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EXHIBIT 10.51    
    

SECURITIES PURCHASE AGREEMENT  

        THIS SECURITIES PURCHASE AGREEMENT (this "Agreement"), dated as of
May 12, 2003, by and between dELiA*s Corp., a Delaware corporation, with its principal place of business at 435 Hudson Street, New York, New York
10014 (the "Company"), and the individual named on Schedule A hereto residing at the address also
set forth on Schedule A hereto ("Buyer"). 

PRELIMINARY STATEMENTS  

        A.    The
Company has authorized the sale of a certain number of shares of the Company's Class A common stock, par value $.01 per share ("Common
Stock") on the terms and subject to the conditions set forth in this Agreement; 

        B.    The
Company and Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Rule 506 under
Regulation D ("Regulation D") as promulgated by the United States Securities and Exchange Commission (the
"SEC") under the Securities Act of 1933, as amended (the "1933 Act"); 

        C.    Buyer
wishes to purchase, in the amounts and upon the terms and conditions stated in this Agreement, shares of Common Stock; 

        D.    Upon
the closing of the transactions contemplated hereby, the parties hereto will execute and deliver a Registration Rights Agreement in substantially the form attached
hereto as Exhibit A (the "Registration Rights Agreement") pursuant to which the Company agrees to
provide certain registration rights under the 1933 Act and the rules and regulations promulgated thereunder, and applicable state securities laws; and 

        E.    The
Company intends to enter into other agreements for the purchase and registration of securities with certain other buyers (the "Other
Buyers") and expects to complete the sale of shares of Common Stock to them; however, Buyer's obligations hereunder are not
expressly conditioned on the purchase by any or all of the Other Buyers of the Common Stock that they may agree to purchase from the Company. 

        NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and Buyer hereby agree as follows: 

        1.    PREAMBLES; PURCHASE AND SALE OF COMMON STOCK; EXECUTION OF PUT OPTION; CLOSING    

        a.    Preliminary Statements.    The above preliminary statements, recitals, definitions, preamble and provisions are
true and correct and are incorporated herein as fully as if set forth herein. 

        b.    Purchase of Common Stock.    Subject to the terms and conditions set forth in this Agreement, the Company agrees
to issue and sell to Buyer, and Buyer agrees to purchase from the Company an amount of 337,838 shares of Common Stock (the "Securities") at a per share
purchase price equal to one cent more than the closing bid price of the Common Stock on the NASDAQ National Market (as reported by Bloomberg L.P.) on May 9, 2003 (the
"Purchase Price"). The consummation of the transaction and the payment of the Purchase Price shall occur at Closing (as defined below). 

 

        c.    The Closing.    The closing ("Closing") shall take place at the
offices of Proskauer Rose LLP, 1585 Broadway, New York, New York 10036, at 8:00 a.m. on May 12, 2003. At Closing, against payment to the Company of the Purchase Price herefore, the
Company shall direct its stock transfer agent to deliver to Buyer one or more stock certificates, duly executed on behalf of the Company, representing the Securities being purchased by Buyer,
registered in the name of Buyer, such delivery to Buyer to be made not later than five (5) business days after the Closing. 

        2.    BUYER'S REPRESENTATIONS AND WARRANTIES    

        Buyer
represents and warrants to the Company that: 

        a.    Investment Purpose.    The Securities are being acquired by Buyer in good faith solely for its own account, for
investment purposes only, and are not being purchased for resale, resyndication, distribution, subdivision or fractionalization thereof; Buyer has no contract or arrangement with any person to sell,
transfer or pledge to any person the Securities or any part thereof, any interest therein or any rights thereto; Buyer has no present plans to enter into any such contract or arrangement; and Buyer
understands that as a result it must bear the economic risk of the investment for an indefinite period of time because the Securities have not been registered under the 1933 Act, and, therefore,
cannot be sold unless they are subsequently registered under the 1933 Act. 

        b.    Accredited Investor Status.    Buyer is an "accredited investor" as that term is defined in Rule 501(a)
of Regulation D. 

        c.    Reliance on Exemptions.    Buyer understands that the Securities are being offered and sold to it under the
exemption from the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and Buyer's compliance with, the
representations, warranties, agreements, acknowledgments and understandings of Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of Buyer to acquire
the Securities. 

