Document:

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                                                                  EXHIBIT 10.7.1

          THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
          1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS
          AND ACCORDINGLY MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
          DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
          STATEMENT UNDER SAID ACT OR LAWS OR PURSUANT TO AN EXEMPTION
          THEREFROM. THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY
          ARE SUBORDINATE, IN THE MANNER AND TO THE EXTENT SET FORTH
          IN THAT AMENDED AND RESTATED INTERCREDITOR AND SUBORDINATION
          AGREEMENT (ASA MENDED, SUPPLEMENTED OR OTHERWISE MODIFIED
          FROM TIME TO TIME, THE "SUBORDINATION AGREEMENT") DATED AS
          OF April 8, 2003, BETWEEN AND AMONG BAKERS
          FOOTWEAR GROUP, INC., F/K/A WEISS & NEUMAN SHOE CO., AS THE
          COMPANY, MISSISSIPPI VALLEY CAPITAL, LLC, AS THE
          SUBORDINATED CREDITOR, AND THE SENIOR LENDER NAMED THEREIN,
          TO ALL INDEBTEDNESS OWNED BY THE MAKER OF THIS NOTE TO THE
          SENIOR LENDER, AND THE HOLDER OF THIS NOTE, BY ITS
          ACCEPTANCE HEREOF, SHALL BE BOUND BY THE PROVISIONS OF THE
          SUBORDINATION AGREEMENT.

                       BAKERS FOOTWEAR GROUP, INC., F/K/A
                           WEISS AND NEUMAN SHOE CO.

                     AMENDED AND RESTATED SUBORDINATED NOTE

$500,000.00                                                  St. Louis, Missouri
                                                          as of January 31, 2003

     FOR VALUE RECEIVED, the undersigned, BAKERS FOOTWEAR GROUP, INC., F/K/A
WEISS AND NEUMAN SHOE CO., a Missouri corporation (the "Company"), hereby
promises to pay to the order of Mississippi Valley Capital, LLC, a Missouri
limited liability company (the "Holder"), at the Holder's office at c/o Bush
O'Donnell and Company, 101 S. Hanley Road, Suite 1250, St. Louis, Missouri
63105, Attention Scott D. Fesler, or such other place as shall be designated in
writing by the Holder, the aggregate principal amount of Five Hundred Thousand
and No/100 Dollars ($500,000.00) on March 1, 2004 (the "Maturity Date") subject
to Section 1.2 hereof. Attached hereto and made a part hereof is a warrant (the
"WARRANT") to purchase shares of Class A Common Stock of the Company. Such
Warrant is not detachable or separately transferable from this Note, except as
set forth in Section 1(e) of the Warrant. Certain capitalized terms used in
this Note are defined in Section 5.
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Section 1.     Payment

     1.1  Interest. The outstanding principal amount of this Note shall bear
interest (computed on the basis of a 365 or 366 day year, as the case may be)
at a rate equal to ten percent (10%) per annum from the date hereof to (and
including) the Maturity Date. Following the occurrence of any Event of Default,
the outstanding principal amount of this Note shall bear interest payable on
demand at a default rate per annum equal to sixteen percent (16%). Accrued
interest shall be paid on the last day of each calendar quarter ("Payment
Dates").

     1.2  Redemption Payments.

     Subject to the consent of Fleet Retail Finance, Inc. (the "Senior
Creditor"), on the Maturity Date, the Company shall pay to Holder in cash or
other immediately available funds the then outstanding principal amount of the
Note together with the accrued but unpaid interest thereon. By acceptance of
this Note, Holder acknowledges and agrees that payment of the principal balance
of this Note on or before the Maturity Date is subject to the consent of the
Senior Creditor pursuant to the terms of the Subordination Agreement. In the
event that Senior Creditor, in accordance with the provisions of the
Subordination Agreement, does not consent to the Company's payment in full of
the principal balance of this Note on or before the Maturity Date, the Maturity
Date hereof shall be automatically extended to the Senior Indebtedness Maturity
Date without any action by Company or Holder with respect thereto.

     1.3  Business Days. Whenever payment on this Note shall be due on a date
that is not a Business Day, the date for payment thereof shall be the next
succeeding Business Day and interest due on the unpaid principal and any other
Amounts Payable hereunder shall accrue during such extension and shall be
payable on such succeeding Business Day.

