Document:

Prepared by R.R. Donnelley Financial -- Restated Certificate of Inc. of registrant

 EXHIBIT 4.1 
  
 RESTATED CERTIFICATE OF INCORPORATION 
 OF 
 CONCORD EFS, INC. 
  
 FIRST.    The name of the Corporation is CONCORD
EFS, INC. 
  
 SECOND.    The address of the Corporation’s registered office in the State of
Delaware is 1013 Centre Road, in the City of Wilmington, County of New Castle. The name of the Corporation’s registered agent at such address is Corporation Service Company. 
  
 THIRD.    The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General
Corporation Law of the State of Delaware. 
  
 FOURTH.    The total number of shares of all
classes of stock that the Corporation shall have authority to issue is 1,500,000,000 shares of Common Stock, and the par value of each such share is $0.33 1/3. 
  
 FIFTH.    The name and mailing address of the sole incorporator is as follows: 
  
 
	 NAME
 
	    	 MAILING ADDRESS
 

	 Daniel A. Milewic
 	    	 c/o Bingham, Dana & Gould
 
	  	    	 150 Federal Street
 
	  	    	 Boston, Massachusetts 02110
 

 
  
 SIXTH.    The following provisions are inserted
for the management of the business and for the conduct of the affairs of the Corporation and for defining and regulating the powers of the Corporation and its directors and stockholders and are in furtherance and not in limitation of the powers
conferred upon the Corporation by statute: 
  
 (a)  The bylaws of the Corporation may fix
and alter, or provide the manner for fixing and altering, the number of directors constituting the whole Board of Directors. In case of any vacancy on the Board or any increase in the number of directors constituting the whole Board, the vacancies
shall be filled by the directors or by the stockholders at the time having voting power, as may be prescribed in the by-laws. The election of directors need not be by written ballot. 
  
 (b)  The Board of Directors shall have the power and authority: 

  
 (1)  to adopt, amend or repeal by-laws of the
Corporation, subject only to such limitation, if any, as may be from time to time imposed by law or by the by-laws; and 
  
 (2)  to the full extent permitted or not prohibited by law, and without the consent of or other action by the stockholders, to authorize or create mortgages, pledges or other liens or encumbrances upon any or all
of the assets, real, personal or mixed, and franchises of the Corporation, including after-acquired property, and to exercise all of the powers of the Corporation in connection therewith; and 
  

(3)  subject to any provision of the by-laws, to determine whether, to what extent, at what times and places and under what conditions and
regulations the accounts, books and papers of the Corporation (other than the stock ledger), or any of them, shall be open to the inspection of the stockholders, and no stockholder shall have any right to inspect any account, book or paper of the
Corporation except as conferred by statute or authorized by the by-laws or by the Board of Directors. 
  
 SEVENTH.    No director of the Corporation shall be personally liable to the Corporation or to any of its stockholders for monetary damages for breach of fiduciary duty as a director, notwithstanding any provision
of law imposing such liability; provided, however, that to the extent required from time to time by applicable law, this Article Seventh shall not eliminate or limit the liability of a director, to the extent such liability is provided by applicable
law, (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of
Title 8 of the Delaware Code, or (iv) for any transactions from which the director derived an improper personal benefit. No amendment to or repeal of this Article Seventh shall apply to or have any effect on the liability or alleged liability of any
director for or with respect to any acts or omissions of such director occurring prior to the effective date of such amendment or repeal. 
 

 2<PAGE>

                                                                    Exhibit 10.9

                        FACTORY CARD & PARTY OUTLET CORP.
                  2002 NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN

The Plan. Factory Card & Party Outlet Corp. (the "Company") hereby establishes
the Factory Card & Party Outlet Corp. 2002 Non-Employee Directors Stock Option
Plan (the "Plan") as set forth in this document, as it may be amended from time
to time. The Plan is effective as of the Effective Date.

     Section 1. Purpose. The purposes of the Plan are to promote the long-term
growth and financial success of the Company by enabling the Company to attract
and retain Non-Employee Directors of outstanding ability and by enhancing the
identity of interest between the Company's Non-Employee Directors and its
stockholders.

     Section 2. Definitions. As used in the Plan, the following terms shall have
the meanings set forth below:

     (a) "Affiliate" shall mean (i) any Person that directly, or through one or
more intermediaries, controls, or is controlled by, or is under common control
with, the Company or (ii) any entity in which the Company has a significant
equity interest, as determined by the Board.

