Document:

Exhibit 10.3

 Exhibit 10.3 
 AMENDED AND RESTATED 
 CHANGE IN CONTROL AGREEMENT 
 This Amended and Restated Agreement (“Agreement”) is entered into as of the 15th day of
September, 2006, by and between FIRST CAPITAL BANK (the “Bank”) and WILLIAM W. RANSON (the “Executive”) and replaces the Change in Control Agreement between the parties dated as of 15th, April, 2004. 
 1. Purpose 
 The establishment and maintenance of a quality management team is important in protecting and enhancing the best interests of the Bank and its
shareholders. The Bank recognizes that the possibility of a Change in Control (as defined herein) may arise and the uncertainty and questions which it may raise among management may result in the departure or distraction of management personnel to
the detriment of the Bank and its shareholders. Accordingly, the Board of Directors of the Bank (the “Board”) has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of
certain members of the management of the Bank to their assigned duties without distraction in circumstances arising from the possibility of a Change in Control of the Bank. In particular, the Board believes it important, should the Bank or its
shareholders receive a proposal for transfer of control of the Bank, that the Executive be able to assess and advise the Board whether such proposal would be in the best interests of the Bank and its shareholders and to take such other action
regarding such proposal as the Board might determine to be appropriate, without being influenced by the uncertainties of the Executive’s own situation. Nothing in this Agreement shall be construed as creating an express or implied contract of
employment and, except as otherwise agreed in writing between the Executive and the Bank, the Executive shall not have any right to be retained in the employ of the Bank prior to or after a Change in Control of the Bank. Accordingly, the Executive
is an “at will” employee of the Bank, and either party may terminate such employment at any time for any reason, with our without cause, subject to the provisions of this Agreement. 
 2. Term of Agreement 
 The
term of this Agreement shall be deemed to have commenced on the date hereof (the “Commencement Date”) and shall continue in effect until the date that is six (6) months following the Termination Date (as such term is hereinafter
defined). Notwithstanding the foregoing, in the event Executive becomes entitled to receive a payment from the Bank in connection with a Change in Control pursuant to Section 4 of this Agreement, this Agreement shall continue in effect until
such time as Executive has received full payment of the amount to which Executive is entitled under Section 4(a) of this Agreement. 

 3. Change in Control 
 No benefits shall be payable hereunder unless there shall have been a Change in Control of the Bank as set forth below. For the purposes of this
Agreement, a “Change in Control” shall mean: 
 (a) The acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more
of the then outstanding shares of common stock of the Bank (the “Outstanding Bank Common Stock”); provided, however, that the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Bank
(excluding an acquisition by virtue of the exercise of a conversion privilege), (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Bank, or (iii) any acquisition by any corporation pursuant
to a transaction described in subsection (c) of this Section 3 if, upon consummation of the transaction, all of the conditions described in subsection (c) are satisfied; 
 (b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute a majority of such
Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Bank’s shareholders, was approved by a vote of at least two-thirds of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 (c) Approval by the shareholders of the Bank of either (1) a reorganization, merger, share exchange or consolidation of the Bank by,
with or into any other corporation or (2) the sale or disposition of all or substantially all of the assets of the Bank (any of the foregoing transactions, a “Reorganization”); provided, however, that approval by the shareholders of a
Reorganization shall not constitute a Change in Control if, upon consummation of the Reorganization, each of the following conditions is satisfied: 
 (i) more than 60% of the then outstanding shares of common stock of the corporation resulting from the Reorganization is then beneficially owned, directly or indirectly, by all or substantially all of the individuals
and entities who were beneficial owners of the outstanding Bank Common Stock immediately prior to the Reorganization in substantially the same proportions as their ownership, immediately prior to such transaction, of the outstanding Bank Common
Stock; 
  

