Document:

1994 Stock Incentive Plan, as amended and restated June 1, 2007

 Exhibit 10.13 
 MACY’S, INC. 
 1994 Stock Incentive Plan 
 (Amended and Restated June 1, 2007) 
 Macy’s, Inc., a Delaware corporation
(the “Company”), hereby amends and restates this 1994 Stock Incentive Plan (this “Plan”) effective, subject to the provisions of Section 16(a), as of June 1, 2007 (the “Effective Date”). 
 1. Purpose. The purpose of this Plan is to attract and retain directors, officers and other key executives and employees of the Company and its
subsidiaries and to provide to such persons incentives and rewards relating to the Company’s business plans. 
 2. Definitions. In
addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with initial capital letters: 
  

	 	(a)	“Appreciation Right” means a right granted pursuant to Section 6. 

  

	 	(b)	“Award” means a grant of an Option Right, an Appreciation Right, Restricted Stock or Restricted Stock Unit. 

  

	 	(c)	“Board” means the Board of Directors of the Company or, pursuant to any delegation by the Board to the Compensation Committee pursuant to Section 12, the Compensation
Committee. 

  

	 	(d)	“Change in Control” means the occurrence of any of the following events: 

  

	 	(i)	The Company is merged, consolidated, or reorganized into or with another corporation or other legal entity, and as a result of such merger, consolidation, or reorganization less
than a majority of the combined voting power of the then-outstanding securities of such corporation or entity immediately after such transaction is held in the aggregate by the holders of the then-outstanding securities entitled to vote generally in
the election of directors of the Company (the “Voting Stock”) immediately prior to such transaction; 

  

	 	(ii)	The Company sells or otherwise transfers all or substantially all of its assets to another corporation or other legal entity and, as a result of such sale or transfer, less than a
majority of the combined voting power of the then-outstanding securities of such other corporation or entity immediately after such sale or transfer is held in the aggregate by the holders of Voting Stock of the Company immediately prior to such
sale or transfer; 

  

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	 	(iii)	There is a report filed on Schedule 13D or Schedule TO (or any successor schedule, form, or report or item therein), each as promulgated pursuant to the Securities Exchange Act of
1934, as amended (the “Exchange Act”), disclosing that any person (as the term “person” is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) has become the beneficial owner (as the term “beneficial
owner” is defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of securities representing 30% or more of the combined voting power of the Voting Stock of the Company; 

  

	 	(iv)	The Company files a report or proxy statement with the Securities and Exchange Commission pursuant to the Exchange Act disclosing in response to Form 8-K or Schedule 14A (or any
successor schedule, form, or report or item therein) that a change in control of the Company has occurred or will occur in the future pursuant to any then-existing contract or transaction; or 

  

	 	(v)	If, during any period of two consecutive years, individuals who at the beginning of any such period constitute the directors of the Company cease for any reason to constitute at
least a majority thereof; provided, however, that for purposes of this clause (v) each director who is first elected, or first nominated for election by the Company’s stockholders, by a vote of at least two-thirds of the directors of the
Company (or a committee thereof) then still in office who were directors of the Company at the beginning of any such period will be deemed to have been a director of the Company at the beginning of such period. 

 Notwithstanding the foregoing provisions of the immediately preceding subsections (iii) or (iv), unless otherwise determined in a specific case by
majority vote of the Board, a “Change in Control” will not be deemed to have occurred for purposes of subsections (iii) or (iv) solely because (1) the Company, (2) a Subsidiary, or (3) any employee stock ownership
plan or any other employee benefit plan of the Company or any Subsidiary either files or becomes obligated to file a report or a proxy statement under or in response to Schedule 13D, Schedule TO, Form 8-K, or Schedule 14A (or any successor schedule,
form, or report or item therein) under the Exchange Act disclosing beneficial ownership by it of shares of Voting Stock, whether in excess of 30% or otherwise, or because the Company reports that a change in control of the Company has occurred or
will occur in the future by reason of such beneficial ownership. 
  

	 	(e)	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

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	 	(f)	“Common Shares” means shares of common stock of the Company or any security into which such common stock may be changed by reason of any transaction or event of the type
referred to in Section 9. 

  

	 	(g)	“Compensation Committee” means a committee appointed by the Board in accordance with the by-laws of the Company consisting of at least three Non-Employee Directors.

  

	 	(h)	“Date of Grant” means the date determined in accordance with the Board’s authorization on which a grant of Option Rights or Appreciation Rights, or a grant of
Restricted Stock or Restricted Stock Units, becomes effective, which may be on or after (but not before) the date on which the Board acts. 

  

	 	(i)	“Immediate Family” has the meaning ascribed thereto in Rule 16a-1(e) under the Exchange Act. 

  

	 	(j)	“Incentive Stock Options” means Option Rights that are intended to qualify as “incentive stock options” under Section 422 of the Code or any successor
provision. 

  

	 	(k)	“Market Value per Share” means any of the following, as determined in accordance with the Board’s authorization: 

  

	 	(i)	the closing sale price per share of the Common Shares as reported in the New York Stock Exchange Composite Transactions Report (or any other consolidated transactions reporting
system which subsequently may replace such Composite Transactions Report) for the New York Stock Exchange (the “NYSE”) trading day immediately preceding the date determined in accordance with the Board’s authorization, or if there are
no sales on such date, on the next preceding day on which there were sales, 

  

	 	(ii)	the average (whether weighted or not) or mean price, determined by reference to the closing sales prices, average between the high and low sales prices, or any other standard for
determining price adopted by the Board, per share of the Common Shares as reported in the NYSE Composite Transactions Report as of the date or for the period determined in accordance with the Board’s authorization, or 

 

	 	(iii)	in the event that the Common Shares are not listed for trading on the NYSE as of a relevant Date of Grant, an amount determined in accordance with standards adopted by the Board.

  

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	 	(l)	“Non-Employee Director” means a director of the Company who is not a full-time employee of the Company or any Subsidiary. 

  

	 	(m)	“Nonqualified Stock Option” means Option Rights other than Incentive Stock Options. 

  

	 	(n)	“Optionee” means the optionee named in an agreement with the Company evidencing an outstanding Option Right. 

  

	 	(o)	“Option Price” means the purchase price payable on exercise of an Option Right. 

  

	 	(p)	“Option Right” means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 5. 

  

	 	(q)	“Participant” means a person who is approved by the Board to receive benefits under this Plan and who is at the time an officer, executive, or other employee of the
Company or any one or more of its Subsidiaries, or who has agreed to commence serving in any of such capacities, and also includes each Non-Employee Director. 

  

	 	(r)	“Performance Formula” means, for a Performance Period, one or more objective formulas established by the Board for purposes of determining whether or the extent to which
an Award has been earned based on the level of performance attained with respect to one or more Performance Measures. Performance Formulas may vary from Performance Period to Performance Period and from Participant to Participant and may be
established on a stand-alone basis, in tandem or in the alternative. 

  

	 	(s)	“Performance Goal” means the level of performance, whether absolute or relative to a peer group or index, established by the Board as the performance standard for a
Performance Measure. Performance Goals may vary from Performance Period to Performance Period, and from Participant to Participant and may be established on a stand-alone basis, in tandem or in the alternative. 

  

	 	(t)	“Performance Measure” means one or more of the following measures selected by the Board to measure Company, Subsidiary or division performance for a Performance Period:

  

	 	(i)	total sales; 

  

	 	(ii)	comparable store sales; 

  

	 	(iii)	gross margin; 

  

	 	(iv)	operating or other expenses; 

  

	 	(v)	earnings before interest and taxes; 

  

	 	(vi)	earnings before interest, taxes, depreciation and amortization; 

  

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	 	(vii)	net income; 

  

	 	(viii)	earnings per share (either basic or diluted); 

  

	 	(ix)	cash flow; 

  

	 	(x)	return on investment (determined with reference to one or more categories of income or cash flow and one or more categories of assets, capital or equity, including return on net
assets, return on sales, return on equity and return on invested capital); 

  

	 	(xi)	stock price appreciation; 

  

	 	(xii)	operating income; 

  

	 	(xiii)	net cash provided by operations; 

  

	 	(xiv)	total shareowner return; and 

  

	 	(xv)	customer satisfaction. 

 Each measure which is a financial
measure shall be determined in accordance with generally accepted accounting principles as consistently applied by the Company, and, if so determined by the Board, , adjusted to exclude the effects of extraordinary items, unusual or non-recurring
events, changes in accounting principles, discontinued operations, acquisitions, divestitures and material restructuring charges; provided, however, that no such adjustment shall be made if the effect of such adjustment would be to cause the related
compensation to fail to qualify as “performance based compensation” within the meaning of Section 162(m) of the Code. Performance Measures may vary from Performance Period to Performance Period and from Participant to Participant and
may be established on a stand-alone basis, in tandem or in the alternative. 
  

	 	(u)	“Performance Period” means one or more periods of time (of not less than one fiscal year of the Company and not more than five fiscal years) as the Board may designate,
over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s rights in respect of an Award with respect thereto. A Performance Period may overlap with prior and subsequent
Performance Periods, and the commencement or conclusion of a Performance Period may coincide with the commencement or conclusion of another Performance Period. 

  

	 	(v)	“Plan” means the 1994 Stock Incentive Plan of the Company, as amended from time to time. 

  

	 	(w)	“Restricted Stock” means Common Shares issued pursuant to Section 7 as to which neither the substantial risk of forfeiture nor the prohibition on transfers referred
to in Section 7 has expired. 

  

	 	(x)	“Restricted Stock Units” means Units issued pursuant to Section 8. 

  

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	 	(y)	“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act (or any successor rule substantially to the same effect), as in effect from time to time.

  

	 	(z)	“Spread” means the excess of the Market Value per Share of the Common Shares on the date when an Appreciation Right is exercised, or on the date when Option Rights are
surrendered in payment of the Option Price of other Option Rights, over the Option Price provided for in the related Option Right. 

  

	 	(aa)	“Subsidiary” has the meaning specified in Rule 405 promulgated under the Securities Act of 1933, as amended (or in any successor rule substantially to the same effect).

 3. Shares Available Under the Plan. 
  

	 	(a)	Maximum Number of Common Shares. Common Shares issued under the Plan shall be treasury shares subject to the following limitations: 

  

	 	(i)	Plan Maximum. Subject to adjustment as provided in Section 9, the maximum number of Common Shares which may be issued under the Plan after March 27, 2006, is
12,019,386 of which no more than 2,151,986 shares may be issued pursuant to grants of Restricted Stock or Restricted Stock Units. 

  

	 	(ii)	Participant Maximum. No Participant will be granted Option Rights or Appreciation Rights from this Plan or from the Company’s 1995 Executive Equity Incentive Plan, in
the aggregate, for more than 2.0 million Common Shares in any period of three fiscal years of the Company. No Participant will be granted Performance Restricted Stock or Performance Restricted Stock Units from this Plan or from the
Company’s1995 Executive Equity Incentive Plan, in the aggregate, for more than 666,666 Common Shares in any period of three fiscal years of the Company. Each limitation is subject to adjustment as provided in Section 9.

  

	 	(b)	Expired Options. If an Option Right expires, terminates, ceases to be exercisable or is surrendered without having been exercised in full, then the shares relating to the
Option Right shall, unless the Plan has been terminated, again become available under the Plan. 

  

	 	(c)	 Appreciation Rights. The full number of Appreciation Rights granted that are to be settled by the issuance of Common Shares shall be counted against the
number of Common Shares available for award under the Plan, 

  

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regardless of the number of Common Shares actually issued upon settlement of such Appreciation Rights. 

