Document:

Exhibit 10.3

Exhibit 10.3

CALERES, INC. 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

As amended and restated effective May 28, 2015

	
		
	 
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	SECTION I - DEFINITIONS
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	A. "Actuarially Equivalent"
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	B. "Affiliate"
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	C. "Board and Board of Directors"
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	D. "Change of Control"
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	E. "Code"
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	F. "Committee"
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	G. "Company"
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	H. "Early Retirement Benefit"
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	I. "Early Retirement Date"
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	J. "Effective Date"
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	K. "Employee"
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	L. "Employer"
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	M. "Excess Benefit Participant"
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	N. "Executive Benefit Participant"
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	O. "Normal Retirement Benefit"
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	P. "Normal Retirement Date"
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	Q. "Participant"
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	R. "Plan"
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	S. "Pre-Retirement Death Benefit"
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	T. "Retirement Plan"
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	SECTION II - ELIGIBILITY
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	SECTION III - EXECUTIVE BENEFITS
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	SECTION IV - EXCESS BENEFITS
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	SECTION V - BENEFIT LIMITATIONS AND SPECIAL RULES
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	SECTION VI - ADMINISTRATION AND CLAIMS PROCEDURES
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	SECTION VII - MISCELLANEOUS
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	A. Plan Year
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	B. Spendthrift
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	C. Incapacity
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	D. Employee Rights
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	E. Service of Process and Plan Administrator
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	F. Unfunded Plan
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	G. Company Rights
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	H. Governing Law
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	I. Amendment and Termination
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	J. Interpretation
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CALERES, INC. 
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

WHEREAS, Brown Shoe Company, Inc. (“Brown”) and its Affiliates previously adopted the Brown Shoe Company, Inc. Executive Retirement Plan (the “Plan”) for the benefit of eligible employees of Brown and its affiliates; and

WHEREAS, effective May 28, 2015, Brown shall be renamed Caleres, Inc. (“Company”), and the Company retained the right to amend the Plan pursuant to Section V.G thereof; and

WHEREAS, effective May 28, 2015, the Company desires to amend and restate the Plan to change the name of the Plan to the Caleres, Inc. Supplemental Executive Retirement Plan;

NOW, THEREFORE, effective as of May 28, 2015, the Plan is renamed the Caleres, Inc. Supplemental Executive Retirement Plan and is amended and restated to read as follows:

SECTION I
DEFINITIONS
A.    “Actuarially Equivalent” means an amount of equivalent actuarial value based on the actuarial assumptions set forth in the Retirement Plan for purposes of determining a lump sum distribution.  
B.    “Affiliate” means any corporation which, with the consent of the Board of Directors of the Company, adopts the Plan.
C.    “Board” and “Board of Directors” means the Board of Directors of the Company.
D.    “Change of Control” means the occurrence of any of the following events after January 1, 2008:
(a)    The acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (x) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a) the following acquisitions shall not constitute a Change of Control:  (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a transaction which complies with the exception set forth in subsection (c) below; or
(b)    Individuals who, as of January 1, 2008, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of the Company; provided, however, that any individual becoming a director subsequent to January 1, 2008 whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent 

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Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors of the Company; or
(c)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another corporation (a “Business Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 65% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; or
(d)    Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.
For purposes of this definition of Change of Control, Person means any individual, entity or group (within the meaning of Section 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended).
Notwithstanding the above, an event shall be considered a Change of Control only if such event satisfies the above definition and such event is a change in the ownership or effective control of a corporation or a change in the ownership of a substantial portion of the assets of a corporation under Code Section 409A and the regulations promulgated thereunder.  
E.    “Code” means the Internal Revenue Code of 1986, as amended.
F.    “Committee” means the committee appointed pursuant to Section VI.
G.    “Company” means Caleres, Inc., a New York corporation.
H.    “Early Retirement Benefit” means the early retirement benefit payable to a Participant under either Section III.B.2 or Section IV.B.2 of the Plan on his Early Retirement Date under the Retirement Plan.
I.    “Early Retirement Date” means a Participant’s Early Retirement Date under the Retirement Plan.  
J.    “Effective Date”  means January 1, 1983.
K.    “Employee” means a person employed by the Employer.

L.    “Employer” means the Company or an Affiliate.

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M.    “Excess Benefit Participant” means an Employee who has satisfied the eligibility requirements of Section II, as indicated pursuant to an action taken by the Committee, and is eligible for benefits in accordance with Section IV.      
N.    “Executive Benefit Participant” means an Employee who has satisfied the eligibility requirements of Section II, as indicated pursuant to an action taken by the Committee, and is eligible for benefits in accordance with Section III.
O.    “Normal Retirement Benefit” means the benefit payable to a Participant under either Section III.B.1. or Section IV.B.1 of the Plan on his Normal Retirement Date under the Retirement Plan.
P.    “Normal Retirement Date” means a Participant’s Normal Retirement Date under the Retirement Plan.  
Q.    “Participant” means an Employee who is either an “Excess Benefit Participant” or an “Executive Benefit Participant,” as defined above.
R.    “Plan” means this Caleres, Inc. Supplemental Executive Retirement Plan.

