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                                                                    EXHIBIT 10.2

                                    TOO, INC.
                           FIRST AMENDED AND RESTATED
                      SUPPLEMENTAL RETIREMENT AND DEFERRED
                                COMPENSATION PLAN

                             (AMENDED MAY 10, 2000)

                                    ARTICLE I

                                  INTRODUCTION

1.1.     Too, Inc., a Delaware corporation (the "Company"), hereby establishes
         the Too, Inc. Supplemental Retirement Plan (the "Plan") in order to
         provide eligible associates of the Company and its Affiliates with
         certain benefits that cannot be provided to such associates under the
         Too, Inc., Inc. Savings and Retirement Plan ("SARP") because of the
         limitations imposed by Sections 401(a)(17) and 415 of the Internal
         Revenue Code. The Plan is also intended to provide an opportunity for
         income deferral to certain associates of the Company and its Affiliates
         who were excluded from eligibility to make pre-tax deferrals under the
         SARP in order to enable the SARP to satisfy the nondiscrimination
         requirements imposed by Sections 401(k) and 401(m) of the Code.

1.2.     The Company intends for the Plan to be an unfunded deferred
         compensation plan for a select group of management and highly
         compensated associates within the meaning of United States Department
         of Labor regulations Section 2520.104-23.

1.3      For purposes of communicating with Plan Participants, those provisions
         of this Plan which govern Deferral Credits and Matching Credits may be
         referred to as the "Alternative Savings Plan" and those provisions
         governing Supplemental Credits and Discretionary Credits may be
         referred to as the "Supplemental Retirement Plan" or "SERP".

                                   ARTICLE II

                                   DEFINITIONS

Whenever the following words and phrases are used in this document, they shall
have the meanings stated below unless a different meaning is plainly required by
the context:

2.1.     "ACCOUNT" means the account maintained by the Committee and the
         Employer reflecting the accrued benefit of a Participant under the
         Plan. With respect to Participants who were participants in The
         Limited, Inc. Supplemental Retirement Plan and/or The Limited, Inc.
         Deferred Compensation Plan as of September 30, 1999, the Account of
         each such Participant shall be credited with all amounts credited to
         such Participant's accounts under such plans as of such date.

2.2.     "AFFILIATE" means (i) any corporation that is a member of a controlled
         group of corporations, as defined in Section 414(b) of the Code, of
         which the Company is a member; (ii) any other trade or business
         (whether or not incorporated) that is under common control, as defined
         in Section 414(c) of the Code, with the Company; and (iii) any business
         that is a member of an affiliated service group, as defined in Section
         414(m) of the Code, of which the Company is a member.

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2.3.     "BENEFICIARY" means the person or persons designated by a Participant
         as his or her beneficiary or beneficiaries under the SARP.

2.4      "CHANGE IN CONTROL" means the occurrence of any of the following:

         (a)      Any "Person" (as such term is used in Sections 13(d) and 14(d)
                  of the Securities Exchange Act of 1934, as amended (the
                  "Exchange Act")) is or becomes the "Beneficial Owner" (as
                  defined in Rule 13d-3 under the Exchange Act), directly or
                  indirectly, of securities of the Corporation representing 25%
                  or more of the combined voting power of the Corporation's then
                  outstanding securities (a "25% Shareholder") provided however,
                  that the term 25% Shareholder shall not include any Person if
                  such Person would not otherwise be a 25% Shareholder but for a
                  reduction in the number of outstanding voting shares resulting
                  from a stock repurchase program or other similar plan of the
                  Company or from a self-tender offer of the Company, which plan
                  or tender offer commenced on or after the date hereof,
                  provided, however, that the term "25% Shareholder" shall
                  include such Person from and after the first date upon which
                  (A) such Person, since the date of the commencement of such
                  plan or tender offer, shall have acquired Beneficial Ownership
                  of, in the aggregate, a number of voting shares of the Company
                  equal to 1% or more of the voting shares of the Company then
                  outstanding, and (B) such Person, together with all affiliates
                  and associates of such Person, shall Beneficially Own 25% or
                  more of the voting shares of the Company then outstanding. In
                  calculating the percentage of the outstanding voting shares
                  that are Beneficially Owned by a Person for purposes of this
                  definition, voting Shares that are Beneficially Owned by such
                  Person shall be deemed outstanding, and voting shares that are
                  not Beneficially Owned by such Person and that are subject to
                  issuance upon the exercise or conversion of outstanding
                  conversion rights, exchange rights, rights, warrants or
                  options shall not be deemed outstanding. Notwithstanding the
                  foregoing, if the Board of Directors of the Company determines
                  in good faith that a Person that would otherwise be a 25%
                  Shareholder pursuant to the foregoing provisions of this
                  definition has become such inadvertently, and such Person (a)
                  promptly notifies the Board of Directors of such status and
                  (b)as promptly as practicable thereafter, either divests of a
                  sufficient number of voting shares so that such Person would
                  no longer be a 25% Shareholder, or causes any other
                  circumstance, such as the existence of an agreement respecting
                  voting shares, to be eliminated such that such Person would no
                  longer be a 25% Shareholder as defined pursuant to this
                  definition, then such Person shall not be deemed to be a 25%
                  Shareholder for any purposes of this Agreement. Any
                  determination made by the Board of Directors of the Company as
                  to whether any Person is or is not a 25% Shareholder shall be
                  conclusive and binding; or

