Document:

Amended & Restated 2000 Change of Control & Material Transaction Severance Plan

 Exhibit 10.24 
 Saks Incorporated 
 2000 Change of Control and Material Transaction Severance Plan

 Amended and Restated as of August 31, 2006 
  

	1.	General 

 A. Purpose. The Saks
Incorporated Change of Control and Material Transaction Severance Plan (this “Plan”) protects a designated group of associates against some of the financial consequences of several adverse events affecting employment so as to
attract and retain the associates and motivate them to enhance the value of the underlying businesses of Saks Incorporated (the “Company”) and its subsidiaries. This Plan is intended to qualify as an unfunded welfare plan
under Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended. 
 B. Effective Date of this Plan. The
effective date of this Plan is August 31, 2006 (the “Effective Date”). 
  

	2.	Eligibility and Participation 

 A.
Eligibility. Subject to the next sentence and the exclusions contained on Schedules 1(a) and 1(b), each associate of the Company or a subsidiary of the Company (each an “Employer”) who is either (i) in a position of
employment listed on Schedule 1(a) or 1(b) to this Plan on or after the Effective Date or (ii) designated by the Company’s Employee Benefits Committee (each person referred to in either (i) or (ii), a “Designated
Associate”), shall become a participant in this Plan. If the Designated Associate has rights to severance compensation from the Designated Associate’s Employer pursuant to a written agreement, the Designated Associate shall not be
a participant in this Plan unless and until the Designated Associate waives all of the Designated Associate’s rights to severance compensation pursuant to the written agreement in form and substance satisfactory to the Employee Benefits
Committee in its sole discretion. Each Designated Associate who becomes a participant in this Plan in accordance with this subsection A. is a “Participant” except as otherwise provided in this Plan. All store managers, all
associates reporting directly or indirectly to store managers, and all store-based division associates are excluded from participating in the Plan and none of them is a Participant. The Company’s Employee Benefits Committee and its successors
with comparable functions are referred to in this Plan as the “Committee”. 
 B. Notice of Participation. The
Company shall notify Participants in writing of their participation in this Plan, give each Participant a copy of this Plan upon Participant’s request, and otherwise comply with the requirements of ERISA. 
 C. Termination of Participation. A Participant’s participation in this Plan shall automatically terminate, without notice to or consent of
Participant, and after the termination of 

			
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participation the Designated Associate shall not be treated as a Participant, upon the earliest to occur of the following events: 
 (i) the Designated Associate’s death; 
 (ii) the Designated Associate suffers, on or before termination of employment with all Employers, a mental or physical condition that (a) prevents the Designated Associate from reasonably discharging the duties
of the Designated Associate’s position, and (b) is attested to in writing by a physician selected by the Employer and reasonably acceptable to the Designated Associate; 
 (iii) the Employer’s termination of the Designated Associate’s employment for any reason except as the result of, and within two
years after, a Change of Control (defined in Section 7.B.) or a Reduction in Force (defined in Section 7.I.); and 
 (iv) the Designated Associate terminates the Designated Associate’s own employment, except for Good Reason (defined in Section 7.G.) within two years after a Change of Control. 
 When the participation of a Designated Associate in this Plan terminates in accordance with this Section 2.C., the Designated Associate shall not be
entitled to severance pay or other benefits under this Plan following termination of participation. 
 D. Determination of
Eligibility. To the fullest extent permitted by law, a Participant’s eligibility for severance pay and other benefits under this Plan shall be determined by the Committee in its sole discretion. 
  

	3.	Severance Benefits 

 A. Termination. Subject
to a Participant’s termination of participation pursuant to Section 2.C. and the conditions set forth below, if: 
 (i) Participant’s employment with the Employer is terminated by the Employer as the result of a Reduction in Force as to Participant; 
 (ii) subject to the last sentence of this subsection A. and to subsection B. of this section, Participant’s employment with the Employer is terminated by the Employer as the result of, and within two years after,
a Change of Control; or 
 (iii) Participant terminates Participant’s own employment with the Employer for Good Reason
within two years after a Change of Control; 
 then Participant shall be entitled to severance pay and other benefits under this Plan in the 

			
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amounts provided in Sections 3.C. and 3.D. of this Plan. For the avoidance of doubt, Participant shall be entitled to severance pay in accordance with clause
(ii) of this subsection A only if the Employer’s termination of Participant’s employment is without Cause and is the direct result of, and within two years after, a Change of Control, and termination after a Change of Control for
reasons of Participant’s inadequate job performance shall not entitle the Participant to severance pay. 
 B. Limitations.

