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<SEC-DOCUMENT>0000014707-08-000032.txt : 20080311
<SEC-HEADER>0000014707-08-000032.hdr.sgml : 20080311
<ACCEPTANCE-DATETIME>20080311162120
ACCESSION NUMBER:		0000014707-08-000032
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080311
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080311
DATE AS OF CHANGE:		20080311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROWN SHOE CO INC
		CENTRAL INDEX KEY:			0000014707
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				430197190
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02191
		FILM NUMBER:		08680831

	BUSINESS ADDRESS:	
		STREET 1:		8300 MARYLAND AVE
		STREET 2:		P O BOX 29
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63105
		BUSINESS PHONE:		3148544000

	MAIL ADDRESS:	
		STREET 1:		P O BOX 29
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63166

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN SHOE CO INC/
		DATE OF NAME CHANGE:	19990528

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN GROUP INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN SHOE CO INC
		DATE OF NAME CHANGE:	19720327
</SEC-HEADER>
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<TYPE>8-K
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8-K</font></div>
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REPORT</font></div>
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to Section 13 or 15(d) of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of Earliest Event Reported):&#160;&#160;March 11, 2008 (March 5,
2008)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BROWN
SHOE COMPANY, INC.</font></div>
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Name of Registrant as Specified in its Charter)</font></div>
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      York</font></div>
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      Maryland Avenue, St. Louis, Missouri 63105</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see </font>General
Instruction A.2. below):</font></div>
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pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
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      5.02.</font></div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
      of Directors or Certain Officers; Election of Directors; Appointment of
      Certain Officers; Compensatory Arrangement of Certain
      Officers.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Election
of Directors</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On March
6, 2008, the Company&#8217;s Board of Directors, based on a recommendation of the
Governance and Nominating Committee, elected Mario L. Baeza and Harold B. Wright
to fill the two vacancies on the Board of Directors that resulted when the
Bylaws were amended to change the number of directors from eleven to thirteen
(as described in Item 5.03 of this Form 8-K), with a term to expire at the
Company&#8217;s 2008 annual meeting of stockholders or until their successors have
been duly elected and qualified.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mssrs.
Baeza and Wright will be entitled to receive the same compensation for service
as a director as is provided to other directors of the Company, as described
under &#8220;Corporate Governance &#8211; Compensation of Non-Employee Directors- Fiscal
2006 Director Compensation Guidelines&#8221; contained on page 10 of the Company&#8217;s
Proxy Statement dated April 16, 2007 filed with the Securities and Exchange
Commission, which description is hereby incorporated by reference herein,
subject to any change in director compensation for the remainder of the fiscal
year as might subsequently be approved by the Board of Directors.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
Compensation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On March 5, 2008, after a review of
performance and competitive market data, the Compensation Committee of the
Company&#8217;s Board of Directors approved the base salaries and incentive awards for
fiscal 2008 for the executive officers named in the Summary Compensation Table
of the Company&#8217;s 2007 Proxy Statement.&#160;&#160;&#160;The base salaries as
well as other plans and benefits will not materially change for those named
executives compared to fiscal 2007, except for the long-term performance units
granted for the 2008-2010 performance period.&#160;&#160;These performance units
were granted pursuant to the terms of our 2002 Incentive and Stock Compensation
Plan, as Amended and Restated, and a description of these performance units and
other compensation and benefits is attached as Exhibit 10.1 hereto and is hereby
incorporated by reference.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt">Item
5.03.</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt">Amendments to
Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On March 5, 2008, the Board of
Directors amended Article II, Section 1 of the Company&#8217;s Bylaws to increase the
number of directors from eleven to thirteen effective March 6,
2008.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
Statements and Exhibits.</font></div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
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exhibit index.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;BROWN SHOE COMPANY,
INC.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;March
      11, 2008</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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            <td width="285" style="BORDER-BOTTOM: black 2px solid">&#160;/s/ Michael I.
      Oberlander</td>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Michael
      I. Oberlander </font></div>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
      Vice President, General Counsel and Corporate
  Secretary</font></div>
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Index</font></div>
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No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit</font></font></div>
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      of compensatory arrangements for the named executive officers of the
      registrant, filed herewith</font></div>
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      Shoe Company, Inc. Incentive and Stock Compensation Plan of 2002, Amended
      and Restated as of May 26, 2006, incorporated by reference to Exhibit C to
      the registrant&#8217;s definitive proxy statement dated April 16, 2006 and filed
      April 17, 2006.</font></div>
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management contract or compensatory plan arrangement.</font></div><br>
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<DESCRIPTION>EXH 3.1
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3.1</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">BROWN
SHOE COMPANY, INC.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A New
York corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BYLAWS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective:&#160;&#160;March
6, 2008</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brown
Shoe Company, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_____________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings
of Stockholders</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Annual
Meeting.</font>&#160;&#160;&#160;The annual meeting of the stockholders shall be
held at such place within or without the State of New York as may from time to
time be fixed by resolution of the Board of Directors on the fourth Thursday in
May in each and every year (or if said day be a legal holiday, then on the next
succeeding day not a legal holiday), at eleven o&#8217;clock in the forenoon;
provided, however, that the day and time fixed for such meeting in any year may
be changed by resolution of the Board of Directors to such other day not a legal
holiday and to such other time as the Board of Directors may deem desirable or
appropriate.&#160;&#160;If no other place for the annual meeting is determined
by the Board of Directors and specified in the notice of such meeting, the
annual meeting shall be held at the principal offices of the
Company.&#160;&#160;The annual meeting of stockholders shall be held for the