         (b)      A change in composition of the Board of Directors of the
                  Corporation occurring any time during a consecutive two-year
                  period as a result of which fewer than a majority of the Board
                  of Directors are Continuing Directors (for purposes of this
                  section, the term "Continuing Director" means a director who
                  was either (A) first elected or appointed as a Director prior
                  to May 10, 2000; or (B) subsequently elected or appointed as a
                  director if such director was nominated or appointed by at
                  least a majority of the then Continuing Directors); or

         (c)      Any of the following occurs:

                  (i)      a merger or consolidation of the Corporation, other
                           than a merger or consolidation in which the voting
                           securities of the Corporation immediately prior to
                           the merger or consolidation continue to represent
                           (either by remaining outstanding or being converted
                           into securities of the surviving entity) 60% or more
                           of the combined voting power of the Corporation or
                           surviving entity immediately after the merger or
                           consolidation with another entity;

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                  (ii)     a sale, exchange, or other disposition (in a single
                           transaction or a series of related transactions) of
                           all or substantially all of the assets of the
                           Corporation which shall include, without limitation,
                           the sale of assets aggregating more than 50% of the
                           assets of the Corporation on a consolidated basis;

                  (iii)    a liquidation or dissolution of the Corporation;

                  (iv)     a reorganization, reverse stock split, or
                           recapitalization of the Corporation which would
                           result in any of the foregoing; or

                  (v)      a transaction or series of related transactions
                           having, directly or indirectly, the same effect as
                           any of the foregoing.

2.5.     "CODE" means the Internal Revenue Code of 1986, as now existing or
         hereinafter amended, and regulations issued thereunder.

2.6.     "COMMITTEE" means the Administrative Committee under the SARP.

2.7.     "COMPANY" means Too, Inc., a Delaware corporation, and its successors.

2.8.     "COMPENSATION" means compensation subject to deferral under the SARP
         without taking into account the limitations of Code Section 401(a)(17).

2.9.     "COMPENSATION COMMITTEE" means the Compensation Committee of the
         Company's Board of Directors.

2.10.    "DEFERRAL ACCOUNT" means the portion of a Participant's Account derived
         from Deferral Credits.

2.11.    "DEFERRAL AGREEMENT" means an agreement, in a form prescribed by the
         Committee, by which a Participant may elect to defer receipt of a
         portion of his or her Compensation pursuant to Section 4.1.

2.12.    "DEFERRAL CREDITS" means the amounts credited to a Participant's
         Account pursuant to Section 5.2.

2.13     "DISCRETIONARY ACCOUNT" means the portion of a Participant's Account
         derived from Discretionary Credits.

2.14.    "DISCRETIONARY CREDITS" means the amounts credited to a Participant's
         Account pursuant to Section 5.5.

2.15.    "EFFECTIVE DATE" means October 1, 1999, the effective date of the Plan
         as set forth herein.

2.16.    "EMPLOYER" means the Company and each Affiliate that is a participating
         employer under the SARP and that elects to participate in the Plan by
         action of its board of directors.

2.17.    "MATCHING ACCOUNT" means the portion of a Participant's Account derived
         from Matching Credits.

2.18.    "MATCHING CONTRIBUTIONS" means the matching contributions made by the
         Employer for the benefit of Participants in accordance with the terms
         of the SARP.

2.19.    "MATCHING CREDITS" means the amounts credited to a Participant's
         Account pursuant to Section 5.3.

2.20.    "PARTICIPANT" means an associate of the Employer who is eligible to
         receive Supplemental, Deferred, Matching or Discretionary Credits
         pursuant to Section 3.1 of the Plan.

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2.21.    "PLAN" means the Too, Inc. Supplemental Retirement and Deferred
         Compensation Plan, as set forth herein and as amended from time to
         time.

2.22.    "PLAN YEAR" means the calendar year.

2.23.    "RETIREMENT CONTRIBUTIONS" means the retirement contributions made by
         the Employer for the benefit of Participants in accordance with the
         terms of the SARP.

2.24.    "SARP" means the Too, Inc. Savings and Retirement Plan.