S.    “Pre‐Retirement Death Benefit” means the death benefit payable under either Section III.B.4. or Section IV.B.4. of the Plan.
T.    “Retirement Plan” means the Caleres, Inc. Retirement Plan.
SECTION II
ELIGIBILITY
On and after the Effective Date, the Committee may, in its sole discretion, by notice in writing, designate any highly-paid key Employee who is a participant in the Retirement Plan as either an Executive Benefit Participant or an Excess Benefit Participant.
SECTION III
EXECUTIVE BENEFITS
A.    Benefits described in this Section shall be payable solely to Executive Benefit Participants or their beneficiaries. 
B.    Subject to Section V.A, benefits shall be payable within thirty (30) days of an Executive Benefit Participant’s separation from service or death, to the Executive Benefit Participant or to the surviving beneficiary of an Executive Benefit Participant entitled to a Pre-Retirement Death Benefit under the Retirement Plan, in a lump sum which is Actuarially Equivalent to the following as of the date of the Executive Benefit Participant’s separation from service or death:  
1.    If an Executive Benefit Participant terminates employment at or after his or her Normal Retirement Date, an amount equal to (a) minus (b) below payable immediately for the life of the Executive Benefit Participant, where:
(a)    equals the Normal Retirement Benefit (or Deferred Retirement Benefit, if applicable) calculated under the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code but adjusted by 

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substituting 1.465% where 1.425% appears in Section I.A of the Retirement Plan, and (2) by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and
(b)    equals the Normal Retirement Benefit (or Deferred Retirement Benefit, if applicable) payable under the Retirement Plan as of his or her termination of employment.
2.    If an Executive Benefit Participant terminates employment at his or her Early Retirement Date, an amount equal to (a) minus (b) below payable immediately for the life of the Executive Benefit Participant, where:
(a)    equals the Normal Retirement Benefit calculated under the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code but adjusted by substituting 1.465% where 1.425% appears in Section I.A. of the Retirement Plan, and by reducing such benefit to the retiree by .8333% for each full month between his Early Retirement Date under the Retirement Plan and the first of the month coincident with or next following the month in which the retiree attains age 60, and (2) by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and
(b)    equals the Early Retirement Benefit payable under the Retirement Plan as of his or her termination of employment.
3.    If an Executive Benefit Participant terminates employment prior to his or her Early Retirement Date, an amount equal to (a) minus (b) below payable for the life of the Executive Benefit Participant commencing on his or her Normal Retirement Date, where:
(a)    equals the deferred vested benefit calculated under Section VII of the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code, but adjusted by substituting 1.465% where 1.425% appears in Section I.A. of the Retirement Plan, and (2) by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and
(b)    equals the deferred vested benefit payable under Section VII of the Retirement Plan as of his or her termination of employment.
4.    If an Executive Benefit Participant dies during employment with the Employer and is eligible for a Pre-Retirement Death Benefit under the Retirement Plan, an amount equal to (a) minus (b) below payable for the life of the beneficiary commencing on the first day of the month following the later of the Executive Benefit Participant’s date of death or the date the Executive Benefit Participant would have attained age 55, where:

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(a)    equals the Pre‐Retirement Death Benefit calculated under the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code, but adjusted (1) by substituting 1.465% where 1.425% appears in Section I.A. of the Retirement Plan, (2) by substituting the Early Retirement reduction factors specified in Section III.B.2(a) of this Plan for those specified in the Retirement Plan, and (3) by substituting for “fifty percent (50%)” in VI(A)(5)(a) of the Retirement Plan the following:
(i)    “seventy-five percent (75%)” if the Executive Benefit Participant had not attained age 55 at his death and
(ii)    “one-hundred percent (100%)” if the Executive Benefit Participant had attained age 55 at his death; and
(2)    by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and
(b)    equals the Pre-Retirement Death Benefit payable under the Retirement Plan as of the date of his or her death.
5.    The additional retirement benefits provided under written contractual commitments to any Executive Benefit Participant shall be payable from the Plan.  
C.    Notwithstanding anything else contained in the Plan, in the event of a Change of Control, the Company shall determine the lump sum actuarial equivalent of the benefits payable under Section III.B.1 if the Executive Benefit Participant has reached his Normal Retirement Date under the Retirement Plan, or under Section III.B.2 if the Executive Benefit Participant has not reached his Normal Retirement Date under the Retirement Plan, as if the Executive Benefit Participant retired as of the effective date of the Change of Control (using the same actuarial assumptions which are used in calculating benefits under the Retirement Plan at the time of the Change of Control and assuming that any accrued benefits under the Retirement Plan were fully vested) and shall pay such amount to the Executive Benefit Participant within 30 days after such date.  In the event the Executive Benefit Participant has not attained age 60 as of the effective date of the Change of Control, such lump sum shall be determined based on the benefit that would be payable under Section III.B.2 commencing at age 60 actuarially reduced to reflect the Executive Benefit Participant’s age on the date of the Change in Control.  In the event an Executive Benefit Participant had previously retired and is receiving a monthly benefit as of the effective date of the Change of Control, such lump sum shall be based on the payment form and amount being received by the Participant.  In the event that the Plan is not terminated pursuant to Section VII.I following a Change of Control, no additional benefits shall accrue hereunder after the date such Change of Control occurs unless the Board of Directors amends the Plan to provide otherwise.
SECTION IV
EXCESS BENEFITS
A.    Benefits described in this Section shall be payable solely to Excess Benefit Participants or their beneficiaries. 

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B.    Subject to Section V.A, benefits shall be payable within thirty (30) days of an Excess Benefit Participant’s separation from service or death, to the Excess Benefit Participant or to the surviving beneficiary of an Excess Benefit Participant entitled to a Pre-Retirement Death Benefit under the Retirement Plan, in a lump sum which is Actuarially Equivalent to the following as of the date of the Excess Benefit Participant’s separation from service or death:  
1.    If an Excess Benefit Participant terminates employment at or after his or her Normal Retirement Date, an amount equal to (a) minus (b) below payable immediately for the life of the Excess Benefit Participant, where:
(a)    equals the Normal Retirement Benefit (or Deferred Retirement Benefit, if applicable) calculated under the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code, and (2) by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and
(b)    equals the Normal Retirement Benefit (or Deferred Retirement Benefit, if applicable) payable under the Retirement Plan as of his or her termination of employment.
2.    If an Excess Benefit Participant terminates employment at his or her Early Retirement Date, an amount equal to (a) minus (b) below payable immediately for the life of the Excess Benefit Participant, where:
(a)    equals the Early Retirement Benefit calculated under the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code, and (2) by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and 
(b)    equals the Early Retirement Benefit payable under the Retirement Plan as of his or her termination of employment.
3.    If an Excess Benefit Participant terminates employment prior to his or her Early Retirement Date, an amount equal to (a) minus (b) below payable for the life of the Excess Benefit Participant commencing on his or her Normal Retirement Date, where:
(a)    equals the deferred vested benefit calculated under Section VII of the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code, and (2) by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and
(b)    equals the deferred vested benefit payable under Section VII of the Retirement Plan as of his or her termination of employment.
4.    If an Excess Benefit Participant dies during employment with the Employer and is eligible for a Pre-Retirement Death Benefit under the Retirement Plan, an amount equal to 

