Document:

EX-4.1

 

Exhibit 4.1

	Dated: properly endorsed. is the owner of CLEVELAND, OH OR NEW YORK, NY THIS CERTIFICATE IS
TRANSFERABLE IN WITHOUT PAR VALUE TREASURER SIGNATURE TO COME transferable on the books of the THIS
CERTIFIES THAT TEMPORARY FULLY
Witness the facsimile signatures of the Corporation’s duly authorized officers. PAID AND
NON-ASSESSABLE SHARES OF THE COMMON SHARES CLASS A This certificate is not valid until
countersigned and registered by the Transfer Agent and Registrar. CLASS A INCORPORATED UNDER THE
LAWS OF THE STATE OF OHIO DSW INC. CERTIFICATE—EXCHANGEABLE FOR DEFINITIVE ENGRAVED CERTIFICATE
WHEN READY COMMON SHARES OF PRESIDENT SIGNATURE TO COME Corporation by the holder hereof in person
or by duly authorized attorney upon surrender of this certificate FOR DELIVERY. Authorized
Signature SEE REVERSE FOR CERTAIN DEFINITIONS CUSIP 23334L 10 2 By Transfer Agent and Registrar
(Cleveland, Ohio) NATIONAL CITY BANK Countersigned and Registered:
AMERICAN BANK NOTE COMPANY PRODUCTION COORDINATOR: MIKE PETERS: 931-490-1714711 ARMSTRONG LANE
PROOF OF MAY 26, 2005 COLUMBIA, TENNESSEE 38401 DSW INC.
(931) 388-3003 TSB 19933 FC 7B
SALES: R. JOHNS 212-269-0339 X 13 OPERATOR Ron ETHER 19 / LIVE JOBS / D / DSW / 19933 FACE Rev.
1 COLORS SELECTED FOR PRINTING: Intaglio prints in SC-7 dark blue. COLOR: This proof was printed
from a digital file or artwork on a graphics quality, color laser printer. It is a good
representation of the color as it will appear on the final product. However, it is not an exact
color rendition, and the final printed product may appear slightly different from the proof due to
the difference between the dyes and printing ink. PLEASE INITIAL THE APPROPRIATE SELECTION FOR
THIS PROOF: OK AS IS OK WITH CHANGESMAKE CHANGES AND SEND ANOTHER PROOF

 

 

	The Corporation will furnish without charge within five days after receipt of written request
therefor to each shareholder who so requests a statement of the powers, designations, preferences
and relative, participating, optional or other special rights of each class of shares or series
thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
The following abbreviations, when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations:
TEN COM — as tenants in common UNIF GIFT MIN ACT — Custodian TEN ENT — as tenants by the
entireties (Cust) (Minor) JT TEN — as joint tenants with right of under Uniform Gifts to Minors
survivorship and not as tenants Act (State) in common Additional abbreviations may also be used
though not in the above list.
For value received, hereby sell, assign and transfer unto PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE) shares of the Class A Common Shares represented by the within Certificate, and do hereby
irrevocably constitute and appoint Attorney to transfer the said Certificate on the books of the
within named Corporation with full power of substitution in the premises. Dated NOTICE: THE
SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
SIGNATURE(S) GUARANTEED: THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.EX-4.4

 

Exhibit 4.4

EXCHANGE AGREEMENT

     This EXCHANGE AGREEMENT, dated as of ___, 2005 (this “Agreement”), is made and entered
into by and between Retail Ventures, Inc., an Ohio corporation (the “Company”), and DSW Inc., an
Ohio corporation (“DSW”). Capitalized terms used herein and not defined shall have the respective
meanings ascribed to such terms in the Master Separation Agreement between the Company and DSW,
dated as of [ ], 2005 (the “ Separation Agreement”).

RECITALS

     WHEREAS, the Company is the beneficial owner of all the issued and outstanding common shares
of DSW;

     WHEREAS, the Company and DSW currently contemplate that DSW will make an initial public
offering (“IPO”) of an amount of its Class A common shares, no par value per share, pursuant to a
registration statement on Form S-1 pursuant to the Securities Act of 1933, as amended (the “IPO
Registration Statement”);

     WHEREAS, the Company and DSW currently contemplate that DSW will amend its articles of
incorporation prior to the IPO so that the 410.09 outstanding common
shares of DSW will be changed into 27,702,667 Class B common
shares of DSW;

     WHEREAS, the Company and DSW will derive mutual benefit from the IPO;