     (b) "Board" shall mean the Board of Directors of the Company.

     (c) "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

     (d) "Company" shall mean Factory Card & Party Outlet Corp., a Delaware
corporation.

     (e) "Effective Date" means April 23, 2002, the date this Plan is adopted by
the Board.

     (f) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

     (g) "Fair Market Value" shall mean, with respect to a Share, (i) the
closing price of the Shares on the NASDAQ Stock Market's National Market, or any
other national stock exchange on which the Shares are then traded, or if no such
reported sale of Shares shall have occurred on such date, on the next preceding
date on which there was such a reported sale; or (ii) if the Shares are not
listed for trading on a national securities exchange or authorized for quotation
on the NASDAQ Stock Market's National Market, the average of the closing bid and
asked prices as reported by the National Association of Securities Dealers
Automated Quotation System or, if no such prices shall have been reported for
such date, on the next preceding date for which such prices were so reported; or
(iii) if the Stock is neither listed on a national securities exchange nor
quoted in the National Market System of the National Association of Securities
Dealers Automated

<PAGE>

Quotation System on a last sale basis, the amount determined by the Board to be
the fair market value based upon a good faith attempt to value the Stock
accurately and computed in accordance with applicable regulations of the
Internal Revenue Service.

     (h) "Mature Shares" shall mean Shares to which the holder thereof has good
title, free and clear of all liens and encumbrances, and which such holder
either (i) has held for at least six months or (ii) has purchased on the open
market.

     (i) "Non-Employee Director" shall mean an individual who is a member of the
Board but who is not a common-law employee of the Company.

     (j) "Option" shall mean any right granted to a Participant under the Plan
allowing such Participant to purchase Shares at such price or prices and during
such period or periods as the Board shall determine. The Options granted to a
Participant pursuant to this Plan are not intended to be Incentive Stock
Options.

     (k) "Option Agreement" shall mean the written agreement, contract, or other
instrument or document by which every Option shall be evidenced.

     (l) "Optionee" shall mean any Participant to whom an Option has been
granted under the Plan.

     (m) "Option Price" shall mean the per share purchase price of Shares
subject to an Option.

     (n) "Participant" shall mean a Non-Employee Director who is selected by the
Board to receive an Option under the Plan.

     (o) "Permitted Transferee" shall mean any member of the Immediate Family of
the Participant, any trust of which all of the primary beneficiaries are the
Participant or members of the Immediate Family of a Participant, or any
partnership of which all of the partners are the Participant or members of the
Immediate Family of the Participant. For purposes of this definition, the
"Immediate Family" of the Participant consists of the Participant's spouse,
children, stepchildren, grandchildren, parents, stepparents, siblings,
grandparents, nieces and nephews.

     (p) "Person" shall mean any individual, corporation, partnership,
association, joint-stock company, trust, unincorporated organization, or
government or political subdivision thereof.

     (q) "Shares" shall mean shares of the common stock of the Company.

     (r) "Termination of Service" shall mean a Participant for any reason is no
longer serving as a member of the Board. (A Non-Employee Director shall not be
considered to have a Termination of Service merely because he or she becomes a
common-law employee of the Company and thereby ceases to be a Non-Employee
Director.)

                                       ii

<PAGE>

     Section 3. Administration.

     (a) General. The Plan shall be administered by the Board. The Board may
appoint agents (who may be employees of the Company) to assist in the
administration of the Plan, and may authorize such persons to execute agreements
or other documents on its behalf. The Board may employ such legal counsel,
consultants and agents as it may deem desirable for the administration of the
Plan, and may rely upon any opinion received from any such counsel or consultant
and any computation received from any such consultant or agent. All expenses
incurred in the administration of the Plan, including for the engagement of any
counsel, consultant or agent, shall be paid by the Company. No member of the
Board shall be liable for any action or determination made with respect to the
Plan or any Option.