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 (ii) no Person (excluding any employee benefit plan (or related trust) of the Bank)
beneficially owns, directly or indirectly, 20% or more of either (1) the then outstanding shares of common stock of the corporation resulting from the transaction or (2) the combined voting power of the then outstanding voting securities
of such corporation entitled to vote generally in the election of directors; and 
 (iii) at least a majority of the members
of the board of directors of the corporation resulting from the Reorganization were members of the Incumbent Board at the time of the execution of the initial agreement providing for the Reorganization. 
 4. Termination in Connection with Change in Control 
 (a) Termination Payment. In the event Executive’s employment with the Bank terminates or is terminated during (i) the six (6) months immediately preceding a Change in Control, or (ii) the
six (6) months immediately following a Change in Control, unless such termination in either case is or was (A) because of the death of the Executive, (B) by the Bank for Cause or Disability or (C) by the Executive other than for
Good Reason (all as such capitalized terms are hereinafter defined), Executive shall be entitled to receive payment from the Bank in an amount equal to two and 99/100 (2.99) times Executive’s base salary immediately preceding the Date of
Termination, which amount shall be paid, at the Bank’s option, either (x) in a lump sum, or (y) in equal installments payable on the Bank’s regular pay days, over the next thirty-six (36) months, without interest, beginning
on the next pay day following the later to occur of the Change in Control or the Termination Date. 
 (b) Disability. Termination by
the Bank of the Executive’s employment based on “Disability” shall mean termination because of the Executive’s inability to perform his duties with the Bank on a full time basis for 120 consecutive days or a total of at least 180
days in any twelve month period as a result of the Executive’s incapacity due to physical or mental illness (as determined by an independent physician selected by the Board). 
 (c) Cause. Termination by the Bank of the Executive’s employment for “Cause” shall mean termination for (i) gross
incompetence, gross negligence, willful misconduct in office or breach of a material fiduciary duty owed to the Bank or any subsidiary or affiliate thereof; (ii) conviction of a felony, a crime of moral turpitude or commission of an act of
embezzlement or fraud against the Bank or any subsidiary or affiliate thereof; (iii) any material breach by the Executive of a material term of this Agreement, including, without limitation, material failure to perform a substantial portion of
his duties and responsibilities hereunder, or (iv) deliberate dishonesty or disloyalty of the Executive with respect to the Bank or any subsidiary or affiliate thereof. 
 (d) Good Reason. The Executive shall be entitled to terminate his employment for “Good Reason” as defined below. For purposes of this
Agreement, termination for “Good Reason” shall mean termination based on: 
 (i) a material reduction by the Bank in
the Executive’s base salary; 
  

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 (ii) the failure by the Bank to pay to the Executive any portion of his compensation or
to pay to the Executive any portion of an installment of deferred compensation under any deferred compensation program of the Bank within 10 days of the date such compensation is due (it being understood and agreed that each annual bonus shall be
paid no later than the end of the third month of the year next following the year for which the annual bonus is awarded, unless the Executive shall elect to defer the receipt of such annual bonus); 
 (iii) the Bank’s requiring the Executive to be based at any office that is greater than thirty-five (35) miles from where the
Executive’s office was previously located, except for required travel on the Bank’s business to an extent substantially consistent with the business travel obligations which the Executive undertook on behalf of the Bank prior to such time;

