Document:

Exhibit
10.22

 

PLEDGE AND SECURITY AGREEMENT

 

PLEDGE AND SECURITY AGREEMENT dated as of
October 1, 2006, made by each of the undersigned (each a “Pledgor”
and, collectively, the “Pledgors”), in favor of Dymas Funding Company,
LLC, in its capacity as administrative agent (in such capacity, the “Administrative
Agent”) on behalf of the Lenders referred to below.

 

WITNESSETH:

 

WHEREAS, Body Shop of America, Inc., a Florida
corporation (“Body Shop”), Catalogue Ventures, Inc., a Florida
corporation (“CV”, Body Shop and CV, together with each other Person who
becomes a borrower under the Financing Agreement referred to below, each a “Borrower”
and collectively, the “Borrowers”), Body Central Acquisition Corp., a
Delaware corporation (“Parent”), Rinzi Air, L.L.C., a Florida limited
liability company (“Rinzi”, Rinzi, together with Parent and each other
Person who becomes a guarantor under the Financing Agreement, each a “Guarantor”
and collectively, the “Guarantors”), the financial institutions from
time to time party thereto (each a “Lender” and collectively, the “Lenders”),
and the Administrative Agent are parties to a Financing Agreement, dated as of
October 1, 2006 (such agreement, as amended, restated or otherwise
modified from time to time, being hereinafter referred to as the “Financing
Agreement”), pursuant to which the Lenders have agreed to make certain
revolving and term loans (collectively, the “Loans”) to the Borrowers;

 

WHEREAS, it is a condition precedent to the making
of any Loans by the Lenders pursuant to the Financing Agreement that the
Pledgors shall have executed and delivered to the Administrative Agent a pledge
and security agreement providing for the pledge to the Administrative Agent,
for the benefit of the Lenders, and the grant to the Administrative Agent, for
the benefit of the Lenders, of a security interest in and Lien on the
outstanding shares of Capital Stock (as defined in the Financing Agreement) and
indebtedness from time to time owned by such Pledgor of each Person now or
hereafter existing and in which such Pledgor has any interest at any time;

 

WHEREAS, the Pledgors are mutually dependent on
each other in the conduct of their respective businesses as an integrated
operation, with the credit needed from time to time by each Pledgor often being
provided through financing obtained by the other Pledgors and the ability to
obtain such financing being dependent on the successful operations of all of
the Pledgors as a whole; and

 

WHEREAS, each Pledgor has determined that the
execution, delivery and performance of this Agreement directly benefit, and are
in the best interest of such Pledgor;

 

NOW, THEREFORE, in consideration of the premises
and the agreements herein and in order to induce the Lenders to make and
maintain the Loans pursuant to the Financing Agreement, each Pledgor hereby
jointly and severally agrees with the Administrative Agent, for the benefit of
the Lenders, as follows:

 

SECTION 1.           Definitions.  Reference is hereby made to the Financing
Agreement for a statement of the terms thereof. 
All terms used in this Agreement which are defined in the Financing
Agreement or in Article 8 or Article 9 of the Uniform Commercial Code
(the “Code”) in effect from time to time in the State of New York and
which are not otherwise defined herein shall have the same meanings herein as
set forth therein; provided, that terms used herein which are defined in
the Code

 

 

as in effect in the State
of New York on the date hereof shall continue to have the same meaning
notwithstanding any replacement or amendment of such statute except as the
Administrative Agent may otherwise determine.

 

SECTION 2.           Pledge and Grant of Security Interest.  As collateral security for all of the
Obligations (as defined in Section 3 hereof), each Pledgor hereby
pledges and assigns to the Administrative Agent, for the benefit of the Lenders
and other holders of the Obligations, a continuing security interest in and
Lien on such Pledgor’s right, title and interest in and to the following (the “Pledged
Collateral”):

 

(a)           the indebtedness described in Schedule I hereto and all
indebtedness from time to time required to be pledged to the Administrative
Agent pursuant to the terms of the Financing Agreement (the “Pledged Debt”),
the promissory notes and other instruments evidencing the Pledged Debt and all
interest, cash, instruments, investment property and other property from time
to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of the Pledged Debt;

 

(b)           the shares of stock, partnership interests, member interests and other
equity interests described in Schedule II hereto (the “Pledged Shares”),
whether or not evidenced or represented by any stock certificate, certificated
security or other instrument, issued by the Persons described in such
Schedule II (the “Existing Issuers”), the certificates representing
the Pledged Shares, all options and other rights, contractual or otherwise, in
respect thereof and all dividends, distributions, cash, instruments, investment
property and other property (including but not limited to, any stock dividend
and any distribution in connection with a stock split) from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any or all of the Pledged Shares;

 

(c)           the shares of stock, partnership interests, member interests or other
equity interests at any time and from time to time acquired by such Pledgor of
any and all Persons now or hereafter existing, all or a portion of such stock
or other equity interests which are acquired by such Person at any time (such
Persons, together with the Existing Issuers, being hereinafter referred to
collectively as the “Pledged Issuers” and individually as a “Pledged
Issuer”), the certificates representing such shares, partnership interests,
member interests or other interests, all options and other rights, contractual
or otherwise, in respect thereof and all dividends, distributions, cash,
instruments, investment property and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of such shares, partnership interests, member interests or other interests;

 

(d)           all additional shares of stock, partnership interests, member interests
or other equity interests from time to time acquired by such Pledgor, of any
Pledged Issuer, the certificates representing such additional shares, all
options and other rights, contractual or otherwise, in respect thereof and all
dividends, distributions, cash, instruments, investment property and other
property from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such additional shares, interests
or equity;

 

(e)           all investment property, financial assets, securities, Capital Stock,
other equity interests, stock options and commodity contracts of such Pledgor,
all notes, debentures, bonds, promissory notes or other evidences of
indebtedness of such Pledgor, and all other assets now or hereafter received or
receivable with respect to the foregoing;

 

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(f)            all security entitlements of such Pledgor in any and all of the
foregoing; and

 

(g)           all proceeds (including proceeds of proceeds) of any and all of the
foregoing;

 

in each case, whether now owned or hereafter
acquired by such Pledgor and howsoever its interest therein may arise or appear
(whether by ownership, security interest, Lien, claim or otherwise).

 

SECTION 3.           Security for Obligations.  The security interest created hereby in the
Pledged Collateral constitutes continuing collateral security for all of the
Obligations, including, but not limited to, the following, whether now existing
or hereafter incurred:

 

(a)           the prompt payment by the Pledgors, as and when due and payable (by
scheduled maturity, required prepayment, acceleration, demand or otherwise), of
all amounts from time to time owing by the Pledgors to the Administrative Agent
or the Lenders in respect of the Financing Agreement and all other Loan
Documents, including, without limitation, (i) principal of and interest on
the Loans (including, without limitation, all interest that accrues after the
commencement of any Insolvency Proceeding of any Pledgor whether or not the
payment of such interest is unenforceable or is not allowable due to the
existence of such Insolvency Proceeding), (ii) in the case of a Guarantor,
all amounts from time to time owing by such Pledgor in respect of its guaranty
made pursuant to Article 10 of the Financing Agreement or under any other
Guaranty to which it is a party, including all obligations guaranteed by such
Pledgor, (iii) all fees, commissions, expense reimbursements,
indemnifications and all other amounts due or to become due under the Financing
Agreement and any other Loan Document and (iv) all other “Obligations” (as
defined in the Financing Agreement); and

 

(b)           the due performance and observance by each of the Pledgors of all of
their other obligations from time to time existing in respect of the Financing
Agreement and all other Loan Documents.

