Document:

EXHIBIT 10.43.1

 

Exhibit 10.43.1

LICENSE AGREEMENT 

     This License Agreement (the “License”) is made and entered into this 30th day of
August, 2002 (the “Effective Date”), by and between VALUE CITY DEPARTMENT STORES, INC., an
Ohio corporation, whose address is 1800 Moler Road, Columbus, Ohio 43207 (“VCDS”), and SHONAC
CORPORATION, an Ohio corporation, whose address is 4150 East Fifth Avenue, Columbus, Ohio 43219
(“Shonac”).

RECITALS

     A. Crossings
at Hobart – I LLC, an Ohio limited liability company
(“Master Landlord”) is
the fee owner of certain real property located in the City of Merrillville, State of Indiana,
legally described on Exhibit “A” hereto (the “Shopping Center Parcel”);

     B. Master Landlord is the lessor under that certain Lease (“Master
Lease”) dated as of May 18th, 1994, between Master Landlord and Service Merchandise
Company, Inc. (the “Service Merchandise”) for 50,000 square feet of premises in the
Shopping Center Parcel, as depicted in Exhibit “B” attached hereto and made a part
hereof (“premises”), which premises is part of the Shopping Center Parcel;

     C. Service Merchandise filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code on March 27, 1999. Pursuant to that certain order by the United States
Bankruptcy Court for TN, Service Merchandise and Jubilee Limited Partnership, an Ohio limited
partnership (“Landlord”) entered into a certain Assignment and Assumption Agreement dated July 2,
2002 (the “Assignment”) in which Service Merchandise assigned to Landlord and Landlord assumed
from Service Merchandise all of Service Merchandise’s right, title and interest as tenant under the
Master Lease;

     D. Landlord and VCDS entered into that certain Lease (“Lease”) dated August
30th, 2002, demising to VCDS the premises. The Lease is attached hereto and made a part
hereof as Exhibit “C” ; and

     E. VCDS desires to license to Shonac and Shonac desires to license from VCDS
certain rights, title and interest of VCDS under the Lease with respect to the premises, as
provided herein.

AGREEMENTS

     In consideration of the premises and other good and valuable consideration, VCDS and
Shonac agree as follows:

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ARTICLE I

PRELIMINARY MATTERS

     1.1 Defined Terms. Any defined terms used herein shall have the same meaning as
set forth in the Lease.

     1.2 Representations and Warranties. VCDS represents and warrants to Shonac that:

	 	(a)	 	To the best of VCDS’s knowledge, neither Landlord nor VCDS are in default
under the Lease;
	 
	 	(b)	 	To the best of VCDS’s knowledge, neither Master Landlord nor Landlord are
in default under the Master Lease;
	 
	 	(c)	 	VCDS has full right, power and authority to make this License;
	 
	 	(d)	 	To the best of VCDS’s knowledge, there is no litigation pending in connection
with the Master Lease, the Lease, or the premises;
	 
	 	(e)	 	To the best of VCDS’s knowledge, the documents heretofore provided by VCDS
to Shonac represent all agreements related to the Master Lease and Lease

ARTICLE II

LICENSE

     2.1 License and Term. VCDS hereby licenses to Shonac all of VCDS’s rights
and obligations under the Lease, and Shonac hereby accepts such license and assumes such rights
and obligations. The term of this License shall commence on the Effective Date and shall expire on
the day preceding the end of the term of the Lease, as the same may be extended, unless
sooner terminated in accordance with the terms set forth herein. In the event VCDS receives notice
from Shonac of its election to extend the term of the License at least seven (7) months prior to
the expiration of the then current term and any Lease renewal options remain, VCDS agrees to
timely exercise its right to extend the term of the Lease. VCDS agrees to deliver the premises to
Shonac immediately following receipt thereof from Landlord.

     2.2 Lease. Shonac agrees to comply with all terms, provisions, and conditions of
VCD Sunder the Lease. VCDS agrees to immediately deliver to Shonac any notices it receives
from Landlord regarding the Lease and/or this License. If Shonac fails to perform any of the
provisions of the Lease, then, so long as VCDS is liable for performance of obligations under the
Lease, VCDS may exercise the rights and remedies available to Landlord under the Lease, provided
that VCDS has afforded Shonac the same notice and opportunity to cure, if any, afforded to VCDS
under the Lease. Notwithstanding the foregoing, the parties agree that the time period for such cure
shall be five (5) days less than the time period set forth in the Lease with respect to monetary
obligations and ten (10) days less than the time period set forth in the Lease with respect to
non-monetary

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obligations. VCDS shall not be entitled to recover from Shonac any amounts Shonac has paid to
Landlord on account of VCDS’s obligations under the Lease.

     VCDS agrees to enforce all of the obligations of Landlord under the Lease. If VCDS fails to
enforce any of the Landlord’s obligations under the Lease, then Shonac shall have the same rights
and remedies available to VCDS under the Lease, provided that Shonac has afforded to VCDS the same
notice and opportunity to cure, if any, afforded to Landlord under the Lease. Shonac agrees to
immediately deliver to VCDS any notices it may receive from Landlord regarding the premises and/or
this License.

     2.3 Rent. During the Term of this License, Shonac shall have the right to pay all
rental amounts due and payable under the Lease directly to Landlord. VCDS agrees to deliver to
Shonac, within five (5) days following receipt thereof, any amounts paid to VCDS under the Lease
by Landlord, including without limitation, the Tenant Reimbursement set forth in Section 50 of
the Lease.

     2.4 Assignment of Warranties and Guaranties. During the term of this License, to
the extent assignable, VCDS hereby assigns to Shonac all guaranties and warranties it owns related
to the premises. VCDS shall execute such further documents to evidence such transfer as
are reasonably requested by Shonac either before or after the Effective Date.