     1.4  Additional Agreements of the Company.

          (a)  All agreements and proceedings in connection with the Closing
               under the Asset Purchase Agreement with Edison Stores, Inc. shall
               have been completed;

          (b)  While this Note or the Warrant remains outstanding, Peter Edison
               shall remain as the Chief Executive Officer of the Company unless
               a successor reasonably satisfactory to the Holder is appointed
               within thirty (30) days of Mr. Edison's cessation of such duties;

          (c)  Company shall deliver to the Holder:

               (i)  Within ninety (90) days after the end of each fiscal year
                    of the Company beginning with the fiscal year ending
                    December 31, 1999, an annual income statement for such
                    fiscal year, a balance sheet for the Company as of the end
                    of such year and a statement of cash flows for such year,
                    together with such notes thereto as are appropriate,
                    prepared in accordance with generally accepted accounting
                    principles consistently applied and setting forth in each

                                      -2-
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                        case in comparative form the figures for the previous
                        year, in reasonable detail and audited by an independent
                        public accountant;

                (ii)    Within thirty (30) days after the end of each fiscal
                        quarter, an unaudited income statement and cash flow
                        statement for the Company for such quarter and the
                        current fiscal year to date and an unaudited balance
                        sheet as of the end of such fiscal quarter, setting
                        forth in comparative form the correspondent figures for
                        the prior fiscal quarter in such reasonable detail as
                        shall be requested by the Holder;

                (iii)   From time to time upon Holder's request, such other
                        information regarding the business, affairs and
                        prospects and financial condition of the Company as the
                        Holder shall reasonably request.

Section 2.  PREPAYMENT.

      2.1   Prepayment. This Note may not be prepaid and the Warrant may not
be redeemed prior to the Maturity Date without the written consent of the
holder and the Consent of the holders of outstanding Senior Indebtedness.

Section 3.  DEFAULTS.

      3.1   Events of Default. If one or more of the following events ("Events
of Default") shall have occurred and be continuing:

                (a)   the Company shall fail to pay within five (5) Business
                      Days of the due date thereof any principal of this Note
                      or shall fail to pay within five (5) Business Days of the
                      due date thereof any interest or any other Amounts
                      Payable hereunder and the same shall not have been cured
                      within ten (10) days after written notice thereof has
                      been given by the Holder to the Company;

                (b)   the Company shall commence a voluntary case or other
                      proceeding seeking liquidation, reorganization or  other
                      relief with respect to itself or its debts under any
                      bankruptcy, insolvency or other similar law now or
                      hereafter in effect or seeking the appointment of a
                      trustee, receiver, liquidator, custodian or other similar
                      official, or shall consent to any such relief or to the
                      appointment of or taking possession by any such official
                      in an involuntary case or other proceeding commenced
                      against it, or shall make a general assignment for the
                      benefit of creditors;

                                      -3-
<PAGE>
               (c)  an involuntary case or other proceeding shall be commenced
                    against the Company seeking liquidation, reorganization or
                    other relief with respect to it or its debts under any
                    bankruptcy, insolvency or other similar law now or hereafter
                    in effect or seeking the appointment of a trustee, receiver,
                    liquidator, custodian or other similar official, and such
                    involuntary case or other proceeding shall remain
                    undismissed and unstayed for a period of sixty (60) days; or
                    an order for relief shall be entered against the Company
                    under the Federal bankruptcy laws as now or hereafter in
                    effect;

               (d)  if the Company shall fail in any material respect to perform
                    or preserve any covenant, agreement or provision set forth
                    in this Note or any covenant, agreement or provision to be
                    performed by it under the Warrant, and such failure shall
                    not be cured to the Holder's satisfaction within thirty (30)
                    days after written notice from the Holder to the Company, or

               (e)  The occurrence of any default under or pursuant to the
                    Senior Indebtedness;

then, and in every such event, subject to the provisions of Section 4, the
Holder may, by notice to the Company and to the holders of Senior Indebtedness,
declare the principal amount of this Note together with accrued interest
thereon, and the Warrant Redemption Price (as defined in the Warrant and
provided the Warrant has not been exercised pursuant to its terms), to be, and
such portions of the principal amount of this Note (and accrued interest
thereon) and the Warrant Redemption Price shall thereupon become, due and
payable without presentment, demand, protest or further notice of any kind, all
of which are hereby waived by the Company.

Section 4. Security and Subordination.

