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                                                                   EXHIBIT 10.28

                              EMPLOYMENT AGREEMENT
                                (WILLIAM E. MAY)

         THIS AGREEMENT is effective as of February 23, 2004 by and between TOO,
INC., a Delaware corporation (the "Company"), and WILLIAM E. MAY (the
"Executive") (hereinafter collectively referred to as "the parties").

         WHEREAS, the Executive has served as a key executive of the Company and
possesses an intimate knowledge of the business and affairs of the Company and
its policies, procedures, methods and personnel; and

         WHEREAS, the Company has determined that it is essential and in its
best interests to retain the services of key management personnel and to ensure
their continued dedication and efforts; and

         WHEREAS, the Compensation Committee of the Board of Directors of the
Company (the "Board") has determined that it is in the best interest of the
Company to secure the continued services and employment of the Executive and the
Executive is willing to render such services on the terms and conditions set
forth herein.

         NOW, THEREFORE, in consideration of the foregoing and the respective
agreements of the parties contained herein, the parties hereby agree as follows:

         1.       TERM. The initial term of employment under this Agreement
shall be for the period commencing on the effective date of this Agreement (the
"Commencement Date") and ending on the third anniversary of the Commencement
Date (the "Initial Term"); provided, however, that upon the expiration of the
second anniversary of the Commencement Date and on the anniversary date of each
year thereafter (the "Renewal Date"), the term of this Agreement shall be
automatically extended for a period of one year, unless either the Company or
the Executive shall have given written notice to the other at least ninety (90)
days prior to the Renewal Date that the term of this Agreement shall not be so
extended. Notwithstanding the above, if a Change in Control (as defined below)
of the Company occurs during the term of this Agreement, the term of this
Agreement will be extended for two (2) years from the date of the Change in
Control.

         2.       EMPLOYMENT.

                  (a)      POSITION. The Executive shall be employed as the
Executive Vice President and Chief Operating Officer or such other position of
reasonably comparable or greater status and responsibilities as may be
determined by the Board. The Executive shall perform the duties, undertake the
responsibilities and exercise the authority customarily performed, undertaken
and exercised by persons employed in a similar executive capacity.

                  (b)      OBLIGATIONS. The Executive agrees (1) to devote the
Executive's best efforts and full business time and attention to the business
and affairs of the Company; (2) to exercise the highest degree of loyalty and
care with respect to the affairs of the Company; and (3) not to commit any
willful or intentional act with an objective to harm the Company's business or
reputation. The foregoing, however, shall not preclude the Executive from
serving on corporate, civic or charitable boards or committees or managing
personal

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investments, so long as such activities do not interfere with the performance of
the Executive's responsibilities hereunder.

         3.       BASE SALARY. Effective as of February 23, 2004, the Company
agrees to pay or cause to be paid to the Executive a minimum annual Base Salary
of $475,000 (hereinafter referred to as the "Base Salary"). This Base Salary
will be subject to annual review and may be increased from time to time by the
Board considering factors such as the Executive's responsibilities, compensation
of executives in other companies, performance of the Executive and other
pertinent factors. Such Base Salary shall be payable in accordance with the
Company's customary practices applicable to similarly situated executives of the
Company.

         4.       EQUITY COMPENSATION. On February 23, 2004, the Company will
grant the Executive options to purchase 75,000 shares of common stock of the
Company at an exercise price equal to the closing price of such stock on that
date and vesting 25% per year of continued employment from the date of grant.
Thereafter, the Company shall grant to the Executive rights to receive shares of
the Company's common stock and options to acquire shares of the Company's common
stock as the Board or Compensation Committee of the Board determines.

         5.       EMPLOYEE BENEFITS. The Executive shall be entitled to
participate in tax-qualified and nonqualified deferred compensation and
retirement plans, group term life insurance plans, short-term and long-term
disability plans, employee benefit plans, practices, and programs maintained by
the Company and made available to similarly situated executives generally, and
as may be in effect from time to time. Further, in lieu of other salary
payments, in the event of the Executive's Disability, the Executive shall be
entitled to the payments specified in Section 11(c)(5) hereof during the
Executive's Disability, even though the Executive's employment is not terminated
as a result of such Disability.

         6.       BONUS AND LONG-TERM INCENTIVES. The Executive shall be
entitled to participate in such Company bonus and long-term incentive
compensation programs which include similarly situated executives of the Company
as may exist from time to time (the "Incentive Plans"). The Executive's
participation in such Incentive Plans, practices and programs shall be on the
same general basis and terms as are applicable to similarly situated executives
of the Company, although bonuses, target levels and criteria may differ among
such executives as determined by the Board or Compensation Committee of the
Board. Initially, the Executive's Incentive Compensation Plan participation
percentage shall be 70%.

         7.       OFFICE AND FACILITIES. The Executive shall be provided with
appropriate offices and with such secretarial and other support facilities as
are commensurate with the Executive's status with the Company and adequate for
the performance of the Executive's duties hereunder.

         8.       EXPENSES. Subject to applicable Company policies, the
Executive shall be entitled to receive prompt reimbursement of all expenses
reasonably incurred by the Executive in connection with the performance of the
Executive's duties hereunder or for promoting, pursuing or otherwise furthering
the business or interests of the Company including, without limitation, travel,
automobile, and meal and entertainment expenses.

         9.       VACATION. The Executive shall be entitled to four weeks of
annual vacation or, if greater, in accordance with the policies as periodically
established by the Board for similarly situated executives of the Company.

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         10.      DEFINITIONS, TERMS AND CONDITIONS. The Executive's employment
hereunder is subject to the following terms and conditions:

                  (a)      CAUSE. "Cause" means that the Executive:

                           (1)      was grossly negligent in the performance of
Executive's duties with the Company (other than a failure resulting from the
Executive's incapacity due to physical or mental illness) causing material harm
to the Company; or

                           (2)      has pled "guilty" or "no contest" to or has
been convicted of an act which is defined as a felony under federal or state
law; or

                           (3)      engaged in intentional misconduct or fraud
which caused, or could reasonably be expected to cause, material harm to the
Company's business or its reputation; or

                           (4)      committed a material breach of this
Agreement (including a violation of the noncompete and nondisclosure provisions)
which is materially and demonstrably injurious to the Company.

                  (b)      CHANGE IN CONTROL. "Change in Control" means a Change
in Control as defined in the Executive's Executive Agreement.

                  (c)      DISABILITY. "Disability" means "Total Disability" as
defined in the Too, Inc. Long-Term Disability Program (effective October 1,
1999) or any amended or successor plan (the "Disability Plan").

                  (d)      DISABILITY DATE. "Disability Date" means the date the
Executive's Disability began.

                  (e)      EXECUTIVE AGREEMENT. "Executive Agreement" means the
Executive Agreement between the Company and the Executive dated as of September
15, 2000, as well as any such amended, successor, or substituted agreement.

                  (f)      GOOD REASON. "Good Reason" means Good Reason as
defined in the Executive's Executive Agreement.

                  (g)      NOTICE OF TERMINATION. "Notice of Termination" means
a written notice indicating the specific termination provision in this Agreement
relied upon and setting forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the employment under the provision
so indicated. Except for a termination for Cause or Disability, any termination
of employment by the Company or by the Executive shall be communicated by a
Notice of Termination to the other party thirty (30) days prior to the
Termination Date. However, the Company may elect to pay the Executive thirty
(30) days of Base Salary in lieu of thirty (30) days written notice. If the
Company notifies the Executive that it will pay the Executive in lieu of thirty
(30) days written notice, the Company may deny the Executive further access to
the Company's offices subject to the Executive's right to recover any personal
effects at an agreed upon time. For purposes of this Agreement, no such
purported termination of employment shall be effective without a Notice of
Termination.

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                  (h)      PRO-RATED BONUS AMOUNT. "Pro-Rated Bonus Amount"
means any accrued but unpaid bonus for a completed bonus period, plus a
pro-rated portion of the Executive's semi-annual bonus calculated as of the
Termination Date. The portion of the semi-annual bonus payment shall be the
amount of semi-annual bonus payable to the Executive with respect to the bonus
period in which the Termination Date occurs, based on the actual financial
performance of the Company for such bonus period, pro-rated by multiplying such
amount by a fraction, the numerator of which is the number of days during the
bonus period which occur prior to the Termination Date, and the denominator of
which is one hundred eighty-two and one-half (182-1/2).