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(a) minus (b) below payable for the life of the beneficiary commencing on the first day of the month following the later of the Excess Benefit Participant’s date of death or the date the Excess Benefit Participant would have attained age 55, where:
(a)    equals the Pre‐Retirement Death Benefit calculated under the Retirement Plan (1) without regard to the limitations imposed by Sections 415 and 401(a)(17) of the Code, and (2) by including amounts deferred pursuant to a salary deferral election by a Participant under a nonqualified deferred compensation plan maintained by the Company when determining his or her compensation for benefit accrual purposes under the Retirement Plan; and
(b)    equals the Pre-Retirement Death Benefit payable under the Retirement Plan as of the date of his or her death.
5.    The additional retirement benefits provided under written contractual commitments to any Excess Benefit Participant shall be payable from the Plan.  
C.    Notwithstanding anything else contained in the Plan, in the event of a Change of Control, the Company shall determine the lump sum actuarial equivalent of the benefits payable under Section IV.B.1 if the Excess Benefit Participant has reached his Normal Retirement Date under the Retirement Plan, or under Section IV.B.2 if the Excess Benefit Participant has not reached his Normal Retirement Date under the Retirement Plan, as if the Excess Benefit Participant retired as of the effective date of the Change of Control (using the same actuarial assumptions which are used in calculating benefits under the Retirement Plan at the time of the Change of Control and assuming that any accrued benefits under the Retirement Plan were fully vested) and shall pay such amount to the Excess Benefit Participant within 30 days after such date.  In the event the Excess Benefit Participant has not attained age 55 as of the effective date of the Change of Control, such lump sum shall be determined based on the benefit that would be payable under Section IV.B.2 commencing at age 55 actuarially reduced to reflect the Excess Benefit Participant’s age on the date of the Change in Control.  In the event that the Plan is not terminated pursuant to Section VII.I following a Change of Control, no additional benefits shall accrue hereunder after the date such Change of Control occurs unless the Board of Directors amends the Plan to provide otherwise.
SECTION V
BENEFIT LIMITATIONS AND SPECIAL RULES
A.    Notwithstanding Sections III.B.1 - III.B.5 and Section IV.B.1 - IV.B.5, payment of benefits shall not be made or commence prior to the date which is 6 months after the date of a Participant’s separation from service (for any reason other than death) in the case of a Participant who is determined to be a “specified employee.”  A lump sum shall be paid to the Participant as of the day after the last day of such 6-month period equal to the lump sum amount calculated as of the date of separation from service, accumulated with interest to the payment date at the rate of interest used to determine such lump sum amount.  For purposes of this Section, a “specified employee” means a key employee (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) determined in accordance with the meaning of such term under Code Section 409A, the regulations promulgated thereunder, and the Resolution of the Board of Directors of the Company addressing specified employee determinations.
B.    Except as provided in Section III.B.5 and Section IV.B.5, the benefit calculated under B.1(a), B.2(a), B.3(a) and B.4(a) of Section III or IV, as applicable, and the offsets calculated under 

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B.1(b), B.2(b), B.3(b) and B.4(b) of Section III or IV, as applicable, shall be calculated based only on Credited Service under the Retirement Plan earned up to the earlier of the date upon which the Participant terminates employment with the Company and its Affiliates or the date as of which the Committee determines that a Participant is no longer a Participant in the Plan.
C.    Neither a Participant nor a beneficiary may designate or otherwise elect, directly or indirectly, the taxable year of any payment under the Plan.

SECTION VI
ADMINISTRATION AND CLAIMS PROCEDURE
A.    The Board of Directors of the Company shall appoint a Committee of not less than three persons, who shall serve without compensation at the pleasure of the Board of Directors. Upon death, resignation or inability of a member of  the Committee to continue, the Board of Directors shall appoint a successor. The Chief Financial Officer of the Company shall not serve as a member of the Committee.
B.    The Committee shall construe, interpret and administer all provisions of the Plan and a decision of a majority of the members of the Committee shall govern.
C.    A decision of the Committee may be made by a written document signed by a majority of the members of the Committee or by a meeting of the Committee. The Committee may authorize any of its members to sign documents or papers on its behalf.
D.    The Committee shall appoint a Chairman from among its members, and a Secretary who need not be a member of the Committee. The Secretary shall keep all records of meetings and of any action by the Committee and any and all other records desired by the Committee. The Committee may appoint such agents, who need not be members of the Committee, as it may deem necessary for the effective exercise of its duties, and may, to the extent not inconsistent herewith, delegate to such agents any powers and duties, both ministerial and discretionary, as the Committee may deem expedient and appropriate.
E.    No member of the Committee shall make any decision or take any action covering exclusively his own benefits under the Plan, but all such matters shall be decided by a majority of the remaining members of the Committee or, in the event of inability to obtain a majority, by the Board of Directors of the Company.
F.    A Participant who believes that he is being denied a benefit to which he is entitled (hereinafter referred to as 'Claimant') may file a written request for such benefit with the Committee setting forth his claim. The request must be addressed to: Committee, Caleres, Inc. Supplemental Executive Retirement Plan, 8300 Maryland Avenue, St. Louis, Missouri 63105.
G.    Upon receipt of a claim, the Committee shall advise the Claimant that a reply will be forthcoming within a reasonable period of time, but ordinarily not later than 90 days, and shall, in fact, deliver such reply within such period.  However, the Committee may extend the reply period for an additional 90 days for reasonable cause.  If the reply period will be extended, the Committee shall advise the Claimant in writing during the initial 90‐day period indicating the special circumstances requiring an extension and the date by which the Committee expects to render the benefit determination.  