     4.1   Security. This Note shall be secured by the collateral further
described in the Security Agreement.

     4.2   Note Subordinated to Senior Indebtedness. The Holder acknowledges
and agrees that all of its right, title and interest in and to this Note,
including but not limited to its right to receive payments in respect of
principal and interest as provided herein, shall be subordinate to any and all
Senior Indebtedness of the Company. The Holder agrees to execute any and all
agreements, including but not limited to an intercreditor and subordination
agreement, which the holder of Senior Indebtedness may require. The Holder
covenants and agrees for the benefit of the holders of Senior Indebtedness that
it will not take any security interest, lien or other encumbrance on the assets
of the Company as collateral security for the Company's obligations under this
Note without such holders' prior written consent. The Holder acknowledges that
the Company shall not make, and the Holder shall not accept any payments of
principal or interest on this Note after the Holder's receipt of written notice
of the occurrence of and during the continuation of a default under any Senior
Indebtedness agreement. If the Holder shall at any

                                     - 4 -
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time receive any payment which is prohibited by any Senior Indebtedness
agreement, and receive notice of same from any holder of Senior Indebtedness,
the Holder will hold such payment in trust and immediately turn it (or an
amount of money equal to it) over to the holder of Senior Indebtedness for
application in payment of the outstanding Senior Indebtedness.

Section 5. Extension Fee. In consideration of Holder extending the maturity of
this Note to the Maturity Date, the Company shall pay to the Holder an
extension fee in the amount of Ten Thousand and No/100 Dollars ($10,000.00),
which shall be due and payable on or before April 11, 2003.

Section 6. Definitions.

     For purposes of this Note, the following terms have the meanings set forth
below.

     "Amounts Payable" means all principal of, interest on, premium, if any,
fees, costs, expenses, indemnities, Warrant Redemption Price, or any other
amounts due from the Company under this Note, and all claims against or
liabilities of the Company in respect of this Note and the attached Warrant.

     "Business Day" means any day except a Saturday, Sunday or other days on
which commercial banks in St. Louis, Missouri or New York City are required or
authorized by law to close.

     "Default" means any condition or event that constitutes an Event of
Default or that with notice or lapse of time or both would, unless cured or
waived, become an Event of Default.

     "EBITDA" means the Company's earnings before income taxes, depreciation
and amortization determined in accordance with generally accepted accounting
principles, consistently applied.

     "Indebtedness" means any indebtedness (including, without limitation,
Senior Indebtedness), whether or not contingent, in respect of borrowed money
or evidenced by bonds, notes, debentures, guarantees or similar instruments or
letters of credit (or reimbursement agreements in respect thereof) or
representing the deferred and unpaid balance of the purchase price of any
property (including pursuant to capital leases), and any financial hedging
obligations, if and to the extent such indebtedness (other than a financial
hedging obligation) would appear as a liability upon a balance sheet of such
person prepared on a consolidated basis in accordance with generally accepted
accounting principles, other than a trade payable or accrued expense.

     "Note" means this Amended and Restated Subordinated Note due on the
Maturity Date.

                                      -5-
<PAGE>

         "Security Agreement" means that certain Security Agreement dated as of
even date herewith, executed by the Company and granting to the Holder a
security interest in certain collateral further described therein.

         "Senior Indebtedness" shall mean the principal, interest (including any
interest accruing subsequent to an event specified in Sections 3.1(b) and
3.1(c)), premium, if any, fees (including, without limitation, any commitment,
agency, facility, structuring, restructuring or other fee), costs, expenses,
indemnities, and other amounts due on or in connection with any Indebtedness of
the Company to Senior Creditor, individually or as an agent for itself for other
lenders, now or herewith incurred, or any documents executed under or in
connection therewith, and any amendments, modifications, deferrals, renewals or
extensions of such Indebtedness, and any amounts owed in respect of any
Indebtedness incurred in refinancing, replacing or refunding the foregoing
(including any refinancing, replacing or refunding with new lenders), unless the
terms of such Indebtedness expressly provide that such Indebtedness is not
Senior Indebtedness with respect to this Note. Nothing in this Note shall
restrict an Affiliate of the Company from being a holder of Senior Indebtedness.
Indebtedness owed to Affiliates of the Company will be Senior Indebtedness for
purposes of this Note. Notwithstanding anything herein to the contrary, Senior
Indebtedness shall include any payables, accrued expenses, fees or other amounts
due to an Affiliate of the Company.

         "Senior Indebtedness Maturity Date" shall mean December 31, 2004.

Section 7. Miscellaneous.

