Document:

Exhibit 10.42 fy 2011

EXHIBIT 10.42

(PAGE NUMBERS REFER TO PAPER DOCUMENT ONLY)

CPI CORP.
NONSTATUTORY STOCK OPTION AGREEMENT

THIS NONSTATUTORY STOCK OPTION AGREEMENT (the “Agreement”) is made effective as of February 13, 2012 (the “Grant Date”), between CPI Corp., a Delaware corporation (the “Company”), and James J. Abel (the “Employee”), pursuant to the CPI Corp. Omnibus Incentive Plan (the “Plan”).  Capitalized terms not otherwise defined herein shall have the meaning assigned to such terms in the Plan.
In consideration of the premises, mutual covenants and agreements herein, the Company and the Employee agree as follows:
1.Grant of Option.  The Company hereby grants to Employee an option (the “Option”) to purchase all or any part of an aggregate of fifty thousand (50,000) Shares on the terms and conditions set forth herein.  The Option shall not constitute an “incentive stock option” within the meaning of Section 422 of the Code.

2.Option Price.  The purchase (exercise) price for each Share issuable upon exercise of the Option shall be $1.11, being 100% of the Fair Market Value per Share on February 13, 2012.

3.Vesting.

(a)    Subject to Section 5 hereof, the Option shall vest and become exercisable upon the occurrence of the conditions set forth below:
Cumulative Vested Percentage        Vesting Date
25%                    February 13, 2013
50%                    February 13, 2014
75%                    February 13, 2015
100%                    February 13, 2016
(b)    Notwithstanding the vesting schedule set forth in Section 3(a), this Option shall become immediately vested and exercisable as to any Shares that have not otherwise vested as of a Change of Control of the Company (as defined below). In addition, in the event of Employee's Termination of Service for any reason other than a termination by the Company for Cause following the Company's appointment of a Permanent CEO (as such term is defined in Employee's employment letter agreement with the Company dated February 8, 2012 (the “Employment Agreement”), this Option shall become vested in full immediately prior to such Termination of Service, provided Employee executes (without revoking) and returns to the Company the waiver and release in the form attached to the Employment Agreement as Appendix C (the “Release Agreement”) within thirty (30) calendar days after the effective date of such Termination of Service.

(c)    For purposes of this Option, the following terms shall have the following meanings:
“Cause” shall mean (i) conduct or activity of the Employee materially detrimental to the Company's or any Subsidiary's reputation or business (including financial) operations; (ii) gross or habitual neglect or breach of duty or misconduct of the Employee in discharging the duties of his or her position; (iii) repeated unfitness or unavailability for service, disregard of the Company's rules or policies after reasonable notice and opportunity to cure, or engaging in conduct not becoming of a senior manager of the Company; or (iv) prolonged absence by the Employee from his or her duties (other than on account of illness or disability) without the consent of the Company.
“Change of Control” shall mean a change in control of a nature that would be required to be reported in response to Item 5.01 of the Current Report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) or would have been required to be so reported but for the fact that such event had been “previously reported” as that term is defined in Rule 12b-2 of Regulation 12B of the Exchange Act unless the transactions that give rise to the Change in Control are approved or ratified by a majority of the members of the Incumbent Board who are not participants in the Plan; provided that, without limitation, notwithstanding anything herein to the contrary, a Change in Control shall be deemed to have occurred if (i) any Person is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 40% of the combined voting power of the Company's then outstanding securities ordinarily (apart from rights accruing under special circumstances) having the right to vote at elections of directors (“Voting Securities”), (ii) individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority thereof, or (iii) the stockholders of the Company approve a reorganization, merger or consolidation with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own, directly or indirectly, more than 50% of the combined voting power entitled to vote generally in the election of directors of the reorganized, merged or consolidated corporation's then outstanding voting securities, or a liquidation or dissolution of the Company or of the sale of all or substantially all of the assets of the Company.  For purposes of this Agreement, the term “Person” shall mean and include any individual, corporation, partnership, group, association or other “person,” as such term is used in Section 14(d) of the Exchange Act, other than the Company or any employee benefit plan(s) sponsored or maintained by the Company.  For these purposes, “Incumbent Board” shall mean the individuals who constitute the Board on the Grant Date; provided that any person becoming a director subsequent to the Grant Date whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) shall, for purposes of this Plan, be deemed a member of the Incumbent Board.