  

	 	(d)	Forfeitures or Cancellations of Restricted Stock. If any Common Shares shall be returned to the Company pursuant to the provisions of Section 7 or in the instruments
evidencing the making of grants of Restricted Stock, then such shares shall, unless the Plan has been terminated, again become available under the Plan. 

  

	 	(e)	Limitations on Awards to Non-Employee Directors. Notwithstanding any other provision of this Plan, Non-Employee Directors may only be granted Awards under the Plan in
accordance with Section 3(e) and shall not be subject to management’s discretion. From time to time, the Board shall set the amount(s) and type(s) of Awards that shall be granted to all Non-Employee Directors on a periodic,
nondiscriminatory basis pursuant to the Plan, as well as any additional amount(s), if any, to be awarded, also on a periodic, nondiscriminatory basis, based on any of the following: 

  

	 	(i)	the number of committees of the Board on which a Non-employee Director serves, 

  

	 	(ii)	service of a Non-employee Director as the chair of a committee of the Board, 

  

	 	(iii)	service of a Non-employee Director as Chairman of the Board, or 

  

	 	(iv)	the first selection or appointment of an individual to the Board as a Non-employee Director. 

 Subject to the limits set forth in this Section 3, the Board shall grant such Awards to Non-Employee Directors as it shall from time to time
determine. The terms and conditions of any grant to any such Non-employee Director shall be set forth in an Award agreement. 
 4.
Participants. Participants in the Plan shall be determined as follows: 
  

	 	(a)	Eligibility. The individuals who are eligible to receive Awards hereunder shall be limited to directors, officers and other key executives and employees of the Company and
its subsidiaries. 

  

	 	(b)	Determination. From time to time the Board shall, in its sole discretion, but subject to all of the provisions of the Plan, determine which of those eligible employees shall
receive Awards and the size, terms, conditions and/or restrictions of the Awards. 

  

	 	(c)	 Differing Terms; Effect of Grant. The Board may approve the grant of Option Rights or Appreciation Rights or the making of grants of Restricted Stock or
Restricted Stock Units subject to differing terms, conditions and/or restrictions to any eligible employee in any year. The 

  

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Board’s decision to approve the grant of an Option Right or Appreciation Right or the making of a grant of Restricted Stock or Restricted Stock Units to
an eligible employee in any year shall not require the Board to approve the grant of an Option Right or Appreciation Right or the making of a grant of Restricted Stock or Restricted Stock Units to that employee in any other year or to any other
employee in any year; nor shall the Board’s decision with respect to the size, terms, conditions and/or restrictions of any Option Right or Appreciation Right to be granted to an employee or any grant of Restricted Stock or Restricted Stock
Units to be made to an employee in any year require the Board to approve the grant of an Option Right or Appreciation Right or the making of a grant of Restricted Stock or Restricted Stock Units of the same size or with the same terms, conditions
and/or restrictions to that employee in any other year or to any other employee in any year. The Board shall not be precluded from approving the grant of an Option Right or Appreciation Right or the making of a grant of Restricted Stock or
Restricted Stock Units to any eligible employee solely because such employee may previously have been granted an Option Right or Appreciation Right or may previously have received a grant of Restricted Stock or Restricted Stock Units.

 5. Option Rights. The Board may from time to time authorize the grant to Participants of options to purchase Common
Shares upon such terms and conditions as it may determine in accordance with the following provisions: 
  

	 	(a)	Each grant will specify the number of Common Shares to which it pertains and the term during which the rights granted thereunder will exist, which shall not exceed ten
(10) years from the Date of Grant. The aggregate number of Common Shares to which the grants to any Non-Employee Director pertain from this Plan and from the Company’s 1995 Executive Equity Incentive Plan, in the aggregate, shall not
exceed 10,000 in any fiscal year (subject to adjustment as provided in Section 9). 

  

	 	(b)	Each grant will specify an Option Price per share, which may not be less than the Market Value per Share as of the Date of Grant. 

  

	 	(c)	Each grant will specify whether the Option Price is payable (i) in cash, (ii) by the actual or constructive transfer to the Company of nonforfeitable, unrestricted Common
Shares already owned by the Optionee (or other consideration authorized pursuant to Section 5(d)) having an actual or constructive value as of the time of exercise as determined by the Board or in accordance with the applicable agreement
referred to in Section 5(i), equal to the total Option Price, or (iii) by a combination of such methods of payment. 

  

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	 	(d)	The Board may determine, at or after the Date of Grant, that payment of the Option Price of any Option Right (other than an Incentive Stock Option) may also be made in whole or in
part in the form of Restricted Stock or other Common Shares that are forfeitable or subject to restrictions on transfer, or other Option Rights (based on the Spread on the date of exercise). Unless otherwise determined by the Board at or after the
Date of Grant, whenever any Option Price is paid in whole or in part by means of any of the forms of consideration specified in this paragraph, the Common Shares received upon the exercise of the Option Rights will be subject to such risks of
forfeiture or restrictions on transfer as may correspond to any that apply to the consideration surrendered, but only to the extent of (i) the number of shares surrendered in payment of the Option Price or (ii) the Spread of any
unexercisable portion of Option Rights surrendered in payment of the Option Price. 

  

	 	(e)	Any grant may provide for deferred payment of the Option Price from the proceeds of sale through a bank or broker on the exercise date of some or all of the Common Shares to which
such exercise relates. 

  

	 	(f)	Successive grants may be made to the same Participant whether or not any Option Rights previously granted to such Participant remain unexercised. 

  

	 	(g)	Each grant will specify the period or periods of continuous service by the Optionee with the Company or any Subsidiary which is necessary before the Option Rights or installments
thereof will become exercisable and may provide for the earlier exercise of such Option Rights in the event of a Change in Control or other event. 

  

	 	(h)	Option Rights granted under this Plan may be (i) Incentive Stock Options, (ii) Nonqualified Stock Options, or (iii) combinations of the foregoing.

  

	 	(i)	Each grant of Option Rights will be evidenced by an agreement executed on behalf of the Company by any officer, director, or, if authorized by the Board, employee of the Company and
delivered to the Optionee and containing such terms and provisions as the Board may approve, except that in no event will any such agreement include any provision prohibited by the express terms of this Plan. 

 6. Appreciation Rights. The Board may also authorize the grant to any Optionee of Appreciation Rights in respect of Option Rights granted hereunder. An
Appreciation Right will be a right of the Optionee, exercisable by surrender of the related Option Right or in accordance with the applicable agreement referred to in Section 6(f), to receive from the Company an amount, as determined by the
Board, which will be expressed as a percentage of the Spread at the time of exercise. Each such grant will be in accordance with the following provisions: 
  

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	 	(a)	Any grant may provide that the amount payable on exercise of an Appreciation Right may be paid by the Company in cash, in Common Shares, or in any combination thereof and may either
grant to the Optionee or retain in the Board the right to elect among those alternatives. Any grant will specify the term during which the rights granted thereunder will exist, which shall not exceed ten (10) years from the Date of Grant.

  

	 	(b)	Any grant may specify that the amount payable on exercise of an Appreciation Right may not exceed a maximum specified by the Board as of the Date of Grant. Any grant will specify an
Appreciation Right price per share, which may not be less than the Market Value per Share as of the Date of Grant. 

  

	 	(c)	Any grant may specify waiting periods before exercise and permissible exercise dates or periods and will provide that no Appreciation Right may be exercised except at a time when
the related Option Right is also exercisable and at a time when the Spread is positive. 

  

	 	(d)	Any grant may specify that such Appreciation Right may be exercised only in the event of a Change in Control or other event. 

  

	 	(e)	Any grant may provide that, in the event of a Change in Control, then any such Appreciation Right will automatically be deemed to have been exercised by the Optionee, the related
Option Right will be deemed to have been surrendered by the Optionee and will be canceled, and the Company forthwith upon the consummation thereof will pay to the Optionee in cash an amount equal to the Spread at the time of such consummation.

  

	 	(f)	Each grant of Appreciation Rights will be evidenced by an agreement executed on behalf of the Company by any officer, director or, if authorized by the Board, employee of the
Company and delivered to and accepted by the Optionee, which agreement will describe such Appreciation Rights, identify the related Option Rights, state that such Appreciation Rights are subject to all the terms and conditions of this Plan, and
contain such other terms and provisions as the Board may approve, except that in no event will any such agreement include any provision prohibited by the express terms of this Plan. 

 7. Restricted Stock. The Board may also authorize the issuance or transfer of Restricted Stock to Participants in accordance with the following
provisions: 
  

	 	(a)	 Each such issuance or transfer will constitute an immediate transfer of the ownership of Common Shares to the Participant in consideration of the performance of
services, entitling such Participant to voting, dividend, and 

  

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other ownership rights, but subject to the substantial risk of forfeiture provided below. 

  

	 	(b)	Each such issuance or transfer may be made without additional consideration. 

  

	 	(c)	If the Board has designated the Common Shares covered by a grant of Restricted Stock as “Performance Restricted Stock”, then the Board shall establish, at the time of the
grant, the Performance Period, Performance Formula, Performance Measures and Performance Goals that would determine the extent to which restrictions set forth in Section 7(a) shall lapse on any specified date. No restrictions shall lapse on any
Performance Restricted Stock until the Board certifies, in writing, that the requirements set forth in this Section 7(c) have been satisfied. The Board may adjust an Award of Performance Restricted Stock, in its discretion, to prevent the
enlargement or dilution of the Award because of extraordinary events or circumstances, as determined by the Board; provided, however, that no such adjustment shall be made if the effect of such adjustment would be to cause the related compensation
to fail to qualify as “performance based compensation” within the meaning of Section 162(m) of the Code. 

 Each
such issuance or transfer will provide that the Restricted Stock covered thereby will be subject, except (if the Board so determines) in the event of a Change in Control, to a “substantial risk of forfeiture” within the meaning of
Section 83 of the Code, for a period to be determined by the Board at the Date of Grant; provided, however, that at least a portion of the Restricted Stock covered by such issuance or transfer will be subject to a “substantial risk of
forfeiture” within the meaning of Section 83 of the Code for a period of (i) at least one (1) year following the Date of Grant in the case of Performance Restricted Stock, and (ii) at least three (3) years following the
Date of Grant in the case of any grant of Restricted Stock that is not Performance Restricted Stock. 
  

	 	(d)	Each such issuance or transfer will provide that during the period for which such substantial risk of forfeiture is to continue, the transferability of the Restricted Stock will be
prohibited or restricted in the manner and to the extent prescribed in or pursuant to the agreement referred to in Section 7(e) (which restrictions may include, without limitation, rights of repurchase or first refusal or provisions subjecting
the Restricted Stock to a continuing substantial risk of forfeiture in the hands of any transferee). 

  

	 	(e)	 Each issuance or transfer of Restricted Stock will be evidenced by an agreement executed on behalf of the Company by any officer, director or, if authorized by the
Board, employee of the Company and delivered to and accepted by the Participant and containing such terms and provisions as 

  

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the Board may approve except that in no event will any such agreement include any provision prohibited by the express terms of the Plan. All certificates
representing Restricted Stock will be held in custody by the Company until all restrictions thereon have lapsed, together with a stock power executed by the Participant in whose name such certificates are registered, endorsed in blank and covering
such Restricted Stock, which may be executed by any officer of the Company upon a determination by the Board that an event causing the forfeiture of the Restricted Stock has occurred. 