2.25.    "SARP LIMITATIONS" means the limitations imposed by Sections 401(a)(17)
         and 415 of the Code on the amount that may be contributed by an
         Employer to the SARP on behalf of a Participant.

2.26.    "SUPPLEMENTARY ACCOUNT" means the portion of a Participant's Account
         derived from Supplementary Credits.

2.27.    "SUPPLEMENTARY CREDITS" means the amounts credited to a Participant's
         Account pursuant to Section 5.4.

2.28.    "TERMINATION OF EMPLOYMENT" means the termination of a Participant's
         employment with the Company and its Affiliates for any reason.

                                   ARTICLE III

                                  PARTICIPATION

3.1.     PARTICIPATION. An associate of the Employer who is eligible to
         participate in the SARP will automatically become a Participant in the
         Plan for purpose of receiving Supplemental Credits if the amount of
         Retirement Contributions made on behalf of such associate under the
         SARP are limited by the SARP Limitations. The Committee may from time
         to time designate certain other management and highly compensated
         associates of the Employer, including associates who are not
         participants in the SARP, as eligible to participate in the Plan for
         purposes of receiving Supplemental Credits. The Committee shall
         designate which associates of the Company and its Affiliates are
         eligible to participate in the Plan for purposes of receiving Deferral
         Credits, Matching Credits and Discretionary Credits.

3.2.     DURATION OF PARTICIPATION. An associate eligible to participate in the
         Plan shall continue to be a Participant until the Committee revokes
         such designation or the associate incurs a Termination.

                                   ARTICLE IV

                            DEFERRAL OF COMPENSATION

4.1.     ELECTION TO DEFER. A Participant who is eligible to receive Deferral
         Credits may elect to defer a portion of the Compensation otherwise
         payable to him or her by filing a Deferral Agreement with the Employer.
         The Deferral Agreement must be filed with the Employer prior to the
         first day of the Plan Year to which it relates. If an associate first
         becomes a Participant after the first day of a Plan Year, he or she
         must file a Deferral Agreement with the Employer within thirty (30)
         days after the date on which he or she first became a Participant in
         order to defer a portion of his or her Compensation during such Plan
         Year. A Deferral Agreement shall only apply to Compensation earned
         after the date on which the Deferral Agreement is filed with the
         Employer.

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4.2.     AMOUNT OF DEFERRAL. The portion of Compensation payment of which may be
         deferred pursuant to the Plan must be in whole percentage points of
         Compensation, and shall not exceed three percent (3%) of the
         Compensation of the Participant.

4.3.     MODIFICATION OF DEFERRAL AGREEMENT. A Deferral Agreement shall remain
         in full force and effect until modified or terminated by the filing of
         a new Deferral Agreement with the Employer. A new Deferral Agreement
         shall only apply to Compensation earned by the Participant after the
         end of the Plan Year in which such Deferral Agreement is filed with the
         Employer. In the event a Participant terminates his or her Deferral
         Agreement, the Participant may resume deferrals under the Plan by
         completing a new Deferral Agreement to be effective as of the first day
         of the next Plan Year.

                                    ARTICLE V

                             MAINTENANCE OF ACCOUNTS

5.1      ACCOUNTS. The Employer and the Committee shall maintain on the
         Employer's books and records an Account for each Participant that shall
         be adjusted to reflect credits under this Article V and payments and
         forfeitures under Articles VI and VII. In the event that the Company
         establishes a reserve pursuant to Section 9.5, the Company may, in its
         discretion, adjust the Accounts of Participants as of each Valuation
         Date to reflect the investment performance of such reserve. Such
         adjustment shall be made on a pro-rata basis by assuming that an equal
         percentage of each Account under the Plan is invested in the reserve.
         The Employer or the Committee may, from time to time, assess reasonable
         service charges against all or any portion of the Accounts to defray
         costs associated with the implementation and administration of the
         Plan. Payments under the Plan shall be charged against Accounts on the
         date on which the payments are made and forfeitures shall be charged on
         the date of Termination of Employment.

5.2.     DEFERRAL CREDITS. As of the last day of each calendar month, the
         Deferral Account of each Participant eligible to receive Deferral
         Credits shall be credited with Deferral Credits equal to the amount of
         Compensation deferred by the Participant for such month under Article
         IV.

5.3.     MATCHING CREDITS. As of the last day of each calendar month, the
         Account of each Participant for whom a Deferral Credit is made shall be
         credited with a Matching Credit in an amount equal to two (2) times the
         Participant's Deferral Credit for such month or such greater or lesser
         amounts as the Employer shall determine prior to the date on which the
         Compensation to which the related Deferral Credit is deferred.

5.4.     SUPPLEMENTARY CREDITS. As of the last day of each Plan Year, the
         Supplementary Account of each Participant who is still a Participant on
         such date shall be credited with a Supplementary Credit equal to the
         amount of Retirement Contributions not credited to the Participant
         under the SARP because of the limitations imposed by the SARP
         Limitations.