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If the claim is denied in whole or in part, the Committee will render a written opinion, using language calculated to be understood by the Claimant, setting forth (i) the specific reason or reasons for the denial, (ii) the specific references to pertinent Plan provisions on which the denial is based, (iii) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation as to why such material or such information is necessary, (iv) appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review, and (v) the time limits for requesting a review of the denial and for the actual review of the denial.
H.    Within 60 days after the receipt by the Claimant of the written opinion described above, the Claimant may file a request with the Chief Financial Officer of the Company (“CFO”) in writing, at the Company’s then principal place of business, that the CFO review the prior determination.  The Claimant or his or her duly authorized representative may submit written comments, documents, records or other information relating to the denied claim, which such information shall be considered in the review under this subsection without regard to whether such information was submitted or considered in the initial benefit determination.
The Claimant or his or her duly authorized representative shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information which (i) was relied upon by the Committee in making the initial claims decision, (ii) was submitted, considered or generated in the course of the Committee making the initial claims decision, without regard to whether such instrument was actually relied upon by the Committee in making the decision or, (iii) demonstrates compliance by the Committee with administrative processes and safeguards designed to ensure and to verify that benefit claims determinations are made in accordance with governing Plan documents and that, where appropriate, the Plan provisions have been applied consistently with respect to similarly situated Claimants.  If the Claimant does not request a review of the Committee’s determination within such 60‐day period, he or she shall be barred and estopped from challenging such determination.
I.    Within a reasonable period of time, ordinarily not later than 60 days, after the CFO’s receipt of a request for review, the CFO will review the prior determination.  If special circumstances require that the 60‐day time period be extended, the CFO will so notify the Claimant within the initial 60-day period indicating the special circumstances requiring an extension and the date by which the CFO expects to render the decision on review, which shall be as soon as possible but not later than 120 days after receipt of the request for review.
The CFO has discretionary authority to determine a Claimant’s eligibility for benefits and to interpret the terms of the Plan.  Benefits under the Plan will be paid only if the CFO decides in his or her discretion that the Claimant is entitled to such benefits.  The decision of the CFO shall be final and non‐reviewable, unless found to be arbitrary and capricious by a court of competent review.  Such decision will be binding upon the Company and the Claimant.
If the CFO makes an adverse benefit determination on review, the CFO will render a written opinion, using language calculated to be understood by the Claimant, setting forth (i) the specific reason or reasons for the denial, (ii) the specific references to pertinent Plan provisions on which the denial is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information which (A) was relied upon in making the decision, (B) was submitted, considered or generated in the course of making the decision, without regard to whether such instrument was actually relied upon in making the decision, or (C) demonstrates compliance with administrative processes and safeguards designed to ensure and to 

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verify that benefit claims determinations are made in accordance with governing Plan documents, and that, where appropriate, the Plan provisions have been applied consistently with respect to similarly situated claimants, and (iv) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following the adverse benefit determination on such review.
To the extent permitted by law, a decision on review by the CFO shall be binding and conclusive upon all persons whomsoever.  Completion of the claims procedure described in this Section shall be a mandatory precondition that must be complied with prior to commencement of a legal or equitable action in connection with the Plan by a person claiming rights under the Plan, or by another person claiming rights through such person. 

SECTION VII
MISCELLANEOUS

A.    Plan Year.  The Plan Year shall be the calendar year.
B.    Spendthrift.  No Participant or beneficiary shall have the right to assign, transfer, encumber or otherwise subject to lien any of the benefits payable or to be payable under this Plan.
C.    Incapacity.  If, in the opinion of the Committee, a person to whom a benefit is payable is unable to care for his affairs because of illness, accident or any other reason, any payment due the person, unless prior claim therefor shall have been made by a duly qualified guardian or other duly appointed and qualified representative of such person, may be paid to some member of the person's family, or to some party who, in the opinion of the Committee, has incurred expense for such person. Any such payment shall be a payment for the account of such person and shall be a complete discharge of any liability.
D.    Employee Rights.  The Employer, in adopting this Plan, shall not be held to create or vest in any Employee or any other person any benefits other than the benefits specifically provided herein, or to confer upon any Employee the right to remain in the service of the Employer.
E.    Service of Process and Plan Administrator.
1.    The Secretary of the Company shall be the agent for service of legal process.
2.    The Company shall constitute the Plan Administrator.
F.    Unfunded Plan.  The Plan shall be unfunded until after a Change of Control. All payments to a Participant under the Plan shall be made from the general assets of the Employer. The rights of any Participant to payment shall be those of an unsecured general creditor of the Employer.
G.    Company Rights.  The Company reserves the right to amend or terminate the Plan. Each Employer may terminate its participation in the Plan at any time.
H.    Governing Law.  The Plan shall be governed and construed according to the laws of the State of Missouri.

I.    Amendment and Termination.  Except as otherwise provided in this section, the Board of Directors shall have the sole authority to modify, amend or terminate this Plan; provided, however, that any modification or termination of this Plan shall not reduce, without the consent of any affected 