 8. Restricted Stock Units. The Board may also authorize the issuance or transfer of Restricted Stock Units to Participants in accordance with the
following provisions: 
  

	 	(a)	Each Restricted Stock Unit shall represent the right of the Participant to receive a payment upon or after vesting of the Restricted Stock Unit equal to the Market Value per Share
of a Common Share as of the Date of Grant, the vesting date or such other date as determined by the Board at the Date of Grant. The Board may, at the Date of Grant, provide a limitation on the amount payable in respect of each Restricted Stock Unit.
The Board may provide for the settlement of Restricted Stock Units in cash, in Common Shares, or in any combination thereof. 

  

	 	(b)	Each such issuance or transfer may be made without additional consideration. 

  

	 	(c)	If the Board has designated the Restricted Stock Unit covered by a grant of a Restricted Stock Unit as a “Performance Restricted Stock Unit”, then the Board shall
establish, at the Date of Grant, the Performance Period, Performance Formula, Performance Measures and Performance Goals that would determine the extent to which restrictions set forth in Section 8(a) shall lapse on any specified date. No
restrictions shall lapse on any Performance Restricted Stock Unit until the Board certifies, in writing, that the requirements set forth in this Section 8(c) have been satisfied. The Board may adjust an Award of Performance Restricted Stock, in
its discretion, to prevent the enlargement or dilution of the Award because of extraordinary events or circumstances, as determined by the Board; provided, however, that no such adjustment shall be made if the effect of such adjustment would be to
cause the related compensation to fail to qualify as “performance based compensation” within the meaning of Section 162(m) of the Code. 

  

	 	(d)	 Each such issuance or transfer will provide that the Restricted Stock Unit covered thereby will be subject to one or more vesting restrictions, except (if the Board
so determines) in the event of a Change in Control, for a period to be determined by the Board at the Date of Grant; provided, however, that at least a portion of the Restricted Stock Unit covered by 

  

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such issuance or transfer will be subject to one or more vesting restrictions for a period of (i) at least one (1) year following the Date of Grant
in the case of Performance Restricted Stock Units, and (ii) at least three (3) years following the Date of Grant in the case of any grant of a Restricted Stock Unit that is not a Performance Restricted Stock Unit.

  

	 	(e)	Each such issuance or transfer will provide that the transferability of the Restricted Stock Units will be prohibited. The Participant shall not have any rights of ownership in the
Common Shares subject to the Restricted Stock Units, and shall not have any right to vote such Common Shares. The Board may, on or after the Date of Grant, authorize the payment of dividend equivalents on such Common Shares in cash or additional
Common Shares on a current, deferred or contingent basis. 

  

	 	(f)	Each issuance or transfer of Restricted Stock Units will be evidenced by an agreement executed on behalf of the Company by any officer, director or, if authorized by the Board,
employee of the Company and delivered to and accepted by the Participant and containing such terms and provisions as the Board may approve except that in no event will any such agreement include any provision prohibited by the express terms of the
Plan. 

 9. Adjustments. The Board may make or provide for such adjustments in the numbers of Common Shares covered by
outstanding Option Rights, Appreciation Rights or Restricted Stock Units granted hereunder, in the prices per share applicable to Option Rights, Appreciation Rights or Restricted Stock Units, and in the kind of shares covered thereby, as the Board
may determine is equitably required to prevent dilution or enlargement of the rights of Participants that otherwise would result from (a) any stock dividend, stock split, combination of shares, recapitalization, or other change in the capital
structure of the Company, (b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation, or other distribution of assets or issuance of rights or warrants to purchase securities, or
(c) any other corporate transaction or event having an effect similar to any of the foregoing; provided, however, that no such adjustment in the numbers of Common Shares covered by outstanding Option Rights, Appreciation Rights or Restricted
Stock Units will be made unless such adjustment would change by more than 5% the number of Common Shares issuable upon exercise of Option Rights or Appreciation Rights or with respect to Restricted Stock Units; provided, further, however, that any
adjustment which by reason of this Section 9 is not required to be made currently will be carried forward and taken into account in any subsequent adjustment. In the event of any such transaction or event, the Board may provide in substitution
for any or all outstanding awards under this Plan such alternative consideration as it may determine to be equitable in the circumstances and may require in connection therewith the surrender of all awards so replaced. The Board may also make or
provide for such adjustments in the numbers of Common Shares specified in Section 3 as the Board may determine is appropriate to reflect any transaction or event described in this Section 9. 
  

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 10. Fractional Shares. The Company will not be required to issue any fractional Common Shares
pursuant to this Plan. The Board may provide for the elimination of fractions and for the settlement of fractions in cash. 
 11. Withholding
Taxes. To the extent that the Company is required to withhold federal, state, local, or foreign taxes in connection with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to the
Company for such withholding are insufficient, it will be a condition to the receipt of such payment or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of the
balance of such taxes required to be withheld, which arrangements may include relinquishment of a portion of such benefit. 
 12.
Administration of the Plan. 
  

	 	(a)	This Plan will be administered by the Board, which may from time to time delegate all or any part of its authority under this Plan to the Compensation Committee or any subcommittee
thereof. 

  

	 	(b)	The Board will take such actions as are required to be taken by it hereunder, may take the actions permitted to be taken by it hereunder, and will have the authority from time to
time to interpret this Plan and to adopt, amend, and rescind rules and regulations for implementing and administering this Plan. All such actions will be in the sole discretion of the Board, and when taken, will be final, conclusive, and binding.
Without limiting the generality or effect of the foregoing, the interpretation and construction by the Board of any provision of this Plan or of any agreement, notification, or document evidencing the grant of Awards, and any determination by the
Board in its sole discretion pursuant to any provision of this Plan or of any such agreement, notification, or document will be final and conclusive. Without limiting the generality or effect of any provision of the certificate of incorporation of
the Company, no member of the Board will be liable for any such action or determination made in good faith. 

  

	 	(c)	The provisions of Sections 5, 6, 7 and 8 will be interpreted as authorizing the Board, in taking any action under or pursuant to this Plan, to take any action it determines in its
sole discretion to be appropriate subject only to the express limitations therein contained and no authorization in any such Section or other provision of this Plan is intended or may be deemed to constitute a limitation on the authority of the
Board. 

  

	 	(d)	 The existence of this Plan or any right granted or other action taken pursuant hereto will not affect the authority of the Board or the Company to take any other
action, including in respect of the grant or award of any option, security, or other right or benefit, whether or not authorized by this 

  

 14 

	 	 
Plan, subject only to limitations imposed by applicable law as from time to time applicable thereto. 

 13. Compliance with Section 409A of the Code. To the extent applicable, it is intended that this Plan and any grants made hereunder comply with the
provisions of Section 409A of the Code. This Plan and any grants made hereunder shall be administered in a manner consistent with this intent. Any amendments made to comply with Section 409A of the Code may be retroactive to the extent
permitted by Section 409A of the Code and may be made by the Company without the consent of Participants. Any reference in this Plan to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other
guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. 
 14. Amendments,
Etc. 
  

	 	(a)	This Plan may be amended from time to time by the Board, but without further approval by the holders of a majority of the Common Shares actually voting on the matter at a meeting of
the Company’s stockholders or such other approval as may be required by Rule 16b-3, no such amendment will 

  

	 	(i)	Increase any of the maximum limitations in Section 3; or 

  

	 	(ii)	cause Rule 16b-3 to become inapplicable to this Plan or to Awards granted, issued, or transferred hereunder during any period in which the Company has any class of equity securities
registered pursuant to Section 13 or 15 of the Exchange Act. 

  

	 	(b)	The Board shall not, without further approval of the shareholders of the Company, authorize the amendment of any outstanding Option Right to reduce the Option Price. Furthermore, no
Option Right shall be canceled and replaced with awards having a lower Option Price without further approval of the shareholders of the Company. This Section 14(b) is intended to prohibit the repricing of “underwater” Option Rights
and shall not be construed to prohibit the adjustments provided for in Section 9 of this Plan. 

  

	 	(c)	 In case of termination of employment by reason of death, disability, or normal or early retirement, or in the case of hardship or other special circumstances, of a
Participant who holds an Option Right or Appreciation Right not immediately exercisable in full, or any Restricted Stock or Restricted Stock Units as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not
lapsed or who holds Common Shares subject to any transfer restrictions pursuant to Section 15(b), the Board may take such action as it deems equitable in the circumstances or in the best interests of the Company, including without limitation
waiving 

  

 15 

	 	 
or modifying any other limitation or requirement under any such award; provided, however, that any such action complies with the provisions of
Section 409A of the Code. 

  

	 	(d)	This Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any
way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time. 

  

	 	(e)	To the extent that any provision of this Plan would prevent any Option Right that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision will
be null and void with respect to such Option Right, but will remain in effect for other Option Rights and there will be no further effect on any provision of this Plan. 

  

	 	(f)	This Plan will be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof. If any
provision of this Plan is held to be invalid or unenforceable, no other provision of this Plan will be affected thereby. 

 15.
Transferability. 
  

	 	(a)	Except as provided in Section 15(b), no Award granted, issued, or transferred under this Plan will be transferable otherwise than (i) upon death, by will or the laws of
descent and distribution, (ii) pursuant to a qualified domestic relations order, as that term is defined in the Code or the rules thereunder Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or the
rules thereunder, or (iii) to a fully revocable trust of which the Optionee is treated as the owner for federal income tax purposes. 

  

	 	(b)	 Notwithstanding the provisions of Section 15(a), Awards (including Awards granted, issued, or transferred under this Plan prior to the Effective Date) will be
transferable by a Participant who at the time of such transfer is eligible to earn “Long-Term Incentive (LTI) Awards” under the Company’s 1992 Incentive Bonus Plan, as amended (or any successor plan thereto) or to earn other long-term
awards under another plan that limits eligibility to the same group as those who would be eligible for LTI Awards, or is a Non-Employee Director, without payment of consideration therefor by the transferee, to any one or more members of the
Participant’s Immediate Family (or to one or more trusts established solely for the benefit of one or more members of the Participant’s Immediate Family or to one or more partnerships in 

  

 16 

	 	 
which the only partners are members of the Participant’s Immediate Family); provided, however, that (i) no such transfer will be effective unless
reasonable prior notice thereof is delivered to the Company and such transfer is thereafter effected in accordance with any terms and conditions that shall have been made applicable thereto by the Company or the Board and (ii) any such
transferee will be subject to the same terms and conditions hereunder as the Participant. 

  

	 	(c)	The Board may specify at the Date of Grant that part or all of the Common Shares that are (i) to be issued or transferred by the Company upon the exercise of Option Rights or
Appreciation Rights or (ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Sections 7 or 8, will be subject to further restrictions on transfer. 

 16. Miscellaneous 
  

	 	(a)	Effective Date. The amendment and restatement of this Plan set forth herein will not become effective unless the holders of a majority of the Common Shares present in person
or by proxy at a meeting of stockholders of the Company and entitled to vote generally in the election of directors approve the amendments to be effected hereby. 

  

	 	(b)	Duration of Plan. Unless sooner terminated, the Plan shall remain in effect until March 21, 2013. Termination of the Plan shall not affect any Awards previously
granted, which Awards shall remain in effect until exercised, surrendered, or cancelled, or until they have expired, all in accordance with their terms. Termination of the Plan shall not affect any grants of Restricted Stock or Restricted Stock
Units previously made, or Common Shares previously granted pursuant to a grant of Restricted Stock or Restricted Stock Units; the terms, conditions and restrictions applicable to Common Shares issued pursuant to a grant of Restricted Stock or
Restricted Stock Units shall remain in effect until such terms, conditions and restrictions shall have lapsed all in accordance with their terms. 

