Document:

Exhibit 10.46 fy 2011

EXHIBIT 10.46

Master Relationship Termination Agreement
Multiple CPI Locations

THIS MASTER RELATIONSHIP TERMINATION AGREEMENT (“Agreement”) is made and entered into by and between WAL-MART STORES EAST, LP, individually and only as to Stores owned, leased, or operated in AL, CT, DC, DE, FL, GA, IN, KY, ME, MD, MA, MI, MS, MO, NH, NJ, NM, NY, NC, OH, OK, PA, RI, SC, TN, VT, VA, WI, WV; WAL-MART STORES, INC., individually and only as to Stores owned or leased in AK, AZ, CA, CO, HI, ID, IL, IA, KS, MN, MT, NE, NV, ND, OR, SD, UT, WA, WY; WAL-MART LOUISIANA, LLC, individually and only as to Stores owned or leased in Louisiana; and WAL-MART STORES TEXAS, LLC, individually and only as to Stores owned or leased in Texas; and WAL-MART STORES ARKANSAS, LLC, and only as to Stores owned or leased in Arkansas (each referred to as “Retailer” for purposes of this Agreement as it applies to a particular location and collectively hereinafter referred to as “Wal-Mart” or “Retailer”) and CPI Corp. (“Licensee”).  The effective date of this Agreement is April 17, 2012 (the “Effective Date).  

WHEREAS, Wal-Mart and CPI Corp., successor in interest to Portrait Corporation of America, Inc. entered into that certain Master Relationship Agreement, dated as of June 8, 2007, as subsequently amended (collectively, the “MRA ”);

WHEREAS, pursuant to the  MRA, the parties agreed to attach a “License” for each individual location in which Licensee would lease a vestibule space from Wal-Mart; 

WHEREAS, subject to the agreed upon conditions below, Retailer and Licensee desire to terminate the MRA only as it relates to the Licensed Spaces as described in Exhibit 1, attached hereto and made a part hereof by this reference (collectively the “ Licensed  Spaces”); and
 
NOW, THEREFORE, for valuable consideration, the sufficiency and receipt of which is hereby acknowledged, Licensee and Retailer hereby agree as follows:

1.The MRA shall be terminated and cancelled, only as it pertains to the Licensed Spaces, effective 11:59 p.m. (Pacific Time) April 17, 2012 (the “Termination Date”). The Licensed Spaces shall be surrendered to Retailer no later than 11:59 p.m. (Pacific Time) April 21, 2012 (the “Vacate Date”). 

1.2    Licensee shall be responsible for and shall pay Retailer all License Fees and other charges and fees due and owing under the MRA accruing through the Termination Date. 

1.3    Notwithstanding anything to the contrary contained elsewhere in this Agreement, nothing in this Agreement nor any act or omission by Retailer or its attorneys is intended or should be deemed to be a waiver, alteration, accord, satisfaction, novation, composition or modification of the MRA or any rights or remedies that Retailer may have in collecting all License Fees and other charges and fees due and owing under the MRA accruing through the Termination Date, and all such rights or remedies, whether at law or equity, are hereby expressly reserved. 

1.4    In addition to all License Fees and other fees accruing under the MRA through the Termination Date, Licensee agrees to pay Retailer a one-time settlement fee / Licensee improvement reimbursement of seventeen thousand twenty-eight dollars and zero cents ($17,028.00).     

1.5    Licensee shall remove Licensee's furniture, fixtures, equipment, and personal property and return the Licensed Spaces in broom clean condition by the Vacate Date. Licensee shall coordinate with Retailer's Store Manager the schedule for removal so as not to interfere with store operations and customer traffic. Licensee shall repair any damage to the Store caused by removal of such equipment, fixtures and equipment.
 
1.6     Licensee shall remove all of Licensee's bulkhead, interior and exterior signage, repair any damage caused by the removal of such signage, and repaint the bulkhead by the Termination Date. 

1.7     From and after the Termination Date, the Licensee does hereby forever and unconditionally waive and relinquish Licensee's right to use, occupy, and possess the Licensed Spaces under the MRA .  

1.8     From and after the Termination Date, Licensee and Retailer shall have no further obligations and liabilities, one to the other with respect to the Licensed Spaces, pursuant to the MRA and the terms and conditions contained therein, except as is specifically provided for in this Agreement.

1.9     Licensee, its agents, employees and contractor shall keep in strict confidence the terms of this Agreement. 

1.10     Licensee acknowledges that Retailer is in full compliance with all provisions of the MRA as of the Termination Date.  Licensee acknowledges and agrees that all of Licensee's indemnification obligations (and related warranties) contained in the MRA shall remain unimpaired and in full force and effect with respect to any Claims that may have arisen during the Licensee's use or occupancy of the Licensed Spaces.  

