SEC Contract Filing

Filing Date: 2024-03-25

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<DESCRIPTION>EX-10.311
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<DIV><FONT size="1" style="font-size:1pt;color:white"> Exhibit 10.3.11 DB1/ 128391824.1 DESIGNER BRANDS INC. RESTRICTED STOCK UNITS AGREEMENT This Agreement is entered into in Franklin County, Ohio. On the Grant Date, Designer Brands Inc., an Ohio corporation (the &#8220;Company&#8221;), has awarded to the Participant Restricted Stock Units (the &#8220;Restricted Stock Units&#8221; or &#8220;Award&#8221;), representing an unfunded unsecured promise of the Company to deliver Class A Common Shares, without par value, of the Company (the &#8220;Shares&#8221;) to the Participant as set forth herein. The Restricted Stock Units have been granted pursuant to the Designer Brands Inc. 2014 Long-Term Incentive Plan, as amended (the &#8220;Plan&#8221;), and shall be subject to all provisions of the Plan, which are incorporated herein by reference, and shall be subject to the provisions of this Restricted Stock Units Agreement (this &#8220;Agreement&#8221;). Capitalized terms used in this Agreement which are not specifically defined shall have the meanings ascribed to such terms in the Plan. To the extent the terms and conditions set forth in this Agreement differ in any way from the terms and conditions set forth in the Plan, the terms of the Plan shall govern. 1. Vesting. The Restricted Stock Units shall vest on the third anniversary of the Grant Date (the &#8220;Vesting Date&#8221;), subject to the Participant&#8217;s continued employment through the Vesting Date, except as otherwise set forth below. 2. Non-Transferable and Unsecured Rights. Except as otherwise provided under this Agreement and the Plan, the Restricted Stock Units and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated, other than by will or the laws of descent and distribution. Any attempted transfer in violation of the provisions of this paragraph shall be void, and the purported transferee shall obtain no rights with respect to such Restricted Stock Units. The right of the Participant or his or her beneficiary to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company, and neither the Participant nor his or her beneficiary shall have any rights in or against any specific assets of the Company. The Restricted Stock Units granted herein shall constitute general assets of the Company and may be disposed of by the Company at such time and for such purposes, as it may deem appropriate. 3. Termination of Employment. (a) General. Except as set forth below or as otherwise provided for in an Employment Arrangement (as defined below in Section 14), if the Participant&#8217;s employment terminates prior to the Vesting Date, then the Participant&#8217;s Award will be cancelled and all Restricted Stock Units shall be forfeited by the Participant. The Participant will thereupon cease to have any right or entitlement to receive any Shares with respect to those cancelled Restricted Stock Units. For the avoidance of doubt, a change in the capacity in which the Participant renders services to the Company and its Subsidiaries from an Employee to a Consultant, Director or other service provider shall not be considered continuous employment for purposes of this Agreement and such change in capacity shall result in cancellation and forfeiture of the Award. (b) Death and Disability. If the Participant&#8217;s employment terminates by reason of the Participant&#8217;s death or Disability prior to the vesting in full of the Restricted Stock Units, then any unvested Restricted Stock Units shall, except as otherwise provided in this Agreement, immediately vest in full and shall not be forfeited. (c) Termination in Connection with a Change in Control. In the event of a Change in Control, if the Award is assumed or replaced by a successor corporation (or an affiliate thereto) or other successor or person or otherwise continues following the Change in Control, and the Participant&#8217;s employment is terminated upon or within two years following the Change Control on account of a termination of employment by the Company other than for Cause, or by the Participant for Good Reason, the Restricted Stock Units will vest on the date of such termination of employment. 4. Payment. Once Restricted Stock Units have vested under this Agreement, the Company will determine the number of Shares represented by the Restricted Stock Units and deliver the total number of whole Shares (and cash for any fractional Share interest) due to the Participant as soon as administratively </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">DB1/ 128391824.1 2 possible after such date (but in no event later than the 15th day of the third month after such date). In the event of the Participant&#8217;s death, payment shall be made to the Participant&#8217;s designated beneficiary, or absent such designation, in accordance with the laws of descent and distribution. The delivery of the Shares shall be subject to payment of the applicable withholding tax liability and the forfeiture provisions of this Agreement. 5. Dividend Equivalents. To the extent that cash dividends are paid on Shares after the Grant Date and before the date the Participant receives the Shares subject to Restricted St