 (1) A transfer of a Participant’s position of employment or an offer to transfer from one Employer (the “Original
Position”) to a position of employment with another Employer or to an affiliate of either shall not constitute a termination of employment for purposes of subsection A.(ii) of this Section if the new position of employment
(i) includes at least the same annual base salary amount and at least the same annual base rate of bonus potential (determined as a percentage of annual base salary) as the Original Position’s annual base salary amount and annual base rate
of bonus potential (determined as a percentage of annual base salary), (ii) includes duties and responsibilities that are comparable to the Original Position’s duties and responsibilities, and (iii) is located not more than fifty
miles from the location of the Original Position. 
 (2) Neither a change in job title nor a change in volume of business managed shall
constitute a termination of employment for purposes of subsection A. (ii) of this Section if the duties and responsibilities of the job (other than the volume of business managed) after the change are comparable in all material respects to the
duties and responsibilities of the job prior to the change. 
 C. Amount of Severance Pay. 
 (i) The amount of severance pay to which a Participant is entitled in accordance with Section 3.A. shall be equal to the amount
listed on Schedule 1(a) or 1(b), subject to the next sentences of this Section 3.C.(i). The increased severance benefit (“Enhanced Severance”) provided in Schedule 1(b) is limited to Participant’s who are employed as Saks
Incorporated “Corporate” associates, and the opportunity to receive Enhanced Severance is subject to the terms, conditions and limitations specified in Schedule 1(b). Enhanced Severance is not available for Associates employed in the Saks
Fifth Avenue Enterprises, Club Libby Lu or Parisian businesses or any individuals who are specifically and exclusively assigned to work in those businesses. “Base Salary” on Schedule 1(a) or 1(b) means Participant’s
weekly base salary in effect immediately prior to the termination of employment (but subject to the next sentence). Any reduction in weekly base salary that either (i) results in, occurs in connection with, or otherwise precedes a termination
resulting from a Reduction in Force or a termination without Cause or (ii) constitutes Good Reason, shall be ignored for purposes of determining Base Salary. 

			
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 (ii) If a Participant is employed in a position of employment by more than one
Employer, Participant shall be entitled to only one severance payment in accordance with this Plan upon termination regardless of the number of employment positions terminated. Participants shall not be entitled to any other duplicative severance
payment. 
 (iii) If a Participant’s employment with the Employer is terminated by the Employer as a result of a
Reduction in Force as to Participant and the termination occurs within two years after a Change of Control, Participant shall be entitled to only one severance payment in accordance with this Plan upon termination. 
 (iv) Participants are not required to mitigate their damages, and severance pay is not subject to mitigation. 
 (v) Except as required by Section 6.J and unless the Company or the Employer shall have acted in bad faith or engaged in intentional
misconduct, no Employer shall be liable to a Participant for any damages with respect to this Plan exceeding the amount of severance pay to which Participant is entitled in accordance with this Plan. 
 (vi) The Employer may deduct and withhold from severance pay all amounts required to be deducted or withheld by law. 
 D. Other Benefits. If the Employer maintains a pension plan in which Participant is a participant, Participant shall be entitled to credited
service, if available under and as limited by, the pension plan, as amended from time to time, for a period of time represented by the number of weeks of base salary payable to Participant in accordance with this Plan. 
 E. Time of Payment. All severance payments shall be paid, at the Employer’s election, either in a lump sum or in substantially equal
installments (without interest). Lump sum payments shall be made, and installments shall begin, not later than 15 days following Participant’s termination of employment. 
  

	4.	Claims 

 A. Claims Procedure. If any
Participant has a claim for benefits under this Plan that are not being paid, Participant may file with the Secretary of the Committee a written claim setting forth the amount and nature of the claim, supporting facts, and Participant’s
address. The Chairman of the Committee shall designate an individual to review the claim (the “Authorized Representative”). The Authorized Representative shall notify Participant of the Authorized Representative’s
decision in writing by registered or certified mail within 60 days after the Authorized Representative’s receipt of the claim or, under special circumstances, within 120 days after its receipt of the claim. If the claim is denied, the written
notice of denial shall list the reasons for denial, refer to pertinent Plan provisions on which the denial is based, describe any additional material or information necessary for Participant to realize the claim, and explain the claim review
procedure under this Plan. 

			
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 B. Claims Review Procedure. If the Authorized Representative denies a Participant’s
claim, Participant may file a written request for review of the denial by the Committee. The Committee shall review the claim and notify Participant in writing of its decision within 30 days after receipt of the request. In special circumstances,
the Committee may extend for up to 30 additional days the deadline for its decision. The notice of the final decision of the Committee shall include the reasons for its decision and specific references to the provisions of this Plan on which the
decision is based. The decision of the Committee shall be final and binding on all parties. 
 C. ERISA Rights. 
 (i) Participants may obtain copies of all Plan information upon written request to the Plan Administrator. The Plan Administrator and
others who operate this Plan must do so prudently and in the interest of Participants. No Employer or other person may fire or otherwise unlawfully discriminate against a Participant in any way to prevent Participant from obtaining a severance
benefit or exercising his or her rights under ERISA. If discrimination occurs, Participant may seek assistance from the U.S. Department of Labor or may file suit in a federal court. 
 (ii) A Participant is entitled to receive a written explanation of the reasons for the denial of Participant’s claim, and to have the
Committee review and reconsider the claim. Participant may file suit in a state or federal court to challenge any claim denial. 
 (iii) Under ERISA, there are steps a Participant can take to enforce the above rights. For instance, if materials are requested from this Plan and are not received within 30 days, Participant may file suit in a federal court. In that event,
the court may require the Plan Administrator to provide the materials and pay Participant up to $100 a day until the materials are received, unless due to reasons beyond the control of the Plan Administrator. The court will decide who should pay
court costs and legal fees. The court may order either Participant or the person sued by Participant to pay legal costs and fees. Contact the Plan Administrator for answers to questions. If a Participant has any questions about this
Section 4.C. or about rights under ERISA, contact the nearest Area Office of the U.S. Labor-Management Services Administration, Department of Labor. 
 D. Agent for Service of Legal Process. Service of legal process upon this Plan shall be made upon the Plan Administrator at the address indicated in Section 5.B. of this Plan. 
  