purpose of electing directors and transacting only such other business as may be
properly brought before the meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
2.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Notice of
Stockholder Business at Annual Meeting</font>.&#160;&#160;In addition to any
other requirements imposed by or pursuant to law, the Company&#8217;s Certificate of
Incorporation or these Bylaws, to be properly brought before an annual meeting,
business must be (a) specified in the notice of meeting (or any supplement
thereto) given by or at the direction of the Board of Directors, the Chairman of
the Board, or the Chief Executive Officer, (b) otherwise properly brought before
the meeting by or at the direction of the Board of Directors, the Chairman of
the Board, or the Chief Executive Officer, or (c), subject to Article II,
Section 8 hereof, otherwise properly brought before the meeting by a
stockholder.&#160;&#160;For business to be properly brought before an annual
meeting by a stockholder, the stockholder must have given timely notice thereof
in writing to the Secretary of the Company.&#160;&#160;To be timely, a
stockholder&#8217;s notice must be delivered to or mailed and received at the
principal executive offices of the Company, not less than 90 days nor more than
120 days prior to the meeting; provided, however, that in the event that less
than 100 days&#8217; notice or prior public disclosure of the date of the meeting is
given or made to stockholders, notice by the stockholder to be timely must be so
received not later than the close of business on the 10th day following the day
on which such notice of the date of the annual meeting was mailed or such public
disclosure was made.&#160;&#160;For purposes of these Bylaws, &#8220;public
disclosure&#8221; shall mean disclosure in a press release reported by the Dow Jones,
Associated Press, Reuters or comparable national news service, or in a document
publicly filed by the Company with the Securities and Exchange Commission
pursuant to Section 13, 14 or 15(d) of the Securities Exchange Act of 1934, as
amended (the &#8220;Exchange Act&#8221;).&#160;&#160;A stockholder&#8217;s notice to the Secretary
shall set forth as to each matter the stockholder proposes to bring before the
annual meeting&#160;&#160;(a) a brief description of the business desired to be
brought before the annual meeting and the reasons for conducting such business
at the annual meeting,&#160;&#160;(b) the name and address, as they appear on
the Company&#8217;s books, of the stockholder proposing such business,&#160;&#160;(c)
the class and number of shares of the Company which&#160;&#160;are beneficially
owned by the stockholder, and (d) any material interest of the stockholder in
such business.&#160;&#160;Notwithstanding anything in the Bylaws to the
contrary, but subject to Article II, Section 8 hereof, no business shall be
conducted at an annual meeting except in accordance with the procedures set
forth in this Section 2.&#160;&#160;The Chairman of an annual meeting shall, if
the facts warrant, determine and declare to the meeting that business was not
properly brought before the meeting in accordance with the provisions of this
Section 2, and if he should so determine, he shall so declare to the meeting and
any such business not properly brought before the meeting shall not be
transacted.&#160;&#160;The Chairman of an annual meeting shall have absolute
authority to decide questions of compliance with the foregoing procedures, and
his or her ruling thereon shall be final and conclusive.&#160;&#160;The
provisions of this Section 2 shall also govern what constitutes timely notice
for purposes of Rule 14a-4(c) under the Exchange Act.&#160;&#160;The meeting may
be adjourned from time to time until its business is completed.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic"> Special
Meetings</font>.&#160;&#160;&#160;Special meetings of the stockholders may be
held upon call by the majority of the Board of Directors, the Chairman of the
Board, or the Chief Executive Officer, at such time as may be fixed by the Board
of Directors, the Chairman of the Board, or the Chief Executive Officer, and at
such place within or without the State of New York as may be stated in the call
and notice.&#160;&#160;The meeting may be adjourned from time to time until its
business is completed.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
4.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Notice of
Meetings</font>.&#160;&#160;&#160;Written notice of the time, place and purpose
or purposes of every meeting of stockholders, signed by the Chairman of the
Board or the Chief Executive Officer, the President or a Vice-President or the
Secretary or an Assistant Secretary, shall be served either personally, by mail
or electronically, not less than ten days nor more than sixty days before the
meeting, upon each stockholder of record entitled to vote at such meeting and
upon each other stockholder of record who, by reason of any action proposed at
such meeting, would be entitled to have his stock appraised if such action were
taken.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
mailed, such notice shall be directed to each stockholder at his address as it
appears on the stock book unless he shall have filed with the Secretary of the
Company a written request that notices intended for him be mailed to some other
address, in which case it shall be mailed to the address designated in such
request.&#160;&#160;Such further notice shall be given by mail, publication or
otherwise, as may be required by the Certificate of Incorporation of the Company
or by law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
5.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">
Quorum</font>.&#160;&#160;&#160;At every meeting of the stockholders, the
holders of record of shares entitled in the aggregate to a majority of the
number of votes which could at the time be cast by the holders of all shares of
the capital stock of the Company then outstanding and entitled to vote if all
such holders were present or represented at the meeting, shall constitute a
quorum, unless a different percentage shall be required by law, the Company&#8217;s
Certificate of Incorporation or these Bylaws.&#160;&#160;If at any meeting there
shall be no quorum, the holders of a majority of the shares of stock entitled to
vote so present or represented may adjourn the meeting from time to time,
without notice other than announcement at the meeting, until such quorum shall
have been obtained, when any business may be transacted which might have been
transacted at the meeting as first convened had there been a
quorum.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
6.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">
Voting</font>.&#160;&#160;&#160;At all meetings of the stockholders, each holder
of record of outstanding shares of stock of the Company, entitled to vote
thereat, may so vote either in person or by proxy.&#160;&#160;A proxy may be
appointed either by instrument in writing executed by such holder or by his duly
authorized attorney, or by such others means, including the transmission of a
telegram, cablegram or other means of electronic transmission, such as telephone
and Internet, as may be authorized under the laws of the State of New
York.&#160;&#160;No proxy shall be valid after the expiration of eleven months
from the date of its execution or transmission unless the stockholder executing
or transmitting it shall have specified therein a longer time during which it is
to continue to force.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
7.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic"> Record of
Stockholders</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Board
of Directors may prescribe a period, not exceeding sixty days nor less than ten
days prior to any meeting of the stockholders, during which no transfer of stock
on the books of the company may be made.&#160;&#160;In lieu of prohibiting the
transfer of stock as aforesaid, the Board of Directors may fix a day or hour,
not more than sixty days prior to the day of holding any meeting of
stockholders, as the time as of which stockholders entitled to notice of and to
vote at such meeting shall be determined, and all persons who were holders of
record of voting stock at such time, and no others, shall be entitled to notice
