Document:

Fourth Amendment to Program Agreement

 Exhibit 10.7.3 
 FOURTH AMENDMENT TO PROGRAM AGREEMENT 
 among 
 SAKS INCORPORATED 
 MCRAE’S,
INC. 
 and 
 HSBC
BANK Nevada, National Association 
 Dated as of 
 November 28, 2007 

 FOURTH AMENDMENT TO PROGRAM AGREEMENT 
 This Fourth Amendment to Program Agreement is made and entered into as of the 28th day of November, 2007 by an among by and among Saks Incorporated (“Saks”), Jackson Office Properties, Inc., successor in interest to McRae’s,
Inc. (together with the Company, the “Saks Companies”), and HSBC Bank Nevada, National Association (“HSBC”) with respect to that certain Program Agreement dated as of April 15, 2003, as amended (the “Agreement”),
by and between HSBC and the Saks Companies. 
 WHEREAS, pursuant to this Fourth Amendment, the Saks Companies and HSBC desire to amend the
Agreement; 
 NOW, THEREFORE, in consideration of the mutual agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree to amend the Agreement as follows: 
 The definition of
“High Collar” on page 7 is deleted and replaced in its entirety as follows: 
 “High Collar”: (i) With respect to the
Finance Charge Reversal Percentage, 2.0%, (ii) With respect to the Late Fee Reversal Percentage, 15.0%, (iii) With respect to the Returned Check Fee Reversal Percentage, 6.70%; or, in each case, such other level as may from time to time be
set by the Operating Committee. In the event that HSBC implements a change in terms or other systemic changes that affect customer economics, the remainder of the month within which that change takes place, plus the next three months, shall not be
taken into account when calculating reversal percentages for the purposes of determining a collar. For example, if HSBC implements a change in terms in January, the remainder of January plus February, March, and April will be excluded from the
measurement period for calculating reversal percentages. The measurement period for that calendar year would commence in May. 
 IN WITNESS WHEREOF, the
Parties have caused their respective duly authorized representatives to execute this Amendment as of the date first written above. 
  

			
	SAKS INCORPORATED
	
	 JACKSON OFFICE PROPERTIES, INC.
 (“SERVICER”), SUCCESSOR IN INTEREST TO MCRAE’S, INC.

	
	HSBC BANK NEVADA, N.A.Amendment to Servicing Agreement

 Exhibit 10.7.4 
 Jackson Office Properties, Inc. 
 Wed. Apr 4, 2007 
 Page 1 
 

 
 Via Electronic Transmission 
 Jackson Office Properties, Inc. and 
 c/o Saks Incorporated 
 3455 Highway 80 West 
 Jackson MS 39209 
 Attn.: Michael
Rodgers 
 April 4, 2007 
 Re: Amendment to
(i) Servicing Agreement dated as of April 15,2003 (as amended, the “Servicing Agreement”) between Jackson Office Properties, Inc.(“Servicer”), successor in interest to McRae’s, Inc., and Household Corporation, now
known as HSBC Private Label Corporation (“HSBC PLC”), (ii) Program Agreement dated as of April 15,2003 (as amended, the “Program Agreement”) between Servicer, Sales, Incorporated (“Saks”), and Household Bank
(SB), N.A., now known as HSBC Bank Nevada, N.A. (“HSBC Nevada”), and (iii) Co-Brand Program Agreement dated August 11, 2006 (as amended, the “Co-Brand Agreement”) between Saks and HSBC Nevada. 
 Dear Mike: 
 This letter sets forth the Agreement between
Servicer, Saks, HSBC PLC and HSBC Nevada regarding certain amendments to the Servicing Agreement, the Program Agreement and the Co-Brand Agreement. Capitalized words used in this letter agreement and not otherwise defined will have the meanings
ascribed to such words in the Servicing Agreement. 
 Servicer, Saks, HSBC PLC and HSBC Nevada agree as follows: 
 1. Effective from and after March 1, 2007, the definitions of “Active Account” and “Monthly Servicing Fee Rate” set forth on
Exhibit 2.2(b) of the Servicing Agreement are deleted and the following definitions are inserted into Exhibit 2.2(b) of the Servicing Agreement: 
 As shown in the Active Account field on the Trial Balance Reports, “Active Account” means any Account having activity during a given month, even if the Cardholder’s balance at the end of the month is
zero. For example, if a balance exists on the Account at the beginning of the month and the Cardholder pays this balance off to zero, the Account would still be considered to be an Active Account. 

