Document:

exv10w11

Exhibit 10.11

SECOND AMENDMENT TO THE

PAYLESS SHOESOURCE, INC. 401(k) PROFIT SHARING PLAN

          WHEREAS, Payless ShoeSource, Inc. (“Company”) previously adopted the Payless ShoeSource, Inc.
401(k) Profit Sharing Plan (“Plan”); and

          WHEREAS, the Company reserved the right to amend the Plan pursuant to Section 18.01 thereof;
and

          WHEREAS, effective January 1, 2008, the Company desires to amend the Plan to reflect the final
regulations under Section 415 of the Internal Revenue Code;

          NOW, THEREFORE, effective January 1, 2008, the Plan is amended as follows:

          1. The last sentence of the first paragraph in Section 1.22 is deleted and replaced with the
following:

For purposes of this Section 1.22, compensation within the meaning of Code Section 415(c)(3)
shall mean the remuneration as defined in Section 13.01(a).

          2. Section 1.35 is deleted and replaced with the following:

     1.35 Pay means the aggregate of (i) all regular pay, commissions, overtime pay, cash
incentives, prizes and cash awards, plus (ii) amounts which the Associate elects to have the
Employer contribute directly to the Plan on the Associate’s behalf in accordance with
Section 4.01(b). Pay shall include any amounts not otherwise includable in the Member’s
taxable income pursuant to Code Section 125. Pay shall not include amounts for a pension, a
retirement allowance, a retainer or a fee under contract, deferred compensation (including
amounts deferred under the Deferred Compensation Plan of The May Department Stores Company
and the Deferred Compensation Plan of Payless ShoeSource, Inc.), severance pay,
distributions from this Plan, amounts earned before an individual becomes a Member, or items
of extraordinary income including but not limited to amounts resulting from the exercise of
stock options, spinoff cash, spinoff stock and restricted stock awards. Pay in excess of
$230,000 shall be disregarded, although such amount shall be adjusted for cost-of-living
increases in accordance with Code Section 401(a)(17)(B).

     Pay shall not include any compensation paid after an individual’s termination of
employment. Notwithstanding the preceding, to the extent that the following amounts are
otherwise included in the definition of Pay and are paid no later than the date which is 21/2
months after termination of employment, such amounts paid after an Associate’s termination
of employment shall be deemed Pay: regular pay, including compensation for services during
regular working hours, overtime, shift differential, commissions, bonuses or other similar
payments, and payment for unused accrued sick, vacation or other leave, but only if the
Associate would have been able to use the leave if employment had continued. The rules
described in this Section 1.35 with respect to post-employment payments shall not apply to
payments to an individual who does not currently perform services for the Employer by reason
of qualified military service, to the extent such payments do not exceed

 

 

the compensation such individual would have received from the Employer if he or she had
continued to perform services for the Employer.

          3. The last sentence of Section 13.01(a) is deleted and replaced with the following:

Remuneration for purposes of this Section and Sections 1.22 and 21.06(g) means remuneration
as defined in Treasury Regulation Section 1.415(c)-2(d)(2), plus amounts that would be
reported as wages but for an election under Code Section 125(a), 132(f)(4), 402(e)(3),
402(h)(1)(B), 402(k) or 457(b), but not in excess of $230,000 (as adjusted in accordance
with Section 415(d) of the Code) for any Limitation Year, Plan Year or calendar year, as
applicable. Such amount shall not include any severance pay, whether paid before or after
an Associate’s termination of employment, or any other compensation paid after an
individual’s termination of employment. Notwithstanding the preceding sentence, to the
extent that the following amounts are otherwise included in the definition of remuneration
and are paid no later than the date which is 21/2 months after termination of employment, such
amounts paid after an Associate’s termination of employment shall be deemed remuneration:
regular pay, including compensation for services during regular working hours, overtime,
shift differential, commissions, bonuses or other similar payments; payment for unused
accrued sick, vacation or other leave, but only if the Associate would have been able to use
the leave if employment had continued; and payment received pursuant to a nonqualified
deferred compensation plan sponsored by the Employer, but only if the Associate would have
received the payment if employment had continued and only to the extent the payment is
includible in the Associate’s gross income. The rules described in this Section 13.01(a)
with respect to post-employment payments shall not apply to payments to an individual who
does not currently perform services for the Employer by reason of qualified military
service, to the extent such payments do not exceed the compensation such individual would
have received from the Employer if he or she had continued to perform services for the
Employer.