1.11     No modification of this Agreement shall be valid or binding unless such modification is in writing, duly dated, and signed by both parties.
 
1.12     This Agreement contains the entire agreement of the parties with respect to the subject matter hereof, and all prior communications, oral or written, are without any force and effect as it is the specific intent of the parties that this Agreement alone sets forth the terms upon which the parties have mutually agreed.  Each party specifically agrees that it enters into this Agreement based on its own understanding of the terms hereof and does not rely, in whole or part, on any interpretation or representation of the other party.  Each party agrees that this Agreement is the result of good faith arms length negotiations.

1.13     This Agreement may be executed in one or more counterparts (including by facsimile or electronically), all parties need not be signatories to the same documents, and all counterpart-signed documents shall be deemed to be an original and one (1) instrument.  Counterpart signatures received through facsimile transmission or electronic signature shall bind the party whose signature is so received as if such signature were an original.

(signature page to follow)

IN WITNESS WHEREOF, the parties have executed this Agreement the day and year written below.

                
LICENSEE:                      RETAILER:

CPI CORP.                    WAL-MART STORES, INC.

By:  /s/Dale Heins                By: /s/Don Ethridge
_________________________________        ____________________________________
Dale Heins                    Don Ethridge                          
Executive Vice President, Finance,        Senior Director
Chief Financial Officer and Treasurer          Date: April 20, 12012                
Date: April 17, 2012                
WAL-MART STORES EAST, LP
By: /s/Don Ethridge
____________________________________
Don Ethridge
Senior Director
Date: April 20, 2012

WAL-MART STORES ARKANSAS, LLC
By: /s/Don Ethridge
____________________________________
Don Ethridge
Senior Director
Date: April 20, 2012

WAL-MART STORES EAST, LP
By: /s/Don Ethridge
____________________________________
Don Ethridge
Senior Director
Date: April 20, 2012
                            
WAL-MART LOUISIANA, LLC
By: /s/Don Ethridge
____________________________________
Don Ethridge
Senior Director
Date: April 20, 2012
                    
WAL-MART STORES TEXAS, LLC
By: /s/Don Ethridge
____________________________________
Don Ethridge
Senior Director
Date: April 20, 2012

"Exhibit 1"

	
						
	Store #
	City
	State
	Sq Ft

	1,824
	

	YPSILANTI
	MI
	260
	

	2,493
	

	GRAND RAPIDS
	MI
	180
	

	2,558
	

	STERLING HEIGHTS
	MI
	216
	

	2,567
	

	GRANDVILLE
	MI
	216
	

	1,593
	

	COLDWATER
	MI
	390
	

	3,328
	

	GREENVILLE
	MI
	404
	

	1,733
	

	OWOSSO
	MI
	469
	

	2,100
	

	CHEBOYGAN
	MI
	497
	

	1,423
	

	SAINT JOHNS
	MI
	640
	

	5,411
	

	IONIA
	MI
	640Exhibit 10.47 fy 2011

EXHIBIT 10.47

April 3, 2012

Mr. Brian Howard
Vice President - Store Operations
Toys “R” Us - Delaware, Inc.
1 Geoffrey Way
Wayne, NJ 07470

Dear Brian,

This will acknowledge receipt of your letter dated as of March 16, 2012, relating to the termination of the license under the Amended and Restated License Agreement, dated as of December 23, 2005, as amended, by and between Toys “R” Us - Delaware, Inc. (“TRU”) and CPI Corp. (“CPI”) as of February 22, 2010 (collectively, the “Agreement”) and confirm our subsequent conversations regarding Terminated Departments.

Pursuant to Section 22(g), CPI hereby exercises its right to exclude from the Terminated Departments the 10 Departments identified on Exhibit A, attached hereto and incorporated herein.  In addition, CPI will close the 22 Departments we opened in 2011 (identified on Exhibit B, attached hereto and incorporated herein), because we do not believe any of those 22 Departments will achieve the minimum $175,000 in sales by the end of the year. Unfortunately, we cannot justify continued operating costs and losses in those locations knowing that they will be subject to termination pursuant to Section 22(g) shortly after the end of the current year. 