        d.    Information.    Buyer understands and acknowledges that it is purchasing the Securities without being furnished
any offering literature, prospectus or other materials other than copies of the SEC Documents (as defined hereinbelow), that this transaction has not been scrutinized by the SEC or by any
administrative agency charged with the administration of the securities laws of any state, that all documents, records and books, pertaining to the Company, its business, finances and operations, and
this investment have been made available to Buyer, and its advisors and representatives, including its attorney, its accountant and/or its purchaser representative, and that the books and records of
the Company will be available upon reasonable notice for inspection by Buyer during reasonable business hours at the Company's principal place of business. Buyer and its advisors and representatives,
including its attorney, its accountant and/or its purchaser representative, if any, have reviewed the SEC Documents and been afforded the opportunity to ask questions of the Company and have received
complete and satisfactory answers to any such inquiries. Buyer understands that its investment in the Securities is speculative and involves a high degree of risk of loss and that Buyer must be
prepared to lose its entire investment in the Company. Buyer has sought such accounting, legal and tax advice, as it has considered necessary to an informed investment decision with respect to its
acquisition of the Securities. Buyer, or Buyer together with its purchaser representative, if any, have such knowledge and experience in financial and business matters that it and such representative
are capable of evaluating the merits and risks of an investment in the Securities and of making an informed investment decision. 

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        e.    Governmental Review.    Buyer understands that no United States federal or state agency or any other government
or governmental agency has approved or disapproved or passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities, nor have
such authorities passed upon or endorsed the merits of the offering of the Securities or the accuracy or adequacy of any of the information provided by the Company to Buyer regarding the Company, the
Securities or any other matter, and that the Company is relying on the truth and accuracy of the representations, declarations and warranties herein made by Buyer in offering the Securities for sale
to it without having first registered the same under the 1933 Act. 

        f.    Transfer or Resale.    Buyer understands that, except as provided in the Registration Rights Agreement,
(i) the Securities have not been and are not being registered under the 1933 Act or any state securities laws, and may not be transferred unless (a) subsequently registered thereunder,
or (b) Buyer shall have provided the Company with a statement of the circumstances surrounding the proposed disposition and shall have delivered to the Company an opinion of counsel, reasonably
satisfactory in form, scope and substance to the Company, to the effect (1) that the Securities to be sold or transferred may be sold or transferred pursuant to an exemption from such
registration and (2) that appropriate action necessary for compliance with the 1933 Act has been taken; (ii) any sale of such Securities made in reliance on Rule 144 promulgated
under the 1933 Act may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any resale of such Securities under circumstances in which the seller (or the
person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and
regulations of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any state securities laws or to
comply with the terms and conditions of any exemption thereunder. 

        g.    Legends.    Buyer understands that the stock certificates representing the Securities shall bear a restrictive
legend in substantially the following form (and a stop-transfer order shall be placed against transfer of such stock certificates): 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE REOFFERED, SOLD, TRANSFERRED,
PLEDGED, OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT AND THE STATE SECURITIES ACT OR BLUE SKY ACT OF ANY STATE HAVING JURISDICTION
THEREOF, OR (B) AN OPINION OF COUNSEL, REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR THE SECURITIES ACT OR BLUE SKY
ACT OF ANY STATE HAVING JURISDICTION WITH RESPECT THERETO. 

        h.    Authorization; Enforcement.    This Agreement and the Registration Rights Agreement have been duly and validly
authorized, executed and delivered on behalf of Buyer and are valid and binding agreements of Buyer enforceable in accordance with their terms, subject as to enforceability to general principles of
equity and to bankruptcy, insolvency, moratorium, and other similar laws affecting the enforcement of creditors' rights generally. 

        i.    Domicile.    Buyer is a resident of the State of New York. 

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        j.    Indemnification.    Buyer acknowledges that Buyer understands the meaning and legal consequences of the
representations and warranties in this Section 2, and that the Company has relied upon such representations and warranties, and Buyer hereby agrees to indemnify and hold harmless the Company
and its officers, directors, shareholders, agents and representatives from and against any and all claims, demands, losses, damages, expenses or liabilities (including attorneys' fees) due to or
arising out of, directly or indirectly, a breach of any such representations or warranties. Notwithstanding the foregoing, however, no representation, warranty, acknowledgment or agreement made herein
by Buyer shall in any manner be deemed to constitute a waiver of any rights granted to such Buyer under federal or state securities laws. 

        k.    Short Position and Market Purchases.    Buyer is not purchasing the Securities for the purpose of covering any
short position in the Securities. 