 (iv) the failure by the Bank to obtain an agreement reasonably satisfactory to the Executive from any successor to assume
and agree to perform this Agreement; 
 (v) the failure by the Bank to continue in effect any Plan (as hereinafter defined) in
which the Executive is participating (or Plans providing the Executive with at least substantially similar benefits) other than as a result of the normal expiration of any such Plan in accordance with its terms, or the taking of any action, or the
failure to act, by the Bank which would adversely affect the Executive’s continued participation in any of such Plans on at least as favorable a basis to the Executive as previously in place, or which would materially reduce the
Executive’s benefits in the future under any of such Plans or deprive the Executive of any material benefit enjoyed by the Executive. For purposes of this Agreement, “Plan” shall mean any compensation plan or any employee benefit plan
such as a thrift, pension, profit sharing, medical, disability, accident, life insurance plan or a relocation plan or policy or any other plan, program or policy of the Bank intended to benefit employees; or 
 (vi) any reason, in the Executive’s sole discretion, following the occurrence of a Change of Control. 
 (e) Restrictive Covenant. In the event the Executive terminates his employment pursuant to
Section 4(d)(vi) above on or after his 62nd birthday, the Executive’s right to receive any Change of Control benefits hereunder shall be
conditioned upon Executive’s agreement that, for a period of three (3) years following such termination, he shall not be employed, or retained as a consultant or independent contractor or in any other capacity, by a Competing Bank, as
hereinafter defined, to perform or provide services to such Competing Bank that are the same as or similar to those provided or performed by the Executive to or for the Bank during the course of his employment with the Bank. For the purposes of this
paragraph, a “Competing Bank” shall mean any bank or similar financial institution that (i) has a branch or office located within the City of Richmond, the County of Henrico, the County of Hanover or the County of Chesterfield,
Virginia, and (ii) has total assets that are not less than 50%, or more than 150%, of the Bank’s total assets as of the Date of Termination. Upon a breach by Executive of the foregoing covenant, the Bank shall be entitled to
(i) withhold any further payments owed to Executive hereunder in connection with a Change of Control, and (ii) proceed in equity to obtain specific performance of such covenant, including but not limited to, an injunction restraining
Executive from breaching the provisions of the covenant. Executive hereby agrees that his acceptance of 

  

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any Change of Control benefits under this Agreement in connection with any termination pursuant to Section 4(d)(vi) of this Agreement that occurs on or
after his 62nd birthday shall constitute his agreement to be bound by the covenant set forth above. In the event Executive elects not to receive any
benefits following such a termination, the foregoing covenant shall not apply. 
 (f) Notice of Termination. Any termination by the
Bank on the one hand or by the Executive for Good Reason shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon. 
 (g) Date of Termination. “Date of Termination” means
(i) if the Executive’s employment is terminated by the Bank for Cause or Disability, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, and
(ii) if the Executive’s employment is terminated by the Bank other than for Cause of Disability, the date specified in the Notice of Termination. 
 5. Binding Agreement 
 (a) This Agreement shall be binding upon and inure to the benefit of
the Executive (and his personal representative), the Bank and any successor organization or organizations which shall succeed to substantially all of the business and property of the Bank, whether by means of merger, consolidation, acquisition of
all or substantially of all of the assets of the Bank or otherwise, including by operation of law. 
 (b) For purposes of this Agreement, the
term “Bank’ shall include any subsidiaries of the Bank and any corporation or other entity which is the surviving or continuing entity in respect of any merger, consolidation or form of business combination in which the Bank ceases to
exist; provided, however, that for purposes of determining whether a Change in Control has occurred herein, the term “Bank” shall refer to First Capital Bank or its successors. 
 6. Fees and Expenses; Mitigation 
 (a) In any action related to the interpretation or enforcement of this Agreement, the prevailing party shall be entitled to recover from the non-prevailing party all of the costs and expenses, including reasonable attorney’s fees and
court costs, incurred by the prevailing party in such action. 
 (b) Executive shall not be required to mitigate the amount of any payment
the Bank becomes obligated to make to the Executive in connection with this Agreement, by seeking other employment or otherwise. 
 7.
Nonqualified Deferred Compensation Omnibus Provision. 
 It is intended that any payment or benefit which is provided pursuant to
or in connection with this Agreement which is considered to be nonqualified deferred compensation subject to 

  