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4.Term.  Subject to earlier termination as provided in Section 5 hereof, the Option shall terminate, and be of no force or effect after 5:00 p.m. (Eastern Time), on the tenth (10th) anniversary of the Grant Date (the “Expiration Date”).

5.Effect of Termination of Service.  Subject to the acceleration provisions of Section 3(b), in the event of Employee's Termination of Service, then (i) all further vesting of Employee's rights with respect to the Option under Section 3 hereof shall immediately cease, (ii) any then unvested portion of the Option shall be immediately cancelled and forfeited by the Employee for no consideration and (iii) any then vested portion of this Option shall terminate and lapse following such Termination of Service as follows:

(i)  immediately upon Employee's Termination of Service for Cause;  

(ii)  90 days after any voluntary Termination of Service by the Employee; or

(iii)  one year after the Employee's Termination of Service on account of death or Disability, or an involuntary Termination of Service by the Company without Cause;

provided however that in no event shall this Option remain exercisable beyond the Expiration Date.
6.Nontransferability.  The Option shall not be transferable other than by will or the laws of descent and distribution, and any permitted transferee shall take the Option subject to all of the terms hereof.  During the lifetime of the Employee, the Option may be exercised only by the Employee or, in the case of the Employee's Disability, the Employee's duly authorized representative.  Following the death of the Employee, the Option may be exercised only by the Employee's executor, administrator or permitted transferee as provided above.  Without limiting the generality of the foregoing, the Option may not be assigned, transferred (except as provided above), pledged or hypothecated in any way, shall not be assignable by operation of law, and shall not be subject to execution, attachment or similar process, and any attempt to do so shall be void.

7.Method of Exercise.

(a)Subject to the terms and conditions of this Agreement and the Plan, the Option may be exercised, in whole or in part, to the extent then exercisable, at any time prior to its expiration as provided in Section 4 or Section 5 hereof.  Any such exercise shall be effected by a written notice delivered to the Secretary of the Company at its principal executive office, in such form as the Company may prescribe, and shall be signed by the person or persons so exercising this Option.  In the event this Option shall be exercised pursuant to Section 6 hereof by any person other than the Employee, such notice shall be accompanied by appropriate proof of the right of such person to exercise the Option.  Any notice of exercise delivered under this Section 7 shall state the number of Shares in respect of which the Option is being exercised, and shall be accompanied by full payment for the Shares with respect to which the Option is exercised (in the form permitted in Section 7(b) hereof).  If the Option is exercised by any person or persons other than the Employee under Section 6 hereof, then the notice shall be accompanied by appropriate proof of the right of such person or persons to exercise the Option.

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(b)The exercise price of the Option (or portion thereof being exercised) may be paid (i) in United States dollars in cash or by check; (ii) through delivery of Shares owned by Employee having a Fair Market Value equal as of the date of the exercise to the exercise price of the Option; or (iii) by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market Value equal, as of the date of exercise, to the exercise price of the Option (a “net-exercise”); or (iv) by any combination of (i), (ii), or (iii) above.

(c)Exercise of this Option or any portion hereof is conditioned on the Employee providing the Company with payment of the amount of any federal, state or local taxes required by law to be withheld by the Company as the result of such exercise.  If the Employee does not make such payment when requested, the Company may refuse to issue any Shares under this Option until arrangements satisfactory to the Company for such payment have been made.  Payment of withholding taxes shall be made by the Employee in cash or by check, or the Employee may elect to have the Company withhold from the Shares otherwise issuable to the Employee in connection with such exercise that number of Shares (based on Fair Market Value) that would be necessary to satisfy the requirements for withholding any amounts of taxes due upon such exercise, or by a combination of the foregoing.  For the purpose of calculating the Fair Market Value of Shares to be withheld to pay withholding taxes, the relevant date shall be the date of exercise.  

