Document:

EXHIBIT 10.102

July 21, 2005

Mr. Renato
Cataldo

1816 Woodmark Road

St. Louis, MO 63131

RE: Offer of
Employment

Dear Renato:

On behalf of
the Board of Directors of CPI Corporation, we are pleased to offer you the
position of Chief Operating Officer, reporting to the Chief Executive Officer,
and starting on Monday, July 25, 2005.
Under the direction of the Chief Executive Officer, your duties and
responsibilities will be that of a lead executive of the Company and include
helping plan, implement and achieve the strategies and goals of the Company as
reviewed and established by the Board.
Your principal place of employment will be St. Louis, Missouri, at the
Company’s headquarters office.  This
offer includes the following terms and conditions:

1.     Base Cash Salary: Your base cash salary initially will be
$275,000 annually. Your base cash salary will be reviewed with
you no less than annually and may be adjusted from time to time by the
Compensation Committee of the Board of Directors.  

2.     Restricted Stock Grant: You will be granted Restricted Stock of
CPI
in the amount of $100,000 priced at the

closing price
of the Company’s common stock on the first trading day immediately prior to the
commencement date of your full-time employment with the Company. The Restricted
Stock will vest (subject to your continued employment on each vesting date) in
three equal increments at the close of each Fiscal Year during the period of
your employment, beginning with the Fiscal Year ended February, 2006.   

3.     Annual Bonus: You will be eligible to participate in the
Performance Incentive
Plan of the Company as a key

 executive of
the Company.  It is anticipated that any
payment due you under this plan will be paid substantially in Restricted Shares
with annual vesting as determined by the Compensation Committee of the Board.

4.     Other Benefits: As a CPI executive, you will generally be
entitled to participate in other active benefit plans

and programs
on the same terms as the other executives in the Company.  These benefits currently include:

	
  

  	
   

  	
   

  
	
   

  	
  a.

  	
  401(k)
  Plan:  This qualified plan allows
  employees to contribute up to 25% of base salary annually. The company
  matches 50% of employee contributions up to a maximum of 5% of salary in
  common stock.  The plan is
  administered by American Express and offers a full range of investment
  options.  The required discrimination
  testing, however, substantially limits the amount highly compensated
  executives may contribute. 

  
	
   

  	
   

  	
   

  
	
   

  	
  b.

  	
  Health/Disability:  The Company’s benefit plan provides for
  competitive health care coverage and short-term disability insurance.  Employee premiums are adjusted
  annually.  Long-term disability
  insurance is also available.

  
	
   

  	
   

  	
   

  
	
   

  	
  c.

  	
  Life
  Insurance:  Key managers of the
  Company are eligible for life insurance equal to two times annual base salary
  to a maximum benefit of $400,000.
  Once per year, the key managers are offered an option to convert group
  term insurance in excess of $50,000 to a permanent cash value policy.  Contributions that the Company would have
  paid on the term life premiums are paid towards the permanent insurance
  premium, and the key manager pays the balance.

  
	
   

  	
   

  	
   

  
	
   

  	
  d.

  	
  Vacation:  You will be entitled to four weeks of paid
  vacation per year. 

  

5.       Termination
and Severance: If your employment is terminated by the
Company without Cause at any time, you shall be entitled to a severance amount
equal to one year’s base salary, payable in a lump sum. If your

 employment is terminated for any other reason, you will be
entitled to no benefits, except as provided by law or under the specific terms
of the Company’s benefit programs in which you are then participating.  “Cause” as used herein shall mean any of the
following acts by or other circumstances regarding the Executive:  (i) an act committed, after the date of this
Agreement, in bad faith and to the detriment of the Company or any of its
affiliates, (ii) refusal or failure to act in substantial accordance with any
written material direction or order of the Company, (iii) repeated unfitness or
unavailability for service, disregard of the Company’s rules or policies after
reasonable notice and opportunity to cure, or misconduct, but not incapacity,
(iv) entry of a final order of judgment affirming the conviction of a crime
involving dishonesty, breach of trust, or physical or emotional harm to any
person, (v) any breach or threatened breach by Executive of Sections 6, 7, 8 or
9 of this Agreement, or (vi) material breach or violation of any other
provision of this Agreement or of any other contractual obligation to the
Company or any of its affiliates.  

6.     Insider
Status:  As a key executive of the Company, you will
be considered an “insider” subject to SEC reporting of all stock transactions
and to pre-clearance of all transactions through the Company’s General Counsel.

7.     Confidentiality: You
will maintain in confidence all non-public information you learn  about the Company and its business,
including strategies, plans, prospects and financial, employee, vendor and
customer information.  You will not use,
copy or disclose any such information except as necessary to perform the
functions of your job or with the prior consent of the company.

