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EXHIBIT 10.5 EXECUTION COPY FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT This Fourth Amendment to Second Amended and Restated Credit
Agreement (this “Fourth Amendment”), is made as of January 11, 2019, by and
among: SPECIALTY RETAILERS, INC., a Texas corporation (“Borrower”); STAGE
STORES, INC., a Nevada corporation (“Parent”); WELLS FARGO BANK, NATIONAL
ASSOCIATION, as the Administrative Agent (in such capacity, the “Administrative
Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”) for the
Lenders; WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Term Loan Agent for the
Term Loan Lenders (in such capacity, the “Term Loan Agent”, and together with
the Administrative Agent and the Collateral Agent, collectively, the “Agents”);
and The LENDERS party hereto; In consideration of the mutual covenants herein
contained and the benefits to be derived herefrom. BACKGROUND: WHEREAS,
reference is made to that certain Second Amended and Restated Credit Agreement,
dated as of October 6, 2014, as amended by the First Amendment to Second Amended
and Restated Credit Agreement, dated as of December 16, 2016, by the Second
Amendment to Second Amended and Restated Credit Agreement and Amendment to
Amended and Restated Security Agreement, dated as of April 21, 2017, and by the
Third Amendment to Second Amended and Restated Credit Agreement, Second
Amendment to Amended and Restated Security Agreement, and First Amendment to
Amended and Restated Guaranty, dated as of August 3, 2018 (together with any
modifications or amendments thereto, collectively, the “Agreement”); WHEREAS,
the Loan Parties have requested that the Agents and the Lenders amend certain
provisions of the Agreement, including to provide for the making of a new term
loan in favor of Borrower on the Fourth Amendment Effective Date, such that as
of the Fourth Amendment Effective Date, the outstanding principal balance of the
Term Loan under the Agreement shall be $50,000,000; WHEREAS, each of Pathlight
Capital Fund I LP and Pathlight Capital LLC (each, a “New Lender”, and
collectively, the “New Lenders”) desires to join the Credit Agreement as a Term
Loan Lender thereunder; and WHEREAS, the Borrower, the Parent, the Agents and
the Lenders have agreed to modify and amend certain additional terms and
conditions of the Credit Agreement, subject to the terms and conditions of this
Amendment.

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NOW, THEREFORE, the Borrower, the Parent, the Agents and the Lenders hereby
agree as follows: 1. Definitions. All capitalized terms used in this Fourth
Amendment and not otherwise defined shall have the same meanings herein as in
the Agreement. 2. Joinder to Credit Agreement. Subject to the satisfaction of
the conditions precedent specified in Section 5 below, each New Lender: (a)
joins in the execution of, and becomes a party to, the Agreement as a Term Loan
Lender; (b) is bound by all agreements and obligations (including, without
limitation, the obligation to make loans to the Borrower pursuant to Section
2.01(b) of the Agreement, subject to the terms and conditions of the Agreement),
and has all of the rights and benefits of a Term Loan Lender under the Agreement
and the other Loan Documents to which the Term Loan Lenders are party, in each
case, with the same force and effect as if such New Lender was a signatory to
the Agreement and such other Loan Documents and was expressly named as a Term
Loan Lender therein; (c) assumes and agrees to perform all duties of a Term Loan
Lender under the Agreement and the other Loan Documents; (d) acknowledges and
agrees that its Term Loan Commitment shall be the amount specified for such New
Lender set forth on Schedule 1.1 to the Agreement (as amended hereby); (e)
represents and warrants to the other parties hereto that it is legally
authorized to enter into this Amendment; (f) agrees that it will, independently
and without reliance upon any Agent or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the
Agreement; and (g) appoints and authorizes the Agents to take such action as
agent on its behalf and to exercise such powers under the Agreement as are
delegated to the Agents by the terms thereof, together with such powers as are
reasonably incidental thereto. Each New Lender hereby acknowledges that it has
received and reviewed a copy of the Agreement (as amended hereby) and each of
the other Loan Documents. 3. Amendments to Credit Agreement. Subject to the
satisfaction of the conditions precedent specified in Section 5 below, the
Agreement shall be amended as follows: (a) Composite Credit Agreement. By
deleting the stricken text (indicated textually in the same manner as the
following example: stricken text) and by adding the double- 2