 

SECTION 4.           Delivery of the Pledged Collateral.

 

(a)           (i)            All promissory notes currently evidencing the Pledged Debt and all
certificates currently representing the Pledged Shares shall be delivered to
the Administrative Agent on or prior to the execution and delivery of this
Agreement.  All other promissory notes,
certificates and instruments constituting Pledged Collateral from time to time
required to be pledged to the Administrative Agent pursuant to the terms hereof
(the “Additional Collateral”) shall be delivered to the Administrative
Agent promptly upon receipt thereof by or on behalf of any of the
Pledgors.  All such promissory notes,
certificates and instruments shall be held by or on behalf of the Administrative
Agent pursuant hereto and shall be delivered in suitable form for transfer by
delivery, or shall be accompanied by duly executed instruments of transfer or
assignment or undated stock powers executed in blank, all in form and substance
satisfactory to the Administrative Agent. 
If any Pledged Collateral consists of uncertificated securities, unless
the immediately following sentence is applicable thereto, such Pledgor shall
cause the Administrative Agent (or its custodian, nominee or other designee) to
become the registered holder thereof, or cause each issuer of such securities
to agree that it will comply with instructions originated by the Administrative
Agent with respect to such securities without further consent by such
Pledgor.  If any Pledged Collateral
consists of security entitlements, such Pledgor shall transfer such security
entitlements to the Administrative Agent (or its custodian, nominee or other
designee) or cause the applicable securities intermediary to

 

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agree that it will comply
with entitlement orders by the Administrative- Agent without further consent by
such Pledgor.

 

(ii)           Within five (5) days of the receipt by a Pledgor of any Additional
Collateral, a Pledge Amendment, duly executed by such Pledgor, in substantially
the form of Annex I hereto (a “Pledge Amendment”), shall be delivered to
the Administrative Agent in respect of the Additional Collateral to be pledged
pursuant to this Agreement and the Financing Agreement.  The Pledge Amendment shall from and after
delivery thereof constitute part of Schedules I and II hereto.  Each Pledgor hereby authorizes the
Administrative Agent to attach each Pledge Amendment to this Agreement and
agrees that all promissory notes, certificates or instruments listed on any
Pledge Amendment delivered to the Administrative Agent shall for all purposes
hereunder constitute Pledged Collateral and such Pledgor shall be deemed upon
delivery thereof to have made the representations and warranties set forth in Section 5
with respect to such Additional Collateral.

 

(b)           If any Pledgor shall receive, by virtue of such Pledgor’s being or
having been an owner of any Pledged Collateral, any (i) stock certificate
(including, without limitation, any certificate representing a stock dividend
or distribution in connection with any increase or reduction of capital,
reclassification, merger, consolidation, sale of assets, combination of shares,
stock split, spin-off or split-off), promissory note or other instrument,
(ii) option or right, whether as an addition to, substitution for, or in
exchange for, any Pledged Collateral, or otherwise, (iii) dividends
payable in cash (except such dividends permitted to be retained by such Pledgor
pursuant to Section 7 hereof) or in securities or other property or
(iv) dividends or other distributions in connection with a partial or
total liquidation or dissolution or in connection with a reduction of capital,
capital surplus or paid-in surplus, such Pledgor shall receive such stock
certificate, promissory note, instrument, option, right, payment or
distribution in trust for the benefit of the Administrative Agent, shall
segregate it from such Pledgor’s other property and shall deliver it forthwith
to the Administrative Agent, in the exact form received, with any necessary
endorsement and/or appropriate stock powers duly executed in blank, to be held
by the Administrative Agent as Pledged Collateral and as further collateral
security for the Obligations.

 

SECTION 5.           Representations and Warranties.  Each Pledgor jointly and severally represents
and warrants as follows:

 

(a)           Each Pledgor (i) is a corporation, limited liability company or
limited partnership duly organized, validly existing and in good standing under
the laws of the state or jurisdiction of its organization, and (ii) has
all requisite power and authority to execute, deliver and perform this
Agreement.

 

(b)           The execution, delivery and performance by each Pledgor of this
Agreement (i) have been duly authorized by all necessary action,
(ii) do not and will not contravene its charter or bylaws, its limited
liability company or operating agreement or its certificate of partnership or
partnership agreement, as applicable, or any applicable law or any contractual
restriction binding on or affecting it or any of its properties, and
(iii) do not and will not result in or require the creation of any Lien
upon or with respect to any of its properties other than pursuant to this
Agreement.

 

(c)           The Existing Issuers set forth in Schedule II hereto are the
Pledgors’ only Subsidiaries existing on the date hereof.  The Pledged Shares have been duly authorized
and validly issued and are fully paid and nonassessable and the holders thereof
are not entitled to any preemptive, first refusal or other similar rights.  Except as noted in Schedule II hereto,
the Pledged

 

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Shares constitute 100% of
the issued shares of Capital Stock, partnership interests or member interests,
as applicable, of the Pledged Issuers as of the date hereof.  All other shares of stock constituting
Pledged Collateral will be duly authorized and validly issued, fully paid and
nonassessable.

 

(d)           The promissory notes currently evidencing the Pledged Debt have been,
and all other promissory notes from time to time evidencing Pledged Debt, when
executed and delivered, will have been, duly authorized, executed and delivered
by the respective makers thereof, and all such promissory notes are or will be,
as the case may be, legal, valid and binding obligations of such makers, enforceable
against such makers in accordance with their respective terms, except as may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws.

 

(e)           Each Pledgor is and will be at all times the legal and beneficial owner
of its Pledged Collateral free and clear of all Liens, except for the Lien
created by this Agreement and Permitted Liens.

 

(f)            The exercise by the Administrative Agent of any of its rights and
remedies in accordance with the terms of this Agreement will not contravene any
law or any contractual restriction binding on or affecting any Pledgor or any
of the properties of any Pledgor and will not result in or require the creation
of any Lien upon or with respect to any of the properties of such Pledgor other
than pursuant to this Agreement or the other Loan Documents.

 

(g)           No authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority is required to be obtained or made by
any Pledgor for (i) the due execution, delivery and performance by any
Pledgor of this Agreement, (ii) the grant by any Pledgor, or the
perfection, of the Lien created hereby in the Pledged Collateral or
(iii) the exercise by the Administrative Agent of any of its rights and
remedies hereunder, except as may be required in connection with any sale of
any Pledged Collateral by laws affecting the offering and sale of securities
generally.

 

(h)           This Agreement creates a valid Lien in favor of the Administrative Agent
in the Pledged Collateral as security for the Obligations.  The Administrative Agent’s having possession
of the promissory notes evidencing the Pledged Debt, the certificates
representing the Pledged Shares and all other certificates, appropriate
instruments of transfer and cash constituting Pledged Collateral from time to
time results in the perfection of such Lien. 
Such Lien is, or in the case of Pledged Collateral in which any of the
Pledgors obtains rights after the date hereof, will be, a perfected, first
priority Lien, subject only to Permitted Liens. 
All action necessary or desirable to perfect and protect such Lien has
been duly taken, except for the Administrative Agent’s having possession of
certificates, instruments and cash constituting Pledged Collateral after the
date hereof.