  

	 	(c)	Unfunded Plan. The Plan shall be unfunded. Neither the Company nor the Board shall be required to segregate any assets that may at any time be represented by Option Rights
under the Plan. Neither the Company nor the Board shall be deemed to be a trustee of any amounts to be paid under the Plan. Any liability of the Company to any Participant with respect to a right shall be based solely upon any contractual
obligations created by the Plan or an agreement representing an Appreciation Right or Option Right; no such obligation shall be deemed to be secured by any pledge or any encumbrance on any property of the Company. 

  

 17 

	 	(d)	Agreement by Participant Regarding Deduction. The Participant shall agree and consent to a deduction from any amounts the Company owes to the Participant from time to time
(including amounts owed as wages or other compensation, fringe benefits, or vacation pay, as well as any other amounts owed to the Participant by the Company) to the extent of the amounts the Participant owes the Company under this Plan. Whether or
not the Company elects to make any set-off in whole or in part, if the Company does not recover by means of set-off the full amount owned by the Participant, calculated as set forth in this Plan, then the Participant agrees to pay immediately the
unpaid balance to the Company. 

  

	 	(e)	Employment. In the absence of any specific agreement to the contrary, no Award to a Participant under the Plan shall affect any right of the Company or its
Subsidiaries to terminate the Participant’s employment at any time. 

  

 18Supplementary Executive Retirement Plan

 Exhibit 10.29 
 SUPPLEMENTARY EXECUTIVE RETIREMENT PLAN 
 OF 
 MACY’S, INC. 
 SECTION 1

 NAME AND PURPOSE OF PLAN 
 1.1 Name of Plan. The name of this Plan shall be the Supplementary Executive Retirement Plan of Macy’s, Inc. 
 1.2 Purpose of Plan. The purpose of the Plan is to provide certain executives of the Employer with additional amounts of retirement pay. 
 1.3 Effective Date of Plan Document. This document constitutes and sets forth the terms of the Plan as of the Effective Date, including all
amendments thereto through December 31, 2008. 
 SECTION 2 
 DEFINITIONS 
 As used in the Plan, the following terms shall have the
meanings indicated below unless it is clear from the context that another meaning is intended: 
 2.1 Annuity - means a form of
benefit, without any life insurance, which provides for equal payments in monthly installments (or, to the extent provided under Section 6.3 below, quarterly installments) over more than a one-year period. 
 2.2 Basic Pension Plan - means the plan which is known as the Macy’s, Inc. Cash Account Pension Plan, as such plan exists as of the
Effective Amendment Date or as it may thereafter be amended. The Basic Pension Plan, as herein defined, is a defined benefit plan (as such term is defined in Section 414(j) of the Code and Section 3(35) of ERISA), is intended to be
qualified as a tax-favored plan under Section 401(a) of the Code, and is sponsored by Macy’s. 
 2.3 Board of
Directors - means the Board of Directors of Macy’s, Inc. 
 2.4 Code - means the Internal Revenue Code of 1986, as
such code exists as of the Effective Amendment Date or as it may thereafter be amended. 
 2.5 Committee - means all of the
committees appointed under Section 8.1 below to administer the Plan. 
 2.6 Effective Date - refers to the effective date
of this Plan and means January 1, 2005. 
  

 1 

 2.7 Eligibility Determination Date – means
January 1, April 1, July 1 and October 1 of each calendar year. 
 2.8 Employee - means, at any
point in time, any individual who is a common law employee of the Employer and who is classified as an employee by the Employer for payroll payment and withholding purposes at such time. 
 2.9 Employer – means each corporation which is a member of a controlled group of corporations (within the meaning of
Section 414(b) of the Code) which includes Macy’s and each other corporation, partnership, or other organization which is part of a group of trades or businesses under common control (within the meaning of Section 414(c) of the Code)
with Macy’s. Except where the context otherwise is clear, any reference to the Employer in this Plan shall be deemed to be referring collectively to all of the corporations, partnerships, and other organizations which comprise the Employer.

 2.10 Entry Date – means the first day of any calendar year. 
 2.11 ERISA - means the Employee Retirement Income Security Act of 1974, as such act exists as of the Effective Amendment Date or as it may
thereafter be amended. 
 2.12 Executive – means any Employee of the Company, or of any division, subsidiary or affiliate
of the Company, whose annualized rate of base compensation as of an Eligibility Determination Date is at least equal to the dollar limit in effect under Internal Revenue Code section 401(a)(17) for the calendar year in which such Eligibility
Determination Date occurs. 
 2.13 Executive Deferred Compensation Plan - means the plan which is known as the Executive
Deferred Compensation Plan of Macy’s, Inc., as such plan exists as of the Effective Amendment Date or as it may thereafter be amended. The Executive Deferred Compensation Plan, as herein defined, allows certain executives of the Employer to
defer a portion of their compensation and is sponsored by Macy’s. 
 2.14 Macy’s - means Macy’s, Inc. (successor
to Federated Department Stores, Inc.), or any corporate successor thereto. Macy’s, as herein defined, is the sponsor of the Plan. 
 2.15 Participant - means, at any point in time, any person who at such time either is accruing benefits under the Plan or still has accrued benefits under the Plan. The provisions of Section 3 below determine when a
person is a Participant on or after the Effective Amendment Date. 
 2.16 Plan - means the plan contained in this document,
which is named the Supplementary Executive Retirement Plan of Macy’s, Inc. 
 2.17 Pre-2005 Accrued Benefit – means a
Participant’s benefit, calculated pursuant to the provisions of Section 4.2, determined as of December 31, 2004. 
 2.18
Post-2004 Accrued Benefit – means a Participant’s benefit, calculated pursuant to the provisions of Section 4.2, less the Participant’s Pre-2005 Accrued Benefit. 
  

 2 

 2.19 Specified Employee – means a ‘specified employee’ as determined under
procedures adopted by the Company in compliance with Section 409A of the Code. 
 SECTION 3 
 ELIGIBILITY AND PARTICIPATION 
 3.1 Eligibility. 
 3.1.1 Only Executives are eligible to become Participants in the Plan and
thereby accrue benefits under the Plan. 
 3.1.2 In order for an Employee to be considered an Executive under the Plan,
he or she must meet the criteria established in accordance with the following provisions of this Section 3.1.2 (such criteria being called in the following provisions of this Section 3.1.2 as the “eligibility criteria”):

 (a) Notwithstanding any other provision of the Plan, each Executive who meets the eligibility criteria applicable to
him or her under the Plan must be part of a select group of management or other highly compensated employees (within the meaning of Sections 201, 301, and 401 of ERISA) of the Employer. 
 (b) Also, except as may otherwise be provided in Section 10.3.1 below but notwithstanding any other provision of the Plan, any
Employee who is classified during any period as an employee (for payment and withholding purposes) of any corporation, partnership, or other organization (for purposes of this paragraph (d), an “acquired company”) that first became or
becomes a member of a controlled group of corporations (within the meaning of Section 414(b) of the Code) which includes Macy’s or a part of a group of trades or businesses under common control (within the meaning of Section 414(c) of
the Code) with Macy’s after the Effective Date as a result of the acquisition by Macy’s and/or another member of the Employer of the stock or interests of the acquired company or substantially all of the assets of a trade or business of
another organization shall not, during such period, be eligible to be considered an Executive under this Plan even if otherwise meeting the eligibility criteria established under the foregoing provisions of this Section 3.1.2, unless either
(1) the agreements by which such stock, interests, or assets were acquired by Macy’s and/or another member of the Employer expressly provide that the employees of the acquired company will be eligible to participate in this Plan,
(2) the Plan is amended by Macy’s to permit the employees of the acquired company to participate in this Plan, or (3) the Board of Directors adopts resolutions that provide for the employees of the acquired company to participate in
this Plan. 
 (c) Consistent with the provisions of paragraph (b) above, and notwithstanding any of the foregoing
provisions of this Section 3.1.2, any person who is a participant in, or eligible for participation in, the May Department Stores Company Retirement Plan (a component plan of the Basic Plan) shall not qualify as an Executive for purposes of
this Plan (until, unless, and to the extent the provisions of this paragraph (c) are changed or deleted by a further amendment to the Plan). 
  

 3 

 3.2 Entry as Participants. Executives shall become Participants in the Plan on or after the
Effective Amendment Date only in accordance with the following provisions: 
 3.2.1 Each person who, as of
December 31, 2004, was a Participant in the Plan shall continue as a Participant in the Plan as of the Effective Amendment Date. 
 3.2.2 Each other Employee shall become a Participant in the Plan on the Entry Date coincident with or next following the Eligibility Determination Date on which the Employee becomes an Executive. 
 3.3 Duration of Participation. 
 3.3.1 Each Participant in the Plan shall continue to be a Participant until he or she ceases to be an Employee and the entire amount of his or her benefit, if any, under the Plan has been paid by the Employer.

 3.3.2 Any Participant in the Plan whose annualized rate of base compensation falls below the level at which the
Participant became an Executive shall stop accruing benefits under the plan until he or she again becomes an Executive and satisfies the provisions of Section 3.1 above (determined as if he or she had not previously been an Executive).

 3.4 Reinstatement of Participation. Any person who ceases to be a Participant, but who is thereafter reemployed as an
Employee shall be reinstated as a Participant only when, and if, he or she becomes an Executive and satisfies the provisions of Section 3.1 above (determined as if he or she had not previously been a Participant in the Plan). 
 SECTION 4 
 SUPPLEMENTAL
RETIREMENT BENEFITS 
 4.1 Supplemental Retirement Benefit. Subject to the other provisions of the Plan, a Participant
in the Plan shall be entitled to a retirement benefit under the Plan, called in the other provisions of the Plan as the “supplemental retirement benefit,” if, and only if, he or she ceases to be an Employee and is eligible to receive a
retirement benefit under the Basic Pension Plan and has completed five years of vesting services as defined in Section 4.7.5. 
 4.2
Benefit Formula for Supplemental Retirement Benefit. Subject to the other provisions of the Plan, if a Participant is entitled to a supplemental retirement benefit under the Plan, the monthly amount of such benefit, if it is payable in
the form of a single life annuity which commences as of the later of the Participant’s normal retirement date or the first day of the first month which begins on or after he or she ceases to be an Employee, shall be equal to the result produced
by first multiplying the amount determined under Section 4.2.1 below by the amount determined under Section 4.2.2 below and second subtracting from such product the amount determined under Section 4.2.3 below ((4.2.1 x 4.2.2) -
4.2.3), where the amounts determined under Sections 4.2.1, 4.2.2, and 4.2.3 are as follows: 
 4.2.1 The amount
determined under this Section 4.2.1 is equal to the difference between (1) 1.5% of the Participant’s highest average monthly compensation for any five calendar years (regardless of whether they are consecutive) falling within the
latest ten calendar 

  