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Participant, the Participant’s right to any amounts already accrued, or lengthen the time period for a payout from the Plan, that existed on the day before the effective date of such modification or termination.  This termination of the Plan is permitted only as described in Sections 1 - 3 below.
1.    Termination on Corporate Dissolution or Bankruptcy.  The Board of Directors may terminate the Plan within 12 months of a corporate dissolution taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participants’ gross incomes in the later of the calendar year in which the Plan termination occurs or the first calendar year in which the payment is administratively practicable.  
2.    Termination Upon a Change in Control.  The Board of Directors may terminate the Plan within the 30 days preceding or the 12 months following a Change of Control, provided that the Company terminates all substantially similar arrangements in a manner such that all Participants under this Plan and under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of termination of this Plan.
3.    Other Terminations.  The Plan may be terminated in accordance with this Section 3 with respect to all Participants.  Following any such termination, payment of credited amounts shall be made in a single sum payment to all Participants in accordance with the following rules:
(a)    No payments under the Plan other than payments that would have been payable under the terms of the Plan if the termination had not occurred will be made within 12 months of the termination of the Plan;
(b)    All payments under the Plan as a result of the termination of the Plan must be made within 24 months of such termination of the Plan;
(c)    The Company shall simultaneously terminate all nonqualified non-account balance plans which it maintains; and
(d)    The Company must not adopt a new nonqualified deferred compensation arrangement covering any Participant affected by the termination of this Plan at any time within five years following the termination of this Plan if such new arrangement would constitute a nonqualified, non-account balance plan.
In addition, the termination of this Plan shall be subject to such other events and conditions as the Commissioner of the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.
J.    Interpretation .  All provisions of this Plan shall be interpreted in a manner so as to be consistent with Section 409A of the Code and the regulations issued thereunder.

11

IN WITNESS WHEREOF, Caleres, Inc. has caused this Amendment to be executed by its duly authorized officer this 29th day of May, 2015.
	
				
	 
	CALERES, INC.
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By
	/s/ Michael I. Oberlander
	 

	 
	 
	 
	 

	 
	Title
	Senior Vice President, General Counsel and 
     Corporate Secretary
	 

12Exhibit 10.4

Exhibit 10.4

CALERES, INC.
DEFERRED COMPENSATION PLAN

WHEREAS, Brown Shoe Company, Inc. (“Brown”) established the Brown Shoe Company, Inc. Deferred Compensation Plan (“Plan”) as of January 1, 2008; and

WHEREAS, Brown shall be renamed Caleres, Inc. (“Company”) effective as of May 28, 2015; and

WHEREAS, the Company desires to amend and restate the Plan effective as of May 28, 2015 to change the name of the Plan and reflect the Company’s new name;

NOW, THEREFORE, effective May 28, 2015, the Company hereby amends the restates the Plan as follows:

TABLE OF CONTENTS
	
		
	 
	Page No.

	 
	 

	1. PURPOSE
	3

	 
	 

	2. DEFINITIONS
	3

	2.1 Account
	3

	2.2 Accounting Date
	3

	2.3 Beneficiary
	3

	2.4 Board
	3

	2.5 Business Day
	3

	2.6 Committee
	3

	2.7 Company
	3

	2.8 Company Credits
	4

	2.9 Compensation
	4

	2.10 Credit Date
	4

	2.11 Deferred Compensation
	4

	2.12 Election
	4

	2.13 Employee
	4

	2.14 Participant
	4

	2.15 Performance-Based Compensation
	4

	2.16 Plan
	4

	2.17 Plan Year
	4

	2.18 Specified Employee
	5

	2.19 Termination
	5

	 
	 

	3. ADMINISTATION
	5

	 
	 

	4. ELIGIBILITY
	5

	 
	 

	5. PARTICIPANT ACCOUNTS
	5

	 
	 

	6. TERMS OF PARTICIPATION
	6

	6.1 In General
	6

	6.2 Investment Alternatives For Existing Balances
	7

	6.3 Vesting
	7

	 
	 

	7. DISTRIBUTION
	7

	7.1 In General
	7

	7.2 Death
	8

	7.3 Form of Distribution
	8

	 
	 

	8. FINANCIAL HARDSHIP
	8

	 
	 

	9. UNSECURED GENERAL CREDITOR STATUS OF EMPLOYEE
	9

	 
	 

	10. INALIENABILITY OF BENEFITS
	9

	 
	 

	11. CLAIMS PROCEDURE
	9

	 
	 

	12. GOVERNING LAW
	10

	 
	 

	13. AMENDMENTS
	10

CALERES, INC.
DEFERRED COMPENSATION PLAN

1.    PURPOSE
The purpose of this Caleres, Inc. Deferred Compensation Plan (“Plan”) is to provide eligible key employees of the Company with an opportunity to defer compensation to be earned by them from the Company as a means of saving for retirement or other future purposes and to provide such employees with competitive retirement and capital accumulation benefits.  In addition, the Plan is intended to provide eligible key employees additional incentive to remain employed by the Company and to attract certain executive-level employees.
2.    DEFINITIONS
The following definitions shall be applicable throughout the Plan:
2.1    Account.
“Account” means a bookkeeping account established and maintained by the Company for each Participant reflecting Deferred Compensation and Company Credits (if any) and earnings and losses thereon in accordance with Section 5.
2.2    Accounting Date
“Accounting Date” means each Business Day on which a calculation concerning a Participant's Account is performed, or as otherwise defined by the Committee.
2.3    Beneficiary
“Beneficiary” means the person or persons designated by the Participant in accordance with Section 7.2, or if no person or persons are so designated, the estate of a deceased Participant.
2.4    Board
“Board” means the Board of Directors of Caleres, Inc. or its designee or, if then in existence, the Committee.
2.5    Business Day
“Business Day” means a day on which the New York Stock Exchange is open for trading activity.
2.6    Committee
“Committee” means the Compensation Committee of the Board. 
2.7    Company
“Company” means Caleres, Inc., its divisions, subsidiaries and affiliates in which Caleres, Inc. or a subsidiary owns at least 50% of the voting equity interests.