5.5      DISCRETIONARY CREDITS. As of the last day of each Plan Year, and as of
         such other dates as the Compensation Committee may determine, the
         Discretionary Account of a Participant may be credited with
         Discretionary Credits. The determination as to which Participants, if
         any, shall be entitled to receive Discretionary Credits, and the amount
         of such Discretionary Credits, shall be made by the Compensation
         Committee in its sole discretion.

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5.6.     EARNINGS CREDITED. The Committee shall establish a rate of return to be
         applied to each Participant's Account. The Committee may establish
         different rates to apply to the portion of a Participant's Account
         attributable to Deferral Credits, Matching Credits, Supplementary
         Credits and Discretionary Account and may establish different rates for
         different portions of the Plan Year. The rates established by the
         Committee shall be based on such interest rate related factors or
         indicia as the Committee deems appropriate, including but not limited
         to the Employer's cost of funds or cost of borrowing. Such rate or
         rates shall be applied as of the last day of each Plan Year to the
         Account balance at the beginning of the Plan Year less the amount of
         any payments and forfeitures from the Account during such Plan year.

5.7.     PARTICIPANT STATEMENTS. A written statement indicating the total amount
         credited to a Participant's Account shall be furnished by the Committee
         to the Participant not more than ninety (90) days after the end of each
         Plan Year. All statements shall be based on the net value of the
         Accounts as of the last day of the Plan Year, to the extent such values
         are available to the Committee.

                                   ARTICLE VI

                                     VESTING

6.1.     VESTED PERCENTAGE. A Participant shall at all times be 100 percent
         vested in his or her Deferral Account. A Participant's vested
         percentage in his or her Matching Account, Supplementary Account and
         Discretionary Account shall be equal to the Participant's vested
         percentage in his or her Retirement Account and Matching Account under
         the SARP, determined as of the date any payment is to be made. The
         portion of a Participant's Account that is not fully vested shall be
         forfeited on the date of the Participant's Termination of Employment.

6.2.     ACCELERATION OF VESTING. The Committee, in its sole discretion, shall
         have the power to accelerate the rate of vesting of all or any portion
         of any Account to such extent and at such times as may be in the best
         interest of the Employer and the Participant.

6.3      CHANGE IN CONTROL. Upon the occurrence of a Change in Control, all
         portions of the Participant's Account that are not fully vested shall
         become fully vested.

                                   ARTICLE VII

                                    PAYMENTS

7.1      TERMINATION OF EMPLOYMENT. The vested portion of the Account of a
         Participant shall be paid by the Employer to the Participant in a
         single lump sum cash distribution as soon as practicable following the
         Participant's Termination of Employment, but in no event earlier than
         thirty (30) days following the date of the Participant's Termination of
         Employment.

7.2.     RIGHT OF COMPANY TO OFFSET AND WITHHOLD. If the Employer determines
         that a Participant is for any reason indebted to the Employer or any
         Affiliate, the Employer may offset such indebtedness, including any
         interest accruing thereon, against payments otherwise due under the
         Plan to such Participant or such Participant's Beneficiary. The
         Employer shall also have the right to withhold from any payments due
         under the Plan the amount of any federal, state or local taxes required
         by law to be withheld from such payments.

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                                  ARTICLE VIII

                            ADMINISTRATION AND CLAIMS

8.1.     MEMBERSHIP; PROCEDURES; AUTHORITY AND RESPONSIBILITIES. The Committee
         shall operate under the same rules and procedures as the administrative
         committee under the SARP. The Committee may assign all or some of its
         duties hereunder to officers or other associates of the Company. The
         Committee shall have, in addition to the powers and responsibilities
         specifically provided for in this Plan, all of the powers and
         responsibilities granted to the administrative committee under the SARP
         that are applicable to the administration and operation of this Plan,
         including the authority to interpret the Plan, to adopt and revise
         rules and regulations relating to the Plan, and to make any other
         determinations which it believes to be necessary or advisable for the
         administration of the Plan. Determinations and decisions by the
         Committee shall be final and binding on associates, Participants and
         all other persons except that denied claims for benefits shall be
         subject to review pursuant to Section 8.2. Any determination under the
         SARP that is relevant to the administration of this Plan shall be
         effective under this Plan as well as under the SARP.

8.2.     CLAIMS PROCEDURES. All claims for benefits must be made under the rules
         and procedures then if effect under the SARP, including the SARP's
         procedures with respect to review of denied claims.

8.3.     INCORPORATION BY REFERENCE. The provisions of the SARP related to its
         administrative committee, administrative procedures and claims
         procedures are hereby incorporated by reference in this Plan.