        3.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY    

        The
Company represents and warrants to Buyer that: 

        a.    Organization and Qualification.    The Company is a corporation duly organized and existing in good standing
under the laws of the State of Delaware, and has the requisite corporate power to own its properties and to carry on its business as now being conducted. The Company is duly qualified as a foreign
corporation to do business in every jurisdiction in which the nature of the business conducted by it makes such qualification necessary and where the failure so to qualify would have a material
adverse effect on the operations, properties or financial condition of the Company taken as a whole (a "Material Adverse Effect"). 

        b.    Authorization; Enforcement.    (i) The Company has the requisite corporate power and authority to enter
into and perform this Agreement and the Registration Rights Agreement and to issue the Securities in accordance with the terms hereof and thereof, (ii) the execution and delivery of this
Agreement and the Registration Rights Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by the Company's Board of Directors and no
further consent or authorization of the Company, its Board of Directors, or its stockholders is required, (iii) this Agreement and the Registration Rights Agreement have been duly executed and
delivered by the Company, and (iv) this Agreement and the Registration Rights Agreement constitute the valid and binding obligations of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the
enforcement of creditors' rights and remedies or by other equitable principles of general application. 

        c.    Capitalization.    As of April 28, 2003, the authorized capital stock of the Company consists of
(i) 67,500,000 shares of Class A Common Stock of which 45,817,231 shares were issued and outstanding, and (ii) 11,425,000 shares of Class B common stock, $.01 par value, of
which 0 shares were issued and outstanding. All of such outstanding shares have been validly issued and are fully paid and nonassessable. Except as set forth in the SEC Documents (as defined herein)
and in Schedule 3.c. attached hereto, as of the date of this Agreement (i) there are no outstanding options, warrants, scrip, rights to
subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company, or arrangements by which the Company
is or may become bound to issue additional shares of capital stock of the Company, and (ii) there are no agreements or arrangements under which the Company is obligated to register the sale of
any of its securities under the 1933 Act other than agreements with respect to securities which have been previously registered or are subject to current registration statements. 

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        d.    Issuance of Securities.    The Securities are duly authorized and, upon issuance in accordance with the terms
hereof and thereof, shall be validly issued, fully paid and non-assessable, and free from all taxes, liens and charges with respect to the issue thereof. 

        e.    No Conflicts.    The execution, delivery and performance of this Agreement by the Company and the consummation
by the Company of the transactions contemplated hereby will not (i) result in any violation of the Company's Certificate of Incorporation, as amended, as in effect on the date hereof
("Certificate of Incorporation") or the Company's Bylaws, as in effect on the date hereof (the "Bylaws")
or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected (except for such conflicts, defaults, terminations,
amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). The business of the Company is not being conducted in violation
of any law, ordinance, regulation of any governmental entity, except for possible violations which either singly or in the aggregate do not have a Material Adverse Effect. Except as required under the
1933 Act and any applicable state securities laws, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental
agency in order for it to execute, deliver or perform any of its obligations under this Agreement in accordance with the terms hereof. 

        f.    Common Stock.    The Company has registered its Common Stock pursuant to Section 12(b) or (g) of
the 1934 Act (as defined below) and is in full compliance with all reporting requirements of the 1934 Act, and the Company is in compliance with all requirements for the continued listing or quotation
of its Common Stock, and such Common Stock is currently listed on the NASDAQ National Market, and except as set forth in the SEC Documents, the Company has not received any notice regarding, and to
its knowledge there is no threat of, the termination or discontinuance of the eligibility of the Common Stock for such listing. 

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        g.    SEC Documents, Financial Statements.    During the Company's last two (2) fiscal years, the Company has
filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended
(the "1934 Act") (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto
and documents (other than exhibits) incorporated by reference therein, being hereinafter referred to herein as the "SEC Documents"). As of their
respective dates, subject to, with respect to certain SEC Documents, the filing of an amendment to such SEC Documents, the SEC Documents complied in all material respects with the requirements of the
1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. As of their respective dates, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting
requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates
thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). No other
information provided by or on behalf of the Company to Buyer and referred to in Section 2(d) of this Agreement contains any untrue statement of a material fact or omits to state any material
fact necessary in order to make the statements therein, in the light of the circumstance under which they are or were made, not misleading. 