                  (i)      RETIREMENT. "Retirement" means the voluntary
resigning of employment by the Executive for the purpose of retiring which
resignation occurs after the last day in the month in which the Executive turns
age sixty-five (65).

                  (j)      TERMINATION DATE. "Termination Date" means in the
case of the Executive's death, the date of death, or in all other cases, the
date specified in the Notice of Termination; provided, however, that if the
Executive's employment is terminated by the Company due to Disability, the date
specified in the Notice of Termination shall be subject to Section 11(c) of this
Agreement.

         11.      TERMINATION OF EMPLOYMENT; COMPENSATION UPON TERMINATION.

                  (a)      TERMINATION BY COMPANY WITH CAUSE, OR VOLUNTARY
TERMINATION BY EXECUTIVE. The Company shall be entitled to immediately terminate
the Executive's employment for Cause after giving a Notice of Termination. Such
Notice of Termination shall state in detail the particular act or acts or
failure or failure to act that constitute the grounds on which the proposed
termination for Cause is based. The Executive may voluntarily terminate
employment for any reason after giving a Notice of Termination. If during the
term of this Agreement (including any extensions thereof), the Executive's
employment is terminated by the Company for Cause, or if the Executive
voluntarily terminates employment, the Company's sole obligation hereunder shall
be to pay or reimburse the Executive (or facilitate a tax qualified rollover of)
the following amounts:

                           (1)      the Executive's accrued Base Salary and
accrued vacation not paid as of the Termination Date;

                           (2)      the Executive's vested benefits as of the
Termination Date pursuant to the Company's benefit, retirement, incentive and
other plans; and

                           (3)      any and all monies advanced to or expenses
incurred by the Executive pursuant to Section 8 through the Termination Date.

                  (b)      TERMINATION BY COMPANY WITHOUT CAUSE. The Company may
terminate the Executive without Cause after giving a Notice of Termination. If
the Executive's employment is terminated by the Company without Cause, the
Company's sole obligation hereunder shall be to pay or reimburse the Executive
(or facilitate a tax qualified rollover of) the following amounts:

                           (1)      the Executive's accrued Base Salary and
accrued vacation not paid as of the Termination Date;

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                           (2)      the Executive's Pro-Rated Bonus Amount;

                           (3)      the Executive's vested benefits as of the
Termination Date pursuant to the Company's benefit, retirement, incentive and
other plans;

                           (4)      the Company shall continue to pay the
Executive one hundred percent (100%) of the Base Salary for eighteen (18) months
following the Termination Date, payable in accordance with the Company's
customary policies. The continued payment of the Base Salary hereunder shall be
terminated if the Executive is found to have violated any of the covenants set
forth in Section 12 herein;

                           (5)      any and all monies advanced to the Company
by the Executive or expenses incurred by the Executive pursuant to Section 8
through the Termination Date;

                           (6)      the Company shall maintain in full force and
effect for the continued benefit of the Executive, for an eighteen (18) month
period after the Termination Date, all medical coverage, programs or
arrangements in which the Executive was entitled to participate immediately
prior to the Termination Date, provided that Executive's continued participation
is possible under the general terms and provisions of such medical plans and
programs. In the event that the Executive's participation in any such plan or
program is barred, the Company shall arrange to provide the Executive, on an
after-tax basis, with benefits substantially similar to those which the
Executive was otherwise entitled to receive under such plans and programs for
such one-year period;

                           (7)      the Company shall accelerate the vesting, by
twelve (12) additional months, of all unvested stock options, restricted stock,
stock appreciation rights, deferred compensation, and similar plan benefits and
all such benefits shall thereafter be treated as vested benefits pursuant to the
respective benefit plan; provided, however, that notwithstanding the foregoing,
the acceleration of vesting under this provision shall not apply to any stock
options, restricted stock, stock appreciation rights, deferred compensation, and
similar plan benefits where such options, stock, rights, compensation or similar
plan benefits were by the terms of grant thereof or their respective benefit
plans subject to one time cliff vesting two or more years from the grant or
issuance thereof; and

                           (8)      expenses for outplacement services up to a
maximum amount of ten thousand dollars ($10,000).

                  (c)      TERMINATION UPON DISABILITY. The Company or Executive
shall be entitled to terminate the Executive's employment after having
established the Executive's Disability and giving a Notice of Termination which
shall indicate the Disability Date. If the Executive's employment is terminated
by the Company or Executive by reason of the Executive's Disability, the
Company's sole obligation hereunder shall be to pay or reimburse the Executive
(or facilitate a tax qualified rollover of) the following amounts:

                           (1)      the Executive's accrued Base Salary and
accrued vacation not paid as of the Disability Date;

                           (2)      the Executive's Pro-Rated Bonus Amount;

                           (3)      the Executive's vested benefits as of the
Termination Date pursuant to the Company's benefit, retirement, incentive and
other plans;

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                           (4)      any and all monies advanced to or expenses
incurred by the Executive pursuant to Section 8 through the Disability Date;

                           (5)      the Company shall continue to pay the
Executive one hundred percent (100%) of the Base Salary for the first twelve
(12) months following the Disability Date, eighty percent (80%) of the Base
Salary for the second twelve (12) months following the Disability Date, and
sixty percent (60%) of the Base Salary for the third twelve (12) months
following the Disability Date; provided, however, that such Base Salary shall be
reduced by the amount of any benefits the Executive receives by reason of the
Executive's Disability under the Company's relevant disability plan or plans;

                           (6)      if the Executive is disabled beyond
thirty-six (36) months from the Disability Date, the Company shall continue to
pay the Executive the lesser of (a) sixty (60%) of Base Salary or (b) the
maximum benefit under the Disability Plan per year, for the period of the
Executive's Disability, provided, however, that such payments shall be reduced
by the amount of any benefits the Executive receives by reason of the
Executive's Disability under the Company's relevant disability plan or plans;
and

                           (7)      during the period the Executive is receiving
salary continuation pursuant to this Section 11(c), the Company shall, at its
expense, provide to the Executive and the Executive's beneficiaries medical and
dental benefits substantially similar in the aggregate to those provided to the
Executive immediately prior to the Executive's Disability.

                           Notwithstanding the above, the salary continuation
payments will cease at the earlier of (a) the Disability ceasing to exist or (b)
Retirement. Further, at the end of the first twelve (12) months of the
disability salary continuation period, the Executive shall be removed as an
active employee of the Company.

                  (d)      TERMINATION UPON DEATH. If the Executive's employment
is terminated by reason of the Executive's death, the Company's sole obligation
hereunder shall be to pay or reimburse (or facilitate a tax qualified rollover
of) to the Executive's spouse, estate or designated beneficiary, as the case may
be, the following amounts:

                           (1)      the Executive's accrued Base Salary and
accrued vacation not paid as of the Termination Date;

                           (2)      the Executive's Pro-Rated Bonus Amount;

                           (3)      the Executive's vested benefits as of the
Termination Date pursuant to the Company's benefit, retirement, incentive and
other plans; and

                           (4)      any and all monies advanced to or expenses
incurred by the Executive pursuant to Section 8 through the Termination Date.

                  (e)      RETIREMENT. If the Executive's employment is
terminated as a result of Retirement, the Company's sole obligation hereunder
shall be to pay or reimburse the Executive (or facilitate a tax qualified
rollover of) the following amounts:

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                           (1)      the Executive's accrued Base Salary and
accrued vacation not paid as of the Termination Date;

                           (2)      the Executive's Pro-Rated Bonus Amount;

                           (3)      the Executive's vested benefits as of the
Termination Date pursuant to the Company's benefit, retirement, incentive and
other plans; and

                           (4)      any and all monies advanced to or expenses
incurred by the Executive pursuant to Section 8 through the Termination Date.

                  (f)      TERMINATION UPON CHANGE IN CONTROL. In the event of a
Change in Control and subsequent termination of employment without Cause by the
Company, or any successor, or with Good Reason by the Executive, the Executive
shall be solely entitled to the benefits described in the Executive Agreement
and shall not be entitled to any benefits under this Agreement.

