Document:

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                                                                 EXHIBIT 10.24.5

          THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING
        SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
                                      1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. If you
satisfy the conditions described in this Agreement (and the Plan), your Award
will mature into an opportunity to buy common shares of the Company.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

   -  Read the Plan and the Plan's Prospectus carefully to ensure you understand
      how the Plan works;

   -  Read this Award Agreement carefully to ensure you understand what you must
      do to earn your Award; and

   -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
      have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive any amount on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.

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                              NATURE OF YOUR AWARD

You have been granted Nonqualified Stock Options ("NQSOs") which you may
exercise to purchase common shares of the Company but only if you satisfy the
conditions described in this Award Agreement and pay the Exercise Price
specified below. Federal income tax rules apply to NQSOs. These and other
conditions affecting your NQSOs are described in this Award Agreement, the Plan
and the Plan's Prospectus, all of which you should read carefully.

No later than ____________, you must return a signed copy of this Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date.

GRANT DATE: Your NQSOs were issued on ____________.

This is the date you begin to earn the right to buy common shares of the Company
through your NQSOs.

NUMBER OF NQSOS: You have been granted ____________ NQSOs.

You may buy one common share of the Company for each NQSO granted but only if
you meet the conditions described in this Award Agreement and in the Plan.

            WHEN YOU MAY EXERCISE YOUR AWARD AND WHEN IT WILL EXPIRE

NORMAL VESTING DATE: You may not exercise your NQSOs until they vest. Normally,
your NQSOs will vest (and may be exercised) if you are actively employed on
____________. This does not mean that you must exercise your NQSOs on
____________; this is merely the first date that you may do so. However, your
NQSOs will expire unless they are exercised before ____________, the Expiration
Date.

HOW YOUR NQSOS MIGHT VEST (AND BE EXERCISABLE) EARLIER THAN THE NORMAL VESTING
DATE: Regardless of the normal vesting schedule just given, your NQSOs will be
vested (and may be exercised) if, before the Normal Vesting Date:

      -  You die or become disabled (as defined in the Plan); or

      -  There is a Change in Control (as defined in the Plan).

HOW YOUR NQSOS MAY BE FORFEITED: You will forfeit your unvested NQSOs if:

      -  You materially fail to substantially perform your position or duties as
         a consultant;

      -  You engage in illegal or grossly negligent conduct that is materially
         injurious to the

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         Company or any Related Entity (as defined in the Plan);

      -  You materially violate any law or regulation governing the Company or
         any Related Entity;

      -  You commit a material act of fraud or dishonesty which has had or is
         likely to have a material adverse effect upon the Company's (or any
         Related Entity's) operations or financial conditions;

      -  You materially breach the terms of any other agreement with the Company
         or any Related Entity; or

      -  You breach any term of the Plan or this Award Agreement.

Also, if the Company subsequently discovers that you actively concealed an act,
event or failure that is within those just listed and the Company could not have
discovered that act, event or failure through reasonable diligence before your
termination, you will be required to repay to the Company the full value you
received under this Award.

                              EXERCISING YOUR AWARD

There are specific procedures you must follow to exercise an NQSO; if you do not
follow these procedures, your attempted exercise will be disregarded.

When you buy a common share of the Company by exercising an NQSO, the option
exercised is cancelled and no more shares may be bought through the cancelled
option.

EXPIRATION DATE: Your NQSOs will expire on (and may not be exercised after)
____________.

EXERCISE PRICE: You must pay $____________ for each common share of the Company
you buy when you exercise an NQSO.

MINIMUM NUMBER OF NQSOS THAT YOU MAY EXERCISE: The smallest number of NQSOs that
you may exercise at any one time is 100 or, if fewer, the total number of your
outstanding vested NQSOs.

Also, you may not exercise any NQSO to buy a fractional common share of the
Company; an NQSO to purchase a fractional share will be converted to an NQSO to
purchase a whole share.

PROCEDURES FOR EXERCISING YOUR NQSOS: To exercise an NQSO, you must:

      -  Complete a copy of the Nonqualified Stock Option Exercise Notice
         attached to this Award Agreement (additional copies are available from
         DSW's Vice President, Human Resources at (614) 238-5781 or at the
         address given below); and

      -  Pay the Exercise Price (i.e., $____________) for each NQSO being
         exercised.