ARTICLE III

MISCELLANEOUS

     3.1 Notices. Notices hereunder shall be given by United States mail, postage prepaid,
certified with return receipt requested, by hand delivery or by a nationally recognized overnight
courier (with evidence of receipt) and shall be effective upon receipt or refusal of receipt, and
shall be addressed to the parties as follows:

	 	(a)	 	If intended for VCDS, to:

 3241 Westerville Road
Columbus,
Ohio 43224
 Attn:
                                        

with a copy to:

 1800 Moler Road 
 Columbus,
Ohio 43207

Attn: Legal Department

	 	(b)	 	If intended for Shonac, to:

 4150 East Fifth Avenue

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Columbus, Ohio 43219 
 Attn:
Real Estate

with a copy to:

 Randall S. Arndt, Esq.
 Schottenstein,
Zox & Dunn 
 41
South High Street, Suite 2600 
 Columbus,
Ohio 43215

     Address for service of notice may be changed by written notice to the other party.

     3.2 Amendment of Lease. VCDS agrees that it shall not enter into any amendment
or modification of the Lease that increases the rent or charges payable under the Lease,
increases VCDS’s or its predecessor’s liabilities or obligations under the Lease, or increases the
term of the Lease without the prior written consent of Shonac.

     3.3 Brokers. VCDS and Shonac each warrant to the other that they have not dealt
with any broker or agent in connection with the negotiation or execution of this License. VCDS
and Shonac shall each indemnify and defend the other against all costs, expenses, attorneys’ fees,
and other liability for commission or other compensation claimed by any broker or agent claiming
the same by, through, or under the indemnifying party.

     3.4 Third Parties. The agreements herein are for the sole benefit of VCDS and
Shonac and no third party is intended to benefit hereby.

     3.5 Counterparts. This License may be executed in any number of counterparts each
of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

     3.6 Applicable Law. This License shall be governed by and construed in accordance
with the laws of the state in which the premises are located.

     EXECUTED as of the day and year above written.

	 	 	 	 	 	 	 	 	 
	Signed and acknowledged
	 	 	 	 	 	 	 	 
	in the presence of:

	 	 	 	VCDS:
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Value City Department Stores, Inc.,	 	 
	 	 	 	 	an Ohio corporation	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Melinda Holmes

	 	 	 	BY:
	 	/s/ John C. Rossler	 	 
	 

	 	 	 	 	 	 	 	 
	Print Name: Melinda Holmes
	 	 	 	 	 	 	 	 
	 	 	 	 	ITS: President & CEO
	/s/ Tracy L. Snow	 	 	 	 	 	 	 	 
	Print Name: Tracy L. Snow
	 	 	 	 	 	 	 	 

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	STATE OF OHIO

	 	:
	 

	 	: ss.
	COUNTY OF FRANKLIN

	 	:

     The foregoing instrument was acknowledged before me this 11 day of
September, 2002, by John C. Rossler, President & CEO of Value City Department Stores, Inc., an Ohio corporation, for and on behalf of
said corporation.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	/s/ Melinda Holmes	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Notary Public	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	MELINDA HOLMES	 	 
	 

	 	 	 	 	 	MY COMMISSION EXPIRES ON 9/17/05 
	 	 
	 

	 	 	 	 	 	NOTARY PUBLIC - STATE OF OHIO 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	SHONAC:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Shonac Corporation, 	 	 
	 	 	 	 	an Ohio corporation	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Melinda Holmes

	 	 	 	BY:
	 	/s/ John C. Russler	 	 
	 

	 	 	 	 	 	 	 	 
	Print Name: Melinda Holmes
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Christy Cuschleg	 	 	 	ITS: President & CEO	 	 
	Print Name: Christy Cuschleg
	 	 	 	 	 	 	 	 

	 	 	 
	STATE OF OHIO

	 	:
	 

	 	: ss.
	COUNTY OF FRANKLIN

	 	:

     The foregoing instrument was acknowledged before me this 30 day of August, 2002, by John C. Rossler,
President & CEO of Shonac Corporation, an Ohio corporation, for and on behalf of said corporation.

	 	 	 	 	 
	 

	 	/s/ Melinda Holmes	 	 
	 

	 	Notary Public	 	 
	 
	 	 	 	 
	 

	 	MELINDA HOLMES	 	 
	 

	 	MY COMMISSION EXPIRES ON 9/17/05 	 	 
	 

	 	NOTARY PUBLIC - STATE OF OHIO 	 	 

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JOINDER:

     Landlord hereby joins this License solely for the purpose of agreeing to the following with
respect to Shonac: (i) to recognize this License and Shonac’s rights thereunder, (ii) to
simultaneously deliver to Shonac any notice delivered to VCDS under the Lease, and (iii) to accept
the performance by Shonac of any obligations under the Lease on behalf of VCDS including the
payment of rental thereunder.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	LANDLORD:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Jubilee Limited Partnership,	 	 
	 	 	 	 	an Ohio limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Edward K. Arndt

	 	 	 	BY:
	 	/s/ Jay L. Schottenstein	 	 
	 

	 	 	 	 	 	 	 	 
	Print Name: Edward K. Arndt
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Leslie A. Schutte	 	 	 	ITS: President	 	 
	Print Name: Leslie A. Schutte
	 	 	 	 	 	 	 	 

	 	 	 
	STATE OF OHIO

	 	:
	 

	 	: ss.
	COUNTY OF FRANKLIN

	 	:

     The
foregoing instrument was acknowledged before me this 3rd day of
September, 2002, by Jay L. Schottenstein, President of Jubilee Limited Partnership, an Ohio limited partnership, for and on
behalf of said limited partnership.