        4.    COVENANTS    

        a.    Form D.    The Company agrees to file a Form D with respect to the Securities as required
under Regulation D and to provide a copy thereof to Buyer promptly after such filing. 

        b.    Reporting Status.    Until the earlier of (i) the date as of which Buyer may sell all the Securities
without restriction pursuant to Rule 144(k) promulgated under the 1933 Act, or (ii) the date on which Buyer has sold all of the Securities, the Company shall file all reports required to
be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and
regulations thereunder would permit such termination. Buyer shall give notice to the Company when it has sold all of the Securities. 

        5.    TRANSFER AGENT INSTRUCTIONS    

        Buyer
acknowledges that the Securities shall be "restricted" securities, the Stock Certificates shall bear the restrictive legend specified in Section 2(g) of this Agreement, and
stop-transfer instructions have been given by the Company to its transfer agent with respect to the Securities. If Buyer provides the Company with an opinion of counsel, reasonably
satisfactory in form, scope and substance to the Company, that registration of a resale by Buyer of any of the Securities is not required under the 1933 Act or any applicable state securities or blue
sky laws, the Company shall permit the transfer and promptly instruct its transfer agent to issue one or more certificates in such name and in such denominations as specified by Buyer. 

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        6.    TERMINATION    

        a.    Termination.    This Agreement may be terminated at any time prior to Closing, by mutual written consent of all
of the parties to this Agreement. 

        b.    Effect of Termination.    All obligations of the parties hereunder shall cease upon any termination pursuant to
Section 6.a., provided, however, that the provisions of Sections 2.k. and 7 hereof shall survive any termination of this Agreement. 

        7.    GOVERNING LAW; MISCELLANEOUS    

        a.    Governing Law.    This Agreement shall be governed by and interpreted in accordance with the laws of the State
of New York without regard to the principles of conflict of laws. 

        b.    Counterparts.    This Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event any signature page is delivered by
facsimile transmission, the party using such means of delivery shall cause three (3) additional original executed signature pages to be physically delivered to the other party within five
(5) days of the execution and delivery hereof. 

        c.    Headings.    The headings of this Agreement are for convenience of reference and shall not form part of, or
affect the interpretation of, this Agreement. 

        d.    Severability.    If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement or the validity or enforceability of this Agreement in any other jurisdiction. 

        e.    Entire Agreement; Amendments.    This Agreement and the instruments referenced herein contain the entire
understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor Buyer makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the party to be charged with
enforcement. 

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        f.    Notices.    Any notices required or permitted to be given under the terms of this Agreement shall be sent by
mail or delivered personally or by courier and shall be effective five days after being placed in the mail, if mailed, certified or registered, return receipt requested, or upon receipt, if delivered
personally or by courier, in each case addressed to a party. The addresses for such communications shall be: 

	If to the Company:	 	dELiA*s Corp.

435 Hudson Street

New York, New York 10014

Telephone: (212) 807-9060

Telecopy: (212) 590-6310

Attention: General Counsel
	

With a copy to:	
 	

Proskauer Rose LLP

1585 Broadway

New York, New York 10036-8299

Telephone: (212) 969-3000

Telecopy: (212) 969-2900

Attention: Jeffrey A. Horwitz, Esq.
	

If to Buyer:	
 	

At Buyer's address set forth on Schedule A

        Each
party shall provide notice to the other party of any change in address. 

        g.    Successors and Assigns.    This Agreement shall be binding upon and inure to the benefit of the parties and
their successors and assigns. Neither the Company nor Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other (which consent may be
withheld for any reason in the sole discretion of the party from whom consent is sought). 

        h.    Third Party Beneficiaries.    This Agreement is intended for the benefit of the parties hereto and their
respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person. 

        i.    Survival.    The representations and warranties of the Company contained in Section 3 shall survive the
Closing for a period of one (1) year thereafter. The representations and warranties of Buyer contained in Section 2 shall survive the Closing indefinitely. 

        k.    Publicity.    The Company and Buyer shall have the right to approve before issuance any press releases or any
other public statements with respect to the transactions contemplated hereby; provided, however, that
the Company shall be entitled, without the prior approval of Buyer, to make any press release with respect to such transactions as the Company determines is required by applicable law and regulations. 

        l.    Further Assurances.    Each party shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish
the purposes of this Agreement and the consummation of the transactions contemplated hereby. 

        [SIGNATURES
APPEAR ON FOLLOWING PAGE] 

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        IN
WITNESS WHEREOF, Buyer and the Company have caused this Securities Purchase Agreement to be duly executed as of the date first written above. 