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This must be done before ____________, when your NQSOs expire (see section
titled "When You May Exercise Your Award and When It Will Expire" above).

You may pay the Exercise Price in one of three ways. These are:

      -  By check in the amount of the Exercise Price ($____________) multiplied
         by the number of NQSOs being exercised. This check must be made payable
         to "DSW Inc." In this case, and as soon as administratively
         practicable, the Company will issue you a number of shares equal to the
         number of NQSOs you are exercising.

      -  Through a cashless exercise. In this case, the difference between the
         fair market value of the shares subject to the NQSO being exercised
         will be applied to pay the Exercise Price. If you elect this
         alternative, you will not have to spend any cash to exercise your NQSOs
         but you will receive fewer shares than if you pay the Exercise Price in
         cash.

      -  Through an attestation process, which is available only if you have
         owned other common shares of the Company for at least six months before
         the NQSOs are exercised. In this case, the fair market value of your
         other shares will be applied to pay the Exercise Price. If you elect
         this alternative, you will not have to spend any cash to exercise your
         NQSOs but you also will receive fewer shares than if you pay the
         Exercise Price in cash.

It is impossible now to calculate the effect of a cashless exercise or the
attestation process on the number of shares you will receive when your NQSOs are
exercised. If you intend to use either the cashless exercise or attestation
process to exercise your NQSOs, you must contact DSW's Vice President, Human
Resources when you complete the Nonqualified Stock Option Exercise Notice to be
sure you understand the effect of these forms of exercise.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE EXERCISE: Until you exercise your NQSOs, you may not exercise any
voting rights associated with the shares underlying your NQSOs. Nor will you be
entitled to receive any dividends with respect to those shares.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to exercise
any vested NQSOs that are unexercised when you die. This may be done only on the
attached Beneficiary Designation Form and by following the rules described in
that form. If you die without making an effective Beneficiary designation, your
Beneficiary will be your surviving spouse or, if you do not have a surviving
spouse, your estate.

TAX WITHHOLDING: You (and not the Company) are solely responsible for any income
and other taxes (including payment of estimated taxes) associated with this
Award or its exercise.

TRANSFERRING YOUR NQSOS: Normally, your NQSOs may not be transferred to another
person. However, you may complete a Beneficiary Designation Form to name the
person who may exercise your NQSOs if you die. Also, the Committee may allow you
to place your NQSOs into a trust established for your benefit or for the benefit
of your family. Contact DSW's Vice

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President, Human Resources at (614) 238-5781 or at the address given below if
you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and of the State of Ohio (other than
laws governing conflicts of laws).

OTHER AGREEMENTS: Also, your NQSOs will be subject to the terms of any other
written agreements between you and the Company.

ADJUSTMENTS TO NQSOS: Your Award will be adjusted, if appropriate, to reflect
any change to the Company's capital structure (e.g., the number of your NQSOs
and the Exercise Price will be adjusted to reflect a stock split).

OTHER RULES: Your NQSOs also are subject to more rules described in the Plan and
in the Plan's Prospectus. You should read both these documents carefully to
ensure you fully understand all the terms and conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your NQSOs is discussed in the Plan's
Prospectus.

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

Note: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Awards and
         understand what I must do to earn and exercise my Award;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my Award or this
         Award Agreement to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the conditions of
         my Award and reduce its value or potential value; and

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      -  If I do not return a signed copy of this Award Agreement to the address
         shown below before ____________, my Award will be revoked automatically
         as of the date it was granted and I will not be entitled to receive any
         amount on account of the retroactively revoked Award.

_________________

_________________________________________
(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By: _________________________

_________________

      _____ Has complied with the conditions imposed on the grant and the Award
      and the Award Agreement remains in effect; or

      _____ Has not complied with the conditions imposed on the grant and the
      Award and the Award Agreement is retroactively revoked as of the Grant
      Date because describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By: ________________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

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                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                    NONQUALIFIED STOCK OPTION EXERCISE NOTICE
   AFFECTING NONQUALIFIED STOCK OPTIONS ISSUED TO ____________ ON ____________

Additional copies of this Nonqualified Stock Option Exercise Notice are
available from DSW's Vice President, Human Resources at (614) 238-5781 or at the
address given below.