     WHEREAS, in order to consummate the IPO, the Company will need to obtain the consent of
Cerberus Partners, L.P. (“Cerberus”);

     WHEREAS, in exchange for Cerberus’ consent to the IPO, Cerberus requires that certain warrants
held by it, Schottenstein Stores Corporation (“SSC”) and Back Bay Capital Funding LLC (“Back Bay”
and, together with Cerberus and SSC, the “Lenders”) be amended to provide the Lenders the right
from time to time, either to (i) acquire common shares of the Company or (ii) acquire from the
Company Class A common shares of DSW at the price of shares to the public in the IPO (the “Amended
Warrants”);

     WHEREAS, in exchange for Cerberus’ consent to the IPO, Cerberus requires that new warrants be
issued by the Company to SSC and Cerberus under which SSC and Cerberus have, from time to time, the
right either to (i) acquire common shares of the Company or (ii) acquire from the Company Class A
common shares of DSW at a strike price equal to the price of the shares offered and sold to the
public in the IPO (the “New Warrants”);

     WHEREAS, in order to enable the Company to fulfill its obligations under the terms of the
Amended Warrants and the New Warrants and for other purposes of the Company unrelated to the
exercise of the Amended Warrants and the New Warrants, DSW shall be required to deliver Class A
common shares to the Company upon receipt

 

 

of an Exchange Request (as hereinafter defined) made by the Company on the terms and
conditions set forth herein; and

     WHEREAS, the Company and DSW intend in this Agreement to set forth the principal arrangements
between them regarding the mechanism by which, after the IPO, the Company can exchange with DSW
all, or a portion of, the Class B common shares of DSW held by the Company for Class A common
shares of DSW;

     NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and
provisions of this Agreement, the Company and DSW mutually covenant and agree as follows:

     I. Issuance of Common Stock upon Exchange. In the event that the Company makes a
request to DSW (such request, an “Exchange Request”), to exchange all, or a portion of its Class B
common shares of DSW for Class A common shares of DSW, DSW covenants and agrees to issue, at the
time of such exchange, a number of Class A common shares sufficient to satisfy the terms of the
exchange as set forth in this Agreement. Such request shall be in writing and state the number of
Class B common shares to be exchanged.

     II. Exchange. The Company may exchange with DSW the Company’s Class B common shares
of DSW, in whole or in part, at the option of the Company, at any time, for an equal number of duly
authorized, validly issued, fully paid and nonassessable Class A common shares of DSW. The Company
shall not be limited in the number of Exchange Requests it is entitled to make.

     III. Procedure for Exchange. In order to exercise the exchange right provided in
Section II of this Agreement, the Company shall surrender the certificate or certificates
representing the shares of Class B common shares to be exchanged, duly endorsed in blank, to the
Secretary of DSW, accompanied by written notice addressed to DSW specifying the number (in whole
shares) of such Class B common shares evidenced by such certificate or certificates to be exchanged
and the name or names in which the Company wishes the certificate or certificates for the Class A
common shares to be issued. Each exercise of this exchange right shall be deemed to have been
effected immediately prior to the close of business on the business day on which such notice and
the certificates representing the shares of Class B common shares to be exchanged shall have been
surrendered to the Secretary of DSW and, to the extent permitted by law, at such time the person or
persons in whose name or names any certificate or certificates for the Class A common shares are to
be issued shall be deemed to have become the holder or holders of record thereof for all purposes.
As promptly as practicable after the surrender of such Class B common shares as aforesaid, but in
any event not later than the second business day after such surrender, DSW shall deliver or cause
to be delivered to the Company or to such person as may be designated by the Company, a certificate
or certificates for the number of whole Class A common shares issuable upon the exchange of such
shares of Class B common shares in accordance with the provisions hereof and any cash payment

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in lieu of any fractional shares of Class A common shares, as provided in Section IV. DSW
shall issue certificates for the balance of any remaining Class B common shares in any case in
which fewer than all of the Class B common shares represented by a certificate are exchanged.

     IV. Fractional Shares. No fractional Class A common shares or securities representing
fractional Class A common shares shall be issued upon exchange of Class B common shares. Instead
of any fractional Class A common shares which would otherwise be deliverable upon the exchange of a
share of Class B common shares, DSW shall pay to the person or persons to whom any such share would
otherwise be delivered a cash adjustment in respect of such fractional interest in an amount
(computed to the nearest cent) equal to the value of such fractional Class A common shares based
upon the current market price.