	 	 	"Company"
	

 	
 	

dELiA*s Corp.
	

 	
 	

By:	

/s/  STEPHEN I. KAHN      
 Stephen I. Kahn

Chairman and Chief Executive Officer
	

 	
 	

"Buyer"
	

 	
 	

 	

/s/  EVAN GUILLEMIN      

	 	 	Name:	Evan Guillemin

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EXHIBIT 10.52    
    

REGISTRATION RIGHTS AGREEMENT  

        REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of
May 12, 2003, by and between dELiA*s Corp., a Delaware corporation, with headquarters located at 435 Hudson Street, New York, New York 10014 (the
"Company"), and each individual named on Schedule A hereto residing at the address set forth next
to each individual's name on Schedule A hereto (each a "Buyer"). 

PRELIMINARY STATEMENTS  

        A.    In
connection with the Securities Purchase Agreement by and between the parties of even date herewith (the "Securities Purchase
Agreement"), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase Agreement, to issue and sell to each Buyer shares of the Company's
Class A common stock, par value $0.01 per share (the "Common Stock"); and 

        B.    To
induce each Buyer to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of
1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "1933 Act"), and applicable state
securities laws. 

        NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows: 

        1.     DEFINITIONS. 

        a.     As
used in this Agreement, the following terms shall have the following meanings: 

        (i)    "Investor" means each Buyer and any transferee or assignee thereof who agrees to become bound by the provisions of this
Agreement in accordance with Section 9 hereof. 

        (ii)   "register," "registered," and
"registration" refer to a registration effected by preparing and filing a Registration Statement or Statements in compliance with the 1933 Act and
pursuant to Rule 415 under the 1933 Act or any successor rule providing for offering securities on a continuous basis ("Rule 415"), and
the declaration or ordering of effectiveness of such Registration Statement by the United States Securities and Exchange Commission (the "SEC"). 

        (iii)  "Registrable Securities" means the Securities (as defined in the Securities Purchase Agreement. 

        (iv)  "Registration Period" means the period commencing on the date on which the Registration Statement filed pursuant to this
Agreement is declared effective by the SEC and expiring on the date that (A) the Investor may sell all of the Registrable Securities without restriction pursuant to Rule 144(k)
promulgated under the 1933 Act, or (B) the Investor has sold all of the Registrable Securities. 

        (v)   "Registration Statement" means a registration statement of the Company under the 1933 Act. 

        b.     Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. 

 

        2.     REGISTRATION
RIGHTS. 

        a.    Mandatory Registration.    The Company shall prepare and file with the SEC a Registration Statement on
Form S-3 (or, if such form is unavailable for such a registration, on such other form as is available for such a registration) covering the resale of the Registrable Securities. The
Registration Statement (and each amendment or supplement thereto) shall be provided to each Buyer and its counsel no later than five business days prior to its filing or other submission, and shall be
subject to approval by such Buyer and its counsel within such five business day period, such approval not to be unreasonably withheld. The Company will use its reasonable efforts to cause such
Registration Statement to become effective as promptly as practicable but not later than 180 days after Closing (as defined in the Securities Purchase Agreement). The Company shall notify the
Investor in writing by facsimile transmission or email notice that such Registration Statement has been declared effective by the SEC promptly following the Company becoming aware of such declaration
by the SEC. 

        b.    Piggy-Back Registrations.    If at any time prior to filing a Registration Statement under this
Agreement, the Company shall file with the SEC a Registration Statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities (other
than on Form S-4 or Form S-8 or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or
business or equity securities issuable in connection with stock option or other employee benefit plans), the Company shall send to the Investor who is entitled to registration rights under this
Section 2 written notice of the intended filing of such Registration Statement and, if within twenty (20) days after receipt of such notice, the Investor shall so request in writing, the
Company shall include in such Registration Statement all or any part of the Registrable Securities the Investor requests to be registered, except that if, in connection with any underwritten public
offering for the account of the Company, the managing underwriter(s) thereof shall impose a limitation on the number of shares of Common Stock which may be included in the Registration Statement
because, in such underwriter(s)' judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such
Registration Statement only a limited portion of the Registrable Securities with respect to which the Investor has requested inclusion hereunder, such portion to be determined as hereinafter provided;
provided that no portion of the equity securities which the Company is offering for its own account shall be excluded; provided,  further that the Company
shall be entitled to exclude Registrable Securities to the extent necessary to avoid breaching obligations existing prior to
the date hereof to other stockholders of the Company. Subject to the foregoing, the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding
securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities, and, after
giving effect to the immediately preceding clause, any exclusion of Registrable Securities shall be made pro rata with holders of other securities having the right to include such securities in the
Registration Statement other than holders of securities entitled to inclusion of their securities in such Registration Statement by reason of demand registration rights. The obligations of the Company
under this Section 2 may be waived by the Investor. If an offering in connection with which the Investor is entitled to registration under this Section 2 is an underwritten offering,
then if the Investor's Registrable Securities are included in such Registration Statement the Investor shall, unless otherwise agreed by the Company, offer and sell such Registrable Securities in an
underwritten offering using the same underwriter or underwriters and, subject to the provisions of this Agreement, on the same terms and conditions as other shares of Common Stock included in such
underwritten offering. 