2.8    Company Credits
“Company Credits” means amounts, if any, credited to a Participant’s Account for a Plan Year, as determined by the Committee in its sole discretion from time to time.
2.9    Compensation
“Compensation” means any employee compensation determined by the Committee to be properly deferrable under the Plan.
2.10    Credit Date
“Credit Date” means each date on which Deferred Compensation of Company Credits are credited to an Account in accordance with rules prescribed by the Committee.
2.11    Deferred Compensation
“Deferred Compensation” means the Compensation elected by the Participant to be deferred pursuant to the Plan.
2.12    Election
“Election” means a Participant's delivery of a written notice of election to the Committee or its designee electing to defer payment of a specified percentage of his or her Compensation (in accordance with rules prescribed by the Committee) until such time as permitted by the Committee.
2.13    Employee
“Employee” means an individual classified by the Committee as a full-time, regular salaried employee of the Company.
2.14    Participant
“Participant” means an Employee who is selected by the Committee to be eligible to participate in the Plan and who has made an Election.
2.15    Performance-Based Compensation
“Performance-Based Compensation” means Compensation that (a) is based on services performed over a period of at least 12 months and (b) constitutes performance-based compensation as defined in Treasury Regulations issued under Code Section 409A.
2.16    Plan
“Plan” means this Caleres, Inc. Deferred Compensation Plan, as amended from time to time.
2.17    Plan Year
“Plan Year” means the annual period commencing January 1 and ending the following December 31.

2.18    Specified Employee 
“Specified Employee” means a key employee (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) determined in accordance with the meaning of such term under Code Section 409A and the regulations promulgated thereunder and the resolutions of the Board governing such determination.
2.19    Termination
“Termination” means termination of services as an Employee for any reason.  A Participant shall be deemed to have terminated employment if the Company and the Participant reasonably anticipate a permanent reduction in his or her level of bona fide services to a level less than 50% of the average level of bona fide services provided by the Participant in the immediately preceding 36-month period.  Notwithstanding the preceding sentence, no termination of employment shall occur (1) while the  Participant is on military leave, sick leave, or other bona fide leave-of-absence which does not exceed six months or such longer period during which the Participant retains a right to reemployment with the Company pursuant to law or by contract; or (2) while the Participant is on a leave-of-absence due to a medically determinable physical or mental impairment that can be expected to last for a continuous period of six months or more and results in the Participant being unable to perform services for the Company in his or her position or a substantially similar position and that does not exceed 29 months.  A leave of absence will be a bona fide leave-of-absence only if there is a reasonable expectation that the Participant will return to perform services for the Company.  A Participant who transfers employment to any subsidiary of the Company or other entity in which the Company has a twenty percent (20%) or greater ownership interest shall be deemed not to have terminated employment as long as such Participant is an employee of such a subsidiary or entity.  
3.    ADMINISTRATION
Full power and discretionary authority to construe, interpret and administer the Plan shall be vested in the Committee.  This power and authority includes, but is not limited to, selecting which Employees are eligible to participate in the Plan, selecting Compensation eligible for deferral, selecting investment indices, establishing the level of Company Credits (if any) to the Plan, establishing deferral terms and conditions, receiving and approving beneficiary designation forms, and adopting modifications, amendments and procedures as may be deemed necessary, appropriate or convenient by the Committee. Decisions of the Committee shall be final, conclusive and binding upon all parties.  The Committee, in its sole discretion, may delegate day-to-day administration of the Plan to an employee or employees of the Company or to a third-party administrator.  The Committee may also rely on outside counsel, independent accountants or other consultants or advisors for advice and assistance in fulfilling its administrative duties under the Plan.
4.    ELIGIBILITY
The Committee shall have the authority to select from management and/or highly compensated employees those Employees who shall be eligible to participate in the Plan and the date on which such Employees may commence participation.  
5.    PARTICIPANT ACCOUNTS
Upon a Participant’s initial election to participate in the Plan or, if earlier, upon the credit of a Company Credit, there shall be established an Account, as designated by the Participant, to which there shall be credited any Deferred Compensation and/or Company Credits as of each Credit Date.  The Account shall be credited or debited, as appropriate, on each Accounting Date with income or loss, as appropriate, based upon a 

hypothetical investment in any one or more of the investment options available under the Plan, as prescribed by the Committee for the particular Compensation credited.  
6.    TERMS OF PARTICIPATION
6.1    In General
(a)    General Election Rules.  Any Employee selected by the Committee to participate in the Plan may elect to do so by delivering to the Committee or its designee an Election on a form prescribed by the Committee, electing the timing and form of distribution (if applicable), and setting forth the manner in which such Deferred Compensation shall be credited with investment gains and losses in accordance with Section 5.  A Participant may elect to defer up to 50% of his or her Compensation which is base salary and up to 100% of all other Compensation which is not base salary; provided that, the minimum Deferred Compensation for a Plan Year is $5,000.  A Participant’s Election must be filed at such time as designated by the Committee, but in no event later than the December 31 preceding the first day of the Plan Year in which the services are performed which relate to the Compensation being deferred.  A Participant may submit a new Election with respect to Compensation earned in a subsequent Plan Year by filing a new Election no later than the December 31 preceding the first day of the Plan Year in which the services are performed which relate to the Compensation subject to the new Election.  An effective Election may not be revoked or modified after the December 31 preceding the first Plan Year in which services are performed which relate to the Compensation subject to such Election.  During a Plan Year, an Election shall be irrevocable, and the deferral percentage or amount elected by the Participant thereunder shall not be increased or decreased.  If an Election has not been made with respect to Compensation to be earned in any Plan Year, the Participant shall be deemed to have elected not to have Deferred Compensation credited to his or her Account for such Plan Year with respect to Compensation earned during such Plan Year.
(b)    Performance-Based Compensation.  Notwithstanding subsection (a) above, in the case of an Election to defer Compensation which is Performance-Based Compensation, an Election must be made no later than a date (as determined by the Committee) that is six months before the end of the performance period, provided that, (1) the Participant continuously performs services from the date the performance criteria are established through the date the Participant makes his or her Election and (2) the Compensation is not substantially certain to be paid and is not readily ascertainable as of the date of such Election.  
(c)    Forfeitable Rights.  Notwithstanding subsection (a) or (b) above, if the Compensation is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least 12 months from the date the Participant obtains the legally binding right to the Compensation, the Committee may permit a Participant to file an Election on or before the 30th day after the Participant obtains the legally binding right to the Compensation, provided that the Election is filed at least 12 months in advance of the earliest date at which the forfeiture condition could lapse.  
(d)    New Participants.  Notwithstanding subsections (a), (b) or (c) above, in the case of a Participant who first becomes eligible to participate in this Plan during a Plan Year, an election to defer Compensation may be made within 30 days after the date the Employee first becomes eligible to participate in the Plan, provided that the Employee has not previously become eligible to participate in any other nonqualified account balance plan maintained by the Company (as defined in Treasury Regulation Section 1.409A-1(c)(2)(i)(A)), with respect to Compensation paid for services to be performed subsequent to the Election, which shall be irrevocable during such initial year of participation.  With respect to Compensation which is earned based upon a specified performance period, such as an annual bonus, such initial Election shall apply only to the portion of such Compensation equal to the total amount of Compensation for the performance period multiplied by the ratio of the number of days remaining in the performance period after 

