Document:

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                                                                    EXHIBIT 10.2

                 SECOND AMENDMENT TO CONSTRUCTION LOAN AGREEMENT

      THIS SECOND AMENDMENT TO CONSTRUCTION LOAN AGREEMENT (the "Second
Amendment"), is made and entered into this 3 day of September, 2004, by and
between MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation,
successor in interest to Allfirst Bank (the "Bank"), and DELIA*S DISTRIBUTION
COMPANY, a Delaware corporation (the "Borrower"), and with the joinder of
DELIA*S CORP. and ALLOY, INC., jointly and severally (the "Guarantors").

                                   BACKGROUND:

      A. Borrower and Bank entered into a Construction Loan Agreement dated
August 6, 1999, which was amended by an Amendment to Construction Loan Agreement
dated April 19, 2004 (as amended, the "Loan Agreement"). The Agreement is
incorporated herein by reference and made a part hereof. All capitalized terms
used herein without definition which are defined in the Agreement shall have the
meanings set forth therein.

      B. Borrower and Bank have agreed to further amend the Loan Agreement.

      C. Borrower has no defense, charge, defalcation, claim, plea, demand,
set-off or counterclaim to or against the Loan Agreement, the Loan Documents or
any document(s) or instrument(s) related thereto or associated therewith.

      NOW, THEREFORE, for valuable consideration, receipt of which is hereby
acknowledged, and intending to be legally bound hereby, the parties hereto
covenant and agree as follows:

      1. That the above Background is incorporated herein by reference.

      2. That paragraph 3(q) of the Loan Agreement be and hereby is amended to
provide that Alloy, Inc. and, from and after the date that Alloy, Inc. no longer
owns a majority of the voting power of the capital stock of dELiA*S Corp. (i)
dELiA*s Corp. (ii) the parent company of dELiA*S Corp. or (iii) the entity into
which dELiA*S Corp. may be merged, shall achieve and maintain on a quarterly
rolling twelve months basis (or full fiscal year basis) during the term of the
Loan a Funds Flow Coverage Ratio of at least 1.6 to 1.0. "Funds Flow Coverage
Ratio" shall mean the sum of (i) Cash Flow from Operating Activities before
changes in operating assets and liabilities, (ii) Cash interest expense and
(iii) Unrestricted cash and marketable securities, divided by the sum of (a)
Cash interest expense and (b) Current maturities of long term debt."

      3. That the Borrower reaffirms and restates the representations and
warranties set forth in Section 2 of the Agreement, as amended by this Second
Amendment, and all such representations and warranties shall be true and correct
on the date hereof with the same force and effect as if made on such date,
except as they may specifically refer to an earlier date(s). The Borrower
represents and warrants (which representations and warranties shall survive the
execution and delivery hereof) to the Lender that (i) this Second Amendment has
been duly authorized, executed and delivered and constitute a legal, valid and
binding obligation of the Borrower, and is enforceable in accordance with its
terms; (ii) the Borrower is not in default under the Agreement or any of the
other Loan Documents, and the Borrower is in full compliance with all of the
terms and conditions thereof; (iii) no event exists which with the passage of
time, notice, or both, will constitute an Event of Default under the Agreement
or any of the other Loan Documents; and (iv) there have been no material adverse
changes in the Borrower's finances or operations which would cause the

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Borrower to be in default under any of the financial covenants contained in the
Agreement or any of the other Loan Documents.

      4. That the terms and conditions, paragraph sections, collateral
requirements, representations and warranties of the Agreement and Loan
Documents, together with all understandings by and between the parties to this
Second Amendment evidenced by writings of the same or subsequent date, not in
conflict with the above modifications under this Second Amendment, shall remain
in full force and effect and are hereby ratified, reaffirmed and confirmed.

      5. That all references to the Agreement in the Loan Documents and the
other documents and instruments delivered pursuant to or in connection
therewith, as well as in writings of the same or subsequent date, shall mean the
Agreement as amended hereby and as each may in the future be amended, restated,
supplemented or modified from time to time.

      6. That the parties hereto shall, at any time, and from time to time
following the execution of this Second Amendment, execute and deliver all such
further instruments and take all such further action as may be reasonably
necessary or appropriate in order to carry out the provisions of this Second
Amendment.