	5.	Administration 

 A. Plan Sponsor. The Company
is Plan Sponsor for this Plan and an Employer participating in this Plan. The Company’s address is 750 Lakeshore Parkway, Birmingham, Alabama 35211. 

			
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 B. Plan Administrator. The Company shall administer this Plan through the Committee. The
address of the Plan Administrator is: 
 Employee Benefits Committee 
 750 Lakeshore Parkway 
 Birmingham, Alabama
35211 
 Attn: Secretary 
 C.
Quorum. A majority of the members of the Committee shall constitute a quorum for any meeting held concerning this Plan. The act of a majority of the members of Committee, whether at a meeting or approved in writing without a meeting, shall be
the valid act of the Committee. 
 D. Duties. The Committee shall have the power and duty to do all things necessary or convenient to
effect the intent and purposes of this Plan, whether or not the powers and duties are specifically described in this Plan including without limitation the power to: 
 (i) provide rules for the management, operation, and administration of this Plan and, from time to time, amend or supplement the rules;

 (ii) construe this Plan in the Committee’s sole discretion to the fullest extent permitted by law, which shall be
final and conclusive upon all persons; and 
 (iii) correct any defect, supply any omission, or reconcile any inconsistency in
this Plan in a manner and to the extent as the Committee shall deem appropriate in its sole discretion to carry this Plan into effect. 
 E. Binding Authority. The decisions of the Committee and its duly authorized delegate within the powers conferred by this Plan shall be final and conclusive for all purposes of this Plan, and shall not be subject to any appeal or
review other than pursuant to Section 4. 
 F. Exculpation. No member of the Committee shall be directly or indirectly
responsible or otherwise liable by reason of any action or default as a member of the Committee or of the exercise of or failure to exercise any power or discretion as the member, except for any action, default, exercise or failure to exercise
resulting from the member’s gross negligence or willful misconduct. No member of the Committee shall be liable in any way for the acts or defaults of any other member of the Committee or any of its advisors, agents, or representatives.

 G. Indemnification. The Company shall indemnify and hold harmless each member of the Committee against any and all expenses and
liabilities arising out of the member’s membership on the Committee, except for expenses and liabilities arising out of the member’s gross negligence or willful misconduct. 

			
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 H. Compensation. Members of the Committee who are employees of the Company shall not receive
any compensation for their services rendered as members. 
 I. Information. The Company may furnish to the Committee in writing all
information the Committee requires to exercise its powers and duties in the administration of this Plan. The information may include, without limitation, the names of all Participants, their earnings and their dates of birth, employment, retirement
or death. The information shall be conclusive for all purposes of this Plan, and the Committee shall be entitled to rely on the information without investigation. 
 J. Self Interest. No member of the Committee may act, vote, or otherwise influence a decision of the Committee specifically relating to the member’s benefits, if any, under this Plan. 

			
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	6.	General Provisions 

 A. Non-Property
Interest. This Plan is unfunded. Any liability of an Employer to any person with respect to benefits payable under this Plan shall give rise only to a claim as an unsecured creditor against the general assets of the Employer. Any Participant who
may have or claim any interest in or right to any compensation, payment, or benefit payable under this Plan shall rely solely upon the unsecured promise of Participant’s Employer for payment. Nothing in this Plan shall give to or vest in
Participant or any other person, now or at any time in the future, any right, title, interest, or claim in or to any specific asset, fund, reserve, account, insurance, annuity policy, or contract, or other property of any kind whatsoever owned by
the Employer, or in which the Employer may have any right, title, or interest now or at any time in the future. 
 B. Other Rights.
Subject to the next sentences of this subsection B., this Plan supersedes (1) the Carson Pirie Scott & Co. 1994 Executive Severance Plan as amended and restated, effective as of April 3, 1998, the Younkers, Inc. Change In
Control Severance Plan, and the Saks Holdings, Inc. Executive Severance Policy (each a “Superseded Plan”), which plans and policy are terminated and of no force or effect from and after the effective date of this Plan, and
(2) all other plans, policies, and programs providing severance pay benefits for the Designated Associates (together, the “Existing Programs”), under which Existing Programs the Designated Associates shall have no rights
to receive severance pay benefits from and after the effective date of this Plan (the terms of the Existing Programs to the contrary notwithstanding). If a Participant has vested rights under a Superseded Plan or one of more of the Existing Programs
on the effective date of this Plan, (i) those vested rights shall continue until they terminate in accordance with the terms of the Superseded Plan or Existing Program and (ii) unless and until such vested rights terminate in accordance
with the terms of the applicable Superseded Plan or Existing Program, Participant shall have no rights, and neither the Company nor any Employer shall have any obligation to Participant, of any kind under this Plan, including without limitation
pursuant to Section 2 of this Plan. This Plan shall not affect or impair the rights or obligations of an Employer or a Participant (other than with respect to severance pay benefits) under any other contract, arrangement, or pension, profit
sharing, or other compensation plan. 
 C. Amendment or Termination. (i) This Plan (including Schedules 1(a) and 1(b), may be
amended, suspended, or terminated by the Committee in its sole discretion, subject to the approval of the Chief Executive Officer of the Company and subject to subsections (ii) and (iii). 
 (ii) If this Plan is amended, suspended, or terminated after a Participant’s employment is terminated by the Employer as a result of
a Reduction in Force, Participant’s rights under this Plan to receive the severance pay and other benefits under this Plan shall continue in full force and effect as if the amendment, suspension, or termination had not occurred. 