8.4.     SUSPENSION OF PAYMENTS IN EVENT OF DISPUTE. If the Committee is in
         doubt concerning the entitlement of any person to any payment claimed
         to be due under the Plan, the Committee may direct the Employer to
         suspend any such payment until satisfied as to the entitlement of such
         person to such payment. The Committee or the Employer may file or cause
         to be filed in any court of competent jurisdiction an appropriate legal
         action or process in such form as the Committee or the Employer deems
         appropriate, including an interpleader action or an action for
         declaratory judgment, for a legal determination of the entitlement of
         any person to any payment claimed to be due under the Plan. The
         Committee and the Employer shall comply with any final order of the
         court in any such suit, subject to appellate review, and the
         Participant and Beneficiaries shall be similarly bound thereby.

                                   ARTICLE IX

                                  MISCELLANEOUS

9.1.     AMENDMENT AND TERMINATION. The Company may at any time and from time to
         time amend, suspend or terminate this Plan with or without the consent
         of any Participant or Beneficiary, provided that no such amendment,
         suspension or termination shall reduce the balance in any Participant's
         Account. Such amendment, suspension or termination may be authorized by
         the Company's Board of Directors or by action of such officer or
         officers of the Company as the Board of Directors may designate. Upon
         the suspension or termination of the Plan, the Company may, in its
         discretion, direct early payment of the vested portion of any or all
         Accounts.

9.2      NO CONTRACT OF EMPLOYMENT. The establishment of the Plan, any
         modification thereof, the creation of one or more Accounts, and/or the
         making of any payments under the Plan, shall not give any associate the
         right to remain in the service of any Employer, and all Participants
         and other associates shall remain subject to discharge to the same
         extent as if the Plan had never been adopted.

9.3.     TAX EFFECTS. None of the Company, any other Employer, the Committee or
         any other person, represents or guarantees that any particular federal,
         state or local tax consequences shall occur as a result of any
         Participant's participation in this Plan. Each Participant is
         encouraged to consult with his or her own advisors regarding the tax
         consequences of participation in this Plan.

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9.4.     NONALIENATION OF BENEFITS. None of the payments, benefits, or rights of
         any Participant or Beneficiary shall be subject to any claim of any
         creditor of such Participant or Beneficiary and, to the fullest extent
         permitted by law, all such payments, benefits and rights shall be free
         from attachment, garnishment or any other legal or equitable process
         available to any creditor of such Participant or Beneficiary. No
         Participant or Beneficiary shall have the right to alienate, commute,
         pledge, encumber or assign any of the benefits or payments which the
         Participant or Beneficiary may expect to receive, contingently or
         otherwise, under the Plan, except the right of a Participant to
         designate a Beneficiary.

9.5.     PARTICIPANTS' RIGHTS UNSECURED. The Plan shall at all times be entirely
         unfunded and, except as provided in the following paragraph, no
         provision of this Plan shall at any time be made with respect to
         segregating any assets of the Company or any other Employer for payment
         of any benefits hereunder. The right of a Participant or Beneficiary to
         receive a distribution hereunder shall at all times be an unsecured
         claim against the general assets of the Employers, and neither the
         Participant nor any Beneficiary shall have any right in or against any
         specific assets of the Employers.

         The Company may establish a reserve of assets to provide funds for the
         payment of benefits under the Plan. Such reserve may be through a trust
         account and such reserve shall, at all times, be subject to the claims
         of unsatisfied judgment creditors of the Employers and shall otherwise
         be on such terms and conditions as shall prevent taxation to
         Participants and Beneficiaries of any amounts held in the reserve or
         credited to an account prior to the time payments are made. No
         Participant or Beneficiary shall have any ownership rights in or to any
         reserve.

9.6.     LIMITATION OF LIABILITY. The liability of the Employer and the
         Committee under this Plan shall be limited to the obligations expressly
         set forth in the Plan, and no term or provision of this Plan may be
         construed to impose any further or additional duties, obligations or
         costs on the Employer or the Committee not expressly set forth in the
         Plan.

9.7.     PAYMENTS TO MINORS, ETC. Any amount payable to or for the benefit of a
         minor, an incompetent person or any other person incapable of
         receipting therefor may be paid to such person's guardian, to any
         trustee or guardian holding assets for the benefit of such person, or
         to any person providing, or reasonably appearing to provide, for the
         care of such person, and such payment shall fully discharge the
         Committee and the Employer with respect thereto.

9.8.     NOTICES. Notices under the Plan shall be deemed to be sufficiently
         given if sent by first class, registered or certified mail addressed
         (i) to a Participant or Beneficiary at such person's last known address
         as set forth in the books and records of the Employer, or (i) to the
         Employer or the Committee at the principal offices of the Company.