 4 

 
years which end prior to the date the Participant ceases to be an Executive (or, if the Executive has fewer than five calendar years, all calendar years in
which the Participant earned at least one thousand hours of service) and (2) 2.5% of the Participant’s estimated monthly social security benefit. 
 4.2.2 The amount determined under this Section 4.2.2 is equal to the number, up to but not in excess of 30, of the Participant’s years of vesting service as of the date he or she ceases to be an
Executive (disregarding any fractional part of a year of vesting service). 
 4.2.3 The amount determined under this
Section 4.2.3 is equal to the monthly amount of a benefit which, if paid to the Participant in the form of a single life annuity which commences as of the later of the Participant’s normal retirement date or the first day of the first
month which begins on or after he or she ceases to be an Employee, would be actuarially equivalent to the aggregate of all of the following benefits or amounts (to the extent the following amounts are applicable to the Participant): 
 (a) The benefits which the Participant accrues to the date he or she ceases to be an Employee under the Basic Pension Plan;

 (b) The account balance of the Participant under the Retirement Income (the “RI”) portion of the prior
Federated Department Stores, Inc. Retirement Income and Thrift Incentive Plan (the “Prior Federated RITI Plan”) determined as of December 31, 1995; 
 (c) The account balance of the Participant under the Profit Sharing Retirement Plan (the “PSRP”) portion of Part B of the
prior Allied Stores Corporation Retirement Benefit and Profit Sharing Investment Program determined as of December 31, 1979; 
 (d) The account balance of the Participant under the R.H. Macy & Co., Inc. Profit Sharing Plan determined as of December 31, 1996; and 
 (e) The benefits which the Participant accrues to the date he or she ceases to be an Employee under each defined benefit plan (as
such term is defined in Section 3(35) of ERISA) which is sponsored by Macy’s or another corporation, partnership, or other organization that is part of the Employer, regardless of whether or not such plan is intended to be qualified as a
tax-favored plan under Section 401(a) of the Code. 
 Notwithstanding the foregoing, if the Participant had been a participant on December 31, 1996
in the Supplementary Executive Retirement Plan of Federated Department Stores, Inc. as it was in effect on December 31, 1996 and also had prior to January 1, 1984 an account balance under the RI portion of the Prior Federated RITI Plan,
then the monthly amount of the Participant’s supplemental retirement benefit under the Plan, if it is payable in the form of a single life annuity which commences as of the later of the Participant’s normal retirement date or the first day
of the first month which begins on or after he or she ceases to be an Employee, shall not be less than the result that would be produced under the provisions of this Section 4.2 that precede this sentence if (1) the amount under
Section 4.2.2 above were determined by disregarding the years of vesting service which were credited to the Participant for periods prior to January 1, 1984 and (2) the amount under Section 4.2.3 above were determined by
disregarding the December 31, 1995 account balance of the Participant under the RI portion of the Prior Federated RITI Plan. 
  

 5 

 4.3 Normal Form and Amount of Supplemental Retirement Benefit. If a Participant becomes
entitled to a supplemental retirement benefit under this Section 4, then, subject to the provisions of Sections 4.4 and 4.5 below, such supplemental retirement benefit shall be paid as follows: 
 4.3.1 The Participant’s Pre-2005 Accrued Benefit shall be paid in the form of a single life annuity which commences as of the
later of the Participant’s normal retirement date or the first day of the first month which begins on or after the date he or she ceases to be an Employee. The monthly amount of the Participant’s supplemental retirement benefit when paid
in the form of benefit described in this Section 4.3.1 shall be equal to the amount determined under the provisions of Section 4.2 above. 
 4.3.2 If the Participant has not attained age 55 as of his or her date of termination, his or her Post-2004 Accrued Benefit shall be paid in a single lump sum cash payment. 
 4.3.3 If the Participant has attained age 55 on or before his or her date of termination, his or her Post-2004 Accrued Benefit
shall be paid in the form of a single life annuity which commences as of the first day of the first month which begins on or after the date he or she ceases to be an Employee. The monthly amount of the Participant’s supplemental retirement
benefit when paid under this Section 4.3.3 shall be equal to that amount which makes such supplemental retirement benefit actuarially equivalent to the Participant’s supplemental retirement benefit if it were to be paid in the form of a
single life annuity commencing on the Participant’s normal retirement date. 
 4.4 Optional Forms and Amounts of Supplemental
Retirement Benefit. If a Participant becomes entitled to a supplemental retirement benefit under this Section 4, then, notwithstanding the provisions of Section 4.3 above but subject to the provisions of Section 4.5 below,
such supplemental retirement benefit may be paid in any optional form of payment that is described in the following provisions of this Section 4.4, provided that the conditions applicable to such optional form of payment that are set forth in
the following provisions of this Section 4.4 are met. If a Participant’s supplemental retirement benefit is to be paid in any such optional form of payment pursuant to any of the following provisions of this Section 4.4, then such
form of payment shall be made in lieu of the form of payment described in Section 4.3 above and in lieu of any other optional form of payment permitted under this Section 4.4. 
 4.4.1 If the Participant has a pre-2005 Accrued Benefit, the Participant may elect, at any time at least 12 months prior to the
date on which the participant ceases to be an Employee, to have his or her Pre-2005 Accrued Benefit paid 
  

	 	(a)	in the form of an Annuity which commences either: 

 (i) as
of the first day of first month which begins on or after the date he or she ceases to be an Employee, 
 (ii) as of the first day of the
month which begins on or after the date he or she attains age 55, provided the Participant is no longer an Employee on said date, or 
  

 6 

 (iii) as of the first day of the month that begins on or after a date designated by the Participant,
provided the Participant is no longer an Employee on said date. 
  

	 	(b)	in the form of a lump sum cash payment which is paid as of the first day of the first month which begins on or after the date on which the Committee can determine the
Participant’s eligibility and calculate the benefit, or 

  

	 	(c)	in the form of a lump sum cash payment that is paid as of the first day of the first month that begins on or after the first anniversary of the date he or she ceases to be an
Employee. 

 If no election is made, benefits shall commence as of the first day of the first month which begins on or after the date the
Participant attains Normal Retirement Age, provided the Participant is no longer an Employee on said date, in the form of an Annuity. 
 If the benefit is to
be paid in the form of an Annuity, then the Participant may in his or her sole discretion elect, at any time prior to the commencement of his or her supplemental retirement benefit, that the payment of his or her benefit will be made in the form of
an Annuity which is permitted as a payment option for the Participant’s benefit under the Basic Pension Plan. 
 Notwithstanding the preceding
provisions of this Section 4.4.2, no election under this Section 4.4.2 made on or after January 1, 2009 shall be effective unless said election has been in place for at least 12 months prior to the date on which the participant ceases
to be an Employee. 
 4.4.2 If the Participant has a post-2004 Accrued Benefit, the Participant shall make an election,
no later than December 31, 2008 (or, for an Employee who first becomes a Participant on or after January 1, 2009, prior to the date he or she becomes a Participant), to have his Post-2004 Accrued Benefit paid 
  

	 	(a)	in the form of an Annuity which commences either: 

 (i) as
of the first day of first month which begins on or after the date he or she ceases to be an Employee, 
 (ii) as of the first day of the
month which begins on or after the date he or she attains age 55, provided the Participant is no longer an Employee on said date, or 
 (iii)
as of the first day of the month that begins on or after a date designated by the Participant, provided the Participant is no longer an Employee on said date. 
  

	 	(b)	in the form of a lump sum cash payment which is paid as of the first day of the first month which begins on or after the date on which the Committee can determine the
Participant’s eligibility and calculate the benefit, or 

  

 7 

	 	(c)	in the form of a lump sum cash payment that is paid as of the first day of the first month that begins on or after the first anniversary of the date he or she ceases to be an
Employee. 

 If the benefit is to be paid in the form of an Annuity, then the Participant may in his or her sole discretion elect, at any time
prior to the commencement of his or her supplemental retirement benefit, that the payment of his or her benefit will be made in the form of an Annuity which is permitted as a payment option for the Participant’s benefit under the Basic Pension
Plan. 
 If the Participant requests, after December 31, 2007 and prior to December 31, 2008, to have his or her benefit paid in the form of a lump
sum cash payment, said election cannot act to accelerate into 2008 any amount that otherwise would have been paid after December 31, 2008. Thus, any payment that commences prior to January 1, 2008 will be paid in the normal form under
Section 4.3.3, above, with the remainder to be paid in a lump sum cash payment on or after January 1, 2009. 
 Notwithstanding the preceding
provisions of this Section 4.4.1, if a Participant desires to make a change in his or her election after December 31, 2008. 
  

	 	(a)	the election must be made at least 12 months prior to the date on which the Participant ceases to be an employee: and 

  

	 	(b)	the first payment under the new election must be deferred for a period of at least five years from the date the payment would otherwise have been made. 

 4.4.3 If the Participant ceased to be an Employee prior to the Effective Amendment Date, the Participant shall make an election, no later than
December 31, 2008, to have his or her Pre-2005 Accrued Benefit paid 
  

	 	(a)	the form of an Annuity which commences either: 

 (i) as of the first day of the month which begins on or after the date he or she attains age 65, or 
 (ii) as of the first day of
the month which begins on or after a date designated by the Participant. 
  

	 	(b)	in the form of a lump sum cash payment which is paid as of the first day of the first month which begins on or after the first anniversary of the date on which he or she
makes the election. 

 If the benefit is to be paid in the form of an Annuity, then the Participant may in his or her sole discretion elect, an
any time prior to the commencement of his or her supplemental retirement benefit, that the payment of his or her benefit will be made in the form of an Annuity which is permitted as a payment option for the Participant’s benefit under the Basic
Pension Plan. 
 4.5 Automatic Lump Sum Form for Small Benefit. Notwithstanding the provisions of Sections 4.3 and 4.4 above,
if the supplemental retirement benefit payable under 

  

 8 

 
the Plan to a Participant has a present value of $15,000 or less as of the first day of the first month both which begins on or after the date that the
Participant ceases to be an Employee and during which the Committee can administratively determine and process the payment of the benefit, then such supplemental retirement benefit shall be converted to and paid as a lump sum cash payment as of such
date (with the amount of such payment equal to such present value amount) instead of such benefit being paid in any other form of payment described in Sections 4.3 and 4.4 above. 
 4.6 Effect on Supplemental Retirement Benefit of Reemployment After Commencement of Such Benefit. If a Participant who becomes entitled to
the distribution of a supplemental retirement benefit under the Plan is reemployed by the Employer as an Executive, then the provisions of the Basic Pension Plan which apply to the effect on a participant’s retirement benefit of the
reemployment of the participant by or with the Employer shall apply in similar fashion to the Participant’s supplemental retirement benefit under the Plan as if such supplemental retirement benefit were payable under the Basic Pension Plan.