     (b) Power and Authority of Board. The Board shall have full power and
authority, in its sole discretion subject to the provisions of the Plan, to:

          (i)    determine the Participants to whom Options may from rime to
     time be granted hereunder;

          (ii)   determine the type or types of Option to be granted to each
     Participant hereunder;

          (iii)  determine the number of Shares to be covered by each Option
     granted hereunder, subject to the limitations of Section 4;

          (iv)   determine the terms and conditions, not inconsistent with the
     provisions of the Plan, of any Option granted hereunder;

          (v)    determine whether, to what extent and under what circumstances
     Options may be settled in cash, Shares or other property or canceled or
     suspended;

          (vi)   determine whether, to what extent and under what circumstances
     cash, Shares and other property and other amounts payable with respect to
     an Option under this Plan shall be deferred either automatically or at the
     election of the Participant;

          (vii)  determine the existence or nonexistence of any fact or status
     relevant to Options or the rights of Participants thereunder, including
     without limitation whether a Termination of Service occurs by reason of
     cause, death or disability;

          (viii) construe and interpret the Plan, any Option Agreement, and any
     other instrument or agreement entered into under the Plan;

                                      iii

<PAGE>

                 (ix) make such other determinations and waive such requirements
          as may be required or permitted by Sections 6, 7, 8, 9, 10 and 11 or
          other provisions of the Plan;

                 (x) administer the Plan and establish such rules and
          regulations, approve and prescribe such forms, and appoint such agents
          as it shall deem appropriate for the proper administration of the
          Plan;

                 (xi) correct any defect, supply any omission or reconcile any
          inconsistency in the Plan or any Option in the manner and to the
          extent it shall deem desirable to carry it into effect; and

                 (xii) make any other determination and take any other action
          that the Board deems necessary or desirable for administration of the
          Plan.

          In making such determinations, the Board may take into consideration
the services rendered by the respective individuals as chairpersons of the Board
or as members or chairpersons of committees of the Board, and such other factors
which the Board may deem relevant in accomplishing the purposes of the Plan. The
Board's determinations under the Plan need not be uniform. The Board may make
such determinations selectively among persons who receive, or are eligible to
receive, Options (whether or not such persons are similarly situated). Decisions
of the Board shall be final, conclusive and binding upon all Persons, including
the Company, any Participant, any stockholder, and any employee of the Company.

          Section 4. Shares Subject to the Plan.

          Aggregate Limit. Subject to adjustment as provided in Section 11(g), a
total of one hundred and fifty thousand (150,000) Shares are reserved for grant
pursuant to Options under the Plan. Any Shares issued hereunder may consist, in
whole or in part, of authorized and unissued Shares or treasury Shares. Shares
shall be charged against the foregoing limit upon the grant of each Option but
if such Shares are thereafter forfeited or such Option otherwise terminates
without the issuance of such Shares or of other consideration in lieu of such
Shares, the Shares so forfeited or related to the terminated portion of such
Option shall be restored to the foregoing limit and shall again be available for
Options under the Plan. If Shares are applied to pay the Option Price upon
exercise of an Option the Shares so applied shall be added to the foregoing
limit and shall be available for Options under the Plan.

          Section 5. Eligibility. The Board may grant Options to any individual
who is a Non-Employee Director on the date of grant. A Non-Employee Director may
be granted more than one Option, but only on the terms and subject to the
restrictions hereinafter set forth.

                                       iv

<PAGE>

          Section 6. Stock Options.

          (a) Issuance. The Board may grant Options hereunder to Non-Employee
Directors by written resolution specifying the number of shares subject to the
Option and the Option Price, and such other terms and conditions consistent with
the Plan as the Board in its sole discretion shall deem desirable.

          (b) Option Agreements. Every Option granted under the Plan shall be
evidenced by an Option Agreement in such form as the Board may from time to time
approve. Any Option shall also be subject to the following terms and conditions
and to such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Board shall deem desirable.

          (c) Date of Granting of Options. The date of grant of Options shall be
the date designated by the Board as the date of grant, provided that in no event
shall the date of grant be earlier than the date on which the Board approves the
grant as provided in subsection (a) above.

          (d) Option Price. The Option Price per Share shall be determined by
the Board in its sole discretion; provided that the Option Price shall not be
less than 100% of the Fair Market Value of a Share on the date of the grant of
the Option. The proceeds received by the Company from the sale of Shares subject
to an Option shall be added to the general funds of the Company and used for its
corporate purposes.

          (e) Option Period. The term of each Option shall be fixed by the Board
in its sole discretion and set forth in the Option Agreement, provided that the
Option shall not be exercisable after the expiration of ten years from the date
the Option was granted; and further provided that if no other term is specified
in the Option Agreement the term of the Option shall be ten years from the of
granting of the Option.