                  (g)      RESTRICTED STOCK, STOCK OPTIONS. Except as provided
in Section 11(b)(7), for purposes of this Agreement, restricted stock and stock
options shall vest and be exercisable according to the terms of the applicable
plan.

                  (h)      NO DUTY TO MITIGATE. The Executive shall not be
required to mitigate the amount of any payment provided for in this Agreement by
seeking other employment or otherwise and no payment hereunder shall be offset
or reduced by the amount of any compensation or benefits provided to the
Executive in any subsequent employment.

                  (i)      PAYMENT DATE. Except as otherwise provided, all
amounts to be paid by the Company under this Section 11 shall be paid by the
Company within thirty (30) days of the Termination Date.

                  (j)      EXECUTIVE ADVANCES. Upon the termination of the
Executive's employment pursuant to Sections 11(a), (b), (c), (d), or (e)
hereunder, the Executive agrees that all monies that are advanced to the
Executive prior to such termination shall be repaid to the Company or the
Company shall be entitled to offset such amount against any payments to the
Executive as provided for in this Agreement.

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         12.      EXECUTIVE COVENANTS.

                  (a)      UNAUTHORIZED DISCLOSURE, NONDISPARAGEMENT. The
Executive shall not, during the term of this Agreement and thereafter, make any
disparaging comments which may be harmful to the Company's reputation or any
Unauthorized Disclosure. For purposes of this Agreement, "Unauthorized
Disclosure" shall mean disclosure by the Executive without the prior written
consent of the Board to any person other than a person to whom disclosure is
reasonably necessary or appropriate in connection with the performance by the
Executive of duties as an executive of the Company or as may be legally
required, of any information relating to the business or prospects of the
Company (including, but not limited to, any confidential information with
respect to any of the Company's customers, products, methods of distribution,
strategies, business and marketing plans and business policies and practices);
provided, however, that such term shall not include the use or disclosure by the
Executive, without consent, of any information known generally to the public
(other than as a result of disclosure by the Executive in violation of this
Section 12(a)). This confidentiality covenant has no temporal, geographical or
territorial restriction.

                  (b)      NON-COMPETITION. During the Non-Competition Period
defined below, the Executive shall not, directly or indirectly, without the
prior written consent of the Company, own, manage, operate, join, control, be
employed by, consult with or participate in the ownership, management, operation
or control of, or be connected with (as a stockholder, partner, or otherwise),
any business, individual, partner, firm, corporation, or other entity that
competes or plans to compete, directly or indirectly, with the Company, its
products, or any division, subsidiary or affiliate of the Company; provided,
however, that the "beneficial ownership" by the Executive after termination of
employment with the Company, either individually or as a member of a "group," as
such terms are used in Rule 13d of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended,(the "Exchange Act"), of not more
than two percent (2%) of the voting stock of any publicly held corporation shall
not be a violation of Section 12 of this Agreement.

                  The "Non-Competition Period" means the period the Executive is
employed by the Company plus one (1) year from the Termination Date if the
Executive's employment is terminated (i) by the Company for any reason, (ii) by
the Executive for any reason, or (iii) by reason of either the Company's or the
Executive's decision not to extend the term of this Agreement as contemplated by
Section 1 hereof. Notwithstanding anything in this Agreement to the contrary,
after a Change in Control, the Non-Competition Period shall terminate upon a
termination without Cause by the Company or by the Executive for Good Reason.

                  (c)      NON-SOLICITATION. During the No-Raid Period defined
below, the Executive shall not, either directly or indirectly, alone or in
conjunction with another party, attempt to recruit or hire, interfere with or
harm, or attempt to interfere with or harm, the relationship of the Company, its
subsidiaries and/or affiliates, with any person who at any time was an employee,
customer or supplier of the Company, its subsidiaries and/or affiliates or
otherwise had a business relationship with the Company, its subsidiaries and/or
affiliates.

                  The "No-Raid Period" means the period the Executive is
employed by the Company plus two (2) years from the Termination Date if the
Executive's employment is terminated (i) by the Company for any reason, (ii) by
the Executive for any reason, or (iii) by reason of either the Company's or the
Executive's decision not to extend the term of this Agreement as contemplated by
Section 1 hereof.

                  (d)      DELIVERY OF DOCUMENTS UPON TERMINATION. The Executive
shall deliver to the Company or its designee at the termination of the
Executive's employment all correspondence,

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memoranda, notes, records, drawings, sketches, plans, customer lists, product
compositions, and other documents and all copies thereof, made, composed or
received by the Executive, solely or jointly with others, that are in the
Executive's possession, custody, or control at termination and that are related
in any manner to the past, present, or anticipated business of the Company, its
subsidiaries and/or affiliates. In this regard, the Executive hereby grants and
conveys to the Company all right, title and interest in and to, including
without limitation, the right to possess, print, copy, and sell or otherwise
dispose of, any reports, records, papers, summaries, photographs, drawings or
other documents, and writings, and copies, abstracts or summaries thereof, that
may be prepared by the Executive or under the Executive's direction or that may
come into the Executive's possession in any way during the term of the
Executive's employment, with the Company that relate in any manner to the past,
present or anticipated business of the Company.

                  (e)      INTELLECTUAL PROPERTY. The Executive shall hold in
trust for the benefit of the Company, and shall disclose promptly and fully to
the Company in writing, and hereby assigns, and binds the Executive's heirs,
executors, and administrators to assign, to the Company any and all inventions,
discoveries, ideas, concepts, improvements, copyrightable works, and other
developments (the "Developments") conceived, made, discovered or developed by
the Executive, solely or jointly with others, during the term of the Executive's
employment by the Company, whether during or outside of usual working hours and
whether on the Company's premises or not, that relate in any manner to the past,
present or anticipated business of the Company, its subsidiaries and/or
affiliates. All works of authorship created by the Executive, solely or jointly
with others, shall be considered works made for hire under the Copyright Act of
1976, as amended, and shall be owned entirely by the Company. Any and all such
Developments shall be the sole and exclusive property of the Company, whether
patentable, copyrightable, or neither, and the Executive shall assist and fully
cooperate in every way, at the Company's expense, in securing, maintaining, and
enforcing, for the benefit of the Company or its designee, patents, copyrights
or other types of proprietary or intellectual property protection for such
Developments in any and all countries. Within one (1) year following the end of
the term of this Agreement and without limiting the generality of the foregoing,
any Development of the Executive relating to any subject matter on which the
Executive worked or was informed during the Executive's employment by the
Company shall be conclusively presumed to have been conceived and made prior to
the termination of the Executive's employment (unless the Executive clearly
proves that such Development was conceived and made following the termination of
the Executive's employment), and shall accordingly belong and be assigned to the
Company and shall be subject to this Agreement.

                  (f)      REMEDIES. The Executive agrees that any breach of the
terms of this Section 12 would result in irreparable injury and damage to the
Company for which the Company would have no adequate remedy at law; the
Executive therefore also agrees that in the event of said breach or any threat
of breach, the Company shall be entitled to an immediate injunction and
restraining order to prevent such breach and/or threatened breach and/or
continued breach by the Executive and/or any and all persons and/or entities
acting for and/or with the Executive, without having to prove damages, and to
all costs and expenses, including reasonable attorneys' fees and costs, in
addition to any other remedies to which the Company may be entitled under this
Agreement, at law or in equity. The terms of this paragraph shall not prevent
the Company from pursuing any other available remedies for any breach or
threatened breach hereof, including but not limited to the recovery of damages
from the Executive. The Executive and the Company further agree that the
provisions of the covenants not to compete and solicit are reasonable and that
the Company would not have entered into this Agreement but for the inclusion of
such covenants herein. Should a court determine, however, that any provision of
the covenants is unreasonable, either in period of time, geographical area, or
otherwise, the parties hereto agree that the covenant should be interpreted and
enforced to the maximum extent which such court or arbitrator deems reasonable.

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                  The provisions of this Section 12 shall survive any
termination of this Agreement, and the existence of any claim or cause of action
by the Executive against the Company, whether predicated on this Agreement or
otherwise, shall not constitute a defense to the enforcement by the Company of
the covenants and agreements of this Section 12; provided, however, that this
paragraph shall not, in and of itself, preclude the Executive from defending
against the enforceability of the covenants and agreements of this Section 12.

