Document:

Exhibit 10-H

SUMMARY COMPENSATION SHEET

The following summarizes certain compensation decisions taken by the Compensation Committee and/or the Board of Directors (“Board”) of Shoe Carnival, Inc. (the “Company”), with respect to the compensation of executive officers and directors.

1.  Cash Bonuses Earned in Fiscal 2004 Payable in 2005

Under the Company’s Executive Incentive Compensation Plan, most salaried employees, including all executive officers, are eligible to receive a cash bonus equal to a specified percentage of the participant’s base salary if certain financial objectives are met.  The financial objectives for executive officers for fiscal 2004 related to the attainment of sales, operating income, net earnings, earnings per share, return on equity, return on invested capital and stock price appreciation goals established in advance and approved by the Compensation Committee of the Board of Directors.  The cash bonuses awarded for fiscal 2004 consist of amounts earned as calculated under the Executive Incentive Compensation Plan, along with discretionary cash awards.

2.  2005 Base Salary 

The Compensation Committee increased the base salaries of the Company’s executive officers after a review of the Company’s financial performance for fiscal 2004, along with a review of executive compensation practices within the retail and footwear industries.  The salary increases were effective on March 8, 2005, the same day the bonuses were approved.

        Fiscal 2005 base salaries and cash bonuses earned in 2004 payable in 2005 for the Company’s named executive officers:

	
  Name
  	
   
 	
  
Title
  	
   
 	
  
New Base
   Salary
  	
   
 	
  
Previous   Base
   Salary
  	
   
 	
  
2004 Cash
   Bonus
  	
   
 
	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  	
  

  	
  
 
  
	
  
Mark L. Lemond
  	
  
 
  	
  
President and Chief Executive Officer
  	
  
 
  	
  
$
  	
  
650,000
  	
  
 
  	
  
$
  	
  
577,500
  	
  
 
  	
  
$
  	
  
30,000
  	
  
 
  
	
  J. Wayne Weaver
  	
  
 
  	
  
Chairman of the Board
  	
  
 
  	
  
$
  	
  
300,000
  	
  
 
  	
  
$
  	
  
300,000
  	
  
 
  	
  
$
  	
  
0
  	
  
 
  
	
  
Timothy T. Baker
  	
  
 
  	
  
Executive Vice President -
  	
  
 
  	
  
$
  	
  
397,500
  	
  
 
  	
  
$
  	
  
385,875
  	
  
 
  	
  
$
  	
  
15,000
  	
  
 
  
	
   
  	
  
 
  	
  
Store Operations
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
   
 	
  
 
  
	
  
Clifton E. Sifford
  	
  
 
  	
  
Executive Vice President - 
  	
  
 
  	
  
$
  	
  
397,500
  	
  
 
  	
  
$
  	
  
385,875
  	
  
 
  	
  
$
  	
  
15,000
  	
  
 
  
	
   
  	
  
 
  	
  
General Merchandise Manager
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
   
 	
  
 
  
	
  
W. Kerry Jackson
  	
  
 
  	
  
Executive Vice President -
  	
  
 
  	
  
$
  	
  
250,000
  	
  
 
  	
  
$
  	
  
197,500
  	
  
 
  	
  
$
  	
  
25,000
  	
  
 
  
	
   
  	
  
 
  	
  
Chief Financial Officer and Treasurer
  	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
   
 	
  
 
  	
  
 
  	
   
 	
  
 
  

3.  Split-Dollar Life Insurance

In March 1999, the Company established a split-dollar life insurance arrangement on the lives of Mr. Lemond and his spouse.  The life insurance policy provides coverage in the amount of $1.0 million, payable on the death of the last to survive.  The annual premiums on the policy are $21,300.  Under the arrangement, at the later of the death of Mr. Lemond or his spouse, the Company will be reimbursed for all premiums paid by it, and the balance of the proceeds of the policy would be paid to the estate of Mr. Lemond or his spouse.

