Document:

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                                             EXHIBIT (10.35)

            (PAGE NUMBERS REFER TO PAPER DOCUMENT ONLY)

                            CPI CORP.
                   VOLUNTARY STOCK OPTION PLAN

    (Amended and Restated Effective as of December 16, 1997)

     SECTION 1.     ESTABLISHMENT AND PURPOSE.  CPI Corp., a
corporation organized and existing under the laws of the State of
Delaware, hereby establishes this Voluntary Stock Option Plan for
selected officers and key employees of the Company and its
subsidiaries.  The purpose of the Plan is to offer to certain
officers and key employees of the Company and its subsidiaries
who are in a position to contribute materially to the prosperity
thereof incentives and rewards in recognition of their
contribution to the Company's progress, and to encourage them to
continue to promote the best interests of the Company and the
subsidiaries.  The Plan is intended to increase the Participants'
proprietary interest in the Company and to strengthen the
alignment of their interests with the interests of the
shareholders of the Company.

     SECTION 2.     DEFINITIONS AND RULES OF CONSTRUCTION.

          (a)  "Acquisition Date" means the date on which a
Participant receives an option to purchase shares of the
Company's common stock under the Plan, which shall be (i) for an
option issued pursuant to a Stock Option Agreement entered into
during the fiscal year commencing February 7, 1993, the date on
which the Plan shall have been approved by the affirmative vote
of a majority of the outstanding shares of voting common stock of
the Company at the first meeting of the shareholders duly called

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after the effective date hereof, and (ii) for any option issued
pursuant to a Stock Option Agreement entered into during any
subsequent fiscal year, the Election Date.

          (b)  "Board of Directors" or "Board" means the Board of
Directors of the Company.

          (c)  "Cause" means:

               (i)   Conduct or activity of the Participant
materially detrimental to the Company's reputation or business
(including financial) operations;

               (ii)  Gross or habitual neglect or breach of duty
or misconduct of the Participant in discharging the duties of his
or her position; or

               (iii) Prolonged absence by the Participant from
his or her duties (other than on account of illness or
disability) without the consent of the Company.

          (d)  A "Change of Control" means a change in control of
a nature that would be required to be reported in response to
Item 1(a) of the Current Report on Form 8-K, as in effect on the
date hereof, pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended ("Exchange Act") or would have
been required to be so reported but for the fact that such event
had been "previously reported" as that term is defined in Rule
12b-2 of Regulation 12B of the Exchange Act unless the
transactions that give rise to the change of control are approved
or ratified by a majority of the members of the Incumbent Board
who are not Participants in the Plan; provided that, without

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limitation, notwithstanding anything herein to the contrary, a
change in control shall be deemed to have occurred if (i) any
Person is or becomes the beneficial owner (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing 40% or more of the
combined voting power of the Company's then outstanding
securities ordinarily (apart from rights accruing under special
circumstances) having the right to vote at elections of
directors ("Voting Securities"), (ii) individuals who constitute
the Incumbent Board cease for any reason to constitute at least a
majority thereof, or (iii) the stockholders of the Company
approve a reorganization, merger or consolidation with respect to
which persons who were the stockholders of the Company
immediately prior to such reorganization, merger or consolidation
do not, immediately thereafter, own, directly or indirectly, more
than 50% of the combined voting power entitled to vote generally
in the election of directors of the reorganized, merged or
consolidated company's then outstanding voting securities, or a
liquidation or dissolution of the Company or of the sale of all
or substantially all of the assets of the Company.  For purposes
of this Plan, the term "Person" shall mean and include any
individual, corporation, partnership, group, association or other
"person," as such term is used in Section 14(d) of the Exchange
Act, other than the Company, a subsidiary of the Company or any
employee benefit plan(s) sponsored or maintained by the Company
or any subsidiary thereof.

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          (e)  "Code" means the Internal Revenue Code of 1986, as
amended and in effect from time to time.

          (f)  "Committee" means the Stock Option Committee
provided for in Section 3 hereof.

          (g)  "Company" means CPI Corp.

          (h)  "Compensation" means the gross salary payable by
the Company to a Participant for the Company's fiscal year
(excluding bonuses).

          (i)  "Disinterested Director" shall mean any member of
the Board of Directors who is treated as a disinterested person
as defined in Regulation Section 240.16b-3(c)(2)(i) promulgated
under Section 16(b) of the Securities Exchange Act of 1934.

          (j)  "Election Date" means the effective date of a
Stock Option Agreement setting forth the terms and conditions for
a Participant's salary reduction election and acquisition and
exercise of an option hereunder.

          (k)  "Fair Market Value" means the last sale price of
the Company's common stock on the New York Stock Exchange on a
particular date as reported in the WALL STREET JOURNAL.

          (l)  "Incumbent Board" means the individuals who
constitute the Board on the effective date of the Plan; provided
that any person becoming a director subsequent to the date hereof
whose election, or nomination for election by the Company's
shareholders, was approved by a vote of at least three-quarters
of the directors comprising the Incumbent Board (either by a
specific vote or by approval of the proxy statement of the

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Company in which such person is named as a nominee for director,
without objection to such nomination) shall, for purposes of this
Plan, be deemed a member of the Incumbent Board.