Also, DSW's Vice President, Human Resources can answer any questions you have
about completing this notice and exercising your NQSOs.

By completing this form and returning it to DSW's Vice President, Human
Resources at the address given below, I elect to exercise the NQSOs described
below:

NOTE: You must complete a separate Nonqualified Stock Option Exercise Notice
each time you exercise NQSOs granted under each Award Agreement (e.g., if you
are exercising 200 NQSOs granted January 1, 2006 and 100 NQSOs granted January
1, 2007 under a separate award agreement, you must complete two Nonqualified
Stock Option Exercise Notices, one for each set of NQSOs being exercised).

AFFECTED OPTIONS: This exercise relates to the following NQSOs (fill in the
blanks):

      GRANT DATE:  ____________

      NUMBER OF NQSOS BEING EXERCISED WITH THIS NOTICE:  _____________________

NOTE: You may not exercise fewer than 100 NQSOs at any one time unless you have
fewer than 100 NQSOs outstanding from this grant, in which case you may exercise
all of the outstanding NQSOs from this grant.

EXERCISE PRICE: The Exercise Price due is $__________________________________

NOTE: This amount must be the product of $____________ multiplied by the number
of NQSOs being exercised.

PAYMENT OF EXERCISE PRICE: I have decided to pay the Exercise Price by (check
one):

      ____  Personal check payable to "DSW Inc."

      ____  Through a cashless exercise.

      ____  Through the attestation process.

Note:

      -     If you select the cash method of exercise, you must include payment
            with this notice.

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      -     If you select either the cashless or attestation form of paying the
            Exercise Price, you should contact DSW's Vice President, Human
            Resources at (614) 238-5781 or at the address given below to be sure
            you understand how your choice of payment will affect the number of
            common shares of the Company you will receive.

                   YOUR ACKNOWLEDGEMENT OF EFFECT OF EXERCISE

By signing below, I acknowledge and agree that:

      -     I fully understand the effect (including the investment effect) of
            exercising my NQSOs and buying common shares of the Company and
            understand that there is no guarantee that the value of these shares
            will appreciate or will not depreciate;

      -     This election will have no effect if it is not returned to RVI's
            Vice President Compensation, Benefits & HRIS at the address given
            below before they expire (as described in the Award Agreement under
            which these NQSOs were issued); and

      -     The common shares of the Company I am buying by filing this form
            will be issued to me as soon as administratively practicable.

_______________

_____________________________________________
(signature)

Date signed: ________________________________

A signed copy of this Nonqualified Stock Option Exercise Notice must be sent to
the following address no later than ____________:

               Vice President, Human Resources
               DSW
               4150 East Fifth Avenue
               Columbus, Ohio 43219

                                      *****

                           ACKNOWLEDGEMENT OF RECEIPT

A signed copy of this Nonqualified Stock Option Exercise Notice was received on:
_______________________.

_______________:

      ____  Has effectively exercised the NQSOs described in this notice; or

      ____  Has not effectively exercised the NQSOs described in this notice
            because

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      __________________________________________________________________________
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By:   __________________________________

Date: __________________________________

Note: Keep a copy of this form as part of the Plan's permanent records.

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                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

      RELATING TO STOCK OPTION AWARD ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form [1] to name the person you want to receive any amount due
after your death under the terms of the Award described above or [2] to change
the person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01  PRIMARY BENEFICIARY:

      I designate the following persons as my Primary Beneficiary or
      Beneficiaries to exercise any rights due after my death under the terms of
      the Award Agreement described at the top of this form. These rights will
      be allocated, in the proportion specified, to:

       ______% to ______________________________________________________________
                       (Name)                                     (Relationship)

      ADDRESS: _________________________________________________________________

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      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

1.02  CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
rights available after my death under the terms of the Award Agreement described
at the top of this form:

      _____ Be allocated to my other named Primary Beneficiaries in proportion
      to the allocation given above (ignoring the interest allocated to the
      deceased Primary Beneficiary); or

      _____ Be allocated among the following Contingent Beneficiaries.

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.