8.No Rights of a Shareholder.  The Employee shall not have any of the rights of a shareholder of the Company with respect to the Shares that may be issued upon the exercise of the Option until such time as the Shares are issued to the Employee following an exercise.  No adjustment shall be made for dividends or other distributions made by the Company to its shareholders or other rights for which the record date is prior to the date on which the Employee is admitted as a shareholder with respect to Shares that may be issued upon the exercise of the Option.  Notwithstanding the preceding sentence, in the event of an extraordinary cash dividend or distribution, the Committee shall make appropriate and equitable adjustments to the number of Shares subject to this Option and/or to the exercise price hereof as the Committee determines in its sole and reasonable discretion are necessary to prevent dilution of Employee's rights hereunder.  The Committee's determination with respect to any such adjustments under this Section 8 shall be conclusive and binding on the Employee.

9.Securities Law Considerations.  If at any time during the term of the Option, the Company shall be advised by its counsel that Shares issuable upon exercise of the Option are required to be registered under the Federal Securities Act of 1933, as amended (the “1933 Act”), or under applicable state securities laws, or that delivery of such Shares must be accompanied or preceded by a prospectus meeting the requirements of the 1933 Act or of any applicable state securities laws, issuance of Shares by the Company may be deferred until such registration is effected or a prospectus available or an appropriate exemption from registration is secured.  The Employee shall have no interest in the Shares covered by this Option unless and until such Shares are issued.  The Employee agrees and acknowledges that the Option may not be exercised unless the foregoing conditions are satisfied.

10.Subject to the Plan.  This Agreement shall be subject to and governed by all the terms and conditions of the Plan.  A copy of the Plan has been delivered to the Employee and is hereby incorporated by reference.  In the event of any discrepancy or inconsistency between the terms and conditions of this Agreement and of the Plan, the terms and conditions of the Plan shall control.

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11.Code Section 409A.  This Option is intended to be exempt from Section 409A of the Code, and the regulations and guidance promulgated thereunder (“Section 409A”).  Notwithstanding the foregoing or any provision of this Option to the contrary, if any provision of this Option contravenes Section 409A or could cause the Employee to incur any tax, interest or penalties under Section 409A, the Board may, in its sole discretion and without the Employee's consent, modify such provision to comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of taxes, interest and penalties under Section 409A.

12.No Assurance of Continued Employment by the Company.  The granting of the Option is in consideration of the Employee's continuing as an employee of the Company.  Notwithstanding the foregoing, nothing in this Agreement shall confer upon the Employee any right to continue as an employee of the Company, or affect the right of the Company to terminate the Employee's employment (subject to the terms of any separate employment contract) at any time in the sole discretion of the Company, with or without cause.

13.Interpretation.  The interpretation and construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Committee shall be final and conclusive.

14.Enforceability.  This Agreement shall be binding upon the Employee and such Employee's estate, personal representative and beneficiaries.

15.Governing Law.  This Agreement shall be governed and construed in accordance with the laws of the State of Delaware (regardless of the law that might otherwise govern under applicable Delaware principles of conflict of laws).

        

[Signature page follows]

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer thereunto duly authorized, and the Employee has hereunto set his or her hand, all as effective as of the day and year first above written.
CPI Corp.,
a Delaware corporation
By:                            
Title:                        
EMPLOYEE:
/s/James J. Abel
James J. Abel

- 6 -Exhibit 10.43 fy 2011

EXHIBIT 10.43

(PAGE NUMBERS REFER TO PAPER DOCUMENT ONLY)

