Document:

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                                                                 EXHIBIT 10.24.3

          THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING
        SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
                                      1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                               FORM OF STOCK UNITS
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. This
is done by granting Awards to directors.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

      -  Read the Plan and the Plan's Prospectus carefully to ensure you
         understand how the Plan works;

      -  Read this Award Agreement carefully to ensure you understand the nature
         of your Award and what must happen if you are to earn it; and

      -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
         have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.

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                              NATURE OF YOUR AWARD

You have been granted an Award consisting of Stock Units, which will be
converted to common shares of the Company if the conditions described in this
Award Agreement are met. Federal income tax rules apply to the payment of your
Award. These and other conditions affecting your Award are described in this
Award Agreement, the Plan and the Plan's Prospectus, all of which you should
read carefully.

No later than ____________, you must return a signed copy of this Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

GRANT DATE: Your Stock Units were granted on ____________ and it also is the
date your Stock Units vested.

NUMBER OF STOCK UNITS: You have been granted ____________ Stock Units in payment
of a portion of your annual retainer. Although these Stock Units are not actual
shares of Company stock, they will be credited with "dividends" at the same rate
and at the same time dividends are paid on actual shares of Company Stock. These
dividends will be converted to additional Stock Units based on the amount of
dividends paid and the Fair Market Value (as defined in the Plan) of a share of
Company stock. These additional Stock Units will be distributed at the same time
and subject to the same terms and conditions that apply to other Stock Units
granted with this Award Agreement.

The conditions that must be met before the Award is converted into shares of
Company stock are discussed below in the Section titled "When Your Award Will Be
Settled."

                         WHEN YOUR AWARD WILL BE SETTLED

NORMAL SETTLEMENT: Your Stock Units normally will be settled and converted to an
equal number of shares of Company stock when you leave the Company's board of
directors.

HOW YOUR STOCK UNITS MIGHT BE SETTLED BEFORE THE NORMAL SETTLEMENT DATE: If
there is a Change in Control (as defined in the Plan) before the Normal
Settlement Date, your Stock Units will be settled as of the date of the Change
in Control.

HOW YOUR STOCK UNITS MAY BE FORFEITED: You will forfeit any Stock Units if,
before they are settled and before Change in Control, your board service ends
because:

      -  You materially fail to substantially perform your position or duties;

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      -  You engage in illegal or grossly negligent conduct that is materially
         injurious to the Company or any Related Entity (as defined in the
         Plan);

      -  You materially violate any law or regulation governing the Company or
         any Related Entity;

      -  You commit a material act of fraud or dishonesty which has had or is
         likely to have a material adverse effect upon the Company's (or any
         Related Entity's) operations or financial conditions;

      -  You materially breach the terms of any other agreement with the Company
         or any Related Entity; or

      -  You breach any term of the Plan or this Award Agreement.

Also, if you terminate your board service for any reason other than those just
listed and the Company subsequently discovers that you actively concealed an
act, event or failure that is within those just listed and the Company could not
have discovered that act, event or failure through reasonable diligence before
your termination, you will be required to repay to the Company the full value
you received under this Award.

                               SETTLING YOUR AWARD

Your Stock Units will be settled automatically soon after your board service
ends. At that time, you will receive one share of Company stock for each Stock
Unit.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE YOUR STOCK UNITS ARE SETTLED: Until your Stock Units are settled,
you may not exercise any voting rights associated with the shares underlying
your Stock Units. See Section titled "Nature of Your Award - Number of Stock
Units for a description of how dividends will be paid on your Stock Units.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to receive
any Stock Units to be settled after you die. This may be done only on the
attached Beneficiary Designation Form and by following the rules described in
that form and in the Plan. If you die without making an effective Beneficiary
designation with respect to this Award, the Stock Units subject to this Award
will be converted to shares and distributed to your surviving spouse or, if you
do not have a surviving spouse, to your estate.

TAX WITHHOLDING: You (and not the Company) are solely responsible for any income
and other taxes (including payment of estimated taxes) associated with this
Award or its conversion to shares of Company stock.