 4.7 Definitions for Determination of Supplemental Retirement Benefit. For purposes of the other provisions of the Plan, the
following terms, all of which relate to the determination of any Participant’s supplemental retirement benefit under the Plan, shall have the meanings hereinafter set forth unless the context otherwise requires: 
 4.7.1 A Participant’s “compensation” for any period (for purposes of this Section 4.7.1, the “subject
period”) means, except as is otherwise noted below, his or her Compensation for the subject period under, and as such term is defined in, the Basic Pension Plan. Notwithstanding the foregoing, the following provisions shall also apply in
determining the Participant’s Compensation for the subject period: 
 (a) Any amount which is paid to the
Participant before he becomes a Participant in this Plan and which would be considered part of the Participant’s Compensation for the subject period under the Basic Pension Plan but for the fact such amount (i) is paid by a corporation,
partnership, or other organization that is part of the Employer as defined in the Plan but which does not participate in the Basic Pension Plan at the time of such payment, or (ii) is paid for a partial plan year which is not counted under the
Basic Pension Plan, shall, in the event and upon the Participant becoming a Participant in the Plan, be considered as compensation of the Participant for the subject period under the Plan. 
 (b) In addition, any amount which would be part of the Participant’s Compensation for the subject period under the Basic
Pension Plan but for the fact such amount is deferred (for purposes of receipt by the Participant) to a later period by reason of an election of the Participant under the Executive Deferred Compensation Plan shall still be considered as part of the
Participant’s compensation for the subject period under the Plan. 
 (c) In addition, the maximum amount of any
annual cash bonus under the terms of the 1992 Incentive Bonus Plan which is included as compensation shall be one hundred percent (100%) of the Participant’s base compensation (as such base compensation is defined for purposes of
calculating the Participant’s annual cash bonus) for the applicable calendar year; provided, however, that for (i) any Participant whose maximum annual incentive bonus percentage payable under the terms of the 1992 Incentive Bonus Plan as
of December 31, 

  

 9 

 
2001 was greater than one hundred percent (100%), (ii) any Participant who is promoted into a position whose maximum annual incentive bonus percentage
payable under the terms of the 1992 Incentive Bonus Plan as of December 31, 2001 was greater than one hundred percent (100%), or (iii) any Participant who is promoted into a position equivalent (as determined by the Compensation Committee
of the Board of Directors of the Company) to a position whose maximum annual incentive bonus percentage payable under the terms of the 1992 Incentive Bonus Plan as of December 31, 2001 was greater than one hundred percent (100%), the maximum
amount of such Participant’s annual cash bonus that is included as compensation for any applicable calendar years shall be the bonus percentage referred to in (i), (ii), or (iii), above, applicable to the Participant. 
 (d) Further, the limitations of Section 401(a)(17) of the Code shall not apply to the determination of the Participant’s
compensation for purposes of the Plan. In addition, and also notwithstanding the foregoing, any remuneration that the Participant receives for services performed after the latest date on which he or she qualifies as an Executive, regardless of the
form in which it is paid, shall not be considered as part of the Participant’s compensation for purposes of the Plan. 
 4.7.2 A Participant’s “estimated monthly social security benefit” means the monthly primary insurance benefit which would be payable to the Participant under Title II of the Federal Social Security Act, as amended, as
of the later of the date the Participant first attains his or her normal retirement date or the date on which the Participant ceases to be an Employee, using tables prescribed by the Social Security Administration. Notwithstanding the preceding, a
Participant may submit verification of his or her actual social security benefit to the Committee, in which case such actual benefit will be used for purposes of determining the Participant’s estimated monthly social security benefit.

 4.7.3 A Participant’s “normal retirement date” means his or her Normal Retirement Date as such term
is defined in the Basic Pension Plan. 
 4.7.4 A “single life annuity” means an Annuity which is payable
monthly for the life of the applicable Participant, ending with the last monthly payment due for the month in which the Participant dies. 
 4.7.5 A Participant’s “years of vesting service” means, except as noted below, the number of years of Vesting Service with which he or she is credited with under, and in accordance with, the
provisions of the Basic Pension Plan; except that any such years of Vesting Service which are disregarded under the Basic Pension Plan solely by reason of a break-in-service of the Participant shall still be included as years of vesting service for
purposes of the Plan if the Participant is reemployed by the Employer for at least five years after such break-in-service. In addition, and notwithstanding the foregoing, any services completed by the Participant after the latest date on which he or
she qualifies as an Executive shall be disregarded in determining the Participant’s years of vesting service for purposes of the Plan. 
 4.8 Other Cessation of Employment. Except as may otherwise be provided in Section 5 below, if a Participant dies prior to the date as of which any supplemental retirement benefit to which he or she is entitled under the
Plan begins to be paid, or if the Participant ceases 

  

 10 

 
to be an Employee for any reason at a time when he or she is not entitled to a retirement benefit under the Basic Pension Plan (and hence is not entitled to
a supplemental retirement benefit under the Plan), neither he or she nor any person claiming by or through him or her shall be entitled to receive any benefit under the Plan. In such case, his or her interest under the Plan shall be forfeited.

 SECTION 5 
 PRE-PENSION DEATH BENEFITS 
 5.1 Eligibility for Pre-Pension Death Benefit. 
 5.1.1 A death benefit shall be paid to the beneficiary of a Participant who both (1) dies while still an Employee (and prior
to any supplemental retirement benefit beginning to be paid to him or her under the Plan) and (2) would have been entitled to a supplemental retirement benefit under Section 4 above if he or she had not died but had ceased to be an
Employee on the date of his or her death. 
 5.1.2 In addition, a pre-pension death benefit shall also be paid to the
beneficiary of a Participant who dies after terminating employment as an Employee at a time when he or she was entitled to a supplemental retirement benefit under Section 4 above but prior to the date as of which such supplemental retirement
benefit begins to be paid to him or her. 
 5.1.3 Except as may be provided in Sections 5.1.1 and 5.1.2 above, no
pre-pension death benefit (or any other death benefit) is payable under the Plan with respect to a Participant who dies prior to the date he or she is eligible for or begins to receive a supplemental retirement benefit under Section 4 above.

 5.2 Beneficiary. For purposes of this Section 5, the “beneficiary” of any Participant shall mean the person
who is the Participant’s lawful spouse at the time of the Participant’s death; except that, if it is established to the satisfaction of the Committee that the Participant is not survived by a lawful spouse or such spouse cannot reasonably
be located, the Participant’s “beneficiary” shall be the person or trust named by the Participant as his or her beneficiary for purposes of the Plan’s pre-pension death benefit in a writing or form which is filed with the
Committee prior to the Participant’s death; and except that, if the Committee determines that the Participant is not survived by a lawful spouse or other properly designated beneficiary who can reasonably be located, the Participant’s
“beneficiary” shall be deemed to be the Participant’s estate. 
 5.3 Form and Amount of Pre-Pension Death Benefit if
Beneficiary is Participant’s Spouse. If a Participant’s beneficiary becomes entitled to a pre-pension death benefit under this Section 5 and such beneficiary is the Participant’s surviving spouse, then the form and amount
of such death benefit shall be determined in accordance with the following provisions: 
 5.3.1 Subject to the
provisions of Sections 5.3.2 below, the pre-pension death benefit which is payable to the Participant’s surviving spouse under the Plan shall be paid in the 

  

 11 

 
form of a lump sum cash payment which is paid as of the first day of the first month both which begins on or after the date of the Participant’s death
and during which the Committee can administratively determine and process the payment of the death benefit to the surviving spouse. The amount of such lump sum payment shall be the amount which makes such lump sum payment actuarially equivalent to
the supplemental retirement benefit that would have been payable to the Participant under the Plan if (1) the Participant, if he or she had not yet terminated employment with the Employer prior to his or her death, had terminated such
employment on the date of his or her death and (2) the Participant had survived to the date which would have been the Participant’s normal retirement date had he or she survived (or, if such Participant dies after his or her normal
retirement date, the first day of the first calendar month which begins on or after the date of the Participant’s death) and began receiving as of such date his or her supplemental retirement benefit in the form of a single life annuity.

 5.3.2 Notwithstanding the provisions of Section 5.3.1 above, the Participant may, in a writing or form which is
filed with the Committee at any time prior to his or her death and in lieu of any other possible form of payment for such pre-pension death benefit, elect that payment of such pre-pension death benefit be made in any Annuity form which is permitted
as a benefit form for a surviving spouse’s pre-pension death benefit under the Basic Pension Plan, provided that such election shall not be effective if the lump sum payment of such pre-pension death benefit which would otherwise be made under
Section 5.3.1 above would be $15,000 or less. If such pre-pension death benefit is paid in an Annuity form pursuant to the Participant’s election under this Section 5.3.2, then the periodic amount of such pre-pension death benefit
shall be that amount which makes such pre-pension death benefit actuarially equivalent to the supplemental retirement benefit that would have been payable to the Participant under the Plan if (1) the Participant, if he or she had not yet
terminated employment with the Employer prior to his or her death, had terminated such employment on the date of his or her death and (2) the Participant had survived to the date which would have been the Participant’s normal retirement
date had he or she survived (or, if such Participant dies after his or her normal retirement date, the first day of the first calendar month which begins on or after the date of the Participant’s death) and began receiving as of such date his
or her supplemental retirement benefit in a single life annuity. The election under this section 5.3.2 shall apply only to the Participant’s Pre-2005 Accrued Benefit. 
 5.4 Form and Amount of Pre-Pension Death Benefit if Beneficiary is Not Participant’s Spouse. If a Participant’s beneficiary
becomes entitled to a pre-pension death benefit under this Section 5 and such beneficiary is not the Participant’s surviving spouse, then such death benefit shall be paid in the form of a lump sum cash payment which is paid as of the first
day of the first month both which begins on or after the date of the Participant’s death and during which the Committee can administratively determine and process the payment of the death benefit to the beneficiary. The amount of such lump sum
payment shall be the amount which makes such lump sum payment actuarially equivalent to the supplemental retirement benefit that would have been payable to the Participant under the Plan if (1) the Participant, if he or she had not yet
terminated employment with the Employer prior to his or her death, had terminated such employment on the date of his or her death and (2) the Participant had survived to the date which would have been the Participant’s normal retirement
date had he or she survived (or, if such Participant dies after his or her normal retirement date, the first day of the first calendar month which begins on or after the date of the Participant’s death) and began receiving as of such date his
or her supplemental retirement benefit in a single life annuity. 
  

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 SECTION 6 
 ADDITIONAL BENEFIT PROVISIONS 
 6.1 Benefits Not Assignable. Except to the
extent required by applicable law, benefits provided under the Plan may not in any manner be anticipated, assigned (either at law or in equity), or alienated or be subject to attachment, garnishment, levy, execution, or any other legal or equitable
process. 
 6.2 Benefits Payable to Minors, Incompetents, and Others. In the event any benefit is payable under the Plan to a
person who, in the sole discretion of the Committee, is a minor, an incompetent, or otherwise under a legal disability, is, by reason of advanced age, illness, or other physical or mental incapacity, incapable of handling and disposing of his or her
property, or otherwise is in such position or condition that the Committee believes that such person could not utilize the benefit for his or her support or welfare, the Committee shall have discretion to apply the whole or any part of such benefit
directly to the care, comfort, maintenance, support, education, or use of such person or pay the whole or any part of such benefit to the parent of such person, the guardian, committee, conservator, or other legal representative, wherever appointed,
of such person, the person with whom such person is residing, or any other person having the care and control of such person. The receipt of any such person to whom any such payment on behalf of any Participant (or his or her beneficiary) is made
shall be a sufficient discharge therefor. 
 6.3 Administrative Adjustment for Small Benefits. Notwithstanding any other
provision of the Plan to the contrary, as an administrative convenience, if the monthly amount of any supplemental retirement benefit or pre-pension death benefit which is payable under the Plan in the form of an Annuity would otherwise be less than
$50, the Committee may direct that such benefit begin to be paid in quarterly installments instead of monthly installments at any time. 
 6.4 Timing of Benefit Distributions. For purposes of the Plan, each benefit payment under the Plan shall always be made “as of” the first of the month following the date on which the Committee can ascertain a
person’s entitlement to a benefit and calculate said benefit, but in no event shall the benefit paid be less than the amount that would have been paid on the first of the month following the date on which the Participant ceased being an
employee (if the Committee had ample time to determine eligibility for, and calculate, the benefit prior to said date). If a person entitled to a benefit hereunder dies subsequent to the date as of which such payment was to have been made but,
because of administrative reasons, prior to the actual payment thereof, such benefit shall be paid to his or her estate. If, notwithstanding the foregoing, a Participant (or a beneficiary of the Participant) who is entitled to a benefit hereunder
cannot reasonably be located, then such benefit shall thereupon be deemed forfeited. If, however, the lost Participant (or the beneficiary) thereafter makes a claim for the amount previously forfeited hereunder, such benefit shall be paid or
commence, with any unpaid installments thereof which otherwise would have previously been paid also being paid (but without any interest credited on such unpaid installments), as soon as administratively possible. 
 Notwithstanding any other provisions of the Plan (including the preceding provisions of this Section 6.4, in no event may a distribution of a Participant’s
Post-2004 Accrued Benefit be made 