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Name: ____________

Soc. Sec. No.: _________________________________________________________________

Date of Birth: _________________________________________________________________

Address: _______________________________________________________________________

________________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.
__________________________                         _____________________________
Date                                               Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

               Vice President, Human Resources
               DSW
               4150 East Fifth Avenue
               Columbus, Ohio 43219

Received on: __________________

By: ______________________________________

                                       12<PAGE>
                                                                 Exhibit 10.24.6

 THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING SECURITIES THAT
             HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. If you
satisfy the conditions described in this Agreement (and the Plan), your Award
will mature into an opportunity to buy common shares of the Company.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

     -    Read the Plan and the Plan's Prospectus carefully to ensure you
          understand how the Plan works;

     -    Read this Award Agreement carefully to ensure you understand what you
          must do to earn your Award; and

     -    Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
          have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive any amount on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.

                                       1
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                              NATURE OF YOUR AWARD

You have been granted Nonqualified Stock Options ("NQSOs") which you may
exercise to purchase common shares of the Company but only if you satisfy the
conditions described in this Award Agreement and pay the Exercise Price
specified below. Federal income tax rules apply to NQSOs. These and other
conditions affecting your NQSOs are described in this Award Agreement, the Plan
and the Plan's Prospectus, all of which you should read carefully.

No later than ____________, you must return a signed copy of this Award
Agreement to:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date.

GRANT DATE:  Your NQSOs were issued on ____________.

This is the date you begin to earn the right to buy common shares of the Company
through your NQSOs.

NUMBER OF NQSOS:  You have been granted ____________ NQSOs.

You may buy one common share of the Company for each NQSO granted but only if
you meet the conditions described in this Award Agreement and in the Plan.

            WHEN YOU MAY EXERCISE YOUR AWARD AND WHEN IT WILL EXPIRE

NORMAL VESTING DATE: You may not exercise your NQSOs until they vest. Normally,
your NQSOs will vest (and may be exercised) if you are actively employed on
____________. This does not mean that you must exercise your NQSOs on
____________; this is merely the first date that you may do so. However, your
NQSOs will expire unless they are exercised before ____________, the Expiration
Date.

HOW YOUR NQSOS MIGHT VEST (AND BE EXERCISABLE) EARLIER THAN THE NORMAL VESTING
DATE: Regardless of the normal vesting schedule just given, your NQSOs will be
vested (and may be exercised) if, before the Normal Vesting Date:

     -    Your employment terminates because of death, disability (as defined in
          the Plan) or retirement (i.e., you terminate after reaching age 65 and
          completing at least five years of employment); or

     -    There is a Change in Control (as defined in the Plan).

HOW YOUR NQSOS MAY BE FORFEITED: You will forfeit your unvested NQSOs if, before
the Normal Vesting Date and before a Change in Control, you terminate employment
voluntarily or if you are involuntarily terminated by the Company for any reason
before the Normal Vesting

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Date (and you are not then disabled or eligible for retirement).

Also, you will forfeit your NQSOs if:

     -    You materially fail to substantially perform your position or duties;

     -    You engage in illegal or grossly negligent conduct that is materially
          injurious to the Company or any Related Entity (as defined in the
          Plan);

     -    You materially violate any law or regulation governing the Company or
          any Related Entity;

     -    You commit a material act of fraud or dishonesty which has had or is
          likely to have a material adverse effect upon the Company's (or any
          Related Entity's) operations or financial conditions;

     -    You materially breach the terms of any other agreement (including any
          employment agreement) with the Company or any Related Entity; or

     -    You breach any term of the Plan or this Award Agreement.

Also, if you terminate your employment (or your employment is terminated) for
any reason other than those just listed (including death, disability and
retirement) and the Company subsequently discovers that you actively concealed
an act, event or failure that is within those just listed and the Company could
not have discovered that act, event or failure through reasonable diligence
before your termination, you will be required to repay to the Company the full
value you received under this Award.

                              EXERCISING YOUR AWARD

There are specific procedures you must follow to exercise an NQSO; if you do not
follow these procedures, your attempted exercise will be disregarded.

When you buy a common share of the Company by exercising an NQSO, the option
exercised is cancelled and no more shares may be bought through the cancelled
option.