          (f) Exercisability. Options shall be exercisable either in full or in
installments at such time or times as determined by the Board at or subsequent
to grant, and set forth in the Option Agreement; provided that the Board may in
its sole discretion subsequent to grant waive any restriction on the exercise of
an Option; and further provided that if no other conditions for exercise are
specified in the Option Agreement the Option shall be exercisable for 50% of the
Shares subject to the Option on and after the first anniversary of the date of
granting of the Option and for 100% of the Shares subject to the Option on and
after the second anniversary of the date of granting of the Option.

          (g) Method of Exercise. An Option shall be exercised by the delivery
to the Company (or an agent of the Company) during the period in which such
Option is exercisable of written notice of exercise in a form acceptable to the
Board for a specific number of Shares subject to the Option and payment in full
of the Option Price of such specific number of Shares. Payment for the Shares
with respect to which an Option is exercised may be made by any one or more of
the following means:

                                       v

<PAGE>

               (i)   cash, negotiable personal check or electronic funds
          transfer;

               (ii)  the Board in its sole discretion may permit payment through
          tender of Mature Shares, valued at their Fair Market Value on the date
          of exercise; provided that the Board may impose whatever restrictions
          it deems necessary or desirable with respect to such method of
          payment;

               (iii) the Board in its sole discretion may permit payment by
          submitting acceptable certification to the Board of the ownership of
          Mature Shares, valued at their Fair Market Value on the date of
          exercise; in which event the Shares issued to the Optionee for the
          portion of any Option so exercised by shall not exceed the number of
          Shares covered by such portion of the Option less the number of Shares
          for which proof of ownership is submitted in full or partial payment;
          or

               (iv)  the Board in its sole discretion may permit payment through
          the sale of the Shares acquired on exercise of the Option through a
          broker-dealer to whom the Optionee has submitted an irrevocable notice
          of exercise and irrevocable instructions to deliver promptly to the
          Company the amount of sale or loan proceeds sufficient to pay for such
          Shares.

          Section 7. Termination of Service. Except as otherwise provided in
this Section or the applicable Option Agreement, all Options of a Participant
that are not then exercisable shall terminate upon the Participant's Termination
of Service and no such Options may be exercised after such Termination of
Service. For purposes of this Section, a Participant's Termination of Service
occurs on the last day on which the Participant is a member of the Board.

          (a) If Termination of Service occurs for a reason other than death,
disability or cause, Options that were exercisable immediately before such
Termination of Service shall remain exercisable for a period of 90 days
following such Termination of Service (but not beyond the original Option Term)
and shall then terminate.

          (b) If Termination of Service occurs by reason of death or disability,
Options that were exercisable immediately before such Termination of Service
shall remain exercisable for a period of one year following such Termination of
Service (but not beyond the original Option Term) and shall then terminate.

          (c) Notwithstanding the foregoing provisions of this Section, the
Board may in its sole discretion as to all or part of any Option as to any
Participant, at the time the Option is granted or thereafter, determine that
Options shall become exercisable upon a Termination of Service, determine that
Options shall continue to become exercisable in full or in installments after
Termination of Service, or extend the period for exercise of Options (but not
beyond ten years from the date of grant of the Option).

                                       vi

<PAGE>

          Section 8. Transferability of Options.

          (a) No Option shall be transferable by the Participant otherwise than
(i) upon death pursuant to a Participant's designation, by written instrument
filed with the Company in a manner specified by the Board in the Option
Agreement or thereafter, of a beneficiary to exercise an Option or otherwise
receive payment under any Option after the death of the Participant; (ii) if no
such designation of beneficiary has been filed with the Company, upon death
pursuant to a Participant's (or Beneficiary's or Permitted Transferee's) will or
under the applicable laws of descent and distribution; or (iii) by the transfer
of an Option for no consideration to a Permitted Transferee in accordance with
this Section.

          (b) Following the transfer of an Option to a Permitted Transferee, the
Permitted Transferee shall have all of the rights and obligations of the
Participant to whom the Option was granted and such Participant shall not retain
any rights with respect to the transferred Option, except that (i) the payment
of any tax attributable to the exercise of the Option shall remain the
obligation of the Participant, and (ii) the period during which the Option shall
become exercisable or remain exercisable under this Section 8 shall depend on
the service of the original Optionee and the circumstances of his or her
Termination of Service.