TRANSFERRING YOUR STOCK UNITS: Normally, your Stock Units may not be transferred
to another person. However, you may complete a Beneficiary Designation Form to
name the person to receive any Stock Units settled after you die. Also, the
Committee may allow you to place your Stock Units into a trust established for
your benefit or the benefit of your family. Contact

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DSW's Vice President, Human Resources at (614) 238-5781 or at the address given
below if you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and the laws of the State of Ohio
(other than laws governing conflicts of laws).

OTHER AGREEMENTS: Also, your Stock Units will be subject to the terms of any
other written agreements between you and the Company.

ADJUSTMENTS TO YOUR STOCK UNITS: Your Stock Units will be adjusted, if
appropriate, to reflect any change to the Company's capital structure (e.g., the
number of your Stock Units will be adjusted to reflect a stock split).

OTHER RULES: Your Stock Units also are subject to more rules described in the
Plan and in the Plan's Prospectus. You should read both these documents
carefully to ensure you fully understand all the conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your Stock Units is discussed in the Plan's
Prospectus.

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

NOTE: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Award and
         understand what I must do to earn my Award;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my Award or this
         Award Agreement to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the terms of my
         Award and reduce its value or potential value; and

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      -  If I do not return a signed copy of this Award Agreement to the address
         shown below before ____________, my Award will be revoked automatically
         as of the date it was granted and I will not be entitled to receive
         anything on account of the retroactively revoked Award.

____________________

__________________________________________
(signature)
Date signed: _____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By: _________________________

___________________:

      _____ Has complied with the conditions imposed on the grant and the Award
      and the Award Agreement remains in effect; or

      _____ Has not complied with the conditions imposed on the grant and the
      Award and the Award Agreement are revoked as of the Grant Date because
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Committee

By: _______________________________

Date: _____________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

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                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

         RELATING TO STOCK UNITS ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form to [1] name the person you want to receive any amount due
under the DSW Inc. 2005 Equity Incentive Plan after your death or [2] change the
person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources at the address
given below.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01 PRIMARY BENEFICIARY:

   I designate the following persons as my Primary Beneficiary or Beneficiaries
   to receive any shares of DSW stock due after my death under the terms of the
   Award Agreement described at the top of this form. These shares will be
   allocated, in the proportion specified to:

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

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      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

1.02 CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
shares of DSW stock due after my death under the terms of the Award Agreement
described at the top of this form:

      _____ Be allocated to my other named Primary Beneficiaries in proportion
      to the allocation given above (ignoring the interest allocated to the
      deceased Primary Beneficiary); or

      _____ Be paid to my other named Primary Beneficiaries in proportion to the
      allocation given above (ignoring the interest allocated to the deceased
      Primary Beneficiary); or

      _____ Be distributed among the following Contingent Beneficiaries.

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

                                      ****

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ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.

Name: ____________

Soc. Sec. No.: _________________________________________________________________

Date of Birth: _________________________________________________________________

Address: _______________________________________________________________________

________________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.

___________________________                          ___________________________
Date                                                 Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

Received on: __________________

By: ______________________________________

06/22/2005 - 9703498

                                       8<PAGE>

                                                                 EXHIBIT 10.24.4

        THIS ELECTION RELATES TO SECURITIES THAT ARE PART OF A PROSPECTUS
             COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE
                             SECURITIES ACT OF 1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                  FORM OF CASH RETAINER DEFERRAL ELECTION FORM

1.00 THE DSW INC. DIRECTORS DEFERRAL PROGRAM.

Under the DSW Inc. ("Company") directors' compensation program, your "Annual
Retainer" is the amount paid for service as a member of the DSW board, currently
$100,000 annually) plus any amount paid for service as the chair of a board
committee. This Annual Retainer is to be paid in two forms:

      -  A portion of your Annual Retainer is automatically paid in the form of
         Stock Units ("Stock Unit Retainer"). For the period between the initial
         public offering of the Company's securities ("IPO") and the first
         annual meeting of the Company's shareholders after the IPO, the Stock
         Unit Retainer will consist of 3,100 Stock Units and will be granted
         shortly after the IPO. On the date of each annual meeting of the
         shareholders for the purpose of electing directors beginning with the
         Company's 2006 annual meeting (assuming you continue to serve as a
         director after that meeting), you will automatically receive a grant of
         a number of Stock Units determined by dividing one-half of your Annual
         Retainer (excluding any amount paid for service as the chair of a board
         committee) by the Fair Market Value (as defined in the DSW Inc. 2005
         Equity Incentive Plan - "Plan") of a share of stock on the grant date.
         These Stock Units will be subject to the terms of a separate Award
         Agreement that will be distributed at the same time the Stock Units are
         granted and are unaffected by any election you make on this form.

