Document:

Exhibit 10.58

    

      EXHIBIT
        10.58

      

      

      

      

      January
        18, 2006

      

      Mr.
        Paul
        Schiffner

      CPI
        Corp.

      46
        Hedgedale Road

      Brampton,
        Ontario

      L6T
        5L2

      

      Dear
        Paul,

      

      This
        letter will confirm that the SEARS LICENSE AGREEMENT, dated January
        1st,
        2003
        with CPI Corp. is renewed for an additional six month term commencing January
        1,
        2006 and expiring June 31, 2006 on the same terms and conditions.

      

      

      Yours
        truly,

      

      

      

      

      SEARS
        CANADA INC.

      

      

      

      Per:
        /s/
        Mike MacDonald

      _______________________

      Mike
        MacDonald

      National
        Manager

      Specialty
        Services

      

      

      

      The
        foregoing is hereby confirmed and accepted.

      

      CPI
        CORP.

      

      

      Per:
        /s/
        Paul Schiffner

      ____________________________________

      Paul
        Schiffner

      Vice-President
        and General Manager Canada

      

      

      

      

      

      

      

      SEARS
        CANADA INC., 222 JARVIS STREET, TORONTO, CANADA M5B 2B8Exhibit 10.59

    

      EXHIBIT
        10.59

      

      INDEMNIFICATION
        AGREEMENT

      

      THIS
        AGREEMENT, made and entered into this __th day of _________, ____ by and
        between
        CPI Corp., a Delaware corporation (the “
        Company”)
        and
        ______________ (the “
        Indemnitee”).
        

      

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

      

      WHEREAS,
        Indemnitee is a director of the Company; 

      

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

      

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

      

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

      

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

            

      

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

      

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

      

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

      

      (c)
         Claim:
        any
        threatened, pending or completed action, suit, proceeding, arbitration or
        alternate dispute resolution proceeding, whether civil, criminal,
        administrative, investigative, or other, or any inquiry hearing or investigation
        (whether conducted by the Company or any other party or authority) that
        Indemnitee in good faith believes might lead to the institution of any such
        action, suit, proceeding, arbitration or alternate dispute resolution
        proceeding. 

      

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

       

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

      

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

             

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

      

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

      

      2.  Basic
        Indemnification Arrangement

       

      (a) In
        the
        event Indemnitee was, is or becomes a party to or witness or other participant
        in, or is threatened to be made a party to or witness or other participant
        in, a
        Claim by reason of (or arising in whole or in part out of) an Indemnifiable
        Event, subject to Sections 2(b), 2(c), and 2(d) hereof the Company shall
        indemnify Indemnitee to the fullest extent permitted by law as soon as
        practicable but in any event no later than thirty days after the Indemnitee
        presents written demand to the Company, against any and all reasonable Expenses
        and all judgments, fines, penalties and amounts paid in settlement (including
        all interest, assessments and other charges paid or payable in connection
        with
        or in respect of such Expenses, judgments, fines, penalties or amounts paid
        in
        settlement) of such Claim and any federal, state, local or foreign taxes
        imposed
        on the Indemnitee as a result of the actual or deemed receipt of any payments
        under this Agreement. The Indemnitee’s written demand shall also specify the
        Independent Legal Counsel selected by Indemnitee pursuant to the terms of
        this
        Agreement.

       

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

                   
        If so requested by Indemnitee in writing, the Company shall advance (within
        ten
        business days
        of
        such request) any and all reasonable Expenses to Indemnitee or
        to the
        Indemnitee’s counsel (an “Expense
        Advance”).
        Such
        written request shall also specify the Independent Legal Counsel selected
        by
        Indemnitee if the Indemnitee has not previously specified such Independent
        Legal
        Counsel. 

       

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

              

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

      

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

      

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

      (d)
         The
        Indemnitee hereby agrees to repay to the Company on demand all indemnification
        payments and Expense Advances made to Indemnitee under Section 2 hereof that
        are
        determined in a final judicial determination (as hereinbefore defined) to have
        been made with respect to the Indemnitee’s act or conduct that was knowingly
        fraudulent or deliberately dishonest or to have constituted willful misconduct.
        

       

      3.
         
        Indemnification
        for Additional Expenses.
        The
        Company shall indemnify Indemnitee against any and all expenses (including
        attorneys’ fees) and, if requested by Indetmnitee, shall (within ten business
        days of such request) advance such expenses to Indemnitee, which are incurred
        by
        Indemnitee in connection with any claim asserted against or in connection
        with
        any action brought by Indemnitee for (i) indemnification or advance payment
        of
        reasonable Expenses by the Company under this Agreement or any other agreement,
        the Company’s Certificate of Incorporation, or the Bylaws of the Company now or
        hereafter in effect relating to Claims for Indemnifiable Events, and/or (ii)
        recovery under any directors’ and officers’ liability insurance policies
        maintained by the Company, regardless of whether Indemnitee ultimately is
        determined to be entitled to such indemnification, advance expense payment
        or
        insurance recovery, as the case may be. 

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

      9.
         
        Liability
        Insurance.
        To the
        extent the Company maintains an insurance policy or policies providing
        directors’ and officers’ liability insurance, Indemnitee shall be covered by
        such policy or policies (which shall, if available at reasonable cost to
        the
        Company, provide coverage to the Indemnitee for at least six (6) years after
        the
        Indemnitee has ceased to be a director of the Company), in accordance with
        its
        or their terms, to the maximum extent of the coverage reasonably available
        for
        any Company director or officer. 

      

      10.
         
        Period
        of Limitations.
        No
        legal action shall be brought and no cause of action shall be asserted by
        or in
        the right of the Company or any affiliate of the Company against Indemnitee,
        Indemnitee’s spouse, heirs, executors, administrators or personal or legal
        representatives after the expiration of three years from the date of accrual
        of
        such cause of action, and any claim or cause of action of the Company or
        its
        affiliate shall be extinguished and deemed released unless asserted by the
        timely filing of a legal action within such three-year period; provided,
        however, that if any shorter period of limitations is otherwise applicable
        to
        any such cause of action such shorter period shall govern. 

      

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

      

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

      

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

      

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

      

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

      

      16.
         
        Governing
        Law.
        This
        Agreement and all amendments, modifications and supplements hereof shall
        be
        governed by and construed and enforced in accordance with the laws of the
        State
        of Delaware applicable to contracts made and to be performed in such state
        without giving effect to the principles of conflicts of laws. 

       

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

       

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

      

      

           
CPI
        CORP.

       

      
        
          	
                  By:

                	 	/s/ J.
                  David Pierson
	 	 	 J.
                  David Pierson
	 	 	 
	
                   Title:

                	 	Chairman
                  of the Board and Chief Executive Officer
	 	 	 
	 	 	/s/
	 	 	Indemnitee

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