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Section 409A of the Code shall be paid and provided in a manner, and at such time and in such form, as complies with the applicable requirements of
Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. In connection with effecting such compliance with Section 409A of the Code, the following shall apply: 
 (a) Notwithstanding any other provision of this Agreement, the Bank is authorized to amend this Agreement, to delay the payment of any monies and/or
provision of any benefits in such manner as may be determined by it to be necessary or appropriate to comply, or to evidence or further evidence required compliance, with Section 409A of the Code (including any transaction or grandfather rules
thereunder). 
 (b) Neither the Executive nor the Bank shall take any action to accelerate or delay the payment of any monies and/or
provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder). Notwithstanding the foregoing: 
 (i) Payment may be delayed for a reasonable period in the event the payment is not administratively practical due to events beyond the
recipient’s control such as where the recipient is not competent to receive the payment, there is a dispute as to amount due or the proper recipient of such payment, additional time is needed to calculate the amount payable, or the payment
would jeopardize the solvency of the Bank. 
 (ii) Payments shall be delayed in the following circumstances: (1) where
the Bank reasonably anticipates that the payment will violate the terms of a loan agreement to which the Bank is a party and that the violation would cause material harm to the Bank; or (2) where the Bank reasonably anticipates that the payment
will violate Federal securities laws or other applicable laws, provided that any payment delayed by operation of this clause (B) will be made at the earliest date at which the Bank reasonably anticipates that the payment will not be limited or
cause the violations described. 
 (c) If the Executive is a specified employee of a publicly traded corporation as required by
Section 409A(a)(2)(B)(i) of the Code, and any payment or provision of any benefit hereunder is subject to Section 409A, any payment or provision of benefits in connection with a separation from service payment event (as determined for
purposes of Section 409A of the Code), as opposed to another payment event permitted under Section 409A, shall not be made until six months after the Executive’s separation from service (the “409A Deferral Period”). In the
event such payments are otherwise due to be made in installments or periodically during the 409A Deferral Period, the payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum as soon as
the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise scheduled. In the event benefits are required to be deferred, any such benefit may be provided during the 409A Deferral Period at the Executive’s expense,
with the Executive having a right to reimbursement from the Bank once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. 
 (d) If a Change in Control occurs but the Change in Control does not constitute a change in ownership of the Bank or in the ownership of a substantial
portion of the 

  

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assets of the Bank as provided in Section 409A(a)(2)(A)(v) of the Code, then payment of any amount or provision of any benefit under this Agreement
which is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be deferred until another permissible event contained in Section 409A occurs (e.g., death, disability, separation from service from the
Bank and its affiliated companies as defined for purposes of Section 409A of the Code), including any deferral of payment or provision of benefits for the 409A Deferral Period as provided above. 
 8. Possible Reduction in Payment and Benefits. Following any Change in Control, to the extent that any amount of pay or benefits
provided under to the Executive under this Agreement would cause the Executive to be subject to excise tax under sections 280G and 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), and after taking into consideration all
other amounts payable to the Executive under other Bank plans, programs, policies, and arrangements, then the amount of pay and benefits provided under this Agreement shall be reduced to the extent necessary to avoid imposition of any such excise
taxes. The Executive may select the payments and benefits to be limited or reduced, including an election not to have the vesting of certain benefits, including stock options, accelerate as a result of a Change in Control. 
 9. Notice 
 Any notices,
requests, demands and other communications provided for this Agreement shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage prepaid (in which case notice shall be deemed to have been given on the
fifth day after mailing), or by overnight delivery by a reliable overnight courier service (in which case notice shall be deemed to have been given on the day after delivery to such courier service) to the Executive at the last address the Executive
has filed in writing with the Bank, or to the Bank at the Bank’s corporate headquarters, attention of the President. 
 10.
Miscellaneous 
 No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or
discharge is agreed to in a writing signed by the Executive and the Chairman of the Board or President of the Bank. No waiver by either party hereto at any time of any breach by the other party hereto of, or for compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express
or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute but a single instrument. 
 11. Governing Law 
 The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Virginia. 

 

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 12. Validity 
 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Bank by its duly authorized officer, and by the Executive, as of
the date first above written. 
  