      -  The balance of the Annual Retainer and committee fees ("Cash Retainer")
         are paid in quarterly installments of $12,500 each and normally are
         paid in cash as of the end of each of the Company's fiscal quarters.
         However, each director also may elect to receive his or her Cash
         Retainer in additional Stock Units by completing Part 2.00 of this
         deferral form.

All Stock Units are issued under the Plan and are described in the Plan's
Prospectus. You should read the Plan and the Plan's Prospectus carefully before
making any election on this deferral form to be sure you understand the nature
of Stock Units.

This form describes how and when you may elect to receive your Cash Retainer in
the form of Stock Units and the consequences of that election.

If you elect to receive your Cash Retainer in Stock Units, you also will receive
a separate Award Agreement relating to these Stock Units. That Award Agreement,
together with the Plan and the Plan's Prospectus, describes the terms of your
Stock Units.

<PAGE>

1.01 HOW TO MAKE YOUR ELECTIONS.

You should complete one of two parts of this form and sign the acknowledgment in
Part 3.00 of this form.

      -  IF YOU WANT YOUR CASH RETAINER CONVERTED TO STOCK UNITS, you should
         complete Parts 2.01 and 3.00 of this form. You also should complete the
         Beneficiary Designation Form that will be attached to your Award
         Agreement and follow the instructions included with that Award
         Agreement.

      -  IF YOU WANT TO RECEIVE YOUR CASH RETAINER IN CASH, you should complete
         Parts 2.02 and 3.00 of this form to waive your right to receive your
         Cash Retainer in Stock Units.

Subject to the legal restrictions described below, you also may change the
elections you make on this form. These changes may be made on the attached
"Change to Cash Retainer Deferral Election Form."

1.02 WHEN TO MAKE AN ELECTION.

YOU MUST RETURN THIS FORM TO DSW'S VICE PRESIDENT, HUMAN RESOURCES AT THE
ADDRESS GIVEN BELOW NO LATER THAN ____________. Changes to this election (and
when and how those changes may be made) are discussed below.

1.03 THINGS TO CONSIDER WHEN COMPLETING THIS DEFERRAL FORM.

There are several things you should consider before you complete this deferral
form:

      -  Stock Units are treated as deferred compensation under the Internal
         Revenue Code. This means that you should carefully consider your
         election because you do not have complete flexibility to change the
         decision you make. These restrictions are explained in Part 2.00 of
         this form.

      -  Section 409A of the Internal Revenue Code ("Section 409A") imposes
         substantial penalties on persons who receive some forms of deferred
         compensation (see the Plan's Prospectus for more information about
         these penalties). The Plan's rules affecting Stock Units and this
         election form have been designed to avoid these penalties. However,
         because the Internal Revenue Service has not yet issued rules fully
         defining the effect of Section 409A, it may be necessary to revise your
         election or the terms of your Stock Units if you are to avoid these
         penalties. As a condition of making an election on this form, you must
         agree to accept those revisions, without any further consideration,
         even if those revisions change the terms of your Stock Units or any
         election made on this form.

      -  Any deferral election you make on this form will remain in effect until
         it is changed. However, any change will be effective only for future
         calendar years and must be made by completing another copy of this form
         and returning it to DSW's Vice President, Human Resources (at the
         address given below) no later than December 15

<PAGE>

         of the calendar year before the calendar year the new election is to be
         effective. If you do not adhere to this schedule, your attempted change
         will be ineffective.

            FOR EXAMPLE, assume that you elect to have your Cash Retainer
            converted to Stock Units. However, later, you decide that you want
            to change that election and want to have your Cash Retainer paid in
            cash. You may do this only by returning a Change to Cash Retainer
            Deferral Election Form to DSW's Vice President, Human Resources at
            the address given below no later than December 15 of the calendar
            year ending before the calendar year in which the Cash Retainer is
            paid (e.g., December 15, 2007 with respect to the 2008 Cash
            Retainer).