    
EXECUTION COPY

EMPLOYMENT SEPARATION AND RELEASE AGREEMENT

THIS EMPLOYMENT SEPARATION AND RELEASE AGREEMENT (“Agreement”) is made and entered into as of the 26th day of  March, 2012, by and between Renato Cataldo, an individual (“Executive”), and CPI Corp., a Delaware corporation (alternatively and collectively with its affiliated corporations, “CPI”).  Executive and CPI are sometimes individually called “Party” or collectively called “Parties”.  
In consideration of the covenants set forth below and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1.     Employment Termination.  Executive's last day of active employment by CPI was  February 8, 2012 (the “Termination Date”).  Executive acknowledges and understands that certain of the benefits paid pursuant to this Agreement are being paid by CPI as consideration for Executive's agreement to, and compliance with, this Agreement.  Executive further acknowledges and understands that certain of the obligations of CPI under this Agreement are provided for in exchange for the obligations of Executive described below.
2.    Severance Benefits.  CPI hereby agrees to pay to Executive the severance benefits as described in Exhibit A, attached hereto and incorporated by this reference (hereinafter the “Severance Benefits”).  The Severance Pay obligation arises out of CPI's obligations under the Offer of Employment entered into by the Parties on July 21, 2005 and is not to be construed as consideration under this Agreement.

3.    Release of CPI.  With the exception of Executive's Severance Benefits referred to in paragraph 2 above, Executive's Indemnification Rights (as defined  in CPI's by-laws), and Executive's rights to take reasonable and good faith adverse positions to CPI in third party proceedings where the interests of CPI and Executive may diverge or be in conflict (“Executive Carve Out Rights”),  Executive, on his own behalf and on behalf of his heirs and legal representatives, does hereby release CPI, its affiliated corporations, and their respective directors, officers, executives and agents of and from any and all claims and causes of action for money or other damages or relief of any kind whatsoever from CPI, arising directly or indirectly out of, or in any way related to Executive's employment by CPI or the termination of that employment.  Excepting Executive's Carve Out Rights, this release includes, but is not limited to, claims and rights based on (i) written or implied contracts, (ii) legal restrictions on CPI's right to terminate Executive's employment, if any, or (iii) any federal, state or local law or regulation prohibiting employment discrimination, including without limitation, any and all claims arising under or in connection with the Age Discrimination in Employment Act of 1967 ("ADEA"), the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Family and Medical Leave Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Occupational Safety and Health Act, the Executive Retirement Income Security Act, the Worker Adjustment and Retraining Notification Act, the Immigration Reform and Control Act, the National Labor Relations Act, 42 U.S.C. Sections 1981, 1983 and 1985, the Missouri Human Rights Act, (all such statutes as amended) and any regulations under such authorities, and any other federal, state or local law or regulation applicable to Executive's employment by CPI or the termination of that employment, any public policy, tort, or common law claim. 

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Nothing contained herein shall be deemed to waive Executive's right to file a charge or complaint with the Equal Employment Opportunity Commission (“EEOC”) or any other administrative agency, including a challenge to the validity of this Agreement or to participate in an investigation or proceeding conducted by the EEOC or any administrative agency, or the right to sue for breach of this Agreement.  Executive does, however, waive his right to any damages or other relief if the EEOC or any administrative agency pursues his claims of discrimination against CPI.  Furthermore, nothing contained in this Agreement is intended to limit Executive from pursuing any rights or claims arising initially or for the first time after the date Executive signs this Agreement.
Executive hereby acknowledges that he has read this release and has been advised to consult an attorney with respect to the terms hereof, and that he fully understands and voluntarily accepts such terms.  The purpose of this release is to make a full, final and complete settlement of all claims between the parties, known or unknown, arising directly or indirectly out of, or in any way related to Executive's employment by CPI, or the termination of that employment.
Executive acknowledges and agrees that the benefits described in paragraph 2 above are in total satisfaction and discharge of any and all claims of Executive for or with respect to accrued compensation, bonuses, vacation pay, and other employment benefits of any kind whatsoever, and Executive hereby releases and forfeits any and all rights except as otherwise provided in this Agreement.  Nothing contained in this Agreement shall be deemed to waive any of Executive's rights with respect to any claim that Executive may have related to his 401k in accordance with ERISA and regulations promulgated thereunder, and in accordance with the terms of the CPI 401K Plan or his Carve Out Rights.  
4.    ADEA Waiver.   In addition to the provisions contained herein, and by execution of this Agreement, Executive expressly waives any and all rights to claims arising under the Age Discrimination in Employment Act of 1967, as amended, ("ADEA") and:

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a)Executive acknowledges that his waiver of rights or claims arising under the ADEA
is in writing, written in a manner calculated to be understood, and is understood by him;
b)Executive expressly understands that this waiver refers to rights or claims arising under the ADEA;
c)Executive expressly understands that by execution of this Agreement, he does not waive any ADEA rights or claims that may arise after the date this Agreement is executed;
d)Executive acknowledges that the waiver of his rights on claims arising under the ADEA is in exchange for CPI's obligations to Executive as set out in paragraphs 5 and 10 hereof;
e)Executive acknowledges that CPI expressly advised him by this Agreement to consult with an attorney of his choosing prior to executing this Agreement.
Executive has been advised by CPI that Executive is given a period of twenty-one (21) calendar days following his receipt of this Agreement within which to consider this Agreement.  Executive may elect to accept or reject this offer within the time period.  If Executive does nothing within the twenty-one (21) day period, CPI shall consider the offer withdrawn.  Executive certifies that if he signs this Agreement prior to the expiration of the twenty-one (21) days following his receipt of the Agreement, he does so knowingly and willingly.
 Furthermore, Executive acknowledges and understands that for a period of seven (7) calendar days after he signs and delivers this Agreement to CPI, he may change his mind and revoke the Agreement.   If Executive desires to revoke the Agreement, Executive must deliver notice of such revocation in writing to Jane E. Nelson, CPI Corp., Legal Department, 1706 Washington Avenue, St. Louis, Missouri 63103, on or before the close of business on the seventh day following Executive's execution and delivery of the Agreement.  Consequently, this Agreement will not be in effect until seven (7) days have passed following Executive's signing and delivery of the Agreement.  If the revocation is mailed, it shall be deemed effective at the time it is mailed.  If hand-delivered, a notice of revocation shall be deemed effective on the date delivered.  If Executive gives notice of revocation during the revocation period, this Agreement shall become null and 