  

 13 

 
to a Specified Employee prior to the first day of the seventh month that begins after the date the Specified Employee ceases to be an Employee. Any payments
which would otherwise have been made during the period prior to the first day of the seventh month that begins after the date the Specified Employee ceases to be an Employee shall be accumulated and paid to the Specified Employee on or after the
first day of the seventh month that begins on or after the date the Specified Employee ceases to be an Employee, with interest. 
 6.5
References to Form of Payment. Any references to the “form” of payment of any benefit under the Plan shall be deemed to be referring to the combination of the method by which such benefit shall be paid (e.g., an Annuity
form or a lump sum cash payment) and the date as of which such benefit is to commence (if the method of payment is an Annuity) or the date as of which such benefit is to be paid (if the method of payment is a lump sum cash payment). 
 6.6 Actuarial Assumptions. Under the Plan, any reference to actuarial equivalent, actuarially equivalent, or actuarial equivalence means or
refers to equality in value of the aggregate amounts of a benefit when compared to the aggregate amounts of such benefit if paid or determined in a different form. If the Plan requires a determination that a benefit when paid in accordance with any
certain form of benefit (for purposes of this Section 6.6, the “actual form”) would be actuarially equivalent to such benefit if it were payable in a different form (for purposes of this Section 6.6, the “other form”),
then, except as noted below, the following steps shall be taken: (1) the present value of the other form as of the date as of which the actual form is to commence shall first be determined; (2) if the actual form involves a single life
annuity, the monthly amount of such single life annuity shall then be determined so as to be actuarially equivalent to the present value amount determined under clause (1); (3) if the actual form involves an Annuity other than a single life
annuity, the monthly amount of such Annuity shall then be determined so as to be actuarially equivalent to the single life annuity determined under clause (2) above; and (4) if the actual form involves a lump sum cash payment, the lump sum
amount of such payment shall be equal to the present value amount determined under clause (1) above. The actuarial assumptions to be used in making any such determinations shall be the same assumptions as would be used pursuant to the
provisions of Sections 9.5.3 and 9.5.4 of the Basic Pension Plan (as in effect on the Effective Amendment Date) to make such determinations if such determinations were being made under the Basic Pension Plan. Notwithstanding the foregoing, when any
Annuity form of benefit under the Plan commences prior to the applicable Participant’s normal retirement date and within the ten year period ending on the date which immediately precedes such normal retirement date, the monthly amount of such
Annuity shall not be less than the periodic amount that would apply to such Annuity if it commenced as of the Participant’s normal retirement date, reduced by 0.4% for each full month by which the date as of which the Annuity benefit actually
commences. 
 In calculating the lump sum cash value of a benefit payable on or after January 1, 2005, under this Plan, the applicable
interest rate shall be the Corporate Bond Weighted Average Interest rate published by the IRS for plan years beginning in December of the year preceding the calendar year for which such lump sum is being determined, and the applicable mortality
table shall be the 94-GAR table as of the date for which such lump sum is being determined. 
 6.7 Applicable Benefit
Provisions. Subject to Section 4.6 above, any supplemental retirement benefit to which a Participant becomes entitled (or any pre-pension death benefit to 

  

 14 

 
which the Participant’s beneficiary becomes entitled) shall be determined on the basis of the provisions of the Plan in effect as of the date the
Participant last ceases to be an Employee notwithstanding any amendment to the Plan adopted subsequent to such date, except for subsequent amendments which are by their specific terms or by applicable law made applicable to such Participant (or his
or her beneficiary). Applicable actuarial assumptions (see Section 6.6) shall be determined at the time the Participant’s benefit commences. 
 6.8 Coverage of Pre-Effective Amendment Date Participants. 
 6.8.1 The
Plan sets forth the terms of the Supplementary Executive Retirement Plan of Federated Department Stores, Inc. as it was in effect on December 31, 2004 (the “Prior Federated Supplementary Plan”). Notwithstanding any other provision of
the Plan to the contrary, this Plan shall not reduce the benefits accrued under such prior plan by any Participant as of December 31, 2004. In determining the benefit accrued under such prior plan as of December 31, 2004 by any
Participant, however, (i) the estimated social security benefit, and (ii) any amount by which such prior plan offsets its otherwise determined benefits for the Participant by reason of any amounts described in Section 4.2.3 above,
shall still be determined as of the date as of which the benefit applicable to the Participant under this Plan commences to be paid. 
 6.8.2 In addition, except as is otherwise provided in this Section 6.8.2, the provisions of the Plan only apply to persons who become Participants in the Plan under Section 3 above. However, any person who never becomes a
Participant in the Plan under Section 3 above but both was a participant in the Prior Federated Supplementary Plan and still is entitled to a benefit under such prior plan as of December 31, 2004 (determined as if such person had not been
employed by the Employer after such date) shall be considered a participant in the Plan to the extent of his or her right to such benefit. 
 SECTION 7 
 SOURCE OF BENEFITS 
 All benefits payable under this Plan shall be paid exclusively from the Employer’s general assets, with the costs of such benefits to be
appropriately charged to each corporation, partnership, and other organization included in the Employer being determined by the Committee. No Participant (or any beneficiary of or other person claiming through the Participant) shall have any right
or claim to the payment of any benefit under this Plan which in any manner whatsoever is superior to or different from the right or claim of a general and unsecured creditor of the corporations, partnerships, and/or other organizations included in
the Employer to which the costs of such benefit are charged. 
 SECTION 8 
 ADMINISTRATION 
 8.1
Committee. The Plan shall be administered by one or more committees which are appointed from time to time by, and which shall serve at the pleasure of, the Board of Directors. If the Board of Directors appoints more than one committee to
administer the Plan, it 

  

 15 

 
shall assign to each such committee different aspects of the administrative duties applicable to the Plan. Except where the context otherwise requires, each
such committee may be referred to in this Section 8 as “a Committee,” “any Committee,” or “such Committee,” but all such committees shall be collectively referred to in the other Sections of the Plan as “the
Committee.” Thus, any reference in any other Section of the Plan to “the Committee” shall be deemed to refer to the committee appointed under this Section 8.1 which has responsibility for the aspect of the Plan with respect to
which such provision applies. 
 8.2 Powers of Committee. Any Committee, in connection with administering the Plan, is
authorized to make such rules and regulations as it may deem necessary to carry out the provisions of the Plan and, subject to the scope of its powers as assigned by the Board of Directors, is given complete discretionary authority to determine any
person’s eligibility for benefits under the Plan, to construe the terms of the Plan, and to decide any other matters pertaining to the Plan’s administration. Any Committee shall, subject to the scope of its powers as assigned by the Board
of Directors, determine any question arising in the administration, interpretation, and application of the Plan, which determination shall be binding and conclusive on all persons. In the administration of the Plan, any Committee may employ or
permit any agents to carry out any of its responsibilities hereunder. 
 8.3 Actions of Committee. Any Committee shall act by a
majority of its members at the time in office, and any such action may be taken either by a vote at a meeting or in writing without a meeting. Any Committee may by such majority action appoint subcommittees and may authorize any one or more of its
members or any agent of it to execute any document or documents or to take any other action, including the exercise of discretion, on behalf of such Committee. Any Committee may provide for the allocation of responsibilities for the operation of the
Plan. 
 8.4 Compensation of Committee and Payment of Administrative Expenses. The members of any Committee shall serve without
compensation for services as such. All expenses of the administration of the Plan shall be paid by the Employer, with the portion of such expenses to be appropriately charged to each corporation, partnership, and other organization included in the
Employer being determined by the Committee which is assigned this duty by the Board of Directors. 
 8.5 Limits on Liability.
Macy’s and each other corporation, partnership, and other organization included in the Employer shall hold each member of a Committee harmless from any and all claims, losses, damages, expenses, and liabilities arising from any act or omission
of the member. 
 SECTION 9 
 TERMINATION OR AMENDMENT 
 9.1 Right and Procedure to Terminate. 
 9.1.1 Macy’s reserves the right to terminate the Plan in its entirety. The procedure for Macy’s to terminate this Plan in
its entirety is as follows. In order to completely terminate the Plan, the Board of Directors shall adopt resolutions, pursuant and subject to the 

  

 16 

 
regulations or by-laws of Macy’s and any applicable law, and either at a duly called meeting of the Board of Directors or by a written consent in lieu
of a meeting, to terminate this Plan. Such resolutions shall set forth therein the effective date of the Plan’s termination. 
 9.1.2 In the event the Board of Directors adopts resolutions completely terminating the Plan, no further benefits shall be paid after the effective date of the Plan’s termination, except for the benefits accrued by Participants
under the Plan as of the later of the effective date of the Plan’s termination or the date such resolutions terminating the Plan are adopted (and such benefits will be paid in accordance with the provisions of the Plan as in effect immediately
prior to the later of such dates). In determining the benefit accrued under the Plan as of the later of such dates by any Participant, however, (i) the estimated social security benefit, and (ii) any amount by which the Plan offsets its
otherwise determined benefit for the Participant by reason of any amounts described in Section 4.2.3 above, shall still be determined as of the date as of which the benefit applicable to the Participant under the Plan commences to be paid.