EXPIRATION DATE: Normally, your NQSOs will expire on (and may not be exercised
after) ____________. However, there are other limits on how long you have to
exercise your NQSOs after you terminate employment. Under these rules:

     -    If you terminate employment because of death, disability or
          retirement, you (or your Beneficiary) may exercise your vested NQSOs
          for one year after your termination, but not later than ____________;

     -    If you are terminated for cause (as defined in the Plan), all of your
          NQSOs are forfeited and may not be exercised; or

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     -    If you terminate for any other reason, you may exercise your NQSOs for
          three months after your termination, but not later than ____________.

If you do not exercise your NQSOs before these dates, they will expire and may
not be exercised at a later date.

EXERCISE PRICE: You must pay $____________ for each common share of the Company
you buy when you exercise an NQSO.

MINIMUM NUMBER OF NQSOS THAT YOU MAY EXERCISE: The smallest number of NQSOs that
you may exercise at any one time is 100 or, if fewer, the total number of your
outstanding vested NQSOs.

Also, you may not exercise any NQSO to buy a fractional common share of the
Company; an NQSO to purchase a fractional share will be converted to an NQSO to
purchase a whole share.

PROCEDURES FOR EXERCISING YOUR NQSOS:  To exercise an NQSO, you must:

     -    Complete a copy of the Nonqualified Stock Option Exercise Notice
          attached to this Award Agreement (additional copies are available from
          DSW's Vice President, Human Resources at (614) 238-5781 or at the
          address given below); and

     -    Pay the Exercise Price (i.e., $____________) for each NQSO being
          exercised.

This must be done before ____________, when your NQSOs expire (see section
titled "When You May Exercise Your Award and When It Will Expire" above).

You may pay the Exercise Price in one of three ways.  These are:

     -    By check in the amount of the Exercise Price ($____________)
          multiplied by the number of NQSOs being exercised. This check must be
          made payable to "DSW Inc." In this case, and as soon as
          administratively practicable, the Company will issue you a number of
          shares equal to the number of NQSOs you are exercising.

     -    Through a cashless exercise. In this case, the difference between the
          fair market value of the shares subject to the NQSO being exercised
          will be applied to pay the Exercise Price. If you elect this
          alternative, you will not have to spend any cash to exercise your
          NQSOs but you will receive fewer shares than if you pay the Exercise
          Price in cash.

     -    Through an attestation process, which is available only if you have
          owned other common shares of the Company for at least six months
          before the NQSOs are exercised. In this case, the fair market value of
          your other shares will be applied to pay the Exercise Price. If you
          elect this alternative, you will not have to spend any cash to
          exercise your NQSOs but you also will receive fewer shares than if you
          pay the Exercise Price in cash.

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It is impossible now to calculate the effect of a cashless exercise or the
attestation process on the number of shares you will receive when your NQSOs are
exercised. If you intend to use either the cashless exercise or attestation
process to exercise your NQSOs, you must contact DSW's Vice President, Human
Resources when you complete the Nonqualified Stock Option Exercise Notice to be
sure you understand the effect of these forms of exercise.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE EXERCISE: Until you exercise your NQSOs, you may not exercise any
voting rights associated with the shares underlying your NQSOs. Nor will you be
entitled to receive any dividends with respect to those shares.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to exercise
any vested NQSOs that are unexercised when you die. This may be done only on the
attached Beneficiary Designation Form and by following the rules described in
that form. If you die without making an effective Beneficiary designation, your
Beneficiary will be your surviving spouse or, if you do not have a surviving
spouse, your estate.

TAX WITHHOLDING: Income taxes must be withheld on the difference between the
Exercise Price and the value of each share of stock you purchase when your
exercise an NQSO (see the Plan's Prospectus for a discussion of the tax
treatment of your Award). These taxes may be paid in one of several ways. They
are:

     -    The Company may withhold this amount from other amounts owed to you
          (e.g., from your salary).

     -    You may pay these taxes by giving the Company a check (payable to "DSW
          Inc.") in an amount equal to the taxes that must be withheld.

     -    By having the Company withhold a portion of the shares that you
          otherwise would receive on the exercise date. The number of shares
          withheld will have a fair market value equal to the taxes that must be
          withheld.

     -    You may give the Company other shares of Company stock (that you have
          owned for at least six months) with a value equal to the taxes that
          must be withheld.