          (m)  "Optionee" means any Participant who has acquired
an option under this Plan.

          (n)  "Participant" means an employee selected for
participation in the Plan.

          (o)  "Permanent and Total Disability" means a
disability described in Section 22(e)(3) of the Code.

          (p)  "Plan" means this Voluntary Stock Option Plan,
together with any amendments thereto.

          (q)  "Salary Reduction Amount" means the amount by
which a Participant elects to reduce his or her Compensation for
the fiscal year pursuant to his or her Stock Option Agreement.

          (r)  "Stock Option Agreement" means the Voluntary Stock
Option Agreement entered into between the Company and a
Participant on the Election Date.

          (s)  It is intended that none of the options granted
under the Plan be treated as an "incentive stock option" as
defined in Section 422 of the Code.  In all respects the Plan
shall be interpreted and construed in a manner consistent with
this intention.

     SECTION 3.     ADMINISTRATION OF THE PLAN.  The Plan shall be
administered by a Stock Option Committee consisting of two or
more Disinterested Directors.  From time to time the Board may
appoint members of the Committee in substitution of members

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previously appointed; fill vacancies, however caused, in the
Committee; and appoint alternate members of the Committee to act
when a regular member is absent; provided, however, that any
members of the Committee so appointed shall be Disinterested
Directors.

     The Committee shall select one of its members as chairman,
and shall hold meetings at such time and place as the chairman
shall determine.  A majority of the Committee shall constitute a
quorum at any meeting, and the acts of a majority of the members
present at such meeting, or acts approved in writing by a
majority of the Committee, shall be deemed to be acts of the
Committee.

     Subject to the terms and conditions of the Plan, the
Committee shall have the power:

                    (i)   To prescribe the form and content of
Stock Option Agreements;

                    (ii)  To impose such other terms and
conditions to the acquisition or exercise of the options as it
may deem necessary or desirable;

                    (iii) To adopt rules and regulations for
implementing the Plan; and

                    (iv)  To interpret and construe the Plan where
necessary, which interpretations and constructions shall be final
and conclusive upon Participants.

     SECTION 4.     Shares Subject to the Plan.

          (a)  The aggregate number of shares for which options

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may be acquired under this Plan will be one million (1,000,000)
shares of the Company's common stock, par value $0.40 per share.
The class of stock and number of shares shall be subject to
adjustment as provided in subsection (b) of this paragraph.  The
shares sold pursuant to the exercise of any option acquired under
the Plan may be either treasury shares, or authorized and
unissued shares, or both.  If an option shall terminate for any
reason without having been exercised in full, the unpurchased
shares thereunder shall again be available for purposes of the
Plan, and such terminated option or any portion thereof shall not
be considered in computing the total number of shares previously
optioned.

          (b)  In the event any stock dividend is declared upon
the common stock of the Company, or in the event the outstanding
shares of such stock shall be changed into or exchanged for a
different number or kind of shares of stock of the Company or of
another corporation, whether by reason of split up or combination
of shares, recapitalization, reclassification, reorganization,
merger, consolidation, or otherwise, the number or kind of shares
available for option and the shares subject to any outstanding
option shall be appropriately adjusted by the Committee to
prevent dilution or enlargement of the Optionee's potential stock
interest in relation to other holders of the Company's common
stock.  With respect to outstanding options, the total price
determined as equal to the number of shares remaining in the
unexercised portion of such option multiplied by the original

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option price per share shall not change, but a corresponding
adjustment in the price for each share covered by the unexercised
portion of such option shall be made.

     SECTION 5.     ELIGIBILITY.  The right to acquire options
initially shall be granted only to members of the Company's
Executive Committee of officers and its Corporate Development
Council.  The Board of Directors, in its sole discretion, may
expand eligibility to include other key employees of the Company
and its subsidiaries who perform services of special importance
to the management, operation and development of the business of
the Company or its subsidiaries.

     SECTION 6.     TERMS OF OPTION.  Each option under the Plan
shall be subject to the following terms and conditions:

          (a)  Option Acquisition Through Salary Reduction.
For every Two Dollars Fifty Cents ($2.50) by which a Participant
elects, pursuant to his or her Stock Option Agreement, to reduce
his or her Compensation for the fiscal year beginning February 7,
1993,  such Participant shall, on the Acquisition Date, receive
an option to purchase one (1) share of the Company's common
stock; provided, however, that a Participant's Salary Reduction
Amount shall not be less than Five Percent (5.0%) nor more than
Twenty-Five Percent (25.0%) of his or her Compensation for the
fiscal year.  The Board of Directors may, in its sole discretion,
grant Participants the right to acquire an option to purchase
shares of the Company's common stock on the same terms and
conditions for one or more fiscal years after the fiscal year

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beginning February 7, 1993; provided, however, that for any such
subsequent fiscal year the Board of Directors shall have the
discretion, on or before the Election Date, to increase or
decrease the Two Dollar Fifty Cent ($2.50) salary reduction
amount required to receive an option to purchase one (1) share of
stock referred to in the immediately preceding sentence.