      -  Any election to convert your Cash Retainer to Stock Units will be
         revoked automatically [1] if there are not sufficient authorized shares
         under the Plan to accommodate an election or [2] on the date the Plan
         expires. However, this automatic revocation will apply only to
         subsequently earned fees and will not accelerate the distribution of
         any Stock Units.

      -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
         have any questions about Stock Units or this election.

1.03 HOW THIS DEFERRAL PROGRAM WORKS.

As more fully explained in the Plan's Prospectus, a "Stock Unit" is a right to
receive a share of Company stock when the Stock Unit is settled. Although you
may not cast any votes with respect to your Stock Units, your Stock Units will
be credited with dividends. If there are sufficient authorized shares to do so,
these dividends also will be converted to Stock Units and distributed to you
when your Stock Units are settled. If there no longer are sufficient authorized
shares to convert dividends to Stock Units, the dividends will be paid in cash
when your Stock Units are settled.

The number of Stock Units you will be granted in lieu of your Cash Retainer will
depend on the Fair Market Value (as defined in the Plan) of the Company's stock
when your Cash Retainer otherwise would have been paid in cash (i.e., at the end
of each of the Company's fiscal quarters).

      FOR EXAMPLE, assume that the Fair Market Value of the Company's stock is
      $20.00 when an installment of your Cash Retainer is payable. Under this
      assumption, you would receive 625 Stock Units with a total Fair Market
      Value of $12,500 (i.e., $12,500, the value of the Cash Retainer due,
      divided by $20.00, the Fair Market Value of the Company's stock at the
      time the Cash Retainer is payable equals 625 Stock Units).

When your Board service ends, all your Stock Units will be settled (i.e.,
converted to an equal number of shares of Company stock).

      FOR EXAMPLE, assume that you have served on the board for 10 years during
      which [1] you have been granted 25,000 Stock Units in lieu of your Cash
      Retainer and [2] an additional 5,000 Stock Units have been granted to you
      in lieu of dividends on the shares underlying your Stock Units. Also
      assume that, when your Board service ends, the Fair

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      Market Value of a share of Company stock is $45.00. At that time, you will
      receive 30,000 shares of Company stock with a total Fair Market Value of
      $1,350,000.

And, as more fully described in the Plan's Prospectus, the value of your Stock
Units is not taxed until the Stock Units are settled and you are issued an equal
number of shares of Company stock. This means that you will accumulate more
shares of stock through deferring your Cash Retainer than if you received the
Cash Retainer in cash, paid taxes upon receipt of that cash and purchased
Company shares with the after-tax balance.

2.00 CASH RETAINER DEFERRAL ELECTION.

Complete either Part 2.01 (if you want your Cash Retainer converted to Stock
Units) or Part 2.02 if you want to receive your Cash Retainer in cash.

2.01 ELECTION AFFECTING CASH RETAINER.

You may elect to have your Cash Retainer converted into Stock Units and settled
when you leave the board by completing this part of this form.

      _____ I direct the Company to convert my Cash Retainer into Stock Units.

In making this election, I understand that:

      -  This election may be changed (and my Cash Retainer paid in cash) only
         if I return a completed Change to Cash Retainer Deferral Election Form
         to DSW's Vice President, Human Resources at the address given below no
         later than December 15 of the calendar year ending before it is to be
         effective (e.g., an election to have my 2008 Cash Retainer paid in cash
         must be filed no later than December 15, 2007).

      -  The value of Stock Units may change as the Fair Market Value of the
         Company's stock changes; there is no guarantee that the value of Stock
         Units will increase.

      -  My Stock Units will be settled in a single lump sum distribution only
         after I leave the board.

2.02 ELECTION TO RECEIVE CASH RETAINER IN CASH.

Please complete this part of this form if you want to receive your Cash Retainer
in cash.

      _____ I confirm that I want to receive my Cash Retainer in cash and reject
      the opportunity to have the Cash Retainer converted to Stock Units.

In making this election, I understand that this election may be changed (and my
Cash Retainer converted to Stock Units) only if I return a completed Change to
Cash Retainer Deferral Election Form to DSW's Vice President, Human Resources at
the address given below no later than December 15 of the calendar year ending
before it is to be effective (e.g., an election to have my 2008 Cash Retainer
converted to Stock Units must be filed no later than December 15, 2007).