 

SECTION 6.           Covenants as to the Pledged Collateral.  So long as any Obligation shall remain
outstanding, each Pledgor shall, unless the Administrative Agent shall
otherwise consent in writing:

 

(a)           keep adequate records concerning the Pledged Collateral and permit the
Administrative Agent or any agents, designees or representatives thereof to
examine and make copies of and abstracts from such records pursuant to the
terms of the Financing Agreement;

 

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(b)           at the Pledgors’ joint and several expense, promptly deliver to the
Administrative Agent a copy of each material notice or other material
communication received by it in respect of the Pledged Collateral;

 

(c)           at the Pledgors’ joint and several expense, defend the Administrative
Agent’s right, title and security interest in and to the Pledged Collateral
against the claims of any Person;

 

(d)           at the Pledgors’ joint and several expense, at any time and from time to
time, promptly execute and deliver all further instruments and documents and
take all further action that may be necessary or desirable or that the
Administrative Agent may reasonably request in order to (i) perfect and
protect, or maintain the perfection of, the security interest and Lien created
hereby, (ii) enable the Administrative Agent to exercise and enforce its
rights and remedies hereunder in respect of the Pledged Collateral or
(iii) otherwise effect the purposes of this Agreement, including, without
limitation, delivering to the Administrative Agent, after the occurrence and
during the continuation of an Event of Default, irrevocable proxies in respect
of the Pledged Collateral;

 

(e)           not sell, assign (by operation of law or otherwise), exchange or
otherwise dispose of any Pledged Collateral or any interest therein except as
expressly permitted by Section 7.02(c) of the Financing Agreement;

 

(f)            not create or suffer to exist any Lien upon or with respect to any
Pledged Collateral, except for the Lien created hereby and any Permitted Liens;

 

(g)           not make or consent to any amendment or other modification or waiver
with respect to any Pledged Collateral or enter into any agreement or permit to
exist any restriction with respect to any Pledged Collateral other than
pursuant to the Loan Documents;

 

(h)           not permit the issuance of (i) any additional shares of any class
of Capital Stock of any Pledged Issuer, (ii) any securities convertible
voluntarily by the holder thereof or automatically upon the occurrence or
non-occurrence of any event or condition into, or exchangeable for, any such
shares of Capital Stock or (iii) any warrants, options, contracts or other
commitments entitling any Person to purchase or otherwise acquire any such
shares of Capital Stock; and

 

(i)            not take or fail to take any action which would in any manner impair the
value or enforceability of the Administrative Agent’s security interest in and
Lien on any Pledged Collateral.

 

SECTION 7.           Voting Rights, Dividends, Etc. in Respect of the Pledged Collateral.

 

(a)           So long as no Event of Default shall have occurred and be continuing:

 

(i)            each Pledgor may exercise any and all voting and other consensual rights
pertaining to any Pledged Collateral for any purpose not inconsistent with the
terms of this Agreement, the Financing Agreement or the other Loan Documents;

 

(ii)           each of the Pledgors may receive and retain any and all dividends,
interest payments or other distributions paid in respect of the Pledged
Collateral to the extent permitted by the Financing Agreement; provided,
however, that any and all (A) dividends and interest paid or
payable other than in cash in respect of, and instruments and other property
received, receivable or otherwise distributed in respect of or in exchange for,
any Pledged Collateral, 

 

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(B) dividends and
other distributions paid or payable in cash in respect of any Pledged
Collateral in connection with a partial or total liquidation or dissolution or
in connection with a reduction of capital, capital surplus or paid-in surplus,
and (C) cash paid, payable or otherwise distributed in redemption of, or
in exchange for, any Pledged Collateral, together with any dividend, interest
payment or other distribution which at the time of such dividend, interest payment
or other distribution was not permitted by the Financing Agreement, shall be,
and shall forthwith be delivered to the Administrative Agent to hold as,
Pledged Collateral and shall, if received by any of the Pledgors, be received
in trust for the benefit of the Administrative Agent, shall be segregated from
the other property or funds of the Pledgors, and shall be forthwith delivered
to the Administrative Agent in the exact form received with any necessary
endorsement and/or appropriate stock powers duly executed in blank, to be held
by the Administrative Agent as Pledged Collateral and as further collateral
security for the Obligations; and

 

(iii)          the Administrative Agent will execute and deliver (or cause to be
executed and delivered) to a Pledgor all such proxies and other instruments as
such Pledgor may reasonably request for the purpose of enabling such Pledgor to
exercise the voting and other rights which it is entitled to exercise pursuant
to Section 7(a)(i) hereof and to receive the dividends,
interest and/or other distributions which it is authorized to receive and
retain pursuant to Section 7(a)(ii) hereof.

 

(b)           Upon the occurrence and during the continuance of an Event of Default:

 

(i)            all rights of each Pledgor to exercise the voting and other consensual
rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) hereof,
and to receive the dividends and interest payments which it would otherwise be
authorized to receive and retain pursuant to Section 7(a)(ii) hereof,
shall cease, and all such rights shall thereupon become vested in the
Administrative Agent, which shall thereupon have the sole right to exercise
such voting and other consensual rights and to receive and hold as Pledged
Collateral such dividends and interest payments;

 

(ii)           the Administrative Agent is authorized to notify each debtor with
respect to the Pledged Debt to make payment directly to the Administrative
Agent and may collect any and all moneys due or to become due to any Pledgor in
respect of the Pledged Debt, and each of the Pledgors hereby authorizes each
such debtor to make such payment directly to the Administrative Agent without
any duty of inquiry;

 

(iii)          without limiting the generality of the foregoing, the Administrative
Agent may at its option exercise any and all rights of conversion, exchange,
subscription or any other rights, privileges or options pertaining to any of
the Pledged Collateral as if it were the absolute owner thereof, including,
without limitation, the right to exchange, in its discretion, any and all of
the Pledged Collateral upon the merger, consolidation, reorganization,
recapitalization or other adjustment of any Pledged Issuer, or upon the
exercise by any Pledged Issuer of any right, privilege or option pertaining to
any Pledged Collateral, and, in connection therewith, to deposit and deliver
any and all of the Pledged Collateral with any committee, depository, transfer
agent, registrar or other designated agent upon such terms and conditions as it
may determine; and

 

(iv)          all dividends, distributions, interest and other payments which are
received by any of the Pledgors contrary to the provisions of Section 7(b)(i) hereof
shall be received in trust for the benefit of the Administrative Agent, shall
be segregated from other funds of the 

 

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Pledgors, and shall be
forthwith paid over to the Administrative Agent as Pledged Collateral in the
exact form received with any necessary endorsement and/or appropriate stock
powers duly executed in blank, to be held by the Administrative Agent as
Pledged Collateral and as further collateral security for the Obligations.

 

SECTION 8.           Additional Provisions Concerning the Pledged Collateral.