         7.1 Notices. All notices, requests and other communications to any
party hereunder shall be in writing and shall be delivered personally, sent by
facsimile transmission or sent by certified, registered or express mail, postage
prepaid and shall be deemed given when so delivered personally, or sent by
facsimile transmission, or if mailed or sent by overnight courier, upon receipt
thereof, as follows:

         If to the Company, to:

                Bakers Footwear Group, Inc.
                2815 Scott Avenue
                St. Louis, Missouri 63103
                Telephone:      (314) 621-0699
                Facsimile:      (314) 641-0390
                Attention: Peter A. Edison, Chief Executive Officer

                with a copy to:

                Bryan Cave LLP
                One Metropolitan Square
                211 N. Broadway, Suite 3600
                St. Louis, Missouri 63102
                Attention: J. Mark Klamar

                                       -6-
<PAGE>
         If to the Holder, to:

                  Mississippi Valley Capital, LLC
                  c/o Bush O'Donnell and Company
                  101 South Hanley Road, Suite 1250
                  St. Louis, Missouri 63105
                  Attention: Scott D. Fesler

                  with a copy to:

                  John L. Sullivan
                  Armstrong Teasdale LLP
                  One Metropolitan Square, Suite 2600
                  St. Louis, Missouri 63102
                  Telephone: (314) 621-5070
                  Facsimile: (314) 621-5065

Each party may, by notice given in accordance with this Section to the other
party, designate another address or person for receipt of notices hereunder.

         7.2 No Waivers. No failure or delay by the Holder in exercising any
right, power or privilege hereunder or under this Note shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
The rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by law. No notice to or demand on the Company in
any case shall entitle the Company to any other or further notice or demand in
related or similar circumstances requiring such notice.

         7.3 Amendments and Waivers. Any provision of this Note may be amended
or waived if, but only if, such amendment or waiver is in writing, signed by the
Company and the Holder.

         7.4 Successors and Assigns. The provisions of this Note and the
attached Warrant shall be binding upon and inure to the benefit of the Holder
and its respective successors and permitted assigns. If requested by a holder of
Senior Indebtedness as part of any consent, the assignee or transferee of the
Holder shall agree in writing to be bound by all of the terms of this Note and
the attached Warrant. The Holder hereof hereby waives proof of reliance hereon
by the holders of Senior Indebtedness.

                  This Note is registered on the books of the Company and is
transferable only by surrender thereof at the chief executive office of the
Company duly endorsed or accompanied by a written instrument of transfer duly
executed by the registered holder of this Note or its attorney duly authorized
in writing. Payment of or on account of principal and interest on this Note
shall be made only to or upon the order in writing of the registered holder.

                                      -7-
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         7.5 LITIGATION. THIS NOTE SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF MISSOURI, AND NO
DOCTRINE OF CHOICE OF LAW SHALL BE USED TO APPLY ANY LAW OTHER THAN THAT OF
MISSOURI, AND NO DEFENSE, COUNTERCLAIM OR RIGHT OF SET-OFF GIVEN OR ALLOWED BY
THE LAWS OF ANY OTHER STATE OR JURISDICTION, OR ARISING OUT OF THE ENACTMENT,
MODIFICATION OR REPEAL OF ANY LAW, REGULATION, ORDINANCE OR DECREE OF ANY
FOREIGN JURISDICTION, BE INTERPOSED IN ANY ACTION HEREON. THE PARTIES AGREE THAT
ANY ACTION OR PROCEEDING TO ENFORCE OR ARISING OUT OF THIS NOTE MAY BE COMMENCED
IN THAT STATE COURTS, OR IN THE UNITED STATES DISTRICT COURTS IN ST LOUIS,
MISSOURI. THE PARTIES CONSENT TO SUCH JURISDICTION, AGREE THAT VENUE WILL BE
PROPER IN SUCH COURTS AND WAIVE ANY OBJECTIONS BASED UPON FORUM NON CONVENIENS.
THE CHOICE OF FORUM SET FORTH IN THIS SECTION 7.5 SHALL NOT BE DEEMED TO
PRECLUDE THE ENFORCEMENT OF ANY ACTION UNDER THIS AGREEMENT IN ANY OTHER
JURISDICTION.

         If any amounts due pursuant to this Note are not paid when due, and
this Note is placed in the hands of an attorney or attorneys for collection
(whether or not litigation is commenced) or for representation of the Holder
hereof in connection with bankruptcy or insolvency proceedings, the undersigned
promises to pay, in addition to all other amounts due hereon, the reasonable
costs and expenses of such collection representation, including reasonable
attorney's fees and expenses.