         13.      LIMITATION OF PAYMENTS.

                  (a)      GROSS-UP PAYMENT. In the event it shall be determined
that any payment or distribution of any type to or for the benefit of the
Executive, by the Company, any of its affiliates, any person who acquires
ownership or effective control of the Company or ownership of a substantial
portion of the Company's assets within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the "Code"), and the regulations
thereunder or any affiliate of such person, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise (the "Total Payments"), would be subject to the excise tax imposed by
Section 4999 of the Code or any interest or penalties with respect to such
excise tax (such excise tax, together with any such interest and penalties, are
collectively referred to as the "Excise Tax"), then the Executive shall be
entitled to receive an additional payment (a "Gross-Up Payment") in an amount
such that after payment by the Executive of all taxes (including any interest or
penalties imposed with respect to such taxes), including any Excise Tax, imposed
upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up
Payment equal to the Excise Tax imposed upon the Total Payments (not including
any Gross-Up Payment).

                  (b)      All determinations as to whether any of the Total
Payments are "parachute payments" (within the meaning of Section 280G of the
Code), whether a Gross-Up Payment is required, the amount of such Gross-Up
Payment and any amounts relevant to the last sentence of Subsection 13(a), shall
be made by an independent accounting firm selected by the Company from among the
largest five accounting firms in the United States (the "Accounting Firm"). The
Accounting Firm shall provide its determination (the "Determination"), together
with detailed supporting calculations regarding the amount of any Gross-Up
Payment and any other relevant matter, both to the Company and the Executive
within thirty (30) days of the Termination Date, if applicable, or such earlier
time as is requested by the Company or the Executive (if the Executive
reasonably believes that any of the Total Payments may be subject to the Excise
Tax). Any determination by the Accounting Firm shall be binding upon the Company
and the Executive. As a result of uncertainty in the application of Section 4999
of the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that the Company should have made Gross-Up Payments
("Underpayment"), or that Gross-Up Payments will have been made by the Company
which should not have been made ("Overpayments"). In either such event, the
Accounting Firm shall determine the amount of the Underpayment or Overpayment
that has occurred. In the case of an Underpayment, the amount of such
Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive. In the case of an Overpayment, the Executive shall, at the direction
and expense of the Company, take such steps as are reasonably necessary
(including the filing of returns and claims for refund), follow reasonable
instructions from, and procedures established by, the Company, and otherwise
reasonably cooperate with the Company to correct such Overpayment.

         14.      EXECUTIVE REPRESENTATION. The Executive expressly represents
and warrants to the Company that the Executive is not a party to any contract or
agreement and is not otherwise obligated in any way, and is not subject to any
rules or regulations, whether governmentally imposed or otherwise, which will or

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may restrict in any way the Executive's ability to fully perform the Executive's
duties and responsibilities under this Agreement.

         15.      SUCCESSORS AND ASSIGNS.

                  (a)      This Agreement shall be binding upon and shall inure
to the benefit of the Company, its successors and assigns and the Company shall
require any successor or assign to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession or assignment had taken place. The
term "the Company" as used herein shall include any such successors and assigns
to the Company's business and/or assets. The term "successors and assigns" as
used herein shall mean a corporation or other entity acquiring or otherwise
succeeding to, directly or indirectly, all or substantially all the assets and
business of the Company (including this Agreement) whether by operation of law
or otherwise.

                  (b)      Neither this Agreement nor any right or interest
hereunder shall be assignable or transferable by the Executive, the Executive's
beneficiaries or legal representatives, except by will or by the laws of descent
and distribution. This Agreement shall inure to the benefit of and be
enforceable by the Executive's legal personal representative.

         16.      ARBITRATION. Except with respect to the remedies set forth in
Section 12(f), as the method for resolving any dispute arising out of this
Agreement, the Executive, in the Executive's sole discretion, may select binding
arbitration in accordance with this Section. Except as provided otherwise in
this Section, arbitration pursuant to this Section shall be governed by the
Commercial Arbitration Rules of the American Arbitration Association. If the
Executive wishes to arbitrate an issue under this Section 16, the Executive
shall deliver written notice to the Company, including a description of the
issue to be arbitrated. Within fifteen (15) days after the Executive demands
arbitration, the Company and the Executive shall each appoint an arbitrator.
Within fifteen (15) additional days, these two arbitrators shall appoint the
third arbitrator by mutual agreement; if they fail to agree within this fifteen
(15) day period, then the third arbitrator shall be selected promptly pursuant
to the rules of the American Arbitration Association for Commercial Arbitration.
The arbitration panel shall hold a hearing in Columbus, Ohio, within ninety (90)
days after the appointment of the third arbitrator. The fees and expenses of the
arbitrators, and any American Arbitration Association fees, shall be paid by the
Company. Both the Company and the Executive may be represented by counsel and
may present testimony and other evidence at the hearing. Within ninety (90) days
after commencement of the hearing, the arbitration panel will issue a written
decision; the majority vote of two of the three arbitrators shall control. The
majority decision of the arbitrators shall be binding on the parties, and the
parties may not pursue other available legal remedies if the parties are not
satisfied with the majority decision of the arbitrator. The Executive shall be
entitled to seek specific performance of the Executive's rights under this
Agreement during the pendency of any dispute or controversy arising under or in
connection with this Agreement.

         17. NOTICE. For the purposes of this Agreement, notices and all other
communications provided for in the Agreement (including the Notice of
Termination) shall be in writing and shall be deemed to have been duty given
when personally delivered or sent by registered or certified mail, return
receipt requested, postage prepaid, or upon receipt if overnight delivery
service or facsimile is used, addressed as follows:

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         TO THE EXECUTIVE:

                  William E. May
                  130 Creekway Bend
                  Southlake, TX 76092

         TO THE COMPANY:

                  Too, Inc.
                  8323 Walton Parkway
                  New Albany, Ohio 43054
                  Attn:  Ronald Sykes, Senior Vice President - Human Resources

         18.      SETTLEMENT OF CLAIMS. Except as otherwise provided, the
Company's obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any
circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which the Company may have against the
Executive or others.

         19.      MISCELLANEOUS. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and the Company. No waiver by either
party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. No agreement or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not expressly set
forth in this Agreement.

         20.      GOVERNING LAW. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Ohio without
giving effect to conflict of law principles thereof. The parties hereby consent
to the exclusive jurisdiction of the state courts of the State of Ohio and venue
in Franklin County, Ohio.

         21.      SEVERABILITY. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof.

         22.      ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements, if any, understandings and arrangements,
oral or written, between the parties hereto with respect to the subject matter
hereof.

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         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duty authorized officer and the Executive has executed this
Agreement as of the day and year first above written.

                                    TOO, INC.

                                    By:    /s/ Michael W. Rayden
                                           -------------------------------------
                                    Name:  Michael W. Rayden
                                    Title: Chairman, Chief Executive Officer and
                                           President

                                    EXECUTIVE

                                           /s/ William E. May
                                    --------------------------------------------
                                           William E. May

                                      166<PAGE>

                                                                   EXHIBIT 10.29

                               EXECUTIVE AGREEMENT
                                (WILLIAM E. MAY)

         THIS IS AN AGREEMENT between TOO, INC., a Delaware corporation (the
"Corporation"), with its principal office located at 8323 Walton Parkway, New
Albany, Ohio 43054, and WILLIAM E. MAY (the "Executive"), effective as of
February 23, 2004.

                                    RECITALS:

         The Corporation considers the establishment and maintenance of a sound
and vital management to be part of its overall corporate strategy and essential
in protecting and enhancing the interests of the Corporation and its
shareholders. As part of this corporate strategy, the Corporation wishes to act
to retain its well-qualified executive officers notwithstanding any actual or
threatened change in control of the Corporation.