 

(a)           To the maximum extent permitted by applicable law, each Pledgor
(i) authorizes the Administrative Agent during the continuance of an Event
of Default to execute any such agreements, instruments or other documents in
such Pledgor’s name and to file such agreements, instruments or other documents
in such Pledgor’s name in any appropriate filing office, (ii) authorizes
the Administrative Agent to file any financing statements required hereunder or
under any other Loan Document, and any continuation statements or amendments
with respect thereto, in any appropriate filing office without the signature of
such Pledgor and (iii) ratifies the filing of any financing statement, and
any continuation statement or amendment with respect thereto, filed without the
signature of such Pledgor prior to the date hereof.  A photocopy or other reproduction of this
Agreement or any financing statement covering the Pledged Collateral or any
part thereof shall be sufficient as a financing statement where permitted by
law.

 

(b)           Each Pledgor hereby irrevocably appoints the Administrative Agent as
such Pledgor’s attorney-in-fact and proxy, with full authority in the place and
stead of such Pledgor and in the name of such Pledgor or otherwise, from time
to time in the Administrative Agent’s discretion, to take any action and to
execute any instrument which the Administrative Agent may deem necessary or
advisable to accomplish the purposes of this Agreement (subject to the rights
of such Pledgor under Section 7(a) hereof), including, without
limitation, to receive, endorse and collect all instruments made payable to
such Pledgor representing any dividend, interest payment or other distribution
in respect of any Pledged Collateral and to give full discharge for the
same.  This power is coupled with an interest
and is irrevocable until all of the Obligations are paid in full and all of the
Commitments are terminated.

 

(c)           If, following Pledgors’ receipt of notice from the Administrative Agent
of such failure (provided that no notice from the Administrative Agent shall be
required after the occurrence and during the continuance of an Event of
Default), any Pledgor fails to perform any agreement or obligation contained
herein, the Administrative Agent itself may perform, or cause performance of,
such agreement or obligation, and the expenses of the Administrative Agent
incurred in connection therewith shall be jointly and severally payable by the
Pledgors pursuant to Section 10 hereof and shall be secured by the
Pledged Collateral.

 

(d)           The powers conferred on the Administrative Agent hereunder are solely to
protect its interest in the Pledged Collateral and shall not impose any duty
upon it to exercise any such powers. 
Except for the safe custody of any Pledged Collateral in its possession
and the accounting for monies actually received by it hereunder, the
Administrative Agent shall have no duty as to any Pledged Collateral or as to
the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to any Pledged Collateral and shall be relieved of
all responsibility for the Pledged Collateral upon surrendering it or tendering
surrender of it to any Pledgor.  The
Administrative Agent shall be deemed to have exercised reasonable care in the
custody and preservation of the Pledged Collateral in its possession if the
Pledged Collateral is accorded treatment substantially equal to that which the
Administrative Agent accords its own property, it being understood that the
Administrative Agent shall not have responsibility for (i) ascertaining or

 

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taking action with
respect to calls, conversions, exchanges, maturities, tenders or other matters
relating to any.  Pledged Collateral,
whether or not the Administrative Agent has or is deemed to have knowledge of
such matters or (ii) taking any necessary steps to preserve rights against
any parties with respect to any Pledged Collateral.

 

(e)           The Administrative Agent may in its discretion at any time after the
occurrence and during the continuation of an Event of Default (i) without
notice to any Pledgor, transfer or register in the name of the Administrative
Agent or any of its nominees any or all of the Pledged Collateral, subject only
to the revocable rights of such Pledgor under Section 7(a) hereof
and (ii) exchange certificates or instruments constituting Pledged
Collateral for certificates or instruments of smaller or larger denominations.

 

SECTION 9.           Remedies Upon Default.  If any Event of Default shall have occurred
and be continuing:

 

(a)           The Administrative Agent may exercise in respect of the Pledged
Collateral, in addition to any other rights and remedies provided for herein or
otherwise available to it, all of the rights and remedies of a secured party on
default under the Code then in effect in the State of New York; and without
limiting the generality of the foregoing and without notice except as specified
below, sell the Pledged Collateral or any part thereof in one or more parcels
at public or private sale, at any exchange or broker’s board or elsewhere, at
such price or prices and on such other terms as the Administrative Agent may
deem commercially reasonable.  Each
Pledgor agrees that, to the extent notice of sale shall be required by law, at
least ten (10) days’ notice to such Pledgor of the time and place of any
public sale of Pledged Collateral owned by such Pledgor or the time after which
any private sale is to be made shall constitute reasonable notification.  The Administrative Agent shall not be
obligated to make any sale of Pledged Collateral regardless of whether or not
notice of sale has been given.  The
Administrative Agent may adjourn any public or private sale from time to time
by announcement at the time and place fixed therefor, and such sale may,
without further notice, be made at the time and place to which it was so
adjourned.

 

(b)           In the event that the Administrative Agent determines to exercise its
right to sell all or any part of the Pledged Collateral pursuant to Section 9(a) hereof,
each Pledgor will, at such Pledgor’s expense and upon request by the
Administrative Agent: (i) execute and deliver, and cause each issuer of
such Pledged Collateral and the directors and officers thereof to execute and
deliver, all such instruments and documents, and do or cause to be done all
such other acts and things, as may be necessary or, in the opinion of the
Administrative Agent, advisable to register such Pledged Collateral under the
provisions of the Securities Act of 1933, as amended (the “Securities Act”),
and to cause the registration statement relating thereto to become effective
and to remain effective for such period as prospectuses are required by law to
be furnished, and to make all amendments and supplements thereto and to the
related prospectus which, in the opinion of the Administrative Agent, are
necessary or advisable, all in conformity with the requirements of the
Securities Act and the rules and regulations of the Securities and
Exchange Commission applicable thereto, (ii) cause each issuer of such
Pledged Collateral to qualify such Pledged Collateral under the state
securities or “Blue Sky” laws of each jurisdiction, and to obtain all necessary
governmental approvals for the sale of the Pledged Collateral, as requested by
the Administrative Agent, (iii) cause each Pledged Issuer to make available
to its securityholders, as soon as practicable, an earnings statement which
will satisfy the provisions of Section 11(a) of the Securities Act,
and (iv) do or cause to be done all such other acts and things as may be
necessary to make such sale of such Pledged Collateral valid and binding and in
compliance with applicable law.  Each
Pledgor acknowledges the

 

9

 

impossibility of
ascertaining the amount of damages: which would be suffered by the
Administrative Agent by reason of the failure by any Pledgor to perform any of
the covenants contained in this Section 9(b) and,
consequently, agrees that, if any Pledgor fails to perform any of such
covenants, it shall pay, as liquidated damages and not as a penalty, an amount
equal to the value of the Pledged Collateral on the date the Administrative
Agent demands compliance with this Section 9(b); provided, however,
that the payment of such amount shall not release any Pledgor from any of its
obligations under any of the other Loan Documents.