8.     Non-Compete and Non-Solicitation:  It
is agreed that you will not be employed directly by or act in an advisory role
for any direct competitor of the Company during the period of your employment
and for a period of one year from the date of termination.

9.     Work for Hire:  As
an employee, you agree that your ideas, concepts, graphics, creative or other
products of your work will be owned by the Company, and you agree to
acknowledge the company’s ownership in writing upon request from the Company. 

10.     Existing
Agreements: This offer is conditioned on your
confirmation that your employment by the Company will not violate the terms of
any existing agreements to which you are a party, including but not limited to
employment agreements and agreements relating to your competitive employment. 

11.     Termination
of Consulting Agreement:  Your consulting agreement with
the Company will terminate as of July 24, 2005.

We look forward to a productive and valuable relationship.

We hope you
find this offer acceptable and ask that you kindly respond by no later than
Friday, July22. We look forward to hearing from you.

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Sincerely,

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ David
  M. Meyer

  	
   

  	
  /s/ Paul
  C. Rasmussen

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  

  	
   

  	
  

  
	
   

  	
  David M.
  Meyer

  Chairman of the Board

  	
   

  	
  Paul C.
  Rasmussen

  Chief Executive Officer-Elect

  
	
   

  	
   

  	
   

  	
   

  
	
  Accepted
  this 21st day of  June,
  2005

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Renato
  Cataldo

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
   

  	
   

  
	
  Renato
  CataldoEXHIBIT 10.103

(PAGE NUMERS REFER TO PAPER DOCUMENT ONLY)

STOCK AWARD AND RESTRICTION AGREEMENT

          THIS
STOCK AWARD AND RESTRICTION AGREEMENT (“Agreement”), is entered into effective
as of the 25th  day of July, 2005, between CPI Corp., a Missouri corporation
(the “Company”), and Renato Cataldo (the “Executive”).

RECITALS

          WHEREAS,
the Executive commenced his employment with the Company on July 25, 2005 (the
“Commencement Date”);

          WHEREAS,
Executive and the Company entered into a letter agreement dated July 21, 2005,
specifying the terms of Executive’s employment with the Company (the
“Employment Letter”);

          WHEREAS,
pursuant to Paragraph 2 of the Employment Letter, the Company agreed to grant
to Executive, on the commencement date of his employment with the Company,
shares of restricted stock of the Company;

          WHEREAS,
the Company and the Executive have agreed to enter into this Stock Award and
Restriction Agreement pursuant to Paragraph 2 of the Employment Letter; and

          WHEREAS,
the Compensation Committee of the Board of Directors of the Company has
approved an award of shares of common stock of the Company to the Executive,
subject to the terms, conditions and restrictions set out in this Agreement and
the CPI Corp. Restricted Stock Plan, as amended and restated (the “Plan”); 

          NOW,
THEREFORE, in consideration of the mutual promises contained herein, and
intending to be legally bound hereby, the parties hereto agree as follows:

          1.  Award of Shares; Deliveries.  

          (a)  As of the date of this Agreement, the
Company hereby grants to the Executive an award of 5,587 shares of common stock
of the Company, par value $.40 per share (collectively, the “Restricted
Shares”), upon the terms and conditions set forth in this Agreement.  

          (b)  Concurrently with the execution of this
Agreement:

	
   

  	
   

  
	
   

  	
            (i)
  subject to Section 5 hereof, the Company shall deliver to the Executive a
  copy of a share certificate or certificates representing the Restricted
  Shares which shall contain the legend set forth in Section 5 hereof; 

  
	
   

  	
   

  
	
   

  	
            (ii)
  the Executive shall deliver to the Company a duly signed stock power,
  endorsed in blank, relating to the Restricted Shares; and

  
	
   

  	
   

  
	
   

  	
  1

  

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
            (iii)
  the Executive shall execute and deliver to the Company the Confidentiality,
  Noncompetition and Nonsolicitation Agreement attached as Exhibit A to this
  Agreement.

  

          (c)  If the Executive shall have elected to file
a Section 83(b) election with respect to the Restricted Shares, the Executive
shall have delivered, or within 30 days of the date of this Agreement shall
deliver, to the Company a copy of a duly executed Section 83(b) election.