9.9.     HEADINGS AND CAPTIONS. The headings and captions in the Plan are
         provided for convenience only and shall not be employed in the
         construction of the Plan.

9.10.    ENTIRE AGREEMENT. This Plan and any subsequently adopted amendments
         thereto shall constitute the entire agreement or contract between the
         Employer and the Participants and Beneficiaries regarding the Plan. No
         oral statement regarding the Plan may be relied upon by any Participant
         or Beneficiary.

9.11.    CORPORATE SUCCESSORS. The Plan shall not be automatically terminated by
         a transfer or sale of the assets of the Company or any Employer or by
         the merger or consolidation of the Company or any Employer into or with
         any other corporation or other entity, but the Plan shall be continued
         after such sale, merger or consolidation only if and to the extent that
         the transferee, purchaser or successor entity agrees to continue the
         Plan. In the event that the Plan is not continued by the transferee,
         purchaser or successor entity, then the Plan shall terminate subject to
         the provisions of Section 9.1.

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9.12.    SEVERABILITY. If any term or provision of this Plan shall be held
         invalid or unenforceable by a court of competent jurisdiction, such
         invalidity or unenforceability shall not affect the remaining terms and
         provisions hereof, and this Plan shall be construed and enforced as if
         such provision had not been included.

9.13.    THIRD PARTIES. Nothing expressed or implied in this Plan is intended or
         may be construed to give any person other than Participants and
         Beneficiaries any rights or remedies under the Plan.

9.14.    GOVERNING LAW. The laws of the State of Ohio applicable to agreements
         to be performed in the State of Ohio shall apply in determining the
         construction and validity of the Plan and all rights and obligations
         under the Plan, except to the extent such laws are preempted by federal
         law.

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IN WITNESS WHEREOF, the Company has caused the First Amended and Restated
Supplemental Retirement and Deferred Compensation Plan to be executed by its
duly authorized officer this 10th day of May, 2000.

                               TOO, INC.

                               By:_____________________________________

                               Name:___________________________________

                               Title:___________________________________

                                       63<PAGE>   1

                                                                    EXHIBIT 10.3

                                    TOO, INC.

                           FIRST AMENDED AND RESTATED
                   1999 STOCK PLAN FOR NON-ASSOCIATE DIRECTORS

                             (AMENDED MAY 10, 2000)

1.   PURPOSE

     The purpose of the Too, Inc. 1999 Stock Plan for Non Associate Directors
     (the "PLAN") is to promote the interests of Too, Inc. (the "COMPANY") and
     its stockholders by increasing the proprietary interest of non-associate
     directors in the growth and performance of the Company by granting such
     directors options to purchase shares of common stock, par value $.01 per
     share, (the "SHARES") of the Company and by awarding Shares to such
     directors in respect of a portion of the Retainer (as defined in Section
     6(b)) payable to such directors.

2.   ADMINISTRATION

     The Plan shall be administered by the Company's Board of Directors (the
     "BOARD"). Subject to the provisions of the Plan, the Board shall be
     authorized to interpret the Plan, to establish, amend, and rescind any
     rules and regulations relating to the Plan and to make all other
     determinations necessary or advisable for the administration of the Plan.
     The determinations of the Board in the administration of the Plan, as
     described herein, shall be final and conclusive. The Secretary of the
     Company shall be authorized to implement the Plan in accordance with its
     terms and to take such actions of a ministerial nature as shall be
     necessary to effectuate the intent and purposes thereof. 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.

3.   ELIGIBILITY

     The class of individuals eligible to receive grants of options and awards
     of Shares in respect of the Retainer under the Plan shall be directors of
     the Company who are not associates of the Company or its affiliates
     ("ELIGIBLE DIRECTORS"). Any holder of an option or Shares granted hereunder
     shall hereinafter be referred to as a "PARTICIPANT."

4.   SHARES SUBJECT TO THE PLAN

     Subject to adjustment as provided in Section 7, an aggregate of 50,000
     Shares shall be available for issuance under the Plan. The Shares
     deliverable upon the exercise of options or in respect of the Retainer may
     be made available from authorized but unissued Shares or treasury Shares.
     If any option granted under the Plan shall terminate for any reason without
     having been exercised, the Shares subject to, but not delivered under, such
     option shall be available for issuance under the Plan.

5.   GRANT, TERMS AND CONDITIONS OF OPTIONS

     (a)   On the date of an Eligible Director's initial election to the Board,
           such Eligible Director will be granted an option to purchase 5,000
           Shares.

     (b)   Subsequently, on the date of each annual meeting of the Company's
           shareholders, each Eligible Director will be granted an option to
           purchase 5,000 Shares.

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(c)      Eligible Directors may also be granted options to purchase Shares by
         action of the Board of Directors.