of and to vote at such meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
complete list of the stockholders entitled to vote at such meeting shall be
prepared with the address of each stockholder and the number of shares held by
each, which list shall be produced and kept open at the time and place of the
meeting, and, upon request, shall be subject to the inspection of any
stockholder during the whole time of the meeting.&#160;&#160;Failure to comply
with the above requirements in respect of lists of stockholders shall not affect
the validity of any action taken at such meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
8.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Inspectors
of Election</font>.&#160;&#160;&#160;At all elections of directors by the
stockholders, the chairman of the meeting shall appoint two Inspectors of
Election.&#160;&#160;Before entering upon the discharge of his duties, each such
inspector shall take and subscribe an oath or affirmation faithfully to execute
the duties of inspector at such meeting as provided by law with strict
impartiality and according to the best of his ability and thereupon the
inspectors shall take charge of the polls and after the balloting shall make a
certificate of the result of the vote taken.&#160;&#160;No director or candidate
for the office of director shall be appointed such inspector.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Directors</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
1.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">
Number</font>.&#160;&#160;The number of directors within the maximum and minimum
limits provided for in the Certificate of Incorporation may be changed from time
to time by the stockholders or by the Board of Directors by an amendment to
these Bylaws.&#160;&#160;Subject to amendment of these Bylaws, as aforesaid, the
number of directors of the Company shall be thirteen.&#160;&#160;Such directors
shall be classified in respect of the time for which they shall severally hold
office, by dividing them into three classes, and shall be apportioned among the
classes as to make all classes as nearly equal in number as
possible.&#160;&#160;At each annual election, the successors of the directors of
the class whose term shall expire in that year shall be elected to hold office
for the term of three years so that the term of office of one class of directors
shall expire in each year.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 2.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Meetings of the
Board</font>.&#160;&#160;&#160;Meetings of the Board of Directors shall be held
at such place within or without the State of New York as may from time to time
be fixed by resolution of the Board, or as may be specified in the call of any
meeting.&#160;&#160;Regular meetings of the Board of Directors shall be held at
such times as may from time to time be fixed by resolution of the
Board.&#160;&#160;Notice need not be given of the regular meetings of the Board
held at times fixed by resolution of the Board.&#160;&#160;Special meetings of
the Board may be held at any time upon the call of the Chairman of the Board or
any two directors by (i) facsimile or electronic notice, duly sent to, or
written notice, duly served in person on each director, in either case not less
than forty-eight hours before such meeting or (ii) written notice, duly sent to
each director not less than three days before such meeting.&#160;&#160;Special
meetings of the Board of Directors may be held without notice, if all of the
directors are present or if those not present waive notice of the meeting in
writing.&#160;&#160;Any one or more of the directors may participate in a
meeting of the Board of Directors by means of a conference telephone or similar
communications equipment allowing all persons participating in the meeting to
hear each other at the same time.&#160;&#160;Participation by such means shall
constitute presence in person at a meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 3.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Quorum</font>.&#160;&#160;&#160;The
attendance of a majority of the Board of Directors shall be necessary to
constitute a quorum for the transaction of business, and the acts of a majority
of the Directors present at a meeting at which a quorum is present shall be the
acts of the Board of Directors, except as otherwise may be specifically provided
by law or by the Company&#8217;s Certificate of Incorporation.&#160;&#160;If a quorum
shall not be present at any meeting of the Board of Directors, the Directors
present thereat may adjourn the meeting from time to time, without notice other
than announcement at the meeting, until a quorum shall be present.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 4.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Vacancies</font>.&#160;&#160;&#160;Vacancies
in the Board of Directors may be filled by a vote of a majority of the directors
in office even though less than a quorum; provided that, in case of an increase
in the number of directors pursuant to an amendment of these Bylaws made by the
stockholders, the stockholders may fill the vacancy or vacancies so created at
the meeting at which the bylaw amendment is effected.&#160;&#160;The directors
so chosen shall hold office, unless they are removed therefrom by the
stockholders, for the unexpired portion of the term of the directors whose place
shall be vacant and until the election of their successors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 5.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Resignations</font>.&#160;&#160;&#160;Any
director of the Company may resign at any time by giving written notice to the
Chairman of the Board or to the Secretary of the Company.&#160;&#160;Such
resignation shall take effect at the time specified therein; and unless
otherwise specified therein the acceptance of such resignation shall not be
necessary to make it effective.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 6.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Organization</font>.&#160;&#160;&#160;The
Board of Directors shall have general power to direct the management of the
business and affairs of the Company, and may adopt such rules and regulations as
they shall deem proper, not inconsistent with law or with these Bylaws, for the
conduct of their meetings and for the management of the business and affairs of
the Company.&#160;&#160;Directors need not be stockholders.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 13.5pt"></font>Section 7.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Compensation</font>.&#160;&#160;&#160;Directors,
as such, shall not receive any stated salary for their services, but by
resolution of the Board, a fixed sum and expenses of attendance, if any, may be
allowed for attendance at each regular or special meeting of the Board, and
directors shall be entitled to compensation other than a stated salary in such
form and in such amounts as the Board may determine.&#160;&#160;However, this
Bylaw shall not be construed to preclude any director from serving in any other
capacity and receiving compensation therefor.&#160;&#160;Members of the
Executive Committee and all other committees may be allowed a fixed sum and
expenses of attendance, if any, for attendance at committee meetings, and such
other compensation in such forms and in such amounts as the Board may
determine.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 8.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Notice and Qualification of
Stockholder Nominees to Board of Directors</font>.&#160;&#160;Only persons who
are nominated in accordance with procedures set forth in this Section 8 shall be
qualified for election as Directors.&#160;&#160;Nominations of persons for
election to the Board of Directors of the Company may be made at a meeting of
stockholders by or at the direction of the Board of Directors or by any
stockholder of the Company entitled to vote for the election of Directors at the
meeting who complies with the procedures set forth in this Section
8.&#160;&#160;In order for persons nominated to the Board of Directors, other
than those persons nominated by or at the direction of the Board of Directors,
to be qualified to serve on the Board of Directors, such nomination shall be
made pursuant to timely notice in writing to the Secretary of the