<PAGE>

3.00 YOUR ACKNOWLEDGMENT

Note: You must sign and return a copy of this deferral form to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below and in addition to the representations made in Part 2,00 of
this form, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Stock Units;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my election or this
         deferral form to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the conditions of
         my deferral and my Stock Units and reduce their value or potential
         value; and

      -  If I do not return a signed copy of this deferral form to DSW's Vice
         President, Human Resources at the address given below before
         ____________, my Cash Retainer will be paid in cash and I will have
         waived any right to receive my Cash Retainer in the form of Stock
         Units.

_________________

_________________________________________

(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this deferral form was received on ______________.

By: _________________________

<PAGE>

_______________

      _____ Has complied with the conditions imposed on an election to have the
      Cash Retainer paid in the form of Stock Units; or

      _____ Has not complied with the conditions imposed on an election to have
      the Cash Retainer paid in the form of Stock Units because

      __________________________________________________________________________
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By: ________________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

<PAGE>

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                 CHANGE TO CASH RETAINER DEFERRAL ELECTION FORM

Earlier I elected how I wanted my Cash Retainer paid to me. Now, I want to
change that election as follows:

_____ I previously elected to have my Cash Retainer paid in cash. Now, I direct
the Company to convert my Cash Retainer into Stock Units.

      In making this election, I understand that:

            -  This new election will be effective only if I return this Change
               to Cash Retainer Deferral Election Form to DSW's Vice President,
               Human Resources at the address given below no later than December
               15 of the calendar year before the calendar year it is to be
               effective. If I do not adhere to this schedule, this change will
               be ineffective and my earlier election will continue to apply.

            -  This election may be changed again (and my Cash Retainer paid in
               cash) only if I return another completed Change to Cash Retainer
               Deferral Election Form to DSW's Vice President, Human Resources
               at the address given below no later than December 15 of the
               calendar year ending before it is to be effective (e.g., an
               election to have my 2008 Cash Retainer paid in cash must be filed
               no later than December 15, 2007).

            -  This new election will have no effect on my earlier election.

            -  The value of Stock Units may change as the Fair Market Value of
               the Company's stock changes; there is no guarantee that the value
               of Stock Units will increase.

            -  My Stock Units will be settled in a single lump sum distribution
               only after I leave the board.

_____ I previously elected to have my Cash Retainer converted to Stock Units.
Now, I direct the Company to pay my Cash Retainer in cash.

      In making this election, I understand that:

            -  This new election will be effective only if I return this Change
               to Cash Retainer Deferral Election Form to DSW's Vice President,
               Human Resources at the address given below no later than December
               15 of the calendar year before the calendar year it is to be
               effective. If I do not adhere to this schedule, this change will
               be ineffective and my earlier election will continue to apply.

<PAGE>

            -  This election may be changed again (and my Cash Retainer
               converted to Stock Units) only if I return another Change to Cash
               Retainer Deferral Election Form to the address given below no
               later than December 15 of the calendar year ending before it is
               to be effective (e.g., an election to have my 2008 Cash Retainer
               converted to Stock Units must be filed no later than December 15,
               2007).

            -  This new election will have no effect on my earlier election.

YOUR ACKNOWLEDGMENT

Note: You must sign and return a copy of this deferral form to DSW's Vice
President, Human Resources at the address given below no later than December 15
of the calendar year before the calendar year it is to be effective.

By signing below and in addition to the representations made earlier in this
form, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Stock Units;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my election or this
         deferral form to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the conditions of
         my deferral and my Stock Units and reduce their value or potential
         value; and

      -  If I do not return a signed copy of this deferral form to the address
         given below before ____________, my Cash Retainer will be paid in the
         form I previously elected.

___________________

_________________________________________

(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

<PAGE>

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this deferral form was received on ______________.

By: _________________________

________________

      _____ Has complied with the conditions imposed on this changed election
      and the new election will be implemented; or

      _____ Has not complied with the conditions imposed on this changed
      election and the new election will not be implemented because describe
      deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By: ________________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

06/22/2005 - 9703464

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