          2.  Representations and Acknowledgements of Executive.  The Executive hereby:

	
   

  	
   

  
	
   

  	
            (i)  acknowledges and accepts the Restricted
  Shares described in Section 1;

  
	
   

  	
   

  
	
   

  	
            (ii)  represents that he is acquiring the
  Restricted Shares for investment and not with a view to or for resale or distribution
  thereof;

  
	
   

  	
   

  
	
   

  	
            (iii)  agrees and acknowledges that the
  Restricted Shares are issued pursuant to, and subject to the terms and
  conditions set forth in the Plan; and

  
	
   

  	
   

  
	
   

  	
            (iv)  agrees that the Restricted Shares will be
  held by Executive subject to all of the restrictions, terms and conditions
  contained in this Agreement, and that the Restricted Shares will be disposed
  of only in accordance with the terms of this Agreement.

  

          3.  Restrictions.  The Restricted Shares are subject to the
Transfer Restrictions and Forfeiture Restrictions set forth in Sections 3(a)
and 3(b) below (collectively, the “Restrictions”). The restrictions set out in
Section 3(a) are hereinafter referred to in this Agreement as the “Transfer
Restrictions,” and the restrictions set out in Section 3(b) are hereinafter
referred to in this Agreement as the “Forfeiture Restrictions.”

          (a)  Transfer Restrictions.  Except as otherwise permitted under this
Agreement, Executive agrees not to sell, transfer, assign, give, pledge, or
otherwise dispose of or encumber any part or all of the Restricted Shares,
whether voluntarily, by operation of law, or otherwise, prior to the lapse of
the Transfer Restrictions thereon pursuant to Section 4 hereof.  Any attempted transfer of all or any portion
of the Restricted Shares that remain subject to the Transfer Restrictions shall
be considered null and void and the Executive shall continue to be bound by all
of the terms and provisions hereof.    

          (b)  Forfeiture Restrictions.  Upon any termination of the Executive’s
employment with the Company, all of the Restricted Shares that have not yet
become Vested Shares (as defined below) at the effective time of such
termination (determined after taking into account the lapse of the Restrictions
under Section 4 hereof), shall be returned to and canceled by the Company and
shall be deemed to have been forfeited by Executive.  Upon a forfeiture by Executive of any Restricted Shares under
this Section 3(b), the Company will not be obligated to pay Executive any
consideration whatsoever for the forfeited Restricted Shares.

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4.  Lapse of
Restrictions.

          (a)  The Restrictions shall lapse as to 1,862 of
the Restricted Shares on February 4, 2006, and shall lapse as to an additional
1,863 of the Restricted Shares on February 3, 2007, and as to the remaining
1,862 of the Restricted Shares on February 2, 2008, provided that the Executive
remains in the continuous employment of the Company as of each such vesting
date.  In the event the Executive’s
employment with the Company is terminated for any reason prior to February 2,
2008, no further vesting (pro rata or otherwise) shall occur from and after the
effective date of such termination.

          (b)  To the extent the Forfeiture Restrictions
shall have lapsed under Section 4(a) with respect to any portion of the
Restricted Shares subject to this Award, those shares (“Vested Shares”) will,
from and after the applicable vesting date, thereafter be free of the
Restrictions set forth in Section 3 hereof.
Any Restricted Shares for which the Restrictions have not yet lapsed in
accordance with this Section 4 shall, for all purposes of this Agreement,
continue to be considered Restricted Shares, and will be subject to all of the
terms and conditions of this Agreement, including but not limited to the
Restrictions set forth in Section 3.

          (c)  Notwithstanding Section 14 of the Plan, it
is agreed and understood that the Restrictions will not lapse as to any
Restricted Shares held by the Executive as a result of a “Change of Control” of
the Company.

          5.  Restrictive Legend.  A stock certificate or certificates in
respect of the Restricted Shares will be issued to Executive, which
certificate(s) will be registered in Executive’s name and may bear such
legend(s) as may be required or necessary to comply with the Securities Act of
1933, as amended and applicable state securities laws.  Any certificate or certificates relating to
the Restricted Shares shall also be inscribed with a legend evidencing the
Restrictions.  

          6.  Custody.  All certificates representing the Restricted Shares shall be
deposited, together with stock powers executed by Executive, in proper form for
transfer, with the Company.  The Company
is hereby authorized to cause the transfer to come into its name of all
certificates representing the Restricted Shares which are forfeited to the
Company pursuant to Section 3(b) hereof.

                7.
Voting and Dividends; Adjustments.  Subject to the Restrictions and the limitations imposed by this
Section 7, Executive shall have all of the rights of a shareholder of the
Company with respect to the Restricted Shares, including the right to vote the
Restricted Shares and to receive dividends thereon.  Stock dividends and shares, if any, issued as a result of any
stock-split, recapitalization, reorganization, merger, consolidation, split-up,
combination or exchange of shares, or any similar change affecting the capital
stock of the Company, which has occurred after the date hereof, issued with
respect to the Restricted Shares shall be treated as additional Restricted
Shares and shall be subject to the same Restrictions and other terms and
conditions that apply with respect to, and shall vest or be forfeited at the
same time as the Restricted Shares with respect to which such stock dividends
or shares are issued.