			
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 (iii) If this Plan is amended, suspended, or terminated within two years after a
Change of Control, Participant’s rights under this Plan to receive the severance pay and other benefits under this Plan if (a) Participant’s employment is terminated without Cause within two years after the Change of Control or
(b) Participant terminates Participant’s own employment for Good Reason within two years after the Change of Control, in each case shall continue in full force and effect as if the amendment, suspension, or termination had not occurred.

 (iv) If the Company ceases to own, directly or through subsidiaries, at least 50.1% of outstanding voting stock or at least
50.1% of the outstanding equity interests of an Employer, then, subject to the next sentences, (a) the Employer shall cease to be an Employer for purposes of this Plan (an “Employer Termination”), and (b) the
participation in this Plan of all Participants that are employed by such Employer shall automatically terminate, without notice to or consent of the Participants. If an Employer Termination occurs after a Participant’s employment is terminated
by the Employer as a result of a Reduction in Force, Participant’s rights under this Plan to receive the severance pay and other benefits under this Plan shall continue in full force and effect as if the Employer Termination had not occurred.
If an Employer Termination occurs within two years after a Change of Control, Participant’s rights under this Plan to receive the severance pay and other benefits under this Plan if (a) Participant’s employment is terminated without
Cause within two years after the Change of Control or (b) Participant terminates Participant’s own employment for Good Reason within two years after the Change of Control, in each case shall continue in full force and effect as if the
Employer Termination had not occurred. 
 D. Severability. If any term or condition of this Plan shall be invalid or unenforceable to
any extent or in any application, then the remainder of this Plan, with the exception of the invalid or unenforceable provision, shall not be affected and shall continue in effect and application to its fullest extent. If, however, the Committee
determines in its sole discretion that any term or condition of this Plan which is invalid or unenforceable is material to the interests of the Company, the Committee may, subject to subsection C. of this section, declare this Plan null and void in
its entirety. 
 E. No Employment Rights. Neither the establishment of this Plan, any provisions of this Plan, nor any action of the
Committee shall be held or construed to confer upon any employee the right to a continuation of employment by Participant’s Employer. Subject to any applicable employment agreement, each Employer reserves the right to dismiss any employee, or
otherwise deal with any employee, to the same extent as though this Plan had not been adopted. 
 F. Incapacity. If the Committee
determines that a Participant receiving payment of benefits under the Plan is unable to care for Participant’s affairs because of illness or accident, any benefit due Participant may be paid to Participant’s spouse or to any other person
deemed by the Committee to have incurred expense for Participant (including a duly appointed guardian, committee, or other legal representative), and any payment shall be a complete discharge of the Employer’s obligation under this Plan.

			
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 G. Successors and Assigns; Transferability of Rights. This Plan is binding upon the Company
and each Employer and the successors (including without limitation by merger or otherwise by operation of law) and permitted assigns of each. Each Employer shall have the unrestricted right to transfer its obligations under this Plan with respect to
one or more Participants to any person, including without limitation to any purchaser of all or any part of the Employer’s business. The payment to a Participant of severance pay in the amount provided herein by the purchaser of all or any part
of an Employer's business, or by any other person to whom an Employer has transferred its obligations hereunder, shall be in complete satisfaction of the Employer's obligation to pay severance pay hereunder to such Participant. No Participant or
spouse of a Participant shall have any right to commute, encumber, transfer, or otherwise dispose of or alienate any present or future right or expectancy that Participant or the spouse may have at any time to receive payments of benefits under this
Plan, which benefits and the right are expressly declared to be nonassignable and nontransferable, except to the extent required by law. Any attempt to transfer or assign a benefit, or any right granted under this Plan, by a Participant or the
spouse of a Participant shall, in the sole discretion of the Committee (after consideration of the facts they deem pertinent), be grounds for terminating any rights of Participant or the spouse to any portion of this Plan benefits not previously
paid. 
 H. Entire Document. This Plan, as amended from time to time, supersedes any and all prior understandings, agreements,
descriptions, and arrangements regarding the subject matter of this Plan, except for written employment or severance agreements executed and delivered by an Employer. 
 I. Governing Law. This Plan shall be construed, administered, and enforced according to the laws of the State of Alabama, except to the extent those laws are preempted by the federal laws of the United States
of America. 
 J. Enforcement. If a Participant brings any litigation to enforce Participant’s rights under this Plan, the
Company shall reimburse Participant for reasonable attorney’s fees and disbursements incurred in the litigation if (i) Participant obtains a final court order awarding Participant damages in an amount equal to 50% or more of the damages
Participant demanded in the litigation, or (ii) Participant and the Company or Participant’s Employer agree in writing to a settlement in which the Company or the Employer agrees to pay Participant an amount equal to 50% or more of the
damages Participant demanded in the litigation. 
  