You may choose the approach you prefer, although the Company may reject your
preferred method for any reason (or for no reason). If this happens, the Company
will specify (from among the alternatives just listed) how these taxes are to be
paid.

If you do not choose a method of paying these taxes within 30 days of the
exercise date, the Company will withhold a portion of the shares that otherwise
would be distributed. The number of shares withheld will have a fair market
value equal to the taxes that must be withheld and the balance of the shares
will be distributed to you.

TRANSFERRING YOUR NQSOS: Normally, your NQSOs may not be transferred to another
person. However, you may complete a Beneficiary Designation Form to name the
person who may exercise your NQSOs if you die. Also, the Committee may allow you
to place your NQSOs into

                                       5
<PAGE>
a trust established for your benefit or for the benefit of your family. Contact
DSW's Vice President, Human Resources at (614) 238-5781 or at the address given
below if you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and of the State of Ohio (other than
laws governing conflicts of laws).

NON COMPETITION: In consideration of receiving this Award, you agree for one
year after terminating employment with the Company or any Related Entity not,
directly or indirectly, to accept employment with, act as a consultant to, or
otherwise perform services that are substantially the same or similar to those
for which you were compensated by the Company or any Related Entity (this
comparison will be based on job-related functions and responsibilities and not
on job title) for any business that directly competes with the Company's
business, which is understood to be the sale of off-price and discount
merchandise, including discount and off-price shoes and accessories.
Illustrations of business that compete with the Company's business include: The
TJX Companies, Inc. (T.J. Maxx; Marshall's; HomeGoods; A.J.Wright; Marmaxx;
Winners); Shoe Carnival; MJM Designer Shoes; Ross Stores, Inc.; Payless
ShoeSource; Off-Broadway Shoes; Famous Footwear; Footstar; Big Lots Stores,
Inc.; and Burlington Coat Factory Warehouse Corporation and any of its
affiliates. This restriction applies to any parent, division, affiliate, newly
formed or purchased business(es) and/or successor of a business that competes
with the Company's business.

OTHER AGREEMENTS: Also, your NQSOs will be subject to the terms of any other
written agreements between you and the Company.

ADJUSTMENTS TO NQSOS: Your Award will be adjusted, if appropriate, to reflect
any change to the Company's capital structure (e.g., the number of your NQSOs
and the Exercise Price will be adjusted to reflect a stock split).

OTHER RULES: Your NQSOs also are subject to more rules described in the Plan and
in the Plan's Prospectus. You should read both these documents carefully to
ensure you fully understand all the terms and conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your NQSOs is discussed in the Plan's
Prospectus.

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

                                       6
<PAGE>
Note: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than ___________.

By signing below, I acknowledge and agree that:

     -    A copy of the Plan has been made available to me;

     -    I have received a copy of the Plan's Prospectus;

     -    I understand and accept the conditions placed on my Awards and
          understand what I must do to earn and exercise my Award;

     -    I will consent (in my own behalf and in behalf of my beneficiaries and
          without any further consideration) to any change to my Award or this
          Award Agreement to avoid paying penalties under Section 409A of the
          Internal Revenue Code, even if those changes affect the conditions of
          my Award and reduce its value or potential value; and

     -    If I do not return a signed copy of this Award Agreement to the
          address shown below before ____________, my Award will be revoked
          automatically as of the date it was granted and I will not be entitled
          to receive any amount on account of the retroactively revoked Award.

_____________

_________________________________________
(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By:  _________________________

______________

                                       7
<PAGE>
     _____ Has complied with the conditions imposed on the grant and the Award
     and the Award Agreement remains in effect; or

     _____ Has not complied with the conditions imposed on the grant and the
     Award and the Award Agreement is retroactively revoked as of the Grant Date
     because

     ________________________________________________________________.
     describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By:   ______________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

                                       8
<PAGE>
                                    DSW INC.

                           2005 EQUITY INCENTIVE PLAN

                    NONQUALIFIED STOCK OPTION EXERCISE NOTICE
   AFFECTING NONQUALIFIED STOCK OPTIONS ISSUED TO ____________ ON ____________

Additional copies of this Nonqualified Stock Option Exercise Notice are
available from DSW's Vice President, Human Resources at (614) 238-5781 or at the
address given below.