 

(c)           Notwithstanding the provisions of Section 9(b) hereof,
each Pledgor recognizes that the Administrative Agent may deem it impracticable
to effect a public sale of all or any part of the Pledged Shares or any other
securities constituting Pledged Collateral and that the Administrative Agent
may, therefore, determine to make one or more private sales of any such
securities to a restricted group of purchasers who will be obligated to agree,
among other things, to acquire such securities for their own account, for
investment and not with a view to the distribution or resale thereof.  Each Pledgor acknowledges that any such
private sale may be at prices and on terms less favorable to the seller than
the prices and other terms which might have been obtained at a public sale and,
notwithstanding the foregoing, agrees that such private sales shall be deemed
to have been made in a commercially reasonable manner and that the
Administrative Agent shall have no obligation to delay the sale of any such
securities for the period of time necessary to permit the issuer of such
securities to register such securities for public sale under the Securities
Act.  Each Pledgor further acknowledges
and agrees that any offer to sell such securities which has been
(i) publicly advertised on a bona fide basis in a newspaper or other
publication of general circulation in the financial community of New York, New York
(to the extent that such an offer may be so advertised without prior
registration under the Securities Act) or (ii) made privately in the
manner described above to not less than fifteen bona fide offerees shall be
deemed to involve a “public disposition” for the purposes of Section 9-610(c) of
the Code (or any successor or similar, applicable statutory provision) as then
in effect in the State of New York, notwithstanding that such sale may not
constitute a “public offering” under the Securities Act, and that the
Administrative Agent may, in such event, bid for the purchase of such
securities.

 

(d)           Any cash held by the Administrative Agent as Pledged Collateral and all
cash proceeds received by the Administrative Agent in respect of any sale of,
collection from, or other realization upon, all or any part of the Pledged
Collateral may, in the discretion of the Administrative Agent, be held by the
Administrative Agent as collateral for, and/or then or at any time thereafter
applied (after payment of any amounts payable to the Administrative Agent
pursuant to Section 10 hereof) in whole or in part by the
Administrative Agent against, all or any 
part of the Obligations in such order as the Administrative Agent shall
elect consistent with the provisions of the Financing Agreement.  Any surplus of such cash or cash proceeds
held by the Administrative Agent and remaining after payment in full of all of
the Obligations after all.  Commitments
have been terminated shall be paid over to the Pledgors or to such Person as
may be lawfully entitled to receive such surplus.

 

(e)           In the event that the proceeds of any such sale, collection or
realization are insufficient to pay all amounts to which the Administrative
Agent is legally entitled, the Pledgors shall be liable, jointly and severally,
for the deficiency, together with interest thereon at the highest rate
specified in the Financing Agreement for interest on overdue principal thereof
or such other rate as shall be fixed by applicable law, together with the costs
of collection and the reasonable fees, costs and expenses of any attorneys
employed by the Administrative Agent to collect such deficiency.

 

10

 

SECTION 10.         Indemnity and Expenses.

 

(a)           Each Pledgor jointly and severally agrees to indemnify and hold harmless
the Administrative Agent (and all of its respective officers, directors,
employees, attorneys, consultants and agents) from and against any and all
claims, damages, losses, liabilities obligations, penalties, costs and expenses
(including, without limitation, reasonable legal fees and disbursements of
counsel) to the extent that they arise out of or otherwise result from this
Agreement (including, without limitation, enforcement of this Agreement), except,
as to any such indemnified Person, claims, losses or liabilities to the extent
that such claims, losses or liabilities resulted from such Person’s gross
negligence or willful misconduct as determined by a final judgment of a court
of competent jurisdiction.

 

(b)           Each Pledgor jointly and severally agrees to pay to the Administrative
Agent upon demand the amount of any and all costs and expenses, including the
reasonable fees and disbursements of the Administrative Agent’s counsel and of
any experts and agents, which the Administrative Agent may incur in connection
with (i) the preparation, negotiation, execution, delivery, recordation,
administration, amendment, waiver or other modification or termination of this
Agreement, (ii) the custody, preservation, use or operation of, or the
sale of, collection from, or other realization upon, any Pledged Collateral,
(iii) the exercise or enforcement of any of the rights of the
Administrative Agent hereunder, or (iv) the failure by any Pledgor to
perform or observe any of the provisions hereof.

 

SECTION 11.         Notices, Etc.  All notices and other communications provided
for hereunder shall be in writing and shall be mailed (by certified mail,
postage prepaid and return receipt requested), telecopied or delivered, if to any
Pledgor, to such Pledgor at the address of the Loan Parties specified in the
Financing.  Agreement; if to the
Administrative Agent, to it at the address specified in the Financing
Agreement; or as to either such Person at such other address as shall be designated
by such Person in a written notice to such other Person complying as to
delivery with the terms of this Section 11.  All such notices and other communications
shall be effective (i) if mailed, when received or three (3) days
after deposited in the mails, whichever occurs first, (ii) if telecopied,
when transmitted and confirmation received, or (iii) if delivered, upon
delivery.

 

SECTION 12.         Security Interest Absolute.  All rights of the Administrative Agent and
the Lenders, all Liens and all obligations of each of the Pledgors hereunder
shall be absolute and unconditional irrespective of: (i) any lack of
validity or enforceability of the Financing Agreement or any other agreement or
instrument relating thereto, any change in the time, manner or place of payment
of, or in any other term in respect of, all or any of the Obligations, or any
other amendment or waiver of or consent to any departure from the Financing
Agreement or any other Loan Document, (iii) any exchange or release of, or
non-perfection of any Lien on any Collateral, or any release or amendment or
waiver of, or consent to departure from, any guaranty for all or any of the
Obligations, or (iv) any other circumstance which might otherwise
constitute a defense (other than satisfaction in full of the Obligations after
the termination of all Commitments) available to, or a discharge of, any of the
Pledgors in respect of the Obligations. 
All authorizations and agencies contained, herein with respect to any of
the Pledged Collateral are irrevocable and powers coupled with an interest.

 

SECTION 13.         Miscellaneous.

 

(a)           No amendment of any provision of this Agreement shall be effective
unless it is in writing and signed by the Administrative Agent and the
Pledgors, and no waiver of any 

 

11

 

provision of this
Agreement, and no consent to any departure by any of the Pledgors therefrom,
shall be effective unless it is in writing and signed by the Administrative
Agent, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

 

(b)           No failure on the part of the Administrative Agent or the Lenders to
exercise, and no delay in exercising, any right hereunder or under any Loan
Document shall operate as a waiver thereof; nor shall any single or partial
exercise of any such right preclude any other or further exercise thereof or
the exercise of any other right.  The
rights and remedies of the Administrative Agent and the Lenders provided herein
and in the Loan Documents are cumulative and are in addition to, and not
exclusive of, any other rights or remedies provided by law.  The rights of the Administrative Agent and
the Lenders under the applicable Loan Document against any party thereto are not
conditional or contingent on any attempt by the Administrative Agent or the
Lenders to exercise any of their rights under any other document against such
party or against any other Person.

 

(c)           Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining
portions hereof or thereof or affecting the validity or enforceability of such
provision in any other jurisdiction.