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underlined text (indicated textually in the same manner as the following
example: double-underlined text) as reflected in the modifications identified in
the document annexed hereto as Annex A attached to this Fourth Amendment. (b)
Updated Exhibit. By amending and restating Exhibit E (Form of Borrowing Base
Certificate) to the Agreement in its entirety and by substituting therefor the
form of Exhibit E annexed hereto as Annex B to this Fourth Amendment. (c)
Updated Schedules. By amending and restating Schedules 1.1, 2.23(a), 2.23(b),
2.23(c), 2.23(f), 3.04, 3.05(c)(i), 3.05(c)(ii), 3.12 and 3.13 to the Agreement
in its entirety and by substituting therefor the respective forms of such
Schedules annexed hereto as Annex C to this Fourth Amendment. 4. Ratification of
Loan Documents; Representations and Warranties; Waiver of Claims. (a) Except as
otherwise expressly provided herein, all terms and conditions of the Agreement
and the other Loan Documents remain in full force and effect. The Loan Parties
hereby ratify, confirm, and reaffirm (i) all Loan Documents as amended hereby,
and (ii) that all representations and warranties of the Loan Parties contained
in the Agreement or any other Loan Document are true and correct in all material
respects on and as of the Fourth Amendment Effective Date, except to the extent
that (i) such representations and warranties relate solely to an earlier date,
in which case such representations and warranties were true, correct, and
complete in all material respects as of such earlier date, or (ii) such
representations and warranties are already qualified by Material Adverse Effect,
“materiality” or similar qualifier, in which case, such representations and
warranties are true, correct, and complete in all respects. Without limiting the
foregoing, the Loan Parties hereby ratify, confirm, reaffirm and restate their
grant of security interest in the Collateral (as defined in the Security
Agreement) and acknowledge and agree that such security interest secures all of
the Secured Obligations (as defined in the Security Agreement) (including,
without limitation all Term Loans made or deemed made on the Fourth Amendment
Effective Date). (b) The Loan Parties hereby represent and warrant as follows:
(i) as of the Fourth Amendment Effective Date, and immediately after giving
effect to the consummation of the transactions contemplated by this Fourth
Amendment to occur on the Fourth Amendment Effective Date, no Default or Event
of Default has occurred and is continuing; (ii) all corporate and shareholder
action on the part of the Loan Parties and all consents and approvals necessary
for the valid execution, delivery and performance by the Loan Parties of this
Fourth Amendment and the documents, instruments and agreements delivered in
connection herewith have been duly and effectively taken and evidence thereof
reasonably satisfactory to the Agents has been provided to the Agents; and 3

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(iii) as of the Fourth Amendment Effective Date, and immediately after giving
effect to the consummation of the transactions contemplated by Fourth Amendment
to occur on the Fourth Amendment Effective Date, the Loan Parties, on a
consolidated basis, are Solvent. (c) Each of the Loan Parties hereby
acknowledges and agrees that, as of the Fourth Amendment Effective Date, there
is no basis or set of facts on the basis of which any amount (or any portion
thereof) owed by the Loan Parties under the Loan Documents could be reduced,
offset, waived, or forgiven, by rescission or otherwise; nor is there any claim,
counterclaim, offset, or defense (or other right, remedy, or basis having a
similar effect) available to the Loan Parties with regard thereto; nor is there
any basis on which the terms and conditions of any of the Obligations could be
claimed to be other than as stated on the written instruments which evidence
such Obligations. (d) Each of the Loan Parties hereby acknowledges and agrees
that, as of the Fourth Amendment Effective Date, it has no offsets, defenses,
claims, or counterclaims against the Agents or any Lender, or any of their
respective affiliates, predecessors, successors, or assigns, or any of their
respective officers, directors, employees, attorneys, or representatives, with
respect to the Obligations, and that if any Loan Party now has, or ever did have
prior to the Fourth Amendment Effective Date, any offsets, defenses, claims, or
counterclaims against the Agents or any Lender, or their respective affiliates,
predecessors, successors, or assigns, or their respective officers, directors,
employees, attorneys, or representatives, with respect to the Obligations,
whether known or unknown, at law or in equity, from the beginning of the world
through this date and through the time of execution of this Fourth Amendment,
all of them are hereby expressly WAIVED, and each of the Loan Parties hereby
RELEASES the Agents and each Lender and their respective officers, directors,
employees, attorneys, representatives, affiliates, predecessors, successors, and
assigns from any liability therefor. 5. Conditions to Effectiveness. This Fourth
Amendment shall not be effective until each of the following conditions
precedent has been fulfilled to the reasonable satisfaction of the Agents: (a)
The Agents shall have received counterparts of this Fourth Amendment, each duly
executed and delivered by each of the parties hereto. (b) All necessary consents
and approvals to the transactions contemplated hereby shall have been obtained
and shall be satisfactory to the Agents. (c) Each Loan Party shall have
delivered the following to the Agents, in form and substance reasonably
satisfactory to the Agents: (i) Copies of such Loan Party’s Organizational
Documents (or certifications of no change since the Third Amendment Effective
Date) and such other documents and certifications as the Agents may reasonably
require to 4

