago, IL
 60611-2608

                    14.
Severability.
Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect the validity, legality or enforceability
of any other provision of this Agreement or the validity, legality or
enforceability of such provision in any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

                    15.
Release.
Notwithstanding any other provision of this Agreement to the contrary,
Executive acknowledges and agrees that any and all payments to which Executive
is entitled under Sections 4(d)(i)(B) and 4(d)(i)(C) which are described as
being subject to this Section 15 are conditioned upon and subject to
Executive’s execution of, and not having revoked within any applicable
revocation period, a general release and wavier in such reasonable and
customary form as shall be prepared by the Company, of all claims Executive may
have against the Company and its directors, officers, subsidiaries and
affiliates, except as to (i) matters covered by provisions of this Agreement
that expressly survive termination of this Agreement and (ii) rights to which
Executive is entitled by virtue of Executive’s participation in the employee
benefit plans, policies and arrangements of the Company.

                    16.
Entire
Agreement. This Agreement constitutes the entire agreement and
understanding between the parties with respect to the subject matter hereof and
supersedes and preempts any prior understandings, contracts, agreements
(including, but not limited to the prior Employment Agreement, dated as of
November 15, 2006, by and between the Executive and the Company) ) or
representations by or between the parties, written or oral, which may have
related in any manner to the subject matter hereof. 

                    17.
Successors
and Assigns. This Agreement shall be enforceable by the
Executive and the Executive’s heirs, executors, administrators and legal
representatives, and by the Company and its successors and assigns.

                    18.
Governing
Law. This Agreement shall be governed by and construed and
enforced in accordance with the internal laws of the State of Illinois without
regard to principles of conflict of laws.

                    19.
Amendment
and Waiver. The provisions of this Agreement may be amended or
waived only by the written agreement of the Company and the Executive, and no
course of conduct or failure or delay in enforcing the provisions of this
Agreement shall affect the validity, binding effect or enforceability of this
Agreement.

                    20.
Counterparts.
This Agreement may be executed in two counterparts, each of which shall be
deemed to be an original and both of which together shall constitute one and
the same instrument.

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above.

	
 

	
 

	
 

	
 

	
WHITEHALL JEWELERS, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
MICHAEL DON

	
 

	
 

	
 

	
   /s/
 Michael Don

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