(d)      The options granted will be nonstatutory stock options not intended to
         qualify under Section 422 of the Internal Revenue Code of 1986, as
         amended and shall have the following terms and conditions:

         (i)      PRICE. The purchase price per Share deliverable upon the
                  exercise of each option shall be one hundred (100) percent of
                  the Fair Market Value per Share on the date the option is
                  granted. For purposes of the Plan, "FAIR MARKET VALUE" shall
                  be determined in accordance with procedures established in
                  good faith by the Board of Directors.

         (ii)     PAYMENT. Options may be exercised only upon payment of the
                  purchase price thereof in full. Such payment shall be made in
                  cash.

         (iii)    EXERCISABILITY AND TERMS OF OPTIONS. Options shall become
                  exercisable in annual 25% annual installments commencing on
                  the first anniversary of the date of grant, provided the
                  holder of such Option is an Eligible Director on such
                  anniversary, and shall be exercisable until the earlier of ten
                  (10) years from the date of grant and the expiration of the
                  one (1) year period provided in paragraph (iv) below.

         (iv)     TERMINATION OF SERVICE AS ELIGIBLE DIRECTOR. Upon termination
                  of a Participant's service as a director of the Company for
                  any reason, all outstanding options held by such Eligible
                  Director, to the extent then exercisable, shall be exercisable
                  in whole or in part for a period of one (1) year from the date
                  on which the Participant ceases to be a Director, provided
                  that in no event shall the options be exercisable beyond the
                  period provided for in paragraph (iii) above.

         (v)      NONTRANSFERABILITY OF OPTIONS. No option may be assigned
                  alienated, pledged, attached, sold or otherwise transferred or
                  encumbered by a Participant otherwise than by will or the laws
                  of descent and distribution, and during the lifetime of the
                  Participant to whom an option is granted it may be exercised
                  only by the Participant or by the Participant's guardian or
                  legal representative. Notwithstanding the foregoing, options
                  may be transferred pursuant to a qualified domestic relations
                  order.

         (vi)     OPTION AGREEMENT. Each option granted hereunder shall be
                  evidenced by an agreement with the Company which shall contain
                  the terms and provisions set forth herein and shall otherwise
                  be consistent with the provisions of the Plan.

(e)      CHANGE IN CONTROL. Immediately upon a "CHANGE IN CONTROL" of the
         Company, all outstanding options, whether or not vested at that time,
         shall fully vest and be immediately exercisable. For purposes of the
         Plan, "CHANGE IN CONTROL" means the occurrence of any of the following:

(i)      Any "Person" (as such term is used in Sections 13(d) and 14(d) of the
         Securities Exchange Act of 1934, as amended (the "Exchange Act")) is or
         becomes the "Beneficial Owner" (as defined in Rule 13d-3 under the
         Exchange Act), directly or indirectly, of securities of the Corporation
         representing 25% or more of the combined voting power of the
         Corporation's then outstanding securities (a "25% Shareholder")
         provided however, that the term 25% Shareholder shall not include any
         Person if such Person would not otherwise be a 25% Shareholder but for
         a reduction in the number of outstanding voting shares resulting from a
         stock repurchase program or other similar plan of the Company or from a
         self-tender offer of the Company, which plan or tender offer commenced
         on or after the date hereof, provided, however, that the term "25%
         Shareholder" shall include such Person from and after the first date
         upon which (A) such Person, since the date of the commencement of such
         plan or tender offer, shall have acquired Beneficial Ownership of, in
         the aggregate, a number of voting shares of the Company equal to 1% or
         more of the voting shares of the Company then outstanding, and (B) such
         Person, together with all affiliates and associates of such Person,
         shall Beneficially Own 25% or more of the voting shares of the Company
         then outstanding. In calculating the percentage of the outstanding
         voting shares that are Beneficially Owned by a Person for purposes of

                                       65
<PAGE>   3

         this subsection (e)(i), voting Shares that are Beneficially Owned by
         such Person shall be deemed outstanding, and voting shares that are not
         Beneficially Owned by such Person and that are subject to issuance upon
         the exercise or conversion of outstanding conversion rights, exchange
         rights, rights, warrants or options shall not be deemed outstanding.
         Notwithstanding the foregoing, if the Board of Directors of the Company
         determines in good faith that a Person that would otherwise be a 25%
         Shareholder pursuant to the foregoing provisions of this subsection
         (e)(i) has become such inadvertently, and such Person (a) promptly
         notifies the Board of Directors of such status and (b)as promptly as
         practicable thereafter, either divests of a sufficient number of voting
         shares so that such Person would no longer be a 25% Shareholder, or
         causes any other circumstance, such as the existence of an agreement
         respecting voting shares, to be eliminated such that such Person would
         no longer be a 25% Shareholder as defined pursuant to this subsection
         (e)(i), then such Person shall not be deemed to be a 25% Shareholder
         for any purposes of this Agreement. Any determination made by the Board
         of Directors of the Company as to whether any Person is or is not a 25%
         Shareholder shall be conclusive and binding; or