the Election over the total number of days in the performance period.  However, an election with respect to such Compensation may apply to the entire amount and/or be made at a later date, but only  if otherwise permitted under subsection (b) above.  
(e)    Suspension.  Notwithstanding any other provision of this Plan, if a Participant receives a safe harbor hardship distribution under any tax-qualified employee retirement plan maintained by his or her employer, all deferral elections of the Participant under the Plan shall be suspended for a period of at least 6 months, and the Participant shall not be eligible to resume deferrals hereunder until the Plan Year beginning after expiration of such 6-month period.
6.2    Investment Alternatives For Existing Balances
A Participant may elect to change an existing selection as to the investment alternatives in effect with respect to existing amounts in his or her Account (in increments prescribed by the Committee) as often, and with such restrictions, as determined by the Committee.
6.3    Vesting.
A Participant’s Deferred Compensation and earnings thereon shall be immediately one-hundred percent (100%) nonforfeitable upon being credited to such Participant’s Account.  At the time of contribution, the Committee shall specify the vesting schedule applicable to a Participant’s Company Credits and earnings thereon.
7.    DISTRIBUTION
7.1    In General
(a)    Termination.  At the time that a Participant makes an Election to defer Compensation, he or she shall select a method for the distribution of the balance of that Deferred Compensation and any Company Credits credited during such Plan Year, including earnings on such amounts.  Upon Termination, the balance of the Participant’s Account shall be distributed to the Participant according to the pay-out method or methods selected by the Participant in his or her Elections, payable beginning with the first day of the first month following the month in which Termination occurs.  A Participant may elect to receive his account distribution as a lump sum or in substantially equal annual installments over a set period up to 15 years.  Notwithstanding a Participant’s election, payment of benefits shall not be made or commence under the Plan prior to the date which is 6 months after the date of a Participant’s Termination in the case of a Participant who is determined to be a Specified Employee at the time of his or her Termination.  In such case, the Specified Employee’s Account shall be credited with earnings or losses during such six-month period in accordance with Section 5 and distribution shall be made or commence on the day after the last day of such six-month period.
(b)    Scheduled Payments.  At the time a Participant makes an Election under the Plan, he or she may elect for the distribution of amounts subject to such Election, and earnings thereon, to be made in a specified year.  The specified year must be at least three years after the year to which the deferral relates.  Distributions pursuant to this scheduled payment option shall be paid in a single lump sum on the January 1 of the specified year (or as soon as practicable thereafter during the same calendar year).  Upon a Participant’s Termination prior to the specified year applicable under a scheduled payment option election, amounts in his or her Account which are subject to the scheduled payment option election shall be paid upon Termination in a single lump sum on the first day of the month following the month in which Termination occurs.

(c)    Subsequent Election Changes.  A Participant may elect to change his or her method of distribution with respect to one or more Elections in accordance with rules established by the Committee by making a subsequent Election.  If a Participant makes a subsequent Election, then (a) such election shall not take effect until at least 12 months after the date on which such election is made, and submitted to the Committee; (b) the first payment with respect to which such election is made shall be deferred for a period of not less than 5 years from the date such payment would otherwise have been made; (c) any election related to a payment that was otherwise to be made at a specified time may not be made less than 12 months prior to the date of the first scheduled payment; and (d) with respect to a change in payment form, such change may not impermissibly accelerate the time or schedule of any payment under the Plan, except as provided in regulations promulgated by the Secretary of Treasury.  For purposes of applying the provisions of this Section 7.1(c), installment payments shall be considered a single payment for purposes of applying these subsequent election rules.
7.2    Death
In the event of the Participant’s death, the Company shall pay all amounts in such Participant’s Account to the Participant’s Beneficiary in a single lump sum no later than 30 days after the month in which the Participant’s death occurs.  Neither the Participant nor a Beneficiary shall have a right to designate the taxable year of the payment.
A Participant may designate one or more persons (including a trust) to whom or to which payments are to be made if the Participant dies before receiving distribution of all amounts due under the Plan.  A Participant may, at any time, elect to change the designation of a Beneficiary.  A designation of Beneficiary will be effective only after the signed designation of Beneficiary is filed with the Committee or its designee while the Participant is alive and will cancel all designations of Beneficiary signed and filed earlier.  If the Participant fails to designate a Beneficiary as provided above or if all of a Participant's Beneficiaries predecease him or her and he or she fails to designate a new Beneficiary, the remaining unpaid amounts shall be paid to the estate of such Participant.
7.3    Form of Distribution
Distribution of a Participant’s Account shall be made in cash.
8.    FINANCIAL HARDSHIP
In the event that a Participant (or in the case of the Participant’s death, his beneficiary) suffers a Financial Hardship, the Company may distribute on behalf of the Participant, his beneficiary or his legal representative, any portion of the Participant’s Account, but in no event more than the amount reasonably necessary to relieve the Financial Hardship upon which the request is based, plus the federal and state taxes due on the withdrawal, with any such distribution to be determined by the Committee if it deems advisable in its sole and absolute discretion.  Any such hardship distribution shall be made at such times as the Committee shall determine, and the Participant’s Account shall be reduced by the amount so distributed and/or utilized.  Financial Hardship means a severe financial hardship to a Participant resulting from an illness or accident of the Participant, his or her spouse or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  