Company.&#160;&#160;To be timely, a stockholder&#8217;s notice shall be delivered to
or mailed and received at the principal executive offices of the Company not
less than 90 days nor more than 120 days prior to the meeting; provided,
however, that in the event that less than 100 days&#8217; notice or prior public
disclosure of the date of the meeting is given or made to stockholders, notice
by the stockholder to be timely must be so received not later than the close of
business on the 10th day following the day on which such notice of the date of
the meeting was mailed or such public disclosure was made.&#160;&#160;Such
stockholder&#8217;s notice shall set forth (a) as to each person whom the stockholder
proposes to nominate for election or re-election as a Director (i) the name,
age, business address and residence address of such person, (ii) the principal
occupation or employment of such person, (iii) the class and number of shares of
the Company which are beneficially owned by such person and (iv) any other
information relating to such person that is required to be disclosed in
solicitation of proxies for election of Directors,&#160;&#160;or is otherwise
required, in each case pursuant to Regulation 14A under the Exchange Act
(including without limitation such person&#8217;s written consent to be named in the
proxy statement as a nominee and to serving as a Director if
elected);&#160;&#160;and (b) as to the stockholder giving the notice (i) the
name and address, as they appear on the Company&#8217;s books, of such stockholder and
(ii) the class and number of shares of the Company which are beneficially owned
by such stockholder.&#160;&#160;At the request of the Board of Directors, any
person nominated by the Board of Directors for election as a Director shall
furnish to the Secretary of the Company that information required to be set
forth in a stockholder&#8217;s notice of nomination which pertains to the
nominee.&#160;&#160;No person shall be qualified for election as a Director of
the Company unless nominated in accordance with the procedure set forth in this
Section 8.&#160;&#160;The Chairman of the meeting shall, if the facts warrant,
determine and declare to the meeting that a nomination was not made in
accordance with procedures prescribed by the Bylaws, and if he should so
determine, he shall so declare to the meeting, and the defective nomination
shall be disregarded.&#160;&#160;The Chairman of a meeting shall have absolute
authority to decide questions of compliance with the foregoing procedures, and
his or her ruling thereon shall be final and conclusive.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
III</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Committees</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 1.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Executive
Committee</font>.&#160;&#160;&#160;The Board of Directors may, by resolution
passed by a majority of the whole Board, designate an Executive Committee to
consist of three or more of the directors, including the Chairman of the Board
ex-officio, one of whom shall be designated Chairman of the Executive
Committee.&#160;&#160;A majority of the members of the Executive Committee shall
be non-employee Directors.&#160;&#160;The Executive Committee shall have and may
exercise, so far as may be permitted by law, all of the powers of the Board in
the direction of the management of the business and affairs of the Company
during the intervals between meetings of the Board of Directors; but the
Executive Committee shall not have the power to fill vacancies in the Board, or
to change the membership of, or to fill vacancies in, the Executive Committee,
or to make or amend bylaws of the Company.&#160;&#160;The Board shall have the
power at any time to fill vacancies in, to change the membership of, or to
dissolve, the Executive Committee.&#160;&#160;The Executive Committee may hold
meetings and make rules for the conduct of its business and appoint such
committees and assistants as it shall from time to time deem
necessary.&#160;&#160;A majority of the members of the Executive Committee shall
constitute a quorum.&#160;&#160;All action of the Executive Committee shall be
reported to the Board at its meeting next succeeding such action.&#160;&#160;Any
one or more members of the Executive Committee may participate in a meeting of
the Executive Committee by means of a conference telephone or similar
communications equipment allowing all persons participating in the meeting to
hear each other at the same time.&#160;&#160;Participation by such means shall
constitute presence in person at a meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 2.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Other
Committees</font>.&#160;&#160;&#160;The Board of Directors may, in its
discretion, by resolution, appoint other committees, composed of two or more
members, which shall have and may exercise such powers as shall be conferred or
authorized by the resolution appointing them.&#160;&#160;A majority of any such
committee may determine its action and fix the time and place of its meetings,
unless the Board of Directors shall otherwise provide.&#160;&#160;The Board
shall have power at any time to change the membership of any such committee, to
fill vacancies, and to discharge any such committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Committees- General
Rules</font>.&#160;&#160;&#160;Each Committee of the Board of Directors shall
keep regular minutes of its proceedings and report the same to the Board of
Directors when required.&#160;&#160;Vacancies in the membership of each
Committee shall be filled by the Board of Directors at any regular or special
meeting of the Board of Directors.&#160;&#160;A Director who may be
disqualified, by reason of personal interest, from voting on any particular
matter before a meeting of a Committee may nevertheless be counted for the
purpose of constituting a quorum of the Committee.&#160;&#160;At all meetings of
a Committee, a majority of the Committee members then in office shall constitute
a quorum for the purpose of transacting business, and the acts of a majority of
the Committee members present at any meeting at which there is a quorum shall be
the acts of the Committee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
IV</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Officers</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 1.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Officers</font>.&#160;&#160;&#160;The
Board of Directors, as soon as may be after the election of directors held in
each year, shall elect a Chairman of the Board of Directors, a Chief Executive
Officer, a President, one or more Vice-Presidents, a Secretary, and a Treasurer,
and from time to time may appoint such Assistant Secretaries, Assistant
Treasurers and such other officers, agents and employees as it may deem
proper.&#160;&#160;Any two of such offices, except that of President and
Secretary, may be held by the same person.&#160;&#160;The Chairman of the Board
shall be chosen from among the directors, but no other officer need be a
director.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 2.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic"> Term of
Office</font>.&#160;&#160;&#160;The term of office of all officers shall be one
year or until their respective successors are chosen and qualified; but at any
meeting the Board may suspend or remove any one or more of the officers for a
cause satisfactory to the Board, and the action thus taken shall be
conclusive.&#160;&#160;In the event of the suspension of an officer, the Board
shall fix the term of such suspension.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 3.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Powers and
Duties</font>.&#160;&#160;&#160;The officers, agents and employees of the
Company shall each have such powers and duties in the management&#160;&#160;of
the property and affairs of the Company, subject to the control of the Board of
Directors, as generally pertain to their respective offices, as well as such
powers and duties as from time to time may be prescribed by the Board of
Directors.&#160;&#160;The Board of Directors may require any such officer, agent
or employee to give security for the faithful performance of his
