Exhibit 10.3
 
Summary of the Award Levels and Performance Goals
for the Named Executive Officers
of Brown Shoe Company, Inc.
 

 
Incentive Award as a Percentage of Base Salary (1) (2)
Name and Title of Executive Officer
Minimum
Target
Maximum
Ronald A. Fromm
    Chairman of the Board and Chief Executive Officer
0%
75%
150%
Diane M. Sullivan
    President
0
70
140
Joseph W. Wood
    President, Famous Footwear
0
65
130
David H. Schwartz
    Chief Administrative Officer and President, Brown Shoe International
0
60
120
Gary M. Rich
    President, Brown Shoe Wholesale
0
60
120

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(1)  
Effective January 30, 2005, performance goals will be measured primarily on the
Company’s annual net earnings, earnings from continuing operations and
divisional gross margins.

 
 

(2)  
Under the Brown Shoe Company, Inc. Deferred Compensation Plan (the “Plan”),
executive officers of the Company participating in the Plan may defer up to 100%
of the Annual Incentive Plan award. The amount of compensation to be deferred by
each participant will be determined in accordance with the Plan based on
elections made by the participant. The amount of compensation deferred under the
Plan, together with interest thereon computed at the prime rate, will be paid in
a single lump sum payment or in equal annual installments over a period of 15
years upon the participant’s retirement, termination, death, disability or other
dates determined in accordance with the Plan.

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