			
	FIRST CAPITAL BANK
		
	By:	 	/s/ Robert G. Watts, Jr.
		 	Robert G. Watts, Jr.,
		 	President and Chief Executive Officer

  

					
	EXECUTIVE:
		
		 	/s/ William W. Ranson
		 	Name:	 	William W. Ranson

  

 8Fourth Amendment to Credit Agreement

 Exhibit 10.4.1 
 FOURTH AMENDMENT TO 
 CREDIT AGREEMENT 
 This Fourth Amendment to Credit Agreement (the “Fourth Amendment”) is made as of
the 15th day of January, 2008 by and among 
 SAKS INCORPORATED, a corporation organized under the laws of the State of Tennessee, having a place of business at 12 East 49th Street, 18th Floor, New York, NY 10017; 
 the LENDERS party hereto; and 
 BANK OF
AMERICA, N.A., as successor in interest to Fleet Retail Group, LLC (f/k/a Fleet Retail Group, Inc.), as Agent for the Lenders, a national banking association, having a place of business at 100 Federal Street, Boston, Massachusetts 02110; and

 CITICORP NORTH AMERICA, INC., as Syndication Agent; and 
 WACHOVIA BANK, NATIONAL ASSOCIATION, JPMORGAN CHASE BANK, N.A. and GENERAL ELECTRIC CAPITAL CORPORATION, as Co-Documentation Agents 
 in consideration of the mutual covenants herein contained and benefits to be derived herefrom. 
 WITNESSETH

 WHEREAS, the Borrower, the Agent, the Syndication Agent, the Co-Documentation Agents and the Lenders have entered into an Amended
and Restated Credit Agreement dated as of November 26, 2003 (as amended and in effect, the “Credit Agreement”); and 
 WHEREAS, the Borrower, the Agent, the Lenders, the Syndication Agent and the Co-Documentation Agents have agreed to amend certain provisions of the Credit Agreement as set forth herein. 
 NOW THEREFORE, it is hereby agreed as follows: 
  

	1.	Definitions. All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Credit Agreement. 

  

	2.	Amendment to Article 5 of the Credit Agreement. Section 5.2(e) is hereby deleted in its entirety and the following substituted in its stead: 

 “(e) As soon as available, but in any event not later than forty-five (45) days after the close of each Fiscal Year, annual forecasts (to
include forecasted consolidated balance sheets, income statements and statements of cash flow) for the Borrower and its Consolidated Subsidiaries as at the end of and for each fiscal quarter of the current Fiscal Year.” 
  

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	3.	Amendments to Article 7 of the Credit Agreement. The provisions of Article 7 of the Credit Agreement are hereby amended as follows: 

  

	 	a.	Section 7.4(b) of the Credit Agreement is hereby deleted in its entirety and the following substituted in its stead: 

 “(b) The Borrower shall, and shall cause each Credit Party and other Material Subsidiary to, permit representatives and independent contractors of
the Agent, and any Lender electing to accompany such representatives or independent contractors at its own cost (other than CNAI, whose expenses shall be paid by the Borrower, subject to the provisions of Section 13.7 hereof), to (i) visit
and inspect any of its properties (subject to the rights of third party tenants in possession), to conduct audits, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom and to discuss its affairs,
finances and accounts with its directors, officers and independent public accountants, at such reasonable times during normal business hours and as soon as may be reasonably desired, upon reasonable advance notice to the Borrower, all at the expense
of the Borrower to the extent conducted by the Agent, its representatives or independent contractors; provided, Agent agrees that it will not conduct any such audit and examination described in this clause (i) above unless either an
Event of Default exists or the aggregate outstanding amount of Revolving Loans and Letters of Credit exceed $125,000,000 at any time; provided further that, in the event that the aggregate outstanding amount of Revolving Loans and Letters of
Credit exceed $125,000,000 at any time in any twelve month period, the Agent may, in its discretion, conduct one (1) such audit and examination described in this clause (i) above in such twelve month period, which audit and examination
shall be paid for by the Borrower, and (ii) conduct appraisals of Collateral, independently of or in conjunction with the visits, inspections, audits and examinations provided for in clause (i) above, all at the expense of the Borrower;
provided, Agent agrees that it will not conduct any such appraisal described in this clause (ii) above unless either an Event of Default exists or the aggregate outstanding amount of Revolving Loans and Letters of Credit exceed
$125,000,000 at any time; provided further that, in the event that the aggregate outstanding amount of Revolving Loans and Letters of Credit exceed $125,000,000 at any time in any twelve month period, the Agent may, in its discretion, at any
time in any twelve month period, conduct one (1) such appraisal described in this clause (ii) above in such twelve month period which appraisal shall be paid for by the Borrower. Notwithstanding any limitations contained in clauses
(i) and (ii) above, (A) when an Event of Default exists, the Agent or any Lender may undertake as many such audits and appraisals as the Agent, in its discretion, determines, at the expense of the Borrower at any time during normal
business hours and without advance notice so 