	7.	Definitions 

 A.
“Cause” means any act or any failure to act on the part of Participant which constitutes: 
 (i) Participant’s conviction, after all applicable rights of appeal have been exhausted or waived, for any crime that materially discredits the Company or the Participant’s 

			
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Employer or is materially detrimental to the reputation or goodwill of the Company or the Participant’s Employer; 

			
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 (ii) commission of any material act of fraud or dishonesty by Participant against the
Company or Participant’s Employer or commission of an immoral or unethical act that materially reflects negatively on the Company or Participant’s Employer, but only if Participant shall first be provided by the Company or
Participant’s Employer with written notice of the alleged immoral or unethical act and then shall have the opportunity to contest the alleged immoral or unethical act before the chief executive officer of the Company; 
 (iii) Participant’s willful and continual material breach of the material terms and conditions of Participant’s employment with
Participant’s Employer; or 
 (iv) Participant’s willful violation of any policy of Participant’s Employer that
in accordance with the Employer’s customary practices results in discharge after the first occurrence. 
 No act or failure to act by a
Participant will be deemed “willful” unless it is done, or omitted to be done, by Participant in bad faith or without reasonable belief that the action or omission was in the best interests of the Company or Participant’s Employer.

 B. “Change of Control” means the happening of any one or more of the following: 
 (1) Any person or entity, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended, other than Company, a subsidiary of the Company, or any employee benefit plan of the Company or its subsidiaries, becomes the beneficial owner of the Company’s securities having 25 percent or more of the combined voting power of the
then outstanding securities of the Company that may be cast for the election for directors of the Company (other than as a result of an issuance of securities initiated by the Company in the ordinary course of business); or 
 (2) As the result of, or in connection with, any cash tender or exchange offer, merger or other business combination, sale of assets or
contested election, or any combination of the foregoing transactions, less than a majority of the combined voting power of the then-outstanding securities of the Company or any successor corporation or entity (excluding any subsidiary or former
subsidiary of the Company) entitled to vote generally in the election of directors of the Company or such other corporation or entity after such transaction, are held in the aggregate by holders of the Company’s securities entitled to vote
generally in the election of directors of the Company immediately prior to such transactions; or 
 (3) During any period of
two consecutive years, individuals who at the beginning of any such period constitute the Board of Directors of the Company cease for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by the
Company’s stockholders, of each director of the Company first elected during such period 

			
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was approved by a vote of at least two-thirds of the directors of the Company then still in office who were directors of the Company at the beginning of any
such period. 
 C. “Committee” is defined in Section 2.A. 
 D. “Company” is defined in Section 1.A. 
 E. “Designated Associate” is defined in Section 2.A. 
 F. “Employer” is defined in Section 2.A. 
 G. “Good Reason” means Participant’s (a) annual base salary amount or annual base rate of bonus potential
(determined as a percentage of annual base salary) is reduced or (b) location of employment with the Employer is changed by the Employer to a location that is more than fifty miles from the location of Participant’s employment with the
Employer on the day first preceding a Change of Control. 
 H. “Participant” is defined in
Section 2.A. 
 I. “Reduction in Force” means (1) the termination of Participant’s
employment with the Participant’s Employer due to the elimination of Participant’s position or job function (each an “Eliminated Position”) that occurs as a result of or in connection with the sale or other transfer
for consideration to an acquiror that is not an affiliate of the Company of any material asset or assets (considered alone or together if a series of related transactions) of the Company or any Employer, excluding each transaction referred to above
in this sentence that also constitutes a Change of Control, and (2) Participant is not offered another position of employment (to begin immediately following the elimination of the Eliminated Position) by the Employer, the acquiror, or any
affiliate of either, that includes each of the following: 
 (i) at least the same amount of annual base salary and at least
the same annual base rate of bonus potential (determined as a percentage of annual base salary) as the Eliminated Position’s amount of annual base salary and annual base rate of bonus potential (determined as a percentage of annual base
salary); and 
 (ii) is located not more than fifty miles from the Eliminated Position’s location. 

			
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	Saks Incorporated,
		
	By:  	 	/s/ Paul D. Shore
	 Paul D. Shore

	 Senior Vice President of Human Resources

			
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Executive Severance Plan
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 Schedule 1(a) 
 SEVERANCE BENEFITS 
  

			
	 Position of Employment
 (Group of
Designated
 Executives)
	  	 Severance Payment in Accordance with Section 3.C
 (Weeks of Base Salary)

		
	Division Presidents and Corporate Executive Vice Presidents and Corporate Senior Vice Presidents	  	104 weeks
		
	Division Executive Vice Presidents and Division Senior Vice Presidents	  	78 weeks
		
	Corporate Vice Presidents and Division DMMs	  	52 weeks
		
	Director-level associates and Buyers	  	26 weeks, unless qualified for Enhanced Severance in Schedule 1(b) below.
		
	All other exempt and non-exempt associates not employed in Stores	  	 Severance based on length of service with the Company as follows (unless qualified for Enhanced Severance in Schedule 1(b) below):
  
 0-6 months of service: 2 weeks
  
 7-12 months of service: 4 weeks
  
 >12 months of service: a minimum of 12 weeks, or one week for each year of service, whichever is
greater, but not more than 52 weeks (for greater than 12 months service, a partial year of service is credited as a whole year)

 Severance benefits pursuant to Section 3.C.(i) of this Plan and described above in this Schedule 1(a) are
subject to the following terms, conditions and limitations: 
  

	 	1)	Associates must remain in their position until released from employment by the Company, 

  

	 	2)	Associates must not have been transferred to or received an offer of comparable employment (as defined in Section 3.B. of this Plan) within Saks Incorporated or any acquiring
company, and 

  

	 	3)	Associates must continue to perform their duties in a satisfactory manner and comply with the Company’s policies and procedures in effect from time to time.