 

(d)           This Agreement shall create a continuing security interest in and Lien
on the Pledged Collateral and shall (i) remain in full force and effect
until the payment in full or release of the Obligations after the termination
of all of the Commitments and termination of the Financing Agreement in
accordance with its terms and (ii) be binding on each Pledgor and, by its
acceptance hereof, the Administrative Agent, and its respective successors and
assigns, and shall inure, together with all rights and remedies of the
Administrative Agent and the Lenders hereunder, to the benefit of the
Administrative Agent and the Lenders and their respective successors,
transferees and assigns.  Without limiting
the generality of clause (ii) of the immediately preceding sentence, the
Administrative Agent and the Lenders may assign or otherwise transfer their
respective rights and obligations under this Agreement and any other Loan
Document to any other Person in accordance with the terms of the Financing
Agreement, and such other Person shall thereupon become vested with all of the
benefits in respect thereof granted to the Administrative Agent and the Lenders
herein or otherwise.  Upon any such
assignment or transfer, all references in this Agreement to the Administrative
Agent or any such Lender shall mean the assignee of the Administrative Agent or
such Lender.  None of the rights or
obligations of any of the Pledgors hereunder may be assigned or otherwise transferred
without the prior written consent of the Administrative Agent, and any such
assignment or transfer shall be null and void.

 

(e)           Upon the satisfaction in full of the Obligations after the termination
of all of the Commitments (i) this Agreement and the security interest and
Lien created hereby shall terminate and all rights to the Pledged Collateral
shall revert to the Pledgors and (ii) the Administrative Agent will, upon
the Pledgors’ request and at the Pledgors’ expense, (A) promptly return to
the Pledgors such of the Pledged Collateral as shall not have been sold or
otherwise disposed of or applied pursuant to the terms hereof and
(B) execute and deliver to the Pledgors, without recourse, representation
or warranty, such documents as the Pledgors shall reasonably request to evidence
such termination.

 

(f)            This Agreement shall be governed by and construed in accordance with the
law of the State of New York, except as required by mandatory provisions of law
and except to the extent that the validity and perfection or the perfection and
the effect of perfection or non-perfection 

 

12

 

of the security interest
and Lien created hereby, or remedies hereunder, in respect of any particular
Pledged Collateral are governed by the law of a jurisdiction other than the
State of New York.

 

(g)           This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which shall be
deemed an original, but all such counterparts shall constitute one and the same
agreement.

 

(h)           All of the Obligations of the Pledgors hereunder are joint and
several.  The Administrative Agent may,
in its sole and absolute discretion, enforce the provisions hereof against any
of the Pledgors and shall not be required to proceed against all Pledgors
jointly or seek payment from the Pledgors ratably.  In addition, the Administrative Agent may, in
its sole and absolute discretion, select the Pledged Collateral of any one or
more of the Pledgors for sale or application to the Obligations, without regard
to the ownership of such Pledged Collateral, and shall not be required to make
such selection ratably from the Pledged Collateral owned by all of the
Pledgors.  The release or discharge of any
Pledgor by the Administrative Agent shall not release or discharge any other
Pledgor from the obligations of such Person hereunder.

 

[rest of page intentionally left blank;
signature page follows]

 

13

 

IN WITNESS WHEREOF, the Pledgors have caused this
Agreement to be executed and delivered by their officer thereunto duly
authorized, as of the date first above written.

 

 

	
   

  	
  PLEDGORS:

  
	
   

  	
   

  
	
   

  	
  BODY
  CENTRAL ACQUISITION CORP.,

  
	
   

  	
  Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Name: Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BODY
  SHOP OF AMERICA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Name: Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

14

 

Acknowledgement of Issuers

 

October 1, 2006

 

Each of the undersigned Existing Issuers (as
defined in the foregoing Pledge and Security Agreement, as the same may be
amended, restated, supplemented or otherwise modified and in effect form time
to time, the “Pledge Agreement”; capitalized terms used herein having
the meanings assigned in such Pledge Agreement) hereby acknowledges that it has
received an executed copy of the Pledge Agreement, agrees to record in its
records the pledge of the equity interests of such Existing Issuer as provided
in the Pledge Agreement and waives any right to at any time hereafter be
provided with a copy of the foregoing Pledge Agreement in connection with any
exercise by the Administrative Agent (or its custodian, nominee or other
designee) of voting or other consensual rights in respect of the Pledged
Collateral or any registration of any of the Pledged Collateral in the name of
the Administrative Agent (or its custodian, nominee or other designee).

 

 

	
   

  	
  BODY
  SHOP OF AMERICA, INC.,

  
	
   

  	
  a Florida corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Name: Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CATALOGUE
  VENTURES, INC.,

  
	
   

  	
  a Florida
  corporation

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Name: Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  RINZI
  AIR, L.L.C.,

  
	
   

  	
  a Florida limited
  liability company

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BODY SHOP OF
  AMERICA, INC.,

  
	
   

  	
   

  	
  its sole member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlo A. von
  Schroeter

  
	
   

  	
   

  	
   

  	
  Name: Carlo A von
  Schroeter

  
	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
					

 

15

 

SCHEDULE I

TO

PLEDGE AND SECURITY AGREEMENT

 

Pledged Debt

 

	
  Pledgor

  	
   

  	
  Name of Payee

  	
   

  	
  Description

  	
   

  	
  Principal Amount 

  Outstanding as of

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  None.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

SCHEDULE II

TO

PLEDGE AND SECURITY AGREEMENT

 

Pledged Shares

 

	
  Pledgor

  	
   

  	
  Name of Issuer

  	
   

  	
  Number of Shares

  	
   

  	
  Class

  	
   

  	
  Certificate 

  Number

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Body Central Acquisition Corp.

  	
   

  	
  Body
  Shop of America, Inc.

  	
   

  	
  1000

  	
   

  	
  Common

  	
   

  	
  75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Body Central Acquisition Corp.

  	
   

  	
  Catalogue
  Ventures, Inc.

  	
   

  	
  1000

  	
   

  	
  Common

  	
   

  	
  45

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Body Shop of America, Inc.

  	
   

  	
  Rinzi
  Air, L.L.C.

  	
   

  	
  N/A

  	
   

  	
  Membership Interests

  	
   

  	
  N/A

  	
   

  

 

2

 

ANNEX I

TO

PLEDGE AND SECURITY AGREEMENT

 

PLEDGE AMENDMENT

 

This
Pledge Amendment, dated
                          ,
200    , is delivered pursuant to Section 4 of the
Pledge and Security Agreement referred to below.  The undersigned hereby agrees that this
Pledge Amendment may be attached to the Pledge and Security Agreement, dated
October 1, 2006, by Body Central Acquisition Corp., Body Shop of America, Inc.,
Catalogue Ventures, Inc., Rinzi Air, L.L.C. and the other parties thereto
in favor of Dymas Funding Company, LLC, as Administrative Agent as it may
heretofore have been or hereafter may be amended or otherwise modified or
supplemented from time to time and that the promissory notes or shares listed
on this.  Pledge Amendment shall be
hereby pledged and assigned to the Administrative Agent and become part of the
Pledged Collateral referred to in such Pledge and Security Agreement and shall
secure all of the Obligations referred to in such Pledge and Security
Agreement.