Also, DSW's Vice President, Human Resources can answer any questions you have
about completing this notice and exercising your NQSOs.

By completing this form and returning it to DSW's Vice President, Human
Resources at the address given below, I elect to exercise the NQSOs described
below:

NOTE: You must complete a separate Nonqualified Stock Option Exercise Notice
each time you exercise NQSOs granted under each Award Agreement (e.g., if you
are exercising 200 NQSOs granted January 1, 2006 and 100 NQSOs granted January
1, 2007 under a separate award agreement, you must complete two Nonqualified
Stock Option Exercise Notices, one for each set of NQSOs being exercised).

AFFECTED OPTIONS: This exercise relates to the following NQSOs (fill in the
blanks):

         GRANT DATE:  ____________

         NUMBER OF NQSOS BEING EXERCISED WITH THIS NOTICE: _____________________

NOTE: You may not exercise fewer than 100 NQSOs at any one time unless you have
fewer than 100 NQSOs outstanding from this grant, in which case you may exercise
all of the outstanding NQSOs from this grant.

EXERCISE PRICE:  The Exercise Price due is $__________________________________

NOTE: This amount must be the product of $____________ multiplied by the number
of NQSOs being exercised.

PAYMENT OF EXERCISE PRICE: I have decided to pay the Exercise Price by (check
one):

         ____     Personal check payable to "DSW Inc."

         ____     Through a cashless exercise.

         _____    Through the attestation process.

Note:

     -    If you select the cash method of exercise, you must include payment
          with this notice.

                                       9
<PAGE>
     -    If you select either the cashless or attestation form of paying the
          Exercise Price, you should contact DSW's Vice President, Human
          Resources at (614) 238-5781 or at the address given below to be sure
          you understand how your choice of payment will affect the number of
          common shares of the Company you will receive.

                   YOUR ACKNOWLEDGEMENT OF EFFECT OF EXERCISE

By signing below, I acknowledge and agree that:

     -    I fully understand the effect (including the investment effect) of
          exercising my NQSOs and buying common shares of the Company and
          understand that there is no guarantee that the value of these shares
          will appreciate or will not depreciate;

     -    This election will have no effect if it is not returned to DSW's Vice
          President, Human Resources at the address given below before they
          expire (as described in the Award Agreement under which these NQSOs
          were issued); and

     -    The common shares of the Company I am buying by filing this form will
          be issued to me as soon as administratively practicable.

_______________

_____________________________________________
(signature)

Date signed: ________________________________

A signed copy of this Nonqualified Stock Option Exercise Notice must be sent to
the following address no later than ____________.

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

                                      *****

                           ACKNOWLEDGEMENT OF RECEIPT

A signed copy of this Nonqualified Stock Option Exercise Notice was received on:
_______________________.

____________:

  ___  Has effectively exercised the NQSOs described in this notice; or

  ___  Has not effectively exercised the NQSOs described in this notice because

                                       10
<PAGE>
     _______________________________________________________
     describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By:   __________________________________

Date: __________________________________

Note: Keep a copy of this form as part of the Plan's permanent records.

                                       11
<PAGE>
                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

      RELATING TO STOCK OPTION AWARD ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form [1] to name the person you want to receive any amount due
after your death under the terms of the Award described above or [2] to change
the person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01 PRIMARY BENEFICIARY:

     I designate the following persons as my Primary Beneficiary or
     Beneficiaries to exercise any rights due after my death under the terms of
     the Award Agreement described at the top of this form. These rights will be
     allocated, in the proportion specified, to:

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

                                       12
<PAGE>
         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

1.02 CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
rights available after my death under the terms of the Award Agreement described
at the top of this form:

         _____ Be allocated to my other named Primary Beneficiaries in
         proportion to the allocation given above (ignoring the interest
         allocated to the deceased Primary Beneficiary); or

         _____ Be allocated among the following Contingent Beneficiaries.

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.

                                       13
<PAGE>
Name: ____________

Soc. Sec. No.: ____________________________________________________________

Date of Birth: ____________________________________________________________

Address: __________________________________________________________________

___________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.

_______________________                     ___________________________________
Date                                        Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

Received on: __________________

By: ______________________________________

                                       14

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