3

          8.  No Right to Continue Relationship.  Nothing in this Agreement shall confer upon
the Executive any right to continue in the employ of the Company or shall
interfere with or restrict in any way the rights of the Company which are
hereby expressly reserved, to discharge the Executive.

          9.  Entire Agreement.  

          (a)  This Agreement shall constitute the entire
agreement between the parties with respect to the subject matter hereof.  Any term or provision of this Agreement may
be waived at any time by the party which is entitled to the benefits thereof,
and any term or provision of this Agreement may be amended or supplemented at
any time by the mutual consent of the parties hereto, except that any waiver of
any term or condition, or any amendment, of this Agreement must be in writing.

          (b)  This Agreement shall not affect in any way
the right or power of the Company or its shareholders to make or authorize any
or all adjustments, recapitalizations, reorganizations or other changes in the
Company’s capital structure or its business, or any merger or consolidation of
the Company, or any issue of bonds, debentures, preferred or other securities
with preference ahead of or convertible into, or otherwise affecting the
Restricted Shares or the rights thereof, or the dissolution or liquidation of
the Company, or any sale or transfer of all or any part of the Company’s assets
or business, or any other act or proceeding, whether of a similar character or
otherwise. 

          (c)  In the event that any term or provision of
this Agreement shall be finally determined to be superseded, invalid, illegal
or otherwise unenforceable pursuant to applicable law by a governmental
authority having jurisdiction and venue, that determination shall not impair or
otherwise affect the validity, legality or enforceability, to the maximum
extent permissible by law, (i) by or before that authority of the remaining
terms and provisions of this Agreement, which shall be enforced as if the
unenforceable term or provision were deleted, or (ii) by or before any other
authority of any of the terms and provisions of this Agreement.  

          (d)  Capitalized terms not otherwise defined in
this Agreement shall have the same meaning as set forth in the Plan.

          10.  Tax Withholding.  The
lapse of the Restrictions on the Restricted Shares awarded hereunder is
conditioned on the statutory minimum federal, state and local withholding taxes
having been timely paid by Executive pursuant to a direct payment of cash or
other readily available funds to the Company.
If the Executive makes a Section 83(b) Election
with respect to the Restricted Shares, the award of the Restricted Shares is
conditioned on the Executive providing the Company with a direct payment of
cash or other immediately available funds in an amount equal to the statutory
minimum federal, state and local withholdings taxes required to be withheld by
the Company not later than 30 days after the date of the award.  

4

          11.  Governing Law.  The laws of the State of Missouri shall
govern the interpretation, validity and performance of the terms of this
Agreement regardless of the law that might be applied under principles of
conflict of laws. 

          12.  Successors and Assigns.  This Agreement shall be binding upon and
inure to the benefit of the successors, assigns and heirs of the respective
parties.  

          13.  Notices.  All notices and other communications required or permitted under
this Agreement shall be written and shall be delivered personally or sent by
registered or certified first-class mail, postage prepaid and return receipt
required, addressed as follows: if to the Company, to the Company’s executive
offices at 1706 Washington Avenue, St. Louis, Missouri, 60313, attention: Chief
Financial Officer, and if to the Executive or his successor, to the address
last furnished by the Executive to the Company.  Each notice and communication shall be deemed to have been given
when received by the Company or the Executive. 

          14.  No Waiver.  The failure of a party to insist upon strict adherence to any
term of this Agreement on any occasion shall not be considered a waiver thereof
or deprive that party of the right thereafter to insist upon strict adherence
to that term or any other term of this Agreement. 

          15.  Titles.  Titles are provided herein for convenience only and are not to
serve as a basis for interpretation or construction of the Agreement. The
masculine pronoun shall include the feminine and neuter and the singular shall
include the plural, when the context so indicates.

[Signature page follows]

5

          N
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the
day and year first above written.

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CPI CORP.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ David M. Meyer

  	
   

  
	
   

  	
   

  	
  

  	
   

  
	
   

  	
   

  	
  David M. Meyer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its: 

  	
  Chairman of the Board

  	
   

  

The undersigned Executive
hereby accepts, and agrees to, all terms and provisions of the foregoing
Agreement.

	
   

  	
   

  	
   

  
	
   

  	
  /s/ Renato Cataldo

  	
   

  
	
   

  	
  

  	
   

  
	
   

  	
  Renato Cataldo

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

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