  

	 	4)	The Company’s determinations as to who is eligible for the enhanced benefits in Schedule 1(a) described above, how much Enhanced Severance is payable in any situation, and all
related matters are final and binding. 

			
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	 	5)	An associate is entitled to benefits under either Schedule 1(a) or 1(b), but not both. 

			
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 Schedule 1(b) 
 ENHANCED SEVERANCE BENEFITS 
 (Replaces Schedule 1(a) for Saks Incorporated “Corporate”
associates in certain positions 
 designated in this Schedule 1(b) and eligibility for Enhance Severance is subject to the terms,

 conditions and limitations noted below) 
  

			
	 Position of Employment
 (Group of
Designated
 Executives)
	  	 Severance Payment in Accordance with Section 3.C
 (Weeks of Base Salary)

		
	Division Presidents and Corporate Executive Vice Presidents and Corporate Senior Vice Presidents	  	Not eligible
		
	Division Executive Vice Presidents and Division Senior Vice Presidents	  	Not eligible
		
	Corporate Vice Presidents and Division DMMs	  	Not eligible
		
	Director-level associates and Buyers	  	52 weeks (see conditions and limitations below)
		
	All other exempt and non-exempt associates not employed in Stores	  	 Severance based on length of service with the Company as follows (see conditions and limitations below):
  
 •        0-6
months of service: 4 weeks
  
 •        7-12 months of service: 8 weeks
  
 •        Greater than 12 months service – minimum 24 weeks, or 2 weeks per year
of service, up to a maximum of 52 weeks (for greater than 12 months service, a partial year of service is credited as a whole year)

 Enhanced Severance pursuant to Section 3.C.(i) and described above in this Schedule 1(b) are subject to
the following terms, conditions and limitations: 
  

	 	1)	Associates must remain in their position until released from employment by the Company, 

  

	 	2)	Associates must not have been transferred to or received an offer of comparable employment (as defined in Section 3.B. of this Plan) within Saks Incorporated or any acquiring
company, and 

  

	 	3)	Associates must continue to perform their duties in a satisfactory manner and comply with the Company’s policies and procedures in effect from time to time.

  

	 	4)	Associates who participate in any Company retention pay program are not eligible for benefits under Schedule 1(b). 

			
	 Saks Incorporated
 Amended and Restated 2000
Executive Severance Plan
	  	Page 18

  

	 	5)	Enhanced Benefits in accordance with Schedule 1(b) are provided to those associates employed in positions for Saks Incorporated Corporate, Saks Support Group, and Saks
Distribution Center in Steele, Alabama except the following: 

  

	 	•	 	 associates who are part of the Northern Department Store Group sale, 

  

	 	•	 	 corporate-based Alterations associates, 

  

	 	•	 	 associates in Department Store Group Corporate Central, 

  

	 	•	 	 Corporate Loss Prevention associates based in the Steele, Alabama facility, 

  

	 	•	 	 Accounting associates based in the Aberdeen, Maryland facility, 

  

	 	•	 	 Distribution, Fulfillment and International Services associates in the Aberdeen, Maryland facility, 

  

	 	•	 	 Asset Protection associates in the Aberdeen, Maryland facility, and 

  

	 	•	 	 all associates employed in Saks Fifth Avenue Enterprises, Club Libby Lu or Parisian businesses or any individuals who are specifically and exclusively assigned to
work at Saks Fifth Avenue Enterprises, Club Libby Lu or Parisian. 

  

	 	6)	The Company’s determinations as to who is eligible for the enhanced benefits in Schedule 1(b) described above, how much enhanced severance is payable in any situation and all
related matters are final and binding. 

  

	 	7)	An associate is entitled to benefits under either Schedule 1(a) or 1(b), but not both.Form of Stock Option Agreement

 Exhibit 10.31 
 Stock Option Agreement 
                     , 20     
 This is a Stock Option Agreement between Saks Incorporated (the “Company”) and the individual who has executed this Stock Option Agreement above the signature line “Signature of
Optionee”) (the “Optionee”). 
 Preliminary Statement 
 This Agreement is made pursuant to the Company’s 2004 Long-Term Incentive Plan (the “Plan”). Capitalized terms used but not defined in this
Agreement are defined in the Plan as of, and without giving effect to any amendment after, the date of this Agreement. 
 Terms and
Conditions 
 The Company and the Optionee agree as follows: 
 1. Options Covered. 
 a. This Agreement is an agreement referred to in paragraph 6 of the Plan. For each of the
Company’s stock option grants to the Optionee pursuant to the Plan (each an “Option Grant”), this Agreement, the Plan, and each document given to the Optionee reflecting the amount, exercisability, and other terms of the
Option Grant (“Grant Document”) govern. Each Grant Document is incorporated by reference into, and made a part of, this Agreement. In this Agreement the words (i) “Common Stock” mean the
Company’s Common Stock, par value $.10 per share, (ii) “Option” and “Options” mean the right and option to purchase all or any part of the number of shares of Common Stock subject to an
Option Grant, (iii) “exercise of the Options” and similar words used in this Agreement mean the purchase of shares of Common Stock subject to an Option Grant in accordance with this Agreement,
(iv) “Exercise Price” mean the price the Optionee must pay to the Company to exercise an option as specified by the Company in a Grant Document. The Optionee is not required to exercise the Options. The Options are not
“incentive stock options” as those terms are used in Section 422 of the Internal Revenue Code of 1986. 
 b. No Option may be exercised after
the date that is the seventh anniversary of the Option’s date of grant and will terminate on that date (the “Option Termination Date”). 
 2. Exercisability of Options. 
 a. Except as the Grant Document may otherwise specify for an
Option Grant and (i) subject to the other Sections of this Agreement and the Plan, and (ii) unless the Options have terminated or have been forfeited in accordance with this Agreement or the Plan, the Optionee on or before the Option
Termination Date may purchase shares of Common Stock subject to an Option Grant as follows: 
  