         The Executive is a key executive officer of the Corporation and the
Executive's services, experience and knowledge of the affairs of the
Corporation, and reputation and contacts in the industry are extremely valuable
to the Corporation. The Executive's continued dedication, availability, advice,
and counsel to the Corporation are deemed important to the Corporation, its
Board of Directors (the "Board"), and its shareholders. It is, therefore, in the
best interests of the Corporation to secure the continued services of the
Executive notwithstanding any actual or threatened change in control of the
Corporation. Accordingly, the Board has approved this Agreement with the
Executive and authorized its execution and delivery on behalf of the
Corporation.

                                   AGREEMENT:

         1.       TERM OF AGREEMENT. This Agreement will begin on the date
entered above and will irrevocably continue in effect for a three-year period
through February 23, 2007. On February 23, 2005, and on the anniversary date of
each year thereafter (a "Renewal Date"), the term of this Agreement will be
extended automatically for a period of one (1) year unless, not later than
thirty (30) days prior to such Renewal Date, the Corporation gives written
notice to the Executive that it has elected not to extend this Agreement, in
which situation this Agreement shall terminate at the end of the three-year term
then in progress. Notwithstanding the above, if a "Change in Control" (as
defined herein) of the Corporation occurs during the term of this Agreement, the
term of this Agreement will be for twenty-four (24) months beyond the end of the
month in which any such Change in Control occurs.

         2.       DEFINITIONS. The following defined terms shall have the
meanings set forth below, for purposes of this Agreement:

                  (a)      ANNUAL AWARD. "Annual Award" means the cash payment
         paid or payable to the Executive with respect to a fiscal year under
         the Corporation's Incentive Compensation Performance Plan.

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<PAGE>

                  (b)      BASE ANNUAL SALARY. "Base Annual Salary" means the
         greater of (1) the highest annual rate of base salary in effect for the
         Executive during the twelve (12) month period immediately prior to a
         Change in Control, or (2) the annual rate of base salary in effect at
         the time a Notice of Termination is given (or on the date employment is
         terminated if no Notice of Termination is required).

                  (c)      CAUSE. "Cause" means any of the following:

                           (1)      The Executive shall have (a) been convicted
                  of a felony, or (b) committed an act of intentional gross
                  misconduct, fraud, or gross neglect in connection with the
                  Executive's duties or in the course of the Executive's
                  employment with the Corporation or any Subsidiary, and the
                  Board shall have determined that such act is materially
                  harmful to the Corporation; or

                           (2)      The Executive shall have materially breached
                  Section 12 of the Executive's Employment Agreement with the
                  Corporation.

                           For purposes of this Agreement, no act or failure to
         act on the part of the Executive shall be deemed "intentional" if it
         was due primarily to an error in judgment or negligence, but shall be
         deemed "intentional" only if done or omitted to be done by the
         Executive not in good faith and without reasonable belief that the
         Executive's action or omission was in the best interest of the
         Corporation. Notwithstanding the foregoing, the Executive shall not be
         deemed to have been terminated for "Cause" under this Agreement unless
         and until there shall have been delivered to the Executive a copy of a
         resolution duly adopted by the affirmative vote of not less than
         three-quarters (3/4) of the Board at a meeting called and held for such
         purposes, after reasonable notice to the Executive and an opportunity
         for the Executive, together with the Executive's counsel (if the
         Executive chooses to have counsel present at such meeting), to be heard
         before the Board, finding that, in the good faith opinion of the Board,
         the Executive had committed an act constituting "Cause" as defined in
         this Agreement and specifying the particulars of the act constituting
         "Cause" in detail. Nothing in this Agreement will limit the right of
         the Executive or the Executive's beneficiaries to contest the validity
         or propriety of any such determination.

                  (d)      CHANGE IN CONTROL. "Change in Control" means the
         occurrence of any of the following:

(1)      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
twenty-five percent (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 Corporation or from a self-tender offer of the
Corporation, 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 Corporation
equal to one percent (1%) or more of the voting shares of the Corporation then
outstanding, and (B) such Person, together with all affiliates and associates of
such Person, shall Beneficially Own twenty-five percent (25%) or more of the
voting shares of the Corporation then outstanding. In calculating the percentage
of the outstanding voting shares that are Beneficially Owned by a Person for
purposes of this subsection (d)(1), voting shares that are Beneficially Owned by
such Person shall be

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<PAGE>

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 Corporation determines in good faith that a Person that would
otherwise be a 25% Shareholder pursuant to the foregoing provisions of this
subsection (d)(1) 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 (d)(1), 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 Corporation as to whether any Person is or
is not a 25% Shareholder shall be conclusive and binding; or

                           (2)      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 the date of this Agreement; 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

                           (3)      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) sixty percent (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 fifty percent (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.

                  (e)      CHANGE YEAR. "Change Year" means the fiscal year in
         which a Change in Control occurs.

                  (f)      DISABILITY. "Disability" means "Total Disability" as
         defined in the Too, Inc. Long-Term Disability Program (effective
         October 1, 1999), or any amended or successor plan.

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<PAGE>

                  (g)      EMPLOYEE BENEFITS. "Employee Benefits" means the
         perquisites, benefits, and service credit for benefits as provided
         under any and all employee retirement income and welfare benefit
         policies, plans, programs, or arrangements in which the Executive is
         entitled to participate, including without limitation any stock option,
         stock purchase, stock appreciation, savings, pension, supplemental
         executive retirement, or other retirement income or welfare benefit,
         deferred compensation, incentive compensation, group or other life,
         health, medical/hospital, or other insurance (whether funded by actual
         insurance or self-insured by the Corporation), disability, salary
         continuation, expense reimbursement, and other employee benefit
         policies, plans, programs, or arrangements that may now exist or any
         equivalent successor policies, plans, programs, or arrangements that
         may be adopted hereafter, providing perquisites, benefits, and service
         credit for benefits at least as great in a monetary equivalent as are
         payable thereunder prior to a Change in Control.

                  (h)      EMPLOYMENT AGREEMENT. "Employment Agreement" means an
         executed employment agreement between the Corporation and the
         Executive.

                  (i)      GOOD REASON. "Good Reason" means the occurrence of
         any one or more of the following:

                           (1)      The assignment to the Executive after a
                  Change in Control of the Corporation of duties which are a
                  significant reduction in the duties, authority,
                  responsibilities, and status of the Executive's position at
                  any time during the twelve (12) month period prior to such
                  Change in Control;

(2)      A reduction by the Corporation in the Executive's Base Annual Salary in
effect immediately prior to a Change in Control of the Corporation, or the
failure to grant salary increases and bonus payments on a basis comparable to
those granted to other executives of the Corporation, or a reduction of the
Executive's most recent highest incentive bonus potential prior to such Change
in Control under the Corporation's Incentive Compensation Performance Plan,
Long-Term Incentive Compensation Performance Plan, or similar plans;

(3)      A demand by the Corporation that the Executive relocate to a location
in excess of fifty (50) miles from the location where the Executive is currently
based, or in the event of any such relocation with the Executive's express
written consent, the failure of the Corporation or a Subsidiary to pay (or
reimburse the Executive for) all reasonable moving expenses incurred by the
Executive relating to a change of principal residence in connection with such
relocation and to indemnify the Executive against any loss in the sale of the
Executive's principal residence in connection with any such change of residence,
all to the effect that the Executive shall incur no loss on an after tax basis;

(4)      The failure of the Corporation to abide by this Agreement or to obtain
a satisfactory agreement from any successor to the Corporation to assume and
agree to perform this Agreement, as contemplated in Section 14 of this
Agreement;

                           (5)      The failure of the Corporation to provide
                  the Executive with substantially the same Employee Benefits
                  that were provided to him immediately prior to the Change in
                  Control, or with a package of Employee Benefits that, though
                  one or more of such benefits may vary from those in effect
                  immediately prior to such Change in Control, is substantially
                  comparable in all material respects to such Employee Benefits
                  taken as a whole; or

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(6)      Any significant reduction in the Executive's compensation or benefits
or adverse change in the Executive's location or duties, if such significant
reduction or adverse change occurs at any time after the commencement of any
discussion with a third party relating to a possible Change in Control of the
Corporation involving such third party, if such reduction or adverse change is
in contemplation of such possible Change in Control and such Change in Control
is actually consummated within twelve (12) months after the date of such
significant reduction or adverse change.