                                     - 2 -
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      IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties
have caused this Second Amendment to be executed as of the day and year first
above written.

                                        MANUFACTURERS AND TRADERS TRUST COMPANY

                                        By: /s/ Keith A. Mummert
                                           -------------------------------------
                                           Keith A. Mummert, Vice President

                                                                  "Bank"

ATTEST:                                 dELiA*s DISTRIBUTION COMPANY

By: /s/                                 By: /s/
   --------------------------              -------------------------------------

Title: Secretary                        Title: Chief Operating Officer
                                           -------------------------------------
                                                         "Borrower"

ATTEST:                                 dELiA*s CORP.

By: /s/                                 By: /s/
   --------------------------              -------------------------------------

Title: Secretary                        Title: Chief Operating Officer
                                           -------------------------------------
                                                        "Guarantors"

ATTEST:                                 ALLOY, INC.

By: /s/                                 By: /s/
   --------------------------              -------------------------------------

Title: Secretary                        Title: President
                                           -------------------------------------
                                                        "Guarantors"

                                     - 3 -<PAGE>

                                                                    EXHIBIT 10.3

                               THIRD AMENDMENT TO
                                   ALLOY, INC.
                              AMENDED AND RESTATED
                     1997 EMPLOYEE, DIRECTOR AND CONSULTANT
                      STOCK OPTION AND STOCK INCENTIVE PLAN

      THIS THIRD AMENDMENT (the "THIRD AMENDMENT") to the Alloy, Inc. Amended
and Restated 1997 Employee, Director and Consultant Stock Option and Stock
Incentive Plan, as amended by the First Amendment thereto dated May 28, 2003 and
the Second Amendment thereto dated as of July 25, 2003 (as so amended, the
"PLAN"), is made as of June __, 2004. Capitalized terms used herein, and not
otherwise defined herein, shall have the respective meanings ascribed to them in
the Plan.

      WHEREAS, the Board of Directors (the "BOARD") of Alloy, Inc. (the
"COMPANY") previously adopted, and currently maintains, the Plan; and

      WHEREAS, the Board has deemed it desirable to further amend the Plan to
eliminate the Company's obligations with respect to the mandatory issuance of
Non-Qualified Options under the Plan to non-employee members of the Board; and

      WHEREAS, pursuant to Section 33 of the Plan, the Board, as the
Administrator, has the power to amend the Plan to effect such amendment, and the
Board has adopted resolutions providing for such amendment.

      NOW, THEREFORE, the Plan is hereby amended as follows:

      1. Section 6(A)(e) of the Plan is hereby deleted in its entirety.

      Except as expressly set forth herein, the Plan remains in full force and
effect.exv4w1

 

 

 

COMMUNITY BANCORP

     The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to
applicable laws or regulations:

	 	 	 	 	 	 	 	 	 	 	 
	TEN COM

TEN ENT

JT TEN

	 	– as tenants in common

– as tenants by the entireties

– as joint tenants with right

of survivorship and not as
tenants in common
	 	UNIF GIFT MIN ACT–
	 	

                    (Cust)

under Uniform Gifts to Minors
	 	Custodian
	 	

                    (Minor)
	

	 	 	 	 	 	Act	 	 	 	 
	 	 	 	 	 	 	

	

	 	 	 	 	 	 	 	(State)	 	 
	

	 	 	 	 	 	 	 	 	 	Custodian (until age                   )
	 	 	 	 	UNIF TRF MIN ACT–	 	

                                        (Cust)	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	 	under Uniform Transfers
	

	 	 	 	 	 	                                         (Minor)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	to Minors Act	 	 	 	 
	 	 	 	 	 	 	

	

	 	 	 	 	 	 	 	(State)	 	 

Additional abbreviations may also be used though not in the above list.

     For Value received,                   hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

     IDENTIFYING NUMBER OF ASSIGNEE

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

Shares

of the Common Stock represented by the within Certificate, and do(es) hereby

irrevocably constitute and appoint

     Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

	 	 	 	 	 
	Dated

	 	X
	 	                   
	

	 	X
	 	                   
	

	 	NOTICE:
	 	THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND
WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE
CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATEVER.

SIGNATURES GUARANTEED:

     By                   

     THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM),
PURSUANT TO S.E.C. RULE 17Ad-15.

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