	 	 	 	 	 
	 

	 	/s/ Leslie A. Schutte	 	 
	 

	 	Notary Public	 	 

LESLIE A. SCHUTTE

Notary Public, State of Ohio

My Commission Expires

08-21-06

      

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EXHIBIT A

LEGAL DESCRIPTION

Parcel I: (Fee Simple)

Part of the North 1/2, Section 23, Township 35 North, Range 8 West of the 2nd P.M., in
Lake County, Indiana, described [ILLEGIBLE] Commencing at the Northwest corner of
said Section 23, thence South 02° 42' 00" East along the
West line of said Section 23 a distance of 842.20 feet to the
Southerly right-of-way line of the Chesapeake and Ohio Railroad, thence South
62°  42' 00" East along said
South line 1615.41 feet, thence South
27° 18' 00" West, 748.26
feet, thence South 88° 25'
00" West,
134.54 feet to the point of beginning of this described parcel thence
continuing South 88° 25' 00"
West, 326.65 feet, thence South
01° 35' 00" East, 193.56
feet to the Northerly line of U.S. Highway
30, thence Easterly along the Northerly line of said Highway, 309.65
feet, thence North 01° 35' 00"
West, 43.06 feet, thence North
88° 25' 00" East, 17.0 feet;
thence North 01° 35' 00" West, 150 feet
to the point of beginning. Except that part conveyed to the State of
Indiana by Warranty Dead
recorded September 19, 1978 an Document No. 491229 described as
follows: a part of the Northwest
Quarter of Section 23, Township 35 North, Range 8 West, Lake County, Indiana, described as follows:
commencing at the Northwest corner of said section, thence south 0 degrees 01 minutes
00 seconds West 2,287.90 feet along the West line of said Section to
the Southwest corner of the
owner’s land, thence South 89 degrees 59 minutes 00 seconds East 350.00 feet to the corner of the
owner’s land, thence South 0 degrees 01 minutes 00 seconds West
196.90 feet along the West line
of the owner’s land to the North boundary of U.S.R. 30, thence along the boundary of said U.S.R. 30
Easterly 463.51 feet along an arc to the right and having a radius of 53, 814.79 feet and subtended
by a long chord having a bearing of South 89 degrees 02 minutes 50
seconds East and a length of
463.51 feet to the point of beginning of this description, thence North 1 degree 11 minutes 58
seconds East 10.00 feet, thence South 88 degrees 46 minutes 26
seconds East 50.01 feet, thence
South 1 degree 15 minutes 10 seconds West 10.00 feet to the North boundary of U.S.R. 30, thence
along the boundary of said U.S.R. 30 Westerly 50.00 feet along an arc to the left and having a
radius of 53,814.79 feet and subtended by; long chord having a bearing
of North 88 degrees 46
minutes 26 seconds West and a length of 50.00 feet to the point of beginning.

Parcel II: (Fee Simple)

Part of the North 1/2 Section
23, Township 35 North Range 8 West of the 2nd P.M., in Lake
County, Indians, described as: Commencing at the Northwest corner of
said Section 23, thence South
02° 42' 00" East along the
West line of said Section 23 a distance of 842.20 feet to the Southerly
right-of-way line of the Chesapeake and Ohio Railroad, thence South
62° 42' 00" East along said
Southerly right-of-way 1845.00 feet to the point of beginning of this described parcel, thence
South 27° 18' 00" West,
274.33 feet; thence South 62° 42'
00" East, 4.0 feet; thence South
27° 18' 00"
West, 80.00 feet; thence South
62° 42' 00" East, 26.41
feet; thence South 27° 18'
00" West 275.00
feet; thence North 62° 42'
00" West, 260.0 feet; thence South
27° 18' 00" West, 339.51 feet more of
less to the Northerly line of U.S. Highway 30; thence on a curve to the right with radius of
53,817.23 feet a distance of 87.67 feet to the point of curve; thence
North 88° 37' 48" CONTINUED

SCHEDULE A - PAGE 2

 

 

Exhibit B

TOTAL P.<PAGE>

                                                                   EXHIBIT 10.44

                        FORM OF INDEMNIFICATION AGREEMENT

      This Indemnification Agreement (this "AGREEMENT") is made as of this ____
day of _______, 200_, by and between DSW Inc., an Ohio corporation (the
"COMPANY"), and ____________, an individual ("INDEMNITEE").

                                    RECITALS

      A. The regulations (the "REGULATIONS") of the Company provide for the
indemnification of the directors and officers of the Company to the greatest
extent permitted by Ohio law, including the Ohio General Corporation Law, as
amended (the "OGCL").

      B. The Regulations and the OGCL permit contracts between the Company and
the directors and officers of the Company with respect to indemnification of
such directors and officers.

      C. In accordance with the OGCL, the Company may purchase and maintain a
policy or policies of directors' and officers' liability insurance covering
certain liabilities that may be incurred by its directors and officers in the
performance of their obligations to the Company.

      D. The Company recognizes that capable and qualified individuals are
becoming increasingly reluctant to serve as directors and/or officers of public
corporations as a result of the recent and ongoing enactment of statutes and
regulations pertaining to directors' and officers' responsibilities and the
increasing risk of lawsuits against directors and officers in the current
corporate climate in the United States, unless such individuals are provided
with more certain and secure protection against exposure to unreasonable
personal risk arising from their service and activities on behalf of a
corporation.

      E. The Company is aware that individuals recruited to serve on the boards
of public corporations and as officers of public corporations generally are more
likely to agree to provide services to corporations that provide for separate
indemnification agreements with their directors and officers because, unlike
indemnification provisions contained in the articles of incorporation or the
regulations of a company or state statutory provisions, the indemnification
provisions contained in a separate agreement may not be amended or rescinded
without the consent of the director or officer who is a party to the agreement.

      F. The Company recognizes that it is in the best interests of the Company
and its shareholders to attract and retain capable and qualified individuals to
serve on its Board of Directors (the "BOARD") and to serve as management of the
Company and to enable such directors and officers to exercise their independent
business judgment in their capacities as directors and officers without being
affected by the threat of exposure to unreasonable personal risk.

      G. To induce Indemnitee to serve and/or continue to serve as a director
and/or officer of the Company, the Company desires Indemnitee to be indemnified
and advanced expenses as set forth herein.

                                       4
<PAGE>

                                    AGREEMENT

      In consideration of Indemnitee's service as a director and/or officer of
the Company after the date hereof, the Company and Indemnitee hereby agree as
follows:

      1. CERTAIN DEFINITIONS. Capitalized terms used but not otherwise defined
in this Agreement shall have the meanings set forth below:

      "CORPORATE STATUS" means the fact that a person is or was a director
and/or an officer of the Company or is or was serving at the request of the
Company as a director, trustee, officer, partner, member or manager, of another
corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise. A Proceeding shall be deemed to have
been brought by reason of a person's "Corporate Status" if it is brought because
of the status described in the preceding sentence or because of any action or
inaction on the part of such person in connection with such status.