          (c) If for any reason an Option is exercised by a person other than
the original Participant, or payment or distribution under any other Option is
to be made to a person other than the original Participant, the person
exercising or receiving payment or distribution under such Option shall, as a
condition to such exercise or receipt, supply the Board with such evidence as
the Board may reasonably require to establish the identity of such person and
such person's right to exercise or receive payment or distribution under such
Option.

          (d) No Option shall be assigned, negotiated or pledged in any way
(whether by operation of law or otherwise) except as permitted by this Section
8, and no Option shall be subject to execution, attachment or similar process.

          Section 9. Change in Control.

          (a) In order to maintain the Participants' rights in the event of any
Change in Control of the Company, as hereinafter defined, the Board, as
constituted before such Change in Control, may, in its sole discretion, as to
any Option, either at the time an Option is made hereunder or any time
thereafter, take any one or more of the following actions: (i) provide for the
acceleration of any time periods relating to the exercise or realization of any
such Option so that such Option may be exercised or realized in full on or
before a date fixed by the Board; (ii) provide for the purchase of any such
Option with or without the Participant's consent for an amount of cash equal to
the amount that could have been attained upon the exercise of such Option or
realization of the Participant's rights had such Option been currently
exercisable or payable or exercisable or payable

                                      viii

<PAGE>

during a stipulated period prior to the Change of Control; (iii) make such
adjustment to any such Option then outstanding as the Board deems appropriate to
reflect such Change in Control; or (iv) cause any such Option then outstanding
to be assumed, or new rights substituted therefor, by the acquiring or surviving
corporation after such Change in Control. The Board may, in its discretion,
include such further provisions and limitations respecting a Change in Control
in any Option Agreement as it may deem equitable and in the best interests of
the Company.

          (b) A "Change in Control" shall be deemed to have occurred if:

                 (i)   for any reason at any time less than seventy-five percent
          (75%) of the members of the Board shall be individuals who fall into
          any of the following categories: (A) individuals who were members of
          the Board on the Effective Date; or (B) individuals whose election, or
          nomination for election by the Company's stockholders (other than an
          election or nomination of an individual (an "Excluded Individual")
          whose initial assumption of office is in connection with an actual or
          threatened "election contest" relating to the election of the
          directors of the Company (as such term is used in Rule 14a-11 under
          the Exchange Act), a "tender officer" (as such term is used in Section
          14(d) of the Exchange Act) or a proposed transaction described in
          (iii) below) was approved by a vote of at least seventy-five percent
          (75%) of the members of the Board then still in office who were
          members of the Board on the Effective Date; or (C) individuals (other
          than Excluded Individuals) whose election, or nomination for election,
          by the Company's stockholders, was approved by a vote of at least
          seventy-five percent (75%) of the members of the Board then still in
          office who were elected in the manner described in (A) or (B) above;
          or

                 (ii)  any "person" (as such term is used in Sections 13(d) and
          14(d)(2) of the Exchange Act) or "group" (as such term is defined in
          Sections 3(a)(9) and 13(d)(3) of the Exchange Act) shall have become
          after the Effective Date, according to a public announcement or
          filing, the "beneficial owner (as defined in Rule 13d-3 under the
          Exchange Act), directly or indirectly, of securities of the Company
          representing thirty percent (30%) or more (calculated in accordance
          with Rule 13d-3) of the combined voting power of the Company's then
          outstanding voting securities; or

                 (iii) the stockholders of the Company shall have approved a
          merger, consolidation or dissolution of the Company, or a sale, lease,
          exchange or disposition of all or substantially all of the Company's
          assets, if persons who were the beneficial owners of the combined
          voting power of the Company's voting Securities immediately before any
          such merger, consolidation, dissolution, sale, lease, exchange or
          disposition do not immediately thereafter beneficially own, directly
          or indirectly, in substantially the same proportions, more than 60% of
          the combined voting power of the corporation resulting from any such
          transaction.

                                      viii

<PAGE>

          Section 10. Amendments and Termination.

          (a) The Board may amend, alter or discontinue the Plan, but no
amendment, alteration, or discontinuation shall be made that would impair the
rights of a Participant under an Option theretofore granted without the
Participant's consent except as required to comply with securities, tax or other
laws.