 9.2 Amendment of Plan. Subject to the other provisions of this Section 9.2, Macy’s may amend this Plan at any time
and from time to time in any respect, provided that no such amendment shall decrease the benefits accrued under the Plan by Participants as of the later of the effective date of such amendment or the date such amendment is adopted. In determining
the benefit accrued under the Plan as of the later of such dates by any Participant, however, any amount by which the Plan offsets its otherwise determined benefit for the Participant by reason of any amounts described in Section 4.2.3 above
shall still be determined as of the date as of which the benefit applicable to the Participant under the Plan commences to be paid. The procedure for Macy’s to amend this Plan is as follows: 
 9.2.1 Subject to Section 9.2.2 below, in order to amend the Plan, the Board of Directors shall adopt resolutions, pursuant and
subject to the regulations or by-laws of Macy’s and any applicable law, and either at a duly called meeting of the Board of Directors or by a written consent in lieu of a meeting, to amend this Plan. Such resolutions shall either (1) set
forth the express terms of the Plan amendment or (2) simply set forth the nature of the amendment and direct an officer of Macy’s or any other Macy’s employee to have prepared and to sign on behalf of Macy’s the formal amendment
to the Plan. In the latter case, such officer or employee shall have prepared and shall sign on behalf of Macy’s an amendment to the Plan which is in accordance with such resolutions. 
 9.2.2 In addition to the procedure for amending the Plan set forth in Section 9.2.1 above, the Board of Directors may also
adopt resolutions, pursuant and subject to the regulations or by-laws of Macy’s and any applicable law, and either at a duly called meeting of the Board of Directors or by a written consent in lieu of a meeting, to delegate to any officer of
Macy’s the authority to amend the Plan. Such resolutions may either grant the officer broad authority to amend the Plan in any manner the officer deems necessary or advisable or may limit the scope of amendments he or she may adopt, such as by
limiting such amendments to matters related to the administration of the Plan. In the event of any such delegation to amend the Plan, the officer to whom authority is delegated shall amend the Plan by having prepared and signing on behalf of
Macy’s an amendment to the Plan which is within the scope of amendments which he or she has authority to adopt. Also, any such delegation to amend the Plan may be terminated at any time by later resolutions adopted by the Board of Directors.
Finally, in the event of any such delegation to amend the Plan, and even while such delegation remains in effect, the Board 

  

 17 

 
of Directors shall continue to retain its own right to amend the Plan pursuant to the procedure set forth in Section 9.2.1 above. 
 SECTION 10 
 MISCELLANEOUS

 10.1 Plan Not a Contract of Employment. The Plan is not a contract of employment, and the terms of employment of any
Participant shall not be affected in any way by the Plan except as specifically provided in the Plan. The establishment of the Plan shall not be construed as conferring any legal rights upon any Participant for a continuation of employment, nor
shall it interfere with the right of the Employer to discharge any Employee and to treat him or her without regard to the effect which such treatment might have upon him or her as a Participant in this Plan. Each Participant (and any beneficiary of
or other person claiming through the Participant) who may have or claim or right under the Plan shall be bound by the terms of the Plan. 
 10.2 Construction. 
 10.2.1 The Plan is intended to be a plan which is unfunded and maintained
primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees (within the meaning of Sections 201, 301, and 401 of ERISA), and its terms shall be interpreted accordingly. 
 10.2.2 Further, the provisions of the Plan shall be administered and enforced according to applicable Federal law and, only to the
extent not preempted by ERISA, the laws of the State of Ohio. 
 10.2.3 If any provision of the Plan, or the
application of any such provision to any person or circumstances, shall be invalid under any applicable law, neither the application of such provision to persons or circumstances other than those as to which such provision is invalid nor any other
provisions of the Plan shall be affected thereby. 
 10.2.4 The headings and subheadings in the Plan have been inserted
for convenience of reference only and are to be ignored in any construction of the provisions hereof. 
 10.2.5 In the
construction of the Plan, the singular shall include the plural, and the plural shall include the singular, in all cases where such meanings would be appropriate. 
 10.3 Employees Transferring To or From Noncovered Employment. 
 10.3.1
Notwithstanding any other provision of the Plan to the contrary, if during any Plan Year (for purposes of this Section 10.3.1, the “subject Plan Year”) any person who is an Executive under this Plan ceases to be an Executive under
the Plan’s Other Provisions, but still is then an Employee of the Employer and still would then be considered an Executive under the Plan’s Other Provisions if paragraphs (d) and (e) of Section 3.1.2 above were disregarded,
then such person shall be treated as if he or she were an Executive for purposes of this Plan during the period in the subject Plan Year in which he or she is so employed as an Employee by the 

  

 18 

 
Employer other than as an Executive (as determined under the Plan’s Other Provisions) but would then be considered an Executive under the Plan’s
Other Provisions if paragraphs (d) and (e) of Section 3.1.2 above were disregarded (for purposes of this Section 10.3.1, the “Remaining Subject Plan Year Period”). As a result, such person’s services as an Employee
of the Employer other than as an Executive (as determined under the Plan’s Other Provisions when paragraphs (d) and (e) of Section 3.1.2 above are taken into account), and his or her compensation received for such services (if
determined under the same principles as are set forth in Section 4.7.1 above), during the Remaining Subject Plan Year Period shall be treated as if they were services as an Executive, and compensation received from the Employer for services as
an Executive, for purposes of determining any benefits to which the person is entitled under this Plan, and such person shall be deemed to be an Executive under this Plan during the Remaining Subject Plan Year Period. The provisions of this
Section 10.3.1 shall not apply, however, to any Plan Year that begins after the subject Plan Year. For purposes of this Section 10.3.1, the “Plan’s Other Provisions” means all of the provisions of this Plan except for the
provisions of this Section 10.3.1 (which shall be disregarded when referring to the Plan’s Other Provisions). 
 10.3.2 Notwithstanding any other provision of the Plan to the contrary, if during any Plan Year (for purposes of this Section 10.3.2, the “subject Plan Year”) any person who is an Employee of the Employer but is not an
Executive under this Plan solely by reason of paragraph (b) of Section 3.1.2 above subsequently becomes an Executive, then such person shall be treated as if he or she were not an Executive under this Plan during the period in the subject
Plan Year in which he or she would otherwise qualify as an Executive under this Plan (for purposes of this Section 10.3.2, the “Remaining Subject Plan Year Period”). As a result, such person shall not be considered an Executive under
this Plan at any time during the Remaining Subject Plan Year Period, and such person’s services as an Employee of the Employer, and his or her compensation received for such services, during the Remaining Subject Plan Year Period shall be
treated as if they were services as an employee of the Employer other than as an Executive, and compensation received from the Employer for such services, for purposes of determining any benefits to which the person is entitled under this Plan. The
provisions of this Section 10.3.2 shall not apply, however, to any Plan Year that begins after the subject Plan Year. 
 10.4
Merger of May Supplementary Retirement Plan Into Plan. 
 Effective as of August 31, 2006, (i) The May
Department Stores Company Supplementary Retirement Plan (for purposes of this Section 10.4, the “May Supplementary Retirement Plan”), which immediately prior to its merger into this Plan is sponsored by Macy’s, shall be merged
into this Plan (and all of the May Supplementary Retirement Plan’s liabilities transferred to this Plan). Upon the effective date of such merger, the plan document applicable to the May Supplementary Retirement Plan (as in effect upon such
merger) shall be considered as a part of this Plan (and incorporated herein by reference) and shall continue to apply according to its terms (except as they are subsequently amended pursuant to such terms) as if they were still separate plans. In
turn, this Plan, other than the provisions of the plan document applicable to the May Supplementary Retirement Plan, shall continue to apply according to its terms (except as they are subsequently amended pursuant to such terms) as if it were still
a separate plan. 
  

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 ADDENDUM A 
 INTERIM 2005 CHANGES IN PLAN 
 This Addendum A is a part of the Supplementary Executive
Retirement Plan of Macy’s, Inc. (the “Plan”), an unfunded deferred compensation plan that is maintained by Macy’s, Inc. (the “Company” and, together with all other corporations and organizations that would be considered
a single employer with Macy’s, Inc. under Section 414(b) and (c) of the Internal Revenue Code, the “Employer”). 
 This Addendum A amends the Plan to make interim changes to the Plan to reflect the effect of certain of the requirements of the American Jobs Creation Act of 2004 (the “Act”). This Addendum A shall in no manner, notwithstanding
any other provision of this Addendum A, either (i) apply to any benefit a Plan participant may have accrued under the Plan as of December 31, 2004 (determined as if the participant had separated from service with the Employer no later than
such date) or (ii) impose any limitation on the Company further amending the Plan as of January 1, 2005 or any later date in order to meet the requirements of the Act. 
 In accordance with and subject to the foregoing, the following provisions of this Addendum A shall apply to the Plan notwithstanding any other provision
of the Plan. 
 2005 New Payment Elections Made By A 2005 Terminated Participant Or A Disabled Participant. 
 Pursuant to the provisions of Q&A-19(c) of Notice 2005-1 of the Internal Revenue Service, any Plan participant who either (i) separates from
service with the Employer during the 2005 calendar year or (ii) is totally disabled on any date during the 2005 calendar year regardless of whether such disability began in the 2005 calendar year or an earlier calendar year (in case of either
clause (i) or (ii) applying, a “2005 special participant”) may, at any time prior to December 31, 2005, elect that the 2005 special participant’s 2005 supplemental retirement benefit (as is hereinafter defined) shall be
paid to the 2005 special participant (less appropriate tax withholdings) either (i) in the form of a lump sum cash payment that is made as of the 2005 special participant’s earliest payment date (as is hereinafter defined) or as of the
first annual anniversary of his or her earliest payment date (or, when he or she is totally disabled at the time of the election, as of any other date that would be permitted as a commencement date for his or her supplemental retirement under the
Plan were such benefit to be paid as an annuity) or (ii) in the form of any annuity that is permitted as a payment option for a supplemental retirement benefit under the Plan and that begins to be paid as of the later of the first day of the
first calendar month that begins on or after the 2005 special participant’s 55th birthday or the 2005 special participant’s earliest payment date or as of any later date that is permitted as a commencement date for 

  

 20 

 
a supplemental retirement benefit under the Plan were such benefit to be paid as an annuity. 
 If a 2005 special participant fails to make an election described in the immediately preceding paragraph, then the 2005 special participant’s 2005
supplemental retirement benefit shall be paid to the 2005 special participant (less appropriate tax withholdings): (i) if the 2005 special participant has not yet attained at least age 55 by the date of his or her earliest payment date, in the
form of a lump sum cash payment that is made as of his or her earliest payment date; or (ii) if the 2005 special participant has attained at least age 55 by the date of his or her earliest payment date, in the form of a single life annuity that
begins to be paid as of his or her earliest payment date. 
 Each payment under the
Plan of a 2005 special participant’s 2005 supplemental retirement benefit pursuant to the foregoing provisions of this Addendum A shall always be made “as of” a certain date determined under the immediately preceding two paragraphs,
which means that the amount of the payment shall be determined as of such date and the actual date of the payment shall be made on or as soon as practical after such date (to allow time to ascertain the applicable person’s entitlement to a
benefit and the amount of such benefit and to process and payout such benefit), but in no event shall the actual date of the payment occur more than 2 1/2 months after the date “as of” which the payment is made. 
 For purposes of this Addendum
A, a Plan participant shall be deemed to be “totally disabled” on any date during the 2005 calendar year if, and only if, he or she has been determined on or prior to such date by the Social Security Administration to be disabled so as to
be eligible for disability benefits under Section 223 of the Federal Social Security Act, as amended, and such determination has not been revoked by such date. 
 Also for purposes of this Addendum A, a 2005 special participant’s “2005 supplemental retirement benefit” means a benefit that is payable in the form determined for such 2005 supplemental retirement
benefit under the foregoing provisions of this Addendum A (the “2005 payment form”) and that has a lump sum amount (in the event such benefit is paid in a lump sum) or a monthly amount (in the event such benefit is paid as an annuity)
equal to the difference between (i) the lump sum amount or monthly amount (as the case may be) of the supplemental retirement benefit that would have been paid to the 2005 special participant under the Plan if this Addendum A were completely
disregarded and if such benefit were paid in the 2005 payment form and (ii) the lump sum amount or monthly amount (as the case may be) of the supplemental retirement benefit that would have been paid to the 2005 special participant under the
Plan if this Addendum A were completely disregarded, if he or she had permanently separated from the service of the Employer no later than December 31, 2004, and if such benefit were paid in the 2005 payment form. 
  

 21 

 Also for purposes of this Addendum A, a 2005 special participant’s “earliest payment date”
means the first day of the first calendar month that begins on or after the latest of December 1, 2005, the date of the 2005 special participant’s election made pursuant to the provisions of this Addendum A (if such an election is made),
or the date of the 2005 special participant’s separation from service with the Employer. 
 The Company shall prepare forms by which
2005 special participants can make elections permitted by this Addendum A and otherwise cause the provisions of this Addendum A to be carried out. The election rights set forth in this Addendum A shall no longer be available to any Plan participants
after December 31, 2005. 
  

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