  

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long as the exercise of such rights shall not unreasonably disrupt the physical operation of retail stores of the Borrower or applicable Material Subsidiary,
as the case may be, and (B) if an Event of Default does not exist, the Agent may, in its discretion, undertake additional audits and/or appraisals in any fiscal year, at its expense.” 
  

	 	b.	Section 7.11 of the Credit Agreement is hereby amended by deleting the word “and” at the end of clause (i) and adding the word “and” at the end of
clause (j) and adding the following clause (k) at the end thereof: 

 “(k) Any Guaranty by the Borrower of Debt
of any Person that was a Subsidiary of the Borrower at the time of the making of such Guaranty consisting of Capital Leases in an aggregate amount not to exceed $40,000,000.” 
  

	4.	Conditions to Effectiveness. This Fourth Amendment shall not be effective until each of the following conditions precedent have been fulfilled to the satisfaction of the
Agent: 

  

	 	a.	This Fourth Amendment shall have been duly executed and delivered by the Borrower, the Agent and the Majority Lenders. The Agent shall have received a fully executed copy hereof and
of each other document required hereunder. 

  

	 	b.	All action on the part of the Borrower necessary for the valid execution, delivery and performance by the Borrower of this Fourth Amendment shall have been duly and effectively
taken. 

  

	 	c.	The Borrower shall have reimbursed the Agent for all expenses incurred in connection herewith, including, without limitation, reasonable attorneys’ fees which are reimbursable
in accordance with Section 13.7 of the Credit Agreement. 

  

	 	d.	After giving effect to this Fourth Amendment, no Default or Event of Default shall have occurred and be continuing. 

  

	 	e.	Saks Fifth Avenue Texas LLC (the “New Guarantor”) shall have delivered the following to the Agent, in form and substance satisfactory to the Agent:

  

	 	i.	Certificate of Legal Existence and Good Standing issued by the State of Delaware. 

  

	 	ii.	Certificate of the New Guarantor’s Secretary of the due adoption, continued effectiveness, and setting forth the text of each corporate resolution adopted in connection with
the loan arrangement and attesting to the true signatures of each Person authorized as a signatory to any of the Loan Documents. 

  

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	 	iii.	Execution and delivery by the New Guarantor of the following Loan Documents: 

  

	 	a)	Joinder Agreement; and 

  

	 	b)	Such other documents and agreements as the Agent may reasonably require. 

  

	 	f.	The Agent shall have received results of searches or other evidence reasonably satisfactory to the Agent (dated as of a date reasonably satisfactory to the Agent) indicating the
absence of Liens on the assets of the New Guarantor, except for Permitted Liens and Liens for which termination statements and releases or subordination agreements are being tendered on the date hereof. 

  

	 	g.	The Agent shall have received all documents and instruments, including financing statements, required by law or reasonably requested by the Agent to be filed, registered or recorded
to create or perfect the first priority Liens intended to be created under the Loan Documents with respect to the New Guarantor and all such documents and instruments shall have been so filed, registered or recorded to the satisfaction of the Agent.