         (ii)     A change in composition of the Board of Directors of the
                  Corporation occurring any time during a consecutive two-year
                  period as a result of which fewer than a majority of the Board
                  of Directors are Continuing Directors (for purposes of this
                  section, the term "Continuing Director" means a director who
                  was either (A) first elected or appointed as a Director prior
                  to May 10, 2000; or (B) subsequently elected or appointed as a
                  director if such director was nominated or appointed by at
                  least a majority of the then Continuing Directors); or

         (iii)    Any of the following occurs:

                  (A)      a merger or consolidation of the Corporation, other
                           than a merger or consolidation in which the voting
                           securities of the Corporation immediately prior to
                           the merger or consolidation continue to represent
                           (either by remaining outstanding or being converted
                           into securities of the surviving entity) 60% or more
                           of the combined voting power of the Corporation or
                           surviving entity immediately after the merger or
                           consolidation with another entity;

                  (B)      a sale, exchange, or other disposition (in a single
                           transaction or a series of related transactions) of
                           all or substantially all of the assets of the
                           Corporation which shall include, without limitation,
                           the sale of assets aggregating more than 50% of the
                           assets of the Corporation on a consolidated basis;

                  (C)      a liquidation or dissolution of the Corporation;

                  (D)      a reorganization, reverse stock split, or
                           recapitalization of the Corporation which would
                           result in any of the foregoing; or

                  (E)      a transaction or series of related transactions
                           having, directly or indirectly, the same effect as
                           any of the foregoing.

6.         GRANT OF SHARES

(a)        Fifty (50) percent of the Retainer of each Eligible Director shall be
           paid in quarterly installments in a number of shares equal to the
           quotient of (i) fifty (50) percent of the Retainer divided by (ii)
           the Fair Market Value on the Retainer Payment Date. Cash shall be
           paid to an Eligible Director in lieu of a fractional Share.

(b)        For purposes of this Plan "RETAINER" shall mean the portion of the
           annual retainer payable to an Eligible Director (as defined in
           Section 3) for any fiscal quarter of the Company and "RETAINER
           PAYMENT DATE" shall mean the last business day of the Company's
           relevant fiscal quarter.

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<PAGE>   4

7.         ADJUSTMENT OF AND CHANGES IN SHARES

           In the event of a stock split, stock dividend, extraordinary cash
           dividend, subdivision or combination of the Shares or other change in
           corporate structure affecting the Shares, the number of Shares
           authorized by the Plan shall be increased or decreased
           proportionately, as the case may be, and the number of Shares subject
           to any outstanding option shall be increased or decreased
           proportionately, as the case may be, with appropriate corresponding
           adjustment in the purchase price per Share thereunder.

8.         NO RIGHTS OF SHAREHOLDERS

           Neither a Participant nor a Participant's legal representative shall
           be, or have any of the rights and privileges of, a shareholder of the
           Company in respect of any Shares purchasable upon the exercise of any
           option, in whole or in part, unless and until certificates for such
           Shares shall have been issued.

9.         PLAN AMENDMENTS

           The Plan may be amended by the Board as it shall deem advisable or to
           conform to any change in any law or regulation applicable thereto
           subject, to the extent deemed necessary or desirable to comply with
           applicable law, to the approval of the Company's shareholders.

10.        LISTING AND REGISTRATION

           Each Share shall be subject to the requirement that if at any time
           the Board shall determine, in its discretion, that the listing,
           registration or qualification of the Shares upon any securities
           exchange or under any state or federal law, or the consent or
           approval of any governmental regulatory body, is necessary or
           desirable as a condition of, or in connection with, the granting of
           such Shares, no such Share may be disposed of unless such listing,
           registration, qualification, consent or approval shall have been
           effected or obtained free of any condition not acceptable to the
           Board.

11.        EFFECTIVE DATE AND DURATION OF PLAN

           The Plan shall become effective on the date the Company's Shares are
           distributed by The Limited, Inc. to its shareholders. The Plan shall
           terminate the day following the tenth (10th) Annual Shareholders
           Meeting of the Company at which Directors are elected succeeding such
           distribution, unless the Plan is extended or terminated at an earlier
           date by the Company's shareholders or is terminated by exhaustion of
           the Shares available for issuance hereunder.

IN WITNESS WHEREOF, the Company has caused this First Amended and Restated Stock
Plan for Non-Associate Directors to be executed by its duly authorized officer
this 10th day of May, 2000.

                                    TOO, INC.

                                        By:_________________________________

                                        Name:_______________________________

                                        Title:______________________________

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