      "DISINTERESTED DIRECTOR" means a director of the Company who is not and
was not a party to or threatened with a Proceeding in respect of which
indemnification is sought by Indemnitee.

      "EXPENSES" shall include all reasonable attorneys' fees, disbursements and
retainers, court costs, transcript costs, fees of experts, witness fees, travel
and deposition costs, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees and all other disbursements or expenses
of the types customarily incurred in connection with (a) prosecuting, defending,
preparing to prosecute or defend, investigating, settling or appealing a
Proceeding (including the cost of any appeal bond or its equivalent), (b) being
prepared to be a witness or otherwise participating in a Proceeding or (c)
enforcing a right under this Agreement (including any right to indemnification
or advancement of expenses under this Agreement).

      "INDEPENDENT COUNSEL" means an attorney, or a firm having associated with
it an attorney, who neither currently is nor in the past five years has been
retained by or performed services for the Company or any person to be
indemnified by the Company.

      "PROCEEDING" includes any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding,
whether civil, criminal, administrative or investigative, in which Indemnitee
was, is or would be involved as a party or otherwise (including, without
limitation, as a witness) by reason of the Indemnitee's Corporate Status,
including one pending on or before the date of this Agreement; but excluding one
initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce
Indemnitee's rights under this Agreement. For purposes of this definition, the
term "threatened" shall be deemed to include, but not be limited to,
Indemnitee's good faith belief that a claim or other assertion may lead to
initiation of a Proceeding.

      "REVIEWING PARTY" means the person, persons or entity selected to make the
determination of the entitlement to indemnification pursuant to Section 5.3
hereof.

                                       2
<PAGE>

      2. INDEMNIFICATION.

            2.1 PROCEEDINGS NOT BY OR IN RIGHT OF COMPANY. The Company hereby
agrees to hold harmless and indemnify Indemnitee to the greatest extent
permitted by Ohio law, including but not limited to the provisions of the OGCL
and the Regulations, as such may be amended from time to time, if Indemnitee was
or is a party, witness, or other participant, or is threatened to be made a
party, witness, or other participant, to any Proceeding, other than a Proceeding
by or in the right of the Company, by reason of Indemnitee's Corporate Status,
against all Expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection
with such Proceeding, if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company and, with respect to any criminal Proceeding, had no reasonable
cause to believe that his or her conduct was unlawful. The termination of any
Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not, of itself, create a presumption that
Indemnitee did not satisfy the foregoing standard of conduct to the extent
applicable thereto.

            2.2 PROCEEDINGS BY OR IN RIGHT OF COMPANY. The Company hereby agrees
to hold harmless and indemnify Indemnitee to the greatest extent permitted by
Ohio law, including but not limited to the provisions of the OGCL and the
Regulations, as such may be amended from time to time, if Indemnitee was or is a
party or is threatened to be made a party to any Proceeding by or in the right
of the Company, by reason of Indemnitee's Corporate Status, against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection with the defense or settlement of such Proceeding, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company; provided, however, that, if
applicable law so provides, no indemnification against such Expenses shall be
paid in respect of (a) any claim, issue or matter in such Proceeding by or in
the right of the Company as to which the Indemnitee shall have been adjudged to
be liable to the Company for an act or omission undertaken by such Indemnitee in
his or her capacity as a director of the Company with deliberate intent to cause
injury to the Company or with reckless disregard for the best interests of the
Company, (b) any claim, issue or matter asserted in a Proceeding by or in the
right of the Company as to which the Indemnitee shall have been adjudged to be
liable to the Company for negligence or misconduct in his or her capacity other
than that of a director of the Company, or (c) any Proceeding by or in the right
of the Company in which the only liability is asserted pursuant to Section
1701.95 of the OGCL against the Indemnitee, unless and only to the extent that
the Franklin County Court of Common Pleas of the State of Ohio or the court of
competent jurisdiction in which such Proceeding is brought shall determine, upon
application of either the Indemnitee or the Company, that, despite the
adjudication or assertion of such liability, and in view of all the
circumstances of the case, the Indemnitee is fairly and reasonably entitled to
such indemnity as such court shall deem proper.

            2.3 INDEMNIFICATION FOR EXPENSES OF AN INDEMNITEE WHO IS WHOLLY OR
PARTLY SUCCESSFUL. To the extent that the Indemnitee has been successful on the
merits or otherwise in defense of any Proceeding referred to in Section 2.1 or
2.2 of this Agreement, or in defense of any claim, issue or matter in such
Proceeding, Indemnitee shall be indemnified

                                       3
<PAGE>

against Expenses actually and reasonably incurred by the Indemnitee or on
Indemnitee's behalf in connection with such Proceeding.

      3. ADVANCEMENT OF EXPENSES.

            3.1 The Company shall advance all Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding prior to the final disposition
of such Proceeding upon receipt of an undertaking by or on behalf of Indemnitee
to repay such amount if it shall ultimately be determined that Indemnitee is not
entitled to be indemnified by the Company. Any advances and undertakings to
repay pursuant to this Section 3.1 shall not be secured, shall not bear interest
and shall provide that, if Indemnitee has commenced or thereafter commences
legal proceedings in a court of competent jurisdiction to secure a determination
that Indemnitee should be indemnified under applicable law with respect to such
Proceeding, Indemnitee shall not be required to reimburse the Company for any
advancement of Expenses in respect of such Proceeding until a final judicial
determination is made with respect thereto (as to which all rights of appeal
therefrom have been exhausted or lapsed).

            3.2 Any advancement of Expenses pursuant to Section 3.1 hereof shall
be made within ten (10) days after the receipt by the Company of a written
statement from Indemnitee requesting such advancement from time to time and
accompanied by or preceded by the undertaking referred to in Section 3.1 above.
Each statement requesting advancement shall reasonably evidence the Expenses
incurred by or on behalf of the Indemnitee in connection with such Proceeding
for which advancement is being sought.