          (b)  Option Exercise Price.  The exercise price at
which each share of common stock covered by an option hereunder
may be purchased shall be its Fair Market Value on the last
business day immediately preceding the Election Date.  The
exercise price for an option issued for the fiscal year beginning
February 7, 1993 shall be its Fair Market Value on March 18,
1993.
          (c)  Limitation on Transfer.  Each Stock Option
Agreement shall provide that an option shall not be transferable
by the Optionee otherwise than by his or her will or by the laws
of descent and distribution and may be exercised, during his or
her lifetime, only by the Optionee.  No option may be pledged,
hypothecated or otherwise encumbered, nor shall any option be
subject to execution, garnishment, attachment, or similar
process.

          (d)  Limitation on Exercise of Option.

               (i)   General Rule.  Any option acquired hereunder
shall, except as otherwise provided in this Section 6(d), be
exercisable in whole or in part only during the period commencing
on the third (3rd) anniversary of the Participant's Acquisition

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Date and ending on the eighth (8th) anniversary of the
Participant's Acquisition Date.

               (ii)  Exception for Retirement, Disability or
Death.  If the Optionee (A) retires from his or her employment
with the Company under the terms of any pension or retirement
plan now existing or hereafter adopted by the Company or (B)
terminates employment with the Company due to Permanent and Total
Disability or death, any options held by the Optionee (after
taking into account any forfeitures pursuant to Section 6(e))
shall, to the extent not fully exercisable pursuant to Section
6(d)(i), become exercisable in full by the Optionee or his or her
estate or beneficiary commencing on the date of such termination
of employment, if such termination occurs after the Acquisition
Date, or on the Acquisition Date if such termination occurs on or
before the Acquisition Date, and ending on the eighth (8th)
anniversary of the Optionee's Acquisition Date.

               (iii) Exception for Change of Control.
Notwithstanding any limitations on the right of exercise imposed
hereunder, in the event of a Change of Control, any options held
by an Optionee (after taking into account any forfeitures
pursuant to Section 6(e)) shall be exercisable in full on the
date of such Change of Control, if the Change of Control occurs
after the Acquisition Date, or on the Acquisition Date, if the
Change of Control occurs on or before the Acquisition Date, and
shall continue to be exercisable until the eighth (8th)
anniversary of the Participant's Acquisition Date.

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               (iv)  Exception for Termination for Cause.  If at
any time the Optionee's employment is terminated for Cause, then
the period for exercising such Optionee's option shall end (A)
three (3) months after the third (3rd) anniversary of the
Acquisition Date, if termination of employment occurs prior to
the third (3rd) anniversary of the Acquisition Date, or (B) three
(3) months after termination of employment, if termination of
employment occurs after the third (3rd) anniversary of the
Acquisition Date; provided, however, that in no event shall any
option be exercisable after the eighth (8th) anniversary of the
Acquisition Date.

          (e)  Termination of Employment.  If any Optionee shall
terminate his or her employment with the Company and its
subsidiaries prior to the end of the fiscal year in which an
option is granted, then the Participant shall forfeit a
percentage of such stock option equal to a fraction, the
numerator of which is the Salary Reduction Amount for the fiscal
year reduced by the portion of the Salary Reduction Amount by
which the Participant's Compensation has been actually reduced
pursuant to the Stock Option Agreement up to the date of
termination of employment, and the denominator of which is the
Salary Reduction Amount for the fiscal year.  The number of
shares of stock covered by the forfeited portion of the option
pursuant to the preceding sentence shall be rounded down to the
closest whole number in order to avoid the forfeiture of
fractional shares.

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          (f)  Restriction on Sale of Stock.  Notwithstanding
anything herein to the contrary, no Participant who is subject to
the reporting requirements of Section 16(a) of the Securities
Exchange Act of 1934 shall sell any stock of the Company prior to
the expiration of the period ending six (6) months and one (1)
day after the Acquisition Date for such Participant's option.

     SECTION 7.     EMPLOYMENT.  Nothing contained in the Plan, or
in any option granted pursuant to the Plan, shall confer upon any
Participant or Optionee any right with respect to the continuance
of his or her employment with the Company or any of its
subsidiaries, nor shall it interfere in any way with the right of
the Company or its subsidiaries to terminate the Optionee's
employment or change his or her compensation at any time.

     SECTION 8.     Manner of Exercise; Proceeds.  Options shall be
exercised by the Optionee or his or her estate or beneficiary by
giving written notice to the Company of the intention to exercise
the option, accompanied by full payment of the purchase price of
the shares with respect to which the option is exercised.  Such
full payment shall be tendered either (a) in cash or (b) in
shares of the Company's common stock, with a certificate
representing such shares duly endorsed for transfer and with any
other documents that may be reasonably required by the Company to
effectuate the transfer of the shares.  Ownership of the shares
acquired upon exercise of the option shall vest when the
Company's secretary or transfer agent (as the case may be)
records the transfer of such shares to the Optionee on the

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permanent books of the Company.  The proceeds derived by the
Company upon the exercise of any options will be used for general
corporate purposes.

     SECTION 9.     SECURITIES MATTERS.

          (a)  General.  The Committee, if it deems it
appropriate, may condition the acquisition of any option, or the
delivery of shares upon the exercise of any option, upon receipt
of an appropriate investment representation from the Optionee.
The Company, in its discretion, may postpone the issuance and
delivery of shares upon any exercise of an option until
completion of registration or other qualification of the shares
under any state or federal law, rule, or regulation as the
Company may consider appropriate.  The Company may further
require any person exercising an option to make such
representations and furnish such information as it may consider
appropriate in connection with the issuance of the shares in
compliance with applicable law.