			
	 Percent Of Number Of Shares Specified In The Option Grant That May Be Purchased
	  	 Date After Which Shares May Be Purchased

	 25%
	  	First anniversary of date of grant
	 50%
	  	Second anniversary of date of grant
	 75%
	  	Third anniversary of date of grant
	 100%
	  	Fourth anniversary of date of grant

 The above vesting schedule applies only if the Grant Document is silent as to vesting. 
 3. Exercising the Options. 
 a. The
Optionee may exercise Options that are exercisable in accordance with Section 2 and that have not terminated or been forfeited in accordance with this Agreement or the Plan. To exercise Options included as part of an Option Grant, the Optionee
must, on or prior to the Option Termination Date for the Option Grant, notify the Company (attention: Senior Stock Plan Administrator) of the number of whole shares of Common Stock the Optionee intends to purchase. The Optionee may not purchase less
than 100 shares of Common Stock upon any exercise unless the number of shares of Common Stock subject to the Options at the time of exercise is less than that number. Unless otherwise directed by the Company and subject to Section 10, the
Optionee must include payment of the Exercise Price times the number of shares of Common Stock to be purchased (the “Purchase Price”). The date on which the Optionee delivers the written notice to the Company in accordance
with this subsection a. is referred to in this Agreement as the “Exercise Date.” Any fraction of a share of Common Stock that would be required to pay the Purchase Price will be disregarded and the remaining amount due will
be paid in cash by the Optionee. 
 b. The Optionee must pay the Purchase Price (1) in cash, (2) by delivery (either actual delivery or by
attestation procedures established by the Company) of shares of Common Stock having an aggregate fair market value, determined as of the date of exercise, equal to the aggregate purchase price payable by reason of the exercise, (3) except as
may be prohibited by applicable law, in cash by a broker-dealer acceptable to the Company to whom the Optionee has submitted an irrevocable notice of exercise, or (4) by combination of (1) and (2). 
 c. When the Optionee complies with the requirements of this Section 3 and is otherwise in compliance with this Agreement and the Plan, in each case to the
reasonable satisfaction of the Committee, the Company will promptly deliver to the Optionee one or more stock certificates that together represent, or at the Company’s election deliver to the Optionee other appropriate evidence of, the shares
of Common Stock that the Optionee has purchased. 
 4. Termination of Employment. 
 a. Except as provided in this Section 4 and in Section 5, the Optionee may not exercise Options unless the Optionee is then in the employ of the Company or an
affiliated corporation, and the Optionee has remained continuously so employed since the date of grant of the Options. 
 b. If the Optionee’s
employment terminates (other than by reason of disability, retirement from employment with the Company at age 65, or death), the Optionee may, for a period of three months from the date of termination, exercise all Options that are exercisable in
accordance with Section 2 (determined in accordance with subsection d. of this Section 4) and that have not otherwise terminated or been forfeited in accordance with this Agreement or the Plan. 
 c. If the Optionee’s employment terminates by reason of retirement from employment with the Company at age 65 or disability, the Optionee may, for a period of one
year from the date of termination, exercise all Options that are exercisable in accordance with Section 2 (determined in accordance with subsection d. of this Section 4) and that have not otherwise terminated or been forfeited in
accordance with this Agreement or the Plan. 
 d. For purposes of subsections b. and c. of this Section 4, the number of shares of Common Stock that may
be purchased upon exercise of the Options in accordance with Section 2 will be determined as of the date of termination and not as of the date the Options are exercised or any other date. 
 e. Nothing in this Agreement or in the Plan will confer upon the Optionee any right to continue in the employ of the Company or any of its affiliated corporations or
interfere in any way with the right of the Company or any affiliated corporation to terminate the Optionee’s employment at any time. 
 5.
Death of Optionee. 
 If the Optionee dies (a) while employed by the Company or an affiliated corporation , (b) within
twelve months after termination due to retirement from employment with the Company at age 65 or disability, or (c) within three months after termination for any other reason, the Optionee’s beneficiary may, for a period of one year from
the date of the Optionee’s death, exercise all Options that are exercisable in accordance with Section 2 (determined in accordance with the next sentence of this Section 5) and that have not otherwise terminated or been forfeited in
accordance with this Agreement or the Plan. The number of shares of Common Stock that may be purchased upon exercise of the Options in accordance with Section 2 will be determined as of the date of death and not as of the date of termination or
any other date. 
 6. Non-Transferability of Options. 
 Except as provided in the Plan, the Options are not transferable. 
 7. Rights as a Stockholder.