 

Pledged Debt

 

	
  Pledgor

  	
   

  	
  Name of Payee

  	
   

  	
  Description

  	
   

  	
  Principal Amount 

  Outstanding as of

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged Shares

 

	
  Pledgor

  	
   

  	
  Name of Issuer

  	
   

  	
  Number of Shares

  	
   

  	
  Class

  	
   

  	
  Certificate 

  Number(s)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
   

  	
  [PLEDGOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

 

	
  

  	
  NUMBER 75 INCORPORATED
  UNDER THE LAWS OF THE STATE OF FLORIDA SHARES **1,000** BODY SHOP OF AMERICA,
  INC. TOTAL AUTHORIZED ISSUE 5,000 SHARES 5,000 SHARES PAR VALUE .01 EACH COMMON
  STOCK See Reverse for Certain Definitions COPY This is to Certify that Body
  Central Acquisition Corp. is the owner of One Thousand fully paid and
  non-assessable shares of the above Corporation transferable only on the books
  of the Corporation by the holder hereof in person or by duly authorized
  Attorney upon surrender of this Certificate properly endorsed. Witness, the
  seal of the Corporation and the signatures of its duly authorized officers. Dated
  October 1, 2006 George Kolber, President Carlo von Schroeter, Vice President ©
  1999 CORPEX BANKNOTE CO., BAY SHORE N.Y.

  
	
   

  	
   

  

 

4

 

	
  

  	
  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 - as tenants in common TEN ENT - as
  tenants by the entireties JT TEN - as joint tenants with right of
  survivorship and not as tenants in common Additional abbreviations may also
  be used though not in the above list UNIF TRANSFERS MIN ACT- Custodian (Cust)
  (Minor) under Uniform Transfers to Minors Act (State) 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 POSTAL ZIP CODE OF ASSIGNEE) Shares represented by the within
  Certificate, and do hereby irrevocably constitute and appoint Attorney to
  transfer the said Shares on the books of the within named Corporation with
  full power of substitution in the premises. Dated In presence of THE
  SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
  AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
  ANY STATE SECURITIES LAW. THE SECURITIES MAY NOT BE PLEDGED, HYPOTHECATED,
  SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR
  THE SECURITIES UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE
  SECURITIES LAW OR AN EXEMPTION THEREFROM UNDER SUCH ACT OR LAW. NOTICE: THE
  SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON
  THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR
  ENLARGEMENT OR ANY CHANGE WHATEVER. 

  

 

5

 

STOCK POWER

 

FOR VALUE RECEIVED, the undersigned does
hereby sell, assign and transfer to
                                ,
Federal Identification No.                             ,
                              
share(s) of the capital stock of BODY SHOP OF AMERICA, INC.,
a Florida corporation (the “Corporation”), represented by certificate(s) no(s).
                            ,
standing in the name of the undersigned on the books of the Corporation.  The undersigned does hereby irrevocably
constitute and appoint DYMAS FUNDING COMPANY, LLC,
as administrative agent, as attorney to transfer the shares of the Corporation,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BODY CENTRAL ACQUISITION
  CORP.,

  
	
   

  	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Name: Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

6

 

IRREVOCABLE PROXY COUPLED WITH INTEREST

 

The
undersigned stockholder hereby irrevocably designates and appoints Dymas
Funding Company, LLC, as administrative agent (in such capacity, “Administrative
Agent”) under that certain Financing Agreement dated as of October 1,
2006 (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Financing Agreement”), to represent it at all
annual and special meetings of the shareholders of CATALOGUE
VENTURES, INC., a Florida corporation (the “Corporation”),
and the undersigned hereby authorizes and empowers Administrative Agent to vote
any and all stock owned by the undersigned or standing in its name, and do all
things which the undersigned might do if present and acting itself.

 

This
proxy is an irrevocable proxy coupled with an interest.  The undersigned recognizes that
Administrative Agent has an interest in the stock of the Corporation to secure
certain obligations incurred by the undersigned to Administrative Agent and
Lenders (as defined in the Financing Agreement).

 

This
proxy is issued pursuant to that certain Pledge Agreement dated as of October 1,
2006 by and among the undersigned, the Company and certain other affiliates of
the Company, and Administrative Agent, for the benefit of Administrative Agent
and Lenders (and as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Pledge Agreement”), and shall
remain subject to the terms thereof and Administrative Agent shall not exercise
any rights or privileges granted therein unless and until the occurrence of
events set forth in Section 7 of the Pledge Agreement which authorize the
voting of the stock pursuant to this proxy.

 

	
  Dated: October 1, 2006

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BODY CENTRAL ACQUISITION
  CORP.,

  
	
   

  	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Name: Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

7

 

 

	
  

  	
  NUMBER 45 INCORPORATED
  UNDER THE LAWS OF THE STATE OF FLORIDA SHARES **1,000** CATALOGUE VENTURES,
  INC. TOTAL AUTHORIZED TO ISSUE: 5,000 Shares of Common Stock $1.00 Par Value See
  Reverse for Certain Definitions COPY This is to Certify that Body Central
  Acquisition Corp. is the owner of One Thousand fully paid and non-assessable
  shares of the above Corporation transferable only on the books of the
  Corporation by the holder hereof in person or by duly authorized Attorney
  upon surrender of this Certificate properly endorsed. Witness, the seal of
  the Corporation and the signatures of its duly authorized officers. Dated
  October 1, 2006 George Kolber, President Carlo von Schroeter, Vice President ©
  1999 CORPEX BANKNOTE CO., BAY SHORE N.Y.

  

 

8

 

	
  

  	
  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 - as tenants in common TEN ENT - as
  tenants by the entireties JT TEN - as joint tenants with right of
  survivorship and not as tenants in common Additional abbreviations may also
  be used though not in the above list UNIF TRANSFERS MIN ACT- Custodian (Cust)
  (Minor) under Uniform Transfers to Minors Act (State) 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 POSTAL ZIP CODE OF ASSIGNEE) Shares represented by the within
  Certificate, and do hereby irrevocably constitute and appoint Attorney to
  transfer the said Shares on the books of the within named Corporation with
  full power of substitution in the premises. Dated In presence of THE
  SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
  AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
  ANY STATE SECURITIES LAW. THE SECURITIES MAY NOT BE PLEDGED, HYPOTHECATED,
  SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR
  THE SECURITIES UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE
  SECURITIES LAW OR AN EXEMPTION THEREFROM UNDER SUCH ACT OR LAW. NOTICE: THE
  SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON
  THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR
  ENLARGEMENT OR ANY CHANGE WHATEVER. 

  

 

9

 

 

STOCK POWER

 

FOR VALUE RECEIVED, the undersigned does
hereby sell, assign and transfer to
                                ,
Federal Identification No.                         ,
                        
share(s) of the capital stock of CATALOGUE VENTURES, INC.,
a Florida corporation (the “Corporation”), represented by certificate(s) no(s).
                                  ,
standing in the name of the undersigned on the books of the Corporation.  The undersigned does hereby irrevocably
constitute and appoint DYMAS FUNDING COMPANY, LLC,
as administrative agent, as attorney to transfer the shares of the Corporation
with full power of substitution in the premises.