         This Note is a restated and amended version of that certain
Subordinated Note dated June 22, 1999, executed by the Company and originally
payable to the order of Mississippi Valley Capital Company, a Missouri
corporation, in the original principal amount of Five Hundred Thousand and
No/100 Dollars ($500,000.00), and shall not constitute a cancellation of the
principal amount of such note evidenced thereby.

                                BAKERS FOOTWEAR GROUP, INC.,

                                f/k/a Weiss and Neuman Shoe Co.

                                By: /s/ PETER EDISON
                                    -------------------------------------
                                    Peter Edison, Chief Executive Officer

                                       -8-<PAGE>
                                                                  EXHIBIT 10.8.1

        THIS AMENDED AND RESTATED WARRANT AND THE COMMON STOCK
        ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER
        THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
        OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, OR OTHERWISE
        DISPOSED OF UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF
        SUCH ACT AND BLUE SKY LAWS, OR UNLESS OFFERED, SOLD OR
        TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE
        REGISTRATION REQUIREMENTS OF THOSE LAWS. THIS AMENDED AND
        RESTATED WARRANT IS ATTACHED TO, AND MAY NOT BE DETACHED OR
        SEPARATELY TRANSFERRED FROM, EXCEPT AS SET FORTH HEREIN, THE
        AMENDED AND RESTATED SUBORDINATED NOTE, DATED AS OF JANUARY
        31, 2003 TO MISSISSIPPI VALLEY CAPITAL, LLC, A MISSOURI
        LIMITED LIABILITY COMPANY. THIS AMENDED AND RESTATED WARRANT
        AND THE INDEBTEDNESS EVIDENCED HEREBY ARE SUBORDINATE, IN THE
        MANNER AND TO THE EXTENT SET FORTH IN THAT AMENDED AND
        RESTATED INTERCREDITOR AND SUBORDINATION AGREEMENT (AS
        AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME,
        THE "SUBORDINATION AGREEMENT") DATED AS OF APRIL 8,
        2003, BETWEEN AND AMONG BAKERS FOOTWEAR GROUP, INC., F/K/A
        WEISS & NEUMAN SHOE CO., AS THE COMPANY, MISSISSIPPI VALLEY
        CAPITAL, LLC, AS THE SUBORDINATED CREDITOR, AND THE SENIOR
        LENDER NAMED THEREIN, TO ALL INDEBTEDNESS OWED BY THE MAKER OF
        THIS AMENDED AND RESTATED WARRANT TO THE SENIOR LENDER, AND
        THE HOLDER OF THIS AMENDED AND RESTATED WARRANT, BY ITS
        ACCEPTANCE HEREOF, SHALL BE BOUND BY THE PROVISIONS OF THE
        SUBORDINATION AGREEMENT.

                          AMENDED AND RESTATED WARRANT

                  TO PURCHASE SHARES OF CLASS A COMMON STOCK OF

                        BAKERS FOOTWEAR GROUP, INC. F/K/A
                            WEISS AND NEUMAN SHOE CO.

         THIS CERTIFIES that, for value received, Mississippi Valley Capital,
LLC, a Missouri limited liability company ("Warrantholder"), is entitled, upon
the terms and subject to the conditions hereinafter set forth, at any time
during the period specified in Section 1(c) hereof (the

<PAGE>
"Exercise Period"), to subscribe for and purchase from Bakers Footwear Group,
Inc. f/k/a Weiss and Neuman Shoe Co., a Missouri corporation (the "Company"),
76,907 fully paid and nonassessable shares of Class A Common Stock, $.001 par
value ("Common Stock"), issued by the Company, at a price of $0.001 per share
("Exercise Price") aggregating $76.91. The Exercise Price and the number and
type of shares for which this Amended and Restated Warrant (the "Warrant") is
exercisable shall be subject to adjustment as provided herein.

     This Warrant is issued pursuant to that certain Amended and Restated
Subordinated Note, dated January 31, 2003 (the "Subordinated Note"), issued by
the Company to the Warrantholder. Except as otherwise set forth herein, this
Warrant is not detachable, or separately transferable, from the Subordinated
Note. Any capitalized terms not otherwise defined herein shall have the
respective meanings ascribed to them in the Subordinated Note.