     V. Accredited Investor. At any time Class A common shares of DSW are issued pursuant
to an Exchange Request, the Company or such person as may be designated by the Company to receive
such Class A common shares shall be an “accredited investor” as such term is defined in Regulation
D promulgated under the Securities Exchange Act of 1933, as amended (the “Act”) and all of the
terms and conditions of Rule 502 promulgated under the Act shall be satisfied.

     VI. Certificates to be Legended. The Company understands and agrees that each
certificate representing Class A common shares issued pursuant to this Agreement will bear a legend
on the face thereof (or on the reverse thereof with a reference to such legend on the face thereof)
in substantially the form set forth below:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE
SHARES MAY NOT BE ENCUMBERED, PLEDGED, HYPOTHECATED, SOLD,
ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER SAID ACT
OR AN OPINION OF COUNSEL SATISFACTORY IN FORM AND SUBSTANCE TO DSW
AND CONCURRED IN BY DSW’S COUNSEL TO THE EFFECT THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR SUCH TRANS-ACTION
COMPLIES WITH RULES PROMULGATED BY THE SECURITIES AND EXCHANGE
COMMISSION UNDER SAID ACT.

     VII. Authorization and Reservation of Class A common shares. DSW has taken all action
to authorize the issuance and reserve for issuance the number of Class A common shares of DSW
sufficient to cover the Class A common shares that may be is-

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sued upon the exchange of the Class B common shares of DSW, with all such Class A Common
Shares issued upon conversion of such Class B common shares to be fully paid and non-assessable
Class A common shares of DSW.

     VIII. Notices. Notices, offers, requests or other communications required or
permitted to be given by either party pursuant to the terms of this Agreement shall be given in
writing to the respective Parties to the following addresses:

if to Retail Ventures:

Retail Ventures, Inc.

3241 Westerville Road

Columbus, OH 43223

Attention: James A. McGrady, Chief Financial Officer

Fax: (614) 473-2721

with a copy to:

Julia A. Davis, General Counsel

3241 Westerville Road

Columbus, OH 43223

Fax: (614) 337-4682

if to DSW:

DSW Inc.

4150 East 5th Avenue

Columbus, OH 43219

Attention: Peter Z. Horvath, Chief Operating Officer

Fax: (614) 238-4207

with a copy to:

Julia A. Davis, General Counsel

3241 Westerville Road

Columbus, OH 43223

Fax: (614) 337-4682

or to such other address or facsimile number as the party to whom notice is given may have
previously furnished to the other in writing as provided herein. Any notice involving
non-performance, termination, or renewal shall be sent by hand delivery, recognized overnight
courier or, within the United States, may also be sent via certified mail, return

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receipt requested. All other notices may also be sent by facsimile, confirmed by first class mail.
All notices shall be deemed to have been given when received, if hand delivered; when transmitted,
if transmitted by facsimile or similar electronic transmission method; one working day after it is
sent, if sent by recognized overnight courier; and three days after it is postmarked, if mailed
first class mail or certified mail, return receipt requested, with postage prepaid.

     IX. Amendments. This Agreement may only be amended by a written agreement executed by
both the Company and DSW.

     X. Further Assurances. Each of the parties hereto shall use its reasonable best
efforts to do all things necessary or advisable to make effective the transactions contemplated
hereby and shall cooperate and take such action as may be reasonably requested by the other party
in order to carry out fully the provisions and purposes of this Agreement and the transactions
contemplated hereby.

     XI. Counterparts. This Agreement may be executed in one or more counterparts
(including by facsimile), each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

     XII. Entire Agreement. This Agreement and any other writing signed by the Company and
DSW that specifically references or is specifically related to this Agreement constitute the entire
agreement between the Company and DSW with respect to the subject matter hereof and supersede all
prior agreements, understandings and negotiations, both written and oral, between the Company and
DSW with respect to the subject matter hereof. This Agreement is not intended to confer upon any
person other than the Company and DSW as or remedies hereunder.

     XIII. Governing Law. This Agreement shall be construed in accordance with and
governed by the substantive internal laws of the State of Ohio applicable to contracts to be wholly
performed in the State of Ohio.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered
as of the date first written above.

	 	 	 	 	 
	 	 	Retail Ventures, Inc.,

an Ohio corporation
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	Title:	 	 
	 
	 	 	 	 
	 	 	DSW Inc.,

an Ohio corporation
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Name:	 	 
	

	 	Title:

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