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evidence that such Loan Party is duly organized, and that such Loan Party is
validly existing, in good standing and qualified to engage in business in each
jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification, except to the extent that
failure to so qualify in such jurisdiction could not reasonably be expected to
have a Material Adverse Effect; (ii) Certificates of resolutions or other
action, incumbency certificates and/or other certificates of senior officers of
such Loan Party as the Agents may require evidencing (A) the authority of such
Loan Party to enter into this Fourth Amendment and the other Loan Documents to
which such Loan Party is a party or is to become a party and (B) the identity,
authority and capacity of each senior officer thereof authorized to act as a
senior officer in connection with this Fourth Amendment and the other Loan
Documents to which such Loan Party is a party or is to become a party; and (iii)
The other documents, instruments and agreements set forth on Schedule I annexed
hereto. (d) The Agents shall have received a favorable written opinion
(addressed to each Agent and the Lenders and dated the Fourth Amendment
Effective Date) of McAfee & Taft, A Professional Corporation, counsel for the
Loan Parties, and such local counsel of the Loan Parties, as applicable,
covering other matters relating to the Loan Parties, the Loan Documents or the
transactions contemplated thereby as the Required Lenders shall reasonably
request. The Borrower hereby requests such counsel to deliver such opinion. (e)
The Administrative Agent shall have received and be satisfied with a detailed
forecast for the period commencing on the Fourth Amendment Effective Date and
ending February 1, 2020, which shall include an Excess Availability model,
Consolidated income statement, balance sheet, and statement of cash flow, by
month, each prepared in conformity with GAAP and consistent with the Loan
Parties’ then current practices. (f) All filings, recordations and searches
reasonably requested by the Collateral Agent to be made in connection with the
liens and security interests in the Loan Parties’ properties shall have been
duly made. (g) The Collateral Agent shall have received, and be reasonably
satisfied with, evidence of the Loan Parties’ insurance, together with such
endorsements as are required by the Loan Documents. (h) After giving effect to
this Fourth Amendment, no Default or Event of Default shall have occurred and be
continuing. (i) No event shall have occurred since February 3, 2018 that could
reasonably be expected to have a Material Adverse Effect. 5

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(j) After giving effect to the transactions contemplated hereby, Excess
Availability on the Fourth Amendment Effective Date shall be not less than
$90,000,000. The Agents shall have received a Borrowing Base Certificate dated
the Fourth Amendment Effective Date, relating to the Fiscal Month ended on
January 5, 2019, and executed by a Financial Officer of the Borrower. (k) The
Agents and the Lenders shall have received, in form and substance reasonably
satisfactory to the Agents and the Lenders, such other information and documents
including, without limitation, such information and documents as may be required
by any Agent or any Lender in order to complete “know your customer” and other
compliance diligence, as may be reasonably requested by any Agent or any Lender.
(l) There shall be no material misstatements of fact in the written materials
furnished by the Loan Parties to the Agents or the Lenders prior to closing of
this Fourth Amendment, or, after giving effect to the amendments to the
Schedules made pursuant to this Amendment, in the representations or warranties
of the Loan Parties made in the Credit Agreement or this Amendment. (m) All fees
payable to the Agents and the Lenders required to be paid on or before the
Fourth Amendment Effective Date shall have been paid. (n) The Agents shall have
been reimbursed by the Loan Parties for all reasonable costs and expenses of the
Agents (including, without limitation, reasonable attorneys’ fees) in connection
with the preparation, negotiation, execution, and delivery of this Fourth
Amendment and related documents. The Loan Parties hereby acknowledge and agree
that the Agents may charge the Loan Account to pay such costs and expenses. 6.
Miscellaneous. (a) This Fourth Amendment may be executed in several counterparts
and by each party on a separate counterpart, each of which when so executed and
delivered shall be an original, and all of which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page to this
Fourth Amendment by telecopy or other electronic transmission shall be effective
as delivery of a manually executed counterpart of this Fourth Amendment. (b)
This Fourth Amendment, together with the other Loan Documents, expresses the
entire understanding of the parties with respect to the transactions
contemplated hereby. No prior negotiations or discussions shall limit, modify,
or otherwise affect the provisions hereof. (c) Any provision of this Fourth
Amendment held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such
provision in any other jurisdiction. 6

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(d) The Loan Parties represent and warrant that they have consulted with
independent legal counsel of their selection in connection with this Fourth
Amendment and are not relying on any representations or warranties of the Agents
or the Lenders or their counsel in entering into this Fourth Amendment. (e) THIS
FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS
PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW. [SIGNATURE PAGES FOLLOW] 7