duties.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
V</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Powers
to Contract; Indemnification</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 13.5pt"></font>Section 1.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Contracts</font>.&#160;&#160;&#160;All
contracts and agreements purporting to be the act of this Company shall be
signed by the Chairman of the Board, Chief Executive Officer, President, or by a
Vice-President, or by such other officer or other person as may be designated by
the Board of Directors or Executive Committee or the Chairman of the Board,
Chief Executive Officer, President or by a Vice-President in order that the same
shall be binding upon the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 2.&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Indemnification</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>a.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Actions Involving Directors and
Officers</font>.&#160;&#160;&#160;The Company shall indemnify each person who at
any time is serving or has served as a director or officer of the Company or at
the request of the Company is serving or has served as a director or officer (or
in a similar capacity) of any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise, against any claim, liability
or expense incurred as a result of such service, to the maximum extent permitted
by law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>b.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Actions Involving Employees or
Agents</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 30pt"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;The
Company may, if it deems appropriate, indemnify any person who at any time is or
has been an employee or agent of the Company or who at the request of the
Company is or has been an employee or agent of any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise,
against any claim, liability or expense incurred as a result of such service, to
the maximum extent permitted by law or to such lesser extent as the Company, in
its discretion, may deem appropriate.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 30pt"></font>2.&#160;&#160;&#160;&#160;&#160;&#160;To the
extent that any person referred to in subsection 2(b) of this Section 2 has been
successful, on the merits or otherwise, in the defense of a civil or criminal
proceeding arising out of the services referred to therein, he shall be entitled
to indemnification as authorized in such subsection.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>c.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Advance Payment of
Expenses</font>.&#160;&#160;&#160;Expenses incurred by a person who is or was a
director or officer of the Company or who is or was at the request of the
Company serving as a director or officer (or in a similar capacity) of any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, in defending a civil or criminal action or proceeding shall be paid
by the Company in advance of the final disposition of such action or proceeding,
and expenses incurred by a person who is or was an employee or agent of the
Company or who is or was at the request of the Company serving as an employee or
agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, in defending a civil or criminal action or
proceeding may be paid by the Company in advance of the final disposition of
such action or proceeding as authorized by the Board of Directors, in either
case upon receipt of an undertaking by or on behalf of the director, officer,
employee or agent to repay such amounts as, and to the extent, required by
law.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>d.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Not
exclusive</font>.&#160;&#160;&#160;The indemnification and advancement of
expenses provided or permitted by this Section 2 shall not be deemed exclusive
of any other rights to which any person who is or was a director, officer,
employee or agent of the Company or who is or was at the request of the Company
serving as a director or officer (or in a similar capacity), employee or agent
of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise may be entitled, whether pursuant to the Company&#8217;s
Certificate of Incorporation, Bylaws, the terms of any resolution of the
stockholders or Board of Directors of the Company, any agreement or contract or
otherwise, both as to action in an official capacity and as to action in another
capacity while holding such office.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>e.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Indemnification Agreements
Authorized</font>.&#160;&#160;Without limiting the other provisions of this
Section 2, the Company is authorized from time to time to enter into agreements
with any director, officer, employee or agent of the Company or with any person
who at the request of the Company is serving as a director or officer (or in a
similar capacity), employee or agent of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise, providing such
rights of indemnification as the Board of Directors may deem appropriate, up to
the maximum extent permitted by law; provided that any such agreement with a
director or officer of the Company shall not provide for indemnification of such
director or officer if a judgment or other final adjudication adverse to the
director or officer establishes that his acts were committed in bad faith or
were the result of active and deliberate dishonesty and were material to the
cause of action so adjudicated, or that he personally gained in fact a financial
profit or other advantage to which he was not legally entitled.&#160;&#160;Any
such agreement entered into by the Company with a director may be authorized by
the other directors, and such authorization shall not be invalid on the basis
that similar agreements may have been or may thereafter be entered into with
such other directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>f.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Insurance</font>.&#160;&#160;The
Company may purchase and maintain insurance to indemnify itself or any person
who is or was a director, officer, employee or agent of the Company or who is or
was at the request of the Company serving as a director or officer (or in a
similar capacity), employee or agent of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise, to the maximum
extent allowed by law, whether or not the Company would have the power to
indemnify such person under the provisions of this Section 2.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>g.&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Certain
Definitions</font>.&#160;&#160;For the purposes of this Section 2:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 30pt"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;Any
director or officer of the Company who shall serve as a director or officer (or
in a similar capacity), employee or agent of any other corporation, partnership,
joint venture, trust or other enterprise of which the Company, directly or
indirectly, is or was the owner of a majority of either the outstanding equity
interests or the outstanding voting stock (or comparable interests) shall be
deemed to be serving as such director or officer (or in a similar capacity),
employee or agent at the request of the Company, unless the Board of Directors
of the Company shall determine otherwise.&#160;&#160;In all other instances
where any person shall serve as a director or officer (or in a similar
capacity), employee or agent of another corporation, partnership, joint venture,
trust or other enterprise of which the Company is or was a stockholder or
creditor, or in which it is or was otherwise interested, if it is not otherwise
established that such person is or was serving as such director or officer (or
in a similar capacity), employee or agent at the request of the Company, the
Board of Directors of the Company may determine whether such service is or was
at the request of the Company, and it shall not be necessary to show any actual
or prior request for such service.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 30pt"></font>2.&#160;&#160;&#160;&#160;&#160;&#160;A
corporation shall be deemed to have requested a person to serve an employee