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void and all rights and claims of both CPI and Executive, which would have existed but for the execution of this Agreement, shall be restored.
5.    CPI's Release of the Executive.  With the exception of Executive's Indemnification Rights and CPI's rights to take reasonable and good faith adverse positions to Executive in third party proceedings where the interests of CPI and Executive may diverge or be in conflict (“CPI Carve Out Rights”), CPI and its predecessors, parents, subsidiaries, affiliates, divisions, any related entity, successors and assigns, and all of their current and former agents, officers, directors, shareholders, employees, members, trustees, fiduciaries, representatives, attorneys and all persons acting by, through, under or in concert with any of them hereby irrevocably and unconditionally release, acquit, and forever discharge Executive, and Executive's heirs, administrators, representatives, executors, successors, and assigns (“Executive's Released Parties”) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, damages, causes of action, suits, demands, losses, debts, and expenses, whether now known or unknown, suspected or unsuspected, which CPI now has, owns or holds or has at any time heretofore had, owned or held against any of Executive's Released Parties, arising out of or in any way connected with the Executive's employment relationship with CPI and its predecessor and affiliated companies, divisions or subsidiaries, or the termination thereof.   
With respect to the claims CPI is waiving herein, CPI acknowledges that CPI is waiving its right to receive money or any other relief in any action instituted by CPI or on CPI's behalf by any other person, entity or government agency.  
CPI expressly represents and warrants that it is the sole owner of the actual and alleged claims, demands, rights, causes of action and other matters that are released herein; that the same have not been transferred or assigned or caused to be transferred or assigned to any other person, firm, corporation or other legal entity; and that CPI has the full right and power to grant, execute and deliver this Release, and the undertakings and agreements contained herein.
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6.     Withholding Taxes.  CPI shall have the right to withhold from all payments due Executive hereunder to the extent required by law or regulation, all federal, state and local income and other taxes applicable to such payments.
7.    Nondisclosure.  Executive acknowledges that during his employment with CPI, Executive learned information that is confidential and proprietary to CPI, including information concerning CPI's business and its customers, which is not generally known to the public.  Executive agrees that he will not use any such information for personal benefit or disclose such information to any other company or individual, either directly or indirectly, without the prior written consent of CPI.  The obligations of this paragraph 7 shall not apply, however, to information that becomes generally known to and available for use by the public through no act or omission of Executive. 
8.           Return of Property.  Executive warrants that he has returned or will return to CPI all property of CPI in Executive's possession or under his control, including but not limited to computers, access cards, keys, credit cards, equipment and lists of any kind, including lists of prices, customers, personnel, addresses, vendors, or suppliers.  Except as otherwise required by law, to the extent that Executive has CPI information stored on equipment and/or electronic devices that are owned by Executive, Executive represents that all such information will be provided to CPI and permanently deleted from Executive's equipment and/or electronic devices.
9.    Confidentiality/Non-Disparagement.  Except as otherwise required by law or legal process, Executive acknowledges and agrees that he will keep the negotiations leading to this Agreement, as well as the terms, amount, and fact of this Agreement strictly and completely confidential, and that he will not communicate or otherwise disclose to any executive or employee of CPI (past, present, or future), or to any member of the general public, the terms, amounts, or fact of this Agreement; provided, however, that Executive may make such disclosures to his attorney, financial and/or tax advisor, his spouse or immediate family members as long as they agree to keep the information confidential.  
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Executive further agrees that except as related to Executive's Carve Out Rights, he will not take any action detrimental to CPI, nor make, or assist others in making, any negative, disparaging, detrimental, or derogatory statements and/or communications by any method, including orally, in writing, telephonically, or electronically (including without limitation, blogging, tweeting, and participating in chat rooms), against CPI, its directors, officers, vice presidents, or executives, except as may otherwise be required by applicable law or compelled by process of law.  Executive understands any breach of this provision is a material breach of this Agreement and in the event of any such breach, CPI will be relieved of its obligations under paragraphs 5 and 10 hereof.
10.    CPI's Non-Disparagement.  Except as related to CPI's Carve Out Rights, CPI shall direct  its executive officers and directors  to not take any action detrimental to Executive, nor make, or assist others in making, any negative, disparaging, detrimental, or derogatory statements and/or communications by any method, including orally, in writing, telephonically, or electronically (including without limitation, blogging, tweeting, and participating in chat rooms),  except as may otherwise be required by applicable law or compelled by process of law.  CPI understands any breach of this provision is a material breach of this Agreement and in the event of any such breach, Executive will be relieved of his obligations under paragraphs 3 and 9 hereof.
11.    Confidentiality, Non-Compete and Non-Solicitation.  Subject to the above, Executive hereby acknowledges, affirms and agrees to comply with his obligations as set forth in that certain Confidentiality, Noncompetition and Nonsolicitation Agreement between Executive and the Company dated as of  July 21, 2005.

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12.    Default.  In the event that either Party  breaches any of the provisions of this Agreement, then the other party shall be relieved and discharged from the respective release provisions (paragraph 3 as to Executive and paragraph 5 as to CPI) and the non disparagement provisions ( paragraph 9 as to Executive and paragraph 10 as to CPI).  The provisions of this paragraph shall be in addition to, and not in lieu of, any other rights and remedies the parties may have at law or in equity.
13.    Attorney's Fees.  In the event that litigation is required to enforce any provision of this Agreement, the prevailing party shall be entitled to recover reasonable attorney fees.
14.     Modification and Waiver/Entire Agreement.  No modification, amendment, or waiver of any of the provisions of this Agreement shall be effective unless made in writing specifically referring to this Agreement, and signed by all parties.   The failure to enforce any one or more of the provisions of this Agreement shall in no way be construed to be a waiver of such provisions.  Executive acknowledges that he has not relied on any written or verbal representation not set forth in this Agreement.
15.    Severability.  The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted.
16.       Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Missouri.  Any action brought for the interpretation, application and/or enforcement of this Agreement shall be brought exclusively in the United States District Court for the Eastern District of Missouri and/or the Circuit Court of St. Louis County, Missouri.
17.      Counterpart.  This Agreement may be signed in single or separate counterparts each of which shall constitute an original.  
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

		
	Renato Cataldo
	CPI Corp.

                    
By:                    

Its:                     
 

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