      4. CONTRIBUTION IN THE EVENT OF JOINT LIABILITY. Whether or not the
indemnification provided in this Agreement is available, in respect of any
Proceeding in which the Company is jointly liable with Indemnitee (or would be
if joined in such Proceeding), the Company shall contribute to the amount of
Expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Company, on the one hand, and Indemnitee, on
the other hand, from the transaction from which such Proceeding arose; provided,
however, that the proportion determined on the basis of relative benefit may, to
the extent necessary to conform to law, be further adjusted by reference to the
relative fault of the Company, on the one hand, and Indemnitee, on the other
hand, in connection with the events that resulted in such Expenses, judgments,
fines or settlement amounts, as well as any other equitable considerations that
applicable law may require to be considered. The relative fault of the Company,
on the one hand, and Indemnitee, on the other hand, shall be determined by
reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which
their liability is primary or secondary, and the degree to which their conduct
is active or passive.

      5. PROCEDURES AND PRESUMPTIONS FOR DETERMINATION OF ENTITLEMENT TO
INDEMNIFICATION.

            5.1 TIMING OF PAYMENTS. All payments of Expenses, judgments, fines,
amounts paid in settlement and other amounts by the Company to Indemnitee
pursuant to this Agreement shall be made as soon as practicable after written
demand therefor by Indemnitee is

                                       4
<PAGE>

presented to the Company, but in no event later than (a) 30 days after such
demand is presented or (b) such later date as may be permitted for the
determination of entitlement to indemnification pursuant to Section 5.7 hereof,
if applicable; provided, however, that advances of Expenses shall be made within
the time period provided in Section 3.2 hereof.

            5.2 REQUEST FOR INDEMNIFICATION. Whenever Indemnitee believes that
he or she is entitled to indemnification pursuant to this Agreement, Indemnitee
shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and
is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification. Indemnitee shall submit such claim for
Indemnification within a reasonable time, not to exceed five years, after any
judgment, order, settlement, dismissal, arbitration award, conviction,
acceptance of a plea of nolo contendere (or its equivalent) or other full or
partial final determination or disposition of the Proceeding (with the latest
date of the occurrence of any such event to be considered the commencement of
the five-year period). The Secretary of the Company shall, promptly upon receipt
of such a request for indemnification, advise the Board in writing that
Indemnitee has requested indemnification.

            5.3 REVIEWING PARTY. Upon written request by Indemnitee for
indemnification pursuant to the first sentence of Section 5.2 hereof, to the
extent that the Indemnitee's entitlement to such indemnification is governed by
Section 2.1 or 2.2 of this Agreement, a determination with respect to
Indemnitee's entitlement thereto shall be made in the specific case by one of
the following methods: (a) by a majority vote of a quorum of the Board
consisting of Disinterested Directors; or (b) if such a quorum of Disinterested
Directors is not available or if a majority of such quorum so directs, in a
written opinion by Independent Counsel (designated for such purpose by the
Board).

            5.4 DETERMINATION BY INDEPENDENT COUNSEL. If the determination of
entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 5.3 hereof, the Independent Counsel shall be selected as provided in
this Section 5.4. The Independent Counsel shall be selected by the Board of
Directors, and the Company shall promptly give written notice to Indemnitee
advising him or her of the identity of the Independent Counsel so selected.
Indemnitee may, within ten days after such written notice of selection shall
have been given, deliver to the Company a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of
"Independent Counsel" as defined in this Agreement, and the objection shall set
forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person so selected shall act as Independent Counsel.
If a written objection is made and substantiated, the Independent Counsel
selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court has ruled against such objection. If, within 30 days after
submission by Indemnitee of a written request for indemnification pursuant to
Section 5.2 hereof, no Independent Counsel shall have been selected or an
Independent Counsel shall have been selected but an objection thereto shall have
been properly made and remained unresolved, either the Company or Indemnitee may
petition the Franklin County Court of Common Pleas of the State of Ohio or other
court of competent jurisdiction for resolution of any objection that shall have
been made by the Indemnitee to the selection of Independent Counsel and/or for
the appointment as Independent Counsel of a person selected by the court or by
such other person as the court shall designate, and the person with

                                       5
<PAGE>

respect to whom all objections are so resolved or the person so appointed shall
act as Independent Counsel under Section 5.3 hereof. The Company shall pay any
and all reasonable fees and expenses of Independent Counsel incurred by such
Independent Counsel in connection with acting pursuant to Section 5.4 hereof.

            5.5 BURDEN OF PROOF. In making a determination with respect to
entitlement to indemnification hereunder, the Reviewing Party shall presume that
Indemnitee is entitled to indemnification under this Agreement. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of
persuasion, by clear and convincing evidence. In making a determination with
respect to entitlement to indemnification hereunder which under this Agreement
or applicable law requires a determination of Indemnitee's good faith, and/or
whether Indemnitee acted in a manner which he or she reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect to any
criminal Proceeding, if Indemnitee had no reasonable cause to believe that
Indemnitee's conduct was unlawful, the Reviewing Party shall presume that (a)
Indemnitee has at all times acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the
Company, and (b) with respect to any criminal Proceeding, that Indemnitee had no
reasonable cause to believe that Indemnitee's conduct was unlawful. Anyone
seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion, by clear and convincing evidence. Indemnitee in their
capacity as a director of the Company shall be deemed to have acted in good
faith if Indemnitee's action or inaction is based on Indemnitee's reliance on
information, opinions, reports or statements, including financial statements and
other financial data, that were prepared or presented by (a) one or more
directors, officers, or employees of the Company who the Indemnitee reasonably
believes are reliable and competent in the matters prepared or presented; (b)
counsel, public accountants, or other persons as to matters that the Indemnitee
reasonably believes are within the person's professional or expert competence;
or (c) a committee of the Board upon which the Indemnitee does not serve, duly
established in accordance with a provision of the Company's Regulations, as to
matters within its designated authority, which committee the Indemnitee
reasonably believes to merit confidence. In addition, the knowledge and/or
actions, or failure to act, of any other director, officer, agent or employee of
the Company shall not be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement.