benefit plan where the performance by such person of his duties to the
corporation also imposes duties on, or otherwise involves services by, such
person to the plan or participants or beneficiaries of the plan; excise taxes
assessed on a person with respect to an employee benefit plan pursuant to
applicable law shall be considered fines; and action taken or omitted by a
person with respect to an employee benefit plan in the performance of such
person&#8217;s duties for a purpose reasonably believed by such person to be in the
interest of the participants and beneficiaries of the plan shall be deemed to be
for a purpose which is not opposed to the best interests of the
corporation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 30pt"></font>3.&#160;&#160;&#160;&#160;&#160;&#160;References
to a corporation include all constituent corporations absorbed in a
consolidation or merger as well as the resulting or surviving corporation so
that any person who is or was a director, officer, employee or agent of such a
constituent corporation or is or was serving at the request of such constituent
corporation as a director or officer (or in a similar capacity), employee or
agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise shall stand in the same position under the
provisions of this Section 2 with respect to the resulting or surviving
corporation as he would if he had served the resulting or surviving corporation
in the same capacity.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>h.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Survival</font>.&#160;&#160;Any
indemnification rights provided under or granted pursuant to this Section 2
shall continue as to a person who has ceased to be a director, officer, employee
or agent and shall inure to the benefit of the heirs, executors and
administrators of such a person.&#160;&#160;Indemnification rights provided
under or granted pursuant to this Section 2 shall survive amendment or repeal of
this Section 2 with respect to any acts or omissions occurring prior to such
amendment or repeal and persons to whom such indemnification rights are given
shall be entitled to rely upon such indemnification rights as a binding contract
with the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
VI</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
Stock</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 1.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic"> Stock Certificates and
Uncertificated Shares</font>.&#160;&#160;&#160;The interest of each stockholder
shall be evidenced by a certificate or certificates for shares of stock of the
Company in such form as the Board of Directors may from time to time prescribe
or by uncertificated shares.&#160;&#160;The certificates of stock shall be
signed by the Chairman of the Board or the Chief Executive Officer or the
President or a Vice-President and the Treasurer or an Assistant Treasurer or the
Secretary or an Assistant Secretary and sealed with the seal of the Company, and
shall be countersigned and registered in such manner, if any, as the Board may
by resolution prescribe; provided that, in case such certificates are required
by such resolution to be signed by a Transfer Agent or Transfer Clerk and by a
Registrar, the signatures of the&#160;&#160;Chairman of the Board or the Chief
Executive Officer or the President or a Vice-President and the Treasurer or an
Assistant Treasurer or the Secretary or an Assistant Secretary and the seal of
the Company upon such certificates may be facsimiles, engraved or
printed.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 2.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Transfers</font>.&#160;&#160;Shares
in the capital stock of the Company shall be transferred only on the books of
the Company, by the holder thereof in person or by his attorney, upon (i)
surrender for cancellation of certificates for the same number of shares, with
an assignment and power of transfer endorsed thereon or attached thereto, duly
executed, with such proof of the authenticity of the signature as the Company or
its agents may reasonably require in the case of shares evidenced by a
certificate or certificates or (ii) receipt of transfer documentation reasonably
acceptable to the Company and its agents in the case of uncertificated
shares.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Section 3.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Lost or Destroyed Stock
Certificates</font>.&#160;&#160;The Company may issue a new certificate or
uncertificated shares in place of any certificate theretofore issued by it that
is alleged to have been lost stolen or destroyed.&#160;&#160;No certificates for
shares of stock of the Company or uncertificated shares shall be issued in place
of any certificate alleged to have been lost, stolen or destroyed, except upon
production of such evidence of the loss, theft or destruction and upon
indemnification of the Company and its agents to such extent and in such manner
as the Board of Directors may from time to time prescribe.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
VII</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Checks,
Notes, etc.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 13.5pt"></font>All checks and drafts on the
Company&#8217;s bank accounts and all bills of exchange and promissory notes and all
acceptances, obligations and other instruments for the payment of money, shall
be signed by the Chairman of the Board, Chief Executive Officer, President, or a
Vice-President, or the Treasurer, or by such other officer or officers or agent
or agents as shall be thereunto authorized from time to time by the Board of
Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
VIII</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fiscal
Year</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>The fiscal year of the Company shall be
determined as ending on the Saturday nearest to each January thirty-first, and
each ensuing fiscal year shall commence on the day following the ending date of
the immediately preceding fiscal year as so determined.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
IX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate
Seal</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 12pt"></font>The corporate seal shall have inscribed
thereon the name of the Company and the words &#8220;New York&#8221;, arranged in a circular
form around the words and figures &#8220;Corporate Seal 1913&#8221;.&#160;&#160;In lieu of
the corporate seal, a facsimile thereof may be impressed or affixed or
reproduced.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
X</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendments</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 13.5pt"></font>The Bylaws of the Company may be
amended, added to, rescinded or repealed at any meeting of the stockholders by
the vote of the holders of record of shares entitled in the aggregate to more
than a majority of the number of votes which could at the time be cast by the
holders of all shares of the capital stock of the Company then outstanding and
entitled to vote if all such holders were present or represented at the meeting,
provided notice of the proposed change is given in the notice of the
meeting.&#160;&#160;The Board of Directors may from time to time, by vote of a
majority of the Board, amend these Bylaws or make additional bylaws for the
Company at any regular or special meeting at which notice of the proposed change
is given, subject, however, to the power of the stockholders to alter, amend, or
repeal any bylaws made by the Board of Directors.</font></div><br>
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<DESCRIPTION>EXH 10.1
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10.1</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Summary
of Compensatory Arrangements</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
the Named Executive Officers</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of&#160;&#160;Brown
Shoe Company, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Annual Cash
Incentive</font>.&#160;&#160;The named executive officers are eligible, under
the Company&#8217;s Incentive and Stock Compensation Plan of 2002, as Amended and
Restated, to receive annual cash incentive (bonus) awards.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Long-Term Incentives</font>.