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        3.     OBLIGATIONS
OF THE COMPANY. 

        In
connection with the registration of the Registrable Securities, the Company shall have the following obligations: 

        a.     Any
Registration Statement filed pursuant to this Agreement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading. 

        b.     The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement and the
prospectus used in connection with the Registration Statement as may be necessary to keep the Registration Statement effective at all times during the Registration Period, and, during the Registration
Period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement until such time as all of such
Registrable Securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in the Registration Statement. 

        c.     The
Company shall furnish to the Investor if its Registrable Securities are included in the Registration Statement and its legal counsel (i) promptly after the
same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy of the Registration Statement and any amendment thereto, each preliminary prospectus and prospectus
and each amendment or supplement thereto, and (ii) such number of copies of a prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents
as the Investor may reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Investor. 

        d.     As
promptly as practicable after becoming aware of such event, the Company shall notify the Investor of the happening of any event, of which the Company has knowledge, as
a result of which the prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and use its best efforts promptly to prepare a supplement or amendment to
the Registration Statement to correct such untrue statement or omission, and deliver such number of copies of such supplement or amendment to the Investor as the Investor may reasonably request. 

        e.     The
Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, and, if such an order
is issued, to obtain the withdrawal of such order at the earliest possible moment and to notify the Investor if the Investor holds Registrable Securities being sold (or, in the event of an
underwritten offering, the managing underwriters) of the issuance of such order and the resolution thereof. 

        f.      The
Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i) the Company determines
disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission
in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of
competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this or any other agreement. The Company agrees that it
shall, upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental body of 

3

 

competent
jurisdiction or through other means, give prompt notice to the Investor and allow the Investor, at the Investor's expense, to undertake appropriate action to prevent disclosure of, or to
obtain a protective order for, such information. 

        g.     The
Company shall use its best efforts to cause all the Registrable Securities covered by the Registration Statement to be listed on the NASDAQ National Market and on
each additional national securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then
permitted under the rules of such exchange. 

        h.     The
Company shall cooperate with the Investor if it holds Registrable Securities and the managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing the Registrable Securities to be offered pursuant to the Registration Statement and enable such certificates to be in such denominations or
amounts, as the case may be, as the managing underwriter or underwriters, if any, or the Investor may reasonably request and registered in such names as the managing underwriter or underwriters, if
any, or the Investor may request. 

        4.     OBLIGATIONS
OF THE INVESTOR. 

        In
connection with the registration of the Registrable Securities, the Investor shall have the following obligations: 

        a.     It
shall be a condition precedent to the obligations of the Company to complete the registration of Registrable Securities pursuant to this Agreement that the Investor
shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be
reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least five
(5) days prior to the first anticipated
filing date of the Registration Statement, the Company shall notify the Investor of the information the Company requires from the Investor if the Investor elects to have any of the Investor's
Registrable Securities included in the Registration Statement. 

        b.     The
Investor by the Investor's acceptance of the Registrable Securities agrees to cooperate with the Company as reasonably requested by the Company in connection with the
preparation and filing of the Registration Statement hereunder, unless the Investor has notified the Company in writing of the Investor's election to exclude all of the Investor's Registrable
Securities from the Registration Statement. 

        c.     The
Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(d) or 3(e), the Investor
will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until the Investor's receipt of the copies of the
supplemented or amended prospectus contemplated by Section 3(d) or 3(e) and, if so directed by the Company, the Investor shall deliver to the Company (at the expense of the Company) or destroy
(and deliver to the Company a certificate of destruction) all copies in the Investor's possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

        d.     No
Investor may participate in any underwritten registration hereunder unless the Investor (i) agrees to sell the Investor's Registrable Securities on the basis
provided in any underwriting arrangements, (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under
the terms of such underwriting arrangements, and (iii) agrees to pay its pro rata share of all underwriting discounts and commissions. 

