CPI CORP
SEVENTH AMENDMENT OT SEARS LICENSE AGREEMENT
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<TYPE>EX-10
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<FILENAME>exhibit1069.htm
<DESCRIPTION>SEVENTH AMENDMENT OT SEARS LICENSE AGREEMENT
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     <!-- Client Name:    Finance Dept                                                     -->
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     <!-- Firm Name:      CPI Corp                                                         -->
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<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Exhibit 10.69</b> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>SEVENTH AMENDMENT TO
LICENSE AGREEMENT </FONT><BR>


<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finite #195-020 </FONT><BR>


<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vendor #000-404-285 </FONT></P><BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
SEVENTH AMENDMENT TO LICENSE AGREEMENT (&#147;Seventh Amendment&#148;) is made as of July
1, 2003 by and between SEARS ROEBUCK AND CO., a New York corporation (&#147;Sears&#148;),
and CONSUMER PROGRAMS INCORPORATED, a Missouri corporation (&#147;Licensee&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REFERENCE
is made to the License Agreement made and entered into as of January 1, 1999, as
previously amended (the &#147;License Agreement&#148;) by and between Sears and Licensee
for the sale of products and services (the &#147;Licensed Business&#148;) at On Premises
locations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Licensee desires to be released from certain obligations under the License Agreement that
restrict its opportunities to operate portrait studios in locations that are not owned or
controlled by Sears; and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Sears and Licensee desire to revise the commission structure set forth in the License
Agreement; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, Sears and Licensee agree as follows: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any and all terms and definitions used herein shall have the same meaning as set
          forth in the License Agreement unless otherwise indicated herein. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Section 5.18, as set forth in Section 2 of the Second Amendment to the License
          Agreement, dated as of November 10, 1999 (the &#147;Second Amendment&#148;), as
          amended by Section 1 of the Fifth Amendment to the License Agreement, dated as
          of November 20, 2002 (&#147;the Fifth Amendment&#148;) and as further amended by
          Section 1 of the Sixth Amendment to the License Agreement, dated as of November
          20, 2002 (the &#147;Sixth Amendment&#148;), is hereby deleted in its entirety. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Section 14.7, as set forth in Section 6 of the Second Amendment, as amended by
          Section 2 of the Fifth Amendment, is hereby deleted in its entirety. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Exhibit C is hereby deleted in its entirety and replaced by Exhibit C/A,
          attached hereto. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Fifth Amendment shall be deleted in its entirety. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Except as expressly modified by this
Seventh Amendment, all other provisions of the License Agreement shall remain in full
force and effect. To the extent that the terms of this Seventh Amendment are inconsistent
with any of the terms of the License Agreement, the terms of this Seventh Amendment shall
supercede and govern. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, Sears and Licensee have signed this Seventh Amendment as of the date set
forth above by their duly authorized officers and agents. </FONT></P>





<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;</FONT></TH>
     <TH ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;</FONT></TH>
     <TH ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">SEARS, ROEBUCK AND CO.
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="70%" ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="top"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:
</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;/s/ John Pigott
</FONT><HR SIZE="2" WIDTH="50%" ALIGN="Left"></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="top"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Pigott
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Its:
</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President
</FONT></TD></TR>
</TABLE><BR><BR>




<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;</FONT></TH>
     <TH ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;</FONT></TH>
     <TH ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">CONSUMER PROGRAMS INCORPORATED
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="70%" ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:
</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;/s/ Jack Krings
</FONT><HR SIZE="2" WIDTH="50%" ALIGN="Left"></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Krings
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Its:
</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="BOTTOM"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President
</FONT></TD></TR>
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