                           The existence of Good Reason shall not be affected by
         the Executive's incapacity due to physical or mental illness. The
         Executive's continued employment shall not constitute a waiver of the
         Executive's rights with respect to any circumstance constituting Good
         Reason under this Agreement. The Executive's determination of Good
         Reason shall be conclusive and binding upon the parties to this
         Agreement provided such determination has been made in good faith.

                  (j)      HIGHEST INCENTIVE COMPENSATION. "Highest Incentive
         Compensation" means the greater of the Executive's Potential Annual
         Award for the Executive's Incentive Group for (a) the Termination Year
         or (b) the average of the actual Annual Awards for the three years
         prior to the Termination Year.

                  (k)      INCENTIVE COMPENSATION PERFORMANCE PLAN. "Incentive
         Compensation Performance Plan" means the Corporation's 1999 Incentive
         Compensation Performance Plan in effect as of the effective date of
         this Agreement, as well as any amended, successor or similar plan or
         plans.

                  (l)      INCENTIVE GROUP. "Incentive Group" means the group or
         category, if any, into which an Executive is placed pursuant to the
         Corporation's Incentive Compensation Performance Plan.

                  (m)      LONG-TERM INCENTIVE COMPENSATION PERFORMANCE PLANS
         "Long-Term Incentive Compensation Performance Plans" means the
         Corporation's 1999 Stock Option and Performance Incentive Plan in
         effect as of the effective date of this Agreement, as well as any
         amended, similar or successor, plan or plans.

                  (n)      NOTICE OF TERMINATION. "Notice of Termination" means
         a written notice indicating the specific termination provision in this
         Agreement relied upon and setting forth in reasonable detail the facts
         and circumstances claimed to provide a basis for termination of the
         employment under the provision so indicated.

                  (o)      POTENTIAL ANNUAL AWARD. "Potential Annual Award"
         means the Annual Award the Executive could receive according to his or
         her Incentive Group pursuant to the Corporation's Incentive
         Compensation Performance Plan assuming that (1) the Corporation met the
         par target (100%) criteria for the Corporation's Incentive Compensation
         Performance Plan for a particular fiscal period or year (whether or not
         such target performance criteria was or could be met); (2) there are no
         adjustments for business unit or individual performance; and (3) the
         Executive's Base Annual Salary is used to determine the Potential
         Annual Award.

                  (p)      PRO-RATED BONUS AMOUNT. "Pro-Rated Bonus Amount"
         means any accrued but unpaid bonus for a completed bonus period, plus a
         pro-rated portion of the greater of (i) the average of the Executive's
         semi-annual bonus for the previous two similar seasons or (ii) the
         Executive's par target

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         (100%) criteria semi-annual bonus for the current semi-annual season
         calculated as of the Change in Control date. In the case of a
         semi-annual bonus, the portion shall be the amount of semi-annual bonus
         paid or payable to the Executive with respect to the bonus period in
         which the Change in Control occurs, assuming the greater of criteria
         (i) or (ii) applied, pro-rated by multiplying such amount by a
         fraction, the numerator of which is the number of days during the bonus
         period in which the Change in Control occurs prior to the occurrence of
         the Change in Control, and the denominator of which shall be one
         hundred eighty-two and one-half (182-1/2).

                  (q)      PERFORMANCE CRITERIA. "Performance Criteria" means
         the performance-based criteria as referenced in the Corporation's
         Incentive Compensation Performance Plan.

                  (r)      SEVERANCE BENEFITS. "Severance Benefits" means the
         benefits described in Section 4 of this Agreement, as adjusted by the
         applicable provisions of Section 5 of this Agreement.

                  (s)      SUBSIDIARY. "Subsidiary" means any corporation or
         other entity, a majority of the voting control of which is directly or
         indirectly owned or controlled at the time by the Corporation.

                  (t)      TERMINATION YEAR. "Termination Year" means the year
         of termination of the Executive.

         3.       ELIGIBILITY FOR SEVERANCE BENEFITS. The Corporation or its
successor shall pay or provide to the Executive the Severance Benefits if the
Executive's employment is terminated during the term of this Agreement, either:

                  (a)      by the Corporation (1) at any time six (6) months
         prior to a Change in Control if such termination was in contemplation
         of such Change in Control and was done to avoid the effects of this
         Agreement or, (2) within twenty-four (24) months after a Change in
         Control of the Corporation, unless in either (1) or (2) the termination
         is on account of the Executive's death or Disability or for Cause,
         provided that, in the case of a termination on account of the
         Executive's Disability or for Cause, the Corporation shall give Notice
         of Termination to the Executive with respect thereto; or

                  (b)      by the Executive for Good Reason at any time within
         twenty-four (24) months after a Change in Control of the Corporation
         provided that the Executive shall give Notice of Termination to the
         Corporation with respect thereto.

         4.       SEVERANCE BENEFITS. The Executive, if eligible under Section
3, shall receive the following Severance Benefits, adjusted by the applicable
provisions of Section 5 (in addition to accrued compensation, bonuses, and
vested benefits and stock options):

                  (a)      BASE ANNUAL SALARY. A lump sum cash payment equal to
         the sum of: (1) any accrued base salary and vacation time payable as of
         the Executive's termination of employment (either by reason of an
         Employment Agreement or otherwise); and (2 the Executive's Base Annual
         Salary multiplied by three (3).

                  (b)      ANNUAL INCENTIVE COMPENSATION. A lump sum cash
         payment equal to the sum of: (1) the Pro-Rated Bonus Amount; and (2)
         the Executive's Highest Incentive Compensation multiplied by three (3).

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                  (c)      LONG-TERM INCENTIVE COMPENSATION. Such compensation
         as shall be payable according to the terms of the Corporation's
         Long-Term Incentive Compensation Performance Plans.

                  (d)      INSURANCE BENEFITS. For a three (3) year period after
         the date the Executive's employment is terminated, the Corporation will
         arrange to provide to the Executive, at the Corporation's expense:

                           (1)      Health Care. Health care coverage comparable
                  to that in effect for the Executive immediately prior to the
                  termination (or, if more favorable to the Executive, that
                  furnished generally to salaried employees of the Corporation),
                  including, but not limited to, hospital, surgical, medical,
                  dental, prescription, and dependent coverage. Upon the
                  expiration of the health care benefits required to be provided
                  pursuant to this subsection 4(d), the Executive shall be
                  entitled to the continuation of such benefits under the
                  provisions of the Consolidated Omnibus Budget Reconciliation
                  Act. Health care benefits otherwise receivable by the
                  Executive pursuant to this subsection 4(d) shall be reduced to
                  the extent comparable benefits are actually received by the
                  Executive from a subsequent employer during the three-year
                  period following the date the employment is terminated and any
                  such benefits actually received by the Executive shall be
                  reported by the Executive to the Corporation.

                           (2)      Life Insurance. Life insurance coverage
                  (including any supplemental coverage, purchase opportunity,
                  and double indemnity for accidental death that was available
                  to the Executive) equal (including policy terms) to that in
                  effect at the time Notice of Termination is given (or on the
                  date the employment is terminated if no Notice of Termination
                  is required) or, if more favorable to the Executive, equal to
                  that in effect at the date the Change in Control occurs.

In the event the Executive's participation in any such plan or program is not
                           permitted, or is taxable to the Executive, the
                           Corporation will directly provide, at no after-tax
                           cost to the Executive, the benefits to which the
                           Executive would be entitled under such plans and
                           programs. The Corporation may elect to pay such
                           benefits in a lump sum.

                  (e)      RETIREMENT AND NONQUALIFIED PLAN BENEFITS. The
         Executive will be entitled to all benefits provided under (1) the
         Corporation's Alternative Savings Plan and the Corporation's
         Supplemental Retirement and Deferred Compensation Plan, as well as any
         amended, similar or successor plans and (2) the Corporation's
         tax-qualified plans and nonqualified plans, as well as any amended,
         similar, or successor plans. All qualified and nonqualified plan
         benefits or deferred compensation agreements or accounts shall become
         immediately vested with respect to such plan benefits as of a Change in
         Control.