     1. Exercise of Warrant.

        (a) The purchase rights represented by this Warrant are exercisable by
Warrantholder, at any time following the earlier to occur of (1) the Maturity
Date, (2) an initial public offering of the Company's Common Stock, and (3) an
Event of Default, by the surrender of this Warrant, together with the Notice of
Exercise attached hereto duly completed and executed, at the office of Company,
at such office or agency of Company as it may designate by notice in writing to
Warrantholder at the address thereof, or if no such designation has been made,
at the last known residence address of Company as set forth on Warrantholder's
records, and upon payment of the Exercise Price of the shares thereby purchased
(by: (i) cash; (ii) check; or (iii) bank draft payable to the order of Company);
whereupon the Company shall, at its expense, deliver to Warrantholder as soon as
practicable the certificate(s) representing the number of shares of Common Stock
so purchased. Each certificate evidencing Common Stock purchased hereunder shall
bear a legend substantially the same as that appearing on this Warrant, in
addition to any legend required by any applicable state or federal securities
law. Irrespective of the date of issuance and delivery of any certificates with
respect thereto, shares of Common Stock purchased by exercise of this Warrant as
provided herein shall be, and be deemed to be, issued to Warrantholder as the
record owner of such shares as of the close of business on the date on which
this Warrant shall have been surrendered as aforesaid.

        (b) Certificates for shares purchased hereunder shall be delivered to
Warrantholder promptly after the date on which this Warrant shall have been
exercised as aforesaid.

        (c) The Company covenants that at all times there shall be reserved for
issuance and delivery upon exercise of this Warrant such number of its
authorized but unissued shares of Common Stock or other securities of Company
from time to time issuable upon exercise of this Warrant as will be sufficient
to permit the exercise in full of this Warrant. All such shares shall be duly
authorized and, when issued upon such exercise, shall be validly issued, fully
paid and non-assessable, free and clear of all liens, security interests,
charges and other encumbrances or restrictions on sale and free and clear of all
preemptive rights.

        (d) The Company covenants that all shares of Common Stock which may be
issued upon the exercise of rights represented by this Warrant will upon payment
therefore be

                                      -2-
<PAGE>
validly issued, fully paid and nonassessable and free from all preemptive
rights, taxes, liens and charges in respect thereof.

          (c) This Warrant shall be detachable from the Subordinated Note and
exercisable for a period of ninety (90) days after (i) Warrantholder's receipt
of notice from the Company of its intent to make an initial public offering of
the Company's Common Stock, (ii) the Company's failure to pay to Warrantholder
the Warrant Redemption Price for the Warrant in accordance with Section 1(f)
below, or (iii) an Event of Default. If exercised, this Warrant shall be
exercised for all, but not less than all, of the shares of Common Stock subject
to this Warrant upon the Maturity Date or an Event of Default.

          (f) In lieu of exercise of the Warrant, Warrantholder, in its
discretion and in addition to all other rights of Warrantholder under this
Warrant, may elect to receive payment of the Warrant Redemption Price (as
defined below) on the Maturity Date (without regard to any extension thereof
pursuant to Section 1.2 of the Subordinated Note). The "Warrant Redemption
Price" shall be equal to Eight Hundred Fifty Thousand and No/100 Dollars
($850,000.00); provided, however, in the event of the exercise of the Warrant on
or prior to the Maturity Date pursuant to the terms hereof, the Warrant
Redemption Price shall be reduced to Zero Dollars ($0.00). In the event that the
Senior Lender does not consent to the payment of the Warrant Redemption Price in
cash or other immediately available funds on the Maturity Date, the Company
shall execute a promissory note dated as of the Maturity Date, payable to the
order of Warrantholder, in a principal amount equal to the Warrant Redemption
Price, having a maturity date, with respect to the entire principal balance
thereof, of the Senior Indebtedness Maturity Date, bearing interest at twelve
percent (12.0%) per annum, and containing such other terms and provisions as are
reasonably satisfactory to Holder and Company. Concurrent with the execution of
the New Note, Company shall execute an amendment to the Security Agreement
providing that the collateral described in the Security Agreement secures the
indebtedness evidenced by the New Note in addition to the indebtedness evidenced
by the Subordinated Note.

     2. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. In lieu thereof, Company shall pay cash equal to any such fractional
shares, based upon the then applicable Exercise Price.

     3. Charges, Taxes and Expenses. Issuance of certificates for shares of
Common Stock upon the exercise of this Warrant shall be made without charge to
Warrantholder for any issue or transfer tax or other incidental expense in
respect of the issuance of such certificates, all of which taxes and expenses
shall be paid by Company, and such certificates shall be issued in the name of
Warrantholder.

     4. No Rights as Shareholder. This Warrant does not entitle Warrantholder,
by virtue solely of the ownership of this Warrant, to any voting rights or
other rights as a shareholder of Company prior to the exercise hereof.