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IN WITNESS WHEREOF, the parties have hereunto caused this Fourth Amendment to be
duly executed by their respective authorized officers as a sealed instrument as
of the date first above written. BORROWER: SPECIALTY RETAILERS, INC. By: /s/
Jason T. Curtis ____________ Name: Jason Curtis Title: Interim Chief Financial
Officer and Treasurer FACILITY GUARANTOR AND PARENT: STAGE STORES, INC. By: /s/
Jason T. Curtis ______________ Name: Jason Curtis Title: Interim Chief Financial
Officer and Treasurer Signature Page to Fourth Amendment to Second Amended and
Restated Credit Agreement

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral
Agent, Swingline Lender, and Issuing Bank By: /s/ Jai Alexander________________
Name: Jai Alexander__________________ Title: Director______________________
Signature Page to Fourth Amendment to Second Amended and Restated Credit
Agreement

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Term Loan Agent By: /s/ Wai Yin
Cheng______________ Name: Wai Yin Cheng ________________ Title:
Director______________________ Signature Page to Fourth Amendment to Second
Amended and Restated Credit Agreement

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Revolving Loan Lender By: /s/ Jai
Alexander________________ Name: Jai Alexander__________________ Title: Director
Signature Page to Fourth Amendment to Second Amended and Restated Credit
Agreement

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BANK OF AMERICA, N.A., as a Revolving Loan Lender By: /s/ Peter M.
Walther_____________ Name: Peter M. Walther_______________ Title: Senior Vice
President___________ Signature Page to Fourth Amendment to Second Amended and
Restated Credit Agreement

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REGIONS BANK, as a Revolving Loan Lender By: /s/ Connie Ruan________________
Name: Connie Ruan __________________ Title: Director______________________
Signature Page to Fourth Amendment to Second Amended and Restated Credit
Agreement

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SUNTRUST BANK, as a Revolving Loan Lender By: /s/ Pavo Hrkac_________________
Name: Pavo Hrkac ___________________ Title: Vice President_________________
Signature Page to Fourth Amendment to Second Amended and Restated Credit
Agreement

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Term Loan Lender By: /s/ Wai Yin
Cheng______________ Name: Wai Yin Cheng ________________ Title:
Director______________________ Signature Page to Fourth Amendment to Second
Amended and Restated Credit Agreement

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PATHLIGHT CAPITAL FUND I LP, as a Term Loan Lender By: Pathlight Partners GP
LLC, its General Partner By: /s/ Katie Hendricks______________ Name: Katie
Hendricks________________ Title: Managing Director_____________ Signature Page
to Fourth Amendment to Second Amended and Restated Credit Agreement

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PATHLIGHT CAPITAL LLC, as a Term Loan Lender By: /s/ Katie
Hendricks______________ Name: Katie Hendricks________________ Title: Managing
Director_____________ Signature Page to Fourth Amendment to Second Amended and
Restated Credit Agreement

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ANNEX C Certain Updated Schedules to Credit Agreement [see attached]

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Schedule 1.1 Lenders and Commitments Lender Revolving Loan Commitment Revolving
Loan Commitment Percentage Ordinary Seasonal Term Loan Ordinary Seasonal Term
Loan Revolving Revolving Commitment Revolving Revolving Commitment Loan Loan
Loan Loan Percentage Commitment Commitment Commitment Commitment Increase
Percentage Increase Period Period Commitment Commitment Percentage Wells Fargo
$133,300,000 $158,300,000 $25,000,000* 33.325% x/y 50% Bank, National
Association JPMorgan $75,000,000 $75,000,000 $0 18.750% x/y 0% Chase Bank, N.A.
Regions $75,000,000 $75,000,000 $0 18.750% x/y 0% Bank Bank of $66,700,000
$66,700,000 $0 16.675% x/y 0% America, N.A. SunTrust $50,000,000 $50,000,000 $0
12.250% x/y 0% Bank Pathlight $0 $0 $12,775,000 0% 0% 25.55% Capital Fund I LP
Pathlight $0 $0 $12,225,000 0% 0% 24.45% Capital LLC $400,000,000 $425,000,000
$50,000,000 100% 100% 100% * = funded and terminated as of the Third Amendment
Effective Date x = as to each Revolving Loan Lender, other than the Seasonal
Increase Commitment Lender, such Revolving Loan Lender’s Ordinary Commitment,
and as to the Seasonal Increase Commitment Lender, the sum of such Revolving
Loan Lender’s Ordinary Commitment plus the Seasonal Commitment Increase Utilized
Amount. y = Adjusted Revolving Loan Commitments

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