The named executive officers are eligible, under the Company&#8217;s Incentive and
Stock Compensation Plan of 2002, as Amended and Restated, to participate in the
Company&#8217;s long-term incentive program involving the award of stock options,
restricted stock and performance-based awards.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On March
5, 2008, the Compensation Committee of our Board of Directors granted
performance units to these individuals in lieu of performance shares that were
granted in prior years.&#160;&#160;For the performance period of fiscal
2008-2010, the performance units provide that performance shall be measured by
both compound annual sales growth and cumulative earnings per share (as adjusted
for non-recurring expenses and recoveries), and that a minimum earnings per
share shall be required for any payout.&#160;&#160;The Performance Unit awards
include a target amount of cash and a target number of our shares, with the
maximum payout being two times the target amounts.&#160;&#160;Based on the
Company&#8217;s performance and the resulting calculated payout as a percent of the
target level, following the end of the three-year performance period, the cash
component will be paid in cash and the stock component will be paid in shares of
our stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following table indicates the target cash amount and the target number of our
shares for the performance units granted to each of the 2007 named
executives:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <tr>
            <td valign="top" width="44%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name
      and Title of Executive Officer</font></div>
              </div>
            </td>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Target
      Cash Amount</font></div>
              </div>
            </td>
            <td valign="top" width="18%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Target
      Shares (#)</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ronald
      A. Fromm</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chairman
      of the Board and Chief Executive Officer</font></div>
            </td>
            <td align="right" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$425,600</font></div>
            </td>
            <td align="right" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">28,000</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Mark
      E. Hood</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Senior
      Vice President and Chief Financial Officer</font></div>
            </td>
            <td align="right" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$106,400</font></div>
            </td>
            <td align="right" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;7,000</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Diane
      M. Sullivan</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President
      and Chief Operating Officer</font></div>
            </td>
            <td align="right" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$296,400</font></div>
            </td>
            <td align="right" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">19,500</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Joseph
      W. Wood</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President,
      Famous Footwear and Brown Shoe Retail</font></div>
            </td>
            <td align="right" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$106,400</font></div>
            </td>
            <td align="right" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;7,000</font></div>
            </td>
          </tr>
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            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gary
      M. Rich</font></div>
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      Brown Shoe St. Louis - Wholesale</font></div>
            </td>
            <td align="right" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$106,400</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 23.1pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;7,000</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Benefit Plans and Other
Arrangements</font>.&#160;&#160;The named executive officers are eligible to
participate in Company programs available to all employees, including health,
disability and life insurance programs, and qualified 401(k) and pension
plans.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The named
executive officers also participate in an Executive Retirement Plan (SERP),
which effectively replaces a benefit that higher-earning employees lose under
the tax-qualified pension plan and in certain aspects enhance the benefits in
favor of the employees, and each of the named executive officers is a party to a
severance agreement which provides benefits upon certain events of termination,
including those following a change of control.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The named
executives are also eligible to participate in the Deferred Compensation Plan
effective January 1, 2008, that allows the participant to defer up to 50% of
base salary and up to 100% of other compensation, with deferral only of cash
compensation authorized, and with deferral until termination or other date
specified date by the participant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, the named executive officers listed may receive perquisites, including
personal use of the corporate aircraft, financial and tax planning services,
executive disability, executive physicals and club dues.</font></div><br>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>bws8k031108ex10_3.htm
<DESCRIPTION>EXH 10.3
<TEXT>
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  <head>
    <title>bws8k031108ex10_3.htm</title>
<!-- Licensed to: Brown Shoe Company, Inc.-->
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
10.3</font></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">BROWN
SHOE COMPANY, INC.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">INCENTIVE
AND STOCK COMPENSATION PLAN OF 2002</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(<font style="DISPLAY: inline; FONT-WEIGHT: bold">as Amended and
Restated</font>)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">PERFORMANCE
UNIT AWARD AGREEMENT</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>You have been selected by the
Compensation Committee of the Brown Shoe Company, Inc. Board of Directors (the
&#8220;Committee&#8221;) to be a Participant in the Performance Unit Award Plan under the
Incentive and Stock Compensation Plan of 2002, as Amended and Restated (the
&#8220;Plan&#8221;) of Brown Shoe Company, Inc. (the &#8220;Company&#8221;), as specified
below:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Participant</font>:&#160;&#160;____</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Performance Award:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Target Number of Performance
Shares</font>:&#160;&#160;___&#160;&#160;shares of Company common
stock</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Target Cash-Based
Award</font>:&#160;&#160;$___</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Performance
Period</font>:&#160;&#160;[beginning of current fiscal year] to [end of third
fiscal year]</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 144pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;Performance
      Measure</font>:&#160;&#160;Cumulative earnings per share for three fiscal
      years and compound annual revenue growth for three fiscal
      years.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>THIS AWARD AGREEMENT, effective ___,
20__, represents the grant of both Performance Shares (&#8220;Performance Shares&#8221;) and
the Cash-Based Award (&#8220;Cash&#8221;) (collectively, the &#8220;Award&#8221;) by the Company to the