          (b)  Representation and Covenant From Statutory
Insiders.  Notwithstanding anything herein to the contrary, the
Company shall not issue any options to any Participant who is
subject to the reporting requirements of Section 16(a) of the
Securities Exchange Act of 1934 unless such Participant furnishes
to the Company on the Acquisition Date a written representation
and covenant, in such form as determined appropriate by the
Committee, that (i) the Participant has not sold any securities
issued by the Company during the period commencing six (6) months

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and one (1) day before the Acquisition Date and ending on the
Acquisition Date, and (ii) the Participant shall not sell any
securities issued by the Company during the period commencing on
the Acquisition Date and ending six (6) months and one (1) day
thereafter.

     SECTION 10.    AMENDMENT AND TERMINATION.  The Board of
Directors may at any time amend or terminate the Plan subject to
the following limitations:

          (a)  No such action shall modify the terms of Section
6(d)(iii) regarding exercisability of options in the event of a
Change of Control, or shall adversely affect or impair the rights
of an Optionee in any outstanding options held by Optionee
without his or her consent; and

          (b)  Unless the shareholders of the Company shall have
first given their approval, no amendment of this Plan shall
increase the total number of shares which may be optioned under
the Plan, except by operation of the adjustment provision of
Section 4(b).

     SECTION 11.    TAX WITHHOLDING.  Upon the exercise of any
stock option hereunder, the Company shall have the right to
require the Optionee to remit to the Company an amount sufficient
to satisfy all federal, state, and local withholding tax
requirements prior to the transfer of any shares of stock to the
Optionee on the permanent books of the Company or the delivery of
any shares of stock to the Optionee.

     SECTION 12.    BENEFICIARY DESIGNATION.  Each Participant in

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the Plan may, from time to time, name a beneficiary to whom any
rights under Section 6(d)(ii) of the Plan shall be transferred in
the event of the Participant's death.  Each designation shall
revoke all prior designations by the same Participant, shall be
in a form prescribed by the Committee, and shall be effective
only when filed by the Participant in writing with the Committee
during his or her lifetime.  In the absence of any such
designation, in the event of the Participant's death any rights
pursuant to Section 6(d)(ii) hereunder shall be exercisable by
his or her estate, subject to the terms of the Plan.

     SECTION 13.    EFFECT ON OTHER BENEFIT PLANS AND DEFERRED
COMPENSATION ARRANGEMENTS.  It is intended that no Participant's
Compensation shall be reduced by the Salary Reduction Amount for
purposes of determining the benefits to which the Participant is
entitled under any other employee benefit plan or deferred
compensation arrangement of the Company.

     SECTION 14.    GOVERNING LAW.  The Plan, and all options
hereunder, shall be construed in accordance with and governed by
the laws of the State of Missouri.

     SECTION 15.    EFFECTIVE DATE OF THE PLAN.  The Plan was
originally effective as of March 18, 1993.  The changes made in
the Plan as amended and restated herein are effective as of
December 16, 1997.

                              15<PAGE>

                                           EXHIBIT (10.36)

           (PAGE NUMBERS REFER TO PAPER DOCUMENT ONLY)

                       CPI CORP. KEY EXECUTIVE
                     DEFERRED COMPENSATION PLAN
             AS AMENDED AND RESTATED AS OF JUNE 6, 1996

              SECTION 1.  ESTABLISHMENT AND PURPOSES

1.1  ESTABLISHMENT.  CPI Corp. hereby establishes a deferred
compensation plan for key executives as described herein, which
shall be known as the "CPI CORP. KEY EXECUTIVE DEFERRED
COMPENSATION PLAN"  (hereinafter called the "Plan").  The Plan was
originally effective as of April 6, 1995, and was previously
amended and restated effective as of July 14, 1995.  The changes in
the Plan as amended and restated herein are effective as of June 6,
1996.

1.2  PURPOSES.  The purposes of this Plan are to enable the Company
to attract and retain persons of outstanding competence, and
provide a means whereby the receipt of certain amounts payable by
the Company to selected executives may be deferred to some future
period.

                    SECTION 2.  DEFINITIONS

2.1  DEFINITIONS.  Whenever used herein, the following terms shall
have the meanings set forth below:

(a)  "Average T-Bond Rate for the Deferral Years" means the sum of
     the average annual yields to maturity on 30-year Treasury
     bonds, as reported in the Federal Reserve Bulletin, for each
     completed calendar year (or portion thereof) during which
     payments are deferred under Section 4.1 hereunder divided by
     the total number of completed calendar years (or portions

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     thereof) during which payments are deferred.

(b)  "Board" means the Board of Directors of the Company.

(c)  "Book Value" means the amount that results from dividing the
     net worth reflected on the consolidated balance sheet of the
     Company and its subsidiaries by the number of outstanding
     shares of common stock of the Company.  Net worth, for this
     purpose, shall not include the stated value of any
     outstanding shares of preferred stock.  Also, the number of
     outstanding shares of common stock shall not include any
     shares issued and held by the Company as treasury stock.
     Book Value shall be determined by the Board based upon the
     report of the Company's independent auditors.