 Neither the Optionee nor the permitted transferee of the Options will have any right as a stockholder with respect to the shares of Common Stock
subject to the Options until the Company issues a stock certificate to the Optionee or the permitted transferee of the Options for the shares of 

 
Common Stock acquired upon exercise of the Options in accordance with this Agreement. If the record date for any dividend or distribution precedes the
Company’s issuance of a stock certificate for shares of Common Stock acquired upon exercise of the Options in accordance with this Agreement, neither the Optionee nor the permitted transferee of the Options will be entitled to the dividend or
distribution with respect to the shares of Common Stock represented by the stock certificate. 
 8. Forfeiture of Options.

 (a) Notwithstanding anything in the Plan to the contrary and unless otherwise determined by the Committee, the Optionee will forfeit all unexercised
Options if (i) the participant, without the written consent of the Company, engages directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee or otherwise, in any business or activity determined
by the Committee, in its sole discretion, to be competitive with any business or activity conducted by the Company or any of its subsidiaries; or (ii) the Optionee performs any act or engages in any activity that in the opinion of the Chief
Executive Officer of the Company is inimical to the best interests of the Company. 
 (b) Notwithstanding anything in the Plan to the contrary and unless
otherwise determined by the Committee, if within six months following an Optionee’s termination of employment the Optionee, without the written consent of the Company, engages directly or indirectly in any manner or capacity as principal,
agent, partner, officer, director, employee or otherwise in any business or activity determined by the Committee, in its sole discretion, to be competitive with any business or activity conducted by the Company or any of its subsidiaries, the
participant shall be required to pay to the Company an amount in cash equal to the amounts realized in connection with the Optionee’s exercise of Options on or after, or within six months prior to, the Optionee’s termination of employment.

 9. Other Restrictions. 
 The
exercise of the Options is subject to the requirement that, if at any time the Committee determines that any one or more of the following is a reasonably necessary or desirable condition to exercise of the Options: 
 a. the listing, registration or qualification of the shares of Common Stock subject to the Options upon any securities exchange or in accordance with any applicable law,

 b. the consent or approval of any regulatory or governmental authority, or 
 c. the Optionee’s agreement to dispose of shares of Common Stock acquired pursuant to exercise of the Options in accordance with applicable law, then any exercise of the Options will not be effective until all of
the conditions so determined by the Committee are met. 
 10. Taxes and Withholding. 
 a. The Optionee will pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, all federal, state, and local income taxes required by
law to be withheld upon the exercise of the Options (“Taxes”). The Company will, to the extent permitted or required by law, have the right to deduct all Taxes from any payment of any kind otherwise due to the Optionee.

 b. The Optionee may satisfy the Optionee’s obligation to pay Taxes by requesting that the Company withhold, from the shares of Common Stock to be
delivered to the Optionee upon each exercise of the Options, a number of shares having a fair market value equal to the amount of the Taxes. 
 11.
Effect of Agreement. 
 This Agreement will be binding upon and will inure to the benefit of any successor or successors of the
Company. 
 12. Conflicts and Interpretation. 
 a. Except as provided in this Section 12, as to each Option Grant this Agreement, the Grant Document for the Option Grant, and the Plan constitute the entire agreement of the Company concerning the subject matter
of this Agreement, the Grant Document, and the Plan. 
 b. The following rules of interpretation apply: 
 (i) If this Agreement and a Grant Document are silent about any matter, the Plan governs. 
 (ii) If a Grant Document conflicts with this Agreement, the Grant Document governs. 
 (iii) If a Grant Document conflicts
with the Plan, the Plan governs. 
 (iv) If a Grant Document is silent about any matter and the Agreement conflicts with the Plan, the Plan governs.

 (v) If a Grant Document is ambiguous, this Agreement governs unless this Agreement is ambiguous or silent, in which event the Plan governs. 
 (vi) The headings of sections are included solely for convenience of reference and will not affect the meaning or interpretation of this Agreement. 
 13. Notices. 
 Notices and communications under
this Agreement must be in writing and delivered personally, by overnight courier, or by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to: 
 Saks Incorporated 
 Human Resources Department

 12 East 49th Street 
 New York, New York 10017 
 Attn: Senior Stock Plan Administrator 
 or any other address
designated by the Company in a written notice to the Optionee. Notices to the Optionee will be directed to the address of the Optionee then currently on file with the Company, or at any other address given by the Optionee in a written notice to the
Company. 
 14. Amendment. 
 This
Agreement may not be modified, amended, or waived in any manner except in writing signed by the Company and the Optionee. The waiver by the Company or the Optionee of compliance with any provision of this Agreement will not operate or be construed
as a waiver of any other provision of this Agreement, or of any subsequent breach of a provision of this Agreement. 
 15.
Administration. 
 The authority to manage and control the operation and administration of this Agreement will be vested in the
Committee. The Committee will have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding on
all persons. 
 16. Governing Law. 
 Tennessee law will govern the interpretation, performance, and enforcement of this Agreement, except to the extent that Tennessee law may be superseded by any federal law. 
  

			
	 Saks Incorporated

		
	 By:
	 	  

	Executive Vice President-Human Resources
	
	  

	Name of Optionee
	
	  

	Signature of Optionee

  

 2

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