                  (f)      STOCK OPTIONS. If upon the date of termination of the
         Executive's employment, the Executive holds any options with respect to
         stock of Corporation, all such options will immediately become
         exercisable upon such date and will be exercisable for one hundred
         eighty (180) days thereafter. To the extent such acceleration of
         exercise of such options is not permissible under the terms of any plan
         pursuant to which the options were granted, the Corporation will pay to
         Executive, in a lump sum, within one hundred eighty (180) days after
         termination of employment, an amount in cash equal to the excess, if
         any, of the aggregate fair market value of all stock of the Corporation
         subject to such options, determined on the date of termination of
         employment, over the aggregate option price of such stock, and the
         Executive will surrender all such options unexercised.

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                  (g)      OUTPLACEMENT. The Corporation shall pay or reimburse
         the Executive all fees for outplacement services and related travel
         costs up to a maximum of ten thousand dollars ($10,000).

         In computing and determining Severance Benefits under subsections 4(a),
(b), (c), (d), (e), (f), and (g), above, a decrease in the Executive's salary,
incentive bonus potential, or insurance benefits shall be disregarded if such
decrease occurs within six (6) months before a Change in Control, is in
contemplation of such Change in Control, and is taken to avoid the effect of
this Agreement should such action be taken after such Change in Control. In such
event, the salary, incentive bonus potential, and/or insurance benefits used to
determine Severance Benefits shall be that in effect immediately before the
decrease that is disregarded pursuant to this Section 4.

         Except as otherwise provided, the Severance Benefits provided in
subsections 4(a), (b), (c), (e), (f), and (g) above shall be paid not later than
forty-five (45) business days following the date the Executive's employment
terminates.

         5.       TAX GROSS-UP. If any Severance Benefit or other benefit paid
or provided under Section 4, or the acceleration of stock option vesting, or the
payment or distribution of any Employee Benefits or similar benefits are subject
to excise tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as
amended (or any similar federal or state excise tax), the Corporation shall pay
to the Executive such additional compensation as is necessary (after taking into
account all federal, state, and local income taxes payable by the Executive as a
result of the receipt of such additional compensation) to place the Executive in
the same after-tax position the Executive would have been in had no such excise
tax (or any interest or penalties thereon) been paid or incurred with respect to
any of such amounts (the "Tax Gross-Up"). The Corporation shall pay such
additional compensation at the time when the Corporation withholds such excise
tax from any payments to the Executive. The calculation of the Tax Gross-Up
shall be approved by the Corporation's independent certified public accounting
firm engaged by the Corporation immediately prior to the Change in Control and
the calculation shall be provided to the Executive in writing. The Executive
shall then be given fifteen (15) days, or such longer period as the Executive
reasonably requests, to accept or reject the calculation of the Tax Gross-Up. If
the Executive rejects the Tax Gross-Up calculation and the parties are
thereafter unable to agree within an additional forty-five (45) days, the
arbitration provisions of Section 10 shall control. The Corporation shall
reimburse the Executive for all reasonable legal and accounting fees incurred
with respect to the calculation of the Tax Gross-Up and any disputes related
thereto.

                  For purposes of determining the amount of the Tax Gross-Up,
the Executive shall be deemed to pay federal income taxes at the highest
marginal rate of federal income taxation in the calendar year in which the Tax
Gross-Up is to be made and state and local income taxes at the highest marginal
rates of taxation in the state and locality of the Executive's residence on the
date of termination.

                  If the excise tax is subsequently determined to be less than
the amount taken into account hereunder at the time of termination of
employment, the Executive shall repay to the Corporation at the time the
reduction in excise tax is finally determined, the portion of the Tax Gross-Up
attributable to such reduction. Notwithstanding the Executive's acceptance or
rejection of the Tax Gross-Up calculation, if the excise tax is determined to
exceed the amount taken into account hereunder at the time of termination of
employment, the Corporation shall make an additional Tax Gross-Up payment to the
Executive in respect of such excess at the time the amount of such excess is
finally determined.

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<PAGE>

         6.       WITHHOLDING OF TAXES. The Corporation may withhold from any
amounts payable under this Agreement all federal, state, city, or other taxes as
required by law.

         7.       ACKNOWLEDGEMENT; NO DUTY TO MITIGATE. The Corporation hereby
acknowledges that it will be difficult and may be impossible for the Executive
to find reasonably comparable employment, or to measure the amount of damages
which the Executive may suffer as a result of termination of employment
hereunder. Accordingly, the payment of the Severance Benefits by the Corporation
to the Executive in accordance with the terms of this Agreement is hereby
acknowledged by the Corporation to be reasonable and will be liquidated damages,
and the Executive will not be required to mitigate the amount of any payment
provided for in this Agreement by seeking other employment or otherwise, nor
will any profits, income, earnings, or other benefits from any source whatsoever
create any mitigation, offset, reduction, or any other obligation on the part of
the Executive hereunder or otherwise, except for a reduction in health insurance
coverage as provided in subsection 4(d)(1). The Corporation shall not be
entitled to set off or counterclaim against amounts payable hereunder with
respect to any claim, debt, or obligation of the Executive.

         8.       ENFORCEMENT COSTS; INTEREST. The Corporation is aware that,
upon the occurrence of a Change in Control, the Board or a stockholder of the
Corporation may then cause or attempt to cause the Corporation to refuse to
comply with its obligations under this Agreement, or may cause or attempt to
cause the Corporation to institute, or may institute, litigation, arbitration,
or other legal action seeking to have this Agreement declared unenforceable, or
may take, or attempt to take, other action to deny the Executive the benefits
intended under this Agreement. In these circumstances, the purpose of this
Agreement could be frustrated. It is the intent of the Corporation that the
Executive not be required to incur the expenses associated with the enforcement
of the Executive's rights under this Agreement by litigation, arbitration, or
other legal action nor be bound to negotiate any settlement of the Executive's
rights hereunder under threat of incurring such expenses because the cost and
expense thereof would substantially detract from the benefits intended to be
extended to the Executive under this Agreement. Accordingly, if following a
Change in Control it should appear to the Executive that the Corporation has
failed to comply with any of its obligations under this Agreement, including the
proper calculation of the Tax Gross-Up, or in the event that the Corporation or
any other person takes any action to declare this Agreement void or
unenforceable, or institute any litigation or other legal action designed to
deny, diminish, or to recover from the Executive, the benefits intended to be
provided to the Executive hereunder, the Corporation irrevocably authorizes the
Executive from time to time to retain counsel (legal and accounting) of the
Executive's choice at the expense of the Corporation as provided in this Section
8 to represent the Executive in connection with the calculation of the Tax
Gross-Up, or the initiation or defense of any litigation or other legal action,
whether by or against the Corporation or any director, officer, stockholder, or
other person affiliated with the Corporation. Notwithstanding any existing or
prior attorney-client relationship between the Corporation and such counsel, the
Corporation irrevocably consents to the Executive entering into an
attorney-client relationship with such counsel, and in that connection the
Corporation and the Executive agree that a confidential relationship shall exist
between the Executive and such counsel. The reasonable fees and expenses of
counsel selected from time to time by the Executive as provided in this Section
shall be paid or reimbursed to the Executive by the Corporation on a regular,
periodic basis upon presentation by the Executive of a statement or statements
prepared by such counsel in accordance with its customary practices. In any
action involving this Agreement, the Executive shall be entitled to prejudgment
interest on any amounts found to be due him from the date such amounts would
have been payable to the Executive pursuant to this Agreement at an annual rate
of interest equal to the prime commercial rate in effect at Citibank or its
successor in effect from time to time during the prejudgment period plus 4
percent.

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<PAGE>

         9.       INDEMNIFICATION. From and after the earliest to occur of a
Change in Control or termination of employment, the Corporation shall (a) for a
period of five (5) years after such occurrence, provide the Executive (including
the Executive's heirs, executors, and administrators) with coverage under a
standard directors' and officers' liability insurance policy at the
Corporation's expense, and (b) indemnify and hold harmless the Executive, to the
fullest extent permitted or authorized by the law of the State of Delaware as it
may from time to time be amended, if the Executive is (whether before or after
the Change in Control) made or threatened to be made a party to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative, or investigative, by reason of the fact that the Executive is or
was a director, officer, or employee of the Corporation or any Subsidiary, or is
or was serving at the request of the Corporation or any Subsidiary as a
director, trustee, officer, or employee of a corporation, partnership, joint
venture, trust, or other enterprise. The indemnification provided by this
Section 9 shall not be deemed exclusive of any other rights to which the
Executive may be entitled under the charter or bylaws of the Corporation or of
any Subsidiary, or any agreement, vote of shareholders or disinterested
directors, or otherwise, both as to action in the Executive's official capacity
and as to action in another capacity while holding such office, and shall
continue as to the Executive after the Executive has ceased to be a director,
trustee, officer, or employee and shall inure to the benefit of the heirs,
executors, and administrators of the Executive.