(d)  "Cause" means:

     (i)   Conduct or activity of the Participant materially
           detrimental to the Company's reputation or business
           (including financial) operations;

     (ii)  Gross or habitual neglect or breach of duty or
           misconduct of the Participant in discharging the
           duties of his position; or

     (iii) Prolonged absence by the Participant from his duties
           (other than on account of illness or disability)
           without the consent of the Company.

(e)  A "Change of Control" means a change in control of a nature
     that would be required to be reported in response to
     Item 1(a) of the Current Report on Form 8-K, as in effect on
     the date hereof, pursuant to Section 13 or 15(d) of the

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     Securities Exchange Act of 1934, as amended ("Exchange Act")
     or would have been required to be so reported but for the
     fact that such event had been "previously reported" as that
     term is defined in Rule 12b-2 of Regulation 12B of the
     Exchange Act unless the transactions that give rise to the
     change of control are approved or ratified by a majority of
     the members of the Incumbent Board who are not Participants
     in the Plan; provided that, without limitation, notwith-
     standing anything herein to the contrary, a change in
     control shall be deemed to have occurred if (i) any Person
     is or becomes the beneficial owner (as defined in Rule 13d-3
     under the Exchange Act), directly or indirectly, of
     securities of the Company representing 40% or more of the
     combined voting power of the Company's then outstanding
     securities ordinarily (apart from rights accruing under
     special circumstances) having the right to vote at elections
     of  directors ("Voting Securities"), (ii) individuals who
     constitute the Incumbent Board cease for any reason to
     constitute at least a majority thereof, or (iii) the
     stockholders of the Company approve a reorganization, merger
     or consolidation with respect to which persons who were the
     stockholders of the Company immediately prior to such
     reorganization, merger or consolidation do not, immediately
     thereafter, own, directly or indirectly, more than 50% of
     the combined voting power entitled to vote generally in the
     election of directors of the reorganized, merged or

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     consolidated company's then outstanding voting securities,
     or a liquidation or dissolution of the Company or of the
     sale of all or substantially all of the assets of the
     Company.  For purposes of this Agreement, the term "Person"
     shall mean and include any individual, corporation,
     partnership, group, association or other "person,"  as such
     term is used in Section 14(d) of the Exchange Act, other
     than the Company, a subsidiary of the Company or any employee
     benefit plan(s) sponsored or maintained by the Company or any
     subsidiary thereof.

(f)  "Committee" means the Compensation Committee of the Board.

(g)  "Company" means CPI Corp., a Delaware corporation.

(h)  "Deferral Year" means, with respect to any deferral of base
     salary pursuant to Section 4.1 hereof, the Year in which such
     deferral was withheld from base salary and credited to the
     Participant's Deferred Compensation Account Balance pursuant
     to Section 5.1 hereof.

(i)  "Deferral Year Interest" means, with respect to each separate
     salary deferral for each pay period, the product determined
     by (A) multiplying the amount of such salary deferral by a
     fraction, the numerator of which is the per share Company
     earnings for the Deferral Year, as calculated by the
     Company's regular certified public accountants, and the
     denominator of which is the Book Value as of the last day of
     the Year immediately preceding the Deferral Year, and (B)
     multiplying the product determined in clause (A) of this

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     Section 2.1(i) by a fraction, the numerator of which is the
     number of calendar days during the period commencing on the
     date of deferral and ending on the last day of the Deferral
     Year and the denominator of which is 365.

(j)  "Deferred Compensation Account Balance" means, with respect to
     each Year's salary deferrals under Section 4.1 hereof, the
     balance of a Participant's account for such deferrals that is
     valued in accordance with the provisions of Sections 5.2 and
     5.6 hereof (or, in the case of a termination for Cause, in
     accordance with the provisions of Section 5.4 hereof).

(k)   "Dividend Equivalent Award" means the amount determined by
     multiplying the number of Growth Units credited to a
     Participant's account by the amount of a regular or special
     dividend declared on each share of the Company's common stock.

(l)  "Fair Market Value" means the last sale price of the Company's
     common stock on the New York Stock Exchange on a particular
     date as reported in the WALL STREET JOURNAL.

(m)  "Growth Addition" means the increase or decrease to a
     Participant's deferred amounts as a result of a change in the
     value of the Growth Units to which the deferred amounts had
     been converted.

(n)  "Growth Unit" means a measure of participation under the Plan
     having a value based on the Book Value of a share of common
     stock of the Company and other characteristics

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     specified in the Plan.

(o)  "Incumbent Board" means the individuals who constituted the
     Board on April 6, 1995; provided that any person becoming a
     director subsequent to that date whose election, or
     nomination for election by the Company's shareholders, was
     approved by a vote of at least three-quarters of the directors
     comprising the Incumbent Board (either by a specific vote or
     by approval of the proxy statement of the Company in which
     such person is named as a nominee for director, without
     objection to such nomination) shall, for purposes of this
     Agreement, be deemed a member of the Incumbent Board.

(p)  "Participant" means an individual selected by the Committee
     for participation in the Plan.