Participant named above, pursuant to the provisions of the Plan.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Plan provides a complete
description of the terms and conditions governing the Award.&#160;&#160;If there
is any inconsistency between the terms of this Award Agreement and the terms of
the Plan, the Plan&#8217;s terms shall completely supersede and replace the
conflicting terms of this Agreement.&#160;&#160;All capitalized terms shall have
the meanings ascribed to them in the Plan, unless specifically set forth
otherwise herein.&#160;&#160;The parties hereto agree as follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Performance
      Period</font>.&#160;&#160;The Performance Period commences on ____, 20__
      and ends on ____, 20__.</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Value of
      Award.</font>&#160;&#160;The Award shall represent and have a maximum
      value equal to two times the value of each component (that is, a maximum
      of two times the target number of Performance Shares and two times the
      target amount of Cash).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Award Payoff and Achievement of
      Performance Measures</font>.&#160;&#160;The Award to be earned under this
      Agreement shall be based upon the Company&#8217;s cumulative earnings per share
      for Fiscal Years 20__, 20__ and 20__ and compound annual revenue growth
      for Fiscal Years 20__, 20__ and 20__. For this purpose, earnings per share
      shall be calculated based on annual net earnings per diluted share (in
      accordance with U. S. generally accepted accounting principles), and is
      subject to the Committee&#8217;s right, pursuant to Section 14.2 of the Plan, to
      make adjustments for unusual or nonrecurring
  events.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenue
      shall represent the &#8220;net sales&#8221; reported in our financial statements, and
      the compound annual revenue growth rate percentage shall be calculated
      based on the geometric average growth rate in revenue for Fiscal Years
      20__, 20__ and 20__.</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The percent of the Award earned shall
then be determined based on the following chart:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PAYOFF
PROFILE &#8211; 20__ GRANT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(%
OF TARGET PAID OUT)</font></div>
    <div>
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          <tr>
            <td valign="top" width="13%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Compound</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annual</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rate</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="8%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">%</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>EPS&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interpolation
shall be used to determine the percent of the Award earned in the event the
Company&#8217;s EPS measure does not fall directly on one of the ranks listed in the
above chart.&#160;&#160;However, no payoff is earned unless the minimum EPS of
$___ is achieved.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Termination
      Provisions</font>.&#160;&#160;Except as provided below, a Participant
      shall be eligible for payment of the earned Award, as specified in Section
      3, only if the Participant&#8217;s employment with the Company continues through
      the end of the Performance Period. If a Participant retires at normal
      retirement date or at early retirement date with the approval of the
      Committee (&#8220;Retirement&#8221;), or suffers a permanent Disability, or dies
      during the Performance Period, the Committee, in its sole discretion, may
      determine that the Participant shall be eligible for that proportion of
      the Award earned under Section 3 for such Performance Period that his or
      her number of full months of participation during the Performance Period,
      bears to the total number of months in the Performance
      Period.&#160;&#160;In the event of the death of the Participant, his or
      her beneficiary shall be entitled to the Award to which the Participant
      otherwise would have been entitled under the same conditions as would have
      been applicable to the Participant.&#160;&#160;Awards will be payable
      under this Section 4 (including upon Retirement, death or Disability) at
      the time specified in Section 6, but only to the extent that the
      performance goals set forth in Section 3 have been
  met.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Dividends</font>.&#160;&#160;The
      Participant shall have no right to any dividends that may be paid with
      respect to shares of Company stock until any such shares are issued to the
      Participant following the completion of the Performance
      Period.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Form and Timing of Payment of
      the Award</font>.&#160;&#160;Payment of the earned Performance Shares
      shall be made in shares of the Company&#8217;s Common Stock, and payment of the
      earned Cash Award shall be made in cash.&#160;&#160;Payment of the earned
      Award shall be made within sixty (60) calendar days following the close of
      the Performance Period.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Change in
      Control</font>.&#160;&#160;If a Participant is employed by the Company on
      the date of a Change in Control, subject to Article 2.7 and Article 13 of
      the Plan, in the event of the occurrence of a Change in Control, unless
      otherwise specifically prohibited under applicable laws, or by the rules
      and regulations of any governing governmental agencies or national
      securities exchange, the Award shall be deemed to have been fully earned
      for the entire Performance Period as of the effective date of the Change
      in Control, at the target level, and shall be paid out within thirty (30)
      days following the effective date of the Change in
  Control.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recapitalization</font>.&#160;&#160;Subject
      to Article 4.2 of the Plan, in the event that there is any change in
      corporate capitalization, such as a stock split, or a corporate
      transaction, such as any merger, consolidation, separation including a
      spin-off, or other distribution of stock or property of the Company, any
      reorganization (whether or not such reorganization comes within the
      definition of such term in Code 368) or any partial or complete
      liquidation of the Company, such adjustment shall be made in the number
      and class and/or price of the Company&#8217;s Common Stock subject to this
      Award, as may be determined to be appropriate and equitable by the
      Committee, in its sole discretion, to prevent dilution or enlargement of
      rights; provided, however, that the number of Performance Shares subject
      to this Award shall always be a whole
number.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Tax
      Withholding</font>.&#160;&#160;The Committee shall have the power and the
      right to deduct or withhold, or require the Participant or beneficiary to
      remit to the Company, an amount sufficient to satisfy Federal, state, and
      local taxes, domestic or foreign, required by law or regulation to be
      withheld with respect to any taxable event arising as a result of the
      Award.&#160;&#160;In satisfaction of such requirements, the Participant
      may elect, subject to the approval of the Committee, to satisfy the
      withholding requirement, in whole or in part, by having the Company
      withhold from the payment of the Award: (a) shares of Company Common Stock
      having a Fair Market Value on the date the tax is to be determined equal
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