  

	 	h.	The Borrower shall have provided such additional instruments and documents, as the Agent and their counsel may have reasonably requested. 

  

	5.	Miscellaneous. 

  

	 	a.	Except as provided herein, all terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. After giving effect to this Fourth
Amendment, the Borrower hereby ratifies, confirms, and reaffirms all of the representations, warranties and covenants contained in the Credit Agreement and the other Loan Documents. Without limiting the generality of the foregoing, the Borrower
hereby acknowledges, confirms and agrees that all Collateral shall continue to secure the Obligations as modified and amended pursuant to this Fourth Amendment, and any future modifications, amendments, substitutions or renewals thereof.

  

	 	b.	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, each shall be an original,
and all of which together shall constitute one instrument. Delivery of an executed counterpart of a signature page hereto by telecopy shall be as effective as delivery of a manually executed counterpart hereof. 

  

	 	c.	 This Fourth Amendment expresses the entire understanding of the parties with respect to the matters set forth herein and supersedes all prior discussions or
negotiations hereon. Any determination that any provision of this Fourth 

  

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Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not effect the validity, legality, or
enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Fourth Amendment. Nothing contained herein shall be deemed to constitute a waiver of any Events of Default now
existing or hereafter arising under the Credit Agreement. 

  

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 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be executed and their seals
to be hereto affixed as the date first above written. 
  

			
	SAKS INCORPORATED
		
	By:	 	 /s/ Michael Vincent

	Print Name: Michael Vincent
	Title:	 	Vice President – Treasurer
	
	BANK OF AMERICA, N.A., as Agent
		
	By:	 	 /s/ Christine Hutchinson

	Print Name: Christine Hutchinson
	Title:	 	Principal
	
	CITICORP NORTH AMERICA, INC.
		
	By:	 	 /s/ Marcus Wunderlich

	Print Name: Marcus Wunderlich
	Title:	 	Vice President
	
	GENERAL ELECTRIC CAPITAL CORPORATION
		
	By:	 	 /s/ Rebecca A. Ford

	Print Name: Rebecca A. Ford
	Title:	 	Duly Authorized Signatory
	
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Marc Brier

	Print Name: Marc Brier
	Title:	 	Director
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ David Lehner

	Print Name: David Lehner
	Title:	 	Vice President

  

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	THE CIT GROUP/BUSINESS CREDIT, INC.
		
	By:	 	 /s/ Manuel Borges

	Print Name: Manuel Borges
	Title:	 	Vice President
	
	WELLS FARGO FOOTHILL, LLC
		
	By:	 	 /s/ Maged Ghebrial

	Print Name: Maged Ghebrial
	Title:	 	Vice President
	
	NATIONAL CITY BUSINESS CREDIT, INC.
		
	By:	 	 /s/ Matthew Potter

	Print Name: Matthew Potter
	Title:	 	Vice President
	
	AMSOUTH BANK (Regions Bank)
		
	By:	 	 /s/ Cynthia Murinos

	Print Name: Cynthia Murinos
	Title:	 	Attorney In Fact
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Jerold Slutsky

	Print Name: Jerold Slutsky
	Title:	 	Vice-President
	
	UBS AG, STAMFORD BRANCH
		
	By:	 	 /s/ David B. Julie

	Print Name: David B. Julie
	Title:	 	Associate Director

  

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	By:	 	 /s/ Irja R. Otsa

	Print Name: Irja R. Otsa
	Title:	 	Associate Director
	
	HSBC BUSINESS CREDIT (USA), INC.
		
	By:	 	 /s/ Paul Niemozyk

	Print Name: Paul Niemozyk
	Title:	 	Assistant Vice President
	
	FIRST COMMERCIAL BANK
		
	By:	 	 /s/ James W. Brunstad

	Print Name: James W. Brunstad
	Title:	 	Senior Vice President

  

 8

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