(q)  "Retirement" means a Participant's termination of employment
     with the Company (other than for Cause) at any time after the
     earlier of the date on which he (i) attained age 65 or (ii)
     both attained at least age 55 and completed at least 15 Years
     of Service (as defined in the Company's Profit-Sharing Plan).

(r)  "Year" means the fiscal year of the Company ending on the
     first Saturday in February.

2.2  GENDER AND NUMBER.  Except when otherwise indicated by the
context, any masculine terminology used herein also shall include
the feminine gender, and the definition of any term herein in the
singular also shall include the plural.

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               SECTION 3.  ELIGIBILITY AND PARTICIPATION

3.1  ELIGIBILITY.  The Company's Corporate Officers, members of the
Corporate Development Council, and other key executives approved by
the Compensation Committee shall be eligible to participate in this
Plan.

3.2  PARTICIPATION.  The Compensation Committee of the Board of
Directors shall approve individuals for participation in the Plan.

In the event a Participant no longer meets the requirements for
participation in this Plan, he shall become an inactive
Participant, retaining all the rights described under this Plan,
except the right to make any further deferrals until he again
becomes an active Participant.

                    SECTION 4.  ELECTION TO DEFER

4.1  DEFERRAL ELECTION.  At least seven (7) days prior to the
beginning of a pay period, a Participant irrevocably may elect, by
written notice to the Company, to defer up to fifty percent (50%)
of his base salary for each pay period remaining in the Year (but
not less than $5,000 in the aggregate) which otherwise would be
payable with respect to services to be performed in the remainder
of the Year.

4.2  DEFERRAL PERIOD.  The Participant irrevocably shall select the
deferral period for the salary deferrals made for each Year.  The
deferral period may be for a specified number of years or until a
specified date but, except as provided in the immediately

                              7

<PAGE>

following sentence, shall not be less than six (6) months and one
(1) day.  Notwithstanding the deferral period specified, payments
shall begin following the earliest to occur of

(a)  Death,

(b)  Total and permanent disability,

(c)  Retirement, or

(d)  Termination of employment with the Company.

4.3  MANNER OF PAYMENT ELECTION.  At the same time as the election
made pursuant to Section 4.1, the Participant also shall elect the
manner in which the deferred amount will be paid.  Subject to
Section 6.3 hereof, this manner of payment election shall be
irrevocable.  The Participant may choose to have payment made
either in a lump sum or in a specified number of annual
installments, not to exceed ten.

             SECTION 5.  DEFERRED COMPENSATION ACCOUNTS

5.1  PARTICIPANT ACCOUNTS.  The Company shall establish and
maintain an individual bookkeeping account for each Year's salary
deferrals made by a Participant.  The Deferred Compensation Account
Balance shall be credited as of the date the amount deferred
otherwise would have become due and payable.

5.2  VALUE OF DEFERRED COMPENSATION ACCOUNTS

(a)  Deferral year interest, growth units, and growth additions.

     (i)   Each separate deferral of base salary for each pay
period shall be credited with Deferral Year Interest for the
period commencing on the date of deferral and ending on the last

                              8

<PAGE>

day of the Deferral Year.

     (ii)  As of the first day of the Year immediately following
the Deferral Year, the aggregate salary deferral and Deferral
Year Interest credited to a Participant's Deferred Compensation
Account Balance in such Deferral Year shall be converted to
Growth Units.  The number of Growth Units to which such salary
deferral and Deferral Year Interest will be converted shall be
determined by dividing such salary deferral and Deferral Year
Interest by the common stock's Book Value on the last day of the
Deferral Year.

     (iii) A Participant's Deferred Compensation Account Balance
shall be increased or decreased on the first day of each Year by
a Growth Addition equal to the increase or decrease,
respectively, in the Company's Book Value during the immediately
preceding Year multiplied by the number of Growth Units credited
to the Participant's account as of the last day of the immediately
preceding Year.

(b)  Interest Rate Floor.  Notwithstanding Section 5.2(a) hereof,
     except as provided in Section 5.4 hereof a Participant's
     Deferred Compensation Account Balance at any time shall not
     be less than the sum of (1) the amount the Participant has
     elected to defer pursuant to Section 4.1, net of charges
     against the account pursuant to Section 5.6 hereof, and (2)
     interest on such net account balance calculated from the
     date of deferral at a per annum rate, compounded annually,
     equal to the Average T-Bond Rate for the Deferral Years,

                              9

<PAGE>

     reduced by the amount of Dividend Equivalent Awards received
     by the Participant pursuant to Section 5.3.

(c)  Change of Control.  In the event of a Change of Control, each
     Deferred Compensation Account Balance shall be equal to the
     higher of (i) the amount determined under Section 5.2(b) or
     (ii) the amount that would be determined under Section 5.2(a)
     valuing Growth Units based upon Enhanced Book Value rather
     than Book Value.  Enhanced Book Value shall mean Book Value
     multiplied by a fraction, the numerator of which is the
     average consideration per share of common stock of the
     Company received by shareholders pursuant to stock
     sales or other transactions which resulted in the Change of
     Control and the denominator of which is the average Fair
     Market Value of such stock over the 30-day period
     immediately preceding the announcement of the transactions
     which resulted in the Change of Control.

5.3  DIVIDEND EQUIVALENT AWARD.  A Dividend Equivalent Award shall
be paid in cash at the same time as the dividend on the Company's
common stock is paid to the shareholders, based on the number of
Growth Units credited to a Participant's account.