 
If the Account balance starts and ends the month at zero and there is no monetary activity on the Account during that month, the Account would not be
considered to be an Active Account. 
 “Inactive Account” means any Account for which the Account balance starts and
ends the month at zero and there is no monetary activity on the Account during that month. 
 “Monthly Servicing Fee
Rate” means $1.30. 
 2. With respect to private label Accounts, notwithstanding anything to the contrary stated in the Servicing
Agreement, commencing not later than March 31, 2007 and continuing through the expiration of the term of the Servicing Agreement (as the same may be extended), HSBC PLC shall assume from Servicer complete responsibility for the Statement
Preparation and Mailing Service described as item VII of Exhibit 2.02(a)-1 of the Servicing Agreement. There will be no adjustment to the Servicing Fee or the Servicing Fee Rate as a result of HSBC PLC taking over this Service. 
 3. From March 1, 2007 forward, the Servicing Fee to be paid by HSBC PLC for any calendar month shall be the product of: 
 (a) the Active Account Total with respect to such calendar month; 
 (b) the Monthly Servicing Fee Rate; and 
 (c) the CPI Adjustment with respect to such calendar month. 
 For example, under this formula, the Servicing Fee for
December 2006 would have been $1.42 per Active Account. For the avoidance of doubt, HSBC PLC shall not pay this fee for Inactive Accounts. 
 4. Notwithstanding anything to the contrary stated in the Program Agreement, commencing as of April 15, 2007, for purposes of calculating the Marketing Contribution (as defined in the Program Agreement), the number “0.14%”
set forth in Section 2.04(b) of the Program Agreement is deleted and replaced with “0.12%”. 
 5. Notwithstanding anything to
the contrary stated in the Program Agreement, Sales and HSBC Nevada agree that the credit terms applicable to the Saks Fifth Avenue Accounts (as defined in the Program Agreement) may be modified as follows: 
 (a) The interest rate applicable to the Accounts may be increased to a variable interest rate with an “annual percentage rate” (as defined in
the Truth in Lending Act) equal to the Prime Rate (as defined in the Program Agreement) plus 15.40%, with a floor of 22.9%; 
 (b) The top
late fee tier may be increased from $32 to $35; 
 (c) For purposes of late charge assessment, the number of days before payment is due may
be reduced to 25 days after the Account closing date plus not less than 

 
a 5 day grace period. For the avoidance of doubt, Servicer Saks and HSBC Nevada agree that the late fee may not be assessed against a Cardholder with respect
to an unpaid Account balance unless the Cardholder remains past due as of the closing date for the following month’s billing statement (“New Billing Statement Closing Date”); and 
 (d) Finance charges will be assessed as of the New Billing Statement Closing Date. 
 6. Notwithstanding anything to the contrary stated in the Co-Brand Agreement, but subject to the last sentence of this paragraph 6, not later than
October 1, 2007, Servicer will assume responsibility for inbound Cardholder inquiry phone calls with respect to the MasterCard portion of the Dual Card Accounts (as defined in the Co Brand Agreement). HSBC Nevada shall make all reasonable
efforts to cause all systems to be developed, installed, fully operational, and available to Servicer to the extent necessary or appropriate to allow Servicer to perform the services described in this paragraph 6 by October 1, 2007. Servicer
shall not be obligated to perform the service described in this paragraph 6 prior to the date such systems are developed, installed, fully-operational, and available to Servicer. There will be no change in the Servicing Fee as a result of
Servicer’s assumption of responsibility for inbound Cardholder inquiry phone calls. 
 Please indicate your agreement to the foregoing
by signing below and returning this letter to the undersigned via facsimile transmission at (847) 205-7417. If you have any questions, please contact me directly al (847) 564-6859. 
  

	
	Sincerely,
	
	 HSBC PRIVATE LABEL CORPORATION
 (only for
purposes of amending the Servicing Agreement)

	
	HSBC BANK NEVADA, N.A. (only for purposes of amending the Co-Brand Agreement and the Program Agreement)

 Accepted and Agreed on this 10 day of April, 2007. 
  