            5.6 NO PRESUMPTION IN ABSENCE OF DETERMINATION OR AS RESULT OF
ADVERSE DETERMINATION. Neither the failure of any Reviewing Party to have made a
determination as to whether Indemnitee has met any particular standard of
conduct or had any particular belief, nor an actual determination by any
Reviewing Party that Indemnitee has not met such standard of conduct or did not
have such belief, prior to the commencement of legal proceedings by Indemnitee
to secure a judicial determination under this Agreement or applicable law that
Indemnitee should be indemnified under this Agreement, shall be a defense to
Indemnitee's claim or create a presumption that Indemnitee has not met any
particular standard of conduct or did not have any particular belief.

            5.7 TIMING OF DETERMINATION. If the Reviewing Party shall not have
made a determination within 30 days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall be
deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent (a) a misstatement by Indemnitee of

                                       6
<PAGE>

a material fact, or an omission of a material fact necessary to make
Indemnitee's statement not materially misleading, in connection with the request
for indemnification, or (b) a prohibition of such indemnification under
applicable law; provided, however, that such 30-day period may be extended for a
reasonable time, not to exceed an additional 45 days, if the Reviewing Party in
good faith requires such additional time for obtaining or evaluating
documentation and/or information relating thereto; and provided, further,
however, that if the determination is to be made by Independent Counsel as the
Reviewing Party, such 30-day period shall be deemed to commence after a final
appointment of an Independent Counsel has been made pursuant to the provisions
of Section 5.4 hereof.

            5.8 COOPERATION. Indemnitee shall cooperate with the Reviewing Party
with respect to Indemnitee's entitlement to indemnification, including providing
to such Reviewing Party upon reasonable advance request any documentation or
information that is not privileged or otherwise protected from disclosure and
that is reasonably available to Indemnitee and reasonably necessary to such
determination. The Reviewing Party shall act reasonably and in good faith in
making a determination under this Agreement of Indemnitee's entitlement to
indemnification.

      6. LIABILITY INSURANCE. The Company shall, from time to time, make the
good faith determination whether or not it is practicable for the Company to
obtain and maintain a policy or policies of directors' and officers' liability
insurance with one or more reputable insurance companies. Among other
considerations, the Company will weigh the costs of obtaining such insurance
coverage against the protection afforded by such coverage. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain such
insurance if the Company determines in good faith that such insurance is not
reasonably available, if the premium costs for such insurance are
disproportionately high compared to the amount of coverage provided, or if the
coverage provided by such insurance is limited by exclusions so as to provide an
insufficient benefit. The Company shall promptly notify Indemnitee of any such
determination not to provide insurance coverage. In the event that the Company
does maintain such insurance for the benefit of Indemnitee, the right to
indemnification and advancement of Expenses as provided herein shall apply only
to the extent that Indemnitee has not been indemnified and actually reimbursed
pursuant to such insurance or otherwise has not had Expenses advanced in
accordance with the terms of such insurance.

      7. REMEDIES OF INDEMNITEE RELATING TO INDEMNIFICATION AND ADVANCEMENT OF
EXPENSES.

            7.1 In the event that (a) a determination is made pursuant to
Section 5 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (b) advancement of Expenses is not timely made pursuant to
Section 3.2 of this Agreement, (c) no determination of entitlement to
indemnification shall have been made within the time period specified in Section
5.7 of this Agreement, or (d) payment of indemnified amounts is not made within
the applicable time periods specified in Section 5.1 of this Agreement,
Indemnitee shall thereafter be entitled under this Agreement to commence a
proceeding in the Franklin County Court of Common Pleas of the State of Ohio, or
in any other court of competent jurisdiction, seeking an adjudication of
Indemnitee's entitlement to such indemnification or advancement of Expenses.
Indemnitee shall commence such proceeding seeking an adjudication within 180
days

                                       7
<PAGE>

following the date on which Indemnitee first has the right to commence such
proceeding pursuant to this Section 7.1. The Company shall not oppose
Indemnitee's right to seek any such adjudication.

            7.2 In the event that a determination shall have been made pursuant
to Section 5.3 of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this Section 7
shall be conducted in all respects as a de novo review on the merits and
Indemnitee shall not be prejudiced by reason of that adverse determination under
Section 5.3.

            7.3 If a determination shall have been made pursuant to Section 5.3
of this Agreement that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding commenced
pursuant to this Section 7, absent (a) a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make Indemnitee's
statement not misleading, in connection with the request for indemnification or
(b) a prohibition of such indemnification under applicable law.

            7.4 Both the Company and the Indemnitee shall be precluded from
asserting in any judicial proceeding commenced pursuant to this Section 7 that
the procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court that the Company and the
Indemnitee are bound by all the provisions of this Agreement.

            7.5 In the event that Indemnitee commences a proceeding pursuant to
this Section 7 to enforce a right of Indemnitee under this Agreement, then, to
the extent that Indemnitee is successful on the merits or otherwise in such
proceeding, or in connection with any claim, issue or matter therein, Indemnitee
shall be indemnified by the Company against Expenses actually and reasonably
incurred by the Indemnitee in connection with such proceeding.

      8. EXCEPTIONS TO RIGHT OF INDEMNIFICATION. Notwithstanding any other
provision of this Agreement, Indemnitee shall not be entitled to indemnification
under this Agreement:

            (a) with respect to any claim (whether an original claim,
counterclaim, cross-claim or third party claim) brought or made by Indemnitee in
a Proceeding, unless the bringing or making of such claim shall have been
approved or ratified by the Board; provided, however, that the foregoing shall
not apply to any claim brought or made by an Indemnitee to enforce a right of
the Indemnitee under this Agreement;

            (b) for Expenses incurred by Indemnitee with respect to any action
instituted by or in the name of the Company against Indemnitee, if and to the
extent that a court of competent jurisdiction declares or otherwise determines
in a final, unappealable judgment that each of the material defenses asserted by
Indemnitee was made in bad faith or was frivolous;

            (c) for Expenses and other liabilities arising from the purchase and
sale by Indemnitee of securities in violation of Section 16(b) of the Securities
Exchange Act of 1934, or any similar state or successor statute; and

                                       8
<PAGE>

            (d) for Expenses and other liabilities if and to the extent that a
court of competent jurisdiction declares or otherwise determines in a final,
unappealable judgment that the Company is prohibited by applicable law from
making such indemnification payment or that such indemnification payment is
otherwise unlawful.