4

 

        e.     The
Investor shall give notice to the Company when it has sold all of the Registrable Securities. 

        5.     EXPENSES
OF REGISTRATION. 

        All
reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including,
without limitation, all registration, listing and qualifications fees, printers and accounting fees, the fees and disbursements of counsel for the Company, shall be borne by the Company.
Notwithstanding the foregoing, except as expressly provided for in the Securities Purchase Agreement, the Investor shall be responsible for all expenses, fees and disbursements incurred by such
Investor or on such Investor's behalf, including all fees and disbursements of counsel to the Investor. 

        6.     INDEMNIFICATION. 

        In
the event any Registrable Securities are included in a Registration Statement under this Agreement: 

        a.     To
the extent permitted by law, the Company will indemnify, hold harmless and defend (i) the Investor who holds such Registrable Securities, and (ii) the
directors, officers and each person who controls any Investor within the meaning of the 1933 Act or the Securities Exchange Act of 1934, as amended (the "1934
Act"), if any, (each, an "Indemnified Person"), against any losses, claims, damages, liabilities or expenses (joint or several)
(collectively, "Claims") to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or the omission or alleged omission to state
a material fact therein required to be stated or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in
any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under
which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any
state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement, or (iv) failure of the Company to
file a listing application with the NASDAQ National Market requesting the listing of the Registrable Securities (the matters in the foregoing clauses (i) through (iv) being,
collectively, "Violations"). Subject to the restrictions set forth in Section 6(d) with respect to the number of legal counsel, the Company shall
reimburse the Investor or controlling person, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to
a Claim arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by any Indemnified Person expressly for use in
connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to
Section 3(c) hereof; (ii) with respect to any preliminary prospectus, shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the
Registrable Securities that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the preliminary
prospectus was corrected in the prospectus, as then amended or supplemented, if such prospectus was timely made available by the 

5

 

Company
pursuant to Section 3(c) hereof; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus
made available by the Company; and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent
shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer
of the Registrable Securities by the Investor pursuant to Section 9. 

        b.     In
connection with any Registration Statement in which the Investor is participating, the Investor agrees to indemnify, hold harmless and defend, to the same extent and
in the same manner set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement, each person, if any, who controls the Company within
the meaning of the 1933 Act or the 1934 Act, any underwriter and any other stockholder selling securities pursuant to the Registration
Statement or any of its directors or officers or any person who controls such stockholder or underwriter within the meaning of the 1933 Act or the 1934 Act (collectively and together with an
indemnified Person, an "Indemnified Party"), against any Claim to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise,
insofar as such Claim arises out of or is based upon any Violation, in each case to the extent (and only to the extent) that such violation occurs in reliance upon and in conformity with written
information furnished to the Company by the Investor expressly for use in connection with such Registration Statement or to the extent such Claim is based upon any violation or alleged violation by
the Investor of the 1933 Act, 1934 Act or any other law; and the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
Claim; provided, however, that the indemnity agreement contained in this Section 6(b) shall not
apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld; provided, further,
however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim as does not exceed the net proceeds to the Investor as a result of the sale of Registrable
Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall
survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in
this Section 6(b) with respect to any preliminary prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected on a timely basis in the prospectus, as then amended or supplemented. 

        c.     The
Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in
any distribution, to the same extent as provided above, with respect to information such persons so furnished in writing by such persons expressly for inclusion in the Registration Statement. 

        d.     Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action (including any governmental
action), such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to made against any indemnifying party under this Section 6, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying
party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be;  provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses to be paid by the indemnifying party, if, in the 

6

 

reasonable
opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate
due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. The indemnification required by this Section 6 shall be
made by periodic payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage or liability is incurred and is due and payable. 

        7.     CONTRIBUTION.

        To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for
which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided,  however, that (i) no contribution shall be
made under circumstances where the maker would not have been liable for indemnification under the
fault standards set forth in Section 6, (ii) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall
be entitled to contribution from any seller of Registrable Securities who was not guilty of such fraudulent misrepresentation, and (iii) contribution by any seller of Registrable Securities
shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities. 