5.4  FORFEITURE OF GROWTH ADDITIONS.  If a Participant's employment
is terminated for Cause, (a) all of the Growth Additions added to
a Participant's Deferred Compensation Account Balance immediately
shall be forfeited and (b) his Deferred Compensation Account
Balance shall be equal to the lesser of (i) the amount of base
salary originally deferred pursuant to Section

                              10

<PAGE>

4.1, reduced by charges against his Deferred Compensation Account
Balance pursuant to Section 5.6, or (ii) the amount determined by
multiplying the number of Growth Units credited to his account by
the Book Value of a share of the Company's common stock on the last
day of the Year immediately preceding the Participant's termination
for Cause, reduced by charges against the Deferred Compensation
Account Balance pursuant Section 5.6.

5.5  RETIREMENT BENEFIT PLAN EQUIVALENT.  In the event a
Participant's retirement plan benefits payable from the Company's
pension plan are decreased in any way due to a deferral pursuant to
Section 4.1 of this Plan, an adjustment shall be made.  On the day
retirement plan benefit payments commence, an amount equal to the
actuarial equivalent (in simple terms, the present value taking
into account mortality considerations) of the reduction in
Retirement benefits caused by the election to defer shall be placed
in a separate account.

     The amount of this lump sum actuarial equivalent shall be
determined for the Committee by the actuary for the Retirement
plan.  This determination shall be based on interest, mortality,
and other appropriate assumptions used to value the Retirement plan
as of the last actuarial valuation immediately preceding such
determination.

     Amounts placed in the separate account will accumulate
pursuant to the provisions in Sections 5.2 and 5.3.

     Amounts placed in the separate account will be paid pursuant
to the provisions in Section 6.2.

                              11

<PAGE>

5.6  CHARGES AGAINST ACCOUNTS.  There shall be charged against each
Participant's Deferred Compensation Account Balance any payments
made to the Participant or to his beneficiary in accordance with
Section 6 hereof.

              SECTION 6.  PAYMENT OF DEFERRED AMOUNTS

6.1  PAYMENT OF DEFERRED AMOUNTS.  Payment of a Deferred
Compensation Account Balance shall be made in the manner selected
by the Participant under Section 4.3 of this Plan.  If a
Participant elects payment in a lump sum, payment of the Deferred
Compensation Account Balance shall be made in cash within ninety
(90) calendar days after the commencement date referred to in
Section 4.2 hereof.  If a Participant elects installments, each
installment shall be paid in cash within ninety (90) days following
the beginning of the Year during which the payment is due.  The
amount of each payment shall be equal to a Participant's Deferred
Compensation Account Balance multiplied by a fraction, the
numerator of which is one and the denominator of which is the
number of installment payments remaining.

6.2  PAYMENT OF RETIREMENT BENEFIT PLAN EQUIVALENT.  Payment of a
Participant's retirement benefit plan equivalent, plus any
accumulated Growth Additions, shall be made over ten approximately
equal annual installments, and shall begin within ninety (90)
calendar days following the date said amount initially is credited
to the Participant's account.

6.3  ACCELERATION OF PAYMENTS.  Notwithstanding the election made
pursuant to Section 4.3, if payment commences as a result of
termination of employment with the Company other than as a result

                              12

<PAGE>

of Retirement, such payment shall be made in a lump sum.  If a
Participant dies prior to the payment of all or a portion of his
Deferred Compensation Account Balance, the balance of any amount
payable shall be paid in a lump sum to the beneficiaries designated
under Section 9.1 hereof.  Lump sum payments shall be paid in cash
within ninety (90) days of when due hereunder.

            SECTION 7.  CONTINUING ADJUSTMENTS AND PAYMENTS

7.l  CONTINUING ADJUSTMENTS AND PAYMENTS.  If a Participant elects
to have deferred amounts paid on an installment basis, Dividend
Equivalent Awards will continue to be accrued and paid on the
Growth Units.  Additionally, increases and decreases to the common
stock's Book Value (subject to Section 5.2(b) hereof) will be
reflected in the value of the Growth Units during the payment or
deferral period.

              SECTION 8.  CHANGES IN CAPITAL STRUCTURE

8.1  CHANGES IN CAPITAL STRUCTURE.  In the event of a stock
dividend on the common stock of the Company, a redemption or
repurchase by the Company of any of its common stock, any split-up
or combination of shares of the common stock of the Company, or
other change therein, an appropriate adjustment shall be made in
the aggregate number and initial value of Growth Units credited to
a Participant so as to give effect, to the extent practicable, to
such change in the capital structure of the Company.  The formula
for such adjustment shall be determined by the Company's
independent auditors.

                              13

<PAGE>

                 SECTION 9.  BENEFICIARY DESIGNATION

9.1  DESIGNATION OF BENEFICIARY.  A Participant shall designate a
beneficiary or beneficiaries who, upon the Participant's death, are
to receive the amounts that otherwise would have been paid to the
Participant.  All designations shall be in writing and signed by
the Participant.  The designation shall be effective only if and
when delivered to the Company during the lifetime of the
Participant.  The Participant also may change his beneficiary or
beneficiaries by a signed, written instrument delivered to the
Company.  The payment of amounts shall be in accordance with the
last unrevoked written designation of beneficiary that has been
signed and delivered to the Secretary of the Company.