     5. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it, and upon
reimbursement to Company of all reasonable expenses incidental thereto and upon

                                      -3-

<PAGE>
surrender and cancellation of this Warrant, if mutilated, the Company will make
and deliver a new Warrant of like tenor and dated as of such cancellation, in
lieu of this Warrant.

     6. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or granted herein
shall be a Saturday or a Sunday or shall be a legal holiday, then such action
may be taken or such right may be exercised on the next succeeding day not a
Saturday, Sunday or legal holiday.

     7. Cash Distributions. No adjustment on account of ordinary cash dividends
on the Common Stock or other securities purchasable hereunder will be made to
the Exercise Price or to Number of shares issuable pursuant to the Warrant.

     8. Adjustments to Number of Shares Issuable for Certain Issuances.

        (a) Adjustments for Combinations, Consolidations or Subdivisions of
Common Stock. If the outstanding shares of Common Stock are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares
of Common Stock, then the Number of shares issuable pursuant to this Warrant in
effect immediately prior to such combination or consolidation shall be
proportionately decreased; and conversely, if at any time or on or after the
date hereof the Company shall subdivide its outstanding shares of Common Stock
into a greater number of shares, the Number of shares issuable pursuant to this
warrant in effect immediately prior to such subdivision shall be proportionately
increased.

        (b) Adjustments for Stock Dividends. In case at any time or from time to
time on or after the date of this Warrant the holders of any shares of Common
Stock or other securities at the time receivable upon the exercise of the
Warrant shall have received, or on or after the record date fixed for the
determination of eligible shareholders, shall have become entitled to receive,
without payment therefor, other or additional stock of the Company by way of
dividend, then and in each case, the Number of shares issuable pursuant to this
Warrant shall be proportionately increased.

        (c) Adjustments for Reclassifications and Reorganizations. In case of
any reclassification or change of the outstanding securities of the Company or
any reorganization of the Company (or of any other corporation the stock or
securities of which are at the time receivable upon the exercise of the
Warrant), on or after the date of this Warrant, or in case after such date, the
Company (or any such other corporation) shall merge with or into another
corporation or convey all or substantially all of its assets to another
corporation, then and in each such case, the holder of the Warrant, upon the
exercise thereof, at any time after the consummation of such reclassification,
change, reorganization, merger or conveyance, shall be entitled to receive, in
lieu of the stock or other securities and property receivable upon the exercise
hereof prior to such consummation, the stock or other securities of such party
to which such holder would have been entitled upon such consummation if such
holder had exercised the Warrant immediately prior thereto, all subject to
further adjustment as provided in Sections 8(a) and (b); in each such case the
terms of this Section 8 shall be applicable to the shares of stock or other
securities properly receivable upon the exercise of the Warrant after such
consummation.

     9. Certain Notice Requirements.

                                      -4-

<PAGE>
     (a) Notice of Certain Transactions. The Company shall give the holder of
this Warrant written notice of any merger of the Company or any other corporate
reorganization in which the Company is not the continuing or surviving entity of
such merger or reorganization, or of any sale of substantially all of the assets
of the Company. Such notice shall be given not later than twenty (20) days prior
to the shareholders' meeting called to approve such transaction or twenty (20)
days prior to the closing of such transaction, whichever is earlier, and shall
also notify such holders in writing of the final approval of such transaction.
The first of such notices shall describe the material terms and conditions of
the contemplated transaction, and the Company shall thereafter give such holders
prompt notice of any material changes. The transaction shall in no event take
place sooner than twenty (20) days after the mailing by the Company of the first
notice provided for in this Section 9(a) or sooner than ten (10) days after the
mailing by the Company of any notice of material changes provided for in this
Section 9(a); provided, however, that such periods may be shortened or waived
upon the written consent of the holder of the Warrants.

     (b) No Impairment. The Company will not, by amendment of its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issuance or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms
to be observed or performed hereunder by the Company but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and
in the taking of all actions that may be necessary or appropriate to protect the
exercise rights of the holder of this Warrant against impairment.

     (c) Certificate as to Adjustments. Upon the occurrence of each adjustment
or readjustment of the Exercise Price pursuant to Section 8, the Company at its
expense shall promptly compute such adjustment or readjustment in accordance
with the terms of Section 9 and furnish to the holder hereof a certificate
setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, upon
the written request at any time of the holder hereof, furnish or cause to be
furnished to such holder a like certificate setting forth (i) such adjustments
and readjustments, (ii) the Exercise Price in effect at the time and (iii) the
number of shares of Common Stock and the amount, if any, of other property that
would be received at the time upon exercise of this Warrant.