 

	
  Dated:                        ,
  2006

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BODY CENTRAL ACQUISITION
  CORP.,

  
	
   

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Name: Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

10

 

IRREVOCABLE PROXY COUPLED WITH INTEREST

 

The
undersigned stockholder hereby irrevocably designates and appoints Dymas
Funding Company, LLC, as administrative agent (in such capacity, “Administrative
Agent”) under that certain Financing Agreement dated as of October 1,
2006 (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Financing Agreement”), to represent it at all
annual and special meetings of the shareholders of BODY SHOP OF
AMERICA, INC., a Florida corporation (the “Corporation”),
and the undersigned hereby authorizes and empowers Administrative Agent to vote
any and all stock owned by the undersigned or standing in its name, and do all
things which the undersigned might do if present and acting itself.

 

This
proxy is an irrevocable proxy coupled with an interest.  The undersigned recognizes that
Administrative Agent has an interest in the stock of the Corporation to secure
certain obligations incurred by the undersigned to Administrative Agent and
Lenders (as defined in the Financing Agreement).

 

This
proxy is issued pursuant to that certain Pledge Agreement dated as of October 1,
2006 by and among the undersigned, the Corporation, certain other affiliates of
the Corporation, and Administrative Agent, for the benefit of Administrative
Agent and Lenders (and as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Pledge Agreement”), and shall
remain subject to the terms thereof and Administrative Agent shall not exercise
any rights or privileges granted therein unless and until the occurrence of
events set forth in Section 7 of the Pledge Agreement which authorize the
voting of the stock pursuant to this proxy.

 

	
  Dated: October 1, 2006

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BODY CENTRAL ACQUISITION
  CORP.,

  
	
   

  	
   

  	
  a Delaware
  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Name: Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

11

 

IRREVOCABLE PROXY COUPLED WITH INTEREST

 

The
undersigned member hereby irrevocably designates and appoints Dymas Funding
Company, LLC, as administrative agent (in such capacity, “Administrative
Agent”) under that certain Financing Agreement dated as of October 1,
2006 (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Financing Agreement”), to represent it at all
annual and special meetings of the members of RINZI AIR,
L.L.C., a Florida limited liability company (the “Company”),
and the undersigned hereby authorizes and empowers Administrative Agent to vote
any and all equity interests owned by the undersigned or standing in its name,
and do all things which the undersigned might do if present and acting itself.

 

This
proxy is an irrevocable proxy coupled with an interest.  The undersigned recognizes that
Administrative Agent has an interest in the equity interests of the Company to
secure certain obligations incurred by the undersigned to Administrative Agent
and Lenders (as defined in the Financing Agreement).

 

This
proxy is issued pursuant to that certain Pledge Agreement dated as of October 1,
2006 by and among the undersigned, the Company and certain other affiliates of
the Company, and Administrative Agent, for the benefit of Administrative Agent
and Lenders (and as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Pledge Agreement”), and shall
remain subject to the terms thereof and Administrative Agent shall not exercise
any rights or privileges granted therein unless and until the occurrence of
events set forth in Section 7 of the Pledge Agreement which authorize the
voting of the equity interests pursuant to this proxy.

 

	
  Dated: October 1, 2006

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BODY SHOP OF
  AMERICA, INC.,

  
	
   

  	
   

  	
  a Florida
  corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Name: Carlo A. von Schroeter

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

12Exhibit 10.24

 

ASSIGNMENT FOR SECURITY (TRADEMARKS)

 

WHEREAS, BODY SHOP OF AMERICA, INC., a Florida
corporation (the “Assignor”), has adopted, used and is using, and holds
all right, title and interest in and to, the trademarks and service marks
listed on the annexed Schedule 1A, which trademarks and service marks are
registered or applied for in the United States Patent and Trademark Office (the
“Trademarks”);

 

WHEREAS, the Assignor, has entered into a Security
Agreement, dated October 1, 2006 (the “Security Agreement”), in
favor of Dymas Funding Company, LLC, in its capacity as the Administrative
Agent for certain lenders (the “Assignee”);

 

WHEREAS, pursuant to the Security Agreement, the
Assignor has assigned to the Assignee and granted to the Assignee for the
benefit of the lenders a continuing security interest in all right, title and
interest of the Assignor in, to and under the Trademarks, together with, among
other things, the good-will of the business symbolized by the Trademarks and
the applications and registrations thereof, and all proceeds thereof,
including, without limitation, any and all causes of action which may exist by
reason of infringement thereof and any and all damages arising from past,
present and future violations thereof (the “Collateral”), to secure the
payment, performance and observance of the Obligations (as defined in the
Security Agreement);

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the Assignor does hereby pledge, convey, sell, assign, transfer and set over
unto the Assignee and grants to the Assignee for the benefit of the lenders a
continuing security interest in the Collateral to secure the prompt payment,
performance and for the benefit of the lenders observance of the Obligations.

 

The Assignor does hereby further acknowledge and
affirm that the rights and remedies of the Assignee with respect to the
Collateral are more fully set forth in the Security Agreement, the terms and
provisions of which are hereby incorporated herein by reference as if fully set
forth herein.

 

[Remainder of page intentionally
left blank; signature page follows]

 

 

IN WITNESS WHEREOF, the Assignor has caused this
Assignment to be duly executed by its officer thereunto duly authorized as of October 1,
2006.

 

	
   

  	
  BODY SHOP OF AMERICA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Carlo A. von Schroeter

  
	
   

  	
  Name:

  	
  Carlo A. von Schroeter

  
	
   

  	
  Title:

  	
  Vice President

  

 

2

 

SCHEDULE
1A TO ASSIGNMENT FOR SECURITY

 

	
  Country

  	
   

  	
  BSKB Ref #

  	
   

  	
  Mark

  	
   

  	
  Appl #

  	
   

  	
  Filing Date

  	
   

  	
  Reg #

  	
   

  	
  Reg. Date

  
	
   

  	
   

  	
   

  	
   

  	
  KAT
  MAN DU

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  U.S.

  	
   

  	
  2487-0101

  	
   

  	
  (STYLIZED)

  	
   

  	
  73/793,842

  	
   

  	
  4/17/1989

  	
   

  	
  1,636,420

  	
   

  	
  2/26/1991

  
	
  U.S.

  	
   

  	
  2487-0105

  	
   

  	
  BODY
  SHOP

  	
   

  	
  73/204,621

  	
   

  	
  2/22/1979

  	
   

  	
  1,140,433

  	
   

  	
  10/14/1980

  
	
  U.S.

  	
   

  	
  2487-0106

  	
   

  	
  BODY
  SHOP

  	
   

  	
  73/204,344

  	
   

  	
  2/21/1979

  	
   

  	
  1,376,370

  	
   

  	
  12/17/1985

  
	
  U.S.

  	
   

  	
  2487-0110

  	
   

  	
  LIPSTICK

  	
   

  	
  75/407,103

  	
   

  	
  12/17/1997

  	
   

  	
  2,218,837

  	
   

  	
  1/19/1999

  
	
  U.S.

  	
   

  	
  2487-0119

  	
   

  	
  BODY
  CENTRAL

  	
   

  	
  76/293,736

  	
   

  	
  8/2/2001

  	
   

  	
  2,759,773

  	
   

  	
  9/2/2003

  
	
  Puerto
  Rico

  	
   

  	
  2487-0119

  	
   

  	
  BODY
  CENTRAL

  	
   

  	
  55995

  	
   

  	
  2/4/2002

  	
   

  	
  55,995

  	
   

  	
  2/4/2002

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]