         10.      ARBITRATION. As the method for resolving any dispute arising
out of this Agreement, the Executive, in the Executive's sole discretion, may
select binding arbitration in accordance with this Section. Except as provided
otherwise in this Section, arbitration pursuant to this Section shall be
governed by the Commercial Arbitration Rules of the American Arbitration
Association. The Executive shall deliver written notice to the Corporation,
including a description of the issue to be arbitrated. Within fifteen (15) days
after the Executive demands arbitration, the Corporation and the Executive shall
each appoint an arbitrator. Within fifteen (15) additional days, these two
arbitrators shall appoint the third arbitrator by mutual agreement; if they fail
to agree within this fifteen (15) day period, then the third arbitrator shall be
selected promptly pursuant to the rules of the American Arbitration Association
for Commercial Arbitration. The arbitration panel shall hold a hearing in
Columbus, Ohio, within ninety (90) days after the appointment of the third
arbitrator. The fees and expenses of the arbitrators, and any American
Arbitration Association fees, shall be paid by the Corporation. Both the
Corporation and the Executive may be represented by counsel and may present
testimony and other evidence at the hearing. Within ninety (90) days after
commencement of the hearing, the arbitration panel will issue a written
decision; the majority vote of two of the three arbitrators shall control. The
majority decision of the arbitrators shall be binding on the parties, and the
parties may not pursue other available legal remedies if the parties are not
satisfied with the majority decision of the arbitrator. The Executive shall be
entitled to seek specific performance of the Executive's rights under this
Agreement during the pendency of any dispute or controversy arising under or in
connection with this Agreement.

         11.      EMPLOYMENT RIGHTS. This Agreement sets forth the Severance
Benefits payable to the Executive in the event the Executive's employment with
the Corporation is terminated under certain conditions specified in Section 3.
This Agreement is not an employment contract nor shall it confer upon the
Executive any right to continue in the employ of the Corporation or its
Subsidiaries and shall not in any way affect the right of the Corporation or its
Subsidiaries to dismiss or otherwise terminate the Executive's employment at any
time with or without cause subject to provisions contained in Employment
Agreements and other agreements between the Corporation and the Executive.

         12.      ARRANGEMENTS NOT EXCLUSIVE. The specific benefit arrangements
referred to in this Agreement are not intended to exclude the Executive from
participation in or from other benefits available to executive personnel
generally or to preclude the Executive's right to other compensation or benefits
as may be authorized

                                      176
<PAGE>

by the Board at any time. The provisions of this Agreement and any payments
provided for hereunder shall not reduce any amounts otherwise payable, or in any
way diminish the Executive's existing rights, or rights which would accrue
solely as the result of the passage of time under any compensation plan, benefit
plan, incentive plan, stock option plan, employment agreement, or other
contract, plan, or arrangement except as may be specified in such contract,
plan, or arrangement. Notwithstanding anything to the contrary in this Section
12, the Severance Benefits provided in Section 4 are in lieu of any benefits to
which the Executive would be entitled following the termination of the
Executive's employment pursuant to any employment agreement or other plan or
agreement pursuant to the Corporation's transition pay or any successor to such
plan.

         13.      TERMINATION. Except for termination of employment described in
Section 3(a), this Agreement shall terminate if the employment of the Executive
with the Corporation shall terminate prior to a Change in Control.

         14.      SUCCESSORS; BINDING AGREEMENTS. This Agreement shall inure to
the benefit of and be enforceable by the Executive's personal and legal
representatives, executors, administrators, successors, heirs, distributees,
devisees, and legatees. The Executive's rights and benefits under this Agreement
may not be assigned, except that if the Executive dies while any amount would
still be payable to the Executive hereunder if the Executive had continued to
live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement, to the beneficiaries designated by
the Executive to receive benefits under this Agreement in a writing on file with
the Corporation at the time of the Executive's death or, if there is no such
beneficiary, to the Executive's estate. The Corporation will require any
successor (whether direct or indirect, by purchase, merger, consolidation, or
otherwise) to all or substantially all of the business and/or assets of the
Corporation (or of any division or Subsidiary thereof employing the Executive)
to expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the Corporation would be required to perform it if no
such succession had taken place. Failure of the Corporation to obtain such
assumption and agreement prior to the effectiveness of any such succession shall
be a breach of this Agreement and shall entitle the Executive to compensation
from the Corporation in the same amount and on the same terms to which the
Executive would be entitled hereunder if the Executive terminated employment for
Good Reason following a Change in Control.

         15.      NO VESTED INTEREST. Neither the Executive nor the Executive's
beneficiaries shall have any right, title, or interest in any benefit under this
Agreement prior to the occurrence of the right to the payment of such benefit.

         16.      NOTICE. For the purpose of this Agreement, notices and all
other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered personally or mailed by
United States registered mail, return receipt requested, postage prepaid,
addressed to the such addresses as each party may designate from time to time to
the other party in writing in the manner provided herein. Unless designated
otherwise notices should be addressed as follows:

         TO THE EXECUTIVE

                           William E. May
                           130 Creekway Bend
                           Southlake, TX 76092

                                      177
<PAGE>

         TO THE CORPORATION

                           Too, Inc.
                           8323 Walton Parkway
                           New Albany, OH 43054
                           Attention:  Ronald Sykes, Senior Vice President -
                           Human Resources

If the parties by mutual agreement supply each other with telecopier numbers for
the purposes of providing notice by facsimile, such notice shall also be proper
notice under this Agreement. Notice sent by certified or registered mail shall
be effective two (2) days after deposit by delivery to the U.S. Post Office.

         17.      SAVINGS CLAUSE. If any payments otherwise payable to the
Executive under this Agreement are prohibited or limited by any statute or
regulation in effect at the time the payments would otherwise be payable:

                  (a)      Corporation will use its best efforts to obtain the
         consent of the appropriate governmental agency to the payment by
         Corporation to the Executive of the maximum amount that is permitted;
         and

                  (b)      the Executive will be entitled to elect to have
         apply, and therefore to receive benefits directly under, either (i)
         this Agreement or (ii) any generally applicable Corporation severance,
         separation pay, and/or salary continuation plan that may be in effect
         at the time of the Executive's termination.

Following any such election, the Executive will be entitled to receive benefits
under this agreement or plan elected only if and to the extent the agreement or
plan is applicable and subject to its specific terms.

         18.      AMENDMENT; WAIVER. This Agreement may not be amended or
modified and no provision may be waived unless such amendment, modification, or
waiver is agreed to in writing and signed by the Executive and the Corporation.

         19.      VALIDITY. The invalidity or unenforceability of any provision
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

         20.      PRIOR EXECUTIVE AGREEMENTS. This Agreement supersedes any and
all prior executive agreements or similar agreements between the Corporation (or
any predecessor of the Corporation) and the Executive and no payments or
benefits of any kind shall be made under, on account of, or by reference to the
prior executive agreements.

         21.      COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

         22.      GOVERNING LAW; JURISDICTION. This Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of Ohio,
without giving effect to conflict of law principles thereof. The parties hereby
consent to the exclusive jurisdiction of the state courts of the State of Ohio
and venue in Franklin County, Ohio.

                                      178
<PAGE>

         IN WITNESS WHEREOF, the parties have signed this Agreement as of the
day and year written above.

                                    CORPORATION:

                                    TOO, INC.

                                    By:  /s/ Michael W. Rayden
                                         ---------------------------------------
                                         MICHAEL W. RAYDEN
                                    Its: Chairman, Chief Executive Officer and
                                         President

                                    EXECUTIVE:

                                          /s/ William E. May
                                          --------------------------------------
                                          WILLIAM E. MAY

                                      179

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