      9. NOTIFICATION AND DEFENSE OF CLAIM.

            9.1 NOTIFICATION. Indemnitee agrees promptly to notify the Company
in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter
that may be subject to indemnification covered hereunder. The failure to so
notify the Company shall not relieve the Company of any obligation that it may
have to Indemnitee under this Agreement or otherwise unless and only to the
extent that such failure or delay materially prejudices the Company.

            9.2 DEFENSE OF CLAIM. With respect to any Proceeding (other than a
Proceeding brought by or in the right of the Company) as to which Indemnitee
notifies the Company of the commencement thereof:

                  (a) The Company may participate therein at its own expense;

                  (b) The Company, jointly with any other indemnifying party
similarly notified, may assume the defense thereof, with counsel reasonably
satisfactory to Indemnitee. After notice from the Company to Indemnitee of its
election to assume the defense thereof, the Company shall not be liable to
Indemnitee under this Agreement for any Expenses subsequently incurred by
Indemnitee in connection with the defense thereof unless (i) the employment of
counsel by Indemnitee or the incurrence of any other Expense has been authorized
by the Company, (ii) Indemnitee shall have reasonably concluded that there may
be a conflict of interest between the Company (or any other person or persons
included in the joint defense) and Indemnitee in the conduct of the defense of
such Proceeding, or (iii) the Company shall not, in fact, have employed counsel
to assume the defense of such Proceeding;

                  (c) The Company shall not be liable to Indemnitee under this
Agreement for any amounts paid in settlement in any Proceeding effected without
its written consent;

                  (d) The Company shall not settle any Proceeding in any manner
that would impose any penalty or limitation on Indemnitee without Indemnitee's
written consent; and

                  (e) Neither the Company nor Indemnitee shall unreasonably
withhold its consent to any proposed settlement, provided that Indemnitee may
withhold consent to any settlement that does not provide a complete release of
Indemnitee.

      10. DURATION OF AGREEMENT. All agreements and obligations of the Company
and Indemnitee contained herein shall continue during the period Indemnitee is a
director and/or officer of the Company and shall continue thereafter so long as
Indemnitee shall be subject under applicable law to the assertion of any
Proceeding (or any proceeding commenced under Section 7 hereof) by reason of
Indemnitee's Corporate Status, whether or not Indemnitee is acting or

                                       9
<PAGE>

serving in any such capacity at the time any liability or expense is incurred
for which indemnification can be provided under this Agreement.

      11. MISCELLANEOUS.

            11.1 NO EMPLOYMENT AGREEMENT. Nothing contained in this Agreement
shall be construed as giving Indemnitee any right to be retained in the
employment of the Company or any of its subsidiaries or affiliated entities.

            11.2 ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement and understanding of the Company and Indemnitee in respect of its
subject matter and supersedes all prior understandings, agreements and
representations by or among the Company and Indemnitee, written or oral, to the
extent they relate in any way to the subject matter hereof.(1)

            11.3 SUCCESSORS. All of the terms, agreements, covenants,
representations, warranties and conditions of this Agreement are binding upon,
and inure to the benefit of and are enforceable by, the Company and Indemnitee
and their respective heirs, executors, administrators, personal representatives,
successors and permitted assigns.

            11.4 ASSIGNMENT. Neither the Company nor Indemnitee may assign
either this Agreement or any of its rights, interests or obligations hereunder
without the prior written approval of the other; provided, however, that the
Company may assign all (but not less than all) of its rights and interests
hereunder to any direct or indirect successor to all or substantially all of the
business or assets of the Company by purchase, merger, consolidation or
otherwise.

            11.5 MERGER OR CONSOLIDATION. In the event that the Company shall be
a constituent corporation in a consolidation, merger or other reorganization,
the Company, if it shall not be the surviving, resulting or acquiring entity
therein, shall require as a condition thereto that the surviving, resulting or
acquiring entity agree to assume all of the obligations of the Company hereunder
and to indemnify Indemnitee to the full extent provided herein. Whether or not
the Company is the resulting, surviving or acquiring entity in any such
transaction, Indemnitee shall also stand in the same position under this
Agreement with respect to the resulting, surviving or acquiring entity as the
Indemnitee would have with respect to the Company if its separate existence had
continued.

            11.6 NOTICES. All notices, requests, demands, claims and other
communications hereunder shall be in writing. Any notice, request, demand, claim
or other communication hereunder shall be deemed duly given if (and then three
business days after) it is sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the intended recipient as set forth
below:

                 If to Company:

                 DSW Inc.
                 4150 East 5th Avenue

-----------------
(1) This provision will need to be individualized for any officers who execute
employment agreements with the Company which contain indemnification provisions.

                                       10
<PAGE>

                 Columbus, Ohio 43219
                 Attention: General Counsel
                 Tel: (614) 478-3424
                 Fax: (614) 337-4682

                 with a copy to:

                 DSW Inc.
                 4150 East 5th Avenue
                 Columbus, Ohio 43219

                 Attention:  Chief Financial Officer
                 Tel: (614) 237-7100
                 Fax: (614) ___-____

                 If to Indemnitee:

                 [Name] [Address] Tel: [( ) ]

                                  Fax: [( ) ]

                 [with a copy to:]

                 [Name] [Address] Tel: [( ) ]

                                  Fax: [( ) ]

            Either party may send any notice, request, demand, claim or other
communication hereunder to the intended recipient at the address or facsimile
number set forth above using any other means (including personal delivery,
expedited courier, messenger service, telecopy, telex or ordinary mail), but no
such notice, request, demand, claim or other communication will be deemed to
have been duly given unless and until it actually is received by the intended
recipient. Either party may change the address or facsimile number to which
notices, requests, demands, claims and other communications hereunder are to be
delivered by giving the other parties notice in the manner herein set forth.

            11.7 SPECIFIC PERFORMANCE. Each of the Company and Indemnitee
acknowledges and agrees that the other would be damaged irreparably if any
provision of this Agreement is not performed in accordance with its specific
terms or is otherwise breached. Accordingly, each party agrees that the other
party shall be entitled to an injunction or injunctions to prevent breaches of
the provisions of this Agreement and to enforce specifically this Agreement and
its terms and provisions in any action instituted in any court of the United
States or any state thereof having jurisdiction over the parties and the matter,
in addition to any other remedy to which they may be entitled at law or in
equity.