          4. Section 21.06(g) is deleted and replaced with the following:

(g) Top-Heavy Compensation means the remuneration as defined in Section 13.01(a). Such
compensation shall be considered only if earned while a Member.

          IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by a duly authorized
individual this 17th day of December, 2008.

	 	 	 	 	 
	 	 	PAYLESS SHOESOURCE, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ Betty Click 
	 

	 	 	 	 

	 

	 	Name:	 	Betty Click 
	 

	 	 	 	 

	 

	 	Title:	 	Senior Vice
President—Human Resources 
	 

	 	 	 	 

2exv10w12

Exhibit 10.12

THIRD AMENDMENT TO THE

PAYLESS SHOESOURCE, INC. 401(k) PROFIT SHARING PLAN

          WHEREAS, Payless ShoeSource, Inc. (“Company”) previously adopted the Payless ShoeSource, Inc.
401(k) Profit Sharing Plan, as amended and restated effective August 1, 2007 (the “Plan”); and

          WHEREAS, the Plan provides for participation by those entities in the Company’s control group
which the Company authorizes to participate in the Plan; and

     WHEREAS, the Company has determined that effective January 1, 2009 Collective Licensing
International LLC is authorized to participate in the Plan and that effective the same date the
Collective Licensing International LLC 401(k) Plan be merged with the Payless ShoeSource, Inc.
401(k) Profit Sharing Plan; and

     WHEREAS, the Company desires to amend the Plan to preserve those benefits under the Collective
Licensing International LLC 401(k) Plan which are protected benefits within the meaning of Treasury
Regulations §1.411(d)-4 and to make certain related clarification amendments to the Plan; and

     WHEREAS, the Company has reserved the right to amend the Plan pursuant to Section 18.01
thereof;

          NOW, THEREFORE, effective January 1, 2009, the Plan is amended as follows:

	 	1.	 	Section 1.45 is amended and replaced with the following
language: Transferred Accounts means Member and Company Accounts transferred
from the May Plan or as applicable, the Collective Licensing International LLC
401(k) Plan (the “CLI Plan”).
	 
	 	2.	 	A sentence is added to the end of Section 3.01 that states that
“notwithstanding the above, prior to January 1, 2009, the amount of any
“non-elective contribution” the Company or an Employer determines to contribute
for plan year 2008 may be contributed to the Trust as of January 1, 2009 or as
soon as practicable after the close of the Company’s Fiscal Year. For this
purpose, the term “non-elective contribution” shall have such meaning as set
forth in the CLI Plan in effect on December 31, 2008. Eligibility for such
“non-elective contribution” shall be determined based upon the rules in effect
under the CLI Plan on December 31, 2008.”
	 
	 	3.	 	A sentence is added to the end of Section 3.02 that states that
notwithstanding the above, prior to January 1, 2009, the amount of any
“employer matching contribution” the Company or an Employer determines to
contribute for plan year 2008 may be contributed to the Trust as of January 1,
2009 or as soon as practicable after the close of the Company’s Fiscal Year.
For this purpose, the term “employer matching contribution” shall have such
meaning as set forth in the CLI Plan in effect on December 31, 2008.
Eligibility for such “employer matching

 

 

	 	 	 	contribution” shall be determined based upon the rules in effect under the
CLI Plan on December 31, 2008.
	 
	 	4.	 	Section 6.07(a) is amended and replaced with the following
language:

(a) Vesting Schedule. Unless otherwise specified herein, a Member shall
have a fully vested interest at all times (i) in his Member Accounts and
(ii) in his Company Profit Sharing Contribution Account balance determined
as of July 31, 1997. A Member who has completed at least two full Years of
Service as of August 1, 1997 also shall be fully vested at all times (i) in
his Company Matching Contribution Account and (ii) in his Company Profit
Sharing Contribution Account determined at any time after July 31, 1997.
The Company Matching Contribution Account of a Member who is not or was not
credited with at least two Years of Service as of August 1, 1997 and his
Company Profit Sharing Contribution Account attributable to Company Profit
Sharing Contributions, if any, based on such Member’s eligibility for such
contributions after August 1, 1997, shall vest according to the following
schedule:

	 	 	 
	Vesting Service	 	Vested Interest
	Fewer than 2 years
	 	0%
	2 years
	 	25%
	3 years
	 	50%
	4 years
	 	75%
	5 years or more
	 	100% 

Notwithstanding the foregoing, a Member’s interest in his Company Matching Contribution
Account and his Company Profit Sharing Contribution Account shall become fully vested if the
Member terminates employment on account of Retirement, death or Disability.