In lieu of your proposed Termination Date of May 19, 2012, we propose the following schedule: 
    
		
	•
	Monday, April 9th-notification of CPI employees 

 
		
	•
	Saturday, April 14th-last day for taking portraits in Terminated Departments

		
	•
	Sunday, April 15th-Saturday, April 21st- Delivery of customer packages and commencement of packing CPI personal property during Regular Operating Hours; staffing during Regular Operating Hours ends April 21st

		
	•
	Sunday, April 22nd-Saturday April 28th-Complete packing and removal of CPI personal property during hours as needed

In consideration of TRU's waiver of the requirements of the first sentence of Section 23 of the Agreement with regard to fixtures, flooring and walls, CPI will pay TRU a fixed sum of $310,000 ($2,500 for each of the 124 Terminated Departments we will vacate as set forth above) on June 1, 2012.  TRU will be responsible for removal of all fixtures, flooring and walls from the Terminated Departments.

As always, please call me if you have any questions or wish to discuss the matters addressed in this letter. Otherwise, please acknowledge your receipt and agreement to the terms set forth above by signing one copy of this letter and returning it to me with a copy to CPI's General Counsel.

Thank you very much.

Sincerely,

/s/Tom Gallahue
_______________________________
Tom Gallahue
Executive Vice President, Operations    

Acknowledged and agreed to this
4th day of April, 2012.

Toys “R” Us - Delaware, Inc.

By: /s/Brian Howard
_________________________________
Brian Howard
Vice President, Store Operations

cc: General Counsel, Toys “R” Us - Delaware Inc.

Exhibit A

	
						
	BRU #
	Studio
	Address 1
	City
	State
	Zip

	6377
	76533
	2700 US HIGHWAY 22 E
	UNION
	NJ
	07083

	9250
	76548
	32233 GRATIOT AVE
	ROSEVILLE
	MI
	48066

	6539
	76549
	465 US HIGHWAY 46
	TOTOWA
	NJ
	07512

	9562
	76555
	1220 NORTH TOWN EAST BLVD
	MESQUITE
	TX
	75150

	6385
	76570
	300 QUAKER LANE
	WARWICK
	RI
	02886

	6481
	76582
	17 US HIGHWAY 9
	ENGLISHTOWN
	NJ
	07726

	6503
	76585
	98 STATE ROUTE 10
	EAST HANOVER
	NJ
	07936

	6459
	76592
	447 SOUTH BROADWAY
	SALEM
	NH
	03079

	6443
	76595
	12 MYSTIC VIEW ROAD
	EVERETT
	MA
	02149

	6583
	76640
	9930 ALABAMA STREET
	REDLANDS
	CA
	92374

Exhibit B

	
						
	BRU #
	Studio
	Address 1
	City
	State
	Zip

	5657
	76677
	4635 CHINO HILLS PKWY
	CHINO HILLS
	CA
	91709

	5858
	76670
	1930 N DAVIS RD
	SALINAS
	CA
	93907

	6022
	76679
	826 S RANDALL RD
	ALGONQUIN
	IL
	60102

	6366
	76683
	376 UNIVERSAL DR N
	NORTH HAVEN
	CT
	06473

	6432
	76671
	9280 ROSEDALE HIGHWAY
	BAKERSFIELD
	CA
	93312

	6441
	76684
	1522-24 BOSTON POST ROAD
	MILFORD
	CT
	06460

	6467
	76669
	3300 WILKES BARRE
	WILKES BARRE
	PA
	18702

	6490
	76672
	10640 TRINITY PKWY
	STOCKTON
	CA
	95219

	6507
	76673
	3505 S 140TH PLAZA
	OMAHA
	NE
	68144

	6562
	76686
	7001 FAYETTEVILLE ROAD
	DURHAM
	NC
	27713

	6563
	76668
	2205 GALLATIN PIKE N
	MADISON
	TN
	37115

	6624
	76681
	7020 N 5TH ST
	NORTH LAS VEGAS
	NV
	89084

	7703
	76674
	6851 VETERANS MEM BLVD
	METAIRIE
	LA
	70003

	7712
	76675
	2616 S SHACKLEFORD RD
	LITTLE ROCK
	AR
	72205

	7812
	76676
	170 E STACY RD, STE 2220
	ALLEN
	TX
	75002

	8004
	76682
	1800 JANTZEN BEACH CTR
	PORTLAND
	OR
	97217

	8888
	76666
	7220 RIVERS AVE
	NORTH CHARLESTON
	SC
	29406

	8894
	76667
	1214 BRIDFORD PARKWAY
	GREENSBORO
	NC
	27407

	9243
	76685
	3928 E 82ND STREET
	INDIANAPOLIS
	IN
	46240

	9260
	76664
	4923 28TH STREET SE
	GRAND RAPIDS
	MI
	49512

	9294
	76665
	1335 E 79TH AVE
	MERRILLVILLE
	IN
	46410

	9577
	76663
	1731 BELLE ISLE BLVD
	OKLAHOMA CITY
	OK
	73118

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