Exhibit 10.25 STOCK APPRECIATION RIGHTS AGREEMENT THIS AGREEMENT is made as of this 31st day of December, 2002, by and between MM Companies, Inc., a Delaware corporation (the "Company"), and James Mitarotonda (the "Grantee"). W I T N E S S E T H: - -...Stock Appreciation Rights Agreement • March 31st, 2003 • Mm Companies Inc • Phonograph records & prerecorded audio tapes & disks • New York