A Member’s interest in any “non-elective contributions” or “employer matching contributions”
as defined in the CLI Plan which were attributed to Member’s Account for services rendered
through December 31, 2008, shall vest as follows:

	 	 	 
	Vesting Service	 	Vested Interest
	Fewer than 1 year
	 	0%
	1 year
	 	25%
	2 years
	 	50%
	3 years
	 	75%
	4 years or more
	 	100% 

Notwithstanding the foregoing, a Member’s interest in any “non-elective contributions” or
“employer matching contributions” as described above, shall become fully vested if the
Member terminates employment on account of death or Disability.

2

 

	 	5.	 	Sections 8.02(d) and (e) are amended as follows with the
addition of a new Section 8.02(f):
	 
	 	 	 	8.02(d) A Member who has attained age 59 1/2 and who was a Participant in or
eligible to be a Participant in the CLI Plan as of December 31, 2008, and
who had an account balance in the CLI Plan on such date, shall be eligible
to withdraw any portion of his vested Transferred Account.
	 
	 	 	 	8.02 (e) Associates with Member Rollover Contribution Accounts may elect to
withdraw their Member Rollover Contribution Accounts prior to termination of
employment.
	 
	 	 	 	8.02(f) A withdrawal election shall be made pursuant to application
procedures established by the Committee. Contribution totals and Account
values shall be determined as of the Valuation Date coinciding with or next
following the filing of the withdrawal election. If the Member Accounts
from which withdrawal is made are in more than one Investment Fund, the
withdrawal shall be pro rata from each such Investment Fund except in the
case the Member is subject to Section 16 of the Securities Exchange Act of
1934 or has been designated as a “Designated Insider,” in which case such
Member’s withdrawal will be taken first from such Member’s Investment Funds
other than the Payless Common Stock Fund.
	 
	 	6.	 	Section 10.01(b) is amended as follows:
	 
	 	 	 	A Member who was a Member of the CLI Plan as of December 31, 2008, may elect
that all Transferred Accounts distributable to him pursuant to Section 9
shall be paid (i) in lump sum or (ii) monthly, quarterly, semi-annual or
annual installments over a period not to exceed Member’s assumed life
expectancy (or Member and Member’s Beneficiary’s assumed life expectancies
beginning with the Valuation Date as of which the lump sum payment would
otherwise be made.
	 
	 	 	 	A Member who was a Member of the May Plan as of June 30, 1990 may elect that
all Transferred Accounts distributable to him pursuant to Section 9 shall be
paid in annual installments over a period not to exceed ten years beginning
with the Valuation Date as of which the lump sum payment would otherwise be
made. In the event of the death of a Member prior to the expiration of such
period, all amounts which have not been distributed to him shall be paid in
a lump sum to his designated Beneficiary or his estate if there is no
designated Beneficiary. Subject to the foregoing, each such installment
shall be paid as of a Valuation Date and, until all the Accounts of the
Member have been fully distributed, they shall continue to be revalued as of
each succeeding Valuation Date pursuant to Section 6.04.

3

 

	 	 	 	Notwithstanding the above, a Member who as of December 31, 1988 was or was
entitled to be a Participant in the Volume Shoe Corporation Profit Sharing
Plan may elect that all Transferred Accounts distributable to him pursuant
to Section 9 be paid in the form of equal monthly installments over a period
not to exceed 120 months. Such payments shall otherwise be made in
accordance with the foregoing portion of this Subsection 10.01(b).

          IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by a duly authorized
individual this 17th day of July , 2008.

	 	 	 	 	 
	 	 	COLLECTIVE BRANDS, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ Betty Click 
	 

	 	 	 	 
	 	 	Name: Betty Click
	 	 	Title: Senior Vice President-Human Resources

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