        8.     REPORTS
UNDER THE 1934 ACT. 

        With
a view to making available to the Investor the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the SEC that may at any time
permit the Investor to sell securities of the Company to the public without registration ("Rule 144"), the Company agrees to: 

        a.     make
and keep public information available, as those terms are understood and defined in Rule 144; 

        b.     file
with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to
such requirements (it being understood that nothing herein shall limit the Company's obligations under Section 4(c) of the Securities Purchase Agreement) and the filing of such reports and
other documents is required for the applicable provisions of Rule 144; and 

        c.     furnish
to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied
with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents
so filed by the Company, and (iii) such other information as may be reasonably requested to permit the investors to sell such securities pursuant to Rule 144 without registration. 

        9.     ASSIGNMENT
OF REGISTRATION RIGHTS. 

        The
rights to have the Company register Registrable Securities pursuant to this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of
Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable
time after such assignment, (ii) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee
or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned, (iii) immediately following such transfer 

7

 

or
assignment the further disposition of such securities by the transferee or assignee is restricted under the 1933 Act and applicable state securities laws, (iv) at or before the time the
Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained
herein, (v) such transfer shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement, and (vi) such transferee shall be an "accredited
investor" as that term defined in Rule 501 of Regulation D promulgated under the 1933 Act. 

        10.   AMENDMENT
OF REGISTRATION RIGHTS. 

        Provisions
of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with
the written consent of the Company and the Investor. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon the Investor and the Company. 

        11.   MISCELLANEOUS. 

        a.     A
person or entity is deemed to be a holder of Registrable Securities whenever such person or entity owns of record such Registrable Securities. If the Company receives
conflicting instructions, notices or elections from two or more persons or entities with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or
election received from the registered owner of such Registrable Securities. 

        b.     Any
notices required or permitted to be given under the terms of this Agreement shall be sent by registered or certified mail, return receipt requested, or delivered
personally or by courier and shall be effective five days after being placed in the mail, if mailed, or upon receipt, if delivered personally or by courier, in each case addressed to a party. The
addresses for such communications shall be as set forth in the Securities Purchase Agreement or, in respect of any party, at such other address of which such party shall notify the other parties in
writing. 

        c.     Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof. 

        d.     This
Agreement shall be enforced, governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed
entirely within such State. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
to the extent that it may conflict therewith and shall be deemed modified to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall
not affect the validity or enforceability of any other provision hereof. 

        e.     This
Agreement, the Securities Purchase Agreement, and the warrant of even date herewith issued by the Company to each Buyer constitute the entire agreement among the
parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the Securities Purchase Agreement and the warrant of even date herewith issued by the Company to each Buyer supersede all prior agreements and understandings among the parties hereto
with respect to the subject matter hereof and thereof. 

        f.      Subject
to the requirements of Section 9 hereof, this Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties
hereto. 

        g.     The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

8

 

        h.     This
Agreement may be executed in two or more identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same
agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering
this Agreement. 

        i.      Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby. 

        [SIGNATURES
APPEAR ON FOLLOWING PAGE] 

9

 

        IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly executed as of day and year first above written. 

	"Company"	 	"Buyer"
	

dELiA*s Corp.	
 	

 
	

By:	

/s/  EDWARD TAFFET      
 Edward Taffet

Secretary	
 	

/s/  STEPHEN I. KAHN      
 Stephen I. Kahn
	

 	

 	
 	

"Buyer"
	

 	

 	
 	

/s/  GERALDINE KARETSKY      
 Geraldine Karetsky
	

 	

 	
 	

"Buyer"
	

 	

 	
 	

/s/  EVAN GULLEMIN      
 Evan Guillemin
	

 	

 	
 	

"Buyer"
	

 	

 	
 	

/s/  CHRISTOPHER C. EDGAR      
 Christopher C. Edgar

10

 
Schedule A  

 Buyers  

	Name
 
	 	Address

	Stephen I. Kahn	 	c/o dELiA*s

435 Hudson Street

New York, New York 10014
	

Geraldine Karetsky	
 	

c/o dELiA*s

435 Hudson Street

New York, New York 10014
	

Evan Guillemin	
 	

c/o dELiA*s

435 Hudson Street

New York, New York 10014
	

Christopher C. Edgar	
 	

c/o dELiA*s

435 Hudson Street

New York, New York 10014

11

QuickLinks

EXHIBIT 10.52

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