Prior to the enactment of the Sarbanes-Oxley Act on July 30, 2002, the Company paid all of the premiums on the policy.  There is currently uncertainty as to whether the payment of premiums on a split-dollar life insurance policy by a company would constitute a personal loan prohibited under the Sarbanes-Oxley Act.  Due to this uncertainty, Mr. Lemond now pays the premiums on his split-dollar life insurance policy, and the Company pays to Mr. Lemond a bonus in an amount sufficient to cover the premium paid by Mr. Lemond and the tax liability on the bonus.  The bonus to reimburse Mr. Lemond for the 2005 premium payment and associated taxes was $35,000.

4.  Annual Incentive Compensation Goals for Fiscal 2005

On March 18, 2005, the Compensation Committee established the performance criteria and targets for the 2005 bonus payable in 2006 under the Company’s Executive Incentive Compensation Plan.  The performance criteria is operating income before bonus expense.  Subjective factors based on an executive’s individual performance can reduce an executive’s bonus potential by up to 20%.  As chief executive officer, Mark L. Lemond’s bonus target is 40% of his salary but he can earn up to 60% of his salary if all performance targets are met.  J. Wayne Weaver, as chairman, is not eligible to receive a bonus.  The other named executive officers’ bonus target is 30% of their salary but can earn up to 45%.

5.  Grants of Restricted Stock

On March 18, 2005, the Compensation Committee approved grants of restricted stock to the Company’s executive officers and other key personnel under the Shoe Carnival, Inc. 2000 Stock Option and Incentive Plan.  Mark L. Lemond received a grant of 12,500 shares and Timothy T. Baker, Clifton E. Sifford and W. Kerry Jackson each received a grant of 6,000 shares.  No grant was made to Mr. Weaver.  The restricted shares will vest upon the achievement of specified levels of annual earnings per diluted share during a six-year period.

6.  Director’s Compensation

On March 25, 2005, the Board approved modifications to the compensation to be paid to the Company’s non-employee directors.  The annual retainer for each non-employee director was increased from $15,000 to $20,000.  The Chairman of the Audit Committee will receive additional annual compensation of $5,000, while the Chairman of the Compensation Committee, Chairman of the Nominating and Corporate Governance Committee and the Lead Director will each receive additional annual compensation of $2,000.  

Non-employee directors will continue to receive a per meeting fee of $1,000 for each meeting of the Board and the accompanying committee meetings attended and $1,000 for each committee meeting attended in person in which the full Board does not meet.  If the committee meeting is attended by conference call the non-employee directors will receive $750.  The Company will continue to reimburse all directors for all reasonable out-of-pocket expenses incurred in connection with meetings of the Board. 

On March 25, 2005, the Board also suspended all further automatic grants of stock options to non-employee directors on April 1 of each year under the Company’s Outside Director’s Option Plan.  The Board adopted, subject to shareholder approval, amendments to the Shoe Carnival, Inc. 2000 Stock Option and Incentive Plan to allow non-employee directors to participate.  If the amendment is approved by shareholders at this year’s annual meeting of shareholders, non-employee directors will receive an annual grant of 500 shares of restricted stock.  It is contemplated that the restrictions on the shares will lapse only after a director no longer serves on the Board.AGI Partners, Inc.

419 Park Avenue South, Suite 1302, New York, NY 10016

Phone: 212-684-2111 Fax: 212-481-3122

BUSINESS CONSULTING AGREEMENT

AGREEMENT, made and entered into on April 12, 2004, by and between AGI Partners, Inc. (“AGI”), a New York Corporation, with offices located at 419 Park Avenue South, Suite 1302, New York, NY 10016 and Nevada Holding Group, Inc. (“NVHG”), a Nevada Corporation, with offices located at 419 Park Avenue South, Suite 1302, New York, NY 10016.

WITNESSETH:

 

WHEREAS, AGI is a Consulting Company providing various services to Private and Public Companies; and

 

WHEREAS, NVHG desires to retain AGI for the services listed below:

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants here inafter. set forth, AGI and NVHG hereby agree as follows:

 

1. Services. Subject to the terms and conditions herein contained, AGI shall provide the following services for NVHG: [Editor’s note: all possible services]

	
            a.
 	
            A New York City headquarters;
 	
             

	
            b.
 	
            Consultation and advisory services relating to business management;
 
	
            c.
 	
            Preparation of a business plan;
 	
             

	
            d.
 	