     (d) Notices.

          (i) Events Triggering Notices. The following events shall cause the
Company to issue notices in accordance with the provisions of Section 9(d)(ii)
below:

               (1) a declaration by the Company of any dividend or distribution
upon shares of its Common Stock, in property, stock or other securities;

               (2) any reclassification or recapitalization by the Company of
its outstanding Common Stock involving a change in the Common Stock;

                                     - 5 -
<PAGE>
          (3) a merger or consolidation of the Company with or into any other
corporation, or the sale, lease or conveyance of all or substantially all of
the Company's property or business, or a liquidation, dissolution or winding up
of the Company; or

          (4) an intended initial public offering of the Company's Common Stock.

     (ii) Types of Notices. In connection with each event described in Section
9(d), the Company shall send the following notices:

          (1) at least twenty (20) days prior to the date on which a record is
to be taken for the dividend, distribution or subscription rights referred to
in Section 9(d)(i)(1) above or the date for determining rights to vote with
regard to matters referred to in Sections 9(d)(i)(2) and 9(d)(i)(3) above, the
Company shall send a notice to the holder hereof setting forth the record or
voting date and the nature of the action;

          (2) in case of any event referred to in Section 9(a) above, at least
twenty (20) days prior to the date when the event is to take place, the Company
shall send a notice to the holder hereof setting forth the date on which the
holders of shares of Common Stock shall be entitled to exchange their shares of
Common Stock for securities or other property deliverable upon the occurrence
of such event; and

          (3) in case of the event referred to in Section 9(d)(i)(4) above,
promptly upon a determination by the Company to make an initial public offering.

     (iii) Delivery of Notices. Each such written notice shall be given by
first class mail, postage prepaid, addressed to the holder hereof at the
address for each such holder as shown on the books of the Company.

  10. Amendments and Waivers. Neither this Warrant nor any term hereof may be
changed, waived, discharged or terminated orally or in writing, except that any
term of this Warrant may be amended by a written instrument executed by Company
and the Warrantholder and the observance of any such term may be waived (either
generally or in a particular instance, and either retroactively or
prospectively) with (but only with) the written consent of Company or the
Warrantholder, as the case may be, for whose benefit such term applies.

  11. Communications. All notices or other communications hereunder shall be in
writing and shall be given by registered or certified mail (postage prepaid and
return receipt requested) or by facsimile transmission or sent by a recognized
overnight delivery service that can provide proof of delivery upon request
addressed to the Warrantholder or Company at their respective addresses as set
forth on the records of Company or such other address as any party may designate
to the other in accordance with the aforesaid procedure.

  12. Assignability. This Warrant shall be binding upon the Company and its
successors and assigns and shall inure to the benefit of the Warrantholder and
its successors and assigns. This Warrant may not be detached or assigned
separately from the Subordinated Note, except as otherwise provided in the
Subordinated Note. The Warrantholder shall notify the Company upon the
assignment of the Subordinated Note and the Warrant.

                                      -6-
<PAGE>

         13. Mandatory Redemption. This Warrant is mandatorily redeemable,
pursuant to the terms set forth in the Subordinated Note, unless this Warrant is
exercised pursuant to Section 1(e) hereof, prior to such mandatory redemption.

         14. Registration Rights. The Warrantholder shall have the right to have
the shares of Common Stock obtained upon exercise of the Warrant pursuant to
Section 1(e) hereof included in the registration of Common Stock in an initial
public offering of Common Stock by the Company at no cost to the Warrantholder
other than any applicable underwriter's discount or commission charged to all
shareholders on a per share basis.

         15. Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of Missouri, without giving effect to any
conflicts of laws rules thereunder.

         16. Amendment and Restatement. This is an amendment and restatement of
that certain Warrant dated June 22, 1999, executed by Bakers Footwear Group,
Inc. f/k/a Weiss and Neuman Shoe Co. originally for the benefit of Mississippi
Valley Capital Corporation, a Missouri corporation.

         IN WITNESS WHEREOF, the parties have caused this Warrant to be executed
this 31st day of January, 2003.

                                    BAKERS FOOTWEAR GROUP, INC. F/K/A
                                    WEISS AND NEUMAN SHOE, CO.

                                    By: /s/ PETER A. EDISON
                                        ------------------------------------
                                        Peter A. Edison, Chief Executive Officer

                                       -7-

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