9.2  DEATH OF BENEFICIARY.  In the event that all of the
beneficiaries named pursuant to Section 9.1 predecease the
Participant, the amounts that otherwise would have been paid to the
Participant shall be paid to the Participant's estate, and in such
event, the term "beneficiary" shall include his estate.

9.3  INEFFECTIVE DESIGNATION.  In the event the Participant does
not designate a beneficiary, or if for any reason such designation
is ineffective, in whole or in part, the amounts that otherwise
would have been paid to the Participant shall be paid to the
Participant's estate, and in such event, the term "beneficiary"
shall include his estate.

               SECTION 10.  RIGHTS OF PARTICIPANTS

10.1 CONTRACTUAL OBLIGATION.  The Company intends that it is under
a contractual obligation to make payments from a

                              14

<PAGE>

Participant's account when due.  Payment of account balances shall
be made out of the general funds of the Company as determined by
the Board.

10.2 UNSECURED INTEREST.  No Participant or beneficiary shall have
any interest whatsoever in any specific assets of the Company.  To
the extent that any person acquires a right to receive payments
under this Plan, such right shall be no greater than the right of
any unsecured general creditor of the Company.

                 SECTION 11.  NONTRANSFERABILITY

11.1 NONTRANSFERABILITY.  In no event shall the Company make any
payment under this Plan to any assignee or creditor of a
Participant or a beneficiary.  Prior to the time of a payment
hereunder, a participant or a beneficiary shall have no rights by
way of anticipation or otherwise to assign or otherwise dispose of
any interest under this Plan nor shall such rights be assigned or
transferred by operation of law.

           SECTION 12.  ADMINISTRATION AND CLAIMS PROCEDURE

12.1 ADMINISTRATION.  This Plan shall be administered by the
Compensation Committee of the Board.  The Committee may from time
to time establish rules for the administration of this Plan that
are not inconsistent with the provisions of this Plan.

12.2 ADJUDICATION OF CLAIMS.  The Committee shall make all
determinations as to the right of any person to receive benefits
under the Plan.  Subject to and in accordance with the specific
procedures contained in the applicable regulations under ERISA then
in effect:

                              15

<PAGE>

(a)  Any denial by the Committee of a claim for benefits under the
     Plan shall be set forth in writing by the Committee and shall
     be delivered or mailed to the Participant;

(b)  Such notice shall set forth the specific reasons for the
     denial, written to the best of the Committee's ability in a
     manner that may be understood without legal or actuarial
     counsel; and

(c)  The Participant shall have the right to request that the
     Committee review its denial within sixty (60) days of the
     denial.  Failure by the Participant to petition for review
     within sixty (60) days shall be deemed a waiver of any right
     to contest the denial.  Within sixty (60) days of the
     request for review, the Committee shall review the case and
     give  written notice to the Participant of the results of its
     review.  The 60-day period may, at the discretion of the
     Committee, be extended for up to an additional sixty (60)
     days, in which case the  Participant shall be notified of
     the extension.  The Committee's decision on review shall be
     final.

12.3 FINALITY OF DETERMINATION.  The determination of the
Committee as to any disputed questions arising under this Plan,
including questions of construction and interpretation, shall be
final, binding, and conclusive upon all persons.

12.4 EXPENSES.  The cost of payment from this Plan and the
expenses of administering the Plan shall be borne by the Company.

12.5 NO LIABILITY FOR GOOD FAITH ACTIONS.  No member of the
Committee shall, in any event, be liable to any person for any
action taken or omitted to be taken in connection with the

                              16

<PAGE>

interpretation, construction or administration of this Plan, so
long as such action or omission to act is made in good faith.

              SECTION 13.  AMENDMENT AND TERMINATION

13.1 AMENDMENT AND TERMINATION.  The Company expects the Plan to
be permanent but, since future conditions affecting the Company
cannot be anticipated or foreseen, the Company necessarily must and
does hereby reserve the right to amend, modify, or terminate the
Plan on a prospective basis by action of its Board; provided,
however, that no such action by the Board shall adversely affect or
impair the rights to which any Participant is entitled pursuant to
Section 5.2(c) hereof, or pursuant to any other provision of the
Plan which in any way relates to a Change of Control.

                   SECTION 14.  APPLICABLE LAW

14.1 APPLICABLE LAW.  This Plan shall be governed and construed in
accordance with the laws of the State of Missouri.

                 SECTION 15.  WITHHOLDING OF TAXES

15.1  TAX WITHHOLDING.  The Company shall have the right to deduct
from all payments made from the Plan any federal, state, or local
taxes required by law to be withheld with respect to such payments.

                        SECTION 16. NOTICES

16.1 NOTICES.  Any notice, consent or demand required or permitted
to be given under the provisions of this Plan shall be

                              17

<PAGE>

in writing, and shall be signed by the party giving or making the
same.  If such notice, consent or demand is mailed to a party
hereto, it shall be sent by United States certified mail, postage
prepaid, addressed to such party's last known address as shown on
the records of the Company.  The date of such mailing shall be
deemed the date of notice, consent or demand.

                              18

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