                                       11
<PAGE>

            11.8 COUNTERPARTS. This Agreement may be executed in two
counterparts, each of which shall be deemed an original but both of which
together shall constitute one and the same instrument.

            11.9 GOVERNING LAW. This Agreement and the performance of the
parties' obligations hereunder shall be governed by and construed in accordance
with the laws of the State of Ohio, without giving effect to any choice of law
principles.

            11.10 AMENDMENTS AND WAIVERS. No amendment, modification,
replacement, termination or cancellation of any provision of this Agreement will
be valid, unless the same is in writing and signed by the parties. No waiver by
either party of any default, misrepresentation or breach of warranty or covenant
hereunder, whether intentional or not, may be deemed to extend to any prior or
subsequent default, misrepresentation or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or
subsequent such occurrence.

            11.11 NONEXCLUSIVITY OF RIGHTS; SURVIVAL OF RIGHTS; SEVERABILITY.

                  (a) The rights provided by this Agreement (including rights to
indemnification, advancement of expenses and contribution) (i) shall not be
exclusive of, and shall be in addition to, any other rights to indemnification,
advancement of expenses or contribution to which Indemnitee may at any time be
entitled under the Regulations, applicable law (including the OGCL), any
insurance policy, agreement, vote of shareholders or Disinterested Directors or
otherwise, as to any actions or failures to act by Indemnitee, (ii) shall
continue after the Indemnitee has ceased to be a director and/or an officer of
the Company and (iii) shall inure to the benefit of the Indemnitee's heirs,
executors, administrators and personal representatives. In the event of any
change, after the date of this Agreement, in any applicable law which expands
the right of the Company to indemnify a member of its Board and/or its officers,
such changes shall be deemed to be within the purview of Indemnitee's rights and
the Company's obligations under this Agreement. In the event of any change in
any applicable law which narrows the right of the Company to indemnify a member
of its Board and/or its officers, such changes, to the extent not otherwise
required by applicable law to be applied to this Agreement, shall have no effect
on this Agreement or the parties' rights and obligations hereunder.

                  (b) The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof; provided, however,
that if any provision of this Agreement, as applied to any party or to any
circumstance, is adjudged by a court, arbitrator or mediator not to be
enforceable in accordance with its terms, the parties agree that the court,
arbitrator or mediator making such determination shall have the power to modify
the provision in a manner consistent with its objectives (and only to the extent
necessary) such that it is enforceable, and/or to delete specific words or
phrases, and in its reduced form, such provision shall then be enforceable and
shall be enforced.

                                       12
<PAGE>

            11.12 SUBROGATION; NO DUPLICATIVE PAYMENTS.

                  (a) In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and shall do
everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

                  (b) The Company shall not be liable to make any payment under
this Agreement to Indemnitee if and to the extent that Indemnitee has actually
received payment under any insurance policy, contract, the Regulations or
otherwise of the amounts otherwise payable hereunder.

            11.13 EXPENSES. Except as otherwise expressly provided in this
Agreement, each party shall bear its own costs and expenses incurred in
connection with the preparation, execution and performance of this Agreement,
including all fees and expenses of agents, representatives, financial advisors,
legal counsel and accountants.

            11.14 CONSTRUCTION. If any provision of this Agreement should be
deemed to exceed the authority granted to the Company by Ohio law in effect as
of the date hereof, then such provision shall be deemed to be amended to the
extent (and only to the extent) necessary to comply with Ohio law. The parties
have participated jointly in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the parties and no presumption or
burden of proof shall arise favoring or disfavoring any party because of the
authorship of any provision of this Agreement. Any reference to any federal,
state, local or foreign law shall be deemed also to refer to such law as amended
and all rules and regulations promulgated thereunder, unless the context
requires otherwise. The words "include," "includes," and "including" shall be
deemed to be followed by "without limitation." Pronouns in masculine, feminine
and neuter genders shall be construed to include any other gender, and words in
the singular form shall be construed to include the plural and vice versa,
unless the context otherwise requires. The words "this Agreement," "herein,"
"hereof," "hereby," "hereunder" and words of similar import refer to this
Agreement as a whole and not to any particular subdivision unless expressly so
limited. The parties intend that each representation, warranty and covenant
contained herein will have independent significance. If either party has
breached any representation, warranty or covenant contained herein in any
respect, the fact that there exists another representation, warranty or covenant
relating to the same subject matter (regardless of the relative levels of
specificity) that the party has not breached shall not detract from or mitigate
the fact that the party is in breach of the first representation, warranty or
covenant. The section headings contained in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation
of this Agreement.

            11.15 REMEDIES. Except as expressly provided herein, the rights and
remedies created by this Agreement are cumulative and in addition to any other
rights or remedies now or hereafter available at law or in equity or otherwise.
Except as expressly provided herein, nothing herein shall be considered an
election of remedies. The assertion or employment of any right or remedy shall
not prevent the concurrent assertion or employment of any other remedy.

                                       13
<PAGE>

            11.16 MUTUAL ACKNOWLEDGEMENT. Nothing in this Agreement is intended
to require or shall be construed as requiring the Company to do or fail to do
any act in violation of applicable law. Both the Company and Indemnitee
acknowledge that in certain instances, Federal law or applicable public policy
may prohibit the Company from indemnifying the Indemnitee under this Agreement
or otherwise. Indemnitee understands and acknowledges that the Company has
undertaken and may be required in the future to undertake with the Securities
and Exchange Commission to submit the question of indemnification to a court in
certain circumstances for a determination of the Company's right under public
policy to indemnify Indemnitee. The Company's inability, pursuant to court
order, to perform its obligations under this Agreement shall not constitute a
breach of this Agreement.

                      [The next page is the signature page]

                                       14
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Indemnification
Agreement as of the date first hereinabove written.

                                           DSW INC.

                                           By:________________________________
                                              Name:___________________________
                                              Title:____________________________

                                           INDEMNITEE

                                           ___________________________________
                                           Name: _____________________________

                                       15

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