            Bookkeeping services;
 	
             

					

	
            e.
 	
            Basic corporate maintenance including preparation of certificate of incorporation, amendments to the certificate of incorporation, board minutes and board resolutions;
 
	
            f.
 	
            Assistance in upgrading NVHG’s public listing on the Pink Sheets and the Bulletin Board;
 

	
            g.
 	
            Coordination with transfer agent for stock issuance;
 

	
            h.
 	
            Assistance in preparation of SEC documentation for NVHG including “Q’s” and “K’s”
 

i.     Recommendation and preparation of all press releases;

 

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            j.
 	
            Preparation of NVHG’s financials in coordination with auditors and accounts; and
 
	
            k.
 	
            Coordination with independent investment analysts in initiating research coverage of NVHG, Inc. stock.
 

 

	
            2.
 	
             Payment. In consideration for the services of AGI to be provided hereunder, NVHG agrees to:
 
	
             
	
            a.
 	
            Issue to Exus Global, Inc. (AGI Parent Corporation) 3,000,000 shares of restricted stock with registration rights of NVHG, Inc.; and
 
	
             
	
            b.
 	
            Grant Exus Global, Inc. an option to purchase an additional 3,000,000 shares of restricted stock with registration rights of NVHG, Inc. at $.025 per share. The options described in this subsection are not subject to any reverse split by NVHG, Inc.
 
					

 

	
            3. 
 	
            Expenses. NVHG shall reimburse AGI for all pre-approved travel and other expenses incurred by it in rendering services hereunder, including any expenses incurred by consultants when such consultants are temporarily located outside of the metropolitan New York, area for the purpose of rendering services to or for the benefit of NVHG pursuant to this Agreement. AGI shall provide receipts and vouchers to NVHG for all expenses for which reimbursement is claimed.
 

 

	
            4. 
 	
            Personnel. AGI shall be an independent contractor and no personnel utilized by AGI in providing services hereunder shall be deemed an employee of NVHG. Moreover, neither AGI nor any such person shall be empowered hereunder to act on behalf of NVHG. AGI shall have the sole and exclusive responsibility and liability for making all reports and contributions, withholdings, payments and taxes to be collected, withheld, made and paid with respect to persons providing services to be performed hereunder on behalf of NVHG, whether pursuant to any social security, unemployment insurance, worker’s compensation law or other federal, state or local law now in force and effect or hereafter enacted.
 

 

	
            5. 
 	
            Terms and Termination. This Agreement shall be effective from April   , 2004 and shall continue in effect for a period of twenty-four thereafter. This Agreement may be renewed for a provisional two-year period thereafter, upon mutual agreement of the parties.
 

 

	
            6. 
 	
            Non-Assignability. The rights, obligations, and benefits established by this Agreement shall not be assignable by either party hereto. This Agreement shall, however, be binding upon and shall inure to the benefit of the parties and their successors.
 

 

	
            7. 
 	
            Confidentiality. Neither AGI nor any of its consultants, other employees, officers, or directors shall disclose knowledge or information concerning the confidential affairs of NVHG with respect to NVHG’s business or finances that was obtained in the course of performing services provided for herein.
 

 

2

 

 

 

	
            8.
 	
            Limited Liability. Neither AGI nor any of its consultants, other employees, officers or directors shall be liable for consequential or incidental damages of any kind to NVHG that may arise out of or in connection with any services performed by AGI hereunder.
 

 

	
            9.
 	
            Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof or actual domicile of the parties.
 
	
            10.
 	
            Notice. Notice hereunder shall be in writing and shall be deemed to have been given at the time when deposited for mailing with the United States Postal Service enclosed in a registered or certified postpaid envelope addressed to the respective party at the address of such party first above written or at such other address as such party may fix by notice given pursuant to this paragraph.
 
	
            11.
 	
            No other Agreements. This Agreement supersedes all prior understandings, written or oral, and constitutes the entire Agreement between the parties hereto with respect to the subject matter hereof. No waiver, modification or termination of this Agreement shall be valid unless in writing signed by the parties hereto.
 

 

             
IN WITNESS WHEREOF, NVHG and AGI have dully executed
this Agreement as of the day and year first above written.

 

 

 

 

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