	
	SAKS, INCORPORATED (only for purposes of amending the Program Agreement and Co-Brand Agreement)
	
	 JACKSON OFFICE PROPERTIES, INC.
 (only for purposes of
amending the Servicing Agreement)First Amendment to the Saks Incorporated Deferred Compensation Plan

 Exhibit 10.17.1 
 FIRST AMENDMENT 
 TO THE 
 SAKS INCORPORATED DEFERRED COMPENSATION PLAN 
 (as amended and restated effective May 1, 2002)

 The Saks Incorporated Deferred Compensation Plan (the “Plan”) is hereby amended, effective April 1, 2004, as follows:

 1. Section 2.01 is amended by adding the following at the end of the Section: 
 “For members of the Corporation’s Board of Directors, the term Basic Compensation means retainers and attendance fees paid by the Corporation to
the Director for service as a Director.” 
 2. Section 2.06 is amended by adding the following at the end of the Section: 
 “For members of the Corporation’s Board of Directors, the term Compensation means retainers and attendance fees paid by the Corporation to the
Director for service as a Director.” 
 3. Section 2.16 is amended by adding the following at the end of the Section: 
 “The term Employee shall also include members of the Corporation’s Board of Directors.” 
 4. The first paragraph of Section 3.01 is amended by adding the following at the end of the paragraph: 
 “Effective April 1, 2004, members of the Corporation’s Board of Directors shall be eligible to participate in the plan.” 

5. Subsection 4.01(a)(2) is amended to read as follows: 
  

	 	“(2)	In-service Deferral Buckets - used to account for amounts to be distributed at times selected by the Participant, without regard to the Participant’s retirement date. A
Participant may elect to maintain up to three in-service deferral buckets.” 

 6. Subsection 4.01(b) is amended to read as follows:

  

	 	“(b)	Stock Grant Account. In addition, if applicable, the Committee shall establish a separate book reserve account (the Stock Grant Account as defined in Section 2.25
hereof) for the purpose of determining deferred compensation payable to the Participant attributable to the deferral of grants of Corporate Stock under Section 4.06. Such account shall be governed by the provisions of this Article 4. The
entire Stock Grant Account shall be maintained as one or more separate in-service stock grant buckets. Each Participant may elect to maintain up to three in-service stock grant buckets.” 

 7. Subsection 4.02(a)(4) is amended by adding the following at the end of the subsection: 
 “Notwithstanding the foregoing, a Participant who is a member of the Corporation’s Board of Directors may elect to make a deferral of up to one hundred percent (100%) of the Participant’s Basic
Compensation.” 
  

 1 

 8. The first sentence of subsection 4.07(b)(1) is amended to read as follows: 
 “Amounts credited to a Participant’s Stock Grant Account shall initially be valued as if the credits to such account were invested in Corporate
Stock.” 
 9. Subsection 4.07(b)(2) is amended to read as follows: 
  

	 	“(2)	A Participant who is subject to the fixed interest methodology described in subsection 4.07(a)(3) above and who has a Stock Grant Account will have a one-time opportunity to change
the investment election of his Stock Grant Account. The election will allow a Participant to change his investment credits from being determined based on Corporate Stock to being determined based on the fixed interest methodology. Once made, this
election can never be reversed.” 

 10. Section 4.07(b) is amended by adding the following new subsection (3) at the end of the
Section: 
  

	 	“(3)	A Participant who is not subject to the fixed interest methodology described in subsection 4.07(a)(3) above and who has a Stock Grant Account will be free to change the investment
elections applicable to his Stock Grant Account at any time in accordance with the investment rules applicable to the Participant’s Deferred Compensation Account as described in subsection 4.07(a)(2) hereof.” 

 11. Subsection 5.02(b)(1) is amended to read as follows: 
 “For each in-service deferral bucket described in subsection 4.01(a)(2) and each in-service stock grant bucket described in subsection 4.01(b), the Participant shall designate the number of installments, from one to ten, and the year
in which installments are to commence.” 
 IN WITNESS WHEREOF, Saks Incorporated
has caused this First Amendment to the Saks Incorporated Deferred Compensation Plan to be executed by its duly authorized officer on this 20th day
of February, 2004. 
  

			
	SAKS INCORPORATED
		
	By:	 	 /s/ Charles J. Hansen

	Title:	 	EVP

  

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