9.    UNSECURED GENERAL CREDITOR STATUS OF EMPLOYEE
The payments to Participants and their Beneficiaries hereunder shall be made from the general corporate assets of the Company.  No person shall have any interest in any such assets by virtue of the provisions of this Plan.  The Company's obligation hereunder shall be an unfunded and unsecured promise to pay money in the future.  To the extent that any person acquires a right to receive payments from the Company under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Company; no such person shall have nor acquire any legal or equitable right, interest or claim in or to any property or assets of the Company.  Any accounts maintained under this Plan shall be hypothetical in nature and shall be maintained for bookkeeping purposes only.  Neither the Plan nor any account shall hold any actual funds or assets.
10.    INALIENABILITY OF BENEFITS
The interests of the Participants and their Beneficiaries under the Plan may not in any way be voluntarily or involuntarily transferred, alienated or assigned, nor subject to attachment, execution, garnishment or other such equitable or legal process.  A Participant or Beneficiary cannot waive the provisions of this Section 10.
11.    CLAIMS PROCEDURE
Any Participant, Beneficiary or any other person claiming benefits, eligibility, participation or any other right or interest under this Plan may file a written claim setting forth the basis of the claim with the Chief Executive Officer of the Company (“CEO”) at the Company’s then current address.  A written notice of the CEO’s disposition of any such claim shall be furnished to the claimant within a reasonable time (not to exceed ninety (90) days) after the claim is received by the CEO.  Notwithstanding the foregoing, the CEO may have additional time (not to exceed ninety (90) days) to decide the claim if special circumstances exist, provided that he advises the claimant, in writing and prior to the end of the initial ninety (90) day period, of the special circumstances giving rise to the need for additional time and the date on which he expects to decide the claim.  If the claim is denied, in whole or in part, the notice of disposition shall include the specific reason for the denial, identify the specific provisions of the Plan upon which the denial is based, describe any additional material or information necessary to perfect the claim, explain why that material or information is necessary and describe the Plan’s review procedures, including the timeframes thereunder for a claimant to file a request for review and for the Committee to decide the claim.  The notice shall also include a statement advising the claimant of his right to bring a civil action if his claim is denied, in whole or in part, upon review.  
Within sixty (60) days after receiving the written notice of the CEO’s disposition of the claim, the claimant may request, in writing, review by the Committee of the CEO’s decision regarding his claim.  Upon written request, the claimant shall be entitled to a review meeting with the Committee to present reasons why the claim should be allowed.  The claimant or his authorized representative may submit a written statement in support of his claim, together with such comments, information and material relating to the claim, as he deems necessary or appropriate.  The claimant or his duly authorized representative shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information which are relevant to the claimant’s claim and its review.  If the claimant does not request review within sixty (60) days after receiving written notice of the CEO’s disposition of the claim, the claimant shall be deemed to have accepted the CEO’s written disposition.
The Committee shall make its decision on review and provide written notice thereof to the claimant within a reasonable time (not to exceed sixty (60) days) after the claim is received by the Committee.  Notwithstanding the foregoing, the Committee may have additional time (not to exceed sixty (60) days) to 

decide the claim if special circumstances exist provided that the Committee advises the claimant, in writing, prior to the end of the initial sixty (60) day period, of the special circumstances giving rise to the need for additional time and the date on which it expects to decide the claim.  In no event shall the Committee have more than one hundred twenty (120) days following its receipt of the claimant’s request for review to provide the claimant with written notice of its decision.  The Committee shall have the right to request of and receive from claimant such additional information, documents or other evidence as the Committee may reasonably require.  In the event that the Committee requests such additional information from the claimant, the period for making the benefit determination on review shall not take into account the period beginning on the date on which the Committee notifies the claimant in writing of the need for additional information and ending on the date on which the claimant responds to the request for additional information.
If the claim is denied upon review, in whole or in part, the notice of disposition shall include the specific reason for the denial, identify the specific provision of the Plan upon which the denial is based, include a statement advising the claimant of his right to receive, upon written request and free of charge, reasonable access to and copies of all documents, records and other information which are relevant to the claimant’s claim and include a statement advising the claimant of his right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended if his claim is denied, in whole or in part, upon review.
For purposes of this Section, a document, record or information will be considered “relevant’ if it (a) was relied upon by the CEO or Committee, as applicable, in making the benefit decision, (b) was submitted, considered or generated in the course of making such decision, even if it was not relied upon in making those decisions, or (c) demonstrates compliance with the administrative processes and safeguards established by the Plan to insure that the terms of the Plan have been followed and applied consistently.
To the extent permitted by law, a decision on review by the Committee shall be binding and conclusive upon all persons whomsoever.  Completion of the claims procedure described in this Section shall be a mandatory precondition that must be complied with prior to commencement of a legal or equitable action in connection with the Plan by a person claiming rights under the Plan, or by another person claiming rights through such a person.  The Committee may, in its sole discretion, waive these procedures as a mandatory precondition to such an action.

12.    GOVERNING LAW
The provisions of this plan shall be interpreted and construed in accordance with the laws of the State of Missouri, except to the extent preempted by Federal law.
13.    AMENDMENTS
The Committee may amend, alter or terminate this Plan at any time without the prior approval of the Board.  Any distributions made due to termination of the Plan must comply with the termination rules under Code Section 409A and the regulations promulgated thereunder.
    
IN WITNESS WHEREOF, this Plan is amended and restated as of May 28, 2015.

	
				
	 
	CALERES, INC.
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Michael I. Oberlander
	 

	 
	 
	 
	 

	 
	Title:
	Senior Vice President, General Counsel and 
     Corporate Secretary
	 

	 
	 
	 
	 

	 
	Date:
	May 29, 2015

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