          (b) The Board may amend the terms of any Option theretofore granted,
prospectively or retroactively, but no such amendment shall adversely affect the
rights of any Participant without the Participant's consent, except as provided
in subsection 11(h) or except as required to comply with securities, tax or
other laws. The Board may also substitute new Options for Options previously
granted to Participants, including without limitation previously granted Options
having higher Option prices.

          Section 11. General Provisions.

          (a) No Non-Employee Director or Participant shall have any claim to be
granted any Option under the Plan and there is no obligation for uniformity of
treatment of Non-Employee Directors or Participants under the Plan.

          (b) The prospective recipient of any Option under the Plan shall not,
with respect to such Option, be deemed to have become a Participant, or to have
any rights with respect to such Option, until and unless the Board or its duly
authorized agent shall have executed an Option Agreement evidencing the Option
and delivered a fully executed copy thereof to the Participant.

          (c) Nothing contained in the Plan or in any Option Agreement shall
confer upon any Participant any right to continue as a member of the Board of
the Company, nor interfere in any way with the right of the Company to terminate
the Participant's service as a member of the Board in accordance with its
Articles of Incorporation and by-laws or otherwise as permitted by law.

          (d) All certificates for Shares delivered under the Plan pursuant to
any Option shall be subject to such stock-transfer orders and other restrictions
as the Board may deem advisable under the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon
which the Shares are then listed, and any applicable Federal or state securities
law, and the Board may cause a legend or legends to be put on any such
certificates to make appropriate reference to such restrictions.

          (e) Receipt of an Option shall not entitle any Participant (or
beneficiary or Permitted Transferee) to any rights as a shareholder of the
Company unless and until such Option has been exercised.

                                       ix

<PAGE>

          (f) Except as otherwise required in any applicable Option Agreement or
by the terms of the Plan, recipients of Options under the Plan shall not be
required to make any payment or provide consideration other than the rendering
of services.

          (g) In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend, stock split, spin-off or other change in
corporate structure affecting the Shares, such adjustment shall be made in the
aggregate number and class of Shares which may be delivered under the Plan, in
the number, class and option price of Shares subject to outstanding Options
granted under the Plan, and in the value of, or number or class of Shares
subject to, Options granted under the Plan as may be determined to be
appropriate by the Board, in its sole discretion, provided that the number of
Shares subject to any Option shall always be a whole number. The grant of
Options stock pursuant to the Plan shall not affect in any way the right or
power of the Company to make adjustments, reclassifications, reorganizations or
changes in its capital or business structure or to merge or to consolidate or to
dissolve, liquidate, or sell or transfer all or any part of its business or
assets.

          (h) Nothing contained in this Plan shall prevent the Board from
adopting other or additional compensation arrangements.

          (i) The validity, construction, and effect of the Plan and any rules
and regulations relating to the Plan shall be determined in accordance with the
laws of the State of Delaware and applicable Federal law.

          (j) If any provision of this Plan is or becomes or is deemed invalid,
illegal or unenforceable in any jurisdiction, or would disqualify the Plan or
any Option under any law deemed applicable by the Board, such provision shall be
construed or deemed amended to conform to applicable laws or if it cannot be
construed or deemed amended without, in the determination of the Board,
materially altering the intent of the Plan, it shall be stricken and the
remainder of the Plan shall remain in full force and effect.

          (k) All obligations of the Company under the Plan with respect to
Options granted hereunder shall be binding on any successor to the Company.
Successor is the result of a direct or indirect merger, consolidation, or
otherwise of all the business of the Company.

          (l) The adoption of this Plan shall not be construed to amend or
terminate any of the Company's other equity incentive plans or any outstanding
option or other Option thereunder; and the aggregate number of Shares available
under Section 4 of the Plan shall not be increased or reduced by Shares
available under any such plan as of the Effective Date.

                                       x

<PAGE>

          Section 12. Term of Plan. No Option or other award shall be granted
pursuant to the Plan after 10 years from the Effective Date, but any Option
theretofore granted may extend beyond that date.

          This Plan is adopted this 23rd day of April, 2002. In witness whereof,
the Company has caused this Plan to be executed on behalf of the Company and
attested by the Secretary of the Company.

                                      FACTORY CARD & PARTY OUTLET CORP.

                                      By:  /s/  Gary W. Rada
                                         -------------------
                                      Gary W. Rada
                                      President and Chief Operating Officer

                                       xi

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